News 20 November 2009
Financial Capability - Queens Speech
Following the Queen's speech last week, the Financial Services Bill has had its first reading in the House of Commons which means the Bill has been introduced to Parliament.
There are significant measures in the Bill which will give the FSA a number of new regulatory powers and responsibilities. Significantly for financial capability, the Bill enables roll-out of a national money guidance service to be delivered by a new Consumer Financial Education Body (CFEB). The Bill now has to pass through both the House of Commons and the House of Lords where it will be debated, analysed and voted on before it can become law.
We will publish further updates as the bill proceeds through Parliament.