Arthur BeverlyPWP IFA WK Apr14 blue
2 Stewart Street Milngavie Glasgow G62 6BW
[email protected] 0141 956 5525
www.abfm.co.uk
No savings for 1 in 5 adults Nine million people, or one in ive UK adults, had no savings in 2013, a YouGov survey for Scottish Widows has revealed. The survey of 5,000 people found that 67 per cent of UK adults had savings last year, the lowest level since 2011. A further 15 per cent said they didn’t know how much they had put aside. Half of the survey’s respondents said they were saving less than they were two years ago.
The report found that family pressures have a big impact on savings: • 41 per cent reported lending ‘a
substantial amount’ of money to family members
• a quarter of people lent money to
their children • 17 per cent said they had reduced
“It is promising to see that among those who are saving, the amount they have put aside has risen year-on-year. However, it is concerning that despite economic improvements, the number of people who are able to set something aside for a rainy day is actually falling.”
living costs due to family lending. David Lascelles, savings expert at Scottish Widows, said:
Retirement income guidance reforms Pension providers will have to do more to help retirees turn their pension savings into a retirement income, under reforms announced by the Association of British Insurers (ABI).
APRIL 2014
In this month’s Wealth Knowledge newsletter… pension providers will soon have to ofer savers more information and guidance on getting the most from their retirement income. A ifth of Brits have no savings and half are saving less than two years ago. The Financial Conduct Authority has announced new regulations for crowdfunding, designed to give investors more protection. And we explore how employers can increase staf motivation through health and wellbeing beneits.
Talk to us about your savings.
Under the reforms ABI members must: • ofer impartial information or guidance to customers,
including alternatives to annuities • help customers compare diferent annuities • gather information about the customer’s health and
lifestyle for enhanced rates.
...
Arthur Beverly Financial Management is authorised and regulated by the Financial Conduct Authority. Financial Services Register number 485198. Registered in Scotland Number 342744. Registered Office: 22 Backbrae Street, Kilsyth, G65 0NH
... Otto Thoresen, director general of the ABI, said: “The announcement further builds on the Retirement Choices Code and seeks to ensure the retirement income market is meeting the needs of customers with pension pots of all sizes.”
The changes will be fully implemented over the next 18 months, with summer 2015 the targeted completion date. Pensions expert and former Government adviser Ros Altmann said there is “a lot more that needs to be done.” “Despite years of promises and initiatives to raise standards, customers are all too often treated appallingly… The reforms are needed immediately, not in 15 months’ time,” she wrote on her blog.
New rules for crowdfunding
Health beneits key to staff motivation
The Financial Conduct Authority (FCA) has conirmed its new rules for the growing crowdfunding market.
Half of full time employees think health beneits packages improve their job satisfaction, according to research by Investors in People.
The new FCA rules come into efect in April 2014 and cover both types of crowdfunding: • loan-based, which mainly involves peer-to-peer lending • securities-based, where ownership is based on equity
or debt.
In 2013, £480 million was lent to businesses and individuals via loan-based crowdfunding and £28 million was raised through securities-based crowd investment. Type of crowdfunding
FCA regulations • ensure access to clear information for potential investors about their investment
Loan-based
• platform providers must ensure that repayments can be collected if their online platform experiences diiculties The FCA already regulates this market but new rules will allow people to:
Securitiesbased
• invest a maximum of 10 per cent of their assets in equity crowdfunding • invest more than 10 per cent if they are experienced or take professional advice
Christopher Woolard, director of policy, risk and research at the FCA, said: “We want to ensure that consumers are appropriately protected – but not prevented from investing. We have been careful to listen to feedback from the market and the rules provide consumer protection, whilst allowing businesses to continue to have access to this innovative method of funding.”
The poll found that happy employees were seven per cent less likely to take an unnecessary sick day than their unhappy colleagues. The poll found that: • 80 per cent would feel more positive towards their
employer if they ofered better health and wellbeing beneits
• lexible working hours was the most sought-after
beneit with 43 per cent saying it would improve job satisfaction
• health insurance (41 per cent), dental insurance
(23 per cent) and career breaks (10 per cent) were other popular ways to increase employee happiness.
Paul Devoy, head of Investors in People, said: “Organisations need to see staf health and wellbeing as crucial to their business and staf retention. Companies ofering health and wellbeing perks will see real business beneits.” In a separate survey by Westield Health, 74 per cent of employees said knowing their employer cared about their health would increase workplace motivation. Paul Shires, executive director of Westield Health, said: “It’s clear that employers that adhere to the three Cs – consult, communicate and care – are going to have a healthier and happier workforce as a result.”
Important notice
The way in which tax charges (or tax relief, as appropriate) are applied depends upon individual circumstances and may be subject to change in the future. This document is solely for information purposes and nothing in this document is intended to constitute advice or a recommendation. You should not make any investment decisions based upon its content. The value of investments can fall as well as rise and you may not get back the full amount you originally invested. Whilst considerable care has been taken to ensure that the information contained within this document is accurate and up-to-date, no warranty is given as to the accuracy or completeness of any information. Errors and omissions excepted.
