First Time Buyers Shouldn’t Panic Following Stamp Duty Changes, Says UK Broker

First time buyers who didn’t manage to find a new home before the government’s stamp duty concession ended shouldn’t despair, says a leading UK mortgage broker.

In an effort to tempt buyers into the market, the government removed the stamp duty levy on properties costing under £175,000 for just over a year, but the threshold was lowered back to £125,000 at the start of 2010.

Figures released this month by the Council of Mortgage Lenders show that prior to the deadline there was a spike in the number of loan completions in the final month of 2009.

A total of 10,300 first time buyers had their loan applications approved in December for properties in the £125,000 to £175,000 bracket. The figure, up 63 per cent from November, is believed to be a direct result of people rushing to complete house purchases before January 1 in order to avoid paying an extra 1 per cent stamp duty charge.

Stuart Codling, managing director of Salford-based whole of market mortgage broker, The Mortgage Point, said potential buyers shouldn’t be disheartened as some of the best mortgage deals are still out there for first time buyer, both in terms of property prices and first time buyer mortgage products.

He said: “Buying your first property is a substantial commitment and first time buyers especially have to work to a very tight budget.

“Stamp duty now has to be paid once again on properties valued in excess of £125,000 and house prices are starting to rise. However, first time buyers still have an opportunity to get their feet on the property ladder. Although activity is increasing in the market, some of the best mortgage deals are still to be had.

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Principle First To Offer Remote Financial Advice

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

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

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

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

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

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

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

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

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

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

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Go Independent For The Best Mortgage Advice

One of the major advantages of today’s world is that we have choices in nearly everything we buy.

And considering that a mortgage is probably the biggest financial commitment we will ever make, then it’s the one decision that we should have some help with, to ensure that we get the best deal for our individual circumstances. That’s precisely why talking to an Independent Financial Adviser is a good move, according to Stuart Codling of Manchester-based mortgage broker The Mortgage Point.

“We’ve become so used to shopping around before making big purchase decisions, yet when it comes to the major issue of choosing a mortgage, so many people head straight for the bank or building society where they are already a customer,” says Stuart.

“But that’s like buying a car just because you like the colour,” he adds. “It’s a decision which ignores the most important reasons why we should choose one particular product over all the others.”

The Mortgage Point is an authorised Independent Financial Adviser (IFA), which means it can consider the whole of the mortgage market when suggesting the best mortgage deals available for every individual customer.

That means an adviser will take into account such fundamental considerations as the benefits provided, flexibility, and level of charges for every mortgage product available, before making a recommendation based on their knowledge of the market, and each client’s own needs. Meeting with an IFA is even more crucial for those who are looking for first time buyer mortgages as the individual candidate will most likely be on a budget.

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Trading Floor Launch News Widget

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

Trading Floor Launch News Widget

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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What SVR Does Your Lender Charge

These changes will affect any borrower that is on an SVR or an SVR-linked product (generally known as a discounted rate) and if your mortgage rate is going up then this will clearly lead to an increase in your monthly repayments.

What SVR Does Your Lender Charge

L& C’s SVR watch table gives an overview of the impact of some of these SVR increases on borrowers’ monthly mortgage payments. Borrowers can personalise the numbers to reflect their own situation using L&C’s rate change calculator.

Borrowers should be keeping a sharp eye on their mortgage rate at the moment and making sure that they’re not paying more than they need to. Richard Morea, technical manager at L&C says “with Standard Variable Rates being increased, it makes a lot of sense to review whether you have the best deal, particularly as the mortgage market has become more competitive recently.”

London & Country (L&C) is the UK’s leading no-fee mortgage broker. Based in Bath, it provides whole of market advice via telephone and post to clients nationwide. As well as residential mortgages, it also specialises in the Buy-to-Let and adverse-credit sectors.

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Research: Britons Not Yet Planning For New ISA Limits

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

Research: Britons Not Yet Planning For New ISA Limits

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

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

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

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

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

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The 1 Minute Life Insurance Check Calculator

The 1 Minute Life Insurance Check calculator only requires a few simple pieces of information – date of birth, level of cover, type of cover, whether nicotine products have been used in the past 12 months, the remaining term on the policy and the current monthly premium. The calculator then checks against rates from a comprehensive panel of leading insurers to see if the current monthly premium can be beaten. If it can, L&C’s expert advisers can help customers take advantage of the better premiums on offer.

The 1 Minute Life Insurance Check Calculator

Richard Morea, technical manager at L&C said ‘many consumers take life insurance when they start a family or take a mortgage. They have the reassurance of knowing the cover is in place but don’t routinely review the cost as they might with other household bills. The 1 Minute Life Insurance Check provides a quick and easy way to see if there are savings available that they could take advantage of.’

