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Checking & Savings

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Prudential Reveals Pensioners Fail To Count The Cost Of Ill-Health In Retirement

Prudential has revealed new research which shows that despite the ongoing debate about the need to fund long-term care for the elderly, only one in five people planning to retire this year have made financial provision for ill-health in retirement.

Prudential’s ‘Class of 2012’ study into the finances and expectations of those planning to retire this year shows that just 20 per cent have set money aside for any care needs. This drops to 16 per cent among those aged 65 plus.

Prudential’s research also found that less than half (45 per cent) of this year’s retirees have planned for the fact that they may need more income in retirement as they get older.

However, funding long-term care has never been more important. Although average life expectancy for men over the age of 65 is 17.6 years, and 20.2 years for women, healthy life expectancy is just 9.9 years for men and 11.5 years for women.

Vince Smith-Hughes, retirement expert at Prudential, said: “People retiring this year realise that living longer may mean they will need a higher income as they get older, but few of them have made the connection between the risk of ill-health, and needing money to pay for healthcare.

“Although life expectancy is increasing, healthy life expectancy is flat-lining. With the average person now working until they are aged 63.4, people are enjoying fewer healthy years in retirement.

“Spending the first few years of retirement trekking in the Andes and running around after grandchildren may be a reality for some, but it is important not to forget that health will worsen as pensioners get older.

“Making financial provision for the possibility of ill-health in retirement should be an integral part of the retirement planning process.”

Across the country, those planning to retire this year in Wales are the most likely to have prepared for the risk of ill-health in retirement (32 per cent), while those in the East of England (7 per cent) are the least prepared.

The Government is currently considering recommendations from the Dilnot Commission on the Funding of Care and Support which, in July 2011, proposed that an individual’s contribution to social care should be capped at £35,000, with any additional costs funded by the State.

Via EPR Network
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Experian Reports Slough Overtakes London As Identity Fraud Capital Of UK

Experian has revealed that Slough has overtaken London to become the identity fraud capital of the UK.

The Berkshire town recorded 25 identity fraud attempts for every 10,000 households, with residents targeted at around four times the UK national average – seven households in every 10,000. Residents of London, Gravesend, Birmingham, Luton, Manchester and Leicester, were also targeted at twice the national average rate.

London as a whole experienced 22 attempts for every 10,000 households, although attempts were not spread evenly across the capital. Financial service providers detected 78 incidents for every 10,000 households in East Ham, as residents were targeted at more than 11 times the national rate. Woolwich and Stratford also experienced significant identity fraud activity, recording 46 and 43 identity fraud attempts respectively for every 10,000 households.

While the instances of fraud across all financial products remained at a constant level between 2010 and 2011, with six in every 10,000 applications were found to be fraudulent. The data shows that there was a surge in identity theft via current accounts and mortgages during this period, with rates doubling, from six to 14 in every 10,000 applications, and quadrupling, from one to four in every 10,000, respectively. Identity fraud attempts on credit cards fell from 17 to four in every 10,000 applications.

For the first time, young people renting small flats from local councils or housing associations represent the demographic most likely to be targeted by identity fraudsters. This group, known in Experian’s Mosaic classification as Upper Floor Living, saw its identity fraud risk score increase by 47 per cent to 256 in 2011. Its constituents are two and a half times more likely than the average UK resident to be targeted.

Previously, the wealthy Alpha Territory demographic – representing the wealthiest sections of society living in fashionable London neighbourhoods – were most likely to be targeted. The risk score for this group helved in 2011, from 301 in 2010 to 149, as fraudsters turned their attentions to younger and less affluent sections of society.

Nick Mothershaw, UK director of identity and fraud services at Experian, commented: “The increasing prominence of lower income demographics at the top of Experian’s identity fraud risk table, alongside declining risk scores for the wealthiest groups, represents a notable shift in fraudsters’ tactics.

“Identity fraudsters have traditionally focused the bulk of their attentions on the wealthiest sections of society living in prestigious London postcodes. Our research shows that the risk continues to spread, with the highest rates of identity fraud now to be found in the Thames Valley and London’s Olympic neighbourhoods.

“Financial services firms and other providers of credit recognise the financial and reputational risks associated with identity fraud, and have put in place increasingly sophisticated identity verification and anti-fraud measures to combat the threat. Individuals also have a role to play fighting the fraudsters and it is important that they take steps to protect their personal information.”

Via EPR Network
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Barclaycard PayTag Turns Any Mobile Phone Into A New Way To Pay

Barclaycard has announced the launch of Barclaycard PayTag, a new way to pay with a mobile phone. Millions of Barclaycard customers will be offered the chance to make payments with any mobile phone by simply sticking a Barclaycard PayTag to the back of their handset.

Available at no cost, and exclusively to Barclaycard Visa cardholders, Barclaycard PayTag is an extension of a customer’s credit card account. At a third of the size of a normal card, the credit card stickers can be discreetly stuck to the back of any mobile phone. Once attached, it can be used to make payments of £15 and under, rising to £20 in June, by simply being held over a contactless payment terminal.

