Online - February 2010
Ratings agency says fears of a eurozone meltdown are over-stated.
Pru teams up with OBSR and O&M Solutions to offer free IFA seminars in March.
£8m due to a Guernsey property fund has not been paid due to a misappropriation of monies.
The scheme is open to all existing 2plan members and any new joiners appointed prior to May 31 this year.
Research by JP Morgan Asset Management found one in seven IFAs will leave as a result of RDR, but 84 per cent will remain independent.
The administrator for Alpha 2 Omega says it has failed in its bid to secure the sale of the adviser network due to liability concerns.
Associate Accounts offers commercial arrangement to select brokers.
Aberdeen is merging away its UK and European opportunities fund in a bid to improve the efficiency of its range.
Absolute return was the best selling Investment Management Association sector in December, and the second best seller for the whole of 2009.
Aegon has appointed Adrian Grace as chief operating officer for life and pensions as it reports a 23 per cent drop in new business for that sector.
Aegon Asset Management has launched a global opportunities fund which invests in derivative and non-derivative assets.
Aegon has increased the multi-benefit discounts for policyholders who take out two or more benefits on the same plan.
Aegon is hosting a series of protection workshops for advisers.
Aifa urges FSCS to publish legal opinion which led to £43m Keydata bill falling on investment advisers.
Gummer made the claim for gardening expenses and lawnmower repairs.
The Association of Independent Financial Advisers says any directly authorised firm with seven or more advisers will see their FSA fees increase in 2010/11.
Amati Global Partners acquire VCT manager.
Director Robert Sinclair says some mortgage firms will see an 82 per cent increase in fees.
Glasgow-based firm Direct Sharedeal ordered to pay £101,500 for allowing appointed representative to mislead customers.
Artemis Investment Management is set to be bought by its senior management and US fund house Affiliated Managers Group.
New report issues a wake-up call to councils about how to fund an ageing population.
Enhancements include the addition of two new reduced out-patient benefit options and a choice of higher excess options.
Aviva Life International closes offshore bonds to new business following fall in demand from the UK market.
The move comes two weeks after Aviva reopened its wrap for new business seven months later than expected.
Teresa Rogers joins Aviva UK Health from Pru Health.
AWD Chase de Vere has appointed Carl Pimlott as head of professional development and training.
In line with other insurers, the firm saw group pension sales fall 15 per cent to £287m over 2009.
Baillie Gifford is to launch a global equity income fund for Dominic Neary, Money Marketing understands.
Bank of England to wait and see the effects of £200bn easing programme.
Inflation spike of more than 3% likely in short-term according to the Bank of England.
John Varley warns MPs against overly onerous capital requirements and regulation.
Bank understood to be planning a direct-to-consumer platform proposition.
Bank posts 92 per cent pre-tax profit increase due to the sale of its investment arm.
Fidelity plans an initial capital raising of £630m for Anthony Bolton’s China special situations investment trust.
City minister will tell the NAPF to do more to crack down on bonus culture.
CML says Bank stats show a “bunching” of approvals at the end of 2009.
Bravura group chief executive and managing director Iain Dunstan has resigned.
Bright Grey paid out 93 per cent of all critical illness claims in 2009, latest figures show.
The double appointment brings the number of investment managers to 33.
PM says international powers will draw up a bank levy by June.
Creation of mutual ordinary deferred shares would help building societies meet capital requirements.
The system now allows IFAs to upload multiple product applications in one action.
In this final extract from the Taxbriefs book Business of Advice, author David Shelton explains the need for updating your business from time to time.
In this extract from the Taxbriefs book Business of Advice, author David Shelton explains the need for a strong business process.
In this extract from the Taxbriefs book Business of Advice, author David Shelton looks at the ways advisers can grow their respective businesses.
Lib Dem Shadow Chancellor says banks should be prevented from aiding international takeovers.
The IFA firm has £200m in funds under management and will become Succession’s Scotland-based hub.
The new website combines Capita Financial Software’s Quay, Synaptic and Webline propositions.
The new service allows advisers to quote on different life and CI cover levels on the same illustration.
Jupiter director of independent funds John Chatfeild-Roberts is to take over as the group’s chief investment officer from Edward Bonham Carter.
The Citizens Advice Bureau is reporting cases of people falling victim to a money transfer scam.
Van Der Wielen to return to Australia following Lloyds restructure.
