Money Marketing
19 November 2008
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Darling scorns rival HBOS bid
20 Nov 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."
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Red alert on Barclays' cash vote
20 Nov 2008
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.
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"No Minister"
25 Nov 2008
For the first time in a decade politicians have an extraordinary relevance after years of power and influence slipping away from them.
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14-Day trade by Axa Isle of Man irks adviser
20 Nov 2008
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.
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250M in first week for Icesave clients
20 Nov 2008
The Financial Services Compensation Scheme paid 250m in compensation to UK Icesave customers last week in its first week of issuing payments.
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40% Of BTL loans could hit negative equity next year
20 Nov 2008
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.
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A family affair
20 Nov 2008
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.
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ABI conference:Product-based qualification could provoke misselling scandal
25 Nov 2008
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.
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ABI's Haddrill "appalled" by Government's attitude towards savings/pensions
25 Nov 2008
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.
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Adviser banned for life policy fraud
20 Nov 2008
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.
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Advisers in data plea to FSA for remortgages
20 Nov 2008
Brokers have urged the FSA to force lenders to share more borrower information when clients look to remortgage.
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Aegon to slash costs by €150m next year
24 Nov 2008
Aegon has announced it will reduce its operating costs globally by €150m in 2009, in an effort to weather current market conditions.
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Aifa chairman John Gummer makes plea to FSA over sales/advice split
20 Nov 2008
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.
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Aifa’s Chris Cummings says advisers feel “let down” by RDR
25 Nov 2008
Aifa director general Chris Cummings says small IFA firms have been “let down and trampled on” by today’s retail distribution review announcement.
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AIG action group calls on Chancellor to investigate enhanced fund
20 Nov 2008
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.
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AIG action group hits out at bank advisers
20 Nov 2008
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.
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AIG declines to reveal what happens if enhanced fund investors fail to make decision today
25 Nov 2008
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.
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Aim of the claim
20 Nov 2008
Many advisers I have spoken to over the last few weeks have one question on their mind - are clients' investments safe?
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Almost half of interest-only borrowers have no plan to pay off capital
19 Nov 2008
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=.
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AMI reveals PBR wishlist
21 Nov 2008
The Association of Mortgage Intermediaries has listed its wishes for the upcoming pre-Budget report and the Crosby report.
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An end to end game
20 Nov 2008
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.
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Apcims' plea to stem the flood of regulation after 4,100 pages in year
20 Nov 2008
Association of Private Client Investment Managers and Stockbrokers chief executive David Bennett is calling for a halt to any new regulatory initiatives.
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Asp bites back
20 Nov 2008
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.
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AWD to focus on wealth business
20 Nov 2008
AWD Group is selling its mortgage and at-retirement arms to focus on wealth management.
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Bank deputy governor sets out capital requirement plans
20 Nov 2008
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.
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Banks must lend, says King
25 Nov 2008
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.
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Bestinvest picks air
20 Nov 2008
Bestinvest has appointed Mike Neumann as director of investment management and Gordon Hull as head of distribution.
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Blue Sky offers HL challenge on structured plan
20 Nov 2008
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.
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Broker Talkback
20 Nov 2008
Is the FSA doing enough to combat phoenixing in the mortgage market?No 100%
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Cairn Capital to answer questions on AIG Life enhanced fund valuation
20 Nov 2008
Independent valuers Cairn Capital will be holding a conference call for advisers to answer questions on their valuation of the AIG enhanced fund assets.
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Capital adequacy minimum to double to £20,000
25 Nov 2008
The retail distribution review will require a minimum capital adequacy requirement of £20,000 for all firms, doubling the current minimum of £10,000.
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Cassidy Davis appoints GAB Robins to investigate fraudulent PPI claims
24 Nov 2008
Lloyd’s specialist personal lines insurer Cassidy Davis has appointed GAB Robins to provide investigation services on payment protection insurance claims.
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Chancellor to slash VAT and hike high rate income tax
24 Nov 2008
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.
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Child benefits
20 Nov 2008
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.
