In the news…
PREMIUM BOND POPULARITY
Partly due to the raft of Premium Bond rule changes, including the reduction in the minimum investment from £100 to £25, National Savings & Investments (NS&I) has seen a sharp rise in new customers under the age of 16. Further rises are also expected later this year when, for the first time, any adult will be able to buy Premium Bonds for any child.
WEB FRAUD CRACKDOWN
Following a recent wave of internet scams, frequently targeting vulnerable pensioners, the Financial Conduct Authority (FCA) has established a ‘war room’ to tackle suspicious investment schemes which are advertised online. Internet-enabled fraudulent schemes are often operated by small groups of criminals, which are defrauding consumers out of hundreds of millions of pounds; the FCA team has been set up with the intention of reducing the number of such schemes.
UNKNOWN NUMBER OF FINES ISSUED
HMRC ‘hasn’t got a clue’ how many fines have been issued for breaches to pension tax relief rules, according to a Freedom of Information response obtained by Royal London1. If large numbers of people are being fined, Royal London urges, the industry needs to know so customers can be alerted to the issue.
1Royal London, July 2019