Money Marketing
25 November 2010

  • ABI fears it could be powerless to fight gender edict

    25 November 2010

    The Association of British Insurers has admitted it could be powerless to oppose gender equalisation if the European Court of Justice rules that underwriting on the grounds of sex should be banned.

  • ABI will keep TPD name

    25 Nov 2010

    The Association of British Insurers has agreed to keep the term “total permanent disability” ahead of the publication of its updated statement of best practice for critical-illness cover, due early next year.

  • ABI: 'No chance of winning RDR fight'

    25 Nov 2010

    Trade body says the House of Commons’ debate on the RDR is a “desperate last attempt” by IFAs to fight the reforms, which has “no chance” of succeeding.

  • Adviser slams HIV cover rates

    25 Nov 2010

    Medical financial advice specialist Unusual Risks has accused life insurance providers of failing to properly consider business from HIV sufferers.

  • Advisers unlikely to win big RDR concessions

    25 Nov 2010

    Nic Cicutti says advisers hoping that Neil Liversidge will live up to his manifesto commitments will be disappointed.

  • AWD looks for buys after 'phenomenal' turn-round

    26 Nov 2010

  • AWD rules out restricted advice and looks to buy

    25 Nov 2010

    Chief exec says national will target small IFA businesses.

  • Bank risk could be pushed on public

    25 November 2010

    MPs were told by FSA chief executive Hector Sants there is a danger of risk being pushed out of the banking system and on to consumers.

  • Brokers will beat direct for boosting share

    25 November 2010

    Barclays intermediary sales director David Finlay says brokers will help lenders increase their share of the mortgage market in the future rather than lenders own direct-to-consumer efforts.

  • Cap-ad scrutiny to continue

    25 November 2010

    The FSA is to carry out supervisory reviews of all platforms to ensure they meet its capital adequacy requirements.

  • 'Central banks have no way of spotting bubbles'

    25 November 2010

    Central banks have no accurate way to spot an asset price boom, says Bank of England monetary policy committee external member Adam Posen.

  • Checks and balances

    25 November 2010

    Our panel welcome the introduction of income-checking of potential borrowers by HM Revenue & Customs but are wary of the practicality of such a system, plus: views on proposals from the regulator in the mortgage market review for cutting paperwork and concerns over where the buck stops on affordability

  • Concern CPMA will lack independent appeal process

    25 Nov 2010

    Concerns are growing that the new Consumer Protection and Markets Authority will not have an independent appeals committee.

  • Direct effect

    26 Nov 2010

    The industry debates whether the latest MMR proposals will lead to more brokers adopting a fee-charging model for direct deals. Paul Thomas reports

  • Execution-only firms say fees will go higher

    25 November 2010

    Execution-only platforms say the FSA’s platform consultation paper will fail to reduce fund fees and might even lead to prices rising.

  • FPC needs to have public interest aim

    25 November 2010

    The Financial Policy Committee should have a public interest objective in addition to its primary function of ensuring financial stability to make sure that consumers are considered, says the Financial Services Consumer Panel.

  • FSA checks firms on conflicts of interest over platform stakes

    25 November 2010

    The FSA is scrutinising how firms manage conflicts of interest where they own a stake in the platform they use.

  • FSA considers losing fifth of advisers is acceptable

    25 November 2010

    The FSA believes that losing up to 20 per cent of IFAs is an acceptable cost to deliver the specific improvements brought in by the retail distribution review.

  • 'FSA never wanted to ban interest-only'

    25 November 2010

    FSA director of conduct policy Sheila Nicoll says it is not the regulator’s intention to ban interest-only mortgages.

  • FSA retreats on plans for bundled platform charges

    25 November 2010

    The FSA has shied away from introducing a ban on rebates between fund managers and platforms and instead is calling for “improved disclosure” of the payments.

