18 March 2009
Mortgage broker London & Country has revealed that it is searching the mortgage market for existing brokers to join its academy and retrain as well as new graduates.
LV= Asset ManagementLVAM UK Equity Income Fund
2plan Wealth Management has launched an online administration service to help advisers with high productivity levels manage their work load.
Forty-strong adviser firm Source Financial Limited is to join national IFA 2plan Wealth Management.
An online Money Marketing poll reveals 78 per cent of IFAs believe the FSA should be disbanded and replaced, with 22 per cent voting against a restructure.
Abbey For Intermediaries3-Year Variable Rate Tracker
Abbey has reduced the rates on some of its fixed rate mortgages.
The Association of British Insurers wants the FSA to be more open with investors to help them assess firms' corporate governance standards.
The Association of British Insurers says major structural changes to UK regulation would be a "distraction" from current challenges but says an EU supervisor is needed to oversee national regulators.
The Investment Management Association's clampdown on the UK equity income sector has affected some of the biggest names in the industry.
The Serious Fraud Office is investigating seven suspected frauds in financial services which may include Madoff-style Ponzi schemes and is looking at the role played by intermediaries.
Advisers should look at whether issuers of capital-protected structured products are covered by collateral arrangements when gauging risk, warns Schroders structured investments manager John Teahan.
Advisers are doubtful that the FSA's switch from principles-based to outcomes-focused regulation will bring any significant change.
The Association of Independent Financial Advisers today announced plans for an online academy for IFA firms to help them meet the demands of the retail distribution review.
Alliance Trust Asset Management, a subsidiary of the 120-year old Alliance Trust investment trust, has doubled its Oeic fund range with the launch of UK equity income and North American equities funds.
Providers have cut their annuity income offers by up to 3.6 per cent since the Bank of England started its quantitative easing programme last week.
Ascentric has added 103 extra funds to its platform bringing its total to 2,944 funds from 231 fund managers.
Axa has boosted its Elevate Pension Investment Account in a bid to give advisers more control of the management and payment of their clients pensions.
AXA Distribution Services has appointed three new distribution directors to its Elevate platform.
Axa is withdrawing its accident, sickness and unemployment offering to new customers as part of its Axa Protection Account from today.
Barclays has changed the contract terms of its fixed-rate savings bond after the FSA found some sections were were not clear and unambiguous.
Barclays has won a continuation court order that prevents The Guardian newspaper from publishing document on its tax affairs.
Barclays Global InvestorsiShares Barclays Euro Corporate Bond
Barclays Global InvestorsiShares Barclays Euro Aggregate Bond
Barclays Wealth3-Year FTSE Super Tracker (January 2009 edition)
Barclays Wealth is reissuing the defined returns annual kick-out (AKO) plan with a new investment option, allowing advisers to tailor the plans to suit different risk/reward profiles.
Barclays Wealth Target Growth Plan
Baronworth Investment Services has appointed Aon’s Grant Carter to head up its newly formed general insurance subsidiary.
Woolwich 1 Year Fix & Track
BlackRock gold and general fund manager Graham Birch is taking a sabbatical for the rest of this year.
BlackRock head of European fixed income Scott Thiel believes that quantitative easing will offer a dual benefit to fixed income investors.
Bluefin is creating a website offering adviser training facilities and professional qualifications development.
Fidelity's Anthony Bolton has called the bottom of the stockmarket slump and says banking stocks are well placed to benefit from the upturn.
Rarely, if ever, have I seen a public speaker so misjudge the mood of their audience.
Do you agree with the FSA's move away from principle-based regulation?Yes 63%No 37%
The FSA budget for the coming financial year is nearly £500m, funded entirely by the industry. This figure is the highest ever asked for by a regulator of any description in any industry at any time. Such a figure cannot go without comment and challenge, if only for the sake of balance and accountability.
Bupa Individual Protection is increasing the amount cover available across its range of critical illness products.
Calculus Capital says the Government will severely harm GDP growth if it does not support enterprise investment scheme funding.