The CML predicts a slow increase in repossessions over the coming years
The CML warns the Treasury against extending the scope of FSA regulation to cover buy-to-let.
Chairman Edward Leigh MP says more work needs to be done to make tax reporting for older people clearer and more efficient.
William Roache, who plays Ken Barlow, raises concerns about any potential death tax.
Iain Anderson suggests the Tories could move pension and welfare responsibility to the Treasury.
Government plans to provide free home care under the Personal Care At Home Bill could cost local authorities more than £20m.
Husband and wife jailed for six years – couple laundered money through property and hid it in offshore accounts.
Chancellor Alistair Darling, Conservative Shadow Chancellor George Osborne and Liberal Democrats Shadow Chancellor Vince Cable to battle it out on live TV.
Deutsche Bank has revealed that it has set aside £196m towards the payment of a UK “supertax” on bankers bonuses.
Dow, Nikkei down as speculators turn against Euro.
Former IMF director says the UK is next European country in line for sovereign debt crisis.
Sixty economists have written to the Financial Times warning that further spending cuts could be dangerous if they come too soon.
Several emerging market funds appeared in the bestseller list on Hargreaves Lansdown’s Vantage platform in January
Banks says Government should introduce a 1 per cent tax increase that is ring fenced for elderly care.
Brands combine to offer combined domiciliary care proposition.
Global developed stockmarkets gave last week’s accord between the European Union and Greece a muted reaction, while bonds rallied and the euro fell.
Eurozone members to decide the fate of the indebted nation.
Committee warns Alternative Investment Fund Management directive is unworkable in its present form.
Experts argue over solutions for Greek debt crisis.
Ex-Burns Anderson IFA remanded in custody in suspected £8m fraud trial.
The Times reports of alleged insider deal profit of ex-Cazenove partner delivered in envelopes of cash.
Firm also signals intention to collect retail deposits by the appointment of a savings director.
Which? Commission witness reveals sales culture in her fomer role at bank branch.
Calls come after fears legislation could catch advice on reducing tax liabilities.
Talking point of Davos illustrates UK’s “acute” debt problems.
Former Thinc advisers launch IFA network with a flat fee and no contractual ties.
Fidelity Bond manager says there are still gilt-hungry investors regardless of instability fears following the QE halt.
Fidelity is offering advisers a payment for each re-registered case and £5 per online Isa application.
Fidelity Fundsnetwork is hosting 27 workshops across the UK this month, focusing on regulation and the economic environment.
But KBW still expects the proposals will cause “inertia” in the market for bulk annuity deals in 2010.
Regulatory consultancy Ignacity has urged the House of Lords to carefully scrutinise the Financial Services Bill at the second reading.
FSA chairman Lord Turner also warns committee of danger of UK getting too far ahead of other countries in regulatory reforms.
Man who predicted 2008’s bank crash says national debts are unsustainable.
Barclays Bank leads the way with investment complaints.
FOS says insisting on using debt-advice firms may delay resolution.
Shareholders are not getting good value for this business, Friends warns.
The FSA and the US Securities and Exchange Commission agree enhanced supervisory cooperation is “critical to market integrity”.
Dan Waters criticises fund manager for questioning regulation.
The Financial Services Authority bans BlueBay Asset Management’s Simon Treacher for ’mis-marking’.
Bridgewater House UK director Matthew Sixsmith’s failure to protect client money cost his clients £85,000.
Broker submitted application for himself where income was 1,200% higher than the £15,000 he declared to HMRC.
Regulator hits out at IFA for sales failings and orders up to £7.8m in client redress.
Regulator censures London-based stockbroking firm for TCF failures by its appointed representative.
FSA finds failings in RSM Tenon Financial Services’ advice on Lehman-backed products and pension switching.
The FSA’s fees and levies for IFAs will fall £3.6m in 2010/11.
The FSA and City of London Police have written to 10,000 people whose details appear on a list being circulated by fraudsters.
The Financial Services Authority has issued a warning over an increase in overseas fraudsters selling shares by imitating FSA authorised firms and individuals.
The City regulator will look into the ABN AMRO takeover, compliance with money laundering regulations and complaints handling.
Regulator says it has uncovered “major flaws” in the marketing of products.
The firm would have faced a £1.5m fine had it not been winding down its business.
Despite progress, the FSA says it is still concerned about several aspects of the European alternative investment fund managers’ directive.
