Provident Financial shares dive 60% as crisis deepens

Peter Crook announced he was stepping down with immediate effect after Provident said it now expects to make a net loss of between £80million and £120million this year as the reorganisation of its debt collection division proved disastrous.

Three years ago I was diagnosed with fibromyalgia after a bad accident. I am trying to claim my work pensions early so my wife and I can live. Can I apply for a council tax reduction?

Ford launches scrappage scheme with £5k off a new Focus

This appears to be the best incentive on the market yet, being inclusive of petrol models - both to trade in and take delivery of - and providing the biggest discounts we've seen yet, including £4,950 off a new Ford Focus.

Around £435billion has now been spent on so-called quantitative easing (QE) – but critics claim it has crushed returns on pension savings and fuelled a dangerous borrowing boom.

The overall deficit for this financial year is still expected to be higher than last year after Mr Hammond eased his targets to account for Brexit turbulence.

The action will save British lenders millions – but force vulnerable customers to travel miles to get access to their money or sign up for internet services against their wishes.

The National Grid has calculated that most electric vehicles need a battery capacity of 90 kilowatt hours for drivers to travel 300 miles.

EDITOR'S DEALS OF THE WEEK
For current account rewards and interest conditions may apply eg. using provider's full switching service, min deposits and direct debits. For savings, access maybe limited, min/max deposits may apply. See T&Cs.; Representative example: If you spend £1,200 at a purchase interest rate of 18.95% p.a. (variable) your representative rate will be 18.9% APR (variable). *price increases to £32.98 after 12 months, £22 set-up

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MARKETS LIVE: London shares tick higher 

Provident Financial shares shares, already down 45 per cent since May, tumbled another 43 per cent on the open, on course for one of the biggest ever one-day falls for a FTSE 100 stock. The new home credit model isn’t working and drastic action is required. CEO Peter Crook is out and a turnaround is underway already. The previously-announced dividend is being withdrawn and investors shouldn’t expect anything until we see significant improvements.

Dominic Chappell is accused by the Pensions Regulator of failing to provide information and documents requested during its investigation into the sale of the collapsed retailer.

Britain’s second biggest housebuilder posted a 30 per cent increase in profits before tax to £457.4million in the six months to June 30, while revenues rose 12 per cent to £1.66billion.

The bank asked Linklaters to advise it on a £2.3 billion loan to the Gulf state as it battled to avoid a bailout during the financial crisis.

Shareholders voted 90 per cent in favour of a plan to shore up the lender’s finances with £700 million of fresh cash, ending months of doubt about whether it can survive.

Great Wall Motor, China’s biggest pick-up truck manufacturer, is eyeing up Fiat Chrysler Automobiles (FCA).

Vision Mercedes-Maybach 6 Cabriolet unveiled in California

Love it or loathe it, there's no denying that Mercedes' latest creation will turn heads. Powered by a 740bhp electric powertrain, this 5.7-metre-long barge on wheels can hit 62mph in 4 seconds. It was showcased for the first time this weekend in California during Monterey Car Week. Find out everything you need to know about the yacht-inspired luxury cruiser.

If a drone user caused an accident, would there be grounds to sue - and do they need to have insurance for using the gadgets?

Ofgem said on Monday that six electricity distribution network operators (DNOs) are failing to engage effectively with new larger customers requesting connections to the grid.

House prices expected to remain flat this year in London

Countrywide predicts house prices will increase by two per cent in 2018, despite a tough start to the year, and by three per cent by 2019 as wage growth returns. Only an expected interest rate rise and a more cautious approach by lenders will prevent a faster price increase.

Mini property booms hit central England

Northamptonshire, Derbyshire and Norfolk were identified by property website Rightmove as the 'hottest markets', with asking prices in these counties surging annually by 9.1 per cent, 7.9 per cent and 7.4 per cent respectively. This is almost triple the national average, which has seen a 3.1 per cent annual increase in asking prices.

Incrementum Funding and the Paragon Time Trading scam

I am writing about your article on Paragon Time Trading last Sunday. I was contacted by Daniel Knight of Incrementum Funding, who over a few days persuaded me to invest £6,000 in Paragon shares on the promise of an imminent dividend of £135, which did arrive. More calls followed and I parted with a further £9,000. (Yes, I know. How stupid).

Around 1,500 Nottingham Building Society customers will receive a share of a £70,000 cash back reward for making 'sound financial decisions' earlier this year.

A Bank of England fun of cheap money for banks in order to keep spending up post-Brexit has led to car loans, personal loans and credit card balances increasing far faster than wages.

