Online - May 2010
Cummings discusses the FSCS bill and says lessons from history have helped him develop Aifa’s strategy for putting the case for IFAs.
Trade body urges Govt to implement transition schemes to wean industry off Govt funding.
PSigma Asset Management has appointed Eric Moore to join its UK team.
Cicero Consulting director Iain Anderson on what we can expect from the emergency Budget and beyond.
Cons is appointed partner after buying a stake in the platform for an undisclosed sum.
HMRC expects to collect an additional £10bn in income tax this financial year.
Rates cut by up to 0.75 per cent on June 1.
Aberdeen Asset Management has appointed Andrew Smith as group head of property with immediate effect.
Stafford, who led the ABI’s Options initiative, is taking up a role as account director at the public affairs firm in August.
Range includes mortgages for loans up to £1.5m.
Complaints against advisers fall 19 per cent, while bank complaints skyrocket 107 per cent.
The bodies have launched eight new proposals to rebuild a savings culture in the UK.
Aifa not pursuing legal action against FSCS based on legal advice sought which suggests a challenge would be unsuccessful.
Range includes residential and buy-to-let mortgages.
Tony Gusmao has been appointed chief executive of Alexander Forbes Financial Services.
Trade body warns the budget deficit is driving up the cost of lending and demands the next Government puts in place “real” debt reduction plans.
Axa Framlington Japan fund manager Anja Balfour has left the firm following a reorganisation of the Japanese equities team.
AMI says retrospective authorisation process could exclude some intermediaries.
Jon Finn is currently chief technology officer at 1st - The Exchange.
Chinese inflation rose to an 18-month high in April, leading to an immediate decline in Asian stockmarkets.
Aviva chief Andrew Moss criticises Prudential’s embattled £23.5bn Asian acquisition claiming the move will “weigh” on the life sector.
Axa IM appoints Bruno Grandsard as portfolio manager for global equities.
Oursourcing firms dealt a blow as Govt looks to cut contracts.
PSigma income manager Bill Mott believes the UK is set for a “tough but not impossible” economy with anaemic growth.
Bluefin radically restructures private client division from 180 to 50.
Conservative Shadow housing minister Grant Shapps outlines his vision for the sector.
IMLA chairman says underlines importance of intermediaries.
Prime Minister Gordon Brown says he understands Nick Clegg’s desire to speak first to the Conservative party, but is still keen to form a pact with the LibDems.
Brown repeats suggestion that higher-rate pension tax relief will be restricted over £100,000, despite the Labour press office claiming it was a “slip of the tongue”.
Chairman Beale says FSCS levy is unfair on societies because they rely on retail funding.
Trade body welcomes Government plans to bring forward banking reform.
US billionaire investment guru warns of UK deficit fears.
The Building Societies Association says its legal advice contradicts regulator’s stance on PIBs.
After a week of bears, the bulls are finding some evidence to smile about.
Vince Cable to use his influence in Lib-Con coalition to impose radical reforms on the City.
Conservative leader David Cameron says he is willing to make the Liberal Democrats’ proposals on tax reform a priority in exchange for a quick pact.
Prime Minister assures any Capital Gains Tax reforms will not hurt business
National IFA sees large increase in pre-tax profits and plans to have all advisers up to QCF level four by the end of 2011.
Cavendish Asset Management has launched two UK funds investing in equities and bonds.
Senior fund manager Paul Mumford says Pru’s proposed £24.5bn takeover of AIA is “untenable” even if a cheaper price is secured.
New committee will regulate and supervise banks.
Chancellor George Osborne sets out first round of budget cuts worth £6bn.
Chartered Insurance Institute president Sandy Scott is looking for an independent standards body rather than an internal model run by the FSA
Bank confident deficit will be halved by 2014.
ASA says advert gave “misleading” impression about loans being unenforceable.
PM David Cameron and deputy PM Nick Clegg put forward a united front at their first joint press conference.
Trade body says FSA has underestimated numbers that will be caught by new regulations.
Conservative-LibDem deal will end compulsory annuitisation at 75 and bring forward the link to earnings to April 2011.
