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CABs say UK consumers ill-informed about personal finances

British consumers are paying a high price for being ill-informed and unconfident when it comes to making crucial decisions about their personal finances, according to a new report from the National Association of Citizens Advice Bureaux.

NACAB estimates the collective cost to consumers of poor financial literacy skills could be very significant with £4 billion paid in unnecessary interest on consumer credit, £4.5 billion paid in inappropriate debt consolidation borrowing and £3 billion in unclaimed means-tested benefits.

NACAB Chief Executive David Harker says: "Dramatic changes in the financial services market over the last 25 years mean people now have a bewildering number of financial choices to make and responsibilities to exercise. Financial literacy is no longer just a desirable trait to be encouraged —it is an essential requirement for everyone if they are to benefit from these changes rather than finding themselves counting the cost."


Mortgage site to go live after IFAs&#39 response

Alliance & Leicester is rolling out a mortgage application website after a trial period found 15 per cent of the bank&#39s intermediaries submitted cases through the new system. The system, which can give a credit scored decision in 60 seconds and a one-hour response for referrals, was tested in June and proved successful enough for […]

Only 3% of funds in top quartile for three years

Less than 3 per cent of mainstream funds have achieved top-quartile performance over each of the past three years, according to research by Credit Suisse Asset Management. In an analysis of the 10 most popular unit trust and Oeic sectors, CSAM identified just 22 funds from a universe of 853 which had been top quartile […]

Property prices stable despite September 11

The September 11 attacks have not yet impacted on the value of buy to let property, according to the latest figures from the Association of Residential Letting Agents. The national average value of properties fell only slightly to £143,000 in November from £143,400 in June. Gross rental yields fell to 7.3 per cent from 7.2 […]

Pass continues Review services for IFAs

IFA services firm Pension Advisers Support System has announced it will continue to offer its range of services to IFAs for the Pensions and FSAVC reviews through 2002.Pass offers assistance to IFAs in dealing with the reviews such as advice and loans to cover compensation claims. Since its founding in 1998, it has received 500 […]


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