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At least five Dutch citizens were infected  with the mysterious but deadly bacteria that has so far killed 17 people in  Europe, the country’s health ministry said Wednesday.

“Until now five patients in the Netherlands have been confirmed as having  the EHEC bacteria,” it said in a statement, referring to enterohaemorrhagic E.  coli’s more common acronym.

Four of the five were also suffering from haemolytic uraemic syndrome  (HUS), a disease that causes bloody diarrhoea, serious liver damage and  possible death.

“All five patients contracted the disease while visiting Germany,” the  statement said, adding “apart from these five there are other ill people being  tested for the EHEC infection.”

A total of 16 people have now died in Germany and one in Sweden as a result  of contamination by the bacteria which has sickened hundreds more since  mid-May.

Confirmed cases of the full-blown HUS has risen to 470 from 373 reported on  Tuesday, the Robert Koch Institute, Germany’s national disease centre, said  Wednesday.

These figures relate to official numbers for Tuesday and Monday  respectively.

The Hague, June 1, 2011 (AFP)

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Swiss Re will acquire approximately 300 000 policies and GBP 1.6 billion in assets from American Life Insurance Company. The transaction demonstrates Swiss Re’s commitment to strengthening its Admin Re market presence.

The acquisition builds on Swiss Re’s successful track record in completing more than 50 Admin Re transactions globally since 1998. The business that will be transferred from American Life Insurance Company, amounts to approximately 300 000 policies with total assets of around GBP 1.6 billion.

“This transaction meets Admin Re’s rigorous assessment criteria and confirms our commitment to being a recognised force in the closed life book business,” says David Blumer, Swiss Re’s Executive Board member and Chairman of Admin Re. “Transactions like this allow life insurance companies to monetise the value of in-force blocks of business, while providing Swiss Re with attractive, diversified returns,” he adds.

Admin Re is one of Swiss Re’s three Business Units, through which the company acquires blocks of in-force life and health insurance business, providing a diversified stream of income for Swiss Re.

Admin Re will continue to extend its global market presence by executing transactions to support selective growth in global markets. In line with its commitment to operational excellence and its strategy of extracting maximum value from existing closed books, Admin Re is focused on further strengthening its class-leading disciplines in asset management, capital management and portfolio and risk factor management.

Source : Swiss Re

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Simplifying the movement of assets into a SIPP will be crucial to the success of corporate platforms, Friends Life argues.

The company is calling on the government to change the intricate legislation that governs in-specie contributions, and allow employee’s benefits to be transferred more easily through corporate platforms.

Friends Life argue that current HMRC rules – which only allow some in-specie contributions into a SIPP – act to discourage pension saving. The provider believes relaxing current rules will encourage employees to pass benefits such as share incentive plans over into tax wrappers.

Dan Hawkins, Corporate Platform Proposition Manager, Friends Life said:

“Removing some of the strict criteria around in-specie contributions outside of maturing sharesave arrangements into a pension would be a simple, yet profoundly important, step towards realising the government’s ambition to ignite long-term savings.

“The industry accepted solution of creating an irrevocable debt then receiving settlement of that debt in shares or units is cumbersome, costly and difficult to administer for all concerned.”

Financial Secretary to the Treasury Mark Hoban recently signaled government support for new savings models such as corporate platforms. Friends Life believes platforms are the ideal environment to bolster long-term saving, and their unique ability to hold a range of benefits in one place has clear benefits.

Dan Hawkins continued:

“Platforms are more than the sum of its parts; to maximise their potential the range of benefits should be allowed to work together as much as possible. For example, moving maturing share holdings into an ISA, and later a pension, not only has tax advantages, but allows benefits to pass fluidly from one product to another in a way that encourages long-term saving.

“Reviewing the legislation to make it possible for individuals to make direct contributions to a pension – in the form of investments in addition to cash – should be the first step in bringing this ambition to life.”

Source : Friends Life

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Small explosions occurred in Ikea stores in Belgium, France, and Netherlands.  The explosives were concealed in alarm clocks.

The explosions in stores in the Belgian city of Ghent, Lille in northern France and Eindhoven in The Netherlands caused no damage or injuries.

“The information we have is that the explosions happened the same way in all locations, with booby-trapped alarm clocks that had been hidden exploding,” An Schoonjans, spokesperson for Ghent prosecutors, told AFP.

In Ghent, an employee and a security agent complained of ear aches after two small explosions, which detonated almost simultaneously before the store closed on Monday evening.

Two booby-trapped alarm clocks were detonated by remote control, Schoonjans said.

The spokesperson said the circumstances were similar in Eindhoven and Lille, but she was unable to provide details.

“We are in contact with judicial authorities in Eindhoven and Lille to see if there is a link between the three affairs,” she said.

Belgian police were to inspect the country’s six Ikea stores.

