Money
Small advice firms heading for extinction
The latest Financial Conduct Authority Retail Mediation Activities Return findings are a stark revelation.
They confirm that the decline in the number of small advice firms is more than a trend — it’s a rapidly accelerating one. In 2023, there were 10% fewer sole traders than in 2022, and 8% fewer firms with two to five advisers.
The numbers have remained steady over recent years, defying expectations. However, consolidation activity, with elderly advisers retiring and exiting, is beginning to kick in.
Although one swallow does not a summer make, there is no doubt small advice firms in the UK have encountered increased challenges, such as:
- Rocketing regulatory requirements;
- Competition from larger firms; and
- Rising demand for digital financial services.
Regulatory changes, such as Mifid II and the Consumer Duty, have imposed more significant compliance burdens on small advice firms, making it harder for them to operate profitably.
Larger firms have more resources to invest in technology and compliance
The growing preference for online and automated financial services further threatens their prospects. Larger firms have more resources to invest in technology and compliance, giving them an increasingly competitive edge.
Going niche
For some small firms, the answer is to specialise in niche markets, offering personalised services. If executed well, this can be a beacon of hope in the face of challenges.
However, niche focuses expose firms to a significant shift in a chosen target market. For instance, companies that specialised in annuities found their business model torpedoed with the arrival of the pension freedoms.
The client will demand a seamless ‘Soup to nuts’ experience driven by great tech
Similarly, the desire to outsource, particularly tech, is the way forward for some. However, this, too, is not without risk.
The Financial Ombudsman Service (FOS) recently upheld a complaint from a client who had lost £100,000 after a missed rebalancing because of delays in moving to a new white-label platform. The FOS found against the firm, arguing its recommendations to move to a new platform in 2020 had been “significantly misrepresented”.
Interestingly, the platform was not subject to the FOS complaint because it did not relate to its services. The advice firm was wholly exposed.
In January this year, M&G decided to sell or wind down its platform. With £16.3bn of assets on it, advisers who adopted it will worry whether a wind-down is more likely. In this case, advisers must find a suitable alternative provider with the same access, investment range, fee model and share classes. This is a significant piece of work for simply backing the wrong horse.
I understand small business owners’ desire to remain in complete control of their business. However, the mounting pressures are huge, so the ability to stay on the front line and look after clients is an impossible circle to square.
Consolidation activity, with elderly advisers retiring and exiting, is beginning to kick in
In reality, absolute control means having total control and ownership of the means of production.
Firms will continue to grow, through either organic growth or acquisitions. These firms will have an in-house investment proposition, which will become an expectation for clients. They will have greater control over their tech. For all the talk about platforms, they are simply a utility and will increasingly be absorbed into the overall value chain rather than being remote from the firm.
The client will demand a seamless ‘Soup to nuts’ experience driven by great tech. In the FOS example above, where the firm switched platform, 891 individual transfer cases were required to be processed manually via an individual processed stock transfer form. This is because the receiving platform could not make electronic transfers.
Clients are increasingly reluctant to deal in ‘wet signatures’. Turning up at the client’s home with another form to sign will fail to cut the mustard.
In 1960, there were around 43,000 butcher shops in the UK; by 2019, that number had dropped to around 6,000. The same can be said for greengrocers and fishmongers.
The advice market gives every indication it is heading that way too.
Tim Sargisson is former chief executive of James Hay and Sandringham Financial Partners, among others
This article featured in the October 2024 edition of Money Marketing.
If you would like to subscribe to the monthly magazine, please click here.
Money
Removing IHT tax break on AIM stocks ‘might make it unfit for purpose’
If Labour scraps the inheritance tax (IHT) relief on Alternative Investment Market (AIM) stocks “it could be as damaging for smaller companies as Liz Truss was for the gilt market”.
Rumours are now circulating that chancellor Rachel Reeves could remove the IHT break on AIM stocks, which let shares be passed on tax free if held for at least two years before an individual dies, in the approaching budget on 30 October.
The AIM was launched in 1995 and has helped more than 3,988 companies raise over £130bn.
