Money Marketing
17 September 2008
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Insurers reveal £500m exposure to failed bank
17 Sep 2008
UK-listed insurers had disclosed exposure to Lehman Brothers totalling nearly £500m at the time of going to press, with more expected to follow.
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£1.4Bn windfall profit for Bank of England on liquidity scheme
18 Sep 2008
The special liquidity scheme could be making significant profits for the financial authorities, claims New Star chief economist Simon Ward.
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ABI pushes for tied and multi-tied to get adviser status
23 Sep 2008
The Association of British Insurers is calling on the FSA to allow those who are tied and multi-tied to fall under the advice category, rather than moving across to sales.
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Absolute alpha betas
18 Sep 2008
Usually, a spate of similar fund launches leads to criticism of marketing-led initiatives and accusations of jumping on a bandwagon by greedy providers. But the latest theme in the UK retail market - the introduction of absolute alpha funds to rival BlackRock's successful UK absolute alpha portfolio - has buyers, advisers and providers alike believing that more is better.
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Absolute return is the next target for Maia
18 Sep 2008
Maia Capital is planning to add fixed income and absolute return funds to its multi-manager suite.
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Adviser attacks Lehman Bros for marketing its structured products until late last week
18 Sep 2008
A leading IFA has hit out at Lehman Brothers for continuing to peddle structured products in the days leading up to its collapse.
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Adviser Fund Index
18 Sep 2008
Britain remains a small market for offshore-domiciled mutual funds, according to the 2007 Investment Management Association annual survey, published last month.
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Advisers warned to change IHT fact-find
18 Sep 2008
Standard Life head of estate planning Julie Hutchison says that retrospective legislation changes made to inheritance tax must be flagged to protect financial advisers.
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AIFA calls for two sales channels
22 Sep 2008
The Association of Independent Financial Advisers is calling for the creation of a sales sector that features both sales with and without persuasion as part of the retail distribution review.
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AIG Life moves to reassure clients
17 Sep 2008
AIG Life has assured advisers that clients, including Living Time policyholders, are protected from market uncertainty.
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AIG Life suspends bond fund withdrawals
17 Sep 2008
AIG Life has suspended withdrawals from its standard fund and the enhanced fund held within the premier access bond and the premier bond.
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Alchemy chief told MPs that AIG maths didn't add up
17 Sep 2008
Private equity chief Alchemy managing partner Jon Moulton expressed grave concerns over AIG's funding structure at an evidence session before the Treasury select committee earlier this year, prompting some IFAs to stop recommending AIG linked products.
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Alliance Trust adds Fear to team
18 Sep 2008
Alliance Trust Equity Partners has appointed Layla Fear as an investment manager.
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AMII unveils plans to lean on BIBA
22 Sep 2008
The Association of Medical Insurance Intermediaries is planning to lean on the British Insurance Brokers Association and PMI providers to help it form a discussion panel focusing on the transparency of PMI claims.
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Apcims accuses regulator of failing on cost-benefit testing
18 Sep 2008
The FSA has failed to do an adequate cost-benefit analysis of its treating customers fairly requirements, says the Association of Private Client Investment Managers.
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Artemis co-founder Dodd sees his farming subsidy slashed for alleged bird poisoning
22 Sep 2008
The Scottish executive has slashed the farming subsidy of Artemis co-founder John Dodd by £107,000 over suspicions pesticides discovered on his Glenogil estate were used to posion birds of prey, according to press reports.
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Aviva announces £148m AIG exposure
17 Sep 2008
Aviva has revealed a £148m exposure to global insurance giant American International Group.
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Axeman aims to chop public expenditure
18 Sep 2008
Every non-front-line public sector employee earning £100,000 or more should be forced to reapply for their jobs with greatly reduced wages and benefits packages, says LibDem Shadow Chancellor Vince Cable.
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Bank to extend SLS
17 Sep 2008
The Bank of England is to extend its Special Liquidity Scheme until 2009.
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Bankhall chief executive Peter Mann steps down to join Skandia
23 Sep 2008
Bankhall chief executive Peter Mann is to leave the firm to take on the role of chief development officer at Skandia.
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Barclays buys Lehman Brothers US investment broking arm
17 Sep 2008
Barclays has acquired Lehman Brothers US investment banking and capital markets operations.
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Barclays to raise £750m share placing, say reports
18 Sep 2008
Barclays is understood to be raising £750m through a share placing to bolster its capital, say reports.
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Before the storm
18 Sep 2008
Everything I read or hear at the moment to do with the economy, the housing market or the stockmarket makes it sounds like the apocalypse is nigh. What should I do?
