A pensions company which mismanaged £14 million in funds has been wound up in the High Court. Ecroignard Trustees was wound up at a hearing in Manchester following an investigation by the Insolvency Service. The Official Receiver has been appointed as liquidator. Two schemes The court heard that the firm acted as trustee for two …
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Look out – SCA is on the way – a new move by banks and shops to beat credit card fraud which cost Britons £671 million last year. SCA stands for Strong Customer Authentication and is the latest weapon in the battle to beat the fraudsters. Warning Although not officially rolled out until March 2021, …
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Britain is sitting on a pensions time bomb which could see 9 million people dying in poverty claims a new report. Aviva claims that 9m million people are ‘sleepwalking into retirement’ and have no idea how much money they need to save to live comfortably. No idea A survey of over 2,000 employees and 1,000 …
Britain’s housing minister has announced reforms to both Help To Buy and shared ownership schemes to make them more accessible to borrowers. Robert Jenrick announced that homeowners can now increase their share of the property by 1% increments instead of the current system of ‘staircasing’ where borrowers can only increase their stake 10% at a …
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The Bank Of Mum And Dad (BOMAD) has become one of the Top 10 mortgage lenders in Britain, loaning more than £6 billion to their loved ones. A new report by Legal & General (L&G) says the rate of lending is up by 10% on 2018 with the average contribution rising by another £6,000. 10th …
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A new report is urging the government to raise the state retirement age to 75 to tackle the challenge to Britain’s fiscal policy posed by our ageing society. The Centre for Social Justice – a think tank chaired by former pensions secretary Iain Duncan-Smith -proposed raising the age to 70 by 2028 and then to …
The saga of the long-awaited pensions dashboard has taken another twist with a plea for more transparency and lower costs. The view of the committee is being seen as an extension of the recent allegation that too many pension funds are making ‘a fat living’ from savers. Disclosure of charges The cross-party group of MPs …
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A British SIPP provider has been ordered to pay £1 million in costs after pulling out of its defence of a multi-million pound High Court case over failed investments. Berkley Burke is a provider of self-invested personal pensions (SIPPs) and is being sued by a group of investors who claim they have suffered losses because …
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Fears over what will happen to the economy after Brexit are driving more consumers to take on 10 year fixed deals instead of the more usual two or five. Rising demand has forced lenders to increase the number of 10 year deals available to a record 157 and the number of trackers has fallen back …
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SSE – Britain’s second biggest energy company – is negotiating the sale of its energy retail business to its much smaller rival, OVO. SSE has been trying to off-load its retail business for more than two years and has previously had extensive talks with another of the Big Six – Npower – but it those …