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Financial Information

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Saxo Banque Wins Banking Innovation Award 2009

Saxo Banque, the French division of the online trading and investment specialist Saxo Bank, has been awarded the “Prix de l’Innovation 2009” (Banking Innovation Award), by the Investment Forum for its TradeMaker service. The innovative and free-of-charge service enables the bank’s customers to translate an idea into an order, to be kept informed of opportunities, and to compare results from trading ideas proposed by analysts.

The Award ceremony took place on 10th October at the Palais des Congrès, in Paris. Each year, a panel composed of financial journalists and editors from publications including La Tribune, Le Revenu and Investir are convened by the Forum’s organizers to present the innovation award. In the category of ‘Informed Investors’, the panel awarded the 2009 prize to Saxo Bank’s new TradeMaker facility.

TradeMaker was developed in response to two of the obstacles facing both futures traders and more general investors. Firstly, TradeMaker addresses the feelings of confusion that often arise from an overwhelming abundance of information. Secondly, TradeMaker facilitates the application of this information, allowing the investor to employ the resultant data in their trading.

TradeMaker publishes the results of proposed trading ideas. Customers can subsequently choose the issuer with the best performance for a given product. TradeMaker then uses text and graphics to explain trading ideas before pre-completing order forms which include such considerations as Stops and Limits. Relevant trade data, which is not always easy to assimilate, is translated into an order by the issuer. The customer need simply choose the value of his or her investment before validating the order with a click of the mouse. Advice, Trading Assistance and Transparency are the three major advantages of the TradeMaker tool.

Pierre-Antoine Dusoulier, CEO of Saxo Banque, declared: “It is a real honour for Saxo Banque to win an award such as this. It is reward in particular for our engineers who work hard all year on the development of new services to grow the platform and deliver increasingly innovative solutions to our customers. Saxo Banque is an independent bank, we create our own products by way of a dedicated technology research unit.”

Via EPR Network
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Financial, Financial Information, Financial Services, Insurance, Insurance Services

Research Finds Brits Seriously Undervalue Their Wardrobe

New research from home insurer LV= reveals many people are seriously underestimating the value of their clothes, shoes and bags when calculating their home contents insurance. The research shows that on average people estimate their clothes are worth around £1600 with accessories such as dress jewellery and watches valued at a further £1,300. However experts at LV= estimate the true average cost of a wardrobe to be over double this at £6000.

Omnibus research was carried out by Opinium on behalf of the home insurer LV=. 2004 online interviews were carried out between 11-15 September 2009.

LV= home contents insurance experts estimate that the average women’s wardrobe is worth around £7,000, with clothes adding up to £5000 and accessories, including items of jewellery worth less than £1500 each, adding another £2000. Men’s wardrobes are estimated to be worth slightly less at £5000 but are more likely to include expensive business and sports attire.

With levels of ‘wardrobe’ underinsurance so high, LV= is warning Brits to ensure they consider how much it would cost to replace all their clothes, shoes and accessories in the event of their property being flooded or hit by a fire.

Emma Holyer, spokesperson for LV= home insurance, commented: “The majority of homeowners have contents insurance but we estimate the levels of ‘wardrobe’ underinsurance to be around 70%. When valuing their contents people just tend to think about expensive jewellery, electronics and items of furniture such as sofas, beds and dining tables and forget how much it would cost to replace their clothing, shoes and everyday jewellery should the worse happen.

“Although it’s a relatively small percentage of claims where we see an entire wardrobe’s contents destroyed if you are underinsured you could find that your insurer will reduce the amount they pay out to reflect the cover taken out.”

As well as home insurance cover not fully covering attire in the home, under half (42%) of contents polices sold include personal possessions insurance. Personal possessions cover insures belongings that are regularly taken out of the home, such as bags, ipods, laptops and clothing against theft, damage or loss.

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

NS&I Unveils The First Live Vegetable Plot At BBC Good Food Shows

NS&I (National Savings and Investments), one of the UK’s largest savings organisations, is delighted to be working with Matthew Biggs to encourage ‘growing your own’ at this year’s BBC Good Food Show events.

Visitors to this year’s events in Glasgow (SECC, 30 October – 1 November), London (Olympia, 13 – 15 November) and Birmingham (NEC, 25 – 29 November) are encouraged to stop by the ‘Grow Your Own Food with NS&I’ vegetable plot. The plot will be tended to by Gardeners’ Question Time expert Matthew Biggs, who will be on hand to offer visitors helpful hints and tips on growing fruit and vegetables.

