Article by Phil
Financial Planning advice update from your friendly advisors at Christina Clegg Financial Planning Services.
- The FCA has just released data which shows the average value of assets under advice by region. Unsurprisingly almost £100 billion is held in London and the South East. But third is the North West with £24 billion. On average a London clients have assets under advice of nearly £600,000, compared to £240,000 in the North West. Overall, there is over £1 trillion invested by 4 million financial planning advice customers.
- The FCA has also released data showing that it dealt with over 3.6 million complaints in 20 25. This covers everything from banking to protection products.
- The Bank of England held base rate at 3.75% in April.
- The Financial Conduct Authority (FCA) and the Solicitor Regulatory Authority (SRA) are conducting a joint review of the Claims Management Company (CMC) market. They are especially concerned about unfair charging, value for money, poor advertising practices and aggressive marketing. About time.
- According to Barratt Homes almost 25% of people have used an AI based tool to help with mortgage advice. They are concerned that the advice being given is inconsistent and often inaccurate. 40% are not confident about the output from AI on mortgages.
- The average age of a first-time mum is now 29. It’s at this point that women’s pensions start to become less than men’s with 20% of mums then only working part time.
- 60% of people paying for private school fees said that they had to delay their retirement plans because of the financial commitment.
- If IHT bands had been increased by the rate of inflation the threshold would be £537,000 rather than the frozen £325,000 it is still set at today. This is a classic example of a stealth tax.
- The Government is proposing changes to the way the Financial Ombudsman Scheme works by introducing a 10-year time limit on bringing a financial claim. Not before time since the time limit to bring a legal claim is three years.
- The economy grew by 0.6% in first three months of the year.
- Lloyds Bank have launched a new low deposit mortgage offer for first time buyers. Especially for those who are currently renting. The deal offers buyers a £5,000 deposit, 98% loan to value and 4.5 times income offer on houses up to £300,000. The offer is available direct or through brokers.
- The Financial Ombudsman Service (FOS) received 30% less claims last year. Of the 215,000 complaints received only 5,000 related to pensions and investments. And of those only 299 complaints related to financial advice. A good indication of the professionalism you get financial planning advice from a regulated advisor.
- You are likely to need some financial Planning advice if Wes Streeting makes it to number 10. Wes has said that he would raise £12 billion in extra taxes by aligning Capital Gains Tax (CGT) with income tax. Taxing investors on making money. Of course, we’ve already seen that current CGT increases have seen the overall tax take fall as people are reluctant to sell and pay higher taxes. Expect more of the same. Higher tax rates = less tax paid and less growth.
- Good news at last. Inflation fell to 2.8% in April.
- Workers paid an extra £6.3 billion in tax and national insurance in April this year, compared to last year. Comforting to know isn’t it. £1.5 Billion extra was collected in VAT as well.
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If you are looking for financial planning advice then why not contact Christina today. She offers a free initial meeting to discuss your requirements and explain how our service works. You are under no obligation to use us after that if you don’t want to and we won’t pester you.
So why not call us today on 01282 614444 or e mail us enquiries@ccfps.co.uk or use our contact form online.
