2 September 2009
Abbey is encouraging prospective home buyers to act fast if they aim to complete their purchase before the end of the stamp duty holiday.
The Association of British Insurers has hit out at the FSA, claiming it has failed to put its aggregate complaints data into context to reflect the wider insurance market.
The Association of British Insurers, the British Insurance Brokers’ Association and the Law Society have launched a guide to buying professional indemnity insurance for solicitors.
A Nottingham accountant was jailed for eight years today for heading up a conspiracy to steal £2.5m in a buy-to-let tax fraud.
Pension advisers could face fines of up to £5,000 if they fail to disclose tax avoidance measures they take to reduce the impact of the special annual allowance measures introduced in the Budget.
Aegon has launched a microsite aimed at helping advisers and employers prepare for the Government’s 2012 pension reforms.
Aegon has produced a business protection video in a bid to highlight the risks associated with not having appropriate cover in place.
Africa Invest has abandoned the launch of the Africa transformational agri fund following the withdrawal of a major investor.
Aifa director general Chris Cummings has defended Aifa chairman John Gummer's remuneration after it was revealed that he earns nearly £700 an hour.
The Association of Independent Financial Advisers says it will continue to lobby the FSA for the introduction of work-based assessments following the publication of the QCF level four draft core units.
Ashburton has promoted Alan Le Maistre to assistant investment manager within the European equity team.
Aviva is introducing a new optional tele-interview for group protection customers.
Aviva is running a pilot scheme to write protection policies in trust for IFAs' clients.
Axa Distribution Service managing director Paul McMahon is to become managing director of corporate benefits passing responsibility for the Elevate wrap to Marc Davies.
Axa Framlington chief executive Robert Kyprianou is to retire by the end of the year after 10 years with the company.
Axa is considering launching a corporate wrap to sit alongside its Elevate platform.
Net repayment of debt outweighed net lending to individuals in July for the first time since records began, falling to -£600m from £200m in June.
The Bank of England may penalise hoarders of any quantitative easing benefits by making the central bank’s rates negative.
Julian Adams is to replace Sheila Nicoll as director of retail firms at the FSA.
High-street banks could be be the next players to enter the wrap market.
I am not given to writing to the letters pages but I am so incensed with recent goings-on in the mortgage market and the total insensitivity of the FSA that I feel I have to express my anger.
Barclays' appeal to the Competition Appeal Tribunal against the Competition Commissions decision to ban point of sale payment protection insurance starts today.
BNP Paribas Investment Partners has announced the appointment of Charlotte Dennery as CEO of FundQuest.
Police in Cornwall have recovered a man's body from the beach near Kilkhampton, Bude which they suspect could be that of Rowanmoor Pensions managing director David Seaton.
Coroners have confirmed that the body found on the beach near Kilkhampton, Bude last Tuesday is that of Rowanmoor Pensions managing director David Seaton.
Bravura Solutions has recorded a 13 per cent drop in earnings before interest, taxes, depreciation and amortisation and a 2 per drop in revenue for the financial year ending June 30.
Bravura Solutions has appointed ex-Barclays Wealth associate director Kevan Ward as its life and pensions product manager.
Britannia International6 Year Annual Return - Guaranteed Capital Bond Issue 2
Wealth manager Brooks Macdonald Group has acquired Canterbury based Lawrence House Fund Managers.
Building societies will not be able to compete with banks’ mortgage businesses if the FSA’s proposals for mutual regulation are passed, warns the Building Societies Association.
Conservative leader David Cameron has pledged to cut ministerial salaries by 5 per cent as part of a range of cost-cutting measures for the public sector announced today.
Canada Life Group Insurance has appointed Paul Avis as its sales and marketing director.
I have some rather disturbing news. I have just been to Canary Wharf and met the FSA to discuss the retail distribution review and its potential impact on protection and the role of income protection in the protection hierarchy.
The Confederation of British Industry has dismissed Lord Turner's idea of introducing a Tobin tax on financial transactions and criticised him for taking a moralistic stance against the banking industry.
The Chinese market correction was long overdue but rumours of a Chinese bubble are unfounded, according to Allianz RCM China fund manager Christina Chung.
The Council of Mortgage Lenders has warned the European Commission to concentrate on macro-economic policies rather than retail mortgage regulation. It has warned of "harmful, unintended consequences" on the UK economy if it conflicts with FSA proposals. The CML also warns the FSA should not press ahead with plans to restrict lending by building societies before completing its mortgage market review.
