Business, Commodities, Financial, Financial Information, Financial Services, Investment, Money, Trading

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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Northern Rock Introduces New Online Reward Instant Access Account For Savers

Northern Rock has launched a new competitive Online Reward account, adding further options to its flexible savings range.

For those who prefer the convenience of the internet with which to manage their savings, Online Reward, which is available to open with a minimum deposit of £5,000, pays a competitive interest rate of 3.11% gross* pa/AER** variable on balances over £5,000, which includes a bonus rate of 1.61% gross* for the first 12 months from account opening. (Balances falling below this rate will receive Northern Rock’s prevailing rate of interest which is 0.10% gross* pa/AER** variable).

Those who prefer a monthly interest option can choose to receive 3.07% gross* variable (3.11% AER**), and additional deposits can be made up to the maximum balance of £100,000. Only one account per customer per issue is allowed.

Interest can be paid annually on 11 March. Alternatively, interest can be paid monthly on the 10th day of the month (available next business day or three days following this if the funds are sent via BACS to an external account).

Withdrawals from Online Reward can be made via a nominated bank or building society account without notice or charge (there is a £35 fee if customers choose to transfer via CHAPS). The minimum withdrawal amount is £1.

To apply for Online Reward, interested parties can visit www.northernrock.co.uk, or for more information regarding Northern Rock’s other savings products, call 0845 631 5151 (calls are charged at the service provider’s prevailing rate and may be monitored and recorded).

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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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elephant.co.uk Reveals Scottish Drivers Like To Make It Personal

Motorists living in Scotland are the most likely to own a personalised numberplate new research by elephant.co.uk has revealed. And the plates are odds-on to be seen adorning the bumpers of luxury cars such as Bentleys, Ferraris and Aston Martins.

Car insurance specialist elephant.co.uk looked at 3.5 million policies and found that of the top 10 postcodes where personalised plates are popular, eight are in Scotland, with the affluent settlement of Kilmacolm in Inverclyde at the top of the list. 14% of drivers there own a personalised plate compared to a national average of 4%.

In second place we move to the other end of the country to the millionaire’s playground of Sandbanks in Dorset (13%), but then in third place it’s back up north with the prosperous Glasgow commuter area of Newton Mearns (12%). Also in the top 10 are a number of postcodes in and around Aberdeen, with North Ferriby in Humberside joining Sandbanks as the only other location outside of Scotland.

Brian Martin, managing director of elephant.co.uk, said: “Considering the affluent areas around the country where we see the highest proportion of personalised number plates, it certainly looks like they’re used as a status symbol.

“However, it’s hard to say why they’re so popular in Scotland specifically. Maybe Scottish motorists look to express their individuality more than those in the rest of the UK.”

When it comes to what cars the personalised plates appear on, it’s perhaps no surprise that owners of luxury models are the most likely to splash out on them. In fact, the whole top 10 list is made up of prestige motors. Most popular is the Bentley Continental, with 36% carrying a personalised plate. This is followed by the Ferrari 360 and Aston Martin DB7 (both on 35%).

Brian continued: “It wasn’t a surprise to see that prestige models dominate the list, however, it was surprising to see that such a large number of Bentley Continental, Ferrari 360 and Aston Martin DB7 owners splash out on personalised plates. Drivers of those cars definitely want to stand out from the crowd.”

When it comes to occupations, elephant.co.uk found that Company Chairmen are head and shoulders above the rest with 16% owning one, followed by Bank Directors on 12% and Property Developers on 11%.

elephant.co.uk also looked at those areas, occupations and vehicles with the lowest percentage of personalised plates. The Hilborough and Northwold area near Thetford, Norfolk was revealed as the area of the UK with the lowest percentage of cars with personalised numberplates, croupiers were the occupation at the bottom of the list whilst the Suzuki Liana is the vehicle least likely to have one attached to it.

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Northern Rock Partners with moneysupermarket.com to Offer Exclusive Online ISA

Northern Rock is offering a top-paying online cash ISA to complement its competitive portfolio of branch, postal and online savings accounts. This ISA is exclusively available through moneysupermarket.com and pays 3.05% tax-free* pa/AER** variable, with no bonus rate attached.

The exclusive Online ISA offers those who prefer to operate their accounts via the internet an instant access option for their tax-free* savings, and can be opened with no minimum initial deposit.

Kevin Mountford, head of banking at moneysupermarket.com, said: “If you’re a UK taxpayer then it is important to make full use of your annual tax free allowance so you can make the most of your money.