The Financial Services Authority is taking a billion-pound company to court over charges that they breached rules on corporate takeovers to the regulator.
Regulator warns of risks of increasing retail access to bond markets.
Funds under management for fund of funds for 2009 had highest year end on record.
Gartmore’s head of Asian equities Jan de Bruijn has revamped two funds he took over since joining the firm from Threadneedle in January.
DWS set for absolute return and global equity fund launches
GLG Partners has launched the GLG Japan CoreAlpha Equity fund, a currency-hedged replica of its £698m Japan CoreAlpha fund.
Chairman Gerald Corrigan says it is possible the UK was involved in similar deals.
ONS reveals worse than expected public borrowing figures for January.
Savers will now be protected by the Financial Services Compensation Scheme.
Pension savers can now keep their contribution history to avoid tax charges, if they switch provider.
ONS says a strong December meant Q4 2009 GDP was better than initially thought.
European Central Bank and Germany want Greece to increase tax and cut public sector pay.
Reports say complex derivative trades hid Greek debt from EU.
Mounting fears over Greece’s debt position spilled into global equity markets last week, as share prices in America, Asia and several European countries all fell.
Scottish Widows research shows advisers think wraps will be subject to the same test as investment products.
Former US Treasury Secretary holds UK regulator responsible in new book.
Hargreaves Lansdown has dropped Skandia’s UK best ideas fund from its Wealth 150 range.
Net business flows and assets under administration jump more than 50 per cent.
Hargreaves to offer spread betting and CFDs through joint venture with IG Group.
Henderson Group has unveiled a £15.5m pre-tax profit in 2009 despite an 8 per cent fall in its recurring profit before tax.
Experts warn legislation as currently drafted would penalise any advice that leads to a tax loss to the Treasury.
The average house price fell by a seasonally adjusted 1 per cent in February to £161,320.
Second month in a row the figure has been positive means average house price now £165,008
John Healey has been lambasted by his Tory and Lib Dem counterparts over “insensitive comments”.
New hires lined up ahead of launch of new bank.
HSBC has abandoned its plans to increase the salary of chief executive Michael Geoghegan following shareholder protests.
Iceland expected to reopen talks with Britain and Netherlands to deal with £3.5bn Icesave bill.
IFA authorisations fell 35 per cent and mortgage broker authorisations plummeted 61 per cent from Q1 to Q4 in 2009, according to IMAS Corporate Advisors.
IFA firm Carterbar has been asked by the FSA to help workers at Corus steel plant manage their finances.
IFA firms will be forced to pay the Financial Services Compensation Scheme an interim levy of £70m by March 31, 2010.
A change of regulator tops IFAs’ wish lists for 2010, according to the Marketing Innovation Forum.
Firms will be notified of their levy by March 31, 2010 and payment will be due within 30 days.
Ignis takes 49 per cent stake in credit investment manager Castle Hill.
Inflation up again in line with the Bank of England’s recent predictions.
Insynergy teams up with Reliance Capital Asset Management for new fund launch.
Michael Matthews and Stuart Edwards replace Paul Read and Paul Causer on five fixed income funds.
Semperian PPP Investment Partners has been fined £1,000 for acquiring a firm before it had received approval from the FSA
The Institute of Directors says the Government should increase the default retirement age, initially to 68.
Bright Grey’s Roger Edwards says protection advisers should spend more time with existing clients.
Gross lending falls 32 per cent from December when borrowers had looked to beat stamp duty holiday
LV= managing director Rodney Cook will take over at the Just Retirement helm when founder Fuller steps down in July.
The provider recorded increases in both annuity and equity release business in the six months to December 2009.
Alternative Assessment Project Group set up to examine practical issues of the FSA’s proposed alternative assessment RDR route.
Bank governor King tells Chancellor that he is ready to increase fiscal stimulus to control inflation.
L&G is adding an employer-financed retirement benefit scheme and a cash Isa on its corporate platform.
Enhancements include an increase in the maximum benefit and an increase in expiry age.
Different sums assured are available on critical illness cover and term assurance.
Legal & General has reported a 34 per cent increase in the number of whole of life policies sold for inheritance tax planning.
Standard & Poor’s says L&G’s concentration on the UK makes it more vulnerable to industry and economic risks.
Solicitors investigate legal implications of Skipton scrapping its SVR ceiling.
A law firm representing members of Alpha 2 Omega has raised concerns that administrators are trying to “pre-pack” the business and sell it on.
