Money: latest news
07 April 2021
Pension savers fall into allowance tax trap
More than 1,000 pension savers every working day became subject to Money Purchase Annual Allowance (MPAA) rules last year, just by taking their first taxable pension payment from a defined contribution pension, analysis of HMRC figures by Just Group reveals. The rules mean that once you’ve taken a taxable payment you can only pay in up to £4,000 a year into your pension, rather than the standard Annual Allowance of £40,000. Learn more in our article What is the Money Purchase Annual Allowance?
Pedal bike thefts soar
The number of claims for pedal bike thefts has increased by 66% since the pandemic (March 2020 – February 2021), compared to the same period the previous year, according to insurer Admiral. Analysis of the insurers’ data found that pedal bike thefts accounted for 32% of all theft claims since the pandemic began, compared with 14% the previous year, with an average claim of £580. If you’re looking to buy insurance to protect your bike, you can compare quotes using this bicycle insurance comparison tool.
Beware bank scam texts
Growing numbers of people are being targeted by scam texts, the Chartered Trading Standards Institute, has warned. There has been a significant rise in cases, pretending to be security messages from a bank requesting confirmation of a payment made from a digital device not used before, or asking the recipient to tap a link to confirm payment to a named person. All of the phone messages contain links that request the recipient’s bank login details, putting the targeted person at serious risk of theft and banking fraud. Learn more about Types of scam and how to avoid them.
Don't suffer in silence
Nearly a third of us admit we try to cope with money problems and challenges alone, according to research by the Mortgage Advice Bureau. An even higher number (41%) are cautious about talking to their closest family members about money or financial problems and one in four (24%) don’t feel comfortable talking about money challenges with a mortgage or financial adviser, even though this could make them feel better. Read our article Are money worries affecting your mental health? to learn why it’s vital to get help if you’re struggling financially.
Shop around for home cover
A significant number of homeowners could be overpaying for home insurance by buying a policy put forward by their mortgage provider instead of searching for the best deal, analysis by comparethemarket.com found. In a survey of over 2,000 homeowners, almost a third (30%) took out a home insurance policy through their mortgage provider at the time of purchase, instead of shopping around, even though households can save on average £104 by shopping around. If your current cover is up for renewal soon, you can compare quotes and switch online using this home insurance comparison tool.
'Buy now pay later' customers charged incorrectly
Thousands of people are being penalised or pursued for ‘buy now, pay later’ (BNPL) debts incorrectly, as a direct result of errors by retailers and credit companies, says Resolver, a free service to help people make complaints. Resolver claims it has so far has helped people sort out more than 17,500 issues with buy now, pay later credit in the last two years. One in ten of these relate specifically to issues to do with returned items, resulting in people potentially defaulting on credit deals unfairly. Find out more about How ‘Buy Now Pay Later’ schemes work here.
Money: latest news
31 March 2021
2.5 million people face financial crisis
This week is Debt Awareness Week, which aims to help 2.5m people who are facing a financial crisis due to coronavirus to take the first step towards resolving their money worries. Charity StepChange, which runs the annual campaign, wants to encourage people to seek free, expert debt advice to help them move towards financial recovery. Learn more in our article Serious debt: Your options explained.
Beware burglars during lighter months
Opportunistic burglaries increase by almost 10% in the summer months, according to claims data from Co-op Insurance. The insurer found that four out of 10 home thefts which occur after daylight saving are categorised as ‘opportunistic’, which means they generally happen when windows and doors are left open, or when valuable items are left out in the garden. Find out why having comprehensive home insurance is important in our article Your essential guide to home insurance.
One in three reduce work to care for elderly family
Nearly one in three people (28%) aged from 45-64 who are providing informal care for elderly family or friends say they have had to reduce their hours or stop working altogether, costing them an average of £6,300 a year in earnings. Research by retirement specialists Just Group found that many people have delayed making provision for long term care because they are waiting for clarity on social care policy. Our article How to pay for long-term care explores some of the available options.
Green homes grant scrapped
The government has scrapped its Green Homes Grant which offered households grants to make their homes more energy efficient. Anyone who has already had their applications for vouchers under the scheme accepted will receive any money they’re owed, but no new applications will be accepted after today (March 31). Learn more about how the scheme worked in our article Could you claim up to £5,000 to make your home more energy efficient?
Are you making the most of your end of tax year planning opportunities?
