Category: Uncategorized

The government has put a 1% cap on the amount of fees that pension companies can charge people withdrawing their pension. But that cap only applies to people over 55, not the under 55’s. Some companies are still charging hefty fees, sometimes tens of thousands of pounds, to younger people who want to take their…

A new report shows that one in three first time house buyers needs a gift or loan from their parents before they can afford to buy. And another one in ten uses money they have inherited. The Social Mobility Commission’s research has found that the number of people using the “Bank Of Mum and Dad”…

A new report for the Department of Work and Pensions (DWP) has suggested that the state pension age could rise to as much as 70. Workers currently under the age of 45 may have to work until they’re 68 to qualify for state pension, and workers currently under 30 could work until they’re 70. The…

One in five women who retire this year will do so without any pension savings. That’s twice as many as for men – 19% for women, and 9% for men. That means that more than one-in-seven of the people who retire this year will be left with £1,400 per year less than the minimum recommended…

The level of payday lending in Yorkshire is being likened to an “epidemic” and complaints are soaring, it was reported yesterday. The financial ombudsman service says that the number of complaints rose by one-third in 2016. People have taken out as many as 20 loans, but the hope is that new regulations will be tougher…

Are Pension Freedoms becoming out of control? Are too many people releasing their full pension early, rather than purchasing an annuity or another phased-payment system? George Osborne’s reforms were designed to give people freedom from being forced into standard annuity packages, which may have suited the insurers more than the individuals…. but has the pendulum…

A bank you may never have heard of is offering more and more loans in 2017. OneSavings Bank increased the value of its loans by nearly 17% in 2016 and is forecast to continue growing. They are one of several newer banks who are looking to challenge the Big 5 lenders’ hold on the UK…

What are the different ways you can use to access your pension? The Daily Mail’s financial website has a useful overview of the different options available for releasing your money. They mention that you can use the PensionWise service, but many people would suggest that you should also consult a suitably qualified IFA (Independent Financial…

A new generation of Artificial Intelligence (AI) programs could soon be deciding whether you get the next loan you apply for… rather than the traditional credit-scoring systems. A US startup, founded by a former Google employee has developed systems after trialing them in China, where a minority of people have credit scores in the conventional…

Lloyds Banking Group faces another £350 million bill to settle Payment Protection Insurance (PPI) bills from mis-selling insurance on loans to its customers in the past. The company already had the largest bill for the PPI scandal, and their total costs will now be over £17 billion. The Telegraph reports – “The lender made the…