Pension transfers mis-sold?

Get straight to the good stuff every day with the Multiply Minute; a lightning-quick round-up of the money news and how it affects you.

Bad pension advice

160,000 people who cashed in their final salary pension since 2015 may have been given bad advice. The Financial Conduct Authority (FCA) is planning to write to 1,841 advice firms about the “potential harm” done. Thousands of people have transferred a defined benefit pension since ex-chancellor George Osborne’s 2015 pension reforms. The FCA is worried these transfers might have been mis-sold, leading to people running out of money in retirement.

Speedy sellers risk losses

If you’re in a rush to sell your home, you might be prepared to accept a lower offer, but Trading Standards has warned that sellers using a quick-sale estate agent could lose a lot of money. There are even reports of agents knocking thousands off the asking price without the owners’ knowledge or permission, which is against the law.

Record debt repayment orders

In 2019 a record number of people were ordered by the court to repay outstanding debts. There were 1.15 million county court judgements (CCJs) last year against people who had failed to repay their debts: more than twice as many as in 2012. The average value of the debts chased through CCJs was £1,506.

China works from home

In a bid to slow the spread of the deadly coronavirus, workers at Chinese companies have been told to work from home. The Monday morning measure comes after the Lunar New Year holiday was extended by a day. Global stock markets are also taking a hit from investor concern over the outbreak.