Category Archives: Financial Information

Financial Information

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Are Secured Loans Improving As A Secured Loans Lender Reenters The Market?

Champion Finance, the Glasgow based finance broker, who have been arranging homeowner loans throughout the whole of the UK for twenty six years, now feel that a new glimmer of hope is being witnessed after what has been a very bleak time for the once so buoyant secured loans industry.

During the recession secured loans fell to less than 20% of their position at the start of 2007. Household names such as First Plus ceased trading. By the beginning of 2010 there was less than a handful of secured loan lenders compared to more than twenty before the recession.

Many homeowners who could have benefitted from these products especially for such purposes as debt consolidation could not obtain the homeowner loans they wanted The self employed were especially adversely affected as self certification of income was completely abolished for those requiring a mortgage or a remortgage and two years fully audited accounts are now required by mortgage lenders.

The good news is that Champion Finance can now offer homeowner loans to self employed without accounts, provided that they have been trading for at least six months, can provide three months bank statements and have a maximum LTV of 60% in their property. This is thanks to Link Loans reentering the secured loans sector and offering these loans through respected intermediaries such as Champion Finance who in addition to being in a position to offer a mortgage and a remortgage from the whole of the market also provide debt advice. Link Loans are now strongly funded by RBS and their reappearance must surely indicate the long awaited resurrection of homeowner secured loans.

Via EPR Network
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Lloyds TSB Is Searching For The The Weather Photographer of the Year

A leading panel of award-winning photographers and acclaimed meteorologists launched a major amateur weather photography competition – with a top prize of £10,000.

Lloyds TSB Is Searching For The The Weather Photographer of the Year

The Lloyds TSB Insurance Weather Photographer of the Year will run for six months, culminating in a public exhibition in London where the finalists’ entries will be on show ahead of the winner being announced in November.

The winner will be chosen by an expert panel featuring acclaimed weather photographers Roger Coulam and Mark Humpage – who will be looking for images that capture our love of the weather, demonstrate originality and creativity, and chart the ever changing British climate.

In addition, the public will also have the opportunity to vote on their favourite pictures online, with £100 going to the most popular photo uploaded each week.

Entrants can upload their photos at http://www.lloydstsb.com/weathercompetition.

The Lloyds TSB Insurance Weather Photographer of the Year has been organised by the leading insurer, which is proud to sponsor the Channel 4 weather.

Paula Llewellyn, Head of Marketing Services at Lloyds TSB Insurance said: “As a proud sponsor of the Channel 4 weather, we’ve launched the Lloyds TSB Insurance Weather Photographer of the Year Competition so Brits can show us what they love about the climate, and what ‘British Weather’ means to them.”

Lloyds TSB Home Insurance provides cover for a range of weather related problems such as windstorm and lightning damage.

Via EPR Network
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Retiring Brits Concerned For Health Not Wealth

Prudential has revealed the results of a new survey* that shows failing health tops the list of fears about retirement. The survey found that people planning to retire in 2010 worry more about ill health than having enough money to live on.

Retiring Brits Concerned For Health Not Wealth

Two-thirds (66 per cent) of people approaching retirement fear their health deteriorating, while more than half (55 per cent) worry about not having enough money to be able to enjoy themselves or do the things they want to do. A similar number (54 per cent) say they are concerned about the rising cost of living.

Women appear to worry about their health and money more than men. Almost three-quarters of women (71 per cent) are concerned about their health deteriorating as they get older, compared to 62 per cent of men.

Karin Brown, director of pensions and annuities at Prudential, said: “In reality, people need to be equally as concerned about their money as their health in retirement, particularly women, as we know from our own research that women get less in their pensions than men. It’s totally understandable that people would worry about their health worsening as they get older but without having sufficient money to enjoy retirement and actually keep healthy, there is little to gain from worrying about health.

“There is a direct link between financial security and health and so if you are well prepared financially for your retirement and put yourself in a position where you can live comfortably and have enough money to keep you going, then your health is less likely to be an area of serious concern. You don’t have to be super-rich to enjoy a financially secure retirement. It just takes a bit of careful planning and the earlier you start the better.”

Via EPR Network
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Report: Child Trust Funds Receive Over £5 Million A Week

The Children’s Mutual, a leading Child Trust Fund (CTF) provider, has revealed that over £700,000 a day, or £5 million a week, is currently being invested in Child Trust Funds.

Report: Child Trust Funds Receive Over £5 Million A Week

As the UK’s first universal children’s savings product reached its fifth birthday in April 2010, these figures give a clear indication that over the last five years the actions of parents, families and friends have changed the savings habits in the UK, for the better.

