Whether you’ve been considering setting up a Trustee Bank Account for a while, or it’s completely new to you, we’ve put together 8 reasons why you should set one up.

Hopefully this will help you understand the benefits of setting one up.

If you’d like our support with this, it’s what we do best – you can find out more on our Trustee Accounts website here: https://www.trusteeaccounts.co.uk/

Reason 1 – Managing Assets

A Trust Bank Account can help you to manage assets on behalf of beneficiaries e.g. who may lack mental capacity, be minors, have a disability.

Reason 2 - Protecting Assets

A Trust Bank Account can help you to protect assets from creditors, from those who may influence beneficiaries. For example, other family members may get involved when it comes to discussing the money left for beneficiaries upon death. However, by putting it in a Trustee Bank Account, there will be no dispute as it’s full protected to go ONLY to the beneficiary listed. 

Unless you have been sleeping in a cave then it’s hard to not know that the world is currently dealing with a global health crisis. 

It is having an effect on everything and everyone. 

It is far from ‘business as usual’ and this has resulted in many people losing their incomes through no fault of their own. 

With this in mind, it leaves people worrying about how they are going to pay their bills. The biggest of which for most people is their regular monthly mortgage payment. 

Halifax, Santander and NatWest made the decision to suspend sending their surveyors to value properties that are being considered for the security of a mortgage with them.

This will influence the overall time it takes to complete the house buying process.

Some valuations are being re booked for x3 weeks’ time but event these may be pushed back if the situation has not improved and the Government lockdown is still in force.

However, this gives the banks the opportunity to explore alternative methods of valuing the properties being offered for security for a mortgage by using what is known as Desk Top Valuation or DTV.

Although Spring is coming, you wouldn’t think it with all this cold and wet weather we are having here in the UK.

No doubt you’re starting to plan your holidays for the year to escape for a week or two. Maybe you’re after a long weekend to soak up some sunshine? Whatever your reason for ‘getting away’, we have put together this blog to help you choose your holiday destinations wisely.

Here are 6 holiday destinations where your pound will go the furthest.

  • Turkish Lira (TRY spot rate 7.90 as of 18/02/2020) … (aside from crash in strength of Lira Oct 2018, rate is highest it has been as far as records show since 2012)
  • Hungarian Forint (HUF spot rate 403.97 as of 18/02) … (Highest it has been since end of May 2016)
  • Euro (EUR spot rate 1.21 as of 18/02) …. (Although this looks like you are not getting a lot of ‘bang for your buck’, this is the highest it has been since April 2017)
  • Australian Dollar (AUD spot rate 1.95 as of 18/02) … (highest it has been since June 2016)
  • Jamaican Dollars (JMD spot rate 180.92 as of 18/02) …. (Highest it has been since June 2016)
  • Sri Lankan Rupee (LKR spot rate 236.37 as of 18/02) …. (highest it has been as far as records show up to 2012) – Restricted currency. Each traveller can only take 5,000 LKR cash which is roughly £25 at the current rate. However, it tends to be possible to purchase from the airport when you land.

Over the last 14 years we’ve helped a lot of people purchase their first property  and they have always thanked us not only as their independent mortgage broker but for also guiding them through the complex property buying process facing many first time buyers.

To help first time buyers we have asked one of our own mortgage brokers, Kamal Mattu, for some practical guidance on buying your first home.

“As a first-time buyer what do you need to know about the process of buying your first home? For instance, when do you make an offer to buy a property and at what stage do you actually apply for a mortgage. But before you even consider these steps how about these points:

  • Do I need a deposit or can I buy my home without one?
  • What are the affordable schemes to get on the property ladder?
  • How do you find the most suitable lender for your circumstances?
  • Can you afford your monthly mortgage repayments?
  • What are your additional costs in buying a home?
  • What’s the difference between buying freehold or leasehold?
  • The mortgage application process. How long does it take?

It can all be a very exciting as well as perhaps daunting time when you are looking to buy and run your own home because that is what is involved.

There are so many different types of mortgages, some schemes where you need no deposit. You will however still need to pay your solicitors costs, possibly stamp duty tax, any valuation fees and what about the removal company.

Unless you have lived away from home having to buy food, learn to cook, pay gas, electric, council tax, also to have money to decorate or improve the house putting your mark on it. And let’s not forget to still have money to go out with your friends and family. It is important to budget and make sure you can afford your mortgage payments.

My Tips on what you should do.

  • Speak to friends and family first
  • Consult an Independent Mortgage Adviser (not just your Bank).
  • Save up some money as you will need this for all sorts of expenses.
  • Work out your finances (all your monthly outgoings) and what you can afford for your monthly mortgage repayments.
  • Be realistic and ensure you have enough income for that new car or holiday or for an unforeseen emergency.

