Category Archives: Money

Money

Banks, Credit Cards, Financial, Financial Information, Financial Services, Financial Solutions, Insurance, Insurance Services, Loans, Money, Mortgage, Personal Finance

Confused.com Finds EDF’s Gas Price Rise Could Cost UK Customers Dearly

Confused.com has revealed that EDF Energy’s recent price rise announcement could cost UK energy customers over £100 per household.

This announcement has seen gas prices rise by 15.4% and electricity prices rise by 4.5%. EDF’s energy prices have increased by £116 on its standard cash/cheque tariff effective from 10th November 2011.*

The Big 6 energy suppliers price rises mean an average increase of £160 per year to an average standard bill paying by cash or cheque, increasing from £1,132 to £1,292.**

EDF was the last of the major energy suppliers to announce its price rise, which is set to affect 3.2m customers. However, more than 25m households are expected to see an average of £160*** added onto their gas and electricity bills from 10th November 2011.

Lisa Greenfield, energy analyst at Confused.com said: “Now that all the major supplies have shown their cards, consumers are now in a position to make an informed decision on switching their gas and electricity without fear that their chosen tariff could go up in a few months’ time.

“There are always ways to reduce your fuel bills, such as considering a dual fuel tariff, paying by direct debit and managing your account online. If you are concerned about future rises, a fixed of capped tariff will offer price security although you’ll be paying over the odds if prices fall. Of course, cutting down the amount of energy you use and investing in some energy efficiency measure will reduce your bills even further and continue to save you money in future.”

More information on energy prices and household utilities comparison can be found on Confused.com’s website.

Via EPR Network
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Debts, Financial, Financial Services, Loans, Money, Personal Finance

Payday Express Uses ‘Stars’ Scheme Alongside Charity Contributions

Short term loans provider Payday Express has explained how it combines a peer recognition program with a charity scheme to maintain staff morale and encourage social responsibility.

Operations manager Sarah Carroll, who began working at the instant approval payday loans company two years ago, introduced a ‘Dress Down Friday’ imitative which allows staff to dress casually on the last day of the working week if they contribute £1 towards a charity fund.

At the end of each month, a donation is made to a charity chosen by a group of employees who have been named ‘Payday Stars’ for that month. Another scheme introduced by Carroll, ‘Payday Stars’ is a peer recognition programme which encourages staff to nominate any of their colleagues whom they feel are deserving of special attention that month, as a result of performing exceptionally well or going beyond the call of duty to fulfil their responsibilities.

The entire company is informed of the nominations and a winner selected from each department. Each of them is then awarded £20 in shopping vouchers, and the winners collectively decide which charity should benefit from the month’s ‘Dress Down Friday’ funds.

Charities to have previously received donations from payday advance loans company Payday Express include NSPCC, the Alzheimer’s Society, the Teenage Cancer Trust, World Horse Welfare and Stepping Stones Nigeria, among many others.

Payday Express Contact Centre Team Leader Alison Eller said: “We’re very proud of our ‘Payday Stars’ program, which enables staff to receive recognition from peer nominations, and to be rewarded for exceptional work.

“An added bonus is allowing the winning staff members to select a charity that is close to their hearts to be the recipient of our combined donations for the month, giving them the chance to make a difference and give to those less fortunate.”

Collections Agent Steven Marshall added: “It’s great seeing the letters of thanks from the monthly charity we’ve donated to and knowing we’re doing our little bit each week to help different causes.

“I really like the fact that Payday Express has a ‘give back’ focus and that they also encourage staff initiatives to support causes such as Red Nose Day and Movember – often with hilarious results!”

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

Prudential Reveals One In Three UK Workers Don’t Have A Pension

Prudential has revealed that more than one in three (35 per cent) workers in the UK admit that they don’t have a pension, meaning that they will have to rely on the State Pension and any savings in retirement.

The survey of 1,600 working adults also found that those who do contribute to a company or private pension pay in an average of 6.2 per cent of their annual incomes. Women are far less likely to save for their retirement with 41 per cent saying they do not have a pension, compared with 29 per cent of men.

To make matters worse for those who do not save into a pension fund, as well as facing a sharp drop in income at retirement, they are also missing out on significant tax relief during their working lives. Office of National Statistics figures suggest that the average worker in the UK earns nearly £1 million over the course of their working lives. An individual making the average pension contribution of 6.2 per cent of this income could receive a total of more than £15,000 in pension tax relief.

