And Nottingham is regularly named as England’s poorest city. ONS figures for 2015 put the gross disposable household income there at £12,779 per head, less than a quarter of that in the wealthiest areas – so bank financial advisers might find poor pickings there.
To be fair to Nottingham Building Society, it has more than doubled its number of branches to 67 since 2012.
It also offers an initial free face-to-face financial planning session to members as part of its rewards scheme.
So let’s give credit for raising the issue.
If there is a future for financial advice in banks and building societies it has to be more than linking with one insurance firm or flogging the products of an in-house investment operation.
Perhaps this small but growing society is showing one possible way ahead. Time will no doubt tell.
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Knowledge is power
Almost half of advised clients have no idea what they are paying for their defined contribution pension, according to the FCA.
Do not make me laugh.
I would have thought the figure was closer to 0.48 per cent rather than the 48 per cent claimed by the FCA.
Perhaps some may think they know, but very few will have any idea down to the nearest pound how much went out of their pension to pay for the array of fees and charges levied on it.
There is only one thing worse than not knowing. And that is not knowing that you do not know.