The society recorded a pre-tax profit of £31.7m for 2009, up 56 per cent on the previous year’s £20.3m.
European Life Settlement Association draws up practice code as FSA prepares to outline its concerns.
Lifemark securities suspended on Luxembourg Stock Exchange as firm seeks to restructure its debt.
Former Tactica chief joins to rebuild the business.
Liontrust Asset Management is to embark on a cost-cutting exercise in view of its current funds under management.
Liontrust has revealed details of the upcoming European value fund it is launching for Ross Hollyman and Rob Cornish.
Daniels could take home £1m basic salary plus 225 per cent in bonuses.
Stephen Hester waives £1.6m bonus, putting pressure on Eric Daniels to follow suit.
Eric Daniels’ decision comes after Stephen Hester waived his £1.6m bonus yesterday.
MD of mortgages Dan Watkins leaves as GI MD takes helm of streamlined life and pensions business.
Group reports £3.3bn loss in new wealth and international division which includes SWIP.
Fund managers are urged to scrutinise bank bonus arrangements.
The firm joins Living Time in the temporary annuity market with the launch of its hotly anticipated fixed-term product.
European leaders hammer out plans to guarantee indebted nation.
Marlborough Quantock UK growth fund to rebrand as UK primary opportunities fund.
Martin Werth says breaking things down is the key to growing the protection market.
Appointed representatives from Alpha to Omega are planning a late bid to snare the network from Moneygate.
Meteor deal to acquire structured product providers NDF/DRL confirmed.
“Should you tell your clients they’re being irrational? Ouch. But what if you don’t?”
North East IFA network Moneygate has emerged as frontrunner to acquire Alpha to Omega, this week’s Money Marketing reveals.
Moneygate chief executive Lee Hartley says a deal for network Alpha to Omega is now unlikely despite a third offer for the business remaining on the table.
Many building societies will find it “increasingly difficult to survive”, warns ratings agency.
The Treasury select committee has launched a follow-up inquiry into households struggling with mortgage arrears.
Public accounts committee says Chancellor’s failure to notify Parliament was of “significant constitutional importance”.
Ashley Clark and Joanne Roberts have launched referrals and compliance portal Advisers United.
Members of the largest IFA networks are likely to be hit with the biggest increase in FSA fees and levies.
Hoban admits industry may have to pay more for a regulator “who understands” financial services.
Wealth manager revives historic name of Albert E Sharp.
New mortgage range targets first-time buyers.
Pada says most businesses intend to seek advice on auto-enrolment.
Northern Rock cuts selected fixed and tracker rates.
The lender reports loss after profit of £0.5m in 2008
Ferguson says “true wraps” will emerge as the winners in 2010.
Reeve Sims and The Fry Group have joined the seven-strong board.
OFT says Government should consider ban on broker to estate agent referral fees.
Founder of comparemypension.com launches thepensionspecialist.com for advisers who want to outsource pensions advice.
Compare for Good has been launched by Oxfam and will be managed by former IFA Ivan Massow.
Group has £500m to make acquisitions immediately after stock market float.
ONS data shows value of self-administered pension fund assets dropped 15 per cent in 2008 to £928bn.
The Labour party has called for a cross-party conference on the issue of funding long-term care for the elderly.
Political interference, credit risk and increased regulation threaten banks, according to the latest Banking Banana Skins survey.
The next Government should be focused on reform to build on the great work being carried out by advisers.
The platform firm recorded £39m in assets under administration by December 31 last year, up from £17.5m by the end of Q3.
Private Finance hires Mortgageforce’s Katie Tucker as its new chief operating officer.
Prudential’s fund returned 18.7 per cent in 2009.
Economists will assess the affects of quantitative easing as the MPC is expected to call a halt to the stimulus.
Rathbones increases Scottish footprint with a new office opening.
The loss is down from £24.3bn in 2008.
Fitch Ratings says the RDR is likely to see fewer people exercise their open market option because many will not pay fees.
KPMG given six more months to work on a restructuring plan for Lifemark which underpins Keydata life-settlement plans.
Comparison website says 85 per cent of borrowers on SVR deals are better off switching.
Repossessions in 2009 much lower than initially forecasted.
RBS is shedding more than 300 branches as a result of European state aid rules.
The risks to the Monetary Policy Committee’s view of a gradual recovery in Britain’s output “remain to the downside” according to the BoE governor.