David Chan, CEO of Barclaycard Consumer Europe, said: “We are offering the choice of mobile payments to millions of our customers at no additional cost to them. More than half of us say that the item we’re most lost without is our mobile phone*, so we’re giving people the option of using them to make easy, convenient, everyday payments without the need to upgrade their current handset.”

The announcement comes as Visa predicts that the number of contactless point-of-sale terminals in the UK will rise by 50% to 150,000 in 2012. Major retailers that offer, or are introducing, contactless include Waitrose, McDonalds, Boots, WH Smith and Tesco. By the end of 2012, London buses will also accept contactless payments, followed by the Tube and the rest of the transport network in the Capital in 2013.

Barclaycard PayTag is safe and secure, and comes with the same 100% fraud protection as any Barclaycard. An exclusive group of customers will be invited to receive their Barclaycard PayTag in the coming weeks, before they are offered to millions of Barclaycard customers later in the year.

David Chan, added: “Barclaycard is developing a wide range of initiatives which will ultimately enable everyone to enjoy the benefits of mobile payments. Barclaycard PayTag is another milestone on our journey to make paying easier, and sits alongside other easy ways to pay with your mobile such as those we offer in partnership with Orange.”

Barclaycard and Orange announced that credit or debit card holders from all UK banks would be able to load money onto Barclaycard’s mobile payments application, in the Quick Tap wallet. This will open up the opportunity for contactless payments to more Orange customers. Orange also confirmed that it would be making Quick Tap available on a range of Android smartphones, with the first to be announced in the coming weeks.

Research carried out on Barclaycard’s behalf predicts that £3 billion worth of purchases will be made with mobile phones in the UK in 2016**. Barclaycard PayTag provides customers with the choice of simple mobile phone payments now, without having to wait to upgrade, and at no additional cost.

Via EPR Network
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Prudential Reveals Two In Five 2012 Retirees Want To Stay In Work

Prudential has revealed that two in five (40 per cent) people planning to retire this year would be happy to work past 65 if they had the chance.

Prudential’s Class of 2012 study, which looks at the finances and expectations of those planning to retire this year, shows that 48 per cent of men and 32 per cent of women would be happy to continue working past the standard retirement age.

The main motivation for more than two thirds (68 per cent) of this year’s retirees who want to stay in the workforce past 65, is a desire to remain physically healthy and mentally active, while 39 per cent do not like the idea of retiring and just staying at home. More than half (54 per cent) claim that they enjoy working.

However, despite wanting to stay in work, only 13 per would choose to continue to work full-time with their current employer. Nearly half (49 per cent) of those retirees who want to work past 65 years old would prefer to work part-time, either with their current employer or in a new role, in order to strike a better work life balance.

More than one in 10 (11 per cent) of entrepreneurial retirees would consider starting their own business after the age of 65 or earn money from a hobby in order to keep working. Five per cent would work as charity volunteers.

Recent ONS figures show that average retirement ages are rising, with men now retiring at an average age of 64.6, compared with 63.8 in 2004, and women working until 62.3 years compared with 61.2 previously.

Vince Smith-Hughes, retirement expert at Prudential, said: “There is a new retirement reality taking shape across the UK, with thousands of people actively choosing to work past the traditional retirement age.

“The fact that so many of this year’s retirees would keep working on a part-time basis is a strong indication that, for many, working is as much about staying young at heart as it is about funding retirement.

“Gradual retirement is an increasing trend among pensioners, whether this means remaining in the same job on a flexible basis or even setting up their own business. Those retiring at 65 will face an average of nineteen years in retirement which makes the financial and social benefits of working for longer an even bigger draw for a new generation of industrious retirees.”

Around the country, those planning to retire this year from the East of England were the most keen to stay part of the workforce with 54 per cent saying that they would choose to work past 65 if they had the option. Half (49 per cent) of Londoners and 45 per cent of people in the South East would also like to continue to work.

However, just 29 per cent of Scots planning on retiring this year would be happy to work past 65 if given the choice, along with 30 per cent of retirees in Wales and in Yorkshire and Humberside, and only 21 per cent of those in the North East.

Via EPR Network
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Prudential Reveals Saving Money Is Top Priority For Thrifty Retirees

Prudential has revealed the results of new research which shows the top priority for people intending to retire this year is saving money to ensure they have enough to live on in retirement. Nearly 6 out of 10 people (57 per cent) said saving will be a top priority.

The insurer’s Class of 2012 study, which looks at the finances and expectations of those planning to retire this year, also found that women are more likely than men to prioritise saving during retirement. 62 per cent of women will make this a priority compared with 52 per cent of men.

Although saving money is a key focus, those intending to retire this year are still determined to have a fun-filled retirement. More than a third (36 per cent) say that spending money on travelling the world will be a priority for them, while 43 per cent will make spending money on enjoying themselves a priority.

Giving to charity and spending money on fighting the ageing process are low priorities for this year’s retirees. Fewer than 1 in 20 (4 per cent) image-conscious pensioners say that spending money on anti-ageing treatments will be a priority in retirement, while only slightly more will prioritise giving money to charity (5 per cent).

Vince Smith-Hughes, retirement income expert at Prudential, said: “Today’s retirees are likely to spend longer in retirement than previous generations so it is encouraging to see that they understand the importance of saving money to ensure they can live comfortably. Saving shouldn’t be regarded as something that suddenly stops once you retire, and the current generation of retirees seems to be more aware of this than ever before.

