News - ‘Tackle tax fraudsters’ say MPs

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Greater efforts are needed to tackle tax fraud in a bid to reduce the currently “remote” chance of being caught, MPs have warned.

The influential Commons Accounts Committee has urged the Inland Revenue to increase current prosecution levels.

Tory Edward Leigh, the committee chairman, said investigations and prosecutions were low compared to the “potential loss to the public purse”.

He said: “I urge the Revenue to step up considerably fraud investigation.”

Publicise fraud?

“Indeed, with only 400 serious fraud investigations a year against 30 million
customers, those contemplating tax fraud may well calculate that the chance of
being caught is remote.

“I urge the Revenue to step up considerably their fraud investigation work
and to pilot national publicity campaigns highlighting the unacceptability of
fraud and the consequence of getting caught, along the lines of those undertaken
by the Department for Work and Pensions and HM Customs and Excise.”

In their report on tackling fraud, the cross-party committee said the Revenue had not calculated the tax gap - the difference between what tax take ought to be and the amount actually collected.

214bn collected

The MPs called for the Inland Revenue to publish a strategy for the prevention and detection of fraud and for deterring it.

The committee said that the Inland Revenue collected around half of all the public revenue - 214bn in direct taxes and national insurance in 2001/2 from about 30 million taxpayers.

It also distributes around 5.7bn in tax credits to more than a million low-income claimants - a figure set to rise above 15bn in 2003/4.

According to the committee, the Department for Work and Pensions prosecutes more than 20 times as many cases per 100m spent.

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Add comment October 30th, 2007

News - Hirst sculpture ‘escapes blaze’

Source: News - Hirst sculpture ‘escapes blaze’

A bronze statue by artist Damien Hirst that was thought to have been destroyed in a fire has survived, according to the artist’s representatives.

A warehouse fire in Leyton, east London, is estimated to have sent 50m of modern art up in smoke.

But Hirst’s 22ft (6.7m) Charity, based on the old Spastic Society collection boxes, was in the building’s yard.

A spokeswoman for Hirst’s Science Ltd, said they expected to salvage the work - as long as a wall does not collapse.

Loss assessors and forensic investigators had found it leaning against a “precarious wall” on Thursday, she told BBC News Online.

But Hirst’s other works had perished, she said, alongside those of Tracey Emin, brothers Jake and Dinos Chapman, Chris Ofili, Gavin Turk and Sarah Lucas.

“A bronze is just about the only thing that would survive the fire,” she said, adding that they did not know whether it was damaged.

Hirst recently auctioned Charity for charity and it belonged to another collector.

Hirst lost a number of paintings in the blaze

On Thursday, fire experts and police began trying to establish the cause of the fire.

More than 100 pieces owned by art mogul Charles Saatchi were among those inside. Warehouse owner Momart said it was “deeply saddened” by the loss.

It said the fire appeared to have started in a separate building in the warehouse complex, some distance from the art storage unit.

Investigators are expected to spend up to three days at the scene, carrying out a forensic-style examination of the debris.

“It’s a huge site, the size of a football pitch, and many officers will be taking part,” a London Fire Brigade spokesman told BBC News Online.

The warehouse fire broke out on Monday

Momart managing director Eugene Boyle said the company was keeping its clients informed of developments.

“Our insurers are completely satisfied that we took all the necessary steps to ensure the safekeeping of the works of art in our possession,” he said.

The company was constantly reviewing security and safety arrangements, he added.

“We take security and safety very seriously and have enjoyed a blemish-free record since we were founded in 1971,” he said.

‘Positive response’

Momart’s insurance company, Heath Lambert, said the fire was an instance of “exactly why the insurance market exists”.

“So far we have received a very positive response from the various insurers involved,” said a spokesman.

“It is too early to say what impact, if any, this loss will have on insurance rates and capacity in the specialist art market.”

One City art insurance specialist contacted by BBC News Online said the cost could be between 40m and 50m.

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Add comment October 29th, 2007

News - Inflationary pain

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Some banks and card firms are getting tough with victims of fraud seeking a refund of stolen money.

Until recently full refunds have been given swiftly and in full.

Now some customers are finding they’re either being refused a refund or only being offered a proportion back.

