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PPI Claim News - 19/11/2009

 
Bank Refunds: Bankers refuse to pay for financial education

Bankers have reacted angrily to a proposal announced in the Queen's speech for the financial services sector to fund education on managing money.

The government wants to introduce a scheme helping consumers understand better how to manage their money, provide guidance for those with debts and expand teaching about money matters in schools.

The British Bankers Association said banks would refuse to pay the extra money to fund the education scheme, saying that it already does enough to promote money education.

In a statement, it said: "Banks are fully committed to financial education and would support moves to refocus and target the estimated £100m a year they already pay towards financial education."

The Queen's speech also included proposals cracking down on bankers' bonuses.

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