Bank Complaints Fall for First Time Since Global Financial Crisis

According to the Financial Ombudsman Service (‘FOS’), complaints and disputes between consumers and banks have fallen for the first time since the global financial crisis (‘GFC’). The number of recorded disputes declined by 11% to 32,307, a first since the 2008/09 GFC period.

The FOS attributes the fall to low interest rates, new rules on flood insurance, and regulatory changes to the hardship programs of banks. Chief Ombudsman Shane Tregillis said that much of the improvement was due to the 22% decline in financial hardship disputes. Disputes resolved without an Ombudsman’s ruling remained steady at 70%.

Continue reading

How to reduce your SMSF administration fee?

The only problem with the Self-Managed Super Funds (SMSF) is that they bring up their own set of costs. The SMSF holders are charged more than $3000 for administration, tax return and other processes. This has put up SMSF behind, for a long time. The technological innovation and the internet have helped to provide a solution for it. Recently, the SMSF administrators are using online services to process transactions and charge the trustee for the number of hours, they spend. Continue reading

What to Look Out For in Loan Agreements

Businesses need to consider a few essential matters when assessing a loan agreement, according to

Interest rates

Businesses need to understand whether they should opt for a fixed or variable rate and what their repayments are schedules to be. Fixed rate loans provide more certainty but less flexibility with regard to early repayments. Variables rates vary in line with market conditions but offer more flexibility. It’s useful to check the default rate of interest which applies when the loan is in arrears.

Continue reading