Savers miss out on full ISA allowance
by Gill Montia
Story link: Savers miss out on full ISA allowance
Over 2.6 million UK savers could be missing out on a collective £362 million in the 2010/2011 tax year, according to moneysupermarket.com.
Research by the price comparison site indicates that over 50% of savers don’t intend to use their full £5,100 cash ISA allowance, while 15% of Britons who already have ISA savings are not expecting [...]
PPI and investment claims dominate FSCS workload
by Gill Montia
Story link: PPI and investment claims dominate FSCS workload
The Financial Services Compensation Scheme (FSCS) paid out £204 million to over 21,000 claimants during 2009/10, with over two-thirds of the payments made for Payment Protection Insurance (PPI) and investment claims.
PPI claims increased significantly during the year, to exceed 2,400, and the FSCS says it expects the volume of claims in this area to climb [...]
Upton investors received £3.7m in compensation
by Gill Montia
Story link: Upton investors received £3.7m in compensation
The Financial Services Authority (FSA) has secured £3.717 million in compensation for investors in an unauthorised collective investment scheme operated by Upton & Co. Accountants Limited.
A High Court ruling yesterday confirmed that the victims of the scheme should receive the money on a pro rata basis.
Upton has also agreed to make further monthly payments [...]
Dormant accounts to fund Big Society Bank
by Gill Montia
Story link: Dormant accounts to fund Big Society Bank
The Government’s plans for a “Big Society” involve raiding dormant bank accounts to fund community projects and charitable works.
Prime Minister David Cameron has launched two such projects in Liverpool today, in efforts to reinvigorate society and challenge the state-dependent attitudes apparently held but some.
Big Society schemes will be backed by the Big Society Bank, which [...]
Credit Suisse raided in German tax evasion probe
by Gill Montia
Story link: Credit Suisse raided in German tax evasion probe
Credit Suisse operations in Germany were raided by police yesterday as part of a tax fraud inquiry.
Thirteen branches of the bank were visited following allegations that Credit Suisse staff have been helping clients to evade their taxes.
According to reports, German authorities already have information on around 1,100 clients who are suspected of not having paid [...]
EU to improve depositors’ guarantees
by Gill Montia
Story link: EU to improve depositors’ guarantees
The European Commission has tabled new rules to protect customers of banks, investment firms or insurance companies that go bust.
The move forms part of efforts to restore confidence in financial services by offering an EU-wide minimum guarantee for depositors when institutions fail.
The current UK maximum under the Financial Services Compensation Scheme is £50,000 per individual [...]
Defaqto analyse 23 student current accounts
by Richard Kilner
Story link: Defaqto analyse 23 student current accounts
Amidst the hectic schedule new students face finding accommodation, work and dealing with the challenges of university they must also browse and select the best current account for their time studying.
Whether simply choosing an account with the nearest bank branch or carefully picking the overall best account, students can now benefit from financial research firm [...]
Lloyds backs new cash ISA rules
by Richard Kilner
Story link: Lloyds backs new cash ISA rules
The UK’s biggest provider of ISAs, Lloyds Banking Group, has lent its support to the recent OFT announcement regarding cash ISAs, intended to reduce transfer times and enhance transparency.
In 2010 Lloyds TSB is to publish savings interest rates on all customer savings accounts statements (both online and paper), going beyond the OFT recommendation.
This measure will [...]
Greater transparency in ISA market
by Richard Kilner
Story link: Greater transparency in ISA market
The recent changes introduced by the OFT in a bid to arrest the inefficiencies of the cash ISA market have been heartily welcomed by Consumer Focus, which has described the measures as the first step towards dragging the UK’s £158bn cash ISA market into the 21st century.
Consumers could stand to save £14.5m by the transfer [...]
Brewin Dolphin welcomes CGT changes
by Richard Kilner
Story link: Brewin Dolphin welcomes CGT changes
Investment manager Brewin Dolphin, which manages £23bn for more than 130,000 clients, has responded to the Coalition Government’s Budget, held earlier today.
Executive Chairman Jamie Matheson has said that the retention of the annual free allowance for capital gains tax (CGT) will be met with relief on all sides.
Many savers will continue to pay CGT at [...]
