Money Marketing
14 January 2010
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‘20 years’ to pay off Rock debt
14 January 2010
Northern Rock chief executive Gary Hoffman has told Treasury select committee MPs it could take up to 20 years to clear Northern Rock Asset Management’s mortgage book and repay Government loans.
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Aberdeen gets alternatives' boost in £84m deal with RBS
14 January 2010
Aberdeen Asset Management has agreed a deal with Royal Bank of Scotland to buy part of its asset management business for £84.7m.The acquisition sees £13.5bn of assets pass to Aberdeen, including the multi-manager and fund of hedge fund assets. Some private equity and real estate fund of funds are also part of the deal, which is subject to regulatory approval and is set to conclude in the first quarter of this year.Aberdeen and RBS Wealth Management have also ...
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ABI goes boldly
14 January 2010
Rob Reid praises the ABI but questions fund classifications.
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Adviser Fund Index
14 January 2010
The Adviser Fund Index series performed strongly in 2009. According to Financial Express, all three indices outpaced their Investment Management Association and Association of Private Client Investment Managers and Stockbrokers benchmarks. Outperformance was most pronounced in the AFI aggressive index, which returned 29 per cent - beating the Apcims Growth portfolio by nine percentage points.But AFI panellists are not expecting a repeat of such performance in 2010. Ashcourt ...
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Against the grain
15 Jan 2010
Emerging markets are being tipped but the developed world may be a surprise story
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'Annuity delay only suits a few'
14 January 2010
Intelligent Pensions has warned advisers not to lose sight of the fact that most clients will need to purchase an annuity by 75 even if the Association of British Insurers’ call to raise the maximum age for buying an annuity to 80 is realised.Last week, the ABI called for the age for compulsory annuitisation or conversion to alternatively secured pension to be raised from 75 to80.Intelligent Pensions technical director David Trenner says that he supports the ...
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Apollo gives green light to Asian environmental fund
14 January 2010
Apollo Multi-Asset Management is holding around 4 per cent in the Impax Asian environmental markets investment trust as it believes the environment theme in Asia is set to grow.
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Art of the matter
15 Jan 2010
A couple plan to change their lifestyles after receiving an inheritance so the wife can pursue an artistic caree
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'Bring in ISO to develop fund classifications'
14 Jan 2010
Syndaxi Chartered Financial Planners managing director Rob Reid wants the Investment Management Association and the Association of British Insurers to work with ISO to improve fund classifications.
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Carr quits Pru which signs up as a client for his new firm
14 January 2010
Pru Protect director of protection Kevin Carr is leaving the company to set up his own consultancy firm.
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Clarity begins at home as MPs warn of new shock for house prices
14 January 2010
Treasury select committee MPs have warned that current property price levels could be under threat if interest rates increase.In the committee’s feedback on the pre-Budget report, the MPs warn that while house prices have steadied, they have done so at a relatively high level compared with earnings, leaving them vulnerable to further shocks. The report says: “House prices appear to have stabilised, but at an historically high price to earnings ratio. We are concerned that ...
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Co-founder Gains to leave Mint
14 January 2010
Mint Financial Services chief executive officer and co-founder Paul Gains is to leave the net- work next year.Gains has been on garden- ing leave since November and his employment will terminate in February 2011.In an email to Mint employees and advisers from chairman George Higginson on Tuesday, seen by Money Marketing, Higginson says: “We took the decision to terminate his employment after various discussions between the Mint board of directors. We decided ...
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Company fraud forecast to triple by 2012
14 January 2010
Fraud cost UK companies almost £2.1bn in 2009, a rise of 76 per cent on the previous year, according to research from BDO Stoy Hayward.Research from the accountancy firm shows losses from frauds reported by UK companies hit the highest total since BDO began keeping records in 2003. The company says the worst is set to come and predicts reported fraud will treble over the next two years.Mortgage fraud accounted for 18 per cent, or £375m, tax fraud 15 per cent ...
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Comparethemarket.com may bring in loan sourcing system
14 January 2010
Comparethemarket.com is tipped to be planning a mortgage sourcing system which will provide brokers with customer leads.Customers are currently transferred to broker London & Country after filling in details on the website.However, it is thought that the comparison website is looking to use a sourcing system which would pass customers on to a panel of brokers who would be charged to be involved in the process.First Action Finance head of communications ...
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Conservatives would fast-track auto-enrolment
14 January 2010
Conservative Shadow pensions minister Nigel Waterson says the Tories would make auto-enrolment into existing workplace pensions a priority if they win the general election and he has reaffirmed a plan to review personal accounts immediately after an election win.At an industry dinner this week, he said: “We are signed up to a cheap, accessible workplace scheme. Whether this particular model is the right one remains to be seen. The present plan is to sign the contracts by ...
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Damage limitation
14 Jan 2010
John Lawson say advisers must fight against pre-Budget changes to pensions
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'Disaster' as Rock customers lose funding deal
15 Jan 2010
Northern Rock mortgage customers on a fixed-rate deal no longer have access to a feature that allowed them to borrow additional funds at the same rate during the initial period.
