Money Marketing
27 May 2009

50% of advisers think RDR and cap ad changes will damage sector

1 Jun 2009

Nearly 50 per cent of financial advisers believe that the retail distribution review and capital adequacy requirements will have a detrimental impact on the IFA sector, according to Watson Wyatt.

A growing concern

28 May 2009

Group Sipps may have lost their sheen to companies' top earners since the Budget, but that is not enough to stop their continued growth. In an era when boardroom pay is under scrutiny like never before, it must surely be harder for decision-makers to let their own vested interests override those of the company they run.

ABI UK life and pensions sales fall 8.3 per cent

27 May 2009

The Association of British Insurers has recorded an 8.3 per cent drop in regular premium life and pensions business from £1.3bn to £1.2bn for the first quarter 2009.

Adviser calls for FSA ruling on Barclays

28 May 2009

Advisers expect big increase in FTSE100 firms giving incentives to leave final salary schemes

29 May 2009

A significant increase in FTSE100 companies offering enhanced transfers for deferred members to leave final salary plans is expected, according to research carried out by Prudential.

Aegon set to close UK cautious managed and European bond funds

28 May 2009

Aegon Asset Management has announced plans to close its UK cautious managed and European bond funds on July 31, 2009.

Aegon to pull out of UK group risk

2 Jun 2009

Aegon is pulling out of the UK group risk market.

Alliance Trust halves cash position

1 Jun 2009

The manager of the Alliance Trust has halved the cash position on the vehicle and positioned it to take advantage of an expected rally in cyclical stocks.

An age-old issue

29 May 2009

A greying workforce is presenting employers with fresh challenges. Jenny Keefe examines how rejuvenated benefits structures can help

Ascentric announces three new BDMs

27 May 2009

Ascentric has appointed three new business development managers, including former Fidelity FundsNetwork key accounts sales manager Rebecca Robinson.

Ashburton looks onshore in bid to raise visibility

28 May 2009

Jersey-based asset manager Ashburton is considering an onshore fund offering in an attempt to make greater inroads into the UK retail market.

Aviva sets out orphan clause

28 May 2009

Aviva has added a clause to its terms of business document for IFAs, specifying that it can market directly to clients that it deems to be orphaned by their adviser.

B&B cost could be worse than MPs' expenses

28 May 2009

The Building Societies Association has warned that if the sale of B&B assets does not cover its debts, the cost to the industry could rival the MPs' expense bill.

Balls tipped as new Chancellor as Darling's expenses in spotlight

1 Jun 2009

Chancellor Alistair Darling has been accused of claiming living allowances for his grace-and-favour home in Downing Street while also claiming expenses for a flat he was letting out to tenants.

Barclays Wealth launches commodity plan

1 Jun 2009

Barclays Wealth has launched a structured product giving exposure to a range of commodities.

Bereavement counselling option

29 May 2009

Norwich Union Healthcare is introducing a new bereavement helpline to offer additional support to relatives and partners of group life customers who have passed away. The helpline can also be used by group life customers who have suffered bereavement themselves. The 24 hour confidential helpline, offered in conjunction with PPC Worldwide is staffed by qualified bereavement counsellors able to offer emotional support as well as practical advice on issues such as probate. Where appropriate, ...

Bigger rates and lower complaints

2 Jun 2009

Reports published last week have revealed that protection has weathered the economic storm better than most financial products.

BlackRock suffers second emerging market departure

1 Jun 2009

BlackRock has re-shuffled the management on its emerging markets desk following a second departure.

Bond bulls

28 May 2009

The massive sweep of assets into corporate bonds this year has startled many but what has been even more surprising is the concentration of flows for two main providers - M&G and Invesco Perpetual.

Braemar Securities - Student Accommodation Cell

1 Jun 2009

Braemar SecuritiesStudent Accommodation Cell

Budget boost for offshore bonds

28 May 2009

One of the most apparent effects of last month's Budget was a growth in the numbers of individuals, families and companies seeking tax mitigation strategies.

Call FSA to the time bar with a fair long stop

28 May 2009

Under English law, the time limits within which claimants must issue legal proceedings in court are fixed for most purposes by the Limitation Act 1980.

Capita signs £523m deal with Axa Sun Life

29 May 2009

Capita has signed a 15-year deal worth £523m with Axa Sun Life to provide outsourcing services for its 3.2 million mature life and pensions policies.

Cavanagh profits plunge 87 per cent

27 May 2009

Cavanagh Group's profits before tax plunged 87 per cent in 2008, from £1.5m to £207,763.

