FCA hit by fake email scammers yet again

The Financial Conduct Authority (FCA) is being troubled by fake emails again for the second time in three months. In a statement issued on the 21st of March 2017, the FCA warn of a security breach that has caused emails to be sent out from the three following addresses: 1.fca.updates@fca.org.uk 2.webmaster@fca.org.uk 3.press.office@fca.org.uk Whilst these are official sender accounts, any email with ‘FCA Regulation 2017’ as its subject title has been sent without the knowledge or consent of the financial watchdog. And should therefore be treated as a potential scam. This ...

Shock National Insurance U-turn

In a shock move, that will come as a pleasant mid-week surprise to many, Chancellor Philip Hammond has announced that the government will not proceed with the increase in National Insurance contributions for the self-employed. The main rate of Class 4 National Insurance contributions, applicable to the self-employed, was to be increased from 9% to 10% in April 2018, and then to 11% in April 2019. The pressure being applied to the government during the last week has clearly had some effect, with many saying that the increase directly broke the Conservatives’ ...

Budget 2017: Were you a winner or a loser?

Budget 2017 Winners and Losers 150px Will you be better or worse off as a result of today’s Budget? Our summary will tell you, read on to find out. Budget 2014: WinnersWinners Some small business owners It was positive news for small businesses owners, with the introduction of business rate cap of no more than £50 per month for those leaving the small business rate relief tax. Don’t get too excited though, many small business owners will be hit by rises ...

Budget 2017: Everything you need to know

Budget 2017 Everything you need to know 150pxThe Chancellor, Philip Hammond, started his first Budget in a bullish mood, listing the ways the economy had exceeded expectations. He also reported that on International Women’s Day, that there is now a higher proportion of women in work than ever before. It wasn’t all good news though, he went on to explain “that our job is not done” highlighting, amongst other things, the issues young people have when they leave education, high levels of debt and low productivity. In a moment of self-deprecation, Mr Hammond ...

NS&I slashes Premium Bond prizes and savings rates

Millions of savers were dealt another blow earlier this month as NS&I announced rate cuts across their range, with even Premium Bonds affected. National Savings and Investments (NS&I) was set up to provide a relatively cheap source of government borrowing. It offered security, simplicity and dependable returns and has remained a favourite for savers. As a state owned savings bank, it has never set out to deliver market leading returns, and actually has rules in place to prevent it offering products that would stifle competition. However, despite moderate returns, a combination of a ...

Savings: Compensation limit set to rise

Compensation limit set to riseFrom next week, savers will receive a boost to the level of protection they get if their bank or building society goes bust. Currently, the Financial Services Compensation Scheme (FSCS) protects up to £75,000 of savings per person, per institution. However, this will rise to £85,000 from 30th January. The limit is changing because of the falling pound, with the value of protection pegged broadly to 100,000 Euros. The new level of protection means that savers can deposit an additional £10,000 with each institution and be guaranteed to ...

How will the unexpected rise in inflation affect you?

How will the unexpected rise in inflation affect you?New figures show that UK inflation is now at its highest rate since November 2014. The data, from the Office for National Statistics (ONS), shows that the Consumer Prices Index (CPI) rose to 1.6% in December, up sharply from 1.2% in November. The Retail Prices Index (RPI), which includes housing costs, rose from 2.2% to 2.5%. Rising air fares and food prices contributed to the unexpectedly sharp rise, as the effects of the falling pound start to be felt. Reacting to the figures, Mike Prestwood ...

Date of the final spring Budget announced

Date of the final spring Budget announcedPhilip Hammond, the Chancellor, has announced that the next Budget will be published on Wednesday 8th March 2017. This will be the last Spring Budget. Mr Hammond announce late last year that the government would no longer publish an Autumn Statement, which had effectively become a mini-budget, and move the Budget to the Autumn. The Budget will be keenly awaited by all, as the repercussions from Brexit become clearer and the government continues to look to cut expenditure. As usual, we will publish our Budget summary, and our analysis of ...

Young people to get inheritance windfalls

Young people to get inheritance windfallsThe amount younger people inherit is set to rise according to new research; but the trend is likely to reverse in years to come. The survey, by the Institute for Fiscal Studies (IFS), found that: The level of wealth in elderly households, where all members are 80 or over, has risen by 43% over the past 10 years 44% of elderly households intend to leave an inheritance of £150,000 or more, up from 24% 10 years ago 75% of people born in the 1970s expect to ...

Britain’s savings habits revealed, how do you shape up?

SavingNew research has shone a light on our savings habits and the amount of time we spend thinking about money. The survey from RCI Bank found that: 31% of adults are saving more than they were a year ago, putting away an average of £62 more per month However, 15% are savings less Those adults who are saving more have put away £750 extra over the past 12 months 34% of savers believe that talking and thinking about money made them better savers Money talks The survey also showed how much time we ...
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