Sector Focus
Finance
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Income Protection
By Bally Chand Mahay Financial Services
The latest news from the sectors that matter to business
Conscientious consumers still prefer the High Street
More than half (51 per cent) of consumers now describe themselves as ‘cost-conscious’ buyers, according to a survey by audit, tax and consulting firm RSM. Yet two thirds (63 per cent) of
It is noted that 18% of the working population will not be able to support themselves into retirement due to not having Income Protection in place. Income Protection is an
insurance policy designed to cover you the life insured who are incapacitated and hence unable to work due to illness and health. The benefits of having
Income Protection is to pay out on illness diagnosed after a deferred period has passed and continue until specified retirement date or until recovery of health. Benefits are paid monthly and may be free of tax. The insurance provider
cannot cancel or refer to renew policy provided the policy holder continues to pay the premium till the policy end date. A waiver of premium option
may be provided where premiums for Income Protection Cover are not required whilst benefits are being paid, however policy cover continues.
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consumers still prioritise the High Street over online retail. The survey of more than 2,000
adult consumers across the UK revealed that, with the exception of technology and travel and tourism, shoppers prefer to buy products such as clothes, shoes, homeware and beauty in-store rather than online.
‘Demand for the high street remains extremely resilient’
Neil Stephenson, who heads
RSM’s retail team in the Central region, said: “While cost- consciousness presents a growing theme as the economic squeeze continues, our findings illustrate encouraging signs for retailers in 2018, particularly those with a High Street presence. “Despite the irrepressible rise of online retail, demand for the high
Neil Stephenson: consumers are ‘cost conscious’
street remains extremely resilient, as our findings suggest. “We predict that an engaging
store presence on a high street that presents the right mix, is going to continue to drive sales both in store and online. “The all-important 20-35 year-
old demographic are stereotyped for being glued to their smartphones, but the reality is different. Millennials make most of their purchases offline – with the
youngest of this age group, those aged 20-23 most likely to make a purchase in a store. We expect to see the continuation of the trend of online retailers opening select physical stores in 2018.” Aside from the 51 per cent who describe themselves as cost- conscious when it comes to spending on clothes, homeware, technology, beauty and eating out, 18 per cent now describe themselves as ‘needs only’. Thirteen 13 per cent are ‘trust’
driven and the remaining 12 per cent attribute their spending habits to ‘impulse’ buying. Hannah Heath, finance director
for JoJo Maman Bébé, said: “This year we’ve invested heavily in our online platform. “As such we’ve seen a marked
upswing in online sales. Conversely, and perhaps less predictably, has been our in-store trading performance - phenomenal during periods, and resilient overall. “We have seen a four per cent
like-for-like growth on in-store sales over the past six months. We expect to see a similar growth pattern over the second half of our financial year.”
Increase in revenue for KPMG
Professional services firm KPMG UK has announced a five per cent increase in revenues from £2,068m to £2,172m for the financial year ended 30 September 2017. With regulatory reform and geopolitical change
stimulating increased demand for advice from clients, 2017 was another busy year for the firm. In particular, KPMG’s audit practice performed
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56 CHAMBERLINK February 2018
strongly in the wake of further rounds of audit retendering, posting growth of 10 per cent and securing the audits of BT, Legal and General and Micro Focus amongst others, to become the number one auditor of the FTSE250 and FTSE350. KPMG’s management consulting practice also grew
strongly, posting an 11 per cent increase, driven by clients seeking new and cost-effective operating models for areas such as IT services, finance, people and learning. Activity in the European M&A market reached its
most intense levels since the financial crisis, boosting the firm’s corporate finance and transaction services
sales. KPMG advised on major deals during the year, including the merger of Booker and Tesco. Meanwhile the implementation of international
regulatory initiatives, such as the OECD’s Base Erosion and Profit Shifting project, stimulated demand for tax compliance services and advice, driving an increase of four per cent. Bill Michael, chairman of KPMG UK, said: “We are
operating in a period of unprecedented change and this creates great opportunity for our firm. Our clients are navigating complex regulatory and geopolitical change, while technology continually reshapes and disrupts their markets. I believe KPMG has a pivotal role to play to help businesses through this period, helping them to adapt, evolve and grow.” Bill added: “In order to achieve our ambitions for
the year ahead, we must continue to attract the brightest and best to our firm from all walks of life. This is both a social imperative and a bottom-line issue – teams with diverse perspectives deliver better outcomes to clients.”
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