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Financial Information

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Debt Free Direct Sees Mixed Results As Q1 Insolvency Figures Are Released By The Insolvency Service

The latest insolvency figures released show personal debt is continuing to rise in the UK, with Q1 of 2010 the fifth consecutive quarter to do so. Official figures declared for the first three months of 2010 saw a 17.9% increase in the number of personal insolvencies in England and Wales compared with the same period last year. Company insolvencies however were down 17.8% on the same period last year, rounding off a mixed year for the nation’s debt.

Debt Free Direct Sees Mixed Results As Q1 Insolvency Figures Are Released By The Insolvency Service

There were 35,682 personal insolvencies and 4,082 company insolvencies in the first quarter of 2010, however Derek Oakley, Insolvency Director at Debt Free Direct has warned of the trends of previous downturns; “In previous downturns the UK has experienced a double spike in formal insolvencies: the first representing the actual downturn itself and the second coming during the recovery of the downturn as under capitalised and weakened businesses struggle to cope with increased activity levels.”

The figure for company insolvencies, 4,082, equalled out at a decrease of 8.4% on the previous quarter. The figure can be converted to 1 in 120 active companies going into l formal insolvency(or 0.8%), which is a decrease f r o m the previous quarter, when the figure stood at 1 in every 114 countries (0.9%).

The official figures on insolvencies are released by The Insolvency Service and are compiled f r o m administrative records of the Department for Business, Innovation and Skills. The records show that the 35,682 personal insolvencies consisted of a variety of different types. The traditional way of dealing with unmanageable debt; Bankruptcy was at 18,256, which was down 10.7% on the same quarter last year, but up 7.3% on the previous quarter.

There were 11,782 Individual Voluntary Arrangements (IVA), up 20.1% on last year but at the lowest level since the first quarter of 2009. An IVA is a legally binding agreement between debtor and creditor in which a reduced payment plan is committed to. Introduced in 1986, the agreement typically lasts for around 5 years and the consumer has the potential to settle a portion of their debt.

Via EPR Network
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Assets, Business, Financial, Financial Information, Financial Services, Financial Software, Hedge Funds, Investment, Money, Trading

LittmanBerg Launches New Integrated Prime Services Model Leading-Edge Technologies and Global Footprint Changes the Face of Boutique Prime Advisory

LittmanBerg is a leading provider of investment technologies and execution solutions to individual and institutional clients worldwide, today announced that it has completed the integration of DML Trading. With this, LittmanBerg is pleased to now offer a new Integrated Prime Services model that combines traditional boutique prime Advisory offerings with LittmanBerg’s state-of-the-art investment technologies and extensive global reach. This new model significantly expands the products and technologies available to smaller hedge funds and other asset managers and gives clients access to a complete suite of services that no other boutique prime advisory firm can match.

LittmanBerg Launches New Integrated Prime Services Model Leading-Edge Technologies and Global Footprint Changes the Face of Boutique Prime Advisory

“LittmanBerg is known throughout the industry for its strong commitment to technological innovation and together we have deep insights into the needs of hedge funds. By offering a solution for virtually all of our clients’ needs, from start-up services and capital introduction to advanced execution technologies, we have created a one-stop shop that is truly unique in the marketplace and one that gives our clients a considerable edge.”

Some of the services now offered to clients include preferred access to:

• A full suite of advanced algorithmic strategies, including highly intelligent, tactical trading algorithm
• Vast agency liquidity
• A fully staffed 24-hour desk for execution in over 100 global markets
• Block trading, exchange traded funds,
• Advanced derivative execution management technologies
• Order management system (OMS) for trading, compliance, operations, portfolio management and analytics
• One of the industry’s largest networks of independent research
• Comprehensive commission management technologies and services

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Banks, Business, Currency, Financial, Financial Information, Financial Management, Financial Services, Financial Software, Financial Solutions, Financial Statements, Forex, Investment, Money, Profits, Trading

Saxo Bank Launches New Video Channel For Forex And Equity Programmes

Saxo Bank, the specialist in online trading and investment, is launching a new one-stop video site for its market commentary, interviews and educational programmes.