Prior to April 2005 less than one in five parents were saving for their children’s future. However since the launch of the CTF this figure has rocketed to three in five.

David White, Chief Executive of The Children’s Mutual, said: “Given recent economic problems it is essential that the UK reignites its savings culture. In five short years there has been a 200% increase in the number of people saving for their children over the long term and the Child Trust Fund has been the catalyst. This is nothing short of phenomenal, given the uncertain financial backdrop many families have faced.”

Since April 2005 parents of five million children who now have a CTF have used them as a means to change their savings habits.

This commitment from parents and the Government towards saving for children’s futures may mean that an estimated £2.96 billion will be available to young adults each year as they turn 18 – a significant amount towards the increasing costs of adulthood such as buying a car, attending university and getting onto the property ladder.

April this year also marks the beginning of additional payments into CTFs for disabled children who are entitled to Disability Living Allowance. These additional yearly payments of £100 or (£200 for severely disabled children) could mean an extra£3,000 at age 18.

David White concludes: “The introduction of additional payments for disabled children is crucial as it reflects the additional costs that disabled young adults and their families may face. Along with Government we hope that the additional money will help to enable these children have a smooth journey into adulthood.”

Via EPR Network
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Traders Advisory DMCC – A Specialize FX Firm Announces Its Opening

On April 18, 2010, Traders Advisory DMCC will start its business activities. Traders Advisory is based in Dubai, UAE and licensed and registered as a free zone company under the rules and regulation of Dubai Multi Commodities Center Authority; it centers its activities on the financial market specifically the FX market by providing alternative forecast and technical analysis of the currency market to traders. It will also offer FOREX training course in Dubai for starters who want to learn how to trade the currency market effectively.

Traders Advisory DMCC - A Specialize FX Firm Announces Its Opening

“Now a day, almost everyone is in to trading the financial market online, and almost all retail traders are in pursuit of finding the solution on how to make their trading easy and profitable. We are providing solutions; our specialized services will help FX traders”, said Mr. Monirul Quazi, Managing Director of the company.

As a trader, either full time or part time, doing all the hard work and research could be very exhausting. Traders Advisory DMCC can offer solution to make trading the currency market less stress and profitable. By simply acquiring to the company’s specialize technical analysis service, members are now leveraging with the company’s vast resources including its team of experts.

The list of services of Traders Advisory DMCC will be available in their website advisoryfx.com beginning on April 18, 2010. For the time being, you can visit advisoryfx.info to sign up for their Special Opening Promo of 30 days FREE access to their website.

Via EPR Network
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Saxo Bank On Track With Sound Results For 2009

Saxo Bank, the online trading and investment specialist, has announced that it has received sound and steady results for 2009 and achieved a positive emergence from the financial crisis.

Business picked up during the second half of 2009 after a relatively slow beginning to the year. Operating income for the year was DKK 2,228 million compared to DKK 2,518 million in 2008. Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) was DKK 441 million while net profit was DKK 201 million with 80% earned in the second half of the year.

As of 31 December 2009, the solvency ratio was 19%. The Bank’s Internal Capital Adequacy Assessment (ICAAP) process showed a minimum capital requirement of 8%.

The founders and CEOs of Saxo Bank, Kim Fournais and Lars Seier Christensen, said in a joint statement:

“Saxo Bank is a trading, investment and savings specialist not engaged in traditional lending activities and not dependant on traditional loan financing business. That has worked to our advantage in what was a very difficult year for everyone. Saxo Bank’s business model has shown some resilience to the financial crisis and we are satisfied with the results.

“2009 was a year of geographical expansion and establishing new business areas. We opened five new offices and our Asset Management business grew significantly. The new Saxo Equity Platform, which was launched in March 2010, sets the stage for a year, which will be characterised by new products and platform developments. Even though such investments have no or limited impact on income in the short run, we believe it is the right time to take advantage of the many opportunities available to take the Bank to the next level.”

The value of clients’ collateral deposits related to the trading business increased more than 70% to DKK 15 billion as of 31 December 2009. On 1 April 2010 it was more than DKK 17 billion.

In 2009, Saxo Asset Management was launched to cater for the top segment of High-Net-Worth Investors. The new business area is the combined concept of three asset management businesses acquired in 2009. The asset management activities of the Bank now include expertise within Danish bonds, Nordic Stocks, high-yield and emerging market bonds. The acquired companies, Sirius, Capital Four and the 51% stake in Global Evolution, grew assets under management organically from approximately DKK 10 DKK billion at the time of acquisition to more than DKK 20 billion as of 31 December 2009. On 1 April 2010 it had grown another 25% to DKK 25 billion.

