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The UK suffers first rise in unemployment in seven months

A report by the Office of National Statistics (ONS) shows the UK’s unemployment total climbed by 21,000 to 1.7 million in the three months to February.

 
This increase in the jobless rate was the first since August 2015. The claimant count, which measures people receiving out of work benefits, also made its first shift since August, rising by 6,700 in March.

How should the financial sector serve the ageing consumer?

The number of people aged 65 and over is projected to rise by over 40 per cent in the next 17 years to over 16 million*

 
As breadwinners become retirees, how can banks and other financial establishments change their practices to support them?

Bankruptcy moves online

Bankruptcy used to mean a visit to the court, but new rules mean it can now be done online.

 
On the 6th April 2016, the bankruptcy application process was changed. So how do you apply for bankruptcy? If you have been advised that applying for bankruptcy is the best option for you, below is an overview of these changes and how they might affect you.

The impact of money management lessons

Why is teaching children about debt and money so important?

 
We spoke to Parish Church of England School in St Helens, who have become a DebtAware Accredited Money Management School, on their involvement in the programme and what benefits the lessons have had for their pupils. 
 

What happens when Debt Management Companies shut down?

Since the Financial Conduct Authority (FCA) assumed responsibility for regulating consumer credit firms in April 2014 and introduced tighter controls in order to raise standards in the sector, over 100 firms have closed their doors.

 

Financial confidence plummets

A recent survey of 104 companies has shown that optimism among financial sector companies has suffered a sharp drop.

 
The poll highlighted financial market instability, competition from within the sector and larger global economic uncertainty as the top three challenges facing financial services over the coming year.
 

How to Survive an “Income Shock”

Suddenly single or lost your job? Many people who realise they can no longer cope with their debt do so after a life event which causes a shock to their income.

 

Do these four things make you more likely to be in debt?

The Money Advice Service has released a report which tries to pinpoint who is most likely to fall into debt. 

 
Many people who suddenly become “over-indebted” (in other words they can no longer cope with their debt, versus people with debt who are managing the repayments easily) do so after a life event which causes a shock to their income; perhaps a divorce or severe illness.

What is the new Help to Save scheme?

The Prime Minister has unveiled an initiative to encourage people on low incomes to save. 

 
People on low wages will soon be eligible for a financial top up from the government of up to £1,200 over four years if they put money away into a savings pot.
 

Clampdown on individual responsibility for conduct and standards in the financial sector

The Financial Conduct Authority (FCA) has announced this week that two new schemes have come into force which will hold individuals working at all levels within the banking industry to appropriate standards of conduct, as well as ensuring that senior managers are held to account for misconduct that falls within their area of responsibility.