The end of the 2020/21 tax year on April 5 is fast-approaching, so you’ll need to act quickly if you want to make the most of your annual tax allowances, such as Inheritance Tax gifting rules, and your £20,000 individual savings account (ISA) allowance. Find out more about some of the options that may be available to you in our article Make the most of tax year end planning opportunities.
Hybrid accelerates as most popular car
One in four (26%) UK drivers plan to opt for a hybrid car as their next vehicle purchase, according to a report from Close Brothers Motor Finance. Only 22% of drivers plan to buy a petrol car next, down from 37% last year. Just 8% of drivers want a diesel car next, down from 12% last year. If you’re considering buying a new car imminently and are looking for insurance you can compare car insurance quotes here.
Money: latest news
24 March 2021
Investment scam victims lured in online
Four in 10 victims of investment scams were targeted via email, search engines, adverts on Facebook or other non-social media or search engine online adverts, according to research by consumer association Which? Average losses to ‘clone’ scams, those using websites replicating legitimate firms, average £45,000. Find out more about scams in our article Types of scam and how to avoid them.
Travelodge offers bargain rooms
Travelodge has released over two million ‘Saver rate’ rooms for £29 or less for stays from 17th May 2021 until 31st January 2022. Saver rate bookings are non-refundable, but you can amend your arrival date up until 12 noon on your day of arrival. Find out more about the offer and book rooms at Travelodge.
Is your fixed energy tariff expiring soon?
There are 98 fixed term energy tariffs expiring at the end of this month, data analysed by Forbes Advisor UK shows. Those who don’t switch will be moved onto their suppliers’ standard variable tariffs, which are the tariffs Ofgem’s energy price cap applies to and which is set to rise on 1 April, and could see their bills rise by as much as £326 a year. it’s easy to beat the price cap by moving, so if you’re about to move onto a default tariff you should see if you can reduce your energy bills with this energy comparison tool.
Retirees opt for drawdown
Retirees are more than three times more likely to opt for drawdown than an annuity, research by Hargreaves Lansdown found. Between October 2019 and March last year, the number of pension pots accessed as drawdown, but not fully withdrawn, was 95,493, while the number of pension pots used to buy an annuity was 31,138. Learn more about annuities in our article Annuities explained and about drawdown in our guide to How pension drawdown works.
Morrisons More loyalty scheme set to change
The Morrisons More Card loyalty scheme will change from a points-based card scheme to a money off and instant rewards based system delivered through the More App from 10th May 2021. Morrisons More Points will no longer be applied to your shop from this date, but you can still continue to use your More Card to receive personalised offers based on what you buy. Any points on your account when the scheme ends will remain valid until the 9th August 2021. Learn more about how the new scheme will work at Morrisons.
Half of renters forgo home cover
Half of people who rent rather than own their homes have no home contents insurance in place, despite the contents of an average property amounting to £25,126, according to a poll by Nationwide Building Society. Nearly a fifth of renters mistakenly believe that it’s the landlord’s responsibility to arrange contents insurance, whilst others don’t arrange cover as a way of reducing their monthly outgoings. Learn about the importance of home insurance in our article Your essential guide to home insurance.
Money: latest news
17 March 2021
Car insurance loyalty costs £720m a year
More than 17m motorists auto-renewed their car insurance last year at a cost of £720m, according to research by MoneySuperMarket.com. The comparison site claims that loyalty to your existing insurer leads to an average price increase of £42 a year. Read more in our article Insurance auto-renewal, is it legal?
Alternatively, find out ways to keep car insurance costs down in our article Five ways to cut car insurance costs or you can use this car insurance comparison tool to compare car insurance quotes from over 110 providers.
New benefits checker tool launched
M&S to close current accounts
M&S Bank is closing all its current accounts by August, so account holders will have to look for a new provider, or close their accounts. The Bank will provide more information to customers in May, but you can find out more about your options here. If you’re considering moving to a new account now, it’s worth checking out Savingschampion.co.uk to compare interest-paying current account best buys.
Don't pay for your Global Health Insurance Card
Unofficial websites are charging people around £29 to apply for a Global Health Insurance Card – the new replacement for the European Health Insurance Card (EHIC) – despite the fact it’s free to get one. Research by Direct Line insurance found that 13.7m people mistakenly believe they have to pay for one. Find out more about the card and how to apply in our article Everything you need to know about the Global Health Insurance Card.
