Where do you get good financial advice? By John Barrett - former local Member of Parliament and Councillor
When I was first elected to Parliament, I was reminded by officials at Westminster that MPs are not allowed to give financial advice, as they are not qualified to do so. While we could point people in the right direction to get such advice, we must never give any, or we could be in danger of risking serious legal consequences.
More recently I was asked by friends, “Where do you go for good financial advice?” and I had to say that now I could not even point them in the right direction.
At a time when people are in real need of independent trustworthy financial advice, some established institutions appear to be more interested in their own financial wellbeing than the interests of their customers.
Last week I received a letter from my bank informing me that the interest rates on overdrafts would be 33.75%, at the same time they are paying less than 1% interest on the balances left in many accounts by their own customers. So, money that is costing the bank approximately 1% can provide funds that they charge over 33% for. Is this really looking after the interest of their customers?
We often see the friendly face of a well-known TV personality advertising Equity Release on behalf of Age Partnership as he, no doubt, looks like a trustworthy person. However, for many people, Equity Release is very expensive and not the best way of sourcing funds. When I went to my own bank and building society enquiring about raising funds, they too recommended that I should get quotes for equity release, which would have cost me thousands of pounds more than I actually needed to pay, to raise the sum I required.
What I now say to friends or others who ask the question about financial advice, is to first visit
www.moneysavingexpert.com There you will get simple and easily explained answers to set you on the right track, such as – Taking financial advice is going to cost you. But when it comes to making life-changing financial decisions, it might save you money in the long run. This guide will help you understand what a financial adviser is and whether you need to use one. Plus, most importantly, how much it'll cost.
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