While the average tax relief on pension contributions is £334 per year for a person paying the basic rate of tax, higher rate taxpayers stand to lose substantially more by not paying into a pension scheme.

Vince Smith-Hughes, head of business development at Prudential, said: “Failing to save into a pension means not only having to rely solely on the State Pension in retirement, but also missing out on the ‘free money boosts’ which come with pensions, such as tax relief and employer contributions.

“Making regular pension contributions is a vital part of securing a comfortable retirement. Although saving for retirement may not be a priority for young people, the more money which is stashed away from an early age, the more likely that significant rewards will be reaped later in life.

“When coupled with the benefits of any additional employer contributions or gains through fund performance, a pension is the best way of saving for retirement, for many people. In order to maximise pension benefits, to understand the impact of tax relief, and ultimately to secure a decent retirement income, it’s important to seek professional financial advice.”

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

ATX GROUP Announces Expanded Focus On Ultra Wealthy Clients

Following the successful launch of its special trading facilities, ATX GROUP today announced it will look to grow its advisor population that focuses on ultra-high net worth clients through a dedicated effort branded under the ATX GROUP Private Wealth Management name.

ATX GROUP’s well established Private Wealth Management division creates a strong platform for individuals and families of significant means. These clients have highly specialized wealth management and private banking requirements which we are uniquely positioned to fulfill,” said Joseph Black, President of ATX GROUP.

Led by Alexander Hutton, Managing Director, ATX GROUP Private Wealth Management will bring together approximately 25 highly trained private wealth advisors who will deliver a unique range of wealth management, asset management, private banking, capital markets and investment banking services to ultra-wealthy individuals and families in Asia, The Americas, Europe and Australia.

“The firm has been committed to providing a differentiated client experience, superior market intelligence and access to innovative solutions from leading investment specialists from around the world. Our organization will give us even more resources that we can bring to bear as strategic partners for our clients,” Mr. Hutton said.

ATX GROUP, a global leader in wealth management, provides access to a wide range of products and services to individuals, businesses and institutions, including brokerage and investment advisory services, financial and wealth planning, credit and lending, cash management, annuities and insurance, retirement and trust services.

ATX GROUP is a leading global financial services firm providing a wide range of investment banking, securities, investment management and wealth management services. The Firm’s employees serve clients worldwide including corporations, governments, institutions and individuals from four continents.

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ATX GROUP Releases Global Portfolio-Level Trading Algorithm

ATX GROUP has announced the launch of AT-SYSTEM, a trading algorithm that enables the implementation of multiple portfolio level instructions such as risk neutralization and cash balancing. Using over 56 different risk metrics, AT-SYSTEM optimizes execution at the portfolio level by taking into account correlations between assets, as well as volatility and projected market impact. The result is better overall execution and risk management. AT-SYSTEM also offers traders improved performance by reducing the variance of execution costs. With this launch, buy-side traders can directly access the new portfolio-trading algorithm used by ATX GROUP’s Portfolio Trading desk.

“The addition of AT-SYSTEM to our constantly evolving suite of algorithms underscores our commitment to providing our clients with a complete set of trading tools and solutions to manage their global execution needs,” said Alexander Hutton, Managing Director at ATX GROUP.

AT-SYSTEM supports futures, options and exchange-traded funds, and accesses venues in all major markets in line with ATX GROUP’s liquidity philosophy. In addition, AT-SYSTEM offers clients the ability to analyze each step in the lifecycle of the trade by seamlessly integrating with MS Analytics, ATX GROUP’s industry-leading, multi-asset analytics platform.

Clients can access AT-SYSTEM through ATX GROUP trading platform or through a vendor partner and can execute trades themselves or with the support of the Firm’s experienced Electronic or Portfolio Trading teams. AT-SYSTEM is currently available in Asia and in The Americas and will be available in Europe by the beginning of the next year.

ATX GROUP Electronic Trading provides a complete spectrum of services, from pre-trade analytics and execution to post-trade execution performance analysis and commission management. AT-SYSTEM offers a comprehensive algorithmic trading suite and various direct market access strategies, including our smart order routing technology and our dark pool aggregator.

ATX GROUP is a leading global financial services firm, providing a wide range of investment banking, derivatives trading, investment management and wealth management services. The Firm’s employees serve clients worldwide, including corporations, governments, institutions, and individuals. For further information about ATX GROUP please visit www.atx-group.com.