Royal London Asset Management plans to convert four unit trusts to Oeics at the end of this month.
Royal London Asset Management has launched a global index linked fund.
Government’s gold-plated guarantees on Northern Rock savings set to end in March.
Criticisms come as Scottish Life new group pensions business falls 19 per cent.
Pete Thomson promoted to MD of sale and rent back firm.
Dispute is over whether Alico has to deduct US taxes from overseas annuity and life insurance clients.
Santander Asset Management has launched a sterling corporate bond fund and and an enhanced income fund to sit within its portfolio investments range.
Bank may be planning to float UK operations this year.
Santander has revealed its UK profits have risen over 30 per cent in 2009.
Resignation of the FSA chief executive adds to the uncertainties facing the industry in the run-up to the election.
Treasury orders FSA to hold fire until its fate is decided.
Baillie Gifford has appointed Tom Slater deputy manager of its Scottish Mortgage Investment Trust.
Staff are reportedly angry that the taxpayer-backed bank is having to scale bank bonuses for 2009.
SFO says there is “insufficient evidence” against Madoff Securities International and its directors for a conviction.
The doves and the hawks debate continues over the future of UK finances.
IMF economists pose question as they look at the fundamentals of monetary policy.
Skandia Investment Group has removed a number of managers from its UK best ideas range, including Jupiter income guru Anthony Nutt.
Williamson replaces Sir Mervyn Pedelty who died at the end of last month.
Bumper results and shareholder concerns may see Lloyds sell the wealth fund manager.
Skandia has created a new technical support team and online team to help advisers.
Isa tool launched by Skandia to help advisers identify unused allowances for the tax year.
Skandia to cut 150 jobs as part of 20 per cent cuts aimed at lowering platform charges.
Building society admits data blunder which saw customer account details sent to other customers.
News comes as Skipton posts 189 per cent profit increase to £63.5m.
The Association of British Insurers is inviting the IFA community to help it think up a new name for total permanent disability.
Lloyds-backed distributor St James’s Place reports a pre-tax profit of £363.2m for 2009 on an EEV basis.
Wrap assets more than double to £3.6bn, up from £1.7bn.
Former Clerical Medical director of pension funds David Somers joins the committee as an independent member.
Tenet Group has appointed Jon Barham as head of sales.
Tenet Group has seen its pre-tax profits slashed to £1m in the 12 months to September 30, 2009.
David Child believes wraps will not replace the need for back-office systems.
Think tank Long Finance says the MMR fails to offer viable reform.
Liontrust is preparing to launch an absolute return bond fund for Simon Thorp, the head of fixed income at the firm, next week.
Threadneedle boosts UK equities team with new hire from RWC Partners.
Threadneedle’s head of UK equities says investors would react badly to a hung Parliament.
The Conservatives are refusing to take part in a conference about the funding of social care for the elderly.
New “social responsibility levy” on industry would pay for free advice service.
Shadow Chancellor George Osborne announces the Conservative Party’s economic plans.
Lib Dems accuse Conservatives of trying to buy votes.
Conservative leader David Cameron has ruled out a change of currency.
The Lib Dems call for Tory party treasurer Michael Spencer to be sacked.
Towergate Financial has launched its new corporate solutions proposition, which includes a corporate platform.
City minster Lord Myners reveals Treasury has significantly reduced revenue estimates for new tax rate.
Proposals echo Brown’s call for a Tobin tax.
FSA chairman Adair Turner has labelled the carry trade “economically valueless”.
Aviva’s Real Retirement Report says more than half of people over 55 do not understand what a joint annuity is.
A leading economist has warned that a financial crisis is inevitable unless we change the way we think about what older people contribute to the economy.
Iceland has rejected an offer from the British and Dutch governments yesterday to soften the repayment terms of the £3.4bn lost in the failed bank Icesave.
RBS bonus pool approved despite £3.6bn loss.
More than 85 per cent of advisers are calling for the open market option to be the default to ensure retiring investors get the best deal.
The agreement sees West Brom’s advisers advise exclusively on Axa’s products.
Housing minister John Healey doesn’t want people getting a leg-up on the property ladder, and doesn’t mind if they slip off.
Skandia polls 600 advisers for their opinions on with-profits.
Yorkshire posted losses of £12.5m, while Chelsea posted losses of £27.1m for 2009 as their merger proceeds.