Top Other Money News

nigel woollsey

Nigel Woollsey

Online Writer
Published: 23/01/2020

Anyone who is looking for the best providers of car and commercial vehicle insurance will be delighted to learn that the Moneyfacts Annual Star Ratings for these have just been revealed.

Our latest 2020 Five and Four Star ratings for car and commercial vehicle insurance serve to highlight the very best products from across the whole marketplace.

Thousands of products are assessed by Moneyfacts on an annual basis, across 16 categories, from business and personal finance products to insurance and investment products. It is down to the extensive analysis of more than 2,000 data fields that enables Moneyfacts to award its Star Ratings every single year, helping to support consumers with their decision-making process.

The Moneyfacts Weekly Product News is a round-up of the latest products or rate changes to hit the consumer finance market this week. The deals are available right now, but may be subject to change. Find the best product for you.

The Government has unveiled a 10-year plan that aims to help millions of consumers struggling financially.

The Money & Pensions Service (MaPS), a Government agency, has stated that over the next decade it plans to create a nation of savers, while also reducing the number of consumers who are regularly using credit to pay for food and bills. Data released by MaPS found that a worrying 11.5 million consumers currently have less than £100 in savings to fall back on if they found themselves in financial difficulties and that nine million often use credit to pay for food or essential bills.

In addition to tackling a lack of savings and the reliance of credit to pay for everyday essentials, MaPS is also aiming to increase the number of children and young people getting a meaningful financial education, to ensure that more people are getting the debt advice they need and to raise awareness about the need to save for retirement.

Commenting on the 10-year plan MaPS has set out, Caroline Siarkiewicz, acting chief executive at MaPS, said: “Financial wellbeing underpins personal health and happiness but it doesn’t happen by chance. We’re launching a strategy for entire lifetimes, aiming to expand financial education for children while ensuring everyone is equipped to plan for and enjoy their retirement. Key initiatives include increasing the availability of affordable credit, more payroll savings products and an expansion of free debt advice for when people are in crisis.

“The Money and Pensions Service will be the catalyst for a financial wellbeing movement, transforming how people engage with their money and pensions. We have a decade to make a difference and we cannot achieve change alone, so we will be connecting companies, charities and other organisations which share our vision, to make this happen.”

Moneyfacts is delighted to announce that the results from our 2020 Star Ratings for Self-Invested Pension Plans (SIPP) and Small Self-Administered Schemes (SSAS) are in!

Consumers who value an impartial, expert opinion can now see for themselves which products and providers have achieved Five or Four Star Rated status. The Moneyfacts Star Ratings are well-respected by those looking for the best performers in the UK marketplace.

As part of our 2020 Moneyfacts Annual Star Ratings, thousands of products across 16 categories, from business and personal finance products to insurance and investment products, are carefully assessed.

The latest Moneyfacts Annual Star Ratings derives from the analysis of SIPPs and SSASs from over 50 fields of information per individual product.

Numerous features are considered when assessing the ratings, and some of this information includes:

Self-Invested Personal Pensions (SIPP)
• Minimum contributions and transfers in
• Investment options
• Number of segments allowed
• Set-up and admin fees
• Dealing fees
• Property purchase fees
• In-specie fees
• Cash transfer fees • Lifetime annuity availability and charges
• Capped drawdown charges
• UFPLS availability and charges
• Flexi access charges
• Transfer out charges
• Online valuation availability
• Deposit account choice
• Product closure charges.

Small Self-Administered Schemes (SSAS)
• Types of service offered
• Minimum contributions and transfers in
• Number of SSAS
• Investment options
• Funds under administration
• Set-up and admin fees
• Property and admin fees
• VAT registration and administration charges • Capped drawdown charges
• Lifetime annuity availability and charges
• Flexi access charges
• UFPLS availability and charges
• Scheme pension availability and charges
• Product closure charges
• Transfer out charges.

Richard Eagling, editor of Investment Life and Pensions Moneyfacts, said: “The need for individuals to take more control of their own retirement planning has encouraged a greater demand for self-invested pensions such as SIPPs and SSASs. There is a diverse range of SIPP and SSAS products that individuals can select from, making comparisons potentially complex. The Moneyfacts Annual SIPP and SSAS Star Ratings highlight the companies that offer the schemes with the most extensive range of features and competitive charges, helping consumers to direct their focus when considering their options.

