Morgan Stanley scales back mortgage business

ACA warns of private-sector pensions collapse

The private pension sector has suffered a ‘seismic collapse’ according to a survey by the Association of Consulting Actuaries (ACA). The ACA revealed today that nine out of 10 private sector defined benefit schemes, which promise a pre-determined monthly benefit on retirement, have been closed to new entrants and four out of 10 are closed [...]

Quarter of final-salary pension schemes closed

Nearly a quarter (24 per cent) of private-sector final-salary pension schemes were closed in 2011, according to the National Association of Pension Funds (NAPF). In comparison, just 3 per cent of final-salary pension schemes closed in 2008, while the proportion increased to 17 per cent in 2010. It is estimated that the closure of this [...]

Short-service pension refunds to be banned

Employees who have been with a company for less than two years will no longer be eligible for a refund of the money they have paid into a defined-contribution pension scheme, under proposed reforms. The change, which is designed to stop employees leaving a firm without a pension, has been welcomed by the National Association [...]

Accounts failing to inflation-proof savings

Research by comparison site Moneyfacts has found that there is not one single savings account currently available that will completely protect taxpayers’ savings from the effects of tax and inflation. The latest figures show that inflation fell slightly in November, from 5.0 per cent to 4.8 per cent, on the Consumer Prices Index. This means [...]

Rental costs fell in November

LSL Property Services, which includes Your Move and Reeds Rains, announced a 0.4 per cent drop in rent for a ‘typical’ property to £717 in November. Rents have been rising throughout the year, driven by increased demand from people unable to afford to buy a propert and November’s decline marked the first fall in rent [...]

New rules may ease negative equity problems

The FSA’s report into lending, due to be published next week, is expected to include proposals to help home owners in negative equity. The Council of Mortgage Lenders estimates that one in 12 homeowners are in negative equity, with their home now worth less than the price they paid for it, making it impossible for [...]

Student Loans Company warns of phishing attack

The Student Loans Company is contacting customers who it believes may have had their personal details compromised as a result of a phishing attack. The email attack was designed to steal students’ personal details and the company is advising students that a genuine email from the company would never ask them to divulge personal or [...]

Brits losing faith in inflation strategy

The Bank of England’s latest inflation attitudes survey suggests that fewer people believe inflation is being controlled effectively with interest rates. In August, when the survey was last carried out, the proportion satisfied that the Bank was doing its job to set interest rates to control inflation, versus those dissatisfied, was 16 per cent, but [...]

CML warns house repossessions will rise

The Council of Mortgage Lenders (CML) expects the number of house repossessions to increase by 21.6 per cent from 37,000 this year to 45,000 in 2012 due to an increase in unemployment and falling household incomes. The CML also expects housing transactions to fall next year, with 825,000 homes expected to be sold compared with [...]

Banks to display deposit protection signs

The Financial Services Authority (FSA) is introducing new rules which will require banks and building societies to display clear signs at branches and on their websites, telling customers their savings are protected. The sign will tell savers: “Your deposits are protected up to £85,000 by the Financial Services Compensation Scheme, the UK deposit protection scheme. [...]