Online - October 2010
A common sense approach to RDR? download
IFA Richard Arnold suggests an alternative disclosure regime that he believes would meet the objectives of the RDR.
Cicero Group’s Iain Anderson says the Tory conference is all about welfare.
Giving the new regulator an objective of encouraging savings and protection would set it up to succeed rather than fail.
Jason Hurley says that regulatory changes in the group risk market could result in employers cutting back on risk benefits.
Paul Avis on whether things have changed much in the group life market since A Day.
Brad Fordham becomes head of sales for telephony and service.
IFAs and contributors to BBC Panorama’s programme on pensions say information was taken out of context.
Aegon Asset Management has appointed Daniel Uhlemann as a quantitative analyst within its fixed interest team.
Aegon UK has agreed to sell its third party pension’s administration business to corporate consultants Goddard Perry.
Lender is also cutting rates by up to 0.18% on selected mortgages.
The Association of International Life Offices has appointed Mark Kennett as chairman.
Labour leader Ed Miliband has appointed MP for Plymouth Moor View Alison Seabeck as Shadow housing minister.
Annual allowance for pension saving to be cut from £255,000 to £50,000 and lifetime allowance cut from £1.8m to £1.5m.
The Channel Islands Stock Exchange lifts its trading freeze on the Arch Cru sub-funds.
Aviva offers guidance on likely medical evidence needed and how certain conditions affect underwriting.
The adviser claims a client who was over-invested in Keydata insisted the group boost their exposure.
Julian Thompson and Jules Mort join Axa from Threadneedle.
More than a dozen MPs voice concerns in first commons debate on IFA regulation.
Bambos Hambi, the former head of multi-manager at Gartmore, has joined Insynergy Investment Management.
King hints that more QE could be on the way.
BBA Business Finance Taskforce commits to 17 action points aimed at improving customer relations.
Fund will be headed by Barclays chief executive John Varley.
Lender’s mortgage book has reached £100bn.
Feature has been available to new tracker customers since July.
The British Bankers’ Association has mounted a legal challenge to the FSA’s PPI complaints handling measures.
The group will have just two actively-managed retail bond funds in the UK if investors approve the plans.
David Blanchflower believes the Government cuts show ’appalling cowardice’ and criticises business leaders who support them.
The group says the impairment charges relate to its private client restructure.
Fund will be run by Brazilian boutique ARX Investimentos.
QE held at £200bn.
FSA chief executive Hector Sants says the regulator reserves the right to change boards or force management out altogether.
New rules agreed by Brussels for alternative fund managers will increase compliance costs, say reports
Landlord awarded £72,000 after claiming survey owed him a duty of care.
Business Secretary launches review into corporate governance.
The Prime Minister has launched an infrastructure plan to show where economic growth will come from.
Features include access to the Red Arc and Best Doctors services and a claims helpline.
The US hedge fund’s contribution combines with Norwith & Peterborough’s £1.5m facility.
Latest report says £14.5bn of assets are in failing funds.
China has raised its interest rates as its economy shows signs of overheating
The launch had been planned for Q4 this year.
Clarkson Hill announces it has received an approach regarding a possible takeover.
Close Asset Management has appointed Beverley Lavin as head of financial planning.
Close Brothers is to sell the property division within its asset management arm to Alpha Real Capital.
Rate due to be reduced from 6.08% to 3.63% from today.
51 per cent of loans would not be granted if FSA proposals had been in place between Q2 2005 and Q1 2009, says trade body.
Commerzbank Corporates & Markets has launched a Chinese equity fund through a joint venture with the Beijing-based China Asset Management.
Co-op Financial Services appoints Deutsche Bank to look for buyer for life arm as part of strategic review.
Pension increases will be cut by almost a third next year as a direct result of the coalition Government switching its inflation benchmark
The renowned fund manager launches a stinging attack on “bloated” wealth managers.
The Government has also outlined a package of welfare reforms worth £7bn, including a cap on benefits.
Public Services will use ’different ways’ to deliver outcomes people want with less money.
Payments will rise by almost half over the lifetime of this Parliament.
George Osborne has confirmed that victims of the near collapse of Equitable Life will get £1.5bn
Today’s EU budget increase is not in line with cuts being made by member states, according to an MEP
Greetham says the UK is under less pressure from markets to cut spending than is commonly believed.
The Government originally targeted a back office cost saving of £3bn.
Changes to Support for Mortgage Interest payments were due to expire in 2011.
