News

All the latest news and views from Financial Advice Network

Airbnb faces HMRC legal action

22 Oct, 2019

Airbnb Receives Warning from HM Revenues and Customs


Global home rentals website Airbnb has received a warning from HM Revenues and Customs (HMRC), who could take legal action against the company. According to a note in Airbnb UK’s recently filed accounts, HMRC have been in contact regarding “tax laws or regulations impacting the company’s business.” It goes on to suggest that: “The company […]

UK job market slows

18 Oct, 2019

Surprise Spike in UK Unemployment as Job Market Slows Down


The number of people in employment dropped by 56,000 during the June-to-August period this year. Forecasts predict this could be an early indicator of a ‘slow down’ in the UK job market. The size of the drop was a surprise to economists, who had predicted a rise in employment. In fact, the unemployment rate is […]

Asos Profits Slump Shares Rise

16 Oct, 2019

Asos Shares Grow While Profits Slump


Online clothing giant, Asos has reported a 68% drop in profits over the last year. Despite this, shares have gone up. It is thought warehouse issues, as a result of expansion, are largely to blame for the blow to profits. The retailer has implemented big changes this year, including development of their US offering and […]

Remortgages increase in August

14 Oct, 2019

Increased Number of Remortgages in August


Research conducted by LMS has shown that there was an increase in the number of remortgages conducted in August, when compared to figures from the previous month. The company confirmed that there was a rise in the volume of remortgages from 52,869 in July to 53,141 in August. Loan amounts also saw an increase from […]

Over-55s credit card debt on rise

10 Oct, 2019

Number of Over-55s in Credit Card Debt on the Rise


Research compiled by equity release lender More2Life has revealed that the number of over-55s with credit card debt in 2019 is nearly 20% higher than last year. The figures show that the amount of over-55s who have found themselves in debt over the last 5 years, and have used credit cards to borrow, has reached […]

Car Park Investment Scheme Fails

21 Oct, 2019

‘Illegal’ Airport Parking Investment Scheme Faces Legal Action from FCA


A failed airport car parking investment scheme has left investors out of pocket. The Financial Conduct Authority (FCA) has now stepped in to take legal action against the company behind the unauthorised scheme, Park First Limited. Thousands of investors were attracted to what sounded like a lucrative scheme. If they invested £20,000 on an individual […]

Asda Contract Row

17 Oct, 2019

Contract Dispute Leaves 12,000 Asda Employees’ Jobs at Risk


Up to 12,000 Asda workers may lose their jobs next month, as a dispute over new contracts turns bitter. The introduction of new contracts has caused a stir amongst some of the supermarket’s staff. A main point of contention being work/life balance, which some workers fear will be harder to achieve. Forced bank holiday shifts […]

FCA Car Finance Crackdown

15 Oct, 2019

FCA’s Crackdown on Car Finance Could Save Drivers £165m


The Financial Conduct Authority is aiming to crack down on how dealers and brokers sell car finance, in a move that could potentially save drivers £165m. The regulator has taken issue with the way some dealers, and associated brokers, earn commission based on car finance interest rates. The dealers in question can set their own […]

FCA fines brokers

11 Oct, 2019

Electronic Broker Hit with £15.4m Fine from the FCA


Electronic and voice broker, Tullett Prebon, has been fined £15.4m by the FCA for “improper trading”. The authority found “due skill, care and diligence” to be lacking in past business conducted by the inter-dealer broker, which now forms part of global firm TP ICAP. The company’s risk management systems were also found to be inadequate. […]

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