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Financial Education and Inclusion (Wales) Bill

Response to the consultation

Evidence submitted in response to this Consultation

Purpose of the consultation

The Children, Young People and Education Committee is calling for evidence on the general principles of the Financial Education and Inclusion (Wales) Bill. To assist with its consideration, the Committee would welcome your views on this subject.


What is a Bill?


A Bill is a proposed law. Once a Bill has been considered and passed by the Assembly and given Royal Assent by the Queen, it becomes an “Act of the Assembly”.


There is a four stage process for the consideration of a Bill. Stage 1 involves consideration of the general principles of the Bill by a committee (which includes taking of written and oral evidence from interested parties and stakeholders), and the agreement of those general principles by the Assembly.


What does this Bill seek to achieve?


The primary policy objective of the Bill is to equip people in Wales with the necessary financial knowledge and capability they need to manage their financial circumstances effectively. In doing so, the proposals will help to increase prosperity in Wales by improving the financial education and capability of its citizens.


The Bill‘s proposals fall into three broad categories:


  • The Bill will improve financial capability amongst school-age (age 8-16) children and young people by making it a legal requirement that financial education is included in the school curriculum (sections 4 to 7 in the Bill).


  • The Bill will strengthen the role of local authorities in helping people avoid falling into financial difficulty, by requiring local authorities to adopt a financial inclusion strategy (sections 8 to 10 in the Bill).


  • The Bill will give local authorities duties in respect of providing advice and arranging for advice about financial management, both generally and specifically to looked after children aged 16 or 17, to former looked after children and to students (sections 11 to 13 in the Bill).


The Bill and the Explanatory Memorandum can be found on the Assembly’s website at the following address:


What is the committee’s role?


The role of the committee is to consider and report on the general principles of the Bill. In doing so, the Committee has agreed terms of reference, which are:


To consider:


  • the general principles of the Financial Education and Inclusion (Wales) Bill and whether there is a need for legislation to deliver the Bill’s stated policy objectives;


  • the key provisions set out in the Bill and whether they are appropriate to deliver its stated purposes;


  • the potential barriers to the implementation of the key provisions and whether the Bill takes account of them;


  • the financial implications of the Bill (as set out in Part 2 of the Explanatory Memorandum (the Regulatory Impact Assessment, which estimates the costs and benefits of implementation of the Bill); and


  • the appropriateness of the powers in the Bill for Welsh Ministers to make subordinate legislation (as set out in Page 47 to 48 of the Explanatory Memorandum).


Invitation to contribute to the inquiry


The Committee would like to invite you to submit written evidence to assist in its scrutiny of the Bill. In particular, we would welcome your views on the questions listed in Annex 1.


If you wish to submit evidence, please send an electronic copy of your submission to and entitle the e-mail “Consultation – Financial Education and Inclusion (Wales) Bill.”


Alternatively, you can write to:


Sarah Bartlett, Deputy Clerk

Children, Young People and Education Committee

National Assembly for Wales

Cardiff Bay, CF99 1NA.


Submissions should arrive by 3 October 2014. It may not be possible to take into account responses received after this date.


When preparing your submission, please keep the following in mind:


  • your response should address the issues before the Committee, and should be brief (no more than 4 or 5 pages). Please reference your response using the title applied above;


  • the National Assembly normally makes responses to public consultation available for public scrutiny and they may also be seen and discussed by Assembly Members at Committee meetings. If you do not want your response or name published, it is important that you clearly specify this in your submission;


  • please indicate whether you are responding on behalf of an organisation, or as an individual; and


  • please indicate whether or not you would be prepared to give oral evidence to the Committee. (For your information, the Committee is likely to be taking oral evidence during September and October 2014).


The Committee welcomes evidence from those with an interest in this subject. If you are responding on behalf of an organisation, please provide a brief description of the role of your organisation. The Committee welcomes contributions in English and Welsh and we ask organisations with Welsh Language policies/schemes to provide bilingual submissions, in line with their public information policies.


The Committee will consider responses to the written consultation and hold oral evidence sessions during the above dates.


For your information, the Committee has invited submissions from a wide range of organisations, a list of which is available on request. However, the Committee would be grateful if you could forward a copy of this letter to any individuals or organisations that you believe might wish to contribute to the inquiry. A copy of this letter has also been placed on the National Assembly’s website with an open invitation to submit views.


Disclosure of Information


You can find details about how we will use your information at please ensure that you have considered these details carefully before submitting information to the Committee.  Alternatively a hard copy of this policy can be requested by contacting the Clerk.


If you have any queries, please contact Gareth Rogers, Committee Clerk or Sarah Bartlett, Deputy Clerk on 0300 200 6565.

Supporting documents

Contact details

Should you wish to speak to someone regarding this consultation, please use the below contact details:

Children, Young People and Education Committee - Fourth Assembly
National Assembly for Wales
Pierhead Street
CF99 1NA

Email: Contact@Assembly.Wales
Telephone: 0300 200 6565



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