The AIM is a sub-market of the London Stock Exchange (LSE) that is designed to help smaller companies access capital from the public market.
Chelsea Financial Services and FundCalibre managing director Darius McDermott told Money Marketing that IHT fund managers often invest in AIM stocks and that if this benefit is removed “it takes away one of the main buyers of the market”.
According to national accountancy group UHY Hacker Young, the amount of initial public offerings (IPOs) on the AIM has fallen to its lowest level since the global financial crisis.
There were just eight IPOs this year (to the end of September 2024).
This is a decrease from 12 last year and the lowest number since the five recorded in 2007/08.
Only £88.6m was raised through AIM IPOs in 2023/24, compared to £8.83bn raised during the market’s peak year of 2006/07.
McDermott said doing damage to the market now “might make it unfit for purpose” and that the budget is the “main deterrent” for investing in AIM at the moment.
Labour have stated the party wish to kickstart economic growth, but “if you want growth, then you need funding for smaller companies”, McDermott added.
He explained that if Reeves does this it “eats into people’s risk budget”, with smaller companies already holding more risk but “having the potential to make greater returns”.
McDermott believes there is a decent chance Reeves will take this benefit away from the AIM market, “which is not good for smaller companies” and predicts she may announce that by this November no IHT benefits will be available.
He also said that one of the benefits of AIM is that it is cheaper and involves less reporting but it is less liquid than the main market.
However, there are critics of AIM that believe it is “no longer fit for purpose”.
As Globacap co-founder and CEO Myles Milston said, “AIM has been in decline for a long time. The lack of liquidity and funding, low trading volumes and erratic share price movements are putting firms off from listing and forcing many to delist.”
Milston added, “The UK government’s PISCES framework is an acknowledgement of this shift and a better replacement.”
The Private Intermittent Securities and Capital Exchange System (PISCES), is one part of a set of measures designed to encourage businesses to grow and list in the UK and large investors to back them.
PISCES exchanges will be run by commercial providers and overseen by the Financial Conduct Authority.
Milston said: “It [PISCES] will enable private companies to access the funding and liquidity they need while avoiding the complexity and expense of going public. Investors will be able to realise their gains sooner, as it will be easier for them to find buyers for their shares.
“It’s clear LSEG also think this, which is why they have been driving the development of PISCES. AIM’s demise clearly signals the market’s direction – towards the rise of private markets.”
Money
McDonald’s is axing six items from menus in DAYS in major shake up including fan favourite burger – see the full list
MCDONALD’S is axing six items as part of a major menu shake-up in days.
The changes will happen at the same time as the fast-food giant launches new never-before-seen drinks to its menu and brings back several fan favourites.
As part of the menu update McDonald’s fans will be saying goodbye to several items this Wednesday.
Among those to be leaving menus will be the popular Chicken Big Mac.
Fans will also be bidding farewell to the Philly Cheese Stack.
The popular Mozzarella Dippers and Galaxy Chocolate McFlurry will also be leaving restaurants.
That’s not all.
Two drinks are being axed from menus too – Twix Caramel McFlurry and the Twix Latte.
Here is the full list of items being axed from menus at 11am this Wednesday and their prices:
- Philly Cheese Stack – £5.29
- Chicken Big Mac – £4.79
- Mozzarella Dippers – £2.39
- Galaxy Chocolate McFlurry – £2.19
- Twix Caramel McFlurry – £2.19
- Twix Latte – £2.69
New menu items
McDonald’s often updates its menu and the latest items will be added on October 16.
The new menu includes the never before seen Toasted Marshmallow Latte.
The coffee-based drink includes toasted marshmallow flavoured syrup and dusting, which is perfect to satisfy any sweet tooth.
It is only available in a large size and costs £2.19.
How to save at McDonald’s
You could end up being charged more for a McDonald’s meal based solely on the McDonald’s restaurant you choose.
Research by The Sun found a Big Mac meal can be up to 30% cheaper at restaurants just two miles apart from each other.
You can pick up a Big Mac and fries for just £2.99 at any time by filling in a feedback survey found on McDonald’s receipts.
