Tag Archives: Finance

Cancer, Charity Events, Charity News, Events, FInance

Maggie’s and Swansea Building Society Host 5th Anniversary Celebration for Cancer Support in Cardiff

Maggie’s Cancer Charity and Swansea Building Society are collaborating to host a memorable event commemorating the 5th anniversary of the Maggie’s Centre opening in Cardiff. The exciting 5th Birthday Ball will be held on May 17th at Dyffryn Springs near Wenvoe, bringing together supporters and beneficiaries for an evening of reflection and hope.

Swansea Building Society has pledged its support as the event sponsor, continuing its steadfast commitment to Maggie’s as its official charity for the third consecutive year.

Since its inception, Maggie’s Cardiff has provided invaluable support to over a thousand visitors each month, offering practical, emotional, and social assistance to individuals and families navigating the challenges of cancer.

The centre, situated in Velindre Road, Whitchurch, works in harmony with conventional cancer therapies, offering a nurturing environment where visitors can access support, information, and practical advice. From financial and benefits guidance to complementary therapies and nutrition workshops, Maggie’s Cardiff plays a pivotal role in enhancing the quality of life for those affected by cancer.

Supporting the charity over recent years, Swansea Building Society has organised a diverse range of successful fundraising activities, including dress-down days, raffles, and sponsored events like dog walks and open water swimming. These initiatives have resulted in an impressive cumulative fundraising total exceeding £60,000, providing vital resources to empower Maggie’s in delivering its essential services.

Richard Miles, Area Manager / Head of Savings & Marketing, Swansea Building Society, said:

“As proud sponsors of Maggie’s for the third consecutive year, Swansea Building Society is honoured to support such a vital cause. Our ongoing commitment to Maggie’s reflects our dedication to making a meaningful difference in the lives of those affected by cancer. We are delighted to be part of the 5th Birthday Ball celebration and look forward to continuing our partnership with Maggie’s to ensure their important work can thrive for years to come.”

Rachael Davies, Fundraising Manager at Maggie’s, added:

“We’re incredibly grateful that Swansea Building Society has sponsored our 5th Birthday Ball. Sponsorship of our events is so important, and we can’t thank everyone at Swansea Building Society enough.”

Finance and Banking, Finance News, News, North of England

Innovative approach from Minerva is providing solutions

A North Staffordshire financial planning company has invested in top class technology to enhance the client experience.

Founder of Minerva Financial Solutions Nicola Conway decided to introduce document management platform DocPortal in February this year, to help with the storing of important documents and information and to allow for a more efficient service. DocPortal stores personal and business documents, while clients can also access the app, allowing Nicola and her team to communicate and share information directly.

Nicola Conway, Founder of Minerva Financial Solutions, says: “In a world where we spend a lot of time storing information electronically, and accessing it digitally, it is important to be able to keep important documents in one place. We wanted to help clients to be able to access what they needed with ease and that’s why we introduced DocPortal into the business.

Nicola adds: “The app really can help to store someone’s important life documentation in one place. Our finances, life policies and even legal papers are really important and need to be stored in a way that can be accessed by family members on the occasion of a death, which can be a very difficult time for relatives to be dealing with such issues. However, as you can appoint digital executors within the app, these documents can be accessed more easily and help minimise the added stress of those challenging circumstances.”

Minerva Financial Solutions have now shared the DocPortal app with more than 300 clients. As well as arranging financial documents, users are able to upload personal information such as photographs and favourite trips if they wish, along with other day-to-day documents.

“Our experience is that it’s like having a filing cabinet in your pocket – but without the large amount of paper,” adds Nicola.

“Information can be uploaded instantly to the app and people can go back and look over things themselves in their own time. We’ve found it very useful and many of our clients have been keen to use it.”

Minerva Financial Solutions is an Appointed Representative of St James Wealth Management and is based in Newcastle-under-Lyme.

News, Sport

Ballymoney United Youth Academy look to net European football trophy

Fourteen young footballers from Ballymoney are looking to emulate the likes of Conor Bradley, George Saville, and Josh Magennis when they take on a host of international teams in Spain.

Ballymoney United Youth Academy’s Under 14s are travelling to Barcelona to take part in the prestigious Football Cup, pitting their skills against 100 teams from 15 different countries on April 6th and 7th.

