19 November 2008
Chancellor Alistair Darling has shot down the dissenting Scottish bankers' rival HBOS bid. He said: "There is no automatic right of access to the recapitalisation scheme. At a minimum, HM Treasury would expect a plan to meet an appropriate level of capitalisation and a sustainable business model and delivery plan."
The Association of British Insurers' institutional voting information service has put the Barclays forthcoming capital-raising vote on red alert. The group, which represents many of Barclays' biggest shareholders, says there are "grave concerns" over the £7bn fund-raising from Middle East investors.
For the first time in a decade politicians have an extraordinary relevance after years of power and influence slipping away from them.
Axa Isle of Man has been criticised by an adviser for taking 14 days to execute the sale of a daily traded fund and then buy new funds.
The Financial Services Compensation Scheme paid 250m in compensation to UK Icesave customers last week in its first week of issuing payments.
Standard & Poor's has sent out a warning about buy-to-let mortgages sold in the last three years as arrears for the sector hit 3.7 per cent.
At this time of year, any adviser of corporate clients with calendar year ends (and there will be a lot of them) should be thinking very carefully about managing the year-end planning strategy.
Regulation that require advisers’ qualification to be based only on their products they sell could prompt the next misselling scandal, Partnership chairman Ian Owen has warned.
ABI director general Stephen Haddrill has criticised the Government for its focus on the “short-term economic challenges” and is “appalled” by its failure to recognise the importance of saving.
The FSA has banned adviser Peter King and his firm New Forest Mortgage Company Ltd for submitting applications for fraudulent life insurance policies. The FSA found that since June 2007, King has submitted applications for 39 fraudulent life policies to benefit from commission payments in excess of £250,000.
Brokers have urged the FSA to force lenders to share more borrower information when clients look to remortgage.
Aegon has announced it will reduce its operating costs globally by €150m in 2009, in an effort to weather current market conditions.
Association of Independent Financial Advice chairman John Gummer last night urged the FSA to move ahead with a split between advice and sales in his Aifa annual dinner address.
Aifa director general Chris Cummings says small IFA firms have been “let down and trampled on” by today’s retail distribution review announcement.
The AIG investors action group has written to the Chancellor, home secretary and Financial Ombudsman to request a full investigation into how the enhanced fund was sold.
The AIG Victims Action Group has attacked advisers working for Barclays, HSBC, Coutts and UBS in an open letter which calls on the private banks take measures to help investors.
AIG Life has declined to reveal what will happen to investors in the frozen enhanced fund if they fail to decide on their exit strategy by today's deadline.
Many advisers I have spoken to over the last few weeks have one question on their mind - are clients' investments safe?
Forty-five percent of the UK's 2.9 million interest-only mortgages have no specified investment vehicle in place to pay off the capital on the loan, according to research from LV=.
The Association of Mortgage Intermediaries has listed its wishes for the upcoming pre-Budget report and the Crosby report.
Adviser firms are spoilt for choice when it comes to selecting a client management system. In addition to the big three, 1st's Adviser Office, Intelligent Office from Intelliflo and Client Care Desktop from Capita Financial Software, others include Plum, JCS, and SSP (formerly known as Sirius). All have powerful off-the-shelf applications which can help advisers transform their businesses.
Association of Private Client Investment Managers and Stockbrokers chief executive David Bennett is calling for a halt to any new regulatory initiatives.
With a general election due by June 2010, we are seeing the Opposition parties look to put a stake in the ground in what is sure to be an area where the Government will be attacked - pensions.
AWD Group is selling its mortgage and at-retirement arms to focus on wealth management.
The Bank of England deputy governor Sir John Gieve last night outlined lessons learned by the Bank in terms of future capital requirements for UK banks.
Mervyn King, the governor of the Bank of England, has urged the UK banks to start lending in an attempt to curb a deep recession.
Bestinvest has appointed Mike Neumann as director of investment management and Gordon Hull as head of distribution.
