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Britain a &#39can&#39t save, won&#39t save&#39 society – IFA Promotion

Two thirds of people claim they can&#39t afford to save more, but spend at least £54 billion a year on unnecessary luxuries, according to research by IFA Promotion.

The survey shows 13 million people claim they can&#39t afford to save anything over 3 million of these non-savers are finding ways to keep buying unaffordable luxuries, mostly by taking on extra debt.

David Elms, Chief Executive of IFA Promotion, says, “We&#39ve become a &#39can&#39t save, won&#39t save&#39 society, where luxuries are the &#39new needs&#39 and millions of us have lost the basic ability to budget. Most of us claim we can&#39t save, but continue to spend thousands of pounds a year on luxury goods and services. People need to retake control of their spending and borrowing, and start saving more for their future.”


SimplyBiz setting up network

IFA service company Simply-Biz is joining forces with IFA firm Kilminsters to launch a nursery network aimed at offering a smooth ride to direct regulation for start-up firms and network leavers.Called Simply Stepping Up, the compliance regime is designed as a stepping stone, with members expected to become directly regulated within about six months.Members will […]

IFAs point to NU&#39s penalty spot

Norwich Union&#39s equity-release product has come under heavy criticism from brokers and providers, who say its early repayment charges are unacceptable.The ERCs on NU&#39s product are mark to market, meaning they are linked to long-tem gilt yields.If interest rates go up, the customer will pay no ERC but if rates go down, the ERC could […]

Nick Poyntz-Wright

Economics and statistics&#39 graduate Nick Poyntz-Wright thought he had got his sums right when he joined an insurer as an actuarial trainee.The graduate thought he was fast-tracking his way to the top but the slight miscalculation was that it was Salisbury-based UK Provident he joined in the mid-1980s. Within two years, the insurer found itself […]

Lifeboat and Briefing set up pension transfer deal

IFA firm Lifeboat has linked up with pension specialist Professional Briefing to offer a pension transfer service.Lifeboat Pensions Solutions will be available to all 2,000 Lifeboat agents and advisers through Professional Briefing, where Money Marketing technical expert Keith Popplewell&#39s is managing director.Lifeboat Group has recently amalgamated all four sections of its business into one single […]


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