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Everything You Need To Know About Travel Trust Accounts

While it caused a lot of havoc within the industry, the Covid pandemic shone a light on the state of financial protection in travel and highlighted the benefits of the trust solution to travel businesses, stakeholders and consumers. Though they still aren’t widely understood, travel trust accounts are a serious consideration for many businesses.

Following the fall of the Thomas Cook Group in 2019, the insurance industry suffered huge financial losses, exposing the risks, expenses, and lack of protection. This was further compounded during the Covid-19 pandemic, which made insurance nearly impossible to renew.

It was in 2020 that the pandemic helped reveal the true number of gaps in travel’s financial protection. While many travel companies couldn’t process refunds or went bust entirely, those protected under a trust account were proving to be more financially robust. Some travel companies that had adopted the trust account solution still suffered losses during the pandemic, but travel companies that operated under trust were in a far stronger position to navigate its challenges.

Despite this optimistic turnout, the term ‘trust account’ is still misused and misunderstood. Though consumers and businesses are more aware of trust accounts, questions are still being asked, and we are here to answer them.

What is a Travel Trust Account?

How does a travel trust account work, what are the rules and legislation around travel trust accounts, can you create your own travel trust account within your travel business, how are the trust rules documented, who are the stakeholders, who are the beneficiaries, who are the trustees, what is the importance of independent trustees to travel trust accounts, why are trust accounts a better option than insurance for package travel regulation (ptr) compliance, why are trust accounts a better option than bonding for package travel regulations (ptr) compliance, what happens if the client has an issue, affordability, access to currencies, package travel regulations (ptr) compliance, financial transparency, financial efficiency, easier access to merchant services, business efficiency, why work with protected trust services (pts).

In short, what you’re looking at is an outside trustee separating, storing, and protecting your client and stakeholder monies. Since the updated Package Travel Regulations 2018, a trust account must be completely independent to the travel business. Gone are the days where you could internally separate client monies in a client account.

Well managed trust accounts should commit to daily reconciliation. You should be able to track your business monies in real time – similarly to online banking. Protected Trust Services reconciles daily, and this is a key factor. Ensuring complete financial track and trace to all travel business members, consumers, suppliers, and stakeholders, allows for peace of mind and added security. The ability to track your company’s money with a daily reconciliation is something you should definitely confirm before committing to a trust account provider.

There are a range of ways that the money in a trust account is held, with a variety of structures. All of these fall under the term ‘travel trust account’ but not all are as thoroughly protected as others. In some cases, it is an independent bank account that is inaccessible to the trust account holder, in order to keep monies protected and separate to those involved in the trust account solution. This method is how Protected Trust Services (PTS) operates, with our independent trustees, Elman Wall . In other cases, it is with a trust account that is little more than a client account. At PTS, we do not believe that true protection is being provided if the trust monies are this easily accessible to the trust account holder.

As to the exact workings of each trust account, there are many elements of the process to consider, including what money goes into the trust, how differently you treat money in the trust account, etc. These questions are often determined by other external factors, such as who has control over the bank account, how much of the customer funds go into the account and whether the monies make a stop before they reach the trust account. A quick breakdown of the PTS trust account can be found in the diagram below

How The PTS Travel Trust Account Works

At PTS, our travel trust accounts provide a number of additional elements which are not common to all trust accounts. However, these provide greatly improved security, and we strongly believe that implementing them is crucial to ensuring a successful and thoroughly protected travel trust account system. These include:

• Independent Trustees – Without having independent trustees to keep the money safe, there cannot be guaranteed financial security. If the money is in the account holder’s care, then it remains well within reach of those involved in the travel business. You can achieve a far greater level of protection, whilst substantially reducing the risk of fraud and misuse of funds, by placing the account in the hands of an independent and external party. It is our strongly held belief that in order to truly protect the monies in trust, the monies should not be controlled by any member of staff or director of the trust. The final payments should only ever be administered by an independent trustee separate to the trust business.
• Pinpointed Track-and-Trace – At PTS, we use a track-and-trace system to keep track of your monies down to each individual booking. In a travel trust account system, this is crucial to be able to give everyone involved the confidence that their money is being watched over and protected.

In some cases, ATOL and Package Travel Regulations protected monies are treated differently regarding the level of protection they are afforded. However, at PTS we don’t believe in separate levels of protection for flight-inclusive holidays, so everyone receives the highest level of protection, regardless. Fundamentally, whether you are booking holidays with or without flights, you must still protect your monies as a travel business. This is imperative to ensure financial stability and peace of mind for the business owner.

Travel trust accounts are a recognised form of financial travel protection under the Package Travel Regulations 2018 alongside insurance. However, how the regulations apply and dictate the operation of financial protection differs from bond, to insurance, to trust. At PTS, we use supplier failure insurance (SFI) for any early payments that have to leave the trust account, thus some further regulations involving the use of both trust and insurance would apply.

Under the 2018 Package Travel Regulations, it is required that all traveller monies (or less if insurance regulations apply) are held in the United Kingdom or a member state, via a trustee. These are to be held by the trustee until either: –

• The package has been fully performed.
• Monies have been paid to a supplier whilst fully supported with SFI and SAFI.
• Any monies have been returned to the traveller, or forfeited in the case of a cancellation by the traveller.

It is also specified in the Package Travel Regulations that the trust account holder must be separate to the organiser of the package. The organiser is the travel agent or tour operator that has created and/or sold the package to the traveller. However, the costs of the trust must be paid for by the organiser, not the independent trust account holder (which in this case, would be PTS).

Trust account systems are also of benefit to the consumer. Since, under the Package Travel Regulations 2018, if the organiser should go bust, all the monies paid into trust on behalf of the traveller must go towards the fulfilment of their package holiday, with any extra money going towards insolvency laws. This means that the consumer could still carry out their holiday without a hitch and may not even be aware that the organiser of their holiday has gone out of business.

There is relevant insurance that must be taken into consideration when working under a travel trust account. In accordance with the Package Travel Regulations, if an organiser is providing passenger transportation, they must invest in relevant insurance. PTS supports all members to ensure the required insurances are in place. This ensures that if the organiser should go bust, the insurer will repatriate the traveller, or provide any other transportation as necessary.

Running a trust account within the confines of your business does not constitute an independent trust account. If you are creating a ‘trust account’ through your business, for your business, then this effectively becomes a client account. This is a clear distinction that should be observed when you are looking into adopting the trust account solution. Because you are not separating the person profiting (you) from those paying (consumer) with a middleman (PTS), you are not guaranteeing protection to the consumer. Nor are you instilling trust, as fraudulent activity becomes possible. When the directors of the company have such access to all the money, it becomes a much more fragile system.

Instead, by working with a trust account holder like PTS, you are clearly demonstrating that you have no intention to lay hands on that money until the consumer has been fully provided for and protected during their holiday.

To ensure complete protection in a trust account solution, having a formal Trust Deed is vital to completing the process. This is the legal document that will ensure a firm structure of proceedings and will, with careful drafting, guarantee that the beneficiary and their funds are completely protected in all stages of the process. As with many contractual legal documents, the terms of a Trust Deed can be complex and long, ensuring that everything is covered without any loopholes or details missed. However, at a minimum, you should expect a Trust Deed to set out:

• What money gets paid into trust
• When that money gets paid into trust
• What money can be released, including cancellations, refunds and other payments
• Who the beneficiaries are
• What will set off the release of trust funds to these beneficiaries

In short, this is the document that will state exactly how this trust system will be operated and how everyone is going to be protected in the face of any situation.

Who are the Stakeholders, Beneficiaries, and Trustees?