Cavendish Asset Management - North American Fund

27 May 2009

Cavendish Asset ManagementNorth American Fund

Changes in store as Legal & General rolls out new group Sipp to Morrisons

29 May 2009

Legal & General is launching a corporate Isa and has just rolled out a group Sipp to Morrisons Group.

Chaos theory

28 May 2009

If I had to compile a list of the most pointless financial adverts of all time, Scottish Amicable's Captain Chaos TV campaign would be right at the top.

CII gives Scottish Widows' academy CPD accreditation

29 May 2009

Scottish Widows’ Online Academy has been awarded continuing professional development accreditation status by the Chartered Insurance Institute for financial planning training.

Closure of chasers cuts pension claims

28 May 2009

Pension complaints to the Financial Ombudsman Service have fallen by 9 per cent from 5,297 to 4,825, largely due to the closure of a number of claim-chasers which referred frivolous Serps' complaints the previous year.

Collings sees emerging markets to lead recovery

28 May 2009

Ignis Hexam global emerging markets fund manager Bryan Collings believes the worst of the economic storm has passed, with emerging markets set to lead the recovery.

Complaints about IFAs fall to just 3%

28 May 2009

Complaints to the Financial Ombudsman Service against IFAs have fallen in the past year to only 3 per cent of new cases.

Corporate bonds continue to dominate sales, IMA stats

28 May 2009

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.

Danger of shrinkage

28 May 2009

Last week I returned from Madeira. I like Madeira. It is pretty, not too hot and has close links with Britain.

David Newman

28 May 2009

In last week's issue, Money Marketing reported that former Co-operative Bank marketing director David Newman had taken up a role at Residential Property Solutions. MM is happy to clarify that this David Newman is, in fact, now chief executive of Carole Nash and not the David Newman working for RPS, who was formerly finance director of The Mortgage Operation.

Disgraced MPs' pensions revealed

1 Jun 2009

Many MPs forced to resign after being embroiled in the ongoing expenses scandal will walk away with million pound taxpayer-funded pensions, according to reports.

Don't intervene too much or market will go back to the 70s

28 May 2009

Too much intervention from the FSA could push the UK mortgage market back to how it was in the late 1970s, Building Societies Association director general Adrian Coles has warned.

European Commission details reforms to financial supervision

27 May 2009

The European Commission is calling for the creation of a new European Systemic Risk Council and European System of Financial Supervisors as part of its reforms to financial supervision in the EU.

Exit signs

28 May 2009

The big headline in the Budget this year was the proposal to raise the top rate of income tax to 50 per cent on taxable income above £150,000 a year from April 2010 onwards. There are several ways in which this change will affect offshore investment. The new higher rate further widens the gap between capital gains tax, levied at a flat rate of 18 per cent, and income tax. This places even more emphasis on exit planning for those who hold insurance-wrapped investments.

Expectations rise for Japan

28 May 2009

It is some measure of how gloomy investors had grown about the prospects for the Japanese market that, by mid-March, share prices in Tokyo had hit their lowest levels since 1983.

Fidelity FundsNetwork to review charges

28 May 2009

FundsNetwork is conducting a review with its fund partners and may introduce changes to its pricing structure.

Fit for porpoise

28 May 2009

As a child of the Sixties, I was convinced that Flipper was a dolphin but the recent debacle in the House of Commons has brought me firmly into the current day. Watching the avoidance of capital gains tax and the maximisation of second home allowances, Flipper is probably an apt moniker for many MPs.

FPI sales in Asia halved but expansion still going ahead

28 May 2009

Friends Provident International saw first-quarter sales in Asia halve from last year's figures but the firm remains focused on international expansion.

FSA appoints two new FSCS non-execs, chairman David Hall reappointed

1 Jun 2009

The FSA has appointed Ivan Rogers and Phillip Wallace as non-executive directors on the Financial Services Compensation Scheme board, with immediate effect.

FSA can make them pay

28 May 2009

I find it utterly extraordinary to read Lesley Titcomb of the FSA saying there is virtually nothing the FSA can do about networks not paying commission to which their ARs are legally entitled.

FSA says Network Data owed ARs more than £2m

2 Jun 2009

The FSA has revealed that Network Data owed its appointed representatives more than £2m in unpaid commission, as of April 6.

FSA to extend short selling disclosure regime

1 Jun 2009

The FSA is today proposing to extend the current disclosure regime for significant net short positions in the stocks of UK financial sector companies, due to expire on June 30.

