Article by Phil
June news from your Christina Clegg your local wealth management adviser:
- Over 50% of DIY investors moved some of their money into cash savings during the first few months of the year in response to market volatility.
- According to Quilter grandparents may be able to qualify for pension credits just for looking after their grandchildren. Find out more about the scheme here.
- Authorities in Dubai have introduced regulation requiring online social media influencers to be licensed by their regulator. Sounds like a good idea. Or better still ignore influencers and speak to a local wealth management adviser instead!
- 30% of people under 35 do not have any life cover protecting their mortgage. Time was when you couldn’t have a mortgage with life insurance. People are taking a big risk.
- According to the Pensions and Lifetime Savings Association (PLSA) the minimum requirement for a pension income is now £13,400. In order to have a moderate retirement income you need £31,700 and to have a comfortable retirement you will £43,900 according to the figures. If you are not likely to be in the comfortable or moderate bracket you should talk to your local wealth management adviser.
- Given these figures its surprising to learn from Just Group that 33% of retirees do not shop around for the best rate on their annuity by talking to their local wealth management advisor. Just Group estimates that pensioners could be missing out on an extra £400 a year by just accepting the offer from their pension provider.
- In an ineffable turn of events, Thurrock Council was declared bankrupt as a result of investing into fraudulent solar schemes between 2016 and 2022. The Council borrowed money to make these now worthless investments in an attempt to generate investment returns. Never mind investigating the solar firm, what about those responsible for such mind-boggling losses of public money at the Council.
- The FCA says it has cracked down on fin influencers promoting financial products on social media. It says that three people have been arrested, seven others have had letters warning them to stop what they are doing and a further 50 warnings have been issued.
- But despite these successes, MP’s have written to Facebook to ask why it is taking six weeks to remove content from its platform when the FCA advises it is harmful.
- And even more worryingly the FCA has decided to lift its ban on the sale of complicated and high-risk crypto exchange traded notes. Because other countries are allowing their sale, and the UK is missing out. Doesn’t look like joined up thinking to me.
- Pensioners who have moved abroad are missing out on state pension increases because their entitlements are frozen. Over 20 years they would miss out on nearly £70,000.
- GDP fell by 0.3% in April, after growing by 0.2% the month before. This is the biggest fall since 2023. One of the main reasons was a sharp drop in property sales linked to the chancellors increase in stamp duty.
- Inflation remained at a stubborn 3.4% in May.
- 20% of adults in the UK have less than £100 in savings.
- The Bank of England has held the base rate at 4.25%
- More than £1.5 billion in Inheritance Tax was collected in April and May. 50% more than 5 years ago and £100 million more than last year. The prediction for 2025/26 is over £9 billion.
- Did you know that the treasury collected a whopping £829 billion in taxes last year. But £46 billion in tax was not paid. Most of this was small business and tax and corporation tax on companies. The government is targeting this unpaid tax.
Get more information about your local wealth management adviser.
For more information from your local wealth management advisor, why not contact Christina today. We offer 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.