What does the Financial Ombudsman have to say about this? We spoke to Tony Boorman, principal ombudsman from the Financial Ombudsman Service.

Further information:

National Insurance Contributions

Surplus contributions made from 25 May 2006 will be refunded

In May 2006, the government announced that men and women retiring from 2010, would need to make fewer national insurance contributions to qualify for a full state pension.

People who had paid voluntary national insurance contributions were told they would not be reimbursed,
even if they paid more than they needed to get a full pension under the new rules.

But this week the government has agreed it will refund surplus contributions made from 25 May 2006.

We spoke to Malcolm McLean, chief executive of the Pensions Advisory Service to find out who could benefit.

Further information:

OFT warns IVA companies

Insolvency practitioners can charge up to a third of the money the debtor pays back

The Office of Fair Trading has warned 17 companies who market individual voluntary arrangements.

Companies must amend their advertising practices within four weeks or face possible disciplinary action.

IVAs enable some debt ridden consumers to make a deal with their creditors and avoid bankruptcy.

But the OFT says that some companies are making false claims and failing to disclose important information about IVAs to consumers. The OFT has told Money Box it will be writing to more firms in the near future.

We spoke to David Philpott, deputy director, markets and projects at the Office of Fair Trading.

Further information:

Other News

This week the administrators dealing with the collapsed christmas savings club Farepak published their first report.

They estimate that victims are likely to get a payment of 5 pence in the pound.

The main purpose of the report is for agents and customers to have the opportunity to consider and vote on the proposals of the Joint Administrators.

Further information

A copy of the report, Questions and Answers and contact details can be found at

BBC Radio 4’s Money Box was broadcast on Saturday, 20 January 2007 at 1204 GMT.

The programme will be repeated on Sunday, 21 January at 1502 GMT.

Presenter: Paul Lewis
Producer: Jessica Laugharne

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Add comment October 28th, 2007

News - Doors close at beer-free pub

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An alcohol-free pub, where teenagers were allowed to prop up the bar, has been forced to call time after running into financial problems.

Vibe opened at the former Marquis of Granby pub on Carmarthen’s King Street last year with the aim of giving under-18s a place to socialise.

But mother-of-five Michelle Pareima who was behind the venture says insurance costs and business rates have left the coffers empty.

The pub will return to serving alcohol on Thursday under normal licensing laws but Mrs Pareima said a percentage of the profits would go towards an alternative venue for teenagers.

When we opened we had lots of pats on the back but there were no grants or financial help Michelle Pareima

“I feel very bad about it but I’ve not got any money left and I’ve run out of options,” she said.

“Hopefully by reopening as a traditional pub I can use a percentage of the profits to find another building for Vibe.

“When we opened we had lots of pats on the back but there were no grants or financial help.

“The kids here have just been fantastic but now we have closed the teenagers have had to go back on the streets.

“That is why I’m absolutely determined to find another building for them.”

Prism, the mid and west Wales alcohol and drug advisory service, said it was sorry to see Vibe close.

Menna Boyns, who runs the specialist service for under-18s, said the organisation welcomed any venue that gave youngsters a place to socialise in an alcohol-free environment.

“The problem is anywhere that is alcohol-free basically becomes a youth club and many young people want to be in an adult environment,” she explained.

“Those that are not old enough to drink or don’t look old enough will instead drink in parks or wherever their friends tend to congregate.”

The service saw more than 150 youngsters under 18 in the old Dyfed county area last financial year with the majority of them abusing alcohol rather than drugs.

The youngest referral was just 11 years old.

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Add comment October 27th, 2007

News - OFT issues loan scam warning

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The Office of Fair Trading (OFT) is warning people to be vigilant after a Canadian loan scam arrived in the UK.

Some people have already been stung after responding to newspaper adverts offering fast loans regardless of credit history.

One woman has lost 4000, according to the OFT.

The scam works by requesting an upfront fee before the loan is approved, but once that is paid, the consumer never hears from the company again.

Linzi Talbot, Head of International Enforcement and Liason at the OFT, said the scam has been specifically targeting vulnerable people with credit problems.

