ICR256: Opening the Bank of Mum & Dad (with Mrs Mummypenny)

This week on the show, what are the risks to consider when it's time to open a branch of the Bank of Mum & Dad?

Introducing Mrs Mummypenny

My co-host for this episode is Lynn James, otherwise known as Mrs Mummypenny.

Lynn left the corporate world in June 2015 to run Mrs Mummypenny, a personal finance & lifestyle brand.

She launched Mrs Mummypenny in 2013 whilst on maternity leave with her youngest son and kept it going as a hobby when she returned to full time work.

Lynn has always loved sharing her money saving tips with friends, so thought why not learn how to build a website and social platform and go for it!

You can follow Lynn on Twitter at @mrsmummypenny.

Want to join the Informed Choice Radio squad and co-host a future episode? Find out more here.

Personal finance news

-The latest price inflation figures are a blow to millions of rail users, who will see a 3.6% increase in regulated rail fares from January. Train operators use the Retail Prices Index figure for July when setting regulated rail fare increases.

-The merger of Aberdeen Asset Management PLC and Standard Life plc has completed this week to form Standard Life Aberdeen plc, one of the world’s largest investment companies. The merger has created a company with assets under administration of £670 billion.

-A new online only cash Junior ISA has been launched by National Savings & Investments. The account will offer a 2% tax-free/AER (variable) interest rate and has a maximum subscription limit of £4,128 for 2017/18.

-A new independent study from GoCompare has revealed that drivers could beat rising premiums and cut their insurance costs significantly, just by buying cover sooner and not leaving it until the last minute. According to new figures from the comparison site, 89% of drivers would see cheaper quotes if they shopped around a week before their policy start date, rather than leaving it until the day itself.

-Average house prices close to Scottish Premiership football grounds have increased by 20% over the last ten years, according to research by Bank of Scotland. This represents an average increase of £24,811 during the past decade; from £121,237 in 2007 to £146,048 in 2017, equivalent to a weekly rise of £48.