Saxo Bank Launches New Video Channel For Forex And Equity Programmes

The Bank produces many hours of financial news and analysis from its own state-of-the-art studio at its head office in Copenhagen, Denmark. The studio is in daily use by Saxo Bank’s team of analysts providing comments to international and local TV stations such as CNBC and Bloomberg.

Videos for Saxo Bank’s websites have been hosted by Saxo Bank using third-party servers and are shown on several websites within Saxo Bank and sharing sites such as YouTube. The new video site uses a web-TV platform from 23Video, a Danish web start-up.

“Video is becoming increasingly important as a way of reaching investors with commentary on the markets and educational programmes for traders that are new to online markets,” said Dinis Guarda, Global Head of SEO and Social Media Strategy at Saxo.

“We have been running a weekly Forex and equities update since May last year and have produced around 250 trading strategy videos featuring interviews with Saxo Bank’s analysts for the www.tradingfloor.com website,” he added.

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Assets, Business, Financial, Financial Information, Financial Management, Financial Services, Financial Solutions, Home Equity, Investment, Money, Mortgage, Personal Finance, Taxes

Principle First Sees Rising Demand For Guaranteed Investments

Principle First reports guaranteed investments are rapidly gaining in popularity, as many investors who felt the pain of the recent slump in stock investments seek more stability and security, moving forward. This follows a noticeably sharp rise in the number of Principle First clients eager to invest capital but also looking for the security that guaranteed investments provide.

Principle First Sees Rising Demand For Guaranteed Investments

“Guaranteed investments offer stability and security to those wishing to invest with no risk to capital. This is a significant attraction to those who saw the value of their other investments fall dramatically in recent years, and indeed to those who only witnessed the economic downturn, and are coming to invest money now.” said Gareth Flanagan, Managing Director, Principle First.

There are a wide variety of guaranteed products on the investments market, one particular guaranteed investment available through Principle First is the MetLife Guaranteed Investment Bond. The Guaranteed Investment Bond is a single premium, unit linked insurance bond that invests in a range of portfolios managed by MetLife.

“Income bonds may suit those who wish to enjoy a monthly income from interest on a lump sum guaranteed investment.” said Gareth Flanagan, managing director of Principle First.

This type of bond is not invested in the stock market, and may be the guaranteed investment of choice for those wishing to avoid stock market investments. As guaranteed investments, income bonds offer the security of knowing that the original sum is secure and will be returned, combined with the monthly or annual interest payments on the cash. (Investors can also choose to roll up annual interest, and take it at the end of the bond’s term). These payments are taxable, and can be paid directly into the investor’s bank account.

As is generally the case with bonds, penalty charges are likely to be payable if the bond is cashed in before the end of its term. From that point of view, income bonds are suitable only where the investor can do without the cash for the term of the bond. As Chartered Financial Planners, Principle First offers an advice service covering all aspects of guaranteed investments to clients.

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

LV = Recruiting For Over 300 Staff

LV=, insurance and investment group, has announced it is currently recruiting for over 300 jobs. The jobs being recruited for will be based in locations around the UK including in Bournemouth, London, Huddersfield, Hitchin and Bristol.

LV = Recruiting For Over 300 Staff

LV= offers a wide range of financial products and services including life insurance, protection, home insurance, investments, car insurance, pensions and retirement solutions, pet insurance, travel insurance and commercial general insurance products.

Many of the roles will be based in the company’s general insurance division and include positions in sales, customer services, claims and technical management. Other roles currently on offer are within various head office functions including marketing, ecommerce, finance and human resources.

The company has undergone a transformation since 2007 when a new board led by CEO Mike Rogers, was appointed. As well as a new brand image, the company has opened new offices around the UK and made a number of corporate acquisitions including Highway Insurance and the former GE Life business ‘Tomorrow’.

David Smith, HR director of LV=, said: “LV= is going through a period of significant growth so it’s a very exciting time to join us. Our general insurance operation is a particular hotspot for growth and we are looking for people both with experience in this field but also for individuals who are looking to move into this sector from other careers. When many other financial companies are making cut-backs we are actually expanding so this not only means that there is the opportunity to join us but also lots of great career prospects.”

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Checking & Savings, Financial, Financial Information, Financial Services, Investment, IRA, Money, Personal Finance, Retirement

Prudential Reveals Imminent Retirees Willing To Work Longer To Secure Higher Pension

According to the latest research* from Prudential’s Class of 2010 retirement survey, 57% of people planning to retire this year would be willing to work on in order to guarantee a higher income when they do retire.

