Online - November 2010
Gregor Watt’s exam diary: QCF level 3 is too low for new entrants but grandfathering is a different matter.
Nucleus chief exec David Ferguson says the positive aspects of the reforms should not be overshadowed by the cash rebate ban and U-turn on unbundling.
But Skandia’s Peter Mann says yesterday’s FSA paper was bad news for platforms who were assuming their existing charging structures were already RDR ready.
Alarm bells ring whenever a firm uses the strategy of slagging off others to promote their services or products.
John Cunningham joins from Omnibus Systems.
Lender looking to target amateur landlords.
The group reports a boost in demand for global equity, emerging market and Asia Pacific funds.
Jonathan Davis will join in January, succeeding Peter Montagnon.
Irreversible life-changing disability dropped and statement of best practice due early next year.
Advisers give replacement John Bennett the thumbs-up but say the asset manager is vulnerable to a takeover bid.
New customers in the Aegon Secure Lifetime Income product will see a guaranteed minimum annual increase of 3.25 per cent to their income base.
Head of individual protection sales and distribution development Alun Beynon will leave on December 3.
The fund was launched for institutional investors in July.
Lender cutting rates on selected products by up to 0.38 per cent from tomorrow.
Insurer is hit by Kwik Fit Insurance Services acquisition and set-up costs of Tesco Underwriting.
New director general will join the trade body on December 1, 2010.
Trade body says certificates will be difficult to police and doubts whether they will improve consumer confidence.
Trade body says 10 per cent drop in advisers would lead to big drop in people saving for the future.
Arculus spent between 1997 and 2006 with Barclays in non-executive positions.
Director Rob Sinclair draws parallels with Equitable Life’s “no commission” marketing strategy.
Ami director Robert Sinclair says he cannot estimate the cost of new MMR regulations.
The investment trust will launch a share offer in early January 2011.
New charges will make it more competitive for advisers to place lower value cases on the platform.
£100m of costs to be cut from UK including closure of final salary scheme.
Aviva is permanently removing the 0.5 per initial charge for new and existing customers.
The adviser firm reports an earnings rise in the first nine months of the year, compared to £0.5m last year.
Conservative MP Harriett Baldwin says the regulator should listen to the growing swell of MPs calling for rethink.
Bank says inflation is likely to stay above target next year, with an equal chance of inflation being above or below target in two years’ time.
RBS, Standard Chartered and HSBC warn current rules could damage world trade.
Maximum loan-to-value increased from 70 to 75 per cent.
Brokers automatically signed up to email service when submit Woolwich applications.
BBA chief Angela Knight says international implementation is vital to protect UK’s banking sector
The adviser firm says the group has £2.62bn in poor-performing funds.
The trust will target “fast growing” markets like Kuwait, Oman, Saudi Arabia and Tunisia.
Applications must be submitted by November 5 at 8pm.
Mervyn King says high inflation is down to ’temporary shocks’.
At least seven global bond funds revealed top 10 holdings in peripheral eurozone debt at the end of September, according to Trustnet.
Robert Morrison has joined Aviva after seven years at Bright Grey.
Britannia says there was a lack of customer demand for the products.
There are 7,564 available to intermediaries as of November 1.
Emba group sales and marketing director Mike Fitzgerald: “I think it is what brokers wanted to hear.”
BSA chairman warns regulators not to force mutuals into a “Plc straitjacket”.
Under the agreement life and pension providers can contribute to FSSC policy.
Clarkson Hill has had its shares suspended on AIM for the second time this year.
Non-advised protection firm Click has cut over 50 jobs in its Farnham and Manchester offices as it scales back its term assurance offering with immediate effect.
The financial services giant could sell its Jersey and Guernsey operations.
Trade body says current proposals are flawed and impractical.
Graham Bentley will replace Colin Jelley as head of proposition marketing.
Chief executive of residential mortgages Colin Snowdon leaves the lender “by mutual consent.”
Lloyds Banking Group managing director of mortgages Colin Walsh will replace Matthew Wyles next year.
