Independent Financial Adviser News August 2022


Article by Christina

As we head towards the end of summer, here is a roundup of the Independent Financial Adviser News from August 2022:

  • Research from Fidelity has estimated that by increasing their pension contributions by as little as 1%, women could catch up on their current pension shortfall. It would mean increasing average pension contributions from 8% to 9% over a period of 20 years.
  • The value of St James Place funds have fallen by £12 billion over the first six months of the year according to their latest figures.
  • HMRC have released figures which show that Inheritance Tax receipts have increased to over £6 billion in the last 12 months. An increase of 14%. Now might be a good time to have a look at estate planning services.
  • Latest Independent Financial Adviser News from August 2022 reveals that figures from the FCA show that mortgage lending fell by £3 billion in June compared with May 2022. Perhaps indicating that the property market is starting to slow down after its post Covid boost.
  • According to research by iSipp, 40% of pension savers in the UK do not know where all their pensions are held. Over 5 million people have three or more pensions and almost 1 million have more than five pensions. A pension review might help.
  • The Bank of England has increased base rates by 0.5% from 1.25% to 1.75%.
  • HMRC has issued a statement to say that it will classify cryptocurrency assets as property in the UK in terms of their tax treatment for Inheritance Tax. Whilst there is still no legally agreed treatment of crypto as property in law, HMRC has made its decision for tax purposes. This has not gone down well with the crypto trading market who are arguing that crypto is not tied to a geographic location and shouldn’t attract tax. That position was never going to fly.
  • Just over 1.2 million people aged between 57 and 75 left the UK workforce during the pandemic and have not returned to work. Despite that 40% of so called “Baby Boomers” are still in work. Many long after they’ve reached retirement age.
  • The Money and Pensions Service (MAPS) has released figures which show that that it does not know why people have been referred to their service in almost half of cases. People are being referred to MAPS for guidance on how to spot a pension scam under new rules which came into force last November. Unfortunately, it seems that neither the people being referred, or MAPS know why they are being referred. What we do know is that pension transfers are being delayed because of these MAPS referrals.

In Further Independent Financial Adviser News from August 2022.

  • Credit Reference Agencies are warning people to be careful before joining the “Don’t Pay UK” movement. The movement is encouraging people not to pay their energy bills as a protest against the spiralling costs. Credit Agencies point out however that this will damage credit ratings and borrowing prospects long term.
  • Over 50% of 20 year olds already believe that they won’t qualify for a state pension until they are 70 years old.
  • New figures from Pension provider Penfold show that almost 30% of people opted out of its pension scheme in the last six months. Presumably in response to cost-of-living increases. But the provider points out the serious long-term consequences on pension values will be felt at retirement.
  • Online DIY investment platform Money Farm has revealed that the number of female investors is on the rise. 32% of investors are now women, which is up from only 16% last year. This reflects the growing trend towards women becoming more involved in investment decisions. Of course as female independent financial advisers, we’ve known this for the last 25 years!

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