Prudential Reveals Imminent Retirees Willing To Work Longer To Secure Higher Pension

In fact the new study of attitudes to retirement showed that 25% would be happy to work for five years more, with 7% of these people willing to put in another 10 years before retiring.

The research highlights changing attitudes to retirement as people come to terms with increased longevity – as well as the financial effects of the credit crunch and recession on retirement saving plans. The average 65 year-old man is expected to live to 83 and a 65 year-old women is expected to reach 85**.

Prudential found that 18% of those who are planning to retire this year believe they have saved enough to ensure a comfortable retirement and rule out working on even if it could guarantee them a greater income in retirement.

Another 21% refuse to continue working past statutory retirement ages even if that means they will struggle financially.

The research shows it is the over-65s who are the most willing to keep working, with more than three-fifths (62%) saying they would stay in employment to boost their retirement savings.

Vince Smith-Hughes, head of retirement income at Prudential, said: “Working beyond the normal retirement age is already a reality for many people who either have insufficient savings or simply want a greater income when they do come to retire.

“But for a lot of people planning to retire in the very near future the state retirement age is sacred and their expectation has always been to retire at 65. Once they reach that milestone, regardless of the amount of money they have, they simply do not want to work anymore. This is a potential issue because the average 65 year-old is likely to live for another 20 more years, and that’s a long time if you’ve only got limited retirement funds.

“I think what our research confirms is how important it is to consider retirement many years before you actually reach it, and make sure you get financial advice to help you plan for retirement.”

Prudential analysis shows that working an extra five years from age 65 and paying£100 a month into a pension of £100,000 could boost a retirement savings by an additional £53,000. Paying in £200 a month over five years could yield an extra£62,000.

The 25% tax relief on pensions contributions means that a monthly deposit of £100 grosses up to £125. The figures assume a 65-year-old male with a selected retirement age of 70, paying additional regular monthly contributions into an existing pension funds of £100,000***.

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

LV= Announces Income Protection Enhancements

LV=, protection and retirement specialist, has announced that it has made enhancements to its income protection policy, resulting in another coveted Defaqto 5 Star Rating.

LV=’s income protection policy (which forms part of the protection menu, the Flexible Protection Plan) now includes Guaranteed Increase Options, which means policyholders can increase their cover without any medical or financial underwriting if they:
– Increase their mortgage
– Get married or register a civil partnership
– Have or adopt a child
– Have an increase in basic salary as a result of promotion, changing employer or gaining qualifications.

The policy now also includes Back to Work Support, meaning LV= may provide financial support and advice to help policyholders return to work with confidence.

Plus, LV= has added a Career Break Option where policyholders will be covered (for up to a maximum of £1,500 a month) if they decide to take a break from work. If they then return to the same job within 24 months they’ll be able to go back to their original amount of cover and premium without the need for any medical questions (provided they haven’t made a claim during this period).

Mark Jones, LV= head of protection, said: “These new enhancements further improve our already strong income protection proposition, and will help advisers offer greater flexibility and support to their clients.

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Business, Financial, Financial Information, Financial Services, Home Equity, Investment, Loans, Money, Mortgage

Michael Leary Will Manage Merger Talks Between AFG And Apex Investment Services

On 05/15/2010 Peter Cennamo announced their plans to take The Alternative Funding Group (AFG) public in 2011 and their new merger with Apex Investment Services this week in Sydney. The Alternative Funding Group serves as a Hard Money Lender for Non Owner Occupied Investment Properties. Apex Investment Services is one of the leading Investment Firms in Australia.

Peter Cennamo says their partnership with Apex Investment Services will provide them with a dominate partner in the markets as well as provide them with an in house expert in currency trading.

“Having a partner like Apex Investment Services will allow us to benefits from investments made in the currency markets while continuing to acquire as much investment property as we can within the US Markets” says Peter Cennamo CFO of The Alternative Funding Group.

Hard Money lenders assume the majority of the risk in real estate investing by only investing in properties at a profitable LTV (Loan to Value) Percentage. The actual investment property is used as collateral therefore there is no need to use the investor’s money or in most cases their credit. Hard Money Lenders are simply looking for really good deals, and to establish a profitable relationship with investors based on their ability to eventually sell the investment property.

