News

All the latest news and views from Financial Advice Network

real living wage set to rise

05 Nov, 2018

Real Living Wage set to rise


The real living wage in the UK is set to rise to £9 an hour this week. With more than 180,000 workers expected to receive an inflation-beating pay rise, against the backdrop of increase in rent, council tax and transport costs.

However, this increase will only be for those who work for an employer who has voluntarily signed up to the ‘real living wage’, set to go up by 2.8%. It should not be confused with the compulsory National Living Wage, which is currently £7.83 an hour for anyone over the age of 25.

ipipeline

31 Oct, 2018

Shepherds Friendly partners up with iPipeline


Shepherds Friendly has recently partnered up with iPipeline and made its Income Protection plan available on their digital platform for distribution.

The new partnership makes it possible for Shepherds Friendly’s current and future advisers to research and recommend a variety of plans and apply for them on behalf of their clients, all in a matter of minutes.

RBS issued warning by MPs

26 Oct, 2018

RBS small business unit issued warning by MPs


The Treasury Committee has publicised that an “overwhelming majority” of RBS bankers, who worked in the controversial Global Restructuring Group (GRG), have remained employed in the bank’s new restructuring division.

In the 64-page report published by the committee, on small business finance, they discussed how GRG had carelessly destroyed the livelihoods of many, in pursuit of profits.

banks - fraud

19 Oct, 2018

Banks to start checking names on payments to beat fraud


Names of people receiving payments through banks will be made as necessary as their banking details from next summer, in an attempt to combat the rising rate of fraud.

Currently, for anyone wanting to transfer money, banks require the recipient’s account name, account number and sort code. However, the account name is not checked by banks to make sure it is correct.

China growth slows down

15 Oct, 2018

Hargreaves Lansdown shares tumble


Shares in the FTSE 100 company Hargreaves Lansdown fell approximately 7% this morning, following a warning by company’s chief executive, Chris Hill, about an industry wide slowdown in inflows.

He said:

“The past quarter has seen an uncertain market environment and weak investor sentiment resulting in an industry wide slowdown in net retail flows.”

Tesla new chairman

04 Oct, 2018

Car sales plunge 20% in September


September has been a harsh month for the car industry in the UK, with reports showing the sales 20% lower than in September 2017.

Official figures show car sales having slumped by over a fifth last month. A report from the Society of Motor Manufacturers and Traders (SMMT) show that 338,834 new vehicles were registered in September, which was a fall of 87,000 from the previous month.

Budget 2018

30 Oct, 2018

Summary of the Autumn Budget 2018


On Monday 29th October 2018, Philip Hammond delivered the Budget 2018, his third one as chancellor. His 72-minute speech started with him highlighting the hard work done by British people is paying off, heralding an end to the era of austerity.

Below are some of the key points that were brought to light at the Budget 2018.

debenhams store closures

25 Oct, 2018

Debenhams announces 50 store closures, risking 5000 jobs


After posting record annual losses, Debenhams has announced the closure of 50 stores, nearly a third of their UK-wide locations, putting 5,000 jobs at risk.

The department store group reported an annual loss of approximately £500 million, against last year’s profit of £59 million.

Virgin money takeover complete

16 Oct, 2018

Virgin Money takeover complete


The £1.7 billion takeover of Virgin Money by Clydesdale and Yorkshire Banking Group (CYBG), announced earlier this year, has gone ahead and been completed.

Earlier this year, in June, the two banks came together and agreed to a takeover deal, claiming it would create the “first true national competitor to the large incumbent banks.”

Hammond says smooth Brexit deal will bolster budget

12 Oct, 2018

Hammond says smooth Brexit deal would bolster budget


Chancellor, Philip Hammond said, a frictionless Brexit allowing for trade with the European Union without barriers will give the Treasury a double bonus in the budget and will allow him to boost public spending and contemplate cutting taxes.

In an interview with the BBC Hammond commented that there has been “measurable change of pace” in negotiation talks, which has added to the sense of confidence that a deal would be imminent. However, remarking that there would be hurdles along the process.

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