IF you receive a state pension then you’re eligible for a cash gift from the Government this winter.

The annual £10 festive bonus is paid every year to millions of people on benefits and is designed to help with the extra costs of Christmas.

1

While £10 doesn’t get you far these days, it’s worth having – better in your pocket than theirs after all – and with the increased cost of energy bills since October 1, it all helps.

Plus, the bonus won’t affect your pension credit or any other benefits and it’s tax-free.

Payment is automatic and you should receive the money into your bank account just before Christmas Day.

Introduced in 1972, the festive bonus is still a welcome extra in 2024, with the cost of living being so high.

Who is eligible?

To be eligible this year you have to be in receipt of the state pension during the qualifying week of December 1-8.

You must also live in one of the following countries:

• The UK
• The Channel Islands
• The Isle of Man
• Gibraltar
• Switzerland
• Any European Economic Area (EEA) country

If you don’t claim state pension or have deferred it then you will not receive the cash bonus.

How do I get the Christmas bonus?

If you’re eligible for the £10 bonus then payment is automatic and it goes directly into the same bank account as your pension payments.

It will show up as ‘DWP XB’ on your bank statement so check your statement to make sure you received it.

If you don’t receive a payment but believe you should have done then contact the Pension Service – the address and phone number are on the Government website gov.uk. 

Who else can get the bonus?

The £10 cash bonus is currently paid to those on a range of benefits. These are:

• Adult Disability Payment
• Armed Forces Independence Payment
• Attendance Allowance
• Carer’s Allowance
• Child Disability Payment
• Constant Attendance Allowance (paid under Industrial Injuries or War Pensions schemes)
• Contribution-based Employment and Support Allowance (once the main phase of the benefit is entered after the first 13 weeks of claim)
• Disability Living Allowance
• Incapacity Benefit at the long-term rate
• Industrial Death Benefit (for widows or widowers)
• Mobility Supplement
• Pension Credit – the guarantee element
• Personal Independence Payment (PIP)
• Severe Disablement Allowance (transitionally protected)
• Unemployability Supplement or Allowance (paid under Industrial Injuries or War Pensions schemes)
• War Disablement Pension at State Pension age
• War Widow’s Pension
• Widowed Mother’s Allowance
• Widowed Parent’s Allowance
• Widow’s Pension

What other help is available for pensioners this Christmas?

A winter fuel payment, which is worth up to £300, will be paid to some people receiving the state pension this winter, though not all.

The payment is now means-tested so if you receive pension credit you’re eligible for the one-off annual payment, but if you don’t then you will no longer qualify.

If you’re on pension credit and aged 75 or older, you will also be eligible for a free TV licence.

To check your eligibility for pension credit take a look at the Government website. 

Do you have a money problem that needs sorting? Get in touch by emailing money-sm@news.co.uk.

Plus, you can join our Sun Money Chats and Tips Facebook group to share your tips and stories

While realising I am probably in the minority in this industry, I fear the Financial Conduct Authority is about to score a major own goal that will have dire consequences.

Changing the advice guidance boundary will cause a huge dilution of consumer protection.

It will make it easier for manufacturers and others to sell products without advice, avoiding the inconvenience of being responsible for the consequences of their actions.

This risks setting consumer protection back decades.

I passionately believe the advice guidance boundary is in the right place. Now is exactly the wrong time to change it.

We will see widespread misselling, covered up as guidance, with thousands of consumers facing significant losses at a time in their lives when they have no opportunity to earn back the money they have lost.

This risks setting consumer protection back decades

This – entirely avoidable – misselling scandal could lead to compensation payouts of a similar scale to PPI, probably, again, on a non-contestable basis.

The FCA should think long and hard before it makes a serious error that could damage the wealth of millions of people.

Guidance should carry a health/wealth warning. I would suggest a statement along the following lines: “This service is only provided as financial guidance. You do not benefit from the same protection as you would if you take financial advice”.

I anticipate the comments section below will be full of objections to this but, if the consumer is going to receive less protection, this should be made very clear to them.

As we have seen time after time, when the regulator gets it wrong, the industry pays the price

Without such a warning, consumers won’t be able to recognise the difference between advice and guidance.

We are already seeing a growing number of guidance propositions dressing themselves up to look like advice but with none of the consumer protection.

As we have seen time after time, when the regulator gets it wrong, the industry pays the price.

Ironically, the boundary changes are being proposed at a time when technology is making it possible for firms to take a fresh approach to delivering regulated advice at far lower cost and in greater scale.

Hub Financial Solutions, for example, is now able to support as many as 1,000 clients per single highly qualified adviser by combining its bespoke automated advice technology and, in some cases, non-level 4 qualified staff.