Blue Sky Asset Management has challenged Hargreaves Lansdown to pitch the performance of one of its wealth management solutions against an equivalent BSAM structured plan in a £5,000 charity bet.
Is the FSA doing enough to combat phoenixing in the mortgage market?No 100%
Independent valuers Cairn Capital will be holding a conference call for advisers to answer questions on their valuation of the AIG enhanced fund assets.
The retail distribution review will require a minimum capital adequacy requirement of £20,000 for all firms, doubling the current minimum of £10,000.
Lloyd’s specialist personal lines insurer Cassidy Davis has appointed GAB Robins to provide investigation services on payment protection insurance claims.
The Chancellor is expected to cut VAT and introduce a new higher rate of income tax of 45p for those earning over £150,000 per year.
Child trust funds may be free money but figures released by HM Revenue & Customs show that one in four parents are still not using the vouchers.
The US Government has stepped up its bank bailout scheme with a £13.3bn ($20bn) into Citibank.
Aon head of DC consulting Helen Dowsey is calling for the Government to provide more clarity on pension personal accounts to help employers prepare for the new scheme.
The Council of Mortgage Lenders says mortgages in arrears will exceed previous predictions by the end of the year.
The Council of Mortgage Lenders has urged the Government to use today’s pre-Budget report as a means of curbing rising mortgage arrears and repossessions.
We recently witnessed the absurd spectacle of Towry Law chief executive Andrew Fisher writing to inform the Prime Minister, Chancellor and their Tory opposites that "commission-based sales structures" are the evil that has single-handedly loosened the bricks of our financial stability.
An increasing number of advisers are worried that their due diligence around structured products is lacking and that they have been over-reliant on provider reputation when recommending products, says Resources Compliance.
IFA firm Conforto has appointed former Ernst & Young senior partner Peter Klauber as its new chairman.
November 5 marked the anniversary of what was almost a very explosive night 400 years ago. Over in the US - just pipping us to the post by a day - November 4 proved explosive this year for somewhat different reasons.
Wriglesworth attacked the practice of comparing house price data against income as a means of assessing affordability. He said this method clouds the situation.
Credit Suisse's multi-manager team have increased the cash weighting across the entire fund range.
Former FSA chairman Howard Davies has told MPs he believes that Parliamentary Ombudsman Ann Abraham's Equitable Life report is flawed.
Seventeen times more directors bought shares in their own companies than those selling in the last week of October, signalling a change in the downward cycle, says Close Investments.
My best guess is that at some stage a couple of months ago, Gordon and Alistair's spin doctors must have sat down and decided that their bosses were starting to look weak and indecisive in the face of the looming economic crisis.
The amount of money being saved into UK pension funds could jump by 30 per cent if people were allowed to dip into their funds in an emergency, says the Pensions Policy Institute.
The Investment Management Association is looking into the possibility of launching a new growth & income sector for equity income funds, potentially including Neil Woodford’s funds, that do not meet the new yield requirements, Money Marketing understands.
Falling interest rates and concerns over counterparty risk present the biggest challenges for the structured product industry.
The US Federal government is to launch another bailout initiative to help the American economy, this time for $800bn.
Fidelity International is cutting several hundred of jobs across its UK business by the New Year as conditions deteriorate in the financial services sector.
Half of adviser firms are not hiring new staff when vacancies occur and only a third are still taking on new recruits, according to George Street Research.
The FSA says firms should adopt three key elements when handling market rumours, including the implementation of formal policies for staff.
Rent on residential properties fell for the first time in five years in October as property supply boomed, according to the Royal Institution of Chartered Surveyors.
Fitch Ratings has downgraded seven large UK building societies as the economy falls into recession.
Fortis Insurance UK has announced three major appointments within its underwriting and distribution and development teams.
The FSA has banned two directors of insurance broker FHI Limited for failing to ensure that their firm complied with FSA client money rules.
The FSA has banned Stephen Fryett and Richard Baines from performing regulated activities after they knowingly sold unauthorised insurance contracts to consumers in the UK.
