Daily Archives: February 11, 2010

Financial, Financial Information, Financial Services, Insurance, Insurance Services

LV = Reveals Pet Sick Leave Costs UK Businesses £18 Million A Year

A new LV= commissioned report into the impact of pet illness and death on their owners’ work attendance has revealed that British businesses are losing £18 million* a year in lost workforce hours, as thousands of staff take ‘pet sick leave’ either to look after their sick animal or to grieve because their pet has died.

The UK is well known as a nation of animal lovers with nearly half of all adults in the UK owning a cat or dog. The new LV= pet insurance report found that one in ten dog or cat owners interviewed (11%) said they had stayed at home to nurse a sick pet, while 11% had stayed off work because they were so upset after their pet had died.

The 1.1 million pet owners who called in sick last year because their dog or cat was ill or had died, each took an average of 2.4 days off.

Rather than admit the truth to their employer, nearly a quarter of those who took time off for their pet (24%), told their boss they were staying off work due to their own ill health.

The LV= pet insurance policy, which covers cats and dogs, includes free bereavement counselling for the pet owner as standard. LV= is also one of the few insurers that will insure older cats and dogs, with no maximum age limit.

Emma Holyer, LV= pet insurance spokesperson, said: “It’s clearly an upsetting time when a beloved pet is sick or dying, and this report shows that many people suffer as much they would for a friend or relative. This has a significant impact on employers across the UK, as staff take time off because of their pets. To help owners through this difficult period, LV=’s pet health insurance policy now includes access to a free, confidential helpline on pet bereavement and illness. The helpline is manned by experienced therapists and counsellors to help pet owners get through troubled times.”

Via EPR Network
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Banks, Checking & Savings, Financial Services, ISAs, Money, Personal Finance

M&S Money Launches New Flexi Cash ISA Option

M&S Money has announced the launch if its new flexi cash ISA option, offering a variable rate of 2.65% AER/tax-free. This includes a bonus rate of 1.25% for 18 months from initial deposit.

M&S Money Launches New Flexi Cash ISA Option

Research commissioned by M&S Money revealed that people are now more concerned about easy access to their savings (53% compared to 22% in 2009) and are looking for interest rates with a bonus, as well as fixed rates. When asked what an important factor was to them when putting money into savings, 56% of respondents wanted a savings provider they could trust, compared to 34% in 2009.

The new Flexi Cash ISA requires a minimum deposit of £100 to be made, either paid in one lump sum or £25 by monthly direct debit, up to the Cash ISA allowance of £3,600 or £5,100 per tax year. Transfers from other ISA providers are also allowed under the Flexi Cash ISA.

Flexi Cash ISA is one of the options customers can use within the M&S Cash ISA account to divide their tax free savings allowance between variable and fixed rates. From April 2010, the new limit for Cash ISA savings will be £5,100 per tax year for everyone aged 16 and over. This new limit will already exist for those aged 50 and over from early April 2010.

As an example, with the M&S Cash ISA, a customer would be able to save £2,550 in the variable Flexi Cash ISA option, and the remaining £2,550 in one of the fixed rate savings options available.

Colin Kersley, Chief Executive of M&S Money, commented: “Our research shows that more people than last year are looking for a savings provider they can trust. At M&S Money we have been providing a safe home for customers’ savings for many years, and the company itself is 25 years old this year.

“We are also part of HSBC, one of the world’s largest banking and financial services organisations, and are continuing to develop our savings range. Cash savings are protected under the UK Financial Services Compensation Scheme and the first £50,000 of our customers’ savings are 100% guaranteed.”

Via EPR Network
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Checking & Savings, Financial, Financial Information, Financial Services, Investment, IRA, Money, Personal Finance, Retirement, Stocks, Trading

Prudential Reveals A Return To Stock Market As Interest Rates Prompt Rush For Risk Assets

Prudential has released findings from its latest research which shows that financial advisers are predicting a significant return to the stock market in 2010, with 72% expecting an increase in the number of clients looking to invest in equities over the coming 12 months.

While Independent Financial Advisers (IFAs) questioned for the Prudential study predicted a strong return to the stock market in 2010, they also believe that investors will look to adopt a more cautious approach on the back of the worst recession since World War II.

Almost three quarters (73%) of IFAs expect clients to invest in cautious managed growth funds, with 66% expecting to see investment in defensive funds and 70% believing investors will also look to spread risk by buying into multi-manager funds.

In addition, 55% of IFAs expect clients to invest in absolute return funds and 68% expect to see ongoing investment in bonds. In contrast, just 18% expect to see clients looking to invest in individual stocks and shares and 46% expect clients to invest in higher risk growth funds.

Andy Brown, Director of Investment Funds, Prudential said: “Given the performance of the markets in the second half of last year coupled with the ongoing poor rate of return for cash based savings, it is perhaps unsurprising that IFAs expect to see more clients looking to return to the stock market and buy into equity based investments in 2010.

“However, in reality not all equities will show equal growth over the coming 12 months and choosing the right time to invest in the right asset classes is key.”