Growing numbers seek financial advice
Sainsbury's Energy offers switchers Nector points boost
Sainsbury’s Energy is giving away up to 10,000 Nectar points if you sign up to one of its energy tariffs – but you’ll need to sign up by tomorrow (18 March) to take advantage. You’ll also get double or triple Nectar points every time you shop at Sainsbury’s. Make sure you compare energy tariffs first so you can be certain you’re getting the best deal with our energy comparison tool.
Money: latest news
10 March 2021
Contactless limit increased
The contactless payment limit will be increased from £45 to £100 later this year, in recognition of the fact more people are using cards rather than cash to pay for goods. The limit was increased from £30 to £45 last April. It will be up to businesses to decide whether they will accept the higher limit or not. The decision was announced in last week’s Budget.
More than 1m energy customers overcharged by suppliers
Over 1m energy customers have been overcharged more than £7.2m by 18 energy suppliers who failed to adhere to price protection rules, which protect a customer’s tariff price when they decide to either switch suppliers or tariffs after a price increase. Average payouts will be £10.40 and refunds will be made automatically. Find out more here.
Last chance to claim tax relief for working from home
If you were asked to work from home due to coronavirus, you have until April 5 to claim tax relief from the government. You can only claim the payment, worth up to £125, if you were instructed by your employer not to go in, and not if you chose not to. Learn how to make a claim in our article Claim tax relief if you’re working from home.
Homeowners urged to tackle ‘wear and tear’ jobs
Five out of six UK residents carried out home improvements during the first 2020 lockdown, according to insurer Aviva, but only one in five undertook home maintenance tasks. Insurance will only cover unexpected and unpredictable situations, so before lockdown measures are eased, homeowners should make any repairs where necessary. Find out more about what home insurance does and doesn’t cover in our article Your essential guide to home insurance.
LV= improves early repayment terms on lifetime mortgages
LV= has made changes to the flexible repayment option available across its drawdown and lump sum equity release lifetime mortgages, so that repayments can be made from day one of the policy, rather than after 12 months. New customers can also choose to make an unlimited number of fee-free repayments, worth up to 10% of the loan amount, each year. Find out more about how lifetime mortgages in our article Lifetime mortgages explained.
Brits save £1,400 on commuting
People working from home have saved an average of £126 a month on travel, equivalent to £1,386 since March 2020, according to research by MoneySuperMarket. Four in 10 (42%) will reduce their commuting costs from June when they return to the office, as 65% plan to go to the office less, 31% will walk more of their commute, 16% will cycle to work and 11% will use an e-scooter. Learn how to keep travel costs to a minimum in our article Eight ways to save on car and travel costs.
Money: latest news
03 March 2021
Prescription charges set to increase
If you’re under the age of 60 and spend a lot on NHS prescriptions, which are set to increase by 20p from £9.15 to £9.35 on April 1, it may be cheaper to buy a prepayment certificate (PPC) which will entitle you to an unlimited number of prescriptions. A three-month PPC costs £29.65 if you buy it before April 1, or £105.90 if you buy one lasting a year. These costs will rise to £30.25 and £108 respectively after April 1. There are several payment options available, but those who opt for an annual certificate can pay by monthly direct debit. To buy one, visit NHS.uk.
Get a free £20 Amazon voucher when you buy car insurance
For a limited time, if you buy your car insurance policy via Rest Less, you’ll receive a free £20 Amazon voucher*. Terms and conditions apply. Check out our car insurance comparison tool and compare quotes from more than 110 providers. If your insurance isn’t up for renewal just yet, let us know your renewal month here and we can send you a reminder nearer the time.
Cash-conscious consumers cut nearly £14 billion from outgoings
Nearly 16m people have reduced their outgoings due to financial concerns around coronavirus, cutting costs by almost £14 billion. Research by Forbes Advisor found that 85% of people have taken steps to shore up their finances over the last year, resulting in an average saving of £412. Find out some of the different ways you might be able to reduce your bills in our article How to save money – 17 ways to cut costs.
TSB launches new cashback account
TSB has launched a new cashback account, paying customers who make 30 or more debit card payments each month £5 a month in cashback. However, the new ‘Spend & Save Plus’ account has a monthly fee of £3. Over a year, this means that although customers could earn a maximum of £60 a year, account fees would cost them £36. Find out more about the Spend & Save Plus account here.
