Category Archives: Financial Information

Financial Information

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

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.

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Prudential Has Further Developed Its Annuity Range This Spring With The Launch Of A Reinvigorated Flexible Lifetime Annuity

The launch comes at a time when falling corporate bond rates are putting downward pressure on conventional annuity rates and people in retirement are increasingly looking beyond traditional choices when considering their retirement income options.

Prudential Has Further Developed Its Annuity Range This Spring With The Launch Of A Reinvigorated Flexible Lifetime Annuity

The new Flexible Lifetime Annuity launches with a £35,000 minimum purchase price (after tax-free cash) – down f r o m £75,000 – and no maximum limit, making it more accessible to more customers.

The fund range is also improved and now comes complete with a range of 50 funds, 32 of which are new.

The increased number of funds will mean a wider investment choice for people who select the Flexible Lifetime Annuity in their retirement. It will include funds f r o m the leading investment houses including Artemis, AXA, BlackRock, Gartmore, and JP Morgan among others, while retaining the current range which includes funds f r o m Invesco, M&G, Newton and Prudential.

The rationale behind increasing the number of funds is to provide greater variety and flexibility within the four investment strategies offered by the Flexible Lifetime Annuity product.

Flexible Lifetime Annuity customers can choose f r o m one of four investment strategies – cautious, standard, adventurous and the self-managed investment strategy – which reflect the level of risk for each strategy, rather than the funds within the portfolio.

By increasing number of funds within the Flexible Lifetime Annuity customers will have an opportunity for greater exposure to a complete range of risk graded funds, each designed to suit both current and future appetite to risk, and with the built-in option to switch funds throughout the lifetime of their Flexible Lifetime Annuity.

Vince Smith-Hughes, Prudential’s head of business development for retirement income, said: “We are seeing a shift in the options that people are prepared to consider when selecting an annuity. Greater choice, flexibility and investment diversity are becoming increasingly important to our customer base as it becomes more sophisticated.

“A new lower minimum investment amount and a revamped fund range has increased the choice available to customers and is part of our strategy to offer the widest range of annuities in the UK.”

Via EPR Network
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Agricote And Saxo Banque France Partner

Saxo Banque France, the online investment and trading specialist, has announced an exclusive partnership with Agricote, the agricultural broker, allowing farmers to manage their selling prices and negotiate agricultural or commodity futures and CFDS online using the award winning SaxoTrader platform.

The partnership with Agricote reflects the evolution of the agricultural industry, and the reality that a new generation of farmers want to control their production and sales, using futures to hedge their output and manage risk. Using SaxoTrader, the partnership enables both producers and buyers to manage market volatility and trade agricultural futures and CFDs online 24 hours a day, with access to 23 stock exchanges.

Commenting on the partnership, Pierre de Perthuis, co-founding partner of Agricote, said: “Our partnership with Saxo Banque will enable farmers to move forward and manage their own production and sales. Farmers no longer want to suffer from the pressures imposed by a volatile market, and seeing farmers taking positions on an online future trading platform is an innovative step forward for the industry. We are very proud to support these pioneers. Farmers are now able to control their destiny”.

Pierre-Antoine Dusoulier, CEO of Saxo Banque France added: “We are pleased to partner with Agricote and acknowledge that the agricultural industry is changing and needs strong support. Agricote was looking for a trusted partner and we met its requirements: Saxo Banque is a perennial French Bank and we have a highly efficient online trading platform and services for fast deployment.”

Main characteristics of the partnership:
– Privileged access to International Futures Markets
– Ability to adopt and implement own marketing strategy
– An appropriate account with user profile
– Trading account access via PC, website or cell phone
– Personalized assistance by Agricote
– A free demo account for 20 days

Farmers will be able to access their online trading platform via a dedicated page on the Agricote website.

Via EPR Network
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2009 SABEW Award For Mutualfundreform.com

The blog, www.mutualfundreform.com, has won the top award from the Society of American Business Editors and Writers (SABEW) in the best small blog category. The winning award was made as part of the 15th annual Best in Business Journalism competition, recognizing top publications,Web sites and the best business news reporting during 2009.

