The reputation of the so far hugely successful auto enrolment initiative to get people saving for old age could suffer a huge hit if workers belatedly found their entire pots had been eaten by fees.
Generations in crypto: how Bitcoin and co. are becoming a family business
Now that ryptocurrencies are becoming more mainstream, people may be drawn in after seeing their parents or kids making gains
There was a time when teenagers would beg their parents to lend them a few hundred pounds to buy some weird internet thing called Bitcoin.
Nowadays, those former teenagers may either be sitting on a fortune or kicking themselves for the missed opportunity.
Cryptocurrencies have now become more mainstream: a recent survey by comparison website Finder showed that 19% of UK residents owned some, compared to 3% in 2018.
The pandemic may have helped with that, as people stuck at home were looking for ways to improve their financial situation or embark on new projects.
Village bell-ringers and local bowls clubs are having their bank accounts closed by HSBC in a crackdown on money laundering.
Last month, Money Mail revealed how the international bank had shut down the account of a pigeon racing club, and we have since heard from other community groups which have also been hit.
Under action by the bank to prevent money being moved for the use of terrorism or the drug trade, these clubs are facing demands for more personal details and records and having their accounts closed if they cannot comply.
Nightmare: The Finchampstead Handbell Ringers had their account closed by HSBC
So far, DC plans have largely been focused on the onset of auto-enrolment and changes to the regulatory framework - be it the ‘charge cap, ‘pension freedoms or consultations around ‘value for money , says Annabel Tonry, Executive Director at J.P. Morgan Asset Management (JPMAM).Download
In 2015 George Osborne, then the UK Chancellor of the Exchequer, decided that those age over 55 could take much more of their pension in cash. This has since opened up a range of possibilities for DC scheme members in the world of pensions.Download
Find whitepapers