Money Marketing
Paul McMillan Editorial

Paul joined Money Marketing in early 2005 covering politics and regulation before taking over as news editor in December 2007 and moving on to become editor in March 2009. Paul has won a number of industry awards, including Headlinemoney trade journalist of the year.

Skandia looks to retain unit rebates within clean share classes

5 Apr 2013

Skandia says it will move to a clean share class model but look to retain smaller rebates to investors.
Is the regulator really supportive of good conduct?

28 Mar 2013

There will be few tears shed by Money Marketing readers as the FSA makes way for the FCA.
Unveiled: Govt's kitemarked simple products

13 Mar 2013

The Treasury has set out plans to kitemark simple savings and insurance products.
'One-off' L&G glitch hits 12,000 pensioners

22 Feb 2013

Around 12,000 pensioners were left without annuity payments this week
Should Lloyds chief take a leaf out of the IFA book?

7 Feb 2013

Direct action could be best way to clean up the claims chasers.
RBS plans branch flotation after Santander deal collapse

4 Feb 2013

Bank is looking to float the 316 branches it is required to sell under European rules.
Santander considers £2bn bid for Yorkshire/Clydesdale branches

21 Jan 2013

Move follows Santander’s decision to pull out of the £1.65bn acquisition of 316 RBS branches
Malcolm Williamson to become new Resolution chair

21 Jan 2013

Friends Life chairman Sir Malcolm Williamson will replace Mike Biggs.
Labour's political pensions theatre

4 Jan 2013

Today’s announcement is more about grabbing headlines than progressive policy making.
MPs attack decision to award Sants a knighthood

3 Jan 2013

TSC member Pat McFadden describes the decision as “odd”.
Tax tribunal set to rule on film scheme case

13 December 2012

VCT provider Ingenious Media has been warned by HM Revenue & Customs.
Playing the RDR blame game

11 Dec 2012

December is traditionally seen as a slow news month for financial services.
Tax tribunal set to rule on film scheme case

10 Dec 2012

VCT provider Ingenious Media has been warned by HM Revenue & Customs
AWD brand to be scrapped as part of European restructure

6 December 2012

The AWD brand is set to be scrapped next year with the UK arm to operate under the Chase de Vere banner.
AWD brand to be scrapped as part of European restructure

28 Nov 2012

The AWD brand is set to be scrapped next year with the UK arm to operate under the Chase de Vere banner.
Workplace deals and building society tie-ups boost L&G sales

8 November 2012

Workplace platform deals and building society link ups led to increased sales for Q3.
A glimpse into the FSA's mind on industry fees

5 Nov 2012

Regulatory fees are a tax on consumers which needs to be managed.
Workplace deals and building society tie-ups boost L&G sales

1 Nov 2012

Workplace platform deals and building society link ups led to increased sales for Q3.
Resolution chair Mike Biggs to leave after board merger

25 October 2012

Resolution has finalises plans to combine the boards of Friends Life and Resolution with Friends Life chairman Mike Biggs set to retire.
Resolution chair Mike Biggs to leave after board merger

19 Oct 2012

Resolution has finalises plans to combine the boards of Friends Life and Resolution with Friends Life chairman Mike Biggs set to retire.
Unbiased.co.uk to add restricted WOM advisers to search

4 October 2012

Unbiased.co.uk is to add whole of market restricted advisers to its ‘find a professional adviser’ online search.
What price an RDR turnaround?

27 Sep 2012

Has the FSA’s house view changed since its simplified advice guidance?
Unbiased.co.uk to add restricted WOM advisers to search

27 Sep 2012

Unbiased.co.uk is to add whole of market restricted advisers to its ‘find a professional adviser’ online search.
The problems with Nick Clegg's pension for property plan

25 Sep 2012

Conference season kicked off with a financial services policy suggestion received with derision.
A welcome softening of the FSA's RDR stance?