“Saving as much money as possible, from as early an age as possible, is the best way to ensure you can afford a comfortable lifestyle in retirement. Consulting a financial adviser can also be an important step in helping retirees to make the most of their pension pots.

“It’s not only about saving though; many retirees in the Class of 2012 are determined to spend money on enjoying themselves and travelling the world, which seems a fair reward for all their hard work during their working lives.”

Via EPR Network
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Experian Reveals Mortgage Fraud Increases For Fifth Successive Year

Experian Identity & Fraud has revealed that fraudulent applications for mortgages increased by eight per cent in 2011, marking the fifth consecutive year in which the rate of mortgage fraud has increased.

Around 34 in every 10,000 applications for mortgages were found to be fraudulent in 2011, compared to just 15 in every 10,000 in 2006.

The overall rate of fraud at the point of application across the UK’s financial services sector increased by four per cent in 2011 to just over 17 in every 10,000 applications. In addition to record mortgage fraud figures, this overall increase was also driven by growth in insurance and current account fraud.

More than 90 per cent of attempted mortgage fraud in 2011 was down to individuals misrepresenting their personal information on applications. Typically, these first party frauds involved falsifying employment status or financial information, and, most commonly, attempting to hide an adverse credit history.

Experian’s demographic insight revealed that Mosaic groups, the Terraced Melting Pot – young, poorly educated individuals living in small towns – and the Suburban Mindsets – predominantly middle aged, middle and skilled working class individuals – were both responsible for around 15 per cent of first party mortgage fraud cases in 2011. The young, well educated professionals of the Liberal Opinions were also prone to attempting first party mortgage fraud, being responsible for 13 per cent of cases.

Nick Mothershaw, UK&I director of Identity & Fraud at Experian said: “About 70 per cent of financial services application fraud in the UK fraud is down to first parties misrepresenting their circumstances, and the products such as mortgages and insurance that have seen fraud soar over the last year have a significant first party fraud element to them. This kind of fraud tends to originate from financially stressed segments of society.”

Looking at other financial products, Experian found that insurance fraud UK rates reached 11 in every 10,000 applications and claims in 2011, an increase of 23 per cent over the last year. 89 per cent of insurance fraud was first-party led with the Terraced Melting Pot, Suburban Mindsets and Liberal Opinions demographics responsible for the most instances. Combined they accounted for 43 per cent of cases.

Current account fraud increased to 36 frauds in every 10,000 applications in 2011, up from 23 in every 10,000 in 2010. 60 per cent of current account fraud in 2011 was committed by first-parties, almost a quarter (23 per cent) of which was down to the Terraced Melting Pot demographic. The remaining 40 per cent of current account fraud attempts were down to third-party identity fraudsters seeking to open accounts as a springboard to obtain other credit products or for money laundering purposes.

Not all financial products saw fraud rates increase in 2011. Credit card fraud continued to fall, from 19 in every 10,000 applications in 2010 to 12 in every 10,000 in 2011. Automotive finance providers have also seen fraud rates fall. 23 in every 10,000 applications were found to be fraudulent in 2011, down from 38 in every 10,000 during 2010. 85 per cent of these frauds were first party.

Experian’s Fraud Index utilises data from the National Hunter and Insurance Hunter fraud prevention systems, which Experian manages on behalf of its clients. These systems enable financial companies to analyse applications alongside previous ones and highlight inconsistencies which may be indicative of fraud.

Via EPR Network
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Prudential Study Reveals One In Six Will Retire With No Pension

Prudential’s Class of 2012 study has revealed that one in six people (16 per cent) planning to retire this year will depend on the State Pension to fund their retirement as they have no other pension.

The figures come from Prudential’s Class of 2012 research, which provides insights into the financial expectations of Britons planning to retire this year.

Women are more than twice as likely as men to have no pension; 20 per cent of women retiring in 2012 will depend on the State Pension compared with just 8 per cent of men.

The average person planning to retire this year will look to the State for 34 per cent of their income, with State Pension payments set to rise to £107.45 a week for single people from the 6th April 2012. Company pensions (35 per cent) are the second highest source of income and the remaining 30% comes from a mixture of savings, investments, personal pension savings, part time work and money from family members.

The Prudential research also shows that one quarter (26 per cent) of people retiring this year either overestimate by more than £500 a year what the State Pension pays, or simply do not know.

Vince Smith-Hughes, retirement income expert at Prudential, said: “While the State Pension is a safety net for pensioners in the UK, it should only ever be regarded as part of an overall retirement plan.

“For far too many people, the State Pension has become the default income option in retirement. Even those who have some private provision depend so heavily on the State that it makes up a third of their retirement income.

“Although State Pension levels will rise to £107.45 for single people per week on Friday, this will still only provide relatively low levels of income to people in retirement. It’s a weak safety net for those without any savings and the real income shock for many retirees will come when the gap between their current earnings and the State Pension becomes apparent.

“If people want to maintain their standard of living in retirement it is important that they start to save as much as possible as early as possible, and the vast majority should join company pension schemes where possible. Seeking early advice from a financial adviser should also be a prerequisite to helping people achieve the level of retirement income they want and need.”

