The CFEB aims to increase the public’s understanding and knowledge of financial services, and increase people’s ability to manage their money matters. It will be responsible for launching the Money Guidance service under the Moneymade clear brand.

The service will enable people to speak to trained money guides face-to-face on money issues and will be rolled out nationally later in 2010.

The CFEB will also continue the work of the FSA’s financial capability division, helping a range of people, including school children and new parents.

Tony Hobman has held a number of senior appointments in the financial services industry and spent 20 years at Barclays Bank. He has been chief executive of ProShare, the Money Channel plc and the Occupational Pensions Regulatory Authority, prior to it becoming the Pensions Regulator.

Hector Sants, chief executive of the FSA, said: “I am delighted that Tony is to become chief executive of the Consumer Financial Education Body at this pivotal time, as the new body is established to deliver national roll out of the Money Guidance service.

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“The creation of a separate agency emphasises the importance of financial education in improving the effectiveness of the UK’s financial market for consumers. CFEB will be able to take a leading role in improving consumer understanding of money matters and, in turn, help to improve consumer confidence in financial services.”

The FSA has also announced that Chris Pond, currently director of financial capability at the FSA, will become an FSA senior adviser working with both the FSA and CFEB.