Money Marketing
Leah Milner Editorial
Leah joined Money Marketing in May 2008, covering wraps and platforms, politics and life offices before becoming news editor in March 2009. Before Money Marketing Leah was a reporter on Mortgage Strategy. Leah won personal finance trade journalist of the year at the Santander Media Awards in 2009 and was runner-up in the specialist trade journalist category.
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Protection at standstill but CI cover is resilient
9 September 2010
Le Beau: ’Mood of the moment’
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Rate gap grows as just 10 lenders take 85% share
9 September 2010
The gap between average mortgage rates and the Bank of England base bank widened from 2.2 per cent in 2008/09 to 3.7 per cent in 2009/10, according to FSA figures.
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Sipp business soaring by 44%
9 September 2010
Sipp sales were up by 44 per cent over the past year from 95,791 in 2008/09 to 138,151 in 2009/10.
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Burgess starts new insurance firm
2 Sep 2010
British Insurance founder Simon Burgess and his wife Sara-Ann are set to launch a new insurance provider.
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Sipp providers drop passport advisers
2 Sep 2010
A number of Sipp providers will not work with international adviser firms that passport into the UK due to compliance risks.
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Actuaries find 40% of big firms could level down
2 September 2010
ACA says there is still a threat of employers levelling down exisitng pension arrangements due to auto-enrolment.
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Darling admits failure of banker bonus tax
2 Sep 2010
Former Chancellor concedes tax did not change industry behaviour.
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Director of firm fined for platform advice was Ascentric co-founder
2 Sep 2010
FSA final notice for Moneywise suggests firm did not manage potential conflicts of interest properly.
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House prices fall for second month
2 Sep 2010
House prices fell for the second consecutive month in August, according to Nationwide figures.
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Ex-Axa Framlington boss Kyprianou joins Gartmore
1 Sep 2010
Ex-Axa Framlington boss Robert Kyprianou has joined Gartmore as a non-executive director as Neptune and Martin Currie are rumoured to be eyeing a stake in the firm.
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ACA says 41% of larger employers considering levelling down
31 Aug 2010
Findings contrast with research recently released by the DWP downplaying levelling down threat.
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Bank of England mulls LTV caps
31 Aug 2010
Deputy governor Charles Bean also hints at further quantitative easing.
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FOS backed iPad comp complaint advocates
26 Aug 2010
FOS promotes National Complaints Day where consumers could win an iPad for submitting the best complaint.
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Legal threat could hit Nest
19 August 2010
Independent pension analyst Ros Altmann has warned of a future risk of litigation if the Government auto-enrols all workers into the National Savings and Employment Trust.
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Altmann warns of future litigation risk from auto-enrolment
16 Aug 2010
Independent pensions analyst Ros Altmann has warned of a future risk of litigation if the Government auto-enrols all workers into the National Savings and Employment Trust.
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St James's Place to pay £1.8m compensation to Carron investors
16 Aug 2010
Pay-outs for investors who lost money through investments by former partner Peter Carron.
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Co-op IFA staff fear job losses
12 August 2010
Employees of Co-operative Financial Services’ IFA arm are concerned over their job security if talks with a potential buyer lead to a takeover.
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'Don't use a foreign route to sidestep the RDR'
12 August 2010
Aifa has warned that firms should not see passporting into the UK under a foreign regulator as an easy route to try to escape the retail distribution review.
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Failed AIA bid costs Pru £377m
12 Aug 2010
Insurer refuses to rule out future break-up of the group.
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Co-op in talks with buyer for IFA arm
6 Aug 2010
The Co-operative Bank is in exclusive talks with a potential buyer for its IFA arm.
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Former director of Imperial Consolidated jailed for fraud
5 Aug 2010
Director paid himself up to £61,000 per month and entertained staff in lavish restaurants.
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Geared Tep clients were not told of risk
5 August 2010
The FSA has publicly censured The Garrison Finance Centre Limited for failing to communicate the risks of geared traded endowment policies to their clients, some of whom remortgaged their properties to buy policies.
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Inter-Alliance FSA permissions updated
5 August 2010
The FSA has updated its register to clarify Cyprus-based firm Inter-Alliance Worldnet Insurance Agents and Advisors is not permitted to conduct Sipp business in the UK under its passport.
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Aifa says care needed on execution-only
4 Aug 2010
Trade body says firms must clearly separate advice from execution-only services.
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Aifa warns passporting is no easy route to escape RDR
4 Aug 2010
But trade body says it is still worth considering given the tax plans of the UK Government.
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Inter-Alliance not permitted to do UK Sipps
4 Aug 2010
FSA updates its register to clarify Cyprus-based firm Inter-Alliance Worldnet Insurance Agents and Advisors is not permitted to conduct Sipp business in the UK.
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Firm bagged £165,000 in commission from 29 TEP sales
30 Jul 2010
Clients remortgaged their homes to buy geared TEPs but were not warned of the risk to their properties.
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FSA censures firm for geared TEP advice failings
30 Jul 2010
FSA waives fine as firm is in liquidation and money will be used to meet customer claims.
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Co-op could be ready to offload IFA arm
29 Jul 2010
Co-operative Financial Services may be looking to offload its IFA arm, Money Marketing understands.
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Equitable victims' anger as they could only get £400m redress
29 July 2010
Equitable Life victims are outraged at news that they may only get £400m-500m compensation - one-tenth of the sum they say is due.
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Metro Bank opens with direct-only mortgages
29 Jul 2010
Bank offers mortgages up to 80 per cent LTV, but not through brokers.
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Ombudsman condemns Equitable Life payout plans
29 July 2010
Parliamentary Ombudsman Ann Abraham has slammed the compensation plans which could see Equitable Life victims entitled to just £400m, claiming their basis is “unsafe and unsound”.
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FSA bans three stockbrokers
28 Jul 2010
Directors escaped fines of £17,000 each due to financial hardship.
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Fitch downgrades Aegon
26 Jul 2010
A number of the insurer’s international ratings are lowered.
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Think tank says financial advice key to long-term care reform
26 Jul 2010
Policy Exchange also warns voluntary LTC premium would need to be much higher than anticipated at £40,000.
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'Get to grips with empty housing'
23 Jul 2010
The Government needs to urgently tackle the problem of empty property, mortgage experts have warned.
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'HMRC should allow lenders to check income data'
23 Jul 2010
Coalition should push ahead with Labour’s plans to allow lenders to use HMRC data for income checks.
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Eq Life victims feel let down by coalition Govt
23 Jul 2010
Emag says Sir John Chadwick’s calculations are “utterly risible”.
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Bank of China links with AToM
22 Jul 2010
Bank offers residential, buy-to-let and commercial mortgages.
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CII appoints Chris Hanks as president
22 Jul 2010
Hanks is general manager of Allianz UK and takes over presidency from Barry Smith.
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Economist to head LTC commission
22 July 2010
The Government has launched its commission on long-term care and appointed economist and broadcaster Andrew Dilnot as its chair.
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Equitable Life victims could get just £400m
22 Jul 2010
Equitable Life victims may get just £400m in compensation from the Government, financial secretary to the Treasury Mark Hoban revealed today.
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Lighthouse builds on Unison advice deal
22 July 2010
Trade union Unison has appoin-ted Lighthouse Group subsidiary LighthouseTemple to supply financial advice to its 1.3 million members on an exclusive basis.
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OFT seeks stronger powers to protect consumers online
22 Jul 2010
The Office of Fair Trading is consulting on further enforcement powers to help protect consumers online.
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Santander plans £3bn UK flotation
22 Jul 2010
Bank could list in UK as soon as autumn.
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Aegon signs deal with wrap tech provider
21 Jul 2010
Firm signs deal with GBST, which supplies platform technology to Novia and Macquarie in the UK.
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MPC looked at further quantitative easing
21 Jul 2010
MPC member Andrew Sentance voted againl for interest rates to rise.
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Simon Taylor's Moneyextra.com sold to Fairpoint
21 Jul 2010
Moneyextra.com sold for an initial £1, but the full price is expected to be £8m after earn-outs.
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Tougher line on bodies that flout Freedom of Information requests
21 Jul 2010
Information Commissioner’s Office says delays are one of the main sources of complaints.
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Govt announces chair of long-term care commission
20 Jul 2010
Economist and broadcaster Andrew Dilnot to review funding options for the Government.
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Govt to create Office for Tax Simplification
20 Jul 2010
New body will look to attract foreign investment through a streamlined tax system.
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Investors in unauthorised investment scheme to get £3.7m compensation
20 Jul 2010
High Court rules investors in unauthorised Upton & Co collective scheme to get pay-outs.
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Ex-Pru boss Mark Tucker to takeover as head of AIA
19 Jul 2010
AIA chief Mark Wilson ousted after opposing takeover by Pru.
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NS&I slashes rates and pulls products
19 Jul 2010
Govt-backed savings scheme says it has to limit sales volumes.
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Broker banned for helping launder drugs money
15 Jul 2010
Scott Merrell was convicted of six offences in June 2008.
