The Information Commissioner’s Office (ICO) recently announced that cold calls about pensions are now illegal in some circumstances following a change in the law.

Unsolicited calls are the most common method for companies who operate pension scams to contact people and new legislation introduced by the government from 9 January aims to tackle this.

ICO Investigations Manager, Andy Curry, said:

”These calls cause untold misery to thousands of people and we are pleased that the law now offers greater protection to stop them being scammed out of their hard-earned pensions by unscrupulous operators. The ICO has powers to go after companies who make these nuisance calls and their directors and can impose fines of up to £500,000. We would encourage people to report calls like this to us to help us take action.”

The ban prohibits cold calling in relation to pensions, except where:

• the caller is authorised by the Financial Conduct Authority, or is the trustee or manager of an occupational or personal pension scheme, and;
• the recipient of the call consents to calls from the caller, or has an existing client relationship with the caller such as might give rise to an expectation of receiving cold calls from that caller.

For further information, read the ICO’s updated guidance for businesses in the telephone marketing section of the guide to the Privacy and Electronic Communications Regulations (PECR).

The ICO have also updated their nuisance calls advice for the public. If you think you have received a call like this, you can report the details to the ICO here.

The start of a New Year is the time when we all resolve to change something – whether it’s to lose weight or join a gym – but what about ensuring our finances are fit and healthy?  At Hamnett Wealth Management, we think now is the ideal time to review your existing financial arrangements.  Here are our 3 suggested resolutions for 2019:

1. Take control of your pension arrangements

Whether you’re looking to set up a pension, save money on annual management charges or to reduce fees on expensive pension plans, make sure you review your current pension arrangements to see whether they are likely to help you achieve your retirement goals.

2. Maximise your tax-free saving allowances

The 5^th of April is just around the corner – the date by which you should have finalised any tax-efficient savings plans and pension issues. If you have money to save, but have yet to use up your ISA allowance, make sure you take advantage of this tax-free form of investment.  Equally, ensure you’re making the most of allowances on your pension contributions to cut your tax bill.

3. Review your investments

Investment values have risen well in the last 12 months but volatility has been high. With fast changing political events affecting markets, it is imperative that your portfolio and pensions are strategically invested to profit from uncertainty and protect yourself from market shocks.

Take control of your financial future today with Hamnett Wealth Management.  We offer a free initial face-to-face consultation where we will assess your needs and explain how we can help. Call us now on: 0114 235 3500 or email us at: advice@hamnettwealth.com

The recent budget didn’t deliver any shocks, but it’s still worth reviewing your finances.

With Christmas rapidly approaching, the Chancellor’s budget announcements on Monday 29 October 2018 might feel like a long time ago. If you didn’t manage to catch the full budget analysis, check out 7IM’s quick tips.

Unlike other budgets, this one didn’t spring any big surprises or changes. Some personal allowances went up, a few stayed the same, and duties for things such as cigarettes and alcohol were increased, as is often the case. All in all, it wasn’t a budget to send people reaching for their calculator, but there were some Christmas-stocking-sized treats. You might want to think about how they affect you, before your thoughts turn to the holiday season.

Read 7IM’s article on the key things to think about for the 2019/20 tax year:https://www.7im.co.uk/private-client/news-and-insights/Tax-free-allowances-are-going-up

Whenever the tax regime is changed, it can be a good time to review your financial situation. If you’d like to speak with one of our advisers about what next year’s tax changes might mean for you, call us on 0114 235 3500.

Talk Money Week is happening this week (12-18 November 2018) and is an opportunity to have a conversation about money. Whether it’s within families, between friends and colleagues, financial services and customers, charities and clients, housing associations and residents, teachers and students, government and local authorities and citizens; Talk Money is about improving people’s money management skills and financial wellbeing. The first step is breaking the taboos, so that we can all Talk Money.

It is also the annual celebration of the work thousands of organisations are doing to improve people’s financial capability across the UK. Throughout the week organisations will be engaging with their customers, showcasing their services, and leading the charge to make their work more effective, by turning evidence of what works into action at scale.

The theme for 2018 is financial wellbeing – with a focus on what organisations can do to get more people accessing free debt advice, more people saving regularly, more young people receiving a meaningful financial education and fewer people using credit for everyday spending.

You find out more about Talk Money Week at https://www.fincap.org.uk/en/articles/talk-money-week and join the conversation over on Twitter by searching #talkmoney

With markets seeing more volatility and Brexit still taking centre stage, it’s always useful to revisit how to manage your money. Cash is king in the short-term but for the medium to long-term then investing in real assets will always win the race.

Wise words in this article in the Financial Times and a reminder to stick to your fundamental investment principles: https://www.ft.com/content/a36ab474-d608-11e8-ab8e-6be0dcf18713

We think the world economy is in fair shape. The data from the US are red hot, Europe has slowed but should muddle through, and China has a stimulus programme on the go, which will take effect over the next six months. Globally, consumers are confident and spending merrily. Inflation is roughly where central banks would like it to be but is drifting up, this could lead to interest rates rising faster than markets currently expect.

For investors who have portfolios stuffed with government bonds, this is going to be a problem. Bonds will probably lose money as rates rise, particularly in Europe and the UK. At Hamnett Wealth Management, we are focused on reducing this risk for our investors.

The US official short-term rate stands at 2.25%, higher than in Europe, Japan or the UK, but still well below its long term average of 5%. As rates rise investors are likely to be hurt, particularly those with a more cautious risk appetite. We have been diversifying into assets that are less vulnerable when rates rise, and have also built up some cash.

A key problem for UK investors is uncertainty about the Brexit negotiations. We hold a lot of your portfolio outside of sterling – which should protect against a ‘hard’ Brexit outcome, where we expect the value of the pound to plunge. To balance against the Brexit negotiations turning out surprisingly well for the UK, we also hold currency options that will protect against a soaring pound.

Overall, we remain neutral on equities: a growing world with moderate inflation is good for businesses and earnings, and share prices should remain firm, if more volatile than recent years, even if some markets look moderately expensive. We remain underweight credit, since investors aren’t being paid enough to take on the risk of heavily borrowed companies defaulting.