Sunday’s Money pages

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The Mail on Sunday has advice about what should you do with your investments as stock markets fall; they’ve lined up five financial gurus to comment.

From lost wages to mortgages and cancelled events, the paper suggests how to keep your family finances safe in the great shutdown.

There’s also an item which reckons the corona collapse will make the aftermath of the financial crisis look like the teddy bear’s picnic, although it’s “teddy bears’ picnic” as any fule kno.

The Sunday Times highlights the flaws in the pension freedom policy, reporting how retired people who took advantage of the pension freedoms have been hit hard by the coronavirus turmoil after years of being encouraged to take more risk with their funds. One such saver has seen the value of his portfolio plunge by about 40%.

There’s a worrying warning that a crucial bank fraud security measure due to be introduced within weeks has been delayed because of the disruption caused by Covid-19. Just as millions of people are expected to avoid branches and use online services, banks have postponed their plans for an extra layer of protection.

The paper tells savers to expect more pain, as more than 60 savings accounts have been pulled from the market or had their rates chopped in the past 10 days, after emergency moves by the Bank of England in response to the coronavirus.

The Sunday Telegraph doesn’t appear to have updated its Money page since Friday, so we hope all is well there.

However, their lead stories include the news that mortgage lenders have effectively been banned by the FCA from repossessing customers’ property until the coronavirus crisis passes.

They acknowledge that Britain’s five million-strong self-employed army has been thrown a lifeline by the Government – but they ask “is it enough?”

Beware the rogue bond site which tells investors they can ‘beat coronavirus’; as stock markets have fallen at their fastest rate in years, scammers are looking to take advantage of worried investors.

Just a thought “There’s one way to find out if a man is honest – ask him. If he says, ‘Yes,’ you know he is a crook.” (Groucho Marx)

Please stay safe and if you don’t absolutely have to be somewhere, then don’t go there.

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