An evaluation of the FSA leaflet on basic bank accountsAuthors: Nick Moore
Funded by: Financial Services Authority (FSA)
Published by: Financial Services Authority (FSA)
Publication date: August 2006
Since October 2002 all banks were required to offer basic bank accounts to help overcome some of the problems experienced by people who are excluded from financial services. In particular, Basic Bank Accounts provide a mechanism for paying benefits and pensions by automated credit transfers.
As part of its statutory aim to promote public understanding of the financial system, the FSA produces a range of internet and printed resources that are designed to help consumers with their personal finances. To inform consumers about basic bank accounts, the FSA has produced a short leaflet: 'Basic bank accounts - your questions answered'. This was distributed to a wide range of agencies, and was made available via the FSA website.
In 2006 PFRC were commissioned to evaluate the content and effectiveness of the leaflet. The study had three main objectives:
- To assess whether the leaflet promoted confidence and informed decision-making among consumers who were considering a basic bank account.
- To assess whether or not the leaflets provided third parties with the information they would need to help their clients.
- To evaluate the actual leaflet in terms of its:
- Power to motivate
- Signposting to further information
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