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The latest news from the world of personal finance

The latest news from the world of personal finance plus advice for those trying to make the most of their money.

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Money Box: 15/10/2011

15/10/2011

BBC Radio 4 - Money Box, 15/10/2011

Paul Lewis with the latest news from the world of personal finance.

With Paul Lewis. Faulty ATMs - what are your rights if the machine does not dispense the cash? Plus, the government u-turn over the state pension age for women.

On Money Box with Paul Lewis: faulty ATMs - what are your rights if the machine doesn't dispense the cash but the amount is debited from your bank account? Since 2009 new rules mean your bank has to refund you unless it can prove you did get the cash. But two years on, is the new law being followed? 

The Government has announced that the planned rise in the state pension age to 66 will be delayed until October 2020 in a move that will benefit thousands of people, especially women. The original proposals in the Pensions Bill meant that women faced an increase in their state pension age to 65 from November 2018, followed by a further one year increase to 66 from April 2020. That would have resulted in 33,000 women waiting an extra two years before they could claim their state pension. The new timetable will cap the increased wait to a maximum of 18 months, costing taxpayers just over £1bn. 

The government is warning people to beware of unscrupulous companies who promise they can win you a council tax refund. The Valuation Office Agency say people are being approached by claims companies who insist they are in the wrong band and promise to get them into a lower one. While not all claims companies guarantee success, they all do charge a fee for something you can do yourself for free. 

More than ten billion pounds a year is still being invested in what are called 'structured products'. There are a number of versions of these investments but all share one aim - to give you some of the gains of market rises while protecting your money from the falls. That is done by giving a guarantee that your investment will not fall below the sum you originally invested - or in some cases will not fall below except in exceptional circumstances. But any guarantee is only worth as much as the firm making it. And if that firm goes bust you still stand to lose the lot. So are people sensible to put so much money into structured products?

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