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Citi gets £13bn bailout
24 Nov 2008
The US Government has stepped up its bank bailout scheme with a £13.3bn ($20bn) into Citibank.
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Clarity case for pensions
20 Nov 2008
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.
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CML admits mortgage arrears will rise
21 Nov 2008
The Council of Mortgage Lenders says mortgages in arrears will exceed previous predictions by the end of the year.
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CML urges Government housing intervention
24 Nov 2008
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.
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Commission statement
20 Nov 2008
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.
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Concerns rise over due diligence
20 Nov 2008
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.
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Conforto picks ex-E&Y partner as chairman
20 Nov 2008
IFA firm Conforto has appointed former Ernst & Young senior partner Peter Klauber as its new chairman.
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Cost of living
20 Nov 2008
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.
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Cousins slams broker remuneration on GMAC loans
20 Nov 2008
Treasury select committee Labour MP Jim Cousins has hit out at the way that mortgage brokers were remunerated for offering GMAC loans.
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Crash course
20 Nov 2008
Wriglesworth attacked the practice of comparing house price data against income as a means of assessing affordability. He said this method clouds the situation.
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Credit Suisse 'remains a seller' as cash weightings are raised
20 Nov 2008
Credit Suisse's multi-manager team have increased the cash weighting across the entire fund range.
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cru and ARCH join forces to launch fund
19 Nov 2008
cru Investment Management and ARCH Financial Products and have teamed up to launch a new private finance fund.
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Dame Carol Black and John Sergeant on board for Corporate Adviser Awards 2009
19 Nov 2008
Dame Carol Black, National Director for Health and Work, and Strictly Come Dancing star John Sergeant are both on board for the Corporate Adviser Awards 2009.
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Davies says Equitable Life report is flawed
20 Nov 2008
Former FSA chairman Howard Davies has told MPs he believes that Parliamentary Ombudsman Ann Abraham's Equitable Life report is flawed.
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Director deals could be tipping point
20 Nov 2008
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.
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Dynamic duo
20 Nov 2008
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.
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Emergency deal would boost savings
20 Nov 2008
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.
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Equity income stars could be moved to new IMA growth & income sector
21 Nov 2008
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.
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Falling rates pose challenge
20 Nov 2008
Falling interest rates and concerns over counterparty risk present the biggest challenges for the structured product industry.
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Fed launches $800bn bailout
25 Nov 2008
The US Federal government is to launch another bailout initiative to help the American economy, this time for $800bn.
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Fidelity to axe hundreds of jobs in the UK
20 Nov 2008
Fidelity International is cutting several hundred of jobs across its UK business by the New Year as conditions deteriorate in the financial services sector.
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Firms leaving vacancies unfilled
20 Nov 2008
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.
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Firms should implement rumour-handling policies, says FSA
19 Nov 2008
The FSA says firms should adopt three key elements when handling market rumours, including the implementation of formal policies for staff.
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First rent fall for five years
20 Nov 2008
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.
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Fitch downgrades seven mutuals
24 Nov 2008
Fitch Ratings has downgraded seven large UK building societies as the economy falls into recession.
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Fortis Insurance UK announces three appointments
21 Nov 2008
Fortis Insurance UK has announced three major appointments within its underwriting and distribution and development teams.
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FSA bans father and son directors
19 Nov 2008
The FSA has banned two directors of insurance broker FHI Limited for failing to ensure that their firm complied with FSA client money rules.
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FSA bans two directors for selling unauthorised insurance contracts
21 Nov 2008
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.
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FSA criticised for failing to act earlier in de Vere case
20 Nov 2008
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.
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FSA delays decision on misselling costs and inherited estates
21 Nov 2008
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.
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FSA pledges to get tough on mortgage phoenixing
20 Nov 2008
The FSA has vowed to crack down on mortgage firms that close down and immediately resurrect themselves in an attempt to avoid debts.
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FSA says Arrow points the way ahead for TCF
20 Nov 2008
The FSA is to accelerate the full integration of its treating customers fairly initiative into its main supervisory work from January.