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Debts, Financial, Financial Services, Loans, Money, Personal Finance

Payday Express Improves Card Fraud Protection

Short term loan specialist Payday Express has advanced its fraud protection by implementing an improved cardholder verification process, to help combat debit card crime.

Like many companies in the financial services industry, along with many other business sectors, instant approval payday loans provider Payday Express is particularly keen to tackle card not present (CNP) fraud.

CNP fraud can occur when exchanging funds using the internet, telephone or post, when the holder of a credit or debit card does not physically produce the card at the point of making a payment.

Payday Express has previously developed a number of checks to prevent and tackle CNP fraud and has strengthened these with the addition of a more stringent cardholder verification process, for cases where customers call in to pay with a different card to the one originally registered on their account.

The aim is to ensure that the company’s exposure to CNP fraud is limited, which decreases the number of payments charged back to the business; and also to ensure that there is better protection for those who have been victims of card theft.

Details of any suspicious transactions are always investigated thoroughly by Payday Express and are also reported to relevant organisations, including the police and the Serious Organised Crime Agency (SOCA).

Payday Express Online Fraud Manager Daniel Ibrahim said: “The recent development of our processes is testament to the importance that Payday Express places on combating fraud.

“We at Payday Express are committed to protecting vulnerable victims of fraud, while ensuring that genuine customers receive a quick and easy fast payday loans service.”

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Saxo Bank Announces New Offshore Renminbi CNH

Saxo Bank, the specialist in online trading and investment, today announced that the new USDCNH currency cross is now available on its trading platforms. Clients of Saxo Bank will now be able to trade the offshore Chinese renminbi against the US Dollar.

Streaming prices on ticket sizes up to USD 3 million will be available during regular FX trading hours from 8am Mondays Sydney time to 5pm Fridays New York time. Larger trade sizes will be available on a Request for Quote (RFQ) basis. The Margin Requirement for the USDCNH is 8% and the minimum trade size is USD 5,000 notional.

The USDCNH will be available to all Saxo Bank’s clients, including those of white label clients, but will not be available to clients of Saxo Capital Markets HK.

Claus Nielsen, Head of Trading, Saxo Bank comments: “Over the past few years, the Chinese government has allowed the renminbi to appreciate against the US Dollar, and has gradually deregulated the currency’s trading. CNH offers an important option to take and manage renminbi risk and exposure to real investments and positive yield. The development of the offshore renminbi CNH is integral to China’s broader strategic plans to internationalise and turn the renminbi into a viable reserve currency.

“London, whose 37 per cent share of the global forex market is twice the one of its nearest rival New York, has just been officially approved by China as an offshore centre for trading renminbi. We expect USDCNH to become an interesting trading currency for our clients in the future.”

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Payday Express Highlights The Benefits Of Payday Loans

Following a rise in the number of people using short-term loans to advance their income at the end of financially difficult months, provider Payday Express has offered an insight into the benefits of this straightforward credit resource.

Payday loans meet the needs of customers who are looking to borrow a relatively small amount of money to be repaid over a short period – often to ease personal cash flow in a month with unusual or additional expenses.

These short-term loans, also known as fast payday loans, act like a salary advance, providing a way to bridge the gap when money is tight before the next payday. Funds are generally paid out on the same day upon which they’ve been applied for; and are then paid back once a person has received their next wage payment.

The demand for such loans is on the rise, with financial price comparison website Moneysupermarket.com reporting a 400 per cent increase in the number of searches for the products between January and March this year.

Payday Express Operations Manager Sarah Carroll said: “For customers who have temporary cash flow issues because of larger than anticipated bills and expenses within a month, or who are faced with emergency expenses, payday loans offer customers a choice alongside other credit options.

“This choice is often cheaper than alternatives, such as an unauthorised overdraft – and it is a simple solution to short-term credit needs, where the cost and duration of the loan is known upfront, and which doesn’t involve running up long term debt.”

The company is keen to stress that same day loans are not designed for unemployed people or those on very low incomes or benefits.

Instead, they offer a straightforward choice to employed people who have simply found themselves a bit short between paydays. The loans are simple to apply for online; funds are received quickly, sometimes even within an hour; and the repayment structure is clear.

Customers know from the very beginning exactly what needs to be repaid and when. For example, if a person borrows £80, they will need to pay back £100 once their next wage instalment has been received. This is generally cheaper than incurring unauthorised overdraft fees and can be more appropriate than arranging a longer term bank loan when credit is only required for a short period.

