Money Marketing
23 September 2010
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A study in time
23 September 2010
Gregor Watt Deputy editor Money Marketing
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Adviser Fund Index
23 September 2010
News that consumer price index inflation remains above target suggests there are risks to the Bank of England’s apparent position that deflationary forces will start exerting themselves.
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Advisers outsourcing investment business
23 September 2010
Nine out of 10 financial advisers are outsourcing their investment management duties or are considering doing so ahead of the RDR, according to Rathbone Investment Management research.
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Beveridge quits Swip
23 September 2010
Scottish Widows Investment Partnership investment director of international equities Colin Beveridge has quit the firm and is leaving by the end of September to take time out of the industry.
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Brain storming
27 Sep 2010
Getting about on the conference circuit is good to test the attitudes and opinions of the adviser market. There is a lot going on in this regard at present. The Institute of Financial Planning is holding its conference this week, Transact has been busy with its Connect updates for a week or two and Cofunds held a quarterly Platform event close to London last week.
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Cazenove plans multi-manager fund
23 September 2010
Cazenove Capital is launching a new multi-manager fund for Marcus Brookes and Robin McDonald. It will be called diversity income and is planned for the fourth quarter of this year.
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'Chartered brand to gain dominance'
23 Sep 2010
PFS president Eddie Grant says the chartered brand will replace the independent label as the premium level of financial advice in the eyes of consumers.
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Coalition urged to collaborate with LTC providers
23 September 2010
Partnership is calling on the Government to work in conjunction with insurance companies to fund long-term care.
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CPMA will 'play second fiddle' to PRA
23 September 2010
Regulatory consultant Bovill says the Consumer Protection and Markets Authority may struggle to recruit skilled staff because the Prudential Regulation Authority will be seen as the predominant regulator.
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Dear Rob&Roderic...
23 September 2010
Our resident agony uncles and The Ideas Lab directors Rob Reid and Roderic Rennison answer adviser questions
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Don't go past sell-by date
23 September 2010
David Hesketh, group M&A manager at Perspective Financial Group, says IFAs who plan to leave the industry after the RDR need to prepare to sell their business so buyers can get a firm RDR-ready
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Draw back on tax
23 Sep 2010
John Lawson says the age 75 consultation proposals on income drawdown are welcome but not the huge charge that comes with it.
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Emerging markets updates
23 September 2010
A message from HSBC Global Asset Management - a founder Patron of the Money Marketing Academy
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EU fund prospectus template falls short, says IMA
23 September 2010
The Investment Management Association is calling on the European Union to improve its key investor information document template, which will replace simplified Ucits fund prospectuses next year.
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Europe re-emerges
27 Sep 2010
Paul Farrow says the Continent has been shunned despite producing strong returns.
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F&C UK retail funds will take Thames River name
23 September 2010
F&C Investments is rebranding its UK retail range to Thames River following the merger of the two companies.
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Five advisers have permissions axed
23 September 2010
The FSA cancelled the permissions of five advisers in one day for failing to submit retail mediation activities returns. They include Sheffield-based Sally Whitaker trading as Rock Pool and London-based Capital Solutions.
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Focus shifts to income in twitchy markets
27 Sep 2010
Ed Dymott: ‘We see a growing demand for incomegenerating vehicles which is a trend we believe will grow for the rest of the year’
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Ford claims PwC has conflicts over Keydata
23 September 2010
Keydata founder Stewart Ford has accused Pricewaterhouse Coopers of conflicts of interest in its handling of the structured product firm.
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Free network firms
23 Sep 2010
Nic Cicutti says the FOS should address the fact that many financial advisers are forced by their networks to bear the cost of complaints made against them.
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FSA links up with US counterpart
23 September 2010
The FSA has agreed to cooperate with US securities regulator the Financial Industry Regulatory Authority in policing the world’s biggest securities firms and markets.
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FSA rejects high-LTV indemnity
24 Sep 2010
The FSA has no current plans to look at mandatory mortgage indemnity insurance for lenders on higher loan-to-value mortgages, Money Marketing understands.
