Money Marketing
18 November 2010
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Credit chief says third of Santander lending could be hit by MMR
18 November 2010
Santander chief credit risk officer Iain Laing says up to a third of the bank’s lending could be affected by the proposals in the mortgage market review.
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Dear Rob&Roderic...
18 November 2010
Our resident agony uncles and The Ideas Lab directors Rob Reid and Roderic Rennison answer adviser questions
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10,000 Pre-1992 annuitants will miss out on Equitable Life compensation
18 November 2010
Ten thousand Equitable Life policyholders who annuitised before 1992 will not receive compensation after an amendment to include them in the Government’s compensation package was defeated.
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Abbey for Intermediaries brands mortgage brokers high risk
18 Nov 2010
Lender accused of biting the hand that feeds it by putting brokers on list of high risk jobs.
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Abbey for Intermediaries set for return to BTL in 2011
18 November 2010
Abbey for Intermediaries is preparing to re-enter the buyto-let market in 2011.
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Adviser Fund Index
18 November 2010
Of the three Adviser Fund Index sub-indices, AFI cautious should perform with the least volatility. Asset allocation shifts tend to occur gradually and so it proved in May, when the AFI panellists trimmed their fixed income and overseas equity weightings by two percentage points. European equities fell by one percentage point while British and American equities and property rose by the same amount.
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Advisor evolution leader
18 November 2010
At its best, a good platform can be the foundation of a strong advisory business. It can support an adviser’s risk management and investment process, ease administration and free up time to spend with clients. At its worst, it can be time-consuming and complex - ensuring less client-facing work is done rather than more and giving rise to that familiar urge to hurl the computer out of the nearest window.
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Aegon axes another 51 jobs
23 Nov 2010
Employee benefits and finance departments suffer as cost-cutting drive continues
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Ageas profits are halved
18 November 2010
Ageas UK has posted a 50 per cent slump in profits for the first nine months of this year, from £33.2m to £16.6m.
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Aifa wants overseers to check regulators
19 Nov 2010
Aifa has called for a college of supervisors to oversee the new regulatory bodies that will take over from the FSA.
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Aifa's view
18 November 2010
Shoring up the rules’ structure
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Auto mechanics
18 November 2010
John Lawson says the coalition has taken a common-sense approach to Nest
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Aviva platform poised to add phased drawdown
18 November 2010
Burton: ’We see an enormous opportunity for income drawdown on Sipps’
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Axa adding short-duration bonds to cope with rate rises
18 November 2010
Axa Investment Managers is offering a sterling credit shortduration bond fund for the UK retail market, which will aim to minimise interest rate sensitivity.
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Axa Elevate to power investment platform
18 November 2010
Sesame Bankhall Group has launched an investment platform with Axa Elevate.
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Bank expects inflation to stay above 2% in 2011
18 November 2010
The Bank of England says inflation is likely to stay above the 2 per cent target next year, with an equal chance that it will be above or below target in two years.
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BlackRock plans to loan out fund assets
18 Nov 2010
BlackRock is launching a stock lending programme that will see 37 of its retail funds lend out assets to generate performance-boosting fees.
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Bolton is baffled by China fund's high premium
18 November 2010
Fidelity’s China special situations investment trust manager Anthony Bolton says he sees “little logic” to the fund’s current high premium.
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Bond fund firms reassure investors on Irish exposure
19 Nov 2010
Leading managers reassure investors that direct Irish exposure is minimal.
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Broker barriers are removed
19 Nov 2010
Mortgage advisers will have to make it explicitly clear if they do not advise on direct-only deals but will not be forced to offer a fee option or advise on direct deals to retain independence.
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Brokers will still have role on checking affordability
18 November 2010
The FSA says brokers will still have a limited role to play in checking affordability under new mortgage market review regulations that place ultimate responsibility with lenders.
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BSA says the FSA has no right to control market
19 Nov 2010
The Building Societies Association says it is not the FSA’s role to determine the shape of the mortgage market or control demand.
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Build value into your business
18 November 2010
The industry is faced with a range of future business models and many firms are lacking strategic direction. Outlining the key issues such as trust and value ensures that firms look beyond 2012 and the RDR
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Clearwater revival
18 November 2010
Director Duncan Carter says Clearwater Financial Planning wants to define its perfect client and is developing a new proposition to deal with clients that don’t fit the new fees-based model. Report by Cherry Reynard
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Consolidation could bring just four big distributors
18 November 2010
There could be as few as four big distributors left in the mortgage market in a few years, according to Platform director of business development Lee Gladwell.
