Money Box

A government-backed scheme that allows you to buy part of your home and rent the rest. It's often advertised as a more affordable way for first-time buyers to get on the property ladder. But how affordable is it, especially when rent and service charges go up? Paul Lewis and guests explore the pro and cons of this kind of home ownership, which avoids the need for a hefty deposit and allows you to keep buying a bigger share of the home, but which can also limit who you can sell your property to and evict you if you get behind with your rent. Guests: Amy Nettleton, Aster Group housing association Jaedon Green, Leeds Building Society Giles Peaker, partner and housing specialist, Anthony Gold solicitorsPresenter: Paul Lewis Producer: Sally Abrahams Editor: Andrew Smith.

How can you avoid SIM swap fraud happening to you? TSB customers have contacted Money Box after their mobile phones were targeted by criminals. The fraud involves an identity thief posing as their victim in order to trick mobile phone providers into issuing a new SIM card. That card is then used, along with other information, to access and steal from online bank accounts. Reporter Tony Bonsignore investigates, and we hear from Keiron Dalton, head of fraud at Aspect Software.There is a call for people who have stopped work before reaching state pension age to check if they can top up their pension through voluntary contributions. In certain cases it could add £244 a year to their state pension. Steve Webb, director of policy at Royal London explains who qualifies and what they need to do. More lenders appear to be offering mortgages to older borrowers, with one provider allowing people to hold one until the age of 99. Jane King, independent mortgage advisor with Ash-Ridge Private Finance discusses what is behind the focus on older borrowers. Presenter: Paul Lewis Producer: Charmaine Cozier Editor: Hugh Levinson.

It's a little known fact that if you or a relative has an ongoing health problem, the NHS will pay, not just for your treatment in hospital but could also pay for all your care needs, be that in a private care home or even in your own home.More than 160,000 people get exactly that support. Many more feel they should get it. The scheme is known as Continuing Healthcare Funding and it can be worth thousands of pounds per month. It's available to people living in England, Wales and Northern Ireland. In Scotland they decided the funding system was not fit for purpose and got rid of it three years ago.So, how do you qualify for financial support for long term health problems? What can you do if the support is withdrawn? And is this an effective way of looking after people whilst being sensible with public money?Let us know your views on NHS Continuing Healthcare. You can get in touch with Money Box Live at [email protected] Shaw is joined by a panel of experts: Lisa Morgan, Partner and Head of Nursing Care at Hugh James Solicitors in Wales Dan Harbour, Director of Beacon CHC Julie Wood, Chief Executive of NHS Clinical Commissioners Presenter: Adam Shaw Producer: Marie Keyworth Editor: Andrew Smith.

Money Box Live listener Anne from Dorset got in touch to tell us she feels "practically paralysed" when it comes to making decisions about spending money. She is 65 years old, retired and has an income of £20,000 a year through a combination of pensions and ad hoc work. She also has savings. But she has no idea if this will be enough to live comfortably in her retirement. She sees friends going on cruises and splashing out on luxuries which she'd love to do, but she is frightened of running out of money so ends up doing nothing. Anne says she knows she is fortunate to have a steady income, but she's not really enjoying retirement because she's too scared about her finances.Does this strike a chord with you? Get in touch with Money Box Live at [email protected] Cooper will be joined by: Michelle Cracknell, Chief Executive, Pensions Advisory Service. Debora Price, Professor of Social Gerontology at the University of Manchester. Jenni Allen from consumer group Which?

New figures show a rise in contracts that do not guarantee a minimum number of hours. Whether you are a worker or an employer, how does this kind of arrangement work for you?

We speak to people who are worried that they've lost control of their life savings having handed it to a company they can no longer contact. Their situation highlights the huge concerns about the unregulated industry of inheritance planning, even though some businesses handle huge amounts of cash. Anyone can set themselves up as an estate planner or will writer but that lack of regulation can have alarming consequences when things don't go as planned.Also, Adam Shaw speaks to Richard Lloyd, the man appointed to lead an independent investigation into the running of the Financial Ombudsman Service. It follows a TV documentary that revealed a litany of problems facing the ombudsman, including severely under-trained staff, unachievable targets, and thousands of incorrect decisions. . And, what should banks be doing to stop the persistence of transfer fraud? With more than £200 million worth of people's money was lost last year after criminals impersonating their bank persuaded them to transfer money to the criminal's account. The victim's own banks won't be held accountable, but what about the bank where the stolen money is moved to? Natasha Vernier, Monzo Bank's Head of Financial Crime gives us one bank's view, and fraud consultant Richard Emery of 4 Keys International explains how banks should be forced to accept responsibility.Presenter: Adam Shaw Producer: Marie Keyworth Editor: Jim Frank.

