ZeroKey has brought on board former FE fundinfo head of proposition Stephen Mitchell in an advisory role.

He previously spent 18 years at FE fundinfo and spanned both the asset management and financial advice sides of the business, including FE Analytics and FE CashCalc.

Since leaving FE fundinfo earlier this year he has taken a variety of advisory roles, which he will combine with his latest role with ZeroKey.

ZeroKey co-founder and chief executive Joseph Williams said: “Steve is a big believer in how 1% improvements can all add up to make a significant difference.

“His approach is therefore completely aligned to what we are seeking to achieve with ZeroKey, but more importantly Steve brings with him vast knowledge and experience, and will inject an exciting dynamic into the team.”

Mitchell added: “I passionately believe in the theory that the aggregation of marginal gains can slowly but surely transform our profession and help to close the advice gap.

“So as soon as I heard what Joe [Williams] and Matt [Wiltshire] were up to, I was keen to get involved. They are a formidable team and I’m very excited by what’s to come.”

The news of Mitchell joining ZeroKey comes shortly after the publication of NextWealth’s latest research, which highlighted integration between systems is still a significant pain point and re-keying data is a major source of frustration.

This further added to the findings published independently by Intelliflo and FE fundinfo earlier this year and original research by Origo and the Lang Cat in 2019.

ZeroKey is currently available to use in beta mode.

This includes integrations with both Intelliflo and Iress, as well as ‘quick actions’ into FE CashCalc, Voyant, 7IM, Fidelity, Fintegrate, Fundment, Oxford Risk, Transact, Aviva, Timeline, Mabel Insights, M&G and Abrdn.

A ‘quick action’ is a feature that is designed to help streamline repetitive tasks, such as manually keying client details into a platform.

BANK payments for millions of customers could be paused by up to four days as part of a crackdown on fraudsters.

Banks and building societies currently have up to the end of the next business day to process or decline a transfer.

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But under new Government legislation coming into effect at the end of the month, this will be extended by an extra 72 hours.

It will give banks more time to investigate potentially fraudulent activity that can see customers scammed out of their hard-earned cash.

It comes as Government figures reveal an estimated £460million was lost to fraud just last year.

Tulip Siddiq, economic secretary to the Treasury, said: “Hundreds of millions of pounds are lost to scammers each year, targeting vulnerable communities and ruining the lives of ordinary people.

“We need to protect these people better, which is why we are giving banks more time to investigate suspicious payments and break the criminal spell that scammers weave.”

The new law will better protect a growing number of vulnerable customers targeted by purchase and “romance” scams.

These scams see victims targeted and tricked into transferring large amounts of money.

Ben Donaldson, UK Finance managing director of economic crime, said it was “delighted” to see the new legislation put forward.

He added: “This could allow payment service providers time to get in touch with customers and give them the advice and support they need to avoid being coerced by the criminals who want to steal their money.

“This could potentially limit the psychological harms that these awful crimes can cause and stop money getting into the hands of criminals.”

Under the new rules, banks who believe a customer could be scammed will need to tell them if their payment is being delayed.

They will also have to explain to the customer what they need to do to unblock any payments and compensate them for any interest or late payment fees they receive because of any delays.

Rocio Concha, director of policy and advocacy from Which?, said the new law was a “positive step in the fight against fraud”.

“While it should not affect the vast majority of everyday payments, it’s important that banks can delay a bank transfer and take action if they think a customer is being targeted by a scam.”

The new rules on extending the time banks have to investigate fraudulent transfers will come in just weeks after the introduction of a fresh scheme on fraud compensation.

UK banks currently don’t have to compensate customers who have been scammed out of money.

However, from next Monday (October 7), refunds up to a cap of £85,000 will become compulsory.

Nicola Bannister, customer support direct at TSB, said the bank welcomed the new rules coming into force.

She added: “Social media and telephone companies must now work tirelessly to cut fraud off at source and protect their users from scam content.”