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Fidelity appoints Pete Burtonshaw as head of platforms
15 Jul 2010
Firm also pledges to double its investment in technology.
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Redstone Mortgages fined £630,000 over arrears handling
15 Jul 2010
FSA says many arrears charges were unfair or excessive.
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Aegon appoints Sarah Russell as chief of global asset management
13 Jul 2010
Russell replaces Erik van Houwelingen, who is leaving to pursue other career opportunities.
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Govt launches consultation into bank levy
13 Jul 2010
The Government has launched a consultation into the design and implementation of the bank levy.
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Banks face law suit over £1.6bn sub-prime losses
12 Jul 2010
US investment firm targets HSBC, Barclays, RBS and others over “misselling” of mortgage securities.
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Santander snaps up German bank branches
12 Jul 2010
Santander has reached a deal to buy Skandinaviska Enskilda Banken Group’s commercial banking business in Germany, which will nearly double its branch presence in the country.
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John McFall and Charlie McCreevy tipped for banking venture
9 Jul 2010
Ex-Treasury select committee chairman and former EU internal markets commissioner tipped for new launch.
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West Brom chief exec Sharpe gets £660k despite loss of £18m
8 July 2010
Sharpe: Basic pay of £390,00 plus £150,000 bonus
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Andrew Tyrie warns on rushed regulations
6 Jul 2010
New chair of Treasury select committee cautions against policy made “on the hoof”.
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Sir Alan Budd quits Chancellor's OBR after just three months
6 Jul 2010
Departure leaves OBR with no chairman ahead of this autumn’s comprehensive spending review.
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Nationwide looks to scrap England sponsorship
5 Jul 2010
Nationwide Building Society is planning to ditch its £20m sponsorship of the England football team.
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Phoenix looks to annuity book to fund acquisitions
5 Jul 2010
Phoenix Group is understood to be looking to use its £10bn annuity book to help raise money to fund acquisitions of more closed life funds, according to reports.
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Boulger backs Bootle for MPC place
2 Jul 2010
Bootle: ‘Right more than most’
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West Brom boss paid £660,000 as society makes £18.5m loss
2 Jul 2010
Chief executive Robert Sharpe earns £660,000 in pay and bonuses.
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Accountant jailed for £11m tax fraud
1 Jul 2010
Eight years imprisonment for accountant who manipulated his clients’ and his own tax returns.
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Govt says new regulatory structure to cost £50m
1 Jul 2010
Treasury confirms plans to disband FSA and create new regulatory regime.
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Ombudsman slams Eq Life compensation plan
1 Jul 2010
Ann Abraham says basis for proposals is “unsafe and unsound”.
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'Others will be looking at shape of this deal'
1 July 2010
Paul Evans
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FSA fines alcoholic former oil broker £72,000
29 Jun 2010
The FSA has fined an alcoholic former oil futures broker Steven Noel Perkins £72,000 for market abuse and banned him from working in financial services.
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G20: No agreement reached on global bank levy
28 Jun 2010
Leaders at the Toronto G20 summit have failed to reach an agreement on implementing a global banking levy.
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TEP firm suspends trading on AIM
28 Jun 2010
TEP Exchange has temporarily suspended trading on AIM pending the publication of its accounts.
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Brokers to be individually registered by March 2011
25 Jun 2010
Bank advisers will also be caught by the regime.
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Resolution to buy Axa's UK life business in £2.75bn deal
24 Jun 2010
Friends Provident to rebrand as Friends Life.
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Pru advert cashes in on CGT hike
23 Jun 2010
Prudential has launched an advertising drive on the back of yesterday’s capital gains hike, encouraging people to put more money into their pensions to avoid the tax.
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Aegon to cut UK costs by 25% and pull out of bulk annuities
22 Jun 2010
Insurer says it considered full disposal as it cuts back UK business to focus on at retirement and workplace savings.
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BUDGET: Benefits to be linked to CPI
22 Jun 2010
The Chancellor has revealed that benefits, tax credits and public sector pensions will rise in line with the consumer price index rather than the retail price index in order to avoid an outright freeze.
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BUDGET: Structural deficit in balance by 2015/16
22 Jun 2010
The Chancellor has pledged that the structural deficit will be in balance by 2015/16 in his emergency Budget speech.
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Calls for Lord Myners to take over as Pru chair
21 Jun 2010
A group of shareholders are understood to be calling for former City minister Lord Myners to take over from Harvey McGrath as Prudential chairman.
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Speculation mounts over future of Aegon in UK
21 Jun 2010
Global chief executive Alex Wyneandts to address future of the UK arm at a conference for investors and analysts tomorrow morning.
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If I Were You scheme links with WH Smith
4 Jun 2010
Financial concierge service set up by ex-Virgin boss Rob Clifford and ex-Egg chief Paul Gratton, is offering free membership to WH Smith’s loyalty scheme members.
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Paradigm hires Allison
4 Jun 2010
Former PTFS MD joins Paradigm as sales director.
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Aegon appoints chief financial officer
1 Jun 2010
Aegon has appointed Clare Bousfield from Swiss Re as chief financial officer for the UK business.
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Cru founder Jon Maguire back with new launch
1 Jun 2010
Cru founder Jon Maguire is returning to the investment market with a new asset-backed offering through IFAs.
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ASA ban on chaser ad over unenforceable loans claim
27 May 2010
The Advertising Standards Auth-ority has banned an ad by a claim-chaser on missold mortgages for misleading statements about the proportion of loans that are unenforceable.
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Northern Rock tightens interest-only policy
27 May 2010
Northern Rock has tightened its policy on interest-only lending by reducing the maximum loan to value from 85 to 75 per cent and restricting the repayment vehicles it accepts.
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OFT to review barriers to new banking entrants
26 May 2010
The Office of Fair Trading is to review barriers to entry, expansion and exit in the retail banking sector.
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Axing of Child Trust Funds hits Capita
25 May 2010
Oursourcing firms dealt a blow as Govt looks to cut contracts.
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Coalition agreement suggests FSA to be kept
20 May 2010
The coalition agreement for the Conservative and Liberal Democrat Government suggests the Tories have backtracked on their plans to scrap the FSA.
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Coalition to axe number of quangos
20 May 2010
The coaltion Government has revealed that it will reduce the number and cost of quangos in its agreement today.
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Coalition to promote gender equality on company boards
20 May 2010
The coalition Government has said it will look to encourage gender equality on company boards in its agreement today.
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Coalition to set up long-term care commission
20 May 2010
Options under review include voluntary insurance scheme and partnership scheme.
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Question marks over stamp duty threshold
20 May 2010
Government to review effectiveness of raising threshold for first-time buyers.
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Sassoon set to be given role driving reform in the City
20 May 2010
Sir James Sassoon is expected to be given a ministerial role driving reform in the City and to be appointed to the House of Lords as a key Government spokesman.
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Claims chaser's missold mortgages ad banned
19 May 2010
ASA says advert gave “misleading” impression about loans being unenforceable.
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Man arrested in insider dealing probe
19 May 2010
A 39 year-old man has been arrested as part of an FSA and City of London Police investigation into insider dealing.
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Ascentric hires IT director
14 May 2010
Jon Finn is currently chief technology officer at 1st - The Exchange.
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Sir James Sassoon tipped for Lord of the City role
14 May 2010
Sir James Sassoon is expected to be appointed to a ministerial role driving reform in the City and to be appointed to the House of Lords as the Government’s key business spokesman.
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Novia takes over the top spot in Platforum poll
13 May 2010
Novia has been rated the top platform by advisers using The Platforum.
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Over 600,000 advisers face losing voice in regulatory shake-up
13 May 2010
Fecif, the federation representing European financial advisers, has warned that intermediaries risk losing their voice on the way they are regulated under the new framework being proposed by the European Commission.
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Sterling potential for currency mortgages
13 May 2010
3D Currency Management, which runs multi-currency mortgages, says it is looking at opportunities to profit from “undervalued” sterling to help borrowers reduce their outstanding debts.
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Labour pulls out of coalition talks
11 May 2010
Labour has pulled out of coalition talks with the Liberal Democrats.
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1st - The Exchange founder Mik Cons buys into Parmenion
10 May 2010
Cons is appointed partner after buying a stake in the platform for an undisclosed sum.
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RBS to cut 2,600 jobs
10 May 2010
Royal Bank of Scotland has revealed it is to cut 2,600 jobs across the group, 2,000 of which will be from its insurance division.
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If I Were You scheme links with Towergate
7 May 2010
The financial concierge service, If I Were You, launched by former Egg chief Paul Gratton and ex-Virgin Money boss Rob Clifford, is linking up with Towergate Financial Services for independent financial advice.
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Investors face huge buy-to-let losses after valuation errors
7 May 2010
Investors say the panel surveyor used by their Government-backed lenders over-valued their properties - in some cases by almost double.
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LSL buys Home of Choice from administration for £1.5m
7 May 2010
LSL Property Services has bought Home of Choice’s assets from administration for £1.5m.
