24 June 2009
Fifteen per cent of prime UK mortgages by value are in negative equity, according to Fitch Ratings. It expects this figure to increase to 34 per cent of all prime mortgages if house prices fall in line with its expectations of a 30 per cent decline peak to trough.
1st - The Exchange has announced the integration of its Adviser Office and online fund data platform FundsLibrary.
Abbey For IntermediariesTwo Year Tracker
Abbey has tightened up its mortgage application process whereby advisers’ applications will now be rejected on the first declination.
Acuity CapitalCF Acuity Real Active Management Fund
The surge of retail money which began flowing into corporate bonds towards the end of 2008 shows little sign of going into reverse.
Aegon’s new secure lifetime income product, which launches next week, has reduced the income guarantee by 1.5 per cent for some customers, compared to the firm's previous five for life plan.
Aegon Asset Management is launching a UK equity income fund on June 30.
Can I please correct a potentially misleading statement attributed to Friends Provident at the end of the article "Clarity begins at home"?
The Association of Independent Financial Advisers is calling for an independent review of the decumulation retirement market in order to increase consumer understanding.
American International Group is to float its two life insurance units, Alico and AIA, on the Asian stock exchange in order to repay £15bn in debt owed to the Federal Bank of New York.
Advisers are calling for a clean-up of the absolute return sector as funds continue to trail behind their benchmarks.
Nine months of sustained market gains are needed to restore pension assets to 2007 levels, according to Aon Consulting.
Arc Capital & IncomeEmerging Markets Plan
The Advertising Standards Authority has upheld the second complaint against a claim-chasing firm within a week, following last week's ruling against a separate company.
Aviva policyholder advocate Clare Spottiswoode has hit out at Aviva for forcing her to blank out key figures in her report on the reattribution of its inherited estate.
Research from Aviva has found that six in 10 people over the age of 50 worry that their pensions and savings are not enough to support them after retirement.
Baillie GiffordGreater China Fund
FSA chairman Lord Turner has warned against calls for a banking system based on smaller banks, saying it would still have systemic problems.
The British Bankers' Association has questioned if the FSA's response to the banking crisis will strike the right balance between financial stability and allowing banks to support the economy.
The FTSE opened at 4,239 this morning with banks stronger in early trades.
Barclays WealthLight Energy Commodity Plan
Barclays Wealth is seeing increased investor appetite for structured products linked to indices other than the FTSE 100.
Future misselling claims against Bates Investment Services may fall upon the Financial Services Compensation Scheme after the firm went into administration as part of the Money Portal management buyout.
Liberal Democrat shadow chancellor Vince Cable has warned that bank aid may have to continue for 10 years if taxpayers are to receive maximum rewards.
The British Bankers Association has warned that an over-regulation of the UK banking sector may hit consumers.
The Bank of England has called for the creation of an insurance fund that would cover 100 per cent of any retail deposits.
Semi-nationalised banks RBS and Lloyds Banking Group may have to be broken up due to unfair competition advantages, says the EU competition commission.
The Tories have hinted that they may grant the Bank of England more powers with regard to micro-economic regulation if they were to get into power.
City minister Lord Myners has hit out at the market’s total shareholder revenue focus as a reason for the credit crunch.
Lord Turner has called for a debate around the reassessment of the tripartite authorities’ responsibilities and dismissed reports of a rift between himself and Bank of England governor Mervyn King.
Gartmore has unveiled plans to pass on the management of Roger Guy's flagship 1.5bn European select opportunities fund to John Bennett who has been appointed senior portfolio manager European equities.
Chancellor Alistair Darling and Bank of England governor Mervyn King have clashed again on the issue of whether big banks should be split up.
Bank of England chief economist Spencer Dale has called for the Monetary Policy Committee to begin planning a quantitative easing exit strategy.
Fidelity International is predicting a slowdown in corporate bond sales towards the latter part of this year.
Institute of Financial Planning chief executive Nick Cann has hit out at the structure of financial services degrees and says many do not offer students what they need to fulfil future financial planning roles.
David Buskell's letter (Money Marketing, June 11) was right on the button - there are no human rights for IFAs when it comes to Financial Ombudsman Services case fees.
Cazenove is planning to build on its UK absolute target fund with the launch of an absolute UK dynamic fund.
Chancellor Alistair Darling is reportedly planning to strengthen the role of the FSA on financial stability which he has set out in a banking white paper due out shortly.
