The Pensions Regulator should be given more powers to avoid another BHS pension collapse, according to MPs.
The Commons Work & Pensions Committee has said the regulator should be given more teeth to stop rogue employers who don’t support pension schemes.
The Committee also says the regulator should be reformed and it should have the power to impose punitive fines of as much as £1bn, as well as be able to intervene much earlier if a pension scheme is in trouble.
In personal finance, Citizens Advice has warned that back-dated interest payments are crippling young people as more sign up to “buy now, pay later” deals.
The charity said that thousands of people in their 20s who signed up to such offers are struggling to pay them back, as if you fail to pay in full by an agreed time the interest is back-dated to the start.
Citizens Advice reported it had helped 24,000 people in the past year with around 50,000 catalogue or mail order debts.
In economics, Government borrowing fell by £0.6bn in November compared to the same month last year.
In percentage terms that is 4.4% and represented the lowest deficit for the month of November since the crash of 2007, according to figures from the Office of National Statistics.
The fall to £12.6bn was lower than economists expected for last month, as many had predicted borrowing to drop to £11.6bn.
Many experts are forecasting that 2017 will be a challenging year for public finances, with economic growth likely to slow down, which will reduce the amount of tax revenue the Government can raise, as well as the uncertainty around Brexit.
In property, Chancellor Phillip Hammond said this week that the British public invest too much in property and not enough in savings, which help the wider economy.
The Chancellor told the Treasury select committee that pensions are so badly structured that the pots of savings aren’t finding their way to the right places, hinting that he will review the state of the savings’ system to help the economy.
Mr Hammond said: “We have some structural issues around saving in the UK, some of them specific to the UK – the structure of pension saving, the extraordinary role that housing wealth plays in the overall calculation of UK households.”
In Seer Green news, Director Siobhan Mail was profiled in Money Marketing and explained why being directly authorised by the Financial Conduct Authority was so important to the company.