Matthew Biggs commented: “I am delighted to be working on the ‘Grow Your Own Food with NS&I’ feature. I’m looking forward to speaking to visitors at this year’s events, offering advice on how they can make the most of growing their own fruit and veg.”

He added: “Growing your own is the perfect way to cut down your shopping bill, as a bumper crop of ingredients such as tomatoes or rocket, can be grown easily for the small cost of a packet of seeds. It’s also fun for the family and a great way to enjoy fresh food with the finest flavour long after you’ve planted the first seed.”

About NS&I
NS&I is one of the UK’s largest savings accounts providers with almost 27 million customers and over £96 billion invested. It is best known for premium bonds, but also offers a Direct ISA, guaranteed growth bonds, guaranteed equity bonds and Children’s Bonus Bonds in its range. All products offer 100% security, because NS&I is backed by HM Treasury.

Via EPR Network
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Financial, Financial Information, Financial Services, Financial Solutions, Forex, Investment, Money, Stocks, Trading

Video Content From Saxo Bank’s Team Of Experts Added to Trading Floor Blog

Trading Floor, the forex, equity and commodities blog written and run by Saxo Bank’s strategy team, is now adding regular video comments throughout the European trading session.

The comments on macroeconomic indicators, financial issues and earnings releases will complement the Daily Trading Stance video released every morning and the weekly forex options and equity update released every Friday.

Videos are recorded in the studio on the Saxo Bank trading floor, minutes after the news is released. Saxo Bank’s chief economist, David Karsbol, said: “The advantage of video is that it fills in the gap between reporting the headlines and the more detailed research notes we publish.

He added: “We comment on macroeconomic indicators or earnings or central bank decisions in a way that is fast, but also allows us to give more detail in a way that allows our blog visitors to get to know us a little better.”

Trading Floor has been running since May 2009 and features expert commentary starting every morning with The Daily Trading Stance that Saxo Bank’s strategists distribute to clients giving a rundown of the main themes of the day in FX, equities, FX options and commodities.

The commentary is prepared by David Karsbøl, Equity Strategist Christian Tegllund Blaabjerg and forex expert John Hardy. Commodities expertise is provided by Ole S Hansen and Alan Plaughmann. Also commenting are Market Strategist Mads Koefoed and Research Analyst Robin Bagger-Sjöbäck.

The Daily Trading Stance, daily commentaries and Weekly Forex and Equities Update are available on the Trading Floor web site and on Trading Floor’s dedicated YouTube channel.

About Trading Floor:
Trading Floor is run by Saxo Bank – a global investment bank specialising in online trading and investment across the international financial markets. Trading Floor provides up to date forex news and market place analysis.

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

National Savings And Investments Is Increasing The ISA Allowance On Both Its Direct ISA And Cash ISA For Its Over 50s Customers

The revised allowance will come into effect from 6 October 2009. This change will enable existing Direct ISA and Cash ISA customers who will be 50 years or over on the 5 April 2010 to deposit up to £5100 into their ISA in the current tax year. From 6 April 2010 more than 400,000 of NS&I’s Direct ISA and more than 231,000 Cash ISA savers will be eligible for the higher allowance.

These changes reflect the Chancellor’s announcement in his 2009 Budget which stated that cash ISA customers aged 50 years or over should have an increase to their tax-free ISA allowance, increasing the maximum investment from £3600 to £5100 from 6 October.

The interest rate paid on NS&I’s Direct ISA is currently 2.50%, and 0.5% per annum on its Cash ISA.  John Prout, Director of Customer Sales and Retention at NS&I, said: “We have contacted the 365,000 of our ISA customers who will be 50 years or over on the 5 April 2010 to let them know that they can make use of their higher allowance from 6 October. They can do this by calling NS&I on our new freephone number, 0500 007 007.

At NS&I we pride ourselves on being straightforward in both our communications and our savings bond range. We urge all of our eligible ISA customers to take full advantage of the increased allowance available to them.”

NS&I has changed its general enquiries number. Customers will now need to call the freephone number 0500 007 007 to contact NS&I directly. The former chargeable enquiries number, 0845 964 5000, will continue to operate but customers may incur a charge from their provider. NS&I’s sales line will continue to operate through 0500 500 000.