The UK can (jointly with Australia) claim a world-leading standard of consumer protection for long-term savers

This enables it to market a service to consumers who would usually be uneconomic to support through traditional advice. The firm is even going as far as collaborating with other established advice firms to buy non-economic clients from them and even agreeing to return these clients should their needs require more sophisticated advice.

This is by no means an isolated example. I am seeing more and more innovative advice firms building high-tech services to make fully regulated advice accessible, with all the consumer protection that provides, for a fraction of traditional costs.

In my work internationally, I see how consumers in other countries suffer from a lack of adequate protection due to limited regulation.

The UK can (jointly with Australia) claim a world-leading standard of consumer protection for long-term savers.

This has been achieved through hard work by advisers, regulators and broader industry players over several decades. Now is not the time to throw this away – especially when technology is beginning to deliver better solutions with the same high standard of consumer protection.

Ian McKenna is founder of FTRC

OCTOBER marks the start of the ‘golden quarter’ where the majority of sales are made across the UK.

It doesn’t matter what industry you’re in, the run-up to Christmas sees both overall sales – and commission levels – leap.

1

Discover thousands of UK job vacancies now on The Sun Job Board

Have you ever wondered just how much you could make in a sales job? Click the links to find out your potential pay packet.

Sold on a sales job? Here’s your five-minute ‘need to know’ from Sun Jobs to break into the industry.

What is a sales job? 

All jobs in sales involve selling a company’s products or services to customers.

Salespeople play a key role in almost every industry as they are responsible for identifying potential customers, building trust and convincing them to make a purchase. 

There are lots of different responsibilities, including selling face-to-face, over the phone, generating leads, negotiating sales contracts and demonstrating products.

You may also be called on to provide after-sales service in some sectors.

Savvy sales people also keep an eye on the market, tracking trends and what competitor companies are doing.

How much do salespeople earn? 

Most sales jobs offer a small basic salary with the chance to earn much more in commission.

This means the salary you earn will vary according to how successful you are.

Estimates for sales salaries range from £16,000 for a first job up to £125,000 for a top salesperson in an industry such as estate agency or high-value iT systems.

On average, expect to pocket between £40,000 to £50,000.

What qualifications do you need to get a job in sales? 

Sales isn’t about qualifications, it’s about people. The saying ‘people buy from people not companies’ explains why personality is so essential to be a good salesperson.

You need to be tenacious, have the ability to form connections and trust, and be highly organised to keep track of your sales inventory.

That said, most jobs will expect you to have GCSE passes in Maths and English as a minimum and certain professional sectors such as pharmaceutical sales will seek candidates with related degrees.

You can find out more at professionalsalesassociation.co.uk and the-isp.org.

What career progress is there for salespeople? 

Plenty. Being a successful salesperson proves you have commercial acumen which can take you into the boardroom or even to become MD or CEO.

Once you have experience and a solid track record in sales, pathways include moving up to be an area or regional manager, where you support an entire sales team.

You could also choose to work in marketing, product or account management.

Discover thousands of open vacancies for jobs all across the UK now on The Sun Job Board

Money Marketing’s Weekly Must-Reads: Top 10 Stories

Key highlights include the Chancellor ‘likely to target’ £48bn pension tax relief in the Budget and the PFS-CII relationship being ‘blown wide open’ after the latest developments. Read more below:



Chancellor ‘likely to set sight on’ £48bn pension tax relief in Budget

PFS and CII relationship ‘blown wide open’ after latest saga

Tensions between the Personal Finance Society (PFS) and its parent body, the Chartered Insurance Institute (CII), have reignited after the CII appointed four of its executives, including CEO Matthew Hill, to the PFS board on 1 October.

This follows the controversial “Christmas coup” in December 2022, when the CII imposed directors on the PFS board due to governance issues. The move has drawn criticism from the campaign group OurPFS, which fears this could define the future of the PFS.

True Potential CEO Daniel Harrison steps down after seven years

True Potential CEO Daniel Harrison is stepping down after seven years in the role, following a planned transition since the firm’s partnership with private equity firm Cinven in 2021.

Harrison announced his departure to staff at the firm’s annual conference on 3 October. Co-founding True Potential 17 years ago, Harrison played a pivotal role in the firm’s growth to over 500,000 clients and £31.4bn in assets.

He expressed confidence in the executive team to lead the business forward post-departure.

FCA fines Starling Bank £29m for financial crime failings

The FCA has fined Starling Bank £29m for serious failings in its financial sanctions screening and anti-money laundering framework.

