Poor results for equity release advisors

A recent study into the skills and knowledge possessed by equity released advisors has produced poor results according to a recent report, with many of the advisors that were tested showing a lack of knowledge and offering poor quality advice to the rising number of people that have expressed interest in equity release programmes. Read more

Tags: number, equity release advisors, offering, equity release, fact, Independent Financial Adviser, benchmarks, Knowledge

Equity being used by older people in debt

According to a recent report a rising number of older homeowners are using the equity in their homes in order to pay off debts. Officials are concerned that this increasing trend is leaving more and more people without any means to support themselves in their retirement. Read more

Tags: industry, debt consolidation, average age, order, offering, debt

More people see benefits of private medical insurance

People are increasingly recognising the benefits of private medical insurance (PMI) and more employers are starting to take out policies for their staff, says the Association of British Insurers (ABI).

According to ABI’s figures, more than six million people are now covered by either personal or corporate PMI with a further 1.14 million covered through Healthcare Trust arrangements.

Research conducted by BUPA shows that in the first quarter of 2008 sales of individual PMI policies were up by 20 per cent on the same period last year.

Private health care allows patients a quicker and higher standard of service than the NHS, according to ABI spokesperson Jonathan French.

Employers are also increasingly seeing the advantages of providing PMI for their workers, such as helping them to back to work more quickly after an illness.

“There’s also the argument [that ] in an increasingly competitive labour market, employers are using add-ons, like offering private medical insurance to ensure that they can recruit and retain the best quality staff,” added Mr French.

Tags: Business Finance, private health care, offering, standard, Labour economics, competitive labour market

Number of credit cards offering capped transfers falling

The number of credit cards with capped balance transfer fees is falling, according to financial experts.

MoneyExpert.com said that 12 months ago consumers could choose from 18 different credit cards with capped balance transfer fees, compared with the seven which are now available through five different providers.

Sean Gardner, chief executive of MoneyExpert.com, said: “Credit card switching is big business. Someone switches a credit card every two seconds and there are very few cards out there that still do not charge a fee for the privilege.”

He warned that those consumers looking to move their credit card provider could be “in for a shock” if they do not choose a card with a capped balance transfer fee.

According to MoneyExpert.com, the average balance transfer fee is 2.8 per cent of the amount transferred, meaning the typical cost of a balance transfer is some £74.65.

Customers with higher balances could incur much larger fees – a £5,000 balance transfer could cost as much as £150 with a three per cent fee.

Meanwhile, recent figures from MoneyExpert.com revealed that up to 5.9 customers switched credit card providers in the past six months.

Tags: balance transfer, finance, shock, offering, personal finance, consumers, provider, cent

M&S takes credit card award

Consumer watchdog Which? has handed out a number of prestigious awards, detailing the best products and services that it believes are available on the market.

A ceremony was held at the British Museum to announce the winners, with broadcaster Fiona Bruce hosting the event.

A number of awards were handed out across all sectors and a number of financial firms were recognised for offering excellent value.

The Best Current Account Provider award was presented to Smile, while Marks & Spencer’s M&S Money walked away with the Best Credit Card Provider honour.

Deputy chief executive of M&S Money Eddie Nott expressed his joy at the result.

“We are delighted to win Best Credit Card Provider in the 2007 Which? awards. It is a particular honour to be recognised as the best on offer to British consumers following rigorous research carried out by Which?,” he said.

“The ‘& More’ card launched less than four years ago and now more than three million M&S shoppers are cardholders, making M&S Money a top ten credit card provider.

“As well as offering great products and service, we give our customers ‘a bit more M&S’ with the ‘& More’ loyalty scheme, nought per cent interest on shopping and fee-free balance transfers,” he added.

Which? congratulated all of those who picked up awards this year and called upon those that did not to up their game in the next 12 months.

“For those companies that didn’t get an award this year, we hope today will inspire them to try for the winning spot next year,” said Peter Vicary-Smith, chief executive of Which?.

Tags: offering, Smith, Deputy, Credit card, british museum, account provider, fee-free balance transfers