AWD Chase de Vere Wealth Management's pension misselling could have been identified years ago if the regulator had handled the firm's previous mergers adequately, according to compliance consultant Adam Samuel.
The FSA has delayed its decision on whether life offices will continue to be able to pay misselling costs from inherited estates until the first quarter of next year.
The FSA has vowed to crack down on mortgage firms that close down and immediately resurrect themselves in an attempt to avoid debts.
The FSA is to accelerate the full integration of its treating customers fairly initiative into its main supervisory work from January.
The Financial Services Compensation Scheme has confirmed that if wrap providers are acting as nominees for a client, individuals will still be entitled to full depositor protection on their cash accounts.
The Financial Services Skills Council has published a toolkit giving guidance on good practice for training and competence schemes.
The FTSE 100 has rallied by 8.92 per cent following a raft of announcements from Chancellor Alistair Darling detailing the Government’s fiscal stimulus planned to boost the UK economy.
The FTSE rose 0.7 per cent this morning after strong performance from mining and banking stocks.
The FTSE 100 opened 20 points lower today and remained flat in morning trades after posting its biggest ever one day percentage rise yesterday following the pre-Budget report and rescue plan of ailing US bank Citigroup.
Fund firms investing in life settlements say advisers should be looking at the sector for diversified absolute returns during the current credit crisis and beyond.
Asset manager Gartmore has confirmed that it is making 60 to 75 job cuts as it becomes the latest firm to fall prey to the credit crunch.
GE Money Home Lending has cut the number of intermediaries that can access its mortgage products.
I feel compelled to write about the current state of the financial world, specifically the issue surrounding fast track mortgages and the way in which the mortgage lenders and financial institutions have distanced themselves from a problem they created.
Gross mortgage lending across the UK actually rose in October by just over £1bn.
Half of advisers say information distributed by fund managers in the current climate lacks enough detail for them to advise clients properly, says a Centaur YouGov survey.
One of the Scottish bankers who tried to make an alternative bid for HBOS has affectively conceded his position today.
HM Revenue & Customs has issued new forms for use when reporting the estates of deceased persons.
The tax man is coming a-knocking once more to the offshore arena as HM Revenue & Customs embarks on a fresh crackdown on tax evaders.
Equity release provider Hodge Lifetime has launched a guaranteed annuity product.
AIG Life UK has made chief operating officer Ken Hogg redundant as part of a restructure.
IFA persistency levels for life and pension business in the past year again proved better than for single-tied advisers, says an FSA report.
Arc product development manager Chris Powell says IFAs must ask structured product providers more searching questions to gauge the risk of clients' investments.
The Investment Management Association has welcomed the Government’s pre-Budget announcements aimed at enhancing the UK's competitiveness as a domicile for authorised investment funds.
Blue Sky Asset Management chief executive Chris Taylor blames copy-cat providers for many of the problems in the structured product industry.
The industry is divided over the Competition Commission's proposed ban on point of sale payment protection insurance and sale of single-premium policies.
The decision to change the CII name to the Institute of Financial Services is a despicable act to relegate the insurance industry to an afterthought.
Japan is in the midst of its interim reporting season and while first-half numbers have generally met expectations, firms have witnessed a sharp deterioration since October, with orders for machinery and machine tools slowing sharply.
Jupiter Asset Management has launched a sterling class for its Merlin international equities Sicav portfolio.
Just Retirement is calling on the Government, the FSA and the industry to join forces to educate people approaching retirement about annuities.
The Labour Party has slammed comments made by Conservative shadow chief secretary to the Treasury Philip Hammond suggesting ministers would be jailed over pension promises they have made if they were regulated.
Standard Life head of pensions policy John Lawson says the Government's recent self-certification amendment to the Pensions Bill will fail in its attempts to stop levelling down.
Northern Rock and Woolwich have launched 3.99 per cent mortgages while Abbey has is offering several competitive deals.
What an arrogant, pompous rant from that publicity-seeking man Peter Hargreaves (Money Marketing, October 10).
The Liberal Democrats have called on the Government to consider lending directly to businesses if its bail-out fails restore credit availability.
