The recent announcement by the Treasury and the FCA that it will temporarily ban the “double counting of costs” for investment trusts was welcomed by the sector.

However, the immediate removal of the requirement to provide costs disclosures has left a “potential vacuum”, according to Abrdn.

The company has released a ‘Statement of Operating Expenses’ (SOE) template as an interim measure to deal with this issue.

The new template document is for disclosing expenses incurred by investment trusts.

The Treasury also said it will lay out legislation to provide the FCA with the appropriate powers to deliver reform – the new Consumer Composite Investments (CCI) regime.

It said the new CCI regime will deliver more tailored and flexible rules to “address concerns across industry with current disclosure requirements, including for costs”.

The UK’s new retail disclosure regime is expected to be in place in the first half of 2025, subject to Parliamentary approval and following a consultation from the FCA.

Due to the time gap with the new regime not being in place until 2025, Abrdn said that “investors need clarity and consistency among data providers and publishers in the meantime”.

Both Abrdn and industry campaigners have always been clear that the “end objective should be more transparency, not less”.

This is why Abrdn is suggesting the SOE as an interim measure.

Abrdn explained the SOE provides more “relevant and transparent information”, with the added advantage that the underlying data will have been audited, although the SOE itself will not be an audited document.

The SOE is the result of a consultation with data providers and industry participants over recent months.

The rule, to “double counting of costs”, was inherited by the European Union (EU) and makes it appear that investment trusts are more costly to invest in than they actually are.

The disclosure rule required trusts to publish the costs of financing, operating and maintaining real assets.

However, many of these costs were already published in regular company updates and reflected in the value of the share price for all investment companies.

This “double counting of costs” is putting investors off, and an estimated £7bn a year is not being invested due to this issue.

Association of Investment Companies chief executive Richard Stone labelled this issue “misleading” and that the cost disclosure regime was an “unnecessary hindrance to investment trusts”.

Abrdn head of investment companies Christian Pittard said: “The forbearance measures announced on 19 September were a huge leap forward for the investment company sector, but there’s a long way to go yet.

“A potential vacuum has been created by the immediate removal of the requirement to provide costs disclosures.

“There is yet to be agreement on what could and should replace the disclosures, and clarity could be months away.

“Abrdn believes that the sector can and should improve cost disclosure for the benefit of investors.

“That’s why we are proposing a stand-alone cost disclosure template – a SOE, that Key Information Documents (KIDS) and factsheets could refer to.

“While the announcement on exempting investment trusts from cost-disclosure rules was hugely positive, we now see a risk that either an information vacuum on costs develops or conflicting information will emerge – creating confusion and eroding confidence among investors.”

THOUSANDS of unpaid carers can unlock winter fuel payments, as well as £2,370.

People over the state pension age and who are on a low income can grab the benefits through Pension Credit.

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The benefit will also entitle carers to the winter fuel payment this year, worth £300 – as well as the top-up “carer addition”.

Charity Carers UK is encouraging pensioners to check their eligibility, as they could receive up to an extra £2,370 a year as well as housing benefit and council tax support.

Pension Credit is a weekly payment from the government to those over the state pension age who have an income below a certain level.

Unpaid carers may be eligible for a higher minimum amount because the carer addition is factored into the Pension Credit calculation.

But in order to get the carer top-up to Pension Credit, carers must first apply for a Carer’s Allowance.

To claim this benefit, they must be spending at least 35 hours a week caring for someone with an illness or disability receiving a disability benefit such as Attendance Allowance or Personal Independence Payment (PIP) at the right levels.

It’s important to note that current benefit rules state that if someone’s State Pension is more than Carer’s Allowance, they cannot get the benefit.

But, carers still need to apply for Carer’s Allowance to get the addition so they can prove they have an “underlying entitlement”.

This would increase their chances of being eligible for Pension Credit and would increase the award.

Rule changes announced in July mean that only pensioners who claim Pension Credit or certain other benefits will receive the £300 Winter Fuel Payment this year.

