Money Marketing
21 October 2010
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‘Gaping risk and oversight hole must be plugged’
21 October 2010
The FSA has warned that IFAs are failing to review their risk management and oversight processes as they transition to new business models ahead of the RDR.
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'£200bn in assets needed to survive'
21 October 2010
Platforms will need £200bn of assets under management to survive and will eventually charge just 10 basis points for their services, according to Towry group chief executive Andrew Fisher.
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1,500 Sign up to Incapital Euro product masterclasses
21 October 2010
Incapital Europe says 1,500 wealth managers and financial advisers have signed up to its nationwide structured product masterclasses just two weeks after it announced the scheme.
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A potent mix
21 October 2010
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A question of ethics
21 October 2010
The first of two articles looks at the clampdown on tax avoidance
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ABI backs our savings campaign
22 Oct 2010
The Association of British Insurers backs Money Marketing’s Pave the Way to Save campaign in Parliament.
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Advance warning
22 Oct 2010
The Council of Mortgage Lenders has performed a huge service to homeowners and prospective homeowners with its detailed analysis of the FSA’s mortgage market review proposals on responsible lending.
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Adviser Fund Index
21 October 2010
The outlook for the Japanese economy could be described as dull at best, particularly when compared with other nations in the region such as China. However, commentators note that the potential for some Japanese companies to exploit particular niches is strong. There is a growing list of interesting companies in the internet area, for example, and many manufacturing firms supply equipment to Asia. Retailers with strong business models also continue to thrive.
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Advisers' shock at Bupa's £100m sale
22 Oct 2010
Resolution has taken financial advisers by surprise by announcing a £102m acquisition of Bupa Health Assurance.
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Ailo picks Kennett as chairman
21 October 2010
The Association of International Life Offices has appointed Royal London 360 head of investments Mark Kennett as chairman.
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Albion aiming to raise £15m across seven VCTs
21 October 2010
Albion Ventures is trying to raise an extra £15m of new investment across its seven venture capital trust funds.
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Altmann says reforms will see move to career average
21 October 2010
The Treasury’s tax relief reforms will push employers away from final-salary pensions and tow-ards career average provision, Saga director-general Ros Altmann says.
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Ascentric sets up research centre
21 October 2010
Wrap platform Ascentric has launched a fund research centre, allowing advisers to analyse their investment solutions for clients.
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Axa backs calls for a charges disclosure document
22 Oct 2010
Axa Wealth has backed calls by members of the UK Platform Group.
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Battle lines
25 Oct 2010
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Big banks vow to offer better customer service
21 October 2010
Knight: ‘A real opportunity for the banks to provide finance and support’
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BlackRock thinktanks on investment trusts
22 Oct 2010
BlackRock is to increase its focus on investment trusts and is lining up a nationwide series of thinktank sessions for IFAs.
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Bolton's China trust improves performance
21 Oct 2010
Fidelity fund manager Anthony Bolton delivers 1.7 times the returns seen on the benchmark index in his first six months.
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Break with unconvention
21 October 2010
Unconventional policy will further distort bond markets and continued volatility is all but guaranteed
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Bupa loss has critical consequences
26 Oct 2010
Alan Lakey says losing Bupa’s CI plan will have a huge impact.
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By the numbers
21 October 2010
David Hesketh
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Call for the FSCS to be formally accountable to PRA and the CPMA
21 October 2010
Financial Services Compensation Scheme chairman David Hall has called for the FSCS to be made formally accountable to both the Prudential Regulation Authority and the Consumer Protection and Markets Authority.
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CII virtual classroom aids diploma study
21 October 2010
The Chartered Insurance Institute is launching a programme of virtual classrooms to support people studying for the diploma in regulated financial planning. The innovation, developed in association with Verridian, is initially being piloted with corporate clients although it should eventually be rolled out to individual customers.
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Coalition praised for taking simple approach
21 October 2010
The Treasury’s reforms of higherrate pensions tax relief, ann-ounced last week, have been praised for their simplicity compared with the previous administration’s proposals.