The blog,  mutualfundreform.com, won the award primarily for its original 7,000-word investigative series into how little-understood mutual fund fees, revenue sharing deals, high commissions paid to wholesalers and different share classes all benefit mutual fund salespeople and executives more than individual shareholders.

2009 SABEW Award For Mutualfundreform.com

The series, written by the site’s creator, Chuck Epstein, shows how these payments create conflicts of interest between shareholders and investment professionals which make it difficult for individual investors to obtain objective financial advice.

Other issues covered on the blog deal with the failure of SEC regulators, and the need for financial professionals to adopt the same fiduciary standards used by institutional investors and pension fund executives.

The site maintains that the need for mutual fund reform is essential since the load mutual fund industry currently has practices in place which essentially work against their own shareholders.

The creator of www.mutualfundreform.com is Chuck Epstein. He has been a senior writer for two large mutual fund companies and also won first place awards from the Mutual Fund Education Association (MFEA) in 2006, 2007, 2008 for writing and editing the best adviser and/or shareholder newsletters in the large-fund class category.

He also has held senior-level marketing positions with the New York Futures Exchange, Chicago Mercantile Exchange, and written by-lined articles for over 50 financial publications.

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Moneystand.co.uk: Take Advantage Of Saving Strategies

Savers must look for smart new ways to make the most out of their accumulated wealth in the midst of continual drops in saving rates. With easy access and notice accounts both dropping their rates in recent months, savers must act swiftly to ensure they make the most out of any savings they may have remaining.

For those relying upon savings accounts to support their income the consistently low rates of the past 12 months will have been particularly difficult to stomach. Moneystand.co.uk founder Matt Spencer suggests that there are ways around this reality for individuals willing to put in the extra effort to ensure they actually see a real return on their savings.

“Savvy consumers who assess how separate bank details can be played off one another are likely to see the best return on their savings. In these tough economic times, it is always important to make your money work as hard as possible.”

Some savings accounts, such as the Santander offer will reward you for making regular monthly payments in to their account; paying 6% as long as at least £1000 is deposited per month. Other banks, such as the Halifax are offering £5 per month payouts as long as a minimum £1000 monthly deposit is made.

Clearly logic implies that multiple accounts across banks will ensure maximum return and with both of these banks accepting direct transfer from other banks this technique is completely plausible. Many customers are already making use of this process to ensure that they acquire the saving rates they need to ensure they see a real return after tax and inflation are taken into account.

Moneystand suggests consumers must be wary not to fall into the overdraft facility if they do decide to take this approach. Multiple current accounts, all of which have had their overdraft facility used will reflect very negatively upon an individual’s credit rating and must be avoided at all costs. Proper planning must go in to making this decision to ensure that all accounts are clearing whilst still in the positive.

For the latest financial news and advice on individual voluntary arrangement, debt and insolvency issues visit our personal finance blog, http://www.moneystand.co.uk.

Via EPR Network
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A New Government-Run Service Is Set To Provide Impartial Financial Advice For Millions Of UK Citizen

A new Government-run service is set to provide impartial financial advice for millions of UK citizens looking for help with money matters.

A New Government-Run Service Is Set To Provide Impartial Financial Advice For Millions Of UK Citizen

The service – called Moneymadeclear – was launched by Chancellor of the Exchequer Alistair Darling and will provide free consumer advice from independent financial experts.

Moneymadeclear gives people the chance to pick up the phone, talk face-to-face or get information online with regard to money worries, financial planning and information on consumer rights.

The service also gives advice to consumers who think they may have been mis-sold a financial product and don’t know what action to take.

A service such as this is long overdue says life insurance comparison site QuoteBoffin.co.uk:

“Consumers have long deserved a service that is concise and impartial as Moneymadeclear, especially for people who have concerns over money but do not know who to turn to.

Moneymadeclear also supports the different ways in which people take in information as well as the resources consumers have available. For example, some people prefer to use the web to get information whilst others are more comfortable meeting an advisor face to face and so forth.”

The Government has trialled the service in the North East and North West since last April. The trial helped 500,000 people and is expected to assist a million people in the next year alone.

