Online - October 2009
Equalities secretary of state Harriet Harman says women on the board ensures FS firms understand their customers.
Structured finance issuers have not used the scheme.
Adviser Office users will now have access to online valuations and commission data on the Novia wrap.
National Ethical Investment Week and Aifa survey explores the prevalence of ethical advice.
Abbey’s profits have soared by 37 per cent to £1.2bn
Aberdeen Asset Management has announced net inflows of £300m in the last quarter.
Group looks to tackle strong inflows.
Insurers will be sending documents by email, telephone and fax to get around the strike
Jolly joins as assistant director for consumers and distribution reform.
Insurer body calls for banks to be split into ‘manageable units’.
The Association of British Insurers calls for further development of simplified advice services.
The ABI has started gathering data for its Income Protection Statement of Best Practice.
Adviser Evolution consulting editor Cherry Reynard sets out the many challenges facing advisers.
Buckle and McNeil to take on joint manager role on trio of funds.
Direct service will initially be offered to Telegraph readers.
Green investing seminars open to advisers
Director Robert Sinclair fears adviser charging could leave Britain standing alone.
Trade body says FOS must be subject to UK law and bound by legal precedent.
Campbell says Osborne is more interested in short-term political tactics than long-term economic policy.
Hargreaves’ Khalaf says it is unlikely the Tories would significantly alter personal accounts.
“Over the next couple of quarters, we expect the general tone of economic and corporate newsflow to remain positive”
Pre-retirement investors should lock in stockmarket gains by annuitising while rates are still good.
Structured product provider Arc Capital & Income slims down compliance team with a restructure.
Ascentric has exceeded £1bn funds under administration on its platform.
ATP pulls out of the running for the personal accounts administration contract leaving three bidders to battle it out.
NAO slams discrepancies in HMRC systems.
Aviva says this RDR proposal will maintain a link between IFAs and providers.
Andrew Moss had an affair with a colleague who was married to the head of human resources.
Stockmarket rally sees Aviva follow other insurers in cutting exit penalties.
Think tank Reform urges the Tories to launch personal welfare accounts to protect people against life’s shocks.
Adviser hits out at Natwest’s pensioner advice.
Standard Life sells off its banking arm for £226m and agrees to work with Barclays on a ‘simplfied pension product’.
Bank looks to clean up books and boost shareholder approval
Group brings institutional fund to the retail market.
BBA says RDR’s ‘restricted’ tag has negative connotations.
Fund manager guru predicts long-term profits.
PM argues against splitting the banking sector.
British Standards to launch voluntary standard in Spring 2010.
Calculus launches its tenth enterprise investment scheme fund.
The new division will be headed up by Richard Simmonds.
Cautious managed sector gains momentum against corporate bonds, Cofunds’ latest figures show.
Business groups drafted in to review personal accounts plan B before it is presented to the Tories.
Alistair Darling makes 24 per cent tax grab on Manx budget.
Chancellor Alistair Darling will give Lloyds the go-ahead for refinancing plans.
Multi-manager team continues to add technology exposure with second fund.
The City has slammed Shadow Chancellor George Osborne’s proposals to impose caps on retail bank bonuses.
Kira Nickerson looks at the pick up in investment trust performance.
Cofunds has claimed life offices’ only interest in platforms is to stem the outflow of client assets.
Platform predicts deals will be agreed with all larger firms.
The eight seminars will cover pension transfers, suitability issues and regulatory issues.
Fund to target 6 to 10 per cent per annum.
Judge says CC’s methodology was defective.
Tories to give Turner top BoE role, according to reports.
FSCP chair says bank chiefs should be personally held to account.
“The jury is still out as to whether the necessary changes have been made to ensure effective regulation in the future.”
Work and Pensions Secretary says she is not worried by the predicted increase in schemes.
James Smith’s boutique view: Brown Shipley.
More policyholders to receive compensation as court rules against Government.
Former Capita MD considering bid for financial software arm.
Trade body argues that the EU-sanctioned break-up does not go far enough to ensure a level playing field.
Chancellor rules out a sale of Northern Rock before the election next year.
Research finds that costs are not a drag on performance.
“You need to define your proposition,” says In Partnership’s Mark Pittaccio
Eagle fails to recognise New Labour’s many pension failures.
Distribution Technology scoops award for fastest growing technology firm in 2009.
Guernsey-based asset manager Dominion announces senior appointments.
Directive has ‘guilty until proven innocent’ liability.