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Cofunds sets up transfer deal
21 October 2010
Cofunds has built a pension transfer tool to help advisers tap into the pension pots sitting on life offices’ back books and move them onto a platform.
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Commission to probe the independence of auditors
21 October 2010
The European Commission has launched a consultation on the independence of auditors and the reliability of statements after the banking crisis raised quest-ions about the sector’s veracity.
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'Conditions are right for tactical trading'
21 October 2010
Fund of hedge funds manager Man believes that current market conditions are suited to tactical trading, where hedge fund managers can quickly adjust long and short positions in their portfolios.
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Contract killer
21 Oct 2010
Stephen Greenstreet warns that an end to contracting out of DC schemes could see a deluge of people seeking transfer advice between now and April 2012.
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Could backbench pressure lead to an RDR rethink?
21 Oct 2010
The timing of the TSC’s sudden interest in the RDR has not been kind on Aifa.
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CSR: Government confirms consultation on public sector discount rate
20 Oct 2010
Rate used to calculate public sector liabilities could be changed.
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CSR: Nest to go ahead in 2011
20 Oct 2010
National Employment Savings Trust has been spared George Osborne’s axe
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CSR: Pension age to rise to 66 by 2020
20 Oct 2010
Chancellor announces accelerated state pension age rise
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Default line
21 Oct 2010
If I was a public sector worker, I would be brea-thing a mighty sigh of relief. Lord Hutton seems to be on their side if his interim report is anything to go by.
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DWP could accelerate pension age rise
26 Oct 2010
Faster shift to 68 would help fund universal basic state pension proposals.
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E&Y says rate set to stay at 0.5% until 2014
21 October 2010
The Bank of England base rate is set to stay at 0.5 per cent until 2014, according to the latest Ernst & Young ITEM club quarterly forecast.
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Equitable investors in line for £1.5bn redress
21 October 2010
The Government is expected to issue at least £1.5bn in compen-sation to Equitable Life investors as part of the comprehensive spending review this week.
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Ex-compliance officer of firm fined for structured product failings works for FSA
21 Oct 2010
Former compliance officer at Thornton’s Law, fined £35,000 for compliance failings over structured product sales, is now working at the regulator.
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Ex-Park Row chief joins BMAM
21 October 2010
Brooks Macdonald Asset Management has appointed former Park Row sales and marketing director Carey Shakespeare as head of marketing. He has acted as a consultant since leaving Park Row in 2009.
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Filling the gaps
21 October 2010
New benchmark standard is set for advisers
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Firms in call to axe lifetime allowance
21 October 2010
Pension experts are lobbying for the removal of the lifetime pension saving allowance as part of the Treasury’s higher-rate tax reforms.
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Firms will no longer pay employees' fines
21 October 2010
The FSA has proposed new rules to prevent firms paying financial penalties imposed on present or former employees.
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Former FSA chairman Davies joins Pru board
21 October 2010
Prudential says it has appointed former FSA chairman Howard Davies and Paul Manduca as non-executive directors.
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FOS describes investing in Lifemark as gambling
22 Oct 2010
The Financial Ombudsman Service has described investing in Keydata’s Lifemark as “gambling” in a ruling against an IFA who invested a client in the firm.
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'FOS is quasijudicial but does not act like regulator'
21 October 2010
Financial Ombudsman Service chief executive Natalie Ceeney says the FOS is “unashamedly quasi-judicial” but insists it does not act like a regulator.
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FSA concern over network wrap risk
22 Oct 2010
Regulator says networks may struggle to manage the risks posed by the different ways their ARs use platforms.
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FSA powers could mean automatic redress
21 October 2010
The FSA’s new powers to set up consumer redress schemes may give way to widespread automatic redress for platform clients, according to Capita Financial Software.
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FSA used a standard 7% projection on its website
21 Oct 2010
FSA uses standard projection rate despite insisting that pension providers make and justify fund-specific growth rates.
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FSSC restructures to become charity
21 October 2010
Field: ‘A natural move for us’
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Gilliat kickout plan for precious metals
21 October 2010
Gilliat Financial Solutions has designed a structured product linked to the price of three precious metals as an alternative to FTSE 100 products.
