THE SKY’S THE LIMIT

TODAY’S BLOG

THE SKY’S THE LIMIT

This is an increasingly common tale. It is one about a scam, one that you really should be aware of. Scammers generally take two basic guises – a confidence trickster and an expert in a subject you do not understand enough about. This scam is the latter. It is about technology, something that you and I use, but probably have vague or general understanding of, because we do not really know how it works – simply that it does work.

The scam takes the form of a phone call from someone working at your broadband supplier. The truth is probably that you are with one of a handful of broadband companies, there is a high chance of mentioning any one of them that you are a customer. At this point the caller can either effectively politely end the call or has reassured you that you are dealing with an existing supplier.

BROADBAND SCAMS

HELPFUL HARMFUL AND HORRENDOUS

The caller informs you that your broadband is not working as well as it should, and they can help make it faster. Who of us does not want faster broadband? (irrespective of the inaccurate promise on the tin). Help is at hand if you download an app and place your phone near your router so that the performance can be monitored (how helpful right!). You comply and are informed that you are due a refund for poor performance (good news) so a code is provided to enable payment to your bank. You are kept on the phone, which whilst you think to yourself is a little frustrating and a little ironic in the age of high technology, you are of course getting something in exchange – a refund and faster broadband. You wait. At some point you are insulted as a muggle or something similar, and the caller hangs up. You have an immediate rush of realisation and call your bank to discover that it has been emptied. Emptied! Just hold that feeling a moment before reading further. Your bank account emptied….

You did not authorise a withdrawal, you were expecting a credit. Your bank may or may not be impressed and act accordingly. It is international fraud and not within the FCA jurisdiction.

NOT MERELY BASED ON A TRUE STORY, IT IS A TRUE STORY

The above is an abridged true story that another adviser shared with me, it happened very recently. Please do not accept the information that a caller provides you with. Anyone calling from one of your suppliers should know some rather basic information from you, be that your name, address and account number (for the service). Do not give them any of your time. Do not download anything that you have not understood sufficiently. Never reveal your bank information over the phone, guard it as though you would your prized possessions.

#*&^(:jh:d!!

There are many words for scammers, if you are ever victim of one, you will think of many of them. You are not a fool. You have been fooled and we all can be (look at how we vote!). However, you must act. Most scams offer the promise of more money or improved service. Rare is the day that these come without cost. They are never free.

Dominic Thomas
Solomons IFA

You can read more articles about Pensions, Wealth Management, Retirement, Investments, Financial Planning and Estate Planning on my blog which gets updated every week. If you would like to talk to me about your personal wealth planning and how we can make you stay wealthier for longer then please get in touch by calling 08000 736 273 or email info@solomonsifa.co.uk

GET IN TOUCH

Solomon’s Independent Financial Advisers
The Old Bakery, 2D Edna Road, Raynes Park, London, SW20 8BT

Email – info@solomonsifa.co.uk 
Call – 020 8542 8084

WHAT WE’RE ALL ABOUT

If you would like a no-nonsense one page document explaining what financial planning is all about please enter your email here.

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GET IN TOUCH

Solomon’s Independent Financial Advisers
The Old Bakery, 2D Edna Road, Raynes Park, London, SW20 8BT

Email – info@solomonsifa.co.uk    Call – 020 8542 8084

WHAT WE’RE ALL ABOUT

If you would like a no-nonsense one page document explaining what financial planning is all about please enter your email here.

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THE SKY’S THE LIMIT2020-09-07T16:14:25+01:00

HOW PERSONAL IS PERSONAL BANKING?

TODAY’S BLOG

HOW PERSONAL IS PERSONAL BANKING?

We all know (I think) that the days of the traditional bank manager are long gone, these days banks dress their offering with “personal banking” (as though it has been anything else before!). This is meant to be the main reason for staying with your traditional bank (and most will have done so since their teens) as opposed to using a new bank – a disruptor.