The House of Commons debate on the RDR is to be held on the 30th November
Ross Bowen previously headed the group’s mortgage division until summer 2007.
FSA director of conduct risk and asset management sector leader has decided to leave the regulator.
Government close to rolling back on its proposed ban on transfers from the majority of defined benefit schemes to defined contribution schemes.
Register collects loan data, construction methods and values on new builds.
The European Commission has outlined plans for new sales rules to be contained in Mifid and the IMD.
Government confirms Equitable Life victims will be able to appeal compensation decisions.
Policymakers have also brought forward plans for a European stabilisation mechanism.
Portugal blames contagion in EU financial markets.
Ireland is set to receive a bailout package of between £65bn and £75bn after European finance ministers agreed to a bailout yesterday evening.
Nick Prettejohn has joined Legal & General as non-executive director
MPs have voted down a proposed amendment to widen Equitable Life compensation payments.
Which?, the IFP and Incapital Europe debate the pros and cons of structured products.
$600bn injected made to boost US recovery.
Investment trust is trading at a 13 per cent premium to its net asset value.
The Fidelity China special situations investment trust manager hopes next year’s share issue will reduce the premium.
Discussions are in early stages over a possible takeover.
Fundsmith equity fund launches with 1 per cent AMC.
Charlie Metcalfe joins Nikko Asset Management
RFM sells for £45m.
Financial Reporting Council wants separate securities regulator to give more accountability.
Ed Stuart-Brown joins Intrinsic as group protection director.
Charges relate to 17 counts of insider dealing for trading ahead of takeover announcements.
Regulator says the review has to be postponed because of the change in regulatory structure to the PRA and CPMA.
Director of financial stability David Strachan has been leading the transition to the new regulatory structure.
FSA fines Bridging Loans and its director Joseph Cummings £112,000.
Firms selling standalone protection will have to review sales and report to FSA in six months.
Firms will have to disclose their direct deal strategy and use either the independent or restricted badge.
Adviser can use one platform to service “the majority” of clients as long as it leads to suitable advice.
FSA director of conduct policy Sheila Nicoll says FSA has no intention to ban interest-only mortgages.
FSA says losing a fifth of advisers acceptable costs for RDR.
Regulator says brokers still have a role in affordability checks.
Building Societies Association warns the MMR will affect competition and diversity and says regulator is taking on the Government’s role.
Regulator to ensure that platforms have adequate resources under capital requirements directive.
Regulator sets out who will be subject to platform proposals.
Regulator says it will be closely monitoring how firms who own a stake in their platform manage conflict of interests.
But regulator proposes to ban cash rebates where it would offset or appear to offset an adviser charge.
Metal traders and experts have warned the regulator the funds offer a bad deal for investors.
FSA chief executive Hector Sants says there is a danger of risk being pushed out of the banking system and on to consumers.
The regulator is clamping down on money market funds.
Head of investment policy says RDR has involved more industry consultation than anything else the FSA has done.
Intermediaries should not have been charged levies to cover the costs of Keydata compensation, the High Court has heard today.
The FSCS’s legal costs reached £280,000.
Scheme says Lifemark’s portfolio of bonds will be considered to have no value for the purposes of calculating compensation.
Back bench committee agrees to hold Parliamentary debate in the next few weeks.
Fidelity International has appointed former Gartmore chief investment officer Dominic Rossi.
Asset manager says it will look at sale and merger options as part of strategic review.
The Gartmore European trust is applying for special measures to defend its share price following the resignation of its high-profile manager Roger Guy.
Business and finance grew 0.3%.
de Blonay to take over as lead manager on January 1, 2011.
Official response concedes original proposals would have “restricted choice and flexibility”
Bonus breakdown likely to be replaced by size of pool.
The Consumer Financial Education Body’s funding has fallen from £45.4m to £32.9m.
Rowanmoor Pensions head of pensions technical services secures third term
Existing customers will remain on lender’s current 3.5% SVR.
Firm cites concerns with the level of covered-call options and special cum-dividends used by the fund.
