The Federal Government is to establish a new financial literacy body.

The organisation will disburse $40 million in community benefit payments and $10 million government funding to develop women’s financial literacy.

The community benefit payments are part of penalties paid by ANZ and NAB after attempts to manipulate the Bank Bill Swap Rate in 2012.

The body – as yet unnamed – will be the largest of its kind in Australia. It will seek charity status to receive tax-deductible donations from the public.

It will be independent of the government and overseen by members of the Financial Literacy Board Paul Clitheroe, Elaine Henry and Robert Brown.