“Not only is it important to make sure you find the best deal for your current savings needs, but you should always remember existing savings invested in ISAs elsewhere, which could be languishing on a poor rate.

“Moving existing savings into an account, such as Northern Rock’s Online ISA which allows transfers of existing funds, can be beneficial but make sure you follow the proper ISA transfer procedures otherwise you will lose the tax free status on your savings.”

Interest, which can be added to the account or paid into another account, is paid annually on 11 March on minimum balances of £1 (balances which fall below this amount will earn Northern Rock’s prevailing rate of interest, 0.10% tax free* pa /AER**).

Strictly a limited issue, the variable rate Online ISA allows transfers in from other providers and additional deposits can be made to the cash ISA, within HM Revenue and Customs limits (£5,340 pa from 6 April 2011) up to 30 days after the product is withdrawn.

After this time, no further deposits will be accepted and this issue may be withdrawn without notice once fully subscribed.

Minimum withdrawals of £1 by BACS and £250 by CHAPS can be made from the account; however the customer will lose the tax free status on the amount withdrawn. There is a £35 fee for transfers out via CHAPS.

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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.

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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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Northern Rock Adopts QR Technology As It Adds Three New Accounts

Northern Rock has launched three new competitive instant access savings accounts, adding further options to its flexible savings range. To make it easier to navigate to the relevant product pages on its award-winning website, Quick Response (QR) codes have also been introduced on selected new product adverts.

For those who are looking for a straightforward, instant-access savings account which can be operated in branch, by post or by phone, Everyday Access offers the interest rate of 2.05% gross* pa/AER** variable on balances over £1, with no bonus rate attached. (Balances falling below this rate will receive Northern Rock’s prevailing rate of interest which is 0.10% gross* pa/AER** variable). Alternatively, customers may wish to opt for the monthly interest rate of 2.03% gross* variable (2.05% AER**).

The account can be opened and operated with a minimum balance of £1. Additional deposits can be made up to the maximum balance of £250,000. Only one account per customer per issue is allowed.

For those who prefer the convenience of the internet with which to manage their instant-access savings, Everyday Access Online, which is also available to open with a minimum deposit of £1 (or £250 by cheque) and pays a competitive interest rate of 2.75% gross* pa/AER** variable on balances over £1. (Balances falling below this rate will receive Northern Rock’s prevailing rate of interest which is 0.10% gross* pa/AER** variable).

Those who prefer a monthly interest option can choose to receive 2.72% gross* variable (2.75% AER**), and additional deposits can be made up to the maximum balance of £100,000. Only one account per customer per issue is allowed.

Finally, for those looking for an instant access account which they can manage by post from the comfort of their own home, Saver Reward offers a market-leading rate and can be opened with a minimum deposit of £1,000. The account can be opened by post or by telephone (a nil balance is permitted if opening by telephone prior to an electronic transfer) but once opened the account must be operated via the postal channel.

As part of the launch of Saver Reward, Northern Rock will also be introducing Quick Response (QR) codes to its advertising. These codes will allow consumers to navigate straight to the relevant product page of the Northern Rock website using their smartphone.

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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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Create.net, The Web Site Creator, Clicks with SecureTrading

Create.net, a webhost which empowers businesses to produce their own bespoke sites, has chosen SecureTrading, the UK’s leading independent payment processor, to manage its online payments processing.

Create.net has a range of customers from low to high-end retailers, independent to wholesale firms. Create.net’s platforms allows users to adapt their websites over time as their business models develop. SecureTrading was selected for its ability to manage payments in one place. Thanks to SecureTrading’s flexibility, Create.net’s customers now have the option of using up to three payments processors for their integrated shopping cart, depending on the nature of their business.

Rebecca Kimber, Business Development Manager at Create.net says: “SecureTrading offers excellent customer service, something we are passionate about. We were pleased with their ability to meet our specific needs.”

This sentiment is shared by Create.net’s customer SJC Hair & Beauty whose owner Sarah Riley says: “I was impressed by the way SecureTrading talked me through the process and my requirements as well as offering extremely competitive fees. Thanks to SecureTrading, my website is now able to support credit and debit card payments, something I couldn’t do before, which has resulted in noticeably increased sales.” Established in 2009, SJC Hair & Beauty is a wholesale company of professional hair & beauty products.

Tim Allitt, Head of Sales & Marketing, SecureTrading, said, “We’re delighted to provide Create.net and its network of customers with a secure platform to process payments. We look forward to working with them in the future and helping them adapt to changing business needs.”

