Online - September 2010
Suffolk Life director of marketing John Moret celebrates his 40th anniversary in the industry today, taking a look back at how the world of pensions has changed.
Tony Byrne says more firms are being fined while FSA staff earnings have surged.
Cicero’s Iain Anderson says Miliband wasn’t bad but wasn’t great.
Cicero Group’s Iain Anderson gives his latest views from the Labour conference in Manchester.
True Potential’s David Harrison gets behind MM’s Pave The Way to Save campaign with a call for a change in regulatory focus.
Peter Le Beau supports Money Marketing’s campaign to raise awareness on increasing savings and protection rates.
New Aifa director general faces a number of challenges but let’s hear what he has to say first.
That’s the rather strange way Nick Clegg ended his keynote speech to the Liberal Democrats.
RGA managing director David Gulland says there needs to be more risk takers and innovators if the protection market is to grow.
The European Systemic Risk board will be chaired by the head of the European Central Bank for the first five years
Lender says too many good borrowers are being denied mortgages.
Complaints about advisers fall year-on-year while complaints about banks and building societies have risen.
Iain Anderson says the LibDem’s tax avoidance crackdown may hit mainstream pensions and investment plans.
Advisers react strongly to Liberal Democrat Treasury spokesman Lord Newby’s claims.
Aegon is to cut over 100 jobs and close half of its 12 regional sales centres in a restructure of the business.
Provider has decided to close third party pension administration and employee benefits software businesses.
Aegon UK chief executive Otto Thoresen will today urge the Government to re-examine saving incentives.
Three new pan-EU watchdogs will be created with powers to intervene in emergency situations.
AIG’s Asian arm may float next month after Pru’s failed bid, says report
Trade body says complaints consultation raises questions about the overall operation of the ombudsman.
Aifa and Aviva are still negotiating a start date for incoming director general Stephen Gay.
Aifa has launched an alternative case study diploma to meet the requirements of the retail distribution review.
Trade body says claims should be dealt with in one chargeable year so large costs will be shared with investment providers.
Completion fees are £1,999 and maximum loan value is £600,000.
Lender has launched two fixed rate buy-to-let deals.
A man has been arrested on suspicion of money laundering and providing false information related to suspected insider dealing.
The platform’s assets under management have grown 75 per cent since January 2010.
Ashcourt Rowan will pay The Co-operative Bank an undisclosed sum for the IFA business and £450,000 for all trail commission receipts.
Auditing industry faces increased annual costs of between £7,000 and £60,000.
Aviva has began to search for a new chairman to replace Lord Sharman, according to reports.
Aviva director of distribution Stephen Gay takes over from Chris Cummings as Aifa director general.
Axa Wealth unveils its executive management team following the completed Resolution deal.
The group is renaming the £105m fund as Baillie Gifford UK equity alpha and changing its investment objectives.
Charlie Bean says low interest rates are aimed at getting savers to spend.
All-time low base rate held for 19th month.
Number of house purchase approvals also fell between July and August.
The firm is launching five actively-managed funds that will trade only in ETFs to keep internal costs down.
Banks required to hold 7% common equity.
Basel Committee expected to increase the core minimum capital reserve limit from 2 per cent to 7 per cent.
PSigma’s UK equity income guru has warned of a bond bubble that could collapse if deflation fears are unfounded.
The former Prime Minster’s memoirs reveal Brown’s strong opposition to Lord Turner’s reforms.
Bloxham is launching a global absolute return fund that will target a minimum return of 8 to 10 per cent per annum.
Investment banking head to take over from Varley.
EU budget commissioner Janusz Lewandowski says the rebate has “lost its relevancy”.
IFA and discretionary fund manager attributes growth to recent acquisitions and partnerships with other IFAs.
Warren Buffett says he is a “huge bull” on the US economy.
Vince Cable says he is alarmed that leadership candidates do not recognise Labour’s contribution to the crisis.
Business Secretary Vince Cable will today launch an attack on “corporate short-termism”.
Cazenove Capital has announced the launch of a new multi manager fund, to be run by Marcus Brookes and Robin McDonald.
Institute for Fiscal Studies director Robert Chote is announced as preferred chair of the Office for Budget Responsibility.
F&C head of multi-manager Dean Cheeseman is to leave the firm as his retail range is set to pass over to Thames River Capital.