It seems to me that there is a significant degree of lip service paid to the idea of personal banking. You may have the luxury of perhaps having the name and email address of your “relationship manager” but there are some inherent problems. Each new year brings the prospect of yet another letter explaining that my personal relationship manager has altered… again. The best of intentions is re-established. I would not like to guess at how many “clients” these relationship managers have responsibility for – but let us assume it is way too many to have time to form any that are meaningful.

THE BANK

A RELATIONSHIP YOU SAY?

Today I was emailed by my personal relationship manager about the latest (standardised) investment offering that they have. Apart from not being a good offer, but a very similar (yet still more expensive) cost to a proper advised investment, it was a bit of a pity that nobody had thought to ask what I did for a living. This is a bank that I have been with for 4 decades.

I will not bother naming the Bank – they are all much the same. You will recall that in the past most mis-selling scandals were directly to do with poorly trained and badly incentivised advisers within Banks. The gaping hole of adequate planning and saving for the future has been noted for many years. The regulator is hoping for the Banks to fill some of that with algorithms and rather good bits of IT plugging the rest. Financial planners generally deal with people that are already engaged with planning ahead or have recently started to do so – and there are not that many of us anyway – about 24,000 for a population of around 66m.

NOT ON THE HIGH STREET

I suspect that the Banks will continue to disappoint. Heck you cannot even rely on them to be on your local high street if you should ever need to “pop in”. Imagine how difficult this is for elderly people that have little appetite for the internet or online banking and are not able to easily get to their new nearest branch. Personal it most certainly is not, hopeful yes, but I also suspect the outcomes are also predictable.

WE CAN DO ALL THIS BETTER

If you are someone with a few hundred thousand in cash, then of course the Investment Banks are now interested in you, but you will quickly discover that to them personal means treating you to sports events and corporate hospitality in exchange for some over the top fees. We can arrange investments better; we can arrange cash savings accounts better. Personal is what we do because what we do is all about your plan.

Dominic Thomas
Solomons IFA

You can read more articles about Pensions, Wealth Management, Retirement, Investments, Financial Planning and Estate Planning on my blog which gets updated every week. If you would like to talk to me about your personal wealth planning and how we can make you stay wealthier for longer then please get in touch by calling 08000 736 273 or email info@solomonsifa.co.uk

GET IN TOUCH

Solomon’s Independent Financial Advisers
The Old Bakery, 2D Edna Road, Raynes Park, London, SW20 8BT

Email – info@solomonsifa.co.uk 
Call – 020 8542 8084

WHAT WE’RE ALL ABOUT

If you would like a no-nonsense one page document explaining what financial planning is all about please enter your email here.

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GET IN TOUCH

Solomon’s Independent Financial Advisers
The Old Bakery, 2D Edna Road, Raynes Park, London, SW20 8BT

Email – info@solomonsifa.co.uk    Call – 020 8542 8084

WHAT WE’RE ALL ABOUT

If you would like a no-nonsense one page document explaining what financial planning is all about please enter your email here.

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HOW PERSONAL IS PERSONAL BANKING?2020-07-22T11:30:47+01:00

AVOID MINI BOND SCAMS

TODAY’S BLOG

AVOID MINI BOND SCAMS

Following on from my piece about cash management services I mentioned the problem of a growing number of scams. Cash savers looking for better rates of interest are regularly duped into believing that rates of 4% or more are currently achieved for cash. THIS IS NOT POSSIBLE for deposit accounts UK Banks or Building Societies when the Bank of England rate is 0.1%. Of course a few years ago such rates were common, but not since the credit crunch. So be warned that something that says it is the equivalent of cash when it is nothing of the sort. Genuine interest rates will not be much better than the Bank of England rate – perhaps 2% more, but very little else.

