Personal Finance

Personal Finance

Jeff Salway: Raiding pension pots a risky business

Freedoms come at a price, and it can be steep, says Jeff Salway

Personal Finance
Picture: Stephen Mansfield

Scots the best restaurant tippers in UK - survey

Scots have been revealed as the most generous diners in the UK, according to a new survey.

News 3
Santander will halve the interest paid to 123 account customers. Photograph: Ian Rutherford

Jeff Salway: Santander’s cut is cash savings wake-up call

The news that Santander was halving the interest paid on its popular 123 account sparked a flurry of articles asking whether or not customers should ditch the product.

Opinion 4
Many parents are unable to obtain childcare, limiting their chances of obtaining work. Picture: Getty Images/iStockphoto

Jeff Salway: Childcare crisis builds a barrier to work

System is failing those it is intended to help finds Jeff Salway

Personal Finance
The targeted absolute returns sector has faced criticism of poor performance, high charges and a lack of transparency. Picture: PA

Beware funds that promise both protection and growth

Investors anxious about the economic outlook are turning in growing numbers to funds that promise both protection and growth – but which also have a habit of failing to deliver.

Personal Finance
Lloyds led criticism of the deadline. Photograph: Carl Court/Getty

Jeff Salway: Watchdog rolls over for banks shamed by PPI

Wasn’t it nice of the City watchdog to give the banks something to look forward to.

Opinion
The governor of the Bank of England unveiled new record-low interest rates on Thursday in bid to halt economic slowdown. Picture: PA

Jeff Salway: Few winners as Bank cuts interest rate

Some mortgage borrowers benefit but more will lose out, says Jeff Salway

Personal Finance
Banks are facing a further hefty hit from the payment protection insurance scandal. Picture: PA

Banks facing hit after watchdog extends PPI claims deadline

Banks are facing a further hefty hit from the payment protection insurance scandal after the City watchdog extended its proposed deadline for claims by more than a year.

Financial
Credit cards can encourage bad habits

Jeff Salway: Plastic debt crisis calls for drastic action

The City watchdog appears to be letting firms off the hook once more. The comprehensive investigation by the Financial Conduct Authority (FCA) into the credit card market raised hopes that it would take decisive action on behalf of consumers. Again, however, the regulator has focused on the right issues only to follow up with a set of meek recommendations that will do little to address them.

Opinion 2
The darkening of the UK economic outlook poses a challenge for investors looking for reliable sources of income. Picture: Getty Images/iStockphoto

Jeff Salway: Challenging times ahead for investors

The post-Brexit climate will hit UK firms’ profits, says Jeff Salway

Personal Finance
There are a number of factors behind the multiple cuts in easy access and cash Isa savings rates. Picture: Ridofranz

FCA sheds light on poor savings rates

Cash savings returns have plunged to the lowest level ever recorded after banks and building societies slashed rates on more than 100 accounts last month.

Personal Finance
Families about to go on holiday are about to waste �12m of food, a report says.  Picture: Contributed

Holidays see £12m food mountain binned in UK in a single week

A massive food mountain worth £12 million is thrown in the bin across the UK in a single week as families head off on summer holidays, according to new research.

Environment 2
Retirement planning can be complicated. If in doubt, seek independent financial advice. Photograph: Getty

More than a fifth of adult Scots believe they’ll never be able to retire

Record numbers are working past their state pension age and more than a fifth of adults in Scotland believe they’ll never be able to retire.

Personal Finance 1
Scotland may see less volatility than England due to the nature of the market. Picture: John Devlin

Housing market is facing a slowdown

The Scottish housing market is expected to slow down over the coming months as the uncertainty created by the European Union referendum undermines confidence among buyers and sellers.

Personal Finance
Many older people plan to live off the proceeds of selling a family home and moving to a smaller one. Picture: Feverpitched

Millions risk downsizing nightmare of retirement poverty

Pensioners who plan to use the value of their home to fund their retirement instead of a pension can expect a slump in their standard of living, a report has warned.

Personal Finance
The prospect of lower demand for commercial property, particularly in London, fuelled a wave of redemption requests. Picture: Leon Neal/Getty

Property fund lock-in a scary sign of the times

Investors will be vigilant for signs of further contagion this week after property funds with more than £15 billion of holdings moved to prevent people from withdrawing their cash.

Companies
Mark Carney has already eased restraints on lending. Picture: Dylan Martinez/Getty

Jeff Salway: ‘Whatever it takes’ small comfort to savers

The man currently running the UK has spoken. Mark Carney’s latest comments on the fallout from the EU referendum were refreshingly clear. They had to be. It was the governor of the Bank of England who calmed nerves in the hours after the result was confirmed, and again several days later when he pledged to do “whatever it takes” to avert a financial crisis.

Opinion 1
Around �5 billion is lying in dormant bank accounts and �3 billion in unclaimed pensions. Picture: Bill Henry

Tracking down the missing billions

Almost 60,000 people have failed to claim shares or cash they were entitled to after the demutualisation of Standard Life a decade ago - but the deadline to act has finally arrived.

Personal Finance
Traders worldwide caught the contagion of Brexit anxiety. 
Picture: Spencer Platt/Getty

How should investors weather the Brexit storm?

Investors have been piling into safe havens in recent days in response to the volatility that followed the EU referendum.

Personal Finance 3
Andrew Bailey faces a daunting challenge

Jeff Salway: Bad timing for ‘light touch’ watchdog

A week after the UK cemented its status as a world leader in stupidity by voting to leave the EU, the new boss of the City watchdog finally took up his position.

Personal Finance 8
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