Money
Arthur J Gallagher & Co buys investment consulting firm
Global insurance brokerage Arthur J Gallagher & Co has acquired London-based investment consulting firm, Redington Ltd.
The terms of the transaction were not disclosed.
Redington provides investment, research and technology services to pension funds, wealth managers and institutional investor clients primarily in the UK.
Following the acquisition, Redington CEO Sylvia Pozezanac and her team will remain in their current location.
They will report to David Piltz, head of Gallagher’s UK employee benefits and HR consulting operations.
Patrick Gallagher Jr, chairman and CEO of Gallagher Insurance, said: “As a leader in the investment consulting space, Redington brings exceptional talent and represents a fantastic cultural fit.
“Their deep capabilities in modelling and investment market research will enhance our existing consulting services and help our clients achieve superior financial security outcomes.”
Arthur J Gallagher & Co is a global insurance brokerage, risk management and consulting services firm.
The US-based brokerage provides these services in approximately 130 countries around the world through its owned operations and a network of correspondent brokers and consultants.
The Redington acquisition is the latest it has made in the UK corporate advisory space. It recently acquired Buck UK, an employer solution business.
Money
Major bank offering £50 payments to customers and you’d get cash before Christmas
A HIGH street bank is giving away £50 free to customers who move their savings account to it from elsewhere.
The reward is available to any new or existing customer who switches their Individual Savings Account (Isa) from another provider to the bank.
An Isa is a a type of savings account where you don’t pay tax on any interest earned, and you can save up to £20,000 a year tax-free.
Smaller savings pots don’t usually incur tax, but larger ones can.
For those putting away money for big purchases, like a home deposit, an Isa is worth considering.
The offer from Santander could be withdrawn at any moment – so those eyeing up the extra cash for Christmas should act fast.
Now Santander is offering free cash to those with a nest egg of more than £10,000.
Once the transfer is complete the bank will give customers a £50 e-voucher.
This can be spent at more than 100 restaurants, supermarkets and clothes stores including Argos, B&M and Primark.
Banks often offer incentives to attract new customers, typically for bank accounts, but sometimes for other products like savings accounts too.
Andrew Hagger, personal finance expert at Moneycomms, said: “This is a good incentive – especially for people who may be sitting on some poor performing Isas.”
But it’s important to check that an account is right for you before you switch, instead of moving your money just to get an incentive, and that you’re getting the best rate on offer.
How do I get the deal?
First you need to apply for a Santander Fixed Rate Isa.
You can also upgrade an existing Santander Isa to a Fixed Rate Isa.
Once the account is opened, you must complete a transfer in instruction.
Santander suggests that you do this on the day you open your account or upgrade.
What is an Isa?
Isa stands for Individual Savings Account.
There are four types: cash Isas, stocks and shares Isas, lifetime Isas and innovative finance Isas.
The main benefit of an Isa is that all the money you pay in is tax-free.
This means that you do not need to pay tax on the amount you have saved or any interest you earn.
Every tax year you can save up to £20,000 in one Isa account or split your allowance across multiple accounts.
The tax year runs from April 6 to April 5.
You can open one with most banks and building societies.
Some providers will have restrictions on the minimum amount you can pay in and may require you to deposit a certain amount in order to open an account.
You can do this online or in a branch.
The instruction asks for your non-Santander Isa to be transferred to your new Fixed Rate Isa.
You need to do this within the first 14 days of opening your Isa account.
When you complete the form you will need to ask for a full transfer of your existing non-Santander account, which must have a balance of £10,000 or more.
You must provide an up-to-date email address which the bank can use to email you the code to redeem your e-voucher.
Your account could take up to 30 days to transfer.
You will be sent a code to redeem your e-voucher within 14 days of your transfer completing.
When transferring an ISA you must follow the bank’s correct processes, or you could lose the tax-free status of your cash.
Never withdraw your cash from the account.
Is the Santander deal worth it?
Santander currently has three fixed-rate Isas on offer, with different terms.
A fixed rate means you lock in the interest rate at the start and it won’t change in that time.
Locking away your cash can mean you’re protected if interest rates fall, but you could miss out if they rise.
SAVING ACCOUNT TYPES
THERE are four types of savings accounts fixed, notice, easy access, and regular savers.
Separately, there are ISAs or individual savings accounts which allow individuals to save up to £20,000 a year tax-free.
But we’ve rounded up the main types of conventional savings accounts below.
FIXED-RATE
A fixed-rate savings account or fixed-rate bond offers some of the highest interest rates but comes at the cost of being unable to withdraw your cash within the agreed term.
This means that your money is locked in, so even if interest rates increase you are unable to move your money and switch to a better account.
Some providers give the option to withdraw, but it comes with a hefty fee.
NOTICE
Notice accounts offer slightly lower rates in exchange for more flexibility when accessing your cash.
These accounts don’t lock your cash away for as long as a typical fixed bond account.
You’ll need to give advance notice to your bank – up to 180 days in some cases – before you can make a withdrawal or you’ll lose the interest.
EASY-ACCESS
An easy-access account does what it says on the tin and usually allows unlimited cash withdrawals.
These accounts tend to offer lower returns, but they are a good option if you want the freedom to move your money without being charged a penalty fee.