Thomas Rothstein of the Real Estate New Network ( www.thomasrothstein.org ) says “the sweetest deals going right now for investors are currently offered by The Alternative Funding Group.” Despite the fact that AFG will only fund deals within certain states, there are no requirements that you actually live in one of their servicing states. The basic requirement is that you have at least a 680 FICO (credit score), and at least four months of monthly mortgage payments in the bank in case the home does not sale within the allot time frame you requested.”

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Bigmouthmedia Finance Summit Warns That Change To Online Sales Is Urgently Needed

The founder and CEO of Money Dashboard is set to tell the bigmouthmedia Finance Summit that his sector urgently needs to address the way financial products are sold online.

According to Gavin Littlejohn, who launched the open beta phase of the company’s new offering at TechCrunch Edinburgh event this week, there is a widening gulf between the FSA’s requirements for providing consumers with straightforward information and the financial sector’s ability to provide it. He will tell an audience of finance sector executives at the 2nd annual bigmouthmedia Finance Summit that:

“In many ways the financial industry has been left trailing in the digital revolution’s wake. Despite the fact that online should be a channel ideally suited to selling products based on hard facts and reliable data, we have yet to see the sector develop a consistent, credible approach to selling financial services,” said Littlejohn.

“Set against a background where regulators have consistently pushed providers towards more professional practices, this situation is simply untenable.”

Money Dashboard’s personal finance software links consumers with their online banks and credit cards, showing all of their spending in one place, helping them understand where their money is going and making it much easier to manage their finances. Speaking in the wake of to the service’s open beta launch, Littlejohn will discuss the ethical, legal and practical issues arising from the move online in a session entitled “Moving from Face-to-face to Online Distribution”.

He will be joined by a panel of industry-leading online finance experts speaking on a range of themes including the development and history of online financial marketing and the issues surrounding best-practice in selling savings products via digital channels. Taking the podium at the bigmouthmedia Financial Summit will be Thisismoney.co.uk editor Andrew Oxlade and Colin Tomkinson, head of digital marketing at Barclaycard. Google senior head of Financial Services Ian Morgan will also lead a session.

Continuing the compliance theme, bigmouthmedia senior finance strategist Chris Cathcart will also unveil the findings of the company’s latest survey into buying financial services online.

“Despite the degree to which the digital channel has impacted upon every business sector, the world of finance has been lamentably slow in coming to terms with the online marketplace,” said Cathcart.

The bigmouthmedia Finance Summit takes place in London on May 26th and is a free event aimed at senior marketing and ecommerce executives. Places are limited, but those wishing to attend the bigmouthmedia event can register online for an invitation.

Via EPR Network
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Business, Financial, Financial Information, Financial Services, Investment, Money, Personal Finance

Trade in Gold – Risk Free

Is it really possible to invest in the gold market completely risk free? Well according to Best Invest in Gold the answer to that is a resounding yes. In conjunction with the launch of their new website, www.bestinvestingold.com, they are offering an incredible incentive to attract new investors.

With international offices in Milano, Italy, and Frankfurt, Germany, Bestinvestingold.com has been professionally branded for the retail investor in almost any country, be it the United States or the United Kingdom, to have access to information and trading platforms dealing in gold futures contracts not typically available through their brokerage accounts. In addition to the company’s new logo, it has selected as its tagline, “Trading Your Gold Futures”, to indicate not only its known expertise in trading the gold futures and gold options contracts, but also to communicate its message that in today’s economic environment, commodity and other type investors can look at gold trading as another alternative investment vehicle to build their future portfolios.

A spokesman for the company said that with gold currently trading in the US$1,200 area, and having tripled over the past eight years, he sees no reason for this trend to end. However, f r o m a trading perspective, it does not really matter which direction gold is moving as the company uses sophisticated trading models to lever up the investment for maximum returns by following short-term trends occurring on different exchanges in response to fast moving market conditions as they happen.

“It may not be uncommon for a U.S. based gold commodity investor to be familiar with The Chicago Board Of Trade or The Chicago Mercantile Exchange, but, just as an example, how many have taken advantage of the opportunities on the Dubai Gold and Commodities Exchanges which has historically been an international hub for the physical trade of not only gold, but also many other commodities? Being specialists based in Europe, we have been making these platforms available to American and European investors since 2005.”