Conservative leader David Cameron has today launched a scathing attack on the FSA’s regulation of the banks saying Lord Turner’s Review was a “withering critique of its failings”.
Conservative leader David Cameron has been forced to insist that his pledge to increase the inheritance tax threshold stands firm after suggestions that the Tories had done a U-turn.
UK life insurers have underperformed the FTSE All Share massively over the past 12 months, with some shares plunging by 75 per cent.
Cazenove Capital has rebranded two funds and and revised their fund objectives to extend its multi-manager diversity range.
Prudential's new income choice annuity makes a bold attempt to bring the benefits of long-term stockmarket growth to a wider group of annuity purchasers. With quantitative easing raising the stakes on long-term inflation risk and already having an effect on annuity rates, hard-pressed retirees are desperate for new ways to grow their income.
The FSA statement issued last week on the subject of the new benchmark qualification was long overdue but most welcome. The recent confusion and differences of opinion over what constitutes a level 4 qualification needed to be resolved.
The Council of Mortgage Lenders has blamed “fractured policy” for plummeting mortgage lending figures in February.
Coreco Group, the new brokerage formed by senior members of Colbalt Capital, has joined the Mortgage Advice Bureau.
Concordia, the collaboration between the five bigger London-based DAs - Savills Private Finance, Alexander Hall, Chase de Vere Mortgage Management, Hamptons International and Cobalt Capital - has dwindled in size to just two members.
Coral/Strutt & Parker Real Estate Financial Services Coral Student Portfolio
Be frightened, be very frightened of the FSA, chief executive Hector Sants has declared. Last week, the regulator came out fighting against the recent barrage of criticism and signalled an end to its obsession with principle-based regulation.
Chancellor Alistair Darling has not ruled out a merger of the mortgage books of Northern Rock and Bradford & Bingley.
New Star global financials manager Guy de Blonay believes that asset managers are best positioned to lead a turn-round in the financials sector.
Swip's multi-manager team believes multi-asset investment should not be dismissed as a failure on the basis of one tough year.
Prime Minister Gordon Brown has welcomed efforts to close tax loopholes, hailing the "beginning of the end of tax havens".
The Downing protected opportunity VCT 1 provides a dual strategy, allocating around half of its fund to institutional structured products and the other half to lower risk venture capital investments.
Income-drawdown investors could see their annual withdrawal limit drop significantly as a result of the Bank of England's quantitative easing programme, says Scottish Life.
Unemployment could double unless the UK Government takes drastic action against recession, warned a Bank of England policymaker this week.
Former Personal Finance Society chief executive Tim Eadon has attacked the sales focus of advisers in the equity-release sector and called for more to offer holistic retirement planning.
Last week was memorable for two reasons. It was the first time that quantitative easing was put into practice by the Bank of England. These two words were never heard together in my experience until recently. Like extreme rendition, they have moved swiftly into common usage.
Former FSA chief executive officer John Tiner has been put forward for election to join Credit Suisse’s board of directors.
Two-thirds of themed Isas are showing a negative performance, according to Skandia research.
Fidelity has written a letter to the Chancellor calling for an immediate reinstatement of dividend tax credit for equity Isas.
Fidelity International Enhanced Income Fund
Fidelity International is proposing to close 10 of its 12 offshore multi-manager funds as they have failed to generate critical mass. The natural resources fund and global high-alpha fund will remain open.
St James's Place has taken on two directors of a firm which was recently fined £28,000 for failing to provide suitable advice.
Employers will be allowed to operate a 90-day waiting period before they need to auto-enrol staff into a private pension scheme after 2012.
FinQS and Perception Support have joined forces to offer firms a range of treating customers fairly resources and software through FinQS' online client feedback system TCF Centre.
Last week, I took part in Scottish Life head of pensions strategy Steve Bee's podcast. The focus of our talk was pensions and what damage was being done, with the focus on pension savings always falling on the contributions.
The Financial Ombudsman Service will publish business-specific complaint data every six months from September, for every firm that has at least 30 new and closed cases during the period.