REGULAR SAVER
These accounts pay some of the best returns as long as you pay in a set amount each month.
You’ll usually need to hold a current account with providers to access the best rates.
However, if you have a lot of money to save, these accounts often come with monthly deposit limits.
You may be charged a penalty for withdrawing cash early, or lose the rate of interest, so if you need access to the cash a fix might not be for you.
You need £500 or more to open one of these accounts, though remember you’ll need to pay in £10,000 to get the bonus.
The one-year fixed-rate Isa gives you 4.01% interest on your nest egg.
If you transferred the minimum £10,000 this would give you a return of £33.42 a month, or £401 over the course of a year.
The 18 month fixed-rate Isa has a slightly lower return, at 3.91%.
On a £10,000 nest egg you would get £32.58 in interest each month, or £391 a year.
The two year fixed-rate Isa has the least generous interest rate of all of the accounts.
How does tax on savings work?
Isas and savings accounts have different rules on whether you need to pay tax on your savings.
All money paid into your Isa is tax-free, so you will never need to pay tax on your nest egg or any interest you earn on it.
But you may be charged interest on your savings depending on how much you have in your account.
All savers have a Personal Savings Allowance, which allows them to earn some interest on their savings tax free.
Any interest made above these allowances will incur a charge.
Basic rate taxpayers can earn up to £1,000 without paying tax.
For higher rate taxpayers this is set at £500.
Additional rate taxpayers do not have any allowance and so pay tax on all of their interest.
Once their allowance is exceeded, savers pay tax on their interest at their rate of income tax.
This would be 20 per cent for a basic rate taxpayer and 40 per cent for higher-rate taxpayers.
It has an interest rate of 3.81%, which would give you £31.75 a month, or £381 a year, on a £10,000 balance.
If you want to withdraw money from the account before its fixed-term has ended then you will need to close your account.
A charge equivalent to 120 days’ interest will be applied.
However there are Isas paying better rates of interest.
Virgin Money has the best one-year fixed-rate cash Isa of all banks and building societies.
It offers a return of 4.61% on your nest egg.
If you had £10,000 in savings this would give you £38.42 a month in interest – £5 more than the best Santander account.
Over the course of a year you would earn £461 in interest, £60 more than with the Santander account.
If you take into account the £50 bonus you would still be £10 better off after a year with the Virgin Money account.
Plus there is no minimum amount you need to open this account, which makes it a good option for savers with smaller pots.
Rachel Springall, finance expert at Moneyfactscompare.co.uk, said: “Savers need to be wary of cash sweeteners if the account itself does not offer the best value compared to other similar accounts.
“Santander’s rates are not market leading and there are a plentiful amount of challenger banks offering much higher rates.”
How do I compare rates?
You can find a full list of the best Isa accounts by using a comparison website such as Compare the Market and Moneyfactscompare.co.uk.
These will help you save you time and show you the best rates on offer.
You can also filter your searches by length or account type.
As a rule of thumb, you only want to consider an account that pays more interest than the current level of inflation, which is 1.7%.
It’s also worth checking regularly as rates can change from one day to the next.
It is a good idea to keep some money in an easy-access savings account which you can use in an emergency.
Once you have found an account you like you should contact the bank or building society you want to move to.
You will need to fill out an Isa transfer form to move your account.
Do not withdraw money from one account to pay into another as you will not be able to reinvest it as part of your tax-free allowance again.
It should not take longer than 15 working days to transfer money between cash Isas.
It can take up to 30 days for other types of transfer.
If your transfer takes longer than it should then contact your Isa provider.
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
Money
High street fashion brand with 100 stores bought by owner of Hobbs, Whistles and Phase Eight
A MAJOR fashion brand with 100 UK branches has been bought out by a major fashion group.
White Stuff has been snapped up by The Foschini Group (TFG) in a deal believed to be worth around £50million.
TFG, a South-African fashion group, already owns fashion brands Hobbs, Whistles and Phase Eight.
White Stuff, which was founded in 1985, currently runs 113 stores and 46 concessions inside John Lewis and M&S branches.
No stores will close and no staff will be let go as part of the deal.
The retailer currently employs more than 1,200 people.
George Treves, co-founder of White Stuff, said: “Today marks a significant and emotional milestone for Sean and me.
“We have spent over 40 years building this company from the ground up.
“We have achieved more than we ever dreamed possible, thanks to the incredible dedication of our team, the support of our customers, and the commitment of our suppliers.”
It comes after the founders of White Stuff were said to be exploring a sale of the business earlier this year.
At the time it was understood no stores would be closing as part of any deal.
Last November, bosses also announced plans to open more shops, with several having opened since then.
In April this year, White Stuff reported record revenues of £154.8million, with 85% of revenue coming from online and store sales.
TFG said all colleagues across the business would keep their roles as part of the deal struck today, but that founders George Treves and Sean Thomas would step down.
The acquisition marks TFG’s expansion into the fashion retail market, having bought out Phase Eight in 2015, followed by Whistles then Hobbs.
Justin Hampshire, chief executive officer of TFG London, said: “We are thrilled to welcome the White Stuff team into the TFG London family.
“We have long admired the White Stuff brand which is synonymous with unique detail and exceptional quality.
“The addition of White Stuff to TFG London diversifies and strengthens our existing womenswear portfolio, adding the first lifestyle brand while also bringing a well-established menswear offer and its loyal and resilient customer base.”