FTSE falls back

28 May 2009

Man Group was the biggest faller in the FTSE100 this morning after the blue-chip index fell back due to a broad based sell-off.

Gartmore expands fixed income range

1 Jun 2009

Gartmore will have two retail offerings in the Investment Management Association (IMA) Corporate Bond sector following its acquisition of the Rensburg Corporate Bond trust.

Give macro-prudential oversight back to BoE, say peers

2 Jun 2009

The House of Lords economic affairs committee has called for macro-prudential supervision to be given to the Bank of England financial stability committee, rather than left with the FSA.

Godiva Mortgages - Buy-To-Let 5.4% Five-Year Fixed

1 Jun 2009

Godiva MortgagesBuy-To-Let 5.4% Five-Year Fixed

Gov’t knew of Rock and HBOS weakness in 2004, says report

1 Jun 2009

The FSA and the Treasury knew that both HBOS and Northern Rock were vulnerable to risk after simulating economic downturns, according to the Times.

Grinstead becomes Metlife MD

28 May 2009

Metlife has made its UK chief executive officer Ed Gardner redundant and promoted Dominic Grinstead, previously strategic development and marketing director, to UK managing director.

Hanbury shorts housebuilders on Odey Absolute Return

1 Jun 2009

James Hanbury is shorting housebuilders on the Odey UK Absolute Return fund as he says valuations have become too optimistic and property prices still have further to fall.

Hartford role was to widen choice

28 May 2009

Jonathan Purle (Letters, May 14) asks whether I have anything to add to the letter I wrote to MM towards the end of last year and indeed I have.

Henderson New Star plans launch

1 Jun 2009

Henderson New Star has confirmed it is planning its first retail fund launch since it established the new brand last month.

Hewitt flex head joins Staffcare

29 May 2009

Graham Jarvis has left his role as head of flex and benefits administration at Hewitt to become managing director of Staffcare. Jarvis (pictured) is assuming full day-to-day management for the business, working alongside founder and chief executive, Phil Hollingdale, who will concentrate on business development. Jarvis qualified as an actuary at Friends Provident and has been involved in the flexible benefits sector since 2003. Hollingdale says: "Graham's appointment strengthens our executive ..

Hexam's Collings says emerging markets set to lead recovery

27 May 2009

House of Lords slams "unfair" FSCS levies

2 Jun 2009

The House of Lords economic affairs committee has branded Financial Services Compensation Scheme levies “unfair” and called for calculations to be based on firms’ levels of risk.

Human rights chief asks Myners why IFAs don't have long stop

28 May 2009

Joint committee on human rights chairman Andrew Dismore has written to City minister Lord Myners demanding to know why the FSA will not introduce a 15-year long stop for advisers.

IFAs key to boosting market confidence, says Cofunds

2 Jun 2009

Advisers are the key to restoring confidence in the financial services industry, Cofunds chief executive officer Brett Williams has claimed.

Input welcome

29 May 2009

Provider technology offerings are improving. But an industry-wide portal is a long way off, says Edmund Tirbutt

Investec launches latest structured products tranche

2 Jun 2009

Investec Structured Products has launched its ninth tranche of structured products.

IP sales up 13.5%, says Swiss Re report

28 May 2009

Income protection sales increased by over 13 per cent in 2008, a report by Swiss Re has revealed.

Jonathan Cornell moves to IFA

1 Jun 2009

Former Hamptons Mortgages managing director Jonathan Cornell has joined IFA First Action Finance as head of communications.

Know your indices

29 May 2009

Today Nationwide revealed that house prices increased by 1.2 per cent in May, but upcoming house price indices may tell a different story.

KSF IOM to be wound up

27 May 2009

The Isle of Man courts have granted an winding up petition against Kaupthing Singer Freidlander seven months after the company was placed under a liquidator provisional.

Law firms 'excluding new joiners'

29 May 2009

Some law firms are excluding employees from company pension schemes even though they could be in breach of age discrimination legislation, according to a report by Portus Consulting.

Legal & General - Capital Protected Triple Index Plan 2

1 Jun 2009

Legal & GeneralCapital Protected Triple Index Plan 2

Legg up

28 May 2009

Stockmarkets have had a strong bounce since reaching a low in early March. The debate now is whether this is the start of a new bull market or a so-called "bear market rally", with further falls just around the corner. The jury remains out.

