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Artificial Intelligence (AI) is providing scammers with new ways to try and dupe you. One type of scam that’s on the rise that you should be aware of is “voice cloning”.

Voice cloning uses AI technology to replicate the voice of a friend or family member. Fraudsters then use this to contact you to ask you to transfer funds or share sensitive information. It can be incredibly difficult to spot a voice cloning scam, particularly if the so-called friend or family member appears to be in distress.

Worryingly, a person’s voice could be replicated from as little as three seconds of audio, which may be easily obtained if a loved one has uploaded a video to social media platforms. As well as providing fraudsters with a way to impersonate a person, social media could also help them identify who to target by seeing who interacts with their posts.

28% of UK adults say they have been targeted by an AI voice cloning scam

According to a survey from Starling Bank, 28% of UK adults say they’ve been targeted by an AI voice cloning scam at least once in the last year. Yet, almost half (46%) of UK adults have never heard of AI voice cloning scams, so the scale could be far larger.

The majority of people recognise how challenging it could be to detect a voice cloning scam. Indeed, just 30% say they would confidently know what to look for and 79% said they are concerned about being targeted.

One simple way to protect yourself is to have a safe phrase in place with trusted family and friends. This can provide you with a quick and easy way to verify who you’re speaking to if you’re ever in doubt and before you transfer any money. Be sure to never share your safe phrase online.

3 more AI scams that could affect you

Voice cloning isn’t the only way scammers are using AI.

In fact, according to Money Week, AI scams left Brits £1 billion out of pocket in the first three months of 2024 alone. The latest technology can make it more difficult than ever to spot the red flags, so, unsurprisingly, almost half of Brits said they feel “more at risk of scams”.

Being aware of common scams and the signs to watch out for could mean you’re able to avoid falling victim should you be targeted. Here are three other types of AI scams that are on the rise.

1. Deepfakes

A deepfake is a video, sound, or image that has been digitally manipulated using AI.

A study from Santander found that more than a third of Brits have knowingly watched a deepfake. Yet, more than half of people said they had not heard the term or misunderstood what it means, so many more could have watched a deepfake without realising.

Scammers can use deepfakes in a range of scams. For example, they might create a fake profile filled with realistic media to carry out a romance scam. Or they could use a deepfake to convince you you’re speaking to a genuine investment manager as part of an investment scam.

Deepfakes are often circulated on social media platforms, so it’s important to be vigilant and verify the information you receive, even when it looks convincing. Many deepfakes are imperfect, so taking a closer look at a video or image could highlight red flags, like blurring around the mouth, odd reflections, or abnormal movements, like blinking less than normal.

2. ChatGPT phishing

Phishing scams are nothing new, but AI means they could look far more trustworthy than previous attempts.

Phishing is when criminals use emails or texts that encourage you to visit a website, which may download a virus onto your computer, download attachments, or share personal details. Often, phishing scams will impersonate a genuine company or person to gain your trust.

In the past, you might have spotted a phishing email by noting spelling and grammar mistakes, an unusual sender, or the tone of voice changing from previous communications.

However, ChatGPT and other similar tools mean it’s simpler than ever for criminals to create text and designs that are similar to those they’re impersonating and remove tell-tale signs of a scam. So, it’s important to remain cautious when you’re responding to messages, especially if they’re out of the blue.

3. Verification fraud

It’s not just your loved ones that could be affected by voice cloning and deepfakes, you could be too. Many phone and banking apps allow you to verify who you are by sending a video of yourself or saying a password out loud on the phone.

AI could mean these types of security checks don’t provide the protection they once did. It could mean fraudsters can open accounts in your name, access your accounts, and more.

As a result, being careful about what you share online, including seemingly harmless photographs or videos, may help you avoid a scam.

We could help you spot a scam

If you’re contacted about a financial opportunity, whether through email, a phone call, on social media, or in another way, and you aren’t sure if it’s a scam, we could help. Sometimes another perspective could help you recognise the red flags you’ve overlooked or give you the confidence to ignore the message.

You can also use ActionFraud to report a scam or seek additional information.

Please note:

This blog is for general information only and does not constitute advice. The information is aimed at retail clients only.

