The Sunday Times leads with the story that Hargreaves Lansdown is to scrap its controversial Wealth 50 best-buy list just 16 months after it was launched. In a series of sweeping changes after the Woodford scandal, Hargreaves is to introduce a Wealth Shortlist.
The choice of funds for the list will be overseen by a new independent panel separate from the company’s existing product governance committee and Hargreaves will also appoint two new independent directors to oversee governance and investment decisions.
A new pandemic risk has appeared as hackers have put more than 500,000 logins for the video conferencing app Zoom up for sale on the dark web at a penny each.
The National Cyber Security Centre, a branch of GCHQ, has issued a warning about using Zoom and its rivals. It says that meetings should always be protected by passwords and only the person hosting the call should be able to share their screen with everyone joining.
They also report that Sipp firms are pushing up the cost of the savings safety net; pension companies are under growing pressure to take more responsibility for the investments their clients make amid a rise in claims against failed providers.
The Sunday Telegraph reports how a client lost £66,000 after St. James’s Place botched their pension transfer; it appears that hundreds of thousands have given up gold-plated final salary pensions for more flexible access.
Good news as an emergency pension extension is announced to stop NHS workers being hit by huge tax bills; NHS staff have been given breathing space to tackle tax charges.
The paper poses the question “Spanish and Italian banks stepped up to support customers – why can’t British ones do the same?”
The Mail on Sunday reveals that Housing Minister Christopher Pincher will host a video conference call with the trade body for estate agents to discuss how people can safely begin buying, selling and moving home again. Government officials last week held a series of Zoom video conferencing calls with working groups to come up with a range of measures to reboot the housing market.
There’s positive news as they tell about the pub landlord who’s turned into a click and collect grocer, and other nimble entrepreneurs who’ve reinvented their businesses during the crisis.
And while dividends are drying up, the paper offers a few drops of comfort as investors are set to lose a scary £35 billion.
Here’s something I asked a friend yesterday – “If flatulence can get through underwear and strong denim, how will a mask made out of an old handkerchief protect you from coronavirus?”
Answer came there none…Nevertheless, keep your distance and stay as safe as you can.
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