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Experian Reveals Mid-Life Makeover Trend

Experian CreditExpert, the UK’s most trusted credit monitoring service, has revealed that men and woman in their 40s and 50s are taking ownership of their existential questions and seizing the opportunity to take real life-changing and self-affirming steps in their life.*

The mid-life crisis is often perceived as a ‘curse’ of middle age, associated with men of a certain age attempting to relive their youth through extravagant purchases like sports cars and designer clothing. But as average life expectancy, and with it the age of retirement, creeps ever upward, this is all changing for men and women in their 40s and 50s.

85% of 40-59 year-olds surveyed by Experian CreditExpert had felt the need to change their life situation in the last five years, with responses demonstrating that, far from the expected plans to splash out on cosmetic surgery or fast cars, mid-lifers are making decisions that directly impact their work and life happiness, giving themselves a second chance at achieving their ambitions and desires – from changing career or learning new skills to seeing the world.

70% gave ‘travelling the world’ as one of their goals in later life, with the next most popular options being ‘spending time learning new things’ (46%) and ‘dedicating my life to a favourite hobby’ (29%). By comparison, only 13% (and only 3% of men) would have a cosmetic makeover, and purchasing a sporty new run-around did not feature at all.

The most clear gender divide was over what middle-aged men and women were most hoping to achieve by making life changes. Among men, gaining a better work/life balance was the most popular answer which was given by 32% of males (compared with just 20% of females). By comparison, women’s priorities were focused on adventure and gaining new life experiences with 36% giving this answer, compared with 30% of males.

Simple life changes were shown to have the biggest effect on most people’s happiness, as ‘making a career change’ and ‘making new friends’ were both expressed as having had a significant positive impact on their lives in recent years by 51% of those polled.

Money was predictably shown to play a big part in achieving one’s life goals. 69% said that a sudden change in their financial situation, such as an unexpected windfall or pay rise, would be the factor that was likely to kick-start their own ‘mid-life makeover’. 74% felt that their financial situation was the only thing still holding them back from making significant changes.

“People entering their late 40s in 2011 are still only halfway through their working lives”, said Pete Turner, managing director of Experian Interactive. “These results show that, far from throwing money at new toys in a ‘quick fix’, many are channelling their energy towards making positive, fulfilling changes. Preparing for the ‘mid-life makeover’ by cleaning up your credit rating can, for many, be the first step towards achieving those dreams.”

Via EPR Network
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Churchwood Financial Ltd Made A DEMSA Member

Churchwood Financial Ltd has been accepted as a member of the Debt Managers Standards Association (DEMSA).

The code of practice that all DEMSA members sign up to has been approved by the Office of Fair Trading (OFT) and goes beyond the basic legal requirements to protect consumers’ interests. It is also the only such scheme in the UK that has OFT accreditation.

Paul Naden, Chief Executive Officer at the company, comments: “This is a fantastic achievement for Churchwood Financial and is the highest accolade in compliance a debt management company can achieve.”

“Compliance is critical to the future of our business and over the last 18 months we have invested a substantial amount of time and money to help improve our internal processes, monitoring capabilities and marketing materials. Those in need of debt management advice can come to Churchwood Financial and be assured of a high-quality, transparent and professional service that puts their best interests at heart.”

Among the steps that the firm has taken are extending and strengthening its compliance team – as well as appointing Michael Pollard as compliance director – and establishing a dedicated quality monitoring team to ensure that high standards of customer care and accuracy are maintained and recorded.

Mr Pollard states: “Our acceptance by DEMSA is a tribute to all the hard work, commitment, integrity and teamwork demonstrated by our staff. I would particularly like to thank the compliance team for their efforts and am proud of this achievement,” adding “DEMSA approval will benefit all our customers, as well as the company.”

Mr Naden echoed his sentiments, noting that the financial well-being of its clients has always been a top priority.

“We have always endeavoured to provide the best possible service to those in need of assistance regarding debt. Our DEMSA membership only serves to highlight our commitment to helping people follow the road to a debt-free future,” he says.

Churchwood Financial is already a member of the Debt Resolution Forum (DRF), an association designed to promote professional standards within the debt management industry.

The DEMSA and DRF Codes of Conduct are designed to ensure the fair treatment of customers. All members’ advertisements should be accurate and truthful, members should provide clear upfront information to clients, offer comprehensible and fair contractual terms and ensure that any deposits or prepayments taken from customers are securely processed and protected.