Accounts offering “interest” of more than this are not genuine cash. They could be legitimate, but not cash. The rise of peer-to-peer lending is often a touted as an alternative to a regular bank. There might be some good ones (they may be) but on the whole this is a new business taking your deposit and lending it out to other businesses or individuals at a higher rate than they pay back to you. No different from a traditional Bank, except that a traditional Bank has been doing this for years and has learned the hard way that lending needs to be done carefully… and whilst I am no fan of Banks, just think about who might borrow from such a lender… someone that cannot, for whatever reason borrow from a high street bank. Hey presto, higher risk of default.

MINI BOND SCAM

Mini Bonds are yet another layer of this, except they dont have to relend the money to legitimate borrowers (people trying to fund their business or enterprise where a mainstream bank won’t play ball). They can lend the money to anyone, sadly often to the Directors of the company running the mini-Bond. Thousands of savers have got into problems with these mini-bonds. Tempted by higher rates of “interest” which was then passed on to some pretty despicable humans. These were banned in January, but this month made permanent after mini-bond firm London Capital & Finance collapsed with £237m of savers’ money.

WHITE CAT

WHAT IS A MINI BOND?

There is no legal definition of what a mini-bond is in the UK. Most companies that have offered them, including London Capital & Finance, borrow money from ordinary savers, promising them a fixed return well above the rate available on most standard saving products. The mini-bond firm is then largely free to do what it wants with the money. Many have lent investors’ cash to third party companies (which sometimes has the same directors), bought other risky investments such as race horses or wine, or funded property construction. A number of companies that raised money in this way have collapsed with millions of pounds of savers’ money unaccounted for. The FCA claims that mini-bonds are not within its remit, while criminal investigations for fraud are rare and prosecutions even rarer. As a result, investors generally have no protection if things go wrong, and fraudsters can operate with little fear that they will be punished.

ONLINE ACCOUNTABILITY

One of the many problems with google and facebook is that they carry advertising and seem unwilling or unable to vet adverts for authenticity, though I find this very hard to believe as whenever I have attempted to run even the tiniest marketing initiative on Facebook, my “advert” has to get “approved” before it can run. So… no I don’t believe that more cannot be done. Anyway, savers who are not as sophisticated as the scammers invariably google interest rates and are faced with adverts offering higher rates… what’s not to like? Well just the fact that risk isn’t really explained and its all framed to look, smell, sound and taste like any other Bank. You need to know the real risks that you are taking. A mini-bond is a great way to part with your cash on a permanent basis, something that the stock market does not do until Armageddon (as you will not get to a £zero value if you have invested in an index unless everything is worth nothing – and I can only imagine one scenario where that could occur… the sort of scenario where a Blofeld Bond-like villain (hence the cat picture…) is holding the world to ransom, or the actual obliteration of everything we know. If this ever happens, you won’t be worried about your ISA or pension.

In the meantime, please beware of scams, watch out for the villains, they are rarely as easy to spot as Mr Blofeld. This reminds me of an element of my work which is to act as a type of bouncer to your finances. Some have asked me about my photo, suggesting I look a little “mean” (perhaps they meant grumpy). It is deliberate – anyone that has engaged with me knows that I am having a little joke. As a bouncer, or gate-keeper part of my role is to ward off those trying to part you from your money. Its meant to be a little amusing, (ok not hilarious) whilst holding a very valid truth – that I am on your team as a defence against the rubbish that inevitably comes in your direction, its not if, but when…

As for the calibre of the villains, well the fictional ones are best left to the likes of 007, those that are actual criminals, well… I have to leave them to the authorities whilst doing what I can to prevent them coming anywhere near you.

As for Mr Bond, from the perspective of 2020 there are many aspects of 007 that hang heavily today. A friend of mine recently mentioned that he had rewatched the entire Bond collection with his children, he reappraised his favourite Bond and saw the films in a different light. When it comes to cash accounts, please appraise with care – make sure you know your Bonds from your Mini-Bonds. Here’s a trailer for 007 in “You Only Live Twice” (1967) who, let’s face it, has probably lived more than twice already.

