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UK inflation rate up to 9%, ONS confirms


By Michael Griffiths

Inflation has now hit 9.0%, the Office for National Statistics (ONS) has confirmed, a figure that is the fastest rate of price rises for 40 years.

The ONS revealed that its Consumer Prices Index (CPI) climbed by 9.0% in the 12 months to April 2022, a level up from 7.0% in March


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New FCA powers to strengthen consumer protection

The FCA has announced it is to use new powers to swiftly cancel or change what regulated activities firms will be permitted to do

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Asset Management Awards 2022 – winners announced

The winners of Asset Management Awards 2022 were announced last night at a gala ceremony in London

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News in brief – 20 May 2022

The latest news in brief coming out of the consumer finance space over the past week, featuring SmartSearch, Evolution Money, and more

Annual house price growth falls back to 9.8% – ONS

Annual house price growth in the UK dropped to 9.8% in the year to March, according to the latest UK House Price Index published by the Office for National Statistics (ONS)

Average UK first-time buyer home tops £223k

The average first-time buyer in the UK is spending £223,751 on their first property, according to new analysis from Direct Line Home Insurance
Equity release options almost treble in space of a year

The number of equity release products has almost trebled in the past year after hitting a new record high of 1,557 at the end of the first quarter, new data from Key Partnerships has revealed

Mortgage repossession figures returning to pre-pandemic levels

Mortgage possession actions are slowly recovering from the impact of the pandemic, new government figures have indicated

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HMRC’s IHT intake surpasses £6bn for tax year

HMRC has now taken in £6.1bn from inheritance tax (IHT) receipts since April 2021, new figures have confirmed

FOI reveals only 150,000 trusts registered with HMRC

A Freedom of Information request to HMRC has revealed that just 153,241 trust registrations have been received since the Trustee Registration Service began in June 2017

Kent Reliance for Intermediaries and EY launch new tax guide for brokers

Kent Reliance for Intermediaries and EY have worked together to produce an educational guide for brokers based on the rule updates to the UK tax system

Govt tax breaks have decreased by 6% in a decade

Government tax breaks for savings and investments have decreased by an average of 6% in the last decade, according to calculations published by Quilter

New FCA powers to strengthen consumer protection

The FCA has announced it is to use new powers to swiftly cancel or change what regulated activities firms will be permitted to do

NatWest Group banks fined for overcharging fees on credit cards

Four NatWest Group banks have been fined £1.82m by the Payment Systems Regulator (PSR) for overcharging interchange fees on credit cards

FCA bans five IFA directors from financial services sector

Five directors of financial advice firms have been prohibited from working in financial services by the FCA and fined over £1m, after they caused significant losses to pension customers

Majority of advisers ‘well prepared’ for new customer care standards

Four out of five (80%) financial advisers feel they are “well prepared” for the introduction of new customer care standards, as part of the FCA’s Consumer Duty Guidance

Equity release market provides £3.8bn boost in GVA to UK economy

Older homeowners accessing the value held in their homes via lifetime mortgages and other forms of equity release are directly adding almost £1.8bn in gross value added (GVA) across the UK economy, new research has revealed

UK inflation rate up to 9%, ONS confirms

Inflation has now hit 9.0%, the Office for National Statistics (ONS) has confirmed, a figure that is the fastest rate of price rises for 40 years. The ONS revealed that its Consumer Prices Index (CPI) climbed by 9.0% in the 12 months to April 2022, a level up from 7.0% in March

Rising costs to have ‘destructive impact’ on UK savings plans, study suggests

The cost-of-living crisis is threatening to have a “destructive impact” on the long-term savings plans of young people in the UK, research from AJ Bell has indicated

Andrew Bailey confirms inflation expected to hit 10% before end of year

The governor of the Bank of England (BoE), Andrew Bailey, has indicated that consumer price inflation will hit 10% before the end of the year

Almost two-fifths of pension transfer ‘amber flags’ due to overseas investments

Nearly two-fifths (39 per cent) of ‘amber flags’ raised by pension trustees of a transferring pension scheme were due to overseas investments, according to a Freedom of Information (FOI) request by Quilter

Health of UK DB schemes reaches ‘new high’

The health of defined benefit (DB) pension schemes in the UK continued to improve in the first quarter of 2022, reaching a new high as of 31 March 2022, data published by Legal & General Investment Management (LGIM) has revealed

Low earners risk missing out on state pension qualifying year despite exclusivity clauses ban

The government has widened a ban on exclusivity causes for low-income workers to allow them to work multiple jobs and boost their income, although Interactive Investor (II) has raised concerns over low-paid workers' state pensions

DB pension scheme deficit falls by £24bn in April

The accounting deficit of defined benefit (DB) pension schemes for the UK’s 350 largest listed companies fell by £24bn over the course of April, according to Mercer’s latest Pensions Risk Survey

Recognise Bank confirms £8.7m capital raise

Recognise Bank is to benefit from £8.7m in new capital following a new successful round of funding announced by the bank’s parent company, the City of London Group (CoLG)

Tuscan Capital secures new £150m funding for BTL portfolio landlords

Tuscan Capital has announced it has secured new funding for buy-to-let (BTL) portfolio landlords looking to secure short-term funding

Ying Tan leads £180k funding for AI firm Propflo

AI start-up firm Propflo has announced that it has successfully closed its pre-seed funding round of £180,000 from investors to grow its property transparency platform

Fluent Money Group acquired by Mortgage Advice Bureau

Mortgage Advice Bureau (MAB) has announced it is to acquire a majority stake in the Fluent Money Group for a total cash payment of around £73m

360 Dotnet renews contract with New Leaf

360 Dotnet has announced a five-year contract renewal with New Leaf Distribution

Moneyhub launches open banking platform with Envizage

Moneyhub has partnered with financial analytics firm, Envizage, to deliver an open banking-powered financial planning application

360 Dotnet extends relationship with HLPartnership

360 Dotnet has renewed its contract with appointed representative (AR) network, HLPartnership (HLP)

Air Group announces integration of Just Adviser Portal

Air Group has announced it is introducing a Just API link to its Air Sourcing platform

News in brief – 20 May 2022

The latest news in brief coming out of the consumer finance space over the past week, featuring SmartSearch, Evolution Money, and more

Spring Finance completes first bridging loan

Spring Finance has announced that it has successfully completed its first bridging loan

Mansfield Building Society confirms criteria changes

Mansfield Building Society has announced it is making new changes to its buy-to-let (BTL) and residential criteria

Asset Management Awards 2022 – winners announced

The winners of Asset Management Awards 2022 were announced last night at a gala ceremony in London

BLOG: Trusts for Vulnerable People

There are a number of reasons as to why you may wish to settle assets in trust, but one of the most prominent is to protect family wealth and to look after the long term interests of family members

BLOG: The changing face of credit: How BNPL usage across Generation X is accelerating

James Bradley, Director of Sales and Business Development for DivideBuy, discusses the rise of Buy Now Pay Later

BLOG: How the equity release sector is weathering the storm

Pure Retirement CEO, Paul Carter, discusses how the equity release sector weather the storm of challenges presented by the last couple of years

BLOG: Say hello to the future of mortgage lending 

Target Group opens up on how it became a National Credit Awards winner

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