Money Marketing
14 January 2009

£5M fine for failings over bribery checks

15 Jan 2009

The FSA has fined Aon Limited £5.25m for anti-bribery and corruption failings in making payments to overseas firms and individuals.

12% of IFA firms in dangerous financial position, says Plimsoll

20 Jan 2009

Research by financial analyst Plimsoll has revealed that 12 per cent of IFA firms in the UK are in financial danger.

A political plague

15 Jan 2009

I have always thought it was prudent to be politically neutral when communicating with clients but this has become increasingly difficult in the last few years.

ABI and FOS tackle non-disclosure

15 Jan 2009

The Association of British Insurers and the Financial Ombudsman Service have re-launched their joint non-disclosure guidance paper as a code of conduct.

Absolute alpha from SVM

15 Jan 2009

SVM Asset Management is offering an absolute alpha fund. The long/short UK equity Ucits fund will aim to deliver returns in excess of cash as measured by Libor over 12-month periods.

Adviser Fund Index

15 Jan 2009

European equity funds are still on advisers' radars despite fears that the region has yet to fully experience the fallout from the credit crunch.

Aifa welcomes FOS proposal to lower IFA levies

15 Jan 2009

The Association of Independent Financial Advisers has welcomed the Financial Ombudsman Service’s proposed 12.5 per cent decrease in levies for IFAs, which is due for formal FSA consultation this month.

All the fundamentals of the fair

15 Jan 2009

Regulation comes, regulation goes, markets rise and markets fall but customers (when did they stop being called clients?) should be able to take comfort in the fact that the fundamentals are as they always were.

Alliance Trust looks to add to asset management arm

20 Jan 2009

Alliance Trust chief executive Katherine Garrett-Cox says the firm will look to add two or three funds to its recently launched asset management arm in the next 12 months, with Europe likely to be top of the list.

AMI competition warning on Govt bailout

19 Jan 2009

The Association of Mortgage Intermediaries is calling on the Government to look into its latest bailout package on the grounds that it could unfairly drive more lender consolidation.

Architas liquidity fund aims to spread

15 Jan 2009

Architas Multi-Manager is partnering with JP Morgan Asset Management to offer a liquidity fund.

Bad Bank, Good Plan?

16 Jan 2009

The Government has launched some more crunch-busting policies this week, with Gordon Brown set to create the world’s first Bad Bank for toxic assets.

Bankhall to offer its members ifs DipFA

19 Jan 2009

Bankhall Investment Associates has struck a deal with the ifs School of Finance to offer its members the ifs Diploma for Financial Advisers.

Big banks to axe single premium PPI

20 Jan 2009

Alliance & Leicester, Barclays, The Co-Operative Bank, Lloyds Banking Group and RBS/Natwest will stop selling single premium payment protection insurance with unsecured personal loans by the end of January 2009.

Bond is back

15 Jan 2009

Just when I thought I had written my last letter to Money Marketing, I find that the issues raised in the three letters published on December 11 all encouraged a response.

Broker Talkback

15 Jan 2009

Do you think the Government should allow auto-enrolment into group pension schemes before 2012?Yes 88%No 12%

BSA warns over Northern Rock U-turn

19 Jan 2009

The Building Societies Association has warned that Northern Rock’s plan to halt its deleveraging could lead to unfair lending advantages.

Cash call

19 Jan 2009

Advisers will have to dig even deeper into their back pockets if a complaint is referred to the Financial Ombudsman Service from April, when case fees will rise from £450 to £500.

Cazenove rebrands diversity funds to widen range

15 Jan 2009

Cazenove has rebranded two of its multi-manger funds as part of plans to widen its diversity range.

Chelsea waive ERC on buy-to-let

16 Jan 2009

Chelsea Building Society is waiving its Early Redemption Charge on buy-to-let deals as it looks to reduce the size of its mortgage book.

City analyst says JOHIM next point of call for Credit Suisse sell off

15 Jan 2009

A leading City analyst believes that Credit Suisse may sell its private client fund management boutique JO Hambro Investment Management as part of the downsizing of its operation.

CML tells MPs Govt needs to review banking bail out

15 Jan 2009

The Council of Mortgage Lenders has called on the Government to review the cumulative effect of its bail out of the banking sector.