Friends Provident is the latest provider to go live with the Association of British Insurers' Options initiative to speed up annuity transfers.
FSA chief executive Hector Sants says it was former Bank of England employees within the FSA who led the areas where the regulator had operational failings.
The FSA has cancelled this year’s review of its own effectiveness, amidst criticism of the failure of “light-touch” regulation to identify risks in the banking system.
The FSA has publicly censured Doncaster mortgage broking firm Mortgages Remortgages Ltd for exposing up to 80 customers to the risk of being sold an unsuitable self-certified mortgage.
The FSA has fined Blackburn insurance broker Aspray Limited £21,000 for failing to monitor its appointed representatives and for misleading its clients and the regulator.
According to Ernst & Young, as many as two million clients could be left without access to an IFA after retail distribution review implementation.
The FSA is considering whether to extend its Code of remuneration practices to retail investment advisers, despite admitting that intermediary firms’ remuneration practices did not play a significant role in the crisis.
The FSA is planning to stop all future accruals to its staff final-salary pension scheme from March 31, 2010.
This morning's press conference with Adair Turner lacked frantic media scrums, flashing camera bulbs and even hearty heckling from reporters about the FSA's failings.
The FTSE 100 opened almost 40 points higher today at 3,882 today, up from Fridays close of 3,843 as investors anticipate details from the US Treasury on its plan to buy toxic assets from banks.
The FTSE 100 opened higher today at 3,871.27 on Tuesday’s close of 3,857.10 but dipped as low as 3,837 following unemployment figures out from The Office for National Statistics.
The FTSE 100 has closed 0.31 per cent higher at 3,817, following a promising open of 3,812 with late retreats wiping out earlier gains in the financial sector.
The FTSE 100 has closed 2.4 per cent up on Monday's open of 3,754 finishing the week at 3,843.
Fidelity president of investments Anthony Bolton says the FSA should take the brunt of the blame for the banking crisis.
GE Capital chiefs admitted the lender could lose as much as £759m ($1.1bn) in the UK mortgage market over 2009.
Goldman Sachs is reported to be preparing a bid for Barclays' asset management business iShares.
City minister Lord Myners has admitted to the Treasury select committee that he failed to ask the board of Royal Bank of Scotland how much ex-chief executive Sir Fred Goodwin would ultimately get for his pension. Myners also revealed to MPs that Goodwin had taken a 2.7m cash advance on his pension.
The Government has received another pasting over the whole Equitable Life debacle, this time from the MPs in the cross-party public administration committee.
The Government is preparing an emergency £60m bailout of Scotland's largest building society Dunfermline in a bid to prevent a run on the mutual.
The deadline for applying for protection of pre-April 2006 pension rights is looming on April 5, 2009. What options are available and who should register?
Hargreaves Lansdown has slammed a Treasury select committee MP for using the company's recent savings promotion as an example of bad financial practice.
Hasley Investment ManagementElite Hasley Best Ideas Portfolio
Whatever you think of media coverage of high-profile personalities' battles with cancer, the effect has been an increased awareness of these cancers and the importance of monitoring your health and getting yourself screened, even if you feel perfectly well at the time of your check-up.
The FSA is to review the mortgage conduct of business rules in the third quarter of this year, raising questions over whether it will implement aspects of the retail distribution review in the sector.
Ignis Asset Management/Hexam CapitalIgnis Hexam Global Emerging Markets Fund
Ignis Asset Management and emerging markets boutique Hexam have brought out a onshore mirror of their Dublin-based global emerging markets fund.
In the wake of the FSA’s revelation that it may restrict mortgage products, Money Marketing thought it was time to visit another example of mortgage restrictions.
The managing director of the International Monetary Fund has warned that the global financial crisis can exacerbate social unrest in emerging economies and even lead to war.
In times of recession, consumers cut their spending on non-essential items and unfortunately protection insurance is sometimes put into this category.
