November 2016

Reasons to avoid Black Friday

We all remember the scenes from years’ past; huge queues and shoppers wrestling TV’s from each other’s white-knuckled grips in the frenzy that was Black Friday

FCA imposes 1% cap on early exit pension charges

The Financial Conduct Authority has announced plans to cap early exit charges on personal pensions.

 
The regulator has released a statement which sets the rate of charges at a maximum of 1% of the value of benefits being taken or transferred from existing personal pensions, including workplace personal pensions.

Why Debt Advice Foundation is supporting Financial Capability Week

Financial Capability Week is taking place from the 14th November

 
When 40% of adults say they are not in control of their finances and a four in ten have less than £500 in savings, it is clear the UK is facing a financial capability crisis which requires a collective response.

Why do we spend so much on children’s birthday parties?

A new survey has highlighted the true cost of kid’s birthday parties, but do we really need to fork out so much?

 
According to a survey of 2,000 parents carried on behalf of Nationwide, the average cost of a children’s party is now £218, with entertainment and venue hire being the highest contributing costs.

RBS sets aside £400m after FCA investigation into treatment of SME’s

The Royal Bank of Scotland is expecting to spend £400m in operating costs and refunds after failing to ensure struggling SME customers were treated fairly.

Why are the number of people in IVAs on the rise?

New data shows the number of people entering into Individual Voluntary Arrangements (IVAs), a legally-binding insolvency solution, is increasing rapidly. 

 
The report, released by the Insolvency Service, covers bankruptcies, Debt Relief Orders (DROs) and Individual Voluntary Arrangements recorded in England and Wales between July 2016 and September 2016.  There are no official statistics for informal agreements such as debt management plans.