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FSCS says IFAs will have to pay out for failed stockbroker
23 September 2010
IFAs have hit out at the Financial Services Compensation Scheme’s decision to force IFAs to foot the bill for failed stockbroker Wills & Co.Last week, the FSCS confirmed that the cost of Wills & Co’s failure will fall on the intermediary sub-class.
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Goddard calms fears over CII gap-fill tool
23 Sep 2010
Advisers should not be alarmed if the Chartered Insurance Institute’s gap-fill tool shows up a lot of holes in their learning, according to PFS chief executive Fay Goddard.
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Government urged to keep annuity income simple
23 September 2010
LV= and the Investment Management Association have called on the Government to keep simplicity at the heart of changes to retirement income rules.
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Govt deficit soars
23 September 2010
The Government borrowed £5.9bn in August, the highest August figure since records began, according to the Office of National Statistics. The monthly deficit is now £3.3bn, up from £1bn in August 2009.
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High hopes
27 Sep 2010
Mark Dampier
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Home alone
24 Sep 2010
The number of new houses started in 2008/09 is down by 42 per cent on the previous year, which is leading to concerns about a lack of supply of rental property coming into the market.
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How to make adviser charging a success
28 Sep 2010
Phil Billingham says there are four models of remuneration and IFAs must practice how they will structure their fees.
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How would journalists like having their own version of the FOS?
23 September 2010
I feel I must respond to Nic Cicutti’s commentary under the heading, Seasonal complaint, where he cannot understand why IFAs are hostile to the Financial Ombudsman Service taking part in Complaints Day which offered a free iPad for the best complaint.
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IFAs feel like hunted animals
23 September 2010
Nic Cicutti is right that IFAs should not get too upset about the Financial Ombudsman Service’s involvement with Complaint Community. I have always believed that one should think twice before complaining about anything or else one comes to be perceived in the same light as the little boy who cried wolf.
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IFAs must break the pattern of top-down financial hierarchy
23 September 2010
“IFAs must demonstrate a different way of doing things, not in theory but in practice, with the public, bottom-up, not top-down.”
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IFAs told to bill providers for fixing blunders
24 Sep 2010
IFAs have been told to charge providers and platforms if they spend time resolving errors.
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IFP back in black and repays directors
23 Sep 2010
The IFP says it made a surplus of £84,000 in 2009 and has paid back two directors who loaned the trade body £75,000 in 2008.
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IFP won't let firms sidestep the RDR
23 Sep 2010
IFAs will not be allowed to use the IFP to set up an unregulated financial planning firm to avoid the RDR.
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Ignis warns of autumn fall in economic shock
23 September 2010
Markets will plunge in the autumn as investors realise that new government bailouts for the economy will fail to provide a boost, according to Ignis multi-manager Simon Mungall.
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'Index switch has weakened the pension promise'
23 Sep 2010
Labour shadow pensions minister Angela Eagle on the future of pensions and why the financial services sector is failing to connect with the masses.
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Is Basel faulty?
24 Sep 2010
Paul Thomas reports on a split in the mortgage industry over the impact of the new capital requirements for banks.
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Is this a charter for confusion over qualifications?
23 September 2010
Am I the only financial planner who feels he has been led up the garden path by the Chartered Insurance Institute regarding chartered status?
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Jupiter duo for strategic total return and convertible funds
23 September 2010
Mungall: ‘Only a matter of time before the market moves decisively bearish’
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Latch on to release
23 September 2010
Advisers must be proactive if they are to benefit from an expected increase in equity-release business
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Lazard launch eyes emerging market growth
23 September 2010
Lazard is setting up a growth-focused emerging markets fund positioned alongside its existing value-focused emerging markets fund at the end of this month.
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Leader: Cherry Reynard
23 September 2010
Cherry Reynard Consulting Editor, Adviser Evolution
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Lighthouse is open to restricted advice choice
23 September 2010
Hickey: ‘May be too onerous’
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Liontrust plans fund merger and rebranding across range
23 September 2010
Liontrust is planning to merge its First large-cap fund into its First growth fund as part of a range of changes.
