HSBC allowed money laundering?

The 1-minute read to get the money news you need with expert adviser commentary.

Bank didn’t stop fraudsters

Leaked files show that HSBC allowed scammers to move money around, even after it knew they’d committed fraud. Details of the £62 million Ponzi scheme was revealed in the FinCEN files - a leaked batch of “suspicious activity reports”. Thousands of people from all over the world fell victim to the scam - and by the time charges were filed, the money had disappeared.

Eviction ban ends

From today, landlords will once again be allowed to serve eviction notices on tenants who are struggling to keep up with rent payments. Renters had been protected from being evicted since coronavirus restrictions started in March. However, the law has changed meaning landlords must now give 6 months notice if they want their tenants to move out.

Adviser Comment: "If you might struggle to pay your rent, talk to your landlord as soon as possible. Most landlords totally understand the impact of the pandemic and are likely to work with you, but they don’t like it when payments just stop."

Cheaper rent in London

Londoners are finding homes at bargain prices as rents are slashed by up to 20%, according to estate agents and Rightmove. With fewer international students arriving, and people leaving the city for suburbia, landlords are lowering rents to attract tenants.

VAT-free shopping

Retail bosses have warned against a government plan to end VAT-free shopping for overseas visitors. Tourists from non-EU countries spend around £3.5 billion a year on tax-free goods in the UK. Ending the tax relief would mean we’re the only European country not to offer the perk - and many are worried we’d lose out as a result.

Firms return furlough cash

UK firms have sent back £215 million in furlough cash. But it’s a drop in the ocean compared to the £3.5 billion HMRC thinks was paid out in error, or claimed fraudulently. Companies have been encouraged to return cash they can afford to live without.