Money Marketing
5 August 2009
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£200M loans for regulator
6 Aug 2009
The FSA has had to tap into £200m worth of credit facilities with Lloyds and HSBC to cover a funding deficit for 2008/09.
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£3Bn profits for Barclays and HSBC
6 Aug 2009
Barclays’ profits rose by 8 per cent in the the first half of this year to £2.98bn from £2.75bn in 2008 while HSBC’s profits halved to £2.98bn from £6.1bn.
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£724M first-half loss at Northern Rock
6 Aug 2009
Northern Rock made a loss of £724.2m for the first half of 2009 compared with a loss of £585.4m last year.
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41% of Standard Life Sipp assets are in own funds
6 Aug 2009
More than £3.6bn-worth of assets across Standard Life's Sipp book are sitting in its own insured funds.
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95% of funds produce positive returns for July
10 Aug 2009
The recent rally has seen 95 per cent of funds produce a positive return in July, according to figures from Hargreaves Lansdown.
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Aberdeen looks to 'put-option' Woodford
6 Aug 2009
Aberdeen co-head of multi-manager Aidan Kearney says the firm has added Invesco Perpetual income guru Neil Woodford to act as a "put option" in its fund range.
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Aegon fights for factoring to continue
6 Aug 2009
Aegon has warned the FSA that factoring must be retained in the group personal pension market to avoid damaging the regular savings market.
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Altin looks to distressed strategies
7 Aug 2009
Fund of hedge funds manager 3A is looking to add less liquid areas such as distressed strategies to its London-listed Altin fund.
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Arc Capital & Income - Emerging Markets Series - Brazil & China 2
6 Aug 2009
Arc Capital & IncomeEmerging Markets Series - Brazil & China 2
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Ascentric adds Société Générale’s listed structured products to platform
11 Aug 2009
Ascentric has added Société Générale’s listed structured products to its platform.
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Ascentric looks at all-encompassing annual charge
6 Aug 2009
Ascentric is considering introducing an annual platform charge inclusive of all trading costs to sit alongside its existing pay per trade option.
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Aviva on lookout for acquisitions
6 Aug 2009
Aviva has made it clear it is preparing for acquisition opportunities while Legal & General and Standard Life have effectively ruled themselves out of any consolidation activity.
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Aviva posts a £747m profit but cuts dividend by 31 per cent
6 Aug 2009
Aviva has posted a £747m profit after tax on an IFRS basis for the first half of 2009 compared with an £84m loss for the same period in 2008.
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Axa to cut 350 jobs as profits rise by 2 per cent
5 Aug 2009
Axa is undertaking a strategic review of its life and savings business which will result in the loss of around 350 jobs as it announces that UK earnings rose by 2 per cent to £186m.
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Bank freezes base rate - extends quantitative easing to £175bn
6 Aug 2009
The Bank of England has frozen the base rate at 0.5 per cent and extended its quantitative easing programme with an additional £50bn to a total £175bn.
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Barclays caves to pressure and sweetens final salary closure
10 Aug 2009
Barclays has pumped £500m into its final salary pension scheme and agreed to make a cash pay-out worth 5 per cent of salary to affected staff, after its decision to close the scheme prompted anger from employees.
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Barclays may sweeten decision to close DB scheme
7 Aug 2009
Barclays could sweeten its unpopular decision to close its final salary pension scheme to future accruals, according to reports.
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Barclays Wealth - Defined Returns Plan Annual Kick-Out August 2009
7 Aug 2009
Barclays WealthDefined Returns Plan Annual Kick-Out August 2009
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Bell slams FSA over drawdown statement
6 Aug 2009
AJ Bell has hit out at the FSA for suggesting income drawdown is inappropriate for people with pension pots under £100,000.
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Blue Sky chief in risk row
6 Aug 2009
Blue Sky Asset Management says Barclays Wealth's comments about Keydata and structured products are flawed.
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BNY Mellon in advanced talks to buy Insight, say reports
5 Aug 2009
Bank of New York Mellon is in advanced talks to acquire the majority of Insight Investment Management, according to reports.
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Bravura teams up with Sybase to host wealth management proposition in UK
5 Aug 2009
Bravura Solutions is teaming up with mobile software firm Sybase to host its wealth management proposition, Talisman, in the UK.