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Friends' Matthews says up to 15% of advisers to take restricted route
6 May 2010
Comments come as Friends reports total UK life and pensions sales down 3 per cent year-on-year and 21 per cent on the previous quarter at £88.1m.
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Hedge fund offers mortgage borrowers golden goodbyes
6 May 2010
Toscafund is offering to write off up to 20 per cent of mortgage holders’ borrowings.
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Regulator bans three mortgage advisers
6 May 2010
The FSA has banned three mortgage brokers from working in regulated financial services and fined another £17,500 over mortgage fraud and advice failings, bringing the total number of brokers banned to 84.
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CML hits out at FSA on approved persons regime
5 May 2010
Trade body says FSA has underestimated numbers that will be caught by new regulations.
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FSA fines foreign exchange firm £140,000 for anti-money laundering failings
5 May 2010
The firm’s former money laundering reporting officer has also been fined £14,000.
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Home of Choice urges ARs to sign LSL contract to safeguard commission
5 May 2010
Network to go into administration before LSL sale.
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FSA bans three and fines fourth broker for mortgage fraud
30 Apr 2010
Actions bring the total number of mortgage brokers banned to 84.
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Brown makes pension tax relief gaffe in TV debate
30 Apr 2010
The Labour Party has admitted that Prime Minister Gordon Brown made a gaffe when he said that he would cut pensions tax relief for those earning over £100,000 in the leaders’ debate yesterday.
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Money Marketing scoops best trade title
29 Apr 2010
Money Marketing scooped best trade title at the prestigious Headlinemoney Awards 2010, held last night at the London Hilton.
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Standard Life net inflows triple in first quarter
29 Apr 2010
Standard Life’s net inflows for the first quarter were more than triple the level seen over the same period in 2009, increasing from £0.6bn to £2.1bn.
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House price inflation hits 10.5%
29 Apr 2010
But prices still remain 10 per cent below their October 2007 peak.
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Nucleus appoints Bloch as non-executive director
29 Apr 2010
Nucleus has appointed Helm Godfrey and Taxbriefs chairman Danby Bloch as a non-executive director.
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FSA fines Commerzbank £595,000 for reporting failures
27 Apr 2010
For two years Commerzbank either failed to report or reported inaccurately almost all transactions.
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Lloyds reports return to profit
27 Apr 2010
Lloyds has reported a return to profitability in the first quarter of 2010, although no precise figures are disclosed in the management statement.
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Speculation grows over coalition allegiances
26 Apr 2010
Speculation is mounting over which party the Liberal Democrats would favour in forming a coalition Government.
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Survey shows increase in ARs
23 Apr 2010
Analysis by Which Network reveals Pink Home Loans saw the biggest net loss of appointed representatives during the first quarter of this year.
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FSA fines for penny share firm and chief executive
22 April 2010
The FSA has fined London stockbroker Hythe Securities and its senior director Meenaz Mehta a total of £235,000 after the firm’s “aggressive sales culture” led to penny share failings.
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Network Data and four other firms defaulted by FSCS
22 April 2010
The Financial Services Compensation Scheme has declared five mortgage advice firms in default, including failed mortgage network Network Data.
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Union slams Aviva's final salary "betrayal"
21 Apr 2010
Unite says Aviva is “stabbing employees in the back” with move to shut final salary scheme.
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Aviva looks to shut staff final salary scheme
20 Apr 2010
Aviva and RAC schemes face £3bn combined deficit.
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Fraudster jailed for ten years over £34m Ponzi scam
16 Apr 2010
Jail term handed down after Serious Fraud Office successfully appealed earlier judgement.
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Loyal investor halves stake in Gartmore fund, say reports
16 Apr 2010
Thames River Capital manager Ken Kinsey-Quick has halved his position in Gartmore’s European absolute return fund following the suspension of Guillame Rambourg, according to reports.
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FSA appoints Pensions Regulator chief to new Consumer Financial Education Body
15 Apr 2010
Tony Hobman to lead newly-created body responsible for roll-out of Money Guidance.
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Stockbroker firm and director fined £235,000
15 Apr 2010
FSA says firm’s commission-driven “aggressive sales culture” led to penny shares failings.
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Pru admits to talks with Resolution
15 Apr 2010
Chief Tidjane Thiam insists he would only sell UK arm if the price is irresistible.
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Economists warn on Tory cuts
15 Apr 2010
More than 50 economists have signed a letter warning Tory cutbacks could tip the country back into recession.
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FSCS declares five mortgage advice firms in default
14 Apr 2010
The Financial Services Compensation Scheme has declared five mortgage advice firms in default, including failed mortgage network Network Data.
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Trevor Matthews to chair Skills Council
14 Apr 2010
Friends Provident chief was formerly president of the CII.
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Gordon Brown admits mistakes over banks
14 Apr 2010
Prime Minister Gordon Brown has admitted that he made mistakes which contributed to the financial crisis.
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Start-up banks target building society arms to gain licences
13 Apr 2010
Bank start-ups are seeking to buy up building societies’ subsidiaries in a bid to use their existing banking licences as a faster route to market.
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Henderson in talks to buy US asset manager
13 Apr 2010
Henderson is in talks to buy US asset manager RidgeWorth from SunTrust Banks in a deal tipped to be worth £260m.
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Icelandic collapse was inevitable by 2006
13 Apr 2010
New report points the finger at Icelandic politicians for overseeing rapid over-expansion of banking system.
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Labour manifesto: Pledge to cut cost of regulation by £6bn
12 Apr 2010
Labour has pledged to cut the cost of regulation by £6bn by 2015 in its manifesto, launched today.
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City anger at Labour plans for 'Cadbury's Law'
12 Apr 2010
Fund managers warn the law could hit pension fund returns.
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Euro surges on €30bn Greek loan deal
12 Apr 2010
Euro rises against the dollar and pound after loan package is agreed.
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Annuity Direct warns of bad advice on impaired annuities
7 Apr 2010
Broker warns panels are restricting access to the best rates.
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IFAs face crackdown on platform choice
1 April 2010
Tough action will be taken against advisers who fail to assess the suitability of platforms for their clients after an FSA review uncovered poor practice.
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Regulator warns against using a single platform
1 April 2010
The regulator has signalled that it is unlikely to be content with advisers using just one platform.
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RDR: FSA investigates platform incentives breach
26 Mar 2010
The FSA says it is currently looking into a potential breach by a firm of its incentives rules.
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RDR: FSA warns advisers on single platform use
26 Mar 2010
Regulator suggests it will not be content with advisers using just one platform.
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Personal Touch appoints Doug Crawford as chief exec
26 Mar 2010
Personal Touch Financial Services has appointed Doug Crawford as chief executive officer.
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RDR: FSA pushes platforms to unbundle charges
26 Mar 2010
The FSA has proposed to ban any payments from providers to platforms and stop rebates to consumers in a raft of measures seeking to unbundle platform charges.
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RDR: FSA to crack down on platform advice
26 Mar 2010
The FSA has pledged to take tough action against advisers who inadequately assess the suitability of platforms for their clients after a review uncovered poor practice.
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FSA signals re-reg crackdown
26 Mar 2010
The FSA has signalled it is looking to crack down on platforms that do not allow the re-registration of assets.
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Two GP Noble trustees charged in connection with £52m fraud
25 Mar 2010
Two former GP Noble trustees have today been charged with fraud and abuse of position in connection with the alleged theft of £52m of pension assets from nine occupational pension schemes.
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Platform to relocate 80 staff or offer them redundancy
25 Mar 2010
Platform has revealed it is relocating 80 mortgage and customer service staff from London to Leek and Stockport or offering them redundancy if they do not wish to move.
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Gang were thwarted in £1.2m fraud
25 March 2010
The final member of a gang of mortgage fraudsters, who was on the verge of obtaining an illegal seven-figure loan, was sentenced last week to threeand-a-half years in jail.
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Northern Rock "bad bank" to integrate with B&B
24 Mar 2010
The board of Northern Rock Asset Management – the so-called “bad bank” – has recommended an integration with Bradford & Bingley.
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BUDGET 2010: New adjudicator for credit with power to enforce judgements
24 Mar 2010
The Chancellor has revealed that the Government will set up a new adjudicator to review complaints from small and medium enterprises who have been denied credit.
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BUDGET 2010: Darling unveils £200m fund for growth
24 Mar 2010
The Chancellor Alistair Darling has unveiled a £200m fund to help finance fast-growing companies.
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BUDGET 2010: One third of civil service to move out of London
24 Mar 2010
The Chancellor has revealed that a third of civil servants will be moved out of London, including the Ministry of Justice, in a bid to cut costs.
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BUDGET 2010: Bank bonus tax nets twice as much as expected
24 Mar 2010
The Chancellor Alistair Darling has revealed that the one-off 50 per cent tax on bank bonuses announced in the pre-Budget report has netted £2bn –more than twice as much as was expected.
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Six arrested in insider dealing probe
23 Mar 2010
Six men have been arrested in a joint FSA and Serious Organised Crime Agency investigation into insider dealing.