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FSCS gives verdict on wrap cash protection
20 Nov 2008
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.
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FSSC launches T&C toolkit
19 Nov 2008
The Financial Services Skills Council has published a toolkit giving guidance on good practice for training and competence schemes.
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FTSE 100 surges 8 pc on PBR
24 Nov 2008
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.
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FTSE buoys as commodities rally
21 Nov 2008
The FTSE rose 0.7 per cent this morning after strong performance from mining and banking stocks.
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FTSE flattens after PBR frenzy
25 Nov 2008
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.
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Fund firms urge advisers to look at life settlements
20 Nov 2008
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.
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Gartmore to axe up to 75 jobs
20 Nov 2008
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.
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GEMHL reduces intermediary distribution
25 Nov 2008
GE Money Home Lending has cut the number of intermediaries that can access its mortgage products.
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Greed behind fast track mortgages
20 Nov 2008
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.
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Gross mortgage lending on the rise
20 Nov 2008
Gross mortgage lending across the UK actually rose in October by just over £1bn.
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Half of advisers say they are not getting enough fund details
20 Nov 2008
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.
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HBOS dissenter admits defeat
19 Nov 2008
One of the Scottish bankers who tried to make an alternative bid for HBOS has affectively conceded his position today.
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HMRC introduces new reporting requirements on estates
24 Nov 2008
HM Revenue & Customs has issued new forms for use when reporting the estates of deceased persons.
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HMRC raids the room on offshore accounts
19 Nov 2008
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.
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Hodge Lifetime launches annuity
24 Nov 2008
Equity release provider Hodge Lifetime has launched a guaranteed annuity product.
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Hogg made redundant at AIG Life
20 Nov 2008
AIG Life UK has made chief operating officer Ken Hogg redundant as part of a restructure.
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IFAs beat direct advisers on life and pension persistency
20 Nov 2008
IFA persistency levels for life and pension business in the past year again proved better than for single-tied advisers, says an FSA report.
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IFAs fail to ask the right questions on risk
20 Nov 2008
Arc product development manager Chris Powell says IFAs must ask structured product providers more searching questions to gauge the risk of clients' investments.
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IMA backs Govt reforms on UK authorised funds
24 Nov 2008
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.
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Imitators get blame for the structured product problems
20 Nov 2008
Blue Sky Asset Management chief executive Chris Taylor blames copy-cat providers for many of the problems in the structured product industry.
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Income taxing
20 Nov 2008
Income has always been a popular part of investing and the surprise 1.5 per cent drop in UK bank rate has certainly made achieving it a lot harder, that is without accepting some risk to capital.
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Industry is split on commission ban over PPI
20 Nov 2008
The industry is divided over the Competition Commission's proposed ban on point of sale payment protection insurance and sale of single-premium policies.
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Insurance should stay as focus for CII
20 Nov 2008
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.
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Japanese value
20 Nov 2008
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.
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Jupiter adds sterling class to international portfolio
20 Nov 2008
Jupiter Asset Management has launched a sterling class for its Merlin international equities Sicav portfolio.
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Just Retirement calls for improved annuity education
24 Nov 2008
Just Retirement is calling on the Government, the FSA and the industry to join forces to educate people approaching retirement about annuities.
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Labour blasts "childish" Tory pension attack
21 Nov 2008
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.
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Lawson claims self-cert changes will not curb levelling down
20 Nov 2008
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.
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Lenders back with competitive rates
20 Nov 2008
Northern Rock and Woolwich have launched 3.99 per cent mortgages while Abbey has is offering several competitive deals.
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Let's have a balanced debate, not Hargreaves' diatribes
20 Nov 2008
What an arrogant, pompous rant from that publicity-seeking man Peter Hargreaves (Money Marketing, October 10).
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Lib Dems propose direct Government lending to businesses and individuals
20 Nov 2008
The Liberal Democrats have called on the Government to consider lending directly to businesses if its bail-out fails restore credit availability.
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Lib Dems slam spending on public sector pensions
25 Nov 2008
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.