The receipt should come with a 12-digit code which you can enter into the Food for Thought website alongside your submitted survey.
You’ll then receive a five-digit code which is your voucher for the £2.99 offer.
There are some deals and offers you can only get if you have the My McDonald’s app, so it’s worth signing up to get money off your meals.
The MyMcDonald’s app can be downloaded on iPhone and Android phones and is quick to set up.
You can also bag freebies and discounts on your birthday if you’re a My McDonald’s app user.
The chain has recently sent out reminders to app users to fill out their birthday details – otherwise they could miss out on birthday treats.
For those who don’t like coffee the fast-food chain is also introducing a hot chocolate version of this drink.
The Toasted Marshmallow Hot Chocolate has the same flavoured syrup and dusting and costs £2.19.
Fans of the Mozzarella Dippers will be excited to try the brand-new Cheese Bites.
The mozzarella and emmental flavours hit your taste buds as soon as you bite into one of the bite-sized pieces.
This pairs perfectly with the smoky caramelised onion flavoured breadcrumb coating.
They come in a portion of five for £2.49 or a sharebox of fifteen for £6.79.
McDonald’s will also upgrade one of its popular breakfast items this autumn.
The iconic McDonald’s Hash Brown will be available in a new mini size with the same crunchy exterior and soft fluffy inside.
The Sun got an exclusive invite to try them before anyone else ahead of their public debut this week.
They cost £1.49 for five or £2.99 for a sharebox of 15.
The home of the Big Mac will also bring back several fan favourites including the McCrispy Deluxe, Galaxy Caramel McFlurry and Toffee Apple Pie.
The burger was first seen on the McDonald’s menu last August and was a hit from the beginning.
It featured a crispy chicken fillet with shredded lettuce, Roma tomatoes and mayo.
The burger costs £5.99 on its own, or £7.79 as part of a medium meal.
Other popular treats making a comeback are the Halloween M&M’s McFlurry and Galaxy Caramel McFlurry.
They will cost £2.19 each, or £1.59 for the mini version.
Coming back for the second time is the Toffee Apple Pie.
The crispy pastry is filled with a spiced apple compote and toffee sauce and is complete with toffee pieces.
It costs £1.99.
Other launches
McDonald’s is also bringing back the McRib this week after an almost 10-year hiatus.
The fast food giant is bringing back the pork-based burger across its UK restaurants from October 16.
The McRib was last seen on menus temporarily in early 2015 and combines a pork patty with BBQ sauce, pickles and onions.
Fans will be able to pick one up for £4.49 or for £6.19 as part of a medium extra value meal.
We were one of the first to try it ahead of its launch.
Meanwhile, in August the home of the golden arches brought the famous Grimace Shake to the UK.
It was inspired by the fast food chain’s purple Grimace mascot and went viral stateside when it was launched last year.
The drink features a vibrant purple colour and has a blueberry-flavoured syrup blended with a creamy milkshake base.
A medium drink costs £2.69 while a large version is £2.99.
McDonald’s Monopoly 2024
Everything you need to know…
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Money
FCA: ‘We’re not against small firms’
The Financial Conduct Authority has insisted it has “never been anti-small firm” and wants to “bust the myth” it is out to get them.
For years, the FCA has faced criticism from some that it is trying to force smaller companies out through increased regulation to make its job easier.
However, when asked by Money Marketing if he felt this was a fair statement, the FCA’s head of advisers, wealth and pensions, Nick Hulme, denied this was the case.
“We want small firms, sole traders, the limited partnerships, the mid-tier, the nationals the networks,” he said.
“We’re completely agnostic to size, scale, form of capital, form of control. We know how many great small firms there are around the country.
“I don’t think we’ve ever been anti-small firm.
“The value that small firms bring in the local community, these IFAs – they really care.
“Sometimes, when you talk to them, they talk of their clients like they’re friends, which is great.
“There is definitely a role for [small advice firms].”
He added: “The fact is we’ve got an advice gap that we need to address.
“We need the 37,000 financial advisers, which has stayed fairly static over the past five to six years.
“So it’s about how can we leverage everyone that’s in the market to find those additional stepping stones to get more people to take advice of whichever form?”