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Brian Tora: Bulls take comfort
6 Aug 2009
Last week was very busy for company results. The range of businesses reporting was wide and varied. It happens that the Seven Sisters – the largest oil groups around the world – all opened their books to shareholders within a few days of each other, but there was plenty else for analysts to get their teeth into as first half figures were disclosed for all to see.
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Cable says axing FSA would cause RDR chaos
6 Aug 2009
Liberal Democrat Shadow Chancellor Vince Cable has slammed Tory plans to scrap the FSA and replace it with a consumer protection agency, saying it would "cause chaos" for the retail distribution review.
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Capital city
6 Aug 2009
Legal & General kicked off the life sector’s interim results season on Tuesday and some general trends have been developing since.
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Cardif Pinnacle provides home for corporate cash
7 Aug 2009
Cardif Pinnacle has introduced a unit-linked bond that allows limited companies to invest in a range of actively managed money market funds.
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Case for compulsion
6 Aug 2009
The big question is, what is the purpose of retirement savings legislation and policy?
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Chelsea Building Society chief executive to step down
7 Aug 2009
Chelsea Building Society chief executive Richard Hornbrook will be leaving the society by mutual agreement at the end of the month.
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CII appoints Susie Feeney to manage RDR transitions
7 Aug 2009
The Chartered Insurance Institute has appointed Susie Feeney as key account relationship manager as part of the financial services business development team.
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CML says lenders' arrears charges are fair
7 Aug 2009
The Council of Mortgage Lenders says it is fair for lenders to charge customers when they fall in arrears to cover the cost of the extra work being carried out.
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Cofunds set to offer its own pension
5 Aug 2009
Cofunds is to offer its own pension and is creating an investment service to give advisers fund selection guidance.
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Cofunds set to offer its own pension wrapper
6 Aug 2009
Cofunds is to offer its own pension and is creating an investment service to give advisers fund selection guidance.
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Collins Stewart Wealth Management profits fall 10%
11 Aug 2009
Collins Stewart Wealth Management saw its profits fall 10 per cent in the first six months of 2009.
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Company liquidations increase 39%
7 Aug 2009
Compulsory and voluntary company liquidations increased 39.1 per cent to 5,055 in Q2 this year, compared to the same period last year.
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Concerns at complex decumulation choices
6 Aug 2009
The Financial Services Consumer Panel is concerned about "gaps" in the regulation of decumulation products and the ability of advisers to deal with the growing complexity of products.
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Consolidator's consideration
6 Aug 2009
Perspective Financial Group managing director Damian Keeling explains what consolidators look for in IFA businesses
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Crombie admits tax changes and switching review dented sales
5 Aug 2009
Standard Life chief executive Sir Sandy Crombie has admitted the Government's tax changes and the FSA's work on pension switching advice have contributed to a 26 per cent fall in new Sipp business in the first half of 2009.
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Death of Keiron Root
6 Aug 2009
What Investment editor Keiron Root has died at the age of 47 after a suspected heart attack.
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Direct deals are driving out advice
6 Aug 2009
By shutting out intermediaries, lenders are also bringing about a situation whereby, if advice is needed, consumers will not be able to obtain it
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Equities attractive to Invest & Give
5 Aug 2009
Multi-manager John Husselbee of North Investment Partners sees equities as an attractive asset class for the initial portfolio he is creating for the Invest & Give fund.
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Ethical funds see £18m net outflow in Q2
5 Aug 2009
Ethical funds under management dropped 14 per cent to £4.5bn in the second quarter of 2009 compared with the £5.2bn seen in the same quarter in 2008, according to the latest IMA statistics.
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Exclusion zone
6 Aug 2009
Advisers view exclusions with mixed feelings. For some clients, they are a blessing as an expensive rating would be prohibitive. For others, they seem completely unfair and business is often lost as a result. Underwriters must consider the impact of exclusions on sales and move with the times to help get more policies on risk.
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Ex-HBOS chief Phil Jenks joins Exact board
7 Aug 2009
Former HBOS chief operating officer Phil Jenks has joined the board of mortgage asset manager Exact.