If you’re working and contributing to your pension, you might think you don’t need to do any more retirement planning just yet. However, seeking retirement advice in your 30s and 40s could mean you’re in a better position when you’re ready to give up work.

According to a survey published in IFA Magazine, putting off retirement planning is something many workers are guilty of.

Indeed, it found that just 5% of Brits aged between 35 and 44 had taken financial advice to help them prepare for retirement. Even among older generations, many haven’t sought professional support – only 10% of 45- to 54-year-olds and 21% of those aged over 55 had sought retirement advice.

Here are five smart reasons why you shouldn’t put off planning for retirement, even if the milestone is decades away.

1. A goal could keep you on track

If you’re not sure how much you need to save for the retirement you want, it can be difficult to understand if you’re on track. Setting a goal could motivate you to contribute regularly or even increase how much you’re adding to your pension.

The final goal for your pension can seem like an impossible challenge. Remember, it’s not just your contributions that will support your long-term goals, but often employer contributions, tax relief, and investment growth too. So, understanding how your pension will grow could make your target seem more manageable.

2. Identifying a gap sooner could mean you have more options

When you review your pension alongside your retirement aspirations, you might find there’s a potential shortfall.

The good news is that by identifying the gap in your 30s or 40s, you could have more options. For example, you might adjust your retirement date or planned retirement lifestyle.

Alternatively, with decades until you’re ready to give up work, you could increase your pension contributions to bridge the gap. As your pension is usually invested, increasing contributions sooner could mean a relatively small increase to your regular contributions has a much larger effect on the value of your pension at retirement than you expect.

3. Discover if you’re making the most out of your pension savings

Reviewing your pension now could help you discover ways to get more out of your savings.

To encourage workers to save for the future, you often receive tax relief on your contributions – so, some of the money you’ve paid in Income Tax is added to your pension. In 2024/25, your total tax-relievable contributions, including those of your employer plus tax relief, can equal up to 100% of your annual earnings or a maximum of £60,000; this is known as the “Annual Allowance”.

Your pension provider will typically claim tax relief at the basic rate on your behalf. However, if you’re a higher- or additional-rate taxpayer, you’ll need to complete a self-assessment tax return to claim your full entitlement. You can only claim back tax relief from the last four tax years. As a result, putting off reviewing your pension until you retire could mean you miss out on tax relief.

You should note that if you’re a high earner or have already taken a flexible income from your pension, your Annual Allowance may be lower. Please contact us if you’d like to discuss how much you could add to your pension tax-efficiently.

There could be other ways to boost your pension that you may have overlooked too. For instance, your employer may increase their contributions in line with yours.

4. Review how you invest your pension

Normally, your pension will be invested. This provides your retirement savings with an opportunity to grow.

As you’ll often be investing for decades through a pension, the performance of your investments could have a huge effect on the income you can create later in life. Taking financial advice in your 30s and 40s could offer a valuable chance to check your pension is invested in a way that aligns with your risk profile and goals.

While investment returns cannot be guaranteed, we could also work with you to help you understand how investment returns might provide long-term financial security.

5. You could discover you’re able to retire sooner than expected

If you could retire five years sooner and still be financially secure, would you?

One of the challenges of retirement planning is calculating how much you need to save to be financially secure for the rest of your life. You might worry about running out of money in your later years or not having enough to cover unexpected costs.

An early pension review could highlight that you’re in a better financial position than you expect and give you the confidence to retire sooner.

Contact us if you’d like to talk about your retirement plans

Whether retirement is just around the corner or decades away, we could help you plan for retirement. With a tailored plan, you could find you’re in a better financial position and have more freedom when you’re ready to give up work. Please contact us to arrange a meeting.

Please note:

This blog is for general information only and does not constitute advice. The information is aimed at retail clients only.

A pension is a long-term investment not normally accessible until 55 (57 from April 2028). The fund value may fluctuate and can go down, which would have an impact on the level of pension benefits available. Past performance is not a reliable indicator of future performance.

The tax implications of pension withdrawals will be based on your individual circumstances. Thresholds, percentage rates, and tax legislation may change in subsequent Finance Acts.

Spotting a great Black Friday deal might be harder than you think – especially after Which? reported that 98% of products that were on sale in 2021 were cheaper or the same as their Black Friday price at other times in the year.