Carers UK says it is concerned that pensioners who are unpaid carers and on low incomes will struggle this winter if they don’t get the benefit.

It says that carers often face high social care costs and extra costs, like for travel when accompanying the person they care for to appointments.

The charity’s research shows that 20% of carers aged 65 and over live in poverty, compared to 13% of non-carers.

Just 100,000 unpaid carers who are pensioners get Pension Credit and the Carer Addition, it found.

Carers UK is concerned that there could be many more who could be missing out.

There’s no exact figure for just how many carers are missing out but with half a million missing out on Carer’s allowance and 880,000 on Pension Credit – according to the latest data – we can assume it’s likely thousands of carers.

Emily Holzhausen CBE, director of policy and public affairs, at Carers UK, said: “There’s no time to lose to make sure that carers apply for Pension Credit when we know that so many are struggling in poverty in retirement. With the winter coming, and fuel prices still high, they need every penny they can get.

“For pensioners who are unpaid carers, understanding your entitlements is complicated. We’re worried that many more carers will be missing out, but we just don’t know how many.”

She went on to urge pensioners who are carers to apply for Carer’s Allowance.

While they are very likely to be told it won’t be paid, it is the first step to getting Pension Credit and Carer Addition. 

Ms Holzhausen added: “This shines a light on the urgent need for reform of the system when applying for benefits. We’ve seen the devastating impact of Carer’s Allowance overpayments due to poor systems for working-age carers.

“The mind-boggling complexity of benefits for older carers prevents them from getting the help they are entitled to and could be drastically simplified by Government.”

What is the Winter Fuel Payment?

Consumer reporter Sam Walker explains all you need to know about the payment.

The Winter Fuel Payment is an annual tax-free benefit designed to help cover the cost of heating through the colder months.

Most who are eligible receive the payment automatically.

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Those who qualify are usually told via a letter sent in October or November each year.

If you do meet the criteria but don’t automatically get the Winter Fuel Payment, you will have to apply on the government’s website.

You’ll qualify for a Winter Fuel Payment this winter if:

• you were born on or before September 23, 1958
• you lived in the UK for at least one day during the week of September 16 to 22, 2024, known as the “qualifying week”
• you receive Pension Credit, Universal Credit, ESA, JSA, Income Support, Child Tax Credit or Working Tax Credit

If you did not live in the UK during the qualifying week, you might still get the payment if both the following apply:

• you live in Switzerland or a EEA country
• you have a “genuine and sufficient” link with the UK social security system, such as having lived or worked in the UK and having a family in the UK

But there are exclusions – you can’t get the payment if you live in Cyprus, France, Gibraltar, Greece, Malta, Portugal or Spain.

This is because the average winter temperature is higher than the warmest region of the UK.

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You will also not qualify if you:

• are in hospital getting free treatment for more than a year
• need permission to enter the UK and your granted leave states that you can not claim public funds
• were in prison for the whole “qualifying week”
• lived in a care home for the whole time between 26 June to 24 September 2023, and got Pension Credit, Income Support, income-based Jobseeker’s Allowance or income-related Employment and Support Allowance

Payments are usually made between November and December, with some made up until the end of January the following year.

What is pension credit and who is eligible?

Pension credit is a government benefit designed to top up your weekly income if you are a state pensioner with low earnings.

The current state pension age is 66.

There are two parts to the benefit – Guarantee Credit and Savings Credit.

Guarantee credit tops up your weekly income to £218.15 if you are single or your joint weekly income to £332.95 if you have a partner.

Savings credit is extra money you get if you have some savings or your income is above the basic full state pension amount – £169.50.

Savings credit is only available to people who reached state pension age before April 6, 2016.

Usually, you only qualify for pension credit if your income is below the £218.15 or £332.95 thresholds.

However, you can sometimes be eligible for savings credit or guarantee credit depending on your circumstances.