Put simply, a stakeholder is anyone who has an interest in the company. They are either affected by or affect the business, and are generally an investor, customer, employee, supplier, government, or trade association. In this case, the stakeholders are your holiday goers, service suppliers, travel agents, tour operators, insurance underwriters and merchant acquirers. The stakeholders are the parties that the trust account will protect. It is also worth noting that you will gain improved business insurance rates, as well as credit card and merchant fees, by joining a trust model. At PTS, all members enjoy financial savings with their stakeholders.

In the case of a trust account, the ultimate beneficiary is an important role to establish. This is the person who ultimately receives the money that has been directed through the trust account. For example, if you are the travel company and a consumer books a holiday with you, they pay the money to finance the holiday and this goes into the trust account. Because this is a trust account service, that money is first and foremost going towards paying the supplier for the holiday services. Therefore, in this example, the ultimate beneficiary is the supplier. Establishing this is important in the event of failure in the business. In the case that your company goes bust, knowing who the ultimate beneficiary is allows the trust to still provide the necessary payments to that beneficiary, so the fall of the business doesn’t affect them as well.

The trustees are those responsible for the funds, who make sure the trust account is operated in the best interests of the beneficiaries (the consumers and suppliers). The trustees are the ones that make sure the money is not misused or misappropriated, ensuring that the money is only going towards the purchase of the consumer’s holiday and paying the suppliers what they are owed. The Package Travel Regulations do not state any specific qualifications to be a trustee for a travel trust account. However, it is required that they are independent of those involved in the trust account (in this case, they should be independent of the travel company and PTS). There are, however, much stricter requirements for a trustee where ATOL protection is concerned. The CAA provide a small range of approved trustees that have travel industry knowledge and experience, alongside an approved level of Professional Indemnity (PI) insurance. Asking who the trustees are is an incredibly important question for you and your travel business.

At Protected Trust Services, we firmly believe in the assurance that trustees are independent and external to the trust account holders. This is why we appointed Elman Wall as our independent trustees, to guarantee protection and prevention of fraud. The use of independent trustees separates those involved in the trust solution and ensures all PTS members can have peace of mind that every length has been taken to ensure complete financial protection. This means that Protected Trust Services, as the account holder, do not have easy access to your money. PTS merely hold the account, providing all the information you need on your monies, as well as the technology to allow you to securely pay and organise your customers and supplier payments. Meanwhile, the independent trustee ensures that all money is secure and protected. Using an independent trustee adds an extra layer of protection that means no one involved in the business itself can simply use your money.

Why are Travel Trust Accounts the Best Option for Consumer Protection?

Though there are other methods of financial protection that are approved under the Package Travel Regulations, trust accounts are by far the most secure. With several layers of security between the consumer monies and the company, it provides complete trust between client and business.

As a tour operator looking for a protection solution that complies with the PTR, an insurance solution can seem like the way to go. However, in the long run it can often prove to be far less cost effective and much riskier than adopting the trust account solution. The issue with an insurance solution lies in whether the rates change. Especially during a time like the pandemic, higher risks in travel will cause the insurance providers to push up the premiums to compensate, which will cost you substantially more. Relying on these insurance solutions can also leave your business very vulnerable if the insurance provider goes into administration, or if they simply pull their insurance product from the market. We have seen this happen to a large number of tour operators and travel agents throughout the pandemic. In contrast, trust account solutions are flexible and much more cost effective, following the flow of the business rather than working against it. Though insurance can certainly work for some travel businesses, when you’re searching for lower cost security with fewer risks, trust accounts are the way to go.

As an alternative to a bonding solution, trust accounts have many advantages. Though many travel businesses use bonds to protect their money, it has begun to come to light how great of a disadvantage this method actually is – especially to consumers. The biggest disadvantage when compared to a trust account lies in the separation of monies. Whilst the PTS trust account separates all monies down to the individual bookings – each of which can be individually tracked, bonds are unable to do this. This can result in a consumer’s money being misallocated and could take a long time to be returned to them.

Additionally, bonds do not ensure a separation of consumer monies. Many travel companies who adopt a bond as protection, use client monies as working capital. This all may seem like a sure fire way to enhance quick growth and free up cashflow. However, you must always be in a solid position to refund client monies within fourteen days, if required. If client monies are spent as working capital, the financial foundations of the business are broken, leading to incredible financial instability – just as we are seeing with many travel businesses during the pandemic. In comparison, whilst trust accounts supply profits to the travel company at a later date, the travel company can rest assured that their current financial position is correct, and they can always administer refunds as required. Thus, in essence, the financial foundations of a travel business that adopts trust are significantly stronger. This is a big contributor to why no PTS member to date has gone bust. All PTS members adopt financial stability and run their business in the most financially stable manner. There is no confusion between profit and running costs – profit is simply profit.

If a consumer has an issue with their holiday, a PTS travel trust account makes this simple to solve. Issues can come up for a variety of reasons, but whether it’s a mistake, an emergency, or something unpredictable, making sure your client knows what to do – and then assisting them throughout – will help to instil confidence. This is why the transparency of a trust account system is so successful and important.

If the consumer does come across an issue, the first thing they should do is to contact the organiser of their holiday and the PTS member. It is very rare that they need to take it further than this. With a good travel business, they will be able to get to the root of the problem and solve it efficiently. Whether this is a refund or an amendment to the package, or even contacting a supplier, more times than not, the issue can be solved easily then. PTS work with expert travel business members, so it is exceedingly rare that a problem is not quickly and easily rectified. However, for peace of mind, working under a trust account also means that anything to do with funds can be dealt with fast and hassle-free.

In the event that the consumer’s PTS member cannot deal with the issue, they can get in contact with PTS head office to deal with the situation. Thanks to our very capable membership, this is something that has almost never happened, and we strongly advise that no consumer escalates an issue to PTS before talking to their travel agent or tour operator first.

What are the Benefits of the Travel Trust Account Solution?

Next to being easy-to-grasp and more mutually beneficial, there are a number of other benefits to keep in mind when you’re thinking of adopting a travel trust account solution.

A big portion of the benefits are centred around management. Managing client funds, supplier payments and cash flow are all far easier through a trust account, giving you more control over your finances and management, without losing protection. PTS gives you complete control of your travel business. Through PTS specifically, this means that you can login at any point and the PTS software will allow you to swiftly allocate your money to any specific transaction and client. This gives you more power over your business and providess the consumers and stakeholders with confidence in the financial protection of your services.

Of the methods of financial protection recognised by the Package Travel Regulations, travel trust accounts are comfortably one of the most affordable for any travel business. Unlike bonds or insurance, trust accounts provide solid protection for both your business and the consumer, whilst remaining highly affordable for all involved. If you’re starting up as a travel business, trust accounts are even more accessible if you’re thinking of joining a travel support solution like PTS . Your finances are protected, you are Package Travel Regulations compliant, and you can save costs to reinvest in making your travel business as great as possible!

One feature which may not immediately spring to mind, but which is a huge benefit of travel trust accounts, is the ability to work more efficiently in other currencies. If you would like to learn more about working in other currencies, we have a superb article on currency hedging in travel . In short, working under a trust account allows you to hold money in trusts in as many different currencies as your business needs, and to then deal in each respective currency as and when required. This gives much more freedom and security if you are a tour operator or supplier. At PTS, we understand that you may need to sell services local to another country using a foreign currency. As such, we work with our members and introduce you to our currency providers. Currency exchange can be unpredictable and is subject to change, but with effective planning, foreign exchange needn’t impact your profit margin and can be used to secure a guaranteed margin on your profits.

Travel trust accounts – including the PTS trust account solution – are Package Travel Regulations compliant. Whilst it may not feel as if you are doing anything more than fulfilling the bare minimum requirements, choosing a PTR compliant solution is a large sign of being trustworthy. It makes the process simpler, confirms the company’s best interests, solidifies great protection for consumers booking a package holiday, and it puts all involved in the best financial position possible.