Adding housing costs to inflation calculations may raise target above 2%.
Office for Budget Responsibility will provide growth and public finance forecasting as George Osborne warns of “skeletons in various cupboards”.
Planned IHT cuts to be scrapped with NI increase reversed for employers.
Options under review include voluntary insurance scheme and partnership scheme.
Con/Lib pact likely with LibDems supporting Cameron on case-by-case basis.
Group also to launch two-year fixed at 2.95 per cent.
Estate agency managing director welcomes Govt’s decision to scrap HIPs.
David Miliband says he will launch a formal leadership campaign next week.
Guy de Blonay to co-manage the Jupiter financial opportunities fund from June 1.
Invesco Perpetual tops the dog list with £1771m in assets under management across three funds.
Minerva Fund Managers investment director Paul Warner says a 25 per cent fall for stock markets is not out of the question.
The European Commission plans to introduce a banking levy for all banks across the EU.
European Central Bank may need to buy up troubled government debt.
Conservative and LibDems both stress addressing economic problems is central to any deal between the parties.
Eight banks are being investigated in the US over the rating of their mortgage products.
Brown attempts to woo LibDems, Cameron declares Labour has “lost its mandate to Govern”, Nigel Waterson loses his seat.
CGT will be high but likely to feature a duration call.
FTSE rebounds strongly this morning as EU and IMF agree deal after 12 hours of talks in Brussels.
Levy paid into national funds to stop future financial failures spreading to wider system.
Euro falls below $1.30 as Eurozone debt contagion fears spread.
The European Commission is to begin working next year on a Ucits directive aimed at increasing investor protection and creating a level playing field for Ucits investors in Europe.
Gary Clarke will join JP Morgan Asset Management’s global equities team.
Precise Mortgages will distribute solely through intermediaries.
Former CEO of collapsed Icelandic bank Kaupthing is arrested on suspicion of market abuse.
HSBC has appointed former Labour cabinet minister Ruth Kelly to its strategy unit, according to a report.
Former RBS executive director Johnny Cameron agrees with the FSA not to undertake further full time employment in financial services.
Fidelity International has appointed former Invesco Perpetual stalwart Alistair Campbell as head of UK retail marketing.
First State head of global resources David Whitten is leaving the firm after 13 years to take a career break.
First State Investments has launched an onshore version of its global agribusiness fund.
Standard Life’s John Lawson says changes to the age-75 rule, cutting Asp tax charges and porting from Isas into pensions should be at the heart of Government pension policy.
Former Skandia chief executive officer Jamie MacLeod is to join wealth manager Berry Asset Management.
Friends Provident hires former Deloitte & Touche merger specialist Belinda Richards as an independent director.
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.
FSA bans former Lewis Charles Securities inter-dealer broker over fraudulent activities.
The FSA has banned former Seymour Pierce settlements manager John White for fraud.
23 ARs include 13 who are suspended or subject to compliance investigations.
FSA MD of supervision Jon Pain outlines new training regime for FSA supervisors.
Regulator finds “serious failings” in Integrity’s provider and advice arms.
FSA confirms that if a firm is sold or joins a network, advisers will have the right to receive existing trail payments.
The regulator halts Pru’s planned £21bn rights issue over capital concerns.
FSA bans Atlantic Law senior partner Andrew Greystoke and fines him and the firm £400,000.
FSA says small firms sector is “generally weak in its assessment and mitigation of financial crime risks”.
The firm’s former money laundering reporting officer has also been fined £14,000.
The Financial Services Authority has fined Simon Eagle £2.8m for deliberate market abuse and banned him from working in financial services.
Sheila Nicoll says where simplified advice is provided via an automated service level four qualification may not be required.
Tory aide says FSA might survive banking regulation changes.
FSA says it has found the biggest list of potential fraud targets in UK and abroad.
FSCS says 11,950 Lifemark tax claims out of 13,500 have been resolved with 80 per cent offered compensation.
European debt crisis fears sees FTSE 100 fall through the 5,000 barrier for the first time in over six months although it finishes the day at 5062.