London & Country (L&C) is the UK’s leading no-fee mortgage broker. Based in Bath, it provides whole of market advice via telephone and post to clients nationwide. As well as residential mortgages, it also specialises in the Buy-to-Let and adverse-credit sectors.

L&C is a Climate Neutral company and for the last seven years has invested in climate friendly projects and tree-planting to help offset its emissions and those of its customers. For more information, go to www.lcplc.co.uk/green.

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QuoteBoffin.co.uk Calls For Better Consumer Education On Life Insurance In Order To Tighten Protection Gap

Quoteboffin.co.uk – a new money saving website that offers price comparison on life insurance – is today calling for better education on financial products to be made available to UK consumers.

In a recent report conducted by global reinsurer, Swiss Re, it emerged that just 34% of UK citizens aged 21 – 34 have life insurance.

Uptake on life insurance is much higher for older generations with 74% of consumers aged 35 to 54-years-old securing financial provision.

QuoteBoffin.co.uk believe that the key to tightening the protection gap between the generations lies in an emphasis on planning for the unforeseen at any age.

“The importance of financial protection like life cover can be difficult for consumers to appreciate until the unforeseen actually happens. Given their age, young people might not think life insurance is relevant to them or view it as a sensitive topic that is difficult to discuss with family or friends. Given today’s financial climate that’s seen increased job losses and economic uncertainty as whole, it’s never been more important to build a strong financial foundation, regardless of age.”

71% of people still believe that their household finances are stable enough to cope in the event of a long-term illness, disability or death; regardless of low levels of financial provision.

Although the past five years has seen a jump of 7% in the number of consumers applying for life insurance, the main reason for UK citizens choosing to ignore financial protection is an understanding that the product simply isn’t necessary.

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Get Free Credit Reports And Best Credit Cards Deals At Free-Credit-Reports.com

To make it easier for the customers to understand the competitive credit card and credit report market, Free-Credit-Reports.com has introduced a reliable and quick free credit report online service free of cost. A good credit history is very important when customer is looking to get a certain amount of money from the lending institution or banks. To maintain a good credit history, customer will be regularly updated about the credit status so that any blemish can be removed, if it is there.

Get Free Credit Reports And Best Credit Cards Deals At Free-Credit-Reports.com

In response to the query via email, spokesman of Free-Credit-Reports.com said, “All the credit reports provided are organized in a comprehensive way. The customer can go through all the pages in a very easy to understand format. Free-Credit-Reports.com has a tie-up with the reputed and tested players in the credit card market like Visa, MasterCard and American Express. So the customers can rely on our reports for their credit history. Irrespective of the credit history of the customer, one is sure to find a credit card at the Free-Credit-Reports.com.” He also went on to add that Free-Credit-Reports.com also provides the guide to understand the various reports.

The spokesperson also stressed that Free-Credit-Reports.com will provide a chart with which the credit eligibility of the applicant is decided. This helps in convincing the lender or creditor in lending the money or providing the credit card to consumer. All the information provided to the Free-Credit-Reports.com is kept secret and is not disclosed to third party. In today’s world the internet is growing at a fast pace and with the growing e-commerce the chances of identity theft have increased manifold. To counter this Free-Credit-Reports.com also provides the services in which they will provide protection against any sort of identity theft.

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

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

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

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

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

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

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

Child Trust Funds are designed to provide a tax efficient, long term savings vehicle for all eligible children. Each eligible newborn child (born on or after 1 September 2002) receives a £250 Child Trust Fund voucher (£500 for low income families) from the government when their parents register for Child Benefit. The government will make a second contribution of £250 (£500 for low income families) when the child reaches seven and is considering a third in the child’s teenage years. Parents, family and friends can all then add to this account up to a maximum value of £1,200 each year.

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Life Insurance Packages From Aviva And BUPA Now Available Via QuoteBoffin.co.uk

A new money saving website that compares prices on life insurance packages has announced customers can now get quotes from market leaders BUPA and Aviva when they enquire via QuoteBoffin.co.uk.

Life Insurance Packages From Aviva And BUPA Now Available Via QuoteBoffin.co.uk

QuoteBoffin.co.uk which launched early this month, is the latest price comparison site to hit the ether. The price comparison industry itself has proved a recession defying success given its 30-50% growth in the past couple of years alone.

QuoteBoffin.co.uk believe their partnership with brokers who offer life insurance packages from market leaders will immediately stir up interest among consumers:

“Although a new company to the price comparison field, QuoteBoffin.co.uk want to offer consumers the very best products from the word go. To do so QuoteBoffin.co.uk will work with brokers that cover life insurance providers such as BUPA and Aviva. This means consumers are not only getting tried and tested life cover from long established companies but are also ensuring they get a highly competitive price at the same time.”