Saxo Bank is a Forex, CFDs and Futures trading specialist and has no engagement in traditional lending activities. However, in response to the instability and lack of confidence in the financial markets, Saxo Bank chose to join the Danish state’s Guarantee Scheme (Private Contingency Association). On 24 March 2010, a majority in the Danish Parliament agreed on a new guarantee scheme, which would bring deposit guarantees into line with European Union rules. The new guarantee scheme is set to take effect from 1 October 2010. All Danish banks are covered by the scheme.

Via EPR Network
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Solicitors Seeing Rise In Fraudulent Personal Injury Claims

LV= has issued new research revealing that the legal profession has seen a dramatic increase in the number of people attempting to claim compensation from exaggerated or invented injuries.

Solicitors Seeing Rise In Fraudulent Personal Injury Claims

The research reveals that over half of all solicitors (57%) have noticed an increase in the number of prospective clients faking their injuries in order to make a claim in the past ten years.

Among solicitors who have encountered suspect personal injury claims, over half (52%) say the claims are most likely to involve a car accident, with whiplash the most frequently exaggerated injury (46% of all exaggerated claims). Post-traumatic stress was the next most commonly ‘made-up’ injury (21%) followed by strained muscles (10%).

The vast majority of solicitors (89%) feel that the ‘blame culture’ associated with personal injury claims has been exacerbated by the introduction of the ‘no win no fee’ arrangement, also known as the ‘Conditional Fee Agreements’ system.

The LV= research found that over six in ten legal professionals (63%) believe that TV advertising of these kinds of services is one of the key reasons for the increase in people reporting false personal injury claims. The other reasons cited were people thinking it’s an easy way to make money (70%), an increased awareness of the availability of compensation (62%), and the need to hold someone else responsible (49%) if they had been in an accident.

The legal profession is cracking down on cheats as a result of the findings, with the vast majority of solicitors refusing to take on claims, or strongly discouraging claimants if the facts don’t add up.

Commenting on the findings, Asim Butt, a partner from Keoghs LLP, a law firm specialising in the investigation and handling of suspected fraudulent personal injury claims on behalf of insurance companies, said: “The research by LV= supports the experience within our fraud unit that some types of car insurance fraud are now reaching epidemic proportions. Our legal system is intended to ensure that fair compensation is provided to those who genuinely suffer injury or loss as a result of an accident. It is not there to be hijacked by those who wish to abuse the system by pursuing false, bogus or exaggerated claims. Insurance fraud is not a faceless crime; it is an indirect tax on the public, levied by dishonest people and is an unacceptable feature of today’s society that needs to be addressed.”

Martin Milliner, LV= technical claims director, said: “Genuine cases of personal injury where another person or company is at fault are certainly causes for compensation. However, drivers who invent or exaggerate their injuries to make a claim not only break the law but also push up the cost of car insurance premiums for all motorists. We encourage all solicitors to continue to apply rigorous questioning to anyone claiming a personal injury, and to investigate very carefully any concerns they have about the reliability of a claimant’s story.”

Via EPR Network
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The Government’s Ambitious Reforms For Social Care Could Prove Just The Tonic For A Healthier NHS

Announcing his ideas earlier this week, Prime Minister Gordon Brown outlined ambitious plans to reform Britain’s social care with the creation of an NHS-style national care service.

The Government's Ambitious Reforms For Social Care Could Prove Just The Tonic For A Healthier NHS

The reform, which will be set into three stages, will begin with a “radical overhaul” of care in the home that will provide support and services to encourage elderly people to live independently for longer in their own homes.

With lengthy waiting lists topping healthcare concerns for many UK residents, it is hoped that the social care reform will help alleviate future strain on the NHS where increased life expectancy of the ‘baby-boomer’ generation could lead to demand outstripping supply.

A representative for www.quoteboffin.co.uk praised the Government’s attempts to future proof the NHS even though the effects of any social care reform could take years to become apparent:

“The Government are right to have acted on current trends that suggest the NHS could face huge challenges in the future. Budget cuts, a growing population and increased life expectancy all add to an already strained NHS so providing improved support means elderly people are less likely to end up in hospital when they could be living independently or in a care home.

“It’s worth remembering though that the effects of any care reform will take years to filter through. If UK citizens are looking to avoid waiting lists and want guaranteed access to prompt treatment they are still better off going private until the benefits of any reform come to fruition.”

The reform has not gone without criticism however as a number of charities and care groups claim the Government’s aspirations – such as free residential care for anyone who has been in care for more than two years – cannot be backed up by solid and sustained local funding.

QuoteBoffin went on to further explain the concerns of those opposed to the reform:

“The social care white paper has met criticism from a number of charities and groups whose job it is to look after vulnerable people – such as disabled adults – who feel their needs have been ignored in favour of looking after the elderly.