He added that White Stuff would be looking to increase its number of stores and concessions across the UK.
White Stuff had been in advanced talks with TFG over a sale of the business for the last couple of days, Sky News reported.
A number of other parties were also believed to be interested in snapping up the retailer.
Today, Jo Jenkins, chief executive officer of White Stuff, said: “We have spent over 40 years building this company from the ground up.
“We have achieved more than we ever dreamed possible, thanks to the incredible dedication of our team, the support of our customers, and the commitment of our suppliers.
“Together, we have built something truly special.”
Companies that have been bought out
White Stuff is not the first company to have been bought out in recent years and months.
Carpetright was bought out by rival Tapi in a rescue deal in July this year, with 1,000 jobs cut and store closures announced.
CDS Superstores, trading as The Range and Wilko, also bought out Wilko’s website and some stores last year.
It came after Wilko collapsed into administration last year.
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
Money
Is the pensions onion about to get even bigger?
Rumours are rife of potential changes to the tax-privileged status of pension schemes as part of the Budget and its objective of filling some of the alleged £22bn black hole in public finances.
I have no idea whether these rumours have substance but I do have concerns over any changes to pensions tax, tax relief and related legislation relief.
I think back to 2010 and the new government at that time, which, in a discussion document, said reform of pensions tax relief was “a necessary part of its commitment to tackling the fiscal deficit”.
In that discussion document, it put forward a range of options, including:
- Redesign and the application of the annual allowance
- Different methods for valuing defined benefit (DB) contributions
- The appropriate level for the lifetime allowance (LTA)
- The rate of tax relief for additional-rate payers
We all know what then happened – the annual allowance was dramatically reduced, along with a reduction in the LTA, the complexities increased, compounded by the introduction of pension freedoms in 2015 and the tapering of the annual allowance from 2016 and, recently, further chaos with the abolition of the LTA.
Today’s pensions legislative and taxation landscape has become ridiculously and unnecessarily complicated
I suspect the new government will be grappling with the above options, apart from the LTA and maybe some other ideas. We will soon find out. However, my concerns are not just about the likely negative impact of any such changes on pensions savers and savings but more about the potential for more legislative complexity as any changes are implemented.
Shortly before the new government was elected, I came up with a short list of pensions-related suggestions for an incoming government to consider.
Top of my list was pensions simplification. It is now over 20 years since the then-Labour government set out its proposals for simplifying the taxation of pensions. These proposals were enacted in April 2006 – ‘A Day’ as it was known.
It was suggested pensions tax simplification would:
- Improve choice and flexibility for providers, employers and individual savers
- Improve competition among pension providers
- Encourage individuals to save for retirement
- Reduce administration and compliance costs for employers, administrators, providers and advisers
Those were all laudable objectives but, unfortunately, they have all been lost in the mists of time. Today’s pensions legislative and taxation landscape has become ridiculously and unnecessarily complicated.
I advocate one pensions regulator for all DC pensions and one ombudsman to deal with all complaints
There is no prospect of increasing consumer engagement with pensions while the current complexities remain or, worse still, increase.
My fear is that further tampering with the pensions tax regime will simply add further layers to the pensions “onion” – the skin of which is now almost impenetrable.
The government has recently announced a Pensions Investment Review, with the aim of boosting investment, increasing saver returns and tackling waste in the pensions system.
The focus is almost entirely on workplace defined contribution (DC) pensions, examining primarily scale and consolidation, costs versus value and alternative investment strategies to boost UK growth.
In parallel with this review, it should invite proposals and submissions on how we can produce a radically simplified tax regime for DC pensions. I would ignore DB pensions for the purpose of this exercise.
Shortly before the new government was elected, I came up with a short list of suggestions for an incoming government. Top of my list was pensions simplification
All parts of the pension savings lifespan would need to be considered, including decumulation, with the aim of removing as many anomalies or other historical quirks, such as the artificial age 75 death benefit threshold and the multiple drawdown structures that currently hinder post-retirement planning.
There is scope to take a considerable element of cost out of the operations of DC pensions with a new simplified regime to the benefit of all DC pension savers. I shudder to think of the actual cost of monitoring, administering and advising on pensions under the current regime when one takes into account all those involved, even allowing for the potential positive impact of AI and associated technologies.
There are plenty of industry experts who could help in designing a simplified regime, rather than leaving it to civil servants. Once completed and accepted, this team of experts could then consider potential simplification of a separate DB regime and the trickier cross-border issues such as pensions transfers.
There is a lot more that could and should be done to improve the pensions landscape. For example, I advocate one pensions regulator for all DC pensions, regardless of whether they are workplace or individual arrangements, and, similarly, one ombudsman to deal with all complaints and one compensation regime. These regulatory changes would go hand in hand with the simplification proposal.
Is this all possible? Yes. Is it likely? No. Sadly, adapting the title of the song made famous by Marvin Gaye and Tammi Terrell, “the pensions world is just a great big onion” that threatens to get even bigger. I doubt the remedy suggested in the song of planting love seeds is likely to be effective in producing a simpler pensions world!
John Moret is principal at MoretoSipps
Money
Major update in car finance mis-selling scandal that could see drivers owed £1,000s
A HUGE update in the car finance mis-selling scandal has been issued.
