Arthur BeverlyPWP WK June14 blue
2 Stewart Street Milngavie Glasgow G62 6BW
[email protected] 0141 956 5525
More mortgage products after reforms The number of mortgage products available to brokers has increased by 5% after the implementation of the Financial Conduct Authority’s (FCA) Mortgage Market Review (MMR) in April 2014. The Mortgage Advice Bureau has found that there were 7,942 products available in April 2014, up by 373 in March. However, the number of direct products decreased by 2% in April 2014.
Brian Murphy, head of lending at the Mortgage Advice Bureau, said: “MMR has made getting advice an integral part of securing a mortgage, and we are already seeing the consequences with a signiicant shift in the focus of new products from direct to intermediary channels.” Paul Smee, director general of the Council of Mortgage Lenders, said:
“The FCA’s new regulation of mortgages has now been introduced, but it will still be some time until we can assess its efect on the market. “We do not anticipate prolonged disruption to the market as a consequence. But we still see afordability constraints as an important factor in determining the level of demand for mortgages which we see over the next year.”
Savings accounts ‘poor value’ Instant access savings accounts, cash ISAs and regular savings accounts are the most popular ways to save, according to a survey by Santander.
However, a study by Which? found that three quarters of savers don’t think banks do enough to help them get a good deal.
Key indings from the Which? research: • savers are missing out on
£4.3 billion a year by leaving money in poor value accounts
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
www.abfm.co.uk
New mortgage lending rules have led to an increase in the number of mortgage products available. Most easy access saving accounts ofer poor value for savers despite being the most popular way to save, according to research. A quarter of employees don’t know how much their workplace pension is worth. And we look at the new workplace dispute rules aimed to limit the amount of cases going to tribunal.
JUNE 2014
In this month’s Wealth Knowledge newsletter…
• 16% of savers have switched
their main savings account in the last 12 months • 35% haven’t switched because
they don’t think it will afect their savings.
Richard Lloyd, executive director of Which?, said: “With many savers never switching because they don’t think it will make a diference, savings providers should do more to help their customers get the best deal. They
need to be clear about interest rates, let people know when bonus rates come to an end and make it easier for people to switch ISAs. “Banks and building societies must scrap the savings trap and free savers from poor value accounts.”
A quarter unaware of pension value
New workplace dispute rules in force
More than a quarter (28%) of employees in a deined contribution workplace pension scheme say they have “no idea” how much their pension is worth, according to research by Capita Employee Beneits.
New employment regulations designed to limit the number of workplace disputes going to tribunal came into force on 6 May 2014.
A quarter could only make a rough guess at the value of their pot and more than half (54%) do not know how much they need to save for retirement. The survey reveals that poor communication was the main reason for many not understanding their schemes: • 34% of respondents said they did not know where
their pension contributions were invested • of these, 46% said they had been told but the
information was too complicated to understand • 55% said that pensions jargon makes retirement
planning harder • 48% said they would be more likely to save into a
pension if they understood how it worked. Louise Harris, head of client communications for Capita Employee Beneits, said: “If we’re to create a nation of savers, it’s absolutely crucial people are engaged in pensions, understanding how much they have and need, so they can adapt their contributions and choose where they invest, while regularly checking to see they are on track. Employers must therefore provide clear, good quality information, in order to empower people to make these kinds of choices.”
The Early Conciliation service requires employees to contact the Advisory, Conciliation and Arbitration Service (ACAS) before making a tribunal claim. ACAS will then try to resolve the dispute without legal action. If no agreement is reached after ACAS has been contacted, a conciliation certiicate will be issued. A claim will not be accepted by a tribunal without the certiicate. It had not previously been compulsory for employees to contact ACAS before making a tribunal claim. However, since 6 May, all employees are required by law to notify ACAS irst. Since the scheme launched in April 2014: • 1,000 people every week have contacted ACAS
about early conciliation • 98% of people who have contacted ACAS about
early conciliation tried the service • the irst early conciliation case was settled within
24 hours of the launch • 100 employers have tried early conciliation.
Sir Brendan Barber, chairman of ACAS, said: “Early conciliation has got of to a very good start and has given us the chance to help more people resolve their disputes early as well as save taxpayers some of the cost of running the tribunal system.”