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Good financial planning can mimic benefits of child trust funds
26 Oct 2010
Fidelity’s Paul Kennedy says canny planning of mainstream investments can mimic the soon to be extinct tax benefits of child trust funds.
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Government set to auto-enrol all employees over £7,500
26 Oct 2010
BBC report suggests increase in minimum earnings threshold.
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Govt sets £7,475 auto-enrolment limit and offers employers simplification
27 Oct 2010
Settlement focuses on simplification for employers through self-certification and deregulatory measures.
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Half of advisers say RDR will have no impact on service
21 October 2010
Half of advisers believe that the RDR will have no impact on the service they provide to consu-mers, according to a survey conducted by HaysRecruitment.
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Hawksmoor says active approach critical
21 October 2010
The investment team at Hawksmoor believes that active management, both by fund of funds managers and by the underlying fund managers, is critical for current market conditions.
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Hendry slams fund axe
21 October 2010
Eclectica Asset Management chief investment officer Hugh Hendry has slammed the recent decision by Hargreaves Lansdown to remove the £109m Eclectica agriculture fund from its Wealth 150.
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HL assets boosted by 14% to £20bn
21 October 2010
Hargreaves Lansdown has reported a 14 per cent rise in assets under management to £19.9bn in the quarter to September 30, boosted by stockmarket rises.
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If the app fits
25 Oct 2010
Cherry Reynard on the growing number of financial apps aimed at financial advisers and how picking the right ones can streamline operations, cut costs and improve communications with clients
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IFP maps out CFP objectives to help advisers gap-fill
21 October 2010
The Institute of Financial Planning has outlined which of the FSA’s learning objectives are not covered by its certified financial planner qualification to help advisers carry out gap-filling.
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IFS claims spending review is "regressive"
22 Oct 2010
CSR could cause 750,000 public sector job losses.
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Ignis says bring in hybrid pensions to aid public sector
21 October 2010
Ignis Asset Management is calling on the Government to introduce hybrid pension schemes in a bid to make public sector pensions more sustainable.
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IMA warns that UK must keep its eye on the EU ball
21 October 2010
The Government needs to get more involved in negotiations over EU regulation to ensure the best outcomes for the UK financial services sector, according to the Investment Management Association.
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Industry backs curbs on tax relief for high earners
21 October 2010
Hoban: ‘We have taken a tough but fair decision’
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Insurance firms damaged by changes to UK and Euro rules
21 October 2010
Vipond: ‘Costs keep growing’
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Is gold losing its glitter?
22 Oct 2010
Kira Nickerson says there are growing fears of a bubble forming in one of the only asset classes on an upwards trajectory over the past few years - gold.
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Jersey adviser crackdown to mirror RDR
21 October 2010
Jersey’s financial services regulator is planning a clampdown on advisers to mirror the RDR, with Guernsey set to follow suit.
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Jupiter sets up Ucits III emerging fund
21 October 2010
Jupiter Asset Management has unveiled a Ucits III global emerging markets fund for former Invesco Perpetual star Kathryn Langridge. It reported a 12 per cent rise in assets under management to £22.2bn in the third quarter.
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Just Retirement assets up £900m
21 October 2010
Just Retirement reported a £900m increase in assets under management in the year to June 30 from £1.9bn to £2.8bn.
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Keep FSCS in contingencyplanning, says Hall
21 October 2010
Financial Services Compensation Scheme chairman David Hall has called for the Government and regulators to include the FSCS in its contingency planning to enable the service to meet demands placed on it.
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Lee Travis
21 October 2010
New Model Business Academy head of business Lee Travis is an ex-Royal Marine and is training to run in the London Marathon next year which will stand him in good stead as he says the academy is in it for the long haul too Interview by Gregor Watt
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Letters to the editor
21 October 2010
Commission over advice is a no-brainer
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Lighthouse restructures to boost national brand
21 October 2010
Streatfield: ‘ We can put all of our effort into getting the right technology in place to deal with RDR’
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M&G offering UK inflation-linked corporate fund deal
21 October 2010
M&G Investments has launched its UK inflation-linked corporate bond fund, which is co-managed by Jim Leaviss, the head of the retail fixed-interest team, and Ben Lord.