Beware holiday booking scams
National fraud reporting centre Action Fraud is warning people to be on their guard against holiday and travel-related scams, following a surge in holiday bookings after the government announced the relaxation of lockdown measures. Holiday fraud can vary from fake accommodation listings advertising hotels, and self-catering properties that simply don’t exist, to “too good to be true” offers with flights being particularly targeted. Learn more about Types of scam and how to avoid them.
Virgin Money wine and charity donation switching offer
Money: latest news
24 February 2021
The 13-day window of opportunity for car insurance
Purchasing car insurance within 15 to 28 days of your renewal date gets you the best price, research by comparison site MoneySuperMarket.com has found. It says that renewing the day before your renewal date from your existing insurer costs on average 17% more than renewing in the 13-day window. Find out other ways to keep costs down in our article Five ways to cut car insurance costs or you can use our car insurance comparison tool to compare car insurance quotes from over 110 providers.
More than 2m Cold Weather Payments made already in 2021
The government has handed out more than £59m in Cold Weather Payments since the beginning of this year with over 2.37m payments made in the first six week of 2021 alone. To find out whether you might be able to claim a Cold Weather Payment, see our article Are you eligible for help with heating costs?
Homebuyers race to beat stamp duty deadline
Homebuyers who are racing to move home before the end of the stamp duty holiday on 31 March are saving on average £11,566, according to Halifax. The bank says that the proportion of homemovers paying stamp duty on transactions dropped from 93% in the six months to June 2020 to 26% in the six months to December. Find out more about how stamp duty works in our article Stamp duty explained.
One in four over-50s worse off due to pandemic
Over a quarter of people over 50 say they are financially worse off as a result of coronavirus, according to research by SunLife, rising to 39% for those who are still working. Almost half of people who were working at the start of the pandemic have since either lost their job, been furloughed, or had their hours and/ or pay cut. Learn more about Managing your finances through a fall in income.
Beat Sky price hike
Sky is due to hike prices by up to £72 a year for its broadband and TV customers from 1 April, and will notify them of the changes before 27 March. If you’re not happy about the increases and are still in contract for your broadband or phone, you can leave penalty-free, but you can’t leave penalty-free if you’re still in your term for a Sky TV contract. You can see if you can find a better deal with our broadband, phone and TV package comparison tool.
First Direct offers £100 switching incentive
First Direct is offering a £100 switching bonus if you switch your current account to them. To get the £100 cash offer you need to open a 1st Account, switch your everyday banking to First Direct using the Current Account Switch Service and pay in at least £1,000 within three months of opening the account.
Money: latest news
17 February 2021
Charity shops urge public to hang onto donations
The Charity Retail Association is asking people not to leave donations outside closed charity shops or already full donation banks, as many of them are getting destroyed by bad weather conditions or are being ruined by animals. Charities such as the British Heart Foundation will still accept unwanted quality items by post, such as jewellery, books or vinyl records via its freepost service…
Sky Mobile offers customers free Sky Mobile SIM for friends or family
Sky Mobile has announced that customers can share their spare data with someone they know who may need it by adding a free Sky Mobile SIM to their account that they can gift to friends or family. It says that since the first national lockdown, Sky Mobile customers have been saving more data than usual, rolling over 69GB on average. Find out more about adding a SIM and sharing data.
300,000 households face energy bill hike of £66 on average in February
There are 167 fixed energy tariffs ending in February, according to comparison site comparethemarket.com, which could result in more than 300,000 households seeing an average £66 hike in costs if they don’t switch and roll automatically onto their supplier’s default tariff. If your tariff is ending this month, or you’re already on a default tariff, you can see if you can reduce your energy bills with our energy comparison tool.
Pandemic leaves over-50s determined to receive care at home
Two in three (67%) of over-50s are determined to stay living in their own home if they ever need care in future, according to a new report by the Equity Release Council. The report found that fewer than one in five over-50s have made any provisions for long-term care, while 4.1m people and their families have had to sell a parent elderly or elderly relative’s home to pay for care needs. Learn more about covering the cost of care in our article How to pay for long-term care.