The boys, who are being backed by payroll, HR and time attendance solution provider PayEscape, will have two full days of matches and will start by competing against Park’s Academy (England), Shannon Town United (Ireland) and CEF Bosc de Tosca B from Catalonia.

Lee Patrick, who coaches the team with Trevor McLernon, commented: “This is a significant milestone for the boys and should really help them in their careers and in making lifelong memories.

“We currently compete in the Premier Section of the South Belfast League, but this is the first time we have competed in the Football Cup and represents a great opportunity for our players to test themselves against international opposition.

“It’s going to be a tough, but we’re going to do everything we can to bring the trophy back to Northern Ireland.”

Ballymoney-based PayEscape is doing its bit to support Ballymoney United Youth Academy, sponsoring the team £1000 on its international adventure.

This has gone towards the first team kit that the players will be wearing in Spain during the two-day tournament.

Managing Director John Borland picked up the story: “We are passionate about the communities we operate in and Ballymoney is home to our head office, so it made perfect sense to back a local football team.

“Sport is important in the development of young people, and we know what a great opportunity it will be for the boys to take on sides from different parts of the world, with their different playing and coaching styles.

“We wish Ballymoney United Youth Academy all the best in the competition – bring that title home!”

Coach Trevor McLernon concluded: “A big thank you to PayEscape for supporting the team and for providing us with our playing kit for the tournament – we are all extremely grateful.”

PayEscape offers cloud-based Payroll, HR and Time and Attendance Solutions for hundreds of businesses operating in the UK.

The company, which has also backed the Northern Ireland Air Ambulance Service, removes the administrative burden from the client, delivering simple, effective, and reliable payroll and people management solutions for the likes of University Academy 92, Air France-KLM Group, and vehicle manufacturer IVECO.

For further information, please visit www.ballymoneyyouthacademy.co.uk or www.payescape.com

Business, FInance, Pensions

Employers must evaluate Excepted Group Life Assurance arrangements in the lead up to the abolition of the LTA, says Quantum

Quantum Advisory, the leading independent financial services consultancy today urged employers to reevaluate Excepted Group Life Assurance arrangements in the lead up to the abolition of the Lifetime Allowance (LTA) on 6 April, voicing concern that many do not have a full understanding of the potential tax charges going forward.

Graham Yearsley, Principal Consultant at Quantum said: “Many employers have implemented Excepted Group Life Assurance arrangements for their employees, these group life schemes are trust based and provide for a lump sum to be payable in the event of death in service.  As they are not registered pension schemes, they have become very popular with high earning employees as they are not tested against the current LTA.

“Whilst lump sum death in service benefits will no longer be tested against the LTA, members of a Registered pension scheme from 6 April 2024 will be tested against the new Lump Sum & Death Benefits Allowance (LSDBA). As the LSDBA will be subject to the deduction of relevant benefit crystallisation events, of which an authorised lump sum death benefit is one such event, any excess death in service lump sum above the new LSDBA will be taxed at the recipient’s marginal tax rate which could reach 45%. This will make a big difference to both employer and employee.”

Yearsley added: “There is clearly still a need for Excepted Group Life Assurance and it’s very concerning that employers may not understand the potential tax charges associated before making a decision on who should continue to be insured in that arrangement. This could lead to significant issues going forward. Employers must evaluate all potential tax charges soon and decide if they are still fit for purpose as an option for their employees.”

For more information on Quantum Advisory visit www.quantumadvisory.co.uk

Appointments, Business News, Economy & Jobs News, FInance, Jobs, London, News from Wales

Quantum Advisory promotes Darren Wateridge to Principal Consultant in London

Quantum Advisory, the leading independent financial services consultancy, today announced the promotion of Darren Wateridge FIA to the role of principal consultant. Darren, who is based in the firm’s London office, took up the role on 1 January 2024.

Rhidian Williams, partner, said: “Our people are at the centre of our success as a business and we invest in the highest calibre of staff. Their continued support and development is part of our ethos so promoting talent from within is key.

“Throughout his career at Quantum, Darren’s talent, commitment and client management expertise has been apparent. We are confident he will continue to excel in his new position and play a pivotal role in the continued growth of the company.”