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Libor continues to close in on BBR
25 Nov 2008
Libor rates have continued to drop, edging ever closer to Bank base rate.
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Libor drops below 4%
24 Nov 2008
Libor three-month rates have dropped below 4 per cent today.
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London & Capital's Farquhar leaves company
20 Nov 2008
London & Capital's head of UK retail Jamie Farquhar has left the company to pursue another role.
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LTV difference causes £2000 a year mortgage gap
25 Nov 2008
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.
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Manx government reassured by Straw
20 Nov 2008
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".
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Mark Goodale
20 Nov 2008
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.
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Matrix revolutions
20 Nov 2008
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.
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McFall brands B&B's Pym the Michael Fish of finance
20 Nov 2008
Treasury select committee chairman John McFall has accused Bradford & Bingley chairman Richard Pym of being the "Michael Fish" of financial services.
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Milder conditions now qualify for LV= enhanced annuity
21 Nov 2008
LV= has increased the number of medical conditions which qualify for its enhanced annuity product.
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Ministers would be jailed over pension promises if they were regulated, say Tories
20 Nov 2008
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.
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Mix and match for recovery
20 Nov 2008
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.
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Morgan critical of L&G reserves for defaults
20 Nov 2008
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.
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Mortgage lending drops £600m in October, says BBA
25 Nov 2008
Mortgage lending slumped by £600m in October, according to figures released by the British Bankers Association today.
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Mortgage possession orders up 24 per cent on last year - MoJ data
21 Nov 2008
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.
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Most UK lenders have failed to pass on 1.5% cut on SVRs
21 Nov 2008
Fourty-two out of 51 mortgage lenders with standard variable rates on Trigold have failed to pass on the full base rate cut.
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MPC hints at further rate drops
19 Nov 2008
The Monetary Policy Committee has hinted that there are further rate cuts to come in an attempt to keep the UK economy under control.
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NAPF chair calls for more long-dated Govt gilts in PBR
20 Nov 2008
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.
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National Pensioners Convention calls for state pension boost
24 Nov 2008
The National Pensioners Convention is calling on Chancellor Alistair Darling to substantially increase the state pension as part of today’s pre-Budget report.
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Nearly a quarter of people are retiring in debt, says Just Retirement
21 Nov 2008
Nearly a quarter of pensioners are retiring in debt, according to research from Just Retirement.
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Network Data in broker deal
20 Nov 2008
Network Data says redundancies are likely as a result of its acquisition of Manchester Building Society's broking subsidiary MBSL.
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New Star aiming for cutting edge
20 Nov 2008
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.
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New Star suspends trading on international property fund
25 Nov 2008
New Star has suspended dealing on its international property fund following an increase in investor redemptions.
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No repayment plan on interest-only
20 Nov 2008
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.
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OBSR suspends ratings on Lazard funds
24 Nov 2008
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.
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Omnis Investments fund range hits £50m
25 Nov 2008
Omnis Investments has announced that its three-strong fund range has broken through the £50m barrier.
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Paragon reveals profit drop of 40%
25 Nov 2008
Paragon Mortgages, the specialist buy-to-let lender, has revealed profit losses of 40% after a “turbulent” year.
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Passive aggressive
20 Nov 2008
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.
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PBR tax hike on trusts will make them “less attractive,” says Skandia’s Jelley
24 Nov 2008
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.
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PBR: A "badly missed opportunity," says ABI's Haddrill
24 Nov 2008
The Association of British Insurers has slammed today’s pre-Budget report as a “badly missed opportunity” for the UK Government.
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PBR: Apcims calls for stamp duty relief
24 Nov 2008
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.
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PBR: Banks agree to give three-month repossession respite
24 Nov 2008
The Chancellor has promised that the Government will ensure that those facing repossessions will be given a three-month reprieve after falling into arrears.
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PBR: Consumers won't spend more, says BDO Stoy Hayward
24 Nov 2008
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.
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PBR: Darling announces redundancy initiative
24 Nov 2008
The Government is launching a new initiative with the UK’s 20 largest employers to help those made redundant, revealed Chancellor Alistair Darling.