Continental adaptor

15 Jan 2009

With the equity market trading on around seven times earnings and yielding about 6 per cent, an element of the impending economic slowdown is certainly being discounted. However, valuations are likely to remain low for as long as company newsflow continues to deteriorate and a deep and prolonged recession unfolds in the UK and the rest of the developed world.

Dividend Watch offers income information

15 Jan 2009

IFA firm Dennehy Weller has set up a new Dividend Watch service to monitor dividend payouts.

Evershed set to fight New Star over dismissal

19 Jan 2009

Veteran fund manager Patrick Evershed is taking legal action against his former employer New Star.

Fitch downgrades Clerical Medical on Lloyds HBOS merger

20 Jan 2009

Fitch has downgraded Clerical Medical citing concerns over its strategic importance to the merged HBOS Lloyds group.

FPI launches single premium plan for Middle East investors

19 Jan 2009

Friends Provident International has launched a new single premium product with option of early access and an annual loyalty bonus for long-term investors in the Middle East.

Friends cuts bonuses after fund falls by 10%

15 Jan 2009

Friends Provident has slashed its with-profits terminal bonuses by as much as 22.5 per cent, cut its regular bonuses and increased market value reductions.

FSA bans and fines mortgage broker over £100,000

19 Jan 2009

The FSA has banned and fined Dynamic Mortgage Brokers of East London director Richard Kennedy £101,106 for submitting false mortgage applications.

FSA fines Wolfson Microelectronics £140,000 for non-disclosure

20 Jan 2009

The FSA has fined Wolfson Microelectronics £140,000 for failing to reveal price sensitive information to the market as soon as possible, resulting in a false market in Wolfson shares for 16 days.

FSA urged to get tough on transfers

15 Jan 2009

Rockingham Retirement has called for an FSA clampdown on "unacceptable delays" in pension transfers that could put people at risk of losing thousands of pounds.

FTSE drags with banking fears

14 Jan 2009

The FTSE 100 sank almost 5 per cent lower this afternoon as banking concerns intensified and investors digested a grim set of retail sales figures from the US.

FundsNetwork acts to keep rate positive

15 Jan 2009

Fidelity FundsNetwork is to increase the interest rate of its cash account but some other platforms will not confirm what will happen to their rates if the base rate drops towards zero.

Government begins B&B book deleveraging

14 Jan 2009

The Government has begun to deleverage its Bradford & Bingley mortgage book by waiving the Early Redemption Charges on Mortgage Express deals.

Government forgets intermediary lenders again, says IMLA

19 Jan 2009

The Intermediary Mortgage Lenders Association has hit out at the Government for yet again excluding non-bank lenders from a funding aid package.

Government launches £20bn small business bailout

14 Jan 2009

The Government has launched a £20bn scheme to guarantee bank loans to small businesses.

'Government still holds the view that people will inevitably lose out on personal accounts'

15 Jan 2009

B&CE deputy chief executive John Jory believes it unlikely that the Government will come up with a workable solution to the means-testing dilemma surrounding personal accounts and it is resigned to the fact that some people will lose out by saving in the scheme.

Govt expected to compensate Equitable Life victims

14 Jan 2009

The Government is expected to unveil a compensation package for Equitable Life victims tomorrow, according to reports.

HMRC clarifies tax rules for Australian Qrops

20 Jan 2009

HM Revenue & Customs has confirmed that Australian Qrops which pay tax charges that arise through the transfer of funds from a UK registered pension scheme will not be seen as unauthorised payments.

HMRC delays tax payments for 20,000 firms

14 Jan 2009

Over 20,000 businesses have delayed paying more than £350m in tax after HM Revenue and Customs implemented its payment timetable inititative six week agos.

HMRC to crack down on IHT gifting loopholes, says lawyer

19 Jan 2009

HM Revenue & Customs is set to crack down on inheritance tax gifting loopholes, according to wealth management lawyers Moore Blatch.

Home Of Choice reveals single tie GI deal

15 Jan 2009

Home Of Choice has entered into a single-tie agreement with Paymentshield for its members' GI and MPPI offering.

Industry must work together to make RDR a success, says ABI's Haddrill

16 Jan 2009

Providers, advisers and regulators must work together to take the RDR forward, says ABI director general Stephen Haddrill.

