Simplified advice can only be achieved if the Financial Ombudsman Service (FOS) and the Financial Conduct Authority (FCA) work together, according to an industry expert.

Ian McKenna, founder of Financial Technology Research Centre, made the statement today (8 October) at Money Marketing Interactive in London.

The FCA announced proposals to launch a simplified advice model last December to make it easier for firms to provide affordable personal recommendations to those with simpler needs and smaller sums to invest.

McKenna, who was part of a panel discussing the future of advice, said for simplified advice to work, the Ombudsman needs to be part of the process.

However, he queried whether the regulator would be willing to make that decision.

He said: “The reality for simplified advice is the regulator would never bring the Ombudsman along. The argument was always do less, charge more or charge less, but still have the same responsibility at the end.

“This why I’m saying, and you could argue with my response, we don’t need the movement of the [advice/guidance] boundary.”

McKenna added that attempts were made in the past to address the issue of advice gap without much success.

“There’s no example of that happening in the past 20-30 years. Why would it be different now? What worries me is a huge amount of effort will be expended on something that just isn’t economically viable,” he said.

McKenna said the sector needs to tread with caution on the advice/guidance boundary review to avoid the equivalent of PPI in the long-term savings market.

“I think if we just remove the boundary, that’s what we will end up with and that will be devastating to people for long-term confidence.”

Tom Selby, director of policy at AJ Bell, said the advice/guidance boundary review is a test for the Consumer Duty and an opportunity for the regulator to assess how the financial services sector is abiding by the core terms of it.

He said the regulator now has access to huge amounts of data on firms to hold them accountable on their Consumer Duty commitments.

“It’s on them to make sure that firms do ultimately understand their shareholders.

“When they look at the cost benefit analysis of ‘am I going to throw people into an inappropriate product or am I going to follow the Consumer Duty?’

“Besides, if I don’t follow the Consumer Duty, I’m going to end up with a huge fine and a bad reputation.”

A TINY clue on the edge of a £1 coin could make it worth 2500 times its face value.

A coin enthusiast has revealed a crucial detail to watch out for that could earn you some “mega money”.

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Sharing a clip with his 134,600 followers on TikTok, the Coin Collector UK said: “There are a few errors that can be found on your £1 coins.

“The main ones you want to be looking for is the dual dated £1 coin.”

“The main ones you want to be looking for is the dual dated £1 coin.”

The TikToker demonstrated what to look for using a normal £1 coin from 2016.

He continued: “So you can see, when we flip this over on the obverse side this is a 2016 version of the £1 coin.

“However some were made with the micro-lettering on the side with the date 2017.

“It is an extremely rare error.

“We only know of one that’s actually being sold to a buyer in Spain, and this sold for £2,500.”

He advised using a microscope to check for this error as it is “extremely fine”.

He insisted “it’s definitely worth checking” if you have a 2016 dated coin.

Just look on the Queen‘s head side for the micro-lettering and on the reverse side for the date 2017, he added.

Lots of fans jumped to the comment section to share their thoughts.

One said: “Will look out for this.”

While a second person said: “I have 4 of them.”

Meanwhile a third asked: “I got this coin and please tell me where can I sell it.”To which the TikToker replied: “Auction.”

How to spot if your coin is rare

The most valuable and rare coins are usually the ones with low mintage numbers or an error.

A mintage number relates to how many of a certain coin were made, so the lower the number, the rarer and, generally, the more valuable a coin is.

Meanwhile, error coins are pieces that were incorrectly struck during the manufacturing process.

The ultra-rare “lines over face” 50p error coin is one such coin, which has been known to sell for £1,500 in the past.

Meanwhile, others with little-known designs have been known to sell for up to £3,000.

How to sell a rare coin

There are three ways you can sell rare coins – on eBay, Facebook, or in an auction.

If you’re selling on Facebook, there are risks attached.

Some sellers have previously been targeted by scammers who say they want to buy a rare note or coin and ask for money up front to pay for a courier to pick it up.

But the courier is never actually sent and you’re left out of pocket.

Rather than doing this, it’s always best to meet a Facebook seller in person when buying or selling a rare note or coin.

Ensure it’s a public meeting spot that’s in a well-lit area and if you can, avoid using payment links.

Next, you can sell at auction, which is generally the safest option.

You can organise this with The Royal Mint’s Collectors Service.

It has a team of experts who can help you authenticate and value your coin.