Shadow Chancellor says abstract figures have become people’s jobs.
Shadow Chancellor Alan Johnson says the claim is nonsense.
Osborne tells the House of Commons a financial catastrophe will “never” happen again.
Plans for a permanent levy on banks will be announced tomorrow.
Precise Mortgages is calling for a Government-backed safety net for the private rental sector.
1st Exchange managing director David Child has quit the software firm.
Pensions minister Steve Webb has confirmed the Government will amend legislation which threatened to prevent payments from a pension scheme to a sponsor employer.
Society of pension consultants calls for access to tax-free lump sum from age 50.
Johnson to be Shadow Chancellor, Ed Balls Shadow Home Secretary and Yvette Cooper Shadow Foreign Secretary
Ken Edwards, Chris Fletcher and Jim McGhie have announced their forthcoming retirements from Baillie Gifford and a subsequent succession plan.
Fears that restrictions could make the EU uncompetitive.
Sir Howard Davies is expected to become a non-executive director of Prudential.
Former chair of the FSA Howard Davies joins Prudential.
Thames River acquisition boosts assets by £4.2bn.
The Finance & Technology Research Centre wants providers to alert advisers of missed client payments sooner.
Fidelity global focus fund manager Brenda Reed is to leave the firm after 18 years.
The Finance (No.2) Bill which provides the legal basis for changes in the budget is being debated in the House of Commons
Firms will have to inform the FSA where there are issues with their advisers’ competence or ethics.
National Skills Academy for Financial Services says firms need to stake their claim on £250m additional funding.
28,000 advances to FTBs with 90% LTV in 2009, compared to 245,000 in 2006.
Fortis Life will become Ageas in January 2011.
Aegon head of corporate affairs Francis McGee is leaving the company as part of the provider’s restructure.
FSA bans entertainment insurance broker Paul Cable for £89,000 overcharging attempt.
Regulator argues if fast-tack were to remain it would become “self-cert by another name”.
Launch could be delayed by 12 months due to tougher authorisation criteria from the FSA.
Three individuals have been banned for mortgage fraud with two fined almost £415,000.
Government grants FSA power to publicise enforcements at an earlier stage, and set up consumer redress schemes.
Regulator says trade body has made “premature” judgements about the mortgage market review.
FSA director of conduct policy Sheila Nicoll says qualifications must reach QCF level four.
The regulator’s clampdown on listed firms talking to the media will injure market integrity, editors have warned.
Regulator rules out further work on adviser fees despite comprehensive feedback from Aifa which says the current system is not proportionate.
Advisers applying for re-registration of trail commission will have to provide an ongoing service and reveal commission levels to the client.
New rules would prevent firms paying financial penalties imposed on present or former employees.
The Financial Services and Markets Tribunal has ruled to increase a market abuse fine imposed by the FSA by £20,000.
Regulator says it was unacceptable that firms it visited had not reviewed their risk management processes.
Firm will rebrand as the Financial Skills Partnership in January 2011.
A request for a full parliamentary debate on the impact of the RDR has been turned down for now.
Mechanism, which defines rules for emergency funds for eurozone states, replaces EFSF.
Chancellor indicates more QE is on the way.
Mark Hoban rejects claims the Government is considering cutting tax incentives on Isas.
The Government may introduce tax breaks for married couples by the next election, according to reports.
Government to introduce single universal pension payments of £140 a week, ending the current means-tested system.
The levy is expected to raise £2.5bn a year.
New tax free savings account set for launch in 2011.
Change will hit an estimated 1.2m families.
Launch of the Banking Commission means Government will be forced to hold on to RBS and Lloyds stakes.
Northern Rock’s “bad bank” and B&B are still separate legal entities.
Gross inflows into stocks and shares Isas have averaged over £400m a month since the Isa allowance was raised to £10,200 for the over 50s in October last year.
Gross mortgage lending figure has fallen to its lowest September figure for a decade.
The gap in GDP growth between advanced and emerging economies is expected to narrow as the world economy slows in 2011, according to the IMF.
The firm has cut Nutt’s £3bn income funds from its buy list.
The firm says stock market rises in the quarter to September 30 boosted assets under management.
Currency movements and market conditions see assets under management rise to £59.2bn.
Hargreaves Lansdown says investors should ditch Axa Framlington global opps and buy Jupiter global managed.
CarVal is back in talks as an adviser consortium led by Norwich & Peterborough Building Society has offered short-term debt facilities.
