The problem-solving charity is represented on the FSA’s Financial Capability Steering Group and stands ready to assist in implementing the strategy in its key role as a trusted and independent source of advice and information.
The FSA document Building financial capability in the UK was launched this morning and sets out how various organisations in the public and private sectors can work together to increase the public’s understanding of the financial system.
The document identified priority areas of work and one of these is the provision of advice. Citizens Advice is on the working group looking at establishing what role generic advice has to play in financial capability.
Citizens Advice is the largest independent free money advice service in the country and dozens of Citizens Advice Bureaux run their own financial education initiatives.
The charity is already working with the FSA and the financial services industry including Barclays Bank on a radical new pilot project to provide free, independent and impartial financial advice to consumers via nine Citizens Advice Bureaux.
Other bureaux are part of the Financial Skills for Life financial literacy project established in partnership with Prudential and working with a range of audiences including mental health service users, prisoners and unemployed people.
David Harker said: "There are so many financial products out there now that many people feel swamped with information and unable to make an informed decision. Evidence from bureaux shows that this lack of knowledge plays a contributing part in increasing levels of debt and poverty.
"It is in the interests of society as a whole to improve consumer financial capability and we support John Tiner and the FSA in drawing together a diverse group of organisations to promote financial capability.
"Citizens Advice Bureaux across the country are already playing a core role in this but, working together with organisations as part of this strategy, we can really meet the challenge."
The financial literacy work of the Citizens Advice service will be showcased in a document Net Gains to be launched soon by the charity.