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Lloyds calls a halt on buy-to-let products
23 September 2010
Lloyds Banking Group is to stop offering buy-to-let products via its intermediary channels through either Cheltenham & Gloucester or Lloyds TSB Scotland brands from September 25.
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Lloyds chief Daniels to retire
23 September 2010
Lloyds Banking Group chief executive Eric Daniels is to retire in autumn next year.
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Low-cost Fofs offer advisers equity stake in start-up firm
23 September 2010
TCF Fund Managers has launched four low-cost funds of funds, offering advisers equity in the business in return for assets under management.The total clarity defensive, cautious, diversified balanced and long-term growth portfolios will have maximum total expense ratios of 0.8 per cent, partly by reducing ann-ual portfolio turnover to 20 per cent or less. They will feature no initial, exit, switch or performance fees and do not pay commission.
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Marlene Shalton
23 September 2010
The new president of the Institute of Financial Planning describes how she uses skills gained as a probation officer to gain a person’s trust and understand their financial needs Interview by Lee Jones
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McGarry moves to L&G Investments
23 September 2010
Legal & General Investments has named Frank McGarry as sales director. McGarry was previously Insight Investment head of intermediary sales and prior to that was sales director at Cofunds.
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Means to an end
23 September 2010
In the last Tutor’s Corner, we looked at a coursework question and a sample answer taken from the DipFA, the ifs School of Finance’s level 4 qualification. This is the second part. The case covered James and Heather Jones, who contacted you to discuss concerns regarding James’ mother, Edna, who may need long-term care
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Mena means business
27 Sep 2010
10 MINUTES WITH…ABU LEIL-COOPER.
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Mid-earners to subsidise rich in pension changes
23 September 2010
Altmann: Wealthy will benefit
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Minor pension points
23 September 2010
Consider the drawbacks as well as the advantages of investing in pensions for your children
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Miton and Midas names stay under MAM umbrella
23 September 2010
The Miton and Midas fund names will be retained under the umbrella of their rebranded parent company MAM Funds, formerly Midas Capital.The MAM umbrella unifies both multi-manager brands through a play on the first letter of their names and highlights its focus on UK fund management. It was felt that although the Midas and Miton management styles are similar, the differences are sufficient to retain the fund names.
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Mixed economic message sees Cazenove take cover
23 September 2010
The multi-manager team at Cazenove is in capital preservation mode across its fund range because equity markets and bond markets are sending out conflicting signals about the economy.
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MM Leader: Clients will be caught up in RDR confusion
23 Sep 2010
It would be nice to have all the RDR details nailed down by now so businesses could push on with the changes needed to stay in operation.
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Morningstar may end short ETF ratings
24 Sep 2010
Providers who offer leveraged and “short” exchange-traded funds to UK investors could be set for a blow as Morningstar is considering cutting the products from its star-rating system.
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Mortgage lending at 10-year low
23 September 2010
Gross mortgage lending fell by 14 per cent to £11.4bn in August, from £13.3bn in July, according to figures from the Council of Mortgage Lenders.
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Mott warning that bond bubble could burst like the dotcom crash
23 September 2010
Veteran UK equity income fund manager Bill Mott has warned of a “bond bubble” that could rival the dotcom bubble of 2000 if fears of deflation in the economy prove unfounded.
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MPs call for OBR to get protected status
23 September 2010
The Treasury select committee has demanded that the Office for Budget Responsibility should have its independence enshrined in law, as the Government gears up to establish the organisation in statute later this year.
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OBR chief wants guidance over whether to answer requests from opposition
23 September 2010
Chote: ‘A clear steer’
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On the transition trail
23 September 2010
Adviser Evolution assembled a steering committee of advisers in various stages of RDR-readiness and asked about their biggest issues in transition which formed the basis for the First Business Transition round table in conjunction with the Money Marketing Academy
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Out of Context
23 September 2010
“Sorry the phone cut out - I was just passing Stonehenge”
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Outstanding room only
23 September 2010
The first in a series of articles designed to provide helpful, practical insights into the key ingredients required to deliver a consistently outstanding client experience, with the emphasis on outstanding
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Paradigm Norton buys two firms
23 September 2010
Bristol-based adviser Paradigm Norton has acquired Torquay-based firms David Jones Financial Planning and Hooper and Wollen Financial Planning, taking its staff levels to 32.
