Silver Saver accounts could fall foul of equality laws
In a bizarre move it has been announced that UK "Silver Saver accounts" which are targeted at the over 50s in the UK, may fall foul of the recent equality Bill. These accounts, many run by UK building societies, often offer a preferential rate or preferential terms to the over 50s in exchange for depositing their funds. At the time when the UK government and the UK banking industry has promised to address the issue of reduced savings income it seems bizarre that we should be talking about the banning of Silver Saver accounts.
While there is no doubt that moves such as the equality law, currently going through the Commons, do have significant attractions to the UK economy and UK society as a whole, there are some loopholes which need to be closed. Often seen as positive discrimination, the fact that these Silver Saver accounts could be reduced or banned under the regulations is a negative move to say the least. It is rumoured that ministers do have the option to veto a ban on such Silver Saver accounts, and other similar situations, but there is no guarantee that this veto will be exercised. We will monitor the situation and report accordingly.
Share this..
Related stories
Is Stuart Rose on the verge of leaving Marks & Spencer?
Marks & Spencer has been quick to dampen speculation that executive chairman Stuart Rose may leave the company earlier than expected. Stuart Rose appeared on a BBC political programme and tantalisingly suggested that he may well be leaving office before his official re-election date of July 2011. So what exactly is going on?
While Rose did not exactly give a definitive leaving date,...
Labour MP Margaret Moran stands down
Labour MP Margaret Moran has this evening announced plans to stand down at the next general election, after the daily Telegraph released details suggesting she had claimed £22,500 for treating dry rot. However, it was the fact that the dry rot was in her partner's home in Southampton which is 100 miles from her constituency and Westminster, raising questions as to how this expense could be cleare...
Read MoreRepossessed homes set to flood the UK market in 2010
Rightmove, the well respected UK property company, has again entered the fray with regards to predictions for the UK property market in 2010. The company has reiterated its belief that the property market will be flooded by "forced sellers" in 2010 with a number of banks ready to sell off repossessed homes and place more pressure on those who are falling behind with their mortgages. While many...
Read MoreWhy was the Dunfermline Building Society sold so quickly?
The takeover of the profitable areas of the Dunfermline Building Society was confirmed today with Nationwide agreeing to retain the Dunfermline name in Scotland. The takeover of the profitable operations has caused a major rift between the Scottish government and the UK government with a suggestion that the deal was rushed through with very little input from the Scottish executive.
...
Gordon Brown snubbed by IMF
Gordon Brown has today been snubbed by the IMF (International Monetary Fund) with regards to his "Tobin tax" plan which has also been rebuked by the G20. This is a crushing blow for Gordon Brown who apparently went ahead with his plan to introduce a Tobin tax to the mix despite the plan being rejected by the Treasury. It now appears as though Gordon Brown is on his own and ignoring internal govern...
Read More