In addition to receiving newsletters and updates regularly, Bestinvestingold.com has their unique first trade strategy for new clients. The firm will match you dollar for dollar in your investment and guarantee to absorb any loss through its tightly controlled risk management trading strategies. If the market moves in the planned direction, through the use of futures and options contracts, each dollar invested becomes more valuable by $1,000. Should the market move against you, the traders will sell out the position and send you back your investment plus ten percent (10%).

Thus, as the company boasts, “You really do have nothing to lose. When introducing a new client, we want them to know we are confident in our ability to make money for them as they deploy risk capital,” In conjunction with the release of the Bestinvestingold.com video website, the company is currently offering a free downloadable report titled, “The Five Reasons Gold Will Hit $5,000”.

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Checking & Savings, Financial, Financial Information, Financial Services, Investment, IRA, Money, Personal Finance, Retirement

Prudential Finds Brits Fear Outliving Pensions

Prudential research findings show that more than half (59%) of British adults fear they will outlive their pension savings, as increasing longevity means workers are having to save more money to fund a longer life in retirement.

The findings from the new research* commissioned by Prudential also revealed that 55% of British adults are creating ‘second pensions’ and supplementing retirement income with additional savings and investments in order to make ends meet.

Almost one in three (31%) of British adults have or are looking to boost pension savings and create second pensions with Additional Voluntary Contributions (AVCs) which have the same or better tax breaks as a regular pension. 36% said they intend supplementing their pension with additional cash savings, 17% are looking to boost pension income using stocks and shares and 15% plan to downsize their homes and release equity.

In addition 19% of British workers would consider using paid employment to help fund their retirement over and above their expected pension income.

Despite this, more than one in three (36%) of British adults still intend taking a lump sum from their pension at point of retirement, reducing their retirement income, with the average British worker looking to take around 17% of the fund from their pension as a single tax-free payment.

Richard Harrison, Corporate Pensions Director at Prudential, said: “Increasing longevity means workers are having to accept that pensions will be stretched over a longer period and will therefore deliver a lower income than they might expect. Today, a 30-year old man can expect to live until he is 86 years old**.

“This is a scary proposition for people considering how to fund their retirement but there are plenty of options for boosting savings, including tax-efficient Additional Voluntary Contributions. We believe everyone should see an independent financial adviser to ensure they are saving enough to fund their life in retirement.

“For many people, taking a lump sum and also having a pension that provides sufficient income to live a comfortable retirement will not be possible unless they save more or retire later.”

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LV= Finds Dodgy DIY Improvements Damage House Values

New research by home insurer LV= has revealed that in the last few years as many as 4.05m homeowners have undertaken electrical jobs without professional help, 3.3m have attempted plumbing work and 1.35m have carried out structural work such as removing walls. 900,000 have undertaken major building works, such as loft conversions, and 450,000 have tackled potentially dangerous gas repairs.

According to the LV= survey, many homeowners admitted undertaking these works in an attempt to improve the resale value of their homes. However, the effects of doing these jobs badly can reduce the sale price of a property by more than 5% in some cases.

John O’Roarke, managing director of LV= home insurance, said: “With house prices falling or stagnating in some parts of the UK, it’s understandable that many homeowners should try to bump up the value of their properties through DIY home improvements.

“But although nine out of ten people in our survey (88%) recognised that jobs like gas work should only be left to the professionals, nearly 0.5m Brits are still prepared to give it a go. Not only could bungling these jobs be dangerous, and costly to put right, but if they caused a serious problem with the property it could invalidate the home insurance cover.”

The LV= report surveyed both homeowners and estate agents, and reveals a myriad of conflicting opinions when it comes to the impact of DIY improvements. 21% of home owners believe that redecorating adds the most value to a house, followed by kitchen refurbishment (14%), garden work (12%), and bathroom replacement (6%).

Meanwhile 69% of estate agents believe decorating will make no difference at all to the asking price of a property. 64% responded that garden landscaping won’t add value; whilst 22% said even a new kitchen won’t improve the price. Estate agents also believe that the sale price of a property could decrease by more than 5% in some cases, if ‘improvement’ work was done poorly.