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Face the realities of a new regulator
6 Aug 2009
With the ever increa-sing pressure to reinvent the regulatory structure, it is inevitable that we will see significant changes to the existing landscape over the coming years. Discussion over regulatory reform has heated up in recent weeks, with the three main political parties all chipping in their 10 cents. The Government wants the FSA to remain as the main supervisor, operating under the rules drawn up by Adair Turner. It would also strengthen the framework for financial stability, ...
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Fannie Mae records £8.8bn net loss
7 Aug 2009
US mortgage lender Fannie Mae recorded an £8.8bn net loss for Q2 this year, an increase of 84 per cent on the previous year.
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Ferrans to take over as IMA chairman
6 Aug 2009
Investment Management Association chairman Robert Jenkins is to step down at the end of the year with Douglas Ferrans set to replace him.
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First censure from FSA after small firms' probe
6 Aug 2009
The FSA has imposed a public censure on Cheshire Life & Pensions for failing to ensure its advice on income-drawdown products was suitable.
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Friends backs fresh Resolution bid
10 Aug 2009
Friends Provident is entering into talks with Resolution on the strength of an improved bid.
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Friends Provident signs deal with FNZ to deliver corporate wrap
11 Aug 2009
Friends Provident has signed a contract with FNZ to power its corporate wrap.
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Friends/Resolution reaction- Jacobs stops recommending Friends
11 Aug 2009
Richard Jacobs Pensions & Trustee Services managing director Richard Jacobs says he is no longer recommending Friends Provident due to its deal with Resolution.
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FSA gap still wide open
6 Aug 2009
New FSA authorisations of IFA firms fell by nearly 10 per cent to 74 in the second quarter of this year from 81 in Q1.
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FSCS payouts rocket from £82m to £21bn
6 Aug 2009
The Financial Services Compensation Scheme paid out £20.9bn in compensation payments in 2008/09, up from £82.93m in 2007/08.
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FSSC developing shared units
6 Aug 2009
The Financial Services Skills Council is likely to develop shared units forcing award- ing bodies to use identical content in core modules as part of the RDR's QCF level four qualification.
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GLG Partners appoints UK asset manager
11 Aug 2009
GLG Partners has appointed Nick Judge as an asset manager to its UK team.
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Godley joining Morgan Stanley
6 Aug 2009
Morgan Stanley has appointed former Quantum Asset Management head of distribution Neville Godley as vice-president of its retail structured products distribution team.
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Guardian Managers - Permanent Income Fund
7 Aug 2009
Guardian ManagersPermanent Income Fund
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Half of advisers lack knowledge on property investment, says Reita
5 Aug 2009
Reita, the industry body for real estate investment trusts, says 47 per cent of IFAs believe they do not have enough knowledge to provide advice on property investment under the RDR.
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Hornbuckle Mitchell hikes charges for Sipp clients
6 Aug 2009
Hornbuckle Mitchell has raised many of its Sipp fees and introduced additional charges for new and existing clients.
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Hot ashes
6 Aug 2009
Ishall tell you a story about a very acquisitive, rapidly growing IFA. Over a period of a few years, it accumulated businesses, staff and clients and boasted after a few years of being a major distributor of financial products.
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House prices up 1.1 per cent in July, says Halifax
5 Aug 2009
UK house prices rose 1.1 per cent in July from June, according to the latest Halifax house price index.
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IFAs uncertain on cost of RDR, says Aifa
10 Aug 2009
One in five IFA firms do not know what financial impact the RDR will have on their firms and 10 percent say the transition won’t be complete until beyond 2012, according to Aifa.
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Ignis moves Japan fund to become tracker
6 Aug 2009
Ignis has switched the management of its Japan fund from active to passive.
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Investec revives its plans to develop structured fund range
6 Aug 2009
Investec says the launch of a structured fund business is still on the agenda after plans were put on hold last year.
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Investor demand in ETFs reaches new high
7 Aug 2009
Exchange Traded Funds have reached a global high of £514bn of invested assets following the recent recovery in stock markets.
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Is this a chink in fos armour?
6 Aug 2009
Firms should now consider asking the FOS to demonstrate how it has complied with its duty to consider what the former scheme would have done in all pre-2001 cases
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Jupiter scoops mandate from The Joseph Rowntree Foundation
6 Aug 2009
Jupiter Asset Management has won a multi-asset equity mandate from the Joseph Rowntree Foundation.
