In the U.K. Financial Services and Markets Act 2000 has established the
Financial Services Authority (FSA) as a single regulator of financial services
firms and protect the rights of retail consumers. The FSA’s aims are to
promote efficient, orderly and fair financial markets and help consumers
get a fair deal. Consumers’ decision making on their financial affairs
is affected by variety of factors: stage of life, disposal income, ability
to identify the problems that face them, awareness of and ability to evaluate
alternatives options, and access to useful information and advice. In order
to ensure an effective consumer education program which meets consumers’
needs, FSA develop its role in three ways. 1) Consumer education in financial
literacy teaches skills and knowledge. It is delivered through schools
and colleges or through alternative routes, such as the workplace or over
the Internet. It underpins all financial capability work. 2) Consumer advice
services are guided, interactive and personalized. And 3) Consumer information
provides individuals with facts, data and opinion through a range of channels.
Financial capability education is funded by a combination of Government
money, industry contributions (both as sponsors and as employers), charitable
trusts and the FSA whose funding comes from levies on the firms regulated
by it.
At long last Japan has implemented its Financial Services Act in September
2007. In view of the surge in the number of complaints and damages and
losses incurred by consumers, especially elderly pensioners in Japan recently,
a fuller implementation of financial literacy education at schools and
workplace or over the Internet and so on is a pressing necessity. Our government
must meet the exigencies of the current situation in Japan as soon as possible.
|