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BBC Radio 4

Money Box

New research estimates that there are more than 3 million lost pension pots in the UK. These are pensions that have been paid into by an employer but the scheme can no longer find the person who owns it. The Pensions Policy Institute research also found number of lost pots has risen more than 17% since 2022. The Department for Work and Pensions told us millions of people will be saved from losing track of their pension pots thanks to its plans to consolidate deferred small pots in its forthcoming Pension Schemes Bill. The Pensions and Lifetime Savings Association says the industry has funded campaigns to raise awareness. Go to gov.uk and search 'pension tracing' to find contact details for your old pensions.

Hundreds of thousands of former university students are being urged to check if they have paid too much towards their student loan and if so to claim a refund. The campaign group Save the Student made the call in response to new figures from the Student Loans Company, published for the first time, which show former students are eligible for refunds worth £184m. 

And in last week's Budget the Chancellor, Rachel Reeves, announced a reduction in the level of debt repayments that can be taken from a household’s Universal Credit payment each month. The new "Fair Repayment Rate" will reduce Universal Credit deductions from 25% to 15% per month. The government says that means that 1.2 million households will keep more of their award each month and those who benefit will gain an average of £420 a year. 

Presenter: Paul Lewis
Reporters: Dan Whitworth
Researchers: Emma Smith and Jo Krasner
Editor: Jess Quayle

(First broadcast 12pm Saturday November 9th 2024)

Lost Pensions and Student Loans

A record number of people in England and Wales are getting help with the cost of their water bills. The number of people on low incomes who have been given a reduction in their bill grew last year by 250,000 to 1.6 million. They are called 'social tariffs' but newly released data from the Consumer Council for Water shows the amount people get varies widely depending on where they live. Water UK, which represents the water industry, says these are average figures with eligible customers able to receive a much higher deduction. Dan Whitworth will have the full details of this story.

In a week where changes to Inheritance Tax for farmers have dominated the headlines, we’ll discuss how the changes will work and who will be affected. 

There's a new inflation measure developed specifically for Northern Ireland. The Northern Ireland Consumer Prices Index allows statisticians to compare how fast prices are rising against the UK rate. We'll find out more about how it's calculated.

Plus, the listener who got a £1,500 refund on his student loan after listening to Money Box.

Presenter: Paul Lewis
Reporters: Dan Whitworth, Emma Smith and Eimear Devlin
Researcher: Catherine Lund
Editor: Jess Quayle

(First broadcast 12pm Saturday 16th November 2024)

Water Bills and Inheritance Tax for Farmers

More than 800,000 people have called a dedicated fraud line, which connects them with their bank if they think they’re being scammed, since it started 3 years ago. Stop Scams UK, which set up 159, says 20 banks are now part of the service. We'll hear from a woman who called the number after losing £4,000 in a scam and find out more about how it works.

Complaints about the wealth manager St James Place have risen sharply amid a major historical review of the ongoing fees it charged its customers. Fifteen thousand clients complained to the company directly in the first half of this year, and complaints to the Financial Ombudsman Service quadrupled in that time compared to the year before. St James Place says beginning last year, it saw an increase in the number of complaints received. While these have since reduced, it continues to do everything it can to work through them as quickly as possible. It has put in place processes including training and recruitment to maximise the number it can complete without jeopardising the quality of the investigation, and says that it apologises for any delays clients may experience during that time. 

Some first-time buyers are finding that Lifetime ISAs, a government scheme that adds a 25% bonus to everything you put in towards your deposit, aren't working for them when they come to buy a home. It is because there's a £450,000 cap on the price of the property you can buy, which some find prices them out of buying where they live. The Treasury says that across the vast majority of the country and in most London boroughs, the average price for a first-time home remains below the cap. 

