Online - January 2011
Shaky extrapolated estimates about consumer detriment are unlikely to satisfy MPs.
Sometimes it is worth taking a stand against a blatant unfairness caused by the regulatory machine, even if the chances of success are remote.
Provider’s advertising campaign sends out a powerful and important mesage.
Park Row chief executive Peter Sprung was banned and fined for supervisory failures yet yesterday’s Barclays fine came with no personal censures.
European portability option will sit in Aegon’s main offshore bond.
Firm set to appoint new outsourcing provider and is looking at product rationalisation.
The UK consumer prices index has risen to 3.7 per cent in December, its highest rate in eight months.
The group says 500,000 bonds hit their tenth anniversaries this year and a third offer a penalty-free exit.
Aberdeen Asset Management witnessed net outflows of £800m in the fourth quarter of last year, according to its interim management statement.
MPs push for compulsory education to ready youngsters for “increasingly complex financial world”.
The Institute of Fiscal Studies says richest hit hardest by tax changes due in April.
Three tracker products reduced by 0.11%.
Firm takes over sponsorship of the event Skandia used to entertain IFAs for 14 years.
The Financial Services Compensation Scheme’s decision to levy the cost of Keydata compensation on advisers will stand.
One adviser says his levy last year was £6,009 but today’s bill was £51,459.
Policy director Andrew Strange fears rules will lead to substantial cost without benefiting consumers.
Director general Stephen Gay says Aifa should be consistent in approach.
Aifa director general Stephen Gay says IFAs should be optimistic about the advice market.
Two appointed commercial mortgage managers and two lending managers.
Both report to managing director for commercial mortgages Rob Lankey.
Michael Konstantinov has refocused his Allianz RCM Bric Stars fund towards its core countries, Brazil, Russia, India and China.
Above target inflation is putting increasing pressure on annuities and the Government needs to act, says Altmann.
Matthews to take on role of vice chairman due to his desire to return to Australia within three years.
Director of planning Jeremy Rance has been promoted to group chief operating officer.
The first advert will be aired tonight with the national campaign running for a month.
Lib Dem MEP Sharon Bowles says high interest rates mean richer countries stand to gain at the expense of poorer ones.
Baillie Gifford has appointed three new partners: Malcolm MacColl, Bill Pacula and David Salter.
Sir John Vickers to outline measures designed to ring fence activities of “universal banks”.
IBC chairman John Vickers rules out separating universal banks completely in favour of looking at ring-fencing retail banking.
Negotiations on bonus disclosure ongoing and deal expected to complete next week.
TSC member challenges Barclays CEO Bob Diamond over more than 300 subsidiary companies in tax havens.
Lender increased LTV from 70% to 75% in November.
Chief executive Bob Diamond says regulators should be able to wind down institutions which get into financial difficulties.
Large portion of its bankers’ bonuses to be paid in new type of bonds.
1,000 jobs at risk as the bank looks to develop an online execution-only service for mass market clients.
Economic forecaster says inflation rise due to temporary influences.
More RDR trainers are needed to deliver training to the population of advisers who are working towards their level 4 qualification. Improve your knowledge and skills on a two-day training course and use your experience to earn extra income.
Tracker has rate of 4.75% at 75% LTV.
The group is adding the funds to UK platforms on February 8th.
Fidelity investment guru Anthony Bolton warns investors to “expect the unexpected in Hong Kong”.
The equity bull market could end next year, says Anthony Bolton, the manager of the Fidelity China special situations trust.
The Government should replace IHT with a tiered system to increase revenues, according to the IPPR.
Staff have been consulted over relocating from Coventry and Bishop’s Stortford offices to Fareham.
Members will be offered free product and fund research from Capita under a three-year deal.
Cazenove Capital has appointed Rupert Tyer as non-executive director to the board of Cazenove Capital Holdings.
Confederation of British Industry’s Richard Lambert has been knighted with Building Societies Association’s Adrian Coles awarded an OBE.
Supervisory notice reveals Clarkson Hill permissions were varied after failing to show it could pay up to £4.8m consumer redress.
Cofunds has broken the £30 billion assets under administration (AUA) barrier.
Kevin Jones has been NACFB deputy chairman since 2009.
Concern as small country holdings in the funds remain high and demand for hedging out emerging market currency risk remains low.
Two products’ LTV increased by 15 per cent.
Products have no arrangement fees.
Shapps meets FSA chief executive Hector Sants this week.
Euro area GDP grows 0.3% in same period.
Dutch regulator chief Steven Maijoor has been selected as chair of the European Securities and Markets Authority.
Call for review into EU staff pensions is backed by the Econ Committee, but still has a way to go.
European Commission consults on banning execution-only services.
BBA chairman Marcus Agius warns Chancellor George Osborne.