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Dangers of linking loans to protection
19 Nov 2010
Adjusting mortgage rates to include life cover and protection would risk commoditising the insurance market, says HSBC.
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'Don't force mutuals into plc straitjacket'
19 Nov 2010
The Building Societies Association has attacked the “irrational pessimism” of regulators as they address the problems that contributed to the financial crisis.
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Dose of reality
18 November 2010
People need to understand that if you do not save, you will be poor
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Double-tax peril in 'VAT' plan for financial services
18 November 2010
’You are not just taxing consumption but also the means with which consumption is purchased.”
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Equity income funds switch strategy to make up for BP
18 November 2010
High-profile equity income managers have taken special measures to protect performance after BP’s oil spill hit dividend payouts. To provide a steady stream of income for investors, fund managers have used derivatives, shifted parts of their portfolios overseas and allocated to small and mid caps.
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Euro parliament passes alternative fund edict
18 November 2010
Investment commentators warn that fund managers need to be aware of possible changes to the alternative investment fund managers directive after its approval last week.
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Extra protection
23 Nov 2010
Deepak Jobanputra says the protection market is a huge and often overlooked opportunity for intermediaries to add value to their business.
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Ex-watchdog challenges Manx KSF IoM bond move
18 Nov 2010
Former FOS adjudicator Jane Sanders is challenging the Isle of Man Depositor Compensation Scheme over its decision to exclude bondholders from compensation.
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Fidelity China special sits plans share issue at full trading price
18 November 2010
Fidelity China special situations trust is to issue 4.25 million new shares in an effort to rein in the fund’s spiralling premiums.
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Fighting fraud can help thwart terrorism
18 November 2010
PMS executive chairman John Malone says intermediaries can play their part in preventing terrorism by being aware of fraud in mortgage applications.
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Fixed points
19 Nov 2010
Illiquidity issues remain in the secondary fixedinterest market, potentially making it difficult to sell issues if the sector’s popularity suddenly reverses. Although credit markets have come a long way since the difficulties of 2008, the situation behind the scenes is not as robust as it was pre-crisis and trading remains problematic.
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Funding challenge faces £2m advice ad campaign
18 November 2010
The Association of Mortgage Intermediaries estimates that a national advertising campaign to promote the value of mortgage advice would cost around £2m a year.
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Gartmore loses focus
22 Nov 2010
Paul Farrow says the exit of its star manager could break a once formidable brand
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Gender politics of pensions
18 November 2010
The Government’s recent pension proposals have some important implications specifically for women
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Hambro will cap UK equity income fund at £750m
18 November 2010
JO Hambro Capital Management plans to close its UK equity income fund to new investments at £750m to help it sustain its performance.
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Hawksmoor aims to steer clear of the QE junkies
18 November 2010
Scott: ’Long-term value’
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Hornbuckle move to get wind farms included in Sipps
18 Nov 2010
Hornbuckle Mitchell is lobbying pensions minister Steve Webb and climate change minister Gregory Barker for exemptions allowing pension providers to put wind turbines and solar panels into a Sipp.
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IAM backing Asia for growth
18 November 2010
Fund of hedge funds manager International Asset Management says Asian and emerging markets are providing the best growth opportunities for long and short equity managers.
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If it makes you happy...
18 November 2010
What aspect of your business makes you happy and gives you the drive to do the best for your clients? Answer the questions in this article and you may rediscover your ’business happy meal’
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IFA confidential
18 November 2010
Legal professional privilege is the name given to a rule of law that has its origins in the 16th century. The rule relates to the protection the law gives to communications between a lawyer and his client.
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IFAs must not take FSA authorisation decisions lying down
22 Nov 2010
Lawyer Alan Hughes says IFAs must be prepared to challenge FSA decisions following recent Regulatory Decisions Committee rulings.
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Income data deal up and running soon
18 Nov 2010
An income verification scheme allowing lenders and HM Revenue & Customs to share data with each other will be up and running by the end of the year.
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Insurers say ABI's new TPD definitions are too complicated
19 Nov 2010
Insurers believe that the ABI’s’ new name and standard definitions for total permanent disability are too complicated for consumers to understand.