The Liberal Democrats have slammed the Government for slashing private pensions by freezing the lifetime allowance while expenditure on public sector pensions has trebled in three years.
Libor rates have continued to drop, edging ever closer to Bank base rate.
Libor three-month rates have dropped below 4 per cent today.
London & Capital's head of UK retail Jamie Farquhar has left the company to pursue another role.
Borrowers with lower deposits are paying as much as £2,230 a year more for the same loan as those who can put down deposits of 40 per cent or more for a mortgage.
The Isle of Man government says that its meeting with Lord Chancellor Jack Straw last week to discuss relations with the UK was "positive and reassuring".
The late 1990s were a difficult time for Reliance Mutual in the wake of the pension review but chief executive Mark Goodale says the company is making steady progress again after fundamental change in strategy.
Isn't it amazing how we get used to the continuing stockmarket gyrations? These days, a 5 per cent rise or fall barely makes a ripple. The BBC would not even get Robert Peston out of bed for it.
Treasury select committee chairman John McFall has accused Bradford & Bingley chairman Richard Pym of being the "Michael Fish" of financial services.
LV= has increased the number of medical conditions which qualify for its enhanced annuity product.
Conservative shadow chief secretary to the Treasury Philip Hammond claims if Government ministers were subject to FSA regulation they would be jailed for some of the promises they have made over personal accounts.
Cutting the base rate to 3 per cent is likely to increase mortgage demand but if funding does not improve, it could result in lenders withdrawing products because they do not have enough funding and we end up with a nanosecond of warning, if that.
JP Morgan claims that Legal & General is the UK insurer most likely to issue a profit warning and suggests it could be breaching FSA guidance by not increasing capital reserves despite poor market conditions.
Mortgage lending slumped by £600m in October, according to figures released by the British Bankers Association today.
Mortgage possession orders were up 24 per cent at 29,516 in the third quarter compared to the same period last year, according to Ministry of Justice figures.
Fourty-two out of 51 mortgage lenders with standard variable rates on Trigold have failed to pass on the full base rate cut.
The Monetary Policy Committee has hinted that there are further rate cuts to come in an attempt to keep the UK economy under control.
National Association of Pension Funds chairman Chris Hitchen has called on Chancellor Alistair Darling to announce the Government will issue more long-dated gilts in Monday's pre-Budget report.
The National Pensioners Convention is calling on Chancellor Alistair Darling to substantially increase the state pension as part of today’s pre-Budget report.
Nearly a quarter of pensioners are retiring in debt, according to research from Just Retirement.
Network Data says redundancies are likely as a result of its acquisition of Manchester Building Society's broking subsidiary MBSL.
New Star has renegotiated its banking covenants and is to embark on further cost-cutting after assets under management fell by £3.1bn in the third quarter of 2008.
New Star has suspended dealing on its international property fund following an increase in investor redemptions.
Nearly half of the UK's 2.9 million interest-only mortgages have no specified investment vehicle to pay off the capital, according to research from LV= by CEBR.
Old Broad Street Research has suspended the ratings of the Lazard UK alpha and Lazard UK omega funds following the retirement of Lazard MD and head of UK equities Tony Willis.
Omnis Investments has announced that its three-strong fund range has broken through the £50m barrier.
Paragon Mortgages, the specialist buy-to-let lender, has revealed profit losses of 40% after a “turbulent” year.
Adviser Fund Index panellists cut the British equity weighting in the Aggressive index by 7 per cent at the latest rebalancing. The allocation fell from 35 per cent to just 28 per cent on November 1, despite the addition of several British funds, including Cazenove UK Absolute Target.
The Government is increasing the dividend rate for discretionary trusts from 32.5 per cent to 37.5 per cent and upping their rate of tax from 40 per cent to 45 per cent on other income, under new measures announced in today’s pre-Budget report.
The Association of British Insurers has slammed today’s pre-Budget report as a “badly missed opportunity” for the UK Government.
