Citizens Advice Closure and Investment Platforms

Money Box

BBC

Business

4.2 • 804 Ratings

🗓️ 9 March 2024

⏱️ 26 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

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)

Transcript

Click on a timestamp to play from that location

0:00.0	You are about to listen to a BBC podcast and I'd like to tell you a bit about what goes into making one.
0:06.5	I'm Sadata Sese, an assistant commissioner of podcasts for BBC Sounds.
0:11.2	I pull a lot of levers to support a diverse range of podcasts on all sorts of subjects,
0:16.0	relationships, identity, comedy, even one that mixes poetry, music and inner city life.
0:22.4	So one day I'll be helping host develop their ideas, the next fact-checking, a feature,
0:28.3	and the next looking at how a podcast connects with its audience, and maybe that's you.
0:33.6	So if you like this podcast, check out some others on BBC Sounds.
0:39.5	BBC Sounds, music, radio podcasts.
0:43.2	Hello, welcome to this Moneybox podcast.
0:45.9	The cost of a comfortable or even a basic retirement in Britain has jumped following a year of high inflation.
0:52.3	The state pension can't even provide the minimum.
0:55.5	And investment firms have until the end of February to stop snaffling the interest on their
1:00.5	clients' cash. Is this the start of a new consumer-focused clamped down by the regulator?
1:06.0	But first, dozens of citizens' advice centres in England are at risk of closing because local councils
1:12.4	which support them are running out of money. That warning came this week from the senior Labour MP
1:17.7	Clive Betts in an exclusive interview with Moneybox. He spoke to me in his role as chair of the House
1:23.6	of Commons Select Committee on levellinglling up, housing and communities.
1:32.5	He also told me that the funding crisis in local councils is the worst he's ever seen in more than 30 years as a Member of Parliament.
1:35.9	One of those citizens' advice centres in difficulties is in Mansfield.
1:39.8	It told Moneybox it'll have to close because the local council has cut thousands of pounds in funding.
1:45.7	So Dan Whitworth hit the road to Nottinghamshire.
1:49.0	Walk around the town centre here with its market square, old town hall and historic buildings
	...

Please login to see the full transcript.

Previous episode | Next episode

Disclaimer: The podcast and artwork embedded on this page are from BBC, and are the property of its owner and not affiliated with or endorsed by Tapesearch.

Generated transcripts are the property of BBC and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.