Global money transfers surged 60 per cent over the last decade to £538bn in the past year August 8, 2022 Global money transfers reached $653bn (£538bn) in the past year, a rise of 60 per cent over the last 10 years as economic trouble hits countries. Research by remittance provider ACE Money Transfer said the rise began as the world recovered from 2008’s global financial crisis in 2011-2012, with remittances important in aiding developing countries [...]
Half of all Brits risks falling into fuel poverty before the end of this year in harshest economic climate ever August 6, 2022 UK adults say the current economic climate is the harshest they have experienced, with half of all Brits either unable or soon to be unable to pay all of their bills. Millions of Brits are concerned about the months ahead as 47 per cent said they are not confident in their ability to pay their [...]
Fraud on the rise as cost of living soars, FCA warns August 4, 2022 The UK’s top financial watchdog sounded the alarm over rising fraud rates today as scammers look to swoop on vulnerable consumers amidst a cost of living crunch.
£155.5m stolen from crypto firm Nomad August 2, 2022 Crypto firm Nomad had $190m (£155.5m) in crypto stolen from it in a heist today. Hackers targeted Nomad’s “bridge” which allows crypto transfers between blockchains and stole £155.5m worth of users’ cryptocurrencies, crypto analytics firm PeckShield said, according to Reuters. Nomad tweeted it was “aware of the incident involving the Nomad token bridge” and that [...]
SEC charges 11 in international £254.6m crypto fraud scheme August 2, 2022 The US Securities and Exchange Commission charged 11 people in a $300m (£254.6m) crypto fraud scheme that spanned multiple countries. The individuals were charged for being involved in creating and promoting the fraudulent crypto pyramid and Ponzi scheme which was called Forsage. The scheme netted more than £254.6m from millions of retail investors in the [...]
The financial adviser value proposition: the five components August 2, 2022 | City Talk What can we do for our clients that they can’t do on their own? What can make us better at managing their money than they are? These aren’t always easy questions to answer as a financial adviser. But modesty aside, we need to be able to explain to potential clients how we can help them [...]
Searches for overseas jobs by Brits surge with Dubai most popular destination August 1, 2022 Searches for work abroad have surged among UK workers with Dubai the most sought-after destination. Over the last 12 months, searches for overseas work by British workers soared by 56 per cent, according to data by overseas job website Anywork Anywhere, which analysed Google search data over the past year. Dubai was the most popular [...]
New pension scheme to ‘inject innovation’ into the industry August 1, 2022 A brand new vehicle to help Brits save for retirement launches today in what is being billed by ministers as “an injection of innovation” into the pension regime. Collective defined contribution pensions (CDC) will provide an alternative to defined contribution (DC) and defined benefit (DB) pension schemes, Britain’s two main retirement saving programmes. CDCs are [...]
Cost of living crisis prompts almost a third of UK workers to take second job July 28, 2022 Nearly third of workers in the UK are seeking to work two jobs to support themselves as the cost of living crisis sends prices of essentials soaring. 32 per cent of workers are aiming to take on a second job in addition to their current job to make more money, a national survey of 2000 [...]
UK courts could grant damages in cryptocurrency, Law Commission argues July 28, 2022 British courts could award remedies like damages in cryptocurrencies, the Law Commission said in its Digital Assets Consultation paper today. “There is an arguable case for law reform to provide courts in England and Wales with the discretion to award a remedy (where traditionally denominated in money) denominated in certain crypto-tokens in appropriate cases,” the [...]