EE and BT to hike phone bills
EE and BT broadband, mobile and TV customers will see their bills rise by up to 4.5% from the end of March, adding up to £24 to annual costs. The amount your bills will increase depends on when you signed up for your contract, with those who joined before 11 January 2019 or after 1 September 2020 facing the steepest hikes. You’ll have to pay a penalty if you want to leave your contract early but if you’re nearing the end of yours, you can use our broadband, digital TV and phone comparison tool and our Mobile Phone comparison tool to compare deals.
Motorists lose £565m a year through loyalty
Motorists lose £565m every year due to remaining loyal to their current car insurance provider, equivalent to £40 each, according to research by website TotallyMoney. If your insurance renewal is coming up soon, you can compare car insurance quotes using our car insurance comparison tool, or if your insurance isn’t up for renewal just yet, you can set up a reminder here and we will send you an email nearer the time.
Money: latest news
10 February 2021
TV licence fee to increase from April
The BBC licence fee will increase for the fifth consecutive year on 1 April this year, from £157.50 to £159. If you’re aged 75 or over and are receiving Pension Credit in your name, or in your partner’s name if in a couple, you should be eligible to apply for a free TV Licence, paid for by the BBC. Find out more about the BBC licensing arrangements here or for more information on Pension Credit, read our guide Pension Credit explained
HSBC launches £125 switching offer
New customers switching to either HSBC’s Advance and Premier current accounts will receive a £125 switching bonus. The offer is conditional on using the Current Account Switch Service and transferring a minimum of two Direct Debits and/or standing orders within 30 days of opening the account.
Are you taking advantage of the Marriage Allowance?
Married couples where one partner is earning less than £12,500 a year and the higher earner has an income between this and £50,000 (£43,500 in Scotland) can transfer £1,250 of the lower earner’s tax-free Personal Allowance to their spouse or civil partner, resulting in a tax saving of up to £250 a year.
Bank of Mum and Dad plans to help family
Over half (55%) of parents plan to make financial gifts to their children or grandchildren in coming years, according to research by Rathbone Investment Management. If you’re considering gifting to family, you can read more about the options that may be available to you in our article Financial gifts for children: what are the options?
Pandemic sparks surge in scam calls
The National Trading Standards Scams Team has reported a 250% rise in the number of nuisance calls since the first national lockdown. The research found that people aged over 70 are being specifically targeted by scam calls linked to the pandemic. Fraud prevention service Cifas is reminding anyone who receives a call out of the blue not to hand over any personal or financial information. Learn about other ways to protect yourself in our article Coronavirus scams to watch out for.
Home insurance sales fall
Sales of contents insurance policies have fallen by 13%, according to Comparethemarket.com, which reports that over half (55%) of UK households have seen their home insurance premium increase since lockdown began. One in ten (11%) policyholders have also recently decided to cancel their add-on cover, suggesting belt-tightening in the face of tough economic challenges. If you think you might be paying too much for your cover, you can compare quotes online using our home insurance comparison tool or set up a free email reminder for when your policy expires here.
Money: latest news
03 February 2021
Ocado scraps Low Price Promise
Online supermarket Ocado has from 1 February scrapped its ‘Low Price Promise’ guarantee. This meant that if you could buy all the items in your order for less at Tesco, Ocado would provide you with a voucher for the difference. If you already have a voucher, you can still use it until its expiry date. The scheme is being replaced by red ‘£’ icons which indicate the store’s low value items.
Flexible payments from pensions rise
More than £2.4 billion was withdrawn from pensions flexibly throughout October, November and December 2020, according to the latest figures from HMRC. This represents a 6% increase year-on-year from £2.2 billion withdrawn throughout the same months in 2019. The data shows 360,000 individuals withdrew from pensions throughout October, November and December 2020, a 10% increase from 327,000 during the same months of the previous year, which HMRC says may be due to the impact of the pandemic. Find out more about the implications of using your pension to boost your income during the pandemic here.
Beat the energy price cap!
Energy regulator Ofgem is due to announce the latest price cap this week. The price cap limits the amount suppliers can charge for energy and is currently set at £1,042, but is expected to rise by around £90 from April. If you’re currently on a default tariff, it’s easy to beat the price cap with our energy comparison tool. Over half of Rest Less users (51%) who have switched using the tool have cut energy costs by an average of £167 a year.
Insurers extend cover for people driving to work
Motorists who are having to use their car to drive to and from work because of the impact of Covid-19, will not have to contact their insurer or extend their cover, and their insurance policies won’t be affected. The extension, until 30 April, also covers volunteers helping with the vaccine roll-out or grocery deliveries.