You can get in touch via email and a member of the valuation team will get back to you.

You will be charged for the service though – the cost varies depending on the size of your collection.

You can also sell rare coins on eBay.

But always bear in mind, you will only make what the buyer is willing to pay at that time.

Financial advisers are “flip flopping” their approach based on what is being said in the press ahead of the Budget on 30 October, it has been claimed.

Benchmark Capital commercial director Gillian Hepburn made the comment at Money Marketing Interactive in London today (8 October).

She said the issue is that “no one has a crystal ball”, joking that “if I did, I could make a lot of money”.

Hepburn said she spoke to an adviser a few weeks ago who told her that 50% of their clients were taking tax free cash.

However, they subsequently told her that they have now changed their outlook and strategy due to the ongoing speculation around the Budget.

As well as mentioning the implications of politics on advisers, Hepburn also spoke of the regulatory effects on the profession.

She said: “We have seen a real rise in outsourcing from advisers due to Consumer Duty.”

One of the top things she is seeing this year from advisers, she said, is evidencing their value for Consumer Duty.

Hepburn also referenced a whitepaper Benchmark Capital produced with Boring Money, which showed the best way advisers can evidence value according to clients.

The paper identified five key pillars of value with different weightings.

In priority order, these were: trust and peace of mind, planning, information, performance and fees.

Hepburn said she found it interesting that fees came last, adding; “the price might always be our my mind, but not necessarily the clients”.

Benchmark Capital chief executive Ed Dymott recently said he does not want the business to be referred to as a “consolidator”.

He added that, although the firm acquires a business on average every six weeks, the majority are “businesses we already know”.

HOUSEHOLDS should be aware of winter energy bill support worth £5,710 as 10million are set to lose out on a £300 benefit.

Thousands of families are concerned about their finances this winter after Chancellor Rachel Reeves made changes to the Winter Fuel Payment.

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Now, only those on means-tested benefits, such as Pension Credit, are eligible for the cash boost worth up to £300.

This decision will strip 10million pensioners of the tax-free handout which is used to help fuel their homes over the winter.

The move has been met with backlash from a rake of charities and the opposing Conservative Party.

However, Labour has maintained the cuts are necessary to help improve the country’s finances, including a £22bn black hole allegedly left behind by the Tories.

Asked recently how he could justify the cut by GMB star Susanna Reid, Prime Minister Sir Keir Starmer said: “Well, it’s tough and I think the first thing to say and to explain is why we had to do it.

“We inherited a really damaged economy, we did an audit and we discovered an undisclosed £22billion black hole this year, which we have to fix.’

If you fear you may struggle to afford your energy costs this winter you should note some of the other financial help available.

Pension Credit – £3,900 

It is thought around 800,000 are missing out on this benefit which gives you extra money to help with your living costs.

Pension Credit also helps those on a low income with housing costs such as ground rent or service charges.

To meet the criteria for the benefit you must have a weekly income which falls below around £218 if you are single.

If you live with a partner and you are both state pension age then your weekly income must fall below around £350.

This is a separate to your state pension and you can qualify for the scheme even if you have other income, savings or own your own home.

The support also opens up eligibility for social tariffs, the Warm Home Discount, cheaper broadband, free TV licenses, lower water bills and the Winter Fuel Payment.

When applying, you must flag if you are single or living with a partner.

You’ll be eligible if either:

• You and your partner have both reached the State Pension age
• One of you is getting Housing Benefit for people over State Pension age

The benefit acts as a top-up to your weekly income and you could get £218.15 if you are single or £332.95 if you have a partner.

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

• Attendance Allowance
• The middle or highest rate from the care component of Disability Living Allowance (DLA)
• the daily living component of Personal Independence Payment (PIP)
• Armed Forces Independence Payment
• The daily living component of Adult Disability Payment (ADP) at the standard or enhanced rate.

You can apply for Pension Credit online, over the phone or by post.

You can start your application up to 4 months before you reach State Pension age.

You can apply any time after you reach State Pension age but your application can only be backdated by 3 months.

This means you can get up to 3 months of Pension Credit in your first payment if you were eligible during that time.

Warm Home Discount – £150

The Warm Home Discount is a one-off discount on your electricity bill.

If you’re eligible, your electricity supplier will apply the discount to your bill. The money is not paid to you.

Applications for the scheme opened this month, but there is a chance you will not receive the payment until March.