About Create.net
Create.net was founded in Brighton in 1999 by Simon Kimber and empowers anyone, regardless of digital ability, to build compelling and engaging business websites using an innovative template system to harness their own creativity and designs. Create.net currently hosts nearly 8,000 business websites and has helped thousands more get their businesses online in the last decade.

While a freelance developer, Simon came to realise the potential of a system that could enable anyone, regardless of their technical skills or experience, to quickly build the website they want. He set about creating the business model that thousands of startups and entrepreneurs have since used to drive sales, traffic and engagement.

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Standard Life Reports Spain Tops Overseas Retirement Hotspots

Standard Life has revealed the top retirement hotspots outside the UK with the Spain at the top of the list, followed by Australia, USA, France and Ireland.

John Lawson, Head of Pensions Policy, Standard Life commented: “Retiring abroad is a dream for many people, but does require careful planning and advice. Many people think living abroad is cheaper than living in the UK, but this isn’t always the case. Doing your homework in advance of moving, matching your retirement income and expenditure, and making the appropriate decisions around purchasing an annuity or using income drawdown are key considerations. Your retirement income could also be subject to exchange rates and currency fluctuations, as well as local tax laws.

“You also need to think about your state pension and what, if any, reciprocal agreement is in place. A reciprocal agreement entitles you to any increases in the UK state pension paid for by the country you retire to. However, if there isn’t a reciprocal agreement in place, then you need to be very careful your retirement income is sufficient to cover your living costs over a long period of time. Over a 20 year retirement, your basic state UK pension could halve in real terms if a reciprocal arrangement is not in place.”

If an individual moves abroad permanently, any increases in their UK state pension will only apply if they are living in an EU country (including Gibraltar and Switzerland), or a country with a reciprocal social security agreement with the UK. Where the individual is living outside these countries, the amount of UK state pension they will receive each year is frozen at the amount initially paid when first claimed (or if the pensioner emigrated more than one year after payment began, at the rate in force when emigrating). Popular retirement countries outside these reciprocal agreements include Australia, Canada, New Zealand and South Africa.

Those who are considering retiring abroad in the future, but are wondering if their retirement savings will be sufficient can go to www.yourfuturemoney.co.uk, where they can check if their retirement planning is on track.

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Payday Express Remains Strict on Fraud

The Fraud Liaison Team at short-term loans provider Payday Express has spoken out to warn potential fraudsters that just because customers can expect a quick service online, it does not mean that security will be compromised – and offenders will be prosecuted wherever possible.

Much of the payday loan industry has risen to meet customer demand for speedy digital services, which do not require paper-based applications, meaning that funds for loans till payday can be received quickly – often within as little as an hour.

Such practices can attract the attention of online fraudsters, who are keen to grab credit online wherever possible without the need to forge documents. However, forward-thinking fast payday loans company Payday Express has tackled this risk head-on by implementing a variety of identity verification checks and other measures designed to prevent fraud via its online application system. This means that the vast majority of fraudulent applications are declined at the outset.

Payday Express Operations Manager Sarah Carroll said: “It is impossible to stop all fraudulent applications, but our dedicated Fraud Liaison Team is able to make life a great deal easier for anyone who has been a victim of identity theft in connection with one of applications – and a great deal harder for any criminals attempting to exploit the quick and easy online service we offer our customers.”

The Fraud Liaison team assists fraud victims, investigates suspicious circumstances, and liaises with the police and the Serious Organised Crime Agency (SOCA) to report fraudulent activity. Reporting instances of fraud and attempted fraud helps to ensure that fraudsters are prosecuted wherever possible.

Employee Militza Smith has played an important role in the team, including assisting in breaking a fraud ring earlier this year through working with the police.

Militza said: “Seeing a fraud ring uncovered shows the value in victims of identity theft reporting the matter to the police.

“At Payday Express we work very hard to uncover any trends and links to other applications and accounts, to be able to provide as much information as possible to help the police to investigate identity theft and bring the perpetrators to justice.”

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Standard Life Reveals University Debt Headache For Parents

Standard Life has revealed that more than half of parents potentially underestimate the maximum amount of debt their child could leave university with.

When asked to take into account the increase in tuition fees to a maximum of £9,000 per year from 2012, and any other debts accumulated from living expenses, student loans, bank loans etc. 58 per cent of parents think the maximum debt their children could leave with is £40,000 or under, including many who think this would be a lot less. This total is well under the maximum figure of £54,000 calculated by the long-term savings and investment company Standard Life.