The Financial Conduct Authority (FCA) has been carrying out an investigation into whether motorists were unknowingly overcharged on historical loans.
Those who bought a car, motorbike or van on finance before January 28, 2021, could be owed potentially thousands of pounds.
The FCA is in the process of finding out how many motorists have been affected and what compensation customers will receive.
Today, in an “unexpected” decision in one of the motor finance test cases, a court has sided with drivers against the banks and lenders.
The Court of Appeal ruled that a broker could not lawfully receive a commission from the lender without obtaining the customer’s fully informed consent to the payment.
The judgment said that in order for consent, the consumer would need to be told all material facts that might affect their decision, including the amount of the commission and how it was to be calculated.
The judges ruled that did not happen in any of these cases.
Three cases were merged earlier this year, the Hopcraft case is against merchant banking group Close Brothers, Wrench is against South African Firstrand Bank, and Johnson is against Firstrand Bank and Motonovo Finance.
The court revealed today that it has unanimously allowed all three appeals.
The repercussions of today’s judgment are expected to resonate throughout the motor finance sector.
The FCA is thought to be closely watching the development as it continues its investigation into the scandal.
“This ruling is a massive win for consumer justice,” said Sam Ward, Director at Sentinel Legal, a consumer rights law firm.
“For too long, lenders have taken advantage of consumers through complex, unfair finance deals. This decision finally puts power back into the hands of consumers, forcing banks to face the consequences of their actions.”
While Stephen Haddrill, director general of the FLA, which represents motor finance lenders said: “This is a significant and unexpected judgment, the implications of which stretch far beyond the motor finance sector, making it an issue that demands the immediate attention of the FCA.”
What is the FCA investigating and who is eligible for compensation?
What is being investigated?
The FCA announced in January that it would investigate allegations of “widespread misconduct” related to discretionary commission agreements (DCAs) on car loans.
When you buy a car on finance, you are effectively loaned the value of the car while you pay it off.
These loans have interest payments charged on top of them and are often organised on behalf of lenders by brokers – usually the finance arm of a dealership.
These brokers earn money in the form of commission – a percentage of the interest payments on the loan.
DCAs allowed brokers to, to a certain extent, increase the interest rate on a loan, which in turn increased the amount of commission they received.
The practice was banned by the FCA in 2021.
Who is eligible for compensation?
The FCA estimates that around 40% of car deals may have been affected before 2021.
There are two criteria you must meet to have a chance at receiving compensation.
First, you must be complaining in relation to a finance deal on a motor vehicle (including cars, vans, motorbikes and motorhomes) that was agreed before January 28 2021.
Second, you must have bought the vehicle through a mechanism like Personal Contract Purchase (PCP) or Hire Purchase (HP), which make up the majority of finance deals and mean you own the vehicle at the end of the agreement.
Drivers who leased a car through something like a Personal Contract Hire, where you give the car back at the end of the lease, are not eligible.
The FCA had intended to publish the outcome of its investigation in September.
However the publishing date has been pushed back to May 2025 and the date firms have to respond to customer complaints to December 4, 2025.
The FCA says it has had to push back the deadline due to it taking “longer than expected to get the data” it needed from implicated car finance firms.
Investigators have also been unable to complete their review because of a pending court case surrounding one of the complaints.
It’s worth nothing, the FCA’s decision to extend the deadline to December 4 next year is just when firms have to have respond to any complaints.
Customers can still complain to their providers before this point, and in some cases, there are time limits for doing so.
You can find more information about any time limits on the FCA website.
What is the Car Finance Discretionary Commission Scandal?
The Car Finance Discretionary Commission Scandal affects those who bought a car, motorbike or van on finance before January 28, 2021.
After this date, the city watchdog the FCA banned lenders from using “discretionary commission arrangements” (DCAs).
DCAs allowed brokers to increase interest rates on car finance loans, which in turn saw their commission bumped up.
It has been classed as an unfair practice because drivers weren’t told about the DCAs and therefore thought any deals were a fixed price that they couldn’t negotiate on.
Anyone who took out a vehicle on finance before January 28, 2021, could have been unfairly paying more than they should have.
The FCA has now launched an investigation to see how many people have been impacted.
MSE’s website has a useful checklist on who might be in line for money back.
It also has a list of firms that are unlikely to have handed out dodgy deals and therefore don’t owe customers money.
How to claim
Consumer website MoneySavingExpert.com has a page on its website with an email template you can use to complain to your firm.
Or, you can complain directly to them without using the template.
In the complaint, you should ask whether you were overcharged due to your broker getting paid a commission and ask the company to correct this if that is what happened.
If you’re not satisfied with the company’s response, you can take your complaint to the Financial Ombudsman Service (FOS) for free.
You have until July 29, 2026, or up to 15 months from the date of their final response letter, whichever is longest.
Be wary of using a claims management firm to help you claw back any overpaid car finance as you’ll have to pay it a portion of any successful claim.
The FCA has previously said the total cost of redressing motorists impacted by the car finance scandal could cost firms between £6billion and £16billion.
It means affected customers could get potentially £1,000s back in overpayments.