To qualify you’ll usually need to be actively claiming one of a number of means-tested benefits during 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. These are usually sent between October and January.

It is also worth noting that there is a separate £150 scheme available to those who live in parked homes.

Applications for the scheme opened on October 2, with the fund operated by charity group Charis Grants.

You can read more about the scheme here.

Household Support Fund (HSF) – up to £500

Struggling families can apply for help through the government’s Household Support Fund (HSF).

The scheme, which is funded by the Department for Work and Pensions, was first launched in 2021.

It was extended for the sixth time in September, giving thousands of families a chance to get the extra support.

The last round of funding ended last month, but applications may still be accepted by some local authorities.

Each area is set to open up the scheme again this October, with the new funding in place until April 2025. 

But it is worth remembering how much you can get depends on whereabouts you live and the money will either be given to you as a direct cash transfer, shopping voucher or in another form.

To find out what you may be eligible for, visit your local council’s website.

If you’re unsure of the name of your council, find out using the Government’s council locator tool.

Funding is given to local councils to distribute, so the amount handed out varies across the country.

But in the past, some families have had up to £500 help.

Energy grants – £100s

Many of the UK’s biggest energy suppliers have grants in place to help support struggling customers. 

But eligibility criteria vary depending on the supplier and the amount you can get depends on your financial circumstances.

For example, British Gas previously had an energy grant scheme in place, with the hardest-pressed households receiving a grant of up to £2,000.

The firm also has launched a debt reduction scheme called ‘You Pay: We Pay’.

Struggling customers will also be able to get part of their debts wiped via what’s known as debt matching.

Elsewhere, fellow supplier EDF has a customer support fund which on average wipes £1,250 off customers’ bills. 

It is available to vulnerable customers experiencing hardship. 

To apply you must visit EDF’s website and make sure you have details of your account number (find it on your energy bills or EDF emails) and the current debt balance on all EDF accounts you have.

Check directly with your supplier to see what help is available.

Prepayment meter vouchers and credit – £50

You can get temporary credit from your supplier, but you will have to pay this back.

In many cases, suppliers offer around £10 to £20 if you run out and can’t top up straight away to ensure that you don’t go without heat or lights.

Beware that when you do top-up, this amount will be deducted.

You may also be able to get a fuel voucher through a little-known scheme.

This is a code given to you in a letter, text message or email which you can use to add credit to your gas card or electricity key. 

Exactly how much it is can vary, but in many cases, it’s £49, and you won’t have to pay it back.

If you get a fuel voucher, don’t forget that when you top up, the credit will go towards paying off any debt, for example, emergency credit.

If you haven’t topped up for a period of time, you may also owe standing charges, a daily flat fee for energy use that is separate from your usage.

Contact your local council, food bank or Citizens Advice to find out more.

Free electrics and gadgets – £10s

Octopus Energy is handing out freebies such as electric blankets as part of its Octo Assist fund.

Analysis by the firm shows that customers with electric blankets saw a 20% fall in their gas bill, while only increasing their electricity usage by 0.2% – adding up to an average saving of £150 across winter.

The firm is also handing out free thermal cameras to qualifying customers which can be used to identify where heat is escaping in their home.

Free insulation or boilers – £1,000s

Low-income households may qualify for huge discounts on installing boilers or insulating their homes.

For example, the Energy Company Obligation, set up by the Government, lets households on certain benefits apply to have energy-saving measures installed in their homes.

It might mean cavity wall or loft insulation, or maybe even a new boiler fitted, sometimes for free.

To qualify you usually need to be on one of the following benefits

• Pension Guarantee Credit
• Income-related Employment and Support Allowance (ESA)
• Income-based Jobseeker’s Allowance (JSA)
• Income Support
• Tax Credits (Child Tax Credits and Working Tax Credits)
• Universal Credit
• Housing Benefit
• Pension Credit Saving Credit

Households’ needs are assessed on a case-by-case basis, so there’s no guarantee you’ll get help, but it is worth looking into.

TENS of thousands of households on benefits need to take action within weeks or risk having their payments stop before Christmas.

This warning comes as the government continues to move all two million claimants on legacy benefits to Universal Credit by the end of March 2025 through a process known as managed migration.

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The transition officially started in November 2022 after a successful pilot in July 2019.

As part of this process, households on legacy benefits, including tax credits, receive “migration notices” by post.

