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Consumers urged to shop around for best annuity

The Financial Services Authority (FSA) recently announced it is to conduct a ‘thematic’ review into the way annuity products are sold to ensure consumers are receiving the correct level of encouragement to ‘shop around’ for the best deal. The regulator had previously expressed concerns at the effects of consumers failing to shop around, particularly with…

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ISA interest rates hit new record low

The average interest rate being offered by a cash Isa (individual savings account) is now just 1.74%, according to Moneyfacts. A year ago, the average was 2.55%, but it has fallen because banks and building societies now have access to cheap money via the Bank of England’s Funding for Lending Scheme. FLS was launched last…