Dominic Thomas
Solomons IFA

You can read more articles about Pensions, Wealth Management, Retirement, Investments, Financial Planning and Estate Planning on my blog which gets updated every week. If you would like to talk to me about your personal wealth planning and how we can make you stay wealthier for longer then please get in touch by calling 08000 736 273 or email info@solomonsifa.co.uk

GET IN TOUCH

Solomon’s Independent Financial Advisers
The Old Bakery, 2D Edna Road, Raynes Park, London, SW20 8BT

Email – info@solomonsifa.co.uk 
Call – 020 8542 8084

WHAT WE’RE ALL ABOUT

If you would like a no-nonsense one page document explaining what financial planning is all about please enter your email here.

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GET IN TOUCH

Solomon’s Independent Financial Advisers
The Old Bakery, 2D Edna Road, Raynes Park, London, SW20 8BT

Email – info@solomonsifa.co.uk    Call – 020 8542 8084

WHAT WE’RE ALL ABOUT

If you would like a no-nonsense one page document explaining what financial planning is all about please enter your email here.

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AVOID MINI BOND SCAMS2020-06-30T09:11:48+01:00

HBOS scam, stranger than fiction

HBOS scam, stranger than fiction

Yesterday I wrote about Venture Capital Trusts and explained that any business is reliant upon its management. You might recall my use of the new Trainspotting film T2 as an illustration of poorly suited characters for management of any business. If T2 is 20 years on then this must surely be Trainspotting 40 years on…

As is often the case, reality can be stranger than fiction. On 2nd February 2016 there was finally a successful conviction of fraudsters Lynden Scourfield and David Mills. They are guilty of a £245m loans scam. Scourfield was a manager at HBOS, supposedly tasked with helping struggling businesses. He was bribed by David Mills to pressure HBOS business clients to use a business services company called Quayside Corporate Services. Quayside was owned and run by Mills and his wife Alison. Together they set about extracting huge sums in fees from HBOS business clients who were being told that they would lose HBOS support and sources credit finance if they didn’t comply. Many ended up going bankrupt.

Like Characters from Trainspotting…

These three and three others (Mark Dobson, Michael Bancroft and John Cartwright) have finally been sentenced to prison, having spent huge sums on all the typical cliché trappings, all evident in both Trainspotting films. They ruined various businesses, who were trapped within the Bank, who issued fairly standard penalties which evolved into eviction notices with employees of the bank deceiving their own internal systems which then kicked in to the normal processes for how to handle a failing business (which you can imagine). Under pressure people do strange things, and a number of the business owners that were scammed, gave away control and or ownership of their own businesses. However this appears to be largely due to the complexity of the scam and a classic confidence trick, regularly reassuring the HBOS customers that the Bank was agreeing their finance.

Ripped off Businesses that were ruined

This is a deeply disturbing case of a major bank failing to understand that its own staff were scamming its customers. According to reports, the scam may have amounted to around £1bn, although official reports suggest £245m, all over a 4-year period between 2003-2007 (just before the credit crunch). Thankfully the six involved, have been rewarded with a collective 47 years and 9 months in prison. You may recall that HBOS was rescued by Lloyds TSB having notched up £45bn of bad debt and at one point it was reliant on a £25bn lifeline from the Bank of England. Well done Thames Valley Police.

 

Dominic Thomas
Solomons IFA

You can read more articles about Pensions, Wealth Management, Retirement, Investments, Financial Planning and Estate Planning on my blog which gets updated every week. If you would like to talk to me about your personal wealth planning and how we can make you stay wealthier for longer then please get in touch by calling 08000 736 273 or email info@solomonsifa.co.uk

HBOS scam, stranger than fiction2017-02-03T10:33:34+00:00

Hell or High Water

Hell or High Water

A cursory glance of any media and it is hard not to conclude that there appears to be high degree of disappointment, disengagement and dislike of the way things are. One of the latest releases “Hell or High Water” exposes the cracked surface of the American dream and perhaps the end of the American empire.