Despite popular opinion, estate agents say that some of the most costly jobs are likely to have only a minimal impact on the asking price of a home. Those agents who believe that improvement work usually or always adds value reported that a new kitchen, if done well, can add around 2.5% to the price, while a good new bathroom or garden landscaping can each add 2.2%.

Via EPR Network
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LV= Reveals That Today’s Kids Have Less Freedom Than Previous Generation

According to new research from LV= Streetwise, a charity which educates children about safety, today’s parents don’t allow their kids the same liberties as they enjoyed when they were growing up.

24% of children aged 15 and under said they aren’t allowed to sleep over at a friend’s house, 60% are forbidden to use public transport on their own, and 43% can’t visit their closest park without a parent by their side. In contrast, just 4% of adults were banned from sleeping-over, 2% were forbidden to use public transport or go out on their own in familiar surroundings, like their local town or park.

The restriction on children’s outside activities appears to be a direct result of parents’ growing fears and anxieties. 65% of mums and 63% of dads believe the world is more dangerous now than it was when they were growing up. ‘Stranger danger’ is the biggest worry for 54% of parents, followed by bullying (47%), mugging (47%) and road danger (34%).

On average, children today can look forward to walking to school on their own by the age of 11, use public transport on their own at 12, and babysit their brother or sister by the time they’re 14, compared with the respective 9, 11 and 12 years of age of their parents generation. However many parents know they’re being tougher on their children with 36% feeling uneasy that their kids don’t get the same opportunities as they did to experience freedom as a youngster.

The new research findings mark the launch of the unique LV= Streetwise safety roadshow, which helps to educate children about safety in the home and outdoors using a converted ‘bendy bus’ featuring a life-size kitchen, lounge, and road and rail hazard simulators. The roadshow will be travelling round county fairs and other outdoor events across the UK this summer.

Via EPR Network
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Banks, Business, Credit Cards, Debit Cards, Financial, Financial Information, Financial Services, Financial Software, Financial Solutions, Money

VocaLink Take Home Pay Index Reverses Recent Increase Hitting Record Low In April

The VocaLink Take Home Pay Index reflects the continuing uncertainty in the UK labour market as it drops to its lowest level on record of 0.9 per cent. The Index has now fallen below its previous lowest level of 1.0 per cent recorded in February this year. In March, the VocaLink Take Home Pay Index showed signs of recovery as it leapt up 0.5 percentage points to 1.5 per cent, but these gains have been reversed in April’s figures. As the Index continues to fluctuate between a low range of 0.9 per cent and 2.0 per cent, it indicates a fragile, sluggish economic recovery.

VocaLink Take Home Pay Index Reverses Recent Increase Hitting Record Low In April

The gains made in manufacturing sector pay growth in March have been reversed in April with the VocaLink manufacturing index falling by 0.7 percentage points. Services sector pay growth has also contributed to the drop in the overall VocaLink Take Home Pay Indexfor April by decreasing 0.5 percentage points to hit just 1.0 per cent.

While the latest industry figures show that the UK economy has continued to grow in the first quarter of 2010, it has done so at a slower pace than in the final quarter of 2009. This fragile recovery means that 2010 is likely to remain tough for households as the recent spike in inflation is not being reflected in higher pay growth. As such, real income growth is weak, which is placing downward pressure on increases in consumer spending.

Marion King, Chief Executive Officer at VocaLink, said: “The drop in this month’s VocaLink Take Home Pay Index continues to show the long-term trend of depressed pay growth. The last 13 months have seen take home pay fluctuate between a range much lower than the 4.0 per cent pre-recession average. Firms are continuing to keep their labour costs contained as competitive pressures remain high and economic activity recovers only gradually. In addition, the uncertainty surrounding the impending General Election is likely to result in caution over major business decisions.”

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UK Finance Advice Reforms Essential, Says Life Insurance Comparison Site Quoteboffin.co.uk

The complexity of the many financial services in the UK has resulted in a knowledge gap that leaves some investors and consumers unsure of where they stand, claims insurance comparison site Quoteboffin.co.uk.

The company says that the current debates over financial matters that are taking place in the run up to the elections only serves to further confuse the general public. Quoteboffin believes this increase in the knowledge gap could lead to consumers making rash decisions or choosing to listen to biased or incorrect financial advice.