The survey also found that 71% of IFAs believe the recession will have a long term impact on the way clients look to invest and prompt them to adopt a more cautious investment strategy and be more reliant on professional advice. Of these advisers, 83% said they believe clients will be more cautious with investment decisions and favour more balanced portfolios, with 68% of IFAs expecting investors to utilise independent financial advice when choosing investment funds.

Via EPR Network
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Business, Financial, Financial Services, Insurance, Insurance Services, Investment, Money

RSA Acquires The Third Largest Insurer In Oman

RSA Insurance Group plc (RSA) & ONIC Holding SAOG announces an agreement in which RSA Oman will acquire Al Ahlia from ONIC Holding for OMR 19m (US$49m). The purchase price is subject to a net asset value adjustment on completion.

RSA Acquires The Third Largest Insurer In Oman

In return ONIC Holding will acquire a 20.03% stake in RSA Oman. The transaction will create the largest insurance group in Oman by net written premium.

Paul Holmes, CEO of RSA Middle East, commented, “Through this acquisition of Al Ahlia,we create a market leading insurer in Oman and this enhances our Emerging Markets position in the Middle East. We welcome ONIC Holding as a local shareholder in Oman and value their strategic support as we drive the business forward.”

Sayyida Rawan Ahmed al Said, Group Chief Executive, ONIC Holding said “This strategic tie up is a significant step for ONIC Holding by aligning with an international player in the insurance sector. We believe that this alliance will enhance value to ONIC Holding’s stakeholders and would have a positive impact on the insurance industry in Oman. We look forward to having a mutually beneficial and long term relationship with RSA.”

Following the transaction the shareholders of RSA Oman will be RSA Middle East, ONIC Holding, WJ Towell Company, OHI and Mr. Prem Mankand.

Completion of the transaction is subject to shareholder and regulatory approvals.

Via EPR Network
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Checking & Savings, Financial, Financial Management, Financial Services, Financial Solutions, Money, Personal Finance

Barclaycard Platinum To Offer 0% On Balance Transfers Until 2011

Barclaycard Platinum has announced it is continuing to offer the lowest balance transfer fee on the market to new customers, with 0% on balance transfers until February 2011 and 3 months interest free purchases.

Barclaycard will charge new Platinum card customers a 2.9% handling charge to make the move and the balance transfer rate is available on transfers up to 90% of the customer’s credit limit. Purchases over the first three months will also be interest free, after this introductory period the typical interest will be just 15.9%.

Barclaycard Platinum will also enable customers to enjoy the freedom and flexibility of contactless technology, making payments of £10 and under possible with just a simple swipe. This is backed up by Barclaycard’s advanced security and fraud prevention measures.

In addition to the lowest balance transfer fee, the Barclaycard Goldfish credit card is also offering £30 of reward points if customers spend £100 a month for the first three months from account opening. Customers will also receive 0% interest on purchases for the first three months and the lowest interest rate of any rewards credit card in the UK.

Customers can apply for this offer online through the Barclaycard website.

Via EPR Network
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Checking & Savings, Financial, Financial Information, Financial Management, Financial Services, Insurance, Investment, Money, Personal Finance

The Children’s Mutual Reports CTFs Have Revolutionised Child Savings

The Children’s Mutual, a leading Child Trust Fund provider, has revealed new research that, five years on from the first CTF vouchers being issued, the introduction of the CTF has revolutionised long-term savings for children.

The Children's Mutual Reports CTFs Have Revolutionised Child Savings

With every eligible child born since 1 September 2002 having a CTF account, 2010 will see more than five million children holding CTFs.

The Children’s Mutual has revealed that around half of their CTF customers set up a monthly direct debit on the day they open their child’s account. If you look at wider industry statistics, 31% of CTFs receive some form of additional saving. Before the Child Trust Fund was introduced, just one in five families were saving over the long-term for their children.

In addition, while nearly three quarters of parents choose to proactively open their child’s CTF account, a survey by the awards winning Child Trust Fund provider found that when asked over one in 10 parents with CTF vouchers were opting to let the government open the account for them – making an engagement rate of 85%. Compared to engagement rates of other savings products – 40% of the adult population has a private pension and 30% have an ISA – the CTF has driven the UK adult population to engage.

The Children’s Mutual also found that currently 1.4m parents, family and friends are contributing to their children’s accounts with in excess of £22m being added every month – money set to help towards the cost of higher education, first homes and beyond. As a result they estimate £2.74 billion will be available to young adults each year as they turn 18.

According to its calculations, 50% of the government CTF investment so far is going to 1.5 million families on the lowest incomes (under £15,000), with families in the lowest income bracket saving a higher proportion of their household income for their children than those in more affluent groupings.

David White, chief executive of The Children’s Mutual, said: “To those of us involved with the CTF, five years has gone by in the blink of an eye. And yet in that short amount of time, the results have been startling – the CTF has done what no other savings account has achieved before – getting the mass UK population engaged and saving. We’re delighted that parents have engaged with the first universal savings scheme, realising that the only realistic way to fund their adult children’s futures is to start saving now.”

Via EPR Network
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