AFP

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As more employers use automatic enrolment, a new study from Aon Hewitt reveals that employees are participating in employer-sponsored defined contribution (DC) plans at a record high rate.

Aon Hewitt’s analysis of DC saving and investing behaviours of more than 3 million employees across 120 large companies, shows that more than three quarters (75.8 percent) of eligible employees participated in their company’s defined contribution plan in 2010 — the highest level since Aon Hewitt began tracking this data in 2002. This is up from 73.7 percent in 2009 and 67.2 percent in 2005.

This record-high participation rate is due in large part to the rapid adoption of automatic enrolment. Three in five employers automatically enroled employees into their defined contribution plans in 2010, up from 24 percent in 2006. For employees who were subject to automatic enrolment, Aon Hewitt’s analysis found that 85.3 percent participated in their DC plan, 18 percentage points higher than those that were not subject to automatic enrolment. However, most companies (85 percent of those offering automatic enrolment) only automatically enrol new hires, resulting in the gradual uptick in participation rates.

“Employers are increasingly concerned that their workers are not adequately prepared to meet their future retirement savings needs,” explained Pamela Hess, director of retirement research at Aon Hewitt. “Automatically enroling employees in company-sponsored DC plans is an easy way for companies to encourage workers to save more. However, this really is only a nudge in the right direction.”

Aon Hewitt’s analysis also found that before tax contributions to DC plans were unchanged from 2009 at 7.3 percent of pay, but are still down slightly from pre-recession levels in 2007 (7.7 percent). For workers that are automatically enroled in the plan, automation may actually hinder the amount of money they are contributing. Participants who were subject to automatic enrolment contributed one percentage point less, on average, than their actively enroled counterparts (6.8 percent, compared to 7.8 percent). This significant gap is due to low default rates among the bulk of employers. More than three quarters of plans (76 percent) default contribution rates at 4 percent or less.

“Saving even just one percent less over a career has a dramatic impact on accumulation,” cautioned Hess. “Ultimately, it can lead to nearly a 15 percent loss in retirement income.”

In addition to generally low contribution rates, many workers still aren’t contributing enough to their 401(k) plan to receive matching employer contributions. Overall, nearly three in ten (29.4 percent) of plan participants contributed below the company match threshold, up slightly from 2009 (28.2 percent).

Among participants who were defaulted, this picture is bleaker. Forty-one percent of participants who were automatically enroled are not saving enough to receive the full match from their employers, compared to only 25 percent of participants who proactively enrolled.

“To drive higher savings rates, companies should consider combining automatic enrolment with automatic contribution escalation and target-date portfolios,” explained Hess. “Additionally, defaulting workers contribution levels at, or greater than the employer-match rate will also ensure greater success for employees struggling to save for retirement. Employers can also periodically back-sweep participants—or automatically enrol any worker who is not currently participating in the 401(k) plan—to ensure they are reaching all employees on an on-going basis, rather than only at the point of hire.”

Other Key Findings

– Cumulatively, workers on average saved 10.4 percent of pay, including 3.8 percent from employer contributions.

– The average employee’s total plan balance was $76,020 at the end of 2010, while the median balance was $24,680.

– The three largest asset class exposures (equally weighted) were premixed portfolios (33.3 percent), large U.S. equity (14.2 percent) and GIC/stable value funds (13.6 percent).

– The average worker’s overall exposure to equities rose 67.4 percent in 2010, up from 66.9 percent in 2009.

– The median rate of return earned by employees in 2010 was 13.5 percent, down from 24.3 percent in 2009. The median, annualized, three-year rate of return earned (from 2008-2010) was just 1.7 percent, illustrating the dramatic impact losses in 2008 had on participant results.

– When available, 60.1 percent of workers invested at least partially in premixed portfolios, mainly driven by the popularity of target-date funds. Among those using premixed portfolios, just under half (46 percent) were fully invested in a single portfolio.

– Despite strong market returns in 2009, only 14.2 percent of employees made any sort of fund transfer in 2010, down from 16.2 percent in 2009.

– Nearly three in ten participants (27.6 percent) had a loan outstanding at the end of 2010, the highest in the ten years that Aon Hewitt has been tracking loans.

– In 2010, 6.9 percent of workers took a withdrawal from their DC plan, close to the record high of 7.1 percent in 2009. Among these, 20 percent were hardship withdrawals.

Source : Aon Hewitt

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Fitch Ratings says in a newly-published report that the Dutch insurance market is saturated and has become highly competitive. “Insurers in the Netherlands were hit hard by the global financial crisis, with most of the largest insurers forced to take state aid or accept support from majority shareholders,” says Ella Spencer, analyst in Fitch’s Insurance team. “Although the industry has survived the crisis, severe pricing pressure is threatening profitability for life and pension providers, driving companies to cut costs and, in some cases, withdraw from the market.”