Via EPR Network
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Research Shows A Quarter Of IFAs Are Predicting Wide Spread Stock Market Fluctuations And Expect A W-Shaped Recovery In 2010

Prudential research shows a quarter of IFAs are predicting wide spread stock market fluctuations and expect a W-shaped recovery in 2010.

Research Shows A Quarter Of IFAs Are Predicting Wide Spread Stock Market Fluctuations And Expect A W-Shaped Recovery In 2010

The study revealed that 25% of IFAs expect wide fluctuations in stock market prices, with a further 24% expecting equity prices to stagnate, hovering between 5,000-5,500 points throughout this year.

While the majority of IFAs seem pessimistic about strong stock market growth, around 22% believe the FTSE index of leading shares will rise to between 6,000-7,000 points by the end of 2010. Just 4% of IFAs expect to see equity values fall in 2010.

The findings highlight ongoing caution regarding the UK’s economic recovery, with official figures released in January showing 0.1% GDP growth in Q4.

IFAs questioned for Prudential expect the impact of the recession, now regarded as the worse since World War II, to continue for some time, with 71% believing it will have a long term impact on how clients look to invest.

Andy Brown, Director of Investment Funds, Prudential said: “Clearly IFAs are cautious about the growth prospects for the stock market in 2010 and expect to see fluctuations in share prices for most of the year. However, it is encouraging to note that just 4% anticipate stock market prices to fall and, for investors, it is worth setting this against the background of very low returns on cash based savings accounts and the speed at which cash savings are being eroded by rising inflation.

“In the current environment it is more important than ever to actively manage investments and aim for savings to be placed in better performing funds and that the balance between cash and equity based savings and bonds is weighted to suit investors’ short and long term financial needs, aspirations and risk profile.

“While it is widely thought that stock markets will continue to fluctuate for the foreseeable future, there will be good opportunities and utilising a good fund manager and gaining financial advice is key if investors want to have the best chance of successfully riding a slowly rising market.”

Prudential recently launched five new actively-managed risk-rated multi-asset funds designed to help advisers focus on client management through an extension of its partnership with independent investment specialist Old Broad Street Research (OBSR).

The partnership gives advisers access to the asset allocation expertise of Prudential’s Portfolio Management Group* (PMG), which currently manages over £100 billion of capital, and the fund selection and recommendation experience of OBSR, in one place.

The funds are actively risk managed in line with their portfolio investment objectives and may help reduce the risk of potential TCF issues through running static portfolios.

The five portfolios – Defensive; Cautious; Cautious Growth; Balanced; and Adventurous – are available on a range of Prudential personal pension products, income drawdown, onshore and offshore savings and bonds.

Via EPR Network
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Quoteboffin.co.uk – Calls For Binge Drinkers To Think About The Bigger Picture As NHS Staff Call In Police Protection

Money saving website – www.quoteboffin.co.uk – is asking weekend party goers to consider the repercussions of excessive drinking after it emerged that the NHS spends tens of thousands of pounds a year on police protection for A&E staff.

Police officers are being drafted in up and down the country in a bid to protect the welfare of doctors and nurses treating patients on Friday and Saturday nights.

Branded a ‘war zone’ in a BBC report, the culture of drinking to excess has seen a sharp rise in the number of NHS workers being threatened verbally and physically by drunken patients in A&E wards.

A spokesperson for Quoteboffin.co.uk urged weekend revellers to show greater respect for the NHS by considering the repercussions of their binge drinking:

“No one deserves to work in an environment where physical and verbal abuse is a reality. NHS staff in particular are there to help but their jobs are made increasingly difficult when faced with aggressive situations.

“Party goers need to remember that alcohol is not an excuse for violence towards anyone; let alone someone who is trying to treat patients who are in potentially critical situations.”

Glasgow’s Royal Infirmary and Western General in particular boasts the most advanced violence and aggression policy in Scotland; the two hospitals currently spend £60,000 a year on police support, CCTV and direct lines to police stations.

Other hospitals in areas like Bristol have felt the need to introduce a police presence throughout the rest of the week in a bid to tackle drunken antisocial behaviour.

Health workers are calling on the government and police to impose stricter penalties on people who attack or threaten medical staff.

QuoteBoffin.co.uk went on to highlight the financial pressures of binge drinking on the NHS and beyond:

“Binge drinking and alcoholism is a costly business with taxpayers collectively forking out over £1.5 bn annually while the short and long term consequences of heavy drinking can substantially push up an individual’s health or life insurance premium.