The strong chance of a hung parliament and falls in both the US and Asian markets saw a sharp fall in the FTSE 100 this morning.
The FTSE 100 broke through the 5,000 barrier this morning, having risen more than 1 per cent in early trades.
The FTSE 100 fell below 5,000 for the second time in three trading days as fears that the eurozone crisis would spread resurfaced.
Shares in the FTSE 100 rise over 5 per cent after European agreement over £635bn loan guarantee package to stop Greece’s debt crisis spreading.
Gartmore hires William de Bröe’s Nick Roberts as analyst to multi-manager team.
Brown says LibDems to begin formal discussions with Labour.
Banks says Government needs to increase VAT to pay for £10bn coalition pledges.
Coalition Government to launch free financial advice service proposed by the Tories.
New Pensions Minister Steve Webb is to kick-off a review of Nest suggesting the Government may shrink the scope for auto-enrolment.
The Conservatives and LibDems have agreed a plan to accelerate the deficit reduction and reform the banking system.
Ratings agency says UK’s ’difficult position’ may lead to sovereign debt crisis contagion from Southern Europe.
CML says seasonal dip was due to Easter break.
Net lending by the UK’s major banks grew 4.3 per cent in April compared with 4.5 per cent in March.
Lender now requires proof of repayment vehicle before offer stage.
Webster replaces former chairman Graham Beale.
Harewood Solutions has announced plans to launch a UK enhanced income fund on May 17.
Toscafund is offering to write off up to 20 per cent of mortgage holders’ borrowings.
George Osborne bows to pressure on EU hedge fund rules.
Legal & General managing director for protection Bernie Hickman is moving across to the insurer’s annuity business, Money Marketing understands.
The coalition Government is planning to permanently abolish Home Information Packs through primary legislation.
Claimants were sent their annual tax credit award notice with personal details of other customers.
Kick-outs where trigger event is conditional on financial index reaching pre-determined point are Isa compliant.
Income drawdown investors aged between 50 and 55 face a 55 per cent unauthorised payment charge if they switch providers or annuitise.
The Government will take forward a Bill to enable payments to Equitable Life victims; final report from Sir John Chadwick to be received by mid July.
Financial Secretary to the Treasury Mark Hoban has been given responsibility for financial services policy and regulation.
Shows to clarify questions HoC have regarding delayed payment, new owners and pipeline information.
It is thought Home of Choice brand will be resurrected at some point in the future.
LSL chief executive says advisers will be paid all backdated and pipeline commission.
Network to go into administration before LSL sale.
Honister Capital has reported £2.2m in operating profit for the six months to March 31, with more than half coming from direct business Willis Owen.
Halifax says house prices in April 6.6% higher than a year ago.
Prices up 9.7 per cent on year before, Government figures show.
17% of chartered surveyors report house price rises rather than falls.
Fidelity’s Paul Kennedy assesses the possible options for the coalition Government and the effect this will have on your clients’ investments.
HSBC Global Asset Management download
HSBC has launched an exchange traded fund designed to track the S&P 500 index.
Ratings agencies say the UK AAA status hinges on eventual economic policy, not any particular party.
The Institute of Financial Planning says it plans to offer a QCF level four qualification for advisers, available later this year.
The Investment Management Association has slammed the pending Ucits IV package, claiming the improvements are much smaller than initially thought.
Bank governor forced to write his first letter to new Chancellor as inflation remains above target.
New scheme to help IFAs retain ongoing remuneration on existing drawdown business and meet RDR/TCF.
Lender will initially trade through a select panel of networks and clubs.
Invesco Perpetual is considering the launch of a Latin American investment trust.
Experts fear world is on the precipice of second downturn.
Jupiter announces its intention to float next month, potentially netting over £500m for the group’s staff.
The enhanced annuity provider saw equity release sales fall slightly for the third quarter year-on-year but annuity sales soared 87 per cent.
SimplyBiz managing director Ian Thorneycroft died last night following a battle with cancer.
Products aimed at existing landlords wishing to expand their portfolio.
L&G group chief executive Tim Breedon is set to become the next chairman of the Association of British Insurers.