The life market is also suffering from tax changes that have allowed banks to compete on equal terms with insurers in the savings market. The effect is exacerbated by a slump in insurers’ products sold through banks, as banks are increasingly pushing their own saving products.

The unique healthcare insurance system in the Netherlands shields insurers from the underwriting risks normally associated with health insurance. “The Netherlands has the largest private health insurance market in Europe, with annual premiums of around EUR40bn,” says Spencer. “However, most of this insurance is, in effect, underwritten by the Dutch government, with insurers covering a lot of the administration associated with healthcare but taking on very little risk.”

Indications from the fifth Quantitative Impact Study (QIS5) show that, overall, Dutch insurers look set be well capitalised under Solvency II. However, the industry continues to lobby for less-onerous risk charges for health insurance, believing that the Solvency II calibrations do not reflect the risk-mitigating features of the Dutch system.

Fitch’s report “Dutch Insurance – Market Maturity Limits Growth Potential” is available at www.fitchratings.com.

Source : Fitch Press Release

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The British Insurance Brokers’ Association (BIBA) has welcomed the television campaign due to be launched today by the Motor Insurers’ Bureau to tackle uninsured driving.

The TV campaign will raise awareness of the government’s crackdown on uninsured drivers, which will affect motorists from June 20th, making it is an offence to keep an uninsured vehicle, rather than just to drive when uninsured.

Graeme Trudgill, BIBA Head of Corporate Affairs, said: “The enforcement of the new law is a bold move to tackle uninsured driving and will make the roads safer.  The TV campaign is a welcome Insurance industry initiative that will help raise awareness of the new law.

“BIBA is delighted to have been involved in the biggest change to motor insurance law since the second world war, so today is a big step forward for the industry and for road safety.”

Both consumer and broker guides on Continuous Insurance Enforcement are available on the BIBA website.

Source : BIBA

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Lawyers for Dominique Strauss-Kahn have  posted $1 million bail and a $5 million insurance bond, but an apartment deal  to enable his release from jail has fallen through, US media reported Friday.

The 62-year-old former head of the International Monetary Fund has been  indicted on charges of sexually assaulting, attempting to rape and unlawfully  imprisoning a 32-year-old chambermaid in his hotel suite on Saturday.

NBC television reported a bail bondsman as saying the $1 million bail and  the bond had been approved. It also quoted an attorney, Marc Agnifilo, as  saying he still hoped Strauss-Kahn would be released on Friday but admitting  “a lot has to happen.”

Journalists were staking out a glitzy-looking apartment building — the  Bristol Plaza on East 65th Street in Manhattan — which several reports said  had been rented by Strauss-Kahn’s wife, Anne Sinclair.

But NBC and the New York Post tabloid reported that Strauss-Kahn’s  departure from jail may have to be put on hold after Bristol Plaza residents  found out about his plans to move in and complained.

One source said that “someone high-profile in the building” had objected to  Strauss-Kahn staying, the Post reported.    Asked by AFP if an apartment had been rented in the name of Sinclair or  Strauss-Kahn, a building supervisor responded dryly, saying: “We have no  guests at such name.”

Strauss-Kahn, who has spent the last four nights inside Rikers Island jail  after being charged with alleged sexual assault, was due to be freed wearing  an electronic ankle bracelet.    His lawyers also had to satisfy judge, Michael Obus, that he would be  placed under 24-hour surveillance, complete with video cameras and a  round-the-clock armed guard.

The tough bail conditions will cost Strauss-Kahn some $200,000 a month, the  prosecution said.

The media reports threw into doubt expectations that the bail package could  be signed and sealed on Friday.

Strauss-Kahn has denied all the charges, and resigned Thursday as head of  the IMF to devote his time to fighting to clear his name. If convicted he  could be forced to spend the rest of his life behind bars.

Strauss-Kahn has not yet entered a formal plea. That is expected to come at  his next court appearance on June 6.

New York, May 20, 2011 (AFP)

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AA Insurance has welcomed the Government’s Road Transport ‘Red Tape Challenge’  launched on Friday 20th May, which is asking the public to help identify bureaucratic and arcane legislation that could be dropped or simplified.

Included are regulations concerning motor insurance and AA Insurance has welcomed the initiative.

Insurance certificates:

One prime candidate is the requirement for motorists to have a paper or electronically issued motor insurance certificate and it’s suggested that abolishing the need for one would reduce administration costs and make life simpler for drivers and businesses.

Simon Douglas, director of AA Insurance says: “An insurance certificate is simply paper evidence that a vehicle is insured and, in practice, it’s rarely needed.  Proof of cover is held by the national Motor Insurance Database (MID) which car owners, the Police and other authorities can readily access.”

Equally, existence of a certificate doesn’t prove that a car is insured, as many people who have attempted to defraud their insurer by cancelling their direct debit payments have found to their cost: a police officer stopping a car will ignore the certificate and check with the MID and the insurer to confirm that the cover has not been cancelled.  In the same way, a forged certificate is also worthless.