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Make sense of segments
25 Oct 2010
Ed Dymott, head of UK fund partners at Fidelity Investment Managers, says the independent v restricted advice debate is largely irrelevant and that one of the key outcomes of the retail distribution review will be segementation delivering a range of advice to different clients
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Make yourself heard
22 Oct 2010
“With the prospect of the average FSCS contribution going up by a factor of three, we have to ask, why are the definitions so loose or, worse still, so liable to casual interpretation?”
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Managers defend single strategy funds
22 Oct 2010
Chelsea Financial Services says there is no value in the strategy.
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McKenna warns over new 1st Exchange chief's lack of IFA experience
21 Oct 2010
F&TRC managing director Ian McKenna says appointment sends “disturbing” message to IFAs.
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MM leader: Pension reforms show Govt is serious about simplification
21 Oct 2010
Last week’s headlines screamed of another tax hit for Middle Britain but, given economic conditions and the rules Labour was looking to introduce, a sensible compromise was reached.
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MMR will not shut people out of the market, says FSA
21 October 2010
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Moneysavingexpert.com founder echoes fears RDR will cut access to advice
21 Oct 2010
Martin Lewis raises his concerns over the RDR with MPs.
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Morgan Stanley reissues structures
21 October 2010
Morgan Stanley IQ has reissued three six-year structured products based on FTSE 100 index performance, of which two have the potential to kick out after three years with the option to stay invested until maturity.
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Mortgage review targets 'wrong part of the sector'
21 October 2010
Council of Mortgage Lenders director general Michael Coogan says the mortgage market review will “kill” the wrong part of the sector.
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MP wants single body to regulate
21 October 2010
Future regulation should be carried out by a single body under the Bank of England, with the regulator pleading for its budget from the Treasury select committee, according to MP Douglas Carswell.
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MPs frustrated with RDR trade body grilling
21 Oct 2010
TSC members outline major concerns about RDR impact and express frustration about the way IFA bodies responded to their grilling.
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MP's 'horror' at £1.7bn cost of RDR
21 October 2010
Conservative MP Harriett Baldwin says she is “horrified” at the £1.7bn cost of the RDR and the effect that the reforms will have on the accessibility of financial advice.
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N&P and Carval give cash lifeline to Lifemark
21 October 2010
Norwich & Peterborough Buil-ding Society and US hedge fund Carval have provided lifeline capital to Keydata’s Lifemark.
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NAPF delivers blow to finalsalary plans
21 October 2010
The National Association of Pension Funds has confirmed plans to close its final-salary scheme to new members.
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Nest review suggests contribution cap should be scrapped in 2017
27 Oct 2010
Auto-enrolment review panel says legislation should “make clear” ceiling will be removed.
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Now is the time to campaign for change in savings culture
21 Oct 2010
Money Marketing’s campaign, Pave the Way to Save, was set up under the premise that we desperately need to create a better savings culture in the UK.
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OBSR co-founder Downs retires after sale
21 October 2010
Old Broad Street Research co-founder Richard Downs is to take early retirement on October 22 thanks to the sale of the firm to Morningstar.
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Off balance
25 Oct 2010
The managed sector is under renewed fire as research throws advisers’ risk profile of balanced managed funds into doubt. John Kenchington reports
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On the contrary
25 Oct 2010
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Out of context
21 October 2010
“I’ve run two big technology companies but have trouble turning on a PC”Cofunds chief executive Charlie Eppinger reveals his technophobia at the Cofunds annual dinner
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People on the move: Distribution
21 October 2010
AWD Chase de Vere marketing director Martyn Laverick has left the IFA firm as part of a management shake-up. The reshuffle will also see operations director Robert Organ leave the company. There has been five additions to the executive board, including Andy Papadopolous, Phil Andrews, Peter Russell, Param Basi and Daniel Baade.