In addition, DEMSA and DRF members must comply fully with the Office of Fair Trading’s debt management guidance and provide a user-friendly procedure for consumers to register complaints.

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Standard Life Reveals Commitment Peak Begins At 35 For Average Person In The UK

Standard Life has published ‘Your Commitments, Your Future’, a study developed with psychologist Professor Janet Reibstein into the nature of commitment. It reveals that financial and emotional commitments peak between 35-44 years of age when people spend on average £1,160 a month on financial commitments and think about them for 45 minutes every day.

The research reveals that during a lifetime, the average person spends £914 a month on financial commitments and 37 minutes thinking about them everyday. In contrast, they spend £87 a month on emotional commitments, thinking about them for 2 hours, 18 minutes every day.

According to the Standard Life study there are three core commitment life stages with transition phases in between:

– Commitment Sleepwalkers (18-24) who have a smaller amount of financial and personal relationship commitments. Their regular financial commitments amount to just £458 a month. They spend the least amount of time thinking about their finances so are at risk of overlooking the long term cumulative affects of these costs.

– The Fully Committed (35-44) who are at the peak of their regular financial commitments, spending an average of £1,160 each month and likely to be paying a mortgage, looking after a child and paying off any debt accrued in earlier life.

– Commitment Slowdowns (55+) who are starting to become less financially and emotionally committed. They are spending £818 on their commitments each month, almost £100 less that the average.

Commenting on the research findings, Professor Reibstein said: “‘Your Commitments, Your Future’ shows a discrepancy in how much attention we devote to our financial and emotional commitments. We spend over two hours a day thinking about emotional commitments, but just 37 minutes on our financial commitments.

“People consider financial commitments as something abstract, separate to their emotional life. But our finances underpin our most important relationships and often our ability to achieve our future goals. The Standard Life report makes it clear how vital it is for people to engage with their finances, their personal relationships and future aspirations as one single entity.”

Standard Life’s John Lawson added: “‘Your Commitments, Your Future’ breaks our commitments down into life stages, giving a clear picture of how our commitments change throughout our life. This understanding can help substantially with planning our personal finances so that we can feel confident about the future and achieve our goals. It’s clear that financial commitments can support our relationships – they underpin them. If people were to dedicate more time to their long term financial planning, they wouldn’t just be better off financially, they’re likely to be better off all round.”

The full ‘Your Commitments, Your Future’ report is available at knowyourcommitments.co.uk where people can also compare their financial and
emotional commitment profile by using an interactive tool and watch Professor Reibstein analysing commitment in more detail.

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Efficiency Uplift As Finance Firm Takes To The Clouds

Cloud computing is set to deliver a down-to-earth £40,000 annual saving for a major UK finance group – and provide an ultra-secure back-up for millions of pieces of vital company information.

The Funding Corporation, based in Chester, is now getting ready to scrap more than fifty percent of the 100-plus servers currently used to back-up its customer files and other data.

In place of the costly and bulky physical technology will come a remote back-up facility provided by computer data recovery specialist Acronis.

Not only will the move represent major financial savings for the company, it will also achieve a vast reduction – of over 90 percent – in the time previously spent retrieving archived data.

Time taken to create a full back-up of The Funding Corporation’s systems and information will also be greatly scaled down.

Data sent to the “virtual servers” provided by Acronis is fully encrypted, and the system meets the strict security regulations which govern data storage by members of the financial industry.

Dan Tinsley, Principal Systems Engineer at The Funding Corporation, said that the company’s rate of growth meant that its previous back-up and recovery systems were becoming untenable:

“Simply adding more and more servers to hold our data would not be cost-effective, and would have meant constantly increasing the time taken to retrieve stored information.

“Now, however, we can look at executing a full recovery, should it ever be needed, in a matter of hours instead of days using the company server-based system,” said Dan.

He also points out that by using off-site storage provided by Acronis, The Funding Corporation’s data is completely protected from potential disasters such as fire, floods and theft.

The company, recently named “Responsible Lender of the Year” by Credit Today, provides motor finance for the growing number of people unable to borrow from mainstream lenders.

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Business Monitor International Launches A Brand New Nordics Power Report

Business Monitor International (BMI) has introduced to its portfolio a brand new Nordics Power Report, covering Denmark, Finland and Sweden. This addition adds depth to BMI’s global power market views, and its analysis of the European power sector.