Overall complaints to IFAs, financial advisers and non-advised arrangers plummeted from 46,529 in the first half of 2006 to just 17,173 in the second half of 2008.
Consumers believe they would know how to start a nest egg should they find themselves in receipt of £1,000, according to a poll conducted as part of Financial Planning Week.
The Europe excluding UK sector was the least popular for investors in July, according to figures from the Investment Management Association.
The European Court of Human Rights will today decide whether the pensions of thousands of Britons who retire abroad should increase with inflation.
Coventry Building Society suspended equity-release lending last week, blaming increased costs.
Sales of critical-illness insurance plans have fallen dramatically in recent years. This is partly a result of economic turmoil and also because a large proportion of consumers who are receptive to the CI message have already purchased.
The Chancellor Alistair Darling says he is confident that there will be a global recovery in 2010.
The Government is looking to push back the final deadline for employees to be auto-enrolled into personal accounts from April 2014 to October 2015, Money Marketing understands.
The latest series of Dragons' Den is well into its stride and for me it is compulsive viewing. After each episode I think how I would pitch the typical financial advice model as a scaleable business but I am not hopeful of securing an investment.
Equitable Life has announced the appointment of two new non-executive directors.
Among the many things I have in common with IFAs is a love of the consumer group Which?
Final-salary pension liabilities have topped £1tn, according to Aon Consulting estimates.
Recruitment in the UK finance and business sector moved into positive territory for the first time this quarter since the collapse of Lehman Brothers.
Advisers and fund managers say the Democratic party's landslide victory in the Japanese general elections has not changed the immediate investment outlook.
When the Institute of Financial Planning conference committee met nearly 12 months ago, it was, for a change, quite easy to think through an appropriate theme for our annual conference. While thinking this through, it would have been difficult to predict the type of year that we have all just experienced.
Fitch Ratings has retained its negative credit ratings outlook for the global reinsurance sector adding reinsurers could be forced to operate with weaker capital bases for a prolonged period of time.
House prices in England and Wales rose in 1.7 per cent in July, the highest level in five years, according to the Land Registry. Prices rose by 1.7 per cent in July 2009, after Nationwide's August index shows a rise of 1.6 per cent.
Every range of fixed rate mortgage rates have seen an average increase over the last six months while base rate has been at its all-time low.
This has been really rather a remarkable summer, markets-wise. By the middle of last week, the FTSE 100 index was flirting with 5,000 - a level not seen since the dark days of last autumn. The recovery from lows of less than six months ago has been a staggering 40 per cent. In the US, it has been even greater. If this truly has been only a bear market rally, then you still would have been very wrong to ignore it.
Nationwide statistics reveal that the fourth consecutive monthly property price rise has more than halved the annual decline.
Friends Provident chief executive Trevor Matthews has called for the minimum qualification standard for financial advisers to be raised to QCF level six, equivalent to a bachelor degree.
Friends Provident has enhanced its group income protection product by increasing standard maximum benefits and introducing Onetouch underwriting.
Apollo Multi-Asset Management has appointed former Crosby Asset Management chief executive Simon Fry as non-executive chairman. CAM terminated its joint venture with Apollo last week.
The FSA has cancelled the permission of Financial Advantage Limited to carry on regulated activities after the firm failed to pay fees and levies of £1,692.
The FSA has banned the former chief executive of defunct mortgage network Premier Network Group from carrying out a similar role, ruling that he lacked competence and capability.
The FSA has fined Barclays Capital Securities and Barclays Bank £2.45m for failing to provide accurate transaction reports and for serious weaknesses in systems and controls.
The FSA has fined a former stockbroker £20,000 for failing to prevent a suspicious client from insider dealing.
I have received an email flyer from whizz people who train financial advisers.
The FSA is reportedly stress-testing Lloyds Banking Group's plans to raise capital by launching a rights issue and selling off its insurance businesses.
The Financial Services Skills Council has launched of an intensive consultation period on the impending investment qualifications as it sets dates for its UK RDR roadshow.
The FTSE 100 edged nearer the 5,000 barrier today, a level last hit in October last year.
Future Capital Partners has announced the appointment of Trevor Castledine as its new chief operating officer.
Advisers with clients hoping to take early retirement or to start drawing benefits from their personal pension before the age of 55 may need to take action before changes to the normal minimum pension age on April 6, 2010.
