Money Marketing
10 June 2010
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200 FSA staff take home over £100k
10 June 2010
More than 200 members of the FSA staff earn over £100,000 a year, it has been revealed.
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2005 Debt forced Home of Choice into administration
11 Jun 2010
Former Home of Choice chief executive Gerry O’Brien says the network’s inability to service debts created in 2005 led it into administration.
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30-Month deadline on level four
10 June 2010
The FSA is imposing a 30-month deadline for new advisers to complete QCF level four.
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A case of misflogging?
11 Jun 2010
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ABI has new name for TPD
10 June 2010
The ABI is looking to replace the term total permanent disability with the name irreversible life-changing disability’ in a bid to reduce the number of TPD-related disputes.
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Abroad spectrum
14 Jun 2010
Europe’s problems mean UK stocks could find more opportunities in emerging markets. By Lee Jones
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ACH launches outsourcing service
10 June 2010
The Annuity Clearing House has launched a new retirement income service allowing IFAs to outsource work for their lower-income clients.ACH will search conventional lifetime annuities, enhanced and impaired annuities and with-profits annuities, initially from Prudential, Legal & General and MGM Advantage. The company plans to increase the number of providers as the service expands.
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Alan Cleary
14 Jun 2010
The managing director of Precise Mortgages is learning to fly in his spare time and this desire for freedom and independence has been replicated in his career flight path.
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Annuity rates on hold ahead of Budget ruling
10 June 2010
The recent fall in annuity rates has slowed as figures from Alexander Forbes Annuity Bureau reveal most providers have held their prices as the gilt markets prepare for the emergency Budget.
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Armstrong sees future in Euro futures
10 June 2010
Armstrong Investment Management has identified European dividend futures as a new opportunity for its IM Armstrong diversified real return fund.
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Asset test
14 Jun 2010
“Investment is not just about what is happening in the domestic equity market but so much has been going on there, other asset classes tend to get overshadowed.”
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Axe 'mad' pension tax
10 Jun 2010
Industry experts call on Govt to scrap the upcoming higher-rate pension tax relief restrictions following new calculations.
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Baigrie call for action on non-advised firms
11 Jun 2010
Lifesearch managing director says advisers should refuse to give business to providers who work with certain non-advised sales firms.
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Be prepared
15 Jun 2010
Scottish Provident senior product development manager Jennifer Gilchrist says in such uncertain economic times, people would be wise to consider protecting their income, should they suddenly find themselves out of work.
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Bestinvest warns L&G pricing rethink will hike up fund costs
10 June 2010
Spiers: ’Provide a ’box’ postion to smooth out daily inflows and outflows
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Bosses apologise to Pru shareholders
10 June 2010
Prudential chief executive Tidjane Thiam and chairman Harvey McGrath apologised to shareholders over the collapse of the AIA deal at the company’s annual general meeting this week. Prudential faces costs of £450m associated with the deal and a number of high-profile fund managers have called for the pair to quit.
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BP concern could drive investors further afield
10 June 2010
Concerns over BP possibly cutting its dividend may see inv-estors look overseas for a more secure level of income, according to advisers.
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Branch line
11 Jun 2010
Paul Thomas on how advisers are taking the lion’s share of loans business and the impact on lenders
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Brooks buys up Braemar for £4m
10 June 2010
Wealth management firm Brooks Macdonald has acquired property fund management specialist Braemar Group for £4m.
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Bundle of trouble?
14 Jun 2010
Hannah Stodell talks to advisers as the FSA outlines its options on rebates, including an outright ban
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Cable warns against 'new interventionism'
10 June 2010
Business Secretary Vince Cable has promised to cut business regulation, reduce Government spending and develop policies to stimulate growth.
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Call for global solution to alternative directive
10 Jun 2010
Warning signal: UK MEPs fear that the European Commission’s alternative investment fund managers directive will harm the City
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Capital idea
10 Jun 2010
Planning for part-time and vocational work throws many questions about capital and retirement
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Cautionary trail
10 Jun 2010
Nic Cicutti says the FSA’s unwillingness to be tougher on trail commission will lead to the “same old practices” being retained.
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Close fined for failure to protect customer funds
10 June 2010
The FSA has fined Close Investments Limited £98,000 for failing to properly protect and segregate client money.
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Corporate bond fallout
10 June 2010
Adviser Fund Index
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Course of action
14 Jun 2010
Tax is big news as the Budget looms and IFAs have an opportunity to use their CPD learning to effect real change
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Croft leaves Gilliat after restructure
4 Jun 2010
Gilliat Financial Solutions sales director John Croft has left the structured product provider following a restructure.
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Death of ex-LIA president Battersby
10 June 2010
Battersby: ‘Ahead of his time’
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Field gets to work on poverty
10 June 2010
Labour MP Frank Field has been appointed to lead an independent review into poverty in Britain. Field will consider the definition of poverty and encourage parents and services to nurture children.
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Finance director and lawyer are acquitted of insider dealing
10 June 2010
Andrew King and Michael McFall have been acquitted of insider dealing by Southwark Crown Court.