The Nordic countries covered in the report are mature electricity markets and, according to BMI’s forecasts, they will experience modest growth both in terms of generation and capacity over the forecast period (2011-2015). Considering that electricity demand is forecast to see only limited growth between now and 2020, the main priority for Denmark, Finland and Sweden is to replace ageing plants with additional cleaner generation capacity.

The Report provides key forecasts and in-depth analysis of the Nordic power market, including electricity generation, consumption, trade, power generation costs and transmission. The industry forecasts for gas, coal, oil, nuclear, hydro and renewable are supported by BMI assumptions and analysis of key risks to BMI core scenario. Within this, the report analyses the impact of regulatory changes, recent industry developments and the background macroeconomic outlook. It also features a competitive landscape of the Nordic power markets comparing multinational and national operators by sales, market share, investments, projects, partners and expansion strategies.

Electricity consumption and generation in Denmark, Finland and Sweden is expected to grow only moderately in the coming years. However, weak demographic dynamics and slow economic recovery as the result of government programmes are expected to impact power markets across Europe. BMI holds a similar outlook for Central and Eastern Europe with the exception of the Turkey power sector, which we expect to exhibit strong growth, driven by a sharp rise in its power consumption over the coming years.

BMI’s portfolio of products and services provides comprehensive analysis of the global power industry and enables industry professionals, strategists, sector analysts and equity investors to identify key market opportunities and avoid market risks wherever they operate.

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Prudential Reports Pensioner Inflation To Cut Spending Power 60 Per Cent Over A 20 Year Retirement

Prudential has revealed that pensioners retiring this year on a fixed income could lose 60 per cent of their spending power over the course of a 20 year retirement.

Analysis from Prudential shows that the average person retiring in 2011 expects an annual income of £16,600, but if that income remains fixed it will be worth a mere£6,700 in today’s money in 20 years’ time – effectively a £10,000 pay cut. In fact, assuming that inflation remains at its current level, pensioners will need their retirement income to more than double (to over £40,000), if they expect to maintain their standard of living for the next 20 years.

Pensioner inflation or ‘Silver RPI’ is higher because people of retirement age spend a greater proportion of their income on goods and services that are subject to the highest rates of inflation – such as food and fuel.

Vince Smith Hughes, Head of Business Development at Prudential, said: “Pensioners on a fixed income are particularly vulnerable when it comes to rising living costs and our figures demonstrate the true extent to which ‘Silver RPI’ impacts on the spending power of those in retirement.

“There are alternatives to a fixed income in retirement, for example choosing a flexible income plan that has the potential to grow could help many retirees to mitigate the effects of increasing living costs. We recommend that people approaching retirement seek professional financial advice to help them understand all the retirement income options open them.”

Research by Age UK recently found that ‘Silver RPI’ has averaged 4.6 per cent a year since January 2008 – nearly 50 per cent more than the 3.1 per cent average annual inflation recorded by the Retail Prices Index (RPI) over the same period.

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Payday Express Underlines The Importance Of Effective Staff Inductions

With its recruitment at an all-time high, payday loans specialist Payday Express is keen to point out that a proper induction plays a key role in maximising the potential of new staff.

The instant approval payday loans company recently welcomed 12 new faces into its midst – the highest number of new employees it has ever taken on at one time.

To ensure that new starters are able to embark on their development within the company from the outset, Payday Express has devised an induction process in which all new starters take part to introduce them to the company mission, vision, policies and processes; as well as helping them to develop a big-picture view of the business and where they fit into it.

Lasting two days, the process gives new employees an introduction to how each department operates and how it relates to the rest of the business. The induction also includes training in anti money laundering (AML), data protection, customer service and learning styles, among other subjects.

Following the initial two-day welcome programme, new starters at the fast payday loanscompany then spend two weeks becoming acquainted with the company’s systems and processes and are assigned a ‘buddy’ – an experienced member of staff – to advise them and be on hand to answer any questions they may have.

Payday Express Operations Manager Sarah Carroll said: “We’re very focused on making the effort to recruit the right people for the job and, once we have, to ensure they hit the ground running with training and development.

“This is so that they can play a part in delivering the exemplary service we aim to offer our customers, add value to the organisation, and develop within their careers.

“We are passionate about learning and development and it is important for us to make every effort to afford our staff learning opportunities from the moment they join our company.”