Despite agreeing to restrict opening new high-risk accounts in 2021, the bank opened over 54,000 such accounts between September 2021 and November 2023. An internal review revealed Starling’s automated screening system only checked a fraction of those on the sanctions list.

The FCA criticised the bank’s lax controls, but Starling has since implemented measures to improve its financial crime controls.

Abrdn Adviser hires chief technology and product officer

Abrdn Adviser has appointed Derek Smith as its new chief technology and product officer, starting in November.

Smith, previously CTO at Morningstar Wealth, will lead the integration of technology and product teams, driving innovation and scalability at Abrdn Adviser. CEO Noel Butwell highlighted Smith’s experience in delivering market-leading solutions during a time of digital transformation.

Smith joins amid a leadership expansion, following the recent hires of Verona Kenny as chief distribution officer and Louise Williams as CFO, as Abrdn Adviser focuses on growth and platform upgrades.

FCA secures first conviction for crypto ATM operation

The FCA has secured its first conviction for illegal crypto ATM operation in the UK. Olumide Osunkoya, 45, pleaded guilty to operating unauthorised crypto ATMs, using false documents and possession of criminal property.

Between December 2021 and September 2023, Osunkoya’s network of at least 11 crypto ATMs processed over £2.6m in transactions without conducting due diligence or source of funds checks. His machines, located in convenience stores, were used by those likely involved in money laundering or tax evasion.

Sentencing will take place at Southwark Crown Court.

Royal London chair Parry resigns

Kevin Carr: It’s almost as if we want to put people off…

Standard Life launches free pension-finding tool

Standard Life has launched a free pension-finding tool in partnership with Raindrop to help UK residents locate their missing pensions.

Research revealed that 19% of individuals with multiple pensions have lost track of at least one. Despite the advantages of consolidating pensions, 73% of people with multiple workplace pensions have not done so, often due to uncertainty or difficulty in the process.

Users can trace lost pensions by providing their former employer’s name and employment period, streamlining the search and aiding retirement planning.

Hang Seng ‘performed better’ during 2024 than S&P 500

NATIONWIDE is cutting interest rates on a host of its savings accounts for the first time in four years.

The building society is slashing rates across the board following the Bank of England‘s (BoE) decision to drop base rate from 5.25% to 5%.

1

Base rate is the rate charged to high street banks which is then reflected in mortgage and savings rates.

Nationwide, which serves around 17million customers, says it will lower rates by between 0.10 to 0.20 percentage points from November 1.

It is the first time the building society has cut rates on its savings accounts since 2020, when the BoE last dropped interest rates.

Rates will fall on regular savings accounts, children’s accounts, limited access and easy access savings accounts.

Five of Nationwide’s 24 savings accounts won’t see any change in interest.

Its Continue to Save regular savings account will fall from 2.50% to 2.30% at the start of next month.

Meanwhile, its 1-year Triple Access Online Saver 15 will fall from 4.25% to 4.10%.

Its Instant Access Saver 10 account will be cut from 2.40% to 2.20% – a 0.20 percentage points drop.

Tom Riley, Nationwide’s director of retail products, said: “We have worked hard to limit the impact of the recent rate cut on our savers and have taken the decision to not reduce rates on those accounts encouraging a regular savings habit.

“Following these changes, our savings range will remain competitive, and we’ll continue to give savers every reason to put their money with Nationwide.”

The full list of Nationwide’s savings accounts and whether their rates are being cut is in our table below.

The announcement from Nationwide comes as a number of other banks cut rates on savings accounts.

Santander recently slashed the rate on its easy-access savings account from 5.2% to 4%.

Chase, CHIP and The Co-operative Bank have also cut rates since the BoE’s decision to lower base rate to 5% in August.

Sarah Coles, personal finance expert from Hargreaves Lansdown, said: “It’s not a big surprise to see Nationwide cut rates, because we’ve seen them fall across the savings market as a whole.

“It remains relatively competitive for a high street bank, which is vital for those people who absolutely need to bank in a branch.

“Having said that, it leaves plenty of accounts looking distinctly lacklustre.”

Should you switch?

If you’re a Nationwide customer with one of the affected savings accounts, you might be considering switching to another bank.

According to Moneyfacts, the best easy access account is currently with Ulster Bank which is offering a 5.20% interest rate, although you have to put in a minimum of £5,000.

Customers could try Cahoot’s 5% savings account which you can start adding to with just £1.

The best regular savings account is with Principality Building Society, which is offering 8% interest.

Meanwhile, the most competitive Children’s account is with Saffron Building Society which is 5.55%.