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Best practice requires Serious Learning
18 Sep 2008
Compliance advisory firm The Consulting Consortium is launching its Serious Learning platform, offering training for advisers in strategy, sales, finance, IT and regulation.
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Big bonus banks to hold more capital, says Turner
23 Sep 2008
FSA chairman Adair Turner has told the BBC that the regulator may force banks to hold more capital if they pay big bonuses that encourage excessive risk-taking.
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Big rise in chartered members at the PFS
18 Sep 2008
The number of Personal Finance Society members who hold the chartered financial planner qualification has leapt by 50 per cent in the last 12 months.
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BlackRock’s Lyttleton says FSA short selling ban will restrict fund
19 Sep 2008
BlackRock UK absolute alpha fund manager Mark Lyttleton says the FSA’s decision to ban short selling of financial stocks will restrict the fund in the short term.
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BM brand could be first for the chop, says Boulger
18 Sep 2008
BM Solutions could be the first of the HBOS brands to be cut in the wake of the Lloyds TSB buyout, says Ray Boulger.
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Boomer or bust
18 Sep 2008
A few decades ago, the traditional view was of pipe and slippers by the fireside, an unexciting and boring existence. As we grow older, our views naturally change but it seems that society is shifting dramatically as well.
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Broker banned for fraud
23 Sep 2008
The FSA has banned Southall mortgage broker Asim Hussain for submitting false mortgage applications to lenders on behalf of himself and customers.
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Broker condemns FSA handling of HBOS share collapse
18 Sep 2008
Independent mortgage broker Danny Lovey has branded the UK regulatory regime ‘pathetic’ for allowing short sellers to bring HBOS almost to ruin.
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Broker Talkback
18 Sep 2008
Do you think that the Government should help fund the mortgage market?
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Brown pledges to rebuild the global financial system on clear principles
23 Sep 2008
The Prime Minister Gordon Brown has pledged to rebuild the global financial system on clear principles in his speech to the Labour conference in Manchester.
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Building optimism
18 Sep 2008
As investors have shunned the sector over the last year amid negative sentiment and lack of available and affordable credit, total returns have taken a pounding. A correction in the real estate market was long overdue but the speed of the decline was nonetheless surprising.
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Burgess designs MPPI product for tenants
18 Sep 2008
British Insurance has unveiled plans for an insurance product to help people living in rented accommodation meet their monthly payments.
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Cable warns IFAs on tax loopholes
18 Sep 2008
IFAs have been warned to be careful when encouraging clients to exploit tax loopholes.
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Can Mac and Mae deal set the scene for UK salvation?
18 Sep 2008
The US government's dramatic move to take over giant mortgage lenders Freddie Mac and Fannie Mae, which secure three-quarters of all mortgages in the US, is being hailed as an example for the British Government to follow.
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Capstone Mortgages could lead the sell-off of assets
17 Sep 2008
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Challenge to make repos the last resort
18 Sep 2008
Banks have been challenged on their claims that repossession is always an action of last resort by the LibDems Shadow housing minister Lembit Öpik.
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Chancellor will override competition regulators on Lloyds/HBOS deal
17 Sep 2008
Chancellor of the Exchequer Alistair Darling is expected to override the Office of Fair Trading and the Competition Commission to allow a deal between Lloyds and HBOS to go through.
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Checkmate appoints directors
18 Sep 2008
Checkmate Mortgages has appointed two non executive directors in anticipation to its forthcoming launch.
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Children of Resolution
18 Sep 2008
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City IFA says lost bonuses to hit London prices
17 Sep 2008
A City of London IFA has warned that the absense of City bonuses will have a big effect on the London and Greater London housing market.
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Clegg hammers immoral, greedy bankers
18 Sep 2008
Liberal Democrat leader Nick Clegg has attacked the immorality of banks who lent money "hand over fist" to vulnerable consumers in the run-up to the credit crunch.
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Cleri Med/Scot Wids and Insight/SWIP potential mergers-adviser reaction
17 Sep 2008
Kohn Cougar managing director Roddy Kohn has urged caution about mergers driven by stock market speculation not business fundamentals and says it will damage consumer choice in the long term.
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Cleri med/Scot Wids/ Halifax Life could be tough match for UK life players, says KBW
18 Sep 2008
The potential creation of a giant life player through the merger of Lloyds TSB and HBOS could be tough competition for other UK life companies, analysts Keefe, Bruyette & Woods have warned.
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Confusion heightens over Blue Sky with HBOS merger talks
17 Sep 2008
Confusion is heightening over Blue Sky's structured products as Lloyds TSB enters into advanced merger talks with UK’s largest mortgage lender HBOS.
