Red faces at Lloyds Banking Group, Ineos, NS&I

The Sunday Times leads with the good news that 634,000 Halifax and Scottish Widows investment customers are to get a fund fee cut from Lloyds Banking Group. The bad news is that they’ll have to wait 12 years.

Elsewhere, accompanied by a picture of a gurning Nigel Farage, we are told that thousands of retired British expats in Europe could be hit with punitive charges to access their pension pots if their UK bank accounts are closed after Brexit. They may be forced to re-route their retirement funds through accounts held by European banks, leaving them exposed to hidden fees and poor exchange rates.

The paper goes on explore why ordinary investors shouldn’t shy away from those ‘overvalued’ tech stocks such as Amazon and Netflix; there are different ways of measuring a firm’s growth potential.

The Mail on Sunday is intrigued that high-profile Brexiteer Sir Jim Ratcliffe, chairman and CEO of the Ineos chemicals group and Britain’s fifth-wealthiest man with £12.2bn, has become an official resident of Monaco because “he’s so rich, he can’t afford to pay his taxes”.

They report that banks are ready to bring back dividends, with NatWest and Lloyds giving hope to investors as the anticipated jobs crisis threatens a bleak winter for the economy.

We learn that National Savings & Investments is plunging into a customer service meltdown – hitting savers with delays after state-owned NS&I, which offers secure savings backed by the Treasury and has more than 25 million customers, last week slashed the rates on its most popular accounts to as little as 0.01 per cent.

The Sunday Telegraph reveals that scam claims firms are preying on timeshare mis-selling victims; Covid-19 has prompted timeshare customers to seek an escape from unfair contracts, but experts have warned that unscrupulous firms are seeking to capitalise on this trend. KwikChex, an independent investigation service, estimated that consumers had lost more than £150m to these “double dip” scams.

The paper points out that although the state pension will rise next year after the Government moved to remove a barrier to the “triple lock”, there is no guarantee that the policy will be left untouched, industry experts have warned.

And despite several high-profile fund managers coming unstuck over the past year or so, the paper looks at six five-star fund managers your clients can put their faith (and money) in.

Irony of the day – “I’m very cheerful about coming back to the U.K. We increasingly found ourselves gravitating towards London.” (Sir Jim Ratcliffe, 2015)

Keep safe, keep well and keep to the Covid-19 rules, however irritating they may prove.

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