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FCA Data Shows Rise in Cryptoasset Ownership
The FCA has issued its fourth consumer research publication on cryptoassets ownership, showing the results of a survey carried out in January 2021. This shows that an estimated 2.3 million UK adults (4.4% of the total) hold this form of investment, up from 1.9 million one year earlier. The median average amount held in cryptocurrency has risen from £260 to £300.
Younger People More Likely To Be Scam Victims
New research by Citizens Advice contradicts the widely perceived belief that the elderly are most at risk from scammers. The findings show that 9% of under 34s have fallen victim to a scam, compared to just 2% of over 55s.
FCA explains funeral plan authorisation process
The Financial Conduct Authority has issued details of the application process to be followed by funeral plan providers and intermediaries who are intending to apply for authorisation.
FLA issues latest sales data showing recent growth in the credit market
The latest data from the Finance and Leasing Association shows healthy recent growth in most sectors of the credit market, indeed in some cases, the increases have been substantial.
Webinar highlights importance of identifying capability and resilience of vulnerable customers
Tim Farmer, Clinical Director and Co- Founder of Comentis, a cognitive search engine company, presented a webinar on customer vulnerability for qualifications provider the London Institute of Business Finance in June 2021.
ABI says it is concerned by pension withdrawal behaviours
The Association of British Insurers has published a report entitled Future Proofing The Freedoms: Supporting Customer Decisions About Pension Withdrawals. The report indicates widespread concern amongst pension providers about the ways consumers are choosing to access their pension savings. Furthermore, large numbers of people are making decisions on how to access their pots without receiving professional advice, or even consulting the Pension Wise guidance service.
Report suggests many can only expect three years of comfortable retirement
The Pensions Policy Institute has produced a report entitled ‘What is an adequate retirement income?’. It serves to complement other recent studies which have all suggested that a substantial portion of the UK population is likely to struggle to maintain their desired standard of living in retirement.
ICO fines firms over nuisance marketing
The Information Commissioner’s Office has imposed more fines on firms found to have engaged in ‘nuisance marketing’.
FOS annual data shows significant rises in complaints about credit and pensions & investments
The Financial Ombudsman Service’s annual complaints data for the 2020/21 financial year show that the organisation received 278,033 new complaints during the 12 months to March 31 2021. This represents an increase of just 2% compared to 2019/20, but this doesn’t tell the full story, as payment protection insurance complaints have fallen by almost two-thirds, from 122,153 to 42,040.