Hulme said he hoped that attending events and having interactive, in-person conversations with advisers across the country would “bust the myth on both sides and bring us closer together”.
“The work we all do is so important for society, not just for certain individuals,” he added.
A recent survey from Gunner & Co revealed that almost half of all advice firm owners are looking to sell up and exit the market over the next two years.
Of those, 8% said it was solely due to regulatory changes.
When asked whether he thought increased regulatory pressure was forcing small advice firms out, Hulme said he could feel their pain but denied this was the case.
“We were at this event yesterday – and I’m not at all going to get complacent – where people said regulation was fourth or fifth on the list of things they were worried about and I listed a whole host of changing fundamentals.
“Regulation is one thing that advisers are having to factor in and to deal with.”
However, Hulme added: “We do get how small firms might feel regulation more keenly. We get that.
“You haven’t got huge compliance functions, you haven’t got risk functions, we get that, and that’s where the Consumer Duty really helps.
“It’s less prescriptive, it’s more outcomes-focused, it provides greater flexibility.”
Hulme said “the intention and the motive” of the Duty is to help make advisers’ jobs much easier.
“Yes there’s regulation in this space, people understand why there’s regulation in this space, and the Consumer Duty can be a pivotal moment in helping advisers.
“Regulation is one part of a whole host of other things going on.”
The intention, Hulme said, “is to work together and collaborate”.
“We want to try and really help, talk and understand advisers’ concerns,” he added.
Money
Sacked Finance Boss Wins damages after charging £11,700 hotel bill to his corporate card
Sacked Finance Boss Wins damages after charging £11,700 hotel bill to his corporate card.
A high-profile finance executive was dismissed after using his company card to cover a stay at one of the globe’s most renowned hotels, following the theft of his wallet, as revealed in an employment tribunal.
Simon Price faced termination from his senior role at a global investment firm after charging his stay at the luxurious Hotel Cipriani in Venice to his corporate American Express. The 52-year-old managing director was on a memorable trip with his daughter when his wallet was stolen in New York, leaving him without any other way to settle the hotel bill, which is favored by celebrities like Angelina Jolie and the Clooneys, and was recently named the best hotel in the world.
Mr. Price enjoyed a month-long holiday where he explored Venice and New York with his daughter. He also traveled to Albania with his girlfriend, Stephanie Antonian, who works in the tech industry. During this trip, he ended up accumulating a bill of £11,672 on his Amex since he was unable to use his own credit cards.
The tribunal learned that Mr. Price was aware he could utilize a ‘reverse expenses’ system at his workplace, allowing him to quickly reimburse the amount upon his return from the trip.
His superiors at the Canada Pension Plan Investment Board (CPPIB) were not pleased with the amounts he was spending, especially at Cipriani, which led to his termination. An employment judge criticized CPPIB for having issues with his lifestyle choices, stating that he was entitled to spend his money as he wished. Mr. Price took legal action against CPPIB, which manages the assets of the £360 billion Canada Pension Plan, for wrongful dismissal and was awarded £25,000 in compensation.
Related: How Long Can You Travel to the EU Without a Visa?
During the hearing in central London, it was revealed that Mr. Price, who was earning a high salary, joined CPPIB in October 2022 as the managing director for active equities in Europe. The businessman, based in London, was given a corporate Amex card that could only be used for personal expenses under specific conditions. In August 2023, it was reported that while on holiday in the USA with his daughter, his wallet was stolen.
‘His corporate credit card had been kept separately from his other cards in his work bag and had not been stolen,’ the tribunal heard.
‘He was aware of a mechanism to file “reverse expenses” and therefore used the corporate credit card with the intention to pay back any sums charged to that card for personal expenses.’
Mr. Price found himself in New York when his wallet was taken. Meanwhile, his daughter, who is under 18, was in Pennsylvania, prompting him to use his work card to book her flight to join him in the city. After reuniting, they were set to embark on a journey to Venice, Italy, for a three-night stay, with a stop at Heathrow airport along the way. Although Mr. Price canceled his cards, the replacements were sent to his home address. As a result, he had to complete their trip to Venice using his Amex card.
