Expat Money News
Latest 10 news items tagged Money
24 Sep at 6 PM 2014
Two British expats who’ve probably forgotten they’d bought Premium Bonds are sitting on a major windfall totalling £150,000.
The UK’s Premium Bond scheme encouraged millions of post-war Britons to buy its shares at £1 each and take part in its monthly draws. Many savers won small or larger prizes over the years until the National Lottery and the later Euro lotteries began offering huge prizes not linked to savings.
One of the two unclaimed prizes is due to a woman holding six bonds who emigrated to Australia and...
19 Sep at 6 PM 2014
According to the UK government’s Money
Advice Service, most investors and pension savers have difficulties understanding financial jargon.
Almost 90 per cent of those surveyed admitted they didn’t read the small print before signing up to investments or funds. Worse still, the majority had no understanding of the acronyms used by financial advisors when selling an investment.
Over the years, failure to grasp the real meaning of simple financial terminology has had devastating effects on many investors’ life savings, with...
16 Sep at 6 PM 2014
It’s not just the combination of weather, lifestyle and lower cost of living that appeals to disenchanted Brits, it’s also that the majority of their expat neighbours are loving thier new lives as well..
Estimates reveal that at least 5.5 million UK expats have given up on their home country’s ever-worsening weather, soaring taxes and household bills, disintegrating environment and lack of career opportunities. Scattered across the world in a variety of countries, most have taken a step into the unknown and most, it seems, are...
11 Sep at 6 PM 2014
Many would-be expats may be missing out on international value-for-money
private heathcare insurance by simply signing a leaver option on their existing package when they retire.
The majority of Western heathcare policies, including those which involve employer contributions, allow retirees to carry on with the same cover by simply signing a leaver option form. According to professional associations in the sector, those wishing to retire overseas may be missing out on cheaper but equally relevant deals.
Shopping around is...
9 Sep at 6 PM 2014
The liquidators of a sector of the Isle of Man-based Louis Group have revealed that millions of pounds sterling are missing from the accounts of the disgraced financial firm.
In yet another disastrous indication that the casino culture is alive and well in expat financial jurisdictions, the collapse of the company has resulted in losses to investors of at least £60 million. Just £10 million is left to be shared amongst the 700 people duped, many of whom are UK expats.
Most investors put in between 10 and 30 thousand pounds...
4 Sep at 6 PM 2014
The biggest change in UK pension legislation in almost a century, slated to result in significant losses for product providers and FAs, is already triggering a massive fall in annuity purchases.
The new rules won’t come into effect until April next year, but a huge slowdown in annuity sales is already being reported. Previously, retirees forced by law to convert their pension pots to annuities were unwittingly locked into unsatisfactory deals, bringing accusations of rip-offs and mis-selling.
The product and its compulsory...
3 Sep at 6 PM 2014
The news that the CEO of the failed Axiom litigation fund is finally being investigated by the UK’s Special Fraud Squad may come as encouraging to victims, many of whom are also caught up in the LMIM Ponzi scheme.
Nowadays, awareness of the risks of investing with rogue salesmen is at its highest level ever in the worldwide expat community, along with the inescapable fact that home country regulators and enforcers rarely, if ever ,do anything to help defrauded expat investors. Axiom’s suspension in 2012 took with it £120 million...
2 Sep at 6 PM 2014
Offshore bank accounts give convenient access to regular or emergency cash, but how many depositors know how much of their savings are protected?
Migration planning for would-be expats often includes opening an offshore bank account for access to pension payments transferred from onshore accounts. The option may become even more popular due to recent UK high street bank crackdowns on accounts held by UK citizens living permanently overseas.
However, given the ongoing instability in the financial world, just how safe is your money
25 Aug at 6 PM 2014
An anonymous victim, aged 40, committed suicide recently after being defrauded of all his pension pot by cold-calling crooks who told him his pension could be unlocked early.
The tragedy was announced as part of an anti-[ension fraud campaign being run by HM Revenue and Customs, the Pensions Regulator and the police. According to the victim’s heartbroken mother, the deal offered was £17,000 after the fraudsters’ fees were paid, but her son never received any money
and killed himself when he realised he’d been duped.
21 Aug at 6 PM 2014
British citizens living overseas are being urged to complain to the Competition and Markets Authority (CMA) about unfair treatment by onshore UK banks.
The controversy over the treatment of UK expats by onshore banks is ratcheting up after calls to report offenders to the UK authorities. A majority of expats working or retiring overseas have kept their former UK bank accounts to facilitate transfers of pensions and other payments to bank accounts in their countries of residence.
Although UK state pensions are able to be paid into...