  • Gap of the gods

    26 Nov 2010

    New Model Business Academy head of business Lee Travis says he does not believe that advisers are against gap-filling to plug any holes in their knowledge but they need clarity on what exactly they need to do to ensure they are RDR-ready

  • Hey, big spender

    25 November 2010

    Over the next 20 years, the World Bank estimates the middle class will expand to 800 million people globally. As part of this expanding middle, there is an increasing number of younger consumers with more disposable income and a greater propensity to spend.

  • Hopes rise for euro stability after Ireland takes bailout

    25 November 2010

    Ireland has ceded to pressure to accept a bailout of up to £77bn from the European Union and the International Monetary Fund.

  • HSBC is aiming for IFAs with retirement service

    25 November 2010

    HSBC has launched its workplace retirement services proposition and is setting a target to become a leading player in the UK group pension market in the next five years.

  • IFAs say Click shake-up shows value of advice

    25 Nov 2010

    IFAs say the business model restructure and job losses at non-advised protection firm Click highlight the value of personal, face-to-face protection advice.

  • Inglorious chairman

    26 Nov 2010

    Chairing IFA roadshows and other investment events is no walk in the park. Oh sure, I know I make it look effortless but behind my carefully composed expression of intelligent scepticism and benign authority, my mind is constantly awhirl with intricate calculations as I labour to enhance the audience experience or whatever.

  • Innovation is being shunned by lenders

    25 November 2010

    Countrywide chief executive officer Grenville Turner says lenders are “running scared” of innovation.

  • It takes two to contango

    25 November 2010

    Gregor Watt reports the ETF market covers some esoteric areas and advisers are wary of products that are difficult to understand

  • Jon Maguire leaves Voila Asset Marketing

    25 Nov 2010

    Cru founder leaves firm soon after joining.

  • Key benefits for brokers

    26 Nov 2010

    Ray Boulger says the FSA has made healthy changes to key features to benefit brokers.

  • Labour says Webb has no proof for CPI switch claim

    25 November 2010

    Reeves: ’Cost-saving meassure’

  • 'Let advisers act as proxy to vote for investors'

    26 Nov 2010

    Fidelity is calling on the FSA to give advisers powers to act as a proxy for voting rights on corporate actions on behalf of their clients.

  • Life offices make bulk claims on KSF

    25 Nov 2010

    Skandia and Clerical Medical among those making bulk claims on behalf of bondholders.

  • Lifesearch renews IP premiums push

    29 Nov 2010

    Lifesearch has renewed its campaign to encourage insurers to offer premium reductions on income protection policies where major exclusions are added.

  • Liversidge wants RDR extended by three years

    25 November 2010

    West Riding Personal Finance Solutions managing director Neil Liversidge will campaign for a three-year extension to the RDR deadline during his tenure on the Aifa council.

  • Macquarie's wrap closure highlights IFAs' dilemma

    25 November 2010

    The closure of Macquarie’s wrap underscores the difficulty of getting a platform service right, says independent platform consultant Stan Kirk.

  • Method missing for disclosure process

    25 November 2010

    The FSA has produced cost estimates for its proposals to disclose payments to platforms from fund managers without a concrete proposal on how firms will disclose this information.

  • Mitigating circumstances

    25 November 2010

    Homeowners need to have insurance or they leave themselves exposed to interest rate risk

  • MM Leader: FSA gets it right on bundling but wrong on cash rebates

    25 Nov 2010

    A heavy lobbying campaign saw the FSA relent on it view that so-called bundled pricing should be banned.

  • MMR plans could see move to fees

    25 November 2010

    Nationwide Building Society head of intermediary sales Ian Andrew says if the recent proposals in the FSA’s distribution and disclosure consultation paper become rules, more intermediaries could adopt a fee-charging model.

  • Mortgage Centre IFA links with developer to set up loan deals

    25 November 2010

    Mortgage Centre IFA has entered into a partnership with property developers the Candy Brothers to offer short-term loans and developer finance.

