MONEY MORSELS

Equity release rise

EQUITY release borrowers have five times more deals from which to choose than they did in 2014, according to Moneyfacts. Five years ago, 40 deals were available for borrowers aged 55 or over and now there are 201. The average rate has reduced from 6.1 pc to 5.24 pc over the same period.

Attorney refunds

JUST 200,000 claimants overcharged for registering a power of attorney between April 1, 2013, and March 31, 2017, have received a refund, despite one million people being eligible. The figures, obtained by Quilter, reveal only £12 million out of an £69 million surplus has been repaid since february 2018.

Scam alert

FRAUDSTERS are targeting savers with emails purporting to be from the Financial Services Compensation Scheme (FSCS). The FSCS is urging people not to respond to messages from ‘Paulo Gatti’ and ‘AAA Trade’ requesting personal information in order to claim cash. The FSCS and Action Fraud are working on the matter.

Cashback closure

NATIONWIDE is scrapping its popular Simply Rewards scheme on April 1. Around 400,000 customers will no longer earn cashback on debit and credit card purchases at selected bars, restaurants and shops. Customers can continue to use the scheme until it closes.

Investment victims

VICTIMS who invested in land banking schemes between 2005 and 2010 may be able to get back some money. Countrywide Land Holdings, Regional Land and Consolidated Land UK sold plots unlawfully. Only 392 of the 870 people who invested have so far claimed a repayment. Contact the Financial Conduct Authority on

investors@fca.org.uk with the reference: UBD RC RE00654.

Buy-to-let choice

LANDLORDS now have 2,162 mortgage deals from which to choose, compared to 1,456 in March 2017, according to Moneyfacts. However, since September 2018, the average two-year buy-tolet fix has increased by 0.2 pc to 3.12 pc and the average five-year deal has increased by 0.15 pc.

Pension blow

WOMEN who take two years’ maternity leave could lose nearly £ 25,500 from their pension, according to AJ Bell. Assuming contributions of 5 pc of the average UK salary from you and your employer, your pension would be worth £368,580 by age 65 if your investment grew by 4 pc a year. Two year-long breaks would reduce the sum to £343,087.

Open banking

NATWEST customers can now view current accounts from 15 different banks through its iPhone and iPad apps. The open banking service is expected to be available soon for customers using Android.