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Crossing the borderline
18 Sep 2008
There are times when writing this column becomes an exercise in serendipity. A classic example came this week, when I received a call from Saran Allott-Davey, a financial adviser who runs Heron House Financial Management in Newport.
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Current turbulence means people may have to defer retirement, warns McPhail
18 Sep 2008
Hargreaves Lansdown head of pension research Tom McPhail has warned pre-retirement investors may have to defer retirement if they have not yet de-risked their portfolio.
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Death of the ‘greed is good’ era?
17 Sep 2008
UK investors woke today to more shock waves in the financial sector with the announcement that HBOS was entering into advanced talks with Lloyds TSB about a possible merger.
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Do the knowledge
18 Sep 2008
Prior to getting married, a cynical but wise man told me that the three most important words a married man can repeat in times of difficulty with his spouse are: "You were right." This level of compliance is possibly best described as a tactical withdrawal. Often, this will occur when the male is totally unaware as to the reasons for his difficulty. However, this level of ignorance is not healthy in any relationship and honesty is more effective in the long run, provided you can take the heat.
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Don't get caught in network fallout
18 Sep 2008
The turbulent climate that is challenging our industry is not going to be resolved for some time, a message that was reinforced in Sir James Crosby's interim mortgage finance report.
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Editor’s view - neither a borrower nor a stock lender be
18 Sep 2008
The irrepressible Doug Brodie of Master Adviser comes on the phone this morning. Doug is famous for asking awkward questions. But he suggests I ask some too.
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Editor's View
18 Sep 2008
Money Marketing's newly launched Time To Get Personal campaign aims to ensure the problems of personal accounts are not overlooked against the stormy economic climate.
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Editor's view - Ordinary decent structured products on the precipice
19 Sep 2008
When precipice bonds went wrong, part of the problem was the fact that the bond provider tried to borrow the halo of financial strength from the big provider supplying the underlying contract. This proved to be a very bad idea indeed.
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ETF Securities announces all ETCs have now resumed trading
23 Sep 2008
ETF Securities has announced all 113 of its ETCs that are backed by AIG have now resumed trading.
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Ex-SJP head Lund takes over at Money Portal
22 Sep 2008
Former St James's Place chief executive Mark Lund is to take over as group chief executive of Money Portal.
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F&C backs huge US state intervention and hopes for beginning of the end
19 Sep 2008
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F&C bolsters multi-manager team
22 Sep 2008
F&C Investments has announced the appointment of Oliver Sonnbichler as a fund manager within its multi-manager team.
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Fall in complaints shows guidelines are taking effect
18 Sep 2008
Complaints to the Financial Ombudsman Service over non-disclosure are falling as a result of the guidance paper drawn up with the Association of British Insurers in January.
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Fannie and Freddie deal fails to bring stock stability
18 Sep 2008
The US government's bailout of Freddie Mac and Fannie Mae has restored some market optimism but financial stability remains uncertain, says AWD Chase de Vere.
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Fannie and Freddie to double the deficit
18 Sep 2008
The US government's bailout of Fannie Mae and Freddie Mac has done little to improve the US housing sector and has potentially lethal consequences, claims asset management firm Whitefoord.
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Financial stocks rebound after short-selling ban
19 Sep 2008
The FTSE 100 rose steeply this morning, rising 7 per cent in early trading to 5,218, in reaction to news that the FSA has banned short selling of financial stock.
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Fitch says Lloyds' HBOS takeover will not guarantee creditors' confidence
18 Sep 2008
Fitch Ratings has said there is no guarantee that Lloyds TSB’s takeover of HBOS will restore creditor confidence due to the volatility of the market.
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Five providers join Assureweb's equity release service
22 Sep 2008
Five more providers have joined Assureweb’s equity release comparison service bumping its total up to 15.
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FOS dismisses myth of dishonest consumers
18 Sep 2008
Ombudsman Melissa Collett says it is a myth that many applicants deliberately lie about their health, knowing they are going to make a claim on their policy.
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Friends Prov, Aegon and Aviva reveal combined £499m Lehman exposure
17 Sep 2008
Friends Provident, Aegon and Aviva have revealed a combined £499m exposure to Lehman Brothers since the failing bank filed for bankruptcy on Sunday.
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FSA acts to stem tide of PPI complaints
18 Sep 2008
CMS Cameron McKenna says the FSA may take enforcement action against firms whose handling of payment protection complaints falls short as PPI complaints skyrocket at the Financial Ombudsman Service.
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FSA bans short-selling of financial stocks
18 Sep 2008
The Financial Services Authority has banned the active creation or increase in net short positions in listed financial companies from midnight tonight.