Gilliat Financial Solutions, the new structured product business run by ex-Keydata consultant Adrian Neave has launched its first structured product.
Gilliat Financial Solutions managing director Adrian Neave says the firm is actively working on possible ideas for a structured funds launch.
The Government has launched a mortgage aid website for homeowners struggling to meet loan repayments.
Halifax is considering closing all its 300 counters in estate agencies, solicitors and financial advisers' offices, with 26 counters already scheduled for closure.
Hargreaves Lansdown has announced a 20 per cent increase in underlying profits for the financial year.
Henderson Group chief executive Andrew Formica does not expect to lose any New Star fund managers in the coming weeks.
Last week it emerged the FSA is looking at basing adviser fees on income rather than the number of approved persons at a firm, but will this benefit your business or mean you pay more?
HSBC Exchange Traded FundsFTSE 100 ETF
HSBC Global Asset ManagementCapital Protected Isa Plan
HSBC has launched a 1.99 per cent mortgage for borrowers with 40 per cent equity.
HSBC Global Asset Management managing director of UK wholesale Andy Clark says the firm is looking to add a bond fund to its range of trackers.
Towergate executive chairman Peter Cullum may have personally lost £17m in the pre-pack administration of Towergate Financial Services, according to reports. Chairman Patrick Snowball is believed to have lost £600,000 of his own money, according to reports in the Independent on Sunday.
The Icelandic parliament has voted to repay more than £3bn to the UK and Dutch governments for the money they spent compensating savers in the Icelandic banks.
The FSA is being asked to look again at plans to restructure adviser fees on income rather than number of approved persons.
JP Morgan Asset Management is to merge its offshore global healthtech and global life sciences funds into a new healthcare vehicle.
JPMorgan Asset ManagementMulti-Asset Income Fund
Jupiter is launching an international financials and global absolute return fund for Philip Gibbs.
Legal & General is looking to follow Xafinity into the multi-employer trust-based pension market and predicts an explosion of similar launches from rival providers.
Level annuity rates remained steady over the last month but smokers' rates plummeted, research by Alexander Forbes Annuity Bureau has found.
Standard Life is concerned that the Government may look at imposing charge caps on group personal pensions to prevent employees losing out by saving in these schemes instead of personal accounts.
Only two in every five people near retirement age can afford to retire and live comfortably, according to MetLife research.
Investment management firm Merchant Securities has acquired London-based IFA and wealth management company Cavendish Young from founder and managing director Mark Estcourt.
Figures from the FSA have revealed that the number of income protection complaints has almost trebled between 2006 and 2008, but critical illness complaints dropped 29 per cent.
Money Marketing has launched a new publication, Retirement Strategy, free with this week's issue, focusing on advice issues affecting the pre- and at-retirement market.
Mortgage products available through Mortgage Brain have shrunk by 78 per cent over the last 12 months.
PSigma income manager Bill Mott believes that the UK has avoided ‘financial Armageddon’ and is set for anaemic growth over the next five years.
Munich Re is refreshing its global reinsurance brand and launching a website for its UK operations.
Nearly 80 per cent of advisers are committed to remaining independent going forward, research by Teamspirit reveals.
Forty-four per cent of current Isa investors over 50 plan to invest up to their new £10,200 Isa limit, research by Legal & General has found.
The administrators of former mortgage network Network Data have sold its mansion headquarters to a wedding planning firm.
Pada has appointed Nick Carter as its general counsel.
Nucleus has appointed Alliance Trust Savings director of operations Kevin Maginnis as its investment operations manager.
The bond market remains a hot topic in investment circles and I have recently had two very interesting conversations with Stewart Cowley, head of fixed interest at Old Mutual and manager of the Old Mutual global strategic bond fund.
One in four Brits think a lottery win is the best chance to improve their financial situation.
More than 30 per cent of loans within a sixth of sub-prime securitised mortgage portfolios are in arrears.
2plan made a loss of £1.86m for 2008, compared with a loss of £1.44m incurred by the IFA firm in 2007.
Royal Liver is close to agreeing a bulk transfer of Park Row advisers and business activities to another firm.
Work and Pensions Committee chairman Terry Rooney says the pensions of high-earning public sector workers should be capped at £50,000.
Pension Corporation is reportedly planning to bring in up to £400m from new and existing investors in a third round of capital raising.