Via EPR Network
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Financial, Financial Information, Financial Services, Financial Solutions, Forex, Investment, Money, Stocks, Trading

Positive Economy Growth For Late 2009 Predicted by Trading Floor Expert

Trading Floor columnist and Saxo Bank chief economist David Karsbol says the American economy will return to positive GDP growth in the second half of 2009; however, the reliance of the recovery on government spending and inventory re-stocking may mean the growth is not sustainable.

Karsbol says consumer deleveraging will continue and demand will remain subdued. US unemployment will continue to rise over the coming months, further hindering debt repayments and consumption.

Saxo Bank’s fourth quarterly financial outlook for 2009 is available for download on the Trading Floor site, which has been running since May 2009. Trading Floor gives daily and quarterly outlook and trading analysis of Forex, Equities, FX options, CFD trading, and commodities.

The Saxo Bank quarterly report is put together by the bank’s strategy team of chief economist David Karsbol, chief equity strategist Christian Blaabjerg, consulting FX strategist John Hardy and market strategist Mads Koefoed.

The quarterly outlook predicts that monetary stimuli and government deficits are likely to continue, leading to a ‘Japanisation’ of financial markets – higher price-to-earnings ratios and lower yields on both corporate bonds and treasuries.

Karsbol added: “Because Western economies are more flexible and able to embrace the necessary changes, we do not think that things will get as bad as was the case in Japan.

“However, it is increasingly evident that the current scenario in the West bears a close resemblance to post-1990 Japan, and it looks progressively like we have entered a new regime in which everyone assumes that large companies will be bailed out. This means that default risk is ‘priced out’, and we see higher price-to-earnings ratios and lower yields on fixed income.”

With maximum stimulus in the rear view mirror and austerity and exit strategies increasingly on the menu, Forex trading as a whole may begin to shift away from the rosier recovery projection that is already priced in. This could likely mean the exhaustion of many of the trends that are currently in place in FX, where so many trades are aligned along the ubiquitous risk appetite axis.

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

Ruling Out Stock Market Investment Hits Long-Term Returns

Prudential has recently released new research that shows that one in four investors have ruled out a return to stock market investment in fear of losing money.

Around one in four potential investors – equivalent to 11.9 million people – are ruling out equity investments because of a lack of confidence in the stock market or because they don’t want to lose more money.

The FTSE-100’s 43 per cent surge from its low-point of 3,512.1 on March 3rd 2009 to more than 5,000 now has yet to convince millions of investors to return to stock market investing, Prudential believes.

But the retirement and savings giant warns that by ruling out stock market investments now, those people who can afford to save are potentially missing out on long-term gains delivered by the historically strong performance of shares.

The research shows 1.9 million – around 4 per cent of the population – have been put off investing more because of recent losses while approximately 12 per cent say they have no confidence in the stock market over the next 12 months and around another eight per cent say they have no confidence at all in the stock market.

Trevor Cheal, Retirement Savings Business Director for Prudential said: “The saying that it is not timing the markets but time in the markets that matters could never be more apt. Investors often act irrationally and driven by fear they sit out the markets as they begin to recover, missing out on some potentially spectacular gains.”

Prudential research shows that 32 per cent of those who do not intend investing in the stock market would be convinced to do so if they could be guaranteed they would not lose money, while 13 per cent say they will invest if the market shows strong signs of recovery. Another 6 per cent would do so if they had access to expert advice on where to invest.

However 25 per cent of those who reject stock market investments say there is nothing that could convince them to return to the stock market.

There are investors willing to buy however, with 9 per cent of the population – 4.3 million people – planning to invest directly in shares with another 11 per cent – 5.2 million people – planning to buy unit trusts or an ISA.

But direct equity investment is not the only option as Prudential’s Trevor Cheal, points out: “It is understandable that in volatile markets, investors may not want all their eggs in one basket and multi-asset funds which provide diversification can give them some degree of comfort while still giving the investor exposure to the stock market. Those who feel they lack the knowledge to manage a diversified portfolio should consider getting professional financial advice from a stockbroker or an IFA.”

