This is the week that the Treasury pulled the plug on the secondary annuities market just six months before it was due to launch.
Former Chancellor George Osborne came up with the secondary annuities market as a way to allow pensioners who bought their annuity before the pension freedoms were introduced to sell an annuity they no longer want for a cash lump sum.
There were concerns that consumers could lose out financially and providers were reluctant to enter the market and so the Treasury announced the u-turn as, it said, “creating the conditions to allow a vibrant and competitive market to emerge, with multiple buyers and sellers of annuities, could not be balanced with sufficient consumer protections”.
In the world of tax, HM Revenue & Customs also told us this week that less than a quarter of those who are eligible for marriage tax allowance are actually claiming it.
That means that thousands of us are missing out on £220 a year – but that will also be backdated to the date the tax allowance came into force, which was April 2015.
If you think you are eligible for the allowance, apply here: https://www.gov.uk/apply-marriage-allowance
In the world of mortgages, the Financial Conduct Authority (FCA) ruled that thousands of consumers who are in arrears with their mortgage payments may be eligible for compensation.
The issue has arisen because some providers may have put mortgage arrears automatically onto the regular monthly payments, so double-charging them.
The FCA has ordered lenders to work out who is affected and how much they are owed. It is estimated that those eligible will receive compensation of a few hundred pounds.
And, a week after Marmite-gate, Brexit has finally affected inflation due to the cost of fuel and clothes have pushing it up.
Inflation rose to 1% in September, up from 0.6% in August, the Office for National Statistics announced, however the ONS did say that it saw no evidence that the low value of the pound was the reason behind the increase.
And, with the rise in inflation comes the knock-on effect for savings. Only savings accounts that offer more than 1% interest will get any real return on their savings. As inflation looks to continue rising due to Brexit, and with the weak pound and no sign of interest rates rising to match it, savers are losing out.