How to protect yourself from fraud

While the Government’s new law will go some way to protecting customers from being scammed, there are other steps you can take to avoid being conned out of cash, according to Action Fraud.

First, never give out any personal information including your name, address, bank details, email or phone number, to organisations before checking they are legitimate.

And always think twice when receiving an unsolicited call, text or email requesting these types of details.

Instead, contact the company directly using a known email or phone number.

Second, make sure your computer, laptop and phone has up-to-date anti-virus software installed which will block any malware.

Third, always keep an eye out for phishing emails or texts which pretend to be legitimate but are designed to steal your personal information.

These messages usually come with a link which, if clicked on, can see your personal information including bank details stolen.

Fourth, be wary of post, phone calls or emails offering you business deals out of the blue.

If an offer seems too good to be true, it probably is, so always question it.

In a world of constant tax policy changes, I find myself inundated with queries from clients increasingly worried about how to plan for their future with confidence.

The most significant talking point at the moment is chancellor Rachel Reeves’ first Budget, due at the end of the month.

Year after year, governments introduce new policies affecting pensions, tax allowances and other frameworks.

These continuous adjustments create uncertainty and make it hard for clients to feel secure in their long-term financial plans.

The constant media speculation just amplifies this anxiety, and it’s happening much more frequently.

For example, in June, prime minister Keir Starmer made a misstatement regarding tax-free cash reductions, which was corrected by the Labour PR machine just hours later.

Headlines that Reeves was being “urged” to reduce tax-free cash do not tell the whole story

The media had already jumped on the story, however, exacerbating concern.

Missteps like this are unfortunate but the 24/7 nature of the media has made the situation worse.

Reporting on opinion from organisations like the Institute for Fiscal Studies just fuels the fire, as seen recently following its suggestion pension tax-free cash may no longer be sustainable.

Headlines that Reeves was being “urged” to reduce tax-free cash do not tell the whole story.

The speculation has led some clients to consider withdrawing their tax-free cash early from a pension regime, despite it not being in their best interest, simply to seek stability.

I’m sure many advisers routinely deal with these sorts of panicked queries.

While politicians and media speculate, we play a key role in providing stability

Many clients, especially those nearing retirement, have felt unsettled about a new left-leaning government, which may not necessarily align with their political views.

Speculative news stories about changes to tax-free cash, inheritance tax (IHT) or even the introduction of a wealth tax are enough to cause panic.

As an adviser, I cannot say such things won’t happen, but I do explain I believe changes as monumental as a wealth tax or even altering IHT (largely unchanged for 40 years) would likely take years to introduce, if they ever happen at all.

Clients begin to wonder if they should act pre-emptively. But it’s important to remind them that even if certain policy changes, like IHT on pensions, were known, the advice might not change.

Short-term revenue gains from frequent changes undermine this goal

Advisers understand not every political shift or proposed tax change will have a direct impact on a client’s long-term goals, and it’s critical to stay focused on the bigger picture.

While politicians and media might speculate, we play a key role in providing stability.

We may not always feel it, but I believe we can nudge policy in the right direction by participating in discussions with institutions like HM Revenue & Customs or the Treasury and through consultation papers.

For instance, the Finance Act at the end of the last tax year abolished the lifetime allowance.

While then-chancellor Jeremy Hunt made the initial decision, input from industry professionals, including myself, helped tweak and adjust the legislation, which could have been worse due to HMRC’s misunderstanding of its implications.

The speculation has led some to consider withdrawing their tax-free cash early, despite it not being in their best interest

That said, amendments to the legislation are still needed.

Our voices need to be heard to ensure policies are crafted with long-term benefits in mind.

Since pension “simplification” in 2006, there have been dozens of other significant changes. This constant tinkering has eroded confidence in pensions for many people. A lack of confidence can leave future generations poorer and more reliant on government support, which could create even bigger problems.

Ultimately, governments should focus on creating stability in tax policies and encouraging people to save for the long term.

Short-term revenue gains from frequent changes undermine this goal. While advisers will continue to help clients stay grounded, a more consistent, thoughtful approach from the government is needed.