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Keydata's Ford used former FSA lawyer for court bid
6 Aug 2009
Keydata founder Stewart Ford has appointed the FSA's former "trouble shooter" Harvey Knight at law firm Withers to act as his solicitor.
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L&G steering clear of consolidation despite sales fall
6 Aug 2009
Legal & General has almost halved its dividend to 1.1p per share from 2p last year but has ruled out a rights issue.
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Lloyds considers multi-billion share issue, say reports
10 Aug 2009
Lloyds Banking Group is believed to be looking to raise up to £15bn to reduce the cost of its participation in the Government’s asset protection scheme, according to reports.
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Lloyds reports £4bn loss due to HBOS legacy assets
5 Aug 2009
Lloyds Banking Group posted a loss of £4bn in the first half of 2009 citing impairments in HBOS legacy assets as the main reason for this.
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Lloyds starts compensation payouts to Lehman clients
6 Aug 2009
Lloyds Private Banking has begun compensating clients who lost out after it advised them to invest in structured products backed by Lehman Brothers.
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Martin Bowles appointed managing director of Jelf Private Clients
7 Aug 2009
The wealth management division of Jelf Group, Jelf Private Clients, has appointed Martin Bowles as managing director.
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Massive Q2 loss for UBS
6 Aug 2009
UBS made a loss of £780m for the second quarter of this year.
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McKenzie quits Martin Currie
6 Aug 2009
Martin Currie UK equity income manager Scott McKenzie is leaving the firm to pursue other opportunities, with Ross Watson taking over the management of his fund.
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Mike Pinggera
6 Aug 2009
Insight’s head of multi-asset group Mike Pinggera is an idea-hunter who believes the firm’s platform gives a great base for building the portfolios
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Mortgage lending up 23% but not yet ‘normal’, says CML
11 Aug 2009
Mortgage lending rose by 23 per cent in June compared to May but transactions are still weak on a historic basis, according to the latest figures from the Council of Mortgage Lenders.
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MPs slam FSA's "leisurely" approach to arrears review
8 Aug 2009
The Treasury select committee has slammed the FSA for its “leisurely” approach to the mortgage arrears review and says it fears some lenders are using arrears charges as an alternative profit stream.
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Newcastle Home Loans banned by FSA
6 Aug 2009
The FSA has banned and fined Newcastle Home Loans £170,000 for submitting false information in mortgage applications. In a separate action, the regulator banned Cornwall mortgage broker Stephen Sanders for fraud this week.
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Nikesh Arora steps down from Aviva board
5 Aug 2009
Aviva independent non-executive director Nikesh Arora has resigned from the company's board.
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Nutt says bear will be back after rally
6 Aug 2009
Jupiter income manager Tony Nutt says those calling a V-shaped recovery in equity markets are being too optimistic.
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OFT aims to bring new entrants into banking sector
6 Aug 2009
The Office of Fair Trading is in discussions with the Government to help bring new players into the banking sector.
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Operating profit falls 30 per cent as Old Mutual appoints new chairman
5 Aug 2009
Old Mutual has posted a 30 per cent drop in IFRS operating profit to £538m from £773m as retiring chairman Chris Collins is replaced by former Zurich financial director Patrick O'Sullivan.
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Pension deficits at largest firms soar to £96bn
5 Aug 2009
The pension deficits of FTSE 100 firms have soared to a record £96bn, exerting renewed pressure on remaining defined benefit schemes, research by Lane Clark & Peacock has found.
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Personal opinion
6 Aug 2009
It has often been said that the attitude of the personal finance media towards personal accounts will be key to its success. If the weekend money sections are telling people it is not worth sticking with, people will opt out in their droves.
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Platforum launches IFA platform reviews
6 Aug 2009
Platforum has launched a service for IFAs to anonymously review platforms in order to help other advisers in their wrap selection process.
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Politicians "passing the buck" on bankers' bonuses
10 Aug 2009
Politicians are responsible for restricting the size of individual bankers’ bonuses, not the FSA, according to the regulator’s chief executive Hector Sants.
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PPI firm Picture Financial Services declared in default
7 Aug 2009
The FSA has declared Picture Financial Services in default and the Financial Services Compensation Scheme is currently handling more than 600 claims against the firm.
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Premier adds Cazenove absolute equity to multi-asset growth
6 Aug 2009
Premier Asset Management’s multi-asset team has bought the Cazenove absolute equity fund for its multi-asset growth fund.