The Association of Private Client Investment Managers and Stockbrokers has welcomed the Government’s emergency measures to boost the economy, but is critical of the lack of stamp duty relief.
The Chancellor has promised that the Government will ensure that those facing repossessions will be given a three-month reprieve after falling into arrears.
The slowdown in consumer spending will continue and businesses will carry on curbing their investments despite the Government measures announced in the pre budget report, according to BDO Stoy Hayward.
The Government is launching a new initiative with the UK’s 20 largest employers to help those made redundant, revealed Chancellor Alistair Darling.
Chancellor Alistair Darling has blasted overseas territories for attracting banking customers with lower tax rates without contributing to the UK Exchequer.
Chancellor Alistair Darling says the UK economy will experience negative growth next year, forecasting the economy will grow by -0.75 to -1.25 per cent.
The Government has revealed it will take on board the long-awaited Crosby report’s proposals to guarantee mortgage-backed securities.
The Government has introduced a package of reforms to the taxation of foreign profits, including the introduction of a foreign dividend exemption for large and medium-sized businesses, supported by a worldwide debt cap on interest.
Chancellor Alistair Darling has confirmed that higher rate tax relief on pension funds will remain until at least 2015/16.
Industry experts are predicting the increase in income tax on people earning over £100,000 and the 0.5 per cent jump in National Insurance rates in 2011 will boost the number of people sacrificing their salaries through pensions.
Industry experts are shocked by Chancellor Alistair Darling's decision to freeze the pension lifetime allowance at £1.8m from 2010 to 2015/16.
The Government’s pre-Budget report contained very few unexpected measures and not much to get excited about, according to the initial reaction from IFAs.
KPMG has applauded the Government’s decision to restrict the ability of property-rich businesses to gain real estate investment trust status.
Liberal Democrat shadow chancellor Vince Cable has said that a "serious" cut in income tax for low paid workers would have been a better economic stimulus than a VAT cut.
Business secretary Peter Mandelson has promised that the Government will deliver a “bold and serious response” to small business lending in today’s pre-Budget report.
Chancellor Alistair Darling has announced all rates of National Insurance contributions will rise by 0.5 per cent from April 2011.
New Star has questioned the abilities of the Government’s expected fiscal stimulus.
The Chancellor has attacked the system of funding through rights issues as “too slow”.
Chancellor Alistair Darling has announced he will introduce a savings gateway for lower income earners in an effort to increase the rate of saving.
In his pre-Budget report, Darling has promised help to reduce costs for small businesses by giving businesses “as long as they need” to pay all their taxes.
Leading IFA directory Unbiased.co.uk says Chancellor Alistair Darling’s tax cutting measures are not enough to eradicate “tax discontent” amongst Brits.
The Institute of Public Policy Research has branded today’s pre-Budget report as the most “redistributive” budget statement in 30 years.
Conservative shadow Chancellor George Osborne has slammed the Chancellor’s pre-Budget report as "the greatest failure of public policy in a generation".
Chancellor Alistair Darling’s reduction in VAT from 17.5 per cent to 15 per cent will reduce some fees on Sipps, according to Standard Life.
Chancellor Alistair Darling has confirmed that he will lower VAT from 17.5 per cent to 15 per cent from Monday December 1 for 13 months.
Standard Life says that women with an incomplete national insurance record could get a return on investment of up to 7,200 per cent if they buy back extra years.
Pension funds are calling for consultants and asset managers to “up their game”, according to new research.
Pension Corporation has got investment from JP Morgan and launched a second fund-raising round to raise 300m-400m.
The cost of professional indemnity cover for advisers may rise as the value of the pound drops against the Euro, according to PYV.
Mortgage exclusives continue to slowly return to the market with the latest deal between Premier Mortgage Services and Woolwich.
Positive Solutions is calling for partner members nominate candidates to fill 20 places in the first phase of its apprenticeship scheme.
The Pension Protection Fund’s estimated levy for 2009/10 is £700m.
The Pension Protection Fund has proposed using longer-term risk when calculating protection levies for pension schemes in a bid to make bills fairer.