Regionally, people retiring this year in the Midlands are the most likely in the UK to rely on the State Pension (40 per cent). This compares with a quarter (28 per cent) of those in Scotland, who claim that they will be the least reliant on the state for their retirement income.

Via EPR Network
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Standard Life Reveals Less Than A Third Of UK Adults Know When The Tax Year Ends

Standard Life’s ‘Financial Efficiency’ research shows that a large number of people in the UK are at risk of missing the opportunity to capitalise on their ISA tax allowance and their pension contribution limits because they don’t know when the tax year ends. The research, which asked a poll of over 2000 people in the UK to say when they thought the end of the tax year was, found that only three in 10 Brits (31%) know the correct date.

The tax year end falls on April 5th, but the majority of the public (69%) either doesn’t know or thinks it’s a different date. Some said it was earlier in the year, with one in 12 (8% – more than 4.08 million people*) thinking the end of the tax year is April Fool’s day.

But more alarmingly, 7.27 million people** (15%) of respondents believe their tax deadline falls after April 5th. Even those who already actively save into ISAs can still get it wrong. Only 36% of ISA investors were able to correctly identify the tax year end date and a worrying one in six (17%), thought the tax year end was later than April 5th.

People in Northern Ireland seem to be the most clued up on the tax year-end deadline, with almost two in five (38%) identifying the correct date. While people in Wales were the least aware, with only one in four (25%) people able to correctly identify April 5th as the tax year end.

Standard Life’s Julie Russell commented: “Our research shows that few people know when the tax year ends. While more people believe it is before April 5th, each year than after, and that is perhaps less of a worry, it’s a real concern that so many ISA investors don’t know when the annual cut off point is for their investments.

“If you are saving into tax efficient savings or investments like ISAs or pensions, then you really do need to know when the tax year ends. The 5th of April should be front of mind. Otherwise you risk not making the most of these products and their valuable allowances.”

People can find out more about being financially efficient with investments like pensions and stocks and shares ISAs at www.yourfuturemoney.co.uk which also includes top tips and interactive tools.

Via EPR Network
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British Gas Sees Profits Fall But Many Homeowners Still Suffer

British Gas has announced that its profits for 2011 have fallen 30% compared to 2010, following what it has called a year of turbulence and challenge. Its parent company Centrica, however, has posted a slight increase in profits.

The flat overall results for Centrica will do little to quell the anger of homeowners across the country who are paying over the odds for their energy bills. And with energy prices expected to rise further in the coming months and years, fears are growing that vulnerable and financially excluded people will be faced with a choice between heating and eating.

Ofgem have announced intentions to make the energy market simpler and easier to navigate but in the short-term many will be left struggling to pay their bills for the rest of the winter and beyond. The value now lies in looking beyond the Big Six and households need to be proactive in seeking the best deals, which are increasingly being offered by smaller energy companies.

Danny Jatania, CEO of consumer champions Pockit believes that now is the time for UK households to take control of their spending.

He said, “Fortunately the weather was mild last year but still it didn’t stop energy customers feeling the pinch when it came to paying their bills, even though their consumption was lower overall. The reason many are suffering is because of the overly complex energy market. The news of SSE scrapping its confusing range of tariffs is encouraging but this approach must be adopted much more widely throughout the industry if customers are to be able to make savings on their bills.

“At pockit we are encouraging people to monitor their spending more effectively and the best way to take control of your energy usage is to find deals that offer the free installation of smart meters, which ensure that customers only pay for the energy they use.” The backlash against the Big Six has been sparked by estimates that 5.5million UK households are in fuel poverty and 3,000 winter deaths are caused by fuel poverty every year. The financially excluded are faced with a bewildering range of tariffs and the prospect of estimated bills charging them for energy that they have not used. With many people turning their backs on payment options that generate debt, such as credit cards, inaccurate estimated bills can have a devastating effect on the households of those who cannot afford to wait for compensation payments.

Danny continued, “Millions of consumers are paying more than is necessary for their energy. The aim is for the energy market to become more competitive, which will see prices being driven down and the emphasis being placed upon the customer. While Ofgem is trying to encourage a more competitive energy market, households can take the initiative by shopping around and rewarding energy companies that are innovating and providing fairer deals.”

Pockit uses its prepaid MasterCard® to help its users to pay for their goods whilst saving money with leading retailers. Customers who use their Pockit Prepaid MasterCard® to pay for goods can earn generous in-store cashback from retailers including Marks & Spencer, B&Q, New Look, Halfords, Toys R Us and Comet. They can also earn additional benefits from partner companies in energy (First:Utility), insurance (Aviva), travel (Travelpack) and broadband (TalkTalk).

The company was founded by Danny Jatania and his sons, a family with a rich business heritage and a keen interest in consumer savings. www.pockit.com.

Via EPR Network
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Standard Life Reveals “Don’t Spend What You Don’t Have” As Top Money Saving Tactic In UK

Research carried out for Standard Life suggests that, in the last three years, 5.3 million additional UK adults* have started adopting money saving habits, such as reviewing their utility providers, going online to find the best deals and using online voucher codes to save money. According to Standard Life’s ‘Financial Efficiency’ research, the recent downturn has now encouraged more than nine out of ten (91%) of us to engage in financially efficient behaviours.