Via EPR Network
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Prudential Reports Strife Begins At 40 For Pensions Late Starters

Prudential has revealed that workers who don’t pay a penny into a pension until they reach the age of 40 may need to set aside upwards of 33 per cent of their salary until age 65 if they want to retire on the holy grail pension of two-thirds annual salary.

But for someone starting their pension at 30 the amount drops to 20.5 per cent of salary and at age 18 it falls to 12.9 per cent – just over a third of the amount a 40-year-old would be required to pay into a pension for the first time.

Based on the current average salary of £26,020 a 40-year-old worker starting their pension plan today and aiming to retire at 65 would need to put aside the equivalent of £728.06 a month, or £23.94 a day, from combined employee and employer contributions.

A 30-year-old worker’s pension savings would need to total £443.59 a month or£14.58 a day, while an 18-year-old starting work today would need to save an amount equivalent to £9.19 into a pension every day of their life until the age of 65 in order to achieve the optimum pension of two-thirds the current average annual salary of £26,020.

Martyn Bogira, Prudential’s Director of Defined Contribution Solutions, said: “The findings show very clearly that anyone earning an income should try to begin putting money into a pension fund as soon as possible as the cost of delay is considerable; for someone aged 40 who’s contributing to a pension for the first time, the optimum pension contributions are three times higher than for someone aged 18.

“Understandably, making payments into a pension at age 18 may be a struggle and seem insignificant but even the smallest of contributions has the potential to make a massive difference. Arguably, the simplest and most beneficial way to do this is to pay into an employer’s defined contribution scheme and take advantage of any contributions an employer will also make to help make up the optimum amount needed to retire on two-thirds salary.”

Via EPR Network
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LV= Is Inviting Its Members, Customers And Website Visitors To Share Photos Of What They Love In Life

LV=, insurance, pensions and investment group is inviting its members, customers and website visitors to share photos of what they love in life, and be in with the chance of winning £1,500.

The competition’s theme ties in with LV=’s overall aim as a financial solutions and insurance provider, to help people look after the things that they love in life.

The photo could be of a family member or friend, a pet, or a treasured possession like a car or house, even a place they love to go on holiday.

The online photo competition judges aren’t looking for an ‘expert’ photo, but a picture that captures something that the entrant really cares for, in the most original, visually appealing and self-explanatory way.

Details of the competition have already been emailed to a large number of LV=’s customers and to competition websites, and already some excellent entries have been received and loaded up to view. And even if entrants don’t win the first prize of£1,500, there are three runners-up prizes of £250 to be had.

To take part in the competition entrants will need to register themselves as a member of the LV= online community, and then it’s simply a case of loading up their photos. The closing date is 31 October 2009.

Alan Lay, LV=’s Web Content Manager, said: “The LV= community has been very popular with our members since its launch, and this new competition is an ideal way for existing and new members to share what they really love in life with the wider community. Judging by the high quality of photos that we’ve already received, it’s going to be tough to choose the winners, though we’re sure that there are even better examples out there just waiting to come in.”

Via EPR Network
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Banks, CDs, Checking & Savings, Financial, Financial Information, ISAs, Money

Over 800,000 Knee Jerk Fixers Need Instant Access

This year really has been a savings rate massacre for consumers, with rates falling to historic lows in line with the plummeting base rate. New research from uSwitch.com reveals that in response to this rate land slide, 9 million savers have locked away a total of £131 billion in fixed rate savings accounts in a desperate bid to bag a decent rate. Unfortunately, a turbulent financial climate has led to almost one in ten of these consumers being forced to access their savings early due to job losses (6%) and mounting housing bills (32%). As a result, these savers have incurred penalty fees averaging £132 each.

In total, over 800,000 consumers have made an average withdrawal of £3,738 each from their fixed rate account in the last year, with over a third of these incurring penalty charges. As a result, these cash hungry savers have racked up a total bill of £40 million in withdrawal penalties which are predominantly made up of interest charges. Going forward this issue is only going to get worse as a further 1.7 million (19%) people with fixed rates claiming that they might have to access their money early.

With each of these savers locking away a total of £14,237 each, this has clearly made a positive boost to the UK’s £1.1 trillion savings pot which is held by 35 million consumers. This may sound like a lot of money in the current climate but it’s hardly surprising as further reports have shown that the amount of money consumers are stashing away has actually gone up by 26% since January this year.