EU approves plan to create ‘good’ and ‘bad’ banks from the state-owned bank’s assets.
Grahame Whitehead charged with 49 offences of obtaining money transfers by deception.
Nick Bamford says IFAs should embrace new internet opportunities alongside their financial planning services.
F&C says it would look to acquire after AUM increase of 12 per cent in Q3.
Lord Hunt’s report will reinforce solicitors’ will writing monopoly.
The service supports advisers moving from commission to a fee-based model.
Three financial advisers were among eight people jailed today for taking part in a large tax fraud.
FSSC says all 37 staff roles are at risk.
Fitch Ratings downgrades Nationwide’s outlook from stable to negative.
Fitch Ratings has downgraded seven building societies’ subordinated notes and permanent interest bearing shares.
Ratings agency says Lloyds may be forced to sell off brand by EU.
Adam Posen, the newest member of the MPC, says UK faces a ‘double dip’ recession unless the banking sector is fixed
FOS appoints interim chief executive
Dampier looks at the Sarasin AgriSar fund.
US financial firms with UK operations worry the FSA’s bank bonus clamp down could lead to a two-tier pay system.
Mortgage broker inflates income on mortgage and loan submissions.
Broker is banned for submitting fraudulent mortgage applications.
Regulator sets out its proposals to shore up the banking system.
The FSA has announced that structured product provider Arc Capital & Income is going into administration.
Sesame warns the regulator has seriously underestimated the costs of obtaining QCF level four.
The regulator forces Swinton to contact 350,000 customers and refund 480,000 PPI policies.
Advisers warn that banning self-cert and fast-track will reduce mortgage access.
Aifa has called on the regulator to confirm its original aims of the retail distribution review.
The FSA says it has found “significant advice failings” on Lehman-backed products in most of the financial advice firms sampled in its review.
FSA warns CEOs of recruitment responsibilities
Regulator to scrap paper-based system for applications and notifications
Regulator likely to simplify mortgage adviser tags
Firms to pay high price for liquidity requirements
Regulator sees no need for higher qualifications and adviser charging in the mortgage sector.
Scheme pays out on misselling claim a year after rejecting it.
L&G’s Adrian Clark and Santander’s Bernadette Brown join the Financial Services Skills Council board
Gartmore announces appointment of new head of dealing
Jan de Bruijn joins from Threadneedle Asset Management where he was an Asia-Pacific equity fund manager.
Fund manager Gartmore is reportedly facing a stock market flotation before the end of the year.
The team is made up of banking, regulatory and consumer experts.
Structured product provider Gilliat announces the launch of a new AAA rated fixed income plan.
GMAC-RFC has apologised to customers after the FSA fined it for unfair failings today.
Lender treated arrears and repossessions customers unfairly and must pay redress to more than 46,000 customers.
Treasury tells Sir John Chadwick to adhere to last week’s High Court ruling.
The Government is probing Royal Bank of Scotland and Lloyds to see if the banks are deliberately pricing loans to small and medium-sized business at artificially high levels.
Advisers say the move further highlights the imbalance between financial services and other industries.
Is the Government right to investigate the SME lending practises of Lloyds and RBS?
CML figures show mortgage lending has risen in September.
“Perhaps there is synergy with Mickey and his pals and those in banking. Both are disconnected with real life and take large amounts of money for an unsuspecting public”
First quarter assets jump as markets improve.
Rebrand will see fund change to a total return offering.
Martin Brook joins from Aviva.
HMRC confirms client will not face 40 per cent tax hit if he transfers pension.
Phil Bond joins from Swaines Limited.
The nine-strong team will work closely with Honister’s board of directors.
Mary Stewart raises concerns about T&M allowing Sipp and SSAS clients to withdraw 25 per cent each year above the GAD limit.
Nationwide says house prices have risen for the sixth consecutive month.
Holly MacKay outlines the key areas IFAs need to investigate before picking a wrap.
New product to offer weekly liquidity
Iceland reaches an agreement with the UK and Netherlands governments to repay billions of pounds of depositors lost money.
Sucession Advisory Services and Financial Inspirations say FSA guidance will not impact on them.
The Buckinghamshire-based firm currently has £100m funds under management.
IFP calls for watchdog to keep RDR costs low
Institute of Insurance Brokers president John Greenway says FSA should put the brakes on the RDR due to EU uncertainty.
Trade body wants to improve the competitiveness of the UK fund management industry.
Trade body says goverance rules should be implemented through guidence rather via the combined code.