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First State agribusiness goes onshore
11 Jun 2010
First State Investments has established an onshore version of its global agribusiness fund.
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Fitch's guide to keeping AAA rating
10 June 2010
Fitch Ratings has warned that the fiscal challenge faced by the UK is “formidable” and says a strong consolidation strategy is vital in retaining a AAA status.
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Forward thinking
10 Jun 2010
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FSA slow to endorse new firms
10 June 2010
The average time the FSA takes to authorise a company has risen by 71 per cent in the last 12 months, according to City law firm Rey-nolds Porter Chamberlain.
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Hargreaves says fund lists are cheap publicity stunts
11 Jun 2010
Hargreaves Lansdown chief executive hits out at Chelsea Financial Services and Bestinvest’s worst-performing fund lists, claiming they do not help investors.
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Higher ground
10 Jun 2010
“LibDem pension policies are being taken seriously and Steve Webb himself is enjoying the advantage of being the man in the know.”
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HMRC says now entire drawdown funds facing 55% hit
10 Jun 2010
Income drawdown investors will see tax charge on their entire fund, rather than on income, if they switch providers or buy an annuity before 55.
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Horsfield to join Exact legal team
10 June 2010
Exact has appointed Philip Horsfield as its new director of legal and compliance. Horsfield previously worked for Morgan Stanley Group.
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House prices 10% shy of 2007 peak
10 June 2010
House prices are now only 10 per cent less than their October 2007 peak, according to Nationwide’s monthly house price index.
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I don't want to punish savers, says PM
10 June 2010
Prime Minister David Cameron is considering a number of capital gains tax concessions for savers, including people with long-term assets and people nearing retirement.
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IFA helps investors win £370k Integrity redress
10 Jun 2010
Ned Naylor helps four investors sold the Integrity GTEP maximiser product win over £370,000 with a further £400,000 nearing settlement.
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Increasing state pension age to save £2bn a year
10 June 2010
The Pensions Policy Institute says that the Government’s proposals to increase the state pensions age could save £2bn a year.
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Interactive health clinic open for Alico members
10 June 2010
Alico has launched an interactive health service clinic called MedClick to its group insurance benefits package members.
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Joint mortgage applicants singled out by Platform
10 Jun 2010
Platform has launched a mortgage range available only to joint applicants.
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JPM failed to segregate client cash
10 June 2010
The FSA has fined JP Morgan Securities £33.32m for failing to segregate up to £15.6bn of client money properly.
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JPM's income Gem a first for UK market
10 June 2010
JP Morgan is planning to launch the UK’s first global emerging market income trust, with an initial 4 per cent yield. The trust will be managed as a diversified portfolio of dividendpaying stocks.
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Jubilee launch bucks 'FTSE-centric' trend
11 Jun 2010
Structured product provider Jubilee Financial Products is looking at a number of new launches outside the UK.
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L&G calls for backto-basics approach to risk assessment
10 June 2010
Pratt: ‘Reduce credit scoring’
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Leaman says exam review is a job for industry
10 June 2010
Leaman: ‘A lot of change’
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Little voice
15 Jun 2010
Peter Le Beau says protection needs shouting about but the FSA’s keeping quiet
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Maguire hits back over blame for cru debacle
11 Jun 2010
Cru founder Jon Maguire says people who blame him for the Arch cru fund debacle are ignorant of the facts.
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MM leader: FSA must justify piling on more industry costs
10 Jun 2010
Latest FSA paper piles more costs onto the industry at a very difficult time.
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Money Marketing virtual academy goes live
10 Jun 2010
Academy gives IFAs access to discounts on study material, exams, online tools and training courses.
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Mortgage lenders 'inflexible'
11 Jun 2010
Brokers call on Govt to intervene as an increasing amount of self-employed borrowers turn to secured loans instead of remortgaging due to lender requirements.
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Nationwide manager jailed after taking £100,000 from accounts
10 Jun 2010
A Nationwide employee in Suffolk made a series of unauthorised withdrawals totalling £100,000 from customers’ accounts, a court heard.
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Natural selection
11 Jun 2010
Stevem Chisholm says Axa’s Elevate wrap has all the essential features his business needs.
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Nightmare scenario
10 June 2010
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'No space for providers to compete with Nest'
10 Jun 2010
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Northern Rock wields the axe
10 June 2010
Northern Rock plans to cut 650 jobs by the end of the year as part of its ongoing restructuring process as the lender prepares to return to the private sector.
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Out of Context
10 June 2010
“The first thing you may have noticed is that I am not Peter Mandelson. For one thing, I am abetter dancer.”
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Out of touch over CTFs
10 June 2010
I would like to respond to last week’s strange article by Nic Cicutti on child trusts. I am not sure whether he is being completely naive orhopelessly out of touch with the reality of the economic dilemma that this country is experiencing. Obviously, nobody likes to have a benefittaken away but this was an obvious one, bearing in mind that we are faced with the greatest Budget deficit since World War Two.