For example, if you are suffering from a severe disability and claiming Attendance Allowance, as well as other benefits, you can get an extra £81.50 a week.

Meanwhile, you can get either £66.29 a week or £76.79 a week for each child you’re responsible and caring for.

The rules behind who qualifies for pension credit can be complicated, so the best thing to do is just check.

You can do this by using the Government’s pension credit calculator on its website.

Or, you can call the Pension Service helpline on 0800 99 1234 from 8am to 5pm Monday to Friday.

Those in Northern Ireland have to call the Pension Centre on 0808 100 6165 from 9am to 4pm Monday to Friday.

It might be worth a visit to your local Citizens Advice branch too – its staff should be able to offer you help for free.

One additional and major perk of pension credit is that it is known as a “gateway” benefit in that it opens up a host of other freebies and perks.

This includes a free TV licence worth £169.50 a year if you are 75 or over and council tax discounts.

And of course, if you are on the guarantee credit part of pension credit, you also qualify for the Warm Home Discount.

What is Carer’s Allowance and who is eligible?

To be eligible for carers allowance you must be aged 16 or over and not be in full time education.

You also must not be earning over £151 a week from employment or self-employment after tax deductions.

Carers will also not be paid more if they look after more than one person.

If you qualify for the benefit you can choose to be paid weekly in advance or every 4 weeks.

You can apply for the carer’s allowance online by visiting www.gov.uk/carers-allowance/how-to-claim.

You can also request a form by calling the Carer’s Allowance Unit on 0800 731 0297.

Processing time usually takes up to 12 weeks to get a decision on your claim.

Carer’s Allowance can be backdated for up to 3 months if you were eligible during that time.

If your state pension is less than the Carer’s Allowance amount of £81.90, you can claim Carer’s Allowance to top it up to that level.

But if your state pension is more than £81.90, you won’t receive any of the benefit.

This is because the State Pension and Carers Allowance are classed as ‘overlapping’ benefits, which can’t be paid at the same time.

If the government recognises that you are struggling financially as a carer on a pension you can get extra money on other benefits you claim such as Housing Benefit.

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

When hiring new employees, employers look beyond just qualifications and experience. There are several essential soft skills and attributes that companies seek in job candidates during the recruitment process. Understanding the key skills employers want allows you to tailor your CV, interview answers and application to show you have these abilities. This article explores the top skills employers look for and how to demonstrate them throughout the hiring process.

Communication Skills

Strong communication skills are one of the most important attributes employers look for in potential hires. They want to see excellent verbal, written and interpersonal skills. This includes being able to express yourself clearly, listen actively, provide constructive feedback, and collaborate effectively with co-workers. Highlight your communication abilities on your CV by giving examples of presentations, reports or proposals you have created. If you aren’t sure how to craft a winning CV, you can use an online CV template. Provide instances of resolving conflict or misunderstandings positively. Use the job interview to demonstrate your interpersonal skills through active listening, thoughtful responses and appropriate body language. Being able to communicate effectively is vital for almost any role.

Problem-Solving Abilities

Employers need staff who can analyse issues, think critically and develop solutions. Problem-solving skills allow you to address challenges logically and with creative thinking. Give examples of problems you have solved in previous roles, whether through process improvements, new initiatives or overcoming obstacles. Use the job interview to describe your problem-solving approach with steps like gathering information, assessing options and implementing solutions. Show how you persevere to resolve issues. The ability to solve problems systematically shows you can handle challenges on the job.

Teamwork Skills

The ability to work cooperatively as part of a team is highly valued by employers. They need employees who can collaborate productively to achieve shared goals. Provide examples of team projects and highlight accomplishments your collaboration achieved. Discuss roles you have taken on teams, whether formal leadership or supporting team members. Use your job interview to share how you build positive team relationships, manage conflicts constructively and motivate teammates to excel. Working well in a team demonstrates you can contribute to an organisation’s success.

