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FSA/PN/084/2005
28 July 2005

The Financial Services Authority (FSA) today praised the work of Scottish financial firms and public bodies in supporting the drive to improve financial awareness and understanding amongst UK consumers. This work was highlighted by Clive Briault, FSA managing director, retail markets, at the opening of its new Edinburgh office today. He said:

"The FSA is committed to increasing financial awareness among consumers. We are leading, with support from Government, firms, trade bodies and consumer groups, the National Strategy for Financial Capability.

"There are a number of Scottish organisations taking part in the strategy. The Scottish Executive is a key player and the main funder of the Young Scot pilot; the Scottish Centre for Financial Education is helping to put the work from the FSA's Schools Project into practice across Scotland; a number of financial services and other firms are making direct contributions including the Royal Bank of Scotland and its work in schools and the Scottish Power contribution to the workplace pilots; and the voluntary sector is also actively involved such as Money Advice Scotland, which is involved in the Borrowing Group. We really value the commitment of firms and consumer groups in helping to make greater financial understanding a reality."

The new Edinburgh premises are the FSA's only satellite office outside London. The Edinburgh team supervises smaller firms – which now account for more than 90 per cent of the total population of firms regulated by the FSA. Staffing has increased from 18 to 42 to reflect this additional work. Clive said:

"In our Business Plan for 2005/06, we set out a range of steps taken and measures planned to further improve our supervision of smaller firms and to make the FSA an easier organisation for smaller firms to do business with. We take this commitment very seriously."

Notes to editors

1. 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; securing the appropriate degree of protection for consumers; and fighting financial crime.
2. The FSA aims to promote efficient, orderly and fair markets, help retail consumers achieve a fair deal and improve its business capability and effectiveness.