Sarah suggested for those looking to get a better limited access account Coventry BS’ Triple Access Saver is offering 4.83%

She suggested looking at challenger instead of major banks to get some of the best rates on other accounts too.

“You’ll get a far better rate by looking beyond the high street, and considering online bank accounts or online cash savings platforms.

“You can track down the best performers using a price comparison site.

“However, if you know this isn’t something you’ll have the energy for on a regular basis, you can use an online cash savings platform, like Raisin or Active Savings.

“These have competitive rates from a large number of banks, and let you switch between different accounts from different banks without having to complete fiddly paperwork, and with just a handful of clicks of the mouse.”

Do you have a money problem that needs sorting? Get in touch by emailing money-sm@news.co.uk.

Plus, you can join our Sun Money Chats and Tips Facebook group to share your tips and stories

In a landmark case which established the modern law of negligence and the principle of duty of care (Donoghue v Stevenson, 1932), Donoghue sued a ginger beer manufacturer after becoming seriously ill and finding a decomposed snail in her bottle.

The court ruled in her favour, concluding manufacturers owe a duty of care to consumers even in the absence of a contractual relationship.

The application of a common-sense approach to customers’ rights is the same judgement the Financial Conduct Authority intends for firms when applying Consumer Duty.

Proportionality is a watch word for skilled persons as well as regulators – and it should be for firms

Both the FCA and the new government have recently signaled a desire to encourage growth in UK financial services and to promote competition. In part, this can be achieved through more principles-based regulation such as Consumer Duty.

This summer, the FCA announced it would seek to “reduce burdens on firms and support growth” using the opportunity of the Duty and the move to an outcomes-based approach to streamline its rulebook.

A willingness to streamline detailed rules is likely to be welcomed by firms – but it is not without risks when it comes to interpretation and application.

The tension between securing consumer protection and promoting a healthy market is a balancing act which has always existed for the regulator.

The new focus on growth and principles-based regulation could lead to greater uncertainty around interpretation of the rules

On a micro level, we have seen it play out in the skilled person reviews. There’s always a consideration as to how far an intervention should go when balancing the risk of harm to consumers versus unnecessarily damaging a viable firm if the rules are interpreted too stringently.

Proportionality is a watch word for skilled persons as well as regulators – and it should be for firms.

Implications of new ‘growth’ agenda

The regulator has been fairly stringent in its demands over the last five years at firm supervision level around controls and the timeline for embedding these into practice.

Emphasising growth and competition, even as secondary objectives, may result in a reduction in the time required by the regulators for newly enhanced controls to be embedded – for example, three to six months, rather than six to 12 months.

In addition, the principles-based approach of Consumer Duty might point the way in other areas traditionally heavy on prescriptive application, such as Client Assets (CASS) Rules.

We’ve seen high staff turnover at firms and the FCA, which risks inexperience and inconsistency making these calls

In applying CASS, we have seen very specific rules – such as the need to delete square brackets that denote where text is to be added to a template document – resulting in the regulator instructing firms to reissue and re-execute the documents, at significant cost and effort.

So, the new focus on growth and principles-based regulation could lead to a reduction in cost for firms and, in extreme cases, avoid insolvencies. It will, however, also lead to greater uncertainty around interpretation of the rules.

Interpretation will require a higher level of skill and experience from both firms and the regulator to form judgement calls around principles-based regulation.

We’ve seen high staff turnover at both firms and the FCA over the past few years, which risks inexperience and inconsistency when it comes to making these calls. As the new direction becomes embedded, it will be important for the regulator and regulated firms to have experienced personnel in key roles.

What should firms do?

Firms should train and upskill both staff and board members to be able to apply more principles-based regulation.

Staff should be made aware they are doing more than simply following a set of rules, but rather thinking through the intention behind the regulation.

The new direction from the regulator should create opportunity for financial services firms

There will also be a greater requirement from non-executive directors (NEDs) to raise challenging questions at board meetings around achieving regulatory purpose, rather than simply tracking key performance indications or key risk indicators.

The board should also be able to challenge management information they receive along these lines.

In addition, NEDs can bring invaluable experience of how other firms are interpreting principles. While a “me too” approach is not helpful, an understanding of the range of peer interpretations is valuable input.

We see a lot of small firms without independent NEDs (iNEDs) on the board. While costs can be an issue (sometimes more perception than market tested reality), an iNED can help avoid regulatory missteps.

Ultimately, the new direction from the regulator, enabled by the government’s pro-growth and competitiveness agenda, should create opportunity for financial services firms. But it will also require a more nuanced and enquiring mindset around the application and intention of regulatory requirements.

John Higgins is chief executive of Pathlight Associates