Hargreaves Lansdown says providers may be reluctant to cut charges despite the ban on cash rebates.
The adviser says manager Stephen Anness’ stock picking has led to underperformance.
HL says investors should consider alternatives from Liontrust and Standard Life Investments.
The money was taken from a Stirling Mortimer overseas property fund.
Hoban says regulator loses credibility if it is politicised.
Government pledges to build on the success of Isas.
Huge number of MPs attend Parliamentary debate to express concerns about the RDR.
49% of surveyors report fall rather than rise in prices.
Prices up 1.8 per cent, compared to September’s record 3.6 per cent fall.
Housing minister says MMR is “step too far”.
129 new IFA authorisations were granted in Q3.
The RDR-compliant diploma in professional financial advice is awarded by the Scottish Qualifications Authority.
Financial Planning Week runs from November 22 to November 28.
Think tank calls for National Insurance and income tax to be merged while financial services and housing should be hit with a “VAT-like” tax.
Ignis Asset Management has launched a real estate business with £2.6 billion in assets.
The group has hired Aberdeen’s Michiel Timmerman as chief investment officer of the combined business.
Bonds continue to dominate retail sales.
IMA to consult on global income and European income sectors in 2011.
The International Monetary Fund upped its GDP growth projection for Asia in 2010 to 8 per cent, in itslatest regional economic outlook.
Consumer price index inflation rose from 3.1 per cent to 3.2 per cent in October, well above the Bank of England’s target.
The European Commission has confirmed plans to include insurance companies in the Insurance Mediation Directive.
Andy Crossley, the manager of the Invesco Perpetual UK Smaller Companies Growth fund, is leaving the firm.
Ministers in Dublin reject EU aid package.
The EU wants Ireland to up corporate taxes in exchange for aid.
Conservative MP Douglas Carswell says decoupling and defaulting on debt would boost growth prospects.
Irish Govt set to publish four-year austerity plan today.
ishares has appointed David Gardner as head of sales for the EMEA region.
The Syndicate Asset Management founder is back with a new launch.
Get your voice heard by joining the YouGov/Money Marketing panel.
Jupiter Asset Management may rent a smaller Kent office or move the 69 staff to London and offer redundancy.
New business sales for the first nine months of the year have gone from £1.06bn to £1.3bn.
Shadow Treasury minister says the FSA should look at grandfathering for experienced advisers.
The High Court rules complainants that accept a FOS award cannot sue a firm in court for the same complaint.
Bond issue first of its type in UK since June 2007.
Departure of former chief executive Nigel Legge costs firm £665,000.
Lender helped 35,000 first-time buyers onto property ladder so far this year.
Bank’s chief risk officer is thought to be in line for senior role at the new regulator.
LSE says crash “may have occured in suspicious circumstances”.
The group says failing to meet its service and execution expectations is “not a satisfactory outcome”.
Man Group chief executive Peter Clarke says the UK has lost clout in the EU.
MPs call on the FSA to listen to Parliament ahead of tonight’s RDR debate.
Woolhouse will oversee Matrix’s specialist fund range.
IFA referral specialist now offers brokers retirement planning and investment advice.
Chairman says people should be free to choose their distribution channel.
LaterLiving’s Simon Chalk says all sales of equity release should be advised.
CML says 260,000 out of 567,000 advances would not have been granted.
Money Marketing scoops top prize at the prestigious Santander UK Personal Finance Media Awards.
Morse, who has managed the open-ended £3 billion Fidelity European fund since January will replace Sudipto Banerji.?
Aldermore’s Colin Snowdon says non-bank lenders would help fund such an initiative.
Lender will offer short-term loans and finance for property developers.
Pledge to cap mortgage rate 2 per cent above base rate costs firm £300m in six month period.
All other borrowers allowed interest-only up to 75% LTV.
Schroders head of UK intermediary sales Neil Bridge is to leave the firm after 21 years.
Liversidge to push for a “common sense compromise on the RDR.”
