Today's other personal finance stories

Complaint on loan advert rejected

A complaint to the Advertising Standards Authority of Ireland (ASAI) about a "patronising" poster advertisement for Bank of Ireland's car loans has been rejected by the ASAI.

The posters, which were displayed in train and bus stations and on the Luas, asked commuters if they were "fed up waiting in the cold?" and if they wished they had their own seat.

One complainant said the ads were patronising to public transport users as it implied they used it because they could not afford a car.

Another complainant said the ads were environmentally irresponsible as they suggested people should switch to private transport.

However, the ASAI complaints committee ruled it did not consider it inappropriate for the bank to address its car loan ad to potential customers.

Lenders 'cherry picking' customers

Banks and building societies are cherry picking the people they want to give mortgages to and refusing loans to people who may have missed just one direct debit or credit card payment, according to the Professional Insurance Brokers' Association (Piba).

The association's outgoing chairman, Tommy Coyne, pointed to the €350 million worth of mortgage business gained by Start Mortgages, one of two companies catering for people who are turned down for mortgages by the mainstream lenders, in its first year of operation. These specialist lenders charge higher interest rates.

PwC urges review of pension taxes

A new cap on the amount that can be invested tax efficiently in a pension will need to be carefully considered by employers and individuals, according to accountancy firm PricewaterhouseCoopers (PwC).

The Finance Act introduced an additional tax on pension funds that exceed €5 million, with the excess liable to tax at 42 per cent in addition to the income tax that applies when any benefit is drawn down in retirement.

This amounts to a double taxation, according to PwC, which said senior executives' remuneration would need to be reviewed to find the most tax efficient way to ensure their long-term loyalty.

Spread betting firm offers 'rolling' trades

Delta Index, the financial spread betting company, has introduced a new facility called "rolling trades", where users can hold positions on the price of shares or other financial instruments indefinitely.

Dermot O'Donoghue, managing director of Delta Index, said the facility had been introduced for clients who take a medium term outlook on investments.

ATM use doubles in Supervalu, Centra

ATM transactions in Supervalu and Centra stores have doubled in the past three years, with over 250 in-store Bank of Ireland ATMs generating an average of 768 transactions a week.

According to figures released this week, the average withdrawal is €84. It is estimated that 10 million ATM transactions will occur in Supervalu and Centra stores this year.

The Musgrave group, which owns Supervalu and Centra, said many ATMs were in rural locations.