Liontrust first income fund back to buy rating for the first time in five years.
A consortium of Chinese investors is considering a takeover deal of Prudential’s Asian business.
Robert Chote asks whether the Office for Budget Responsibility should respond to requests from opposition parties.
The first virtual classroom will launch in October covering unit R01: financial services, regulation and ethics.
The company says its discussions on regulatory capital with the FSA are still ongoing.
Lib Dem leader says cuts are not ideological charge, speaking at Liverpool conference.
The appointment of Bob Diamond as the chief executive of Barclays has revealed a split in the coalition.
Sector sees £573m of net retail sales.
Pledge follows similar commitments to brokers in 2007.
New additions include 4.49% buy-to-let loan with LTV of 50%.
BoE director Spencer Dale says talk of Bank going soft on inflation ‘dangerous’.
Daniels can start drawing from £192,000 a year pension as soon as he retires.
Former Chancellor concedes tax did not change industry behaviour.
Global bond sector is bestseller with £360.9m of net retail sales in July.
FSA final notice for Moneywise suggests firm did not manage potential conflicts of interest properly.
Older workers on low and medium wages could continue working and keep their pension credit entitlements.
Measure is designed to encourage shopping around.
Equitable Life boss Chris Wiscarson says policy holders should be happy with compensation worth half of what they lost.
EMAG to lobby ministers ahead of final decision on compensation.
Former cash equities broker paid £131,000 in kickbacks to a hedge fund trader in return for broking business.
The European Union must improve the template for its key investor information document, which will replace simplified Ucits fund prospectuses in the middle of next year, the IMA has said.
European Commission to impose stronger regulation on ’wild west’ markets.
MEPs give the European Supervisory Authorities the green light.
World’s biggest bond investor says Euro sovereign collapse is still a reality.
John Jennings appointed to ops director.
F&C Asset Management has completed its acquisition of investment boutique Thames River Capital.
F&C Investments is rebranding its UK retail range to Thames River following the merger of the two companies.
Korhonen adds to Asia in a series of bottom-up moves.
Research shows financial services staff are the happiest, despite the recession and negative press.
The former head of Goldman Sachs in Asia is understood to be a frontrunner to succeed Stephen Green as the chairman of HSBC.
BC Partners set to buyback Alexander Hall and Foxtons debt eight months after it ceded control of the business, says report.
Friends Provident has improved its critical illness cover with mastectomy cover and five new ABI+ conditions.
Social issues think tank head Gerard Lemos to chair new Consumer Financial Education Board.
Gerald Classey banned for several failings.
Measure is part of the FSA’s efforts to boost industry standards of complaints handling.
Regulator issued a warning notice to firm on June 29.
Five firms have been stripped of their regulatory permissions for failing to submit their retail mediation activities return.
CML says regulator’s proposals will exclude a good option for many borrowers.
Regulator fines three advisers for wrongly advising on Lehman-backed structured products.
FSA fines Goldman Sachs for failure to provide appropriate information.
The FSA has fined Moneywise IFA £19,600 over platform advice compliance failings.
First FSA chairman Howard Davies says politicians must stop treating financial regulation as a ’political football’.
The FSA has imposed a lifetime ban on David Marriott for his persistent misuse of client money.
The FSA is to share information and approaches with non-governmental US securities regulator Finra.
The FSA says every firm it visited did not have sufficient systems and controls in place.
The FSA clarifies when firms should disclose commission on pure protection sales associated with investment advice.
Network failed to address numerous concerns repeatedly highlighted by the regulator.
The FSA has proposed increasing the limit on awards made by the Financial Ombudsman Service to £150k.
FSA retail distribution manager says the much anticipated consultation on capital adequacy rules for IFAs is not imminent.
Lord Turner warns new EU regulator that national authorities are the experts.
FSA says its recommendations on handling media enquiries do not apply to conversations between journalists and regulated firms.
The Financial Services Compensation Scheme has confirmed its protection limits for savings on deposit will rise to €100,000 (£85,400) on December 31, 2010.
FSCS says it is satisfied that relevant marketing materials provided had adequate and appropriate warnings.
Advisers face another large FSCS levy after the scheme rules that Keydata Lifemark investors can claim compensation.
The Gartmore growth opportunities trust and the Artemis alpha trust will be merged towards the end of the year.