Whilst, by no means a “revelation” we are shown the harsh reality of life in mid-Texas, of the small-towns that have reverted to outposts, now desolate from the financial collapse of 2008 and an obvious lack of opportunity. The only reassurance being the constant nodding oil pumps that imitate the heart monitors that reflect the State of being yet alluding to a deeper malaise.

To my mind the image of Texas already feels like an echo of the past. The gun-loving, property protecting, villain chasing, all seem like a throw-back to watching black and white cowboy films, (which were dated even then). Add a dash of more enlightened native American history, the mess of “How the West was Won” and men in cowboy hats look like pastiches of a past that was never terribly glorious… being a cowboy is of little appeal to a younger generation, who has almost as little “support” now as he did 200 years ago. This is of course, cultural and one of those many moments that someone from Britain is left with the sense of something  got lost in translation – we sound similar enough, but there clearly are profound differences, which can only presumably explain the rise of Donald Trump and his call to “Make America Great Again”… I wonder when he has in mind and for whom.

Cops and Robbers…

Hell or High Water is set in the context of 2016, but it could be 1816 or 1916. Bank robbers, chased by a local law-man (Jeff Bridges) and posse and just for good measure an Indian guide (Gil Birmingham). Perhaps the writer (Taylor Sheridan – who also wrote Sicario) is pointing to the fact that little appears to have changed (for some). There is still the same degree of desperation and whilst the land was once that of the native Indians and taken from them by white people, now the Banks have taken the land from the white people. All of course within the law, written by those it serves.

Justice is just this…

So it is with some degree of poetic justice that the central character Toby (Chris Pine) decides to rob the very banks that are trying to repossess his late mother’s ranch, in essence, trying to repay the outstanding money with the banks “own” money. To cover his tracks, he even elects to appoint the same Bank to act as the investment adviser to the resulting Trust, a perfect “stick it to the man” using their own systems against them. He enlists the help of Tanner, his elder brother (Ben Foster) who has a deep disregard for anything different, yet clearly yearns for a something much different.

It is possible to simply see this movie as yet another in the chase genre, but my sense is that this is rather more profound, reflecting the desperation in the State of the Nation, which has seen the supposed freedoms that wealth can bring, merely usher in another form of slavery and clusters of circled wagons, requiring ample supplies of guns.

As for a financial planning angle – beware of banks offering umbrellas when the sun is shining, invariably they want them back when it starts to rain. In short, debt in any form needs to be mastered and repaid, the account always needs to be settled…. oh and I guess, have a plan with the end in mind… which includes how your estate is handled.

As for the movie, I really enjoyed it, wonderfully directed by British, David Mackenzie. Here is the trailer.

Dominic Thomas
Solomons IFA

You can read more articles about Pensions, Wealth Management, Retirement, Investments, Financial Planning and Estate Planning on my blog which gets updated every week. If you would like to talk to me about your personal wealth planning and how we can make you stay wealthier for longer then please get in touch by calling 08000 736 273 or email info@solomonsifa.co.uk

Hell or High Water2017-02-02T13:27:21+00:00

Financial Advice from Banks

Few will get financial advice from Banks due to RDR

As I had posted earlier today that Nationwide, the largest Building Society in Britain (by miles) has suspended its pension advice (as the one pension that they sell, er I mean advise (Legal & General) is not compliant with the new adviser charging rules) it is only fair to outline what the other banks are planning. Very few people will be able to get financial advice from banks, if anything more people will find the restricted offering is likely to lead to increased focus on product pushing by Banks. We shall have to see.

Barclays withdrew their “financial planning”  services in January last year. They do offer advice to their more wealthy customers under the Barclays Wealth label.

Lloyds has ceased providing advice to anyone with less than £100,000.

RBS will be offering restricted advice, having cut its number of advisers in half.

Santander has had to suspend its 800 or so advisers from further investment advice as they are concerned that  their advisers are not adequately trained. Santander have previously stated that they will offer restricted advice (their own products) to anyone with £25,000 or more.