Chancellor Alistair Darling said:

“Moneymadeclear is free, impartial advice for all, whether you are unsure about the small print in a mortgage form; want advice opening a savings account for your children or grand-children or want some help dealing with repayments before they get out of hand.”

In a post recession economy the importance of financial support for concerned consumers will undoubtedly be welcomed by people looking to firm up their finances.

QuoteBoffin.co.uk went on to say “Although the UK has officially left the recession it’s going to take many years to see a full recovery. This means that continued job losses, mounting debt and high interest rates will put continued strain on consumers.

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LV=, Insurance, Pensions And Investments Group, Has Announced That It Is Opening New Offices In Huddersfield

This is in addition to LV=’s road rescue company, Britannia Rescue, which is already based in Huddersfield town centre, employing around 100 people. The new LV= offices will be in Folly Hall and are scheduled to open in July 2010. This will also become the new home to Britannia Rescue, which will be moving from its current offices in Station Buildings, where it has been based for over 20 years. Having celebrated its 25th year of operation in Huddersfield last year, Britannia Rescue has reached capacity at Station Buildings and needs to move to enable the business to expand further.

LV=, Insurance, Pensions And Investments Group, Has Announced That It Is Opening New Offices In Huddersfield

As well as the Britannia Rescue management team, LV= will open a new 24-hour call centre in Folly Hall to deal with both calls from LV= car insurance customers who have been involved in an accident, and Britannia Rescue breakdown calls. The 24-hour service will also be expanded to LV= home insurance customers during 2010 and the new office is set to become the company’s primary 24-hour call centre.

The new jobs there will be advertised later in the year and will include customer service advisor roles, team leader positions and management opportunities.

LV= is a leading mutual financial group with over 3.6 million members and customers. The company offers a wide range of financial products including insurance, pensions and investments.

The new LV= office at Folly Hall will have the capacity for around 175 people. It is located 10 minutes from the station in a Grade II listed building which has been renovated as part of the regeneration of Huddersfield’s Waterfront Quarter.

Simon Stevens, general manager of LV=’s Huddersfield operation, said: “We are delighted to be expanding in the town. Huddersfield has been a fantastic base for our Britannia Rescue business and with our positive experience here we are confident that Huddersfield will also be a great location for part of the LV= car insurance claimsoperation.

“We are committed to Huddersfield and to providing new jobs in the area. LV= is a fast-growing general insurer and when many other financial companies are making redundancies we are actually expanding. This means that not only is there the opportunity for local people to join us, but there are also great career prospects and the chance to move up in the company.”

Cllr Mehboob Khan, Leader of Kirklees Council, said: “It is excellent news that such a well known and respected company is investing in our area. We have a good relationship with LV= through their Britannia Rescue operation which has been based in the two for many years and we are delighted they have chosen to expand their operation in Huddersfield and create jobs for local people. Working with Kirklees businesses, from small traders to larger organisations, is one of the many ways in which the council continues to tackle the problems caused by the recession.”

Barry Sheerman, MP for Huddersfield, said: “The fact that LV= is expanding in Huddersfield is an excellent omen. Increasingly Huddersfield is being seen as an exceptional place to live and work, and in which to find talented and hardworking employees. The Folly Hall scheme adds to the innovative regeneration of our waterfront development and I hope that LV= and the town prosper together.”

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VocaLink Scales Charity Heights

VocaLink, the specialist provider of transaction services to banks, has launched a scheme to help raise money for Bonita Norris in her attempt to become the youngest British female to reach the summit of Mount Everest, in order to raise money for Global Angels.

VocaLink Scales Charity Heights

VocaLink, as the official sponsor of the challenge, is trying to raise funds for Bonita and the Global Angels charity through its network of almost 50,000 Mobile Phone Top-Up (MPTU) ATMs across the UK.

To raise the money, VocaLink has managed to get together some of the major UK banks* who have agreed to donate 5p to Global Angels every time someone tops-up a mobile phone** during March and April using a VocaLink ATM.

Bonita will be climbing Mount Everest to raise money for Global Angels, an international foundation which champions the causes of children around the world to help provide sustainable solutions. Every pound received from public donations goes directly to projects working at grass-roots level to empower children and their communities.

