Five million pension savers could be susceptible to the common tactics used by scammers to steal retirement savings, research suggests. Two-fifths (42%) of 45 to 65-year-olds with a pension could end up putting themselves at risk, according to a survey released by the Financial Conduct Authority (FCA) and the Pensions Regulator (TPR). Presented with six scam scenarios, they said they would act in one or more ways which could potentially leave them exposed to fraud. This could equate to five million people being susceptible to pension scams if the survey findings were projected across the UK.
UK GDP contracted by 0.2% in Q2 following growth of 0.5% in the first quarter, according to the latest ONS statistics. Its figures show that rolling three-month growth - comparing quarterly GDP with the previous three-month period - contracted for the first time since Q4 2012. Rolling three-month growth was negative 0.2% in June, continuing the steady decline that followed the relatively strong growth seen earlier in the year.
The number of mortgaged properties taken into possession rose by 15% in Q2 compared to the same quarter in 2018, according to the latest data from UK Finance. 1,270 were repossessed in the quarter, however UK Finance says the figure remains "well below the levels seen between 2009 and 2014" and attributed the rise to a backlog of historic cases which are currently being processed. 590 buy-to-let mortgaged properties were taken into possession in the second quarter of 2019, 2% more than in the same quarter of the previous year.
Robert Jenrick, who was appointed Secretary of State for Housing, Communities and Local Government in Boris Johnson's new Cabinet, has refused to rule out extending the Help to Buy Scheme.
FCA has outlined a ban on contingent charging for pension transfer advice as part of a new package of proposals. The regulator says the ban will help to "protect customers from the conflicts of interest which arise where a financial adviser only gets paid if a transfer goes