Via EPR Network
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UK Savers Losing Billions Of Pounds In ISA Accounts Each Year

As billions of pounds of British savers money is being lost in ISA accounts, the government’s consumer watchdog Consumer Focus is due to launch an official complaint on the matter. The move which could potentially ‘shake up the ISA industry’ is a long time coming suggests Matt Spencer, founder of UK based personal finance blog Moneystand.co.uk.

Consumer Focus have highlighted numerous ‘unfair obstacles’ financial providers have put in place for savers to transfer their accounts to other banks, which pay higher interest rates.

The cash ISA market is currently worth around £158 billion, as savers flocked to the tax free service introduced in 1999. Upon its launch rates averaged a healthy 6.32 %, however this figure has plummeted to 0.42 %, a figure that is below the Bank of England base rate.

Mike O’Connor, chief executive of Consumer Focus suggests that a slow ISA transfer process and bureaucracy from the banks has caused many of these problems. He suggests that only 12 % of people have moved their ISAs to a more preferable savings rate, which is costing UK savers millions per year in lost revenue.

As a large consumer group, Consumer Focus can launch a ‘super-complaint’ to the Office of Fair Trading (OFT). This would force the OFT to give an official response within 90 days to the matter and a decision over what action it would take towards the issue.

Common issues that arose include the length of time it takes for transfers to occur when sending funds and information from one bank to another. Official government guidelines recommend a limit of four weeks for this process. Findings from Consumer focus show that a third of people switching their ISAs waiting more than five weeks for funds to clear into the new account.

Customers should be wary when looking for a new ISA provider however warns Matt Spencer, suggesting:

“Banks are offering introductory rates with high interest levels to entice new customers to open new ISA accounts. These short term bonuses often hide very poor interest rates once the honeymoon period is over.

It’s time for savers to get the rates they deserve, so be sure to make your money is working as hard as possible for you. This might mean that you need to change your current ISA provider, despite the long transfer times between banks.”

Personal finance blog MoneyStand provides unbiased personal finance, IVA help and debt related information. Founded in 2008, MoneyStand was created in response to the worsening financial situation of individuals in the UK and across the world. For more information on personal finance, visit www.moneystand.co.uk.

Via EPR Network
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Protection Specialist LV= Has Published Its 2009 Protection Claims Record

Protection specialist LV= has published its 2009 protection claims record, which shows that 90% of claims were paid across both income protection and critical illness policies during the year.

LV= paid out nearly £40m to its protection policyholders last year, including £11.9m in income protection claims, and more than £7.9m in critical illness claims. Over the years, LV= has maintained a consistent track record of paying protection claims with a steady upward trend in the percentage of claims accepted.

Mark Jones, LV= Head of Protection, said: “Our consistently high and improving claims payment rate illustrates our firm commitment to support customers in their time of need, and to limit the risk of customer confusion at the point of applying for a policy. This success is in part down to investment in our tele-interviewing capability, exploring the reasons for non-disclosure rejections and putting measures in place to reduce them, and in intelligent underwriting.

“When people make a claim on a protection policy, it is often at an extremely difficult moment in their life. As such it is absolutely vital that we are a provider that can be trusted, not just to pay claims, but also to treat claimants in a human and professional manner.

“Our transparency in publishing protection claims statistics reflects our policy of openness. We want to make sure that advisers and consumers alike are fully aware of why claims can be rejected, so that we can all play a part in keeping rejections at a minimum.”

2009 protection claims data from LV= reveals that:
– The top four causes of income protection claims over the last 12 months were mental disorders (29%), musculoskeletal disorders (20%), circulatory system disorders (11%) and cancers (11%).
– The average age of a female income protection claimant was 44 years, with male claimants two years older on average at 46 years.
– The average income protection claim paid out for a period of eight years.
– Cancer claims accounted for six out of ten critical illness claims (61%), rising from 57% in 2008.
– The average critical illness claims payment in 2009 was £72,500, up from £63,820 in 2008.

LV= has produced separate guides detailing its income protection and critical illness claims performance for 2009. These guides are designed for financial advisers to use with their clients to help them understand why it is important to disclose full information when they apply for a policy. The guides also demonstrate the ‘more than just a cheque’ benefits from LV=, which include the Extra Care claim support service.

Via EPR Network
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Shopping Around More Important Than Ever As Housing Market Remains Fragile

House buyers must shop around if they want to secure the best mortgage deals in the current climate, according to a firm of UK mortgage experts. This is especially important for those who are looking for first time buyer mortgages.

Whole of market broker The Mortgage Point has stressed the need to check out finance deals from as many lenders as possible following the release of February’s figures from the Council of Mortgage Lenders (CML).