“So,” says Mr Douglas, “in theory, abolition would be welcome and it could reduce attempts at fraud.

“However, certificates should still be available to customers who want them.  For example, buying a tax disc at a post office still requires production of a certificate, although counter staff should be able to check the MID; while it is advisable to carry a certificate and a translation of it, if you take your car out of the UK.  Garages also require proof of insurance cover before allowing a buyer to drive the car away.”

Mr Douglas adds: “To extend the concept of abolishing certificates altogether, may be the Government should also consider abolishing the paper tax disc and MOT certificate – after all, both are also supported by databases and are easily accessed by the police and other authorities if proof is needed.”

‘Green Cards’:

Another regulation, dating back to 1971, concerns the issue of International Motor Insurance Cards (often known as a Green Card).

Simon Douglas says: “This is an area that confuses many drivers who plan to drive their car outside the UK.  The green card is no longer needed in Europe as every insured car in the EC can legally be driven in most European countries and is covered by at least third party insurance.

“European legislation has superseded the International Motor Insurance Cards regulations.  While it’s not a legal requirement to carry a green card, drivers can and should ask for a copy of an insurance certificate and a translation of it before they travel to simplify dealing with the local country’s authorities in the event of an accident – so the regulations and their requirements could be considerably simplified.”

Edmund King, President of the AA, has also suggested a range of other areas that should be addressed:

Workplace Parking Levy: This should be scrapped as it acts as a “tax on work”.

Motorway Service Areas: Could there be more de-regulation to reduce prices? Why can’t hotels on MSA’s serve alcohol if someone is staying the night?

Parking: Why do some on-street play and display machines prohibit a driver from giving his un-used ticket to another driver? If someone has bought some time they should be entitled to give it away.

And why do some machines not give change? And if not, why can’t the time in the car park be extended to the value of coins inserted?

Bus lanes: Why do some bus lanes restrict cars for 24 hrs whilst bus services don’t run for 24 hours?

Importing cars from EC: AA gets lots of complaints about the complexity of this.

Driving licence: Why should it be renewed after ten years?

Tolls: Abolish them at Dartford

Source : The AA Press Release

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A dietary supplement of amino acid and antioxidant vitamins can reduce the risk for pregnant women of a dangerous condition called pre-eclampsia, according to a study released Friday.

Affecting five percent of first-time pregnancies, pre-eclampsia leads to abnormally high blood pressure, protein build-up in urine, and swelling in the feet and ankles. Its causes are unknown and the only way to alleviate potentially life-threatening symptoms is to give birth.

Earlier research showed a link to a deficiency in L-arginine, an amino acid that helps to maintain a healthy blood flow during pregnancy. Some experts have also suggested that antioxidant vitamins can help ward off the condition.

Researchers led by Felipe Vadillo-Ortego at National University in Mexico City designed a study to find out if a combination of L-arginine and antioxidants would prevent onset.
Some 750 pregnant women in Mexico City at high risk of pre-eclampsia were randomly divided into three groups.

A third received daily food bars containing both L-arginine and antioxidant vitamins, a third bars containing only vitamins, and a third placebo bars. The supplements began when women were around 20 weeks pregnant and continued until delivery.

The proportion of women developing pre-eclampsia was 30.2 percent in the placebo group, 22.5 percent in the vitamin only group, and 12.7 percent in the L-arginine plus vitamin group.
The dietary supplement also significantly reduced the risk of premature birth compared with placebo, said the study, published online by the British Medical Journal.

“This relatively simple and low-cost intervention may have value in reducing the risk of pre-eclampsia and associated preterm birth,” the authors conclude. Further study is needed, however, to determine whether these results can be repeated.

Paris, May 20, 2011 (AFP)

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The average age Brits expect to be able to buy their first property is now 38 years old, according research from moneysupermarket.com.

Individuals who currently do not own property were asked at what age they expected to be able to buy and how they planned to pay for the deposit on their new home. A whopping 31 per cent, some six million Brits, claimed they do not intend to buy a property at all.

The number of mortgage products available to first time buyers currently stands at just 1,581, a fraction of the 14,940 available in pre-crunch Britain in July 2007. Over the last year, the number of first time buyer products available has risen by almost 200, offering some hope for those trying to break into the housing market. There has also been a 47 per cent increase in the number of mortgages available up to 90 per cent Loan to Value (LTV), and the average interest rate has dropped by 2.43 per cent since July 2007, bringing more welcome news for first time buyers; however these changes don’t tell the whole story. The average LTV for products available to new buyers is 77 per cent, meaning someone taking out a mortgage on a £150,000 property would need a deposit of £34,500 – well beyond the means of most first time buyers.