On 25th May, sweeping new data protection rules come into force, changing the way individuals and businesses deal with personal data. The EU's General Data Protection Regulation - or GDPR for short - will give you the right to do things like ask companies and organisation to tell you what data they are holding on you, and how it's being used. It will also restrict the way direct marketing reaches your email inbox, and means you will be told if your data is compromised by hackers.While the new rules strengthen individual rights, it's a big change for businesses, who are running out of time to comply. While some are confident they will be ready by next month's deadline, others are complaining that information explaining what precise changes need to be made is hard to come by. And with the maximum fine of around £17 million or 4% of global annual turnover, the consequences of a company failing to comply could be huge.In this programme we explain what GDPR will mean for you as an individual, and for your business, busting some myths along the way. As ever we want to hear your experiences; email: [email protected] Shaw will be joined by a panel of guests: Annabel Kaye, co-founder of Koffee Klatch Nina O'Sullivan, Legal Director and Professional Support Lawyer at Mishcon de Reya Steve Wood, Deputy Commissioner at the Information Commissioner's OfficePresenter: Adam Shaw Producer: Marie Keyworth Editor: Jim Frank.

The cost of living alone, rather than living as a couple, is more than £1000 a year, according to figures from the Office for National Statistics. In the UK nearly eight million people now live alone and spend on average £21 a week more than individuals who live as a couple. Money Box reporter Marie Keyworth visits Sussex to investigate the cost of living, shopping, exercising and holidaying alone.Up to 90,000 people on benefits are at risk of losing their home when the Government stops paying the interest on their mortgage in just over two weeks' time. In future, help with mortgage interest will be paid as a loan not a benefit. But new figures from the Department for Work and Pensions show that around 90% of those who get this benefit have not yet signed up for the loan that replaces it. It will be the same amount and still paid direct to their lender. But it will be a loan from the Government and secured against their home. If they do not sign up for the loan arrangement the money will stop from April 6th. We hear from Kit Malthouse, the Minister for Family Support, Child Maintenance and Housing, and from debt advisor Sara Williams, the founder of the Debt Camel blog.Also - Under Financial Conduct Authority rules, if you want to transfer a defined benefits pension of more than £30,000, you must seek guidance first. It's a safeguard against you making potentially disastrous financial decisions - but not an absolute block. That's because under pension freedom, it's your money and your decision. But one Money Box listener who received advice, but chose a different option, found it impossible to get her confirmation letter - which meant her pension transfer couldn't go ahead. Michelle Cracknell, chief executive of the Pensions Advisory Service explains your rights..Presenter: Paul Lewis Producer: Paul Waters.

This week a report from the Work and Pensions Select Committee says British Steel pension scheme members were targeted by "vulture" financial advisers after Tata was allowed to offload its retirement fund. It found that members were "shamelessly bamboozled" into transferring out of their final salary schemes, and criticises the Pensions Regulator and the FCA. The report also urged the FCA to ban contingent charging where financial advisers receive a fee for transfer advice, calling it "a key driver of poor advice." Guest Martin Bamford Chartered Financial Planner and Managing Director at Informed Choice Reporter Tony Bonsignore examines the issue of child maintenance and self-employed earnings as a bill on child maintenance evasion progresses towards its second reading. It's seeking to crack down on parents who use their self-employed status to "disguise the means they have available to financially support their non-resident children." Guest: Sumi Rabindrakumar from Gingerbread, the national charity for single parent families. Royal Mail and the Communication Workers Union (CWU) intend to lobby government to make the necessary changes to introduce what would be the UK's first collective defined contribution (CDC) scheme. It follows Royal Mail's decision to close its defined benefit scheme, which essentially pays out based on years worked and salary earned. How would the CDC scheme work and is there room for another pension option? Hilary Salt, founder of First Actuarial, who advised the CWU on the new scheme and Hugh Nolan, Chair of the Defined Contribution Committee for the Association of Consulting Actuaries, discuss. Presenter: Paul Lewis Producer: Charmaine Cozier Editor: Jim Frank.