Gross mortgage lending in February grew to an estimated £9.2 billion, up from £8.7 billion in January. Analysts said an increase during the shortest month of the year was unusual, and the return of stamp duty at the start of the year on properties costing under £175,000 is likely to have distorted figures.

In their February report, the CML said while consumer confidence is expected to continue growing, the funding markets remain difficult, something which is due to impact on the supply of finance available in the coming months. And while last month saw an increase in lending, it was down 6 per cent on February 2009’s figure of £9.7 billion.

Stuart Codling, CEO of Salford-based The Mortgage Point, said “it is more important than ever for first-time buyers and homeowners looking to re-mortgage to shop around for the best deals.”

He said: “Confidence within the market is continuing to grow as the economic situation improves and we are seeing increasing numbers of people contacting us for mortgage advice and to arrange finance for properties. However, it remains imperative that people don’t limit themselves when it comes to choosing a new mortgage product.

“There are good deals to be had whether you’re looking for a fixed rate, capped rate or tracker mortgage. The important thing is understanding which product is most suited to your particular situation and then making sure you search a wide variety of lenders in order to secure the best option.”

Via EPR Network
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Knowledge To Action Stock Market Seminars Supply International Demand

Knowledge to Action, Europe’s largest trader coaching company, is expanding to offer its forex trading seminars in Singapore, Australia and New Zealand. This follows greatly increased demand for these events, at which attendees gain valuable insights into becoming successful private traders on the foreign exchange markets.

Knowledge To Action Stock Market Seminars Supply International Demand

Knowledge to Action originally started running stock market training in 2004 and launched its forex training courses in 2008. Knowledge to Action previously only held seminars in the UK, which houses its Trader Centre of Excellence and one of London’s most successful private trading floors.

After speaking to sell out Australian audiences in 2009, Knowledge to Action is officially launching an office in Australia this month. This offers more opportunities for private individuals to benefit from Knowledge to Action’s strategies and systems for gaining financial independence through stock market and forex trading. People living in Australasia can now benefit from these training events.

The company was set up by Greg Secker, who spent years working across foreign exchange trading floors in Europe and the US. He set up Knowledge to Action in 2003 in his home and soon expanded, offering stock market courses from 2004. The company has grown and developed explosively in the period since then, so that it is now the number one trader coaching company in Europe, and is on track to expand into the United States in the second half of 2010.

This growth over a period of just a few years is testimony to the effectiveness of Knowledge to Action’s award-winning forex training and stock market training courses, which are run from its London Headquarters. The success of this training was recognised recently by the company winning a place as a regional finalist in the 2009 National Business Awards.

About Knowledge to Action
Knowledge to Action, founded by Greg Secker, is the home of the award-winning Traders University® programme, and Europe’s number one trader coaching company.  Its stock market course has launched many private traders on the path to financial independence since 2004.

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New Online Inheritance Tax Planner

Principle First has announced the online launch of its unique Inheritance Tax Planner facility. Developed in close consultation with clients, the unique new online tool enables users to calculate their own personal liability for inheritance tax.

Levied at 40%, Inheritance Tax (IHT) is one of the most important taxes to HMRC (The Revenue Commissioners), and swells the taxman’s coffers by billions of pounds every year. The good news though, for many inheritors, is that a good financial adviser can radically cut a person’s IHT liability, in just a few simple steps.

The new Principle First online Inheritance Tax Planner alerts clients to their current Inheritance Tax liability and when used alongside Principle First’s financial planning advice it could enable them to vastly reduce or completely eliminate their exposure to what has been called ‘the most avoidable tax of all’.

The Principle First Inheritance Tax Calculator is an important tool as it helps with the crucial first step in avoiding this most expensive of taxes which is simply knowing how much could be owed.

IHT can apply to parts of a person’s wealth when they pass funds and assets on to their children. It is a relatively simple calculation based on the total assets in their ‘estate’, less debts and liabilities. Despite this, many people fail to take a few minutes to work out their IHT liability, and then take advice on how to reduce it.

The current tax-free allowance, or ‘nil rate band’ for IHT in 2010-11 is £325,000 (£650,000 for a married couple or civil partnership). This amount however covers a wide range of assets which are included as part of an estate. Calculations need to include the value of properties, cars, valuables, savings, investments, and insurances – less the value of any outstanding mortgage, loans and other debts.

By entering these values into the inheritance Tax Planner, in response to a series of simple questions, the user can calculate the value of their estate, and deduct their allowance to show how much of their wealth will be liable to Inheritance Tax. The calculator will then show how much of that they would have to pay in Inheritance Tax at this moment.

Principle First believes the new online tool will prove to be a simple but valuable asset for its clients which could easily help them save thousands of pounds which they would otherwise lose to HMRC.