Clare Francis, mortgage spokesperson at moneysupermarket said: “The housing market has been hugely affected by the credit crunch and economic downturn, and first time buyers have been hit the hardest. It’s easy to see why nearly a third of non home owners do not intend to step foot on the property ladder. House prices may have fallen in many areas but they are still high. This coupled with the need for such a high cash deposit is pushing many people out of the market. There is still limited choice if you have a deposit of less than 10 per cent, and the rates on these mortgages are around 5.30 per cent, which is significantly higher than the most competitive rates. This also means that the monthly repayments first time buyers face are often higher than for those who have larger deposits to put down. “

“For anyone wanting to get on the ladder, who is renting or living with parents, it’s important to think about how they can make cutbacks to help them build up a deposit more quickly.”

Saving for a deposit

A substantial 19 per cent of those not currently on the ladder plan to rent until they have saved enough for a deposit. The number of people stuck renting until they can afford to buy is highest in the West Midlands, with one in four (25%) playing the waiting game, compared to just six per cent in Northern Ireland. Due to hugely inflated house prices in the capital, Londoners are the least confident about their purchasing power, with the average age they expect to be able their buy their first home standing at a staggering 43 years old.

When it comes to paying for a deposit, five per cent of those waiting to buy currently have enough money saved, whilst six per cent are hoping that house prices will drop further, lessening the amount they need to save. Shockingly, more respondents planned to play the lottery to pay for a deposit (5%) rather than asking for help from family and friends (4%).

Clare Francis continued: “The fact some people are playing the lottery rather than turning to friends and family for help illustrates how squeezed the nation’s finances are at the moment. According to Halifax, average property prices fell by 1.4 per cent in April 2011, so in a lot of ways it should be a great environment for first time buyers. But the difficulty many are having saving for a deposit coupled with the ongoing shortage of competitively priced mortgages for those with small deposits means the market remains extremely tough. However, on the plus side, there is no rush to buy as the housing market looks set to remain subdued for the foreseeable future. Therefore aspiring homeowners can take their time to save that all important deposit without the fear that house prices are going to soar out of reach.

In order to do that, would-be first time buyers should take the opportunity to seek out the highest paying savings account and look to get into the habit of putting money away regularly. It’s also worth looking at ways to free up more cash such as using discount vouchers and making sure there are no unnecessary costs being incurred. That way, they’ll have more to save and will be able to afford their first home sooner.”

Source : moneysupermarket.com

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New research from Aviva UK Health reveals that the British sense of humour, our favourite TV shows and even our much maligned cuisine rank among the top 10 things people would miss most if they moved overseas.

The findings come from Aviva’s annual “semi-gration” study that tracks the UK population’s appetite and motivations for moving abroad. Aviva conducts the research on an annual basis to understand the challenges customers face when moving abroad.

This year’s research clearly shows that relationships are what Brits would miss most if they moved abroad, with 74%1 saying that their main worry would be leaving their friends and family behind.

The survey also suggests that British culture holds a special place in many people’s hearts, with just over two in five (43%) confessing they would miss their favourite TV shows such as Eastenders and Coronation Street. The British sense of humour also ranks highly with (39%) saying that they’d miss our wit. And, nearly two in five (38%) people admit that they would be left longing for British food and drink.

But sentiment aside, moving overseas also has more practical implications. Just over a third of people (34%) say that they’d miss the NHS if they moved abroad – an increase of nine  percentage points on Aviva’s 2010 figures. More than one in four (27%) of people admit that they don’t know enough about health benefits in different countries. Moreover, nearly one in five (17%) do not know where they’d get support and advice on basic needs such as health.

Teresa Rogers, business lead for international PMI at Aviva said: “Moving abroad doesn’t come without its worries and it’s not surprising to see the NHS on the list of things people would miss. In the UK we take it for granted that we can access health advice and speak to a doctor in our own language – but this isn’t guaranteed abroad.

“While we can’t help improve the quality of TV abroad, taking out appropriate international health insurance for example, can help eliminate a number of the health-related concerns identified in our research. We can put people in touch with specialist multi-lingual support services, arrange treatment on their behalf, give them access to 24-hour support from a physician and take care of their medical bills, leaving them to dream about roast dinners rather than worrying about their health.”

The top 10 things people would miss about the UK as identified by Aviva’s research are:

  1. Friends and family (74%)
  2. TV (43%)
  3. Sense of humour (39%)
  4. Food and drink (38%)
  5. NHS (34%)
  6. English language (34%)
  7. Own town/city (29%)
  8. Own house (26%)
  9. Sport (15%)
  10. Nightlife (10%)

Source : Aviva

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On Sunday 22 May 2011, a British couple will set off to fulfill their dream of travelling by car from the UK to the pyramids in Egypt – taking in 10 different countries, in just 35 days.

The trip, supported by swiftcover.com, is part of a plan to raise at least £11,000 for Bob Wilson’s charity, The Willow Foundation.