Darren Wateridge added: “The market landscape is the most dynamic and competitive it has ever been, and we welcome that challenge. We have some really exciting plans and initiatives coming up this year to further support our clients.

“It has been a privilege to be part of the evolution of Quantum over the last 10 years and I am very much looking forward to now being integral to the strategic leadership going forward.”

 

Darren joined the firm in 2013 as a senior consultant and actuary and has over 25 years’ experience in the pensions industry.

Darren is currently Scheme Actuary to a number of pension scheme clients and advises trustees and companies on the wide range of issues affecting pension schemes including scheme funding, company accounting, scheme benefit change exercises and de-risking strategies.

Darren is also a member of the Association of Consulting Actuaries.

This is the latest in a string of promotions for the firm, most recently with Simon Hubbard to principal consultant in Cardiff.

For more information on Quantum Advisory, visit www.quantumadvisory.co.uk

Finance and Banking, Investment, Investment News, News

Fewer than a third of women feel confident about investing: HSBC UK

HSBC UK has unveiled research shedding light on the differences in financial attitudes and behaviours between men and women, particularly in the realms of saving and investing.

The study, conducted by HSBC UK, unveils concerning statistics, with two in three women (69%) admitting to lacking confidence when it comes to investing money. One in four women (27%) abstain from investing altogether due to a perceived lack of knowledge in the field.

Two in five people in the UK invest but around two thirds (67%) of women don’t invest their money, compared to 56% of men. In fact, 3.3 million fewer women hold investments in the UK compared to men – a population three times the size of Birmingham.

The main reasons include not having enough money (45%), limited knowledge on investing (27%) and thinking it is too risky (19%). Two thirds (60%) of women believe they will lose out on money if they invest.

Recognising the urgency of addressing this confidence gap, HSBC UK has launched a series of ‘inspiring money confidence’ webinars, tailored to empower women to enhance their financial wellbeing. These webinars, open to both customers and non-customers, aim to equip women with the knowledge and confidence needed to navigate the complex landscape of personal finance effectively.

Rebecca Owers, Director of Wealth Distribution at HSBC UK, underscores the importance of financial education in empowering women to seize control of their financial futures.

“Women are facing significant barriers when it comes to money. We are living longer but can earn less than our male counterparts. We take more career breaks, but we need to work an extra 19 years to retire on the same pension savings as a man.

“We need to make our money work harder, so it’s important to consider options like investing. Financial education is key here – by talking openly about money and learning the different options available, women can gain the confidence needed to take control of their financial futures.”

Events, FInance, HR, Pensions, Wales

Seminar sets out pensions landscape for 2024

Finance, HR and pension professionals came together on leap day (29 February) to hear exclusive industry insights at Quantum Advisory’s latest breakfast seminar at the Celtic Manor Twenty Ten Clubhouse.

Speakers including Dan Redwood, Chris Heirene and Leah Summers from Quantum Advisory, the leading independent financial services consultancy, discussed investment, the progress of the Pensions Dashboard and upcoming changes in the world of pensions and employee benefits.

Dan Redwood, senior investment consultant and actuary, opened the event with an overview of how investment markets, gilt yields, and UK and global economies have been performing. With a technical recession in the UK in Q4 and economic stagnation since 2022, Dan revealed the impact of high inflation and the Bank of England’s base rate on defined benefit pension schemes.

Dan said: “The era of ultra-low interest rates is over. This has a significant impact on gilt yields, which have experienced volatility in recent quarters, and pension schemes; both of which require stability.

“Inflation is falling and interest rate cuts are expected this year, although not to previous ultra-low levels, so the environment is improving from a macroeconomic perspective and a soft landing is likely. However, there are a number of external factors that could still throw us off course such as geopolitical tensions around the world and disruption to supply chains.”

Chris Heirene, partner and head of technology, updated attendees on the progress of the long awaited Pensions Dashboard.

The Pensions Dashboard, delivered as a website and app, will allow individuals to check their pensions information online in one place. It aims to help savers understand their current financial standing and support better planning for retirement. Originally the dashboard availability point, the moment at which dashboards will be publicly accessible, was planned for April 2024 but has since been delayed.

Chris said: “With a revised timeline now in place, we will all be waiting a little longer for the Pensions Dashboard. While we don’t have a specific date for the dashboard availability point just yet, we anticipate this to be between May 2025 and July 2026. What we do know is that the Pensions Dashboard will be up and running by October 2026 as this has been legislated.”