But the most popular tactic, adopted by three in five people (57%), is a common sense approach – avoid spending what they don’t have and running up a debt on credit and store cards. Around 6.1 million more people are making sure they “don’t spend what they don’t have**”.

The research also shows that half of the UK (50%) regularly makes sure they shop around for the best prices at places such as the supermarket. Looking at those adults who could recall their habits three years ago in 2009, an increased number have turned to online voucher codes and loyalty cards to save money, and have also started budgeting. A third of people in the UK (30%) now set a weekly or monthly budget; up from only one in five (22%) saying they did so in 2009.

Yet the findings also suggest that in the last three years, there has been no change in the number of people seeking financial advice (8%) and only one in six (17%) is currently planning their finances to make the most of tax breaks from products such as stocks and shares ISAs and pensions.

Commenting, Standard Life’s Julie Russell said: “The results show just how well many of us are doing when it comes to setting budgets, shopping around and genuinely looking to get the best out of our money. And it’s great to hear that so many more people are determined not to run up card debt.

“Our research also shows that only a few of us are being quite so savvy when it comes to saving. That’s perhaps unsurprising in the current climate when the focus for many is on paying down debt and making ends meet. But that’s also why it’s so important to make sure we are getting the best returns on anything we are actually able to save. That means using ISAs which are really tax efficient, and not missing out on tax breaks offered by private pension contributions, for example. Efficiently managing whatever we are able to save can make a huge difference to both our weekly budget and our long term plans.”

Via EPR Network
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Standard Life Launches Ground-Breaking Corporate Investment Range

Standard Life has launched a new range of investments for corporate pension schemes aimed at making it easier for employees to select an investment strategy to suit their individual needs and attitude to risk.

The two new risk-based fund ranges, built on the success of MyFolio, are specifically tailored for the corporate pensions market and introduce new auto-enrolment default options, addressing the challenge of meeting the diverse needs of a workforce

Ann Flynn, Head of Corporate Marketing said: “Over the past two years we have been conducting extensive research with advisers, employers and employees. The employee’s investment choice, and lack of engagement in it, has been an issue the industry has been wrestling with for many years.

“The majority of employees are invested in the default fund and that’s why default strategy needs to be able to meet the diverse needs of a workforce. We’re now excited to be launching a range of investment solutions which addresses this challenge head on.”

Key findings of the research include:
– Employees find a wide range of investment choice confusing however there is still a demand to have some level of choice.
– Employees want a level of risk and return which is right for them but managed by experts.
– Employers simply want better outcomes for their employees within a strong governance framework, with competitive charging and minimal risk.

Flynn added: “Against a backdrop of negative pension stories and turbulent stock markets, employees tend to have a very low tolerance for taking investment risk with their pension and understandably so. However for many, a level of risk is needed to help generate the returns to achieve a decent standard of living in retirement.

“Our new range will help employees identify their attitude to risk through a simple questionnaire and align themselves to a strategy that best fits their needs. The information will be presented in a way that keeps it simple and shows them at a high level what they are investing in. However, they will also be able to ‘look under the bonnet’ if they want to. The risk-based range will be dynamically managed by internal and external experts who will monitor and adjust asset allocation to optimise performance.”

Key features and benefits of the range include two new risk-based ranges, Passive Plus and Active Plus, specifically for the corporate pensions market to complement the MyFolio Managed funds. A new life styling approach allows the underlying funds to be changed as necessary to help future-proof the investments while the Vanguard index-tracking funds, added in December 2011, will complement the BlackRock index-tracking range.

Employees will be able to easily identify their risk appetite and select an investment strategy to meet their needs and risk-based funds will be actively managed to help optimise returns. Moreover, employees will be offered clear options, based on how ‘hands on’ or ‘hands off’ they want to be with their investment selection and the new range provides employers and trustees with the flexibility to support a broad demographic. Advisers will also be able to recommend from an ‘off the shelf’ package of investment funds or design bespoke solutions for their clients.

Via EPR Network
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Experian completes acquisition of 192business

Experian, the global information services company, has announced that it has completed the acquisition of 192business Limited, a leading UK based provider of online identity verification services. 192business will form part of Experian’s Decision Analytics business line.

The acquisition further enhances the range of identity verification and fraud prevention services Experian is able to offer clients and strengthens its position across a number of rapidly growing vertical markets in the UK.

It also provides a platform that Experian can use to deploy new services globally. The services 192business provides are used by many of its customers internationally and can be rapidly extended to new geographies.

Launched in 2002, 192business helps organisations to verify and manage the identity of their customers online in order to minimise fraud and risk. Increasing regulation, the rise in fraud globally, growth in e-commerce sales and the move from traditional offline identity checks to online checks are all contributing to growth in the identity verification market.

192business provides organisations with identity verification, including personal data verification, fraud screening, online document verification and voice verification. It services a wide range of sectors, such as e-commerce, insurance, utilities, retail, finance and legal services, and has over 1,000 clients worldwide. Clients include Halfords, The Money Shop, Panasonic, ScrewFix and PKR.com.