Skandia global best ideas celebrated its three-year anniversary earlier this month, having marginally outperformed the sector average.
The Chartered Insurance Institute has unveiled tighter guidelines for its corporate financial planners scheme.
The Council of Mortgage Lenders has reduced its forecast for repossessions this year by 13 per cent from 75,000 to 65,000.
What is China up to? Earlier this year, they were bidding up for raw materials. Now it seems they have switched off buying orders and have even turned sellers in some cases - like copper. China is by far the biggest importer and consumer of copper, so rumours the state reserve board is prepared to sell up to 250,000 tonnes of the metal to bring the price back should not be ignored. But it does not mean the rally in commodity prices is over.
The corporate bond sector has continued to be the most popular UK domiciled net retail sector, according to the latest figures from the Investment Management Association.
Ernst & Young claims the FSA has "grossly underestimated" the costs to the industry of shifting to an adviser charging model in its Retail Distribution Review consultation paper, published yesterday.
Old Mutual Asset Managers head of fixed interest Stewart Cowley has taken over as manager of the group’s global strategic bond and dynamic bond funds.
Derivatives are expected to face tougher regulation under new plans expected from the Treasury this week, according to reports.
I have despaired over recent weeks as the Council of Mortgage Lenders, the FSA, then the Intermediary Mortgage Lenders Association and the National Housing Federation all put the boot into the mortgage intermediary market.
Yesterday’s RDR consultation paper has much to commend it and the review now has the potential to be a positive force for IFAs and consumers.
Employers are saving up to £4.53bn a year in pension contributions as millions of employees are withdrawn from final salary pension schemes, according to MGM Advantage.
Eighteen equity release advisers have come together to create the Independent Equity Release Adviser Alliance.
Safe Homes Income Plans has predicted that the impending crisis in elderly care funding will force equity release into the mainstream.
Two former policemen are among fraudsters sentenced to jail for a 6.1m Ponzi scam after a Serious Fraud Office and Cheshire Police investigation.
Brewin Dolphin divisional director Stephen Ford has raised concerns about the ability of absolute return funds to meet client expectations.
This week Bank of England governor Mervyn King stoked the increasingly public spat with the Treasury after agreeing that the communication channels between the Tripartite are a mess.
Fitch has downgraded several more building societies’ debt ratings as well as some of their individual ratings.
High-earning pension savers will lose their contribution history and could be hit with a 20 per cent tax charge if they transfer to another pension provider over the next two years.
The regulator has referred four firms to enforcement for mishandling mortgage arrears.
The FSA's annual report has revealed that chief executive Hector Sants has declined a £130,000 bonus and that financial penalties have skyrocketed 520 per cent from £4m to £27m over the past financial year.
The FSA has banned the compliance director of former mortgage packager Chase UK for failing to adequately supervise the firm, leaving it open to fraudulent applications.
The FSA is in talks with other regulators including the Serious Fraud Office regarding £103m in missing assets and a number of tax irregularities in some of Keydata’s products.
The Financial Services Authority needs to treat those it regulates fairly and equally if it is to gain and retain the trust and co-operation of regulated firms. It needs that trust and co-operation for it to do its job effectively. But in at least two important areas, the FSA has acted or is proposing to act unfairly to IFAs - namely in relation to the no long-stop rule and the new professional qualifications for IFAs.
The FSA has extended its review of the open market option from personal and stakeholder pensions to Sipps.
Business secretary Lord Mandelson is today expected to confirm that financial regulation will remain with the FSA rather than transferring to the Bank of England.
The FSA’s new definition of independence could pose problems for investment-led IFAs due to their investment process, warns independent wealth consultancy No Monkey Business.
The FTSE opened higher at 4,238 today but lacked conviction from investors ahead of this afternoon's meeting with members of the UK monetary policy committee who are due to testify on the inflation report.
The Investment Management Association has won its appeal for Isa managers to have the choice of whether or not to offer the £3,000 increase in allowance for the over-50s.
Gartmore has appointed Luke Newman as portfolio manager to its UK team.
Liontrust Asset Management has appointed GAM investment director Ross Hollyman as global equity fund manager.
From the lead-up to and aftermath of the recent G20 meetings, it is clear the developed world is seeking to ensure as many International Financial Centres as possible sign up to a broad range of commitments, largely embodied in the OECD standards on transparency and the exchange and provision of tax information.
Godiva MortgagesBuy-To-Let 5.4% Five Year Fixed
The Government is to create a UK innovation investment fund to invest in technology-based businesses with high growth potential.
