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FSA underlines importance of financial literacy

The FSA says tackling low financial literacy needs to be a long-term aim which demands a concerted effort from financial advisers, government and other parties.

The call 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.

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- government, trade associations, educational organisations, the money advice sector and firms themselves to make a real difference.”

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Auto-enrolment: pay attention or pay the price

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As a chief executive officer of a business in the financial services sector, I have been dealing with the introduction of auto-enrolment for our clients for some time, but I can also speak from an employer’s point of view, having to go through the process ourselves.

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