Invesco PerpetualGlobal Equity Income Fund
Investec has the launched the multi-asset protector fund which aims to provide cautious investors access to the market through a multi-asset portfolio while providing and 80 per cent protection barrier against equity market falls. The fund will be managed by Max King and Philip Saunders.
The Institute of Public Policy Research has warned we could see 3 per cent deflation by the Autumn on the retail price index measure.
JHP Training has been accredited by the Chartered Insurance Institute for its financial services apprenticeship programmes.
JPMorgan Asset ManagementUS Equity Income Fund
Jubilee Financial ProductsThe Early Redemption Plan - Issue 1
The Board of Jupiter China Sustainable Growth Ltd has decided against the launch of the company after the group failed to reach what the firm sees as a minimum launch size.
Abbey For IntermediariesTwo Year Homebuyer Fixed 3.89%
The Keydata extra income plan issue 25 providers a monthly and annual income option. Linked to the FTSE 100 index, the plan offers 50 per cent capital protection barrier and whilst capital value tracks the index the income or growth payment are unaffected.
LaSalle Investment Management has appointed Insa von Jürgensonn as regional director and head of portfolio management for Northern Europe.
The Liberal Democrats have warned that the Pension Protection Fund will have serious funding issues if the recession worsens after it emerged that 91 per cent of all defined-benefit pension schemes are in deficit.
Lifesearch managing director Tom Baigrie has rubbished the FSA’s retail distribution review and suggested it will not be implemented in full.
Liontrust has appointed Gary West, James Inglis-Jones, Anthony Cross and Julian Fosh to assume management of three funds run by Jeremy Lang and William Pattisson, who will leave the firm on April 15.
Liontrust Asset Management has recruited five partners of the European fixed income team from London-based Ilex Asset Management.
Living TimeIncome Plan
Labour peer Lord George Foulkes has written to the FSA claiming that three non-executive directors of the Royal Bank of Scotland were pressured to keep their concerns about the bank quiet.
UK retirees could be missing out on up to £56.6m of retirement income each year by not purchasing an enhanced annuity, according to research by LV=.
It was a matter of luck I suppose that I began a career in the financial services industry. Home on a 72-hour pass from my posting in Germany as a national serviceman, a mate said his girlfriend's boss was looking for a new recruit. It was a good job - you got a car and played golf most days.
Considering more than half of net inflows into funds are headed into fixed-interest sectors at the moment, investors should be aware that the nature of bond funds is undergoing a change and may need to adjust their expectations and approaches.
MetLife is to significantly increase the price of its income for life and capital guarantees due to market volatility.
Morgan Stanley chief economist David Miles will be succeeding David Blanchflower on the Bank of England’s Monetary Policy Committee.
Morgan Stanley has introduced a new structured product, the FTSE defensive gilt-backed growth plan.
Mortgage lending almost halved to £45bn in the fourth quarter of 2008 from £86.6bn in 2007. Repossessions surged by 68 per cent to 46,750 last year from 27,900 in 2007.
I sent my first evidence to the Treasury select committee on February 6. The following Tuesday, February 10, Lord Stevenson, the ex-HBOS chairman, and Andy Hornby, the former chief executive, were cross-examined by the committee about my evidence and denied my allegations.
MPs have lambasted the Government's response to the Parliamentary ombudsman's call for compensation for Equitable Life policyholders as "shabby, constitutionally dubious and procedurally improper".
City Minister Lord Myners' future was called into question this week after it emerged that he helped to set up a business in Bermuda to avoid paying UK tax.
City minister Lord Myners has suggested that bank directors should be legally obliged to consider the overall stability of the financial system when taking business decisions.
Nationwide2 Year Fixed - Option A
Nationwide 2 Year Fixed - Option B
Nationwide has predicted that it will have to pay out £250m in levies for the FSCS.
Nationwide Building SocietyTwo Year Fixed Rate
Network Data has told appointed representatives that human error is to blame for delays in commission payments.
New Star multi-manager duo Mark Harris and Craig Heron are to join Henderson Global Investors, ending speculation about their future.