The number of struggling homeowners helped by the Government’s Mortgage Rescue Scheme was only six from January to May this year, figures revealed today.
Specialist UK infrastructure advisers Gravis Capital Partners has established a fund for experienced and high-net-worth investors that invests in the Government’s private finance initiative projects such as hospitals and schools.
Much of the recent press coverage marking ethical investing focuses on the 25th anniversary of the launch of the F&C Stewardship growth fund.
Hargreaves Lansdown says it will have to consider whether to maintain its independent tag as a result of the FSA's retail distribution review draft proposals.
Having just received a voting package from Nationwide, and considering the current talk about MPs' final-salary pensions, I thought I should ask Nationwide what type of pension scheme they have, particularly for the chief executive Graham Beale.
HM Revenue & Customs has launched a consultation paper into a code of practice on tax for banks.
Is it up, up and away for the housing market at last? It may be a tad early to get carried away right now but there are certainly reasons to be cheerful. House prices rose 2.6 per cent in May, according to the Halifax, and there is mounting evidence of improving sentiment on the economy and an increasing expectation that growth will return at some point this year.
Government figures reveal the number of homes purchased under HomeBuy initiatives fell by more than 1,150 per cent between March and April this year as funding for the MyChoice HomeBuy scheme dries up.
HSBC Global Asset Management is looking at launching a retail fund of hedge funds.
Blue Sky Asset Management has brought out a structured product that provides income of 4.5 per cent every six months during a five year term, depending on the performance of the FSTE 100 index.
GBST, the parent company of platform technology provider Infocomp, has suspended trading of its shares on the Australian stock exchange ahead of a planned £7.3m rights issue.
GBST, the parent company of platform technology provider Infocomp, has successfully raised £2.1m in new capital.
IntelliFlo has released its new integrated web-based mortgage sourcing system within its front, middle and back office solution, Intelligent Office.
Investec Asset Management has hired a credit hedge fund manager to co-head its fixed income team and run a global long/short fund for the group.
The Isle of Man is moving to automatic exchange of information to align itself with EU rules on bank account secrecy by 2011.
Jubilee Financial ProductsFixed Returns Plan Issue Three
Jubilee Financial ProductsMonthly Income Plan Issue One
Jubilee Financial ProductsMonthly Income Plan Issue One
Just Retirement has confirmed that it is in talks with a bidder interested in taking a majority stake in the company which would value the firm at £226m.
Keydata says it is an "innocent victim" after administrator PwC said that over £100m of assets from some of the plans appear to be missing.
Bank of England governor Mervyn King has called for the creation of new, small banks to aid the funding of small businesses and individual borrowers.
Bank of England governor Mervyn King has called for banks to write their own "wills" to allow the authorities to implement an orderly wind down of business in the event of a future collapse.
London & Colonial is working on the launch of Qrops in Gibraltar and Ireland.
Scrapping Budget proposals on higher-rate pension tax relief in favour of limiting the annual contribution allowance to £50,000 would generate the same amount of revenue, says Legal & General.
Insurer Legal & General is in talks with unions to make 200 further job cuts within its UK risk division.
Highclere Financial Services partner Alan Lakey has taken over as chairman of the IFA Defence Union from founder and former chairman Evan Owen.
Kinder Institute of Financial Planning founder George Kinder has warned that the integrity of life planning firms will be questioned unless a model is devised to service middle-income clients.
Lloyds Banking Group has announced an invitation to exchange three of Clerical Medical's subordinated tier two bonds for new Lloyds TSB Bank senior bonds.
Lloyds Banking Group has announced it is to cut a further 2,100 jobs over the next three years.
Lloyds Banking Group is cutting 240 offshore finance jobs across Jersey, the Isle of Man and Guernsey by the end of 2011.
The Bank of England has revealed that total worldwide losses from the financial crisis have been reduced by a third to £10 trillion.
LV= Asset Management has announced the appointment of Dan Ford as product manager.
Bernard Madoff has been sentenced to a maximum of 150 years in prison after for committing a £40bn fraud.
Imagine a man in his late 20s, married, with three children. He works hard to support his family, keeping a roof over their heads, food in their bellies, clothes on their backs while maintaining some standard of living. He is a salesman in a travel firm, with a basic salary of £12,000 but with commission he can earn around £24,000.
Hedge fund manager Man Group has appointed Ruud Hendriks and Frédéric Jolly as non-executive directors, effective from August 1.
