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Week in numbers: commission, complaints and tax giveaways

We run through some of the important numbers from this week's news.

 

by Michelle McGagh on Mar 02, 2012 at 15:09

Week in numbers: commission, complaints and tax giveaways

A vast amount of facts, figures and reports are published each week, sometimes it's too much to take in. But don't worry, each week we will bring you need-to-know numbers from the news.

20%

The amount of commission you could pay unlocking your pension.

The Pension Regulator, HM Revenue & Customs and the Financial Services Authority have teamed up to warn about the rise of pension unlocking scams, that allow you to access funds before age 55.

They warned that these scheme often leave savers with little left for retirement, after taxes, penalties and up to 20% commission are taken.

11,524

The number of complaints Barclays received in the second half of last year.

Six-monthly data from the Financial Ombudsman Service (FOS) and the Financial Services Authority showed Barclays had overtaken Lloyds to take the top spot as the most complained about bank, with 11.524 compared to Lloyds’ 7,467.

Overall, the FOS saw a drop in the number of complaints it received, which it put down to the extension the regulator gave the banks last year to deal with complaints about payment protection insurance (PPI).

$21.9 billion

The profit made by HSBC in 2011.

HSBC made it into the history books this week as it reported the largest profit made by any bank in the Western world in 2011; its profits increased 15% to $21.9 billion (£13.8 billion).

The nearest contender, JPMorgan, made profits of £12 billion.

Despite the profits, HSBC chief executive Stuart Gulliver saw his bonus cut from £8.35 million to £7.16 million after the bank was hit with a £269 million charge for mis-selling of payment protection insurance and another £39.8 million in fines and compensation for mis-selling long-term care plans to the elderly.

308,000

The number of people paying 50% income tax that contribute £47 billion a year to the Treasury

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