Adaptability and Flexibility

Today’s rapidly changing business environment requires employees who are adaptable and embrace change. Employers look for individuals who can adjust quickly when projects or priorities shift. Share examples of how you have adapted to changes in previous roles. Use your interview to demonstrate flexibility by expressing openness to new approaches, systems or responsibilities. Show that you can maintain consistent performance during periods of change. Adaptability allows you to thrive in evolving workplaces.

Time Management and Organisation

Employers need staff who can manage multiple priorities and complete work efficiently. Time management and organisational skills allow you to be productive and meet deadlines. Showcase how you have delivered results on time in past roles. Give examples of techniques you use for prioritising tasks, scheduling time and staying organised. Use the interview to describe your approach to long-term planning as well as responding flexibly to shifting deadlines. Demonstrate how you balance organisation with creativity. Strong time management shows you can juggle responsibilities and deliver results.

Motivation and Initiative

Companies value self-motivated professionals who take the initiative to achieve goals and go beyond basic requirements. Highlight accomplishments and quantify the impact you made in past roles. Use examples that demonstrate how you proactively identified opportunities for improvement. Discuss how you set challenging goals for yourself. During the interview, convey enthusiasm for the company and role. Share ideas you already have for contributing if hired. Showing motivation and drive indicates you are committed to excelling.

Digital Skills

Digital skills are becoming increasingly important for all roles. Employers look for proficiency in relevant software, applications and platforms. Tailor your CV and interview examples to showcase your digital capabilities. Demonstrate skills like data analysis, social media management or CRM systems. Being digitally savvy shows you can thrive in modern work environments. Highlight any experience with programming, website development, analytics tools or other technical abilities. Fluency with essential digital tools indicates you can perform and communicate effectively in a technology-driven job.

Employers look for job candidates with versatile skills like communication, problem-solving and adaptability. Tailor your answers and application to highlight the abilities companies seek. Show concrete examples of using these skills successfully in past roles. Demonstrate them during the interview through your responses, stories and interactions. With strong essential skills and the right experience, you can show employers you are the ideal candidate for the job.

Good morning and welcome to your Morning Briefing for Friday 4 October 2024. To get this in your inbox every morning click here.

FCA’s advice guidance boundary review ‘is a huge mistake’

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, writes Ian Mckenna, founder of FTRC.

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.

Solving ‘vacuum’ caused by cost disclosure rule removal

The recent announcement by the Treasury and the FCA that it will temporarily ban the “double counting of costs” for investment trusts was welcomed by the sector.

However, the immediate removal of the requirement to provide costs disclosures has left a “potential vacuum”, according to Abrdn.

The company has released a ‘Statement of Operating Expenses’ (SOE) template as an interim measure to deal with this issue.

The new template document is for disclosing expenses incurred by investment trusts.

Honesty is key to staff retention

Being honest with your employees is key to staff retention, Cairn Independent operations director Laura Young has insisted.

She was responding to an audience question about the best way to keep people within advice businesses at the Lang Cat’s HomeGame 4 event in Edinburgh yesterday (3 October).

“In terms of retaining the team, the only constant is change,” Young said.

“People’s needs and wants evolve, and what they initially say they want might not be the same as what they desire by the end of the process.”

Quote Of The Day

No one seems to be talking about inflation anymore, and that could be a mistake. While attention is on the ECB and the Fed, investors ought to look more closely at developments in China.

-Eric Vanraes, head of fixed income at Eric Sturdza Investments, says the ECB’s policy of monetary easing risks allowing recession to take hold.

In Other News

Bupa has launched its health and wellbeing subscription service, Bupa Well+ Silver, to UK consumers. It provides fast access to affordable digital healthcare services.

The Silver tier subscription service follows the launch of Bupa’s GP subscription service – the Bronze tier in Bupa’s Well+ portfolio, in June.

Alongside the access to digital GP and nurse appointments, customers with Bupa Well+ Silver will be able to book digital consultations with physiotherapists and mental health specialists, starting from £20 per month.