Nicky West and Rob Stacey of Hertfordshire plan to drive from their hometown, taking in Italy, Greece, Jordan and Syria plus other countries on route to Egypt – all in an  unmodified 1961 Mini Minor bought for £725 on eBay after it was abandoned, undriven for 40 years.

Nicky West, one of the drivers taking on the challenge of driving from the UK to Egypt, commented: “Rob and I love travel and classical history, so to take a trip like this for charity is a dream come true.

“Unfortunately, after uprisings in the Middle East began, the sponsors who had previously backed us started to drop out, refusing to cover us in the belief that the trip is doomed to failure. However, thanks to support from companies such as swiftcover.com, all the money we raise will go directly to the charity we’re supporting the Willow Foundation.”

The couple are undertaking the trip to raise money for The Willow Foundation, which provides special days for seriously ill 16 to 40 year olds, and intend to raise £11,063; or £1 for every kilometer they travel. swiftcover.com is supporting the couple on their journey, which takes them along some of the most dangerous roads in the world, by providing them with free insurance for their trip. Donations can be made at www.justgiving.com/miniminor2asiaminor.

Amanda Edwards, senior marketing manager at swiftcover.com, commented: “Charities are finding it more and more difficult to raise funds these days as we’re all having to tighten the purse strings. However, the need is still there and we’re thrilled to be supporting such an exciting and adventurous trip. It’s a challenging fund raiser and we look forward to following Nicky and Rob’s progress on www.roadology.co.uk/. We wish Nicky and Rob all the luck in the world on the fantastic roadtrip for charity.”

Nicky and Rob will be blogging and sending weekly update videos about their journey to www.roadology.co.uk/.

Source : swiftcover.com

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Commenting on the launch of WebSaver 12 from British Gas, Scott Byrom, energy manager at moneysupermarket.com said:

“After enjoying the warmest April on record, heating our homes and the cost of energy will be the last thing on people’s minds. However, bill payers need to be aware that changes to energy tariffs are afoot, with the latest product launch from energy giant British Gas announced today.

“The removal of WebSaver 11, and subsequent launch of WebSaver 12, sees British Gas maintain number one position for online tariffs, but the latest deal sees an additional £60, or seven per cent, added to bills. Effective immediately, the average annual bill for new dual fuel customers, and existing dual or single fuel customers, will be £955 compared to £895 for WebSaver 11. It is clear prices are on the way up for bill payers and looking for a fixed tariff option may provide some peace of mind.

“In light of this, today also sees the launch of Fixed Price June 2012 from British Gas at £1,217 a year for average users, until 30th June 2012. For those looking to fix and lock in prices now to ride out any future increases over the winter period, the best current deal comes from EDF Energy ‘Fixed Saver 2’. It offers bill payers the opportunity to fix at £1,009 a year until 30th September 2012 for average users. This is an impressive offer for those who want the security of knowing their energy outgoings will remain the same – only £54 a year – or six per cent more expensive than the best priced online deal which can be subject to price increases.”

“British consumers should be on their guard regarding energy prices. Last winter’s “Deep Freeze” really took its toll on people’s already squeezed wallets so they need to get on to the best possible energy tariff now to re-coup some of the cash paid out over that period. They need to prepare for the fact that on average, we use around 40 per cent of our annual energy consumption during winter. No one should be languishing on their provider’s standard deal anymore, so my advice is to swap to a monthly direct debit scheme and fix now on to one of the leading deals before they are pulled.”

Source : Moneysupermarket.com

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    The Financial Ombudsman Service (FOS) has revealed it has had its busiest year ever, which shows that the relationship between banks and their customers is at its lowest ebb, says uSwitch.com.

    Stefan Maryniak, lending expert at uSwitch.com, says: “This has been a record year for the banks, but for all the wrong reasons. The fact that the Ombudsman has been the busiest it has ever been is a worrying sign of just how bad things have got in the banking industry. The lion’s share of complaints was about PPI, and Lloyds had most of these, which may explain why it moved so quickly to draw a line under the issue and pulled out of the legal appeal.

    “The good news is that other areas have actually seen a decline in the number of complaints. Whether this is down to the banks improving or just because consumers have focussed on the well-documented PPI issue remains to be seen.

    “Such has been the furore over PPI that it will have skewed FOS’s complaints findings. If the time and money the banks are putting into resolving the PPI scandal is successful, next year’s figures may give a truer indication of where the problems lie. If we see a further decline in overall complaints it will suggest that the banks are at last listening to their customers. This will go some way to repairing the failing relationship between the banks and consumers.”

    Source : uSwitch.com

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    CRIF Decision Solutions, part of the CRIF Group, has launched a service enabling motor insurers to electronically manage subrogation claims and benefit from reduced costs and increased business efficiencies.

    Designed in conjunction with insurers, CACHE Subrogation Manager is a fully integrated electronic subrogation workflow system for the motor insurance industry.