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Pressure grows to cut £7bn civil service pensions
6 Aug 2009
The civil service pension scheme makes up 95 per cent of the Cabinet Office’s planned total spending, the department’s annual report has revealed.
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Progress strengthens protection team with three appointments
11 Aug 2009
Progress has strengthened its protection team with three new appointments.
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Prudential poised to boost dividend
10 Aug 2009
Prudential is set to increase its interim dividend when it announces its half year results on Thursday, according to reports.
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PSigma Asset Management appoints head of operations
10 Aug 2009
PSigma Asset Management has announced the appointment of Lachlan Yearsley as head of operations.
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Public sector reform should be political priority
6 Aug 2009
Pressure for a radical change in public sector pension funding is continuing to grow.
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Quantum Money partner Fahim Antoniades resigns
5 Aug 2009
Quantum Money partner Fahim Antoniades has resigned from the brokerage.
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RBS drags FTSE 100 lower
7 Aug 2009
The FTSE 100 has lost almost 1 per cent in early trades after RBS published its half-year results
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RBS posts £1bn net loss for first half
7 Aug 2009
Royal Bank of Scotland has posted a £1bn net loss for the first half of 2009.
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Release firms won't survive on wholesale funding
6 Aug 2009
Equity-release providers which fund new business using wholesale markets are unlikely to have a future, according to Just Retirement.
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Resolution and Friends Provident agree takeover deal
11 Aug 2009
The boards of Resolution and Friends Provident have announced this morning that they are recommending Resolution's latest acquisition offer to shareholders.
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Schroders multi-manager view - The worst is behind us
6 Aug 2009
Market sentiment clearly has improved dramatically since the first part of this year, along with growing evidence that the worst of the recession is now behind us. Whilst the hard evidence to date has only served to prove that the rate of deterioration is slowing, it is irrefutable that economic prospects look vastly better than they did just a few short months ago. As a result, not too many analysts and economists are talking about depression anymore, which is progress in itself.
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Schroders sees strong inflows but profits fall back
6 Aug 2009
Schroders has seen £3.9bn of inflows in the second quarter of 2009.
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Scottish Widows supports IFP qualification
7 Aug 2009
The Institute of Financial Planning has launched its new IFP paraplanner qualification, supported by Scottish Widows.
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Sesame reports loss of £1m
11 Aug 2009
Sesame has lost £1m in the first half of 2009, compared to a profit of £2m for the same period last year.
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SFO opens official Keydata probe
6 Aug 2009
The Serious Fraud Office has officially launched an investigation into Keydata Investment Services. Administrator PricewaterhouseCoopers will be holding a creditors' meeting on August 17 to approve the Keydata administration proposals.
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SFO urges Kaupthing whistleblowers to step forward
5 Aug 2009
The Serious Fraud Office has asked people who have inside knowledge of Kaupthing to step forward, following the leak of the bank’s loan book on the Wikileaks website over the weekend.
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Skandia drops Selestia brand
10 Aug 2009
Skandia has dropped its platform brand Selestia and is now operating as Skandia Investment Solutions.
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Skandia wants to know how RDR will help re-reg
6 Aug 2009
Skandia has called for clarity on how retail distribution review proposals will allow re-registration of assets.
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Smaller funds hit by Cofunds' rise in charges
6 Aug 2009
Cofunds is to increase its charges for fund groups, with smaller funds set to be hit hardest.
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Smaller funds hit by Cofunds' rise in charges
5 Aug 2009
Cofunds is to increase its charges for fund groups, with smaller funds set to be hit hardest.
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Soliciting business
5 Aug 2009
Sifa, the representative body for solicitor IFAs, has long been campaigning to stop St James’s Place touting for referral business from solicitors passing on clients for financial advice.
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Solicitor sentenced for plot to defraud Barclays of £1.5m
5 Aug 2009
A solicitor is one of two men that have been sentenced to a total of 10 years in prison for conspiring to defraud Barclays of £1.5m.
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St James's Place retreats on solicitor stance
6 Aug 2009
St James's Place has issued new guidance to its partner firms after the Solicitors Regulation Authority confirmed that solicitors can only refer clients seeking investment advice to IFAs.
