Money Box

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The psychology of fraud Apr 20, 2019

Show notes

Criminals fraudulently stole £1.2 billion last year from our bank accounts according to the industry body UK Finance.

But that’s just the tip of the iceberg - the true scale of financial fraud is hard to put a figure on. As many as four out of five people who have been stung don't report it.

Fraud is an epidemic that’s seemingly out of control.

In this programme, Iona Bain asks why do we fall for fraudsters?

How do they manage to dupe us into hitting the transfer button on fraudulent transactions worth thousands of pounds? Can understanding this give us more of a fighting chance against them? And what’s the role of technology in all of this - both as a catalyst and as a possible cure?

Producer: Alex Lewis Editor: Emma Rippon

The Costs of Being Single Apr 17, 2019

Show notes

Almost 8 million people live alone in the UK and numbers are rising. Figures from the Office for National Statistics show it's more expensive to be single, so what are the financial penalties if you're not a couple? Inevitably, household expenses are more costly when you're not sharing rent or mortgage payments, energy or water bills. But outside the home, there are many ways that singletons pay a premium - whether it's more expensive holidays, hotel rooms, train fares, car insurance or even theatre tickets.

On Money Box Live, we want to hear how you can cut the costs of being single. Apart from the 25% council tax discount, where else are singletons given a price reduction? And, with the number of one-person households expected to reach more than 10 million by 2039, should the government consider new policies to ease the financial burden?

Share your views and experiences with Louise Cooper and guests. Email moneybox@bbc.co.uk or call 03700 100 444 from 1pm to 3.30pm on Wednesday 17 April. Standard geographic charges from landlines and mobiles will apply.

Guests: Professor Donald Hirsch, Centre for Research in Social Policy at Loughborough University Kara Gammell, personal finance journalist

Presenter: Louise Cooper Producer: Sally Abrahams

Regulator warning for general insurance companies Apr 13, 2019

Show notes

The Financial Conduct Authority has warned parts of the general insurance industry that it "will not hesitate to intervene" in situations where firms fail to meet their obligations to customers. A report by the financial regulator examined short-term travel including coach trips, tradesman, GAP and motor ancillary insurance. It found some customers were sold inappropriate products, charged excessive prices or received poor service. Guests: Jonathan Davidson, Executive Director of Retail Supervision at the Financial Conduct Authority and Huw Evans, Director General of the Association of British Insurers.

Money Box listener Lola reveals how thieves tricked her caller ID into displaying her bank telephone number before stealing from her account. Guest: Richard Emery, Independent Fraud Investigator.

As Debenhams department store is taken over by its lenders as part of an administration process, what should customers with gift cards, wedding lists and insurance arranged via the store do? Guest: Adam French, Consumer Rights Expert for Which?

The price of wholesale energy has dropped sharply over the past two months. Could it eventually lead to lower bills for around 11 million households on default tariffs who are affected by Ofgem’s price cap? Guest Ellen Fraser, Independent Energy Consultant at Baringa.

Presenter: Paul Lewis Producer: Charmaine Cozier Editor: Richard Vadon

The future of saving into a pension at work Apr 10, 2019

Show notes

Are you saving into a pension at work? Has this happened automatically via auto enrolment? In just six years, this Government policy has encouraged ten million more people save into a pension. But not everyone is eligible to take part. So they get no employer contribution towards their retirement pot. People paid less than ten thousand pounds a year and the self-employed are currently excluded from the scheme. Paul Lewis and expert panel discuss the future of pension saving at work. How can more people be encouraged to save for their old age?

Guests: Laura Gardiner, Resolution Foundation Meredith McCammond, Low Income Tax Reform Group Will Sandbrook, Nest Insight Emma Heathcote-James, Federation of Small Businesses

Email moneybox@bbc.co.uk or call after one o'clock call 03 700 100 444.

Are fraudsters getting away too easily? Apr 06, 2019

Show notes

The inconsistent manner in which police forces in England and Wales investigate reports of fraud is leaving victims 'confused and disillusioned.' That's one of the findings in a report by the watchdog Her Majesty’s Inspectorate of Constabulary and Fire and Rescue Services. Money Box listener Emma lost her £25,000 new home deposit after criminals hacked emails between her and her solicitor in order to divert and steal the money. She feels let down by the police and her bank. Guest HM Inspector of Constabulary Matt Parr.

What needs to happen for you to achieve the life you desire? How much money is enough money? Just a few of the questions likely to be asked by a lifestyle financial planner as they cashflow model your future. Julie Lord, Chief Executive of Magenta Financial Planning, explains what it involves. A report from Gingerbread, the charity for single-parent families, highlights concerns over the operation of one of the Child Maintenance Support payment methods called Direct Pay where parents manage payments between themselves. Guest: Sumi Rabindrakumar who wrote the report for Gingerbread.

