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The Sunday Times carries a disturbing report that families have claimed they were “rushed” into guaranteeing complex, high-cost loans for loved ones without realising their own homes would be at risk. Their investigation has uncovered at least 100 complaints involving Nationwide Corporate Finance, where families say they were left with huge debts.
Apparently, about nine million people are paying too much or too little tax — to the tune of £4bn a year — because of incorrect codes issued by HM Revenue & Customs. A total of six million people are now handing over too much tax annually in at least one pay packet and some have to wait months to be reimbursed.
There’s also a warning that now we’re out of the EU, beware bankers bearing gifts. The advice is not to trust any bank that tells you the loosening of mortgage criteria is an act of consumer empowerment. The idea that we should allow borrowers to set their own terms ended badly before and will do so again.
The Sunday Telegraph has a couple of digs at Google; one article reveals that the reason the internet giant can’t fix scam ads is that it just doesn’t want to.
Warming to their theme, another piece is headlined “’Want to fight scams? It’ll cost you £600k,’ Google tells City watchdog” and goes on to tell us that in an attempt to protect consumers ahead of “ISA season”, when people flock to make the most of their annual tax-free allowance before the end of the tax year, the FCA has resorted to paying the search engine for its own adverts warning of high-risk schemes.
We learn how the Woodford saga derailed retirement plans, house purchases and a wedding, while investors share their reactions as they receive first payouts from frozen Woodford fund.
The Mail on Sunday tells how BP have been told to ditch their Russian stake to save dividend, and that experts say the $15bn sale is crucial as the FTSE 100 giant pledges action on climate.
They call for a change in strategy at the top of the FCA or risk a new Woodford, going on to comment that although the powder-puff City regulator has launched an investigation into the demise of Woodford Investment Management, the probe seems to be progressing at a snail’s pace.
There’s speculation about whether IHT could be replaced by a 10% rate, with MPs calling for the end of 40% duty and a lower gift tax with ‘death allowance’.
Thought for the week – “If you’ve been affected by any of the issues raised in tonight’s episode of EastEnders, they must have been acting better than they usually do.” (Andy Parsons)