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FSA searches for B&B white knight
22 Sep 2008
The FSA has reportedly begun contacting rival banks asking them if they are interested in acquiring Bradford & Bingley.
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FSA shoppers had moral obligation to pay advisers
18 Sep 2008
In the front-page article regarding the non-payment to commission-based advisers by agency Gfk, an FSA spokesman is quoted as saying there was "no facility to remunerate commission-based advisers because no business was put through".
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FSA warns against disclosing client information
17 Sep 2008
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FTSE 100 falls amid bail out uncertainty
23 Sep 2008
The FTSE 100 has fallen by almost 3 per cent today amid concerns over what shape the US government’s $700bn financial bail-out would take.
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FTSE 100 sees record breaking bounce back
19 Sep 2008
The FTSE 100 index closed a record breaking 8.8 per cent up today on the back of news that the US government has pledged to spend big to clear up bad debt hitting the global economy.
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GE Money allays fears
19 Sep 2008
GE Money has allayed fears that it is set to be the next US intermediary lender to exit the UK market.
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GE Money makes urgent changes to products
18 Sep 2008
GE Money has made urgent changes to its First National and IGroup brands.
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Get cool to sell cover to young consumers
18 Sep 2008
Soap opera storylines, social networking and Government-led initiatives are three suggestions put forward to boost income protection sales and close the £2.3trn protection gap.
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Gissings Advisory rebrands after £18m buyout
18 Sep 2008
Gissings Advisory Services has rebranded to become Enrich Reward Limited following an £18m management buyout at the end of last year.
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Goldman Sachs and Morgan Stanley are ‘much less likely’ to fall, says New Star
18 Sep 2008
Goldman Sachs and Morgan Stanley are ‘much less likely’ to fall following today’s action from the world central banks to boost liquidity, says New Star fund manager Ian Beattie.
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Goldman Sachs and Morgan Stanley to become banks
22 Sep 2008
The investment bank became extinct today as both Morgan Stanley and Goldman Sachs became holding banks.
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Good advice? Priceless
18 Sep 2008
There was a warning recently that if the "price war" in protection continues, more insurers may be forced to exit the market.
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Government minister calls on investors to look to the Brics and beyond
23 Sep 2008
Trade and investment minister Lord Digby Jones has called on UK investors to continue looking at Bric countries but also widen their horizons to new areas such as Vietnam, Mexico and Ukraine.
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Guru, coach, shopper - that's the new adviser
18 Sep 2008
The retail distribution review has once again directed debate towards the quality and value of advice.
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Hedge fund industry hits back at calls for short-selling crackdown
18 Sep 2008
The Alternative Investment Management Association has rejected calls for a ban on short selling of bank stocks in the wake of a merger between HBOS and Lloyds TSB.
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Holiday fever
18 Sep 2008
Chancellor Alistair Darling's stamp duty holiday on homes priced up to £175,000 has received a mixed reception.
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Housing market hangs in the balance
18 Sep 2008
The nationalisation of US mortgage giants Freddie Mac and Fannie Mae has sparked hopes that a global housing market recovery could be on the horizon.
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If you don’t understand it, don’t buy it - IMA chairman
17 Sep 2008
The IMA chairman Robert Jenkins has called for regulators to tackle the issue of leverage in the credit crunch.
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IFA warning as ETF Securities suspended
17 Sep 2008
The reputation of exchange traded funds took a blow on Tuesday as the London Stock Exchange suspended trading in 113 instruments offered by ETF Securities.
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IFG merges Sipp operations
18 Sep 2008
IFG Group is combining its two Sipp and SSAS provider companies under one firm called IPS Partnership.
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IMA warns members to "carefully consider" impact of participating in bank stocks
19 Sep 2008
The Investment Management Association has warned its members to “carefully consider” the implications of any participation in the lending stock of UK banks due to current market conditions.
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IMLA hits out at SLS “madness”
19 Sep 2008
The Intermediary Mortgage Lenders Association has hit out at the Bank of England’s madness to exclude the Special Liquidity Scheme from many intermediary mortgage lenders.
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Informed Choice reveals £30bn of underperforming assets in report
22 Sep 2008
A new report from Informed Choice has found that nearly £30bn of investors money is now sitting in ‘lemon’ funds.
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Jane sees brighter prospects in US
18 Sep 2008
US equities are set for a renaissance as global markets stage a recovery over the next year, predicts M&G fund manager David Jane.
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Keydata clarifies its structured products have no Lehman Bros involvement
18 Sep 2008
Keydata Investment Services has clarified to IFAs that it does not have any relationship with bankrupt investment firm Lehman Brothers.