The Trust Account Solution covers all forms of holiday booking and, especially at PTS, lends itself to the many benefits of transparency in financial management. For example, when a consumer books with a PTS member and pays money for their package, that money goes straight into the trust account where it can be tracked every step of the way. It can be tracked for the company, or this information can be supplied to consumers if they so wish. This transparency allows everyone involved to understand exactly where their money is at any given moment, providing everyone involved with a level playing field and the confidence in their financial protection to do what they’ve set out to do.

Alongside the level of transparency, working in trust accounts gives you the efficiency to process refunds or extra payments with much greater efficiency. This is especially true if you work under the PTS trust account. Any payments that need to be paid to the beneficiaries at either end of the booking process can be made swiftly, as all monies in the trust account are reconciled daily, down to the individual booking. It is easy to see where your monies are, and you can request funds transferred out of the trust account as long as you can provide a signed statement from the organiser detailing why this money needs to be released from the trust account by the trustees. All monies are ring-fenced, which means that the monies do not get lost throughout the booking process and are always within the system of suppliers, travel businesses and trustees.

Merchant services aren’t easy to acquire in the travel business, as there is a certain level of risk that comes with travel. However, working under a trust account will not only provide much smoother and more efficient processes, but will provide the relevant financial security needed for a merchant service to have confidence in working with you.

Whilst this may vary from provider to provider, the PTS trust account solution ensures that if you make a payment into trust by 10am, that money will be processed the same day. All payments are also set up by you, the travel business owner (or designated person), through the bespoke innovative PTS technology. This software is highly intuitive, and payments are easy to set up for any travel business. In addition, we reconcile daily down to each individual booking, so everything is always up to date and right there at your fingertips. Our bespoke travel software provides up-to-date, detailed information for you whenever you need it, whether you’re a PTS member, a supplier, or a consumer.

To summarise, travel trust accounts are a highly robust, transparent and efficient solution, so you don’t have to be concerned about protection in any part of the process. This means that you can focus on selling quality packages to consumers, while assuring them that their money is mere hours away if anything should go wrong.

Travel trust accounts are beginning to be recognised for the superb level of protection they provide, and here at PTS, we do everything we can to provide the best trust service possible. PTS are the only company in the UK travel industry to reconcile daily down to each individual booking, giving PTS members complete control of their business. All of our members are experienced, passionate companies, and whether they are a one-man band or a large team, they all meet a high standard of expertise and conduct. This allows consumers the confidence to put their trust in our members.

When you become a PTS member, your business and your consumers are protected under our travel trust account, supplier failure insurance, and ATOL (should you require one). Since we reconcile daily, both you and your consumers will always know where client monies are, and we don’t let them leave that trust account if they’re not protected. We also pride ourselves on complete transparency so that consumers, PTS members, suppliers and stakeholders can all have complete confidence in PTS. Each travel business can grow and become the business they want to be, whilst knowing consumer monies are always fully protected. What’s more, we are proud to say that not a single PTS member has ever gone bust while working with us. Every single one of our 300+ members is thoroughly protected, so they have the financially robust platform necessary to thrive!

To find out more about the benefits of the PTS trust account solution, you can visit our Travel Trust Account page. Alternatively, to find out more about how we protect consumers, please visit our page on consumer protection . For any queries you may have, please contact our experienced and friendly staff by calling 0207 190 9988 , or via email to [email protected] . We offer complimentary zoom meetings to travel businesses looking to understand more, and will be delighted to show you the PTS bespoke technology that ensures transparency, speed, excellence and financial security.

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A Guide to Travel Money Cards

Often deemed the cheapest way to spend money abroad , travel money cards are deemed a failsafe option for many travellers. Given the rapid growth of the financial services sector, we want to find out if travel money cards are still as cutting edge as they once were, by comparing them to the new alternatives. Our job is to identify the best international money transfer services and payment providers in the industry: will travel money cards make the cut?

What are travel money cards?

Travel money cards are a popular payment method for individuals headed abroad. Customers will load funds onto the card, using the money as foreign currency when overseas, much like a debit card is used at home. Also known as travel money prepaid cards or currency cards, they facilitate free foreign transactions and overseas ATM withdrawals.

We recommend finding a travel money card which lets you lock-in a favourable exchange rate and supports multiple currencies on one card, to make sure you are securing a flexible and cost-effective deal.

How do you use a travel money card?

Using a travel money card should be straightforward and stress-free. Simply load funds onto the card before you leave, and once abroad, you will be able to reload funds and change currencies using the website or associated money transfer app . The card can be used to make withdrawals, in-store purchases and book travel arrangements.

Where can I get a travel money card?

Travel money cards are available from different retailers and can be purchased and preloaded online, over the phone or in-store, depending on the brand. In the UK, popular brands include Travelex and the Post Office.

Where can I use a travel money card?

Again, this depends on the brand and where you get your money travel card from. Available currencies vary from card to card but commonly used currencies include US Dollars, UK Pound sterling, Euros, Japanese Yen and New Zealand Dollars. Make sure you check with the provider before ordering a travel money card.

How secure are travel money cards?

Generally, travel money cards are considered a lot safer than handling multiple currencies in cash, or travellers cheques, as your provider will be able to cancel it if need be. Furthermore, some of the best travel money cards employ an equivalent level of security to traditional debit cards, including a PIN code, touch ID and face recognition.

Many consider it safer to use a travel money card abroad than a debit card, as they are not associated with your bank account and therefore cannot be linked if lost or stolen.

Travel money cards vs. Credit cards: What is the difference?

One of the biggest advantages of using a travel money card is that your chosen currency is preloaded before you arrive in the foreign country and you won’t be charged conversion fees. This means you are able to benefit from the most favourable exchange rates, locking it in ahead of time and using the funds at a later date.

Most people who use their credit card abroad do it because it is more convenient. The cost of this convenience, however, can sometimes amount to 3 - 5% per use, depending on the transaction and financial institution. Making a foreign ATM withdrawal with your credit card can incur flat-fees of $5 and up, each time.

This being said, there are some excellent traveller credit cards on the market, so we would recommend users compare exchange rates and transfer fees offered by each provider before making a decision on which card is more beneficial.

If you're planning on using your credit card, we suggest you take a look at our credit card wire transfer guide.

What are the alternatives to travel money cards?

Multi-currency accounts.

International money transfer companies are often tailoring their products and services to meet the needs of their customers. Wise , offers a multi-currency account designed with “international people" in mind. This savvy travel credit card is aimed at frequent flyers who want to spend in various currencies in over 200 countries. Wise is a reliable company to trust with your overseas spending habits.

Challenger banks

More and more alternative service providers are popping up around the world, many of them offering reputable banking features for the modern traveller. In a bid to distinguish themselves from traditional banks, challenger banks are scrapping fees on foreign exchange and international spending. Monzo customers, for example, can benefit from free international ATM withdrawals as well as fee-free spending overseas.

We hope this guide to travel money cards has enlightened you and helped you make a decision about whether this is a suitable payment method for your next trip overseas. We appreciate the value of your hard-earned cash and want all our customers to benefit from the best possible rates when dealing with international payments. Use our comparison tool today to make sure you are offered the most desirable exchange rate for your currency.

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First trust launches first trust s&p 500 diversified free cash flow etf.

An index-tracking ETF that provides exposure to companies with high free cash flow yield

WHEATON, Ill., August 24, 2023 --( BUSINESS WIRE )-- First Trust Advisors L.P. ("First Trust"), a leading exchange-traded fund ("ETF") provider and asset manager, announced today that it has launched a new ETF, the First Trust S&P 500 Diversified Free Cash Flow ETF (NYSE Arca: FCFY ) (the "fund"). The fund seeks investment results that correspond generally to the price and yield (before the fund’s fee and expenses) of an equity index called the S&P 500 ® Sector-Neutral FCF Index (the "index").