The Cipriani, which he had reserved in advance but hadn’t paid for, was named the best hotel in the world in 2023 by the French magazine La Liste. Regarded as the most glamorous hotel in Venice, it attracts a host of celebrities, including Brad Pitt, Angelina Jolie, George and Amal Clooney, and Elizabeth Taylor. During the summer, suites at this 5-star hotel can cost a fortune. After returning to the UK, Mr. Price found that his replacement cards had not yet arrived, so he continued his journey to a coastal hotel in Albania with his partner, Ms. Antonian, who operates her own AI business.
He had to purchase alternative flights with British Airways using his Amex card due to issues with their scheduled flights at Luton airport. Upon his return on September 5, 2023, Mr. Price recorded £11,672.91 as a ‘reverse expense’ to be deducted from his salary. In December 2023, he was informed that ‘everything was resolved’ regarding the finances.
However, the tribunal revealed that an internal inquiry was initiated concerning the high expense amounts, prompting HR in Toronto, Canada, to investigate further. The tribunal report indicated that internal emails from the company’s corporate services department showed disapproval of the expenses Mr. Price incurred, particularly at the Hotel Cipriani in Venice. Ms. Antonian became involved in the investigation when CPPIB questioned Mr. Price about his vacations.
When asked about his trips, Mr. Price initially claimed he traveled to Albania with his daughter but later admitted it was a falsehood and that he was actually with his partner.
During a meeting in January 2024, he explained that he lied about traveling with his daughter because ‘family life was a sensitive topic’ and he preferred not to disclose it to Toronto-based director Samantha Dachis, whom he had never met. After this meeting, Ms. Dachis spoke with senior managing director Frank Ieraci, leading to Mr. Price’s immediate termination. CPPIB stated that Mr. Price’s behavior during the investigation was deemed ‘unacceptable’.
CPPIB mentioned that some reasons for his dismissal included the total amount spent, not exploring alternative payment methods, and misrepresenting his travel companions. During the tribunal, Employment Judge Alexandra Davidson stated that Mr. Price did not act with dishonesty.
Judge Davidson remarked, “Mr. Price found himself in a situation where using the corporate credit card was the only option to pay for certain expenses, and he fully intended to reimburse all his charges upon returning to the office. He continued his usual activities, using the corporate card as he would have used his personal card. Upon his return, he made efforts to repay these amounts without delay. It is not for CPPIB to suggest that he should have opted for a less expensive hotel in Venice or waited for hours at Luton airport to see if his flight would take off. Mr. Price is a high earner and has the right to spend what is ultimately his money as he chooses.
There is no indication that he sought to gain any advantage by using the corporate card; he simply wanted to avoid canceling his plans, which would have disappointed his daughter and girlfriend. I understand why he felt there was no reason to cancel his trips, especially since he intended to repay all charges to the corporate card right away. CPPIB seems to have issues with Mr. Price’s lifestyle choices, but in my opinion, these do not pertain to whether he violated his contract.” After his dismissal, Mr. Price engaged in some consultancy work but has not yet secured a new position.
Related: Best Credit Cards for Travel Rewards 2024
Money
The Morning Briefing: Removing IHT tax break on AIM stocks ‘make it unfit for purpose’; FCA: ‘We’re not against small firms’
Good morning and welcome to your Morning Briefing for Monday 14 October 2024. To get this in your inbox every morning click here.
Removing IHT tax break on AIM stocks ‘might make it unfit for purpose’
If Labour scraps the inheritance tax (IHT) relief on Alternative Investment Market (AIM) stocks “it could be as damaging for smaller companies as Liz Truss was for the gilt market”.
Rumours are now circulating that chancellor Rachel Reeves could remove the IHT break on AIM stocks, which let shares be passed on tax free if held for at least two years before an individual dies, in the approaching budget on 30th October.
Chelsea Financial Services and FundCalibre managing director Darius McDermott told Money Marketing that IHT fund managers often invest in AIM stocks and that if this benefit is removed “it takes away one of the main buyers of the market.”