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Standard Life raises MVRs for some with-profits policyholders
11 Aug 2009
Standard Life has raised the market value reductions on with-profit unitised pensions but has reduced the MVRs on with-profit bonds.
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Succession signs up Squirrel Financial Management as partner
10 Aug 2009
IFA consolidation vehicle Succession Advisory Services has signed up Midlands-based Squirrel Financial Management as its first partner firm.
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Sue Ramsey joins National Skills Academy for Financial Services
10 Aug 2009
The National Skills Academy for Financial Services has appointed Sue Ramsey as regional director for Yorkshire and Humber.
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Synaptic launches locum insurance research service
6 Aug 2009
Synaptic has launched a new locum insurance research service for advisers.
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The Hartford's Mark Stopard joins Sun Life Financial of Canada
10 Aug 2009
Sun Life Financial of Canada has appointed The Hartford's Mark Stopard as head of marketing for its UK life and pensions business.
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Tories deny plans to hike VAT to 20 per cent
10 Aug 2009
The Conservatives have moved quickly to quash reports that the party will increase VAT to 20 per cent if they get into power at the next election.
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Trade body set up to aid IFAs operating in Europe
6 Aug 2009
The Federation of European Independent Financial Advisers has been launched to represent the interests of English-speaking IFAs operating in main- land Europe.
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Trail cash shelved in cru fund valuation quandary
6 Aug 2009
Capita Financial Managers is suspending trail commission to advisers who have clients invested in the £400m CF Arch cru fund range.
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Tripartite muddled but FSA improving, say MPs
6 Aug 2009
MPs have criticised the Government over its proposed reforms to the tripartite system, saying they are "largely cosmetic".
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Turn to your Friends for a Resolution
11 Aug 2009
The boards of Resolution and Friends Provident have announced this morning that they are recommending Resolution's latest acquisition offer to shareholders.
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UK signs tax agreement with Liechtenstein
11 Aug 2009
The UK will today sign an agreement with Liechtenstein to ensure cooperation on past and future tax claims.
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UK strikes to move up Europe structured sales table
6 Aug 2009
The UK has overtaken Switzerland, France and Belgium in structured product sales for 2009, according to research by structuredretailproducts.com.
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Unum appoints Malcolm McCaig as non-executive director
11 Aug 2009
Unum has appointed former Ernst and Young partner Malcolm McCaig as non-executive director.
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Vanguard Investments UK - FTSE Developed World ex-UK Equity Index Fund
6 Aug 2009
Vanguard Investments UKFTSE Developed World ex-UK Equity Index Fund
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Vanguard Investments UK - Global Bond Index Fund
5 Aug 2009
Vanguard Investments UKGlobal Bond Index Fund
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Vanguard Investments UK - US Equity Index Fund
6 Aug 2009
Vanguard Investments UKUS Equity Index Fund
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Vertex appoints new chief executive
10 Aug 2009
Vertex has appointed Paul Sweeny as its new chief executive.
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Warning that protection push could be short-term fix
6 Aug 2009
Bright Grey and Scottish Provident propositions director Roger Edwards has warned that the consumer protection insurance engagement campaign could be a short-term fix to a long- term problem.
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What lies beneath structured products?
6 Aug 2009
There are known knowns. These are things we know that we know. There are known unknowns. That is to say, there are things that we know we don't know. But there are also unknown unknowns. These are things we don't know we don't know.
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Wheb sustains fund
6 Aug 2009
Wheb Asset Management
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Where big is best
10 Aug 2009
Cofunds' new charging structure for fund groups has raised concerns amongst some parties that the platform may see its investment universe shrink in size.
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Yell Pension trustees found guilty of maladministration
7 Aug 2009
The trustees of the Yell Pensions Plan have been found guilty of maladministration for failing to give proper explanation of the grounds on which they concluded a member had left service.
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Zurich appoints new chief executive
7 Aug 2009
Zurich Financial Services has appointed Martin Senn as its new chief executive.
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Zurich updates wrapper comparison tool
5 Aug 2009
Zurich has updated its wrapper comparison adviser tool following tax changes announced in this year’s Budget.
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Zurich's profit falls 28 per cent
6 Aug 2009
Zurich's business operating profit has fallen 28 per cent over the first half of 2009 to £1.5m compared with the same period last year.