In fact, 86% of the items had also been the same price or cheaper in the six months before Black Friday.

So, how can you sniff out a genuine deal in the run-up to Christmas? Read on to discover our best Black Friday shopping tips.

1. Research, research, research

There’s no point in battling through Black Friday crowds or spending your hard-earned money on a poor-quality product that doesn’t meet your needs.

Before searching for potential deals, make a wish list of items you’d like to purchase. Look for products that are the best quality for your budget, and make sure you read the reviews.

It’s especially important to research brands you don’t know. Ignoring unknown brands could lead to you missing out on a nice deal, but it’s important to make sure their products are the same quality as well-known brands in the industry.

2. Look for products you’re likely to get a good deal on

Some product types are more likely to have genuinely good deals than others, and it’s important to research which items you’re likely to save money on while building your wish list.

For example, the Which? study found that 83% of headphones and earphones were cheaper in the six months on either side of Black Friday, while 0% of tablets and smart TV boxes were.

It’s worth making a note of their list so you can be wary of rushing to buy products on Black Friday that might be cheaper at other times of the year.

3. Check the price history

Once you’ve made a list of everything you want to buy, look everything up on price comparison websites such as Pricerunner to discover their previous price history.

This will allow you to decide whether a Black Friday sale is something worth getting excited over, or if the deal a company is offering isn’t as good as it sounds.

It will also allow you to avoid being sucked in by “was” prices; these include offers that are described as “was £100, now £50”, which are seen everywhere on Black Friday.

Focus on the actual price you will pay for the item and its true value, rather than the savings a price tag is claiming you’ll make.

4. Ask whether retailers will match prices

When looking for the best deals, it’s also vital to research which retailers offer price match promises.

Companies with price match promises include:

• AO
• Currys
• Euronics
• Halfords
• Hughes
• John Lewis

Even if a retailer doesn’t openly state they have a price match promise, some will agree to refund the difference if you challenge them about a price drop soon after you’ve bought something from them.

5. Start shopping early

Many shops launch deals towards the start of November and extend these savings until the end of December, so it’s important to remember that you don’t have to wait until Black Friday to start shopping.

In fact, waiting until Black Friday could lead to you missing big-ticket items which have already sold out as people snap up the best deals quickly.

6. If you’re shopping in-store, don’t forget to look online

If you plan to visit your local shops this Black Friday, don’t neglect the online deals entirely.

While travelling between stores or waiting in long queues, search online for the products you plan to buy so you can compare prices and ensure you’re getting the best deal in-store.

7. Check the returns policy

Returns policies differ with every shop you buy from as the laws regarding returns vary for online and in-store shops.

There’s nothing worse than buyer’s regret, especially if you’re shopping for gifts. Make a note of how long you have to change your mind about buying a product and look for retailers who offer an extended returns period in the run-up to Christmas.

8. Don’t forget about Cyber Monday

Black Friday used to be aimed at people shopping in-store, while Cyber Monday was for online deals.

However, as technology improves and more people choose to buy online on Black Friday than in-store, lots of people forget about the deals they could benefit from on Cyber Monday.

If you missed a deal on something on your wish list on Black Friday – especially if the product you’re looking for is related to computing – then keep checking over the weekend to see if you can spot a bargain.

As a self-employed worker, managing your finances can be more complex. One area you might have overlooked or be unsure where to start with is saving for your retirement.

According to the House of Commons Library, there are 4.24 million self-employed workers in the UK as of July 2024, and research indicates many don’t understand pensions.

Indeed, an interactive investor survey asked self-employed workers three basic pension questions and found that just 9% could answer all three correctly.

You’re responsible for managing your wealth to secure your future financial security and freedom. So, even if retirement is decades away, spending some time understanding your options and which is right for you could be valuable.

You might have money set aside, such as savings or investments, that you’ve earmarked for retirement. While these options could offer more flexibility, you may be missing out on thousands of pounds that could boost your retirement income by not contributing to a pension.

So, read on to discover the pension basics you need to know.

Pension contributions benefit from tax relief

One of the key reasons why pensions are a tax-efficient way to save for retirement is that your contributions benefit from tax relief.