These notices provide instructions on how to switch to Universal Credit, as the transition is not automatic.

Households must apply for Universal Credit within three months of receiving their migration notice.

Failing to do so can result in their benefits being stopped.

Over 284,660 individuals have already lost their benefits after failing to switch to Universal Credit within the three-month deadline.

The latest migration notices are being sent to over 800,000 households who claim employment and support allowance (ESA).

So, if you received one in September or at the beginning of October, you’ll need to ensure you switch to Universal Credit before Christmas – before the three-month deadline is up.

If you don’t do this, you could be without an income during the busy festive period.

Your migration notice will state the exact deadline you have to make the switch.

A DWP spokesperson said: “We are committed to ensuring all customers receive the support they need from our staff and services.

“The department has a wide range of support available to all individuals, particularly those who are vulnerable.”

THOUSANDS HAVE ALREADY HAD THEIR BENEFITS CUT

Since July 2022, the Department for Work and Pensions (DWP) has sent nearly 1.14million migration notices.

However, according to the DWP’s latest figures, 284,660 individuals lost their benefits after failing to act on migration notices received between July 2022 and June 2024.

Some 623,310 individuals have since made successful claims for Universal Credit, and another 232,830 are still in the process of transitioning.

Last month, The Sun revealed that around 171,750 households receiving tax credits, who were sent migration notices between November 2022 and December 2023, have had their benefits stopped.

That’s according to new figures from the DWP, provided to anti-poverty charity Z2K via a freedom of information request.

Experts have previously warned that managed migration poses a risk to vulnerable people who face losing money.

Top bosses at charities, including Mind, The Trussell Trust, Turn2Us and the Money and Mental Health Policy Institute, said in 2022 that around 700,000 with mental health problems, learning disabilities, and dementia could struggle to engage with the process.

More than 20 organisations have called on the government to halt managed migration to fix flaws in the system that could cause those at risk to fall through.

MANAGED MIGRATION PROGRESS

In January, the government announced the number of migration notices it plans to send out in the coming financial year.

Before this date, the focus was sending migration notices to households claiming tax credits only.

However, 110,000 income support claimants and a further 120,000 claiming tax credits with housing benefit started receiving their letters in April.

Over 100,000 housing benefit-only claimants were contacted in June.

More than 90,000 people claiming employment and support allowance (ESA) along with child tax credits started being asked to switch in July.

Meanwhile, 20,000 claimants on jobseekers allowance (JSA) will be contacted from September.

The Sun previously reported that, in August, those claiming tax credits who are over state pension age will be asked to apply for either Universal Credit or pension credit.

It was initially planned that those claiming income-related ESA alone would not be moved until 2028.

However, the DWP brought forward plans to move these households to Universal Credit by the end of 2025.

Since September 2024, 800,000 households have begun receiving letters explaining how to move from ESA to Universal Credit.

HELP CLAIMING UNIVERSAL CREDIT

As well as benefit calculators, anyone moving from tax credits to Universal Credit can find help in a number of ways.

You can visit your local Jobcentre by searching at find-your-nearest-jobcentre.dwp.gov.uk/.

There’s also a free service called Help to Claim from Citizen’s Advice:

• England: 0800 144 8 444
• Scotland: 0800 023 2581
• Wales: 08000 241 220

You can also get help online from advisers at citizensadvice.org.uk/about-us/contact-us/contact-us/help-to-claim/.

A HISTORIC city brewery with a legacy spanning 150 years is set to close, putting 97 jobs at risk.

The Carlsberg Marston’s Brewing Company (CMBC) has confirmed plans to close Wolverhampton’s Banks’s Brewery.

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The historic Chapel Ash site – which opened in 1875 – could shut for the final time in the autumn of next year.

CMBC blames a decline in cask ale volumes and Mahou San Miguel’s decision not to renew its licence partnership from 2025.

The site’s planned closure doesn’t automatically mean the end of Bank’s branded beer.

For now, customers can still enjoy the tipple as usual.

However, it remains unclear if production will continue at another facility after the Bank’s brewery shuts down.

CMBC did retain the Hobgoblin brand by moving production to a new facility following the closure of its Wychwood Brewery last November.

Campaign for Real Ale (Camra) has demanded that Banks’s beer must continue to be brewed at the Marston’s Brewery site in Burton.