However, with 47% of fixed rate savings accounts offering consumers absolutely no access to their money before the end of the term, it’s hardly surprising that 6% of these knee jerk fixers already regret locking their money away. 87% of fixed rate savers only chose this type of account because it was the only decent rate available at the time and 17% admit to making a rash decision.

Rumina Hassam, savings expert at uSwitch.com, comments: “Fixed rate savings accounts can offer consumers some really competitive returns, but the reality of this extra interest can be harsh. Almost half of the accounts available do not allow consumers to access their cash under any circumstances which, in a climate of recession and redundancy, is a dangerous situation for some people. The devil really is in the detail as far as fixed rate savings are concerned. Even if consumers are allowed to make withdrawals, the extra interest earned could be completely wiped out by the penalties incurred.

Variable rate savings deals are on the up and there are currently deals paying as much as 3.3% with no restrictions on access with Citibank. This explains why 37% of people don’t feel their rate is quite as competitive as it seemed when they first took it on. The average one year fixed rate bond now pays an average of 3.11% but Chelsea Building Society is offering as much as 3.8%. Five year bonds have gone up from an average of 3.33% to 4.61% since January however, one year fixed options have actually dropped down from 3.62% to 3.11% in the last nine months. For details of the best savings accounts available consumers can log onto www.uswitch.com.

Via EPR Network
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The Japanization of Financial Markets

Saxo Bank predicts that monetary stimuli and government deficits are likely to continue, fostering a “Japanization” of financial markets, whereby the market will see higher price-to-earnings ratios and lower yields on both corporate bonds and treasuries.

Chief Economist at SaxoBank, David Karsbøl, commented: “Because Western economies are more flexible and able to embrace the necessary changes, we do not think that things will get as bad as was the case in Japan. However, it is increasingly evident that the current scenario in the West bears a close resemblance to post-1990 Japan, and it looks progressively like we have entered a new regime in which everyone assumes that large companies will be bailed out. This means that default risk is ‘priced out’, and we see higher price-to-earnings ratios and lower yields on fixed income.”

In its fourth quarter outlook, the Copenhagen-based investment specialist predicts that the American economy will return to positive GDP growth in the second half of the year, but warns that the sustainability of this growth is questionable and will be largely due to government spending and inventory restocking. US unemployment will continue to rise over the coming months, and that this will further hinder debt repayments and consumption.

David Karsbol believes a USD short seems to be a vote for the global recovery and has become the, newer and better carry trade. “The very low US’s yields and need for external financing and increasing reluctance from China to buy greenbacks is a toxic cocktail that could drive the currency even weaker in the near term,” Karsbol said.

Looking towards the end of the year, market dynamics indicate a shift from this year’s equity market rally. Global equity markets rallied 59% from the March lows through to August, and looking ahead, dynamics indicate a shift in performance towards micro trends and sector-specific growth and valuation stories.

Karsbol added: “Most indicators of economic activity are stabilising, but at very depressed levels. We believe investors should continue to take cyclical risk through regional allocations, with particular emphasis on emerging markets over Europe and the US, where it will be difficult to maintain and improve growth.”

Via EPR Network
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By Lowering The Risk You Can Save on Home Insurance

There are many factors that affect home insurance quotes. Things such as the neighborhood the house is located in, the neighborhood’s crime statistics and the amount of security the home contains are all major components. A recently published article on InsuranceAgents.com reveals that the more secure a house is, the cheaper home insurance rates it will produce.

Fill out a form to get free home insurance quotes.

For homeowners interested in preventing break-ins—not just to reduce insurance rates but also to ensure the safety of your family and belongings—they may want to consider taking certain steps to increase home security. The first step they can take is to install deadbolt locks on their doors.

“Statistics show that thieves tend to stay away from houses with deadbolt locks on ground level doors,” the article, Low Risk Behavior: Prevent Break-Ins And Reduce Home Insurance, states. “They take substantially longer to break into thus increasing their risk of getting caught. Simply put, deadbolt locks deter robberies and reduce home insurance.”

Via EPR Network
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Identity Burglary Crime Wave is Hitting Homeowners

LV= has revealed in a new report that one in seven burglaries last year was carried out solely in an attempt to steal the homeowner’s personal details.

A quarter of all burglary victims in the past year fell prey to ID fraud as a direct result of a break in. The research from home insurer LV=, which questioned both burglary victims and convicted fraudsters, reveals the scale of the crime and fraudsters’ tricks of the trade.