Lloyds chiefs set for tough re-election

28 May 2009

Lloyds chiefs will have to face down growing concerns from shareholders at next week’s Lloyds annual general meeting if they are to seek re-election.

Long-term sickness headache

29 May 2009

Long-term sickness absence remains a major headache for employers, with 36 per cent reporting an increase in long-term sickness absence in 2008 compared with 2007. A sickness absence study of the manufacturing industry by manufacturers' organisation EEF and Unum found 45 per cent of employers still view the sick note as a barrier to returning to work. The survey results identify "surgery or medical investigation or tests" as the cause of almost 60 per cent of all long-term absences, ahead ...

Measure of trust

28 May 2009

Mortgage brokers are probably feeling more than a little persecuted as the Council of Mortgage Lenders, the Building Societies Association, the Intermediary Mortgage Lenders Association and the National Housing Federation have all lined up to put us in the dock.

Metlife looks to bancassurers for variable annuity channel

28 May 2009

Metlife is in talks with bancassurers about a tie-up for the distribution of its variable annuity products.

Money-minded

28 May 2009

We are all hoping predictions that the economy is now in better shape and bottoming out of recession are correct. One thing that is certain is that the downturn has had a fundamental effect on people's financial planning and on how they regard financial matters.

MPs demand answers from BOS after BBC expose

2 Jun 2009

Nationwide slams FSCS charge as profits fall 69 per cent

27 May 2009

Nationwide's profits before tax fell 69 per cent to £212m for the year to April 4.

Newton renames Absolute fund

1 Jun 2009

OBSR hands out new ratings

2 Jun 2009

OBSR has given A-ratings to funds from Allianz, Franklin Templeton and Schroders.

On the ropes

28 May 2009

I once attended a day's training on the importance of planning. As an ice-breaker, we were told the cautionary tale of a roofer who, not wishing to carry 500 pounds of shingle down a ladder by hand at the end of a job, loaded said shingle into a metal barrel, attached it to a pulley positioned atop his scaffolding and released the rope from the ground.

Osmond close to Pearl debt restructure

1 Jun 2009

Hugh Osmond is in the final stages of agreeing a debt restructure of his Pearl Group, according to The Sunday Times.

Pada seeks ideas on investment default fund

29 May 2009

The Personal Accounts Delivery Authority has launched its consultation on how to design a default fund to meet the needs of a broad range of savers, many of whom have no experience of financial products.

Paternoster in talks with regulator over buyout licence

28 May 2009

Paternoster chief executive Mark Wood is in discussions with the FSA about suspending the firm's licence to buy new pension schemes.

Pension funds key to commercial funding success, says Business Lending

29 May 2009

Business Lending, the commercial property lender, says pension funds will provide the catalyst for renewed lending.

Pension sector must reflect change in customer needs

28 May 2009

Aegon chief executive Otto Thoresen believes the industry needs to change the way it looks at people's retirement savings in order to engage with consumers.

Personal quality

28 May 2009

One of the most keenly asked questions in the pensions sector is a step closer to being answered.

PMI complaints rise 39 per cent, says FOS

27 May 2009

The number of private medical insurance complaints to the Financial Ombudsman Service increased by 39 per cent in the last financial year, its annual review has revealed today.

Positive Solutions probes fraud case

27 May 2009

Positive Solutions has confirmed it is investigating a claim for possible fraud against one of its advisers.

Prepare savers to expect less from personal accounts

28 May 2009

Industry experts say savers need to revise their retirement expectations to avoid disappointment in the level of income provided by personal accounts.

Recession hitting reward schemes

29 May 2009

The global recession is putting reward strategies under unprecedented financial pressure, according to research from Thomsons Online Benefits.

Regulator urged to end speculation by revealing if society has problems

28 May 2009

Dudley Building Society has urged the FSA to set the record straight about the financial strength of societies following speculation over the future of West Bromwich.

Rensburg sells corporate bond fund to Gartmore

27 May 2009

Gartmore has announced it is to buy Rensburg's corporate bond fund which will be run by John Anderson.

Rest assured

28 May 2009

I have recently been diagnosed with multiple sclerosis and am concerned about what pension benefits I am going to be able to leave to my wife. Can you advise me?

Rich pickings

28 May 2009

The idea of being sufficiently wealthy to be able to live outside the UK while being close enough to take advantage of its commercial and social facilities has been attractive for many people throughout many years.

Rowanmoor integrates DT's front/back office systems

1 Jun 2009

Rowanmoor has integrated Dunstan Thomas’s front and back office systems to its Sipp service.