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Labour rallies against permanent RPI-CPI switch
18 Nov 2010
However, Shadow pensions minister Rachel Reeves suggests temporary shift could be palatable.
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Le Beau warns of CI misselling
19 Nov 2010
Peter Le Beau says the protection industry will face misselling claims over cases where critical-illness policies were sold instead of income protection.
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Life cover less ordinary
18 November 2010
The protection market is changing with the times and our panel consider what impact consolidation of brands, technological innovation and possible change to how gender features in the underwriting process will have on life products
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Look for a long-term link-up for protection sales
18 November 2010
Long-term investment and savings products such as pensions represent the ideal opportunity for a link-up with simple protection sales, says Pacific Life Re.
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Magic portal
18 November 2010
Better online services, with a product comparison function not based solely on price, could have a transformative effect on the protection industry says Royal London distribution technology manager David Law
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Making a connection is a team effort
18 November 2010
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Mark Polson
18 November 2010
The principal of The Lang Cat says the RDR is leading to massive change in the industry and the aim of his business consultancy is to act as translator between advisers, providers and their clientsInterview by Gregor Watt
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Martin says FSA will be more demanding
18 November 2010
Intrusive regulation is going to get even more demanding, says Sesame Bankhall executive chairman Ivan Martin.
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MetLife won't move into IFA protection sector
19 Nov 2010
MetLife has ruled out extending its protection proposition to add an IFA arm in the UK.
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Mind the gap-fill
18 November 2010
I felt a big sigh of relief when I left the Corn Exchange building in Edinburgh on Wednesday, October 20, having just re-sat AF4 investment planning. I thought the exam went well and I felt more prepared than I had in April.
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MM leader: Which? now rivals advisers it should be promoting
18 Nov 2010
Which?’s move into mortgage advice sits very uncomfortably with the organisation’s role as an independent assessor of financial services products and services.
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MMR will add to the demand for advice
18 November 2010
Legal & General director of housing and external affairs Stephen Smith believes that the FSA’s mortgage market review will create a greater demand for advice.
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Morse taking over Euro values trust
18 November 2010
Sam Morse is to take over running the £693m Fidelity European values investment trust from the start of next year.
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MPs oppose pension indexation switch
23 Nov 2010
Royal Statistical Society also calls for review of “coverage and methodology” of indices.
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Multi-manager view
18 November 2010
Golden autumn
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Nest a second-rate option that could lead to misselling
18 November 2010
It is important for everyone to save for their retirement. It is great that the Government is insisting that all employers make pension contributions for eligible workers (those earning at least £7,475 a year) from 2012. The suggested rate of 8 per cent (minimum 3 per cent from the employer) could make a real difference but I have concerns with Nest.
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Nest is aiming for safety first
22 Nov 2010
MM interviews Nest chief investment officer Mark Fawcett about the initial strategy for the giant pension scheme.
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Nightmare before Christmas
22 Nov 2010
A decade or so ago, I used to call Gartmore Grotmare - but only because I find that sort of thing amusing, not because I am psychic. And yet, as we wander gently towards the first anniversary of the company’s flotation in January, plenty of people seem trapped in what might now be fairly unabbreviated to a “grotesque nightmare”.
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No-growth years set to undercut recovery plans
18 November 2010
The UK faces a sustained period of no economic growth which would undermine the Government’s plans for a growth-led recovery, according to Treasury select committee member Andy Love.
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Novice MPs are learning on the job in Parliament
18 November 2010
The large intake of new MPs at the general election has meant that many have had to learn the basics of the role on the job.
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On best behaviour
22 Nov 2010
Skandia Investment Group was forced to take evasive action on its UK best ideas fund earlier this year after several underlying managers failed to capture the market rally in 2009.
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Open minded
18 November 2010
The Open University is offering a foundation degree in financial services aimed at people on the retail front line who want to develop their careers
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Panel clash over whether tied brokers can be called 'advisers'
18 November 2010
London & Country mortgage director Pat Bunton says tied brokers should not be allowed to use the “adviser” label because they only look at a limited product range.
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Phoenix pays up over pension switch row
18 Nov 2010
Phoenix Life has agreed to pay nearly £3,000 to an IFA’s client after their complaint was highlighted by Money Marketing.
