Employers must help staff with finances
November 13, 2007 by admin
Filed under News, News-Banking
Employers should play a bigger part in helping their workers deal with debt, a panel of experts has claimed. 
Businesses should provide their staff with clear, impartial financial advice and help them to get into the habit of planning their finances, it was argued.
Stress caused by financial worries costs British businesses £9.6 billion a year in absenteeism, delegates at a roundtable discussion hosted by insurance giant AXA.
The event was in aid of My Budget Day, an AXA-sponsored event aimed at encouraging businesses to help their employees keep control of their money.
Richard Lambert, director general of the Confederation of British Industry (CBI), told the meeting: “It’s clear that industry needs to take responsibility for the wellbeing of their employees. There are a lot of companies out there that are considering how they might offer generic financial advice to their employees, and there are parallels with what companies are doing to raise general education levels as well as the fitness of their employees. It all improves morale.”
Another delegate, acting Liberal Democrat leader Vince Cable warned that any advice provided must be impartial.
“We also need to ensure that there are safeguards in place to prevent financial services companies from selling their own products to their employees,” he stressed.
An experiment AXA ran last year found that households given access to independent financial advice, on the whole, ended the year better off than those left to their own devices.
Bailiffs may be given greater powers
March 6, 2007 by admin
Filed under News, News-Credit-Cards
Bailiffs may be given the power to break into your home for as little as an unpaid credit card bill.
At present only certain bailiffs are allowed to do this but the tribunals, courts and enforcement bill is set to get its second reading in the house of commons today (March 5th).
If it becomes law, all bailiffs will be able to enter your home to collect a debt but fears are growing that this may lead to an increase in cases of bailiffs abusing their powers.
Citizens Advice is pushing for an independent regulator to be included in the bill, ensuring that bailiffs are acting within the rules.
The organisation also wants to see safeguards brought in that will guarantee bailiffs are only forcibly entering a property as a last resort.
“This Bill should have been the perfect opportunity to modernise the law and end abuse once and for all,” said chief executive at Citizens Advice David Harker.
“Instead it gives bailiffs greater powers without any proper regulation – a recipe for abuse on an unprecedented scale.
“It is a scandal and a disgrace that six years after the government made a commitment to bring in independent regulation, the misery and abuse continues. It has to stop,” he added.
Research by Citizens Advice shows that 64 per cent of bailiffs were guilty of harassment and intimidation in England and Wales since October 2006.
It also found that 40 per cent had misrepresented their powers, while 42 per cent charged debtors excessive fees.