The FCA is warning about a form of online high-risk trading which some firms are illegally offering in the UK. Binary options trading involves betting on whether anything that can be measured in financial terms, like a currency or share index, will rise or fall below a specified price at a certain time. The FCA began regulating last month which means it's now illegal to sell those trades in the UK without its authorisation. Money Box listener Penny lost nearly £17,000 with an unauthorised firm but what can the FCA do in future to protect people like Penny? Christopher Woolard FCA Director of Strategy and Competition explains. The Department of Work and Pensions has confirmed that all Personal Independence Payment (PIP) claims will be reviewed. It follows a Government decision not to challenge a court ruling that said changes to PIP were unfair to people with mental health conditions. Guest Paul Farmer, Chief Executive of the mental health charity Mind. Interest-only mortgage holders are being urged to contact their lenders after a financial regulator review found too many people avoid planning how they intend to clear the underlying debt when the mortgage ends. It comes as Bank of England figures show December mortgage approvals reached a three year low. Why? Guests: Jane King, Independent Financial Adviser with Ash-Ridge Private Finance and Samuel Tombs, Chief UK Economist at Pantheon Macroeconomics.Presenter: Paul Lewis Producer: Charmaine Cozier Editor: Jim Frank.

How Britain created £435billion out of nowhere - and where the money went.

There's concern that thousands of steelworkers and former steelworkers at Port Talbot may have been badly advised to withdraw funds and put them into unsuitable investments. Money Box has learned that six firms have now voluntarily stopped signing up new clients. Money Box's Tony Bonsignore reports from Port Talbot. The programme hears from steelworker Paul who fears he's made the worst financial decision in his life. Megan Butler, director of supervision at the FCA and Michelle Cracknell, from the Pensions Advisory Service, explain the latest details of this complex situation. The Scottish Government is flexing its muscles over tax. As Money Box previewed last week, its draft Budget this week set out plans for increasing the present three income tax bands to five. Those earning up to £33,000 - will pay less income tax than they do this year. But some on higher incomes will pay considerably more. Stephen Hay, head of tax at accountants RSM joins the programme.Presenter; Paul Lewis Producer: Lesley McAlpine Editor: Andrew Smith.

What are the government's plans for tax and spending and how will they affect your personal finances? As the Chancellor delivers his second budget of the year, we're expecting measures to boost house-building and help young voters get on the property ladder. There may be a stamp duty holiday for first-time buyers or for pension-age homeowners wanting to downsize. Changes to pensions may be on the cards. What help might there be for savers and investors - and how will it be funded? Paul Lewis and a panel of experts assess the impact on the pound in your pocket. We'll meet the Marsden family from Oxfordshire, three generations living under the same roof - with an age range of 21 to 90 years old. How will the budget impact their lives? Paul Lewis will be joined by:Anita Monteith, Technical Manager at the Institute of Chartered Accountants in England and Wales Tom Selby, Senior Analyst at AJ Bell Iona Bain, Founder, Young Money blogPresenter: Paul Lewis Producer: Sally Abrahams.

Parents who use two government childcare schemes tell Money Box about a problem they fear is putting their children at risk of losing their nursery places. It happens when they go online to reconfirm their continued eligibility for either the tax-free childcare top up scheme or for 30 hours free childcare. After receiving a successful confirmation message they then get another one saying their entitlement will be stopped as they no longer meet the criteria - despite there being no significant change in their circumstances.Workers who are paid weekly and who also claim Universal Credit face having it stopped or reduced next month. The benefit is assessed on the basis of a four week month and there are five Fridays in December, which means the extra pay packet could push them over the income threshold to qualify for payment. To receive it again they have to reapply. As Universal Credit is paid in arrears there are concerns it could severely damage people's finances. Guest: Kayley Hignell, Head of Policy, Families, Welfare and Work, Citizen's Advice. The idea of increasing National Insurance Contributions by 1 percent to raise an extra £5bn towards funding adult social care in England is being put forward in a new report. One of its authors, Andrew Kaye, Head of Policy and Campaigns at Independent Age discusses with Angus Henton, Co-founder of the Intergenerational Foundation. Stamp duty is 'gumming up' the housing market according to joint research from The London School of Economics and the Family Building Society. It claims the prospect of a large tax bill is causing potential downsizers to stay where they are. Guest: LSE Professor Tony Travers. Presenter: Paul Lewis Reporter: Vivienne Nunis Producer: Charmaine Cozier.

