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New government agency formed to help improve money and debt education in the UK

A new government agency, The Consumer Financial Education Body (CFEB) has been formed with the aim of improving money education in the UK and to help people avoid debts.

CFEB will take over the Financial Services Authority run MoneyMadeClear web site and the services provided. The agency has 134 staff and is funded by a levy charged to authorised financial institutions.

Tony Hobman is the new Chief Executive, starting on 17th May, he said: “Now more than ever, people need help with their finances so that they have the knowledge, confidence and support to take control of their money and choose products and services that meet their needs.”

Craig Gedey Marketing Manager at Debt Advisory Line said: “Unfortunately for whatever reason many people are already heavily in debt and struggling to keep up with repayments on their mortgage, loans, credit cards and many other forms of unsecured debts.”

“It is essential that these people seek debt advice as soon as they possibly can in order to minimise the interest and charges on outstanding debts.”

“Of course any educational service like the CFEB is a fantastic way of helping people take control of their finances. The issues perhaps are more to do with changing people’s attitude to finance and the ‘buy now pay later’ culture that has been created in the UK over the last 10 years.”