Gary Wood, UK& I managing director for Experian Decision Analytics, commented: “The combination of 192business’s technology and Experian’s data and analytics will help our clients in the UK and around the world to more effectively and efficiently establish the identities of genuine customers. We look forward to working together to drive greater innovation and insight for our clients.”

Via EPR Network
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Experian Enhances Hunter Fraud Prevention System

Experian, the global information services company, has announced the launch of a new version of Hunter, its industry-leading data-sharing fraud prevention system, improving the effectiveness and efficiency of anti-fraud operations.

The upgrade – available from the end of February 2012 – enhances Hunter’s anti-fraud investigation and collaboration capabilities with more than 30 new and enhanced features. These include integration with Google Maps, automated completion of fraud submissions to CIFAS and greater sharing of fraud intelligence and investigatory capabilities across multiple business units within an organisation.

The integration of Google Maps into Hunter allows fraud investigators to see how the addresses on a number of connected applications relate to each other geographically, through the use of its Street View, Satellite and Standard map views. This will, for example, enable investigators to spot geographic connections that are not obvious from the data, such as potential fraud collaboration between residents of neighbouring properties located on different streets, and ensure that commercial properties are not passed off as domestic residences.

Experian’s new CIFAS Autofile functionality will enable Hunter users to automatically populate fraud submissions to CIFAS with the required information. This minimises the time spent keying duplicated data and can reduce filing time by 80 per cent, dramatically improving efficiency and reducing the margin for human error.

Large organisations running Hunter across disparate business units will also be able to benefit from new collaboration capabilities and take advantage of opportunities to centralise fraud investigation operations internally. Investigators are now able to pull together a greater level of fraud intelligence from other parts of the same organisation and investigate cases across all business units, increasing productivity across the group and providing richer data through sharing of information between departments and offices.

Nick Mothershaw, UK director of Identity & Fraud at Experian, commented: “Fraud continues to represent a clear and present danger to the bottom lines of banks, insurance companies and other financial services and credit granting organisations. The enhancements Experian has made to Hunter will improve the efficiency and effectiveness of fraud prevention capabilities with additional tools for investigation and even greater collaboration. We have enabled users to better understand the location of potentially fraudulent applications with a single click within the Hunter environment and to share fraud intelligence far more easily.”

Experian’s Hunter fraud prevention system has been used across the UK’s banking, financial services and insurance sectors for more than 20 years to detect, investigate and record fraud at the point of application.

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Virgin Money launches new ‘early bird’ ISA service

Virgin Money has launched a new ‘early bird’ ISA service for savers. By opening an Early Bird ISA Feeder, customers can use the service to start earning interest on next year’s ISA allowance now – without having to wait for the new tax year to start in April. The Early Bird ISA Feeder offers a competitive interest rate of 3.57% gross**/AER***, or 2.85% net, giving savers the same return as Virgin Money’s current variable cash ISA. The interest rate is fixed until 5 April 2012, following which the funds will automatically transfer into an Early Bird ISA for the new tax year.

The Early Bird ISA is a variable rate instant access cash ISA, paying 2.85%. This attractive headline rate offers good value for customers and it does not include a short term introductory bonus.

Accounts are available to open through Northern Rock branches, by post or by telephone, and savers can invest between £1 and the new 2012/13 cash ISA limit of £5,640.

Anthony Mooney, Mortgage and Savings Director at Virgin Money said: “Our new early bird ISA service means customers can take the hassle out of arranging their ISA for the next tax year by sorting it out early. Savers can earn an attractive interest rate between now and the start of the new tax year in our Early Bird ISA Feeder, safe in the knowledge that their money will automatically transfer into a tax-free ISA account in April.”

Interest earned on the Early Bird ISA Feeder will be paid to a nominated account on 5 April 2012, and does not allow any withdrawals or closure until the new tax year. Additional deposits can be made to the Early Bird ISA Feeder until 30 March 2012 up to a maximum of £5,640 per account. Once the funds have transferred into the Early Bird ISA, withdrawals can be made without notice, and additional deposits and transfers in from existing ISA accounts are permitted within HMRC regulations.

The Virgin Early Bird ISA Feeder and Virgin Early Bird ISA are personal deposit accounts with Northern Rock plc. The Financial Services Compensation Scheme (FSCS) provides protection to customers with these accounts under Northern Rock plc’s existing FSCS membership up to a maximum of £85,000 per person. The £85,000 limit relates to a customer’s combined deposits with Northern Rock plc under the Northern Rock and Virgin Money trading names.

Via EPR Network
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Pockit announces exclusive 5% cashback at over 70,000 hotels with HotelStayUK

Market leading prepaid MasterCard® provider, Pockit announces exclusive 5% cashback for all Pockit cardholders on hotels and short breaks with HotelStayUK.

Prepaid MasterCard® provider, Pockit has announced a new exclusive cashback for Pockit prepaid cardholders on top of its existing partner offers.

Pockit has teamed up with HotelStayUK, the UK’s only hotel and short break member benefit provider, to provide Pockit cardholders with fantastic discounts on hotels and short breaks across the UK, Europe and worldwide.

