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Budget speculation driving financial advice, Rathbones finds


By Dan McGrath

Concerns about the impact of tax changes in the Autumn Budget have led to more people seeking financial advice, Rathbones has found.

The investment management firm’s study revealed that 15% of adults have consulted or plan to consult a financial adviser as a direct result of speculation around the first Labour Budget on 30 October


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‘Significant misconceptions’ around CCJs and mortgage applications

More than a quarter of people (26%) think they need to wait at least five years after receiving a county court judgement (CCJ) before applying for a mortgage, research by Pepper Money has shown

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Mortgage product choice improves in October

Overall product choice across the mortgage market has jumped to 6,645 options in October, the first rise since July, according to new Moneyfacts data

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Chancellor urged to reform stamp duty to boost energy efficiency

Lenders and mortgage brokers have called on the Chancellor to introduce key reforms to stamp duty in the upcoming Budget, aimed at boosting energy efficiency in properties and stimulating the housing market

UK savers miss out on £94bn by not saving with building societies

The UK population missed out on an additional £94bn in 2023 by keeping their savings with a high street bank rather than a building society, Yorkshire Building Society has found

Over one in eight adults lose money to scams in past year

Over one in eight (12%) UK adults have fallen victim to a financial scam in the past year, equating to 6.2 million people, WEALTH has found
Mortgage Awards entry deadline approaching

The deadline for entries into the Mortgage Awards 2025 is approaching and firms are encouraged to get their entries in by 31 October

Inflation to end year at 3%, BoE tells mortgage industry

Inflation in the UK is forecast to end the year closer to 3%, according to a figure from the Bank of England (BoE), who also confirmed an interest rate cut is expected in November

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IHT receipts continue to rise year-on-year in August

Inheritance tax (IHT) receipts collected between April and August 2024 increased by £300m year-on-year, with the total collected for the year reaching £3.5bn, HMRC has revealed

Evelyn Partners warns of unexpected IHT bills

There has been a rise in the number of families receiving inheritance tax (IHT) bills after death on gifts made during the deceased’s lifetime, leading to Evelyn Partners issuing a warning to those who may be set to receive financial gifts from relatives in the future

IHT receipts rise by £200m year-on-year in July

Inheritance tax (IHT) receipts have increased by £200m year-on-year in July, taking the amount collected in IHT to £2.8bn in the current financial year

Rapid rise in number of people paying dividend tax, FOI reveals

The number of people expected to pay dividend tax in the 2024/25 tax year has almost doubled since 2021/22, a Freedom of Information request from AJ Bell has indicated

Over one in eight adults lose money to scams in past year

Over one in eight (12%) UK adults have fallen victim to a financial scam in the past year, equating to 6.2 million people, WEALTH has found

TSB fined £10.9m over treatment of customers

The Financial Conduct Authority (FCA) has fined TSB Bank £10.9m for failing to ensure that customers who were in arrears were treated fairly

Changing funder policies makes work harder for brokers, Asset Advantage reveals

Over a quarter (27%) of brokers frequently encounter difficulties in securing funding for their clients due to changes in funder policies, Asset Advantage has found

Banks given new powers to tackle threat of fraud

Banks will be allowed to extend the maximum delay for payments they deem suspicious as part of new powers to protect consumers against scams

UK savers miss out on £94bn by not saving with building societies

The UK population missed out on an additional £94bn in 2023 by keeping their savings with a high street bank rather than a building society, Yorkshire Building Society has found

Anxiety around finances stopping over-55s spending, study finds

A fear of running out of money is preventing over-55s from buying things they need, new research from Oxford Risk has indicated

Inflation to end year at 3%, BoE tells mortgage industry

Inflation in the UK is forecast to end the year closer to 3%, according to a figure from the Bank of England (BoE), who also confirmed an interest rate cut is expected in November

Seven in 10 adults don’t know how a savings account works, Pay.UK finds

Over seven in 10 (71%) UK adults have said that they do not know how a savings account works, Pay.UK has revealed