  • Mortgage View

    26 Nov 2010

    It is looking like the market next year is not going to be smooth sailing. There is a potential perfect storm hitting lenders’ own capital and liquidity constraints, repayment of Government debt, regulation, Government austerity measures and house prices and we are not immune from global economic weather. It is these fundamental issues brewing that will keep the mortgage market in check.

  • Mott is on the defensive to avoid worst-case scenario

    25 November 2010

    PSigma income fund manager Bill Mott believes that the UK is facing three economic scenarios and that the best way to tackle them is by investing in defensive equities.

  • MPs are told banks are using account data to undermine IFAs

    25 November 2010

  • MPs set to debate impact of the RDR

    25 November 2010

    The House of Commons’ debate about the impact of the retail distribution review on financial advisers will be held on November 30.

  • MPs want repo aid after cut in support scheme

    26 Nov 2010

    MPs have called on the Government to work with lenders to stop people losing their homes after a cut in the income support for mortgage interest scheme.

  • Nationwide rate pledge costs £300m

    25 November 2010

    Nationwide has revealed that its pledge to cap its mortgage base rate 2 per cent above Bank of England bank rate has cost it £300m in the six months to September 30.

  • New lifetime allowance won't come in until 2012

    25 Nov 2010

    Treasury wants to give the industry time to work through the complexities of the change.

  • One platform OK for most clients

    25 November 2010

    The FSA has confirmed that IFAs can use a single platform to service “the majority” of their clients as long as it is in line with clients’ best interests and leads to suitable advice.

  • Pension industry rallies against £500bn EU edict

    25 Nov 2010

    Tom Selby on the implications of EU plans for new solvency requirements on occupational pension schemes.

  • Pink buy is impetus for push to the top

    26 Nov 2010

  • Political pressure grows over switch to CPI

    25 November 2010

    The Government is facing mounting pressure from MPs to reconsider its decision to switch pension indexation from the retail price index to the consumer price index.

  • Practical platform policy

    25 November 2010

    The long awaited platform consultation paper from the FSA is bound to spark intense industry debate.

  • Premier league

    29 Nov 2010

    HMRC looks likely to step up moves to limit the attractions of EFRBS and EBTs as alternatives to pensions

  • PSigma goes on the defensive

    26 Nov 2010

    PSigma IM chief investment officer Tom Becket says his team has been moving to a defensive stance due to market volatility.

  • Public sector pensions take centre stage

    25 November 2010

    Rebecca Atkinson assesses the heated debate over reform of public sector pensions, with a complete overhaul of the present system increasingly likely

  • Regulator kept clear focus on Europe

    25 Nov 2010

    The FSA has denied it lost focus on European regulatory changes that hit the UK financial services sector.

  • Return to securitisation boom ruled out

    24 Nov 2010

    FSA chairman Lord Turner says that most of the securitisation used to fund mortgage lending before the crisis will not return.

  • Royal London wants Nest trustees to probe investment strategy

    25 Nov 2010

    Royal London is urging the trustees of the national employment savings trust to scrutinise the scheme’s “questionable” investment approach.

  • Satellite system

    29 Nov 2010

    In a crowded multi-manager sector, OPM CIO Tony Yousefian cites the company’s direct UK equity exposure and technical market analysis as major differentiators. The firm’s process is built on a core/satellite approach, with the former fund holdings reflecting longer-term strategic views.

  • Securitisation to see rise but stay fragile

    25 November 2010

    Standard & Poor’s says there will be more securitisation notes issued in 2011 but warns the market will remain fragile.

  • Segars says auto-enrol contribution must top 8%

    25 November 2010

    National Association of Pension Funds chief executive Joanne Segars says the Government will have to raise automatic enrolment contributions above 8 per cent of salary to ensure people save enough for retirement.

  • Selling the sizzle

    30 Nov 2010

    Hi again IFAs, Last month, I wrote contrasting your struggles with mine as an International Flipping Adviser and the more I learn about the mess you are in the more I think you have got less chance of “lovin’ it” than getting a standing ovation in a morgue.