To encourage people to save for their future, some of the money you’d have paid in Income Tax will be added to your pension instead. As a result, it provides a boost to your retirement savings.

The amount you receive through pension tax relief depends on the rate of Income Tax you pay.

So, if you’re a basic-rate taxpayer and want to boost your pension by £1,000, you’d only need to add £800 as you’d receive a further £200 in tax relief. For higher- and additional-rate taxpayers the amount would fall to £600 and £550 respectively.

Usually, your pension provider will automatically claim tax relief at the basic rate for you. If you’re a higher- or additional-rate taxpayer, you’ll need to complete a self-assessment tax return to claim your full entitlement.

You should note that the Annual Allowance limits how much you can contribute to your pension while retaining tax relief. For most people in 2024/25, the Annual Allowance is £60,000 or up to 100% of annual earnings. However, your allowance may be lower if you’re a high earner or have previously taken a flexible income from your pension.

If you’d like to understand how much you can tax-efficiently contribute to your pension, please contact us.

Pension contributions are invested tax-efficiently

It’s not just tax relief that makes pensions tax-efficient either – they also provide a tax-efficient way to invest.

To provide your retirement savings with an opportunity to grow over the long term, they will typically be invested. Investments held in a pension are not liable for Capital Gains Tax. So, if you want to invest for a long-term goal, a pension could make sense.

Keep in mind that all investments carry some risk. Whether you’re investing in a fund in your personal pension or in individual assets through a self-invested personal pension, it’s important to consider what level of risk is appropriate for you and your financial circumstances.

You can access your pension savings from age 55

The interactive investor survey found that just 25% of self-employed workers aged between 35 and 54 knew when they could access their pension savings.

Normally, you can start to withdraw money from your pension when you turn 55 (rising to 57 in 2028). So, you might be able to access your pension sooner than you expect. You could even start to access the savings while you’re still working, which may allow you to phase into retirement gradually.

There are tax benefits when accessing your pension too.

If your total income exceeds the Personal Allowance, which is £12,570 in 2024/25, your pension withdrawals will usually be liable for Income Tax. However, you can take 25% of your pension (up to a maximum of £268,275 in 2024/25) tax-free – something that fewer than 1 in 5 middle-aged self-employed workers knew.

There are several ways to create an income once you’re ready to retire. You could:

• Purchase an annuity to generate a regular income for life
• Create a flexible income through drawdown
• Withdraw lump sums.

You may also mix the above three options to create a retirement income that suits your lifestyle.

So, a pension provides a tax-efficient way to invest for your future and could offer more flexibility than you expect when you reach the milestone.

As a self-employed worker, you’ll be responsible for opening a pension, managing your contributions, and ensuring you’re on track for the retirement you’re looking forward to. If you’d like support planning your retirement, we’re here to help.

Contact us to discuss your pension and retirement

Whether you’d like to discuss opening a pension or review your existing retirement savings, please contact us. We can work with you to create a financial plan that balances your savings towards your short- and long-term goals.

Please note:

This blog is for general information only and does not constitute advice. The information is aimed at retail clients only.

A pension is a long-term investment not normally accessible until 55 (57 from April 2028). The fund value may fluctuate and can go down, which would have an impact on the level of pension benefits available. Past performance is not a reliable indicator of future performance.

The tax implications of pension withdrawals will be based on your individual circumstances. Thresholds, percentage rates, and tax legislation may change in subsequent Finance Acts.

The end of the year is fast approaching, and while your mind might be on celebrating the festive period, it’s the perfect opportunity to tick off some financial tasks you might be putting off.

Spending some time going through your finances and thinking about what you want to achieve next year could help you step into 2025 feeling confident about your future. So, here are 10 jobs you could complete before the end of the year.

1. Check the interest rate your savings are earning

You’ve no doubt heard a lot about interest rates rising over the last year. If you’ve got money in a savings account, it could mean your savings have a chance to work harder and deliver more interest.

After more than a decade of historically low interest rates, your savings could now earn more than 5% and even a small difference can add up over the long term. If you haven’t reviewed the interest rate your savings are earning now and the alternatives available, it could be a worthwhile task.