Meteor Asset ManagementPrima Growth Plan 16
The MFS International global energy fund invests in equities of energy companies across the market cap spectrum.
MFS International UKMFS Meridian Global Energy Fund
Midas Capital has announced the completion of the restructuring of its debt.
Business tycoon Sir Keith Mills has initiated legal action against Coutts & Co over advice that led him to invest £65m of his savings in AIG Life premier bonds.
Ministers last night were forced to backtrack on plans to raise taxpayers' contributions to MPs' pensions following pressure from the Liberal Democrats.
Money Marketing has launched a twitter site to enhance our online offering.
Honister Capital has confirmed that Money Portal’s debts were in the region of £55m when it entered administration.
Moody’s ratings agency has revealed that it has put 27 sub-prime residential mortgage backed securities on possible downgrade review.
Fund of hedge funds manager Moonraker Fund Management says it looks at different ways to play investment themes rather than following the herd of institutional investors.
Morgan StanleyFTSE Defensive Gilt-Backed Growth Plan 3
Mortgage approvals were up in May, according to the Bank of England’s latest figures.
Gross mortgage lending was down by 2 per cent in May at £10.3bn from the previous month and by 58 per cent year on year, according to Council of Mortgage Lenders' figures.
The National Association of Pension Funds has written to MPs to urge them to rethink the pension tax changes announced in the Budget, saying they will have a negative impact on pension savings.
Pension experts have marvelled at the extremely generous pension of Nationwide chief executive Graham Beale which is based on 1/30th accruals.
NDFA has brought out the fixed growth deposit plan, a six-year FTSE 100 linked structured product that aims for growth.
Doing a spot of judging a few months back for the HeadlineMoney Awards - and of course I would not dare break the organiser's ruthlessly enforced code of silence as to the particular category - I came across the heart-rending story of a journalist who had lost money investing in the stockmarket.
Northern Rock has revealed how it will be split between two mortgage banks in the second half of the year.
Amid all the furore over MPs' expenses it occurred to me that a far greater financial scandal has been overlooked.
Barclays Wealth says Novia’s move to include structured products on its platform is a significant step towards securing greater access across the platform market.
Novia is providing the investment platform for a new overseas pension trust.
IFA-owned wrap Nucleus is launching a rights issue in a bid to repay more than £3m in debts owed to South African insurer and shareholder Sanlam.
The OECD believes the world economy is near the bottom of the recession but has warned that any recovery is likely to be "weak and fragile".
The FSA is publishing its retail distribution review consultation paper this week.
JPMorgan Asset ManagementJPM Strategic Bond Fund
Openwork has appointed Martin Davis as non-executive chairman.
The Financial Services Consumer Panel has called for the FSA to publish information on firms' performance and take over regulation of consumer credit from the Office of Fair Trading.
Axa Life chief executive Paul Evans is not a fan of business as usual simply because that is the way things have always been done. "I like the idea of change, of how I can help things to change. I get bored of business as usual."
Paymentshield has appointed Tim Johnson as its new chief executive.
Hugh Osmond's Pearl Group has been sold to Dutch acquisition vehicle Liberty International.
A mob of pensioners in Germany are alleged to have kidnapped and tortured their financial adviser after losing £2m of their retirement savings.
The introduction of pension personal accounts will drive demand for online access to financial products, according to the Tax Incentivised Savings Association.
Perception Support chief executive Phil Billingham is joining Threesixty along with his firm's client base.
IN Partnership is to launch a wealth management arm in September headed by ex-Thinc investment director Mark Pittaccio.
Years ago, we had a set of coasters in our home decorated with sage statements along the lines of "A fool and his money are soon parted." This is probably the element of the phrase that most people remember but when you flipped the coasters over, they gave you the balance of the phrase which in this case was "How did they get together in the first place?". Without its contradictory segment, it loses its meaning and purpose.
Polar Capital Partners began just after the technology bubble burst in January 2001, set up by two of the sector's most respected investors.
Money Portal subsidiaries Burns Anderson, Sage Financial Services and Willis Owen have been sold off to Honister Capital after TMP was placed into administration due to excessive levels of debt.
Prime Minister Gordon Brown has said today that the FSA will retain its powers to oversee the financial system rather than transferring them to the Bank of England.
Ethical funds have always inspired debate in the financial industry, with opinion divided or whether they can stand up on investment as well as moral terms.
The FSA has asked members of the new consumer protection campaign chaired by Tom Baigrie to help it rewrite the protection pages of its Money Made Clear website.