FCA: ‘We’re not against small firms’
The Financial Conduct Authority has insisted it has “never been anti-small firm” and wants to “bust the myth” it is out to get them.
For years, the FCA has faced criticism from some that it is trying to force smaller companies out through increased regulation to make its job easier.
However, when asked by Money Marketing if he felt this was a fair statement, the FCA’s head of advisers, wealth and pensions, Nick Hulme, denied this was the case.
Small advice firms heading for extinction
The latest Financial Conduct Authority Retail Mediation Activities Return findings are a stark revelation.
They confirm that the decline in the number of small advice firms is more than a trend — it’s a rapidly accelerating one. In 2023, there were 10% fewer sole traders than in 2022, and 8% fewer firms with two to five advisers.
The numbers have remained steady over recent years, defying expectations. However, consolidation activity, with elderly advisers retiring and exiting, is beginning to kick in writes Tim Sargisson former chief executive of James Hay and Sandringham Financial Partners.
Quote Of The Day
As we head into the last quarter of 2024, growth has held up okay and inflationary pressures have diminished, leading to the major developed market central banks firing the starting gun on an interest rate cutting cycle. We expect a synchronised cutting cycle across major markets over the next 6-12 months.
– Aviva Investors head of investment strategy and chief economist Michael Grady on central banks interest rate cuts this year
Stat Attack
ArvatoConnect research shows companies are at risk of losing customers that identify as vulnerable by failing to balance the use of automated customer support with empathetic human interaction.
78%
of respondents said they look for some level of human interaction when seeking out assistance, with vulnerable consumers revealing issues with the capacity of AI tools to fully grasp their individual needs.
56%
of consumers polled felt that AI and technology could cater to their needs as well as a human could.
29%
of directors stating that they planned to move focus away from AI and to provide more human support.
51%
of directors also said they planned to increase adoption of AI and automation.
47%
of individuals in the UK identify as having one or more characteristics that would classify them as vulnerable.
Source: ArvatoConnect
In Other News
This month, the Academy of Life Planning will unveil a new pathway for financial planners, offering a route to professional recognition without the need to sell financial products.
Supported by the Chartered Institute for Securities & Investment (CISI), the initiative allows planners to focus on client-centred, holistic advice without sales pressure.
The move is a significant step towards establishing financial planning as a distinct profession, akin to accounting and law.
Key benefits include maintaining professional titles and qualifications without product sales, appealing especially to younger professionals, such as Gen Z, who seek advisory roles free from sales targets.
On 24 October at 4 PM, Chris Morris, CISI’s Head of Financial Planning, will host a Zoom session to outline how financial planners can achieve Certified Financial Planner (CFP) status through this pathway.
The event will also guide those transitioning from other qualifications. To register, click here.
Asia shares stutter as China’s stimulus pledges fail to inspire (Reuters)
Starmer vows to ‘rip out bureaucracy’ to aid growth at investment summit (Financial Times)
Wage growth for UK’s lowest-paid keeps BOE wary of inflation (Bloomberg)
Did You See?
The Financial Conduct Authority (FCA) is remaining tight-lipped over the timing of its recently announced review of consolidation in the advice sector.
On 7 October, the regulator unveiled plans to examine consolidation, emphasising the need for strict approval processes when firms acquire or increase control over regulated entities.
Despite speculation that the review may have been prompted by concerns over rushed deals ahead of potential capital gains tax (CGT) changes, the FCA declined to confirm or deny this.
When asked by Money Marketing if this was the reason, the FCA’s head of advisers, wealth and pensions, Nick Hulme, stated he would not “specifically answer the question”.
In an interview at the Consumer Duty Alliance conference in Birmingham (11 October), Hulme added: “I think we wanted to really reiterate the point that you need to get FCA approval before a change of control.
“We wanted to make it as clear as we possibly could that this is our expectation and if we find out that it hasn’t been we will act.”
“The ‘why now’ comes out of a number of reasons.
“One is, it’s been a while – seven years – since we last ‘kicked the tyres’ and had a look at this.”
Money
Over 3million households to get DWP letters from TODAY with details of £150 energy bill help – are you one of them?