Gartmore has awarded 3.5 per cent of the company’s equity to leading members of its staff in a bid to lock them into the business.
Shave will step down on December 31, 2010.
Reports that chief exec is to step down at the end of 2010 after missing out on chairman’s role.
Germany’s banking industry warns rules could undermine German economy.
Gartmore head of UK smaller companies quits firm.
Franklin Templeton Investments is to recruit a head of UK distribution.
Lender also launches 2.99% three-year fixed rate.
Social Finance and Ministry of Justice launch bond to fund young offenders.
Once the Bank of England assumes control of the PRA the office of governor will be too big to fail, according to Lord Myners.
PBR to be replaced by a slimmed down Autumn statement.
CML says total is lowest since August 2000.
Peter Hargreaves bows out on a high as net business inflows jump 65 per cent.
Swiss and Leichtenstein-based asset management firm Helvetia Wealth has acquired Scottish IFA Dunedin Independent.
Hargreaves Lansdown has cut the R&M UK equity smaller companies fund due to ’deteriorating’ stock selection.
The Treasury has reiterated its stance that Lifemark is an issue for the FSA not the Government, despite fresh bailout calls from an IFA and MP.
Expat investors face up to a 55 per cent HMRC tax charge after the Beazley Consulting Pensions Scheme had its Qrops status revoked
HM Revenue & Customs is likely to write off up to £1.5bn of unpaid taxes, according to reports.
Treasury financial secretary Mark Hoban says Labour’s inability to resolve Equitable issue means £5bn payout may be reduced.
House prices fell for the second consecutive month in August, according to Nationwide figures.
House prices rose 0.3% between July and August 2010.
555 properties to be allocated to rental sector by June 2012.
HSBC Global Asset Management has launched hedged sterling share classes for fund pairing.
HSBC appoints Amy McNally as global marketing manager.
Barclays chairman Marcus Agius to take on chairman role at the BBA.
Green to quit bank to join the Government, according to the BBC.
HSBC chief executive threatens to quit over chairman role.
HSBC has warned that it may move its headquarters away from London if the UK government does decide to break up the big banks.
IFA Mark Campbell was today sentenced for his part in a multi-million pound mortgage fraud racket in the Midlands.
The Institute of Financial Planning unveils its level six financial planning degree.
Mark Lovett joins Ignis as CIO for equities after he quit Allianz RCM in July.
Deficit reduction will lead to modest growth says annual report.
Housing minister Grant Shapps said “age of aspiration” is back.
19 per cent of mortgages were interest-only with no repayment vehicle.
The commission wants input on its focus and approach to improving the banking sector.
CPI stays at 3.1% due to increasing costs of food and clothes.
Issue is thought to be around £250m of “non-standard” mortgages, including sub-prime loans.
Ireland teeters on double dip after economy contracts in Q2 2010.
Former Skipton chief executive John Goodfellow has denied the move is part of a takeover bid for the building society.
Former Ship chairman Jon King takes over as managing director of Key Retirement Solutions’ lending arm.
Gartside to become international CIO of fixed income.
Jupiter Asset Management has named Simon Somerville as deputy manager on its £265m global managed fund under John Chatfeild-Roberts.
The asset manager is joining the UK’s mid-cap index just 12 weeks after listing on the market.
Kenneth Clarke, the Justice Minister has agreed to forego the £2.3m grace and favour pension that comes with his title of Lord Chancellor.
Stewart Ford says the FSA blocked a rescue plan he was proposing to save Keydata SLS investors from losses.
A website for Keydata investors is back online after its founders have made an agreement with Keydata founder Stewart Ford.
Bank of England governor Mervyn King defends Government cuts in front of trade unions.
Consumers are only prepared to pay up to £50 for an hour’s worth of financial advice.
Mark Krombas, one of the first retail Middle-East and North Africa managers, has left GLG Partners.
L&G’s intermediaries now have access to Islamic Bank of Britain’s mortgage range.
Towers’ responsibilities expected to include marketing and platforms.
Treasury select committee member warns Govt may reduce Isa tax incentives in next month’s comprehensive spending review.
CMS Cameron McKenna launches free online service to help firms assess the impact of regulatory reforms.
Buy-to-let still available through BM Solutions.
Jim Leaviss hands high yield corporate bond fund to Stefan Isaacs.
