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Consumers&#39 in dark on credit cards

Consumers&#39 knowledge of their credit cards is extremely low, with 91 per cent of credit card holders not knowing the annual percentage rate on their cards and only 29 per cent knowing what the term means, according to a new survey.

The survey of 1,000 British adults commissioned by Halifax Card Services shows consumers are largely unaware of credit card products available, with just 18 per cent choosing cards from providers other than the major banks.

Credit Card Research Group director Steve Round says: "The findings of the survey are worrying. There are 1,500 credit card products on the market and it is important that card users understand the product they are buying."


Burrows offers annuity alerts

Morestead director Billy Burrows is setting up a free website and offeringIFAs with email alerts when annuity rates change. The site, www.askannuity, aims to help IFAs who do not specialisein the annuity market to offer the best advice to clients after or atretirement. Burrows has already signed up a number of big annuity providers, […]

Britannic launches split capital trust

Britannic Asset Management is launching a new split capital investment trust focusing on UK equities.The Britannic UK Income Trust will be BAM&#39s third investment trust, and hopes to attract capital in the region of £400m.The trust will offer guaranteed income shares at 100p, with a guaranteed dividend of 7 per cent a year, and redeemed […]

Liverpool Vic buying nurses fund

Liverpool Victoria is buying the Royal National Pension Fund for Nursesfor £248m. About £200m of RNPFN&#39s estate will be distributed inthe form of enhanced benefits for 155,000 policyholders.

Hewitt cold on Abbey merger

Trade and industry secretary Patricia Hewitt is expected this week to announce that Lloyds TSB is barred from buying Abbey National.Hewitt is expected to block the deal, which would have created the UK&#39s largest bank, on advice from the Competition Commission.National Australian Bank, which already owns Clydesdale and Yorkshire Banks, is believed to be interested […]


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