OVER three million struggling households will start receiving letters from the Department of Work and Pensions (DWP) detailing £150 worth of energy bill help.
The Warm Home Discount is a one-off tax-free discount on your electricity bill.
If you are eligible, your electricity supplier will apply the discount to your bill. The money is not paid to you.
To qualify you usually need to be claiming one of a number of means-tested benefits during the qualifying week, which is usually in August,
The DWP said it will start sending letters to those who qualified for the scheme from today, October 14.
But do not panic if it does not arrive on your doorstep today, as it may take up until mid-December for it to be posted out.
Miatta Fahnbulleh, minister for Energy Consumers, told The Sun, that today is important for “worried about energy costs”.
She explained: “If you don’t receive [a letter] but think you might be eligible then you can visit gov.uk for an eligibility checker.
“Today we are also launching a helpline, open until February, which you can call to find out whether you meet the criteria.”
Meanwhile, the Post Office is urging families who receive the discount in voucher form to act urgently.
Those who use pre-payment meters often receive the £150 boost in a voucher which can be redeemed at their local Post Office or PayPoint shop.
However, data from the firm showed that last year up to £3million worth of vouchers went unclaimed at their sites.
If this applies to you, it is important to redeem the voucher soon after receiving it as they do expire, some in as little as 30 days.
However, if the voucher is lost or expired, households can contact their supplier to have it reissued.
News of the cash boost comes as Brits remain worried about their energy bills this winter.
Energy regulator Ofgem has raised its price cap, meaning energy bills are set to rise by around £149 a year.
Elsewhere, cuts to the Winter Fuel Payment mean 10million pensioners are set to miss out on £300 worth of fuel support.
How to apply for the Warm Home Discount
You will get the discount automatically if you’re eligible and claim one of the following benefits:
- Housing Benefit
- income-related Employment and Support Allowance (ESA)
- income-based Jobseeker’s Allowance (JSA)
- Income Support
- the ‘Savings Credit’ part of Pension Credit
- Universal Credit
You could also qualify if your household income falls below a certain threshold and you get either:
- Child Tax Credit
- Working Tax Credit
Applications for the scheme opened in October, however, you may not get the help until next March.
To get the cash you’ll usually need to be actively claiming one of a the means-tested benefits listed above in the qualifying week – which is usually in August.
However, if you later launch a successful claim for backdated benefits, you may still be able to qualify after this date and once it’s confirmed.
If you qualify for the WHD, you should receive a letter telling you.
The Warm Home Discount Helpline number is 0800 030 9322 to provide assistance and help customers who have received a letter regarding their eligibility.
You can also use the government’s free online eligibility checker to see if you are missing out on the help.
This can be found at https://www.gov.uk/check-if-youre-eligible-for-warm-home-discount.
If you are worried about your energy bills, check out The Sun’s article on the full list of support worth over £5,000 here.
What energy bill help is available?
THERE’S a number of different ways to get help paying your energy bills if you’re struggling to get by.
If you fall into debt, you can always approach your supplier to see if they can put you on a repayment plan before putting you on a prepayment meter.
This involves paying off what you owe in instalments over a set period.
If your supplier offers you a repayment plan you don’t think you can afford, speak to them again to see if you can negotiate a better deal.
Several energy firms have grant schemes available to customers struggling to cover their bills.
But eligibility criteria varies depending on the supplier and the amount you can get depends on your financial circumstances.
For example, British Gas or Scottish Gas customers struggling to pay their energy bills can get grants worth up to £2,000.
British Gas also offers help via its British Gas Energy Trust and Individuals Family Fund.
You don’t need to be a British Gas customer to apply for the second fund.
EDF, E.ON, Octopus Energy and Scottish Power all offer grants to struggling customers too.
Thousands of vulnerable households are missing out on extra help and protections by not signing up to the Priority Services Register (PSR).
The service helps support vulnerable households, such as those who are elderly or ill, and some of the perks include being given advance warning of blackouts, free gas safety checks and extra support if you’re struggling.
Get in touch with your energy firm to see if you can apply.
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