Experts are claiming that tens of thousands of people have paid incorrect tax on early pension withdrawals. At least 232,000 people have drawn down money from the pension pots under the new freedom regulations introduced in 2015, but many of them have paid the wrong tax on their withdrawals.
Cold calling from firms trying to scam consumers into cashing in their pension pots could soon be banned by the Government. An estimated eight scam calls a second are being made to UK residents offering a range of exotic investments for those taking advantage of the new pensions freedoms which allow consumers to invest their …
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Two top pensions experts have called for more research and analysis into how Britain’s over 55s are accessing their savings pots under the new pension freedoms. Britons have taken £9.2 billion out of their pension savings since the relaxing of pension regulations in April 2015. Around £1.6 billion has been withdrawn in the last three …
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Consumer champion Which? is asking the UK’s financial regulator to ban advertising 0% interest credit card transfers if there is a fee attached to the deal. It claims that seven out of ten people believe the transfer from one card to another is free when, in fact, British consumers spend £334 million in transfer fees …
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The Financial Ombudsman Service (FOS) has warned that scammers and con-men have ripped off £6 million from UK consumers in just three months. The total bill for the last 12 months was £775 million.
Overdraft charges from some of Britain’s top banks are more than 12.5 times higher than the interest on a payday loan claims a special report. The figures have outraged MPs with Tory MP Andrew Tyrie, chairman of the influential Treasury Select Committee, writing to the chief executives of 13 banks to ask how the fees …
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Cybercrime, fraud and misuse of computers is on the rise according to new figures just released. Police have recorded an 8% increase in figures over the year to September, with 3.6 million cases of fraud and another 2 million cases of computer misuse.
Thousands of Britons are being hit hard by unauthorised overdraft fees of up to £225 a year. Research from the Competition and Markets Authority (CMA) says UK banks made more than £1.2 billion a year from such fees.
A shock report by the UK financial regulator says thousands of people have had claims for mis-selling packaged bank accounts wrongly rejected or received too little compensation from their bank. The report follows a thematic review on packaged bank accounts by the Financial Conduct Authority (FCA) which found 56% of those who complained received ‘an …
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One of Britain’s top insurers has warned that an FCA probe into annuity sales from 2008 ‘could become like PPI for the life companies.’ Scottish Widows believe a review of annuity sales ordered by the Financial Conduct Authority (FCA) could produce a similar number of mis-selling claims to those received by the banks for PPI.