Is there a Plan B?

15 Jan 2009

I am increasingly wondering where the Government is going. Last week's Bank of England interest rate cut, bringing the base rate down to 1.5 per cent, is a case in point. What is it trying to achieve?

Jupiter plans merger of sub funds in global fund

19 Jan 2009

Jupiter Asset Management is planning to merge two sub funds within its global fund, subject to shareholder approval.

Knight makes cash pledge for funders

15 Jan 2009

Checkmate Mortgages is set to give its funding partners a one-year guarantee that if any of its borrowers go into arrears, its earnings can be withheld.

KSFIoM early payment scheme to be considered by Tynwald

16 Jan 2009

An early payment scheme for Kaupthing Singer & Friedlander Isle of Man depositors, providing initial relief of £1,000 per account holder, is expected to be moved for approval at the January sitting of Tynwald starting next Tuesday.

L&G cuts IFA sales support team by a third

15 Jan 2009

Legal and General has today announced the restructuring of its IFA wealth sales support team which will see it reduced by nearly a third.

Lighthouse still on lookout for buys after £1.9m deal

15 Jan 2009

Lighthouse Group is looking for further buying opportunities after this week's acquisition of Leeds IFA firm Godfrey Pearson for up to £1.9m.

Liquidator reveals Edeus crashed with £15m debts

15 Jan 2009

Edeus went into administration owing nearly £15m, including debts of £3.6m to Nationwide through monies owed to Derbyshire Building Society.

Lowes Wealth Management reduces cash position

16 Jan 2009

Beijing-based wealth manager Lowes is reducing the cash holding within its east-west value fund with the view to becoming fully invested within the next five to nine months.

Market spooked by lack of clarity from Govt, says Schroders’ Buxton

20 Jan 2009

Lack of clarity surrounding the Government’s latest rescue plans has triggered another crisis of confidence in the financial markets, says Schroders head of UK equities Richard Buxton.

MetLife launches guaranteed bond

14 Jan 2009

MetLife is launching a new investment bond designed to give capital, withdrawal and death benefit guarantees.

More providers to publish IP stats

15 Jan 2009

This year could see more product providers releasing claim statistics on income protection policies, says Watson Wyatt principal consultant Sue Elliott.

Nationwide appoints group director

19 Jan 2009

Nationwide has appointed Chris Rhodes to its board as group product and marketing director.

Network Data axes eight area development managers

19 Jan 2009

Network Data has made eight area development managers redundant.

Nightmare of a fantasy

15 Jan 2009

As if things could not get worse in the mortgage broking industry, I am now forced to use companies such as Barclays and the Woolwich.

Northern Rock to halt deleverage

19 Jan 2009

Northern Rock has revealed it will halt the deleveraging of its mortgage book.

One loan holiday to cost 80 mortgages

15 Jan 2009

The Council of Mortgage Lenders has questioned the viability of the Government's mortgage holiday plans after revealing estimates that one indebted mortgage could cost lenders the equivalent of up to 80 new mortgages to fund.

Orr joins Insynergy

15 Jan 2009

Insynergy has appointed ex-Fidelity International marketing director for equity funds David Orr as marketing and product director.

Pada launches tender for scheme administrator

15 Jan 2009

The Personal Accounts Delivery Authority has launched a tender process to find a supplier to administer personal accounts.

Pennies from haven

15 Jan 2009

I have money sitting in offshore bank accounts. I have read a lot recently about holding money offshore and it does not appear to be good news. What do I need to consider?

PosSol non-executive chairman David Harrison steps down

20 Jan 2009

True Potential managing partner David Harrison has stepped down as non-executive chairman of Positve Solutions after nearly three years on the board.

Protected products steer a middle way

15 Jan 2009

Barclays Wealth is offering a new range of protected investments aimed at helping investors who are caught between volatile equities and falling interest rates.

Providers slammed over Sipp cash interest

15 Jan 2009

Rate cut puts the squeeze on Sipp firms

15 Jan 2009

The Bank of England's decision to cut interest rates to 1.5 per cent has put further pressure on the cashflow of Sipp providers.