Payment protection insurance applications are up 146 per cent, according to Paymentcare.co.uk.
Chancellor Alistair Darling is being urged to cut taxes, increase stamp dutythresholds and reduce corporation tax in order to stimulate the UK economy in next Monday's pre-Budget report.
The structured product industry has hit back at Hargreaves Lansdown chief executive Peter Hargreaves for suggesting that providers are only ever interested in making a profit.
Prudential could become the biggest insurer in the world within five years, analysts at Keefe Bruyette & Woods have forecast.
Pru Protect has enhanced its protection offering by removing annual price hikes on premiums for policyholders who engage in its Vitality programme, and reducing partner discounts under Lite Rewards.
If it is ever possible to attach the adjective "exciting" to a pre-Budget report presented by Alistair Darling, then next week's is the one.
The European Commission has called for tougher regulation of credit-rating agencies to boost market confidence and investor pro- tection.
All investment advisers, whether they fall under the independent or sales advice channels, will be required to achieve a QCA level four qualification by December 31, 2012.
The FSA has not ruled out a total ban on commission in the future in its RDR feedback statement published today.
What now for the RDR? What relevance does it have in the post- banking-crisis, credit-strapped economy we now inhabit? Do the original RDR objectives remain valid to an increasingly sceptical public who could be forgiven for cursing all financial services, not just the banks, with a plague on all your houses attitude? After all, consumers do not generally differentiate between banks, insurers and investment companies.
The RDR feedback statement published today does not include detail on how the proposals will apply to the corporate pensions market.
Next week's retail distribution review paper is expected to focus on professionalism including plans for advisers to hold a solicitor-style practice certificate in order to give advice.
The FSA will introduce independent advice and sales advice channels under the retail distribution review, with both camps that offer investment advice required to hold QCA level four qualifications.
The FSA’s recommendations on raising standards of professionalism will improve standards within financial services, says the CII Group.
The IMA is concerned that the Financial Service Authority’s latest retail distribution proposals could still leave uncertainty for consumers over the concept of sales and advice.
The Financial Services Authority has decided not to introduce the 15 year long-stop limit as it believes that it would not bring enough additional benefits to consumers and firms.
The FSA has warned that it will crack down on advisers and providers who may take advantage of the transition period in the run-up to implementation of the Retail Distribution Review.
IFAs are well placed to handle the professionalism proposals set out in the retail distribution review, says Unbiased.co.uk.
The FSA says some of the Retail Distribution Review proposals could be implemented as early as mid-2009.
The FSA has hinted that mortgage and insurance distribution for IFAs may differ from brokers in the wake of the Retail Distribution Review.
The FSA’s decision to introduce independent advice and sales advice channels could lead to an increase in the number of cases referred to the Financial Services Ombudsman, warns principal ombudsman David Thomas.
Proposals set out in today’s retail distribution review feedback statement are a “positive and significant milestone” in the reform of financial advice, says ABI director general Stephen Haddrill.
The regulator has told mortgage advisers to check their basics before looking at alternative sources of income.
Resolution has revealed it will float on the stock market in December with a target price of between £500m and £1bn.
HM Revenue & Customs is targeting 25 building societies and foreign banks with UK operations as part of a fresh crackdown on offshore tax evaders, Money Marketing understands.
It was not long ago that Mervyn King was cautioning against the ravages of inflation. Now the D word - deflation - has been uttered. In case a 150 basis point cut to bring interest rates to their lowest level for more than half a century was not enough to convince you that the Bank of England governor had changed tack, his comments at last week's launch of the quarterly inflation report demonstrated a dramatic U-turn.
Until last year, IMA statistics showed net inflows to all types of funds, funds under management growing year on year and net sales of equity funds, including property funds, outstripping any other asset class. Since the credit crisis began, we have all entered a different world where investors are more cautious. Let us see how investors have been behaving over the past year.
Structured product providers say they offer a level of certainty which cannot be offered by other investments.