Market leaders for life insurance in the UK and beyond, BUPA and Aviva offer consumers and their loved ones peace of mind and financial support at an understandably difficult time.

Although both providers offer a lump sum towards unpaid bills and other financial obligations, there are also added extras such as access to expert support through the BUPA HealthLine and a £15 Marks and Spencer voucher for Aviva customers.

QuoteBoffin.co.uk thinks consumers will not only be impressed with the price of life insurance but the range of packages available as well:

“A wide range of providers is important not only so consumers can compare prices but also so they get a level of cover that’s right for them. As a company, we appreciate that one person’s circumstances, preferences and budget will differ greatly from the next so QuoteBoffin.co.uk is celebrating diversity as well as customers getting a great deal on their life insurance.”

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New Rules Adopted By The Shanghai Mercantile Exchange

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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Barclaycard Freedom Retail Partnership Begins To Take Shape

Barclaycard has announced the national partners that will be joining the tens of thousands of small and medium retailers who have been invited to join Barclaycard Freedom, set to be the broadest retail rewards scheme in the UK. LA Fitness, YO! Sushi, Firebox.com, Goldsmiths and Nationwide Autocentres are initial examples of the retailers signing up to Barclaycard Freedom and will offer reward money to Barclaycard customers when the scheme launches in March.

Barclaycard Freedom Retail Partnership Begins To Take Shape

Barclaycard Freedom, the innovative new loyalty scheme, will be available automatically to over eight million Barclaycard cardholders who will be able to earn and redeem reward money at the point of sale, without having to do or remember anything. Reward money is recorded in pounds and pence, with no vouchers or coupons to save and no points to calculate.

Alison Vickers, Business Development Director of YO! Sushi said: “We have been trialling Barclaycard Freedom in a couple of our stores and have been impressed with how simple and intuitive it is. We are very excited to be involved in a programme which rewards our customers for simply using their Barclaycard to pay their bill. The simplicity and convenience of Barclaycard Freedom appeals to our customers, and we are looking forward to being part of the launch in March.”

Barclaycard Freedom is simple and easy to use with credit card holders seeing their new reward money balance on the card machine as part of each transaction. The next time the card is used at a participating retailer the current value of the customer’s reward money balance will appear on the card machine before they enter their PIN to pay. Cardholders can then choose to redeem some or all of their reward money towards that transaction or continue to save for a future purchase at another retailer within the scheme.

Sarah Newman, Managing Director of Barclaycard Freedom, commented: “Barclaycard Freedom incorporates all of the best elements of loyalty schemes with the rewards, quite simply, in pounds and pence. We are delighted that well known high street and online brands LA Fitness, YO! Sushi, Firebox.com, Goldsmiths and Nationwide Autocentres will be part of Barclaycard Freedom. These retailers each interact with their customers in different ways and represent a wide range of retail sectors, and we will be revealing many more participants in the weeks before launch.”

One of the strengths of Barclaycard Freedom is that it offers the concept of a rewards programme to many small and medium retailers for the first time. In addition to household names, over 30,000 retail outlets have been invited to be part of the scheme at launch.

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quoteboffin.co.uk – Urges Consumers To Renew More Than Just Their ISAs As The End Of The 2009/2010 Tax Year Approaches

Traditionally, April sees a flurry of financial activity as savers rush to renew their ISAs with the current tax year drawing to a close and a new session starting afresh. With a plethora of competitive packages and ISA bonuses to entice shoppers, there’s never been a better time to tighten up your finances by getting a great deal on tax-free savings. Although ISAs will be the financial flavour of the month, what’s to stop consumers from shopping around for a better deal on other products at the same time?

New money saving website – Quoteboffin.co.uk – is asking just that. A price comparison website that compares life insurance packages from a variety of providers, Quoteboffin.co.uk is urging consumers to see April the 5th as more than just a deadline for ISAs.

“The increased focus on financial services and products that the end of the tax year brings shouldn’t just centre on savings products. It takes no time at all for consumers to sit down and reassess whether their current insurance and savings packages are the most rewarding and cost effective options on the market for them; especially when using price comparison websites like QuoteBoffin.co.uk”

Although the UK has officially left the recession behind, consumers should continue to save and rechannel money they might have splurged on high end, luxury goods into building a firmer financial foundation.

With the growth of price comparison websites boasting a 30-50% increase year on year, consumers are spoilt for choice when comparing everything from home and contents insurance to wedding or golf cover.

QuoteBoffin.co.uk reiterates the hidden benefits of price comparison in the current financial climate:

“The end of the recession doesn’t mean consumers should become disinterested in what happens to their money. Go online and consumers are spoilt for choice when it comes to price comparison sites that can save people hundreds of pounds. If consumers shop around at the start of April they could benefit from significant savings that are easily reinvested in a holiday, home improvement or even some early savings for Christmas.”

