MoneyAge

The consumer finance sector in the UK is growing rapidly, with banks, building societies, savings and investment firms, mortgage providers, and personal finance experts constantly introducing new ideas and services. MoneyAge keeps up with these developments, offering Independent Financial Advisors (IFAs), mortgage brokers, and others in the financial services industry up-to-date news and detailed analysis to support their recommendations and choices.

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17.9 million Brits to be dragged into basic tax rate, Quilter finds

1 week ago | moneyage.co.uk | Dan McGrath |Dan Mcgrath

An estimated 17.9 million Brits are set to be dragged into the basic rate of income tax by 2027/28 as a result of frozen tax thresholds, Quilter has revealed. The wealth management firm said that the current freeze on income tax thresholds has “significantly increased” the number of people paying tax for the first time.
Mortgage advisers failing over-50s on later life lending advice, Key warns

1 month ago | moneyage.co.uk | Michael J. Griffiths

Mortgage advisers are failing over-50s on later life lending advice by not making them aware of all their options, Key Later Life Finance has warned. The firm believes mortgage advisers are missing out on a “huge opportunity” to grow their businesses and deliver better customer outcomes under Consumer Duty rules. Key cited Bank of England figures that showed that more than two out of five mortgages now run past retirement age, highlighting a need for a new approach from mortgage advisers.
More than £54bn in cash ISAs are earning 2% interest or below

1 month ago | moneyage.co.uk | Dan McGrath |Dan Mcgrath

Over £54bn of adult cash ISA savings are earning 2% interest or below, with the majority being held in instant access accounts, Paragon Bank has found. The bank’s analysis of CACI data, which compiles the cash savings deposits of 40 providers, revealed that £52.4bn held in instant access accounts was earning 2% or below, which can be easily switched to higher paying accounts. Furthermore, just £1.7bn was held in fixed rate ISA accounts earning 2% or lower.
Mortgage completions accelerate ahead of stamp duty deadline

1 month ago | moneyage.co.uk | Michael J. Griffiths

The average number of monthly mortgage completions has increased by 26% in the wake of the Autumn Budget since changes to stamp duty were first announced, data released by Barclays has shown. The bank said this has largely been driven by a 59% surge in first-time buyer purchases, whose share of completions has risen seven percentage points, from 29% to 36%.
Norton Home Loans partners with L&C Mortgages

1 month ago | moneyage.co.uk | Dan McGrath |Dan Mcgrath

Norton Home Loans has partnered with London & Country (L&C) Mortgages to expand access to its specialist mortgage solutions. The collaboration will give L&C’s customers access to Norton’s range of specialist mortgages, supporting more borrowers with complex financial needs.
FCA fines and bans OAM founder

1 month ago | moneyage.co.uk | Dan McGrath |Dan Mcgrath

The Financial Conduct Authority (FCA) has fined the founder of Odey Asset Management (OAM) LLP, Crispin Odey, £1.8m and banned him from the UK financial services industry for a "lack of integrity". The regulator said that Odey had "deliberately sought to frustrate OAM’s disciplinary processes into his conduct" in order to protect his own interests. The FCA added that he had also shown disregard for the firm’s governance, causing OAM to breach certain regulatory requirements.
Metro Bank announces new AI partnership with Covecta

1 month ago | moneyage.co.uk | Michael J. Griffiths

Metro Bank has launched a new partnership with Covecta, an AI platform for financial services that will be deployed across its corporate and commercial credit businesses. Covecta is a third-party Agentic AI solution that completes tasks across the end-to-end loan lifecycle, from lead acquisition to servicing. Metro Bank and Covecta found that each completed task allowed for a 60-80% reduction in time, creating significant improvements in team efficiency, decision making and risk analysis.
News in brief - 17 March 2025

1 month ago | moneyage.co.uk | Dan McGrath |Dan Mcgrath

Chetwood Bank has launched a new range of fixed rate savings accounts to give new and existing customers a choice of short, medium and long-term options. The new products have a minimum deposit of £1,000 with maximum deposit, with savings protected under the Financial Services Compensation Scheme. The expansion of its savings portfolio forms part of Chetwood’s mission to provide “no-nonsense savings products” to UK customers.
Cash ISA choice rises to highest level on record

1 month ago | moneyage.co.uk | Michael J. Griffiths

The number of cash ISA products available on the market has risen to 598 deals, its highest ever level, according to new data published by Moneyfacts. Product choice across the savings market overall did fall slightly to 2,146 savings deals this month, although this is still the second highest count on Moneyfacts’ records, going back to February 2007.
Third of IFAs see succession planning as ‘vital’, ValidPath finds

1 month ago | moneyage.co.uk | Dan McGrath |Dan Mcgrath

Thirty-one per cent of independent financial advisers (IFAs) have said they see succession planning as "vital", research by ValidPath has found. New research by the IFA network revealed that 23% do not view it as a priority for their business, while 9% currently treat succession planning as a central part of their business strategy. This figure increased to 25% among IFAs looking to retire within five years.