Presenter: Felicity Hannah
Reporter: Dan Whitworth
Researcher: Emma Smith
Editor: Jess Quayle

(First broadcast 12pm November 23th 2024)

Reporting Scams and Lifetime ISAs

A new report about the UK’s main financial regulator was published this week, concluding the Financial Conduct Authority is "seen as incompetent at best, dishonest at worst." The report was put together by the All Party Parliamentary Group for Investment Fraud and Fairer Financial Services, which is made up of cross-party MPs and members of the House of Lords. They spoke to victims of financial scandals who lost money in frauds and heard testimony from people who worked, and some who still do work, for the organisation. The FCA has said it sympathises with those who have lost out as a result of wrongdoing in financial services, however it strongly rejects the characterisation of the organisation. We'll hear from the co-author of the report and, in his first interview since its publication, we'll speak to Nikhil Rathi, the Chief Executive of the Financial Conduct Authority.

What deals can people expect if they’re re-mortgaging their homes over the next 6 months? We'll hear from listeners affected and get some advice from a mortgage broker.

And, the 9 year old coin collector who has found a special £2 coin and wants to know whether to spend it or save it.

Presenter: Felicity Hannah
Reporter: Dan Whitworth
Researcher: Emma Smith
Editor: Jess Quayle

(First broadcast 12pm Saturday 30th November 2024)

FCA Seen as 'Incompetent' and Rare Coins

Almost a million women are trapped in dangerous relationships because of economic abuse, figures from a dedicated charity suggest.

Economic abuse is now a legally recognised form of domestic abuse. It could include not allowing access to cash or bank accounts or the things money buys like food and clothing.

The charity Surviving Economic Abuse reports that 1 in 7 women in the UK have experienced this kind of control and coercion at the hands of a partner and we know that men can face it too. 

Felicity Hannah is joined by Sam Smethers the CEO of Charity Surviving Economic Abuse and also solicitor Gary Rycroft.

Presenter: Felicity Hannah
Producer: Sarah Rogers
Researcher: Emma Smith
Editor: Jess Quayle

If you've been affected by any of the issues in this programme then details of help are available at bbc.co.uk/actionline, or you can call for free, at any time to hear recorded information on 08000 155 947.

(This episode was first broadcast at 3pm on Wednesday the 4th of December 2024)

Money Box Live: Escaping Economic Abuse

Around 9 out of 10 charities have told a new report they've had at least one issue with banking in the past two years. The Charity Finance Group and National Council for Voluntary Organisations spoke to almost 2,000 charities in the UK and found more than three quarters had struggled to change the named signatories on their bank account and 4 in 10 said that the checks they were asked to complete weren't designed for voluntary organisations. We'll speak to one of the authors of that report and get reaction from UK Finance, which represents banks.

What were the key announcements in the Scottish Budget? We'll discuss income tax thresholds and a promise to lift the two-child benefit cap.

If you're a pensioner missing the Winter Fuel Payment this year - what other help could you get if you're struggling? We'll look at Attendance Allowance - who's eligible and how you can apply.

And, what's the best advice to make sure you're not inadvertently insuring the same thing twice?

Presenter: Felicity Hannah
Reporter: Dan Whitworth
Researchers: Emma Smith and Jo Krasner
Editor: Jess Quayle

(First broadcast 12pm Saturday 7th December 2024)

Charity Bank Accounts and Attendance Allowance

The British public is expected to donate close to £3bn to good causes over the festive season according to research from the Charities Aid Foundation.

If you are giving this year, how can you make sure all of your money gets to your favourite charity or if the charity is even real? 

We'll be considering the different ways to give and giving advice on how to avoid scams as well as hearing from some charities about how they're faring.

Felicity Hannah is joined by David Holdsworth, CEO of the Charities Commission for England and Wales and Philippa Cornish, Head of Charities at the Charities Aid Foundation.

She also chats to best friends and super fundraisers Hughie and Freddie, who have raised hundreds of thousands of pounds for Children's hospitals.