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Final member of mortgage fraud gang jailed
19 Mar 2010
Fraudster who was on the brink of obtaining an illeagal £1.2m loan is sentenced to three-and-a-half years.
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Phoenix purchases Mortgage Times assets
19 Mar 2010
Mortgage Times’ administrators reveal Phoenix has bought the rights to service orphan clients.
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Mandelson warns of further tax hikes next year
19 Mar 2010
Business secretary Lord Mandelson has warned that further tax increases may have to be introduced next year if Labour regains power.
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Amanda Davidson steps down from Aifa to pursue FSA role
18 Mar 2010
Aifa deputy chair Amanda Davidson is stepping down from the role following her appointment to the FSA board to avoid any potential conflicts of interest.
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FSA appoints Aifa's Amanda Davidson to board
18 Mar 2010
Aifa deputy chair and Baigrie Davies director Amanda Davidson has been appointed to the FSA board as a non-executive director.
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Bank clerk and husband found dead, say reports
18 Mar 2010
An ex-HSBC bank clerk who went missing on Tuesday before she was due to be sentenced for stealing money from elderly clients has reportedly been found dead with her husband.
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Threadneedle calls for absolute returns clarity
18 Mar 2010
Threadneedle has called for a better system of classification of absolute return funds due to the expansion of the sector and the divergence between different investment approaches.
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Bank clerk who stole from elderly clients goes on the run
16 Mar 2010
Ex-HSBC clerk disappeared just hours before sentencing at Southwark Crown Court today.
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Investment banker and wife charged with insider dealing
15 Mar 2010
Couple are charged as third suspect is arrested overseas following warrant requested by the FSA.
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HSBC launches 1.99% mortgage
11 Mar 2010
HSBC is launching a two-year discount rate mortgage at 1.99 per cent
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Willans quits at Mazars
11 March 2010
Willans: ‘Opportunities’
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IFG completes £35m James Hay buy-out
10 Mar 2010
Firm announces that acquisition of James Hay from Santander has completed.
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Stonehaven suspends equity release lending
9 Mar 2010
Stonehaven has become the latest provider to suspend equity release lending.
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'Financial adviser' and ex-football club boss jailed
5 Mar 2010
Ex-Blackpool Football Club chief executive who described himself as a “financial adviser” jailed for laundering money for a drug dealer.
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Lord Myners' press spokesman joins RBS
5 Mar 2010
City Minister Lord Myners’ Treasury press spokesman is joining Royal Bank of Scotland as head of group media.
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Mazars chief Paul Willans resigns
5 Mar 2010
Willans intends to pursue “new opportunities”, which he indicates will be within the financial services sector.
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Iceland heading for referendum on repaying UK
5 Mar 2010
Iceland has said it will put plans to repay £3.4bn of debts for its banking collapse to a referendum vote.
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Labour win will add £65 to the cost of mortgage, says economist
5 Mar 2010
A hung Parliament or Labour win at the general election could add £65 to the cost of the average mortgage, a Citigroup economist has claimed.
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Aegon appoints ex-Sesame boss Gale as distribution chairman
4 Mar 2010
Patrick Gale becomes chairman and Iain Black chief operating officer of distribution, in charge of Origen and Pos Sol.
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Govt seeks winding up of property firm in the public interest
4 Mar 2010
The Secretary of State for Business, Innovation & Skills has presented a petition in the High Court to wind up European Property Management Ltd in the public interest.
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FSA fines set to treble in size as amount is linked to revenue
4 March 2010
The FSA has published a new framework for penalties which will see fines treble in size.
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Jail for gang that targeted high-value Barclays clients
4 March 2010
A gang that targeted high-value bank accounts of Barclays customers and stole almost £1m were jailed at Southwark Crown Court last week.
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Redstone rapped for leaking personal data
4 March 2010
Redstone Mortgages breached the Data Protection Act by accidentally revealing 15,333 customers’ account details.
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Tax-dodging couple get six-year jail terms
4 March 2010
£4m is syphoned off through false accounting
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Sesame to launch IFA school
3 Mar 2010
Sesame is to launch an IFA school aimed at getting “new blood” into the industry.
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FSA fines IFA director £49,000 for pension switching failings
3 Mar 2010
Charles Palmer’s firm broadcast informational videos on the FSA’s pension switching review via IFA TV (see clip).
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Fitch says fast-track mortgages are performing like prime loans
3 Mar 2010
Agency found that, in most cases, fast-track loans are less likely to default than fully-income verified mortgages.
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LighthouseTemple appointed financial adviser to Royal Mint
3 Mar 2010
Firm will advise employees in relation to their deferred benefit pension transfer options under their new final salary scheme.
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Tory donor under fire for non-dom tax status
2 Mar 2010
Conservative deputy chairman and party donor Lord Ashcroft has come under fire for using non-domicile status to save himself millions of pounds in tax.
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Pound plunges on hung Parliament fears
2 Mar 2010
The pound plunged to a ten-month low yesterday on fears that the UK is heading towards a hung Parliament at the general election.
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Gang jailed for £8m mortgage fraud
1 Mar 2010
Criminals bombarded banks with fraudulent mortgage applications.
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Crooked bank staff jailed for stealing half a million pounds
1 Mar 2010
A gang that targeted high value bank accounts in a bid to steal almost a million pounds have been sentenced at Southwark Crown Court.
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FSA fines could treble in size
1 Mar 2010
The FSA has published a new framework for penalties under which fines could treble in size.
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Pru agrees merger with AIA in £23.5bn deal
1 Mar 2010
Pru has agreed a merger with AIG’s Asian arm, but Resolution dismisses rumours it could swoop on Pru’s UK business.
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Couple jailed and fined £4m for offshore tax dodge
26 Feb 2010
Husband and wife jailed for six years – couple laundered money through property and hid it in offshore accounts.
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FSA still concerned on European fund directive
26 Feb 2010
Despite progress, the FSA says it is still concerned about several aspects of the European alternative investment fund managers’ directive.
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Are consolidators RDR scaremongers?
26 Feb 2010
In Partnership director claims firms are playing on advisers’ fears
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Three sentenced for false accounting at Yorkshire Trading Standards
25 Feb 2010
Three men have today been sentenced for their role in dishonest activity committed at the now defunct South Yorkshire Trading Standards Unit in Sheffield.
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FSA fines IFA £700,000 for Lehman failings
25 Feb 2010
FSA finds failings in RSM Tenon Financial Services’ advice on Lehman-backed products and pension switching.
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Solicitors face mortgage fraud charges
25 February 2010
Two solicitors have been charged in an alleged £50m commercial mortgage fraud case.The solicitors appeared at City of London Magistrates Court last Thursday after being charged with offences in connection with a series of high-value commercial mortgage frauds.Mark Knights of Cheshire and Kamran Malik of Birmingham are charged with three counts of obtaining a money transfer by deception.The proceedings are to be transferred to Southwark Crown Court.
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Tax dispute could delay £9bn Alico sale
25 February 2010
Metlife: Alico deal still up in the air
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Mortgage firm exposes 15,000 customers' account details
24 Feb 2010
Redstone Mortgages has breached the Data Protection Act by accidentally revealing 15,333 customers’ account details.
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Halifax scraps guarantor mortgages
24 Feb 2010
Halifax is to stop offering guarantor mortgages through brokers from next month.
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Skipton to merge with Chesham Building Society
24 Feb 2010
News comes as Skipton posts 189 per cent profit increase to £63.5m.
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Pension fund assets plunge in recession
23 Feb 2010
ONS data shows value of self-administered pension fund assets dropped 15 per cent in 2008 to £928bn.
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FSA returns £270,000 to share fraud victims
23 Feb 2010
The FSA has recovered approximately £270,000 as a result of action taken against companies involved in a share fraud activity.
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Lloyds' Daniels under pressure as RBS' Hester waives bonus
22 Feb 2010
Stephen Hester waives £1.6m bonus, putting pressure on Eric Daniels to follow suit.
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Tories promise discounted bank shares for all
22 Feb 2010
Lib Dems accuse Conservatives of trying to buy votes.
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Nationwide axes holidays on new loans
19 Feb 2010
Nationwide is scrapping the option for borrowers to take a repayment holiday on new mortgage deals.
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Pearl Group to rebrand as Phoenix
19 Feb 2010
Group has £500m to make acquisitions immediately after stock market float.
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Honor Blackman takes up Equitable cause
19 Feb 2010
Actress Honor Blackman has called for an interim payment to 44,000 of the oldest victims of the collapse of Equitable Life.
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Capita underwriting services transfer to Scottish Provident
19 Feb 2010
Capita underwriting services are to transfer to Scottish Provident, meaning 80 underwriters will join the Glasgow-based insurer.
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Economists urge delay on spending cuts
19 Feb 2010
Sixty economists have written to the Financial Times warning that further spending cuts could be dangerous if they come too soon.
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Two solicitors charged in alleged £50m mortgage fraud
18 Feb 2010
Two solicitors have today been charged in an alleged £50m commercial mortgage fraud.