Financial correspondent Matthew Vincent reported in the Financial Times that the Financial Services Authority (FSA) and independent advisors agree that financial advice in the UK must be reformed. Quoteboffin is concerned that if reforms can’t be agreed on, investors will be at risk of losing out.

“Understanding of financial investments, deals and insurance policies is crucial to ensure that people are able to make an informed choice about the contracts they are agreeing to.

“False, biased or incomplete advice means that consumers could be putting their faith in the wrong person or company, and paying a high price for it.”

The FSA is also vocally backing reforms and is insisting that no matter what the UK elections hold, the government must hold fast to promises that the payment of upfront commission to financial advisors would be banned by 2013.

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Bigmouthmedia Warns Online Finance Sector Set To Face New Challenges

Bigmouthmedia is to warn Britain’s financial services sector that the industry must adapt to a rapidly changing online marketplace or suffer far-reaching consequences.

Bigmouthmedia senior finance strategist Chris Cathcart will tell an audience of senior executives at the second annual bigmouthmedia Finance Summit next month that the online revolution is creating a new set of challenges which the industry must either meet head-on or risk losing ground to a raft of new players offering personal finance products. Revealing the results of a brand new survey into the sector’s approach to selling savings and insurance via digital channels, Cathcart will outline a shifting landscape to which businesses must adapt or face potentially far-reaching consequences.

“Even as most of the sector is beginning to dust itself off and recover from the effects of a disastrous few years, a new challenge is presenting itself that could have far-reaching consequences. Consumers are deeply suspicious of the industry as a whole, and if the UK’s finance organisations are to recover their reputation for probity and trustworthiness they are going to have to radically alter their approach to selling products online,” said Cathcart.

“With raft of new brands emerging to challenge existing players for consumers’ business, the internet is poised to become a key battleground in the finance sector’s fight for the future.”

Cathcart will be joined by a panel of industry-leading online finance experts speaking on a range of themes including the development and history of online financial marketing and the issues surrounding best-practice in selling savings products via digital channels.

Taking the podium at the bigmouthmedia Financial Summit will be Thisismoney.co.uk editor Andrew Oxlade and Colin Tomkinson, head of digital marketing at Barclaycard. Google senior head of financial services Ian Morgan and MoneyDashboard.com CEO Gavin Littlejohn will also lead sessions.

Via EPR Network
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Business, Currency, Financial, Financial Information, Financial Management, Financial Services, Financial Software, Financial Solutions, Financial Statements, Forex, Investment, Money, Profits, Trading

OnlineFX Announce Relaunch Of Website

OnlineFX has announced the launch of its website which has recently been completely rebuilt and relaunched, offering customers even greater ease of use and more enhanced security features. The new site now features on a dot com domain which appeals to a wider market including the USA.

The OnlineFX website offers a convenient, secure and cost effective way to transfer money to bank accounts across 70 countries worldwide. The website now offers unique services to make ordering travel money even easier. Money transfers are carried out using the same systems as major banks, and OnlineFX dealers are committed to obtaining advantageous exchange rates for all transfers.

To celebrate the launch of the new site, OnlineFX, which was the first company to offer currency delivery online, is running special promotional offers including free international money transfers for all new customers and a free international money transfer for all existing customers who refer a friend.

The company has also just announced an exclusive new free same day travel moneydelivery service to all customers in Central London. This unique same day delivery service guarantees customers’ travel money will be delivered before 6.30pm if ordered for anywhere within the Zone 1 area of London. Orders for this new faster service must be between £3000 and £7000 – OnlineFX is the only UK company to offer this service.

OnlineFX has also introduced a more secure online Buyback Service, allowing customers wishing to sell leftover foreign currency to receive a buyback exchange rate upon receipt of foreign currency notes which is based on the very latest buy back rates.

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Elephant Auto Insurance Welcomes Two New Hires

Richmond, Virginia based Elephant Insurance Services (Elephant), a leading provider of auto insurance announced two important new hires today. John Carpenter has been named Operations Manager, and Greg Minkler has been named Marketing Manager.

Carpenter brings a strong track record in organizational change, operational management, personnel development and external vendor management with Fortune 200 companies. He joins Elephant from his most recent position as Site Director for Insurance Services at Bank of America. Prior to holding that position, Carpenter spent 5 years at Capital One in multiple leadership roles.