"As an independent global index provider, S&P Dow Jones Indices is pleased to expand our range of factor-based indices with the recent launch of the S&P 500 ® Sector-Neutral FCF Index," said Rupert Watts, Senior Director, Factors and Dividend Indices at S&P Dow Jones Indices. "By creating this index, we’re proud to offer insights on new segments of the market and expand the many benefits of index-based investing to those interested in tracking companies within the S&P 500 ® Index that have exhibited high free cash flow yield relative to other companies within the same GICS ® sector."

Of the many factors that can be used to determine the financial health of a company, free cash flow ("FCF") may offer a clearer picture since it measures a company’s ability to generate excess cash after paying for operations and capital expenses. FCF can be used in a variety of ways, including to fund dividends and stock buybacks, to pay down debt, or to pursue projects to bolster profitability. Additionally, FCF Yield − FCF compared to some measure of company value such as Enterprise Value − is a metric that can be used to compare FCF for various stocks.

"In our view, companies with strong free cash flows may be better equipped to endure some of the challenges of a weakening economy and higher interest rate environment," said Ryan Issakainen, CFA, Senior Vice President and ETF Strategist at First Trust. "We believe FCFY may be an effective core holding for those seeking exposure to the strongest, most profitable stocks in the S&P 500 ® Index, while also avoiding significant sector biases."

For more information about First Trust, please contact Ryan Issakainen at (630) 765-8689 or [email protected] .

About First Trust

First Trust is a federally registered investment advisor and serves as the fund’s investment advisor. First Trust and its affiliate First Trust Portfolios L.P. ("FTP"), a FINRA registered broker-dealer, are privately held companies that provide a variety of investment services. First Trust has collective assets under management or supervision of approximately $206 billion as of July 31, 2023 through unit investment trusts, exchange-traded funds, closed-end funds, mutual funds and separate managed accounts. First Trust is the supervisor of the First Trust unit investment trusts, while FTP is the sponsor. FTP is also a distributor of mutual fund shares and exchange-traded fund creation units. First Trust and FTP are based in Wheaton, Illinois. For more information, visit http://www.ftportfolios.com .

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Current market conditions risk is the risk that a particular investment, or shares of the fund in general, may fall in value due to current market conditions. As a means to fight inflation, the Federal Reserve and certain foreign central banks have raised interest rates and expect to continue to do so, and the Federal Reserve has announced that it intends to reverse previously implemented quantitative easing. Recent and potential future bank failures could result in disruption to the broader banking industry or markets generally and reduce confidence in financial institutions and the economy as a whole, which may also heighten market volatility and reduce liquidity. In February 2022, Russia invaded Ukraine which has caused and could continue to cause significant market disruptions and volatility within the markets in Russia, Europe, and the United States. The hostilities and sanctions resulting from those hostilities have and could continue to have a significant impact on certain fund investments as well as fund performance and liquidity. The COVID-19 global pandemic, or any future public health crisis, and the ensuing policies enacted by governments and central banks have caused and may continue to cause significant volatility and uncertainty in global financial markets, negatively impacting global growth prospects.

A fund is susceptible to operational risks through breaches in cyber security. Such events could cause a fund to incur regulatory penalties, reputational damage, additional compliance costs associated with corrective measures and/or financial loss.

Equity securities may decline significantly in price over short or extended periods of time, and such declines may occur in the equity market as a whole, or they may occur in only a particular country, company, industry or sector of the market.

An index fund will be concentrated in an industry or a group of industries to the extent that the index is so concentrated. A fund with significant exposure to a single asset class, or the securities of issuers within the same country, state, region, industry, or sector may have its value more affected by an adverse economic, business or political development than a broadly diversified fund.

A fund may be a constituent of one or more indices or models which could greatly affect a fund's trading activity, size and volatility.

There is no assurance that the index provider or its agents will compile or maintain the index accurately. Losses or costs associated with any index provider errors generally will be borne by a fund and its shareholders.

Information technology companies are subject to certain risks, including rapidly changing technologies, short product life cycles, fierce competition, aggressive pricing and reduced profit margins, loss of patent, copyright and trademark protections, cyclical market patterns, evolving industry standards and regulation and frequent new product introductions.

Large capitalization companies may grow at a slower rate than the overall market.

A fund faces numerous market trading risks, including the potential lack of an active market for fund shares due to a limited number of market makers. Decisions by market makers or authorized participants to reduce their role or step away in times of market stress could inhibit the effectiveness of the arbitrage process in maintaining the relationship between the underlying values of a fund's portfolio securities and a fund's market price.

Market risk is the risk that a particular security, or shares of a fund in general may fall in value. Securities are subject to market fluctuations caused by such factors as general economic conditions, political events, regulatory or market developments, changes in interest rates and perceived trends in securities prices. Shares of a fund could decline in value or underperform other investments as a result. In addition, local, regional or global events such as war, acts of terrorism, spread of infectious disease or other public health issues, recessions, natural disasters or other events could have significant negative impact on a fund.

Large inflows and outflows may impact a new fund's market exposure for limited periods of time.

An index fund's return may not match the return of the index for a number of reasons including operating expenses, costs of buying and selling securities to reflect changes in the index, and the fact that a fund's portfolio holdings may not exactly replicate the index.

A fund classified as "non-diversified" may invest a relatively high percentage of its assets in a limited number of issuers. As a result, a fund may be more susceptible to a single adverse economic or regulatory occurrence affecting one or more of these issuers, experience increased volatility and be highly concentrated in certain issuers.

A fund and a fund's advisor may seek to reduce various operational risks through controls and procedures, but it is not possible to completely protect against such risks. The fund also relies on third parties for a range of services, including custody, and any delay or failure related to those services may affect the fund's ability to meet its objective.

A fund that invests in securities included in or representative of an index will hold those securities regardless of investment merit and the fund generally will not take defensive positions in declining markets.

The market price of a fund's shares will generally fluctuate in accordance with changes in the fund's net asset value ("NAV") as well as the relative supply of and demand for shares on the exchange, and a fund's investment advisor cannot predict whether shares will trade below, at or above their NAV.

Trading on an exchange may be halted due to market conditions or other reasons. There can be no assurance that a fund's requirements to maintain the exchange listing will continue to be met or be unchanged.

First Trust Advisors L.P. is the adviser to the fund. First Trust Advisors L.P. is an affiliate of First Trust Portfolios L.P., the fund’s distributor.

The information presented is not intended to constitute an investment recommendation for, or advice to, any specific person. By providing this information, First Trust is not undertaking to give advice in any fiduciary capacity within the meaning of ERISA, the Internal Revenue Code or any other regulatory framework. Financial professionals are responsible for evaluating investment risks independently and for exercising independent judgment in determining whether investments are appropriate for their clients.

The S&P 500 ® Sector-Neutral FCF Index ("Index") is a product of S&P Dow Jones Indices LLC or its affiliates ("SPDJI") and has been licensed for use by First Trust. S&P ® is a registered trademark of Standard & Poor’s Financial Services LLC ("S&P"); Dow Jones ® is a registered trademark of Dow Jones Trademark Holdings LLC ("Dow Jones"); and these trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by First Trust. The Fund is not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, or their respective affiliates and none of such parties make any representation regarding the advisability of investing in such product nor do they have any liability for any errors, omissions, or interruptions of the Index.

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The S&P 500 ® Index is an unmanaged index of 500 companies used to measure large-cap U.S. stock market performance.

The S&P 500 ® Sector-Neutral FCF Index is designed to measure the constituents of the S&P 500 ® Index that exhibit high free cash flow yield relative to other companies within the same GICS ® sector.

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Attorney search, search articles, find planners, can special needs trusts reimburse family members for travel expenses.