What I am saying to you is very simple. You seek advice from a mechanic when your car goes wrong and a good mechanic might provide some useful maintenance tips to stop the problem happening again so do the same about your finances. You may be surprised what else an expert independent mortgage broker can do for you too other than just find you the best deal.

If you are considering buying your first home and would like to speak to one of our team of independent mortgage brokers then please call Kamal on 0800 6342 111 or email This email address is being protected from spambots. You need JavaScript enabled to view it.”.

The mortgage broker industry is ever changing with numerous new lenders entering the market trying to compete with their more traditional competitors.  Keeping mortgage knowledge up to date and informed with all lenders criteria and products is crucial for any mortgage broker to provide the best possible lending to their clients. 

Here at Simpson Financial Services we pride ourselves with this and take every step possible to maintain a high standard of service through making sure we continuously develop our knowledge and professionalism.

Therefore on 7th September 2017 Kamal & James attended an ‘Out of this World’ experience at the National Space Centre in Leicester for the Family Building Society’s Mortgage Broker Roadshow.

The event provided an insight into the Family Building Society’s strategic business overview, USP’s covering innovative products, criteria, flexible underwriting and meeting differing customer needs. This allowed for a great opportunity to put questions to the Society’s key business leaders, boost professional development and network with peers afterwards before taking a tour around the National Space Centre.

We are delighted to confirm that one of our Directors, Natasha Palmer, has been shortlisted as a finalist for the Personal Finance Society’s Mortgage and Protection Advice Specialist of the Year 2017.

Being a finalist is a real recognition of Natasha’s commitment to excellence and professionalism in the world of personal finance which she has shown every day over the last 13 years working with us and we wish her every success on the 22nd November when the winner is announced.

The awards are taking place at the iconic Camden Roundhouse in London and are being hosted by Gyles Brandreth!

On Thursday 7th September 2017 our later life financial adviser Edwina Hudson was invited to visit Highmarket House, a beautiful new residential and nursing home in Banbury. As the UK’s elderly population continues to grow there is an ever increasing demand for nursing homes just like this.

http://www.careuk.com/care-homes/highmarket-house-banbury

To celebrate the opening of this new home the management invited local professionals to a tour of the home and to take part in a fun wine-tasting competition. All the staff were very friendly and professional and the guests enjoyed the very generous hospitality.

There is also an increasing demand for high quality independent financial advice and Edwina is well positioned to meet this demand with her status as a regulated financial adviser who has specialised in providing financial advice to the elderly which is recognised by her membership with the Society of Later Life Advisers (SOLLA).

When advising new prospective clients on how to meet their care home fee costs Edwina carries out a full financial analysis of their current financial circumstances and looks at a variety of suitable ways to generate any additional income required along with giving consideration to immediate care annuities.

If you are responsible for a relative or friend who wishes to understand more about how to pay for a care home then please contact Edwina Hudson in confidence for a free initial consultation on 0800 6342 111.

We are delighted to introduce the latest addition to our team Paul Arnold, who has joined us as an Independent Mortgage Consultant.

Paul has 25 years financial services experience and is responsible for overseeing our £10 million plus in mortgage approvals in the last 6 months.

He holds the CEFA & CMAP qualifications in mortgage and insurance advice.

Paul is already a big hit with many new and existing clients he has helped since joining our ranks and if you would like to talk to Paul about how to finance the purchase your next home, pay your mortgage off early, buy new business premises or any other mortgage related query then please call him at the office on 0845 0179 578.

Buying a Commercial Property with your pension fund is an area of financial advice that we are often involved with. There are many reasons why this can be a good (and sometimes not good) thing to do.

To help you work out if this type of pension investment might be suitable for you take a look at the following short case study of actual cases we have advised on.

Case Study 1

Mr & Mrs Client each have a various pension funds adding up to about £75,000 each which they are no longer paying money into. They run a small retail business and rent premises for £20,000 per annum off Mr Landlord. Similar premises next door have been put up for sale for £200,000. They approached their business bankers for a business loan to buy the property but were put off by the need for a deposit of £70,000 (35%).

They decided to combine their pension funds giving themselves a combined pension pot of £150,000. Their pension funds then borrowed a further £50,000 from a High Street bank enabling their pension funds to buy the premises next door.

They served notice on Mr Landlord and then moved their business next door. They signed a new 6 year lease with their pension funds who are their businesses new landlord. They still had to pay £20,000 per annum rent but now it was being paid to their pension fund rather than a third party landlord.