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PBR: Darling calls for review of regulation of offshore territories
24 Nov 2008
Chancellor Alistair Darling has blasted overseas territories for attracting banking customers with lower tax rates without contributing to the UK Exchequer.
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PBR: Darling predicts negative growth in 2009
24 Nov 2008
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.
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PBR: Government to guarantee mortgage securities with EU permission
24 Nov 2008
The Government has revealed it will take on board the long-awaited Crosby report’s proposals to guarantee mortgage-backed securities.
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PBR: Govt introduces foreign dividend exemption for large and medium-sized companies
24 Nov 2008
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.
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PBR: Higher rate pension tax relief safe until at least 2015/16
24 Nov 2008
Chancellor Alistair Darling has confirmed that higher rate tax relief on pension funds will remain until at least 2015/16.
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PBR: Income tax and NI rises will boost salary sacrificing
24 Nov 2008
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.
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PBR: Industry warn over freeze to pension lifetime allowance
24 Nov 2008
Industry experts are shocked by Chancellor Alistair Darling's decision to freeze the pension lifetime allowance at £1.8m from 2010 to 2015/16.
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PBR: Initial reaction from IFAs
24 Nov 2008
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.
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PBR: KPMG applauds restrictions on REIT status
24 Nov 2008
KPMG has applauded the Government’s decision to restrict the ability of property-rich businesses to gain real estate investment trust status.
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PBR: Lib Dems say Chancellor should have slashed income tax for low earners
24 Nov 2008
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.
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PBR: Mandelson promises “bold and serious response” to SMEs
24 Nov 2008
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.
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PBR: National Insurance to jump 0.5% from 2011
24 Nov 2008
Chancellor Alistair Darling has announced all rates of National Insurance contributions will rise by 0.5 per cent from April 2011.
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PBR: New Star questions upcoming ‘stimulus’
24 Nov 2008
New Star has questioned the abilities of the Government’s expected fiscal stimulus.
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PBR: Rights issues too slow, says Darling
24 Nov 2008
The Chancellor has attacked the system of funding through rights issues as “too slow”.
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PBR: Savings gateway to add 50% to lower income savings
24 Nov 2008
Chancellor Alistair Darling has announced he will introduce a savings gateway for lower income earners in an effort to increase the rate of saving.
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PBR: SMEs to have "as long as they need" to pay taxes
24 Nov 2008
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.
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PBR: Tax changes not enough, says Unbiased.co.uk
24 Nov 2008
Leading IFA directory Unbiased.co.uk says Chancellor Alistair Darling’s tax cutting measures are not enough to eradicate “tax discontent” amongst Brits.
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PBR: The most “redistributive” in 30 years, says Ippr
24 Nov 2008
The Institute of Public Policy Research has branded today’s pre-Budget report as the most “redistributive” budget statement in 30 years.
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PBR: Tories slam plan as "greatest failure of public policy in a generation"
24 Nov 2008
Conservative shadow Chancellor George Osborne has slammed the Chancellor’s pre-Budget report as "the greatest failure of public policy in a generation".
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PBR: VAT cut could reduce Sipp fees
24 Nov 2008
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.
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PBR: VAT dropped to 15% from Monday, 45% income tax confirmed
24 Nov 2008
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.
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PBR: Women could get a pension worth £30,656 for only £421
25 Nov 2008
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.
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Pension consultants and asset managers told to up their game
24 Nov 2008
Pension funds are calling for consultants and asset managers to “up their game”, according to new research.
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Pension Corp raises cash
20 Nov 2008
Pension Corporation has got investment from JP Morgan and launched a second fund-raising round to raise 300m-400m.
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PI premiums may rise as pound weakens, says PYV
21 Nov 2008
The cost of professional indemnity cover for advisers may rise as the value of the pound drops against the Euro, according to PYV.
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PMS reveals Woolwich remortgage exclusives
20 Nov 2008
Mortgage exclusives continue to slowly return to the market with the latest deal between Premier Mortgage Services and Woolwich.