Intermediary Mortgage Lenders Association warns against consequences of tighter regulation of non-banks.
ING has been forced to split in two by the European Commission, sending a warning to UK state-owned banks.
Insurers are worried European regulations on bonds will hit annuities.
Invesco Perpetual parent company to buy retail business for $1.5bn
Strong appetite among investors raises hopes of RMBS market re-opening.
Laurie Jaques, the head of UK wholesale at Henderson, has left the company to pursue opportunities elsewhere.
The committee finds the lack of a 15-year long stop for advisers does not breach human rights.
Four members of Aegon Asset Management’s European equity team will leave the group together with Jon Bennett, the sales and marketing director.
Lisa Chantrey is contemplating the transitions required by the retail distribution review.
Best ideas portfolio to focus on agriculture, energy and mining.
Absolute return and international financials funds set for launch.
Equity release advances jumped 50 per cent in stellar quarter for the firm.
The FSA makes four appointments at the FSCP.
Mortgage club teams up with Key Retirement Solutions to offer equity release referral service.
Mortgage club teams up with Accord to offer “ground-breaking” loan.
The helpline has taken 500,000 calls since launching in 1999.
Schroders marketing head James Rainbow says advisers should be wary of ETFs.
Alan Lakey launches lobbying body, Adviser Alliance
Landsbanki Guernsey depositors are demanding a public inquiry into the bank’s collapse.
Law Commission announces proposals to modernise inheritance rules.
Action group is worried investors will be put at the back of the queue.
Shadow Chancellor Vince Cable wants a new breed of “simple and safe” mortgage products.
Consortium of life offices to draw up plan B to personal accounts to present to the Tories.
Sesame executive chairman Ivan Martin and Lifesearch managing director Tom Baigrie were awarded for their work in the IFA sector.
Lloyds Banking Group expected to sell off parts of Intelligent Finance and C&G.
Lloyds Banking Group is testing investor appetite for a second securitisation deal according to reports.
State-aided banking group further consolidates business
Firm makes first move into the UK retail market with risk-graded funds
Deal would create mutual with £10bn of assets and 5m customers.
ABI director of life and savings will take control until a replacement is found.
Tony Stenning becomes head of UK retail.
Business Secretary Lord Mandelson says the US has failed to take an international perspective on banking regulation.
Chief executive David Ferguson says the current environment is helping advisers pick the most suitable wrap solution for their clients.
Insurers will be allowed to include a liquidity premium in new accounting standards.
Former Which? policy head becomes a non-exec director.
Businesses and individuals asked to give feedback to help Government review next year.
FSA complaint data for the first half of 2009 shows overall complaint numbers stay steady, but advice complaints rise.
Firm says it may close or merge up to 10 funds
Bank of England says mortgage approvals at highest level since April 2008.
Today’s paper makes lenders responsible for affordability, but stops short of level proc fees for brokers.
Fitch concerned regulations could have unintended consequences.
The Association of Friendly Societies is to merge with the Association of Mutual Insurers to form a new trade body.
City minister Lord Myners says investment banks are charging too much for their services
The building society is planning to launch a £3.3bn issue of residential mortgage-backed securities
NDFA and DRL have entered administration, the FSA has confirmed.
NDFA is on the verge of being placed into administration, MM understands.
Investors in NDFA/DRL may be covered under the FSCS, says the FSA
NDFA’s administration is unlikely to be a re-run of the Keydata debacle, say advisers.
High-profile backed fund launching to drive gender diversity in firms.
European special situations takes over £50m in three weeks.
Small business still struggling to access affordable credit
Newton is planning to change the name and objective of its European high yield Bond on November 2.
Former BlackRock manager to take helm on European funds.
Northern Rock has launched a new range of intermediary fixed rates.
Rates start from 3.65 per cent for a two-year fix
OFT finds three associated firms not transparent with customers.
Groups finalise the deal to create the UK’s biggest IFA network
Opal will remain the administrator for NDFA plans
LibDems will debate the failure of Government to pay compensation to Equitable Life policyholders.
Sterling bond co-manager quits firm.
Liabilities are outstripping gains in stockmarkets as corporate bond spreads continue to shrink.
Pensions minister Angela Eagle has suggested that the political consensus over pensions reform has come to an end.
Should the focus be on product quality rather than number of illnesses?
DWP and Pada propose new powers for the scheme trustee to recover additional costs from non-complying employers.
The Personal Finance Society aims to answer advisers’ questions and concerns about the proposals.