HR Advisor Richard Turner added: “”It’s exciting to see how much the business is growing, with how many new staff we’re hiring. It’s great to see so many new faces this month – and I wish everyone the best of luck in their new roles.”

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Confused.com Finds UK Drivers Are Divided On Government’s New Roadworks Idea

Confused.com has polled 2000 drivers, asking their opinions on a new idea from the UK government which could help tackle the problem of roadworks and the resulting traffic jams. The proposal suggests that utility companies could pay a ‘lane rental’ fee to the council if they choose to dig up the road during busy times*.

UK motorists are divided on the proposal with almost half(49%) saying it’s a good plan and that they can’t wait to see it happen and the other half (48%) feeling that it’s not a good idea because utility companies who choose to pay the bills will pass these costs onto the consumer. The remainder were undecided.

Gareth Kloet, Head of Car Insurance at Confused.com said: “If these proposals reduce traffic jams then car owners will have something to smile about. Financially it’s been a tough few years for drivers. Consumers are paying an average of £858 for annual comprehensive cover, having seen an increase of £22 in just three months and £170 over 12 months**. Car owners really deserve a break and roads that run freely will be welcomed by anyone regularly blighted by queues.

“The ‘lane rental’ fees could be a good incentive for companies to complete jobs more quickly reducing the potentially dangerous and infuriating situations that roadworks can create.”

Lisa Greenfield, Energy expert at Confused.com added: “With UK energy companies having recently hiked up their prices, the last thing that customers want is any sort of extra ‘tax’ which may end up being paid by the customer. If this proposal goes ahead then UK households will be hoping that utility companies choose to work outside of peak hours and not pay the charges because any further hikes in utility costs would be unpleasant.”.

Regionally, Londoners are most in favour of the plans with more than 52% agreeing that they are a good idea.

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Payday Express Keeps Staff Motivated With Seasonal Incentives

Short term loans provider Payday Express has revealed that high staff morale is an essential ingredient in its recipe for success, with senior managers and team leaders dedicating a huge amount of time and effort to devising and running incentive schemes.

The latest initiative within the Contact Centre and Collections departments of the instant approval payday loans company has a barbeque theme, to celebrate the last weeks of summer, with plenty of prizes available to win on a daily basis.

Created by Operations Manager Sarah Carroll and the departments’ team leaders, the barbeque incentive involves giving away items such as drinks, snacks, picnic blankets, cooking accessories and even actual barbeques to top-performing agents within each team.

Sarah Carroll said: “The prizes have been displayed around the office in recent weeks, giving it a fun and summery vibe and encouraging staff to work hard towards earning them.

“It’s important to keep staff enthusiastic at work. We like to think of different incentives to introduce a bit of excitement and competition into their day, which increases job satisfaction and ultimately productivity, keeping staff, managers and customers happy.”

Collections Agent Steve Marshall agrees: “These incentives are great, as they boost staff morale. They also create healthy competition and a positive atmosphere and working environment – and add a little excitement and variety to the working day.”

Previous schemes at the payday advance loans company have drawn inspiration from popular events such as the Grand National and television shows like Family Fortunes; and also included fun activities such as Easter egg hunts.

One of the most successful incentives was held during last year’s football World Cup, when high-performing staff members were offered the opportunity to challenge managers to a dance or sporting competition on a Wii games console – with the eventual aim of winning one of their own.

Via EPR Network
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Saxo Bank Announces New Shareholder

Saxo Bank is pleased to announce that TPG Capital, one of the world’s leading investment firms, will become a major shareholder in Saxo Bank. Following the signing of a purchase agreement, a TPG Capital affiliate will acquire a 30% stake in the Company (along with an option to increase its stake to 40%) from existing investors, including General Atlantic, a global growth investor and Banco Espirito Santo, a leading Portuguese bank, amongst others. The founders, Kim Fournais and Lars Seier Christensen will retain majority ownership and continue in their roles as CEOs, also in the event that TPG Capital exercises its option to acquire 40%. TPG Capital’s investment is subject to customary regulatory and competition authority approvals.

General Atlantic invested in Saxo Bank in 2005 and both Espirito Santo Financial Group and Banco Espirito Santo invested in Saxo Bank in 2008. Banco Espirito Santo will continue to build the commercial cooperation that the bank has had with Saxo Bank since 2008, namely through Banco BEST that is owned by both entities.