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Prudential Reports Pension Gap Between Men And Women Continues To Grow

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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M&S Money Readies For Valentine’s Day Rush For Wedding Insurance

New figures from M&S Money show that February is one of the most popular months of the year to buy wedding insurance, with sales of M&S Wedding Insurance expected to increase in the weeks after Valentine’s Day as couples planning their big day make sure they are covered in case the worst happens.

M&S Money Readies For Valentine's Day Rush For Wedding Insurance

David Wells, M&S Head of Insurance, said: “Considering the cost of an average wedding and the current economic climate, wedding insurance really should be at the top of every bride and groom’s list.

“When buying wedding insurance, it is important to think through all the services planned for the big day and make sure the right amount of cover is in place. Once the cover is in place couples can get on with the preparations for the big day.”

Dave Simms, Personal Lines Manager at Ecclesiastical Insurance, which underwrites M&S Wedding Insurance, said: “Supplier failure was the main cause for wedding insurance claims in 2009 and can seriously disrupt a perfectly planned special day. Suppliers struggling in the current economic climate can cause brides and grooms stress and heartache by not being able to deliver contracted services. This often happens at very short notice before the big day.

“In such circumstances, having proper wedding insurance in place can help you get your wedding back on track and help to ensure you’re not left out of pocket because of failed services. Wedding insurance really should be a top priority for newly engaged couples.”

Couples taking out an M&S policy can cover themselves against various nightmare scenarios, including a damaged cake, lost rings or stolen flowers, however there are exclusions, for example the policy does not cover cancellation where the bride or groom decides they don’t want to get married.

M&S Wedding Insurance – Key Features:
Four levels of Wedding Cover
No excess
Up to £17,500 cancellation cover
Stress counselling included as standard
M&S Cardholders receive 100 M&S points when they take out a new policy

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M&S Home Insurance Urges Romantics Check Rings Are Insured Before Proposing This Valentine’s

M&S Home Insurance is advising anyone purchasing a ring before popping the question this Valentine’s Day to check it is covered by their existing home contents insurance.

Brits spend an average of £1,800 (source: confetti.co.uk quoted on thisismoney.co.uk) on an engagement ring. While many people may be tempted to take out specialist insurance offered at the time of purchase, they may not realise the ring may already be covered by their home insurance policy.

M&S Home Insurance offers unlimited cover for possessions in the home* – so policy holders can be confident that their valuable items have adequate cover. This can be extended to cover items outside of the home.

Insurance for valuables is particularly important at this time of the year – February is one of the worst months for burglaries** as it is dark early in the evening, and many homes are empty, with people still at work, or parents out on the school run.

As the price of gold has risen by 25% compared to this time last year (Source: goldprice.org), demand for gold jewellery is high, making heirlooms that have been passed down the generations, and other older items of gold a valuable commodity for burglars, as they can be sold on quickly and easily.

David Wells, M&S Head of Insurance, said: “Many contents insurance policies have specific limits on single items, so if you think an item of jewellery may be worth more now than when it was bought, it would be worth having it revalued to ensure it is going to be covered by your existing policy.

“While many items are irreplaceable because of the memories or a person or an event that are attached to them, it’s a comfort to think you can at least afford to have the item replaced with something of similar value if the worst happens.”

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LV = Reveals Pet Sick Leave Costs UK Businesses £18 Million A Year

A new LV= commissioned report into the impact of pet illness and death on their owners’ work attendance has revealed that British businesses are losing £18 million* a year in lost workforce hours, as thousands of staff take ‘pet sick leave’ either to look after their sick animal or to grieve because their pet has died.

The UK is well known as a nation of animal lovers with nearly half of all adults in the UK owning a cat or dog. The new LV= pet insurance report found that one in ten dog or cat owners interviewed (11%) said they had stayed at home to nurse a sick pet, while 11% had stayed off work because they were so upset after their pet had died.

The 1.1 million pet owners who called in sick last year because their dog or cat was ill or had died, each took an average of 2.4 days off.

Rather than admit the truth to their employer, nearly a quarter of those who took time off for their pet (24%), told their boss they were staying off work due to their own ill health.

The LV= pet insurance policy, which covers cats and dogs, includes free bereavement counselling for the pet owner as standard. LV= is also one of the few insurers that will insure older cats and dogs, with no maximum age limit.

Emma Holyer, LV= pet insurance spokesperson, said: “It’s clearly an upsetting time when a beloved pet is sick or dying, and this report shows that many people suffer as much they would for a friend or relative. This has a significant impact on employers across the UK, as staff take time off because of their pets. To help owners through this difficult period, LV=’s pet health insurance policy now includes access to a free, confidential helpline on pet bereavement and illness. The helpline is manned by experienced therapists and counsellors to help pet owners get through troubled times.”

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