Despite this, a fifth (21 per cent) of parents have started to make regular savings to help ease the costs of their children’s university education, and nearly a quarter (23 per cent) of parents are putting money aside on special occasions (e.g. birthdays or one-off windfalls).

Julie Hutchison, head of technical insight at Standard Life, said: “The findings of our research are positive as they show that parents have identified the need to save for their children’s time at university. Unfortunately their expectations of what that cost could be and therefore the target amount they want to save might actually be too low.”

Parents who have longer to save are taking full advantage, as more than half of parents (55 per cent) with children aged 0 to 9 are putting money aside for their child’s university costs. Conversely seven out of ten (70 per cent) parents with children aged 14 to 17 aren’t doing the same.

Julie continued: “Attending University is of course a worthwhile pursuit but can be expensive with the costs of tuition fees, living costs and course material all adding up over the years. Even though a student loan can be taken to cover all these outgoings, parents can also seriously help reduce these costs.”

More than half (53 per cent) of parents who save on a regular basis are saving less than £50 a month towards their child’s university costs, 27% are saving £50 – £100, 7 per cent are saving £101 – £200 and 4 per cent of parents are saving more than £200.

Out of the 56 per cent of parents who are not saving for their children’s university costs, almost two-thirds (63 per cent) say they can’t afford to at the moment, with one in ten (10 per cent) having just not considered it.

The research also looked at the saving attitudes of grandparents of children under 18, with one in ten (9 per cent) saving for their grandchildren’s university education on a regular basis, 16 per cent on occasions and 2 per cent as a one-off lump sum. Of those not saving, a quarter (24 per cent) have just not considered it, with 15 per cent thinking the child’s parents are saving up sufficient funds.

Regionally parents in the Midlands are saving the most with 52 per cent putting money aside for their children’s university costs. It’s followed by London (48 per cent), Scotland (44 per cent), Southern England and East of England (both 42 per cent) with the North of England saving the least (39 per cent).

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Confused.com Finds 1 In 3 Young People Are More Likely To Date A Car Owner

Confused.com has revealed the results of a new survey that shows many young adults feel that owning a car helps to get a date. More than 1 in 3 young adults (34%) feel that young people who can drive and have a car are sexier than non-drivers, and more likely to get a boyfriend/girlfriend.

More than 1 in 3 (35%) told Confused.com that having a car and being able to drive will improve the chances of getting a date. It doesn’t matter too much what kind of car it is though; only 12% of young adults admit to dating someone because of the car they drive with the majority (65%) say that it’s ‘really shallow’ to date someone because of the car they drive.

Well over 1 in 3 young adults (40%) told Confused.com that they felt getting a boyfriend or girlfriend is more likely for those who have a car and can drive, while 12% think that the better the car, the better love life you have. Women are more likely than men to look for a partner who can drive, with 39% of 17-25 year olds saying they are more likely to date a driver than a non-driver, compared to just 24% of young men. 1 in 2 young men (51%) think that they are more likely to get a girlfriend or boyfriend if they have a car, compared to just 36% of young women.

When it comes to making love, 18% of young men think that the better car you drive, the better love life you have, while only 9% of women surveyed think this is true.

The cost of driving and insurance costs are the highest barriers among young people wanting to get behind the wheel; higher even than the cost of buying the car. Other common barriers, as rated by 17-25 year olds in the UK include passing the driving test, the cost of petrol and fees associated with learning to drive.

Gareth Kloet, Head of Car Insurance at Confused.com said: “Getting a car is a sign of growing up and becoming an adult for many people in their late teens and early twenties. The cost of insurance shouldn’t stand in the way of that process. 50% of under 25s could save up to £571 on car insurance by shopping around on Confused.com, leaving them more money to wine and dine a partner.”

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Prudential Reports Pensioners Set To Lose £2.9 Billion Of Spending Power Over Next 12 Months

Prudential has reported that pensioners in the UK with additional savings held in cash ISAs, savings accounts and current accounts could see their spending power fall by an average of £278 each in the next 12 months, according to new analysis. The calculations show that the combined effects of increased inflation and low interest rates will erode pensioner buying power by a total of £2.9 billion in the coming year.

Pensioners are seeing their cost of living rise 44 per cent faster than the current rate of inflation. This is because a greater proportion of their income is spent on goods and services with prices that are rising ahead of inflation, like fuel and food.

The average pensioner has £19,664 in additional savings, but is likely to see their purchasing power fall considerably as the gap between the interest rates paid on savings and the rate of Silver RPI eats into the value of cash nest eggs in real terms.

