Incredibly, it’s now July?
So here is a roundup of the Financial Planning news from June 22, that might be of interest:
- The Labour Party have announced that they would increase taxes on buy to let rental income if they are elected next time.
- According to research by Boring Money there are now over 9. Million investors in the UK holding money on DIY platforms or with so called Robo Adviser companies. It’s also reported that these platforms fell by 2.7% in value over the last quarter.
- The value of cryptocurrencies has taken a big hit over the last month with Bitcoin falling by 44% and Ethereum by 57%.
- The FCA has admitted that it currently running at least two months behind in answering questions and complaints from advisers and the public. Only 60% of queries are being resolved within the statutory 20 working day period.
- The number of self employed in the UK has hit an all-time high of 4.2 million
In further Financial Planning news June 2022:
- The FSCS has paid out £44 million in claims against the defunct Lifetime SIPP which went bust back in 2019
- The FTSE fell by 3% on the 16th of June in response to the Bank of England raising interest rates by 0.25% to 1.25%. The markets didn’t feel that the rise was enough to counter the increasing risk of double-digit inflation levels later in the year.
- More than one in five people admitted that they had been targeted by a financial scam in the last 12 months. The figure was 3% up on 2019. E mail was still the most common approach, followed by text messaging and then cold calling over the phone. An increasing number of scams were involving crypto and as a result more young people were being targeted.
- The ABI has called on the government to increase compulsory auto enrolment contributions from the current level of 8% to 12% by 2031 to keep pace with the level of savings required to fund a reasonable pension.
- Figures show that care costs are likely to be more than 50% of the average home value, in dozens of cities across the UK including Manchester.
For more Financial Planning news fro June 2022 have a look at our news articles.