Why? because compliantly providing financial advice is very expensive. Providing proper financial planning advice is even more expensive as it involves two limited resources – time and expertise. This was outlined several years ago (and repeatedly ever since) by Ernst & Young who warned Banks to change their business model and that the hourly rate would need to be at least £200, which clearly for a standard bank customer is unlikely to be workable.

Financial Advice from Banks2015-06-29T12:59:53+01:00

Retail Distribution Review (RDR) Chaos before Christmas

Just A Few Days Left… until Retail Distribution Review

Most of us now buy a large proportion of our Christmas gifts on-line. Those that have not planned ahead, may have an anxious wait for the parcels arriving during the busiest period of the year with only a couple of weeks left. In a similar way, advisers have been awaiting RDR, the Retail Distribution Review which is also only a few working days away now. It officially starts on Monday 31st December 2012 (that’s in 24 days time). Sadly, whilst full of noble intentions (clearly priced advice, better quality advisers, clearly defined types of adviser) I regret to say that its a complete shambles across the majority of the financial services industry.

What The Dickens?

You need proof of course, but take Nationwide. One of the few mass-market banks/building societies that has intentions to provide advice going forward. Most Banks elected not to do so as they priced their hourly costs at over £250 an hour, which of course is not likely to be afforded by most of their customers, who are likely to scream “more? you want some more?” in that Oliver Twist way as yet another way of extracting cash from unsuspecting customers is served up like a warm bowl of gruel. So in practice most people will no longer be able to go to their bank for advice; (I want to say that this is probably a good thing as bank advice generates the most complaints and most advisers would probably say isn’t as good). That’s a half-truth though, they have more complaints because they have a lot of customers, as for being as good – well some are, some aren’t as with all other advisers. The reality is that it should be the case that getting advice is better than not getting any, so even the Banks have a role to play.

Get Your Goose? Walks, Talks, Sounds, Smells and looks like…

Sadly, due to the way that the FSA have approached “adviser charging” this has created a raft of problem with pretty much all financial products requiring an upgrade and re-think. It is concerning that Nationwide have today announced that they are suspending their pension advice because even at this stage they don’t have the ability to offer an RDR compliant pension. They know that they want to get 3% for the “advice” and 0.5% for ongoing “advice” but bluntly to anyone in my industry this looks very much like a product selling approach. To those in the know, this is akin to “if it walks like a duck, speaks like a duck, looks like a duck… it is a duck”. To enlightened advisers, this would raise the question of Nationwide’s leadership, culture and governance to have allowed matters to get to this point with this “approach” and that is putting it very politely. Natiowide are reported to have about 460 “advisers” and are looking to get the number over 500. in the meantime Nationwide have said that customers wanting a pension should go to speak to an independent financial adviser… which of course Nationwide is not and from the end of the month, will be offering “restricted” adviser solution. As of this moment, their website has not been amended to reflect this fact.

Who hasn’t delivered… Santa or Sants?

Santa will not be bringing you a pension from Nationwide this Christmas, largely thanks to the way Mr Sants (who is seeking new employment) has decided to interpret and apply RDR. Mind you, its not as though there’s a queue of people asking if they can have one. Pensions aren’t really in that naughty or nice  discussion are they? So credit to Nationwide for being nice by suspending pension advice, although of course if they hadn’t they would have probably been found out as rather naughty and on an entirely different list. Mind you, Nationwide are “on your side” this Christmas.

Retail Distribution Review (RDR) Chaos before Christmas2012-12-07T13:05:11+00:00

Barclays Buy ING

Barclays Buy ING

Barclays Bank have agreed to buy ING Direct UK. This is a good result for Barclays but not a terribly good one for savers. ING often have very competitive savings rates and the acquisition by Barclays will increase market share but do little for a competitive market. You may have seen the ING adverts which are a little odd, but attempt to create the sense of a no nonsense bank.

