What do you want Martin to ask Mark Hoban, Treasury Minister?

Chorlie

I want to also know about what they are doing to help savers.

Like a lot of others I've been a saver all my life; paid into a Pension, ISA, Shares and have never being in debt. But now banks are offering near zero interest rates and the few that did have higher interest rates (ie Lloyds Vantage) been dropping them over the last 12 months.

How does he expect people who did the right thing by saved for there retirement to live off the interest of these savings when the BoE is only helping those who are in debt with the continuing low interest rates

Naseby

Savings Rates for Pensioners

Many pensioners rely heavily on the interest on what little they have been able to save during their working life. Interest rates have been so low for so long and this is held up as being beneficial to, among others, mortgage lenders. Pensioners, however, are paying a heavy price for this policy. They are feeling the pinch in the general high cost of living in areas such as food etc and for a long time they have had little return on their savings. There are so many savings products out there but none that benefit pensioners. In other words, pensioners are being unfairly penalised while homeowners with a mortgage are "rewarded" with unrealistic mortgage rates.

SWynn

Vice Vable was asked twice was on television about the RBS enquiry: “Is the FSA the right body to look into this? Shouldn't we get someone else to do it?” (Channel 4 15/12/10) But he did not reply.

Please ask Mark Hoban the same question. "Is the FSA the right body to report on RBS? Why did the government not set up enquiries to look into RBS, HBOS and Bradford & Bingley?" Please insist on a reply. It is pointless asking questions with no reply!

Vince Cable also said on television referring to the RBS implosion: "I argued in opposition that what we needed was a proper investigation into what were very serious matters." (Sky News 15/12/10) So now he is in government why has he not set up an enquiry?

mike04021949

Martin, because I was stupid enough to be born in 1949, when I retire in 2014, I shall do so too early to qualify for the Government's super-duper £140 flat rate pension. This is discrimination against everyone currently drawing a pension plus those who will retire in the next four years or so.

I have written to my MP who admits his postbag is full of complaints about this but gave me no hope that the Government would address this unfairness. Will you ask the Minister if there are any plans to revise this plan in any way?

Surely there is a way to apply an equal pension to everyone even if that means the £140 having to be reduced. Certainly, having voted Tory, for my sins, most of my voting life, failure to reconcile this issue will cost them at least my vote and, I would suggest, a significant number of others.

Thanks.

Mike

echos_mum

1 - Banks should be made to show clearly on ALL statements, whether "proper" paper ones, branch print-outs, or internet banking views & prints, the current relevant interest rates for the account being viewed, and these should EASILY be found in the logged-in area on internet banking (I find it very hard to find this info on Barclays site and it never shows on online views of the accounts);

2 - As a worker, I did everything I could to save for retirement, whilst having my income paid to my current account to cover all out-goings. I would transfer any surplus to savings manually.

Now I have a few small pensions paid to my savings account (even with rates so low, I try to maximise my income), and I periodically transfer a few thousand from investments to the savings a/c to top up. What now infuriates me is that the bank (Barclays again) will NOT now allow me to have a standing order FROM the savings a/c to the current a/c to cover the Sto/DDR payments, so I have to constantly keep checking to make sure that everything is covered. I do NOT want to leave hundreds of pounds in current account.

There is no logic in this "directive". Can the minister make banks more friendly towards pensioners to help them make the most of their money without constantly checking. Those without internet access must spend ages on phones, or incur costly travel to banks out of fear of going overdrawn and being charged.

thanks.

echos_mum

Red_sky wrote: »

Can the govt. introduce some legislation which makes banks transfer all money transactions via the Faster Payments System the same day without any limit being imposed on the transfer? The idea of it taking 3 'working days' to transfer money so that your money disappears for 3 days or 5 days over a weekend is ridiculous especially for large amounts.

- - and Government Departments are some of the main "payees" where we have to allow 3 working days - e.g. HMRC - VAT!!

cottager

I hope this for the self-employed comes under the Secretary's remit or sphere of influence, and can be raised.