Investment fraud victims lose an average of more than £45k
Fraudsters imitating genuine investment firms scammed victims out of an average of £45,242 each last year. More than £78m was lost in total, according to fraud reporting centre Action Fraud. Read more about different types of scam and how to avoid them.
Unmarried couples sitting on potential tax timebomb
Unmarried couples are at risk of leaving their partner with an unexpected tax bill when they die, insurer NFU Mutual has warned. It analysed recent data from the Office of National Statistics which reveals there are now 3.5 million unmarried couples in the UK, an increase of 772,000 since 2009. You can normally leave unlimited wealth to your spouse or civil partner without triggering an inheritance tax bill, but the same isn’t true for cohabiting couples.
Money: latest news
27 January 2021
Tax return deadline extended
The deadline by which self-assessment tax returns for the 2019/20 tax year must be submitted online has been extended by a month from 31 January to 28 February. However, the tax payment deadline remains 31 January, so interest will be charged if any tax owed is not paid by this date.
Energy bill worries
Nearly eight in 10 people (79%) are worried about rising energy prices, according to research by cashback site TopCashback.co.uk. The research found that over two thirds (62%) of people are using more energy at home this year due to the pandemic, and a third of people (30%) have seen an increase in their energy bills. Read our article on how to Save money on your energy bills to see how you could cut costs.
Homeowners unlock £3.4 billion of property wealth
Older homeowners released more than £3.4 billion in property wealth last year, with most of the money used to make their finances more resilient and help other family members via gifting, data from equity release adviser Key shows.
Are your outbuildings protected?
Around 13m of us in the UK have become home-workers as a result of coronavirus, with many working in summer houses or other outbuildings. Insurer Aviva is warning that home contents cover is often limited for items stored in sheds, garages and other buildings so workers should check their cover and remove valuable items such as laptops and phones when not in use.
Deliveroo offers £10
Annuity incomes fall
Average annual annuity incomes fell by 6.3% in 2020, marking the third consecutive year that they’ve reduced, according to financial website Moneyfacts.co.uk. An annuity is a guaranteed retirement income that you’re paid by an insurer in return for handing over some, or all your pension savings.
Higher monthly payments for Barclaycard customers
Barclaycard yesterday (26 January) changed the way it calculates its credit card customers’ minimum payments, so that many people may end up with larger monthly payments. Payment levels will be personalised for each customer so that they’ll pay the highest of 2%-5% of their balance, 1%-3% of their balance plus interest, or £5.
Money: latest news
20 January 2021
Santander cuts rates on its current accounts for fourth time
Santander is cutting the interest rates on its 123, Select and Private accounts on 12 April. The rate on the 123 account will fall from 0.6% to 0.3% from this date. The monthly fee for the account will fall from £5 to £4. Customers can still earn cashback on certain household bills.
Check home cover
Over half of UK consumers admit to never having read their home insurance policy in full according to new research from the Gas Safe Register, while almost 90% fail to realise home renovations can impact their home cover. Always check your policy small print and make sure you have sufficient cover in place.
Morrisons launches new £30 family recipe box
Supermarket Morrisons has launched a family food box which provides a family of four with the ingredients and recipes for five meals. The box costs £30 including next or nominated day delivery and includes 22 different ingredients.
Don’t forget pension tax relief on pension contributions
The 31 January tax return deadline is looming, and NFU Mutual is reminding higher rate taxpayers to claim any higher rate relief due on their pension contributions. You can go back up to four years and claim any higher rate relief due by HMRC direct. You can find out more about how to fill in your tax return here and how pension tax relief works here.
UK households face £84m energy bill hike
Energy bills could increase by as much as £84m at the end of January, as 68 fixed tariffs come to an end, according to research by comparison site Uswitch.com. Energy customers are being urged to check their tariffs, as those affected could see their energy costs rise by £171 a year if they don’t switch suppliers. You can compare tariffs and see if you can reduce your energy bills with our energy comparison tool.
Consumers warned of cryptocurrency dangers
Financial regulator the Financial Conduct Authority has warned consumers of the dangers of investing in cryptoassets such as Bitcoin, saying that if they choose to invest, they should be prepared to lose all their money. They are also unlikely to have access to the Financial Ombudsman Service or the Financial Services Compensation Scheme should something go wrong.
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