Motorists hit with extra charges by car parking apps

Motorists are being fleeced out of hundreds of pounds by apps that claim to make parking easier by using a mobile phone. The apps offer the convenience of helping motorists find spare car park spots and then taking payment online rather than finding and queuing at a ticket machine to pay with a card or loose change.

History is on my mind because this will be my final column as City Editor of The Mail on Sunday and I am reflecting on my years at this paper reporting on financial affairs.

Official figures published tomorrow will underline the still parlous state of the public finances as the Treasury struggles to make ends meet.

The most common travel scams and how to avoid them

It is not just beachside bag snatchers that holidaymakers need to worry about - much bigger losses come from pickpocketing companies and scammers trying to overcharge you from the moment you book a trip abroad. Banks, airlines and car hire firms have become increasingly creative when it comes to hidden fees and sneaky tricks designed to rip off travellers.

The US currency has reached historic highs against sterling, making it far cheaper for Americans to stay in the UK, eat in expensive restaurants and buy luxury goods.

Air Berlin, which had seen passenger numbers fall by nearly a million in a year, has filed for insolvency, but is being propped up by German Chancellor Angela Merkel's government.

Chinese investors splash £4bn on the London skyline

Chinese investors are ploughing billions into the London property market – snapping up trophy assets such as the ‘Cheesegrater’ and ‘Walkie Talkie’ in the Square Mile. In a major vote of confidence in Brexit Britain, the Chinese bought £4 billion of commercial buildings in the capital in the first half of 2017, according to property agent CBRE. That was the highest amount on record and more than three times as much as they spent in the same period of last year, the six months leading up to the Brexit vote.

Shares in Rathbone Brothers dipped yesterday as investors fretted over a planned £2 billion merger with rival wealth manager Smith & Williamson.

Short-sellers betting against Alibaba have been walloped in 2017 – with the Chinese tech giant’s shares surging by more than 90 per cent.

Global Ports Holding, which brought on board former Labour business secretary Lord Mandelson as a director in April on a salary of £93,000, listed on the London market in May.

Britain’s booming video game industry received a double boost yesterday as two AIM-listed companies announced major partnerships.

Mark Carney skips Jackson Hole summit of central bankers

Bank of England Governor Mark Carney is to skip a key summit of top central bankers in Jackson Hole this week, sending a potential successor in his stead. It will leave Carney as the odd one out among his U.S. and European peers, with Federal Reserve boss Janet Yellen and European Central Bank president Mario Draghi both set to attend the prestigious three-day gathering in Wyoming which runs from Thursday to Saturday this week. A spokesman for the Bank of England said there was 'no specific reason' why Carney, 52, was missing out on the annual conference and stopped short of giving details of the governor's diary.

Ofgem is threatening to penalise the six companies responsible for connecting new buildings to the tune of £13.9 million in total.

Vertu Corporation, which made phones for the super-rich, went into administration last month with more than £500,000 in unpaid pension contributions.

California-based private equity fund IVP is reportedly talks to invest in Transferwise, an online currency exchange business that is one of London’s rising fintech stars.

Alain Cohen bought one the electric car maker’s £97,000 Model S car in 2015 but was infuriated by a ‘frequent squeaking noise’ coming from a back seat.

Crackdown on VAT evaders yields £3.4bn from SMEs

VAT accounted for 49 per cent of the extra tax take from investigations into SMEs by the Revenue’s compliance teams. This was a higher proportion than the previous year, when it made up 45 per cent.

Trouva believes a foothold in Portugal will be the best way of ensuring it can carry on recruiting experts from across the EU.

Most independent businesses would like to see all workplace pension charges set up under auto-enrolment as a capped, all-in-one fee, says a study.

Gogglebox star Sandra Martin on the joys of getting rich

The 55-year-old grandmother and car boot seller was living on benefits when a Gogglebox researcher happened to meet her in a pub in Brixton, South London. Channel 4 then hired her for the show, and sent her annual income soaring to around £100,000. She still travels everywhere by bus and says the most expensive item she has ever bought was a £40 bottle of perfume.

Tuition fees alone now cost as much as £9,250 a year and most students can look forward to a debt burden of £50,000 or more.

Women are the best investors.. so why do so few try it? 

While women are more likely to be in charge of household bills and the family budget, they are far less likely to take the step into investing. Research by fund management group Fidelity discovered that while 43 per cent of women save money into a cash Isa, just 9 per cent invest in the stock market. According to the most recent Government figures, 5.1million women in the UK have a cash Isa but just 872,000 have a stocks and shares Isa. Yet there is a wealth of research to suggest that women make better investors than men. Kristina Wu, pictured, is the only one in her circle of female friends who invests in funds.