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
Money
Money Marketing Weekly Wrap-Up – 21 Oct to 25 Oct
Money Marketing’s Weekly Must-Reads: Top 10 Stories
This week’s top news highlights include potential “experimental” tax initiatives from the Chancellor in the upcoming Budget and the FCA’s recent cautionary interviews with 20 financial influencers promoting financial products.
Chancellor might create ‘experimental’ new tax for the Budget
Chancellor Rachel Reeves may introduce a new “experimental” tax in the 30 October Budget, targeting ultra-wealthy individuals.
James Jones-Tinsley of Barnett Waddingham noted that such a measure could help address the £22bn “black hole” in public finances, but warns of potential legal challenges.
With limited options due to Labour’s pledge not to raise national insurance, income or VAT taxes, Reeves faces pressure to find alternative revenue sources. Financial anxiety is rising, with many seeking advice on potential tax changes.
FCA interviews 20 finfluencers under caution for touting financial products
The Financial Conduct Authority (FCA) recently interviewed 20 “finfluencers” under caution for allegedly promoting financial products illegally.
Operating on social media, finfluencers often lack FCA authorisation, posing risks to young audiences who trust their advice. The FCA has also issued 38 alerts against finfluencer accounts with potentially unlawful content.
Regulators and industry leaders support the FCA’s crackdown, emphasising the need for caution when following social media-based financial advice and the risks of unregulated promotions targeting vulnerable individuals.
‘Unprecedented shift’ in fee models used by financial advice firms
A NextWealth report reveals an “unprecedented shift” in financial advice fee models, with 71% of firms still using asset-based fees, though this is declining.
Subscription fees have surged, used by 22% of firms, up from just 1% in 2023. Overall client costs rose to 1.89%, driven mainly by ongoing advice fees. Larger firms are less likely to charge initial fees and set higher thresholds for client portfolios.
While 92% of advisers feel confident delivering value, only 26% trust regulatory effectiveness.
Inheritance tax receipts rise steeply ahead of Budget: reaction
Inheritance tax (IHT) receipts rose to £4.3bn from April to September 2024, up £0.4bn year-on-year, amid stagnant nil-rate bands since 2009.
Rising IHT revenue has fuelled speculation ahead of the Autumn Budget, with experts predicting potential reforms, including changes to business and agricultural property reliefs and tightened gifting rules. Analysts note a broader IHT burden beyond the wealthy due to inflation.
Other tax receipts also increased, with income tax, capital gains tax and NICs reaching £226.8bn, up £6.2bn.
Söderberg & Partners takes minority stakes in four more IFA firms
Söderberg & Partners has acquired minority stakes in four UK IFA firms—George Square, Cheltenham IFA Ltd, Bluezone Capital Ltd and Alexander Bates Campbell (ABC)—as part of its UK expansion strategy.
The Swedish wealth manager aims to support these firms’ growth, which collectively manage over £920m in client assets. CEO Gustaf Rentzhog highlighted the UK advice market as a strategic focus.
Söderberg & Partners recently received a £225m investment from KKR and TA Associates to further its growth in the UK and Spain.
How to combat quiet quitting and plug the employee engagement gap
Employee engagement in the UK has hit a decade low, with just 10% of employees feeling engaged.
Gallup reports that “quiet quitting” affects six in ten workers, as more employees feel disconnected. Simon Evans, director at Clearcut Consulting – Engage First, suggests companies address disengagement through authentic leadership, structured engagement programmes and recognition. He argues that fostering purpose and connection can counteract quiet quitting and drive sustainable growth.
Engagement remains crucial for organisational success, boosting profitability by up to 21%.
Government urged to ‘keep up the momentum’ after pensions dashboard update
Industry experts have urged the UK government to maintain momentum on the Pensions Dashboard Programme following an update from pensions minister Emma Reynolds.
The MoneyHelper Pension Dashboard service will launch before commercial dashboards, but no public launch date is confirmed. Pension schemes must connect to the dashboard by October 2026, with earlier connections encouraged from April 2025.
Experts emphasise that multiple dashboards are essential for user engagement and effective tracking of pension savings, highlighting the initiative’s potential to transform pension awareness and accessibility.
Wealthtime partners with Wipro and GBST on platform upgrade
Wealthtime has partnered with Wipro and GBST to enhance its platform technology, merging the Wealthtime and Wealthtime Classic platforms into a unified brand.
The collaboration will use a co-delivery model to offer comprehensive platform services, transferring Wealthtime’s Operations and Technology functions to Wipro’s new UK centre of excellence. This upgrade aims to improve service standards through automation, benefiting advisers and investors alike.
The deal also extends Wealthtime’s 15-year partnership with GBST, facilitating rapid platform enhancements and future-proofing technology for clients.
Guardian sets out adviser strategy for 2025
Guardian has unveiled its adviser strategy for 2025, focusing on strengthening relationships with advisers and firms to ensure positive customer outcomes.
Executive chairman and interim CEO Peter Mann emphasised the shift from rapid growth to consolidation, aiming to maximise value from its distribution and product offerings amid current economic challenges. Guardian’s products, now available on major protection panels, are designed to provide certainty at the point of claim.
The strategy marks a new phase for the insurer, following the recent departures of CEO Katya MacLean and marketing director Jacqui Gillies.
