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Fiducia Wealth Management Ltd

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Dedham Hall Business Centre, Brook Street, Dedham, Colchester, Essex, CO7 6AD

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We are award winning Financial Advisers based in Dedham, Colchester. We are both independent and fee based.

Autumn Statement

At a time of continued crisis in the Eurozone and sluggish growth in the UK, not surprisingly the Statement concentrated on measures to curb spending and boost economic growth. The Office for Budget Responsibility (OBR) forecast, published on the same day, does not predict a recession in the UK but they have revised down their short term growth predictions. One of the key measures designed to stimulate growth is the National Infrastructure Plan which sets out detail of over 500 pipeline infrastructure projects including investment of over £1billion to improve the national road network and tackle congestion, £1.4billion for railway infrastructure and commuter links and £100 million in the creation of up to ten super connected cities with high speed broadband and mobile coverage. A new financing initiative will see up to £20billion invested from UK pension schemes. More information can be found at: http://www.fiduciawealth.co.uk/news/client-bulletins/documents/AutumnStatement2011.pdf

Bank Deposit Scheme Re visited Sept 2011

One small failure…In mid-June 2011 a very small banking crisis occurred, which you probably did not notice. The Southsea Mortgage and Investment Company, a miniscule bank with deposits of just £7.4m and a business involving property lending, went into administration. The company was immediately placed into the Special Resolution Regime (SRR) by the Financial Services Authority (FSA). As the name suggests, the SRR is designed to ‘resolve’ failing banks. It was introduced in the wake of Northern Rock’s collapse and gives the FSA and Bank of England power to wind up a failing deposit taker, be it a bank or a building society.Southsea was the first failure of a deposit-taker since the demise of the Dunfermline Building Society in March 2009. Southsea’s fall triggered the maiden outing for a new faster compensation payments system which had been developed by the Financial Services Compensation Scheme (FSCS). As there were only 270 depositors, the FSCS was able to make the ‘vast majority’ of compensation payments on the day after the bank was placed into the SRR.And another bigger failure…One other significant feature of the Southsea demise was the failure of the Treasury to nod through compensation payments above the official FSCS maximum of £85,000, the new level which was set at the end of last year. According to press reports, the Chancellor took a deliberate decision not to extend the open-ended protection that had applied to the likes of Dunfermline, Icesave and Bradford & Bingley. That stance is hardly surprising given that the unlimited protection for Northern Rock deposits was officially brought to an end just over a year ago, even though the bank remains in state ownership (at least, for now). At a time when banks and their financial stability continue to be front page news, the decision to stick to the £85,000 limit is significant. It would have cost very little extra to compensate in full, but the Chancellor chose to draw a line in the sand.ACTIONThe £85,000 limit is now definitively the limit. It applies per individual, per banking institution, so for joint accounts £170,000 is the effective ceiling. However, you should always check whether the limit is shared: some banks (notably what was HBOS) operate a variety of banking ‘brands’ but all are lumped together for FSCS purposes because they rely on a single common banking licence.Confirmation of the £85,000 limit means you might need to shuffle deposits to maintain 100% protection. On the other hand, substantial deposits are still attracting rates of interest that do not keep pace with inflation once tax is taken into account. You may want to consider alternative investments with scope for greater returns. For the monies remaining on cash deposit, it’s worth checking the level of interest you are earning, many savings accounts are paying well below the current 0.5% base rate. The information contained in this newsletter is for guidance only and does not constitute advice which should be sought before taking any action or inaction. The information is based on our understanding of legislation, whether proposed or in force, at the time of writing. Levels, bases and reliefs from taxation may be subject to change.

Junior ISAs Sept 2011

The Junior ISA, which will replace Child Trust Funds (CTFs) which were withdrawn to new investors last year, will become available from the 1st November 2011. Junior ISAs will extend to under 18s the same tax benefits which parents (and all adults) already enjoy.Contributions of up to £3,600 a year can be made to cash, stocks and shares, or a mix of the two. Benefits will not be available until the child reaches age 18. Anyone under 18 born before September 2002 or after January 2011 (ie: those who do not have a CTF) will be eligible for a Junior ISA (and for those with CTFs, the annual limits are expected to be brought in line).The Junior ISA could provide a significant step up for children whose family and friends get together for their benefit. Final values will always be subject to the underlying fund(s) in which the monies are invested. However, as an idea of what 18 years of saving might offer, assuming an average of 5% pa (net of charges), that £3,600 pa could leave the lucky beneficiaries with a contribution of over £100,000 towards their world trip, first house or hotly debated tuition fees.Of course Junior ISAs are just one way of saving for children and other options are available which can retain greater control in the hands of parents / grandparents if you don’t like the idea of 18 year olds being able to do what they will with the capital you have worked hard to build for them! We would be happy to discuss the options with you to assess the most appropriate strategy. The information contained in this newsletter is for guidance only and does not constitute advice which should be sought before taking any action or inaction. The information is based on our understanding of legislation, whether proposed or in force, at the time of writing. Levels, bases and reliefs from taxation may be subject to change.