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Money Box: Citizens Advice Closure and Investment Platforms

10/02/2024

Citizens Advice Closure and Investment Platforms

BBC Radio 4 - Money Box, Citizens Advice Closure and Investment Platforms

What does the future hold for advice centres facing funding difficulties?

How are investment platforms changing to fit in with new rules called their Consumer Duty?

Dozens of Citizens Advice centres are at risk of closing because local councils which support them are running out of money. That warning came this week by the senior Labour MP Clive Betts in an exclusive interview with Money Box.  He is also the Chair of Parliament's select committee on Levelling Up, Housing and Communities. Dan Whitworth visits one of those citizens advice services at risk in Mansfield.  The government says up to £64 billion has been made available to local authorities in England, an increase of 7.5% on the previous year which will allow local authorities to support communities and reform services to help them prepare for the future.

The cost of a comfortable retirement in Britain has jumped by nearly £6,000 to just over £43,000 a year for a single person and £59,000 for a couple. Every year the Pensions and Lifetime Savings Association publishes figures worked out by Loughborough University for the amount of money you'd need to afford certain lifestyles in retirement.  How is it calculated and how can you prepare for your retirement?

And, investment platforms and providers of personal pensions, have just a few weeks left to make sure the way they treat customers' cash balances fits in with new rules called their Consumer Duty. In December the Financial Conduct Authority wrote to 42 firms after concerns that some of them were keeping some or all of the interest they earn on customers’ cash balances. And with rates of 4% or more that's meant big returns.  If you invest, what might that mean for you?

Presenter: Paul Lewis
Reporters: Dan Whitworth and Sandra Hardial
Researcher: Jo Krasner
Editor: Jess Quayle

(First broadcast 12pm Saturday 10th February 2024)

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