New technology is transforming the way we handle our finances. Are you someone who uses mobile apps to keep track of how you spend your money or does the thought of it fill you with dread?Have you signed up to text alerts informing you of when you're about to go overdrawn? Do you use Twitter and other forms of social media to communicate with your bank or would you rather visit your branch and have a chat with a real person? Open banking, an industry wide initiative being introduced by the Competition and Markets Authority in January 2018, will mean that customers can choose to share their financial data with third party providers. The aim is to encourage more competition within financial services and provide customers with greater market choice and control over their money. Customers should be able to see a single view of their finances and receive recommendations about new financial and non-financial products such as broadband and energy tariffs. Does this prospect excite you or worry you?Call 03700 100 444 from 1pm to 3.30pm on Wednesday 1st November or e-mail [email protected] Louise in the studio are:Imran Gulamhuseinwala, Global Head of FinTech at Ernst and Young and Implementation Trustee for Open Banking. Dominic Lindley, consumer campaigner and Director of Policy at think tank New City AgendaPresenter: Louise Cooper Producer: Helena Selby Editor: Andrew Smith

Rent controls are common across Europe - but do they work? And could they work in the UK? It's a popular idea with voters but detractors say it could destroy the private rental sector. Nearly a third of private tenants had problems paying their rent, according to a recent report published by the Department for Communities and Local Government. Amid rising concerns about the cost of renting, there are renewed calls for some sort of price cap to limit cost increases - a policy already in progress in Scotland. For this edition of Money Box Live Adam Shaw examines how bad it's got for tenants and whether rent cap schemes in Germany and Sweden have helped or hindered the market for both landlord and tenant.CONTRIBUTORSSeb Klier, Generation RentAnna Clarke, Cambridge Centre for Housing and Planning Research, University of CambridgeDavid Smith, Residential Landlords AssociationReiner Wild, Berliner Mieterverein (tenants association)Billy McCormac, Fastighetsägarna Stockholm (landlords association).

Black Box technology is regularly touted as a way of reducing car insurance premiums. If the box shows your driving is safe then you qualify for refunds on your premiums. But how does the box determine that your driving is safe? Money Box reporter Tony Bonsignore has discovered that every company has a different way of assessing safe driving and that the digital readings are not always as accurate as they could be. The Government has published a draft bill to cap energy prices. What will that mean in practice for energy consumers? While two thirds of people who stick with the same supplier will see bills come down, those that "embrace the market" and regularly switch to the best deal may pay more than they otherwise would. Meanwhile some mid-size energy suppliers with many customers on the highest tariffs - the so-called standard variable tariff - may well go out of business. And is it the end for peer 2 peer lending? One expert warns that risks to investors have 'intensified significantly'.Presenter: Paul Lewis Reporter: Tony Bonsignore Producer: Alex Lewis Editor: Andrew Smith.

What was troubling the tax man back in 1977 when Money Box first broadcast? Chairman of the Board of the Inland Revenue, Sir William Pile took the hot seat in our first ever programme, quizzed by presenters Louise Botting and Peter Hobday. Simplifying tax, competence and the sensitivity of tax inspectors were all on the agenda. So what's changed in the last 40 years and have HMRC got to grips with these early challenges? Adam Shaw and guests listen back to Sir William's Pile's interview and talk tax then and now. On the panel are:Yvette Nunn, Council Member of the Chartered Institute of Taxation. Jane Moore ,Technical Manager, Institute of Chartered Accountants in England and Wales. John Whiting, former Tax Director, Office of Tax Simplification. To let us know your thoughts, call 03700 100 444 between 1pm and 3.30pm on Wednesday 4 October, standard geographic charges from landlines and mobiles will apply. Or e-mail your questions and experiences to [email protected] (Photo: Denis Healey, Chancellor of the Exchequer with wife Edna beside him)Presenter: Adam Shaw Producers: Lizzy McNeill and Diane Richardson Editor: Andrew Smith.

In October 1977 Money Box made its first appearance on Radio 4. Hear presenters Louise Botting and Peter Hobday cover the big personal finance issues of the day including where to invest your money, the lack of opportunities for children to learn how to manage cash and a new breed of interest free loan. They also interview the then Chairman of the Board of the Inland Revenue Sir William Pyle.

More than 90,000 graduates were refunded hundreds of pounds last year after HMRC took payments for their student loan even though they had paid it off. Money Box has discovered these overpayments are routinely taken for many months because HMRC fails to communicate properly with the Student Loans Company. The programme hears from graduates who've experienced this and from tax expert Graham Farquhar at RSM.The UK's biggest doorstep lender is in trouble. Shares in Provident Financial plummeted 65% at the end of August. They have recovered slightly but now the company has issued another profit warning after trying to modernise its business and save costs. Doorstep lending began over a hundred years ago. Local agents arrange loans in customers' homes and collect repayments weekly. The sums involved are often small. But the interest charged is very high - more than 500% on a six month loan. A former Provident Financial Agent Ian sheds light on how the business of doorstep lending works. And Peter Tutton from the debt charity Stepchange outlines his concerns.Big changes are coming in the way that investment funds treat their clients. From January they will have to bill customers separately for the cost of research - at the moment it is bundled into the annual charges. Some funds - like the US mutual Vanguard - have said they will absorb all research costs. That could bring charges down. But there are other changes all being brought in under a European Directive that could put charges up. Louise Oliver, Chartered Wealth Manager and Director of Piercefield Oliver and Gina Miller, Director of fund manager SCM Direct, debate the issues.