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L&G increases underwriting limits
17 Sep 2008
Legal & General has unveiled its plans to increase its financial underwriting limits for life insurance and critical illness cover.
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Labour conference: Consumer Panel chair believes FSA will find sales/advice middle ground
23 Sep 2008
The chairman of the Financial Services Consumer Panel Lord Lipsey says the FSA is listening to calls for the Retail Distribution Review to create a middle ground between the strict sales and advice distinctions outlined in its interim report.
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Labour conference: Darling calls for global action on rating agencies
22 Sep 2008
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Labour conference: O'Brien attacks "wild claims" about personal account losers
22 Sep 2008
Pension minister Mike O'Brien has argued the "wild claims" about the number of people likely to lose out under personal accounts are unlikely to hold up to scrutiny.
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Lehman Brothers' UK staff to be paid if they show up for work
18 Sep 2008
Lehman Brothers’ administrators PricewaterhouseCoopers have secured funding to pay 4,500 UK employees their September wage packet.
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Lehman exposure likely to spread further, says Create Wealth
17 Sep 2008
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Lehman pension scheme may fall on PPF
17 Sep 2008
Members of the Lehman Brothers' pension scheme may be forced to claim on the Pension Protection Fund after administrators said the scheme was "significantly deficient."
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Lib Dems' Cable calls on FSA to stop HBOS short-sellers
17 Sep 2008
Liberal Democrat shadow chancellor Vince Cable has called for the FSA to stop hedge funds short-selling HBOS shares following its stock market plunge.
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Lib Dems' Clegg unveils economic recovery plan
17 Sep 2008
Liberal Democrat leader Nick Clegg has unveiled the party’s Fairer Future economic recovery plan in his closing speech to the party conference.
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LIBOR at seven-year high
17 Sep 2008
London Interbank Offered Rates reached a seven-year high this morning in the wake of market turmoil over the last 36 hours.
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Lighthouse profit falls 8%
22 Sep 2008
Lighthouse Group has reported a drop in gross profits of 8 per cent to £7.6m in the six months to June 30, down from £8.3m in 2007.
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Lloyds buys HBOS
18 Sep 2008
Lloyds TSB has revealed that it has bought HBOS for £12.2bn.
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Lloyds TSB/HBOS - sensible deal or panic "merger"?
17 Sep 2008
Forgive me for asking but someone has to. Is it really necessary to fasttrack a merger between HBOS and Lloyds TSB?
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London & Capital extends structured product range
18 Sep 2008
Wealth Manager London & Capital have added a new issue to its structured product range.
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LSE suspension lifted on certain ETF Securities
19 Sep 2008
The London Stock Exchange has lifted the trading suspension on a number of AIG-backed ETF securities.
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Maia won't make dash into cash
18 Sep 2008
Maia Capital partner Jason Collins says his firm is unlikely to follow some of its multi-manager peers by increasing its cash holdings.
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Matthews upset at insurers' poor image
18 Sep 2008
Friends Provident chief executive Trevor Matthews says he gets upset over the poor regard for the insurance industry.
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Medical reports for all applicants could make NHS collapse
18 Sep 2008
The Association of British Insurers and Financial Ombudsman Service have failed to agree on whether requiring all applicants to provide complete medical information is a practical solution to preventing non-disclosure on protection products.
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More lurking black holes
18 Sep 2008
The nationalisation of Fannie Mae and Freddie Mac in the US had no significant impact on UK interest rates.
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Morgan Stanley understood to be looking at merger
17 Sep 2008
Morgan Stanley is looking at the possibility of merging with another bank following the recent market volatility, according to CNBC
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Mortgage brokers react over HBOS/Lloyds speculation
17 Sep 2008
Market speculation regarding the potential merger between HBOS and Lloyds TSB has led to mortgage brokers expressing concern about potential competition damage.
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Mortgage networks get that shrinking feeling
18 Sep 2008
The face of mortgage distribution is set to change dramatically as more networks and clubs begin to merge.
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Mott looks past the panic and sees value stocks
17 Sep 2008
PSigma income manager Bill Mott believes we are not facing economic Armageddon but are in the midst of a normal economic slowdown.
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MPs call for banking reforms to give wider powers to FSA
18 Sep 2008
The Treasury select committee is calling for a new committee to be established to control the Bank of England's financial stability functions.
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Nannini heads HSBC Mena push
18 Sep 2008
HSBC Global Asset Management is to launch a Middle East and North Africa fund in October under the management of Andrea Nannini.
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NDF and DRL warn investors: prepare for financial loss on Lehmans-backed products
19 Sep 2008
NDF and DRL have warned investors in their structured products underwritten by Lehman Brothers that they should prepare themselves substantial financial losses.
