The industry regulator, the Financial Services Authority is currently consulting on how to pay for their next round of financial education for the consumer.
So far, the FSA has not decided how to pay for the next stage but it has not ruled out asking the industry for at least some of the funds needed.
Our View
The FSA already has a statutory obligation for consumer financial education. If they cannot fund that on the fees they already levy then we believe some cost cutting is needed.
We have questioned for a long time as to why the FSA need to be based in London and in Canary Wharf? Surely there must be more cost effective places. Also, setting up so many 'steering groups' cannot be cost effective with travel in and out of London.
There is also the issue of publishing and how much that costs. Time for tightening the belts maybe?