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HMRC extends consultation following tax advice outcry
18 Feb 2010
Experts warn legislation as currently drafted would penalise any advice that leads to a tax loss to the Treasury.
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Audit Commission warns elderly care costs could double by 2026
18 Feb 2010
New report issues a wake-up call to councils about how to fund an ageing population.
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Final Solvency II rules to be "far less onerous", says analyst
18 Feb 2010
But KBW still expects the proposals will cause “inertia” in the market for bulk annuity deals in 2010.
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Experts call on HMRC to redraft tax advice rules
18 Feb 2010
Calls come after fears legislation could catch advice on reducing tax liabilities.
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'Graduate vacancies to rise 25%'
18 February 2010
The finance sector is expected to see a 25 per cent rise in vacancies for graduates this year, according to a survey by the Association of Graduate Recruiters.
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Keydata cash could be in the rainforest
18 February 2010
Assets may have been used to buy land in Brazil
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More life managers targeting IFA jobs
18 February 2010
Support team cutbacks prompt move to advice firms
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Unemployment dips
17 Feb 2010
The number of people unemployed has fallen slightly in the three months to December, although the rate remains unchanged at 7.8 per cent.
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Govt proposals could hit tax advice
17 Feb 2010
Draft legislation published by HM Revenue & Customs could penalise tax advice.
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Sale of Alico to Metlife may be delayed due to tax dispute
17 Feb 2010
Dispute is over whether Alico has to deduct US taxes from overseas annuity and life insurance clients.
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Keydata missing assets trail could lead to rainforest
16 Feb 2010
Rainforest investments made by SLS founder David Elias may be the key to recovering Keydata’s missing assets, according to an insurer which invested in SLS.
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Greece may rebuff fiscal tightening plans
15 Feb 2010
European Central Bank and Germany want Greece to increase tax and cut public sector pay.
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Building societies to agree capital deal with regulators
15 Feb 2010
Creation of mutual ordinary deferred shares would help building societies meet capital requirements.
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Why do policymakers want to stifle the home ownership dream?
12 Feb 2010
Housing minister John Healey doesn’t want people getting a leg-up on the property ladder, and doesn’t mind if they slip off.
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Financial stability committee warns of £1trn refinancing conundrum
12 Feb 2010
FSA chairman Lord Turner also warns committee of danger of UK getting too far ahead of other countries in regulatory reforms.
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Pointon York Sipp fee rises
12 Feb 2010
Pointon York’s annual administration fee on its Sipp has risen by 7 per cent to £740 from £690 due to a pricing increase and the VAT change.
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Friends slams "buy now while stocks last" commission tactics
11 Feb 2010
Shareholders are not getting good value for this business, Friends warns.
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Cleri Med managing director John Van Der Wielen to leave
8 Feb 2010
Van Der Wielen to return to Australia following Lloyds restructure.
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UK firms cut dividends by £10bn
8 Feb 2010
UK companies cut dividend payments by £10bn in 2009, according to a report by Capita Registrars.
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Santander mulls UK flotation
8 Feb 2010
Bank may be planning to float UK operations this year.
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Resolution and Blackstone join bidding for RBS branches
5 Feb 2010
RBS is shedding more than 300 branches as a result of European state aid rules.
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Aifa chairman and MP John Gummer told to pay back £29,398
5 Feb 2010
Gummer made the claim for gardening expenses and lawnmower repairs.
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Advisers face switch problems
4 Feb 2010
The closure of Axa’s deferred Sipp means advisers will have to generate a new application for clients who want to take their tax-free lump sum.
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Split over outlook for Difs after the RDR
4 Feb 2010
Skandia UK chief development officer Peter Mann has warned it is difficult to see how distrib-utor-influenced funds will be able to operate following the retail distribution review.
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FSA bans West London mortgage broker
4 Feb 2010
Broker submitted application for himself where income was 1,200% higher than the £15,000 he declared to HMRC.
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Aviva UK group pension sales plunge 55%
4 Feb 2010
Aviva’s UK group pensions business has plunged by 55 per cent in 2009 to £462m from over £1bn in 2008.
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New firm Keystone aims for 20 advisers
4 February 2010
Former Pi Financial compliance director Harriet MacKenzie-Williams has set up a new IFA firm and hopes to recruit up to 20 advisers.
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Skandia says providers could be jilted
4 February 2010
Skandia is warning that some product providers look set to be “left at the altar” as they are failing to let go of commission-based models in line with the retail distribution review.
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Lord Myners calls on fund groups to get tough on bank bonuses
3 Feb 2010
Fund managers are urged to scrutinise bank bonus arrangements.
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Royal London slams "unsustainable commission" on group pensions
3 Feb 2010
Criticisms come as Scottish Life new group pensions business falls 19 per cent.
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Virgin sets sights on Lloyds and RBS branches
2 Feb 2010
Virgin Money chairman Brian Pitman has revealed the bank is interested in buying Lloyds and Royal Bank of Scotland branches if their locations are good.
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Hank Paulson blames FSA for Lehman collapse
1 Feb 2010
Former US Treasury Secretary holds UK regulator responsible in new book.
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Global bank levy gains support
1 Feb 2010
The proposal to introduce a global levy on financial institutions to help bail out banks on the brink of collapse is receiving growing support.
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CML doubts lenders can repay Govt support in planned timeframe
28 Jan 2010
Government may need to provide mortgage market with ongoing support, warns CML.
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Nationwide's Matthew Wyles to chair CML for second year
28 Jan 2010
The Council of Mortgage Lenders has revealed Nationwide group distribution director Matthew Wyles has been elected chairman of the trade body for a second year.
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Freedom Sipp could take a year to be wound up
28 Jan 2010
It could take a year or more to fully wind up Freedom Sipp.
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Broker banned by FSA
28 January 2010
The FSA has banned and fined a Bolton mortgage and insurance broker for failing to act with competence and capability.
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Ex-Abbey chief aims to set up new bank
28 January 2010
Former Kensington chairman and ex-Abbey chief executive Peter Birch is understood to be seeking private equity backing from Blackstone to launch a new bank.
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Brian Pitman tipped for Virgin Money role
27 Jan 2010
Former Lloyds TSB chairman and chief executive Brian Pitman is tipped for the role of chairman in Virgin Money’s new banking venture.
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UK out of recession
26 Jan 2010
The UK economy has emerged from recession with the latest data showing growth of 0.1 per cent during the last quarter.
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FSA says Mortgage Times had shortfall of nearly £1m
26 Jan 2010
FSA issues final notice to Mortgage Times, revealing it is in breach of regulatory capital requirements.
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European Commission approves B&B and Dunfermline restructure
25 Jan 2010
The European Commission has approved the restructuring of Bradford & Bingley and Dunfermline Building Society.
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Mattioli Woods takes on administration of Freedom Sipp
25 Jan 2010
Pensions consultancy Mattioli Woods has been appointed agent of Freedom Sipp, offering ongoing administration and consultancy services to clients as the scheme is wound up.
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Ex-Abbey and Kensington boss prepares to launch new bank
21 Jan 2010
Peter Birch seeks private equity backing from Blackstone to launch a new bank.
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The long wait goes on for Park Row advisers
21 Jan 2010
Eighty three former Park Row advisers still awaiting reauthorisation.
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A20 is told to stop business on some funds
21 January 2010
The FSA has ordered IFA network Alpha to Omega to stop new business on certain funds, inc-luding Arch cru, as well as on structured products, pension transfers and drawdown.The FSA’s register reveals that A2O will stop, with immediate effect, all new business connected with Arch cru funds, Barclays capital jade elixir deposit account, Curzon fixed capital protected profit lock-in deposit account, Guildhall absolute ret-urn fund and Vinum Bordeaux first growth plus fine wine ...
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Call to curb structured products
21 January 2010
Specialist provider Altus Financial Products believes the FSA should restrict sales of structured products to sophisticated investors.
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FSA revokes loan director approval
21 January 2010
The FSA has revoked the app-roval of a Durham-based director of a mortgage firm which prevents him from holding senior positions in the finance industry for at least two years.Roger Collins was the only director and approved person in his firm, Thoroughgood Harrison and Davies. The FSA says that Collins’ inadequate management and poor understanding of regulatory requirements put 300 customers at risk of getting unsuitable advice.Collins allowed an unqualified ...
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Barclays Wealth hires David Dalton-Brown
20 Jan 2010
Barclays Wealth has hired former Fidelity FundsNetwork head David Dalton-Brown as head of Barclays Wealth Funds.
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FSA bans and fines Bolton mortgage broker
20 Jan 2010
The FSA has banned and fined a Bolton mortgage broker for failing to act with competence and capability.
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Bluefin sells independent trustee business to Pitmans
20 Jan 2010
Pitmans Trustees has acquired Bluefin’s independent trusteeship business, SBJ Professional Trustees.
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Investec Structured Products to launch VCT
20 Jan 2010
Investec Structured Products is launching its first Venture Capital Trust in February in conjunction with Calculus Capital.