Despite the company's illustrious history and longstanding reputation for high quality work, the shares are undervalued compared with their listed peers.

The company's involvement in Crete dates back to 1991, when it bought a 6,500-acre site on the unspoilt Cavo Sidero peninsula on the eastern side of the island.

Jake Robbins, who runs Premier Global Alpha Growth fund, is already profiting by picking the strong players in this modern-day industrial revolution.

This week, Midas argues that 128-year-old T Clarke is still a pioneer in the electrical sector, the Times analyses the prospects of retailer Next, and the Telegraph assesses transport firm Stagecoach.

Star 'vlogger' Zoella drives £40m cosmetics firm SLG

Video blogging sensation Zoella is boosting turnover at cosmetics firm SLG, which expects to pass the £40million barrier this year. The company is behind the Zoella Beauty range for the British fashion and beauty vlogger, who has notched up around a billion views on her YouTube channel - and has her own waxwork model at Madame Tussauds.

More than one in four - 27 per cent - of all private hospitals are estimated to be registered as charities and can receive rate relief of 80 per cent, according to research.

How do I cut my gas and electricity bills?

Thinking about heating and energy bills may feel odd during the warm summer months but savvy households should act now ahead of price rises this autumn. This month, British Gas - which earlier this year bragged of its winter price freeze - became the last of the Big Six energy providers to announce hikes. Francesca Hayden-Sims, pictured, can turn down her heating via her mobile phone when not at home.

Thanks to these measures, our message to you is simple: once introduced, no legitimate firm without an existing customer relationship will cold call you about your pension.

The ban on unsolicited calls, texts and emails is being announced after a long-running campaign against abuses, highlighted by The Mail on Sunday's Personal Finance pages.

How to stop low rates hurting your nest egg...

In its latest half-yearly Income Study, asset manager Sanlam has made a 'White List' of UK Equity Income funds which have achieved the best combined income and growth over five years. It has also made a 'Black List' of consistent underperformers over the same period, which investors are advised to stay away from for the time being.

Some 5.2million Britons own at least two properties - up by 30 per cent since 2002. Half of these homes are owned by wealthy baby boomers - those born from 1946 to 1965.

Ray Massey takes the Volvo XC60 family SUV on mini-test

Scandi-lovers will adore this new mid-sized family SUV. It's smart, stylish (if relatively conservative) with a classy interior. And despite looking like a 4x4, it has the confident driving manners of a saloon car. If the range-topping XC90 off-roader's price tag is too hefty, this new, smaller second-generation mid-sized effort could be just the job. Much of its technology has been carried across, but scaled down.

Customers of Lloyds Banking Group - which also includes Halifax and Bank of Scotland - have received personalised letters offering them long-term monthly loan deals so they can buy new cars.

The research compared WeBuyAnyCar guaranteed valuations against Auto Trader's own private sale valuations for more than 300 cars of varied ages, makes and types.

Investing Show: Should investors be fearful or greedy?

Which should investors be right now, fearful or greedy? The advice from Warren Buffett is all well and good, but which market are we in right now? In this episode of the Investing Show, presenter Simon Lambert is joined by Justin Urquhart Stewart of Seven Investment Management to look at how investors should play it - and how they can invest at times of political uncertainty.

The world's oldest investment trust is still going strong thanks to bumper returns from emerging markets and European equities according to its interim performance figures.

Ten years on from the great financial crisis who are the fund managers that have delivered? Maike Currie highlights five UK investors that not only survived the credit crunch but thrived.

BMW's new Z4 concept revealed

This Z4 concept was officially showcased at this year's Pebble Beach Concours d'Elegance in California on Thursday ahead of the car going on sale in 2018. And what you see today is pretty much what you should expect to get in 12 month's time, with the German manufacturers promising that around 80 per cent of the concept design will filter through to the production model.

Unlike the recent offer launched by BMW, conventional petrols are not inclusive of the discount, only Mercedes' current range of Euro 6 diesels, restricting buyers to the under-fire fuel type.

Owning a Ferrari is a rite of rock and roll passage and this one has been driven by one of the most iconic rockers of all time. It's a 1983 Ferrari 400i owned by Keith Richards.

The death of dinner party buy-to-let and easy gains

Buy-to-let was Britain's favourite investing hobby. Today, dinner party chatter is as likely to be about why the numbers didn't stack up for keeping your old flat, or buying another property. It's not that we've fallen out of love with bricks and mortar but tax hikes and regulations have snatched the wind from our sails and buy-to-let investors must be much more careful nowadays.