  • Sex and the annuity

    26 Nov 2010

    John Greenwood says the arguments for outlawing gender underwriting carry significant weight.

  • Societies could seek private equity deals

    26 Nov 2010

    Mortgageforce managing director Kevin Duffy says more building societies could look to emulate the deal between JC Flowers and Kent Reliance Building Society by entering into partnerships with private equity firms.

  • Stewart Cowley

    25 November 2010

    The head of fixed income at Old Mutual got into the financial sector after a drunken bet with a member of his jazz quartet and he started when the fund business was going with a swing but now he says he is poised for a jarring change in the note of the bond market, ’a great reversal’ which will see yields soar Interview by Cherry Reynard

  • Supermarkets move ahead with plans for unbundling

    25 November 2010

    Skandia, Fidelity FundsNetwork and Cofunds have all committed to launching an unbundled charging structure following the publication of the FSA’s platform consultation paper.

  • T Bailey to merge equity income into growth fund

    25 Nov 2010

    T Bailey is proposing to merge its £9m equity income fund into its £162m growth fund.

  • Templeton strengthens in UK with Rensburg buy

    25 November 2010

    Franklin Templeton Investments has bought Rensburg Fund Management for £45m from Investec.

  • The CII's view

    25 November 2010

    Confidence plays a large part in all aspects of the delivery of financial products. Consumers need to be satisfied their advisers and product suppliers are financially secure, while the regulator must ensure all of the stakeholders know that proper steps are being taken to control firms and deliver a strong and sustainable market.

  • The fast grow

    25 November 2010

    James Smith reports that in just 10 years exchange traded funds have hit the $1trillion mark and the sector is still expanding rapidly with product providers looking to widen their scope

  • The fine line between aspiration and reality

    26 Nov 2010

    There is good reason to be positive about FSA’s platform paper

  • The generation game

    25 November 2010

    Effective family financial planning allows investors to pass wealth on to children while leaving ample to live on

  • The knowledge barrier

    25 November 2010

    ETF education is needed to appeal to the mass market, reports James Smith

  • This is your life settlement

    25 November 2010

    Sven Kuhlbrodt, global sales director at PDL International, says the life settlement market is misunderstood by many and advisers should take a fresh look as the sector can offer investors significant advantages

  • Turner tells societies to stick to their knitting

    26 Nov 2010

    FSA chairman Lord Turner has told building societies to “stick to their knitting” and not extend beyond their core services.

  • Virtual reality

    25 November 2010

    Whether they like to hear it or not, the Financial Ombudsman Service is edging further and further away from being a balanced alternative dispute resolution service and ever closer to becoming a consumer champion.

  • Walsh set to take over as Wyles says be grateful worst is over

    25 November 2010

    Lloyds Banking Group managing director of mortgages Colin Walsh has been appointed new chairman of the Council of Mortgage Lenders.

  • Waters to leave FSA

    25 November 2010

    FSA director of conduct risk and asset management sector leader Dan Waters is leaving the regulator.

  • 'Where's the cost-benefit analysis on axing FSA?'

    25 November 2010

    The Government has failed to provide a cost-benefit analysis that justifies its plan to scrap the FSA in favour of a twin peaks regulatory system, according to the Small Business Practitioner Panel.

  • Which? wants early warning of FSA action

    25 November 2010

    Which? is calling for the FSA to make a public announcement about firms when they face enforcement action rather than waiting until a fine has been issued.

  • Wrap providers face £60m cost of compliance fees

    25 November 2010

    The industry will be hit with £127m of one-off compliance costs as a result of the FSA’s latest platform proposals.

  • Wraps baffled by ban on cash rebates

    25 November 2010

    Wrap platforms have questioned the rationale behind the regulator’s move to ban cash rebates and challenged the regulator’s claim that advisers use big rebates to absorb adviser charges.

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