Key Developments in the rapidly growing Gig Economy

The gig economy has really shaken up the world of employment. This new way of working, which allows anyone to take on ‘gigs’ – single pieces of work at a time – has provided both workers and employers with a much more flexible range of options. However, with that has come confusion – and claims of exploitation. And, as a result, there are many now pushing for a change in the law that recognises this new sector of the economy and provides better protection for those operating within it. What is the gig economy? Most of us are now familiar with what constitutes the gig economy. It’s a sector created predominantly by the use of technology. App based platforms make it possible for work to be distributed to workers on a piece by piece – or ‘gig’ – basis. It’s worth noting that not every gig economy job has been created this way (myhermes drivers, for example, are not organised by app). Everything from driving an Uber to being a Deliveroo driver comes within the gig ec
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An update on the ongoing Brexit negotiations

The pound has taken another dip and disappointing inflation figures have meant no hope of a rise in interest rates and knock on boost to savings. Whether or not you’re entirely clued up with what that means for the man or woman on the street, it’s clear that the economy is having a tough time of it. And there’s one cause that is repeatedly made responsible: Brexit. When the country voted to leave the EU last year by the smallest of margins it seemed to come as a shock to most – especially the politicians. Since then, the process of easing the UK out of the EU has felt confused and chaotic. Many in the EU are angry that the UK is leaving and there have been warnings that the process won’t be made simple. Even setting the timetable for talks has been contentious – European Commission chiefs have made it clear that their preference is that Britain leaves and then crucial trade talks take place. Brexit secretary David Davis, on the other hand, is insisting that both take place
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The State of Payday Loans Two Years After Regulation

In 2015, the Financial Conduct Authority (FCA) shook up the payday loans industry. New rules were introduced that were designed to help regulate the market and make it fairer for borrowers. The changes were widely welcomed at the time by consumers groups, borrowers and by many in the industry. However, 2.5 years on what has actually changed? 2015 regulation When the FCA decided to get involved in the payday loans industry in 2015 it made a number of changes to the way in which money was being advanced to borrowers, including: A limit on the number of times a payday loan repayment could be rolled over More stringent affordability requirements and financial health warnings A price cap on high cost short-term credit The intention was to make it harder to get into trouble with payday loans and to introduce more transparency into the industry. Is this a new dawn for short-term credit? A report from the Consumer Finance Association (CFA) a trade association representing the largest share of
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The end of banks’ rip-off fees and charges?

There are many different ways in which banks make money from customers. While we’re all familiar with paying interest on loans and overdrafts or a fee for a current account, it’s the hidden charges that most of us consider a rip off. So, for example, the fee you might pay for going over an overdraft limit or unauthorised overdraft interest. These are just some of the less up front methods banks use to extract cash from customers. The end of hidden fees and charges? In the current culture of increased transparency many banks are now finding themselves in a position where hidden fees and charges need to be reviewed. Various consumer groups, as well as the Competition and Markets Authority have criticised the use of these charges. The Financial Conduct Authority is currently carrying out a review of high cost credit and part of this review is likely to be new measures on unauthorised overdraft fees. The main basis for criticism of these fees is that they don’t reflect the true cost
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Your chance to win £200 in our New Photo Competition

We love being creative and if you do too then you stand a chance of winning £200 in our first photo competition. Following the success of our short story writing competition (second one is currently open for entries!) we thought we d create a competition to appeal to those of you who like the visual medium. Our Photo Competition Basics It s FREE to enter! It s super-easy to enter via a short submission form or via social media Anyone in the UK can enter amateur and professional photographers alike It s open NOW, and closes on 31 October 2017 The winner receives a cheque for £200, and there are two runners up prizes of £50 Use any camera you like your smart phone, a DSLR or something in between; it doesn t matter Entries will be voted for by the general public and the top 25 will then be judged by Solution Loans to find the winner and runners up. so rally your troops and get them voting for your entry! Full Terms and Conditions are available on our website. The Theme of this Competi
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The future of Personal Banking is arriving!

When it comes to innovation, most people wouldn’t pick the personal financial sector as an obvious pioneer. Tech, fashion and pharmaceuticals might be leading the way in innovating how we consume and experience life – but high street banking? Despite being one of the most traditional sectors of the UK economy, the personal finance sector can’t afford to stand still. That’s why, over the next decade, we’re likely to see a lot of change. Taking current accounts online Online banking has been around for a while but in 2017 it has gone up a gear. Current accounts are not simple financial products – they require licences and are heavily regulated – but now most banks recognise the need to modernise. The result isn’t just online banking but cutting edge banking for all, from apps through to mobile banking facilities. And it’s not just the major high street banks that are getting this right – in fact, if anything, they’re behind the curve with this trend. Data collected
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The ending of debit card and credit card fees and surcharges

Have you ever gone to pay by card and been informed that “there’s a flat fee of £2.50 per transaction”? Or something similar. The practice of paying that little extra top up, in addition to the purchase price, is something that most of us are very familiar with. Every business seems to do it and it’s become a widely accepted practice. Well, not anymore. From 13 January 2018 that is set to change, as the government is introducing new rules that mean consumers cannot be penalised for choosing one kind of payment method over another. What are the rules about fees right now? The current rules on credit card fees and extra payments are supposed to prevent companies from profiting from an extra percentage on top of the purchase price. Most of us assume that we’re paying more to complete a transaction by credit card because the retailer has to pay a fee to process that transaction. However, that’s not always the case. Even under the current rules, retailers are not supposed to p
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