Defaqto: Four big predictions ahead of the Budget
Ahead of the upcoming Budget, Defaqto analyst Richard Hulbert outlines four key government objectives: addressing a £22bn fiscal gap, reducing dependency on state support within the pension system, promoting financial self-reliance among citizens and encouraging investment in UK businesses.
Hulbert’s predictions include integrating side-car cash accounts into pension schemes, re-evaluating tax-free cash allowances, replacing pension tax relief with a flat rate top-up and simplifying ISAs to incentivise investment in the UK economy. These changes aim to enhance financial stability and support for individuals.
Money
Major building society to axe key service affecting 120,000 customers – are you one of them?
THOUSANDS of elderly customers at a major building society risk being left behind after it confirmed it is axing a key service.
In an email to customers, Nationwide said that its Loyalty Saver account holders will no longer be able to use a passbook to manage their savings account.
These savings accounts are reserved for customers who have used the bank for many years and often reward them with top interest rates.
Nationwide announced that it was axing passbooks in July but it had not yet confirmed the exact date it would do so until now.
Passbooks provide a vital lifeline to thousands of older customers who are unable to bank online or by mobile app.
The books are issued by a bank or building society and allow the account holder to keep a physical record of how much money they have paid in and taken out of their account.
They can also be useful if you want to limit impulse spending as there are a lot more steps to take with each transaction.
In spite of this, Nationwide has confirmed that they will be axed from February 6, 2025.
But as more banks move towards digital banking they have decided to stop offering passbooks.
Barclays and Santander both decided to scrap passbook savings accounts, which are no longer available to new customers.
Meanwhile, Nationwide has already stopped offering new passbook accounts to customers.
The building society said only 2% of its 16 million customers still use passbooks, which is equivalent to around 120,000 people.
Dennis Reed, a campaigner at Silver Voices, said: “Here is another example of a finance company telling older customers to get lost, we can’t be bothered with you.
“The local building society branch with a trusty passbook provides a good, friendly and safe banking service.
“We have no objection to digital banking, which has its advantages, but there should always be a face to face non-digital alternative available.”
What did Nationwide tell customers?
Nationwide said: “After February 6, 2025, if you had a passbook you won’t be able to use it anymore.
Why are banks making changes to fees and services?
The Sun’s consumer editor Lynsey Barber explains what’s going on.
Banks can make changes to the services and fees they offer at any time, and will usually tell customers directly when it affects them.
This could be the fee for a bank account, or the types of perks or services it offers, or even ditching a product altogether.
But there has recently been a flurry of changes at several banks and building societies, and that’s likely down to something known as the Consumer Duty.
The new rules came in last year and mean that financial institutions are obliged to follow certain rules that better protect customers.
Insiders say that the recent flurry of changes likely follow a review of what they offer consumers in light of this new duty.
These rules are fairly loose, and there’s no suggestion that any changes have been made because they are doing anything wrong. But there’s always room for improvement.The main aim is to act in good faith towards customers, avoid foreseeable harm and support customers to pursue their financial objectives.
In practice this means things like making sure that communications with customers, and terms and conditions, are clear and jargon-free. And that what a customer pays for a product or service is “reasonable” when compared to the benefits the product or service offers.
Another reason for changes may be that the business itself is going in a different direction. For example several supermarkets have sold off their banking arms to concentrate on their core business of selling groceries.
A long period of historically low interest rates has been good for business, but the financial landscape has changed as interest rates have gone up.
This means some products and services may no longer be cost effective or viable to offer from a business point of view.
There may sometimes be specific reasons given for a change. For example Nationwide has hiked fees on its FlexPlus account from £13 a month to £18, blaming rising insurance costs (the account offers policy perks).
What changes have come in recently?
Barclays has changed the way it calculates minimum credit card repayments and the APR on offer for some customers. It will no longer offer cashback via It’s Rewards account.
Metro Bank will no longer offer credit cards and has introduced a fee on all debit card transactions abroad.
Lloyds Banking Group, which runs Lloyds Bank, Halifax and Bank of Scotland shook up it’s overdraft fees, and axed fees for withdrawing money from cash machines abroad on its silver and platinum accounts.
“But you can still manage your account in a branch, if that’s what you like to do.”
It also told customers that their account details and the way they use their account will change.
For example, customers may be given a new sort code and account number.
It confirmed that the changes will not affect the customer’s interest rate.
Automatic payments, such as direct debits, which enter their savings account each month will not be impacted.
Can I still bank in branch?
Customers will still be able to manage their account at one of the bank’s branches.
Nationwide has pledged to keep branches open in every town and city where it currently has one until 2028.
Paper bank account statements can also be provided in store.
The bank has also launched a new savings wallet, which comes with its branch savings account.
Nationwide said: “If you like using your passbook and would prefer something similar to keep track of your savings, we may have another branch savings account that could be right for you.
“It comes with a savings wallet that has a pocket for mini statements and a card.”
For more information about the account visit your local branch.
You need to be a permanent UK resident to open one of these accounts.
Customers can also manage their account through internet banking or via the Nationwide banking app.
It is understood that the company will be taking on temporary staff to help with the transition from the old passbooks to the new savings wallets.
The news comes after Nationwide announced that it was axing passbooks in July.
At the time Nationwide said that it wants to “modernise” passbooks next year, with the process expected to take seven months.