RBS shares down 66%

19 Jan 2009

Royal Bank of Scotland shares have plummeted by more than 66 per cent after incurring the biggest losses in UK corporate history.

RDR perennials

15 Jan 2009

November saw the FSA publish its feedback statement on the retail distribution review for investment businesses. The plans are wide-ranging and, if adopted, could significantly change the way in which these financial products are marketed.

Resistance is futile

15 Jan 2009

It is carnage on the high street, with big-name retailers dropping like flies. During the past few months, we have seen the collapse of Woolworths, Zavvi, Whittards, The Pier and Adams.

RLAM appoints fixed interest fund manager

15 Jan 2009

Royal London Asset Management has appointed Craig Inches as a fixed interest fund manager.

Rules of fairness

15 Jan 2009

It seems that many firms are struggling with what is fair or not. Times are hard, income is down, costs are tight and everyone is struggling to maintain competitiveness. There will be arguments up and down the value chain as everyone struggles to get their share of a diminishing cake.

Santander AM launches growth and income portfolios

15 Jan 2009

Santander Asset Management has launched a new mass-market investment range which includes five new growth portfolios and three income portfolios.

Scottish Widows hires NU's Simon Massey as intermediaries director

15 Jan 2009

Scottish Widows has appointed Norwich Union's Simon Massey as intermediaries director.

Sesame warns mortgage clubs over need to diversify

15 Jan 2009

Sesame has told mortgage clubs they have little future unless they look to diversify.

Sifa says professional board is a red herring

15 Jan 2009

The FSA's proposals to make IFAs and sales advisers accountable to the same professional standards will damage consumers' perception of the term "professional", says Sifa managing director Ian Muirhead.

Skandia adds managers to European and US equity funds

19 Jan 2009

Skandia Investment Group has added the Newton European higher income fund to its European equity blend and Schroders’ US small & mid cap fund to its US equity blend.

Standard Life to remediate some pension sterling fund investors

19 Jan 2009

Standard Life has vowed to remediate customers who invested in its pension sterling fund after it became aware the fund would be revalued.

Standard's pension sterling fund falls 5 per cent

14 Jan 2009

Stock answers

15 Jan 2009

For years, we have heard how retail investors are blighted by chasing performance instead of anticipating it. If this is true, there must be times when investors miss out. Will investors miss out again? Should they go back in? We don't envy you advising on such decisions. We merely point out that, for markets, if not individual stocks, what goes down almost always goes up.

The director's cut

15 Jan 2009

Those involved in giving financial advice to the owner-managers of private companies will be aware of the many financial risks associated with the death or critical illness of a director.

The wrong stuff

15 Jan 2009

If a financial firm says it will give advice that will be free from bias and not linked to the sale of a product, then it should do so. It is wrong if it doesn't.

Threadneedle appoints Ann Steele to European equities team

19 Jan 2009

Threadneedle has announced the appointment of Ann Steele to the institutional arm of its European equities team.

Titles need simplifying

15 Jan 2009

The Personal Finance Society has branded the FSA's sales advice title "meaningless" and wants simpler names to differentiate advisers.

Towry Law promotes Bryan Innes to senior client partner

16 Jan 2009

Towry Law has promoted Bryan Innes to the role of senior client partner.

Treasury’s insurance guarantee scheme could hinder economic growth, warns HSBC

20 Jan 2009

HSBC private bank head of strategy Fredrik Nerbrand says the Government’s recent intervention into the UK economy could hinder economic growth, rather than help it.

Under cover

15 Jan 2009

Sales of payment protection insurance are an important part of the retail finance market and have become one of the most profitable retail products in the financial services sector.

Warming to a theme

15 Jan 2009

It is fascinating to see how quickly climate change has become mainstream in our consciousness.

West Brom quits intermediary sector

19 Jan 2009

West Bromwich building society has revealed it has ceased lending through intermediaries.

Wholesale measures

15 Jan 2009

It is 2009 and the lunatics are still running the asylum. Do Members of Parliament realise how stupid they appear when they demand that banks make mortgages more readily available because they have been given £37bn?

You've got email responsibilities

15 Jan 2009

Few things can be predicted about 2009 with any degree of certainty. For entirely understandable reasons, many market commentators have declined to forecast what can be expected for financial indices or house prices by the year-end.