Community and voluntary organisations benefit from FSA's Innovation Fund awards
FSA/PN/139/2005
16 December 2005
A money awareness pack for cancer carers and budgeting advice for people with learning disabilities are among the 12 projects announced today as winners of the newly created Financial Services Authority's (FSA) £200,000 Innovation Fund.
The 12 not for profit and community projects were chosen from more than 350 applications which proposed new and innovative ways to tackle financial capability issues that could help people take control of their money.
Vernon Everitt, FSA's Retail Themes Director, said:
"Funding these innovative ideas will enable organisations at the coalface to deal with issues like financial awareness and exclusion. The projects will help identify good practice which can then be shared to the benefit of more people across the UK.
"The submissions we received were excellent and choosing the final 12 was tough. We would like to thank all applicants for the quality of their suggestions."
One of the winning projects is a joint proposal by Mencap and the Citizens Advice Bureau.
Teresa Perchard, Citizens Advice Bureau's Director of Policy, said:
"Improving the financial capability of the nation is possibly one of the most important public policy issues facing us today. At Citizens Advice we want to do a lot more to help people deal with money matters, which is why this new Innovation Fund from the FSA is so welcome.
"We are delighted to be awarded funds to work with Mencap to produce financial education materials for people with learning disabilities.
We are also extremely pleased to see the FSA investing funds in many other innovative projects which will reach those people who are hardest to reach, such as prisoners and ex-offenders and people with autism and asperger syndrome. We also applaud the FSA for doubling the size of the fund to £200,000 which will enable all of us to help more people."
The award winning projects target a diverse range. They will help to build financial confidence by providing people with access to valuable information and advice on managing their money.
The Innovation Fund is part of the FSA's National Financial Capability Strategy.
The 12 winners are:
British Refugee Council (UK wide) – financial capability courses aimed at women with families and the unemployed.
East Surrey Domestic Violence Forum – helping clients with financial capability issues and therefore regain their independence.
Lincolnshire Action Trust - financial awareness support service for prisoners and ex-offenders.
Loans & Savings Abertawe (LASA) Credit Union, Swansea – introducing money issues to children and parents in schools through plays, including puppet characters, and a money week.
Change Partnership – providing social housing clients with financial capability advice leading to a personalised action plan.
Mencap/Citizens Advice (UK wide) – promoting understanding of the financial system to those with learning disabilities including the development of suitable training materials.
North Warwickshire Citizens Advice Bureau - Internet based financial capability learning tool for 6th form students and youth groups including interactive sessions.
Omagh Independent Advice - self help pack to support the families of those suffering from cancer.
Quaker Social Action, East London – working with low income families and children to understand spending pressures and priorities.
St Christopher's Hospice, South London – financial capability sessions aimed at the carers and families of those in the Hospice. Focus on younger families.
Sacar, Bradford – working with people with autism and asperger syndrome. Group and individual sessions on financial capability including video and role play sessions.
YWCA, Northampton and Wolverhampton - Money management programme for disadvantaged young women.
Notes to editors
- For more details about the winners, please contact Abi Jones in the press office on 020 7066 3232.
- *The Financial Capability Innovation Fund was launched by Callum McCarthy in June at the Financial Inclusion Forum. More than 350 applications were received. Twelve awards of between £6,000 and £35,000 were given to projects to be completed by March 2007.
- **In November 2003, the FSA launched the National Strategy for Financial Capability, managed by a steering group, to develop and implement a strategy to improve consumers' ability to make financial decisions with confidence. For further information, see Financial Capability newsletter - Issue 3.
- 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.
- The FSA aims to promote efficient, orderly and fair markets, help retail consumers achieve a fair deal and improve its business capability and effectiveness.
- The Citizens Advice service is a network of independent charities that helps people resolve their money, legal and other problems by providing information and advice and by influencing policymakers. For more information see www.citizensadvice.org.uk.