New Star's head of fixed income James Gledhill will be joining Henderson following the completion of the merger.
New Star European growth fund manager Richard Pease believes that the close correlation between Europe and the US markets could see the pair lead a bounceback.
Newcastle Intermediary ServicesGuaranteed Capital Performance Account – Issue 5
Intelliflo chief executive officer Nick Eatock started his career in computers by designing three best-selling computer games when he was still at school. Eatock and a friend wrote a fantasy game called Sorderon's Shadow when they were 16 and it reached number one in the gaming charts at the same time that Duran Duran reached number one in the music charts.
Norwich Union has launched its ‘Future Adviser Programme’ to entice graduates to pursue a career in financial advice.
Nucleus chief executive David Ferguson has claimed that only 5,000 of the 30,000 IFAs working in the sector can be deemed "credible" advisers.
Product providers which have signed up for the Association of British Insurers' open market options' initiative have reduced the average time to complete a transfer to 12 days.
Returning from Australia late in January, we avoided the misery of travelling for 26 hours non-stop by taking a two-day stopover in Dubai. Having spent a miserable time being monsoon rained upon for days on end in the Whitsunday Islands (discovered by James Cook, British navigator on Whit Sunday in 1770 - us Brits are nothing if not logical, albeit somewhat unimaginative), we were determined to have some last-minute sun before returning to our cold and snowy shores.
Aifa has warned of the danger of the FSA interfering in the way IFAs run their businesses under "outcome-focused" regulation.
More than 700 apprentices have enrolled for work-based learning programmes with the National Skills Academy for Financial Services in the past 12 months, and a further 1,000 are preparing to enrol.
Paradigm Mortgage Services has added Halifax Intermediary Conveyancing Service to its panel of preferred conveyancing partners.
Hugh Osmond's Pearl Group is reportedly holding talks with banks in a bid to restructure £3bn of debts.
Money Portal chairman Richard Hambro has decided to step down. Hambro, who has been battling with a serious illness for some time, will be replaced by Mark Tennant, who has been a member of the Money Portal board for several years. He has also held senior roles at Hambros Bank, Hill Samuel and also JP Morgan.
New Star UK alpha fund manager Tim Steer is leaving the firm to join Artemis. Steer is to remain with New Star through its transition process with Henderson, which is set to conclude in April, and will continue to run both the UK alpha and hedge fund Gemini until then.
Pointon York Sipp Solutions chief executive Christine Hallett has left after 12 years with the firm. She has been on gardening leave and is understood to be looking to set up her own company. Hallett is believed to have left by mutual agreement.
Perception Support is hosting two training workshops for supervisors in London and Birmingham in April.
The Personal Finance Society has partnered with The Consulting Consortium to offer members two web-based treating customers fairly tools.
You might think that the FSA is too preoccupied with the financial stability of banks to worry about adviser firms at the moment. But remember that the regulator has hundreds of staff in its small firms and retail themes divisions and their work is still focused on issues affecting adviser firms.
Pre-X Capital ManagementAxcess EIS Fund 2009
PrudentialIncome Choice Annuity
Prudential's chief executive Mark Tucker has announced he will step down from his position in October as the firm posted an EEV profit increase of 17 per cent at £2.9bn in its results.
A financial services recruitment firm says headhunters are putting more emphasis on qualifications than experience when sourcing jobs for IFAs.
RAM Capital Partners/Climate Change CapitalVentus VCT and Ventus 2 VCT C Shares
Conservative proposals to split the FSA into two separate bodies have been rejected by the regulator which insists that a "twin peaks" approach to regulation would not have avoided the economic crisis.
The Retirement Adviser has recruited its fifth employee from Origen Financial Services - annuity consultant Chris Larby.
River & Mercantile has announced the appointment of Alex O'Reilly as a partner at the firm.
Northern Rock wrote £1.8bn of Together loans while receiving state aid, according to a report by the National Audit Office.
