Stephen Little

Are you due a refund from HSBC or Santander?

HSBC and Santander have agreed to refund hundreds of thousands of customers after they broke bank overdraft rules.

The competition regulator, the Competition and Markets Authority (CMA), says that both banks broke a legal order that requires them to send text alerts to customers before they go into unauthorised overdrafts.

HSBC broke the rules twice and is refunding £8 million to 115,000 customers.

Santander broke the order six times and has agreed to issued a refund, but it has not yet worked out how many customers were affected or how much they will be paid.

The reason why 200,000 parents are at risk of reducing their state pension

Thousands of women could see their state pension reduced in retirement because their claim for child benefit is in the name of their partner.

A Freedom of Information (FOI) request put in by Royal London to HM Revenue and Customs has revealed that around 200,000 couples are making the wrong choice about who claims child benefit, potentially costing them thousands of pounds.

- What are the best savings rates on the market?

Waspi women set to receive compensation under Labour

Labour has promised ‘recompense’ to women born in the 1950s hit by changes to the state pension age.

In its 2019 manifesto, the Labour Party pledges to compensate women born in the 1950s for the failure of the government to adequately notify them about changes in the state pension age.

Financial and mental well-being: push to help people navigate money matters

The Personal Investment Management and Financial Advice Association (PIMFA) has launched a financial and mental well-being campaign.

The campaign aims to raise awareness of the stigma surrounding mental health and the reluctance about discussing money.

It is looking to encourage a better understanding of finances and increase awareness of how people can access the help that they need to make important decisions about their financial futures.

‘No industry consensus’ on how to compensate bank transfer fraud victims

The UK payments industry has failed to agree on how victims of bank transfer fraud should be refunded, according to the UK’s money transfer system operator.

Pay.UK, which operates the UK’s money transfer system, has concluded that there is “no industry consensus” to finance a central fund to reimburse innocent victims of Authorised Push Payment (APP) fraud.

Better-educated pensioners ‘more likely to be duped by scammers’

Better-educated pensioners ‘more likely to be duped by scammers’

Victims of pension scams could see their savings cleared out by fraudsters in less than a day, leaving them penniless in retirement, an industry watchdog has warned.

Analysis by the Pensions Regulator (TPR) as part of the regulators’ joint ScamSmart campaign with the Financial Conduct Authority (FCA), reveals that it could take 22 years for a saver to build a pension pot of £82,000 – the average amount that victims lost to scams in 2018.

However, the regulator says that savers could lose all their savings within the space 24 hours if they fall victim to scammers.

Grandparents save families £6,600 a year in childcare costs

Seven out of 10 mothers considered not returning to work because of childcare costs, despite nine in 10 wanting to, research from workplace pension provider Now: Pensions alongside the Pensions Policy Institute (PPI) has found.

As a result, grandparents pick up the slack, saving working parents up to £22 billion a year in childcare costs in order to allow mothers to return to work.

The time that grandparents spend on filling childcare duties amounts to an average saving of £127 per week, or £6,604 saved every year in childcare costs for parents. 

Calls for banks’ voluntary scams code to be made compulsory

MPs have told banks that unless they introduce certain fraud measures by March 2020 regulators should consider sanctioning them.

The Treasury Select Committee says that banks should also consider reimbursing victims of authorised push payment fraud (APP) to help tackle the “serious and growing problem” of economic crime in the UK.

In the first half of this year, £616 million was stolen from UK bank customers, according to UK Finance.

Britons underestimating their life expectancy face retirement poverty

Britons underestimating how long they might live could end up in poverty when they retire, research reveals.

People are living five years longer than they think they might, and could end up facing an £80,000 short-fall in retirement savings, according to pension provider Scottish Widows.

The average life expectancy of UK adults saving for retirement is 87 years, yet the average adult expects to live until 82 and retire at 65.

This means that a typical retirement is 22 years longer than most people expect.