Three things your clients may call you about this week …

High-risk mini-bond ads: Banned, but still on Google

Savers are being lured into high-risk schemes online despite a crackdown on such products at the start of this year, when the Financial Conduct Authority (FCA) banned the marketing of so-called mini-bonds to ordinary savers, The Sunday Times reports. 

Over the first three days of 2020, the ‘paper found eight websites offering mini-bonds and other high-risk schemes, and paying for their advertisements to appear at the top of Google searches. According to The Sunday Times, the ads were promising returns of between 8% and 55% a year. 

Anna Bowes of savingschampion.co.uk says savers are at risk, despite the FCA marketing ban: "If savers assume mini-bond advertising has been banned, but Google isn't enforcing this, anyone coming across the ads online may invest, assuming they are [not mini-bonds]."

Save the planet and your pension - before both are damaged beyond repair

The true cost of investing pension pots in fossil fuel exposed companies has been revealed by the Bank of England (BoE), according to The Telegraph.

Outgoing BoE governor Mark Carney has warned that millions of people could find their pension savings "worthless" if asset managers, pension funds and insurers did not reduce their exposure to fossil fuel industries.

He says £16 trillion could be wiped out worldwide due to changes in consumer behaviour and new environmental regulations. The ‘paper said British savers have about £100bn invested in fossil fuel producers.

What is more, The Telegraph cites a report from sustainable fund manager Nordea, which suggests putting one's savings in "green" investments could save 2,223 tons of carbon over a working lifetime.

Making a will: 10 things you should know

More than half of British adults have not made a will, according to this Financial Times article, which suggests people are still making common mistakes that can cause problems after they die that could cost heirs their inheritance. 

Of those who have made a will, the FT says, many have not updated it for some time which is has lead to an increase in the number of inheritance disputes in the High Court. 

Dying intestate can leave considerable costs for those left behind as research from Farewill - a will writing service - estimates more than 30m people in the UK have still not got around to formalising their wishes. The newspaper goes on to suggest 10 things to consider to help writing a will so that your estate passes to the people you intend. 

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