Presenter: Felicity Hannah
Producers: Sarah Rogers and Catherine Lund
Researcher: Emma Smith
Editor: Jess Quayle

(This episode was first broadcast at 3pm on Wednesday the 11th of December 2024)

Money Box Live: How to give to Charity

Some councils in England are offering vouchers or money directly to pensioners who've lost out on the Winter Fuel Payment this year. The money is being offered as part of the Household Support Fund, which is money given by the government to local councils to use to help residents who're struggling with essential bills, like energy and food costs. Winter Fuel Payment can be £200 or £300, but this year it's means tested, meaning millions of people will no longer get it. Money Box has found that some pensioners may still be able to get help with their energy bills via their council, if they've just missed on qualifying but are still struggling. The government says over a million pensioners will still receive the Winter Fuel Payment and that its drive to boost Pension Credit take up has seen applications more than double with over 40,000 more pensioners now receiving it.

The law relating to how couples split their assets and provide for each other and any children after divorce was last changed in England and Wales more than fifty years ago. On Wednesday the Law Commission which advises the government on how well laws are working will publish its findings on whether the current rules deliver fair and consistent outcomes. If it finds problems it will make suggestions for how they might be solved. We'll discuss what those options might be.

And, we often talk about how hard it is for young people to afford buy their first home - but how easy is to manage finances once you get on the property ladder?

Presenter: Paul Lewis
Reporter: Dan Whitworth
Researchers: Emma Smith and Jo Krasner

(First broadcast 12noon Saturday 14th December 2024)

Winter Fuel Help and Young Homeowners

Almost half of us are making money from side hustles according to the comparison site, Finder.

But how do they work, what do you need to do if you have one and when do you need to tell the tax office?

We will be meeting those using their hobbies to boost their bank balances this Christmas as well as clearing up the rules around selling on online platforms.

Joining Felicity Hannah is Helen Thornley from the Association of Tax Technicians and Vicks Rodwell of IPSE, the association for self-employed people.
 
Presenter: Felicity Hannah
Producers: Sarah Rogers and Neil Morrow
Production Coordinator: Emma Smith
Editor: Jess Quayle

(This episode was first broadcast at 3pm on Wednesday 18th December 2024)

Money Box Live: Side Hustles

Electricity and gas suppliers say they're offering hundreds of millions of pounds of additional support for customers this winter. Energy prices will rise again on New Year's Day and the latest figures from the regulator Ofgem show customers already owe suppliers a record £3.7bn in unpaid bills. We'll look at what help customers might be able to get if they're struggling to pay their bills.

On Thursday the Bank of England kept the Bank Rate unchanged at 4.75%. We'll ask a mortgage broker what buyers can expect in 2025? 

As a deadline approaches for government funded childcare hours for some working parents – how does it work and how can they apply?

We'll look back at some of the help given to Money Box listeners this year and hear music from the Barton Road Choir.

Presenter: Paul Lewis
Reporter: Dan Whitworth
Researchers: Emma Smith and Jo Krasner
Editor: Jess Quayle

(First broadcast at 12pm Saturday 21st December 2024)

Energy Bill Support and Christmas Cheer!

New technology is transforming the way we handle our finances. Are you someone who uses mobile apps to keep track of how you spend your money or does the thought of it fill you with dread?

Have you signed up to text alerts informing you of when you're about to go overdrawn? Do you use Twitter and other forms of social media to communicate with your bank or would you rather visit your branch and have a chat with a real person? 

Open banking, an industry wide initiative being introduced by the Competition and Markets Authority in January 2018, will mean that customers can choose to share their financial data with third party providers. The aim is to encourage more competition within financial services and provide customers with greater market choice and control over their money. Customers should be able to see a single view of their finances and receive recommendations about new financial and non-financial products such as broadband and energy tariffs. Does this prospect excite you or worry you?

Call 03700 100 444 from 1pm to 3.30pm on Wednesday 1st November or e-mail moneybox@bbc.co.uk.

Joining Louise in the studio are:

Imran Gulamhuseinwala, Global Head of FinTech at Ernst and Young and Implementation Trustee for Open Banking.
Dominic Lindley, consumer campaigner and Director of Policy at think tank New City Agenda

Presenter: Louise Cooper
Producer: Helena Selby
Editor: Andrew Smith

Money Box Live: New technology and banking

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