A Nationwide spokesperson said: “We are modernising passbooks rather than removing them, but while they are changing, banking in branch isn’t.
“We are maintaining the benefits our passbook customers value most – face-to-face service and having a physical record of transactions.
“As the UK’s largest building society, we are investing in our systems so we can offer the products and services our customers expect from a modern mutual.”
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
-
Science & Environment1 month ago
How to unsnarl a tangle of threads, according to physics
-
Technology4 weeks ago
Is sharing your smartphone PIN part of a healthy relationship?
-
Science & Environment1 month ago
Hyperelastic gel is one of the stretchiest materials known to science
-
Science & Environment1 month ago
‘Running of the bulls’ festival crowds move like charged particles
-
Science & Environment1 month ago
Maxwell’s demon charges quantum batteries inside of a quantum computer
-
Technology1 month ago
Would-be reality TV contestants ‘not looking real’
-
Science & Environment1 month ago
X-rays reveal half-billion-year-old insect ancestor
-
Science & Environment1 month ago
Sunlight-trapping device can generate temperatures over 1000°C
-
Science & Environment1 month ago
Liquid crystals could improve quantum communication devices
-
Technology4 weeks ago
Ukraine is using AI to manage the removal of Russian landmines
-
TV3 weeks ago
সারাদেশে দিনব্যাপী বৃষ্টির পূর্বাভাস; সমুদ্রবন্দরে ৩ নম্বর সংকেত | Weather Today | Jamuna TV
-
Science & Environment1 month ago
Quantum ‘supersolid’ matter stirred using magnets
-
News3 weeks ago
Massive blasts in Beirut after renewed Israeli air strikes
-
Technology3 weeks ago
Samsung Passkeys will work with Samsung’s smart home devices
-
Football3 weeks ago
Rangers & Celtic ready for first SWPL derby showdown
-
News3 weeks ago
Navigating the News Void: Opportunities for Revitalization
-
Science & Environment1 month ago
Laser helps turn an electron into a coil of mass and charge
-
Science & Environment1 month ago
A new kind of experiment at the Large Hadron Collider could unravel quantum reality
-
Womens Workouts1 month ago
3 Day Full Body Women’s Dumbbell Only Workout
-
News3 weeks ago
▶ Hamas Spent $1B on Tunnels Instead of Investing in a Future for Gaza’s People
-
Business3 weeks ago
When to tip and when not to tip
-
MMA3 weeks ago
‘Uncrowned queen’ Kayla Harrison tastes blood, wants UFC title run
-
Sport3 weeks ago
Boxing: World champion Nick Ball set for Liverpool homecoming against Ronny Rios
-
Science & Environment1 month ago
Physicists have worked out how to melt any material
-
Science & Environment1 month ago
Why this is a golden age for life to thrive across the universe
-
Science & Environment1 month ago
Quantum forces used to automatically assemble tiny device
-
Technology4 weeks ago
Microphone made of atom-thick graphene could be used in smartphones
-
MMA3 weeks ago
Pereira vs. Rountree prediction: Champ chases legend status
-
News3 weeks ago
‘Blacks for Trump’ and Pennsylvania progressives play for undecided voters
-
Sport3 weeks ago
Man City ask for Premier League season to be DELAYED as Pep Guardiola escalates fixture pile-up row
-
MMA3 weeks ago
Dana White’s Contender Series 74 recap, analysis, winner grades
-
Business3 weeks ago
DoJ accuses Donald Trump of ‘private criminal effort’ to overturn 2020 election
-
Sport3 weeks ago
Wales fall to second loss of WXV against Italy
-
News1 month ago
▶️ Hamas in the West Bank: Rising Support and Deadly Attacks You Might Not Know About
-
Technology4 weeks ago
Russia is building ground-based kamikaze robots out of old hoverboards
-
Science & Environment1 month ago
ITER: Is the world’s biggest fusion experiment dead after new delay to 2035?
-
Science & Environment1 month ago
A slight curve helps rocks make the biggest splash
-
Technology1 month ago
Meta has a major opportunity to win the AI hardware race
-
MMA3 weeks ago
Julianna Peña trashes Raquel Pennington’s behavior as champ
-
Sport3 weeks ago
Aaron Ramsdale: Southampton goalkeeper left Arsenal for more game time
-
Technology3 weeks ago
This AI video generator can melt, crush, blow up, or turn anything into cake
-
Technology3 weeks ago
Gmail gets redesigned summary cards with more data & features
-
Technology3 weeks ago
Musk faces SEC questions over X takeover
-
Football3 weeks ago
Why does Prince William support Aston Villa?