Customers will also be able to use digital wellness services including gym classes and wellbeing programmes like guided meditation.

Sacker & Partners LLP has announced that Andy Lewis will be joining the firm as a partner.

Lewis joins the specialist law firm for pensions and retirement savings from Travers Smith.

He is well known in the industry as an ESG, sustainability and productive investment expert and is also a strong supporter of EDI initiatives. He trained and qualified at Hogan Lovells before moving to Travers Smith where he became a partner in 2019.

David Saunders, senior partner at Sackers, said: “Andy is a highly regarded pensions lawyer in the DB and DC space, with extensive experience of advising the trustees and sponsors of large pension funds. He is a perfect fit for Sackers, and we are delighted he approached us.”

Pension funds rethink hedging tactics after UK crisis (Reuters)

Italy seeks to raise more windfall taxes from companies (Financial Times)

Carmakers dangle £2bn in EV discounts to boost UK sales (Bloomberg)

Did You See?

The cost-of-living-crisis is the single biggest driver of people seeking financial advice or guidance, a new report from St James’s Place (SJP) has found.

Major life events or milestones are the biggest prompts for people to seek financial advice or guidance, SJP’s Real Life Advice Report shows.

Almost half (48%) of those who have accessed advice or guidance – 12.5m people – did so following a key moment.

This includes buying a property, getting married, or dealing with an unexpected change like divorce.

RUMOURS have been swirling on social media that the McDonald’s McRib burger is set for a comeback after 10 years off the menu.

So when I was invited to a secretive press event by the fast food chain earlier this week – with no details on what it was about – I was very intrigued and expected something big.

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A couple of hours after arriving, my anticipation finally ended as Maccies workers started dishing out box upon box filled with the iconic burgers, first launched in the UK in 1981, from the back of a van.

The pork-based patty, which is lathered in smoky BBQ sauce, pickles and onions and encased in a homestyle bun, is back on menus for a limited time from October 16.

It will be on sale for £4.49 as an individual item or £6.19 as part of a medium extra-value meal deal, which means it comes with fries and a medium drink.

But I, alongside a host of other journalists and social media influencers, got an early taste of the fan-favourite item, which was last seen on UK menus in early 2015.

While I am old enough to remember the McRib being on menus, I never actually tried it at the time.

And I must admit, I was buzzing to give it a go, especially after all the clamour about it online in recent weeks.

How did it taste?

After opening the box, the burger looked pretty plain and unspectacular, while its rectangular shape made it hard to hold, to be honest.

But I was pretty impressed when it came to the flavour and texture.

The pork patty melted in my mouth and was super tender – definitely better than other burgers I’ve tried.

The pickles and onions added a nice textural contrast to the soft bun and meat as well, while adding a slight sour kick.

But one thing I would say was that after eating an entire burger I did feel a bit sickly due to the abundance of the BBQ sauce, which was too sweet for me personally.

At 509 calories, the burger is more calorific than a Double Cheeseburger, McChicken and Bacon Double Cheeseburger as well.

But overall, I’d definitely choose to get a McRib again on my next trip, especially as it’s only on menus for a limited time.

OTHER MCDONALD’S CHANGES

McDonald’s customers are in for a busy October, with the fast food chain already having confirmed a new breakfast item is making its way onto menus.

From October 16, foodies will be able to get their hands on mini hashbrowns in a portion of five or 15, with prices starting from £1.49.

McDonald’s already sells regular-sized hashbrowns for £1.19 but these are bitesized.

Many customers have already taken to social media saying the product reminds them of Tater Tots – a popular side dish in America.

It is still unclear whether or not the morning snack will become a permanent menu item or will only be available for a limited period.

A number of items are coming off menus this month too.