    Available as web-based application accommodating web browser and A2A (application to application) users, the system streamlines the subrogation process, enabling claims to be settled in days rather than weeks or months.

    Users enter a claim record onto the system to automatically identify the third party insurer involved. Once the match is found, the system provides a comprehensive set of online workflow management tools for the negotiation of liability, the exchange of supporting documents, the registration of cost items related to the claim, the automatic calculation of the sum to be recovered and the electronic submission of the payment request.  Management information available via the system provides check lists for outstanding and due payments and also allows for more effective monitoring and application of insurer resources related to the management of subrogation claims.

    Sara Costantini, Director, CRIF Decision Solutions comments:

    “We recognised the challenges facing insurers related to the mounting costs and delays associated with the traditional, manual approach to pursuing recoveries. We engaged our insurer customer community and developed CACHE Subrogation Manager based on their feedback, to deliver a best practice solution. The system is simple to access, with nominal IT requirements and easy to use, involving minimal staff training. As a result, insurers can immediately reap the bottom line benefits delivered.”

    Source : CRIF

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    Britain’s ‘Spamdemic’ – the deluge of unsolicited ‘spam’ messages – is spreading, according to new research from independent price comparison and switching service uSwitch.com. In total British consumers are being bombarded with 111 million unsolicited and potentially harmful email and text messages on a daily basis or a staggering 3.4 billion every month – despite Bill Gates’ famous prediction that spam would be a thing of the past by 2006.

    According to the survey, internet users now receive a staggering 107 million spam emails every day – a 30% rise since 2007.  But more worrying is the unprecedented surge in unsolicited text messages. Brits are being infected with four million unwanted texts a day – a 300% explosion in just four years.

    8 out of 10 households (83%) with internet access receive spam and over a quarter (26%) are hassled with at least 10 unwanted emails every day. 1 in 5 homes (18%) claim that they have experienced problems such as viruses with their computer after receiving a spam email. But, according to the report, this could be down to the way in which unwanted emails are handled. While 83% of those receiving spam will delete any unrecognised emails straightaway without opening them, 7% actually open their emails before deleting them and an unknowing 1% have at some stage responded to them. Both these actions have potentially far-reaching consequences, confirming to the spammer that the email address is live and has inadequate or ineffective spam filters.

    Despite most internet providers now offering spam filters as part of their package, four million web users are still failing to protect their home computer from a spam attack. This may help explain why the UK now ranks 4th in the league table for the world’s worst Spam Haven countries. While European counterparts such as France, Germany and Italy have managed to contain the spread of spam, the number of known issues in the UK has more than doubled from 184 to 383 since 2007.

    The 10 Worst Countries for Sending Spam :

    Rank Country Number of Current Known Spam Issues
    1 United States 2334
    2 China 905
    3 Russian Federation 567
    4 United Kingdom 383
    5 Japan 265
    6 Brazil 258
    7 Canada 236
    8 France 217
    9 Italy 217
    10 Germany 215

     

    Correct as at 6th May 2011 – source: Spamhaus Blocklist database

    But spam is not just plaguing home computers – it has become a growing problem for people on the move. 17 million mobile phones are being hit with unwanted texts every day and the total number of spam texts has risen a staggering 300% in just four years, from one million a day in 2007 to a worrying four million today[2]. Spam texts can be particularly costly for their recipients because, unlike in email, some may be charged a fee for every text message received. What’s more, some texts encourage consumers call an expensive premium rate number, often to claim a prize.

    Spam texts are becoming increasingly dangerous with the rise of smartphones, which store a wealth of sensitive personal data such as photos, email addresses and even bank details. These are rich pickings for a spammer and, as a result, uSwitch predicts that the problem will worsen as smartphone take up increases.

    Ernest Doku, technology expert at uSwitch.com, comments: “Spam is the great bug-bear of the internet age.  Unfortunately, as we’ve become more dependent on our internet connections, so spam has spiralled to epidemic proportions. And the problem is no longer isolated to computer users – 17 million mobile users are now troubled by spam text messages too. The rise of smartphones, storing huge amounts of personal data, is presenting an enticing and exciting opportunity for spammers.

    “80% of spam comes from ‘spam gangs’ operating outside of the EU and so are out of range of European law[7].  Unfortunately, that means the onus is on the consumer to take action to protect themselves, but there are still too many computer users not using spam filters. People are running a risk. When you consider the potential loss of all the information on your computer, a filter is a simple step, but a vital measure.

    “We urge the Government to introduce stronger rules to govern spam, and to put pressure on mobile networks and internet providers to work harder to stop the problem. Unfortunately, although consumers can take positive steps to filter out email spam, there is currently less technology available for mobiles. If spam texts follows the same pattern as email spam, this problem is set to plague us all for some time to come.”

    Source : uSwitch Press Release

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    From today Jobcentre Plus advisers can refer jobseekers that need additional support to get back to work onto mandatory work activity.

