25 June 2008
Only 13 per cent of firms assessed by the FSA met the March treating customers fairly deadline, which required them to have management information in place to test their TCF systems.
The Association of British Insurers has published gender data tables to allow insurers to continue taking gender into account when pricing insurance policies.
The Association of British Insurers has warned there are “breaches of sound governance” in the proposals for Bradford & Bingley's rights issue and sale of a major stake to Texas Pacific Group.
Accord Mortgages is to stop paying procuration fees to brokers for existing credit repair customers that have not improved to prime status by the time they remortgage.
Panellists' preference for American over British equities was most noticeable in the Balanced index, during the May Adviser Fund Index rebalancing.
Alliance Trust Asset Management has announced the appointment of Benedict Lawson as director of business development.
The Association of Mortgage Intermediaries says mortgage brokers must be careful of conflicts of interest when selling investment products.
The Association of Private Client Investment Managers and Stockbrokers has warned the French Government against pushing for a single European regulator.
Arc Capital & IncomeStepped Kick-Out Plan 5
Fidelity International Asia CIO Kathryn Matthews believes growth in the region will stay remain strong despite an economic slowdown.
Axa has revealed it is developing unbundled pricing, a pensions wrapper and securities trading on its Elevate platform.
Bradford & Bingley says it denied Resolution access to its books because its bid appeared to be an attempt to take control of the bank.
Barclays has unveiled a £4.5bn share issue including nearly £2bn of new investment from Qatar’s sovereign wealth fund.
Barclays WealthEmerging Markets Optimiser
An IFA couple who lost a landmark ruling on Financial Ombudsman Service fees in the Court of Appeal this month are to take their case to the House of Lords.
Charles Bean has been appointed deputy governor of the Bank of England for monetary stability.
Multi-asset is one of the new buzz words in the industry. Is it another marketing wheeze or do the funds represent a real solution to replace with-profits funds in client portfolios?
The wealth management arm of Irish stockbroking firm Bloxham has teamed up with the Way Group’s Elite Fund Administration to offer a global equity income fund to the UK IFA market.
Bloxham WealthElite Bloxham Global Equity Income Fund
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Cofunds Institutional has been appointed administrator for the investment funds held in C Hoare & Co’s client portfolios.
Cheltenham & Gloucester has appointed Jon Farley as its new intermediary sales director.
Multi-manager City Financial has upgraded its website to handle increasing IFA interest following the acquisition of two funds of funds from Neptune last October.
The Chancellor has put forward proposals for an increase in the compensation limit for savers with money in a failed bank from £35,000 to £50,000.
Ex-FSA retail markets managing director Clive Briault received £528,952 in compensation for loss of office after he stepped down from his role following the Northern Rock debacle.
The Council of Mortgage Lenders has rebuffed the chancellor’s criticisms of high mortgage arrangement fees.
Cofunds has confirmed that Skandia's Brett Williams is to join as chief executive officer by the end of the year.
New Star chief economist Simon Ward says UK interbank data is pointing to a disappointing impact from the Bank of England’s Special Liquidity Scheme.
The Department for Work and Pensions has confirmed that protected rights funds will be eligible to be invested in Sipps from October.
Investment boutique Integrity fund Managers has established what it believes is the first European income fund of funds available to the UK market.
Profitability in the UK financial services industry has declined at a record pace and business volumes have fallen at the fastest rate in 17 years, according to PricewaterhouseCoopers.
Franklin TempletonTempleton Strategic Bond Fund
Fraud cost UK businesses over £705m in the last six months, up 74 per cent from the same time last year, according to BDO Stoy Hayward.
Friends Provident is to continue with the notice period on property fund redemptions despite clearing the queue of those waiting to leave.
The FSA has obtained a bankruptcy order against two unauthorised UK-based companies that helped boiler rooms sell £3.7m in illegal shares to investors.
The FSA has fined IT technician John Shevlin £85,000 for market abuse, after he traded in The Body Shop International shares off the back of inside information.
Nearly half of investment fund managers refuse to reveal their AGM voting according to the TUC sixth annual survey.
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Only 51 per cent of Britons who could be preparing financially for retirement are saving adequately, according to the Scottish Widows Pensions Report.
House prices fell by 0.9 per cent in June, taking prices 6.3 per cent lower than the same time last year, according to Nationwide's house price survey.
HSBC has increased the arrangement fees for its rate matcher mortgage deals by more than 50 per cent.
The pension savings gap presents a huge opportunity for IFAs to re-educate consumers on how much they need to save for retirement, says former Tory minister Michael Portillo.
It seems investors should be readying themselves for a “backs against the wall job” after Bank of England governor Mervyn King wrote his second letter in just over a year to Chancellor Alistair Darling.
Some insurers have been disgruntled with their trade body lately but I would expect the majority to be singing its praises this week, or at least be mildly impressed.
Integrity Fund ManagersElite Integrity European Income Fund
Intelligent Pensions has warned the Financial Services Authority needs to keep a close eye on how third way products are being recommended.