Prof body says bank advisers can have lower qualifications if they are prepared to be very limited in their product range.
Action week aims to help advisers make the transitions required by the FSA.
PYV warns the structured product review is likely to push up PI rates for all advisers.
The Pensions Income Choice Association says the current annuity purchase process must be reviewed.
Pictet expands UK retail team with a sales appointment.
Managing director Holly Mackay says IFAs can use one platform going forward.
NHS patients who complain are better treated than private patients says Which? research.
Annuities, equity release, group pensions down, but with-profits, individual pensions, fund inflows up.
Fees for the winding up of Lehman Brothers in Europe near record highs.
Lloyds will raise £35.4m through the sale of its discretionary investment management portfolios.
Bank wants assurances on investor assets in structured products
Royal Bank of Scotland is trying to cut back its reliance on the asset protection scheme.
Duplications may lead to job losses as deal finally goes through.
APCIMS says advisers referring clients to a firm for portfolio management can get around adviser charging.
The Australian technology firm says proposals made by think-tank Reform could accelerate the corporate wrap space.
House purchase mortgage approvals rise by 77 per cent but remortgages plummet
Equities overtake bonds as most popular asset class.
Royal London total new life and pensions business rises 8 per cent to £1.8bn.
Vinodh Josh also becomes a partner at the firm.
New platform designed to offer access to ‘top level’ hedge fund managers
Cofunds announces a long term pricing deal with Schroders.
Creak and Harris to leave firm
Network insists stake in collapsed structured product provider will bring no financial detriment.
David Golder will be managing director of Bankhall and John Malone will be chairman of PMS.
Pair set for raft of initiatives.
Sandiford leaves the wrap provider after only a year at the firm.
Think tank Reform argues the middle-classes should protect themselves against times of need by paying into a personal welfare account.
“One of the most encouraging signs for advisers must be lenders coming back to the intermediary, whether it be to plug the lending gap or for sustainable volumes.”
The Securities & Investment Institute wants specialist advisers to be spared irrelevant exams.
Securities & Investment Institute says the FSA should focus on supervision, not enforcement.
Provider will not rule out further redundancies.
Andy Davies appointed director of adviser sales and Steve Powell appointed director of corporate partners.
Skandia paid 92 per cent of all critical illness claims between January and July.
The future of financial planning is definitely smaller firms.
The Financial Services Skills Council passes “older client market” accreditation scheme to new society.
Finance director to replace Sandy Crombie from January.
Head of healthcare Ronjit Bose says intense competition on price is having adverse effects on the PMI market.
Online facility is now available via Standard’s Adviserzone site.
Assets under administration on its platform increased by 76 per cent.
Standard Life UK life and pension sales fall by 23 per cent in its third quarter results.
Alan Lakey calls on advisers to respond to the RDR consultation paper.
Straight Talking Menu video
Warren Buffett says the super rich should give more back to society.
Group unveils credit select and global credit offerings
Life offices are drawing up plans for an alternative to personal accounts, will they be successful?
The Conservatives are urging the FSA and Treasury to limit cash bonuses.
Top Tories from the Treasury team have met with the FSA to discuss the future of regulation.
Towry Law buys UK arm of Edward Jones for an undisclosed sum.
Towry chief executive Andrew Fisher says adviser meetings are proving fruitful.
Neil Liversidge and Andrew Fisher lock horns over Towry Law’s charging structure.
Pensions Regulator uncovers breaches in retirement disclosure.
The Treasury says it does not plan to split Bradford & Bingley assets.
Treasury hits back at EC report
Bank deputy says central bank will not directly control credit booms and busts
Senior UBS banker Robin Budenberg set to take over as UKFI chief.
Sixth quarter of economic contraction defies positive forecasts.
Vanguard’s head of retail outlines his views on the ‘TER’ debate.
Newton deputy CEO takes on role.
Nick Bamford, Brett Davidson and David Golder debate the proposed changes to adviser remuneration.
Tenet’s Keith Richards and Resources Compliance MD Simon Collins discuss labelling and disclosure with Money Marketing editor Paul McMillan.
PFS RDR action week gets under way with a Q&A session on qualifications.
Virgin Money has applied to the FSA for a licence to become a bank
Consumer body warns on websites encouraging individuals to contract-out of S2P.
Which? wants guilty firms named and swift compensation for consumers.
Woolwich announces its fourth mortage rate cut.
Former A&L intermediary director to take reigns at mortgage technology firm.