Churchlow set to replace Mark Burgess at LGIM.
The Liberal Democrats warn tax dodgers to “think again”.
Liberal Democrat Treasury spokesman Lord Newby says traditional IFAs will die out in favour of online advice.
Pre-tax profits stand at £117,000 for the first half of 2010.
Liontrust has appointed Mark Allpress as head of retail distribution.
Liontrust is planning to merge its first large cap fund amid a raft of changes at the asset manager.
Liontrust has reported its first quarter of inflows in over two years.
Mike Jones was previously London and South East network director for Lloyds TSB Community Bank.
Lloyds chief executive Eric Daniels to step down in a year’s time.
Complaints made about Lloyds Banking Group for the first half of 2010 outweigh the total complaint numbers for Santander, Royal Bank of Scotland and Barclays put together.
Foundation says it is owed £3.5m from the bank.
£895 product fee and free conveyancing with loan.
Only one in three MEPs support the creation of an EU single financial services regulator and ramped-up powers for the European Banking Authority.
Mutual saw a 40 per cent increase in life sales for the first half of the year.
AMI recently appointed Malone as brokers’ representative on NFA mortgage fraud forum.
The AMI has invited PMS executive chairman John Malone to represent brokers on the National Fraud Authority’s mortgage fraud forum.
Ratings agency says asset managers need to produce more tailor-made products.
High profile fund managers have said it is not possible to deliver positive performance without taking on risk, at a Fidelity FundsNetwork debate.
Managing director for enforcement and financial crime joins FSA board.
Head of trading Polson is leaving Standard Life on September 15.
New Labour leader says he will support some of the Government’s cuts.
David Miliband tipped for shadow chancellor role under brother Ed’s shadow cabinet.
CML says MMR will inhibit opportunity in the market.
Mobius is seeking stocks in a new wave of countries, buying into National Bank of Greece and applying for the ability to invest in Palestine.
But remortgage approvals increased.
The FSA has fined one mortgage firm director and cancelled the regulatory permissions of another firm.
CML data shows 56,000 loans for home purchase advanced in July.
Liberal Democrat MP Stephen Lloyd asks if FSA withdrew pensions before the firm’s collapse.
Adam Posen says now is the time for more monetary intervention to avoid a British ’Lost Deacde’.
Andrew Rear will succeed Jonathan Ludbrook as Munich Re chief executive.
Building society asks for another three weeks to deal with complaints.
The building society is set to receive 250 compensation claims and lawyers are sending documents to the FSA claiming its advice was flawed.
Techlink briefing: week of 6 September - what did you miss?
Neptune has bolstered its fund range with the launch of both a US income fund and a UK higher income fund.
Schroders head of global fixed income Nick Gartside has quit the firm after eight years.
Former MPC member says any advanced economy debt could default.
Bank hoping to clear two-thirds of debt in five or six years.
Rowling to retire no later than May 2011.
FSA data shows total arrears cases fall for fourth consecutive quarter.
129 firms may lose licence unless immediate action is taken to comply with guidance.
Old Mutual Asset Managers has appointed Christine Johnson to manage its £30m dynamic bond fund.
Investors who cannot afford a decent spread of individual property investments should avoid the commercial sector, says Tritax.
Openwork CEO Martin Davis is to holding a series of adviser meetings across the UK to cover the network’s strategy and future business structure.
Openwork is to acquire 2plan Wealth Management in a bid to build its whole of market IFA capability ahead of the RDR.
Annuitãs will support small to medium sized IFA businesses.
The Bristol adviser has bought two firms in the region, taking its headcount to 32.
Paragon has launched a range of buy-to-let mortgages aimed at professional landlords.
Group acquires IFA firm and another client database.
Incoming PFS president Eddie Grant says lack of financial planning by consumers is a national issue.
Economist Roger Bootle says the City will be hardest hit during the recovery.
Former PFS president Carole Nicholls says monthly charges work best for young clients who will need more detailed advice in the future.
Pimco has launched a Ucits III fund range for retail investors through Aegon’s investment platform.
Polar Capital Holdings is set to acquire specialist fund manager HIM Capital.
Positive Solutions has appointed James McCourt as compliance and risk director.
Premier is restructuring its fund range including eight name changes, a change of mandate and the closure of its European growth fund.