Leah Summers, consultant, concluded the breakfast seminar by highlighting a number of key upcoming changes including the General Code of Practice, the abolition of the Lifetime Allowance and the allowances replacing it, and assumption changes in defined contribution pension scheme benefit statements.

Leah said: “These three changes are coming into effect very soon. The measures are being introduced to simplify the code, tax allowances and statements for trustees, schemes and members respectively.”

Stuart Price, partner and actuary at the firm, said: “It was brilliant to see so many delegates, including new and familiar faces, spend the extra day in February with us at our pensions and investment breakfast seminar. A diverse range of subjects were covered throughout the morning, providing delegates with a thorough understanding of the current pensions and economic landscape and the changes coming down the track.”

For further information and to keep up to date with Quantum’s latest events, visit https://quantumadvisory.co.uk/.

Business, Business News, FInance, Finance News

Milestone Success: Swansea Building Society’s Centenary Celebrated with Financial Triumph

In its 100th year, Swansea Building Society stands as a testament to success, achieving historic growth in mortgages and savings balances, complemented by record profits. The institution’s ability to attain double-digit growth in total assets, mortgages, savings, and capital, even in a challenging economic environment, underscores its financial prowess and strategic resilience.

For the fiscal year to December 31, 2023, Swansea Building Society celebrated significant financial milestones, witnessing a 15% growth in total assets fuelled by a 16% increase in savings and a 15% rise in mortgages. Total assets soared to £607 million, savings balances reached £565.5 million, and mortgage balances expanded to £477.8 million. The Society’s impressive mortgage growth was propelled by setting another record with gross mortgage completions hitting £120.1 million, surpassing the previous highest set in 2021.

The Society’s growth was supported by record profits before tax of £6.2 million, beating the previous record of £5.4 million achieved in 2022. This increased the Society’s capital reserves to £39.8 million. This is vitally important to the Society, as it provides greater reserves to support members achieve their financial goals.

The Society remains one of the few financial institutions in the UK that receives no wholesale funding or support from the Bank of England in the form of cheap funding. Its balance sheet is funded entirely by customer savings balances and its own capital reserves built up from retained profits over many years.

Alun Williams, Chief Executive of Swansea Building Society, said:

“The Society has ended its centenary year in great health, having delivered a record performance in 2023. This is despite the extremely difficult market conditions experienced during the year. I am extremely proud of how the Society has balanced the needs of borrowers and savers against a backdrop of a cost-of-living crisis, falling house prices and a rapidly increasing interest rate environment. Our 100th year has been full of activity, and I am delighted with how my colleagues have shown the level of dedication and care that our members deserve.

“The Bank of England has increased the Bank base interest rate 13 times since December 2021 as they have sought to reduce inflation. We are mindful that many of our mortgage customers have never experienced a rising interest rate market and were considerate of the impact that these dramatic increases could have on both new and existing borrowers. As a result, the Society’s weighted average interest rate paid by borrowers has increased by 2.88% at 31 December 2023, compared to the 5% increase in Bank base interest rate.

“Each time the Bank Base interest rate has changed, we have reviewed the Society’s savings interest rates to ensure that they are still highly competitive. The number of changes to the

Bank Base interest rate during 2022 and 2023 has made this task more challenging than in previous years, as the increased volatility in the savings market has made it more difficult to review the interest rates offered by other savings providers. It was therefore extremely pleasing that we were able to offer our savers such competitive rates that we achieved record savings growth.

“Producing strong sustainable financial results is just one aspect of the Society’s objectives. It is vitally important to the Society that we are also successful in terms of the quality of customer feedback and Member satisfaction. I was therefore delighted that based on customer survey feedback for 2023, 97% of respondents said they would recommend the Society to other prospective customers. This was particularly pleasing given the current economic climate.

“A key element of the Society’s purpose is to be socially responsible and to make a positive impact to the local community. We offer support not only through the products and services that we provide, but also by donating our time, skills, and resources. As 2023 was our 100th year of existence, in addition to the money raised for Maggie’s, our charity of the year, we donated an additional £100k to provide further support to local good causes in branch communities.