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Payback time
24 Sep 2010
Dev Malle says it is important the FSA imposes the right level of regulation on interest-only mortgages.
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PAYE overhaul must not delay Nest
23 Sep 2010
Experts are warning that the Nest rollout must not be hindered by Government plans to overhaul the pay as you earn tax system.
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People in glass houses
27 Sep 2010
I fear I may have left myself open to a charge of hypocrisy or at least inconsistency. Obviously, and ironically enough, inconsistency is the foundation on which many a successful newspaper columnist’s career has been built but it is something I do my best to avoid in my own work - if only so I feel more able to laugh smugly when the really glaring examples are highlighted in Private Eye.
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PRA could bring in rules without any consultation
23 Sep 2010
The Govt is considering setting up the PRA on the basis that it can implement rule changes without consulting the industry, experts warn.
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Predominant purpose
23 September 2010
Concluding my look at VAT and financial services with an assessment of the factors that make a service exempt
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Proceed with caution
23 September 2010
A bond bubble looks unlikely but avoid exposing investors to undue risk
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Protection firms fear offset review
23 September 2010
The impact of a combined Treasury and HMRC review of protection offset tax rules could see £350m of commission taken out of the market, according to Aviva.
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Rating firm puts Schroder funds on review as Gartside quits
23 September 2010
JP Morgan Asset Management has appointed Nick Gartside as international chief investment officer of fixed income.
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RBS securitisation deal is biggest since credit crisis
23 September 2010
Industry experts have applauded plans by the Royal Bank of Scotland to launch a £4.7bn residential mortgage-backed security, saying it will provide a much needed boost to the mortgage market.
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RDR's place in the advice arena
23 September 2010
The rationale for the Adviser Horizons project started with a series of meetings with Aifa advisers. The report aims to help advisers understand where RDR fits into a changing world. It was compiled by providers and advisers and here are extracts from the report
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Restricted access
23 Sep 2010
Lee Jones assesses reaction from IFAs on the choice of offering restricted advice.
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RoyLon warns Nest will cut IFA sales
23 Sep 2010
The introduction of Nest is likely to result in a loss of business for IFAs because employers will have access to “standardised” pension schemes, says Royal London.
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Saving face to face
23 September 2010
Peter Chadborn
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Savings are far lower than previously thought'
23 September 2010
Rutland: ‘A common aim’
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Schroders backs UK all companies split
23 Sep 2010
Schroders head of UK retail sales Neil Bridge says he would like to see the UK All Companies sector split according to funds’ market capitalisation.
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Scrapping FSA is condemned
23 September 2010
Scrapping the FSA for a new regulatory structure is an exercise in “rearranging deckchairs” and will have no significant impact on regulation, according to LibDem Treasury spokesman Lord Newby.
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Skandia wants LTA axed to boost saving
23 Sep 2010
Skandia calls on HMRC to scrap the lifetime allowance on pension savings in an attempt to help more people save for retirement.
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Social expert takes on education role
23 September 2010
The FSA’s appointment of Gerard Lemos as chairman of the Consumer Financial Education Body has been hailed as an opportunity to help people on lower incomes who do not have access to financial advice.
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Sour aftertaste of Lehmans
27 Sep 2010
In 2008, the US government allowed Lehman Brothers to collapse, creating a global crisis of confidence and, two years on many, commentators are questioning whether lessons have been learned and changes made for the better.
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Standard Life raises Sipp charges by 4%
23 September 2010
Standard Life is increasing its self-invested personal pension charges for all existing customers by 4 per cent and introducing a £750 charge for new Sipp customers who transfer out within 12 months.
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Straight down the line
24 Sep 2010
When interest rates collapsed, Sipp providers lost a major income source from the margin they retained by paying less than the going rate for cash deposits held in their plans. They all rushed to raise their fees to compensate, just as Axa raised the issue of the price of wrappers falling to zero.