Standard & Poor's has lowered its ratings on certain perpetual subordinated hybrid capital securities and instruments issued by Royal Bank of Scotland and Lloyds Banking Group.
The FSA will replace its principle-based regime with "outcome-focused" regulation, which it says signifies a shift to more intrusive and direct governance.
Shareholders need to challenge senior management over companies' business models and risk strategies, says FSA chief executive Hector Sants.
Schroders has launched an investment education programme for professional advisers.
Schroders has renamed its US small and mid cap fund to better reflect the way the vehicle is managed.
Scottish WidowsCapital Protected Fund 10
Out for a drink last week, I bumped into an acquaintance I had not seen for ages. After swapping stories on what we had been up to over the past few years, the conversation somehow got round to issues of "principle".
I have a really good friend who I know very well and would trust with my life. He, too, is a hard working financial adviser, about as honest as the day is long and tries his very best to give his clients good advice and service. In every respect, he treats his customers very fairly indeed.
Structured investment firm Blue Sky Asset Management has its roots in HSBC, where the three principals all worked together in the 1990s.
In an economic downturn, the natural inclination for many investors is to seek cover by holding big and so-called defensive companies. This is because of their perceived relative financial strength while small caps are often, but not always, reliant on one product.
As the Royal Mail continues to ponder how to compete with email, a new communication phenomenon will further add to their woes. According to a study by Nielsen, email communications have now been overtaken in popularity by social networking websites.
Building societies are calling on members to help them petition for reforms to the Financial Services Compensation Scheme's levy system, which they believe is unfairly weighted against them.
I am about to get divorced and I have heard that the rules surrounding pensions have changed. What do I need to be aware of?
Friends Provident has posted European embedded value full-year profits of 420m, up from 16m in 2007, but suffered an 871m loss on an international financial reporting standards basis and a 500m deterioration in its capital position since December 2008.
Standard Life has cut the surrender and transfer values of many of its with-profits plans by 5 to 8 per cent due to poor investment returns.
Standard Life is planning to increase staff resources on its wrap as more advisers turn to platforms for retirement planning.
Standard Life is reducing fund charges across its platform from April 6.
Wizard Learning managing director Mike Goldsmith outlines the differences between certified and chartered status.
Artemis has announced that Tim Steer is to take on the management of the firm's £293m UK growth fund.
The ungeared income fund from Stellar aims to target an annual income of 6 per cent from a portfolio of self-storage space facilities across the Midlands and North-west.
SVM Asset ManagementUK Absolute Alpha Fund
SVM Asset Management SVM Cautious Managed Retail Share Class A
T Bailey says it will not rest on its laurels now it is one of only two multi-managers left in the Investment Management Association's UK equity income sector.
What carnage across all the markets and almost every asset class. Life office shares for just over 20p and daily percentage swings in blue-chip banks of 20 per cent, interest rates of 0.5 per cent and the bizarre position (since reversed) of sterling increasing in value after a rate cut.
What problems have you or your clients encountered when providers use tele-interviewing/tele-underwriting? Would you find it useful if tele-interviewing/tele-underwriting was standardised by all providers?
I enjoy rugby union but regular tinkering with the rules is confusing and suggests the underlying principles of the game need constant modification. I am a football man and believe simplicity of the rules is its strength. I was thinking of this when I looked at the changes that the Association of British Insurers' protection committee are making to total permanent disability.
I would like to start this article with a look at an important case dealing with the assessability of the proceeds under a keyperson policy. You will know that it is generally accepted that if premiums are not deductible under a keyperson policy, the sum assured will usually not be assessable. One main reason for non-deductibility is duality of purpose, that is, a purpose other than a pure revenue purpose.
The Investment Management Association has brought an end to months of uncertainty by unveiling the constituents of its newly launched UK equity income and growth sector.
I think I may just have had my Tory moment. The aphorism goes that normal people start off their thinking on the idealist left wing but as we grow older and more cynical, so we all become Tories in the end. I never thought it would happen to me. But two months ago, this column called for the wholesale reform of the FSA and this month that was stated in a Tory report proposal.