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Polson setting up consultancy for platforms and IFAs
18 November 2010
Former Standard Life head of trading Mark Polson has opened a consultancy business targeting platform providers and IFAs.
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Poor LTC advice costs councils £1bn a year
18 November 2010
Local authorities in England face a long-term care bill of almost £1bn a year because many people funding their own care do not receive appropriate financial advice, says Partnership.
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PosSol and Origen back in the black in third quarter
18 November 2010
Aegon UK’s distribution businesses Positive Solutions and Origen received a shot in the arm last week after third-quarter results revealed a combined profit of £1m.
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Pressing problems
18 Nov 2010
If there is one thing that any rookie journalist covering the financial services beat discovers within a matter of days, sometimes hours, of starting work it is that everyone wants to know you.
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Problems ahead for annuitisation reforms
23 Nov 2010
Achieving a workable minimum income requirement structure is one of the tougher nuts policymakers need to crack.
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Process to progress
18 November 2010
In the era of the retail distribution review, businesses need to look at their processes and work with the people involved to make any changes, with the objective of providing a consistent and valuable service for clients
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Protection chief Beynon leaving Aegon
18 November 2010
Aegon head of individual protection sales and distribution development Alun Beynon is leaving Aegon to look at other opportunities in the UK protection market.Beynon will be leaving the company on December 3.
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Pru sales steady as M&G slumps
18 November 2010
Prudential saw a 3 per cent rise in total UK annual premium equivalent sales for the first nine months of the year, up from £534m to £548m.
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Real investing is man against market
22 Nov 2010
Chris Gilchrist says the rise of the semi-active investment revolution could weed out traders who try to make money by anticipating general opinion a few months early.
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Reeve says RDR will not force out PosSol IFAs
19 Nov 2010
Positive Solutions chief executive Jim Reeve insists that none of its IFAs will be forced to leave the firm or the industry as a result of the RDR.
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Refining moments
18 November 2010
Dawn Mealing - Head of Investment proposition Bluefin Wealth Management
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Regulation is costing mortgage brokers £20,000 a year, says Sinclair
18 November 2010
Association of Mortgage Intermediaries director Robert Sinclair says regulation costs mortgage brokers around £20,000 a year.
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Regulation reforms face 2012 challenges
18 November 2010
Treasury select committee member Andy Love says the coalition will have to overcome major challenges if it is to successfully implement its regulatory reform programme by 2012.
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Resolution ponders smaller buys
18 November 2010
Resolution has hinted that it may look to complete a series of “smaller” acquisitions in the UK life industry.
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School will hunt for new generation of advisers
18 November 2010
The IFA School, which Sesame Bankhall Group planned to open in the summer, will now launch next year.
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Sense of relief at pension solutions
18 November 2010
Despite pressure on the Government to save money wherever it can to address the budget deficit, the Treasury has decided to let pension tax relief continue at the saver’s marginal rate.
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Set your sites on business
18 November 2010
Until last year, Andrew Webley ran Hargreaves Lansdown’s website. He recently launched a new firm, My Smarter Website, and here offers IFAs some advice about increasing their online presence
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Sharpen up research tools
18 November 2010
Whether advisers are providing a whole of market or restricted service, access to independent research tools is critical to the delivery of genuinely customer-centred and professional advice
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Sitting targets
18 November 2010
RDR may seem a long way off to some advisers but with only three sittings a year to pass the requisite exams, it would be wise to act now and embrace
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Skandia predicts bonds and pensions will rush to wraps
18 November 2010
The majority of IFAs are planning to increase the amount of pension and bond business they write via a platform in the run-up to the retail distribution review, according to Skandia.
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Sluggish growth could see QE return
18 November 2010
Quantitative easing could resume in the UK during the opening months of 2011 if GDP growth starts to slow, according to Capital Economics.
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SMEs face struggle
18 Nov 2010
Steve Bee says pension upheaval is posing problems for medium-size firms.
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Standard in talks on Focus Solutions deal
18 November 2010
Standard Life and IT specialist Mastek are tipped as front-runners to acquire Focus Solutions following news the financial software firm is in takeover talks.
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Storm warning
18 November 2010
Douglas McPhail, investment manager, fixed income at Swip, says problems are brewing with a basic liquidity mismatch between banks and money market funds
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Survey shows investment trust TERs lower than for open-ended funds
18 November 2010
The average total expense ratio for investment trusts is lower in seven out of eight sectors compared with an Investment Management Association equivalent, according to data from Winterflood Investment Trusts.