Alistair Cunningham is financial planning director at Wingate Financial Plan

STRUGGLING pensioners can now start to apply for up to £300 of cash handed out through the Winter Fuel Payment.

Most households do not need to apply and will automatically be paid the cash.

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However, a select group of people who are eligible need to apply in order to get the benefit.

If you live in England or Wales and were born before 23 September 1958, you will automatically receive the Winter Fuel Payment if you receive any of the following benefits:

• Pension Credit
• Universal Credit
• Income Support
• income-related Employment and Support Allowance (ESA)
• income-based Jobseeker’s Allowance (JSA)
• Child Tax Credit
• Working Tax Credit

However, anyone who lives abroad and qualifies for the Winter Fuel Payment will need to apply for it.

You can qualify if you live abroad in certain countries and the following conditions apply:

• You moved to the eligible country before January 1, 2021
• You were born before September 23, 1958
• You have a genuine and sufficient link to the UK – this can include having lived or worked in the UK and having family in the UK

You will need to claim Winter Fuel Payment even if you have got it before. The payment is not made automatically when you live abroad.

The eligible countries you can live in and claim are:

• Austria
• Belgium
• Bulgaria
• Croatia
• Czech Republic
• Denmark
• Estonia
• Finland
• Germany
• Hungary
• Iceland
• Ireland
• Italy
• Latvia
• Liechtenstein
• Lithuania
• Luxembourg
• Netherlands
• Norway
• Poland
• Romania
• Slovakia
• Slovenia
• Sweden
• Switzerland

Postal applications

Anyone living abroad and looking to apply households can now apply via post. You need to fill in the winter fuel payment claim form and post it to the Winter Fuel Payment Centre.

The form is available at gov.uk/winter-fuel-payment/how-to-claim.

The address to post to is:

Winter Fuel Payment Centre
Mail Handling Site A
Wolverhampton
WV98 1ZU
UK

Phone applications

You can also apply for the benefit by phone but not until October 28.

If you think you qualify and want to make an application this way, make a calendar note in your phone.

You will need to phone the Winter Fuel Payment Centre on +44 (0)191 218 7777.

When will the Winter Fuel Payment be made?

Most payments are made automatically in November or December.

If you qualify, you’ll get a letter telling you:

• How much you’ll get
• Which bank account it will be paid into

Payments are £200 for eligible households or £300 for eligible households where someone is aged over 80.

Deadline for claims

If you do not get a letter or the money has not been paid into your account by January 29, 2025,  contact the Winter Fuel Payment Centre.

The deadline for you to make a claim for winter 2024 to 2025 is 31 March 2025.

Applying for Pension Credit

You will qualify for the Winter Fuel Payment if you qualify for selected means-tested benefits, most notably Pension Credit.

Hundreds of thousands of households are eligible for this benefit but aren’t claiming and are now set to miss out on the Winter Fuel Payment as a result.

You will need to have been claiming Pension Credit in the ‘qualifying week’ of 16 to 22 September 2024.

However, claims can be backdated by three months meaning you have until December 21 to make a claim and still get the Winter Fuel Payment.

Pension Credit tops up your weekly income to £218.15 if you are single or to £332.95 if you have a partner.

If your income is lower than this, you’re very likely to be eligible for the benefit.

However, if your income is slightly higher, you might still be eligible for pension credit if you have a disability, you care for someone, you have savings or you have housing costs.

You could get an extra £81.50 a week if you have a disability or claim any of the following:

• Attendance allowance
• The middle or highest rate from the care component of disability living allowance (DLA)
• The daily living component of personal independence payment (PIP)
• Armed Forces independence payment
• The daily living component of adult disability payment (ADP) at the standard or enhanced rate.

You could get the “savings credit” part of pension credit if both of the following apply:

• You reached State Pension age before April 6, 2016
• You saved some money for retirement, for example, in a personal or workplace pension

This part of the pension credit is worth £17.01 for single people or £19.04 for couples.