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Aegon appoints Duncan Jarrett as sales director
20 Jan 2010
Jarrett takes up the role following the retirement of David Rogers at the end of 2009.
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Mervyn King warns UK households are in for a tough ride
20 Jan 2010
The Bank of England governor says the MPC has yet to decide on whether there will be further quantitative easing in 2010.
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Call for FSA to restrict structured product sales to sophisticated investors
19 Jan 2010
Specialist structured products provider Altus argues that the FSA should issue tougher guidelines on the sector.
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Paradigm launches JargonFreePensions.co.uk with Steve Bee
19 Jan 2010
Paradigm Partners has launched JargonFreePensions.co.uk with newly-recruited pensions guru Steve Bee.
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Pensions Regulator warns trustees over loan stock
19 Jan 2010
Regulator has become aware that stock is being loaned without trustees’ knowledge.
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FSA removes director’s approval to hold senior role for two years
18 Jan 2010
Director of Durham-based mortgage broker exposed 300 customers to risk of unsuitable advice.
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Aegon to delist from Tokyo stock exchange
18 Jan 2010
Aegon is to delist from the Tokyo stock exchange.
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Mortgage Times directors set up financial planning firm
15 Jan 2010
Chris May and Paul Carmody have set up Carmody & May on the same premises as Mortgage Times.
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FSA restricts A2O on pensions and investment new business
14 Jan 2010
The FSA has ordered IFA network Alpha to Omega to stop new business on certain funds, including Arch cru, as well as structured products, pension transfers and drawdown.
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'Annuity delay only suits a few'
14 January 2010
Intelligent Pensions has warned advisers not to lose sight of the fact that most clients will need to purchase an annuity by 75 even if the Association of British Insurers’ call to raise the maximum age for buying an annuity to 80 is realised.Last week, the ABI called for the age for compulsory annuitisation or conversion to alternatively secured pension to be raised from 75 to80.Intelligent Pensions technical director David Trenner says that he supports the ...
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Clarity begins at home as MPs warn of new shock for house prices
14 January 2010
Treasury select committee MPs have warned that current property price levels could be under threat if interest rates increase.In the committee’s feedback on the pre-Budget report, the MPs warn that while house prices have steadied, they have done so at a relatively high level compared with earnings, leaving them vulnerable to further shocks. The report says: “House prices appear to have stabilised, but at an historically high price to earnings ratio. We are concerned that ...
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FSA fines Northern Ireland mortgage firm £35,000
14 January 2010
The FSA has fined a Northern Ireland mortgage firm £35,000 and banned one of its partners for failures which led to fraudulent applications.James Ian Shanks, a former partner and mortgage adviser at County Down mortgage intermediary Case Funding Centre, was banned for recklessly submitting false information to lenders.The FSA found CFC did not have adequate systems and controls to counter the risk of customers and staff submitting mortgage applications based ...
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Inside info on spread bets
14 January 2010
A former research analyst provided privileged information to a friend who used this to carry out spread bets which generated profits of £85,541, the Financial Services and Markets Tribunal has found.A former research analyst, Robin Chhabra, and his friend Sameer Patel were found to have committed market abuse using inside information.Chhabra and Patel were both approved persons. During summer 2004, Chhabra was a research analyst at Evolution Securities Limited ...
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Pada builds Nest on personal accounts
14 January 2010
The Personal Accounts Delivery Authority has revealed the personal account pension scheme is to be rebranded the National Employment Savings Trust.The working title of personal accounts will be replaced by Nest as the consumer brand for the pension saving scheme aiming at low to moderate earners. Pada says the cost of the rebranding exercise, including the research undertaken to come up with the name is £363,000.Nest will be run by the Nest Corporation, a not-for-profit ...
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PosSol sheds partners as it strives for quality
14 January 2010
Positive Solutions says it lost a large number of poorly-performing partners in the last quarter, with total numbers dropping from 1,662 at the end of 2008 to 1,614 at the end of last year.Positive Solutions says the loss of 48 partners over the year was a result of the firm focusing its efforts on “high-quality IFAs”. It says that despite the overall drop in numbers, the firm recruited 234 partners over the year with 47 more committed to joining.Chief executive ...
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PosSol sheds partners in drive for quality
13 Jan 2010
Positive Solutions says it lost a large number of poorly performing partners in the last quarter of the year with total partner numbers dropping from 1,662 at the end of 2008 to 1,614 at the end of 2009.
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FSA freezes pay for majority of staff
13 Jan 2010
The FSA has told staff that the vast majority of employees will not get a pay rise this year.
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NS&I fails to make income payment to 8,000 customers
13 Jan 2010
NS&I has admitted that it failed to pay 8,000 income bond customers their interest payment which was due on January 5 due to a “technical issue”.
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Research analyst and spread better committed market abuse, says tribunal
11 Jan 2010
A former research analyst provided his friend with privileged information which he used to carry out spread bets and generated a £85,541 profit, a tribunal has found.
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More bad news for Keydata investors
11 Jan 2010
US apartments which Hometrak invested in for the income property bond products are in negative equity and the investment is unlikely to be returned.
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Virgin buys regional bank as platform for launch
8 Jan 2010
Virgin Money has agreed a deal to buy a small regional private bank which it will use as the platform for its retail banking launch.
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Banks win control of Alexander Hall and Foxtons
8 Jan 2010
Alexander Hall and Foxtons’ parent company private equity firm BC Partners has agreed a restructuring deal with bank backers.
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Personal accounts renamed National Employment Savings Trust
7 Jan 2010
Pada says cost of rebrand to Nest is £363,000.
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FSA fines mortgage firm for failing to prevent fraud and bans partner
7 Jan 2010
The FSA has fined a Northern Ireland mortgage firm £35,000 and banned one of its partners for failures which led to at least 16 fraudulent applications being submitted.
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Minghella awarded an OBE
07 January 2010
Outgoing chief executive of the Financial Services Compensation Scheme Loretta Minghella has been awarded an OBE for services to the financial services industry in the Queen’s New Year’s honours list.
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Wilson steps down as chairman of Personal Touch
07 January 2010
Personal Touch Financial Services chairman Martin Wilson has stepped down from the network.
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MPs fear house prices are unsustainable
6 Jan 2010
The Treasury select committee has warned that a tightening of monetary policy could threaten property prices.
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Iceland warned it could be frozen out of EU
6 Jan 2010
Britain warns Iceland it could be left in the cold after its President yesterday rejected a deal to repay over £3bn of compensation.
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FSA starts criminal proceedings against former iSOFT directors
6 Jan 2010
The FSA is launching criminal proceedings against four former iSOFT directors.
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Personal Touch chairman Martin Wilson steps down
5 Jan 2010
Personal Touch Financial Services chairman Martin Wilson has stepped down from the network.
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HMRC seeks winding up of Mortgage Times
5 Jan 2010
HMRC looks to close down mortgage network.
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ABI calls for increase in annuitisation age to 80
4 Jan 2010
The Association of British Insurers has called for the maximum age by which people are required to have purchased an annuity or an alternatively secured pension to be increased from 75 to 80.
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Pension Protection Fund chair awarded CBE
4 Jan 2010
Lawrence Churchill is one of several pension industry figures to feature in the New Year’s honours list.
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FSCS chief Loretta Minghella awarded OBE
4 Jan 2010
The outgoing chief executive of the Financial Services Compensation Scheme Loretta Minghella has been awarded the Order of the British Empire in the Queen’s New Year’s honours list.
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Standard Life intermediary mortgages axed as bank transfers to Barclays
4 Jan 2010
Standard Life Bank has revealed that following its transfer to Barclays on January 1, its mortgage and savings products will no longer be offered via intermediaries.
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FSA enlists external experts to probe banks
4 Jan 2010
The FSA is understood to be using external experts to probe the disclosures of major banks such as Royal Bank of Scotland, HBOS (now part of Lloyds) and Bradford & Bingley ahead of the capital raisings undertaken in 2008.
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Old Mutual appoints Patrick O'Sullivan chairman as Chris Collins retires
4 Jan 2010
Old Mutual has appointed Patrick O’Sullivan as chairman following the retirement of former chairman Chris Collins from the board on 31 December 2009.
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Man jailed for £3m Ponzi fraud
23 Dec 2009
A man has been jailed for six years for defrauding investors out of more than £3m in a Ponzi scheme.
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Households put aside record monthly savings
23 Dec 2009
The average British household saved almost £300 per month in the three months to September, the largest quarterly amount on record, according to Office for National Statistics data.
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MPC was unanimous in holding base rate
23 Dec 2009
Members of the committee also voted unanimously in favour of continuing with £200bn of asset purchases under the quantitative easing programme.
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New mortgage lending up £3.3bn in November
23 Dec 2009
Figures from the British Bankers’ Association show lending held up last month.
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IFAs "unwitting pawns" in offshore investment scam
22 Dec 2009
Sham investment scheme used overseas IFAs, paid 4-6% commission, as “unwitting pawns” in the fraud.
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OFT abandons bank charges fight
22 Dec 2009
The OFT has decided not to pursue case against unfair bank charges, citing “low prospects of success”.