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Disclosure duties
18 Jan 2010
Aegon head of underwriting and claims Matt Rann says the Law Commission’s plans for legislative changes over non-disclosure may run the risk of raising premiums.
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FSA fines Northern Ireland mortgage firm £35,000
14 January 2010
The FSA has fined a Northern Ireland mortgage firm £35,000 and banned one of its partners for failures which led to fraudulent applications.James Ian Shanks, a former partner and mortgage adviser at County Down mortgage intermediary Case Funding Centre, was banned for recklessly submitting false information to lenders.The FSA found CFC did not have adequate systems and controls to counter the risk of customers and staff submitting mortgage applications based ...
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Harlow joins Axa Framlington UK desk
14 January 2010
Axa Framlington has appointed Montanaro Asset Management head of fund management Dan Harlow as a portfolio manager in its UK equities team.
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Hobbs sets up regulatory consultancy arm at Lansons
14 Jan 2010
Former Beachcroft Regulatory Consulting managing director Richard Hobbs has joined Lansons Communications to set up a regulatory consulting arm.
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IFA view: The cost of learning
15 Jan 2010
The FSA does not seem to recognise the extent of its failure
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Impasse over cru documents
13 Jan 2010
Fatchett and Maguire in deadlock
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Inside info on spread bets
14 January 2010
A former research analyst provided privileged information to a friend who used this to carry out spread bets which generated profits of £85,541, the Financial Services and Markets Tribunal has found.A former research analyst, Robin Chhabra, and his friend Sameer Patel were found to have committed market abuse using inside information.Chhabra and Patel were both approved persons. During summer 2004, Chhabra was a research analyst at Evolution Securities Limited ...
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Investing with Spandau Ballet
15 Jan 2010
MARR’S MARKETSJulian Marr
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Is it finally Japan's year?
15 Jan 2010
Hannah Stodell asks if Japan will be a surprise hit
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John lawson
15 Jan 2010
Standard Life’s head of pension policy is one of the UK’s leading pension commentators and says he aims to make pensions engaging and easy to understand Interview by Lee Jones
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Keydata investors slam PwC on payment delays
14 Jan 2010
Keydata investors have hit out at the firm’s administrators PricewaterhouseCoopers, saying it has failed to keep them informed of when to expect delayed income payments.
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'Life platforms at saturation point'
14 Jan 2010
The Platforum managing director Holly Mackay has claimed the life company platform sector will soon be oversaturated.
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Lloyds chief ‘can’t recall’ HBOS detail
14 January 2010
Lloyds Banking Group chief executive Eric Daniels has admitted to Treasury select committee MPs he “cannot recall” whether the Government told his bank it was considering closing down HBOS to new business on the day that Lloyds TSB acquired the bank.
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London broker loses FSA permission
14 January 2010
The FSA has removed the approval of London mortgage broker Olayinka Oladipupo for not being fit and proper to run an authorised firm. It has cancelled the permission of Trinity Network Services Limited where Oladipupo was sole principal and controller.
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Means test wrecks plan to axe compulsory retirement
14 Jan 2010
Minister for women and equality Harriet Harman has set out new proposals to scrap compulsory retirement.
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MM leader: Start with reform to state pension
14 January 2010
You wait ages for pension reform and then three arrive at once. Following the FSA’s December proposals to ban commission and factoring for group personal pensions comes the ABI’s seven-point plan to improve DC pension provision. And this week saw the Government announce plans to review the default retirement age.
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Mott is hungry for a return to nifty 50
14 January 2010
PSigma fund manager Bill Mott believes the next 12 months will see investors become yield- hungry as we see a return to the “nifty 50” market.Mott also argues that now is the right time to withdraw quantitative easing.He says companies which maintained or improved their dividends in the past two years are unlikely to cut them now.He says: “There are a number of companies which currently yield significantly more than 10 year gilts and we believe that these ...
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Network nerves
15 Jan 2010
Paul Thomas reports that brokers are treading carefully after Mortgage Times ceased tr
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New Star technology play marks a first for Premier
14 January 2010
Premier Asset Management’s multi-asset team is investing in technology for the first time through a holding in the Henderson New Star technology fund.
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Nifty thrifty
15 Jan 2010
“The year has barely begun and already it looks set to be a good one for income-producing vehicles.”
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Norman setting up low-cost fund firm
14 January 2010
Former Credit Suisse Asset Management UK chief executive David Norman is launching a new asset manager offering low-cost passive investment solutions, with plans to launch a fund range this year.Norman has teamed up with Folio Partners founder Gary Mairs to launch TCF Fund Managers. Fund manager John Kenny has joined the duo as partner and third backer.The new firm will initially offer a low-cost fund management service to IFAs and pension schemes and plans to ...