• November 28th, 2017

Typically, family members can be reimbursed for these expenses from the special needs trust of the person with disabilities (the trust beneficiary) if the trust was created as a third-party trust , meaning that it is funded with money from someone other than the trust beneficiary.

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Stricter rules apply, however, where the trust is set up as a first-party trust , meaning that is funded by the beneficiary’s own money.  Distributions from first-party trusts are subject to the so-called “sole benefit” rule, which is meant to ensure that trust distributions are used solely for the benefit of the trust beneficiary.

Prior to 2012, no distinction existed for family members’ travel expenses between first- and third-party trusts – travel to visit the beneficiary was allowed.  But that August, the Social Security Administration (SSA) revised its Program Operations Manual System (POMS), the guidebook that agency employees follow when determining a person’s Supplemental Security Income eligibility, in a way that appeared to interpret the “sole benefit” rule for first-party trusts to bar reimbursement of family members’ travel expenses .

Following an outcry by disability advocates, the SSA rescinded the change and implemented a compromise in May 2013. Although the compromise retained the general prohibition on reimbursement of travel expenses from first-party trusts, it created two, relatively broad, exceptions.

The first exception apples to medical treatment. Specifically, the POMS states that trust distributions are allowed for the “payment of third party travel expenses which are necessary in order for the trust beneficiary to obtain medical treatment.”

Second, first-party trusts can reimburse travel expenses where the trust beneficiary who lives in an institution, nursing home, or other long-term care facility or  supported living arrangement, and  if the travel is “for the purposes of ensuring the safety and/or medical well-being of the individual.”

If the SSA rejects a first-party trust for violation of these rules, then the POMS includes a 90-day “safe harbor” provision, which essentially creates a 90-day period during which the trust can be modified.

Note: It is expected that the SSA will soon issue new directives broadening the allowable distributions for such expenses.  We will update our readers if and when this occurs.   

Click here to read the applicable POMS provision, POMS Section 1120.201.

To find out more about whether a trust can reimburse family members’ for travel expenses, contact your special needs planner.

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Guardianship | Medicaid | Special Needs

• Eric Kearney
• May 3, 2018

Can I pay for travel expenses out of a Special Needs Trust? Can I pay for Companion Care?

Special Needs Trusts - a deeper dive into the updated POMS

A frequent question I get as a special needs planner is “Can I pay for travel expenses out of a Special Needs Trust? What about companion care?” These questions come up because of the “sole benefit rule.” First party Special Needs Trust money must be used for the sole benefit of the disabled person. The money spent needs to benefit that individual, and not others. SSA has been especially skeptical of payments to family or friends of the beneficiary.

During recertification or financial review, some Social Security officials had been taking the position that many payments to third parties violated the sole benefit rule. As an example, some SSA officials took the position that the SNT could not be used to pay for companion care to assist the disabled beneficiary to travel or to attend a concert or outing. Caregivers or others would have to pay their own way to prevent violation of the sole benefit rule. While this position did not make logical sense (because without the caregiver, the beneficiary could not go in the first place) SSA offices still flagged these distributions. This caused attorneys and trustees to be wary of authorizing these expenditures from first party special needs trusts.

Thankfully, we now have some clear guidance in the new POMS about third party payments and the sole benefit rule.

While the sole benefit rule has not changed, the POMS make it clear that the rule should be interpreted reasonably. Third party payments under the old POMS were described as “[p]ayments to a third party that result in the receipt of goods or services by the trust beneficiary[.]” The new POMS clarify that the sole benefit rule means that distributions for goods or services must be for the primary benefit of the trust beneficiary. Workers should not read this so strictly as to prevent any collateral benefit to anyone else.

The new POMS examples specifically reference companion services and third-party travel expenses as expenses that will not violate the sole benefit rule.

Payment for companion services can be a valid expense. The new POMS provide:

“[f]or example, perhaps an Alzheimer’s patient cannot be left alone and requires a sitter, or the beneficiary needs someone to drive her to the store and assist her with grocery shopping. Family members may normally do some of these things without compensation, but that does not prohibit the trust from paying for these services. Additionally, some incidental expenses for the companion can be payable. For example, if the trust pays a companion to take the beneficiary to a museum, the trust can pay for the admission of the companion to the museum, as this cost is part of providing the service. For payment of travel expenses for a companion[.]” SI 01120.201 F.3.a emphasis added

Payment of third party travel expenses to accompany the trust beneficiary and provide services or assistance that is necessary due to the trust beneficiary’s medical condition, disability, or age are also authorized. The new POMS say:

“Apply the following instructions in evaluating whether travel expenses are allowable and do not violate the sole-benefit rule:

•Travel expenses are transportation, lodging, and food.

•Providing services or assistance necessary due to the trust beneficiary’s age means that the beneficiary is a minor and cannot travel unaccompanied.

•Absent evidence to the contrary, accept a statement from the trustee that the service or assistance provided is necessary to permit the trust beneficiary to travel. Do not request a physician statement concerning medical necessity. You should not request evidence of medical training or certification for the person accompanying the trust beneficiary.

•Use a reasonableness test in evaluating the number of people the trust is paying to accompany the beneficiary. For example, it is reasonable for a trust to pay for other individuals, such as parents or caretakers, to accompany a disabled minor child on vacation to provide supervision and assistance. Travel without this support would not be possible. However, it would violate the sole benefit rule if the trust paid for other individuals who are not providing services or assistance necessary for the beneficiary to travel.

NOTE: In this example, the fact that the parents or caretakers cannot afford to pay for their other children’s trip, or cannot leave them at home, is not a consideration relevant to the sole-benefit requirement.” SI 01120.201 F.3.b

This is all great news for the special needs planning world.

A note of caution : not all third-party payments are automatically approved. Certain fact patterns will not pass SSA review and may very well violate the sole benefit rule. It is recommended that you check with your attorney about third party payments before they are made to make sure that the trust distribution will comply with the rules.

#SNT #SpecialNeedsTrust #POMS

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Tim Walz, Who Spent Decades as an Enlisted Soldier, Brings Years of Work on Vets Issues to Dem Ticket

A retired Army National Guard noncommissioned officer who was once the top Democrat on the House Veterans Affairs Committee could become the next vice president.

Presumptive Democratic presidential nominee Vice President Kamala Harris announced Tuesday that Minnesota Gov. Tim Walz will be her running mate. That puts someone with an enlisted background on both presidential tickets after Republican nominee former President Donald Trump chose Marine veteran Sen. JD Vance of Ohio as his running mate.

Patrick Murphy, an Army veteran who was Walz' roommate when they were both freshmen in Congress, called Walz a "soldier's soldier."

Read Next: A Rocket Attack at an Iraqi Military Base Injures US Personnel, Officials Say

"The two largest federal agencies are DoD and the VA, so someone who has intimate knowledge of both is incredibly important," Murphy, who served as Army under secretary during the Obama administration, said in a phone interview with Military.com. "He was a field artilleryman who has tinnitus as diagnosed by the VA, so he understands the plight of our brother and sister veterans."

Walz enlisted in the Army National Guard in Nebraska in 1981 and retired honorably in 2005 as the top enlisted soldier for 1st Battalion, 125th Field Artillery Regiment, in the Minnesota National Guard, according to a copy of his records provided by the Minnesota Guard. He reached the rank of command sergeant major and served in that role, but he officially retired as a master sergeant for benefits purposes because he didn't finish a required training course, according to the records and a statement from the Minnesota Guard.

His Guard career included responding to natural disasters in the United States, as well as a deployment to Italy to support U.S. operations in Afghanistan, according to a 2018 article by Minnesota Public Radio . Walz earned several awards, including the Army Commendation Medal and two Army Achievement Medals, according to his military records. Working a civilian job as a high school teacher and football coach, the Nebraska native was also named that state's Citizen Soldier of the Year in 1989, according to official biographies.