When will HMRC be able to accept Faster Payments for VAT, PAYE and income tax? They've been "reviewing" the situation ever since FPs were introduced.

For instance, see these minutes from as long ago as September 2008:
The Bank of England made a strategic decision some time ago to withdraw from the provision of retail banking services to its customers - including HMRC - and in this context has not joined the FPS. As a result, HMRC is not currently in a position to receive or make FPs. HMRC is in the process of migrating its business to a new banking supplier but it is unlikely that it will be able to receive FPs before autumn 2009. At that time, HMRC and the bank will have developed the necessary changes to their systems to enable FPs to be made, received, and processed effectively and efficiently.
[my emphasis]

Sending funds earlier than need be by BACS can cause unnecessary cashflow problems for the self-employed (or indeed anyone), and it's earlier still when payment deadlines fall over a weekend or b/holiday and funds must be in the HMRC account by the previous working day. It's unreasonable today that what may be substantial payments still take the slow route and disappear into limbo before being credited, and in a business overdraft situation it involves paying more interest for longer than necessary. I imagine many if not most sole traders hold accounts with internet banking, from which Faster Payments outwards are enabled: we certainly do, with a daily limit of £10k at our bank.

There was no option but to accept the lag when there was no alternative, but 3+ years on from the introduction of FPs we deserve better from an institution which has no qualms about jumping on us with full force and potential penalties if payments are even one day late.

When HMRC moved their account from the Bank of England to Citi I was hopeful this signalled a change, but no... the sort code still doesn't accept inward FPs. I appreciate this is an issue with Citi rather than HMRC per se, but with an account of that size and clout some noise could be made. In fact it's very disappointing that HMRC even decided to go to an institution which didn't offer the facility.

Earlier this year I read something, I believe on the HMRC site, which I'm certain indicated they hoped the Citi account would accept FPs by this month, July. (I'm also sure I copied the text, but unfortunately cannot now find my note!) On checking again within the last few days I find no reference to this, and it's back to the usual "cannot accept/we're reviewing" message. And so it goes on, and on.

At present it seems the best we can look forward to is "next working day" credits when PSD requirements relating to electronic payments come into force on 1 Jan 2012. Though an improvement, that's still some way from instant Faster Payments, particularly when weekends and b/holidays come into the equation.

Enabling Faster Payments is one step which I feel really would assist many self-employed in these difficult times, and help keep the business wheels rolling.

mannie

A_4_Tune wrote: »

The banks continue to treat customers with total cynicism offering saving interest rates which rapidly drop to near zero whilst making finding your rate without incurring repetitive strain injury from the mouse clicking near impossible. I have even phoned bank helplines where the advisor has been unable to find it!

Make publication of current interest rates MANDATORY on all statements - whether written or web-based. There is NO EXCUSE for not doing it. The cost of software changes would be trivial so - one wonders - why the reluctance? (Question strictly rhetorical. Please don't post an answer!)

I agree, I've just spent the last few hours trying to track down my interest rate:mad:

delboyginger

could you ask if the government cannot force endowment companies to compensate customers who were blatantly miss sold endowment policies by independent financial advisors prior to the financial services act which came into force 29th april 1988. as soon as this act came out these so called independant advisors disappeared and the endowment companies have washed their hands of any responsibility even though these policies were taken out using their paperwork and computer software. the date is so arbitary, before the act "tough", after the act "compensate".

tackalicious

1) Why is interest charged on tution fee loans at all? Although it is low it does still compound and it isn't to spend on rent and food yet on EDUCATION so why charge interest on it ? Even if interest must be charged, why is it charged at the point of it being taken out rather than the point of repayment (earnings reach above £15k) ?

2) Why is the Welsh Assembly Learning Grant more generous than the English maintenance grant (up to £5k vs £2.906 k ) considering extreme poverty is higher and the proportion of students going to university is lower in England ?

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