20 June 2007
AbbeyCapital Guaranteed Japanese Equity Bond Issue 8
AbbeyCapital Guaranteed Residential Property Bond 8
AbbeyCapital Guaranteed Residential Property Bond 8
Advisers have hit out at Towry Law’s call for a commission ban suggesting it is nothing more than an advert for its fee-only business model and would be bad news for consumers.
Advisers will be able to retain their independent label as long as they agree remuneration methods upfront with a customer, according to sources close to the FSA's Retail Distribution Review.
One of the perennial questions from life offices is why don't advisers submit more business electronically? This is a question I can answer i simply - it is because as an industry we do not make it easy enough for them.
Informed Choice managing director Nick Bamford has urged JS&P Towry Law to put their money where their mouth is after the firm called for the FSA to impose changes on advisers in a bid to clean up the industry.
Planning Strategy - Increases in the nil-rate band have failed to keep up with house price inflation so how can homeowners plan for IHT caused mainly by their residence? By Scottish Widows senior technical manager for savings and investment Anne Young.
The Retail Distribution Review discussion paper is likely to call for Customer Agreed Remuneration which could see greater consolidation in the intermediary market and greater dominance of the banks, according to Accenture.
Thames River has added another Credit Suisse alumni to its ranks with the appointment of European sales manager James Beddall.
Skandia's best ideas funds have so far defied the critics but it is early days.
Bestinvest is urging Amanda Bowe to press on with her plans for the retail distribution review, saying long-term problems with commission bias have necessitated the RDR.
A survey from Barclays Wealth claims that the glass ceiling must still be shattered when it comes to women holding senior roles in business.
Kicking off a new series of articles on offshore funds with a look at how taxation has changed.
The FSA's decision to remove the requirement for the payment menu and initial disclosure document has provoked a strong response from many advisers. Nicole Blackmore reports.
How JS&P is aiming to draw advisers with its Return to Work initiative.
Chris Salih analyses core holding Skandia global best ideas fund.
The deadline for first-round bidding on BestInvest is believed to have closed last Friday with Palamon Capital Partners and the private equity arm of fund manager Hermes touted as the early favourites for the financial advice and investment group.
Helen Pow considers the implications of a legal case on commission.
The launch of the chartered title for financial planners has captured the attention of the members of our fledgling profession like no other initiative. At meetings up and down the country, our staff have queues of members lining up asking what they have to do to get to chartered status.
Insurance law The industry should produce its own solution to problems arising from non-disclosure rather than have an inflexible and inappropriate non-contestability clause imposed on policies, says Aegon Scottish Equitable head of underwriting Matt Rann.
Close InvestmentsClose Imperial Pub Company 2
Pension providers encouraged by Government stance.
Coventry Building SocietyFlexx Two Year Base Rate Tracker
Our panel consider the drop in complaints about protection policies, abolition of the age 70 rule and new business figures.
DB MortgagesNear Prime + Two Year Tracker Full Status
No company offers all the features we want although some come close.
Guernsey-based Dominion Fund Management has redefined the luxury goods and services sector with the launch of the Dominion chic fund.
Isa and pension savings can both work to provide a good level of income in retirement.
'The Government has struck a good compromise'
In an open letter to the FSA head of the RDR Amanda Bowe, Money Marketing editor John Lappin calls for caution in determining the future of the banks' role in the advice market
EuroCape has teamed up with Acorn Corporate Finance for EuroCape Property Finance II, an exempt unit trust investing in secured bridging and development finance for property projects in the UK, Europe and South Africa. The fund is also available as a limited partnership.
Sixteen-year-old Brocha Simon is the youngest person in the UK studying to be a chartered financial planner and mentor IFA Filip Slipaczek says advisers who are not chartered need to take a leaf out of her book to improve industry credibility.
Choices do not have to be black and white with the new third-way annuities.
With direct sales a dying breed, there is not such an obvious entry into becoming an adviser. Long gone are the days when you could transfer from a different profession and carve a career within financial services. When I began recruiting in the late 80s and early 90s prior to the reviews, I enjoyed placing nurses, teachers, milkmen and police constables, etc, as financial advisers. Brokers, lenders and providers now expect to recruit staff that can hit the ground running and struggle ...
Investment manager Henderson Rowe has teamed up with Way Fund Managers to launch the dogs of the FTSE 100 fund, which invests in the 15 highest yielding stocks on the FTSE 100 index.
Moneyfacts has announced the appointment of Nigel Hopwood as a non-executive director.
Judge gives suspended sentence after hearing 77-year-old IFA was delusional after being cheated.
IFA Promotion is offering a new tool on its unbiased.co.uk website for consumers to search for an adviser by qualification.
IMA deputy chief executive Sheila Nicoll has been appointed FSA director of the retail firms division.
Invesco Perpetual has introduced the US equity benchmark plus fund, an Oeic that uses an enhanced index strategy.
James Hay has added 12 new funds to its Wrap platform bringing the total number to some 1,163 from 50 different providers.
Friday deadline looms but only 8,000 offshore account holders have so far come forward to declare unpaid tax.