Bonita will be looking to climb Mount Everest’s towering 8,848 meters during May 2010 when conditions are at their best. To complete her climb, Bonita will be putting herself at risk from the dangers of frostbite, hypothermia, snow-blindness, alongside the many other perils associated with extreme altitude climbing.

The MPTU service is available through ATMs bearing the green top-up logo which include Barclays, Bank Machine, Cardpoint, Cashzone, Clydesdale Bank, Cooperative Bank, Coventry Building Society, First Trust Bank, Halifax, Hanco, HSBC, Infocash, Lloyds TSB, Nationwide Building Society, Nat West, Note Machine, Royal Bank of Scotland, Sainsbury’s Finance and Yorkshire Bank.

In addition to the Mobile Phone Top-Up service, Bonita is also auctioning 3 flags which will feature the highest bidders name or personal message. Bonita will take the flags up Mount Everest on her record breaking journey. The first flag auction will run from the 8th to the 14th March, the second flag 15th-21st and the third flag 22nd -28th.

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Ditch The Cigarettes On No Smoking Day To Save A Bundle On Your Life Insurance Premium

On Wednesday the 10th of March 2010, hundreds of thousands of people up and down the UK will stub out their final cigarette as they kick the habit and give up smoking for good. Smoking currently claims around 106,000 lives in the UK each year due to a plethora of smoking related diseases such as cancer, heart disease and emphysema.

Ditch The Cigarettes On No Smoking Day To Save A Bundle On Your Life Insurance Premium

Treatment for illnesses caused or aggravated by smoking costs the NHS £5 billion annually.

Life insurance comparison website – Quoteboffin.co.uk – are calling for smokers to embrace No Smoking Day as the perfect time to ditch their addiction.

A QuoteBoffin spokesperson said, “For years smoking has been recognised as something that’s bad for us although it would appear it takes more than just health risks to encourage some people to stop.

Last year No Smoking Day was the catalyst for 1 in 10 people kicking the habit; that’s the equivalent of 900,000 people who will now enjoy improved health and increased life expectancy through one simple lifestyle change.”

Aside from the health benefits, quitting smoking could also save individuals a bundle on their life and health insurance premium.

On average, life insurance premiums for smokers can be more than three times higher than non-smoker premiums; boasting a saving of thousands of pounds for those who are
willing to quit.

QuoteBoffin.co.uk point out the kind of extra expenditures smokers unwittingly make: “The cost of smoking doesn’t just stop at the cigarettes. Smokers depreciate the value of their cars and homes with the smell of cigarette smoke and damage caused by falling ash. Home owners can also expect to pay more for their home insurance since cigarettes cause house fires.

Life insurance provider Aviva recently conducted some research into insurance premiums for smokers. They found that a 25-year-old male smoker will pay £1,800 more over the course of 30 years for £125,000 of cover than his non-smoking counterpart. With smoking causing a massive strain on an individual’s physical and financial well being, the real test comes down to will power; something the No Smoking Day charity are there to help with.”

More information and support for smokers looking to quit can be found at:
http://www.nosmokingday.org.uk/index.htm

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VocaLink Take Home Pay Index Slumps To Lowest Level On Record

The VocaLink Take Home Pay Index for February has continued January’s downward spiral to hit an all-time low of 1.0%. The combination of the two recent consecutive falls has nearly halved the index during that period, taking it from 1.9% in December to 1.0% in February, signifying the Index’s lowest level since its inception in September 2004.

A slower than expected recovery in manufacturing production has contributed to the significant decrease in the VocaLink manufacturing index which also fell to its lowest level on record by tumbling from 1.1% in January to 0.4% in February. Services sector pay growth followed the downward trend with the index recording a drop of 0.3 percentage points to reach 1.3% in February. Though the reduction is relatively modest, a fall of this size is still significant given the index’s current low level.

The bleak news reflects the fragile state of the labour market which is showing few signs of recovery.