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Swip points to money market mismatch
19 Nov 2010
Swip warns that the FSA’s proposed changes to money market funds could cripple the £381bn industry.
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Tenet sets up level four training courses for Calibrand diploma
18 November 2010
Tenet will host training courses on the Calibrand QCF level four qualification for its members in the lead-up to the RDR.
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Thames River in protest to Maguire's new firm
18 Nov 2010
Thames River has written to Voila Asset Marketing to demand it removes a reference to the firm on its website.
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The gender gap
18 November 2010
Women have a major task sorting out their retirement, finds John Greenwood
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The genuine article
18 November 2010
The most effective way to differentiate your service and deliver genuine value to clients is through the quality of the relationship and there are five factors that contri-bute to clients becoming ’raving fans’ of your business
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The India initiative
22 Nov 2010
A decade ago, regional emerging markets funds were few and far between, yet today there is strong demand for individual country funds covering Russia, Brazil, China or India and it is the latter that I find particularly interesting.
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The selection process
18 November 2010
Aifa has recently launched its ’Platforms and your business: The decision-making process’ guidance for advisers looking at platform solutions. Here, a group of leading practitioners and providers debate the prevailing issues on platform selection
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Third of SSASs still fail to meet A-Day regime
18 Nov 2010
A third of SSASs face 40 per cent tax charge and deregistration if they fail to implement the rules by April 2011.
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Time is not on my side
18 November 2010
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Time management
18 November 2010
Money Marketing deputy editor Gregor Watt continues his journey towards QCF level four and realises that he is going to have to make sacrifices to fit in study time
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Tisa ready with draft deal on re-registration
18 November 2010
Dalton-Brown: ’We are seeing the progress we expected’
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Training without bias
18 November 2010
Kevin Carr, chief executive of the Protection Review, says his firm is linking up with the Personal Finance Society to offer independent training on protection for advisers
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UK SPA: Don't dismiss structured products
22 Nov 2010
After renewed criticism of structured products recently in the pages of Money Marketing, the Structured Products Association sets out its case for why advisers should not ignore the sector.
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'UK's advantages will avert offshore exodus'
18 November 2010
Conservative MP Mark Garnier insists the UK’s changing regulatory and tax environment will not result in an exodus of firms from the financial sector.
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Value added
18 November 2010
In our articles charting transitions in the RDR era, Plutus Wealth Management co-founder Georgina Partridge on how clients have reacted positively to the company’s soft-launch of online valuations
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View from the cliff
18 November 2010
AJ Bell’s pension research finds people want to stand well clear of the cliff edge
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Wait till you get complaints, Sinclair warns Which?
18 November 2010
Association of Mortgage Intermediaries director Robert Sinclair has expressed concern over Which?’s entry into the mortgage advice market.
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Watch out for the CT scan
18 November 2010
HMRC is taking a keen interest in corporation tax returns relating to arrangements for employee benefit trusts
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'We want to replace views with facts'
22 Nov 2010
Structured product provider Incapital Europe dismissed adviser “misconceptions” about the sector during an industry debate in London last week.
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Webb at the forefront of a revolution
18 November 2010
After years of watching our pension system falling apart, it seems that pensions minister Steve Webb may finally be getting to grips with the inadequacies of the UK state pension. If the reports are accurate, a pension revolution is about to occur.
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'Which? undermining value of advice'
19 Nov 2010
Unbiased.co.uk chief executive Karen Barrett says Which? is undermining the value of advice by providing a free mortgage advice service to its members.
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Which? way to turn?
18 November 2010
Paul Thomas assesses a largely critical response from mortgage brokers to consumer champion Which?’s move to offer a free mortgage advice service
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Word to the wise
18 November 2010
The latest advertising campaign from Northern Rock aimed at intermediaries says “We listen to you” and “No dual-pricing”. This followed the campaign from Platform in September 2009, which gave seven pledges, including no dual-pricing and a commitment to listening to IFAs.
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World leaders
18 November 2010
Despite global growth disappointment, the argument for investing in emerging markets remains persuasive
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You can't please everyone
19 Nov 2010
Running a trade body is a bit like being a member of a big family where trying to be on good terms with everyone at any one time is not just impossible, it is doubtful if it is even worth the attempt.