-
Science & Environment1 month ago
Nerve fibres in the brain could generate quantum entanglement
-
Science & Environment1 month ago
How to wrap your mind around the real multiverse
-
Science & Environment1 month ago
Nuclear fusion experiment overcomes two key operating hurdles
-
Science & Environment1 month ago
Time travel sci-fi novel is a rip-roaringly good thought experiment
-
Technology1 month ago
Why Machines Learn: A clever primer makes sense of what makes AI possible
-
Technology3 weeks ago
Microsoft just dropped Drasi, and it could change how we handle big data
-
Sport3 weeks ago
Sturm Graz: How Austrians ended Red Bull’s title dominance
-
News3 weeks ago
Family plans to honor hurricane victim using logs from fallen tree that killed him
-
Sport3 weeks ago
China Open: Carlos Alcaraz recovers to beat Jannik Sinner in dramatic final
-
Money3 weeks ago
Wetherspoons issues update on closures – see the full list of five still at risk and 26 gone for good
-
Technology3 weeks ago
The best budget robot vacuums for 2024
-
News1 month ago
▶️ Media Bias: How They Spin Attack on Hezbollah and Ignore the Reality
-
Business3 weeks ago
Sterling slides after Bailey says BoE could be ‘a bit more aggressive’ on rates
-
MMA3 weeks ago
Pereira vs. Rountree preview show live stream
-
MMA3 weeks ago
Ketlen Vieira vs. Kayla Harrison pick, start time, odds: UFC 307
-
Sport3 weeks ago
Coco Gauff stages superb comeback to reach China Open final
-
Entertainment3 weeks ago
New documentary explores actor Christopher Reeve’s life and legacy
-
Sport4 weeks ago
World’s sexiest referee Claudia Romani shows off incredible figure in animal print bikini on South Beach
-
Technology3 weeks ago
Epic Games CEO Tim Sweeney renews blast at ‘gatekeeper’ platform owners
-
Business3 weeks ago
Bank of England warns of ‘future stress’ from hedge fund bets against US Treasuries
-
Science & Environment3 weeks ago
Markets watch for dangers of further escalation
-
Business3 weeks ago
Chancellor Rachel Reeves says she needs to raise £20bn. How might she do it?
-
News3 weeks ago
Woman who died of cancer ‘was misdiagnosed on phone call with GP’
-
Technology3 weeks ago
Texas is suing TikTok for allegedly violating its new child privacy law
-
Technology3 weeks ago
OpenAI secured more billions, but there’s still capital left for other startups
-
Business3 weeks ago
Stark difference in UK and Ireland’s budgets
-
Technology3 weeks ago
The best shows on Max (formerly HBO Max) right now
-
Sport3 weeks ago
2024 ICC Women’s T20 World Cup: Pakistan beat Sri Lanka
-
MMA3 weeks ago
Alex Pereira faces ‘trap game’ vs. Khalil Rountree
-
Football3 weeks ago
Simo Valakari: New St Johnstone boss says Scotland special in his heart
-
Technology3 weeks ago
J.B. Hunt and UP.Labs launch venture lab to build logistics startups
-
News3 weeks ago
German Car Company Declares Bankruptcy – 200 Employees Lose Their Jobs
-
MMA3 weeks ago
UFC 307 preview show: Will Alex Pereira’s wild ride continue, or does Khalil Rountree shock the world?
-
Business3 weeks ago
The search for Japan’s ‘lost’ art
-
MMA3 weeks ago
‘I was fighting on automatic pilot’ at UFC 306
-
News1 month ago
the pick of new debut fiction
-
News1 month ago
Our millionaire neighbour blocks us from using public footpath & screams at us in street.. it’s like living in a WARZONE – WordupNews
-
News3 weeks ago
Liverpool secure win over Bologna on a night that shows this format might work
-
News3 weeks ago
Hull KR 10-8 Warrington Wolves – Robins reach first Super League Grand Final
-
Business3 weeks ago
Head of UK Competition Appeal Tribunal to step down after rebuke for serious misconduct
-
News3 weeks ago
Balancing India and China Is the Challenge for Sri Lanka’s Dissanayake
-
News3 weeks ago
Heavy strikes shake Beirut as Israel expands Lebanon campaign
-
TV3 weeks ago
Love Island star sparks feud rumours as one Islander is missing from glam girls’ night
-
TV3 weeks ago
Phillip Schofield accidentally sets his camp on FIRE after using emergency radio to Channel 5 crew
-
News3 weeks ago
Heartbreaking end to search as body of influencer, 27, found after yacht party shipwreck on ‘Devil’s Throat’ coastline
-
Politics3 weeks ago
Rosie Duffield’s savage departure raises difficult questions for Keir Starmer. He’d be foolish to ignore them | Gaby Hinsliff
-
Technology3 weeks ago
Popular financial newsletter claims Roblox enables child sexual abuse
-
Health & fitness3 weeks ago
NHS surgeon who couldn’t find his scalpel cut patient’s chest open with the penknife he used to slice up his lunch
-
Technology3 weeks ago
Apple iPhone 16 Plus vs Samsung Galaxy S24+
-
TV3 weeks ago
Maayavi (මායාවී) | Episode 23 | 02nd October 2024 | Sirasa TV
-
Technology3 weeks ago
How to disable Google Assistant on your Pixel Watch 3
-
Money3 weeks ago
Pub selling Britain’s ‘CHEAPEST’ pints for just £2.60 – but you’ll have to follow super-strict rules to get in
-
Technology3 weeks ago
If you’ve ever considered smart glasses, this Amazon deal is for you
-
Technology3 weeks ago
Amazon’s Ring just doubled the price of its alarm monitoring service for grandfathered customers
-
News3 weeks ago
Reach CEO Jim Mullen: If government advertises with us, we’ll employ more reporters
-
Technology3 weeks ago
LG C4 OLED smart TVs hit record-low prices ahead of Prime Day
You must be logged in to post a comment Login