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People on the move: Investment
21 October 2010
Former Gartmore head of multi-manager Bambos Hambi has joined Insynergy Investment Management. He has taken up a senior consultancy position with responsibilities which include business strategy and product development.
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People on the move: Life and Pensions
21 October 2010
The Department for Work & Pensions has appointed Robert Devereux as permanent secretary. Devereux, a former permanent secretary at the Department for Transport, replaces Sir Leigh Lewis, who retires at the end of December. The appointment, announced by Cabinet secretary and head of civil service Sir Gus O’Donnell, was rubberstamped by David Cameron and secretary of state for work and pensions Iain Duncan Smith.
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People on the move: Mortgages
21 October 2010
Nottingham Building Society chief executive Ian Rowling is to retire as chief executive. No date is set for his departure but it will be no later than May 2011. Retail director David Marlow, who joined the board in 2006, will succeed Rowling subject to FSA approval.
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Personal identity
22 Oct 2010
Paul Thomas gauges opinion on PTFS’s restructure and finds other networks are being urged to evolve
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Pink Home Loans acquired by LSL
21 October 2010
LSL Property Services has acquired Pink Home Loans from Skipton Building Society group member Skip-ton Holdings for £1.59m.
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Platforum sees danger of being single minded
22 Oct 2010
Fears over significant variations in wrapper and fund charges between providers.
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Product appeal and a healthy return
22 Oct 2010
It is always acknowledged that competition is a positive and beneficial factor in the market, be it in financial services or otherwise. It is entirely logical that where there are a number of suppliers comp-eting for consumers’ attention, they will do their utmost to differentiate themselves, be it through the specification of their product, simple pricing or through the quality of their service delivery.
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Promote new talent
21 October 2010
IFAs should act firmly and stamp out any bad practices
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Protection Review in talks on academy
21 Oct 2010
Protection Review is in talks with the Personal Finance Society to set up a national independent training academy to boost protection knowledge across the industry.
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Providers struggle to launch income funds
21 October 2010
Structured product providers are struggling to launch income-focused structured products due to low interest rate expectations and reduced market volatility.
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PruProtect boosts its criticalillness cover
21 October 2010
PruProtect has improved its critical-illness cover by offering premium reductions where a cancer exclusion is applied.
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PTFS looks to fill new role of sales development head
21 October 2010
Personal Touch Financial Services is recruiting for the newly created position of head of sales development as well as 10 regional managers following a structural shake-up.
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RBC Wealth set to buy BlueBay Asset for £960m
21 October 2010
Royal Bank of Canada Wealth Management is to acquire London-based BlueBay Asset Management for £963m.
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RDR will draw new talent to industry, says Hoban
21 October 2010
Treasury financial secretary Mark Hoban has defended the RDR, suggesting that it will attract new talent to the industry and create a level playing field for advice.
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Reeves takes on shadow pensions
21 October 2010
Labour MP for Leeds West Rachel Reeves has taken up the Shadow pensions brief as part of party leader Ed Miliband’s reshuffle.
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Regulator denies UK will clash with EC on mortgage reform
21 October 2010
The FSA believes the European Commission’s proposed changes to mortgage regulation will not impact on the regulator’s own plans for mortgage reform.
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Regulator's power is growing stronger
21 October 2010
Every person working in the financial services industry will be aware of the wide-ranging powers of the FSA. Many of those powers are disciplinary in nature and it would be difficult to argue that the regulator should not have powers to discipline those in the regulated community who act in breach of the rules. But there are some powers of punishment for a breach of the rules which are so severe that the question arises as to whether the regulated person is adequately protected against ...
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Relief map
21 October 2010
Pension relief changes show the that Coalition is listening to the financial industry
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Retirement Angels buys Annuity Direct
21 Oct 2010
The acquisition will complete subject to regulatory approval.
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Rowanmoor says IFAs could face claims of Ssas misadvice
21 Oct 2010
Rowanmoor warns that failure to consider Ssas’s could see IFAs face accusations of misadvice.
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Seaton suicide after stealing £1.1.m
21 October 2010
The inquest into the death of former Rowanmoor Pensions managing director David Seaton has found that he committed suicide after police discovered he stole £1.1m from a client’s account.
