The Financial Services Compensation Scheme (FSCS) is expecting to face thousands of claims for mis-sold pensions after a major administrator went into administration. GPC Sipp administered 3,200 SIPPs and another 50 Small Self Administered Schemes (SSAS pension trusts) with an estimated investment value of £130 million. Insolvent But it became insolvent after several ‘alternative investments’ …
The Bank of Mum & Dad could lend up to £6.3 billion this year to help their children get their first foot on the property ladder. New research from Legal & General (L&G) predicts that parents will be involved in more than a quarter of a million deals in 2019, making them the equivalent of …
The Competition and Markets Authority (CMA) has launched a wide ranging appeal for evidence of the mis-selling of leasehold properties. The regulator is investigating leaseholds after MPs and consumer groups voiced concerns that some leasehold contracts were unfair allowing high fees and imposing difficult terms. Key areas The investigation will probe two key areas which …
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Britain’s building societies have defended their decision to offer mortgages with higher income multiples, despite criticism by the Bank Of England. Sam Woods, chief executive of the Prudential Regulation Authority (PRA) had warned that heightened competition pressures in the current mortgage war has led to lenders making ‘a material move up the risk curve’ by …
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Analysis of official data has revealed parents of toddlers pay more for their child care than their monthly mortgage payment. Those working full time before their child goes to school typically pay £1,065 a month for a full time nursery place and the average monthly mortgage payment is £658 and a month’s rent costs an …
The government has announced plans for a new garden home community of 20,000 new homes close to Exeter. Work has already started on the planning for the scheme with the government providing £¾ million to fund dedicated project teams, master planning work and studies to anticipate and offset the impact of housing growth. Three different …
Three times more young people expect to use equity release on their homes to fund their retirement than those already over 55, according to a new survey. Canada Life say their research shows younger people will be far more reliant in property as the means to fund their retirement than the older generation. Reality Spokeswoman …
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Experts are becoming concerned at the number of people accessing their pensions without taking any advice. Analysis of the sector by the Association of British Insurers (ABI) has revealed that only a third of people who withdrew money from their pensions in 2018 took any kind of financial advice. Greater risks ABI director Yvonne Braun …
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In a move which will save renters an estimated £240 million a year, new rules are now in force governing what fees can be charged by lettings agents for people looking to rent a new home. The ban on such fees is now in place in England and Wales two and a half years after …
Britain’s Prudential Regulation Authority (PRA) says it is ‘watching like a hawk’ as a summer mortgage war continues among Britain’s lenders. PRA chief executive Sam Woods said he was becoming concerned that banks and building societies are offering ever more risky home loans as they try to attract customers ahead of a possible interest rate …