Asset manager wants shareholders to reject Sherborne plans to replace current chairman Nick MacAndrew.
F&C Asset Management has defended its performance after Sherborne Investors criticised its recent track record and asked its chairman to step down.
The asset manager says Sherborne has some questions of its own to answer before shareholders vote.
The platform has added a capital gains tax service and is rolling out a nationwide CGT tour.
The investment giant has warned the term absolute return may be misleading investors.
Fidelity is issuing 166.25 million C-shares on its special situations investment trust.
Slower rate of growth expected over the next three months.
Firms will have to notify the FSA if an adviser shows poor competence or unethical behaviour.
First State head of global emerging market equities Jonathan Asante says some emerging markets and stocks “are now entering bubble territory”.
Former BlackRock manager Graham Birch has become the senior independent non-executive director of Russian gold miner Petropavlovsk.
FOS will freeze case fee at £500 for second year running.
Ombudsman will ask FSA to increase industry levy to cover any increase to its reserves.
Franklin Templeton Global Investors has completed the acquisition of Rensburg Fund Management, a subsidiary of Investec.
Move follows parent company Resolution’s acquisition of AXA’s life business.
The Financial Services Authority and Financial Reporting Council have agreed a memorandum of understanding.
The firm failed to make suitable recommendations to its customers regarding Ucis.
101 mortgage intermediaries banned since December 2006.
Adair Turner says a rethink could see the forthcoming CPMA handed radical new powers.
The FSA confirms independent and restricted advisers will need an SPS, plus 35 hours of CPD a year.
Ban could be imposed where products are particularly complicated or high risk.
Regulator floats idea of extending the controversial pensions rule to other retail markets.
Regulator seeks feedback on whether non-mainstream advice should be subject to additional specialist qualifications.
FSA fines and bans Surety Guarantee Consultants Limited director Barry Williams for his role in £2m insurance fraud.
Barclays fined for misselling the Aviva global balanced income fund and the global cautious income fund.
Barclays Capital failed to protect and segregate client money held in sterling money market deposits.
The regulator says the spread betting firm failed to submit accurate reports in respect of 2 million transactions.
Christopher Gower sent an instant message to 14 clients giving the impression of inside information.
RBS and NatWest fined for multiple failings in customer complaint handling.
Regulator staff face pay freeze for second consecutive year.
Regulator says it is not “steam rolling” through MMR.
Two banks have been referred to FSA’s enforcement division over complaints handling, with one bank yet to be sanctioned.
The regulator has outlined plans to exempt policies that only have a small investment element.
Lord Turner says aggressive takeovers disrupt financial stability.
The regulator has issued proposed guidance insisting ads be clear, fair and not misleading.
Regulator says bundled products can stop consumers recognising whether a product is suitable for them or not.
Regulator proposes guidance on suitability of investment advice after finding an “unacceptable” level of failure among firms.
Regulator says it would be unjustified for it to authorise all products.
The FSCS is also levying £233m on investment fund managers, mainly to cover the cost of compensating Lifemark investors.
The union’s 260 members are to receive compensation.
Adviser levy is now calculated by the amount of eligible income a firm generates rather than the number of registered individuals.
The Financial Services Skills Council says advisers should be able to work towards QCF level 4 under supervision.
City fund management star Terry Smith says a tragedy could be on the horizon with ’synthetic ETFs’.
Former IFA Association director-general Garry Heath has joined campaign group Adviser Alliance.
Fund merger plans set for the summer as both firms’ share prices jump.
Billionaire investor says Government must ease up on spending cuts.
Pensions minister Steve Webb says Government will “take action” if refund rules threaten the success of 2012 reforms.
Grant Shapps says there are Government levers available to influence housing market.
Research paper suggests introducing ’split’ universal state pension.
Steve Webb warns over employers launching trust-based schemes to take advantage of the ability to get refunds if employees leave within two years.
Virgin Money chief executive Jayne-Anne Gadhia says any deal should consider competition.
Treasury announces new protection for homeowners whose mortgages are sold on by their lender.
Hargreaves Lansdown says the move will boost pension savings.
£11bn figure is 18% down on December 2009.
The FSA has removed the union’s permission to accept new loans or repay existing members’ savings.
Hedge fund manager John Paulson amassed a £3.15bn profit in 2010, which is understood to be the largest one year profit in fund manager history.
Allyson Foster, the head of partnership marketing at Ignis, is to join Henderson as head of UK marketing.
Henderson has agreed lock-in terms with a number of Gartmore managers following its proposed £335m takeover.
Henderson plans to merge away UK and European opportunities funds.
Henderson has announced to the stockmarket it is to acquire the entire stock capital of Gartmore for an estimated £335m.