7 Sep 2012

A first small sign that the regulator is prepared to show a bit of common sense around RDR implementation.
The FSA's unconvincing case for Arch cru redress

9 Aug 2012

The redress scheme proposals appear to be a rushed and heavy handed response to political pressure.
Axa Wealth sales drop as platform assets double

3 Aug 2012

Sales dip 16 per cent in the first half of the year although the firm saw a strong growth in platform assets.
Lighthouse attempts to reassure shareholders ahead of delisting vote

26 July 2012

Board says it is not looking to take control of the group, ahead of a vote on its proposed de-listing from AIM.
Lighthouse attempts to reassure shareholders ahead of delisting vote

24 Jul 2012

Board says it is not looking to take control of the group, ahead of a vote on its proposed de-listing from AIM.
Message to Otto: Don't ignore transparency calls

20 Jul 2012

It would be tempting to pull up the drawbridge but this would be a huge mistake.
Labour 's dangerous, anti-consumer take on pensions

16 Jul 2012

Labour really could not have scripted it better.
Lighthouse set to delist from Aim

9 Jul 2012

Lighthouse Group has announced its intention to delist from Aim.
IFAs and their clients should not pay for Osborne's U-turns

5 Jul 2012

Using fine money to paper over embarrassing Budget errors would be a huge error of judgement.
Should all payments between providers and distributors be disclosed?

3 Jul 2012

Providers should be forced to disclose sponsorship or marketing fees, according to a research paper.
Turnaround specialist injects up to £2m in Merchant House

26 Jun 2012

Merchant House Group has overhauled its senior management and announced a funding injection of up to £2m.
Time for providers to treat advisers as professionals

14 Jun 2012

Professional advisory businesses should be allowed to bill appropriately for their time.
Six Ashcourt Rowan managers join Walker Crips in £425,000 move

6 Jun 2012

Six investment managers from Ashcourt Rowan’s subsidiary Savoy Investment Management are to join Walker Crips Stockbrokers in a £425,000 deal.
Pru shareholders raise concerns over pay plans

18 May 2012

Around 30 per cent of Prudential shareholders voted against the provider’s executive pay plans at yesterday’s annual general meeting.
Charges waived as PosSol picks Aegon as preferred platform

17 May 2012

Aegon Retirement Choices will be the first of three platforms on its panel, with charges waived until 2014.
PosSol and Origen continue to post combined losses

10 May 2012

Aegon-owned IFA firms Positive Solutions and Origen posted combined losses of £1m for the first quarter.
Adviser business forecast to fall in focus on RDR

10 May 2012
L&G set to announce new chief exec

8 May 2012

Report suggests Legal & General to announce finance director Nigel Wilson will replace Tim Breedon.
Arch cru fallout highlights FSCS broken model

4 May 2012

Why should IFAs who never touched Arch cru fund a sum greater than Capita and others?
L&G predicts reduced adviser activity due to RDR transformation

3 May 2012

Legal & General predicts reduced adviser activity for the rest of the year and into 2013 as advisers focus on RDR business transformation.
FSCS campaign: Time for Hoban to do a bit more thinking

26 Apr 2012

Over 1400 signatures in one day shows the strength of feeling out there over the current broken model.
Resolution outlines Friends split sell-off plans

27 Mar 2012

Resolution has announced plans to split Friends Life into two separately listed businesses which could be sold off on their own.
Margaret Cole to join PwC

20 Mar 2012

FSA conduct business unit managing director and former director of enforcement is to join PricewaterhouseCoopers.
An annual protection awareness day - a small good thing

15 Mar 2012

The aim is to get people thinking and talking about their cover.
Pru’s UK profits dip 9% as annuity sales fall

13 Mar 2012

Prudential’s UK arm saw a 9 per cent fall in its operating profits on an EEV basis, from £982m to £893m.
Lighthouse reports £2.66m loss due to restructure and past business review

12 Mar 2012

Lighthouse Group made a pre-tax loss of £2.66m for 2011, compared to a £129,000 profit the previous year.
Skandia looks to develop execution-only client function

9 Mar 2012

Skandia is looking to increase consumer access to its platform to include execution-only transactions such as Isa applications and top-ups.
B&CE chief Brian Griffiths to retire

8 Mar 2012

Chief executive will retire later this year and be replaced by director Patrick Heath-Lay.
Do MPs really want a more accountable regulator?