Tories say they are moving towards LibDem position on income tax- Harman does not rule out similar deal.
Alistair Darling becomes Shadow Chancellor for the interim while Cooper Shadows Work and Pensions.
Buy-to-let lender Paragon says 73% of landlords think prices will remain stable over next 12 months.
?Lazard Asset Management is planning to appoint a manager to run an emerging markets smaller companies fund.
Deputy chief exec David Pickersgill to succeed Ian Ward at end of year.
Lehman Brothers Holdings is suing JP Morgan Chase after claiming the US bank “siphoned off” billions of dollars ahead of the firm’s collapse in 2008.
Liontrust co-founder and chief executive Nigel Legge has quit his role as chief executive.
Artemis strategic assets fund manager William Littlewood has halved the cash weighting in his fund in a bid to take advantage of market falls.
Bank no longer accepts sale of main residence as can’t be certain of future value.
Reversion rates for new Lloyds TSB and C&G borrowers are no longer guaranteed at 2% over base rate.
HoC board did not support The Money Group’s bid as not supportive of staff and business.
Clare Lucas appointed product development manager.
Man Group is to acquire GLG Partners in a deal worth £1.1bn.
Global fund managers have upped their cash weightings and retreated into American equities following the recent problems in the eurozone and worries of China cooling.
Former Paternoster chief executive working with a number of private equity firms on projects in the asset management sector.
Clavis Walden, an independent asset manager specialising in commercial property, has delayed the launch of UK’s first property authorised investment fund.
Martin Currie has poached four more members of Scottish Widows Investment Partnership’s global emerging markets desk as it continues to build its own capability in the region.
Matrix has launched a Ucits III long/short pan-Asian equity fund, be managed by Rupert Foster.
Pensions consultancy Mattioli Woods buys Cooper Parry for £1.175m.
UKIP MEP Godfrey Bloom joins AA’s fight for a 15-year longstop.
Mike Godfrey has quit his role at Bluefin Advisory Services after three years with the firm.
ABI assistant director Peter Jolly suggests how simplified advice could work post-RDR.
Panellists at the MM/Unbiased.co.uk/ Opinium round table discuss the progress of the RDR and other issues.
The firm has also sealed a three-year sponsorship deal with the union.
CML figures show ninth consecutive month of year-on-year growth.
Committee still confident inflation will stop rising but warns recovery is still at risk.
Postponed decision leaves base rate at all-time low for 14th month.
Gross lending for mutuals up from £1.2bn in February to £1.6bn in March.
Nationwide blames profit fall on difficult trading conditions, a low interest rate environment and margin compression.
Rates cut by up to 0.31 per cent on remortgage and house purchase loans.
Building society says it is too early to estimate redundancies.
Neptune founder and managing director Robin Geffen launches group for shareholders to fight Pru’s proposed £23.5bn AIA takeover.
The National Employment Savings Trust contract with Tata could be torn up as Chief Secretary to the Treasury David Laws begins cutting waste in the public sector.
Newcastle Building Society to cut 126 jobs and close four branches.
Regulator talks about extra resources as the Government slashes costs to deal with the deficit.
Ratings on Schroder Income and Income Maximiser suspended following resignation of Ian Lance and Nick Purves.
The Organisation for Economic Cooperation and Development has raised its growth forecasts for this year and 2011 in its latest Economic Outlook.
Aegon UK new life and pensions business fell 7 per cent to £235m for the first quarter while the insurer’s distribution businesses continue to be loss-making.
George Osborne set to lose his challenge against the alternative investment fund manager directive today in Brussels.
George Osborne unveils five-year corporation tax plan but promises to protect manufacturing allowances.
Heron says he is continuing to prepare the business for a return to new lending.
Royal Liver gives ex-Park Row CEO £200,000 severance pay before he is slapped with £49,000 FSA fine.
Former Checkmate commercial director and former Abbey head of mortgages join Platform.
Firm says it will launch as a lender when time is right.
Range includes two-year fixed-rate at 5.45%
Prudential has confirmed it has reopened talks with AIG in a bid to drive down the £24.5bn price tag of its proposed acquisition of AIA.