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Paragon predicts rally in BTL and plans return to lending
11 Jun 2010
Heron: ‘Return of confidence’
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PFS chief defends new exam format
11 Jun 2010
Fay Goddard says multiple choice exams are just as rigorous and are used in other professions such as medicine.
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Phoenix lists on LSE to support growth plans
10 June 2010
Phoenix Group has published its plans for listing on the London Stock Exchange and says flotation will help it to take advantage of future acquisition opportunities.
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PR veteran Neil Mainland dies
10 June 2010
Mainland: ‘Highly respected’
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RBS branch sale raises competition concerns
11 Jun 2010
Brokers say the European Commission’s desire for increased competition would be undermined if Santander acquires the 318 Royal Bank of Scotland branches up for sale.
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Remortgaging makes 'undeniable sense'
11 Jun 2010
John Charcol senior technical manager Ray Boulger says the time has come for many borrowers on standard variable rates to consider remortgaging.
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Revenue's escape act
10 June 2010
Pensions
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Royal guard
10 June 2010
Many people are in financial pain and IFAs have an opportunity to drive home the real benefits of protection cover
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Royal London first with property offer
10 June 2010
Royal London Asset Management has become the first UK fund management group to launch a propertyauthorised investment fund following the conversion of its Royal London exempt property unit trust.
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Schroders increases BP exposure
10 June 2010
Schroders income fund managers Nick Kirrage and Kevin Murphy increased their exposure to BP last week, amid US pressure on the firm to cut its dividend to pay for the Deepwater Horizon oil spill.
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ScotLife admits pension blunder
10 Jun 2010
Some 250 Scottish Life pension customers have seen their fund values drop 12 per cent after the insurer clawed back interest it overpaid without telling them.
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Sense of power
14 Jun 2010
Ian McKenna says the launch of the iPad highlights the massive technology opportunities for advisers and providers.
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Sesame rules out platforms not looking at early re-reg
11 Jun 2010
Firm will only consider platforms actively pushing for a rapid re-registration solution as the firm decides on its preferred choice for members.
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Seven-year itch
11 Jun 2010
PMS’ John Malone says the importance of a seven-year plan has stayed with him through his 40-year long career in mortgages.
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Skandia meets demand for single-manager funds
10 June 2010
Skandia is to launch 20 single-manager funds under the Signature banner.
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Source of the outsource
14 Jun 2010
10 Minutes with…Spike Hughes - James Smith
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St James's Place adviser makes referral claim
11 Jun 2010
Adviser markets herself as a specialist who takes referrals from solicitors, despite regulation that specifies solicitors can only refer clients to IFAs for investment advice.
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Standards probe may be every three years 'TC reverse shows FSA instability'
10 June 2010
Aifa says the FSA’s decision to bulk up its training and competence sourcebook is another example of regulatory instability.
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Star wars
14 Jun 2010
The panel debate how current events, such as the recent exit of two star managers, are testing the investment universe
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Stars playing for high stakes in Jupiter float
10 June 2010
Nutt will take a £38.8m share
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Stockbroker breaks FSA rules on client money
10 June 2010
The FSA has fined stockbroker Rowan Dartington & Co £511,000 for failing to protect and segregate client money for more than two years.
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Stop knocking the industry
10 June 2010
It always amazes me that we have people in the industry who try to make capital out of knocking our industry.
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Taking potshots does not solve pension problems
10 June 2010
THE EDITOR’S WEB COMMENT OF THE WEEK
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Tele vision
11 Jun 2010
Tom Baigrie says IFAs should put pressure on providers to ensure non-advised firms are treating customers fairly.
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The Bolton effect
14 Jun 2010
Kira Nickerson says the launch of Anthony Bolton’s China special situations fund is great news for the investment trust industry.
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The Brazilian beat
10 June 2010
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The war on debt
11 Jun 2010
With the UK trying to recover from its worst financial crisis since the Second World War, Lee Jones looks at a solution that harks back to the patriotism of the war years
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Tisa wants FSA to rethink rebates ban
10 June 2010
Ferguson: ‘We strongly urge the FSA to stick to its guns and not be swayed’
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Towry hires Aberdeen's Dawkins
10 June 2010
Towry has poached Aberdeen Asset Managers’ multi-manager head Robert Dawkins as its new chief investment officer.
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US firm CarVal sets up funding deal for Lifemark
10 June 2010
US hedge fund CarVal has provided Lifemark with short-term funding to help sustain the company and preserve the value of policies held by thousands of Keydata investors, Money Marketing understands.
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Vital statistics
11 Jun 2010
HSBC’s Guy Morrell says commercial property should still be part of a diverse portfolio.
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Walker Crips brings out second dual index plan
11 Jun 2010
Walker Crips Structured Investments has brought out the second issue of its dual index plan, a structured product linked to the performance of the FTSE 100 and S&P 500 indices for up to six years.
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Worldwide web
11 Jun 2010
Mark Dampier says that while SVM global opportunities doesn’t stand out, a closer inspection finds it offers good opportunities.