[email protected] 0141 956 5525
www.abfm.co.uk
No savings for 1 in 5 adults Nine million people, or one in ive UK adults, had no savings in 2013, a YouGov survey for Scottish Widows has revealed. The survey of 5,000 people found that 67 per cent of UK adults had savings last year, the lowest level since 2011. A further 15 per cent said they didn’t know how much they had put aside. Half of the survey’s respondents said they were saving less than they were two years ago.
The report found that family pressures have a big impact on savings: • 41 per cent reported lending ‘a
substantial amount’ of money to family members
• a quarter of people lent money to
their children • 17 per cent said they had reduced
“It is promising to see that among those who are saving, the amount they have put aside has risen year-on-year. However, it is concerning that despite economic improvements, the number of people who are able to set something aside for a rainy day is actually falling.”
living costs due to family lending. David Lascelles, savings expert at Scottish Widows, said:
Retirement income guidance reforms Pension providers will have to do more to help retirees turn their pension savings into a retirement income, under reforms announced by the Association of British Insurers (ABI).
APRIL 2014
In this month’s Wealth Knowledge newsletter… pension providers will soon have to ofer savers more information and guidance on getting the most from their retirement income. A ifth of Brits have no savings and half are saving less than two years ago. The Financial Conduct Authority has announced new regulations for crowdfunding, designed to give investors more protection. And we explore how employers can increase staf motivation through health and wellbeing beneits.
Talk to us about your savings.
Under the reforms ABI members must: • ofer impartial information or guidance to customers,
including alternatives to annuities • help customers compare diferent annuities • gather information about the customer’s health and
lifestyle for enhanced rates.
...
Arthur Beverly Financial Management is authorised and regulated by the Financial Conduct Authority. Financial Services Register number 485198. Registered in Scotland Number 342744. Registered Office: 22 Backbrae Street, Kilsyth, G65 0NH
... Otto Thoresen, director general of the ABI, said: “The announcement further builds on the Retirement Choices Code and seeks to ensure the retirement income market is meeting the needs of customers with pension pots of all sizes.”
The changes will be fully implemented over the next 18 months, with summer 2015 the targeted completion date. Pensions expert and former Government adviser Ros Altmann said there is “a lot more that needs to be done.” “Despite years of promises and initiatives to raise standards, customers are all too often treated appallingly… The reforms are needed immediately, not in 15 months’ time,” she wrote on her blog.
New rules for crowdfunding
Health beneits key to staff motivation
The Financial Conduct Authority (FCA) has conirmed its new rules for the growing crowdfunding market.
Half of full time employees think health beneits packages improve their job satisfaction, according to research by Investors in People.
The new FCA rules come into efect in April 2014 and cover both types of crowdfunding: • loan-based, which mainly involves peer-to-peer lending • securities-based, where ownership is based on equity
or debt.
In 2013, £480 million was lent to businesses and individuals via loan-based crowdfunding and £28 million was raised through securities-based crowd investment. Type of crowdfunding
FCA regulations • ensure access to clear information for potential investors about their investment
Loan-based
• platform providers must ensure that repayments can be collected if their online platform experiences diiculties The FCA already regulates this market but new rules will allow people to:
Securitiesbased
• invest a maximum of 10 per cent of their assets in equity crowdfunding • invest more than 10 per cent if they are experienced or take professional advice
Christopher Woolard, director of policy, risk and research at the FCA, said: “We want to ensure that consumers are appropriately protected – but not prevented from investing. We have been careful to listen to feedback from the market and the rules provide consumer protection, whilst allowing businesses to continue to have access to this innovative method of funding.”
The poll found that happy employees were seven per cent less likely to take an unnecessary sick day than their unhappy colleagues. The poll found that: • 80 per cent would feel more positive towards their
employer if they ofered better health and wellbeing beneits
• lexible working hours was the most sought-after
beneit with 43 per cent saying it would improve job satisfaction
• health insurance (41 per cent), dental insurance
(23 per cent) and career breaks (10 per cent) were other popular ways to increase employee happiness.
Paul Devoy, head of Investors in People, said: “Organisations need to see staf health and wellbeing as crucial to their business and staf retention. Companies ofering health and wellbeing perks will see real business beneits.” In a separate survey by Westield Health, 74 per cent of employees said knowing their employer cared about their health would increase workplace motivation. Paul Shires, executive director of Westield Health, said: “It’s clear that employers that adhere to the three Cs – consult, communicate and care – are going to have a healthier and happier workforce as a result.”
Important notice
The way in which tax charges (or tax relief, as appropriate) are applied depends upon individual circumstances and may be subject to change in the future. This document is solely for information purposes and nothing in this document is intended to constitute advice or a recommendation. You should not make any investment decisions based upon its content. The value of investments can fall as well as rise and you may not get back the full amount you originally invested. Whilst considerable care has been taken to ensure that the information contained within this document is accurate and up-to-date, no warranty is given as to the accuracy or completeness of any information. Errors and omissions excepted.
