Posted by: WealthIFA | December 9, 2011

Financial News Update we 09/12/2011

Not sure about you but our tree is up, the lights are on and we have already sat and watched both “Polar Express” as well as “A Christmas Carol”!

It was also the start of Christmas nativities this week, although our eldest was in a “performance” – perhaps “nativity” is not as cool when you are in key stage 2?!!…

In the news it’s been a busy week for HSBC too.

In case you missed it, they have been fined by the regulator for inappropriate advice given to vulnerable people in care homes who sought advice on paying their care fees. The fine related to a company they purchased (NHFA) who were a dominant entity as far as care fees advice was concerned. There has been a plethora of articles on this but, in case you haven’t seen any, I have highlighted a couple below.

Aside from the obvious detriment to those involved and whilst I am sure it was not the intention of the media to discourage obtaining advice when it comes to paying for care, is that those reading the articles or watching the subject on television will now be even more reluctant to do so as the issue of who to trust is once again brought to the forefront.

As an adviser on this subject I spend many hours each week talking to those affected, their families or attorneys/legal representatives but I know that there are many others “out there” who are not seeking advice (of the 50,000 or so self funders who entered care last year, only around 7,000 sought advice on their options) so this sort of news will only make it harder to get the information to these people.

That said, if it were easy then I guess everyone would do it so the updates, newsletters, seminars, advice and so on will continue from my end and I hope that more people will take the opportunity of discussing their situation with an appropriately qualified individual who is, more importantly, acting in their interests.

This Week …

Estate Planning

Official table confirming the 2012-13 tax rates and thresholds http://bit.ly/s88J4Q

Long Term Care

HSBC faces £40m bill for mis-selling to elderly in care: http://bit.ly/tevVOI
Investment bonds gain as INA products dwindle: http://bit.ly/tkr0gA
HSBC to widen mis-selling bond review: http://bit.ly/rWpEb1
Age UK to repay money made from referrals: http://bit.ly/ufKciE

Retirement

Almost half of Brits unaware of annuities: http://bit.ly/vyNprn

Investments

UK interest rates kept on hold at record low of 0.5% http://bbc.in/ssPlr8
Treasury plan for Isa top-up is announced http://bbc.in/u1QOxm
Rise of the Civets investment funds http://bbc.in/sWSJV5

Have a great weekend!

Regards
Kieron

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