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NPI team aiming to claw back overpaid commission
14 Jan 2010
NPI has employed a dedicated team of administrators to claw back overpaid commission on group personal pensions.
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Ombudsman freezes levy and case fees
13 Jan 2010
The Financial Ombudsman Service levy and the case fee for 2010/11 have been frozen at 2009/10 levels.
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Only one fund fails income yield sector marker
15 Jan 2010
Advisers say the IMA UK equity income and growth sector is pointless.
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'Outsider' is picked as new chief ombudsman
13 Jan 2010
Keeper of the public records to replace Merricks
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Pada builds Nest on personal accounts
14 January 2010
The Personal Accounts Delivery Authority has revealed the personal account pension scheme is to be rebranded the National Employment Savings Trust.The working title of personal accounts will be replaced by Nest as the consumer brand for the pension saving scheme aiming at low to moderate earners. Pada says the cost of the rebranding exercise, including the research undertaken to come up with the name is £363,000.Nest will be run by the Nest Corporation, a not-for-profit ...
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Paradox lost on advice v distribution
14 January 2010
Julian Stevens argues that the RDR creates a paradox between IFA advice and bank distribution.
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Positive prospects
15 Jan 2010
Ray Boulger says the good news for lenders is that mortgage purchase approvals and completions figures will be greater in 2010.
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PosSol sheds partners as it strives for quality
14 January 2010
Positive Solutions says it lost a large number of poorly-performing partners in the last quarter, with total numbers dropping from 1,662 at the end of 2008 to 1,614 at the end of last year.Positive Solutions says the loss of 48 partners over the year was a result of the firm focusing its efforts on “high-quality IFAs”. It says that despite the overall drop in numbers, the firm recruited 234 partners over the year with 47 more committed to joining.Chief executive ...
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Public have little faith in MPs reining in bonuses
14 Jan 2010
More than half of UK consumers believe that none of the political parties will be able to control the bank bonus culture, according to research by Opinium.
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Regulation or innovation?
14 January 2010
Chris Gilchrist warns that too much innovation and freedom is bad medicine for the financial sector.
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Retirement Strategy
14 January 2010
Retirement Strategy has been rescheduled and will be published with the January 21 edition of Money Marketing.
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Saga manifesto sets out a fair future for older people
14 January 2010
Saga has called for an end to the compulsory retirement age and a flat-rate state pension with no means-testing in a manifesto it is presenting to political parties.
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Single minded
14 Jan 2010
Most men opt for a single annuity and don’t consider their wives
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Standard Life set for return to paying pension commission
14 Jan 2010
Standard Life is considering paying initial commission on personal pensions and group personal pensions.
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Succession adds two IFAs
14 January 2010
Millfield Osceola Financial Consultancy and Doe and Davies have joined IFA consolidator Succession Advisory Services, committing combined funds under management of £115m to the Succession platforms and Investment Matrix.
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T Bailey growth fund moves to IMA benchmark
14 January 2010
T Bailey’s proposal to change the benchmark of its growth fund from a composite benchmark to the IMA global growth sector average has been approved by 94 per cent of unitholders.
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The drag show
14 Jan 2010
Raising the annuity age would affect only a small number
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The external factor
15 Jan 2010
James Smith looks at IM Asset Management.
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The Fof detox
15 Jan 2010
Phillippa Gee says it might be time to reassess the fund of fund model.
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The lessons of history
18 Jan 2010
Looking back at previous financial crises can give us an indication of what might happen now but there are no easy answers
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Threadneedle appoints equity head
14 January 2010
Threadneedle has promoted Leigh Harrison to head of equities and added fund managers Simon Brazier, Richard Colwell and James Thorne to the UK desk.
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Tough road to recovery
14 January 2010
The SMP’s view
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Towry Law apology
14 Jan 2010
In articles entitled “How not to handle the trail question” and “Where’s the service for the trail cash” published in the issues of Money Marketing on 26 November and 3 December we wrongly stated that by accepting trail payments from providers, Towry Law were required under pre-existing contractual obligations to provide ongoing advice to clients and to service those accounts which they were failing to do.We accept that Towry Law are under no such obligation and it was wrong ...
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UKFI market head Compton quits
14 January 2010
UK Financial Investments head of market investments John Compton has quit. He joined UKFI in November 2008 from Merrill Lynch.
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Wading into the River of commission
14 Jan 2010
Nic Cicutti comments on the ongoing commission debate.
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Will Virgin bank sell through brokers?
15 Jan 2010
Brokers say it not clear if they will benefit from Virgin Money’s entry into the banking sector.
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Woodford warns of UK credit rating peril
14 January 2010
Invesco Perpetual fund manager Neil Woodford has warned there is a high probability of the UK losing its AAA credit rating if the Government does not address the budget deficit.Speaking in a web conference for investors last week, Woodford said a downgrade by the rating agencies could have serious consequences, including downward pressure on sterling. He said: “A downgrade is more likely now than it has ever been, at least since we went cap in hand to the International Monetary ...