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SEI strategic link-up with Ascentric
21 October 2010
SEI Investments has made its strategic manager of managers portfolios available through the Ascentric platform.
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Simple solutions
21 October 2010
When we met with the Parmenion team in Bath, the sun finally came out for us. We had been aggregating client investments onto the Skandia platform and were happy with the product and the personal service but in 2007 doubts started to creep in about actively managed funds.
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State pension reforms could spur contracting-out "bonanza"
25 Oct 2010
Final salary members face 1.6 per cent National Insurance hike.
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Swip tops the dirty dozen
21 October 2010
McDermott: ‘Persistent offenders’
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System manipulated to let Royal Mail offset £8bn pension deficit'
21 October 2010
The Government has “manipulated the system” in allowing the Royal Mail to push its £8bn pension deficit onto the taxpayer, a pensions lawyer has warned.
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Talent spotting
21 October 2010
Hays Financial Services director Neil Soffe says his company’s research reveals that while there is clear industry concerns about the RDR, most professionals are working towards their qualifications
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'Tech tailored for advisers'
21 October 2010
Wrap providers will increas-ingly tailor their technology to suit advisers’ and distributors’ needs, according to providers.
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The BlackRock dynamic
25 Oct 2010
10 MINUTES WITH..JAMES SMITH
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The changing face of recruitment
21 October 2010
Karen Halliday
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The coalition's common-sense cuts
21 Oct 2010
John Lawson says the coalition has taken a common-sense approach on pensions.
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The golden mean
25 Oct 2010
Stewart Cowley, head of fixed income at Old Mutual Asset Managers, considers the heat death of the universe and the relation of gold to other investments to assess how far bonds can continue on their bull run
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The Mig issue
21 Oct 2010
Nic Cicutti says bringing back old-style mortgage indemnity guarantees could help frozen out borrowers.
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Third of adults fall short of a cash safety net
21 October 2010
Almost a third of adults have “safety nets” of less than £249 to fall back on in the event of a financial emergency, research from HSBC shows.
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Tighter Euro fund rules will harm investor returns
21 October 2010
Tighter regulation within the European fund management industry will drive up the cost of funds and hit investors’ returns, according to the European Fund and Asset Management Association.
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TLS defended after Lifemark debacle
21 October 2010
Traded life settlement provider Mosaic Caribe and distributor PDL International have defended the TLS market in the midst of the Lifemark debacle and FSA concern about the products.
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Towry says wrap firms own clients
22 Oct 2010
Clients with assets on a platform are owned by the wrap provider and not by the adviser, according to Towry group chief executive Andrew Fisher.
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Treasury urged to scrap Pension Input Period
25 Oct 2010
Savers could face unexpected tax hit if PIP and tax year aren’t aligned
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TSC calls for FOS to calculate costs
21 October 2010
The Treasury select committee has asked the Financial Ombudsman Service to calculate the total compliance cost of the scheme for firms after it was unable to give the details to MPs.
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Warning of breaching ex-employer contracts
21 October 2010
Financial services employees moving to a rival firm must be aware that they may face legal action if they breach contractual obligations to their former employer, according to law firm Beachcroft.
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Webb vows change to rules on sponsor employer payments
21 October 2010
Pensions minister Steve Webb has confirmed that the Government will amend legislation which threatened to prevent payments from a pension sch-eme to a sponsor employer.
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Week link
25 Oct 2010
II am thinking about setting up British Ginger Money Week - a whole seven days when Her Majesty’s financial services industry can focus its attention on the financial planning needs of the country’s redheads, strawberry blonds, carrot-tops, auburnistas and African sunsets - but I’m not really sure how to go about it.
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When will bank rate break out?
22 Oct 2010
The decision of the Bank of England’s monetary policy committee to leave bank rate at 0.5 per cent brought sighs of relief from cash-strapped borrowers but anguish elsewhere.
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Who's a wealth manager?
25 Oct 2010
Chris Gilchrist says the wealth manager tag is a dangerous one that some IFAs have simply added to their description.