UK on ‘brink of retirement crisis’, Barnett Waddingham says

The UK is on the "brink of a retirement crisis", with just 15% of UK workers setting clear financial goals and budgets for retirement, Barnett Waddingham has revealed

Michelin Pension and Life Assurance Plan agrees £1.5bn buy-in with Aviva

The Michelin Pension and Life Assurance Plan has agreed a £1.5bn full-scheme buy-in with Aviva, covering the retirement benefits of around 15,000 members of the scheme

Half of UK adults expect to support parents financially in retirement

Over half (55%) of UK adults with living parents are currently supporting or expect to support their parents financially in their retirement, Aegon has found

38% of millennials to rely on parents’ pension pot in retirement

Thirty-eight per cent of British millennials are relying on money from their parents to help fund their own retirement pot, Moneyfarm has revealed

Budget speculation driving financial advice, Rathbones finds

Concerns about the impact of tax changes in the Autumn Budget have led to more people seeking financial advice, Rathbones has found. The investment management firm’s study revealed that 15% of adults have consulted or plan to consult a financial adviser as a direct result of speculation around the first Labour Budget on 30 October

GDP increases by 0.2% in August

Gross domestic product (GDP) in the UK has jumped by 0.2% in the three months to August, after showing no growth in July, the Office for National Statistics (ONS) has revealed

Clarion Wealth Planning announces management buyout deal

Clarion Wealth Planning has announced that its founder, Ron Walker, has sold 60% of his shareholding to his company management team

Brooks Macdonald to acquire LIFT financial planning and DFM businesses

Brooks Macdonald has agreed to acquire LIFT-Financial Group and LIFT-Invest for up to £45m, subject to financial targets

Dynamic Planner integrates with Adviser Cloud

Digital advice platform Dynamic Planner has announced a new CRM integration with Adviser Cloud

Three in five FS decision makers say firms are tech risk averse

Almost three in five (59%) senior decision makers at UK financial services (FS) firms have said that their firm’s attitude to adoption and application of new technologies is risk averse, Consulting by Davies has found

Report highlights generational divide on advisers’ views on tech

There is a generation divide on advisers’ views on technology and social media, a report from Wealthtime has highlighted, although it found alignment on the importance of service and human connection

One Mortgage System enhances iPipeline integration

One Mortgage System has enhanced its integration with iPipeline’s SolutionBuilder as part of a move to provide more efficiency for brokers

News in brief - 15 October 2024

Today's round up of developments coming out of the consumer finance space, featuring Skipton Building Society, Marsden Building Society and Kent Reliance for Intermediaries

Acre introduces industry-first Consumer Duty dashboard

Acre has launched a new Consumer Duty dashboard in an industry-first move to give advisers and networks full insight into their regulatory compliance with tangible metrics

Mortgage Awards entry deadline approaching

The deadline for entries into the Mortgage Awards 2025 is approaching and firms are encouraged to get their entries in by 31 October

RAW Capital Partners issues BTL mortgage in four days

RAW Capital Partners has delivered a buy-to-let (BTL) mortgage in four days to ensure that a client had the necessary funds to complete on an investment

BLOG: Introducing eConveyancer+ | Raising the bar on communication

The latest MoneyAge blog explores eConveyancer+, a new standard in conveyancing designed to support brokers in delivering exceptional service with complete confidence

BLOG: What You Need to Know About Portfolio Landlords in 2024

Portfolio landlords – those with four or more properties - are the backbone of the private rented sector. Our latest report, Portfolio Landlord 2024, looked into who these landlords are, how they feel about their property business and their plans for expansion

BLOG: Understanding Open Banking: How Pulse Makes Financial Management Easier for Your Business

Pulse discusses how their innovative dashboard makes use of Open Banking to help businesses manage their finances and obtain the funding they need securely

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Neuberger Berman discusses the value of private equity in the latest post on the MoneyAge blog...

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