Annuities: How to protect yourself from the three hidden risks of buying an Annuity

iStock_000020571826_ExtraSmallDespite rates falling over the past few years, around 400,000 Annuities are bought each and every year by retirees the length and breadth of the UK. An Annuity is generally perceived to be the lowest risk option for people wanting to turn their pension into an income. But whilst the income it provides is guaranteed, there are risks with buying an Annuity. We thought we’d take a look at three of them and suggest ways to ...

Rogue claims management companies face crackdown

Rogue claims management companies face crackdownNew figures, from the Ministry of Justice, show that hundreds of rogue claims management companies were closed down, or warned about their practices, during 2012. The claims management industry has grown significantly over recent years; as have concerns about many of their practices, which often include unlawful and unsolicited use of text messages and emails to generate new enquiries. The industry is regulated by the Ministry of Justice, whose Claims Management Regulation Unit has shut down 209 firms between April and ...

25% of claimants don’t know about PPI claims fees

The mis-selling of Payment Protection Insurance is perhaps the biggest and most costly financial scandal ever in the UK. However, new research has shown that a quarter of people using claims management companies to handle their case are unaware of the fees they will be charged. Fees for Claims Management Companies A survey of more than 2,000 people, carried out by Which? and Moneysavingexpert found that 25% said they did not know Claims Management Companies charged a fee for handling their case. The fees charged by Claims Management Companies are generally around 25% of the claim and can run into many thousands of ...

Post Office savers to receive UK protection under FSA

Savings in Post office accounts will be guaranteed under a UK system. The FSA will begin protecting Post Office savings this month. Post office savers no longer have to rely on the Irish government to protect their deposits from today. The first £50,000 of cash deposited into Post Office accounts will now be covered by the UK's Financial Services Compensation Scheme (FSCS) instead of the Irish Deposit Guarantee Scheme.