Business and Finance

Sell and rent back has been in existence for many years. In the past, there have been a number of cases where companies or individuals have entered into a sale and rent back agreements, promising the owner the opportunity to remain in their property for as long as they wish.

However, the reality in a number of cases is that after a period of six months, the owners have been served notice, evicted from the property, and left homeless by unscrupulous landlords and the property sold at a large profit. In addition to this, there have also been cases where mortgage companies have repossessed the homes of these individuals as the landlords have been unable or unwilling to make mortgage payments on the homes in question.

In response to this, the FSA has taken the step to provide security to those wishing to sell their home whilst remaining in the property for the long term. The FSA have asked all companies and individuals that operate in the sector to apply for ‘interim authorisation.’ From the 1st of July 2009, all companies wishing to continue working in the sale and rent back sector had to apply for this authorisation by the 31st July 2009. Any company not submitting an application by this date is NOT permitted to conduct business in this sector from 1st August 2009.  Read more...

The need for firms to have access to an “innovative” financial services sector has been highlighted.

Businesses are in need of a “responsible” financial services industry, it has been claimed.

Firms on the search for business accounts may be interested in comments from Richard Lambert, director-general of the Confederation of British Industry (CBI), who states that despite the problems the sector has seen over recent years, changes must be made to ensure that organisations can access competitive products.

“A responsible and innovative financial services sector is of vital importance to the UK, both to meet the needs of businesses and consumers and to help the country pay its way in the world,” he notes.

Speaking as part of the CBI’s Future of Financial Services publication, Mr Lambert also states that the provision of innovative banking products will be crucial for helping Britain make its way out of the downturn.

Firms might also want to consider their use of UK accounts as the CBI’s director of corporate affairs Matthew Fell recently noted that despite some signs of economic recovery, many businesses will continue to face difficulties over the coming months.

Meanwhile, John Varley of Barclays claimed that fewer banks will play a larger role in the global industry over the coming years, something that could have an impact on business bank account requirements.

Businesses are being offered financial assistance in the run-up to the Olympics, it has been revealed.  Read more...

Programmers throughout the United Kingdom have a variety of industries in which they can work. IT consultancies and firms that contract professionals to corporations can be lucrative and dynamic. Defence, aerospace, and engineering firms need programmers who are interested in learning about their specific needs and developing IT solutions appropriate for these needs. However, one of the best areas of entry into the job market for a young programmer is in the financial service sector. Programmers need to understand what prospective jobs in financial services require before taking the leap into this lucrative industry.

One aspect of financial service programming jobs in the United Kingdom is creating proprietary systems. Banks and financial advising firms need to have a variety of programs to keep track of funds, account information, and other data. While some banks contract out these services to outside IT firms, many have hired programmers to develop in-house systems. Programmers who are hired to create these systems often have to complete their technical work and then provide training and the new system to employees. In this way, programming jobs in the financial service sector can be interesting and engaging for an IT professional.

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Organizations operating in the Financial Industry are facing challenges in which they have never dealt with before.  Over the last three years, the global economic crisis has forced many financial institutions to close their doors, go bankrupt or merge with larger corporations. 

In order to stay afloat in the financial sector, companies must find innovative ways to maintain a competitive advantage, cut back on costs and increase productivity.  Online video conferencing is one tool all financial businesses must consider investing in.  Not only does it save a company time and money, it also provides employees and customers with a cutting-edge way to commute with each other.  Just look at the many ways online video conferencing is already being used in the Financial Services Industry:

Companies are offering “Agent on Demand” services, giving their prospects and clients one click access to sales personnel, customer service departments and technical support staff.
Online certification is being made available to employees, reducing the time an employee needs to take off in order to travel to and from certification courses.
Companies are offering educational webinars and online seminars to prospects and clients.  
Customer service agents are providing online client trainings.  This eliminates the need for customer service agents to travel to and from client locations, making them more productive and freeing up their time to conduct even more trainings.  
Financial branches are meeting more often with company executives.  Rather than conducting quarterly meetings that require either an executive to travel to a specific branch location, or employees to be flown and housed at the corporate office, companies are conducting more frequent meetings online, resulting in not only a cost savings due to less travel costs, but also improved employee morale and better team communication
Employers are conducting employee training remotely, resulting in a further decrease of travel dollars and time. 
Financial offices are conducting online loan interviews.  This makes it easier for clients to manage their schedules by allowing them to attend these interviews from their office or the comfort of their own home.
Companies are providing clients with live visual records and data, making it easier to address a client’s security and investment concerns.  Read more...

In this case study, we will explore how a financial services management company automated the printing aspect of their Correspondence Management System to improve the efficiency of the operation and reduce the costs associated with printing and distributing printed communications to their customers.

Company – This Company is one of the world’s leading providers of financial services for corporations, institutions and affluent individuals around the world. The specific entity within the company examined in this Case Study is one that provides fund management services for banks and financial companies around the United Kingdom.

Business Problem – The Company’s Correspondence Management System (CMS) requires many different types of letters to be printed on many different styles of letterhead stationery. Each bank they provide fund management services for has different letterhead paper and different business rules regarding additional pages of standard and/or variable information that needs to be bundled along with the letters being printed (this can be different by type of letter being printed within a single bank also).

To accomplish their letter printing, the CMS user would place the right number of pages of the appropriate letterhead and continuation sheets into a nearby printer, then print the document from within the CMS to the printer they had chosen. As they print they are hoping that:

Nobody else sends any letters to that printer in the meantime

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