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The FSA has created this dedicated fund, as part of the National Strategy for Financial Capability, to assist organisations that help people deal with their finances. To facilitate this, a minimum of £100,000 has been made available for funding projects running up until 31 March 2007, with the majority of awards likely to be between £5,000 and £20,000.
In a speech delivered today to the Financial Inclusion Forum, FSA Chairman, Callum McCarthy announced that the fund has been set up to:
- Draw on the knowledge and expertise of front-line practitioners in forging new ways to increase financial know-how.
- Assist organisations in delivering these projects to the right people in the best way.
"The Innovation Fund is designed to provide the financing for experiments by those in the voluntary sector, aimed at tackling Financial Capability. The fund is dedicated to new ideas specially aimed to support practical, grass roots projects and will also enable us to establish what does, and does not, work in practice.
"This fund will run alongside two other such schemes: The Royal Bank of Scotland's £100,000 fund and the Department of Work and Pensions' £3million fund. The former is aimed at encouraging grass roots, practical pilots that tackle financial issues directly while the latter is aimed at financing projects that deliver new ways of giving the information needed to make decisions about pensions and retirement.
"These funds aim to help the voluntary sector (amongst others), use their practical knowledge of the day to day problems to find solutions, and then to spread best practice learnt in one place across the country."
Closing date for applications to the fund is 15 September 2005 and the FSA will announce the award winners by the end of the year. Organisations can find more information and applications forms on the FSA's Financial Capability website.
Background
- A case study Guide "Helping Young Adults become Financially Capable" consisting of current practice within the voluntary sector, amongst others, was recently published by the FSA. For more information on the case studies, please contact the Press Office.
- To see a full copy of Callum McCarthy's speech to the Financial Inclusion Forum, please access the FSA website here.
- Full application packs for the Innovation Fund can be found on the FSA website and by calling 0207 066 0084.
- The Financial Capability Steering Group, formed by the FSA to identify ways to build a national strategy for improving financial capability, has identified seven key projects. The projects areas are Schools, Families, Workplace, Retirement, Borrowing and Generic Advice...
- 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 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 our business capability and effectiveness.