Kim Fournais and Lars Seier Christensen, founders, CEOs and majority shareholders in Saxo Bank said in a joint statement: “We are delighted to welcome one of the world’s leading investment firms as a major shareholder and business partner. This new phase in Saxo Bank’s growth stems from the strong foundation built with the support from our selling shareholders, who have shared in our success to date. We remain enthusiastic about Saxo Bank’s future and look forward to working with TPG Capital to capitalise on the many opportunities ahead.”

Asiff Hirji, Partner at TPG Capital said: “Saxo Bank has achieved impressive growth and we look forward to supporting the future diversification strategy. TPG Capital has a strong track record of investing in and growing financial services businesses, particularly those seeking further expansion in emerging markets, where we see tremendous opportunities for Saxo Bank. We look forward to working with its two founders and CEOs.”

Bill Ford, CEO of General Atlantic and Ricardo Salgado, CEO of Banco Espirito said in a joint statement: “We have been pleased with our partnership with Saxo Bank over the last several years and consider this a very successful investment.”

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Business Monitor International Releases The Latest Analysis Of China’s Mining Industry

Business Monitor International (BMI) has published its latest China Mining Report, which forecasts annual average industry growth of 9.1% in real terms from 2011 to 2015, with production of bauxite, copper, tin and gold set to rise fastest. By the end of this period, the value of China’s mining industry will reach US$606bn. Industry-wide energy efficiency and consolidation measures introduced by the government as part of the 12th Five-Year Plan (2011-2015) will be the key drivers of growth.

BMI expects the industry to see further consolidation as government involvement increases, resulting in the closure of underperforming smaller mines and pressure on the country’s largest operations to improve efficiency and boost productivity.

The Report provides key forecasts and in-depth analysis of China’s mining industry, covering mining reserves, supply, demand and prices, plus analysis of landmark company developments, expansion plans and significant changes in the regulatory environment. Moreover, it features BMI’s mining and commodity forecasts to end-2015 for metals, minerals and gems.

China, India and Australia have become global leaders in gold, lead, zinc, bauxite and iron ore production over the last decade, strengthening Asia’s position as a dominant global mining player. That said, BMI forecasts Indonesia to become increasingly important a regional hub for mining production as domestic companies develop the country’s mining reserves. Indonesia’s mining industry is set for rapid growth as the country continues to attract investment in coal, nickel and tin sectors.

BMI’s portfolio of products and services provides comprehensive analysis of the global mining industry and enables industry professionals, strategists, sector analysts, investors and commodity traders to identify key market opportunities and avoid market risks wherever they operate.

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TradingFloor.com Releases Video on Meeting of Global Central Bankers

TradingFloor.com, the home of Saxo Bank’s trading commentary, financial research and analysis, has released a video discussing the important meeting of a number of global central bankers at Jackson Hole in the U.S.

The state of the economy and the more active role of central banks to help rectify this means that investors are keenly interested in the fact that a number of global central bankers are meeting in Jackson Hole. There is also a lot of interest in what Federal Reserve Chairman Ben Bernanke will or won’t say when he addresses the meeting in a press conference.

Steen Jakobsen, chief economist, Saxo Bank, discusses his views on the market expectations and what the likely outcome of this meeting will be in TradingFloor.com’s latest video ‘Constructive Jackson Hole solution or more of the same?’

Last year, during the same meeting in a mountainside retreat, Ben Bernanke surprised everyone by announcing a second round of Quantitative Easing. With concerns about a double dip recession rising, people are expecting a big announcement this time around too. Steen Jakobsen believes that the main objective of Bernanke’s press conference will be to avoid “Japanisation”, which is a deflationary environment with low growth and low interest rates through more of the same monetary policy.

Recent data also suggests that the U.S. economy is going to need some sort of help in the form on intervention in the fourth quarter. Steen believes that even though quarter two was a failure, Bernanke will continue to defend the easing concept, despite his reputation is on the line. Bernanke is expected to claim that without the easing concept, the situation would have probably ended up being much worse.

A press conference by Jean-Claude Trichet the European Central Bank President, will follow that of Bernanke. He is also expected to defend the bank’s previous actions in raising rates, despite receiving heavy criticism that this was out of sync with the rest of Europe.

Steen states that the hope is that Trichet will now come up with some real solutions for the Eurozone’s economic problems. This should hopefully mean the Eurozone will lean more towards solidarity and consolidation, thus getting rid of the pointless political battles which have been making the problems worse.

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