Podcast Summary
LinkedIn: Find Unique Candidates, 'Right to Buy' Housing Controversy, Sleep Number's Smart Bed: LinkedIn helps small businesses find unique candidates, Sleep Number's smart bed offers personalized comfort, 'Right to Buy' housing policy sparks controversy
LinkedIn is a valuable resource for small businesses looking to hire professionals. With over 70% of LinkedIn users not visiting other leading job sites, it's where you can find candidates you can't find elsewhere, even those who aren't actively searching for a new job. The housing bill in the Queen's speech has been a topic of controversy, with plans to extend the right to buy policy to approximately 1.3 million households renting from housing associations. While some argue it could help solve the housing crisis, others fear it could further reduce the numbers of affordable homes. Ultimately, it's a complex issue with no easy answers, and the financials of the housing bill remain to be seen. In other news, the Sleep Number smart bed offers individualized comfort for better sleep, and the latest JD Power award ranks it number one in customer satisfaction for a limited time.
Government's housing plan faces practical challenges: The government's plan to sell off council houses to fund discounted sales for tenants may face uncertainty in timing and availability, and it's questionable if tenants can afford mortgages. Industry criticizes potential impact on housing associations, and a separate legislation may add to landlords' responsibilities.
The government's plan to fund discounted home sales for tenants by selling off valuable council houses faces practical challenges. The government estimates that they could raise £4.5 billion over time, but the timing and availability of these properties are uncertain. Additionally, it's questionable whether financially challenged tenants would qualify for mortgages to buy these homes. The industry has criticized the plan for potentially destabilizing housing associations, which are responsible for building a significant number of new homes each year. A separate piece of legislation in the Queen's speech could impact buy-to-let landlords, requiring them to check their tenants for illegal immigrants. The practicalities of implementing this policy are unclear, and it may add to the responsibilities of landlords. Overall, while the intentions behind these policies are laudable, their execution raises concerns about their effectiveness in addressing the housing crisis.
New regulations for private landlords and their agents causing concern in the industry: The UK government's new framework for regulating private landlords and their agents is raising concerns within the industry, potentially deterring private landlords and institutional investors from the market, while banks invest heavily in digital initiatives to keep up with the growing use of internet and mobile banking.
The UK government's new framework for licensing private landlords and their agents, as announced by the prime minister last week, is causing concern within the industry. Historically, letting agents have not been subject to the same level of regulation as estate agents, but this new measure is seen as heavy-handed and potentially deterring for private landlords and the lettings industry as a whole. The lack of regulation has allowed for significant investment opportunities, particularly in London, through the Right to Buy scheme. However, the government's intervention in the market could deter institutional investors from entering the social housing sector. Meanwhile, in the digital world, banks are investing heavily in digital initiatives to keep up with the growing use of internet and mobile banking. With 3 out of 4 British adults now using smartphones for banking, and nearly £1,000,000,000 of transactions taking place daily, banks must adapt to stay competitive. It's a time of significant change in both the property and banking industries.
Banking's Digital Transformation: Disappearing Cards and Branches: In the next 5 years, contactless payments through smartphones may replace physical bank cards, and video services could keep some branches operational as banking undergoes a major digital transformation.
The banking industry is facing significant disruption from tech giants and new lending platforms, leading to potential changes in how we use and experience banking services. In the next five years, we might see the disappearance of physical bank cards as contactless payments through smartphones become more prevalent. Additionally, bank branches could become obsolete due to technology, but video services offering high-definition consultations could keep some branches operational. Overall, the banking landscape is undergoing a major transformation, and consumers may soon have more convenient and customizable options for managing their finances.
Protecting Against Identity Fraud in the Digital Age: Banks use advanced security measures like biometrics to prevent identity fraud, but fraudsters create fake identities to gain access to accounts, leading to significant financial losses. Be aware of these risks and take steps to secure personal information and assets.
As technology advances, allowing for more convenient mortgage appointments and services, there is a growing risk of identity fraud. Banks are implementing multilayered security measures, including biometric technology like fingerprint, finger vein, voice print, and even the rhythm of how one uses their mobile phone, to ensure security. However, there has been a significant increase in identity fraud, with fraudsters creating fake identities to gain access to savings accounts, retail cards, and even current accounts, eventually maxing out credit lines. Anyone handling expensive physical assets, such as jewelers and gold dealers, as well as British Asians who give gifts of gold and jewelry, use safety deposit boxes. The recent Hatton Garden safety deposit vault heist has brought attention to this issue. It is essential to be aware of these risks and ensure robust security measures are in place to protect personal information and money.
UK Banks Exit Safe Deposit Box Business, Demand Remains: Despite UK banks leaving the safe deposit box market, demand remains and prices rise. Independent companies and banks offer services, with or without insurance. Hatton Garden heist didn't affect demand or insurance costs.
Despite the exit of major UK banks from the safe deposit box business around 2012-2013 due to perceived lack of profitability, there is still a significant demand for this service. Various entities, including Metro Bank, State Bank of India, and independent companies, continue to offer safe deposit services and even raise their prices due to the narrowing market. These establishments may or may not provide insurance, leaving it up to the depositors to decide. The heist at Hatton Garden did not seem to significantly impact the demand or cost of insurance for these units. Additionally, the existence of heavily guarded underground vaults filled with valuable goods in Hatton Garden adds to the allure of safe deposit boxes for those seeking to hide their valuable possessions from the eyes of the law or thieves.
Impact of high-profile heists on insurance costs: While high-profile heists can create buzz and encourage insurance reviews, their overall impact on costs is minimal.
While rare, high-profile heists like the Hatton Garden robbery can lead to a surge in people looking to insure their valuable possessions, the overall impact on insurance costs is minimal. However, the media attention generated by such events can create a buzz and encourage people to reconsider their insurance coverage. Other topics covered in the episode include record fines for a failed death bonds firm, investor disputes at other firms, a visit to a death cafe, and tips from The Investors Chronicle. Additionally, the show featured promotions for Health ProtectorGuard fixed indemnity insurance plans and Stamps.com, which can help individuals and businesses manage their mailing and shipping needs more efficiently.