Usually, the highest interest rates are available if you lock your money away for a defined period. So, setting out what the money is for and when you might need to access it could help you find the right account for you.

2. Review your investments

Investment markets have experienced volatility in 2024 – how have your investments fared?

A quick review of your investments could help you see if you’re on track. Remember, don’t just focus on the performance over the last 12 months. Instead, look at your returns over a longer time frame and the overall trend.

As well as checking if you’re on track, you might also want to ensure your investments continue to align with your needs. If you’re financial circumstances or goals have changed, you may want to update your investments to reflect that.

3. Use your gifting allowance

If your estate could be liable for Inheritance Tax (IHT) when you pass away, gifting assets during your lifetime may be a useful way to reduce a potential bill.

However, not all gifts are considered immediately outside of your estate for IHT purposes. So, making use of those that are could be useful. One such option is known as the “annual exemption”, which allows you to gift up to £3,000 to an individual or split between several people each tax year – that could make a welcomed Christmas present for a loved one!

The small gift allowance also allows you to make as many gifts as you’d like up to £250 to each person each tax year, as long as you have not used another allowance on the same person.

4. Track down “lost” pensions

Do you know where all your retirement savings are? It could be easier than you think to “lose” a pension.

Indeed, according to a report in FT Adviser, 29% of Brits have no idea how many pensions they have. If you’ve moved home or switched jobs since you last reviewed your pension, a quick check could uncover some missing savings.

Start by going through your current pensions and employment history to identify gaps. If you discover a gap, you can use the government’s pension tracing service to find the contact details you need for the pension scheme.

5. Complete some pension admin

While you’re checking you’ve not lost touch with any retirement savings, a quick check-in on your current pensions could be useful too. You may want to review if your:

• Personal details are correct
• Target retirement date is right
• Pension is invested in a way that suits your goals.

In addition, if you’re a higher- or additional-rate taxpayer, you may want to check if you could claim additional pension tax relief through a self-assessment tax return.

Getting your pensions in order could make it easier to understand if you’re on track for retirement and reduce the risk of losing them in the future.

6. Assess your financial protection

According to the Association of British Insurers, a record £7.34 billion was paid out through financial protection in 2023. While you hope you don’t need to make a financial protection claim, it could provide an invaluable safety net when you need it most.

Take some time to assess the protection you already have in place – does it still meet your needs? If your financial commitments have increased or your circumstances are different, you might find you want to increase the cover.

7. Name a Lasting Power of Attorney

A Lasting Power of Attorney (LPA) gives someone you trust the power to make decisions on your behalf if you’re unable to. While it can be difficult to think about, an LPA could reduce stress and ensure your affairs are in order if you’re affected by an illness or accident.

If you already have an LPA in place, you might want to consider your wishes and if any changes could affect the decisions you’d like an attorney to make.

8. Inspect your will

Over time, your wishes and circumstances can change. So, reading your will now and again to ensure it’s still accurate is important. You might find that an update is necessary after you welcome a new grandchild or the value of your assets has grown.

According to Will Aid, more than half of UK adults don’t have a will in place. If you’re among them, you may want to make writing a will a priority. A will is one of the main ways to state how you’d like your assets to be distributed when you pass away. Without a will, your estate would be distributed according to intestacy rules, which could be very different from your wishes.

9. Fill in your pension expression of wish form

Usually, your pension isn’t covered by your will. Yet, it could be one of the largest assets you have, so it’s important to make sure you let your pension provider know who you’d like to receive it if you pass away.

You can do this by completing an expression of wish form, which you can typically do online. If you have more than one pension, you’ll need to fill in the form for each one.

10. Arrange your next financial review

If you don’t already know when your next financial review will be and want to speak to us, you can get in touch to arrange a meeting.

Next month, read our blog to discover some tips for reviewing your goals for the year ahead – they could help you get more out of 2025 and beyond.

Please note:

This blog is for general information only and does not constitute advice. The information is aimed at retail clients only.

The Financial Conduct Authority does not regulate Lasting Powers of Attorney or will writing.

A pension is a long-term investment not normally accessible until 55 (57 from April 2028). The fund value may fluctuate and can go down, which would have an impact on the level of pension benefits available. Past performance is not a reliable indicator of future performance.