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Nomura to buy Lehman Bros UK and Europe
23 Sep 2008
PricewaterhouseCoopers has confirmed that Nomura is to acquire the UK and European investment banking and equities businesses of Lehman Brothers.
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NU appeals to advisers to help close business cover gap
18 Sep 2008
The £500m business protection gap could be closed if more advisers understood the product, claims Norwich Union director of protection Trevor Bailey.
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Olympian efforts
18 Sep 2008
As autumnal deluges continue to wash the final tiniest lustre of summer from the UK's beaten spirits, it is hard not to see the weather as a metaphor for our beleaguered state. Thank goodness that the Olympics at least injected a temporary state of ebullience into the nation.
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On a lighter note: Terminator to buy hyper-mega-super bank
19 Sep 2008
A well-known Californian politician and former Hollywood movie star has revealed he is set to buy Lloyds TSB, Abbey and Royal Bank of Scotland and create a bank “bigger than anyone could imagine”.
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On the rebound
18 Sep 2008
Among the plethora of research documents spinning out of the investment banks, signalling that analysts are back from bucket and spade duty, has been a note suggesting that the market corner has been turned. This is no ill-considered bullish rant but rather a piece of reasoned strategy assessment looking at how corporate profitability might fare in the US. Goldman Sachs, the author of the report, believes that the nadir of the earnings' cycle will be reached in the first quarter of 2009. ...
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Online service to manage cash
18 Sep 2008
Financial technology company Kublax has set up a free online service to help people manage finances.
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Optimal position in topsy-turvy market
18 Sep 2008
This week, I am revisiting a fund I highlighted in March - M&G optimal income. Its story gets stronger each week, and judging by Richard Woolnough's comments in last week's issue, so does he.
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Packager alliance PMPA to close
22 Sep 2008
The Professional Mortgage Packagers Alliance has announced that it is to close from 30 September 2008.
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Passing game
18 Sep 2008
Last week, I looked at what constitutes a transitional serial interest. One such interest would be one appointed before October 6 under a pre-March 22, 2006 interest in possession trust.
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Permanent wave
18 Sep 2008
Total permanent disability has long been an area with a high percentage of declined claims in the critical-illness cover market. Although only around 3 per cent of all critical illness claims are made under TPD, the declinature rates are more than 55 per cent.
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Peter Bourne
18 Sep 2008
Jersey-based investment manager Ashburton is part of FirstRand Group, one of South Africa's biggest financial services companies but little known in the UK. This is one of the things that managing director Peter Bourne intends to change.
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PFS pushing for clarity on Qrops
18 Sep 2008
The Personal Finance Society has established a working party of pension experts to lobby HM Revenue & Customs for greater clarity on Qrops regulations following months of uncertainty.
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Pledge would end mass means test
18 Sep 2008
LibDems have called for an end to the mass means-testing of pensioners.
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Pooled investments for trustees
18 Sep 2008
A significant amount of money is held in existing trusts and the trustees will want to invest this money in a way that produces the best return for the beneficiaries without contravening their legal duties.Pooled investments such as collectives and single- premium investment bonds can play an important role because of their tax-saving qualities but the tax rules have recently changed.
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Poor old LibDems eclipsed by financial storm
18 Sep 2008
You can’t help but feel some sympathy for the Liberal Democrats. No matter how hard they try to grab the headlines something always seems to rain on their parade.
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Portals record growth in transactions, says AT8
23 Sep 2008
Leading portal providers have recorded a steady growth in online quotations, according to a report issued by consultancy firm AT8.
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Pressure on variable annuities
17 Sep 2008
Variable annuity providers will suffer as the price of derivatives rises, predicts Hargreaves Lansdown head of pension research Tom McPhail.
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Pricing with death
18 Sep 2008
If the UK protection market continues to be driven by a focus on price do you think there is a danger of reinsurers pulling out of the market? What would happen to the UK protection industry if a number of reinsurers do pull out?
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Protection firm hits back at Which? hunt over PPI
18 Sep 2008
Paymentcare.co.uk has slammed the latest PPI survey by Which? for tarring all payment protection providers with the same brush.
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Protection IFAs split over Lloyds/HBOS merger
18 Sep 2008
Advisers are split over the potential impact of the Lloyds TSB and HBOS merger on the protection market with some saying it could spur on innovation while others suggest it will make no difference.
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Protection needs must be reviewed, says L&G
23 Sep 2008
Legal & General is encouraging consumers to review their protection needs to reduce the level of unprotected debt.
