New Fraud Protection In Place

On Monday (7th October) new fraud protection measures came into place. This is seen as a significant step in protecting consumers from fraudsters.

As of Monday, it is mandated that all payment firms, including banks and building societies, must reimburse victims of Authorised Push Payment (APP) fraud within five business days if they are not at fault, up to a maximum of £85,000. I’ve looked more at what APP fraud is below if you want to read more.

Also of note for some this week, mortgage providers are starting to pull their lower-rate products from the market, and there is talk of mortgage rates increasing again. Uncertainties surrounding future interest rates, driven by mixed messages from the Bank of England regarding base rate, combined with wider economic uncertainties have their parts to play in lenders’ pricing decisions.

Key Articles I Have Read This Week:

• This Is Money highlight the somewhat scary statistic that 38% of self employed people do not have any pension savings: Read it here

• BBC look a bit more at the potential for mortgage rate rises and the impact this may have. Read it here

Investment Markets This Week:

Best Cash Savings Rates This Week

Authorised Push Payment (APP) Fraud 😡