Category Archives: Investment

Investment

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

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.

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

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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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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Debts, Financial, Financial Information, Investment, IVA, Loans, Money, Personal Finance, Profits

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

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

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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Assets, Business, Financial, Financial Information, Financial Law, Financial Management, Financial Services, Funds, Investment, Money, Personal Finance

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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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.

Via EPR Network
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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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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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The Children’s Mutual Reports Growth Of Parents Funding Their Adult Childre

The Children’s Mutual, a leading Child Trust Fund provider, has revealed that the cost of having adult children is hitting parents hard, with its new research showing they expect the cost of supporting an 18 to 30 year old to exceed £30,000. Their findings highlight the growth of a generation of Yuckies (Young Unwitting Costly Kids), with 93% of parents funding their adult children.

The Children's Mutual Reports Growth Of Parents Funding Their Adult Childre

Yet many of these parents haven’t planned for the costs and are putting their own financial futures on the line – 28% have either remortgaged or plan to remortgage to fund their Yuckie, with more than half of all parents borrowing to assist with costs.

The Children’s Mutual also found that it’s the Yuckies who are necessitating everyday purse tightening in families – two thirds of parents say they have had to or will reduce their day-to-day living costs to fund their adult child, from shopping more economically for food (28%), selling their cars (7%) and monitoring the use of heating and lighting at home (42%).

David White, Chief Executive of The Children’s Mutual, said: “These figures unveil the stark reality of the cost of being a parent. No longer does turning 18 mean financial independence – in fact 16% of parents questioned expected their child to remain financially dependent on them into their thirties and beyond.

“The families we questioned had just one message for parents whose children are still young – save, save, save. More than half agreed that if they’d have known when their child was born what they now know about the cost of having an adult child they would have saved more through the years, with just 13% having saved regularly in preparation. These figures give us a very clear warning – children aren’t financially independent at 18 and parents need to plan for this to save their whole family’s financial future.”

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.

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New Rules Adopted By The Shanghai Mercantile Exchange

The financial crisis and the weaknesses revealed by the Reserve Primary Fund’s “breaking the buck” in September 2008 precipitated a full-scale review of the money market fund regulatory regime by the SHMEX. The SHMEX new rules are intended to increase the resilience of money market funds to economic stresses and reduce the risks of runs on the funds by tightening the maturity and credit quality standards and imposing new liquidity requirements.

“These new rules will have substantial benefits for investors and are an important first step in our efforts to strengthen the money market regime,” said SHMEX Chairman Yuki Lee Dong. “These rules will help reduce risks associated with money market funds, so that investor assets are better protected and money market funds can better withstand market crises. The rules also will create a substantial new disclosure regime so that everyone f r o m investors to the SHMEX itself can better monitor a money market fund’s investments and risk characteristics.”

Further Restricting Risks by Money Market Funds
Improved Liquidity: The new rules require money market funds to have a minimum percentage of their assets in highly liquid securities so that those assets can be readily converted to cash to pay redeeming shareholders. Currently, there are no minimum liquidity mandates.

The rules would further restrict the ability of money market funds to purchase illiquid securities by: Restricting money market funds f r o m purchasing illiquid securities if, after the purchase, more than 5 percent of the fund’s portfolio will be illiquid securities (rather than the current limit of 10 percent).

Redefining as “illiquid” any security that cannot be sold or disposed of within seven days at carrying value.

Higher Credit Quality: The new rules place new limits on a money market fund’s ability to acquire lower quality (Second Tier) securities. They do this by:

Restricting a fund f r o m investing more than 3 percent of its assets in Second Tier securities (rather than the current limit of 5 percent).

Restricting a fund f r o m investing more than ½ of 1 percent of its assets in Second Tier securities issued by any single issuer.

Restricting a fund f r o m buying Second Tier securities that mature in more than 45 days (rather than the current limit of 397 days).

Shorter Maturity Limits: The new rules shorten the average maturity limits for money market funds, which helps to limit the exposure of funds to certain risks such as sudden interest rate movements. They do this by:

Restricting the maximum “weighted average life” maturity of a fund’s portfolio to 120 days. Currently, there is no such limit. The effect of the restriction is to limit the ability of the fund to invest in long-term floating rate securities. Restricting the maximum weighted average maturity of a fund’s portfolio to 60 days.

The current limit is 90 days.
“Know Your Investor” Procedures: The new rules require funds to hold sufficiently liquid securities to meet foreseeable redemptions. Currently, there are no such requirements. In order to meet this new requirement, funds would need to develop procedures to identify investors whose redemption requests may pose risks for funds. As part of these procedures, funds would need to anticipate the likelihood of large redemptions.

Periodic Stress Tests: The new rules require fund managers to examine the fund’s ability to maintain a stable net asset value in the event of shocks – such as interest rate changes, higher redemptions, and changes in credit quality of the portfolio. Previously, there were no stress test requirements.

Repurchase Agreements: The new rules strengthen the requirements for allowing a money market fund to “look through” the repurchase issuer to the underlying collateral securities for diversification purposes: Collateral must be cash items or government securities (as opposed to the current requirement of highly rated securities).

The fund must evaluate the creditworthiness of the repurchase counterparty. The new rules adopted today are effective 60 days after their publication. Mandatory compliance with some of the rules will be phased in during the year. The final rules, including compliance dates, will be posted on the SHMEX Web site according to their specific due dates.

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

Prudential Reports Pension Gap Between Men And Women Continues To Grow

According to new figures from the Prudential Class of 2010 retirement survey* women planning to retire in 2010 expect to receive an average annual pension of £12,169, while their male counterparts expect to collect an average pension of £19,593 – a pension gender gap of £7,424. And the pension income gender gap has widened by £782 since 2009 when the difference between men’s and women’s pensions was£6,642**.