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PWC calls for patience over Lehman Bros
17 Sep 2008
PricewaterhouseCoopers, the administrators in the Lehman Brothers bankruptcy case have called for patience as it tries to untangle the investment firm’s interests.
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PWC confirms single suitor talks for Lehman Bros International
22 Sep 2008
PricewaterhouseCoopers says it is now in talks with one buyer for the UK and European investment and private equity businesses of Lehman Brothers.
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PWC faces "unprecedented complexity" in Lehman efforts
19 Sep 2008
Lehman Brothers’ administrators PricewaterhouseCoopers says it is facing “unprecedented uncertainty and complexity” in its efforts to deal with the banks’ affairs.
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Raising state pension would be simpler than personal accounts
18 Sep 2008
If the purpose of the new personal accounts is to improve people's income in retirement, then I think it is wide of the mark. Surely the simplest way to achieve this would be for the Government to increase the basic state pension to a level which is sufficient for people to live on and increase National Insurance contributions to fund it.
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Rating agencies failed to gauge investment risk
17 Sep 2008
Lowes Financial Management has attacked credit rating agencies which failed to downgrade Lehman Brothers.
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Reita calls for short-selling ban to be extended to commercial property sector
19 Sep 2008
Reita has called for the FSA's ban on short-selling to be extended to both the commercial property and real estate sectors.
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Reshuffle sees Axa split fixed income division in two teams
18 Sep 2008
Axa Investment Management has restructured its fixed income division by splitting it into two separate teams.
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RGA announces combined £50m Lehman/AIG exposure
18 Sep 2008
RGA is the latest reinsurer to be left exposed to US investment bank Lehman Brothers and insurance giant American International Group, disclosing a combined exposure of £50.6m.
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RSA reviewing tax domicile
22 Sep 2008
Insurance firm RSA is reviewing whether to move its headquarters offshore due to the UK tax regime.
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Russian stock exchanges halted again after stocks surge
19 Sep 2008
The Russian stock exchanges have had to stop trading due to a sharp surge in stocks within an hour of reopening after their last suspension.
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Russian trading halts on market free-fall
17 Sep 2008
Trading on Russia’s major stock markets has been suspended for a second day after shares nose-dived on the back of the Lehman Brothers collapse.
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S&P revises Scot Widows/Clerical Med/SJP credit watch ratings
22 Sep 2008
Standard & Poor's has placed AA-rated Scottish Widows and Clerical Medical on credit watch with developing implications and lowered A-rated St James’ Place from positive to developing.
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Salvage squad say Lehman Brothers' crash is bigger and more complex than Enron debacle
17 Sep 2008
The administrators which oversaw the Enron saga say that the Lehman Brothers' bankruptcy is bigger and more complicated.
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Savills set for more buys after mortgage packager deal
18 Sep 2008
Savills has bought a mortgage packager and renamed it Savills Lending Solutions and says there could be further acquisitions on the way.
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Seager offers 80% of renewal to retiring advisers
18 Sep 2008
Whitechurch Securities has unveiled a retirement solution that will pass on up to 80 of renewal income to IFAs when they retire.
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SHIP hits out at Which? claims
22 Sep 2008
Safe Homes Income Plans has attacked Which? for it’s “outdated views” towards equity release.
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Short sellers spit the dummy
22 Sep 2008
We all knew the hedge fund industry wouldn’t accept the new short selling rules without a fight and some are now threatening to sue the FSA for millions of pounds in losses.
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Simply Biz buys up joint ventures
23 Sep 2008
Simply Biz has acquired the total share capital in Simply Biz Mortgages and Broker Support Services for an undisclosed sum.
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Simply Biz puts freeze on membership fee
23 Sep 2008
Simply Biz has announced its plans to put a freeze on membership costs next year.
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Skandia takes £50m across Spectrum
18 Sep 2008
Skandia says its Spectrum range of funds has reached £50m since launch in April.
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St. James’s Place kept “out of the loop” over HBOS deal
18 Sep 2008
St. James’s Place chairman Mike Wilson says he has had no contact with Lloyds TSB following its recent takeover of HBOS.
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Stabiliser duo are first funds for Privalto
18 Sep 2008
BNP Paribas is launching the first two funds under the Privalto UK brand.
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Standard Life increases trail option on life bonds
22 Sep 2008
Standard Life is increasing the recurring commission available to IFAs and advisers on its existing life bond products.
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Stormy market hits Blue Sky plan
17 Sep 2008
Blue Sky Asset Management has breached the capital protection level of its first structured product following falls in the UK stockmarket, leaving investors' capital at risk.