Richard Jacobs Pension and Trustee Services director Richard Jacobs says he has seen a significant rise in enquiries about group personal pension schemes, driven by increasing awareness of personal accounts.
IFA consolidator Perspective Financial Group has received a £6.5m cash injection from Lloyds TSB Corporate Markets.
Pioneer Friendly Society Bills & Things
Providers are urging the FSA to speed up the delivery of its platform paper so it arrives in time to inform their response to the retail distribution review.
Praemium is offering V-Wrap users in Australia access to Powerwrap Ltd’s managed fund trading functionality, with a view of introducing it into the UK next year.
Three-month arrears within prime UK residential mortgage-backed securities doubled over the last 12 months and are set to continue rising, according to figures from Moody's.
Over a million people could see big falls in their projected pensions as a result of imminent changes to annual pension statements.
The number of property sales per estate agency branch dipped between July and August this year but were up on 2008 figures, the National Association of Estate Agents reports.
Rathbones is launching a new unitised portfolio service for IFAs seeking to outsource some or all of their clients’ investment management.
I was interested in the decision by the Conservative Shadow Cabinet not to support a long stop on financial services business.
An interesting trend has emerged in the past couple of years in the protection market as the traditional life offices that have dominated the sector for so long are gradually losing market share to newer providers.
Rowanmoor managing director David Seaton has been reported missing to the police.
Royal Liver is considering the future of its investment in Park Row in the strongest indication yet that it could be looking to offload the business.
Royal London Asset Management and the Financial Services Authority have released statements to investors about an unregulated firm calling themselves the Royal London Investment Group.
Northern Rock chairman Ron Sandler has been lined up as Pearl Group's new executive chairman, according to reports.
South African financial services group Sanlam has reported a 65 per cent drop in net operating profit for its UK business during the first half of the year.
The Investment Management Association has warned that Lord Turner's bank tax proposal could end being paid for by savers.
Savills financial services arm was hit by the property market downturn and made a loss of £2.1m for the first half of this year.
Scottish Provident paid out 93 per cent of all critical illness claims made between January and June this year, up six per cent on the same period last year.
Sector Investment ManagementJunior Mining Fund
Ship director general Andrea Rozario says the industry needs to change its perceptions of the product.
The Association of Mortgage Intermediaries has appointed Sesame managing director of mortgages and general insurance John Cupis to its board.
Seven Dials Fund ManagementLightstone Prime High Street Fund
Brokers believe Halifax's intermediary-only shared ownership scheme is "illogical" due to newbuild lending restrictions.
With tighter public spending expected from the Government this Autumn, the child trust fund could be one of the "less unattractive" options for cuts, says Institute of Fiscal Studies deputy director Carl Emmerson.
Scottish Widows Investment Partnership has appointed Luke Hickmore and Neil Murray as fund managers on its investment-grade portfolios following the departure of a team of four to Alliance Trust.
A protocol which delivers comprehensive exchange of information up to OECD and international tax standards has been signed by Switzerland and the UK today.
Specialist IFA Symponia has hit out at the Government for backtracking on plans to charge a flat fee to help fund the cost of their long-term care.
Tenon Group non-executive director Alan McFetrich has died.
The Mortgage Alliance has announced the launch of TMA Large Loans through largemortgageloans.com.
The Nottingham has linked up with M2 Financial to offer building society customers whole of market advice on pensions, investment, protection and insurance.
The Pensions Regulator has appointed Andrew Young and Simon Wasserman to its team of actuaries.
Standard Life is concerned the Government may look to impose some from of charge cap on group personal pensions in parallel with the launch of personal accounts.
The Conservatives have pledged to clampdown on "fat cat" pensions within the public sector if they win the next election.
FSA chairman Lord Turner has backed international efforts to force the biggest banks to draw up “living wills”.
Accumulation of UK debt slowed again in July as both secured and unsecured lending reduced.
The Investment Management Association is to close the UK zeros sector from the end of September.
After ignoring the concerns of the IFA community over banking advice for years, perhaps the weight of the Financial Ombudsman Service and consumer group Which? can spur the FSA to action.
Whitbread, owners of Costa Coffee and Premier Inns, is to close its final-salary pension scheme to both new and existing staff.
Nucleus says new data shows that advisers are now taking the lion's share of the margin on its wrap while asset managers are receiving a smaller proportion.
This week, Money Marketing launches a new monthly publication, Retirement Strategy, focusing on the pre- and at-retirement market.