The tax implications of pension withdrawals will be based on your individual circumstances. Thresholds, percentage rates, and tax legislation may change in subsequent Finance Acts.

The value of your investments (and any income from them) can go down as well as up and you may not get back the full amount you invested. Past performance is not a reliable indicator of future performance.

Investments should be considered over the longer term and should fit in with your overall attitude to risk and financial circumstances.

Your relationship with money may play a huge role in how you handle financial decisions and your long-term security. Many factors affect your financial decisions, but you might be surprised by how much your childhood experiences still influence you today.

The majority of parents recognise how important financial education is. Indeed, according to Nationwide, almost 9 in 10 parents to children aged between 8 and 13 say personal finance education would help their children better understand the value of money. 59% also agreed that personal finances were more important than maths.

Yet, studies suggest these parents might be considering the positive effects of financial education too late.

Research: Money habits could be set by age 7

A 2013 study from Cambridge University indicated that financial habits are formed by the age of seven. The research suggests that children have often formed core behaviours by the age of seven which they will take into adulthood and could affect financial decisions for the rest of their lives.

While skills like being able to count money are important for handling day-to-day finances, the study recognised that other factors affected money relationships, such as the ability to regulate emotions and think reflectively.

Your approach to finances when you’re an adult might be just as much about your mindset as your financial knowledge.

For instance, you might understand the tax benefits of using a Stocks and Share ISA to invest in the future. However, letting emotions rule your decisions could mean you miss out on potential returns if you change your investment strategy during market volatility.

In fact, a report in FTAdviser previously suggested that emotional decision-making costs investors at least 2% in foregone returns each year. Over your investment time frame, those lost opportunities could add up to a substantial sum.

The Cambridge University research noted that once habits form, it can be difficult to reverse them later in life. However, it’s not impossible, so read on to find out more.

4 practical ways to overcome potentially harmful money habits

1. Understand your money habits

If you want to improve your relationship with money, a good place to start might be to take some time to understand your habits.

When you’re making changes to your investment strategy, are you more likely to base your decisions on facts or emotions? If you received an unexpected lump sum, would you splurge or use it to support long-term goals?

Retrospectively examining your financial decisions could help you identify patterns in your behaviour. You might realise that while you’re good at managing your day-to-day budget, emotions are more likely to have an effect when you’re handling long-term investments.

By understanding potentially harmful money habits, you’re in a better position to recognise when they could have an effect in the future.

2. Review your finances regularly

Busy lives can make keeping on top of your finances difficult. Yet, carving out time to regularly review your short- and long-term finances could also help you spot where money habits are harming your wealth or ability to reach your goals.

Seeing the effect money habits may be having on your finances may be useful when you’re trying to change your mindset. For example, if you’re often tempted to dip into your savings to cover non-essential expenses, seeing how it could affect your capacity to retire early, support loved ones, or overcome a financial shock could give you pause next time.

3. Give yourself time when you’re making financial decisions

Sometimes poor money decisions stem from not giving yourself enough time to think through your options or the long-term implications. So, next time you’re making a decision that could affect your financial future, don’t decide right away.

Allowing yourself a few days to think it through could mean emotions or other factors that were influencing your decision have subsided. It could help break negative money habits and start to form new ones.

4. Work with a financial planner

A financial planner doesn’t just help you navigate areas like tax liability or how to use a pension, we can help you manage your money more effectively too.

Having a tailored financial plan in place can highlight how you may work towards your larger goals and the effect day-to-day decisions might have. It could help you overcome previously established money habits that could harm your long-term financial security.

In addition, you have someone to talk to when you’re making large financial decisions. Discussing your options can be a useful way to process information and look at your options from a different perspective. It could lead to you making decisions that have a better long-term outcome.

Contact us to arrange a meeting to talk about your finances

If you’d like to discuss how we could help you manage your finances with your circumstances and goals in mind, please contact us.

Please note:

This blog is for general information only and does not constitute advice. The information is aimed at retail clients only.

The value of your investments (and any income from them) can go down as well as up and you may not get back the full amount you invested. Past performance is not a reliable indicator of future performance.

Investments should be considered over the longer term and should fit in with your overall attitude to risk and financial circumstances.