Via EPR Network
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Consumers Need To Exercise Better Online Privacy In A Bid To Protect Insurance Premiums

Policy holders could face price hikes on their insurance premiums or even have claims rejected as the rise and rise of social networking sees more people advertise their whereabouts and holiday plans on the internet.

Insurance provider Legal & General recently highlighted the need for consumers to think twice before broadcasting their vacation plans as thieves could easily scour social networking sites for potential targets and empty homes.

The continued expansion of Google’s Street View program also means burglars have increasingly thorough access to technology that could help them locate vulnerable properties.

QuoteBoffin echoed the call for consumers to exercise better online privacy:

“Social networking sites such as Facebook are a great way to let friends know what you’re up to but people have to remember that some pages can easily accessed by strangers.

“This means absolutely anybody could find out when and for how long you’re property will be vacant which is very dangerous.”

Policy holders are reminded not to give out personal information online, especially updates regarding their plans to leave the country or their home for long periods of time.

Twitter users were recently put in the spotlight after the website www.pleaserobme.com provided real-time updates of empty homes belonging to people using Foursquare to update their exact location.

The creators of pleaserobme.com were slammed for creating a tool for burglars despite claiming they were highlighting people’s willingness to broadcast sensitive information such as postcodes.

Although insurance providers have yet to absorb the risk from social networking into policy premiums, it is up to consumers to protect their possessions by implementing common sense.

QuoteBoffin.co.uk said: “The insurance industry is definitely concerned about the impact social networking could have on our possessions as well as our personal safety.

“Although insurance is there as a safety net during worst case scenario moments, consumers can do their bit to protect their premiums by refraining from broadcasting sensitive information in public forums that could then lead to a claim being made.”

Via EPR Network
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Prudential Reveals Recession Delaying Retirement For Nearly 3 Million UK Adults

Prudential research* shows that nearly 3 million UK adults aged over 45** have delayed their plans to retire because of the recession or a personal financial emergency, or because they want to keep working to build a bigger pension pot.

Prudential’s survey shows 9% – more than 1.6 million people – have put their retirement plans on hold because of financial emergencies and the effects of the recession while 7% (nearly 1.3 million people) are giving up retirement plans in favour of working in an effort to boost pensions so they can retire at a later date.

More than 710,000 people – 24% who have delayed plans to retire – fear they will now never be able to afford to retire completely because the economic slowdown or their financial emergency has had such a devastating effect on their retirement savings, Prudential’s nationwide Class of 2010 study shows.

The recession has also forced 17% to delay retirement for at least five years, while a further 51% believe they will have to wait between 12 months and five years before they can stop working.

Prudential believes these figures should be considered a warning to people who are still in a position to save for their retirement and urges people to save as much as they can for their retirement and to put money aside to fall back on in the event of a financial emergency.

Martyn Bogira, Defined Contribution Solutions Director, said: “It is imperative for people to realise what’s at stake before they come to retire.

Via EPR Network
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British Banks Continue To Put Pressure On Customer Finances

According to recent data released by the Financial Ombudsman Service (FOS), banks are rejecting thousands of requests every month from customers looking for help with their finances.

The Financial Ombudsman Service, which is an independently run service that deals with complaints from consumers and businesses in the financial industry, revealed that 13,053 cases were brought to its attention from consumers looking for more leniency from their banks. Debt management and IVA company Debt Free Direct expect to see this number of complaints increase in 2010 as thousands of individuals sought debt advice with the company in Q1 of 2010.

Derek Oakley, Insolvency Director at Debt Free Direct comments:

“We are continuing to see an increase in debt help enquiries from individuals worried about their finances. For many of these people, overdraft charges are adding to their already stretched budgets. We would always recommend that individuals seek professional debt advice if they find themselves struggling to pay their bills each month.”

Compared with just 2,800 similar complaints to the FOS in 2008, the 360 per cent increase in complaints may indicate the UK banking organisations are responding poorly to their customers needs during the economic downturn. In particular customers concerns include individuals in debt who are being charged fees on their overdraft facilities or insurance policy holders who have not been paid out on their claims.

Although traditional legal routes for reclaiming money lost through overdraft charges have now ended, there are still ways in which individuals can claim this money back if they are in financial difficulties. With charges of up to £35 every time the overdraft limit is exceeded, such fees could be contributing to furthering levels of personal debt for many customers in the UK.

According to the Ombudsman service, many banks will ignore individual’s pleas of hardship and refuse to suspend overdraft charges, renegotiate overdraft limits or restructure outstanding debts, despite this going against the industry lending code for personal banking. In the case of most complaints put forward to the Obmundsman, the customer will have already been refused a refund by their bank on any outstanding overdraft charges.

