Welcome to your regular financial news round up. We may be a little optimistic, but there is a definite hint of spring in the air here in Cornwall! Make the most of it before the spring showers arrive…
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£4.3 million fine for Lloyds
Lloyds banking group has been fined £4.3 million by the Financial Services Authority (FSA) for failings in their systems and controls which meant that around 140,000 customers faced delays in receiving compensation for mis-sold payment protection insurance (PPI).
Demands for HMRC to ‘name and shame’
The group of MPs who make up the influential Public Accounts Committee have been investigating tax avoidance schemes in recent months and have called for HMRC to ‘name and shame’ those who use aggressive tax avoidance schemes.
Holiday home owners face tax bills
Holiday home owners face the possibility of Inheritance tax bills after a 2011 ruling regarding holiday lets being able to claim business property relief with regard to Inheritance tax was overturned by a High Court judge after an appeal by HMRC.
Retired Britons’ money to run out
A global report carried out by HSBC bank suggests that British workers will run out of savings only a third of their way through retirement, with savings being adequate for the first seven years of retirement but not beyond that. The findings put the UK at the bottom of 15 nations surveyed.
37 more HMV shops to close
Troubled music and entertainment retailer HMV is to close another 37 outlets, the administrators Deloitte have announced. The closures will take place over the next few weeks and are in addition to the 66 outlets already marked for closure. It will also mean the loss of a further 464 jobs.
Source: BBC News
MPs brand ‘Welfare to Work’ scheme ‘extremely poor’
The Government’s Work Programme, a multi-billion pound scheme designed to help people back into work, has been described as ‘extremely poor’ by the group of MPs who make up the Public Accounts Committee. In the first 14 months of the Work Programme only 3.6% of people on the scheme have found secure employment.
Source: BBC News