HotelStayUK offers guaranteed savings between 10% and 60% off 74,000 hotels across the world. However, Pockit cardholders can also receive an additional 5% cashback off their already discounted rates.

HotelStayUK work with major UK and worldwide hotels, including the finest Hilton, Novotel, Meridien, Marriot, Holiday Inn and Radisson resorts, to provide amazing hotel and short break offers. Whether it’s a room for a night in a vibrant city or a romantic break at a spa hotel over Christmas, they can find the right place, in the right location, at the right price.

Virraj Jatania, joint managing director of Pockit, said: “At Pockit we pride ourselves on offering our prepaid cardholders additional benefits they simply couldn’t find on the High Street.

“We’ve teamed up with HotelStayUK to enable our customers to take advantage of exclusive savings on hotels and short breaks available to Pockit users only.

“This is another fantastic cashback that adds great value to our Pockit prepaid MasterCard®.”

Pockit cardholders have two ways of enjoying massive savings when planning a visit away with HotelStayUK. Cardholders can call HotelStayUK on 08445 007 106 quoting‘pockit’, or view the exclusive Pockit discounts via the HotelStayUK website, using the link provided. Whichever option they choose, they must use their Pockit Prepaid MasterCard® for their booking.

All of Pockit’s partner offers have been exclusively negotiated to provide Pockit MasterCard® holders with maximum savings on retail, insurance, utilities, broadband, travel, optical and dental care and more.

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Standard Life Teams Up With Legacy Asset Systems To Support Asset Migration To Standard Life Wrap

Standard Life, a market leading platform provider, has teamed up with Legacy Asset Systems to support advisers migrating assets to the Standard Life Wrap. With the agreement, preferential terms will be offered to Standard Life Wrap firms signing up to the services offered by Legacy Asset Systems. Legacy Asset Systems offer two services: the Discovery Report, a ‘smart search’ of existing client data, and the Asset Migration Service, a combination of systems and services to successfully complete an asset migration project.

The benefits of the Legacy Asset Systems offering are:
– A cost effective approach and opportunity for adviser firms to create an additional profit centre
– Develops a fully compliant and automated end to end audit trail
– Reduces capacity constraints and frees resource to focus on added value services
– Delivers a robust and scalable process, systems and controls
– Supports a consolidation approach by enabling review of whole portfolio and individual products
– Develops an income stream on assets which have been generating little or no income

Chris Divito, Head of Platform Distribution at Standard Life, said: “Advisers have been telling us that analysing and migrating clients legacy assets is a real challenge, particularly from a compliance and capacity point of view. So we have teamed up with Legacy Asset Systems to provide a solution. They have provided a cost effective solution which not only ‘makes it happen’, but also reduces costs and generates income for the business.”

Kevin Jow, Director at Russell Ulyatt has recently used Legacy Asset Systems to help migrate client business to the Standard Life Wrap. He said: “We were keen to start tackling the next segment of our client bank and we’re focused on completing the collation and analysis of client information as cost effectively as possible. Legacy Asset Systems provided the ideal solution in that they took on all of the manual effort of contacting providers, provided accurate cost comparisons and a complete audit trail. In addition to that, the Discovery Report enabled us to take a very detailed view of our client bank and identified some great opportunities. We’ve been able to significantly increase our speed of client transfer and subsequent income streams.

“Using Legacy Asset Systems has freed up so much of our time, speeded up the whole process and just let me get on with the day job – spending more time with my clients.”

Via EPR Network
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Northern Rock Honoured For Its Community Service

Northern Rock has announced that it was commended in the Mortgage Finance Gazette Awards for its dedication to community service. The honours were given just six months after Northern Rock was heralded among the most responsible businesses in the UK.

After receiving Business in the Community’s (BITC) national Big Tick for its work to tackle financial exclusion, the readers of Mortgage Finance Gazette have now commended the bank in its annual awards.

The magazine’s readers nominated the lender in recognition of its work in the voluntary sector, and the judges, including journalists from the national press, industry experts, and the editors of ‘What Mortgage’ and ‘Mortgage Finance Gazette,’ were particularly impressed by the bank’s staff involvement in the community as well as other fundraising and voluntary activities.

Representatives from Northern Rock collected the commendation in the ‘Community Services Award’ for large lenders at an event in the capital last night. The December edition of Mortgage Finance Gazette, a publication about mortgages and the mortgage industry, features coverage of the event.

Northern Rock’s Customer and Commercial Director Andy Tate said: “We are absolutely delighted to receive a further commendation for our work in the community, and it is wonderful that our dedication to embedding this as part of our organisational culture is being recognised.

“Awards like this are further endorsement of the valuable role Northern Rock and its colleagues play in supporting its local communities, particularly those facing financial difficulty.”

Judge Joanne Atkin, Editor of Mortgage Finance Gazette said that she and her colleagues had had had a difficult job and that those who had been highly commended were truly deserving. She added: “Community is at the core of Northern Rock’s business strategy which is framed and communicated through four Cs – colleague, customer, company and community.

