Moneynet slams government for ‘headline-grabbing’ with ISA increase

The increase in ISA allowances for the over-50s was simply a headline-grabbing attempt by the government that will have little effect on the finances of older savers, Moneynet.co.uk said this week.

Since 6 October, over-50s have been allowed to save £5,100 per year in their Cash ISA rather than £3,600.

Moneynet.co.uk calculated that the average benefit of the increase for basic rate tax payers will be just £4 in extra interest earned.

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HSBC chairman: Banking industry “owes an apology”

Stephen Green, chairman of Europe’s largest bank HSBC, said the banking industry “owes the real world an apology” for the financial crisis.

In an interview with the BBC, Mr Green who is also a Church of England priest, said: “I think the change in the public perception of the industry is entirely understandable. The banking industry has not covered itself in glory to say the least, and indeed the industry collectively owes the real world an apology for what has happened.

“It also owes the real world a commitment to learn the lessons. Some of them are about governance and ethics and culture within the industry,” added Mr Green.

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Banks agree to make costs transparent

An investigation by the Office of Fair Trading (OFT) found that consumers struggle to understand current account charges, as well as interest rates and overdraft fees.

As a result, new measures from 2011 will see banks make it easier for consumers to understand their costs and charges, as well as making the switching process easier.

This means it will be simpler to transfer direct debit payments from an old account to a new one. OFT found that many consumers are deterred from switching accounts because of the problems it causes.

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Does outsourcing your accounting make sense for your small business?

Outsourcing accounting services has long remained a privilege reserved only for larger corporations. But now, the affordability and cost effectiveness of using outsourced accounting services is attracting small businesses as well. Small businesses normally have a lot of functions and very less resources for completing them. Using expert bookkeeping and accounting service providers for outsourcing accounting functions save small businesses a lot of resources, which can then be utilized somewhere else within the business.

But the main query a small business entrepreneur will have is this: Is outsourcing accounting services really worth it for my small business? The answer to this is complicated and requires evaluating the pros and cons of using a firm for financial functions of the business.

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