Customers will have to wave goodbye to six menu items:

• Philly Cheese Stack
• Chicken Big Mac
• Mozzarella Dippers
• Galaxy Chocolate McFlurry
• Twix Caramel McFlurry
• Twix Latte

The items were rolled out across stores on September 4, in conjunction with the return of McDonald’s Monopoly.

But when the game ends on October 15, these items will be removed.

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

CHANCELLOR Rachel Reeves could announce several changes that may affect people on benefits when she delivers her first Budget later this month.

The head of Britain’s finances will unveil the Government’s latest plan for spending and tax on October 30.

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At the beginning of September, the Chancellor cautioned that the Budget could involve “difficult decisions” on tax, spending and also benefits.

Ms Reeves has previously warned of a £22billion financial black hole in the UK’s finances, which she claims was left by the former Conservative government.

This grave figure has led many experts to believe the upcoming Budget could spell further misery for thousands living under the cosh.

But what exactly could it mean for the 20million Brits who claim benefits?

Benefits could increase in line with inflation

In previous Budgets, benefits like Universal Credit have been increased in line with September’s inflation figure.

This was seen in the Autumn Statement delivered last November, with households on benefits ending up £470 better off as a result.

However, this has not always been the case.

The previous government froze benefits for four years in the 2010s, in a blow to people who are eligible for the help.

However, experts predict that the Government will uprate benefits in line with September’s inflation figure, which will be released next month.

Experts at Pantheon Macroeconomics are forecasting that it will be around 2%.

Cuts to benefits spending could be announced

The Chancellor is understood to be mulling a reduction in the amount the state spends on benefits.

This rumour has been further solidified by comments made by Prime Minster Sir Keir Starmer.

At the Labour Party conference in Liverpool last week, the PM said there has to be “trade-offs” between maintaining the welfare state and supporting those in need.

He admitted there would be “hard cases”, but that the Government and business must join forces to get people clocking on again.

There are around 2.8million people who are long-term sick, with numbers having surged since the pandemic.

Future cuts to working-age benefits and tax rises have also been hinted by health secretary Wes Streeting.

Working-age benefits provide financial support to individuals and families who are of working age.

There are a number of different types including Universal Credit, Jobseekers Allowance, and Employment and Support Allowance (ESA).

Mr Streeting told the New Statesman that the Chancellor could make cuts to these benefits to help plug the £22billion black hole in the public purse.

It comes after the Labour government axed the £300 Winter Fuel Payment for pensioners who are not on means-tested benefits.

Mr Streeting said: “There are other choices to come and these aren’t just Rachel’s choices to face up to, these are the choices of the whole government.”

Crackdown on benefits fraud may be detailed

A crackdown on benefit fraud could also be outlined at the upcoming Budget.

The Government has previously promised to crackdown on fraudsters and get more people into work as part of a shakeup to the benefits system.

This could mean new laws will be introduced so that the Department for Work and Pensions (DWP) can ask banks to report fraudulent activity, for instance if a claimant has more than £16,000 in savings, or how much they earn.

Under the proposals, the DWP won’t be able to access bank accounts directly, and the exact information they can request is still to be confirmed.

The department could also be handed more powers to recover debts from those who can afford to pay it back but have avoided doing so.

Sir Keir Starmer said in his speech at the Labour Party conference: “If we want to maintain support for the welfare state, then we will legislate to stop benefit fraud.” 

Change to PIP payments may be confirmed

Personal Independent Payments (PIP) are a benefit for people who are under State Pension age and need help with day-to-day life because of a long-term illness or disability.

The previous Government began a consultation on reshaping the payment which swiftly closed a couple of weeks later.

At the time, there were suggestions that PIP payments could be changed to vouchers or one-off grants.

In August, Work and Pensions Secretary Liz Kendall unveiled a “Back to Work” plan.

As part of this move, changes to disability benefits are expected to be introduced to help cut NHS waiting lists and help people get back into work.

This has led many to believe she could roll out the changes floated by the Tory government to help aid her plan.

The Treasury has been contacted for further comment.