‘ID burglary’ is estimated to cost the UK over £150 million per year to rectify and according to the report the number of home burglaries involving personal data theft is predicted to rise by 33% year on year if ID fraud continues to increase at its current rate.

The LV= report found that credit cards, coupled with a form of ID such as a bank statement, utility bill or National Insurance number, are prized items on the black market as they make it easier for fraudsters to steal an identity. Individual identity documents can change hands for around £15, whereas fraudsters will typically pay £150 for a ‘bundle’ of personal identity information.

One fraudster said: “So many people make my job really easy by sticking all the key documents together in one place. And for all the family too, so you often get three or four identities for the price of one, so to speak.”

While ‘identity burglars’ are becoming more common, even thieves after more traditional items such as purses or wallets are likely to take the opportunity to steal personal details as well, because they know they can sell these on. Around 94% of handbags, wallets and purses contain at least one form of personal identity document.

To help assist the growing number of people affected by ID fraud, the LV= home insurance policy now includes free access to a special identity fraud helpline.

John O’ Roarke, managing director of LV= home insurance, said: “As the trend for identity fraud increases, we would strongly urge homeowners to take appropriate measures to limit their chances of being targeted by thieves and fraudsters. As well as installing home security measures such as burglary alarms and security lights, homeowners should ensure they store personal documents securely and if possible separately to minimise the risk of ID theft.”

Via EPR Network
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Banks, Career, Financial, Financial Information, Security

Dr. Elizabeth Mays Has Been Named One Of The 25 Women To Watch For 2009 By U.S Banker Magazine

Dr. Elizabeth Mays has been named one of the 25 Women to Watch for 2009 by U.S Banker magazine. The list contains some of the banking industry’s most accomplished women and is compiled annually. Over 5,000 female banking executives were nominated this year.

Mays is located in Columbus, Ohio where she is a Senior Vice President and the Head of Consumer Risk Modeling and Analytics for JP Morgan Chase, part of the Risk Management organization.

The criteria used to select the 25 Women to Watch include their impact on their bank’s financial performance and the nominee’s industry, personal, and community impact. In conjunction with the publication of U.S. Banker magazine’s October issue highlighting the women selected this year, an awards ceremony will be held at The Plaza hotel in New York on October 6th.

Mays has spent 24 years in the financial services sector, first as a government economist and savings and loan regulator in Washington DC, and later in executive positions in the banking industry. She is also an author of four books on risk measurement and writes articles on corporate governance and risk management topics. A busy executive and mother, U.S. Banker magazine noted that parts of her last book were written “f r o m a booth at Chuck E. Cheese” while her young son played games.

Via EPR Network
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Majority Of Over 50s Unaware Of October ISA Limit Increases

Lloyds TSB has revealed new research that shows two thirds (61 per cent) of over 50s do not understand the approaching ISA changes which will enable more than 21 million savers to benefit from an increased tax free savings allowance.

As part of this year’s budget, the Chancellor announced that the total ISA limits would increase from £7,200 to £10,200, £5,100 of which can be saved in cash. For those born on or before 5th April 1960 the new limits come into effect on October 6th, whilst younger customers will need to wait until the start of the 2010/2011 tax year next April.

Despite the imminent changes, the findings show that just 15 per cent of over 50s know that the new ISA limit will be set at £10,200. Four out of ten over 50s are not even aware that increases have been announced.

Lloyds Banking Group customers can take full advantage of the increased limits, as the Group has confirmed that all of its ISA products will accept top ups when the new rules come into effect on 6th October.

Colin Walsh, managing director of savings and investment, Lloyds Banking Group commented: “As the UK’s largest ISA provider, we want our customers to be able to reap the benefits of the new rules and make use of their entitlement. This historic low rate environment has meant a challenging time for savers, especially for those who rely on returns to supplement their monthly income, so maximising your full tax free allowance has never been more important.”

Savers will be able to top up their existing ISA balance in any of the Group’s fixed and variable rate cash ISAs, as well as investment ISA products. New customers can also take advantage of the new entitlement and open one of the competitive products offered by the Group’s ISA brands, which include Halifax, Lloyds TSB, Scottish Widows, Bank of Scotland, Cheltenham & Gloucester, Birmingham Midshires and Intelligent Finance.