Investec Asset ManagementEnhanced Natural Resources Fund
Investec Asset ManagementAfrica & Middle East Fund
UK investors are potentially missing out on economic growth because they have not allocated enough of their assets to emerging markets, says Fidelity International.
John Charcol has confirmed that chief executive Ian Kennedy has left the firm, as the mortgage broker announces 69 job cuts.
Consumers are in for a nightmare ride this year before interest rates settle down in 2009, says M&G Investments head of fixed income Jim Leaviss.
Legg Mason InvestmentsBatterymarch Emerging Markets Equity Fund
Matrix GroupConservative Approach Strategy Closed End
Matrix Group has established a closed ended version of its conservative approach strategy fund of hedge funds.
Consumer advocate Mick McAteer is challenging the industry to join with third-sector organisations to develop alternative solutions to support elderly people who are not commercially viable for mainstream providers.
MGM Advantage, the recently re-branded retirement income specialist is expanding its designs for retirement team.
The new chairman of the Association of Medical Insurance Intermediaries is aiming to create alliances to present a united front in a bid o set the agenda and formulate policy.
Mortgage approvals continued to slow in May with a fall of 28 per cent from the previous month.
NDFAAccelerated Growth Plan June 08
I am sure you do not need me to tell you that the UK equity market is having a tough time at the moment.
Old Broad Street Research has suspended the ratings of the Invesco Perpetual UK growth and UK aggressive funds following the announcement that fund manager Ed Burke is to retire.
OPM Fund Management has added a long and short European property fund to its multi-manager property portfolio to generate returns from this part of the market in difficult conditions.
Paradigm has signed 117 ex-Bankhall IFA firms in the last 12 months, according to partner Tony Murrell, but these figures are disputed by Bankhall.
Premier Asset ManagementUK Growth Plan - Limited Editions No 39
Prestbury has suspended trading on Aim as it is late publishing its annual results.
Prudential has decided not to proceed with the reattribution of its £8.7bn inherited estate.
RBS Intermediary PartnersRBS Five-Year Fixed
Last week, Bank of England governor Mervyn King wrote his second letter in just over a year to Chancellor Alistair Darling after inflation broke through the 3 per cent barrier. King cited the rising prices of food and energy for the increase and warned that troubled times lie ahead.
Resolution’s request to access Bradford & Bingley’s books has been given the backing of the UK Shareholders Association and 40 per cent of the bank’s institutional shareholders, the firm claims.
Resolution has revealed that Bradford & Bingley has denied it access to its books to conduct due diligence.
Resolution has pulled out of its proposals to acquire a stake in Bradford & Bingley due to the "entrenched" position of the board.
Resolution is understood to have made renewed efforts to convince the Bradford & Bingley board to back its bid.
Asset manager RWC Partners is appointing Carmel Peters and Kirsty McLaren to launch its new Asian fund.
Standard & Poor’s has downgraded Friends Provident citing concerns over its concentration in difficult market sectors.
Skandia Investment ManagementAlternative Investments Fund
Skandia is adding the Fulcrum alternative beta plus fund as an underlying asset to its spectrum funds.
Skandia is axing the Selestia brand and developing its platform into a full wealth management wrap under the name Skandia Investment Solutions.
Skandia has introduced a fund of funds that invests entirely in a range of alternative asset classes.
Standard Life International is appointing Colm Fagan as a non-executive director to its board from 16 June 2008.
Zurich business development director Tony Solomon believes that supermarkets could play a greater role in getting financial services products to lower-net-worth individuals.
Sovereign Will and Probate Services will be offering Wills at half price for the month of July.
For many married couples and civil partners, the inheritance tax reforms announced by the Chancellor in the pre-Budget report and included in the Finance Bill 2008 might suggest a return to much simpler estate planning.
Old Broad Street Research has awarded A ratings to the Swip multi-manager diversity and multi-manager select boutiques funds. Both funds are run by Mark Harries and Simon Wood. OBSR is withdrawing the A rating of the Insight Investment UK dynamic managed fund.
Axa Group chief executive Henri de Castries has hit out at the UK Government for creating huge instability in the tax system which he believes is scaring off foreign investment in financial services.
With businesses becoming ever more demand-ing in terms of flexibility to cope with an increasingly competitive market, many employers have looked to agencies to supply them with workers to cover periods of absence, short-term projects or for any other reason where flexibility is needed.
The Templeton global total return bond fund is one of two bond funds recently launched by Franklin Templeton Investments.
New Star chief economist Simon Ward says Northern Rock's eagerness to repay its £26.9bn Bank of England loan is exacerbating the mortgage market squeeze.
The FSA has given us plenty of food for thought today as it released both its Annual Report and its TCF update.
The Mortgage Business managing director Nigel Payne has had his role extended to managing director of BM Solutions.
Unbiased.co.uk has built a white label service for corporate pension scheme members to find suitable IFAs to do business with.
Polar Capital Holdings has appointed Karim Vellani as chief risk officer. He joins from Credit Suisse where he was head of risk management for the global property trading business.
Whitechurch is offering gross commission payments to new network members for the first three months.
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