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Positive Solutions seeks 20 apprentices for launch of scheme
19 Nov 2008
Positive Solutions is calling for partner members nominate candidates to fill 20 places in the first phase of its apprenticeship scheme.
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PPF levy estimate £700m for 2009/10
20 Nov 2008
The Pension Protection Fund’s estimated levy for 2009/10 is £700m.
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PPF wants longer-term risk for levy
20 Nov 2008
The Pension Protection Fund has proposed using longer-term risk when calculating protection levies for pension schemes in a bid to make bills fairer.
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PPI applications up 146 per cent, reveals Paymentcare.co.uk.
24 Nov 2008
Payment protection insurance applications are up 146 per cent, according to Paymentcare.co.uk.
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Predictions for the pre-Budget report
21 Nov 2008
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.
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Providers hit back at Hargreaves
20 Nov 2008
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.
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Pru could be biggest worldwide insurer in five years, says KBW
21 Nov 2008
Prudential could become the biggest insurer in the world within five years, analysts at Keefe Bruyette & Woods have forecast.
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Pru Protect adds Vitality
20 Nov 2008
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.
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Put focus on regulation
20 Nov 2008
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.
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Rating agencies set for tough transparency rules
20 Nov 2008
The European Commission has called for tougher regulation of credit-rating agencies to boost market confidence and investor pro- tection.
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RDR Benchmark set at QCA level four for all investment advisers by 2012
25 Nov 2008
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.
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RDR does not rule out future ban on commission
25 Nov 2008
The FSA has not ruled out a total ban on commission in the future in its RDR feedback statement published today.
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RDR outcome can be a springboard
20 Nov 2008
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.
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RDR proposals for corporate pensions still no clearer
25 Nov 2008
The RDR feedback statement published today does not include detail on how the proposals will apply to the corporate pensions market.
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RDR set to shelve sales/ advice split to 2009
20 Nov 2008
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.
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RDR to create independent advice and sales advice channels
25 Nov 2008
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.
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RDR: CII supports FSA's call for professionalism
25 Nov 2008
The FSA’s recommendations on raising standards of professionalism will improve standards within financial services, says the CII Group.
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RDR: FSA advice/sales concept could cause confusion for consumers, says IMA
25 Nov 2008
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.
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RDR: FSA decides against long-stop limit
25 Nov 2008
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.
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RDR: FSA to crackdown on abuses during RDR transition period
25 Nov 2008
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.
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RDR: IFAs are well placed for proposals, says Unbiased.co.uk
25 Nov 2008
IFAs are well placed to handle the professionalism proposals set out in the retail distribution review, says Unbiased.co.uk.
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RDR: Implementation could be as early as mid-2009
25 Nov 2008
The FSA says some of the Retail Distribution Review proposals could be implemented as early as mid-2009.
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RDR: Mortgage distribution could change for IFAs
25 Nov 2008
The FSA has hinted that mortgage and insurance distribution for IFAs may differ from brokers in the wake of the Retail Distribution Review.
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RDR: New advice channels could increase complaints, warns FOS
25 Nov 2008
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.
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RDR: Proposals"significant milestone”, says ABI
25 Nov 2008
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.
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Regulator tells brokers to get the basics right before diversifying
20 Nov 2008
The regulator has told mortgage advisers to check their basics before looking at alternative sources of income.
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Resolution targets £1bn flotation in December
20 Nov 2008
Resolution has revealed it will float on the stock market in December with a target price of between £500m and £1bn.
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Revenue widening search for offshore tax evaders
20 Nov 2008
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.
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Reverse gear
20 Nov 2008
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.
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Safety switch
20 Nov 2008
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.
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Sector is showing its value
20 Nov 2008
Structured product providers say they offer a level of certainty which cannot be offered by other investments.
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Securitisation hopes crumble with Granite
21 Nov 2008
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.
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Select committee grills witnesses over City bonus ‘culture’
19 Nov 2008
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.