There are some other potential benefits too such as pension fund assets being protected in the event of business bankruptcy.

There is a lot more to consider when considering this kind of pension investment. For instance, do you use a Small Self Administered Scheme (SSAS) or two Self Invested Personal Pensions (SIPP) as the pension vehicle? Which banks will lend to pension schemes and what is the best rate? How does the pension scheme pay retirement benefits? What happens in the event of death etc?

If you are interested in buying a commercial property with your pension fund please contact us for further guidance.

We are delighted to announce the arrival of Mary McHugh to our firm. Mary joins us from Coventry University where she was awarded the degree BA Business & Finance with Honours 1st class.

Mary’s dissertation was entitled “The Efficient Market Hypothesis, Behavioural Finance and Stock Market Anomalies” which aligns very well with many aspects of our financial planning business such as our wealth management advice, investment risk profiling and the new rules on Auto Enrolment Pensions.

In addition, Mary undertook a piece of independent research examining the effect of “sports sentiment” on the stock market and was awarded a 1st for her coursework entitled “Controversies, Options and Potential Outcomes of the Current Pension Issues in the UK”

We asked Mary about what she gained from her educational experiences that she would bring to Simpson Financial Services

“Studying for my degree not only provided me with a thorough grounding in financial theory, financial services and business strategy, but also developed proficient time management and prioritisation, research, problem solving and analytical skills.”

We are sure Mary will be an outstanding addition to the team here at Simpson Financial Services.

We are starting to see a increasing number of Employers realise the scale and complexity of dealing with the new Auto Enrolment legislation and while you can deal with it yourself the Nine Guides from The Pension Regulator is enough to put off even the most competent of firms.

At Simpson Financial Services we have been planning and preparing for this for over 4 years and are able to offer a full advisory service to Employers which will mean that you are able to deal with the rules compliantly and maintain your reputation with your staff as a quality Employer. We can help you in the following areas:

Find out your staging date

Review your current pension scheme(s)

Assess your workforce

Model different ways to comply with the Auto Enrolment Rules

Design a new pension scheme or amend your existing pension scheme

Create an Auto Enrolment Implementation Plan

Implement the changes required

Engage with your workers and deal with employee communications

Make sure your record keeping is compliant

Provide ongoing governance and advice

There is a lot to do and time is running out. If you would like to discuss how we might be able to help you then please call the office on 0845 0179 578 and ask to speak to Rob Simpson who is the pensions expert.

Congratulations to one of out top advisers, Edwina Hudson, who has today received her full accreditation from the Society of Later Life Advisers (SOLLA). Edwina has a number of years experience as an Independent Financial Adviser and this accreditation recognises her additional skills in the area of financial needs of older people.

Advisers who have taken the further steps to become independently accredited can offer the added reassurance that they offer the practical help and guidance needed to make the right decisions at the right time. Surprisingly, Edwina is the only accredited adviser in the whole of Warwickshire which probably explains why she is a very busy lady.

If you would like to discuss your own, or an elderly relatives financial planning requirements then please contact Edwina at our office on 0845 0179 578. Please note we do not charge for any initial consultation that you need.

The Telephone Saver (Issue 1) from BM Savings offers an attractive rate of interest, currently, 2.75% gross/AER (variable) for the yearly optionor 2.72% gross/2.75% AER for the monthly option and gives you easy access to your money by telephone 24/7.

The accounts operate as straightforward personal savings accounts with no notice required for withdrawals from your savings. Here are some of the additional features offered;

TelephoneSaver (Issue 1)

  • Save any sum from £1,000 to £1 million (£2 million for joint accounts)
  • No hidden costs or charges
  • Easy access to savings
  • Joint account holders will each have their own set of passwords so they can each run the account. Interest is variable, calculated daily and is paid either yearly or monthly. Interest can be paid to the account, to another BM Savings account or paid to another UK bank or building society account that accepts Faster Payments.

For more information and how to apply, please contact Rob Simpson on This email address is being protected from spambots. You need JavaScript enabled to view it. or call the office on 0845 0179 578.

We’re very pleased to announce that Plum, Midas and Prestige have joined our panel of non-standard household insurers.

Non Standard Buildings and contents insurance is for out of the ordinary risks. Typically this will include thatch and other non-standard constructions, adverse claims history, subsidence and underpinned properties, declined, refused or cancelled insurance, convictions, bankruptcy, professional sportspeople or entertainers, Unoccupied properties, holiday homes, even blocks of flats.

Basically, anything which would normally be declined on a standard home insurance policy.

You can send us brief details of your property here or please call the office on 0845 0179 578