She told BBC Radio 4’s Money Box that the people behind the scam are advertising in local or free press, and continued:

“Generally, the adverts contain wording such as: ‘Good or bad credit history? We can help. Call today for fast approval’.

The advert, usually placed in the classified section of the newspaper, gives an 0800 free phone number.

When the applicant calls, they are approved for the loan on condition they pay an “insurance fee”, normally about 10% of the loan amount.

Money wire

To pay the fee they have to wire the money via Western Union or Money Gram.

But once this advance fee is paid the consumer never hears from the company again and the loan is never received.

Be wary of sending any money overseas that requires insurance for a loan upfront Linzi Talbot, OFT

It is not apparent from the adverts that the scam originates from Canada, but that is where people are being asked to wire the money to.

Unfortunately, Linzi Talbot said there is not much hope of anyone seeing their money again:

“From the experience of the victims in the US, it is very unlikely that the money will actually be returned,” she said.

Explaining the OFT advice she continued: “People should normally seek credit from companies that they know.

“But the key thing here is that they should be wary of sending any money overseas that requires them to pay insurance for a loan upfront.”

The OFT is working closely with the Canadian authorities to take action against the fraudsters and is urging consumers who have been affected to report it to them by calling 08457 22 44 99.

BBC Radio 4’s Money Box was broadcast on Saturday, 8 January, 2005 at 1204 GMT.

Original article News - OFT issues loan scam warning
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Add comment October 26th, 2007

News - St Paul and Zurich ’set to merge’

Minnesota-based insurance company St Paul Travelers could be in merger talks to acquire Zurich Financial Services, the Wall Street Journal reports.

If the deal is confirmed, it could be one of the biggest acquisitions of a European firm by a US company.

The two firms had a combined revenue of more than $90bn (51bn) last year and employed about 85,000 workers.

The merger could help the two companies to “spread their risk”, according to the newspaper.

In addition, having a presence on both sides of the Atlantic could help counter the cycle of boom and bust common within the industry.

Zurich is present in 50 countries, while St Paul Travelers is largely US-based.

Creating a rival

If the two firms merged, the resulting insurer could become a rival to American International Group (AIG), which has offices worldwide.

St Paul Travelers, which offers individual as well as personal insurance, is the result of a merger between St Paul and Travelers, which was formerly part of Citigroup.

The rumoured merger follows recent consolidation in the insurance industry.

Reinsurer Swiss Re paid $6.8bn for the insurance unit of industrial giant General Electric in late 2005.

And earlier this year, South African insurance firm Old Mutual closed its $6.5bn deal for Swedish rival Skandia.

Last year was the most expensive year to date for insurers because of a series of natural disasters. Insured losses totalled about $80bn, Swiss Re said.

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Add comment October 23rd, 2007

News - Airline warned over pension plan

United Airlines will be breaking the law if it defers millions of dollars of pension payments, a US pension insurance agency has warned the group.

The US Pension Benefit Guaranty Corporation (PBGC) has demanded to know what United’s plans for its scheme are.

Last week, United it would be deferring its pension payments as it tries to fend off bankruptcy.

If United does scrap its pension PBGC may have to pick up the estimated $5bn (3bn) tab for the airline’s benefits.

Last week the airline, a unit of UAL Corp, said its agreement to secure financing to keep its operations going effectively prohibited any more pension contributions before the company leaves bankruptcy.

Legal warning

On Friday, United told a bankruptcy court judge that it plans to put off a $404m pension contribution in September and a $9m contribution in October.

The announcement came a week after it had deferred a $72m pension payment.

However, PBGC claims any such plans are contrary to US federal law.

The agency has written UAL with the warning and has also demanded to know United will close the funding gap in its pension plans.

“UAL’s announcement last Friday that it would no longer
make legally required contributions to its employee pension plans while in bankruptcy is of great concern,” a letter to the company from the agency said.

PBGC’s Executive Director Bradley Belt added: “If UAL intends to terminate any of its defined benefit pension plans, the PBGC and plan participants should be made aware of that fact as soon as possible.”

Union anger

A spokeswoman for the number two US carrier said the airline planned to meet with PBGC to discuss the issues.

She added that “no decision had been made” by their airline about terminating any of its pension plans.