    Where advisers believe a jobseeker will benefit from experiencing the habits and routines of working life, they have the power to refer them to a four week placement.

    This could be in a wide range of roles, including doing maintenance work for housing residents, renovating and recycling old furniture, working in a local sports club or supporting charitable organisations.

    The scheme, which will be delivered by a range of organisations from the private, voluntary and third sector has now started in London, the East and Yorkshire & the Humber and will be available throughout the country by the beginning of June.

    Every work placement will offer the jobseeker the opportunity to gain fundamental work disciplines and will be of benefit to the local community.  Participants will be expected to spend up to 30 hours a week, for 4 weeks, on their Work Activity placement and will be required to continue to look for work.

    Minister for Employment Chris Grayling said:

    “If Jobcentre Plus advisers believe a jobseeker would benefit from getting some experience of the work environment they can now refer them onto a work activity placement. These placements are all about getting people into a working routine if they need an additional push to get into employment.

    “This is beneficial to some jobseekers as it will allow them to develop more of a ‘work orientated mindset’ but it also makes them a much more appealing prospect for an employer looking to fill a vacancy, and more confident when they enter the workplace. We are determined to break the habit of worklessness and get those who can work into jobs.”

    Customers who fail to complete a placement without good cause will lose their Jobseeker’s Allowance for a minimum of 3 months.

    Source : Department for Work and Pensions

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    Alliance Trust Savings, SIPP provider, has urged higher earners whose pension contributions have previously been restricted, to maximise their contributions this tax year via the new carry forward rules that came into effect on 6 April 2011.

    In the previous two tax years anyone earning above £130,000, had to adhere to pension contributions of either £20,000 or £30,000 per annum.

    The new carry forward rules allow individuals to carry forward any unused annual allowance from the previous three tax years. The annual allowance for these years is set at £50,000.

    An individual who has maximised their contributions in the previous tax years could still contribute up to £110,000 at a net cost to them of only £55,000. This is possible because many high earners will have been restricted to making a maximum contribution of £20,000 over the last two tax years meaning they have £60,000 unused allowance to carry forward. Adding this unused allowance to their current annual allowance of £50,000 for the 2011/12 tax year would allow them to contribute £110,000 this tax year. With the Government confirming that the 50% tax rate is only temporary it may be prudent for individuals to maximise their pension contributions and tax benefits now.

    Maximising pension contributions is one method of ensuring a healthy pension fund at retirement; another is to ensure your pension is cost effective in terms of fund rebates and fees. Alliance Trust Savings Select SIPP rebates 100% of commissions received from fund providers back to the individual’s SIPP. A £110,000 contribution could be worth up to £199,600* after 10 years. Comparing these figures to a provider that crucially retains the rebates; an individual’s contribution could be worth up to £11,700 more with the Alliance Trust Savings Select SIPP.

    Steve Latto, Head of Pensions at Alliance Trust Savings commented:

    “The new carry forward rules represent a real opportunity for higher earners to maximise their pension contributions and regain some lost ground experienced due to the anti-forestalling restrictions.

    “With the higher 50% rate of tax being temporary the new carry forward rules will allow individuals to maximise their contributions and the associated benefits. As well as maximising contributions individuals should also ensure that their pension is cost effective to further bolster the potential value of their contributions over time.  Our Select SIPP rebates 100% of commissions received from fund providers back to the individual’s SIPP potentially bolstering the value of their pension by thousands of pounds”

    Source : Alliance trust Saving Press Release

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    Men retiring in 2011 expect to receive 50 per cent more pension income than women, according to new research from Prudential.

    Prudential’s Class of 2011 research surveyed people planning to retire this year and found that the retirement income gender gap is £6,500. The average woman retiring this year expects an annual income of £12,900 compared with an average male expected income of £19,400.

    There is some good news for women though as the retirement income gender gap has shrunk since last year when Prudential’s study showed a £7,400 gap with women expecting incomes of £12,200 while men looked forward to £19,600. However, women who planned to retire in 2009 expected an annual retirement income of £13,700.

    The research found that people planning to retire in 2011 expect to have an average income of £16,600 – marginally higher than 2010’s figure of £16,500.

    Vince Smith-Hughes, Head of Business Development at Prudential said: “It is good news that average retirement incomes for women have risen, but unfortunately the gender gap remains stubbornly wide.

    “There are a number of actions that women can take to help to boost their retirement income. For example, it is a good idea to maintain pension contributions during any career breaks and to explore making voluntary National Insurance contributions after returning to work.

    “It is imperative for anyone looking to secure sufficient retirement income to start saving as much as they can, as early as they can and to seek professional financial advice in the run up to retirement.”

    The retirement income gender gap is at its widest in the South West of England where retired women expect £11,700 a year less than men. Meanwhile in the South East of England the expected retirement incomes for men and women are essentially equal.

    Source : Prudential Press Release

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