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Structured arguments
18 Sep 2008
The Investment Management Association has sparked a debate on the transparency of structured products after it hit out at the lack of performance information and suggested that claims made in some marketing literature should not be taken at face value.
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Swip has the edge over Insight - AWD Chase De Vere
19 Sep 2008
Swip has the edge over Insight should a consolidation of the fund management businesses take place, that’s according to AWD Chase De Vere head of investment research Justine Fearns.
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Swiss Re reveal £125m exposure to Lehman and AIG
17 Sep 2008
Swiss Re has disclosed a £25m exposure to Lehman Brothers and £100m to insurance giant American International Group.
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Tax cuts win over plea for spending
18 Sep 2008
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Tenet issues statement to advisers on Lehman and structured products
17 Sep 2008
Tenet has sent a statement out to its advisers warning that some Lehman backed structured products may not be covered by the FSCS.
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The best route out
18 Sep 2008
Many IFAs will be looking at retirement in the coming years, indeed the statistics suggest that around a quarter of all IFAs are likely to consider retirement over the next five years - assuming they can afford it.
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The challenge ahead
18 Sep 2008
Only a year ago, there appeared to be attractive investment opportunities in a myriad of sectors and locations. Since the credit crisis began, however, the landscape has shifted dramatically.
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The cream of Russia funds
18 Sep 2008
A recent setback on the Russian stockmarket has been fuelled by the war in Georgia and some falling commodity prices. I see this as a great buying opportunity because Russian president Dmitry Medvedev has said he does not want a cold war and commodity prices are likely to continue their upward trend in the long run.
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The FSA’s shorting ban “will prolong the day of reckoning”, warns adviser
19 Sep 2008
Bloomsbury Financial Planning partner Jason Butler has warned that the FSA’s intervention to prevent short-selling in bank stocks will prolong a necessary purging of the markets.
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Thy will be done
18 Sep 2008
Unless a person wants someone else to decide what happens to their assets when they die, it is important to write a will.
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Tide waits for no man
18 Sep 2008
To intervene or not intervene? That is a question that has dominated political theory over the last century and it applies as much to economic policy as it does to social policy.
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Time to hang up on phone surveys
18 Sep 2008
IFAs have hit out at providers for overloading them with telephone surveys.
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Tough choice for advisers on Lehman
17 Sep 2008
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True Potential scores century
18 Sep 2008
True Potential has signed up its 100th firm since it launched in March 2007.
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Two charged with insider dealing
19 Sep 2008
Two people have been charged with 17 counts of insider dealing at the City of Westminster Magistrates Court today.
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Unemployment hits highest rate for 16 years
18 Sep 2008
The number of people in Britain claiming unemployment benefit is rising at its steepest rate for 16 years.
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US government steps in to save AIG - plus adviser reactions
17 Sep 2008
Troubled insurer AIG was thrown a lifeline overnight as the US Federal Reserve announced an $85bn loan to save the business from bankruptcy.
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US Government to secure mortgage market
19 Sep 2008
The U.S. Treasury Department has promised “hundreds of billions” to save the US markets using its own reserves.
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US plans could “restructure mortgages”
19 Sep 2008
The plans to be set out by the US Government to comprehensively change the financial markets may include a restructuring of mortgages in the USA.
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Variable numbers
18 Sep 2008
I always approach any new financial product with a very simple premise - would I buy it?
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Vision for data links to boost efficiency
18 Sep 2008
Distributors and product providers will all be sharing client data using virtual tools by 2020, according to Friends Provident ecommerce manager Steve Young.
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West Brom's new academy sets diploma target for salesforce
18 Sep 2008
West Bromwich Building Society has opened a sales academy for its staff as it looks to raise the standard qualification of its salesforce to diploma level.
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When banks go bust
18 Sep 2008
Contagion. It is almost as if we say the word so glibly these days that we forget what it means.
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Whole new ball game
18 Sep 2008
The furore north of the border about the prospect of English and Scottish footballers playing alongside each other in an Olympic Team GB squad has put the spotlight on an issue likely to be lurking in the minds of many IFAs - what would an independent Scotland mean for financial services?
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Whose clients are they anyway?
18 Sep 2008
Why are product providers so unsure of our roles? Surely when an IFA client is involved, the product provider's role is to provide the product and the service relating to that product and ours is to provide advice to the client?
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Witan appoints James Frost as MD and marketing director
17 Sep 2008
Witan investment trust has appointed James Frost as managing director and marketing director.
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Woodford takes over Edinburgh trust
18 Sep 2008
Invesco Perpetual income guru Neil Woodford has been appointed lead manager of the £1bn Edinburgh investment trust, with analysts predicting that he could adopt the style of his higher-income fund.
