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.
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.
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.
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.
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.
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.
The Information Commissioner’s Office has imposed more fines on firms found to have engaged in ‘nuisance marketing’.
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.
Additional research highlights the pension gender pay gap, and also how many savers don’t engage with their pension
New research by Legal & General has highlighted the gender gaps that still exist when it comes to pension provision.
The FCA published a consultation paper on 14/05/2021 wherein it proposes to introduce ‘higher levels of consumer protection’ for firms whose regulated products or services are sold to ‘retail clients’ the FCA define this as all clients other than ‘professional clients’ who are large corporate entities and government bodies, this means SMEs are included within the Consumer Duty rules. The most significant proposal within this consultation includes the FCA seeking to implement an established duty of care between retail clients and regulated firms.