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CII calls for awareness of financial exclusion

The Chartered Insurance Institute wants to make IFAs aware of financial

exclusion by flagging the subject in the new FPC coursebook out in August.

The move comes as the FSA publishes research revealing the extent of the

exclu-sion problem.

The CII believes IFAs should take a similar approach to the excluded as

banks take to students by pointing them, for example, to the Citizens&#39

Advice Bureau, benefiting if those people have a reversalof fortune.

The FSA&#39s research, conducted by Bristol University&#39s personal finance

research centre, found 9 per cent of adults, or 1.5 million households,

have no bank or building society account of any kind and 20 per cent of

adults do not have a current account.

It also found 27 per cent of employees have no occu-pational or private

pension and one-third of households have no savings or investment products.

Director of consumer relations Christine Farnish says: “This research

provides us with the means of identifying areas where our efforts could

best be focused.”

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