FSA helps small businesses make more sense of money

With more than 12 million people representing 56% of the employed workforce - employed in SMEs in the UK, the issue of saving for retirement has risen to the top of the financial planning agenda following the recent introduction of stakeholder pensions.

However employers and employees cannot plan for retirement without also taking a closer look at the general state of their finances. And to help them do this the FSA has produced a new small business information pack Its your business. Financial planning for you and your workforce - containing factsheets for both employers and employees on financial planning and retirement planning as well as a comprehensive list of contacts and further information. An interactive CD Rom introducing the basics of financial planning, from identifying priorities and setting goals to shopping around for the best deal, is also included.

Chris Bernthal, Consumer Education Manager said:

This pack is tailored to the needs of those working in small businesses to save them time and trouble in planning and reviewing their finances. Because were the financial watchdog, all the information is independent and not linked to any individual firm or product.

It forms part of the FSAs Workplace Education initiative, a new element in our work towards meeting our statutory objective of promoting public understanding of the financial system.

Mike Horner, CEO of Institute of Business Advisers said

This FSA initiative sheds welcome light on complex but important issues - of financial planning and saving for retirement - for small businesses. It will be a useful tool for the whole workforce helping people to make more sense of their money. Advisers will also find the information valuable when talking to clients.

Also of use to would-be investors are the FSAs recently launched Comparative Tables at www.fsa.gov.uk/tables. They make shopping around for financial products much easier with the first table providing consumers with a snapshot of the Unit Trust ISAs that are currently available. Tables on pensions including stakeholder pensions, and investment bonds and mortgage and savings endowments will follow in the coming weeks.

Free copies of the pack Its your business. Financial planning for you and your workforce are available from the FSA Consumer Helpline on 0845 6061234.

Notes for editors

1. Figures on numbers of people employed in SMEs are taken from the final report by the Financial Services Foresight panel SME sub-group. Foresight is a UK Government programme bringing together people, knowledge and ideas to prepare for the future.

2. The pack Its your business. Financial planning for you and your workforce was launched by the FSA at the Institute of Business Advisers conference in Coventry, Saturday 20 October. For more information on the Institute of Business Advisers visit www.iba.org.uk

3. Consumer booklets and factsheets on a wide range of topics such as pensions, how to repay your mortgage or make a complaint are available from the Consumer Helpline on 0845 606 1234 or you can download or order any of our guides from our website www.fsa.gov.uk/consumer.

4. The FSA regulates the financial services industry and has four objectives under the Financial Services and Markets Act 2000: maintaining market confidence; promoting public understanding of the financial system; the protection of consumers; and fighting financial crime.

5. The FSA aims to maintain efficient, orderly and clean financial markets and help retail consumers achieve a fair deal.