Macquarie Bank GroupCF Macquarie Global Private Equity Securities Fund
Recruitment firms are at odds over whether the industry is suffering a skills shortage.
Matrix GroupAsian Property Income Fund
MetLife UKInvestment Bond
Planning Strategy - Paul Wilcox, chairman and technical director of The Way Group, sets out the advantages of nil-rate discretionary trusts over mirror wills.
I think I was always destined for a life working in financial services. After all, coming from a background where both my parents had given years of dedicated service to those two monoliths of Scottish finance Standard Life and RBS meant there was little doubt that I would follow in their footsteps, especially when they could get me a foot in the door when it came to picking up temping jobs in the summertime when I was a student.
21 June 2007
'Taper relief has been tremendously successful in encouraging entrepreneurial spirit'
Sesame is holding protection technical seminars with the aim of helping advisers write protection business more efficiently and profitably.
Icob advisers are over the moon that they are now allowed to sell life assurance policies which mature after age 70 and extend longer than 10 years, since the Age 70 rule was abolished on June 6.
OPM Fund Management - formerly Smith & Pinching Portfolio Management - has brought out the CF OPM Property fund of funds, its first property product.
Forsyth-OBSR has withdrawn its A rating of Gartmore’s US opportunities fund following the departure of Gil Knight and Chris Baggini at NWD Investments.
A new non-adversarial method of resolving divorce cases offers a more active role for financial advisers, says Will Henley.
Resolution chief investment officer James Smith believes a short correction may benefit the stock market as it becoming "dangerously obsessed with takeover deals."
Investec Asset Management has announced the appointment of Jacob Robbins as manager of its £77.9m global dynamic fund.
Two IFAs recently decided to merge their companies and the result has been a dramatic increase in overall business for the new combined enterprise. Interview by Gregor Watt.
F&C UK growth and income manager Ted Scott has called for caution over the market believing it is set for a significant correction of some 15 to 20 per cent.
Amanda BoweHead HonchoRetail Distribution ReviewFSACanary Wharf
Structured product provider Arc Capital & Income - formerly Nvesta – has brought out a second tranche of its Bull & Bear tracker plan.
Alan Cleary, edeus managing director, says despite stories about a possible sub-prime crash, there is nothing wrong with securitisation.
SimplyBiz launched its New Model Business Academy this month for member firms.
The smaller indices can provide a fertile hunting ground if you take Aim carefully.
It has been a bit of a mixed week for the mortgage industry. Some of the news was new, some was just an update on existing stories and some of the news was just a confirmation of what was expected.
The ABI must be firm in tackling the Govt over the design of personal accounts.
Standard Life is to launch a high-net worth business focusing on very wealthy clients and has already appointed a chief executive to run the new venture.
Advisory process - How IFAs look after their clients from point to sale to following a claim can make all the difference in a time of need, says LV= head of intermediary marketing strategy Justin Harper.
Discounted gift trusts - Phil Carroll, UK tax and estate planning manager at Skandia, welcomes teh recent HMRC guidance clearing up confusion over DGTs and also the consultation with the industry to discuss the issues.
Clients see the value of an adviser in a business relationship.
Term assurance sales increased last year and rates have come down but income protection sales fell for the fourth year running extending the income protection gap to £175bn, according to Swiss Re.
Money Marketing's editor John Lappin sends his third and final open letter to Amanda Bowe, the head of the RDR.
Julie Hutchison, estate planning specialist at Standard Life, starts off a four-page special feature section on inheritance tax planning by assessing the developments in the field so far this year.
The battle to which I referred last week does appear to be continuing, albeit sotto voce rather than roaring. Markets are swinging around, caught in the tides of news and data.
What does the future hold for IFAs then? If the imminent retail distribution review does not pose a definite threat to independent financial advisers as such, it may well pose a threat to the term "IFA" itself, some might say.
Money Marketing asked some of the leading figures in the financial advice sector what they would like to see and what they expect to emerge from the FSA's retail distribution review in next week's discussion paper.
The Pensions Regulator showed its teeth this week issuing its first financial support direction to Sea Containers which ordered them to inject at least £90m into its pensions funds or face court action.
Will Henley analyses the return of Abbey to the 100 per cent mortgage sector.
Aegon UK head of business regulation Steven Cameron says the FSA's retail distribution review reaches further than the issue of adviser remuneration and outlines how he hopes it will bring about positive change in the industry.
Chamberlain says whole generation of salespeople not trained to use platforms and wraps.
FSA chief executive John Tiner received an inflation busting 14 per cent increase in pay this year but chairman Callum McCarthy saw a slight drop in his pay package.
The Treasury is to appeal against the Information Commissioner’s ruling that it must disclose whether it holds attorney and solicitor general advice about the compatibility of the Financial Services and Markets Act with the Human Rights Act.
The Phizackerley case will in most circumstances have no effect on IHT planning strategies.
It may be an issue that has steadily loomed over the horizon for some time, but fund managers are more and more looking to address the problem of catering financially for life longevity.
The industry is collectively holding its breath in the days leading up to the release of the RDR and speculation abounds over what it contains.
WoolwichFix and Track Mortgage