Finance in the News – w/c 29.07.19

Short summaries of articles we think you will find useful from some of the weekend’s broadsheets.

FINANCIAL TIMES

“FCA set to ban contingent charging by pensions advisers”
Watchdog says fee model has led to poor transfer advice and conflicts of interest.
“Woodford under more fire after £1m trust share sale”
Investors in £3.5bn flagship income fund locked in until December.
“Can I take money out of my pension without telling my ex?”
I understand that a married individual may take 25% of their pension pot tax free.
“Your money under a Boris Johnson government”
The new prime minister has hinted at radical policy shifts that could affect tax, investments and housing.
“UK home sales down 16.5%, suggest HMRC figures”
Political uncertainty hitting the market, say commentators.
“Six effective financial habits to adopt”
Developing effective money habits are essential to financial wellbeing.

THE TIMES

“‘Rise of the playground money launderers”
Gangs on social media recruit children to bully others into handing over bank details so they can move crime cash.
“Gold is glittering, so it may be time to take a shine to silver too”
In troubled times, investors look to precious metals as a haven.
“Banks are ‘stealing ISA tax breaks’ to boost fixed-rate bond returns”
Savers can get up to a fifth more interest than on tax-free deals.

THE TELEGRAPH

“’Bank account’ pensioners jump to 330,000 – how to take your money without the tax”
ATM-style pensions that allow over-55s to withdraw retirement money when they choose, while keeping the rest invested and growing, were a central selling point of the 2015 freedoms. But cash on demand comes at a cost – unless you know what you are doing.
“How to pay no council tax on your second home – saving thousands of pounds a year”
A trick that allows second-home owners to register their properties as “holiday homes” and pay less tax – even if the properties are not let out to tourists – has soared in popularity since a rule was changed two years ago.
“HMRC’s pursuit of loan charge payments ‘has caused widespread anxiety and distrust’”
In a report on the way the tax office deals with disputes, the Treasury Committee said delays in clarifying its approach to the controversial loan charge had caused those affected to be unnecessarily anxious and had damaged trust in the settlement opportunity being offered.

THE GUARDIAN / OBSERVER

“FCA plans clampdown on unsuitable pension transfer advice”
Watchdog to ban advisers from getting paid only when customer moves scheme.
“They became millionaires and retired at 31. They think you can do the same”
The authors Kristy Shen and Bryce Leung are part of a movement called Fire that encourages people to save intensively to retire early.

MAIL

“Beware of tax fraudsters on the prowl: Here’s 10 key steps to avoid falling victim as 2.6m scam attempts are reported in just three years”
An email claiming you’re due a tax refund from Her Majesty’s Revenue & Customs may be intriguing, but it will be a scam rather than a surprise windfall.

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