“To celebrate its 100 years, the Society held several events throughout the year to thank our members, introducers and suppliers for their support. It gave me great pleasure to be able to share the Society’s success with so many of our supporters across our core communities from West to East Wales.

“As we look beyond our 100th year, the Society is well placed to navigate through the challenging trading conditions caused by the current economic uncertainty. Our plans continue with the theme of digital transformation, as we embrace change by investing in our people and technology. Our members will therefore continue to see improvements in the way the Society delivers its products and services in the coming years. The increased growth and subsequent profitability of recent years has enabled the Society to make such investments, for the benefit of both current and future members.

“Our core goal of serving our customers in any way they choose remains. We will continue to support members through whichever channel is best for them, whether that is in-branch, telephone, or online. We pride ourselves on being a true mutual, with a member centric focus, providing relevant, attractive products and delivering exceptional customer service. Together with our robust financial strength, we are in a strong position to deliver on our purpose of providing members with tailored, flexible solutions.”

The Society will hold its annual general meeting at the Swansea.Com stadium on Thursday 25th April 2024. Members can vote ahead of that meeting or attend the meeting in person and the Society will donate a pound to Maggie’s cancer charity for every vote received.

Energy, News

Consumers need better protection against the cost of environmental regulations, say researchers

Tighter environmental regulations can boost industry profits and drive up costs for consumers, finds research from Aalto University School of Business.

Professor of Practice Iivo Vehviläinen at Aalto analysed data on 129 million bids in the Nordic electricity market to reveal the market impact of regulations that protect the biodiversity of river ecosystems but also reduce Finland’s capacity for generating hydropower electricity.

Meeting the EU Biodiversity Strategy target of restoring 25,000km of rivers to a free-flowing state by 2030 would mean closing at most 56 MW of hydropower generation in Finland, he says.

He calculates the cost of removing hydropower dams would lead to €62 million in welfare losses over time, not accounting for environmental benefits, while electricity market price rises would increase revenue for other electricity producers by €318 million over time.

This leaves much of the cost of implementing environmental protection regulations currently at the door of consumers.

This is because, in a competitive market, if consumer demand remains static despite price changes, tighter regulations will raise prices so industry profits increase and consumers end up paying for lost production and additional industry gains, says Vehviläinen.

The findings suggest that instead of lobbying against environmental regulation, agreeing to industry-wide implementation could be beneficial for both corporations and biodiversity.

However, regulators and policymakers should consider how to balance the costs and benefits of improving the ecological status of rivers between consumers and producers before introducing such policies.

“Higher prices may reduce political acceptance of regulations and have equity implications if the economic burden is higher for low-income households. This is especially true for electricity and other necessity goods that face multiple pressures from climate change mitigation to biodiversity protection and to other policy areas,” says Vehviläinen.

This research was published in the Journal of Environmental Economics and Management.

Accountancy, Appointments, Business, FInance, News from Wales, Wales

Quantum Advisory promotes Simon Hubbard to Principal Consultant in Cardiff

Quantum Advisory, the leading independent financial services consultancy, today announced the promotion of Simon Hubbard to the role of principal consultant. Simon, who is based in the firm’s head office in Cardiff, took up the role from 1 January 2024.

Joanne Eynon, partner, commented: “Our success as a firm depends on the quality of our people and we are pleased to be able to recognise their achievements and support them as their career evolves. This promotion is a demonstration of how we grow our talent from within the firm, and throughout the region.

“Simon has proved himself to be an invaluable member of our team and this promotion is well deserved.”

 

Simon added: “Since joining Quantum I have been pleased to support our clients in all aspects of their journey. I look forward to now also lending my expertise to the strategic leadership of the firm as a whole. We are an ambitious firm with grand plans and to lead the actuarial team in Cardiff will be extremely satisfying.”

Simon joined Quantum in 2016 and sits on Quantum’s risk transfer team, helping to manage client projects and working with major insurers to track market prices and market sentiment.

He has over fifteen years of experience delivering trustee and corporate consulting advice including valuation negotiations, benefit change projects, company pensions accounting and member option exercises.

He is also a member of Quantum’s Defined Benefit Strategy Group and assists with the development of Quantum’s in-house actuarial models.

Simon is currently Scheme Actuary to a number of pension schemes.

For more information on Quantum Advisory, visit www.quantumadvisory.co.uk