During the 2022 Minnesota governor's race, Walz' opponent accused him of leaving the Guard when he did in order to avoid a deployment to Iraq, though Walz maintained he retired in order to focus on running for Congress, according to the Star Tribune newspaper .

Far-right commentators and media resurfaced those allegations and knocked him for never serving in combat -- something he has never claimed to do -- in contrast with Vance's deployment to Iraq as a combat correspondent.

"Looks like it is time to bring back Swift Boat Veterans for Truth. Oof. Walz is a really unforced error. He bailed on the military when they decided to send him to Iraq. JD Vance actually served," conservative talk radio host Erick Erickson posted on social media Tuesday.

Walz was first elected to the House of Representatives in 2006, becoming the highest-ranking retired enlisted soldier to serve in Congress.

His tenure in Congress included sitting on the House Veterans Affairs Committee, rising to be its ranking member in 2017.

"Walz' leadership on behalf of his fellow veterans when he was in the U.S. House of Representatives is notable at a time when our all-volunteer force continues to struggle to recruit," Allison Jaslow, CEO of Iraq and Afghanistan Veterans of America, said in a statement praising the choice of a veteran to be vice presidential nominee. "How we care for our veterans is as important to our national security as how we care for our troops, and Walz has a record to prove that he understands that imperative."

As the top Democrat on the committee, Walz was a chief adversary for the Trump administration's Department of Veterans Affairs . He battled with then-acting VA Secretary Peter O'Rourke in 2018 during a standoff over O'Rourke's handling of the inspector general's office, and pushed for an investigation into the influence of a trio of informal VA advisers who were members of Trump's Mar-a-Lago club. An investigation by House Democrats completed after Walz left Congress concluded that the so-called Mar-a-Lago trio "violated the law and sought to exert improper influence over government officials to further their own personal interests."

Walz also opposed the Mission Act, the bill that expanded veterans' access to VA-funded care by non-VA doctors that Trump considers one of his signature achievements. Walz said in statements at the time that, while he agreed the program for veterans to seek outside care needed to be fixed, he believed the Mission Act did not have sustainable funding. VA officials in recent years have said community care costs have ballooned following the Mission Act.

Walz supported another bill that Trump touts as a top achievement, the Department of Veterans Affairs Accountability and Whistleblower Protection Act, which sought to make it easier for the VA to fire employees accused of misconduct or poor performance. But the implementation of that law was later part of Walz' fight with O'Rourke . The law also faced legal challenges that prompted the Biden administration to stop using the expedited firing authorities granted by the bill.

Walz was also an early proponent of doing more for veterans exposed to toxins during their military service, sponsored a major veterans suicide prevention bill and advocated for the expansion of GI Bill benefits. And he repeatedly pushed the VA to study marijuana usage to treat PTSD and chronic pain, something that could come up in a future administration if the Department of Justice finalizes reclassifying marijuana into a category of drugs considered less dangerous.

Walz' time in Congress also included a stint on the House Armed Services Committee, a perch he used to advocate for benefits for members of the National Guard .

Walz consistently voted in support of the annual defense policy bill, as well as advocated for repealing the "Don't Ask, Don't Tell" policy that effectively banned gay and lesbian service members.

"He was my battle buddy in the fight to repeal 'Don't Ask, Don't Tell,' and it wouldn't have happened if we didn't have Command Sgt. Maj. Tim Walz helping lead the fight," Murphy said.

Since becoming governor of Minnesota in 2019, Walz' role as commander in chief of the Minnesota National Guard has come under a spotlight several times. In response to a request from the Minneapolis mayor, he activated the Guard in May 2020 to assist law enforcement when some protests over the Minneapolis police killing of George Floyd turned destructive. At the time, Minneapolis' mayor accused Walz of being too slow to order the deployment, a charge he denied.

"It is time to rebuild. Rebuild the city, rebuild our justice system, and rebuild the relationship between law enforcement and those they're charged to protect," Walz said in a statement when he announced the activation.

He also activated the Guard to protect the Minnesota state Capitol in January 2021 amid fears that Trump supporters could riot at state houses like they did at the U.S. Capitol that month. And he's used the Guard for missions that are more routine for the service, such as to help after heavy flooding earlier this summer .

As news broke Tuesday of Walz' selection, he quickly won praise from other Democratic veterans.

"Having a person who wore the uniform and who deployed around the world adds to the ticket someone who can connect with veterans and military families in a way that no one but a veteran can," Jon Soltz, chairman of liberal political action committee VoteVets, said in a statement.

-- Steve Beynon contributed to this story.

Related: Here's Kamala Harris' Record on Veterans and Military Issues

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Money blog: Blue Light discount anger as teachers added; pound falls for four straight weeks

Welcome to the Money blog, your place for personal finance and consumer news/tips. Today's posts include four weeks of falls for the pound and this week's Money Problem - you can submit yours (remember to leave contact details or we can't look into it) below.

Monday 12 August 2024 19:13, UK

• Pound falls for four straight weeks - here's what it means
• Blue Light discount for teachers prompts backlash - but poll suggests public support move
• Unusually cheap package holidays on offer - but travel writer dismisses Russia theory
• Compensation for poor water service to double
• Revolution Bar's restructuring plan approved by court

Essential reads

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Ask a question or make a comment

Heathrow says a drop in passenger numbers is down to a government scheme that charges non-visa connecting travellers £10 to pass through the airport .

It said the electronic travel authorisation (ETA) had been "devastating for our hub competitiveness" - accounting for a 90,000 drop in passengers.

The chairman of Asda says he is "embarrassed" by the supermarket's recent decline.

The retail giant reported a 2.1% drop in like-for-like sales in the first half of the year.

Asda has also lost market share since it was acquired by the Issa brothers in 2021.

Lord Rose told The Telegraph he was "slightly embarrassed" and did not like "being second, third or fourth".

Card Factory has teamed up with food delivery app Just Eat to offer customers the chance to get greetings cards delivered to their door as quickly as a takeaway.

The partnership is live in 19 stores across the UK, including Liverpool, Manchester and London, and is set to be extended.

Rioting caused sales to plummet as much as 40% in areas where rallies, protests and riots were rumoured to take place last Wednesday, according to a hospitality association.

Businesses reported footfall was down by as much as 75% in some locations, while sales fell by 10% across the country, UKHospitality said.

Shops closed down, events were cancelled in city centres, and customers stayed away, working from home and cancelling day trips to coastal towns.

"These figures are startling and show the enormous impact the riots, and threat of further disorder, have had on our high streets and communities," said Kate Nicholls, chief executive of UKHospitality.

"Bustling, vibrant city centres were turned into ghost towns as the public stayed at home and businesses shut."

A flooring company which trades out of John Lewis has collapsed into administration, resulting in the loss of around 200 jobs.

The Floor Room, a sister firm of Carpetright, closed concessions in 34 John Lewis shops on Friday and appointed administrators PwC.

A message on the company's now-closed website confirms the company has ceased trading and will not complete outstanding orders.

The accounting firm said management at the collapsed company had "exhausted options to secure further funding or a potential sale" prior to calling in administrators.

Some 201 employees are losing their jobs as a result of the move.

What are your rights?

If you've paid for an unfulfilled order, or want to return an item, a lack of shops mean you have to file a claim with administrators PwC to join a list of creditors owed money – but there's no guarantee you'll get your money back.

Credits and debits

You can file a claim with your debit or credit card provider to recover lost funds:

• Credit card:  If you bought any single item costing between £100-£30,000 and paid on a credit card, the card firm is liable if something goes wrong. If any purchase was less than £100, you may still be able to get your money back via chargeback;
• Debit card:  Under chargeback, your bank can try to get your money back from The Floor Room's bank. However, be aware that this is not a legal requirement and it can later be disputed and recalled back.