In its statement, CMBC said it was supporting colleagues across its wider network impacted by the proposals, including the 97 employees at its Wolverhampton brewery.

Paul Davies, chief executive of CMBC, said: “This has been an extremely difficult decision, however it has been necessary to restructure our business to maintain our competitiveness in a challenging UK beer market.

“The team at Banks’s has been unwavering in its dedication and commitment to the brewery. We will ensure that we support all our people closely throughout this extremely challenging period.”

As part of the network restructuring, CMBC will increase investment in its breweries in Northampton and Burton, with the long-term aim of establishing Marston’s Brewery in Burton as a “national centre for craft beer and traditional ale brewing in the UK”.

CMBC will invest more than £6 million in significant new projects at its brewery in Burton, including the refurbishment of its cask ale line, and invest in a new logistics depot in the Black Country region.

Mr Corbett-Collins, the national chairman of the Camra has described the planned closure as “devastating but predictable” news for British brewing.

In July, Carlsberg announced plans to buy out UK pub-group Marston’s from their CMBC venture in a deal worth £206million.

CMBC proposed Bank’s brewery closure isn’t the first in recent years.

Last year, it closed the world-renowned Wychwood Brewery – famed for Hobgoblin Ale.

The factory in Witney, Oxfordshire, shut in November 2023.

Its six staff – who had a combined 100 years of brewing experience.

Hobgoblin ales, as well as Wychwood brands Firecatcher and Dry Neck beers, are now brewed at CMBC’s other sites.

The drinks giant also closed Ringwood Brewery and shop at the start of the year, saying there was “no viable path forward”.

The Temperance Street Brewery in Manchester shut up shop last year after more than a decade of trading.

The tap room, located on the outskirts of the city centre, closed less than a year after it was taken over by new owners.

It was put up for sale after the firm said its location in a residential area made expansion a challenge, but no buyer was found.

COST OF LIVING PRESSURES

The number of craft breweries in the UK fell from 1,828 at the start of 2023 to 1,815 at the start of the year.

That now stands at 1,748 according to the latest figures up to June from the Society of Independent Brewers and Associates (SIBA).

The SIBA UK Brewery Tracker takes into account all brewery openings and closures to give an accurate picture of the number of active brewing businesses.

Craft breweries have been hit hard by the cost of living crisis and the pandemic.

While many producers pivoted to home deliveries during covid lockdowns, they were then hit by rising costs combined with people reigning ion their spending.

The prices of energy, rents and ingredients have all shot up. They have also faced higher interest rates when borrowing money to grow the business.

SIBA chief executive Andy Slee said when the latest figures on closures were published in July: “Independent brewers are reporting good sales growth and strong consumer demand, yet breweries continue to close.

“For most breweries the challenge is financial pressures from rising costs and market access, as well as lingering Covid debt – something SIBA has strongly lobbied Government for help on.”

The Campaign for Real Ale’s (CAMRA) warned about the pressures on the drinks business this week as it published its Good Beer Guide 2025.

It said that many of the breweries that featured in last years guide have now closed and cited a “perfect storm” ofthe tax burden, few viable routes to market and stubbornly high energy bills among the factors.

CAMRA Chairman Ash Corbett-Collins said: “This year’s edition of the Good Beer Guide shows a brewing trade that continues to face huge challenges, but one that beer and pub lovers across the UK are still rallying behind.

“CAMRA will be lobbying this new Government to show their support for independent breweries, to try and ensure that the Good Beer Guide 2026 is brimming with new establishments.”

As well as CMBC’s closure of Wychwood and Ringwood, it said the loss of Elland Brewery just months after its 1872 porter was crowned CAMRA’s Champion Beer of Britain 2023 and the award-winning Nottingham-base Navigation Brewery was “tragic” and a blow for the local community.

Last week, The Fourpure brewing company was placed into administration to “protect itself from market pressures”.

Administration is when all control of a company is passed to an appointed licensed insolvency practitioner.

It doesn’t necessarily mean the end of the business.

Instead, administrators will try to help a company find ways to repay debts or solve its cashflow problems.

Its beers, such as Pomegranate IPA and Juiced Mango and Raspberry, are stocked in major supermarkets like Tesco, Asda, Waitrose and Ocado.

However, it’s not all bad news, an iconic 90s beer will return to UK pubs after 30 years.

Announcing the come back on Instagram, Allsopp’s Beer revealed Double Diamond is set to make a return.