This week the Financial Conduct Authority issued a warning for people considering putting their cash into Innovative Finance ISAs (IFISAs). It says mini-bonds or peer-2-peer investments "may not be protected by the Financial Services Compensation Scheme so customers may lose the money invested or find it hard to get back." It follows the collapse of London Capital & Finance. More than 11,000 people invested £236m with the failed mini-bond provider.

Reporter: Dan Whitworth Presenter: Paul Lewis Producer: Charmaine Cozier Editor: Richard Vadon

The costs of winding up someone's affairs after they die Apr 03, 2019

Show notes

Have you had to cope with sorting out a loved one's financial affairs after they die? The process is called probate or 'confirmation' in Scotland. It's a complex process, involving getting documents from financial institutions, valuing assets and perhaps even selling a house. It all comes at a time when relatives or friends may be feeling at their most vulnerable. Fees to apply for the probate process in England and Wales are due to rise sharply in many cases, subject to Commons approval, in the spring.

Join Adam Shaw and expert panel to share your experiences of dealing with a loved one's financial affairs.

Guests

Helen Stewart, head of probate and partner at Thomson, Snell and Passmore Alan Barr, partner at Brodies and co-author of Drafting Wills in Scotland. Sarah Pennells, founder of financial website, Savvywoman.co.uk

London Capital & Finance. The report. Mar 30, 2019

Show notes

Money Box reporter Dan Whitworth analyses the main findings from the administrators' report into London Capital & Finance. The high-risk mini-bond provider collapsed in January but not before it had taken £236m from 11,650 people. Many of them were first-time investors who thought their money was going into fixed rate ISAs. The cash they put in came from pensions, inheritances and life savings.

From April the Financial Services Compensation Scheme (FSCS) limit for regulated investments rises to £85,000 from the current £50,000. Guest Mark Neale, Chief Executive of the FSCS.

As this year’s Council Tax bills arrive, are you eligible to reduce yours with a discount, exemption or help from a Council Tax Reduction scheme? Guest: Caroline Siarkiewicz,, Director and debt advice expert at the Single Financial Guidance Body.

NHS consultant James Bailey explains how the annual allowance taper affects his finances and working life. The taper was introduced in 2016 and affects people with income over £150,000 including pension savings. For every £2 of income over £150,000, the annual allowance reduces by £1, to a minimum of £10,000 a year. If an individual’s income is less that £110,000 a year, excluding all pension savings, then the annual allowance taper doesn't apply. Guests: Josephine Cumbo Pensions Correspondent for the Financial Times and John Ralfe, an Independent Pensions Consultant.

Reporter: Dan Whitworth Presenter: Paul Lewis Producer: Charmaine Cozier

Making Tax Digital Mar 27, 2019

Show notes

A major change to the UK's tax system starts on April 1st. Is business ready for the VAT reporting shake-up? Making Tax Digital means businesses with an annual turn-over of more than £85,000 a year must file and submit their quarterly accounts using digital software which is compliant with the new system set up by HMRC. The Government says the initiative will increase the tax take. But small businesses have expressed concerns over the costs of upgrading software and getting to grips with the new system. Joining Louise Cooper are Theresa Middleton, Director of Making Tax Digital at HMRC and Anita Montheith, Technical Manager at The Institute of Chartered Accountants in England and Wales.

Smart meter only energy tariffs Mar 23, 2019

Show notes

Over 13 million smart meters have been installed in the UK. By the end of December next year gas and electricity suppliers will be expected to have taken "all reasonable steps" to roll them out to domestic and small business customers. One of those steps involves offering cheaper tariffs to customers - but only if they agree to have a smart meter installed. There's no legal requirement to have one so is it an unreasonable step too far? Guests: Lawrence Slade, Chief Executive at Energy UK and Joe Malinowski, founder of energyscanner.com

To what extent does the way we bank affect the way we spend, or don’t spend, our money? Guest: Abi Adams, Behavioural Economist at the University of Oxford.

The Serious Fraud Office has opened an investigation into individuals linked to London Capital & Finance. The failed high-risk mini-bond provider entered administration in January, but not before over 11,000 people had trusted it with £236m of their cash to invest in what they were told were fixed-rate ISAs. They now stand to get 20% of their money back at best.

Annuities are a retirement income product bought with some or all of your pension pot. The insurance and pension provider Prudential is currently transferring around 400,000 policy holders to Rothesay Life following the sale of its portfolio to the annuities specialist. Guest: Billy Burrows, Retirement Director at specialist pensions adviser Better Retirement who explains the underlying security behind annuities and how they are protected if the provider changes.

Reporter: Dan Whitworth Presenter: Paul Lewis Producer: Charmaine Cozier Editor: Richard Vadon

First-time buyers Mar 20, 2019

Show notes

The number of first-time buyers is up, says Chancellor Philip Hammond. Will it continue? If you've managed to buy your first property, how did you do it and what help did you get?

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