This week Northern Rock's main securitisation master trust Granite had a 'non-asset trigger', meaning no more mortgages will go into the trust and Northern Rock will no longer receive money from it until all bondholders are repaid.
The Treasury select committee have aggressively grilled witnesses to try and prove whether excessive bonuses are one of the root causes of the crunch economic situation.
Shareholders in Lloyds TSB have voted in favour of the HBOS acquisition at today’s general meeting.
Skandia has launched a new website to help advisers demonstrate the investment options that are available to clients during a bear market.
Skandia Investment Group has made changes to its global best ideas and UK best ideas funds.
It was the best of times, it was the worst of times. This is how we could be remembering the global financial crisis in future.
M&G launched the first corporate bond Pep in 1994. It proved hugely popular, in no small part due to its vociferous manager, Theo Zemek.
Standard Life has appointed ex-Bankhall operations and IT director David Scott as its head of distribution development.
Inflation dropped to 4.5 per cent in October, down from 5.2 per cent in September, according to the Office of National Statistics.
New Star joint chief investment officer and UK growth fund manager Stephen Whittaker is leaving the firm.
Non-conforming residential mortgage backed securities are continuing to deteriorate as the economy slows.
Copious column inches over the past weeks and months have attempted to explain the reasons for the financial crisis, assess just how long it might last, chart the way out and, of course, speculate over what the catalysts might be to allow this improvement to occur. For our part, we certainly are in no doubt that the current situation facing economies, their governments, fund managers, financial advisers and clients alike is arguably the most serious in a generation.
A former mortgage adviser has been given an 18-week suspended jail sentence for providing false information in an application to become an approved person, the first time that such a prosecution has taken place.
T. Rowe Price has expanded its Sicav range with the launch of a global real estate strategy.
The news from the FSA on treating customers fairly is not all good. The first deadline on TCF in March 2007 was met by only 41 per cent of small firms. Having set a subsequent deadline that all firms should have adequate management information in place by March 2008, the FSA sample suggests only 18 per cent of firms surveyed met this deadline.
Tax cuts predicted in today’s Pre-Budget Report could see an extra 43 per cent of Brits putting the extra cash into a savings account, reveals research by Axa.
Association of British Insurers director general Stephen Haddrill says the Government's plan to cut taxes will increase the pension savings gap.
Which? is urging taxpayers to email Chancellor Alistair Darling demanding returns from contributions towards the banking bailout, amid calls for an independent review of reforms.
Mortgage brokers must ensure they are up to speed with the FSA's "common platform" when it comes into force next year.
The Conservatives have scrapped plans to match the Labour’s spending commitments over 2010-11.
Conservative leader David Cameron has warned there will be a gap between Government tax revenue and public spending of more than £100bn next year.
A Treasury official has backed the Chancellor’s controversial comments on the economy from earlier this summer.
The Treasury select committee is taking evidence on the work of the FSA
The number of fund mergers has increased in recent weeks as firms look to cut costs in the current economic climate.
The former founders of Webline, Park Row and Quay Software are teaming up to launch a direct-to-consumer wrap platform.
Technology provider True Potential has sealed a deal with Tenet Support Services and given reassurances regarding the firm's financial position.
I believe that the Russian stockmarket is unbelievably cheap, especially outside the oil, energy and commodity sectors. The market overreacted to the Georgia crisis and has now priced in a worse scenario than the financial crisis of 1998.
Payment protection insurance has made the headlines once more following the Competition Commission's decision to ban point of sale payment protection insurance and sale of single-premium policies.
Aegon Scottish Equitable head of pensions development Rachel Vahey has called for a Government review of the at-retirement market.
Pensions minister Rosie Winterton has called on the industry to unite to encourage people to save for retirement.
Witan says it may review the underlying managers in its multi-manager portfolio in the new year but is wary of making any kneejerk reactions to volatility.
Zurich is launching an adviser tool to help IFAs dealing in business protection.
Zurich Financial Services Group completed its acquisition of the remaining 34 per cent minority stake in OOO NASTA Insurance Company for £137m.