FSA appoints CEO of consumer finance body

The Financial Services Authority has appointed Tony Hobman as the chief executive of the newly created Consumer Financial Education Body.

Hobman is currently chief executive of the Pensions Regulator. He has 20 years experience with Barclays Bank, and has also been chief executive of ProShare, the Money Channel plc and the Occupational Pensions Regulatory Authority.

The CFEB has been set up to improve the public’s understanding and knowledge of financial services and their ability to mange their own money matters.

The body will be responsible for rolling out the government’s Money Guidance service across the country, giving consumers access to trained guides who will help them with their financial issues.

A full national roll-out of the face-to-face service is due to be in place later this year.

Hector Sants, chief executive at the FSA, says: “I am delighted that Tony Hobman is to become chief executive of the Consumer Financial Education Body at this pivotal time.

“The creation of a separate agency emphasises the importance of financial education in improving the effectiveness of the UK’s financial market for consumers.

“CFEB will be able to take a leading role in improving consumer understanding of money matters and, in turn, help to improve consumer confidence in financial services.

Chris Pond, currently FSA director of financial capability, will become an FSA senior adviser working with both the FSA and CFEB.