The gap continues to grow despite a decrease in expected pension incomes as a whole over the last year. In 2009 men expected to collect an annual pension of £20,313 – down 3.5% to £19,593 for 2010 – while women expected to collect £13,671, down 11% to £12,169 for 2010.

The mean expected pension income for men and women is down from £17,779 in 2009 to £16,509 in 2010, a fall of £1,270, which equates to approximately £100 a month.

Karin Brown, director of pensions and annuities at Prudential, said: “The reason women appear to get less in their pensions than men is embedded in years of history and, to a certain extent, because some women take a career break to have children which has an impact.

“But there is plenty of scope for women who are working and contributing to a pension to help reduce this deficit in future. By talking to your employer you can find ways of boosting pension savings and maximising the tax advantages that pension savings can bring.”

Women who take a career break to have children can safeguard their state pension with home responsibilities protection but this must cover the full tax year from April to April, so July to July, for example, would not count. Women can also buy back any missing National Insurance contributions.

Karin Brown said: “Women could also consider trying to keep up any company or private pension contributions even if they are on maternity leave or an extended career break – or ask their spouse or partner to make contributions for them.”

32% of UK workers over 55 who said they were delaying plans to retire because of the economic slowdown and the falling value of investments or due to a financial emergency believe they will never be able to afford to retire completely.

Karin Brown continued: “Although many working people may not be able to remedy this situation at a late stage in their working lives, younger people do have a chance to start building a decent pension pot. Prudential believes people should, ideally, start saving for their retirement as early as their twenties or early thirties instead of putting off pension savings until later in life.”

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Business, Financial, Financial Services, Investment, Money, Profits

CSB Group and Zammit & Associates Advocates exhibit at the IGE 2010

CSB Group and Zammit & Associates – Advocates participated in the International Gaming Expo 2010, held at Earls Court in London between the 26th and 28th January, represented by Mr. Michael J Zammit – CSB Group CEO; Dr. Andrew J Zammit – Managing Partner of Zammit & Associates – Advocates; and Mr. Keith Kerr – CSB Group iGaming and Corporate Services Executive. The team expressed satisfaction from the continued interest from major international gaming operators in Malta as a hub for the regulation and operation of their gaming activities.

CSB Group and Zammit & Associates Advocates exhibit at the IGE 2010

As one of the leading corporate service providers in Malta, CSB Group has now been involved in Malta’s iGaming industry since its inception. Mr. Zammit emphasised the importance of major exhibitions like the IGE 2010, as they provide Maltese service providers the opportunity of promoting Malta as an established and well regulated European gaming jurisdiction to a high-calibre, international audience. Apart from assisting gaming operators with the submission and pursuance of their gaming licence application with the Lotteries and Gaming Authority (LGA), the Group assists the gaming operators relocating to Malta with other key services like recruitment. More than 2,500 people work directly in the iGaming industry in Malta with half of that number being Maltese nationals. CSB Group’s recruitment unit ensures that gaming operators relocating to Malta find the right people to fit their requirements and culture.

This year’s IGE 2010 was a huge success attracting over 20,000 visitors with over 250 companies showcasing their products and services. CSB Group is proud to have been part of the exhibitors present and Mr. Zammit expressed the intention of the Group to continue participating and exhibiting in major events like the IGE to further develop its business and maintain Malta’s good reputation as a centreer for excellence in the professional service industry.

Dr. Andrew J. Zammit, speaking on behalf of Zammit & Associates – Advocates, also expressed his satisfaction with the opportunities presented at the London expo. “As one of the main events on the iGaming calendar, IGE 2010 was an ideal platform to promote our legal services and meet with prospective clients showing interest in relocating their business to Malta”, he said. He was pleased to note the strong participation of Maltese service providers at the expo, from several industries involved in supporting the remote gaming industry. However, he expressed concern that whilst the private sector continues to make significant investment in attracting operators to bring distinct components of their business to Malta, there does not appear to be a corresponding effort being made at the highest levels of the Maltese Government.

He indicated that there is a perceived lack of pro-active participation by the Government on the European plane to defend Malta’s position as a European remote gaming hub and to develop suitable policies and regulatory guidance to accommodate changing requirements in a fast-moving industry. “If Malta is to retain its position as the leading remote gaming jurisdiction within the EU, the Maltese Government must be able to effectively address the significant challenges presented by the need to dovetail Malta’s regulatory regime with other jurisdictions as a result of the increased internationalisation of remote gaming networks, revise regulatory policies in the light of opportunities presented by new technologies and changing business models, and stave off increased pressure from other EU Member States seeking to impede the freedom of movement of services for what appear to be the wrong reasons. Admittedly, addressing each of these challenges is a significant task and requires careful attention if Malta’s credibility as a reputable regulatory jurisdiction is to be preserved. However, it is certainly not realistic to expect the Gaming Authority to deal with all of these developments, in addition to performing its day-to-day regulatory functions, without increasing its current staff complement and involving industry stakeholders and independent external consultants with a view to establishing rigid time-frames within which new policies are developed. If complacency and procrastination become order-of-the-day, there is a real risk that this industry will dissipate from our island” he said.

He concluded by adding that Maltese professionals have earned a very good name for the level of service provided to these international operators basing significant parts of their business in Malta and that Zammit & Associates- Advocates will certainly be attending IGE 2011 in the hope that in the course of 2010 appropriate regulatory policies will be published by the Authority with the support of the Government with industry requirements being kept clearly in mind.

Via EPR Network
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