A Great Deal for Barclays

ING UK was launched in 2003 and has over 1.5m customers. It is entirely owned by the ING Group who had over €1.279bn of assets at the end of 2011. The deal will see £10.9bn in customer deposits pass over to Barclays and around £5.6bn of mortgage borrowing. ING have a high quality mortgage book, with 50% loan-to-value, which is very strong for any Bank. It is estimated that the deal, assuming approved, will take place in Q2 of 2013. ING Direct expect that 750 of their staff will transfer to Barclays. Whilst a relative newcomer to the UK, the roots of ING can be traced back to 1845 with the merger of Levensverzekering Bank and De Nederlandenvan 1845. ING was formed in 1991.

Barclays Buy ING2015-06-29T13:01:52+01:00

A Question of U Turn Economics?

It would appear that a room full of economists are about as good at predicting the future as the weather forecasters. We have all read and heard the arguments about inflation creeping (or spiking) into our spending patterns and having a negative effect upon the money in our pocket, but now it seems that several of them believe that inflation is under control and could even morph into deflation. Quite a U-Turn.
One does have to question the validity of such statements and I cannot help but feel that there is a degree of spin going on so as to push the Bank of England not to raise rates. Several of these economists met today and appear to agree that inflation will be pushed down sharply next year to move below the Bank of England’s 2 per cent target, and say it is possible we will see deflation next year. The wonderfully named “Office of Budget Responsibility” (sounds like a Two Ronnies sketch) has forecast that inflation will peak this year before starting to come down next year and returning to the 2 per cent target by 2013.
There was a Treasury select committee meeting today following the Budget. It was asked whether the basis for the Budget and forecasts were or are sound. The now famous Roger Bootle who predicted the crash and ended up having the last laugh on those that did not take his book too seriously, said: “My own view it is the standard thing to do to assume that inflation will go back to target. The forces are in place to bring inflation sharply down next year. I doubt it will stop at the target and we will actually end up with inflation much lower than 2 per cent and not only that but inflation will be driven into negative territory.”
The National Institute of Economic and Social Research  (NIESR) also gave evidence to the committee and sugggested that the prospects for inflation were uncertain, with a 90 per cent chance that in 2012 inflation will be somewhere between 0 and 4 per cent. (I can hear you laughing!) Yes believe it or not a statement that a range of between 0% and 4% is what some people think is a reasonable outcome for their time and employment at NIESR.
This is all somewhat of an about turn at a time when the calculator gang over at the Office for National Statistics put a figure on the Consumer Prices Index measure of inflation which rose from 4 per cent to 4.4 per cent in February, the highest level since 2008.
Convinced enough to bet your mortgage on this? me neither.
We are a boutique firm of financial planners. We create financial plans designed to achieve a desired lifestyle. We will craft and implement your plan that will provide you with the greatest chance of accomplishing your unique goals based upon the values that you hold. Financial products are little more than the tools to achieve your required results
Call us today or visit our website for more information and to arrange a meeting
A Question of U Turn Economics?2011-03-24T17:43:00+00:00

Safer Deposits

Good news for savers (finally) in that the FSA have confirmed that the deposit security (the compensation scheme) will increase from £50,000 to £85,000 from 1st January 2011.

Further changes coming into effect on 31 December 2010 are:

•Fast payout rules, with a target of a seven day payout for the majority of claimants and the remainder within the required 20 days.

•Gross payout, which protects customers by ring fencing their deposits if they have savings and loans with the same firm. Currently, any outstanding loan or debt would be deducted from any compensation.
•This new pan European requirement replaces the existing UK arrangement which has been in place since 2009, and which allowed for separate compensation cover for customers with deposits in two merging building societies.

We are a boutique firm of financial planners. We create financial plans designed to achieve a desired lifestyle. We will craft and implement your plan that will provide you with the greatest chance of accomplishing your unique goals based upon the values that you hold. Financial products are little more than the tools to achieve your required results
Call us today or visit our website for more information and to arrange a meeting
Safer Deposits2010-12-21T13:16:00+00:00
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