The latest official labour market statistics show that unemployment rose in January offsetting the falls seen in November and December. Specifically, the claimant count measure of unemployment increased by 23,500 in January from December which represents its biggest monthly increase since July 2009. The current doubts around economic recovery are exacerbated by the uncertainty caused by the impending general election with employers waiting to see what fiscal policies are put in place by the new government before making significant decisions regarding employment and compensation.

Marion King, chief executive officer at VocaLink, said: “The fact that the VocaLink Take Home Pay Index Report has reached the lowest level in its history reflects the gravity of the current economic situation. The Index has now fallen below the previous low of 1.1% reached in May of last year when we were still in the depths of the recession. This continued fall in wage growth rates combined with rising inflation means that household finances are still under great pressure. Either the recovery will have to strengthen significantly or it will take a long period of slow growth before upward pressure on wages begins to build and the spending power of households begins to recover.”

VocaLink processes more than 90% of UK salaries and the VocaLink Take Home Pay Index, established in 2004, provides the most timely and accurate disposable income data available in the UK. It is based on salary payments made to employees on a three-month moving average compared with the same continuation measure a year earlier. It is affected by changes in tax rates, National Insurance and other employer payments or deductions.

About VocaLink
VocaLink’s switching platform connects over 60,000 ATMs, the world’s busiest network, while the euro payments platform processes more than 500 million payments per month.

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Principle First To Offer Remote Financial Advice

Principle First now offers clients the ability to interact with an adviser online, as they are brought across to his screen to discuss their financial plan using a range of graphical tools, charts and graphs illustrating their proposed or current investments.

Principle First’s remote financial advice service has already been rolled out as a pilot project, and has passed the test with flying colours.

Gareth Flanagan, founder and managing director of Principle First, said: “Our clients have already given our remote advice service a very strong ‘thumbs up’.

“I think people love the idea of tending to their future and current financial planning from the comfort of their own home.”

A potential client can log onto the Principle First website to make an investments enquiry.

The Principle First remote advice service offers visual and graphical illustrations to complement discussions on mortgages, life insurance, tax planning and savings as well.

Gareth Flanagan added: “The real beauty of remote financial advice is its ability to cut through the resistance of many consumers to visit a financial adviser.

“It’s amazing to think that only 20% of consumers seek and accept free, no-obligation help with their financial plan and pensions. Many of those consult only banks and building societies who, due to their limited product range, place their funds in the worst-performing sectors.”

Principle First has found that this resistance is based on three erroneous beliefs, which undermine a customer’s self-confidence in approaching an adviser.

Consumers often believe that financial planning is only for the wealthy, and that they simply do not have enough wealth to justify the attentions of a professional financial adviser.

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Trading Floor Launch News Widget

Trading Floor, the website featuring commentary by Saxo Bank’s strategy team, is launching a news widget – a ‘mini web site’ – allowing the latest stories from Trading Floor to be placed on any website or blog by pasting a few lines of computer code.

Trading Floor Launch News Widget

The widget is the first of several FX Tools under development that will be launched during 2010. The tools will support Trading Floor’s aim of providing the best knowledge to online traders in Forex trading, equities, FX options and CFD trading. The code can be copied from tradingfloor.com/FX-Tools and links are provided to help on how to add the code to the two of the most widely used blogging platforms.

Trading Floor’s strategy team writes posts throughout the trading day, starting with the opening of European markets to the close of Asian.

Trading Floor offers a range of news and market analysis including the daily trading stance which highlights the important signs to watch for in economic indicators and key levels for the major currency crosses, FX options and commodities. This includes a calendar for important earnings announcements and macroeconomic events. Trading Floor also publishes a wide range of reports covering macroeconomic indicators, and trading suggestions for FX and equities which are all free to download. Trading Floor also offers two to three interviews a week covering FX, equities and commodities. Commodities are covered with Ole Hansen on Wednesday and the FX and equity update is broadcast on Friday. Extra interviews are posted for significant macroeconomic indicators or reports.

Commentary on Trading Floor is written by Chief Economist David Karsbøl, Equity Strategist Christian Tegllund Blaabjerg and Forex expert John Hardy. Futures and Fixed Income expertise is provided by Ole S. Hansen and Alan Plaugmann. Also commenting are Market Strategist Mads Koefoed and Research Analyst Robin Bagger-Sjöbäck.

