All the latest news and views from Financial Advice Network

Self-employed losing out on pension contributions

07 Nov, 2019

Self-Employed Could Miss Out on £115,300 in Pension Pot

Those who opt to become self-employed in their mid-30s could face a pension shortfall of £115,300 by the time they retire, according to research by Aegon. Findings by the pensions firm show that a 25-year-old on an average salary who contributes to a workplace pension for 10 years before becoming self-employed, could lose out on […]

UK adults shun advisers

05 Nov, 2019

Nearly Half of British Adults Are Reluctant to Talk to Advisers

A report published by wealth management firm Sanlam UK shows that 48% of British adults are choosing not to consult advisers regarding their finances. Over 1,000 adults were surveyed as part of this research. Of those who have never spoken to an adviser, 44% were confident they could manage their finances themselves. Half of the […]

personal insolvency level rises

01 Nov, 2019

Official Personal Insolvency Figures Increase by More than 22%

Official figures show that personal insolvency in England and Wales is on track to hit the highest level for nearly a decade. Data from the Insolvency Service reveals that the number of personal insolvencies increased over a three-month period, reaching 30,879 in September. This is compared to 25,169 for the same period in 2018. Considering […]

Online banking failures unacceptable

28 Oct, 2019

‘Unacceptable’ Online Banking Failures Condemned by MPs

Customers are being left “cashless and cut off” as a result of online banking IT crashes, say MPs. As a result, banks have been warned that tighter regulations and financial levies may become necessary. With online banking being used by an increasing number of consumers, the Treasury Committee has expressed concerns regarding the frequency of […]

Robo-advisors vs face-to-face

24 Oct, 2019

Consumers Avoiding Robo-Advisors: 73% Prefer Face-to-Face Advice

A surge in so-called robo-advisors has not yet won consumers over. Despite an increase in the availability of robo services, research shows that nearly three-quarters of people still prefer face-to-face financial advice. 1,014 people were surveyed as part of financial advice firm Openwork’s recent study. It revealed that 73% of the focus group favoured face-to-face […]

Airbnb faces HMRC legal action

22 Oct, 2019

Airbnb Receives Warning from HM Revenues and Customs

Global home rentals website Airbnb has received a warning from HM Revenues and Customs (HMRC), who could take legal action against the company. According to a note in Airbnb UK’s recently filed accounts, HMRC have been in contact regarding “tax laws or regulations impacting the company’s business.” It goes on to suggest that: “The company […]

Mothercare calls in administrators

04 Nov, 2019

Struggling Mothercare UK Plans to Call in Administrators

Mothercare has lined up administrators ahead of a restructure in their UK business. Up to 2,500 jobs could be at risk, as yet another retailer falls victim to the turbulent high street environment. While the maternity, baby and child goods retailer says it’s business as usual at the 79 stores across the UK, it also […]

retirement income gap

29 Oct, 2019

Retirement Income Gap of 57% for UK Women

A new study has revealed that the retirement income of women in the UK is less than half of that received by men. It has been revealed this week that the gender pay gap is closing at a “dismally slow” rate, and data shows that disparity is also evident after retirement. Last year, retired women […]

retirement calculator launched

25 Oct, 2019

Financial Tech Firm Launches Retirement Calculator Tool

Wealth Wizards has released a new retirement calculator tool, inspired by a report by the Pensions and Lifetime Saving Association (PLSA). The financial planning technology company’s new online Retirement Living Standards tool assesses how much money users will need when they retire, based on information about lifestyle. Advisers and financial institutions can use the tool […]

santander lowest 5-year rate

23 Oct, 2019

Mortgage Rivalry Continues as Santander Launches Lowest Ever 5-Year Rate

Santander UK has introduced their lowest ever five-year fixed-rate mortgage deal, overtaking Skipton Building Society’s 1.53% rate. The new deal was launched this week and is available at 1.49% to both purchase and re-mortgage customers. A £999 fee applies and home-buyers must have a minimum deposit of 40%. New and reduced rates have also been […]

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