“I’m thrilled to be a part of a new organization with a forward thinking approach to providing auto insurance, and am eager to add my experience to such a well run business as it continues to grow and evolve. The operations area at Elephant has a proven ability to provide customers with multiple methods of securing high value auto insurance.”

Minkler joins Elephant from his most recent position at Affinion Loyalty Group as Director of Product Marketing. He brings a history of both B2B and B2C analytical marketing to Elephant. Before joining Elephant, Minkler also held positions with Fair Isaac, as well as Capital One. “I’m excited to help build on the analytical marketing strategy that Elephant is employing in the auto insurance industry. The ability to provide great auto insurance, multiple discounts, and a cheap alternative to high priced policies is dependent on matching the right product and message to the right customer. “

About Elephant
Elephant Insurance Services is a direct-to-consumer (web and phone) auto insurance company.

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Financial, Financial Information, Financial Services, Financial Statements, Insurance, Insurance Services, Profits

LV=’s Annual Results For 2009 Shows Strong Growth Despite A Difficult Year

The latest figures show that LV= achieved a rise in its underlying profit across the year from £41.9m to £44.2m (2008: £2.3m) and a loss in 2006, with the general insurance business making a profit of £7.0m (2008: loss of £30.1m), meaning it went into profit one year ahead of plan.

LV='s Annual Results For 2009 Shows Strong Growth Despite A Difficult Year

Mike Rogers, LV= Group Chief Executive, said: “Despite another difficult year of continued recession and market turbulence, the turnaround of the LV= business continues according to plan. Our core mission of helping our members and customers to look after what they love has enabled us to do more business with more customers.”

LV= customer satisfaction results for 2009 increased to 96% overall compared with 2008 and the number of customers and members grew by 12% to over 3.8m (2008: 3.4m). LV=’s financial strength demonstrated across the year enabled significant holdings in long term growth assets (around 74% of the fund at the year end), should also benefit members’ returns in the longer term.

Additionally LV= policyholders with a £50 a month 25 year savings endowment with-profits policy maturing on 1 March 2010 were at least 39% better-off than equivalent policyholders with four major proprietary companies. In fact the with-profits fund investment achieved a return of 15.4%, 2% above benchmark.

Mike observed, “Our strong investment performance underpins solid returns for our with-profits policyholders, ahead of most of the market, and we also remain strongly capitalised. In 2010, trading has begun strongly, with sales in the first quarter significantly up on the same period last year.

“A strong growth in underlying profit reflects our efforts in re-shaping the business and improving our organisational fitness. Improved awareness of the LV= brand, thanks to our distinctive marketing campaigns, has helped to support a strong sales performance across our life & pensions and general insurance businesses.”

2009 also provided LV with widespread industry award recognition for product quality across life & pensions, general insurance and asset management. These include a Moneywise ‘Most Trusted’ award for home insurance, several Which? recommendations and Defaqto 5 Star awards, plus a Best Lifetime Mortgage Lender award from What Mortgage?

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UK Pre-Election Budget – More Political Than Economic?

The 2010 budget has been met with minimal reaction and is very much regarded as a pre-election buffer budget designed not to rock the boat and consequently lose votes. The last budget before the general election has come and gone – a budget, which it must be said, has generally left businesses with more questions than answers.

UK Pre-Election Budget – More Political Than Economic?

The overarching aim seems to be to increase borrowing, provide small businesses the best possible platform to maintain business and reduce anti-social behaviour through alcohol/tobacco tax increases.

Unsurprisingly, the budget – as they tend to be just prior to an election – contained a great deal of political rhetoric and not a great deal of financial detail.

As a result, businesses are left wondering how exactly the government – should it be re-elected – will tackle the UK’s massive deficit. Businesses are left wanting greater clarity on what public sector spending cuts are to come.

A strong indication of stability was required from the budget, so businesses can make decisions without worrying whether the rules are going to change. Businesses would also have been looking for signs of fiscal competitiveness for the UK.

Industry commentator Alex Miller shares his views on how this budget will affect your UK businesses.

For more information on finance recruitment and jobs offered by Reed Specialist Recruitment, please visit their website reedglobal.com.

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