Colin Walsh continued: “Traditionally the ISA transfer market peaks in April around the new tax year, but this year’s changes will no doubt result in a ‘mini ISA season’ as savers look to take advantage of competitive rates on an increased balance.”

Earlier this year, Lloyds Banking Group announced its participation in electronic transfers for the cash ISA market, allowing customers to benefit from a more efficient process and reducing the delays caused by sending cheques in the post.

Via EPR Network
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The Most Popular Baby Names In The UK Revealed By The Children’s Mutual

According to research by The Children’s Mutual, leading Child Trust Fund (CTF) provider, Jack and Olivia have maintained their position as the most popular baby names in the UK for a second year.

Jack leads the pack at the head of the Top 10 boys’ names, which have remained the same for the past two years. However, a review of almost 150,000 new CTF account holder names revealed that the girls’ names are more imaginative, varied and less traditional than the boys’ names.

With newcomers Amelia and Evie entering the list this year, the Top 10 girls’ names has had new entrants for the last three years despite Olivia clinching the top spot for the last two. Ava, Freya and Isabelle have entered the Top 20 for the first time. However in contrast, there have been falls for Grace, Lucy, Katie and Megan during 2009.

Within the top boys’ names there are some signs of influence from celebrity names, with Lewis racing into the Top 20 and both princes’ names, William and Harry, staying in the Top 10. Harry Potter also appears to have had some influence, with Harry and leading actor Daniel Radcliffe’s first name both having moved up the chart.

Tony Anderson, Marketing Director at The Children’s Mutual, said: “We’ve had lots of new children on our books in the past 12 months, with almost 150,000 new accounts opened, and it’s always interesting to see how the trends in babies names change each year. We realise that choosing a name can be daunting for parents as they want to give their child the best start in life.

“As well as the choice of name, parents should also be considering their child’s future and how they plan to save for important milestones such as university or a first car. If parents top up their child’s CTF monthly by £24 – the average amount saved by customers – these 2009 babies could receive a lump sum of over £9,750 when they reach 18.”

Child Trust Funds are designed to provide a tax efficient, long term savings vehicle for all eligible children. Each eligible child (born on or after 1 September 2002) receives a £250 (£500 for low income families) Child Trust Fund voucher 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 potentially a third in the child’s teenage years.

Via EPR Network
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Business, Financial, Financial Information, Financial Services, Insurance, Insurance Services, Money

How To Lower Your Insurance Premiums During the Recession

During a recession, such as we are currently experiencing, it is essential that all businesses should reduce their expenditure wherever possible. It is a simple fact to understand that when income falls, expenditure must also be reduced in order to balance the books. When businesses have completed their cost-cutting exercises in the obvious areas, such as payroll and suppliers, they look to make savings in the peripheral areas of expenditure- such as insurance.

All businesses are required to hold insurance cover to a greater or lesser extent, be it material damage, goods in transit or the legally unavoidable road risk cover and employers liability insurance. Staveley Head, one of the UK’s leading motor trade insurance providers, has some important advice for those looking to reduce their insurance premiums. A spokesman said “Many people will opt for policies which are cheaper because the additional benefits such as windscreen cover or a courtesy vehicle in the event of an accident have been excluded from the policy. This can prove a false economy as the reduction in premium will only be marginal, and those benefits can prove very worthwhile if and when needed. It is far more effective to look at areas we tend to take for granted. Many policyholders request any driver cover because once in a blue moon, due to illness or holidays perhaps, someone else will be required to drive their vehicle. This is a very costly way of covering that eventuality. It is far cheaper to name on the policy the drivers you think you may need, and even cheaper again if it is your spouse or partner.”

The Staveley Head representative went on to say “It is also worthwhile considering an additional voluntary excess on the policy, certainly for careful and claim-free drivers. If you divide the amount of the voluntary excess by the number of years since your last claim and compare that to the annual saving in premium it should give you an indication of the overall economy of increasing your excess. Keeping your vehicle overnight in a garage or secure compound or driveway will also reduce your premium. A low annual mileage will also produce a lower premium. The annual average is between ten and twelve thousand miles, but if you only cover five thousand miles a year tell your insurer. Less miles means less risk for your insurer and consequently less premium. There is a number of ways that premiums can be reduced without losing any benefit in cover, and Staveley Head will be delighted to assist and advise anyone if they contact us on our website at www.staveleyhead.co.uk or telephone us on 0845 017 9991.”

