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The Sunday Times focuses on the M&G Property fund: they report that investment trust values soar as the fund crisis bites, and that illiquid unit trusts have lost billions as savers rush to pull out their cash.
James Coney also puts the boot in – “Here we go again: a slumping fund and a toothless watchdog...The closure to withdrawals of the M&G Property fund last week echoes so many of the Woodford failings it would be laughable — if it were not so serious.”
He highlights the “pathetic” inaction of the Financial Conduct Authority.
Elsewhere, the paper explores how the energy supply giants are muscling out the minnows; with cheap deals taking their toll on upstarts and more small firms set to fail, the ‘big five’ are heading the ‘best-buy’ lists again.
They also explain how the election will affect personal finances.
The Sunday Telegraph identifies the top 10 income funds which pay a monthly salary, and also investigates the landlord exodus as 100,000 buy-to-let properties are sold.
There’s also advice about retiring 2 years early without saving an extra penny, and answers to the perennial question “Can I gift a property deposit to my grandchildren tax-free?”
They report that the MoneyThing peer-to-peer platform has closed its doors with 44% of loans in default, and that buy-to-let lender has pulled the plug on its peer-to-peer platform.
The Mail on Sunday is a tad sceptical about Land Equity Limited’s offer of 15% interest on a one-year investment in a Birmingham property development.
They suspect they won’t thank you for it now, but ask “Should you give a child a pension for Christmas?” They suggest suitable financial presents to put under the tree.
Unsurprisingly, there’s a rather tetchy piece headlined “First Woodford, now M&G property fund is suspended: when will the City watchdogs learn? These funds MUST be reformed.”
And billionaire Michael Spencer says we MUST get Boris a majority and unleash a boom in Brexit Britain. Claiming that a Corbyn win would be “really quite severely bad”, we can assume he didn’t make his billions from writing.
Your mantra for Monday: “Cats have a scam going – you buy the food, they eat the food, they go away; that’s the deal.” (Eddie Izzard)