The battle to bring down inflation is not over, a Bank of England ratesetter has warned, as she urges Britons not to be "seduced" into thinking the country is out of the woods.

Catherine Mann, an external member of the BoE's Monetary Policy Committee (MPC), said she was still worried inflation could rise again despite it coming down to the 2% target.

She told the Financial Times that pay growth (currently way above inflation at 5.7% with updated figures due this week) could pose a problem, with companies still expected to make increases to wages and prices.

"That says to me right now I'm looking at a problem for next year," she told the newspaper.

"There is an upwards ratchet to both the wage-setting process and the price process and... it may well be structural, having been created during this period of very high inflation over the last couple of years," she added.

"That ratchet up will take a long time to erode away."

Ms Mann was one of four members of the nine-strong MPC who voted to keep interest rates at 5.25% last month - and it sounds like she isn't likely to shift position ahead of September's rate decision.

A revamped Waitrose store in north London will reopen soon with fancy new features - including a parmesan bay - as the upmarket grocer unveils its new store concept.

The John Barnes store on Finchley Road has undergone a major six-week refurbishment and is set to reopen on 21 August.

According to Retail Gazette , the store will have a number of new features including a new look and feel bakery, an in-branch baguette station and even a "dedicated parmesan bay".

The supermarket chain said it would also be the first to have a hot wok counter serving ready-to-go meals.

The John Barnes site is being used as a tester for its new concepts, it added.

On Friday we reported on teachers being given access to the Blue Light discount scheme - which appeared to elicit a backlash on social media...

We had scores of reader comments - all but one onside with the backlash (see below).

This morning, we asked our followers on LinkedIn for their view. The poll is still active , but the results so far suggest a level of support for teachers...

The discrepancy between the way people are voting on LinkedIn and the comments here in the Money blog could be interpreted in several ways. Sky News could be followed by different demographics on the two platforms, or perhaps it is that those who feel most angry at something are far more likely to leave a comment.

Whatever the explanation, here's a selection of comments that sum up the general feeling in our inbox...

If you change it to key workers then you would have to open it to shop workers, waste disposal workers, plumbers and electricians. Dave

Blue light is in the name. Shift workers who work long unsociable hours in a responsive role. Pure greed by the administrators of the scheme. Shawhome

How long have teachers been an emergency service? I don't remember them being on the front line during COVID. I haven't seen them during the riots. Swiftrider

Teaching is NOT an emergency service. I'm a carer to a child and get paid peanuts, no Blue Light card for me. Joseph Morgan

As a gas emergency engineer who is safeguarding life and property who has an hour from the reported time to get to the gas escape... we get there quicker than the ambulance service and occasionally police but we can't get a Blue Light card. Just wondering why? Senseirick

Teachers do a good job, but to actually class them as blue light is shameful. When was the last time a teacher went home and wept after loosing a patient or had to stand in a line behind a shield getting bricked by a mob? Or being shot at in a foreign land? Ianstu

Farmers feed the nation, when will they be entitled to a Blue Light Card? Greatauntbleach

An emergency service is available 24 hours a day. 365 days per year. Teachers are not. They are valuable in society, absolutely, but they are not an emergency service with a blue light. Joanna Clark

Wow. 30 years as a prison officer, working very unsociable hours, getting abused, assaulted. Nowhere near the amount of time off that teachers get. Police, NHS, armed services deserve this, not teachers. Noslop17

We did have one correspondent backing teachers - and of course our inbox is still open if you want to share your view...

Good to see teachers getting the Blue Light card as an essential service for children's future - and also what about teaching assistants, lunch supervision and school club staff. If schools shut, the whole country is affected, especially parents not working, during strikes or bad weather. Southwest lady

Blue Light hits back

Blue Light Card hit back on Friday, saying: "Teachers are not just educators; they are mentors, guides and inspirations that are helping shape the future for our children. They are fully deserving members of our blue light community."

What kind of offers can a Blue Light card get you?

There's too many to list but among the offers is 12% off at Fenty Beauty and 15% off at Bose.

Users can also get a £30 gift card if they spend more than £1,000 at British Airways or a £110 voucher if they sell their car via Carwow.

Or if getting fit is more your thing, you can get 50% off an annual subscription to the Body Coach.  

The pound last week completed its fourth consecutive weekly fall against the US dollar – something that will have worried British tourists heading to the US this summer.

Since hitting a high for the year of $1.3044 on 17 July, sterling slipped to a low of $1.2662 last Thursday, but has since rallied to as much as $1.2782 this morning.

Against the euro, the pound has traded similarly. It hit a peak of €1.1927 on 17 July but then fell to as low as €1.1584 last Thursday before rallying to as much as €1.1703 today.

The reason for these reverses is pretty straightforward.

Since the Bank of England cut interest rates on 1 August, for the first time since 2020, the markets have started to price in the prospect of at least one further interest rate cut between now and the end of the year. That obviously has implications for the pound.

It is important to put this recent weakness into context.

Until last month, sterling had been one of the best performing currencies globally so far this year, hitting its highest level for a year last month. That reflected the strength of the UK economy which, during the first half of this year, had been the best performing economy in the G7.

So the recent weakness, such as it is, is really not that remarkable – and analysts still think, all other things being equal, that the "bull case" for sterling remains intact.

By Sarah Taaffe-Maguire , business reporter

It looks set to be a quieter week on the markets compared with last week which started with a global market sell-off prompted by fears of the US economy being in recession and worries of tech company performance. 

But there'll be plenty of new information for investors to chew over as latest inflation, economic growth and employment data is released over the coming four days. 

As stock market values rebounded, so too did the benchmark oil price. A barrel of Brent crude now costs $80.09, greater than at any point last week, spelling more expensive fuel refilling for motorists. 

The pound has come off the highs against the dollar seen earlier in the summer. One pound now buys $1.2768. Similarly it is weaker against the euro with £1 equal to €1.1689.

Both of the UK's major stock market indexes started the week up. The Financial Times Stock Exchange (FTSE) 100 index of most valuable companies on the London Stock Exchange rose 0.57%, while the larger and more UK-based FTSE 250 index was up 0.34%. 

Compensation for customers experiencing poor service from their water providers is to more than double under new government proposals.

The plans will see compensation paid in more circumstances - including automatic payments for people who are told to boil their water in certain areas or when firms miss scheduled appointments.

Earlier this year, residents in the Devon town of Brixham were told to boil their water for eight weeks after the local supply was hit by a parasite outbreak. 

People affected by an incorrect notice telling them their supply will be interrupted could also see their payout rise from £20 to £50, while those being reimbursed for internal flooding from sewers could see a maximum payment of £2,000 rather than the current £1,000.

It's hoped the proposals - which are now subject to an eight-week consultation - will "turn the tide on the destruction of our waterways", Environment Secretary Steve Reed said.

Every Monday the Money team answers your Money Problems or consumer disputes. Find out how to submit yours at the bottom of this post. Today's question is...

I had a frustrating issue with my kids' swimming lessons. We had to pay in advance, but when your child says they don't want to go any more, that's it, they don't go. I asked the club if we can get a refund for the remaining month that they won't attend but the club just say, 'Your child is eligible to come for the next four weeks.' Doesn’t seem quite fair.  Richard Wallace, West Sussex 

Hi Richard, we can understand why this doesn't seem fair. You are trying to cancel with what sounds like a reasonable amount of notice and yet you're getting nowhere.

This is a common occurrence and many readers will have been in a similar situation.

The law says that you can cancel a service you've booked online or by phone (or by mail order) within a 14-day cooling-off period.

This might be a cleaner or electrician or surveyor.

This cooling-off period also applies if a business approached you away from their premises if the service costs £42 or more.