Savers who cash in pensions risk running out of cash

Phil Loney, head of savings firm Royal London, said more retirees were putting their money into drawdown products with no understanding of the risks. Traditionally, savers used the money in their nest egg to buy an annuity which guarantees a set amount of income for life. But pension freedom reforms introduced in 2015 gave the option of spending cash - with then-pensions minister Steve Webb even saying they were free to blow it on a Lamborghini car.

West Sussex is revealed as the top place for pensioners

Boasting rolling fields, a colourful history and bouts of sunshine, West Sussex has been ranked as the most attractive place for a happy retirement, knocking Dorset from the top spot. The rural area in the south of England was lauded for having good weather, a low crime rate and a strong disability-free life expectancy, in Prudential's updated Quality of Retirement Index. The new analysis put affluent Dorset down to second place, while East Sussex, Devon and Norfolk were revealed as the other most attractive 'grey hotspots'.

With hotel conversions on rise, is now time to check in?

These days you can check into hotels, even those with an illustrious past, full-time as an owner because many are being turned into houses. In Hertfordshire, Harpenden's last hotel is set to become 37 homes, while a scheme of new apartments called 51 Degrees Latitude is being carved from a former hotel overlooking Tenby's South Beach. In Sheffield, the city's historic Beauchief Hotel will become 30 new homes and in Newquay, Cornwall, two hotels are being considered by the council for apartments.

50 ways to save money....

To clear the average national household debt of £13,000 at 6% interest with a monthly repayment of £100 will take around 17 years. There are, however, plenty of simple ways to make significant savings on your regular spending that could clear your debt - or boost your savings - in less than a year. This is Money's top 50 - updated - money-saving tips may appear light-hearted but are deadly serious.

Pick the best (and cheapest) investment Isa platform

Choosing the right DIY platform is crucial but a wealth of choice and changes to charges have left many investors scratching their heads. We pick some of the best. We also highlight why investing in an Isa makes sense, as it should protect your hopefully growing investments from tax forever.

We asked trusted experts to recommend the best funds that cover different investment sectors - and included This is Money's selection of active and passive options too.

Rightly or wrongly, some people simply want a quick, straightforward route map to investing in an Isa. To that end, this is our distilled guide to getting started.

How much money do I need to save for my pension?

The amount you can save into a pension ultimately depends on what you can afford - but the longer you leave it the more you will need to save. We tend to put ambitious targets on our hoped-for income in retirement and then underestimate how much we will need to set aside to achieve that. So how much should you save?

Old people / couple (figurines) - sitting on a pile of money coins - savings / bills / financial / investment / pensions concept.
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savings, money, finance, pensions, savings, money, finance, pensions, retirement, coins, pensioners, future, security, insurance, savings, money, finance, pensions

Making the most of a pension is your best chance of securing a decent income when you retire. We explain what you need to know.

Even at a time when we are stretching our finances further to afford a home, moving less, and pushing mortgages beyond 30 years, we still remain captivated by two-year fixed rate deals.

When will UK interest rates rise?

Worries over debt in the economy have been raised in the latest bank Financial Stability Report in the wake of fresh speculation that interest rates may rise sooner than most expect. The latest MPC meeting led one investment bank, Nomura, to suggest a rate rise could come as soon as August. Economist George Buckley said comments from Bank chief economist Andy Haldane's and the 5-3 split made an early move more likely.

What next for mortgage rates?

Borrowers are being offered a raft of cheap fixed rate mortgages as lenders attempt to lure them into remortgaging or buying a home. But HSBC has decided to buck the trend and launch a new rate mortgage that is a tracker instead. We pick out the best fixed and tracker rate mortgages and look at what next for rates.

Ten tips for buy-to-let

For many buy-to-let looks an attractive income investment in a time of low rates and stock market volatility. Climbing house prices, rising rents and improving mortgage deals are tempting investors - although they will need a big deposit. Read This is Money's top ten buy-to-let tips

Best paid jobs and biggest pay rises of 2016 revealed

Compare your pay to the national average and see whether your employer treated you to a pay rise in line with the the rest of your profession. Farmers, care and air travel assistants were big winners on the pay scales in 2016. Travel agents, careers advisers and probation officers lost out.

Premium Bonds winners

August 2017
Prize value Winning bond No. Area
£1,000,000 87DH369559 Leicestershire
£1,000,000 164QV715020 Bristol
£100,000 78WT211368 Kirklees
£100,000 11BX061836 London
£100,000 108VH624020 East Sussex
£50,000 45HQ519519 Stoke-On-Trent
£50,000 305MT369656 West Midlands
£50,000 289WC671218 Buckinghamshire
£50,000 234JL749601 Overseas
£50,000 176CB195657 Suffolk
£25,000 53KL770998 Kent
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