Professional indemnity insurance broker Prime is focussing on the IFA market.
Specialist training provider, Patterson Audio, have now made available new downloadable audio guides to help you study for the R01 and R06 modules of the CII’s new Diploma in Regulated Financial Planning.
State-backed bank returns to wholesale market with £4.7bn RMBS.
Bank to cut staff after branch sales and office closures.
Royal Bank of Scotland is set to cut another 500 jobs with the majority coming from its investment banking division in London, according to reports.
The law firm says it will launch a judicial review against the Financial Services Compensation Scheme decision if it lacks detail.
Resolution’s acquisition of Axa UK Life business, under Friends Provident, has been completed.
Consulting team to help advisers maximise opportunities in retirement market.
Prudential International’s offshore guru quits to join AXA.
The August RICS Housing Market Survey shows surveyor sentiment at lowest level since May 2009
Pensions expert to be director general of over-50s group.
Progress is closed to new business with immediate effect.
Majority of complaints related to banking services.
Santander UK has signed an exclusive distriution agreement for Prudential’s Flexible Investment Plan range of funds.
Santander UK may be looking to raise £4bn from floatation.
Bank has dismissed reports saying figure is 6000.
Schroders has appointed Rory Bateman as head of European equities.
Executive chairman Ivan Martin calls on Government and the FSA to boost the UK savings market.
Firm hires Pos Sol and Intrinsic directors and sets out plans to launch platform later this year.
The Serious Fraud Office has raided five addresses across south east England over an alleged share-selling scam.
Bluefin Wealth Management financial planner Marlene Shalton will succeed Barry Horner.
Housing minister says home information provided on voluntary basis in future.
SimplyBiz chairman Ken Davy says restricted advice is a “road to nowhere”.
Spokeswoman says society reviewing its product range.
CIO says RDR is an opportunity to pick up distribution partners.
All existing customer charges will increase by 4 per cent; new customers will be charged £750 if they transfer out within 12 months.
CEO David Nish says 70 per cent of consumers do not have an IFA.
Standard Life is cutting 600 existing jobs while creating up to 100 new jobs across the business.
Tim Steer has added his first short to his £301m Artemis UK growth fund after its remit changed to allow short positions of up to 10%.
Outgoing sales director says its share of lending through brokers could fall to 50 per cent of its overall lending figures.
Investment director of international equities Colin Beveridge has quit the group and is leaving by the end of September.
TCF Fund Managers has launched four low-cost funds of funds
Week of 30 August - what did you miss?
The ifs School of Finance has delayed exam sittings after technical problems at its test centres.
Tenet gains accreditation to develop, administer and mark the JO5 exam module.
Vanessa Donegan to take enlarged role of head of Asia and global emerging market equities.
The group wants to rename the fund to UK extended alpha and allow it to trade in derivatives.
Tax body calls for an industry-wide DIF solution.
The Mortgage Works reduces selected fixed rate buy-to-let products by up to 0.60 per cent.
Towry has appointed Dr Robert Dawkins as chief investment officer.
Govt to consult the industry over replacement to child trust funds.
Treasury says its new proposals will not hike up regulation costs.
Martin Weale is formally appointed to the Monetary Policy Committee.
The MP committee has called for the Office for Budget Responsibility to have its independence enshrined in law.
Chairman Lord Turner pledges new regulator will not stifle freedom of choice.
A consortium of IFAs led by Norwich & Peterborough Building Society and a group of Keydata bondholders will this week state whether they can deliver a Lifemark bailout.
Ratings agency says UK is now on right path to keep top rating.
UK employers have hired more people over the three months to July than at any point since 1989.
UK PMI index falls to 10-month low.
£9 of every £100 owed to HMRC was missing in the last tax year.
New code gives investors and regulators clear access to information about lenders.
Steve Curruthers to become head of intermediary sales in Northern Ireland.
All IFAs subscribing to unbiased.co.uk’s enhanced advertising package featured on application.
On second anniversary of Lehmans collapse former US Treasury secretary fires a warning.
The US lost fewer jobs than expected in August, according to the latest non-farm payroll figures.
Marketing firm Bigmouthmedia wants specific guidelines for the sale of financial products online.
Invesco Perpetual income guru Neil Woodford has warned that the chances of a double-dip recession in the UK are on the rise.