For many people, the workplace pension has been the crux of a decent income in retirement - a guaranteed sum paid for the whole of your non-working life. Stockmarket fluctuations, our increasing longevity and well-meaning changes to pensions policy by successive governments have helped make these sorts of schemes unaffordable. At the same time, something equally fundamental has been happening to the structure of the workplace as well as the nature of the relationship and expectations between employer and employee. The last 10 years has seen the closure of 60% of schemes which would guarantee you a 'wage' in retirement. Since 2012 a system of auto enrollment has instead required all employers to offer a pension that employees are opted into by default. But these come without any assurances about future pay outs and contribution rates are low.So what role do employers' pension schemes now have in providing us with a comfortable retirement? Presenter: Adam Shaw Producer: Alex Lewis Editor: Andrew Smith.

The current State Pension system - guarantees anyone with requisite NI contributions a pension of £150ish a week (in real terms. It is protected by the "triple lock" and guarantees a minimum income on reaching State retirement age. But....it's not enough to live on - it's only it's only remotely enough for those with no housing costs and no-one believes the triple lock is affordable for much longer. How much can we rely on the State to fund a retirement. Presenter:Paul Lewis Producer: Ben Carter Editor: Andrew Smith.

Louise Cooper would like to hear your views, experiences and questions about being a buy to let landlord. Call 03700 100 444 between 1pm and 3.30pm on Wednesday 28 June or e-mail [email protected] now. Standard geographic charges from landlines and mobiles will apply. The end of mortgage interest relief, the loss of the so called wear and tear allowance and additional stamp duty charges on new property purchases may mean that landlords have to rethink their financial plans. Some landlords are being encouraged to set up a limited company to avoid the charges but how does it work and could it end up costing you more? Stricter mortgage affordability assessments will also apply to landlords who own four or more properties from September 2017, limiting the overall amount you can borrow.And what are the rules about tax and mortgages if you're a landlord thinking of letting a property through Airbnb?Joining Louise Cooper to talk through the business of buy to let will be:Carolyn Uphill, Chairman, National Landlords Association. Anil Mohanlal , Chartered Accountant and Managing Partner, Kumar & Co. David Hollingworth, from Mortgage Broker London and Country.We'd love to hear your ideas. Call 03700 100 444 between 1pm and 3.30pm on Wednesday 28 June. Standard geographic charges from landlines and mobiles will apply. Or e-mail [email protected] with your thoughts and experiences.Presenter: Louise Cooper Producer: Diane Richardson Editor: Andrew Smith.

Around 75,000 travellers were left facing long delays and cancellations after a British Airways computer system failed over the Bank Holiday weekend. Helen Dewdney, founder of the Complaining Cow consumer advice blog outlines how affected passengers should approach the compensation process. Ahead of next week's general election Chris Philp from the Conservative Party and SNP spokesperson for work and pensions Ian Blackford set out their personal finance manifestos. What might the policies mean for your money?

The savings that energy companies promise customers are in many cases fictional and never will materialise. Those are the findings of a Money Box investigation. We found that the savings energy companies have been quoting to urge large numbers of customers to switch tariffs are phantom and can never be achieved. We have discovered that this is down to the way that Ofgem makes suppliers and comparison websites work out potential savings using the standard variable tariff as a basis for comparison even though customers may not even be on it.This week the Financial Conduct Authority outlined a new approach for regulating the promotion and distribution of Lifetime ISAs which will be available from April 2017. LISAs are intended to allow people aged under-40 to save for a home and retirement simultaneously with a cash bonus worth up to £1,000 a year being added to every £4,000 saved in to the scheme. Lifetime ISAs have come under criticism from the industry so will this new approach make any difference?As of next spring the UK will have a new main measure of inflation. The Consumer Price Inflation including Housing (CPIH) includes the costs of owner-occupied housing. We discuss its pros and cons.And Sweden's central bank is currently considering launching a digital currency in a move away from hard cash. We ask the bank's Deputy Governor how a central bank supported digital currency could work and what challenges it would create.Presenter: Paul Lewis Reporter: Michael Robinson Producer: Alex Lewis Editor: Andrew Smith.