McQuaker has stepped down to focus on his fund management responsibilities.
Outgoing Hong Kong Securities and Futures Commission chief executive Martin Wheatley in the frame for lead role at the CPMA.
Kati Tyler joins from Chartis Insurance UK.
Ian Cornelius joins as director of savings and unsecured lending.
Treasury financial secretary Mark Hoban called MMR “essential” to help protect customers and lenders.
Land Registry says average price now £163,814.
Average house price rose from £86,095 in late 2000 to £164,310 at end of 2010.
Shapps calls on National Self Build Association to help boost self-build numbers.
Petition will be delivered to FSA chief executive Hector Sants and Treasury minister Mark Hoban.
However, score fell from 75 out of 100 to 65 over year.
IMA chief executive Richard Saunders says banks and brokers are taking a “melange of revenue streams” from investors.
The Investment Management Association has said the AIFM directive is already detailed.
Intrinsic Financial Services has appointed former Zurich Advice Network chief executive Keith Baldwin as non-executive director.
Fund will be managed by Stuart Parks and Tim Dickson and will invest primarily in Asia and Australasia (excluding Japan).
Trio are alleged to have made approximately £590,000 profit from insider trades.
Former AWD Chase de Vere head of business development will choose the financial planning firm’s lead platform.
Chief executive Alex Alway says the firm has put the brakes on an aggressive acquisition strategy due to lack of value in the market.
FSA fine JJB £455,000 for discolsure failures which led to a false market in JJB shares.
JO Hambro Capital Management has hired two managers from Thames River Capital for a pan-Europe and dynamic fund launch.
Management has completed a buy-out of Veracity Asset Transformation Service from Macquarie Group, MM understands.
The JPM UK active index plus fund will have a maximum total expense ratio of 0.55 per cent.
Firm launches global mining fund just weeks after it soft closed its Luxemburg-domiciled JPM Global Natural Resources fund.
JPMorgan Asset Management is slashing fees on its JPM UK active 350 fund to compete with low-cost passive funds.
Jupiter has seen its assets under management jump 9 per cent to £24.1bn in the final quarter of 2010.
BoE governor says inflation set to jump to between 4 and 5 per cent.
Shadow Treasury chief secretary Angela Eagle says the Government wrongly blames Labour instead of the financial crisis.
Parent of Debt Advisory Line has acquired Leadbay’s principal trading assets and brands.
Lenders charging total of 39 different types of fee.
Bank of England report says criteria tightened in second quarter of 2010.
Boulger also slams “draconian” interest-only proposals.
Aviva says 61 per cent of families do not have basic life insurance.
Deal is direct-only but Lloyds consider distribution through brokers if successful.
Former PFS president Paul Lothian teams up with accountancy firm A2+B Wealth.
Clark joins from Legal & General.
M&G head of retail fixed interest Jim Leaviss says the BoE may be forced to hike rates and commit “GDP-suicide”.
The manager’s £1bn of multi-asset funds are being handed to the macro investment team.
Francois de Dietrich is believed to behind an illegal investment scheme.
Properrty specialist launches IFA arm and hires Intrinsic’s Kevin Ronaldson as non-exec director.
MetLife will distribute fixed-term annuity product from February.
MetLife is close to a distribution deal with Living Time which will see its sales staff offer Living Time’s fixed-term product.
Labour leader Ed Miliband attacks the LibDem’s for supporting a policy they attacked in opposition.
Peter Williams and Rachel Vahey are leaving the provider, Steven Cameron is to take over new regulatory team.
Adam Lucas is claiming £1.67m in loss of earnings and damage to reputation after the FSA issued a decision notice against him, according to The Telegraph.
Revenue fell by 19% and gross profit by 58%.
The Bank of England’s Monetary Policy Committee appears to be edging closer to a rise in interest rates,according to its minutes for January.
The Monetary Policy Committee may start raising interest rates as early as March this year, according to Simon Ward, the chief economist at Henderson Global Investors.
The Norwich & Peterborough Building Society boss is to retire.
Norwich & Peterborough IFAs would become Aviva tied agents.
Building society’s 21 IFAs will become Aviva employees from March 16.
Experience Counts will be launched formally once approved by the FSA.
Book is second to be taken from HML in last two months.
Lender also reducing rates on number of products.
Stockton replaces Countrywide Principal Services managing director Alan Snowball, who is retiring.
All time low base rate held for 22nd month.
Sale could generate around £1.5bn.
Selection of discounted variable rates loans now available 85% LTV.
House purchase lending in November unchanged from month before.
Anthony Nutt’s £2.5bn Jupiter income fund has been placed in the black list of constant underperformers in Principal Investment Management’s latest income study.
