CAB Backs Call For Free Advice
Thursday, 18th March 2004.
Haverhill Citizens Advice Bureau is joining national calls for free independent financial advice for people on low incomes facing an endowment mortgage shortfall.
The bureau says many CAB clients simply do not have the money to make up an endowment shortfall and some now face debt in their old age.
Cases seen include an Essex couple who found they had to continue working well beyond retirement age because the endowment recommended by an independent adviser fell short.
Only independent financial advisers can give advice about options for dealing with such shortfalls, but many bureau clients cannot afford their fees of do not know how to get advice they can trust.
Terese Perchard, CAB policy director, who gave evidence at a Treasury Committee inquiry into the issue, has welcomed its call for urgent action.
"Bureaux often feel powerless to help because they are not equipt or authorised to give financial advice clients need to decide what action to take," she said.
"There has long been a need for a strategy to meet the needs of the poorest consumers for financial advice. We would urge consumers to act to complain and seek compensation if they believe they may have been mis-sold."
The bureau will advise people on how they can complain if they visit the office in Swan Lane or phone (01440) 704012.
The bureau says many CAB clients simply do not have the money to make up an endowment shortfall and some now face debt in their old age.
Cases seen include an Essex couple who found they had to continue working well beyond retirement age because the endowment recommended by an independent adviser fell short.
Only independent financial advisers can give advice about options for dealing with such shortfalls, but many bureau clients cannot afford their fees of do not know how to get advice they can trust.
Terese Perchard, CAB policy director, who gave evidence at a Treasury Committee inquiry into the issue, has welcomed its call for urgent action.
"Bureaux often feel powerless to help because they are not equipt or authorised to give financial advice clients need to decide what action to take," she said.
"There has long been a need for a strategy to meet the needs of the poorest consumers for financial advice. We would urge consumers to act to complain and seek compensation if they believe they may have been mis-sold."
The bureau will advise people on how they can complain if they visit the office in Swan Lane or phone (01440) 704012.
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