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&#39Raising awareness will be an all-round task&#39

Tackling low financial awareness is a long-term task which demands a concerted effort from financial advisers, the Government and other parties, says the FSA.

Its warning follows last week&#39s publication of a report by the National Association of Citizens&#39 Advice Bureaux which highlights the impact of financial literacy on individuals&#39 financial security.

In the wake of the report, the regulator is drawing attention to a number of initiatives which it says address the problem of low financial awareness.

The FSA points to its own financial planning CD-Rom, launched last week, which is designed to help consumers identify their financial goals and priorities. The tool gives guidance on what products to consider and is designed to complement the range of factsheets available from the FSA on key financial planning areas including pensions, mortgages and getting financial advice.

The FSA accepts that there is a considerable challenge in getting financial literacy up to acceptable levels but it argues that initiatives such as its CD-Rom, factsheets and the recently launched comparative tables are starting to address the issue.

Head of consumer education Deborah Arnott says: “The Nacab report confirms how easy it can be for people to get into dire financial straits through a lack of understanding. We have an objective from the Government to improve consumer awareness of financial matters. There is much to do.

“It will take considerable resources and a sustained commitment from all quarters – the Government, trade associations, educational organisations, the money advice sector and firms themselves – to make a real difference.”


Network set up to promote SRI across Europe

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Term laundering regulations just won&#39t wash

Open letter to Skandia Life marketing manager Lynda Cox I write with regard to your statements (Money Marketing November 8) in connection with the money laundering regulations for term insurance.I put it to you that money laundering for term insurance is nothing short of ridiculous.Occasionally, term insurance is used in connection with a large property […]

Compliance conundrum

The news that the CML has called for a delay in implementing mortgage regulation beyond the current proposed dates next August can come as no surprise.What would be very surprising is if they have any success. One of the main reasons being cited to justify a delay is the lack of time available to do […]

Third of public unaware of annuities

More than a third of over-45s in the UK have never heard of annuities and less than a third are aware of the open-market option, according to Mori research for MGM Assurance.The research found only 63 per cent of people aged over 45 had heard of annuities while just 28 per cent knew of enhanced […]


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