Zurich considers direct-to-consumer platforms will not succeed and will cause conflict with the IFA sector.
The true cost of public sector pensions has been estimated at £1.2trn or 85 per cent of Britain's GDP.
Advisers have hit out at administrator PricewaterhouseCoopers for its lack of communication over income payments on Keydata plans.
Administrator PricewaterhouseCoopers has said that a sale of Keydata’s business in its entirety will now not be possible.
PriceWaterhouseCooper head of valuations Peter Clokey has been chosen to spearhead the investor compensation scheme for Bradford & Bingley shareholders.
The FSA has admitted a "small number of individual problems" after a leaked internal report identified a racist culture at the regulator.
The Association of British Insurers has raised concerns that those offering simplified advice will have to obtain the same minimum qualifications as those offering full independent advice.
The RDR consultation paper has proposed an end to commission-based advice and has set out rules by which all levels of advisers, except basic advice, decide their own fee-based remuneration through Adviser Charging.
Aifa director general Chris Cummings is disappointed the basic adviser category is exempt from QCF level 4 qualifications and is not required to adhere to the FSA's adviser charging rules.
The Association of Independent Financial Advisers has welcomed the RDR proposals as a means for IFAs to prove their worth to the financial sector.
Firms offering basic advice will not have to meet the same professional standards as independent financial advisers, although simplified advice processes will have to meet QCF level 4 qualifications, according to the FSA.
Directly authorised firms appear to be "highly engaged" with the retail distribution review according to a research paper for the FSA.
The latest consultation paper for the retail distribution review has confirmed that all advisers are to be trained to QCA Level 4 by the end of 2012, except those operating under basic advice.
The FSA estimates that incremental compliance costs relating to the implementation of the retail distribution review will be £430m as a one-off cost and £40m a year.
The FSA’s RDR consultation paper puts forward a possible draft code of ethics for advisers.
The FSA is to consult the industry on how to apply adviser charging in the corporate pensions market when a group personal pension is sold without advice.
The FSA is to undertake a supervisory review and consideration of platforms and their charging structures.
The FSA has warned it will come down hard on adviser and provider firms that attempt to "frustrate" its aim to quash commission-bias.
The Investment Management Association says the FSA’s proposals for fund managers are not proportionate.
Implementation of the retail distribution review changes will cost large fee-based firms more in one-off expenses than equivalent sized commission-based firms.
Today's retail distribution review consultation paper has put forward a new definition of independence.
The FSA has announced that it will review possible changes to regulation of the pure protection markets.
Providers support the FSA’s decision to allow advisers who offer distributor influenced funds to remain ‘independent’ as long as they do not restrict their advice to these funds.
FSA director of retail policy & conduct risk Dan Waters has disputed claims that the Retail Distribution Review will decimate adviser numbers, adding that some estimates are "way, way too high".
The FSA has claimed there was not enough evidence put forward to show that the benefits of operating a long-stop would outweigh the detriment to consumers.
The financial advice industry will be split into independent advice, restricted advice and non-advised sales as part of the retail distribution review.
The financial services industry will be split into independent advice, restricted advice and non-advised sales as part of the retail distribution review.
As investor risk appetite has started to return, so too has interest in "riskier" investments such as emerging equity markets and smaller companies.
Risk and cyclically sensitive assets such as equities, credit and commodities have enjoyed a recovery during the second quarter of this year as fears of systemic failure in the financial system are replaced by hopes that the global recession is coming to an end.
PIMS has been and gone and the world has been put to rights. The market now awaits the findings of the FSA with the retail distribution implementation plan consultation paper.
The allegations of racism at the FSA are extremely serious and must be fully explained by the regulator.
It was almost a year ago that I featured the Old Mutual corporate bond fund in this column. I thought I would revisit it as performance since then has been uninspiring to say the least.
Schroders has introduced a global currency fund for retail investors looking for higher yields than cash deposits and government bonds.
Sesame says it has entered into discussions with Skandia about acquiring Bankhall and PMS.
The Serious Fraud Office has obtained a restraining order on $100m (£60.2m) of assets believed to be held in London financial institutions in relation to the criminal investigation of Allen Stanford.
BlackRock’s Mark Lyttleton says making shorts is tricky in the current environment due to market optimism which is heralding the arrival of a new bull market.
Sinfonia Asset Management has announced the appointment of Paul Kim as fund manager of the firm’s Oeic portfolios.