Via EPR Network
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Banks, Debts, Financial, Financial Information, Financial Services, Interest Rate, Loans, Money, Personal Finance

Three Unsecured Personal Loan Providers Have Implemented Rate Hikes Of Up To 1.2% For New Customers

This product ‘tweak’, although seemingly small, could cost personal loan customers an extra GBP322 in interest paid on a typical loan of GBP10,000. With UK consumers currently forking out GBP181 million in interest daily, this will only add to an already hefty bill.

As consumers struggle to manage their debts in the current climate, their chances of consolidating to a low cost loan have also been vastly reduced compared to this time last year. There are currently 36 personal loans available to consumers, this is compared to 57 loans that were available this time last year, a drop of 37%. At the same time, the average loan rate has increased from 9.04% to 9.08% in the last year.

Providers that have increased rates since the start of September include:

1. Marks and Spencer Money – selected rates increased by 1.2%

2. Egg – GBP3,000 to GBP20,000 increased by 1% to 14.9%

3. Alliance & Leicester – GBP5,000 to GBP7,499 increased by 0.1% to 8.9% and GBP7,500 to GBP15,000 increased by 0.8% to 8.7%

However, it seems the trend for offering the best deals to “brand new customers only” does not currently extend to the unsecured personal loans market, with the best deals currently being offered to existing customers. The average interest rate in the Best Buy table for existing customers is currently 7.94%, with Nationwide topping the table with its Existing Customer Personal Loan Plan at 7.7%. However, new customers can expect to be hit with an average interest rate for a Best Buy loan of 8.08%, 0.14% higher.

Louise Bond, personal finance expert at uSwitch.com, comments: “As consumers struggle to make ends meet and manage their finances, loan providers are looking to offer the best rates to those who financial behaviour they can closely inspect – which are their existing customers.

“Last year 1.3 million consumers used an unsecured personal loan for debt consolidation purposes. However, with the number of personal loans available dropping by 37% this year and rejection running high, it would be highly unlikely that a similar number of consumers would be able to consolidate their debts this year. However, for those that are thinking about or attempting to do this, it would definitely be worthwhile finding out what rates existing providers can offer, as it seems loyalty is one of the only aspects that could win consumers better interest rates at the moment.”

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

One In Five Stock Market Investors Never Check Share Performance

Prudential has revealed that over one in five (22 per cent) of UK stock market investors never check the performance of their shares. Furthermore, it has been revealed that 65% of investors don’t seek any professional advice prior to investing.

The findings, f r o m new research conducted for Prudential, found that 36 per cent of UK adults aged 18+, equivalent to 17.23 million people, have invested in the stock market over the past 10 years. However, more than half (53 per cent) of these investors admit they only check share performance every six months or less frequently, with one in five (20 per cent) saying they only review their stock performance once a year and 22 per cent admitting they never do.

When it comes to gaining advice on where the best place is to invest their savings, UK adults appear to be equally apathetic with around two thirds of investors (65 per cent) saying they rely on internet searches or media reports when selecting which shares or investment fund to buy with just 16 per cent seeing an independent financial adviser, four per cent consulting a stockbroker and 10 per cent gained advice f r o m bank or building society staff.

However, while many stock market investors fail to adequately monitor share performance or gain financial advice on how to invest, they are at least exposing themselves to an asset class which has historically shown some of the strongest growth. This sits in stark contrast to the rest of the population with around 30 million UK adults (64 per cent) having made no stock market-based investments in the past ten years.

Trevor Cheal, Retirement Savings Business Director, Prudential said: “While not everyone is fortunate enough to have spare funds to save or invest, many people do and it is staggering how few are seeking financial advice or looking to capitalise on the growth potential that the stock market has historically offered.

“Those who invest in the stock market have taken the first important step towards benefiting f r o m the long-term growth of the economy, but they stand a greater chance of maximising its value if they re-evaluate their investment arrangements regularly. However, in volatile markets, investors may not want all their eggs in one basket and multi-asset funds which provide diversification can give them some degree of comfort while still having exposure to the stock market. Those who feel they lack the knowledge to manage a diversified portfolio should consider getting professional financial advice f r o m a stockbroker or an IFA.”

Via EPR Network
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