The Office for Fair Trading says the bank engaged in anti-competitive practices with Barclays
Decision will be made by March 8 whether there are any competition issues.
35 debt management firms have surrendered consumer credit licences.
John Fingleton tell TSC consumer inertia is the “big block” to competition.
Withdrawal due to pressure from Liberal Democrats.
Buy-to-let lender Paragon Mortgages has temporarily withdrawn both its two-year fixed rate products.
Both full-time and part-time advisers will have to complete at least 35 hours of CPD a year.
Asset management firms are reporting pressure to increase their bonus and salary figures to avoid mass talent migration, according to research by PricewaterhouseCoopers.
Fines will be linked to the transparency of offshore jurisdictions in a bid to stop evasion.
Perspective says it is planning a further 10 acquisitions in 2011.
New buy-to-let products include 4.99% two-year fixed up to 60% LTV.
Polar Capital has launched an emerging markets income fund for the emerging market equity team it hired from Axa Framlington in October.
Firm also announces it will offer its advisers a wealth management solution in a wrap deal with True Potential.
Precise Mortgages has added three new business development managers to its sales team.
Rates start from 4.79%.
Cameron says housing market needs to get moving again.
The FSA says advisers face £225m in initial costs and up to £12m annually from 2013.
Tisa is encouraging platforms to base their re-reg pilot procedures on its standards.
Weale: A modest raise now would help stop upward pressure and could be cheaper in the long run.
Bank expected to quit scheme by end of year.
The Royal Bank of Scotland is launching its first two British retail funds to help provide less volatile products for investors.
Shadow Chancellor Ed Balls says today’s GDP figures show the “first signs” of Government policy hitting the recovery.
The insurance buyout vehicle has named Butler as a partner.
RWC Partners has launched a Ucits III enhanced absolute rate and currency fund for Peter Allwright and Stuart Frost.
Commodity funds attract record inflows.
Bank wants intermediaries to continue to be responsible for income verification checks.
FSA chief executive questions whether analysing costs of European regulations represents good value for money.
Fund invests in a blend of emerging market sovereigns and corporates and developed world high yield bonds.
Schroders has launched a frontier markets fund co-managed by Allan Conway and Rami Sidani.
EU Econ committee chair Sharon Bowles says bank bonuses should be paid in a way which will count as capital in times of stress.
Neil Rollins was today sentenced to 27 months in prison and ordered to pay £197,000.66 in confiscation.
The number of bankrupt individuals over 65 has shot up six-fold over the last decade.
Fixed rates start from 2.98%, trackers start from base rate plus 2.28%.
Offer period for Standard Life’s £42m acquisition of Focus has been extended until January 14.
Standard Life is adding technology consultants to its regional business centres.
Standard Life launches online, execution only pension to appeal to non-pension savers.
Addison replaces Tony Maddock who quit to join Lazard last year.
Swip has launched a new currency fund under the management of currency investment director Roddy Macpherson.
Swiss & Global Asset Management has appointed Keith Rumbelow and Hugo Wheeler to its UK distribution team.
Paul Tucker says banks should be allowed to fail without taxpayers having to foot the bill for their rescue.
Nout Wellink beats the likes of Barack Obama and Hu Jintao to the title of most influential regulator in the past 12 months.
Christopher Farrell given nine month suspended sentence after pleading guilty to 4 counts of fraud.
Mortgage available up to 75% LTV.
Towergate is said to be close to securing a £200m cash injection from Advent International.
The £200m investment from Advent International is conditional on Towergate raising new debt facilities.
TSC member John Mann says Diamond will face “tough questions”.
Jonathan Barrett and Andrew Rosser left Leadbay in May 2010.
TSC chair Andrew Tyrie writes to FSA chief executive Hector Sants asking for as much disclosure as possible on top flight executive pay.
TSC chair says Government must be ready for decisions it may have to make after the Independent Banking Commission reports.
The UK’s output fell 0.5 per cent in the fourth quarter of 2010 and grew less than expected in the third quarter, according to the Office for National Statistics.
UK unemployment rose by 49,000 to 2.5 million in three months to November 30, 2010.
The American economy grew 3.2 per cent, over the fourth quarter of last year, up from the 2.6 per cent GDP growth recorded in the third quarter, according to the Bureau of Economic Analysis.
US Federal Reserve is not convinced by the recent recovery.
Today’s rise in VAT is bad economics with necessary deeper cuts being avoided for political reasons, according to the Institute of Economic Affairs
Gary Shepherd joins the IFA technology firm Norland Technology.
Xit2 parent sells entire information product division.
Aberdeen’s Hugh Young has labelled China as “exceptionally disappointing”, with “some spectacular blow-ups” on a company level.
Jobs will be cut from the sales and marketing division accounting for 8 per cent of the total Zurich UK workforce.