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QuoteBoffin.co.uk Highlights Insurance As One Of The UK ‘s Few Remaining Essentials As Britain Climbs Out Of The Recession

It’s official, the recession that flaunted a stranglehold over the world’s economic superpowers during 2008/09 has finally loosened its grip.

QuoteBoffin.co.uk Highlights Insurance As One Of The UK 's Few Remaining Essentials As Britain Climbs Out Of The Recession

The end of the biggest recession in 70 years doesn’t mean a return to frivolous spending or reckless borrowing however as a continued slump in car sales and slow growth in house prices shows consumers have quickly come to re-evaluate what constitutes life’s ‘bare essentials’.

As the economic climate remains undeniably gloomy, it’s understandable that many consumers will continue to worry about the security of jobs, borrowings and their ability to pay off debts and other household bills.

In light of this, life insurance comparison site Quoteboffin.co.uk is calling for greater emphasis to be put on the importance of insurance with regard to peace of mind and preparing for the unforeseen especially at an already difficult time.

Quoteboffin.co.uk said it acknowledged the pressure consumers are under in light of escalating debts: “Household debt has been growing at a rate of 6.8% a year and with increased borrowing in the form of credit cards, mortgages and loans it’s understandable that many consumers are feeling considerable financial strain like never before.

From as little as £5 a month consumers can invest in affordable insurance packages like life cover and income protection from market leaders such as BUPA, Aviva and Standard Life. With the economy in a continued state of flux, a monthly premium of£5 is a small price to pay for greater peace of mind.”

On a brighter note, the recession can also harbour some positives for the consumer such as greater financial awareness, decreased impulse spending and a move towards taking out personal insurance cover rather than relying on packages that come part and parcel with employment.

QuoteBoffin.co.uk echoed this idea: “Unfortunately the reality of today’s economy means more and more job cuts are a likely to be forecast. People who have been made redundant or shifted role during a departmental reshuffle need to remember that their employment benefits may no longer include financial protection such as life or health insurance.

Consumers need to take control of their money and appreciate that during times of uncertainty increased financial protection such as insurance can easily become one of life’s most important bare essentials.”

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

Research: Britons Not Yet Planning For New ISA Limits

NS&I has revealed new research that shows people across Britain are not yet planning for the changes to ISA entitlements this year and risk missing out on tax-free returns. Just 15% of Britons surveyed say they understand the new limits, which enables individuals to save up to £10,200 per year tax-free.

Research: Britons Not Yet Planning For New ISA Limits

Research shows that a quarter (25%) of those surveyed incorrectly believe ISA allowances will remain the same in the new financial year while 24% are aware new changes are due, but are unsure what these will be. A further 10% think the ISA limit will be higher for over 50 year-olds only, which is no longer the case once the changes come into effect

It is not just the changes to the ISA entitlement that Britons are unsure of, but ISAs in general.16% of those who are aware of ISAs say the reason they haven’t invested in an ISA is because they find it confusing, while one in ten people (10%) admit that saving money in an ISA this year has never occurred to them.

John Prout, Sales Director at NS&I said: “The fact that all interest earned in an ISA remains tax-free means it’s a must-have product for people looking to maximise their hard earned savings. Understanding the allowances and reviewing the terms of the product is vital for savers. With less than two months to go until the end of the tax year, there is no time like the present for everyone to check their finances and plan to benefit from tax-free savings.”

Uncertainty about ISAs can result in people failing to take full advantage of their entitlement. Just 16% say they will definitely use their full tax-free ISA allowance and feel it is important to do so. 15% of the population say they will take up a proportion, but do not expect to use all of it.

35% of people aware of ISAs have been put off the account in general by the current low ISA interest rates on offer, while under a third (29%) of people say they are not planning to use their full ISA allowance because they can’t afford to. A similar number of people (31%) say the current climate and outlook for 2010 means they will look at other financial products, rather than ISAs. 29% say wider economic pressures have also led them to start diversifying their financial portfolio, perhaps a reason for not using the full entitlement.

Via EPR Network
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