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Shareholders approve Lloyds takeover of HBOS
19 Nov 2008
Shareholders in Lloyds TSB have voted in favour of the HBOS acquisition at today’s general meeting.
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Skandia launches online bear market initiative
20 Nov 2008
Skandia has launched a new website to help advisers demonstrate the investment options that are available to clients during a bear market.
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Skandia reshuffles best ideas fund range
21 Nov 2008
Skandia Investment Group has made changes to its global best ideas and UK best ideas funds.
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Sleep easy
20 Nov 2008
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.
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Spread the word
20 Nov 2008
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.
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Standard Life poaches Bankhall's David Scott to lead distribution development
24 Nov 2008
Standard Life has appointed ex-Bankhall operations and IT director David Scott as its head of distribution development.
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Steep drop in inflation
20 Nov 2008
Inflation dropped to 4.5 per cent in October, down from 5.2 per cent in September, according to the Office of National Statistics.
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Stephen Whittaker leaves New Star as number of funds merge
21 Nov 2008
New Star joint chief investment officer and UK growth fund manager Stephen Whittaker is leaving the firm.
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Sub prime securities continue to deteriorate
19 Nov 2008
Non-conforming residential mortgage backed securities are continuing to deteriorate as the economy slows.
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Survival of fittest
20 Nov 2008
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.
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Suspended sentence in first case of false application
20 Nov 2008
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.
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T. Rowe Price expands Sicav range
24 Nov 2008
T. Rowe Price has expanded its Sicav range with the launch of a global real estate strategy.
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Take 10 steps to tcf and better business
20 Nov 2008
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.
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Tax cuts could spur on more savings, reveals Axa
24 Nov 2008
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.
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Tax cuts will widen pension gap
20 Nov 2008
Association of British Insurers director general Stephen Haddrill says the Government's plan to cut taxes will increase the pension savings gap.
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Taxpayers must demand returns from Darling, says Which?
24 Nov 2008
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.
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Titcomb gives an alert over common platform
20 Nov 2008
Mortgage brokers must ensure they are up to speed with the FSA's "common platform" when it comes into force next year.
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Tories cut spending pledge
19 Nov 2008
The Conservatives have scrapped plans to match the Labour’s spending commitments over 2010-11.
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Tories predict Brown’s tax deficit to top £100bn next year
24 Nov 2008
Conservative leader David Cameron has warned there will be a gap between Government tax revenue and public spending of more than £100bn next year.
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Treasury official says current conditions show Darling's Guardian comments were right
19 Nov 2008
A Treasury official has backed the Chancellor’s controversial comments on the economy from earlier this summer.
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Treasury select committee to scrutinise FSA's work
20 Nov 2008
The Treasury select committee is taking evidence on the work of the FSA
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Trimming the fat
20 Nov 2008
The number of fund mergers has increased in recent weeks as firms look to cut costs in the current economic climate.
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Trio set up direct wrap for public
20 Nov 2008
The former founders of Webline, Park Row and Quay Software are teaming up to launch a direct-to-consumer wrap platform.
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True Potential wins Tenet deal
20 Nov 2008
Technology provider True Potential has sealed a deal with Tenet Support Services and given reassurances regarding the firm's financial position.
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Tsar performers
20 Nov 2008
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.
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Turning the PPI ban to your advantage
20 Nov 2008
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.
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Vahey calling for probe into at-retirement
20 Nov 2008
Aegon Scottish Equitable head of pensions development Rachel Vahey has called for a Government review of the at-retirement market.
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Winterton calls for united front on pension provision
20 Nov 2008
Pensions minister Rosie Winterton has called on the industry to unite to encourage people to save for retirement.
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Witan is wary of over-reacting to market volatility
20 Nov 2008
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.
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Zurich launches business protection tool
19 Nov 2008
Zurich is launching an adviser tool to help IFAs dealing in business protection.
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Zurich takes remaining stake in NASTA Insurance for £137m
21 Nov 2008
Zurich Financial Services Group completed its acquisition of the remaining 34 per cent minority stake in OOO NASTA Insurance Company for £137m.