0.9 per cent down between second and third quarters, according to Halifax survey.
The average price of a house fell by 0.7 per cent in October, as the rate of decline accelerates.
Grant Shapps says a period of house price stability is needed.
HSBC Global Asset Management is introducing a sterling share class for nine of its emerging market funds in a bid to widen their accessibility to UK investors.
IMA criticises the FSA over its consultation on remuneration in the sector.
Strauss-Kahn says Government’s risk a currency war if they try to use exchange rates to solve domestic problems.
IMF warns fiscal consolidation set to have more negative short-term effects on global economies than usual.
Ahmed was previously commercial director at Home of Choice
RPI figures for September should see Isa levels jump in the next tax year.
US private equity firm looking to acquire at least four building societies to create a vehicle which would be partially floated in five years.
Jupiter’s multi-manager team has bolstered its exposure to Japanese equities across three of its four merlin portfolios.
Jupiter Asset Management has reported a 12 per cent rise in assets under management in the third quarter of 2010.
Jupiter is to launch a Ucits III fund investing in global emerging markets for Kathryn Langridge.
Provider Tomas says it needed further investment to grow the business.
Justice Secretary warns Britain could face a double dip recession because of global events.
Kent Reliance signs conditional transfer agreement to move assets to OneSavings plc.
Legal and General is cutting the interim bonus rates on new business into its with-profits bonds and capital control bonds.
Legal & General claims that the RDR will strip away the level playing field of annuity comparison tables.
Shadow Chancellor says tax rises which avoid low and middle income families should be doing more of the work in cutting the deficit.
David Hanson, Chris Leslie and Kerry McCarthy become Shadow Treasury ministers while Stephen Timms, Karen Buck, Margaret Curran and Rachel Reeves become Shadow work and pensions ministers.
AWD Chase de Vere marketing director leaves as part of a shake up of the management team.
Swip, Prudential and Skandia all back derivatives launch.
Fund merges into a global income product.
Group to restructure its national and network businesses.
Lloyds Banking Group has announced plans to cut 4,500 jobs with its IT and operations department.
Lloyds Banking Group has stopped processing complaints related to mis-sold PPI despite warnings from the FSA not to do so.
Broker must provide documentation to prove suitable repayment vehicle in place.
John Hutton report will look at collective DC schemes and hybrid schemes for public sector workers.
The hire comes as Keith Abercromby is leaving at the end of 2010.
Fund launches under the management of Jim Leaviss and Ben Lord.
Bailey hands £169m M&G smaller companies fund to Louise Nash
Macquarie Wrap has hired two business development managers and a training and relationship manager.
Skandia head of tax and financial planning Colin Jelley says Government should have scrapped lifetime allowance as part of the reforms.
Treasury financial secretary suggests Money Marketing campaign would set up the regulator to fail.
The Treasury financial secretary says RDR will create a level playing field for advice.
Liberal Democrat MEP Sharon Bowles believes scrapping the FSA risks Britain’s role in shaping European financial regulation.
Bank of England governor says Basel III is insufficient and points to problems introducing the banking levy.
Rating could be downgraded from Aa2 to Aa3 or single A.
Government ministers will have to respond to queries surrounding RDR.
Two MPs to ask committee for full RDR debate after ’unprecedented’ interest.
TSC chairman Andrew Tyrie warns future appointments will be delayed if they are given insufficient time to conduct hearings.
The National Association of Pension Funds has confirmed plans to close its final salary scheme to new members.
A new group has been formed to help businesses understand how to gain access to credit
The three products in everyday range available at 70% LTV.
The building society has made £1.5m of lifeline funding available.
Nucleus to restructure its debt with Sanlam with £15m rights issue.
Research director Richard Romer-Lee and development director Nigel Whittingham will split his managing director role.
It says the cut to AA is because Guy de Blonay has an “increasing influence on the product”.
The organisation says the Chancellor’s spending cuts balance growth concerns with the need to preserve credibility.
Old Mutual has confirmed that it has ended talks with HSBC over the potential acquisition of Nedbank Group.
Mark Duckworth takes up newly created position on November 1.
OPM Fund Management has launched two new multi-asset funds, a global fund and a target or absolutereturn vehicle.
Chancellor says plans for the economy have restored confidence and put Britain on sustainable path.
Paul Clampin joins from Charteris insurance.
Personal Touch switches from a regional AR model to an employed structure ahead of the RDR and mortgage market review.