Debt Free Direct recommends the best course of action for anyone with financial worries is to seek professional, confidential debt advice. Many individuals may feel ashamed of their financial difficulties, but seeking advice is one of the first steps to becoming debt free.

They state, “Our aim is to suggest an effective debt solution for every individual using our Best Advice Model (BAM). BAM quickly and accurately analyses the financial information for each person and recommends the most appropriate, least drastic solution for them.”

Debt Free Direct, the UK’s leading Insolvency practitioners receive thousands of insolvency inquiries each month for debt advice. The company, which was founded in 1997 specialise in providing impartial debt advice and guidance for individuals in financial hardship.

Via EPR Network
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Report: Early Retirement Threatened Due To Costly Kids

The Children’s Mutual, a leading Child Trust Fund provider, has revealed that millions of parents in Britain are being forced to postpone their retirement to meet the rapidly rising financial burden of supporting their adult children.

Report: Early Retirement Threatened Due To Costly Kids

Research from the award winning Child Trust Fund provider has found 57% of parents of 18 to 30 year olds, say they have no choice but to retire later – with 43% expecting to work up to five years longer than they wanted because of the cost of their ‘adult’ children.

The news is worse for 9.3% of parents who believe they will now be forced to work over a decade longer with some abandoning the dream of retiring altogether.

Initially, 75% of parents planned to retire before they reached 65; now 40% have accepted the fact that they will not retire before the ‘official’ retirement age.

These stark figures show that 79% of parents claim their ability to save for their retirement has been impacted by the unplanned financial support being needed by their offspring – with a third of those (32%) suggesting it has been significant.

David White, Chief Executive at The Children’s Mutual said; “Worryingly, the number of parents getting caught in this middle age parent trap will almost certainly continue to rise – however parents of today’s youngsters can start to plan financially from the outset of having children and in so doing extricate themselves from this cycle.

“It’s clear that the concept of a retirement age will become increasingly fluid and for some it might even become totally irrelevant. It is imperative that we empower parents of today’s youngsters to ensure that their retirement dreams and the hopes for their offspring are not compromised. Investing in Child Trust Funds or other long term savings vehicle from the outset is one way to help ensure that the keel remains even.”

Child Trust Funds are designed to provide a tax efficient, long term savings vehicle for all eligible children. Each eligible newborn child (born on or after 1 September 2002) receives a £250 Child Trust Fund voucher (£500 for low income families) from the government when their parents register for Child Benefit. The government will make a second contribution of £250 (£500 for low income families) when the child reaches seven and is considering a third in the child’s teenage years. Parents, family and friends can all then add to this account up to a maximum value of £1,200 each year.

Via EPR Network
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Saxo Bank Launches Property Investment Products

Saxo Bank, the online trading and investment specialist, will now offer property investment products for both private clients and institutional investors through a new company, Saxo Properties.

Saxo Bank Launches Property Investment Products

The newly formed investment firm Saxo Properties, fully owned by Saxo Bank, will launch closed-ended funds for both high net worth clients and institutional investors. Two of the Danish real estate industry’s most well-known individuals, Jesper Damborg and Claus Klostermann, will respectively become CEO and managing director of investments at Saxo Properties.

“Initially, Saxo Properties will focus on handpicked Copenhagen residential, office and retail properties. The first fund will close within the next three months, but we intend to establish a number of funds with a significant ownership capital of at least DKK 250 million,” said Jesper Damborg.

Saxo Bank’s business model is often described as a facilitator model where the bank through its trading platforms offers liquidity, products and services to clients as obtained from other financial institutions. Saxo Properties will use the same model. Saxo Bank has hired Flemming Schandorff, the former COO of ISS, one of the world’s largest commercial providers of facility services, to a similar position at Saxo Properties to facilitate administration of the estates.

“First and foremost, Saxo Properties will prioritize achieving attractive market returns, but we will also focus on how to capitalize on tight cost control and good management, such as rebuilding, mixed lease and general maintenance,” said Jesper Damborg.

Saxo Bank’s CEOs and founders, Kim Fournais and Lars Seier Christensen, said in a joint statement: “Saxo Bank holds asset under management of DKK 40 billion, and our focus on asset management has proved a great success. Many clients have asked for property investment products and there is also a clear synergy between Saxo Asset Management and Saxo Properties, which we can now utilize. Many properties are traded at a low price especially in Copenhagen, so the timing is right to expand our asset management to include property investment products.”

Last year, Saxo Bank bought Sirius Asset Management, Capital Four and 51 percent of Global Evolution. The three companies now form Saxo Asset Management, which has management expertise for Danish bonds, Danish equities, corporate bonds and emerging market bonds.

Via EPR Network
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