Santander to rebrand Abbey, A&L and B&B

27 May 2009

Santander is to rebrand Abbey as well as its other UK retail brands Bradford & Bingley and Alliance & Leicester to its own name from 2010.

SGAM head of retail moves to GLG

1 Jun 2009

Richard Phillips has confirmed he is moving to GLG Partners following its acquisition of Soci? G?rale Asset Management (SGAM). The firm has also outlined the plans for its fund range.

Short-dated bond option from S&W

1 Jun 2009

Sipp it and see

29 May 2009

Group Sipps may have lost some of their sheen, but the Budget certainly hasn't killed them off. John Greenwood reports

Small pots in the spotlight

28 May 2009

While some companies continue to drag their feet when it comes to annuity transfers others are looking at ways of serving their customers better.

Smith & Williamson appoints Andrew Groves

1 Jun 2009

Smith & Williamson Investment Management has announced the appointment of Andrew Groves as associate director – sales.

Societies must show strength to rise to challenges

28 May 2009

The time for building societies to crow about their virtuous position in the financial services landscape is well and truly over.

Special sits for Pease

28 May 2009

Henderson New Star is planning to launch a European special situations fund headed by European fund manager Richard Pease.

Standard Life Investments looks to UK recovery

1 Jun 2009

Standard Life Investments has made the stockpicking skills of its head of UK equities David Cumming available to retail investors for the first time.

Strategic showing from Artemis

1 Jun 2009

Artemis Fund ManagersStrategic Assets Fund

Survival instincts

28 May 2009

When Home of Choice chief executive officer Gerry O'Brien invited me to become a non-executive director last year, I not only needed to do due diligence but also to under-stand the issues they faced and be satisfied that my executive experience (with Thinc, Bradford & Bingley and Merrill Lynch) would be of value to HoC.

Taking the lift to top-level returns

1 Jun 2009

Dave Duddings Threadneedle European Smaller Companies fund has a glowing performance record. Despite a slump in skyscraper projects, its two biggest stocks are in the elevator business.

Thames River makes changes to European and credit teams

1 Jun 2009

A number of hires at Thames Rivers has resulted in management changes across its European and credit desks.

Think tank calls for FSA to become BoE subsidiary

2 Jun 2009

The Centre for Policy Studies is calling for the Financial Services Authority to become a subsidiary of the Bank of England.

Time to take up Options

28 May 2009

Following a recent meeting between leading retirement advisers, the ABI, Origo and provider representatives, we are writing to record our continuing support and growing enthusiasm for the Options' initiative. The performance delivered by Options' participants demonstrates a real achievement, which has started to directly benefit customers using the Omo.

UK brand merger to save Santander £180m a year

27 May 2009

Santander will save itself £180m a year once its UK brands all merge under the bank’s single brand.

UK prime RMBS mortgage arrears on the up

1 Jun 2009

Arrears in prime residential mortgage backed securities rose in the first quarter of this year with Bank of Scotland’s arrears leading the way.

US consumers spending less

2 Jun 2009

American consumer spending saw a slight fall in April, according to figures from the Bureau of Economic Analysis (BEA).

Veritas eyes emerging markets

28 May 2009

Veritas Asset Management is considering adding an emerging markets team and also focusing on individual sector strategies.

Warning of a Qrops minefield after Australia Budget U-turn

28 May 2009

Financial migration strategists Montfort International says changes in the Australian Budget have created an advice minefield for qualified recognised overseas pension schemes.

West Brom denies reports of accounts problems

2 Jun 2009

West Bromwich has refuted reports that its accounts are being held back by KPMG.

Where there's a Will

28 May 2009

Looking back, it must have been the tape recorder. I like to take one along to fund manager interviews but this was a new purchase. New-fangled, too, in that it is digital and so contains nothing so prehistoric as an actual tape. What's more, I had neglected to roadtest it beyond the unimaginative, if traditional, "One-two, one two" so I think I had a right to feel nervous.

Widows or Clerical may have to be sold

28 May 2009

Lloyds Banking Group could be required to sell Scottish Widows or Clerical Medical due to its receipt of state aid if the European Commission forces a restructuring.

XL Re Life's McFarlane joins Gen Re

27 May 2009

Former XL Re Life marketing manager Petra McFarlane is joining global reinsurer Gen Re.

Zurich is accused of 'implied advice'

28 May 2009

An adviser has slammed Zurich after claiming the group offered implied advice to his clients.