FEPAG - the Financial Education and Product Awareness Group – has been launched to represent providers, distributors and investors with interests in fixed income such as bonds and structured products.
Unlike PFEG, the Private Finance Education Group, FEPAG's educational role currently looks set to take a slightly second place behind representations to regulators and others on income issues.
The Group's first policy initiative will be to develop a response to CP188, published earlier this month, and which deals with promotion of financial services and changes to Conduct of Business rules, says spokesman Jeremy Swan.
FEPAG has brought on board Oonagh McDonald as director general and head of policy.
The former MP is well-known for trying to introduce Private Members' Bills into Parliament on pensions. Her role as a proponent for reform of annuity rules means she has "key knowledge of best practice and a wealth of experience on income products," says Swan.
Chairman of FEPAG will be Anthony Stack, currently managing director of New Direction Finance Group.
"NDF is a big provider of fixed income products, and Anthony has 20-odd years experience and understands the products and the market," Swann says.
Other members of FEPAG's board will be appointed through the summer, although the exact number of seats has yet to be determined.
In terms of members, Bradford & Bingley and Skipton Financial Services have both "confirmed their participation to consult with FEPAG," the group says in a statement.
A website detailing FEPAG's objectives and containing further contact information will be published within the next couple of weeks.