The bad news in your case, though, is that the above does not apply to accommodation, delivery services, vehicle hire or - and this is the relevant one here - leisure or catering activities for specific dates.

In these cases, you'd be relying on their being a generous cancellation policy - so you should check their T&Cs.

It might not be a dead end, though.

You should try to negotiate with them - it's generally accepted this can be done when a cancellation charge seems unfair or when a business is withholding more money than needed to cover their losses.

Ask them if they're part of a trade association, which you could request help from in negotiating.

Beyond this, they might be a member of an alternative dispute resolution (ADR) scheme. Again, it's worth asking. If not, you could choose a Trading Standards-approved ADR scheme yourself to approach.

We suspect the sums involved here are not big enough for you to consider going to court - but if this was an avenue you wanted to explore here or in future, keep records of all the above steps. 

As a last resort you can take your case to the Small Claims Court in England and Wales - or use the respective legal routes in  Scotland and Northern Ireland .

Further help

The Citizens Advice consumer helpline is a great resource - it's 0808 223 1133. You can also use  an online form . 

If you're in Northern Ireland, contact  Consumerline .

This feature is not intended as financial advice - the aim is to give an overview of the things you should think about. Submit your dilemma or consumer dispute via:

• The form above - you need to leave a phone number or email address so we can contact you for further details;
• Email [email protected] with the subject line "Money blog";
• WhatsApp us here.

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Travelicious

9 Ways Flying First Class Can Actually Save You Money, Travel Experts Say

Posted: October 12, 2023 | Last updated: October 12, 2023

After rebounding from the pandemic's travel lull, people are finally hitting the skies again . Unfortunately, as travel rates have increased, so has the cost of flying. According to a 2023 report from the travel company Kayak, travel costs are currently up 35 percent compared to last year. However, that doesn't mean you can't save money while traveling—even if you plan to book a first-class ticket. We checked in with travel and finance experts who shared their top tips for keeping your money in your wallet the next time you spring for a luxury trip. Read on to learn the nine ways that flying first class can actually save you some money in the long run.

RELATED:  11 Worst Days and Times to Fly on an Airplane .

1 You'll save on baggage expenses.

One way that traveling first class can help save you money is on your luggage. Unlike most coach tickets, first-class tickets regularly include at least one or two checked bags for no extra cost.

"While a first-class ticket might be more expensive, the included amenities can sometimes help you save some money you otherwise would have been spending on things like luggage fees," says Carter Seuthe , CEO of My Credit Summit . "With some first-class tickets, you might find luggage fees waived, so if you're planning to fly with a lot of bags or bags that might be subject to excess fees, you can save some money there."

2 You'll save by accruing more travel points.

If you're using the right credit card, spending more on a first-class ticket can save you money on later trips, says Suzanne Bucknam , an experienced travel expert and CEO of the travel company Connecticut Explorer . "If you use a credit card that helps you accrue points when you fly first class, like the United Mastercard, you accrue more rewards points to be used toward future travel," she explains.

RELATED: 10 Airport Security Secrets TSA Doesn't Want You to Know .

3 You'll save by boosting your airline loyalty benefits.

Similar to the points you can earn with the right credit card, you can also save money while flying first class by staying loyal to one airline. Though this is true of flying coach too, opting for first class will expedite the process.

"Many airlines have loyalty programs that provide perks and benefits to frequent flyers, such as free first-class upgrades," explains Justin Crabbe , CEO of the private jet charter service Jettly . "Travelers who fly with the same airline on a regular basis and accumulate points or miles can potentially save money on future flights by redeeming these rewards."

4 You'll save on the airport lounge.

If you were prepared to shell out money to use the airport lounge, a first-class ticket can often save you that expense.

RELATED:  The Last U.S. Airline to Offer First Class Is Getting Rid of It .

5 You may save by booking through a travel agent.

Sometimes how you book your plane ticket can determine how much you pay for it. "Travel agents frequently have access to discounted first-class fares that the general public does not have," says Crabbe. "Travelers can potentially save money on first-class tickets by using a travel agent or taking advantage of discounted fares."

Additionally, you may be able to save money by booking a first-class ticket over the phone by calling the airline directly, rather than booking online.

6 You'll save on hotels for long layovers.

If the only alternative to a first-class ticket is to have a lengthy layover that requires a hotel stay, you may also be able to save money by spending more upfront. A direct flight could be more cost-effective than combining a flight and hotel, so it's important to compare the total expenditures, rather than just the ticket cost, Kroeger suggests.

7 You'll save if you need to change your itinerary.

Changing your travel plans once you've booked your tickets can be extremely costly. Compared to flying coach, first-class tickets tend to be more flexible, says Gareth Boyd , co-founder of Frequent Flyer Credit Cards .

RELATED: Unfair Perks: Plane Passenger Shows How Extreme Turbulence Hits Different in First Class .

8 You'll save by getting a last-minute upgrade.

Another way you can save while flying first class is by going for a last-minute upgrade or flying standby.

"Airlines hate to have unsold seats and will gladly give steep discounts to standby flyers to take any open seat on the plane—including first-class seats," says Ann Martin , the director of operations for CreditDonkey . "This is, admittedly, a gamble, but it's one that can pay off, and even if you don't get a first-class ticket, you're still getting a good deal."

9 You'll save time—and time is money.

For more travel tips sent directly to your inbox, sign up for our daily newsletter .

Read the original article on Best Life .

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Trans-Siberian Railway Prices

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Home » Prices and Trans-Siberian Tickets » Trans-Siberian Railway Prices

Ticket prices for the Trans-Siberian Railway also depend on the current ruble exchange rate.

Is the Trans-Siberian Railway expensive?

Before starting on your Trans-Siberian Railway adventure you naturally want to know what the entire trip will cost. Although this sounds like a simple question, it is pretty difficult to answer. The Trans-Siberian Railway price of travel depends on the following factors:

• Which travel class do I want to use? The price for a first class ticket is about three times the price of a 3rd class ticket
• Am I willing to buy the tickets myself and assume responsibility for the organisation of the trip?
• How many stopovers do I want to make? The more breaks, the higher the total price.
• What sort of accommodation do I want? Will it be a luxury hotel or will a hostel dormitory be sufficient?
• What tours and excursions would I like to go on?
• What is the current exchange rate for rubles?

Basically, everything from a luxury to a budget holiday is available. If you buy yourself a 3rd Class nonstop ticket at the counter, a few hundred Euros will cover the price. All you will experience is a week on the Trans-Siberian train and will see nothing of the cities on the way. There is, however, any amount of room for upward expansion. Everyone makes different choices about which aspects they are willing to spend money on. I personally prefer to save money on accommodation and railcar class, visit as many cities and do as many trips as possible. To enable better classification of your travel expenses I have contrasted two typical traveler types. In the third column you can calculate the total cost of your own journey on the Trans-Siberian Railway. Please keep in mind that these are only rough estimations and not exact prices.

The all-in costs seem fairly high at first. However, they cover everything and it is quite a long journey taking four weeks. Many people forget to consider that when looking at the list. We should also deduct the running costs for food and leisure at home. I think most visitors to this page will classify themselves somewhere between the two categories, that is around the € 2,000 – € 2,500 range. When comparing these prices with other travel packages, you get the impression that it is hardly worthwhile travelling individually on the Trans-Siberian Railway. Please keep in mind that most packages last no more than 14 days and you are herded like cattle through the most beautiful locations.

If you spend less time on the Trans-Siberian Railway you will, of course, pay less. I chose this particular travel length because I prefer not to do things by halves. If you fulfill your dream of travelling on the Trans-Siberian Railway, enjoy it and don’t rush things. But it’s up to you, of course. Try playing around with the form a bit to find the appropriate price for your trip.

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