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Mortgage Times to enter administration
21 Dec 2009
Employees at the network have been told today that the company is about to be placed into administration.
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Six charged in £50m 'mortgage fraud'
18 Dec 2009
Six people have been charged with offences in connection with a series of high value commercial mortgage frauds.
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Skandia loses chief finance officer and chief operating officer
18 Dec 2009
Skandia UK’s chief operating officer John Tomlins, chief finance officer Simon Lloyd and platforms delivery director Tim Mann are being made redundant from the firm.
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Director of financial adviser fined £75,000 and banned for lying to FSA
17 Dec 2009
The FSA has fined the director of a West Midlands financial adviser firm £75,000 for lying repeatedly to the regulator, and banned him from the industry.
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Claims chaser ad banned by advertising standards
17 Dec 2009
Claims Warehouse failed to substantiate claims about the likelihood of writing off unenforceable debts.
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Toronto Dominion bank fined £7m
17 Dec 2009
Toronto Dominion has been fined £7m for systems and controls failings in the bank’s second FSA fine in only two years.
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RDR: Aegon slams factoring ban for group pensions
16 Dec 2009
Insurer says there is a “major risk” that take-up of group personal pensions will fall as a result of RDR changes.
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FSA bans "incompetent" mortgage partner
16 Dec 2009
The FSA has banned Nighat Mirza, a partner at a Manchester-based mortgage brokerage, for lacking competence and for failing to manage the firm’s affairs properly.
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RDR: FSA to be more flexible on alternative assessment
16 Dec 2009
The FSA has admitted its previous proposals for oral assessments were too restrictive. More flexible alternatives to be offered on ongoing basis.
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Sovereign Reversions posts £978,000 loss and appoints chairman
16 Dec 2009
The parent company of equity release provider Home & Capital has appointed the ex-Merrill Lynch chairman Bob Wigley to its board.
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Govt extends free advice for those facing repossession
15 Dec 2009
Housing minister John Healey has extended free advice for families facing repossession into next year with £4m of additional funding.
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Personal accounts administrator should be chosen after election
15 Dec 2009
Barnett Waddingham says that now there is only one contender for scheme administrator remaining, negotiations should be postponed until after the election.
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Cazenove to acquire discretionary manager Thornhill
11 Dec 2009
Cazenove Capital Management is to acquire discretionary wealth manager Thornhill Holdings.
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NS&I withdraws two guaranteed bonds
11 Dec 2009
Three and five year guaranteed growth and guaranteed income withdrawn.
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Bonus tax could hit property sales
10 Dec 2009
First Action Finance’s Jonathan Cornell says the 50 per cent tax is bad news for property which normally gets a boost in bonus season.
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Aviva appoints non-exec director
10 Dec 2009
Aviva has appointed Michael Hawker as an independent non-executive director.
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PBR looks to boost securitisation
10 Dec 2009
The Government is looking at new ways to bolster the securitisation market, yesterday’s pre-Budget report reveals.
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Affordability role could see lenders buy distribution
10 December 2009
Home of Choice chief executive Gerry O’Brien feels an increased affordability role may see mortgage lenders buy up distribution.
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Core will always strive to stay independent
10 December 2009
Mortgageforce managing director Kevin Duffy says the vast majority of intermediaries will strive to stay independent despite regulatory burdens.
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Split level views on exams
10 December 2009
Mortgage experts have clashed over whether brokers should be required to be qualified above QCF level three.
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Three face commercial loan fraud charges
10 December 2009
A millionaire lord has been charged in relation to a suspected £12m commercial loan fraud.
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Yorkshire keen to boost lending after merger
10 December 2009
Yorkshire Building Society chief executive Iain Cornish says no decision has been reached after the merger with Chelsea BS on whether to retain both broker brands, Accord Mortgages and Chelsea Intermediary Services.
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PBR: Bonus tax makes London less attractive to global banks, says BBA
9 Dec 2009
The British Bankers’ Association says the Chancellor Alistair Darlings plans for a 50 per cent levy on bonuses over £25,000 will make London less attractive to international banks.
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PBR: Phasing in personal accounts will help make £5bn savings
9 Dec 2009
The Chancellor Alistair Darling says that by putting off “lower priority” initiatives such as the phasing in of personal accounts he could make £5bn of savings.
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PBR: IHT threshold frozen at £325,000 until 2011
9 Dec 2009
The Chancellor has frozen the inheritance tax threshold at £325,000 until 2011.
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Darling may tax bank bonus pools 50%
9 Dec 2009
The Chancellor’s planned windfall tax on bank bonus pools could be as high as 50 per cent.
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Darling to delay personal accounts launch by a year
9 Dec 2009
Chancellor is tipped to put back introduction of personal accounts by one year.
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Darling set to cut spending by 14%
9 Dec 2009
Chancellor also expected to push through plans for a one-off tax on bank bonus pools.
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Haart Estate Agents rapped by Advertising Standards
9 Dec 2009
Direct mailing calling for urgent reply was said to cause “undue distress” to homeowner.
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G20 arsonist who tried to set fire to RBS jailed
8 Dec 2009
A man has been sentenced to two years in jail for attempting to set fire to Royal Bank of Scotland during the G20 protests.
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Govt looks to top banks for small business funding
8 Dec 2009
The Government is lobbying top international banks to put up billions of pounds for a state-backed fund for small businesses.
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Millionaire Lord accused in £12m commercial loan fraud
8 Dec 2009
Socialite Lord Davenport, who hosted parties for the likes of Naomi Campbell and Kate Moss, is one of those charged with involvement in the fraud.
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Capita to distribute cru assets
7 Dec 2009
Suspension of funds, which have fallen an estimated £140m in value since March, will not be lifted and distribution will take between three and five years.
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Brown to announce £12bn spending cuts
7 Dec 2009
The Prime Minister is expected to announce plans to cut public spending in advance of Wednesday’s pre-Budget report.
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Darling plans windfall tax on bonuses
7 Dec 2009
The Chancellor Alistair Darling says he “will not be held to ransom” by banks who continue to pay high bonuses.
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Three charged in suspected £12m commercial loan fraud
4 Dec 2009
Three men were charged yesterday following arrests made in a swoop on 19 properties across the UK.
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Fraud Office swoops on 19 properties in commercial loans fraud
3 Dec 2009
Six suspects arrested in international commercial loan fraud probe.
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FSA picks fined firms' bosses to advise on screening applicants for industry top jobs
3 December 2009
The FSA last week appointed Nomura chairman Colin Marshall as a senior adviser on corporate governance just two days after it fined the firm £1.75m for system and control failings.
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Yorkshire unclear if both broker brands will remain
2 Dec 2009
Merged Yorkshire and Chelsea Building Society to boost lending, but no further mergers on the cards for now.
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Six arrested in major mortgage fraud probe
1 Dec 2009
Six people have been arrested in a major mortgage fraud investigation in Nottinghamshire.
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Chelsea Building Society set to merge with Yorkshire
1 Dec 2009
Chelsea Building Society is in advanced talks with Yorkshire Building Society over a potential merger.
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Fitch says major UK bank ratings should not be hit by Dubai
1 Dec 2009
HSBC, Royal Bank of Scotland, Lloyds Banking Group, Barclays and Standard Chartered ratings unlikely to be directly impacted from Middle East exposures.
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Alexander Hall and Foxtons late filing accounts
30 Nov 2009
The mortgage brokerage and estate agency have yet to file their accounts with Companies House which were due at the end of October.
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HMRC tipped to unveil tougher fines for tax dodgers
30 Nov 2009
The news follows the extension of the amnesty on secret offshore accounts last week.
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Sir Brian Pitman tipped to back new banking ventures
30 Nov 2009
Former Lloyds chairman is thought to be considering backing one of the new banks looking to come to market.
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Darling to admit recession worse than feared
27 Nov 2009
The Chancellor is expected to reveal in his pre-Budget speech that the economy has contracted more than forecast.
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Dubai fears drive down world stock markets
27 Nov 2009
London, Paris and Frankfurt stock exchanges all open more than 1 per cent lower.
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FSA hires advisers from raft of recently fined firms
26 Nov 2009
The FSA has appointed Nomura chairman Colin Marshall as a senior adviser on corporate governance just two days after it fined the firm £1.75m for systems and controls failings.
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CML doubts FSA changes will improve mortgage market
25 Nov 2009
Director general Michael Coogan questions impact of FSA’s mortgage market review and Tory proposals for CPA.
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Richard Craven and ex-Money Portal colleagues launch new IFA
25 Nov 2009
Craven, along with Swaines director Allen Swaine and ex-Bates’ head Glyn Clarke are setting up a new national IFA.
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Kensington returns to lending
25 Nov 2009
Kensington launches new prime mortgage via L&G, Pink and Openwork.
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Govt wants FSA to regulate buy-to-let and second charge
25 Nov 2009
Borrowers whose mortgages are sold on to third parties would also get more protection in Government plans.