Hickman moves to become finance and capital management director in L&G’s annuities business.
Network’s capital fell below level due to impairment provided to subsidiary.
Techlink - what you missed
Polar Capital Holdings is launching a Global Emerging Markets Growth fund for its new emerging markets team.
Firm blames loss on economic downturn, higher reg fees, improved governance controls and a share-option write-off.
Government proposals could see the Post Office mutualised.
Techlink - what did you miss?
BBA says PPI complaints measures could have implications for all product areas.
Precise Mortgages to move into owner-occupier lending from November
Features two-year tracker rates from 4.89 per cent and lifetime tracker products from 4.99 per cent.
The worsening outlook has increased the risk of shrinking credit, slow growth and weakening balance sheets.
Remortgage loans fell 13% and 14% by number and value respectively between July and August.
Andy Walton was most recently a national account manager at Aegon UK.
Simon Hewitt becomes IFA operations manager.
Rachel Reeves has taken up the shadow pensions brief as part of Labour leader Ed Miliband’s front bench reshuffle.
UK GDP to grow 1.4 per cent in 2010 and 2.2 per cent in 2011.
CML, BSA, IMLA and AMI have all also expressed concern about the future shape of the market.
Royal Bank of Canada Wealth Management is to acquire BlueBay Asset Management for £963m.
John Redwood advises a cautious approach to further quantitative easing.
Resolution has announced plans to acquire Bupa Health Assurance.
Richard Plackett has handed the management of his BlackRock UK Smaller Companies fund to Ralph Cox.
RICS says many areas reporting a correction rather than dramatic fall in prices.
The risk being taken by global fund managers saw its biggest jump in 18 months, says BofA Merrill Lynch survey.
Billyard joins Royal London Asset Management from Premier Asset Management.
Russell Investments has appointed Danny Callaghan as head of UK IFA sales within its UK private clients services investment team.
Group looking to float up to 20 per cent of UK business.
Schroders closes two unhedged share classes and opens hedged alternatives on its GAIA Sloane Robinson emerging market fund.
Schroders has appointed Philippe Lespinard in the newly created role of chief investment officer for fixed income.
Sonja Schemmann is handing over her two European income products permanently and her four global income funds temporarily when she takes maternity leave in December.
Majority of rates have been reduced with some staying the same or increasing.
The Channel Islands Stock Exchange has sparked fury by suspending the Arch Cru funds.
New rules mean tenants will no longer fear eviction with little or no notice.
Managing director Matt Timmins says Mark Hoban’s comments during this morning’s RDR debate reveal a lack of knowledge about financial services.
Credit Suisse has also appointed former MPC member Kate Barker.
The pension scheme of a Yorkshire-based business was advised to invest £2m into Keydata life settlement vehicle.
Rogue trader jailed for at least three years.
Santander Asset Management has confirmed Tom Caddick will become head of multi-manager, taking over from Keith Speck.
Treasury Chief Secretary Danny Alexander has accidentally disclosed expected public sector job cuts.
The bank is raising cash to pay for new capital requirements.
Standard Life Investments and M&G Investments could be set for a market debut.
Standard Life Investments has drafted plans for a bond version of its global absolute return strategies fund.
Co-founder makes over £58m from selling almost 3 per cent of shares.
IFA consolidator Succession Advisory Services has been granted authorisation by the Financial Services Authority.
Scottish Widows Investment Partnership hires Ian Clifton from Mercers to drive its bond fund business.
234 funds breach rules.
Techlink - what you missed
Institute of Economic Affairs suggests tax relief could be scrapped to pay for universal state pension.
Tisa expects to carry out pilots of its re-registration processes over the next three months.
Towry’s civil case has been put back to June 2011 and its injunction against the advisers will stand until then.
Statisticians criticise the Treasury over plans to link pensions to CPI.
MPs question whether trade bodies are doing enough to represent older advisers unhappy with the new qualification requirements.
GDP increases 0.8 per cent in Q3.
The unemployment rate in the UK fell to 7.7 per cent in the three months to August according to the ONS.
It took an average 21 weeks to gain authorisation in Q2 2010 compared to 7.9 weeks in Q2 2007.
Accountancy firm warns there are no IHT benefits to wine investing following HMRC warning.
Woolwich makes changes to accepted repayment vehicles and affordability calculations for interest-only mortgages.
Prime Minister calls on people to ’seize the opportunity’ the Big Society will provide.