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&#39Friends and family main influences on finances&#39

The 2.5 million people in the UK without bank accounts are more financially influenced by friends and families than by their gender, ethnic background or housing situation.

According to research by the National Institute of Economic and Social Research commissioned by Britannia Buil ding Society, people living in a household where others do not have bank accounts are 25 times more likely not to have one themselves than someone who lives with accountholders.

But the report also concludes that the financial needs of non-accountholders can be met by banks and societies.

Report author Pam ela Mead ows says: “To break down the barriers to access to mainstream financial services, the financial services industry and the Government must secure the help of account-holding friends and relatives of those without accounts. It is likely that those who do not have accounts are not well informed about the opt ions available to them.”


Leeds & Holbeck Building Society – FTSE Linked Tessa Isa

Tuesday, 12th December 2000.Type: Capital protected Isa.Aim: Tax free growth linked to FTSE 100.Minimum-maximum investment: £100-£9,000.Investment choice: 100 per cent linked to FTSE 100.Term: Three years.Guarantee: Capital returned in full at end of term even if FTSE 100 falls.Return: Capital returned in full along with 27.5 per cent of original investment as long as FTSE […]

Scarborough introduces flexible tracker

Scarborough Building Society has designed a flexible mortgage that has an interest rate of 6.99 per cent. The flexible lifetime discount mortgage enables borrowers to make underpayments, overpayments, take payment holidays and interest is calculated on a monthly rather than a daily basis. The mortgage interest rate is guaranteed not to exceed the Bank of […]

IFA fined £40,000 by PIA

The PIA has fined Bucks-based Chequers Financial Services £40,000 for failing to observe high standards and fair dealing. In addition to the fine, the firm has been ordered to pay costs of £12,500 and reprimanded for compliance failure. The PIA took disciplinary actions because the firm failed to act with due skill, care and diligence, […]

Tough month for techs sees 17% fall

Technology stocks took ano ther big hit when they suffered their worst month of the year in November. Unit trusts in the technol ogy, media and telecommunications sector plummeted by an average of 17.05 per cent last month, according to the lat est Lipper Tech Fund Bulletin. The worst-performing fund was Solus technology plus, which […]


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