“The Moneyfacts Annual SIPP and SSAS Star Ratings concentrate on the individual features of a product that consumers will come across when going through the decision-making process. The ratings therefore provide consumers with an extra seal of approval, which should give them the added assurance that they have found a high-quality product for their retirement needs.”

See the 2020 Moneyfacts Annual Star Ratings Four and Five Star products and providers here.

Following the news yesterday that low-income households are facing the fastest rise in consumer debt since the financial crisis, we have taken a look at how consumers can become debt-free in 2020.

When looking at clearing debts, we are looking at unsecured, personal debt such as credit card and loans. This does not cover secure debt or mortgages, but our guide How to pay off your mortgage early does offer some tips on clearing mortgage debt.

These tips are also aimed at those with manageable debt. Consumers who are struggling to repay debts, meet minimum repayments or who are missing bill payments, should seek debt advice from Citizen Advice or a free debt charity.

Recent News

news icon
Travelex cyberattack – alternative ways to change your travel money

9th January 2020

Travellers across the UK have been impacted by a cyberattack on Travelex, which has left many without travel money as they head abroad. Here we take a look at alternative ways travellers can get access to money before they travel

Travellers across the UK have been impacted by a cyberattack on Travelex, which has left many without travel money as they head abroad. Here we take a look at a

Read More
news icon
Tips for paying off Christmas debt

8th January 2020

Over the coming weeks, consumers across the UK will be receiving their post-Christmas credit card bills, which for many will be uncomfortable reading

Over the coming weeks, consumers across the UK will be receiving their post-Christmas credit card bills, which for many will be uncomfortable reading

Read More
news icon
Moneyfacts Weekly Product News – 19.12.19

19th December 2019

The Moneyfacts Weekly Product News is a round-up of the latest products or rate changes to hit the consumer finance market this week.

The Moneyfacts Weekly Product News is a round-up of the latest products or rate changes to hit the consumer finance market this week.

Read More
news icon
Moneyfacts Annual Star Ratings – Home Emergency Cover announced

18th December 2019

Moneyfacts Annual Star Ratings – Home Emergency Cover announced

Moneyfacts Annual Star Ratings – Home Emergency Cover announced

Read More
(showing 1 to 4 of 50) (showing 1 to 4 of 50)

Search News

Search News

Most Popular Other Money News

news icon
Moneyfacts Annual Star Ratings 2020 – Car insurance and commercial vehicle insurance announced

23rd January 2020

Anyone who is looking for the best providers of car and commercial vehicle insurance will be delighted to learn that the Moneyfacts Annual Star Ratings 2020 have just been revealed.

Anyone who is looking for the best providers of car and commercial vehicle insurance will be delighted to learn that the Moneyfacts Annual Star Ratings 2020 have just been revealed.

Read More
news icon
Government aims to create a nation of savers

22nd January 2020

The Government has unveiled a 10-year plan that aims to help millions of consumers struggling financially

The Government has unveiled a 10-year plan that aims to help millions of consumers struggling financially

Read More
news icon
Moneyfacts Weekly Product News – 23.01.2020

23rd January 2020

The Moneyfacts Weekly Product News is a round-up of the latest products or rate changes to hit the consumer finance market this week.

The Moneyfacts Weekly Product News is a round-up of the latest products or rate changes to hit the consumer finance market this week.

Read More
news icon
Tips for becoming debt-free in 2020

16th January 2020

Following the news yesterday that low-income households are facing the fastest rise in consumer debt since the financial crisis, we have taken a look at how consumers can become debt-free in 2020

Following the news yesterday that low-income households are facing the fastest rise in consumer debt since the financial crisis, we have taken a look at how consumers can become debt-free in 2020

Read More

More Money and Finance News

Get our weekly newsletter

Weekend Moneyfacts is available free by email to all Moneyfacts.co.uk users.

Please send me Weekend Moneyfacts, Savers Friend and selected third-party offers.

Cookies

Moneyfacts.co.uk will, like most other websites, place cookies onto your device. This includes tracking cookies.

I accept. Read our Cookie Policy