Prudential is revising its Hong Kong and Singapore stock exchange listings after the FSA delayed its acquisition of AIA.
Pru shareholders have been warned to vote against the £24.5bn acquisition of AIA by influential voting adviser RiskMetrics.
Schroders income fund managers Nick Purves and Ian Lance have quit the firm to join investment boutique RWC Partners
Government to review effectiveness of raising threshold for first-time buyers.
Rathbones Unit Trust Management has launched two multi-asset funds which aim to produce targeted absolute returns.
CML says both arrears and repossessions lower than in last quarter of 2009.
RBS and Royal Bank of Canada back Resolution’s bid for Prudential’s UK arm, according to the Telegraph.
Former Downing Street adviser and pensions campaigner offers advice to new Work and Pensions Secretary Iain Duncan Smith.
Ruffer, a wealth management firm, is long on the dollar as it tries to identify assets to offset falls likely to accompany imminent liquidity tightening.
Standard & Poor’s says hedge fund manager Man Group’s plans to acquire GLG could weaken its liquidity profile.
Schroders has teamed up with Sloane Robinson to launch a second fund on its Global Alternative Investor Access platform.
F&C says 70 per cent of parents of under-8s would continue to save for them even if the Child Trust Fund is abolished entirely.
Nic Cicutti comments on the political process and Labour’s downfall.
Sesame has launched a forum for members to share ideas on RDR-related topics.
The Serious Fraud Office has dropped its probe into AIG Financial Products after failing to find criminal charges.
SimplyBiz chairman Ken Davy says his firm will challenge the interim levy.
Skandia Investment Group has awarded Aegon Asset Management a £130m mandate covering the full range of SIG funds.
Net client cash flows are up 150 per cent year-on-year to £500m in the first quarter while funds under management increased 7 per cent to £30.3bn.
FSSC interim chief executive Liz Field appointed permanent chief executive.
Deal will be offered in branches with discounts for existing customers.
The EC has delayed the introduction of Solvency II until December 31, 2012.
Alexander Spencer-Churchill sets up property company.
Standard Life is developing a “stripped down” GPP to compete directly with Nest.
The South-African insurer, which currently has a joint venture with Prudential, is set to rebrand the business PruHealth.
Webb has recently warned of the effect of means-testing on Nest and called for higher-rate pension tax relief to be scrapped.
Scottish Widows Investment Partnership has appointed Tracy Fennell as head of marketing.
Scottish Widows Investment Partnership has appointed Peter Cockburn as head of UK equities with immediate effect.
Tenet has teamed up with Leeds City College to launch a QCF level-five foundation degree for students wanting to become IFAs.
Former Davies Cup captain and health club mogul launches international five-star property funds.
Bank governor warns UK is only part way through crisis as new Government eyes austerity measures.
F&C director of UK strategy Ted Scott says the UK risks losing its AAA rating status if it does not offer a credible plan to tackle the high budget deficit following the election.
Managing director Tony Murtagh says his deal would guarantee payment of creditors.
Ben Thompson, manager of the Baillie Gifford high yield bond fund and joint manager of the corporate bond fund, is leaving the group to workoutside the financial services industry.
Products include 4.69% one-year fixed rate with 2.5% fee.
David Davis and John Redwood both warn of the dangers of the coalition’s proposed increase in CGT.
Firm says deterioration of debt markets led to postponement.
The MPC’s Adam Posen says UK may have less room to manoevre away from decade of deflation.
The number of unemployed people in the UK has reached its highest level since December 1994.
The US Treasury has resurrected plans to float AIA amid fears that Pru’s £24.5bn acquisition may fall apart.
Lifesearch’s Matt Morris calls for providers to improve their systems to encourage more consumers to use trusts.
As single currency falls to a four-year low we ask what the future holds of the Euro and for Euro investors.
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Prime Minister David Cameron has begun announcing his new Cabinet which will include five LibDem MPs.
No upfront fees, £500 cash back and LTV up to 85 per cent.
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Zurich will host debate about the challenges facing the insurance market.