The Whitechurch Network is making Orbiter, the online sourcing and compliance service for advisers, available to its appointed representatives.
The Institute for Public Policy Research questions whether the Treasury is equipped to deal with the economic crisis and says it lacks experienced staff.
One of my favourites jokes from Not the Nine O'clock News has the US apologising for turning up late for the first two world wars and promising to make up for it by being really early for the next one. Financial journalists work in a similar way when it comes to spotting asset bubbles.
Conservative Shadow Business Secretary Ken Clarke says the Tories will abolish inheritance tax on estates under £1m if the party gets into power.
Brokers are warning that lack of competition in the mortgage market is pushing up tracker rates and making Libor irrelevant.
Traditional platforms are failing to meet the needs of IFAs by not offering investment management services alongside administrative support, says Parmenion sales director Paul Miles.
Prime Minister Gordon Brown has appointed Tom Scholar as second permanent secretary of the Treasury's International and Finance directorate.
Trustnet has launched its new alpha manager rating service that highlights the top 100 managers by long-term performance.
The Treasury Select Committee has expressed anger and frustration that banks who signed lending agreements under the asset protection scheme are not keeping their side of the bargain.
I think it is fascinating that we are starting to see the first newspaper articles heralding the death of stockmarket investing.
The Association of Independent Financial Advisers has warned that an “overly robust regulator” could stifle an economic recovery.
The Alternative Investment Management Association has praised Lord Turner for not making hedge funds a scapegoat in the banking crisis.
The Financial Services Consumer Panel has criticised the Turner Review for failing to address banks' "appalling" treatment of customers.
The Turner Review says the FSA is considering regulating the buy-to-let market as well as second charge mortgages.
FSA chairman Lord Adair Turner claims the regulator’s crackdown on banks will not affect London’s standing as one of the world’s leading financial centres.
The FSA has set out its plans for the future of financial regulation in the UK by demanding more capital for banks but it says talk of a cap on mortgage products is “premature”.
The FSA is to take a supervisory role in limiting the conflicts of interest and inappropriate use of rating techniques made by credit rating agencies.
The FSA has called for a fundamental review of the use of structured finance ratings, noting their role played in the origins of the financial crisis.
The FSA has revealed its new intrusive regulation of the banking sector will lead to a hike in its budget and lead to an increase in fees charged to firms.
Lord Turner has called for the creation of a European financial regulatory body, which will be responsible for the oversight of national supervisors.
The Turner Review has detailed plans to crackdown on UK banks’ off-balance sheet dealings by demanding huge capital requirements.
Lord Adair Turner believes that any cap on LTV mortgages would be a decision for politicians rather than the regulator.
The US Federal Reserve has followed the lead of the Bank of England and pledged to by $300bn of Treasury bonds.
Last month, HSBC launched an innovative product that is a combination of financial investment and charity.
RAM Capital and Climate Change Capital are looking to raise up to £20m through a joint C-share issue for the Ventus and Ventus 2 venture capital trusts.
The pension industry has warned the Government against any move to scrap higher-rate pension tax relief.
I read with incredulity that the Association of British Insurers is warning against major regulatory changes. Do these people live on the same planet as the rest of us? How can the ABI possibly consider the FSA is not in need of major structural changes?
Seventy-two weeks in and the equity bear market is officially the worst since the Great Depression. The pace of decline compared with the previous worst bear market, which took 264 weeks, shows the depth of the slump. This is, after all, a balance sheet recession, not your average inventory-led downturn.
Witan has appointed Catherine Claydon as non-executive director to the board with immediate effect.
Wizard Learning has developed a practice exam package covering the advanced diploma subject AF5 financial planning process.
Invesco Perpetual income guru Neil Woodford believes banks are unlikely to become an attractive investment for the next three years.
Financial education in the workplace is a niche market in which Fluent Independent Financial Advisers' brand has become well known.
Insurance and reinsurance giant XL has announced plans to put its UK and Irish life businesses into run- off.