Personal bankruptcies in England and Wales have leapt by 75 per cent to their highest levels in three years, according to credit-rating agency Experian.It says there were 480 new bankruptcies in June 2005 compared with 275 in the same month in 2003. This increase brings the total in the first half of this year to 2,496 – 513 more than in the same period in 2004 and 906 higher than in 2003. As well as the impact on individuals’ credit scores, people declaring themselves bankrupt are also forbidden from being elected in council elections, standing for Par- liament and managing a limited company. Experian says more than 5,000 people have gone bankrupt since the Enterprise Act came into force in April last year, cutting the average length of time until discharge from bankruptcy from three years to one year. Director of consumer affairs Jill Stevens says: “Although, for some, bankruptcy is the best solution, it is important that people do not see it as the easy option to rid themselves of their debts. Bankruptcy has some very serious repercussions that will affect the debtor for many years after they have seen their bankruptcy order discharged. “People really have to consider bankruptcy as a last resort. I would strongly urge them to ask for help as soon as they can and not to let the situation get worse.”
Tax-free cash lump sums should not be the automatic choice of workers in final-salary schemes, says Standard Life’s John Lawson. Scheme members risk slashing their pension income because commutation rates, which determine how much cash they get for each pound of pension given up, have not moved to reflect falling annuity rates. The problem is […]
Aviva is making 330 staff redundant from the Morcambe and Darlington RAC call centres.The Morecambe site, dealing with insurance sales and customer service, will close in November creating 120 job losses.Darlington, dealing with insurance customer service, will shut down by April 2006, losing 210 jobs. The workload of both closed sites will pass to call […]
James Salmon follows the progress of Aifa’s Stakes in the Ground initiative to protect IFAs against retrospective regulatory action
New Star has appointed Richard Wilson as UK retail marketing director, following the recent appointment of Phil Wagstaff as managing director of retail sales and marketing who starts on September 7th. Wilson has been with New Star since 2003 as director of investor communications.
What might Trump’s policy proposals mean for markets and key components of the US economy going forward? The questions outnumber the answers at present. Loomis Sayles Macro Strategies takes a look at the impacts of the US election. Click here
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Justin Modray says the RDR will make little difference in the way most advisers are paid.
M&G is merging its Global Leaders fund into the Global Themes fund in the wake of a review resulting from fund manager Aled Smith’s decision to step down. The proposed merger has been approved by the regulator but is still subject to approval from shareholders. The Global Themes fund will continue to be managed by […]
Face-to-face advice still holds a firm place in serving clients, despite an increasing demand for mobile and remote services in adviser practices. Research from consolidator Fairstone from November shows there has been a 10 per cent decrease in the use of face-to-face financial advisers over the past seven years. However, advisers speaking to Money Marketing […]