“Community within Northern Rock is about giving of both time and money. The Samaritans is Northern Rock’s corporate charity of the year but it also works with a number of good causes: Women’s Aid, a fight against domestic violence; The Cyrenians, which operates refuges for the homeless around the UK; Shelter, Crisis, The People’s Kitchen and a partnership which enables a small community-based bank to relieve the financial hardship of individuals and families resulting from poor money management, unmanageable levels of high interest debt and no savings.”

Via EPR Network
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Northern Rock Video Investigates Money Worries

Northern Rock’s latest video has put consumers in the spotlight as they reveal that by far their biggest money worry is paying the mortgage each month.

The bank took to the streets to find out what concerns people most about their finances, and the overwhelming majority of consumers confirmed their mortgage payment was their biggest financial worry.

As recent research undertaken by Northern Rock showed, many UK mortgage borrowers coming to the end of their fixed rate deal could be better off if they took a mortgage with Northern Rock. The bank is confident it can help reduce this concern for customers, and put them back in control of their finances.

Lloyd Cochrane, Head of Lending Products at Northern Rock said: “Fixed rate pricing across the market is at an all-time low and we continue to offer some very attractive deals, as well as our Freedom to Fix option, a Tracker which gives customers the opportunity to fix if interest rates should start to rise.

“We believe we can help many of these consumers to reduce their anxiety over their monthly mortgage payment by helping them find a Northern Rock mortgage that works for them. Whether you’d like the security of knowing what your payment will be for the next two years or you’re looking for more flexibility, we’re sure we have an option to suit you.”

More information on Northern Rock’s current range of mortgages can be found at its award-winning mortgages website, located at
www.northernrock.co.uk/mortgages/putting-you-in-control/.

The site also includes a range of interactive tools, such as a jargon buster, budget planner and mortgage calculator, to help take the complexity out of selecting the right mortgage.

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Prudential Reveals Brits Hiding £4.6 Billion From Their Partners In Secret Saving Stashes

Prudential has revealed that fifteen per cent of Britons over the age of 40 and living with their partner choose to keep some or all of their savings hidden from their other halves.

The survey, which examines couples’ attitudes to financial planning, was conducted among savers over the age of 40 and living with a partner. It found that as many as 4.5 million* Britons could be concealing savings or investments worth an average of£1,037 from their spouse or partner – a secret stash of approximately £4.6 billion.

One in ten (9 per cent) of those choosing to keep their funds hidden do so because they don’t trust their other half’s financial decision making, while a further quarter (23 per cent) admit that this is a security measure, in case they should split up with their partner.

Women are more likely to keep their funds hidden from their partner, with 18 per cent admitting to hiding savings averaging £1,002. This compares with 12 per cent of men, who conceal an average fund of £1,072.

A prudent two in five (42 per cent) secret savers plan to use the money to supplement their retirement income – even though 20 per cent of those surveyed admit to never having discussed financial planning for retirement with their spouse or partner.

Vince Smith-Hughes, head of business development at Prudential, said: “By harbouring secret stashes of money, many couples are failing to plan sufficiently for their joint retirement. While it is understandable that some people in relationships want to be able to spend their own money, it is important for couples to have regular and open discussions about financial planning for the sake of maximising their retirement incomes. Only then can they decide how to make the best possible joint provision for the future.

“Consulting a financial adviser together is an important part of this on-going dialogue and can help couples to secure the income and lifestyle they expect in retirement.”

Prudential’s survey also found that nearly a fifth (17 per cent) of Britons feel uncomfortable about discussing financial matters with their partner. While two thirds (67 per cent) of couples say they have not received professional financial advice together in the past five years, one in 10 people claim that either they or their partner has independently visited an adviser within the past five years.

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Pioneer Services to Give Away $1,000 and Apple iPads® to Eight Lucky Service Members

Pioneer Services will make this holiday season one to remember for eight service members and their families thanks to the Mega Merry Giveaway, a sweepstakes just for active-duty or career-retired service members and their spouses. There will be four winners of $1,000 and four iPad winners—one winner of each from each military branch.

“The Mega Merry Giveaway is our way of thanking those who serve for all they have done for our nation, and in a way that captures the season’s spirit of giving,” said Karen Von Der Bruegge, chief marketing and retail operations officer for Pioneer Services. “The best part—other than the chance to win a thousand dollars or an iPad—is that there is no obligation and no strings attached. All they have to do is be on active duty, career-retired, or a military spouse, and they can enter to win. It really is that easy.”

Those who qualify can enter on the company’s Facebook page at Facebook.com/PioneerServices, or at www.MegaMerryGiveaway.com, which is also where they can find complete rules and details.

“We are incredibly excited for the winners to be selected December 11,” added Von Der Bruegge, “because that is when we will find out who is going to have a very merry holiday season on behalf of Pioneer Services.”

Pioneer Services, the military banking division of MidCountry Bank, provides financial services and award-winning education to members of the Armed Forces. For more than 25 years, Pioneer Services has been a leader in military lending, offering military loans,retail lending, VA loans, Certificates of Deposit, savings accounts, and award-winning financial education programs through a network of offices and on the Internet. Pioneer Services is proud to support military families and communities through a variety of partnerships, programs, and sponsorships.

For more information, visit PioneerServices.com. For loan information, visit PioneerMilitaryLoans.com.

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