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Lib Dems propose National Infrastructure Bank
25 Nov 2009
Shadow Chancellor Vince Cable says this would tap into demand from institutional investors like pension funds.
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Paragon hopes to resume lending soon
25 Nov 2009
Buy-to-let lender is optimistic that wholesale funding will return soon.
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Capita may face Arch cru loss
26 November 2009
Capita has prepared its shareholders for the possibility that the firm will have to pay costs as a result of the Arch cru suspended funds’ debacle.In a Stock Exchange statement last week, Capita said it is working with the FSA, Arch, the depositories to the funds and other parties to resolve the suspension of the funds and provide shareholders with further information regarding the current value and future prospects of the funds.
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Consolidators face bias risk
26 November 2009
Leah Milner interviews In Partnership investment director Mark Pittaccio who says IFA consolidators could be at odds with the RDR
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If I were you, I would take the concierge's advice
26 November 2009
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Personal Touch suspends chairman Wilson
26 November 2009
Personal Touch Financial Services chairman Martin Wilson has been suspended pending an internal investigation.
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Pru exit hits release sector hard
26 November 2009
Advisers say Prudential’s exit from the equity-release market is “a hammer blow” to the sector.
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Release role for LTC cash
26 November 2009
Safe Home Income Plans claims the Personal Care at Home Bill will not go far enough and says equity release could play a role in plugging the funding gap.
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Thinktank in call to shut state pension 'Ponzi scheme'
26 November 2009
The Adam Smith Institute says the state pension is a “giant Ponzi scheme” that will soon become bankrupt and must be phased out.
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Aviva, LV= and Just Retirement say they are committed to equity release
24 Nov 2009
Hodge, Home & Capital and Stonehaven have also stated their commitment in the wake of Prudential’s withdrawal yesterday.
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Prudential to pull out of equity release
23 Nov 2009
One hundred jobs could be at risk of redundancy as the latest lender pulls out of the sector.
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Eq Life appoints admin provider HCL to replace Lloyds
23 Nov 2009
HCL will take over policy administration from March 2011.
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Tiner warns capital requirements could stifle recovery
23 Nov 2009
Ex-FSA head John Tiner says regulatory changes will increase costs for consumers and companies.
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Cameron to hold emergency Budget if Tories win
23 Nov 2009
The Budget would be held within 50 days of the election and would focus containing the deficit and on growth.
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Personal Touch chairman Martin Wilson suspended
19 Nov 2009
Money Marketing understands Wilson has been suspended pending an internal investigation.
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Ex-Virgin boss Rob Clifford launches financial concierge
19 Nov 2009
New service “If I Were You” will offer guidance and link to advisers for mortgages, pensions and investments.
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Pain warns about abandoning caution in upturn
19 November 2009
FSA managing director of retail markets Jon Pain has warned that caution will be quickly forgotten when the property market recovers.
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ABI concerned about rushed regulations
18 Nov 2009
Responding to the Queen’s speech, the ABI claims the Personal Care at Home Bill undermines the Government’s July Social Care Green Paper.
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Capita prepares shareholders for Arch cru hit
18 Nov 2009
Capita is in talks with the FSA over potential remedy for customers that may have suffered detriment.
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FSA fines ex-Pacific Continental stockbroker £24,000
17 Nov 2009
Stockbroker used insider information to encourage clients to cash in on expected share price increase.
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Caution will be forgotten once market recovers, warns FSA
13 Nov 2009
Managing director of retail markets Jon Pain says the market correction is somewhat of a “mirage”.
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Argos to provide mortgage leads to 4,000 brokers
13 Nov 2009
Catalogue vendor to launch price comparison site covering mortgages, pensions, insurance and other financial products.
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FSA warns firms may try to shirk PPI liabilities by phoenixing
12 Nov 2009
Regulator determined to stay one step ahead of phoenix firms.
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FSA warns brokers over claims chaser referrals
11 Nov 2009
Brokers could put themselves in breach of data protection rules.
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FSA does not want to exclude self-employed from mortgage market
11 Nov 2009
Regulator also challenges dual pricing, but will not intervene.
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Recruiters want single date to auto-enrol
12 November 2009
The Recruitment and Employment Confederation is calling for the Government to set a common date for all agency workers to be auto-enrolled into a qualifying pension scheme or risk distorting the recruitment market.
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HSBC mulls bid for Lloyds and RBS assets
10 Nov 2009
Bank might be interested in “certain portfolios” that the bailed-out banks will be forced to shed.
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Lloyds to axe another 5,000 jobs
10 Nov 2009
This further round of job cuts resulting from the HBOS merger is due to take place by the end of 2010.
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Phased auto-enrolment could distort recruitment market, warn agencies
9 Nov 2009
Recruitment agencies seek common date for auto-enrolment.
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Pensioners could be in line for tax windfall, says HMRC
9 Nov 2009
Pensioners urged to claim back overpaid tax on interest from savings.
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AIC hopeful of overturning aspects of AIFM directive
6 Nov 2009
Association of Investment Companies says there are signs people are listening to its concerns on European directive.
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Former broker and intern found guilty of insider dealing
5 Nov 2009
Matthew Uberoi and his father Neel Uberoi made around £110,000 profit on the basis of inside information.
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Boulger calls for waiver on non-advised business
5 November 2009
John Charcol senior technical manager Ray Boulger says borrowers who take out products under non-advised sales should sign a form confirming they understand they have not been given advice.
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Fitch warns FSA mortgage reforms may backfire
5 November 2009
Fitch Ratings has warned that the FSA’s proposed reforms to the mortgage market could mean greater use of manual underwriting, pushing up costs for lenders and these in turn are likely to hit borrowers.
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Group sets out value aims for pension choice
5 November 2009
The Pensions Income Choice Association says the process for annuity purchase must be reviewed and wants a register of IFAs willing to deal with pension pots under £50,000.
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Pru price policy sees volume fall
5 November 2009
Prudential UK sales were down by 22 per cent in the third quarter at £157m, following lower volumes of individual annuities, equity-release and corporate pension business.
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FSA's mortgage reforms could push up arrears, warns Moody's
2 Nov 2009
Proposed reforms could make it harder for non-prime borrowers to remortgage, increasing arrears.
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Former IFA Association chairman Bill Raynes dies after cancer battle
2 Nov 2009
Industry pays tribute to IFA champion.
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Skandia makes two senior sales appointments
30 Oct 2009
Andy Davies appointed director of adviser sales and Steve Powell appointed director of corporate partners.
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Pica calls for register of IFAs to deal with pension pots under £50,000
29 Oct 2009
The Pensions Income Choice Association says the current annuity purchase process must be reviewed.
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Advisers are jailed for £2m VAT fraud
29 October 2009
Three financial advisers have been jailed for their part in a VAT fraud amounting to almost £2m.
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Mortgage review could push up borrowing costs, says Fitch
28 Oct 2009
Fitch concerned regulations could have unintended consequences.
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Ministers seek evidence on default retirement age
28 Oct 2009
Businesses and individuals asked to give feedback to help Government review next year.
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Pru UK sales slide 22% in Q3 to £157m
28 Oct 2009
Annuities, equity release, group pensions down, but with-profits, individual pensions, fund inflows up.
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Aviva chief Moss admits to affair at work
23 Oct 2009
Andrew Moss had an affair with a colleague who was married to the head of human resources.
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Should personal accounts include protection?
22 Oct 2009
Think tank Reform argues the middle-classes should protect themselves against times of need by paying into a personal welfare account.
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'Axe middle-class welfare and include protection in personal accounts'
22 Oct 2009
Think tank Reform urges the Tories to launch personal welfare accounts to protect people against life’s shocks.
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ABI advises on postal strike contingency plans
22 Oct 2009
Insurers will be sending documents by email, telephone and fax to get around the strike
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Perspective buys ninth firm
22 Oct 2009
IFA consolidator Perspective Financial Group has bought its ninth firm, Chelmsford company Chambers and Co.
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Financial advisers jailed in £2m VAT fraud
21 Oct 2009
Three financial advisers were among eight people jailed today for taking part in a large tax fraud.
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Lib Dems push for stakeholder mortgages
20 Oct 2009
Shadow Chancellor Vince Cable wants a new breed of “simple and safe” mortgage products.
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Rathbones to buy Lloyds' private client portfolios
20 Oct 2009
Lloyds will raise £35.4m through the sale of its discretionary investment management portfolios.
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Mortgage brokers to be personally accountable to FSA
19 Oct 2009
Today’s paper makes lenders responsible for affordability, but stops short of level proc fees for brokers.
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Cofunds blasts life offices
16 Oct 2009
Cofunds has claimed life offices’ only interest in platforms is to stem the outflow of client assets.
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Mutual insurer trade bodies to merge into new group
12 Oct 2009
The Association of Friendly Societies is to merge with the Association of Mutual Insurers to form a new trade body.
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Nine out of ten DB schemes closed to new members
1 Sep 2009
Nine out of ten defined benefit pension schemes, or 87 per cent, are closed to new members, the latest survey by the Association of Consulting Actuaries has found.
