Planning for the Future

Regulation and consumer education

As financial services companies are the guardians of other people’s money, there obviously needs to be effective supervision and regulation of the industry. In recognition of this, a new Financial Services Authority (FSA) was set up in 2000, bringing the previously separate regulation of banking, securities and insurance together under one roof. Under the Financial Services and Markets Act, the FSA is required to carry out a number of tasks, one of which is educating consumers. This includes providing a wide range of plain speaking information to help people plan their financial future.

They also give details of how to get the information and help needed, the right questions to ask, what to do if something goes wrong and simple explanations of different financial products and services. After all, it is only fair that people should have access to information on how best to handle their hard earned cash.

Question: How many times have you

• spent your Saturday job earnings all at once?
• been left short of cash for Christmas or birthday presents?
• found your pockets empty when looking for cash to buy a top-up voucher for your mobile phone?
• stayed in on a Friday or Saturday night because you had no money?

Answer: If you have experienced any/ all of the above, then

• you need to start planning for the future.