Think tank proposes “radical simplification” of savings market
by Gill Montia
Story link: Think tank proposes “radical simplification” of savings market
A report from the Centre for Policy Studies is calling for “radical simplification” of the UK savings market.
In a work entitled “Simplification is the key: stimulating and unlocking long-term saving”, analyst Michael Johnson recommends changes that would bring ISAs and pensions closer together.
Key proposals include:
Setting an annual contributions limit of £45,000 a year for all [...]
Banking Commission advocates “Safe Haven” accounts
by Gill Montia
Story link: Banking Commission advocates “Safe Haven” accounts
A report published at the weekend by The Future of Banking Commission is calling for “Safe Haven” accounts that would offer 100% protection to savers.
The commission, set up by consumer group Which? to allow the public to have a say in banking reform, suggests deposits held in such accounts could be invested in safe assets, [...]
Lloyds TSB launches retail corporate bond
by Gill Montia
Story link: Lloyds TSB launches retail corporate bond
In a first for the bank, Lloyds TSB has launched a fixed-rate corporate bond for retail investors.
The move gives individuals the opportunity to invest in a product which was previously only available to institutional investors.
The Lloyds TSB Bank plc bond comes with a fixed rate of 5.375% per annum and a semi-annual coupon.
It offers a [...]
ISA sales hit nine year high
by Gill Montia
Story link: ISA sales hit nine year high
New data from the Investment Management Association (IMA) reveal that April sales of Individual Savings Accounts (ISAs) were at their highest for nine years.
ISA limits increased from £7,200 to £10,200 in April 2010, when sales totalled £1.2 billion, having leapt 63% on a year earlier.
The IMA also reports that April ISA sales accounted for well [...]
Brewin Dolphin calls for caution over CGT
by Richard Kilner
Story link: Brewin Dolphin calls for caution over CGT
On 22 June the new Coalition Government is set to change the Capital Gains Tax (CGT) regime, potentially adversely affecting a large number of small investors and prudent savers, Brewin Dolphin has warned.
Brewin Dolphin has called for the Government to proceed carefully, and to consider keeping the capital gains tax allowance at £10,000, taking account [...]
Brewin Dolphin slams proposed CGT rise
by Richard Kilner
Story link: Brewin Dolphin slams proposed CGT rise
Investment manager Brewin Dolphin has raised serious concerns over the Coalition Government’s proposals to raise Capital Gains Tax (CGT) in the June Emergency Budget.
Brewin Dolphin has expressed the view that by raising CGT the Government will erode the grounds upon which investors risk their capital supporting businesses, and warned that it will seriously discourage investment [...]
Public lack faith in pensions policies
by Richard Kilner
Story link: Public lack faith in pensions policies
Seven out of 10 Britons believe that the political parties have not done enough to explain their policy positions on pensions, according to a ComRes poll commissioned by Brewin Dolphin.
The poll also found that more than six out of 10 (62%) backed the concept of utilising the tax system to encourage a culture of saving.
More [...]
Brewin Dolphin critiques manifestos
by Richard Kilner
Story link: Brewin Dolphin critiques manifestos
With the General Election looming, private client portfolio manager and pension adviser Brewin Dolphin has cast its critical eye over the three main parties’ manifestos and their impact upon savings and pensions.
The firm has expressed concern at the Labour manifesto due to the pensions time bomb caused by Labour in 1997 when the party axed [...]
Savers on the rise in March
by Richard Kilner
Story link: Savers on the rise in March
Nationwide Building Society’s has seen its Savings Index rise by three points to 94 in March, following a six point rise in February.
March is the middle of the ISA season, and may be behind the rise as ISAs are more popular than ever.
Head of Savings Andy Hutchinson has said that the rise in the Savings [...]
Barclays brings retail investors closer to IPOs
by Gill Montia
Story link: Barclays brings retail investors closer to IPOs
Barclays Capital has formed a joint venture with Solid Solutions Associates (SSA) which will enable UK retail investors to escape the low interest rates currently offered on cash deposits.
SSA manages and implements retail share offerings and will be advising the bank on Initial Public Offerings (IPOs) to be listed in London and elsewhere.
Barclays is expecting [...]