Self invested personal pensions are continuing to come under FSA scrutiny with Money Marketing uncovering two FSA Sipp probes in recent weeks.
Skandia International has expanded its business with the launch of a new Singapore version of its international investment solution.
Pictet FundsPF (Lux) Agriculture Fund
With the first formal Bric summit ending last week, these nations are beginning to flex their financial muscle and are showing significant potential for growth despite the economic downturn.
Bonds continue to dominate sales even as equity markets move ahead and opportunities in fixed interest look less obvious. Spreads over Government debt have narrowed in recent weeks, lessening the blatant investment opportunity managers have been talking of for months. Considering the recent rally, is the story and opportunity in corporate bonds now over? Strategic bond managers certainly do not think so but while they are still favouring the investment end of the market, many are branching ...
Former Keydata consultant Adrian Neave is to join Arbuthnot Banking Group to head its new structured products distribution business.
Over two-thirds of private client investment managers and stockbrokers believe there will be a further rally in UK equities within a year, according to a survey by Apcims and ComRes.
Recent announcements from Barclays, BP, British Airways and Royal Mail about the future, or possible future, of their pension schemes highlight the dramatic changes sweeping through the UK pension system.
The banking system has a long way to go before any signs of real recovery are seen, according to Bank of England governor Sir Mervyn King.
I am trying to do the best thing for my employees who have a wide range of ages and salary levels. Can you tell me the pros and cons of introducing a salary sacrifice scheme?
Lincoln National and The Hartford have become the first life insurers to take public funds under the US government's troubled asset relief programme.
The TEP Exchange has been temporarily suspended from trading on the AIM market.
Thames River’s multi-manager team has won three institutional mandates worth £30m.
Last week, former BM Solutions managing director Michael Bolton claimed up to 80 per cent of HBOS loans were approved without full proof of income before the credit crunch.
The Adam Smith Institute has slammed the FSA's response to the financial crisis, saying the regulator's inability to recognise the extent of its own failings compromises its ability to improve regulation.
The Tories have pledged to ramp up the pressure on the Government to change the Budget's anti-forestalling measures as part of the higher-rate tax relief pension changes.
Towers Perrin and Watson Wyatt are to merge to create the world's largest employee-benefits consultancy.
Grant Thornton has warned that the FSA is taking a tough line on pension transfer business, with firms having to prove their advice is "positively suitable", rather than just not unsuitable.
The Treasury has defended its response to the collapse of the Icelandic banking system last year, saying it was right to take urgent action to protect financial stability in the UK.
The Treasury spent £22m on legal services relating to financial stability in 2008-09 according to research by the Liberal Democrats.
WHEB Asset Management has set up a sustainability fund focusing on water, climate change and demographics. Managed by Clare Brook and Nicola Donnelly, the fund will invest globally.
FSA chairman Lord Turner has warned MPs that the authorities could fail to be radical enough in overhauling the financial regulatory and supervisory system.
The FSA says significant constraints on leverage proposed in the Ucits III directive are not appropriate for hedge funds.
The Government has welcomed Jersey’s signing of its fourteenth tax information exchange agreement.
What does the withdrawal of the IF, Bank of Scotland and Astra brands from intermediated distribution mean for the mortgage broking market?
Swip’s multi-manager team believes that holding passive investment funds in its portfolios can provide investors with value for money.
Vanguard has made its first move into the UK market with the launch of 11 index trackers.
In his speech at the Association of British Insurers 2009 conference earlier this month, the FSA's Lord Turner said he saw no need for the regulatory revolution in the banking industry to be extended across other sectors of the financial services. However, I believe we must embrace a revolutionary mindset if we are to tackle the long-standing structural issues he acknowledged as characterising our industry.
We have a totally unfair and inadequate system of regulation which allows the FSA to ride roughshod over what was, before its actions, a perfectly sound financial company, which is now the subject of a bidding war to gain control of its clients, much to the disgust of IFAs all over the country.
As under-pensioned Britons come to realise just how expensive buying an annuity income actually is, we are going to see a trend towards even middle-class people making the most of what the state has to offer. For many cohabitees at or approaching retirement, this could lead to a walk down the aisle or a short trip to the registry office at least.
Wheb Asset ManagementIM Wheb Sustainability Fund
Consumer group Which? says that structured products are confusing and complex and says they provide contradictory information in their product literature.
Pensions providers are taking up to 10 weeks to transfer retired people’s funds over to their chosen annuity provider, according to new research by The Annuity Clearing House.