Annual management charge remains 0.3 per cent.
New powers allow tenants force landlords to upgrade homes with energy saving features.
Bank holds QE at £200bn despite US Federal Reserve launching extra $600bn of QE.
Hoffman is on gardening leave until next April when he moves to NBNK Investments.
The group is offering IFAs an investment management service that lets them retain client control.
Chancellor to deliver autumn statement today, giving update on state of economy.
The Office of Budget Responsibility says growth this year will be higher than it expected but revises medium term growth prospects down
GDP falls to 0.6 per cent in Q3.
OMAM dynamic bond fund manager Christine Johnson has cut exposure to investment grade by 15 per cent.
Towergate will provide healthcare services to Origen customers as part of agreement.
Chancellor’s decision follows warning Britain would be “mistaken” to implement bonus transparency rules alone.
Chancellor concerned pay transparency would put City at disadvantage.
The Chancellor of the Exchequer has announced the 2011 Budget will be on March 23, 2010.
Group reported £71.8m for 2010, up from £54.3m the year before.
PPF says surplus due to improvements in financial markets and less costly claims.
PFG acquires Applewood Wealth Management with at least two expected by end of year.
Proposals will see a £127m one-off payment for the industry and £47.6m of ongoing costs.
Cameron says he will stand up for financial services at every turn and work to keep London as Europe’s top financial centre.
Products only available on capital and interest basis.
White to replace income guru Bill Mott on income, alpha income and monthly income funds.
Barclays made a £100m gain on the acquisition of Standard Life Bank.
But net inflows at M&G fell 44 per cent from £11.1bn to £6.2bn.
Third quarter results are significant drop from £1.2bn profit in second quarter.
Sargeant joins as investment director.
The company says its life consolidation project could include “a series of smaller bolt-on steps.”
Lloyds Banking Group has poached Santander chief executive António Horta-Osório as group chief executive officer.
300 A&L branches to be rebranded by the end of November.
Group made £14.4m pre-tax profit in first six months of 2010.
£800m of retail inflows.
Neil Rollins traded on knowledge obtained through his senior role then laundered the proceeds.
Sesame Bankhall Group chief operating officer Stephen Young has quit after nine years at the company.
Sesame One is available immediately to Bankhall members, but Sesame advisers face accreditation process.
Zenith features products from six protection providers.
Sesame will launch its own platform, Sesame One, this afternoon.
Sesame Bankhall says delayed IFA school will now launch next year.
Skandia Investment Group has dropped Roger Guy as one of the nine managers on its European best Ideas fund.
Hargreaves Lansdown Annuity Index indicates first overall rise since June 2009
Skandia Investment Group says two-thirds of providers expect the charges to become more common in 2011.
FSSC says there is a danger the RDR will not meet its objectives if too many leave the sector.
Spearpoint Limited has taken a majority investment in IFA consolidator Succession Advisory Services.
The wealth manager says fund under management are up 11 per cent to £24.8bn.
Provider and IT firm Mastek are seen as frontrunners to acquire the software firm.
State Street awarded the contract to administer Nest funds as the scheme begins to advertise for fund managers to run mandates.
Ford writes to Financial Secretary to the Treasury, Mark Hoban, on what he calls a “regulatory stitch-up”.
Succession Advisory Services has acquired three more adviser firms bringing its total assets under management over £5.5bn.
Lender hopes to enter mortgage market in 2011.
Following the Keydata Lifemark debacle SL Investment Management chief executive Jeremy Brettell puts his case for the investment option.
Draft service level agreements are due for peer review at the end of the week.
STJ Advisors has been hired to prepare the firm for a float.
The group says its services are most suited to clients with over £100,000.
The TSC wants to know if the RDR will achieve the FSA’s stated objectives.
Two properties in London and one in Germany have also been searched as part of the investigation.
Consumer body does not rule out offering other financial advice services if members call for it.
Which? has been given FSA approval to launch a mortgage advice service for its members and their family and friends.
Kate Barker was on YBS board before becoming MPC member in 2001.