“Right now we are in the process of studying all our
options, and determining whether United can sustain our pension burden and still attract exit financing,” she said.

The pension plan covers around 120,000 active and retired employees who are owed around $4.1bn over the next five years.

Unions have been angered by the proposal as they fear the carrier may scrap its retirement plans altogether to lower costs and attract badly needed investors.

The airline has been in Chapter 11 bankruptcy since December, 2002, but said last week that its cost cutting plans would enable it to organise its funds to exit bankruptcy.

In late June the company tried and failed to win a $1bn handout from the US government.

And earlier this month it increased some of its fares by 5% after a surge in crude oil prices raised fuel costs.

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Add comment October 22nd, 2007

News - Ban urged on ’sexist’ insurance

The European social affairs commissioner Anna Diamantopoulou has told the BBC that women are being punished when they buy insurance because of biological differences to men.

The commissioner, who is championing plans for a new directive on sex discrimination, says insurers should not take account of pregnancy or longer life expectancy when setting premiums.

It is the first time Anna Diamantopoulou has spoken publicly about her plans to outlaw sex discrimination in the supply of all goods and services.

Interviewed on Thursday’s edition of BBC News 24’s Business Today programme, she says women are being punished when they buy insurance because of two biological differences.

Higher premiums

Women pay more for health insurance because of the risks linked to pregnancy. Secondly women get lower incomes from their pension savings when they buy an annuity.

Insurers say annuities for women are lower for a reason. The same pot of pension money has to last longer - so it is spread more thinly over more years.

They say that while health insurance costs more for women at first, it is cheaper at later ages, when men are more likely to claim.

But their arguments have not satisfied the commissioner, who says biological differences should be ignored by insurers.

While women taking out annuities and health insurance may benefit from the law change, women could pay higher car insurance premiums as a result.

Women often benefit from cheaper premiums, as they tend to cover fewer miles, and drive smaller cars.

In response Mary Francis director general of the Association of British Insurers told the BBC that there was good reason for insurers taking a persons gender into consideration.

“Information about differences between the sexes, differences in life expectancy, differences indeed, in the fact that you might get pregnant if you’re a woman are relevant to setting insurance prices,” Ms Francis said.

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Add comment October 14th, 2007

News - Pensions minister exclusive

BBC Radio 4’s Money Box was broadcast on Saturday, 5 July, 2003 at 1204 BST.

Pensions Minister

New Pensions Minister Malcom Wicks spoke to Money Box presenter Paul Lewis in his first broadcast national interview.

Mr Wicks told Money Box that his personal target is to see a 100% take up of the new means tested benefit, Pension Credit.

 Listen to the item
 Listen to the full interview with Malcolm Wicks

Full story:

Advertising action

We interviewed FSA Consumer Director, Anna Bradley, about the 219 cases of poor advertising they identified in the period October to March.

In 82 cases, the FSA got companies to change or withdraw their advertisements and asked eight firms to write to customers to explain in more detail about the product they had bought.

Money Box looked at one of the adverts from independent financial advisors Chase de Vere - who had to write to their customers - to see if the FSA action was justified.

 Listen to this item

Full story:

Complaints increase

Financial Services Ombudsman Walter Merricks told us about the 44% increase in the number of complaints about financial products - mostly about endowment mortgages and dual rate mortgages.

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Full story:

Civil Partnerships

A consultation document was launched this week on Civil Partnerships, which would enable gay and lesbian couples to register their partnerships.

This could mean a dramatic change in pensions and inheritance tax rules for same sex partners.

We were joined by Louis Letourneau, director of Isis Financial Planners limited and Maggie Rae, a family law partner with solicitors Clintons.

 Listen to this item

Full story:

Paypal

Money Box heard from listeners who say they feel let down by security at Paypal - an system designed to process payments for private sales on the internet.

Users in the UK found that Paypal’s insurance policy against fraud does not extend outside of the US - a fact hidden away in the small print of the user agreement policies.

Paypal advised customers to read their policies carefully.

 Listen to this item

Full story:

Presenter: Paul Lewis
Producer: Penny Haslam
Researcher: Diane Richardson

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Add comment October 13th, 2007