According to recent research by Age UK, the average annual inflation recorded by the Retail Prices Index (RPI) has been 3.1 per cent in the period since January 2008. Silver RPI over the same period has averaged 4.6 per cent – resulting in an annual rate of inflation for pensioners that is nearly 50 per cent higher.

Vince Smith Hughes, Head of Business Development at Prudential, said: “Low interest rates and rising Silver RPI mean that many pensioners are particularly feeling the squeeze, and for those who rely on interest paying savings accounts to top up their income the challenge is even greater.

“As most people in Britain feel the financial pressure of rising living costs, pensioners on fixed retirement incomes are facing even higher levels of inflation and are suffering disproportionately.

“We strongly encourage people to speak to a financial adviser to ensure they are making the best use of income-generating investments, bonds and pension funds where relevant, in order to ensure their income has the potential to rise and combat increasing inflation and living costs.”

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Northern Rock Reduces Mortgage Rates by Up to 0.90%

Northern Rock has reduced rates across its mortgage range by up to 0.90% and extended its £500 cash back incentive to include all Buy to Let (BTL) products with percentage fees.

Northern Rock’s 2-Year Everyday fixed rates with a £995 product fee now start from 2.67% for purchase and re-mortgage customers with a 30% deposit (70% LTV), a reduction of 0.32%. For those who wish to keep their costs as low as possible however, 2-year Everyday fixed rates with no product fees, start from 3.19% at 70% LTV.

Northern Rock remains committed to assisting those with smaller deposits, including First Time Buyers. It has therefore reduced selected mortgage rates across its products at 80% LTV (20% deposit required), 85% LTV (15% deposit required) and 90% LTV (10% deposit required). A 2-Year Everyday fixed rate mortgage at 90% LTV exclusively for purchase customers, is now available from just 5.25% with a £995 product fee. Customers will also qualify for £500 cash back. Or for those who choose our Fee Saver Option, the same term is available at just 5.45%.

Following demand from BTL customers who welcomed Northern Rock’s recent limited period offer of £750 cash back across the BTL range, the lender has also extended its £500 cash back incentive on selected residential products, to include all BTL products with a percentage fee.

Selected fixed rates in the Intermediary Exclusive range of mortgage products have also been reduced by up to 0.30%.

Everyday mortgages offer customers simple, straightforward mortgage deals with competitive rates and the ability to make overpayments of up to 10% each year, as well as the option to apply for payment holidays. Northern Rock continues to operate its mortgage product range within the constraints of the competitive measures agreed with the European Commission.

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Northern Rock launches new fixed rate e-ISAs

Northern Rock has launched three new online issues of its fixed rate cash e-ISA to complement its competitive portfolio of internet-based savings accounts.

e-ISA offers those who prefer to operate their accounts via the internet an online option for their tax-free* savings. e-ISA is a cash ISA set at a competitive fixed rate of interest over a choice of one, two or three years and can be opened with no minimum initial deposit.

Interest, which can be added to the account or paid into another account, is paid annually on the first business day following 5th August on minimum balances of £500 (balances which fall below this amount will earn Northern Rock’s prevailing rate of interest, 0.10% tax free* pa /AER**).

Strictly limited issues, the fixed rate cash e-ISAs (issues 19, 20 and 21) allow transfers in from other providers and additional deposits can be made to the cash ISAs, within HM Revenue and Customs limits (£5,340 per tax-year from 6 April 2011) up to 30 days after the product is withdrawn (excepting postal applications to transfer in from other banks and building society ISA accounts, which must be received while the product remains on sale).

To guarantee funds are accepted into a new account, Northern Rock advises all funds to be deposited within 30 days from the account opening date. Any deposits received after 30 days may be returned to customers. This includes any funds transferred in from an existing cash ISA, therefore customers should ensure that they initiate any Cash ISA transfers in as soon as they receive their new Cash ISA details. Subscriptions are not allowed to any other Cash ISAs in the same tax year(s) that customers subscribe to this Cash ISA, even if they have not used your full annual allowances(s).

30 days following the products withdrawal, no further deposits will be accepted and all three issues may be withdrawn without notice once fully subscribed.

Minimum withdrawals of £1 by BACS and £250 by CHAPS can be made from the account, subject to a charge equivalent to 60 days’ loss of interest on the amount withdrawn (Issue 19), 90 days’ loss of interest on the amount withdrawn (Issue 20), or 120 days’ loss of interest on the amount withdrawn (Issue 21). There is a £35 fee for transfers out via CHAPS.

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