Important Information
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. Your home may be repossessed if you do not keep up repayments on your mortgage. 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
More mortgage products after reforms The number of mortgage products available to brokers has increased by 5% after the implementation of the Financial Conduct Authority’s (FCA) Mortgage Market Review (MMR) in April 2014. The Mortgage Advice Bureau has found that there were 7,942 products available in April 2014, up by 373 in March. However, the number of direct products decreased by 2% in April 2014.
Brian Murphy, head of lending at the Mortgage Advice Bureau, said: “MMR has made getting advice an integral part of securing a mortgage, and we are already seeing the consequences with a signiicant shift in the focus of new products from direct to intermediary channels.” Paul Smee, director general of the Council of Mortgage Lenders, said:
“The FCA’s new regulation of mortgages has now been introduced, but it will still be some time until we can assess its efect on the market. “We do not anticipate prolonged disruption to the market as a consequence. But we still see afordability constraints as an important factor in determining the level of demand for mortgages which we see over the next year.”
Savings accounts ‘poor value’ Instant access savings accounts, cash ISAs and regular savings accounts are the most popular ways to save, according to a survey by Santander.
However, a study by Which? found that three quarters of savers don’t think banks do enough to help them get a good deal.
Key indings from the Which? research: • savers are missing out on
£4.3 billion a year by leaving money in poor value accounts
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
www.abfm.co.uk
New mortgage lending rules have led to an increase in the number of mortgage products available. Most easy access saving accounts ofer poor value for savers despite being the most popular way to save, according to research. A quarter of employees don’t know how much their workplace pension is worth. And we look at the new workplace dispute rules aimed to limit the amount of cases going to tribunal.
JUNE 2014
In this month’s Wealth Knowledge newsletter…
• 16% of savers have switched
their main savings account in the last 12 months • 35% haven’t switched because
they don’t think it will afect their savings.
Richard Lloyd, executive director of Which?, said: “With many savers never switching because they don’t think it will make a diference, savings providers should do more to help their customers get the best deal. They
need to be clear about interest rates, let people know when bonus rates come to an end and make it easier for people to switch ISAs. “Banks and building societies must scrap the savings trap and free savers from poor value accounts.”
A quarter unaware of pension value
New workplace dispute rules in force
More than a quarter (28%) of employees in a deined contribution workplace pension scheme say they have “no idea” how much their pension is worth, according to research by Capita Employee Beneits.
New employment regulations designed to limit the number of workplace disputes going to tribunal came into force on 6 May 2014.
A quarter could only make a rough guess at the value of their pot and more than half (54%) do not know how much they need to save for retirement. The survey reveals that poor communication was the main reason for many not understanding their schemes: • 34% of respondents said they did not know where
their pension contributions were invested • of these, 46% said they had been told but the
information was too complicated to understand • 55% said that pensions jargon makes retirement
planning harder • 48% said they would be more likely to save into a
pension if they understood how it worked. Louise Harris, head of client communications for Capita Employee Beneits, said: “If we’re to create a nation of savers, it’s absolutely crucial people are engaged in pensions, understanding how much they have and need, so they can adapt their contributions and choose where they invest, while regularly checking to see they are on track. Employers must therefore provide clear, good quality information, in order to empower people to make these kinds of choices.”
The Early Conciliation service requires employees to contact the Advisory, Conciliation and Arbitration Service (ACAS) before making a tribunal claim. ACAS will then try to resolve the dispute without legal action. If no agreement is reached after ACAS has been contacted, a conciliation certiicate will be issued. A claim will not be accepted by a tribunal without the certiicate. It had not previously been compulsory for employees to contact ACAS before making a tribunal claim. However, since 6 May, all employees are required by law to notify ACAS irst. Since the scheme launched in April 2014: • 1,000 people every week have contacted ACAS
about early conciliation • 98% of people who have contacted ACAS about
early conciliation tried the service • the irst early conciliation case was settled within
24 hours of the launch • 100 employers have tried early conciliation.
Sir Brendan Barber, chairman of ACAS, said: “Early conciliation has got of to a very good start and has given us the chance to help more people resolve their disputes early as well as save taxpayers some of the cost of running the tribunal system.”
Important Information
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. Your home may be repossessed if you do not keep up repayments on your mortgage. 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.