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Strategic model for Barclays ETF funds
23 September 2010
Barclays Wealth has launched its global markets proposition of five risk-rated funds that invest exclusively in exchangetraded funds.
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Suitability reports not up to scratch
23 September 2010
Law firm CMS Cameron McKenna warned advisers at the Personal Finance Society annual conference this week that suitability reports are failing to meet FSA standards, exposing firms to possible regulatory action.
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Take the lead and prepare for next seminar
23 September 2010
Roderic Rennison Director The Ideas Lab
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Talking points
23 September 2010
In our articles charting transitions in the RDR era, Plutus Wealth Management co-founder Georgina Partridge talks about the firm’s success with its investment seminar debut and the lessons learnt
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Tax facts and legal lore
23 September 2010
Passing JO3, tax and legal aspects of business, shows that advisers know the problems faced by businesses. The Chartered Insurance Institute provides exam tips and tells advisers where they need to concentrate efforts
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Tech has flexibility factor
23 September 2010
Advisers need more flexible and cost-effective learning methods and online systems provide the opportunity to deliver training materials in a variety of media so level 4 and CPD demands are met in the RDR era
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The Cinderella sector
27 Sep 2010
Unloved European funds often suffer the most in rough markets, bearing the brunt of investor outflows, and with returns from the region expected to be harder to achieve, it looks likely this sector will remain the worst-selling area of the market for some time yet. But should this be the case?
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The death of Difs?
23 September 2010
“If Difs are off the agenda and RDR jumps into life on January 1, 2013 as currently proposed, it will accelerate the demise of the IFA - which can’t be a good thing for consumers.”
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The holy grail of pensions
23 Sep 2010
Billy Burrows says the ultimate retirement product will balance annuity and drawdown
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The protection Olympics
28 Sep 2010
Aviva protection director Richard Verdin says the road to 2012 is going to be tough but those who survive the range of change should see the benefits in the long run.
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The stream team
23 September 2010
MDM Associates MD Lisanne Mealing says the firm embraces a bespoke approach, with the focus on specific business streams, and it is branching out with a planning service solely for women. Report by Cherry Reynard
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The superficial charm of index trackers
27 Sep 2010
Chris Gilchrist says index trackers have all the superficial charm of structured products as well as plenty of less visible disadvantages.
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Trial by fire
23 September 2010
Since March 2009, rallying equities and low Treasury yields, combined with a weakening dollar, have pointed to the fact that markets believe the authorities (particularly the Federal Reserve) will resume quantitative easing in response to the continued faltering of the global economy.
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Turning away lower earners risks backlash
24 Sep 2010
IFAs who segregate their client base and turn away low-earners may face complaints when their advice is reviewed by clients’ new advisers, warns Zurich.
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UK will lose regulatory power to EU, says Myners
23 September 2010
Myners: The new Prudential Regulation Authority ‘will be subservient to the Basel committee and the European directives’
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Up to the challenge after setback
23 September 2010
Garry Hale Director HK Wealth Managers
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Watch out for pensions in tax crackdown
23 September 2010
Alexander: ‘Ruthless’ pledge
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Wave goodbye to palm tree justice for redress
24 Sep 2010
The Financial Services Act 2010 was passed in the so-called wash-up of Parliamentary business after the announcement of the date of the general election earlier this year. That act introduced a statutory framework for “consumer redress schemes”.
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We're well on the road to the RDR
23 September 2010
September is nearly past, meaning we will shortly be in the final quarter of 2010. I am sure I cannot be alone in wondering where has this year gone. With just over two years left now before the RDR implementation deadline, advisers need to take stock of their progress and, ideally, track progress against targets and timelines.
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Woodford says his income duo are not depending on a double-dip to perform
23 September 2010
Woodford: ‘They can perform well in almost any given environment’
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Workplace pensions must follow 5% euro rule
23 Sep 2010
Standard Life has warned occupational pension scheme trustees to make sure their plans do not have more than 5 per cent invested in their sponsoring employer.
