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New agency to help people `avoid debt spiral`

Getting out of debt can be a struggle - but it`s a struggle that some people will hopefully never have to face if a newly created agency achieves its goals.

CFEB, the Consumer Financial Education Body, has taken on the role of improving money education and helping people avoid `debt spirals`, as the BBC puts it.

It`s a role that CFEB has taken over from the regulator of the financial services industry, the Financial Services Authority (FSA). From now on, CFEB is running the free guidance service Moneymadeclear.

Employing 134 people, the agency will be led by Tony Hobman, who starts his new job on 17th May.

"Now more than ever," said Mr Hobman, "people need help with their finances so that they have the knowledge, confidence and support to take control of their money and choose products and services that meet their needs."

As ftadviser.com tells us, CFEB will carry on the work which was begun by the financial capability division of the FSA: `including projects to help school children, young people, students, employees, new parents, and other targeted groups of consumers such as people facing redundancy, approaching retirement and those via its work with non-profit organisations`.

The FSA`s Chief Executive, Hector Sants, said this about CFEB: "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."

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