2 Mar 2012

MPs appear more focused on party politics than trying to keep the new regulator in check.
Is a pension tax relief cut worth it?

2 Mar 2012

Is this a cost worth paying to spread further instability through the pension system?
Scottish Widows sets out its 'mid-market' adviser strategy

16 Feb 2012

Chief executive Toby Strauss on the firm’s plans for the intermediary market
Widows plans enhanced annuity and will look at equity release

16 Feb 2012

Provider will offer an enhanced annuity as part of its forthcoming mid-market annuity suite.
Coalition set to debate pension tax relief cuts

13 Feb 2012

Chief secretary to the Treasury Danny Alexander wants to scrap or further restrict higher-rate pension tax relief.
Charging transparency: the case for an FSCS product levy

10 Feb 2012

An overhaul of the compensation system to remove the hidden charges ultimately borne by clients.
Phoenix Group terminates talks with private equity firm

10 Feb 2012

Phoenix Group has terminated takeover talks with private equity firm CVC.
Leader

February Retirement Strategy
11 months to go and still confusion over trail

26 Jan 2012

With the RDR clock ticking, the FSA must make its intentions clear as soon as possible.
Phoenix still in discussions with private equity suitor

16 Jan 2012

Phoenix Group has announced it is still in discussions with private equity firm CVC Capital Partners regarding a possible acquisition.
Aifa needs a new 'excited' leader

13 Jan 2012

Leading Aifa should be a position people get excited about.
FSA must ignore lender pleas over non-advised ban

6 Jan 2012

The FSA must ignore the pleading of big lenders and stick to its guns.
FSCS chairman awarded CBE

3 Jan 2012

FSCS chairman David Hall was awarded a CBE for services to the financial services industry in this year’s New Year Honours list.
Osborne in fresh warning over EU-wide FTT

21 Dec 2011

Chancellor George Osborne says an EU-wide financial transaction tax may not raise any additional revenues for the UK Government,
Agreement close in public sector pension row

20 Dec 2011

The majority of unions representing public sector workers have agreed to consider new pension reform offers from the Government.
Leader

December Retirement Strategy
Autumn statement: £40bn loan schemes, bank levy hike and auto-enrol doubt

28 Nov 2011

This week’s autumn statement to offer a number of credit easing schemes to help small firms.
Reports suggest Govt to delay auto-enrolment for small firms

25 Nov 2011

The Government is set to delay the introduction of auto-enrolment for small firms by one year.
Turner warns of deflationary dangers in dual deleveraging

24 November 2011
David Miles: Distorted tax system favours homeowners over renters

23 Nov 2011

External monetary policy committee member suggests policymakers look at ways of addressing this “distortion”.
FSA's Turner warns of the deflationary risks of deleveraging

22 Nov 2011

Chairman warns of the deflationary dangers of having to deleverage public and private debt at the same time.
Resolution and Phoenix terminate takeover talks

21 Nov 2011

Phoenix Group is still in talks with private equity firm CVC Capital.
Promising start but big money tests still to come

18 Nov 2011

Eighteen months after coming to power, we thought it was a good time to take a look at what the coalition Government has so far achieved in the pensions arena.
Bank advice misselling won’t stop until senior staff are punished

16 Nov 2011

Senior management of banks and building societies appear unafraid of the regulator’s threats.
Regulator must keep a close eye on pre-RDR progress

10 Nov 2011

MM will be holding the FSA to its word on monitoring progress towards 2013.
Friends Life to outsource heritage business -1,900 jobs to move

9 Nov 2011

Friends Life is to outsource the IT and customer service functions of its heritage business to Diligenta.
FSA Arch cru deal fails the confidence test

4 Nov 2011

£54m compensation package further erodes consumer confidence in financial services.
Leader

November Retirement Strategy
MPs push for Arch cru Parliamentary committee

24 Oct 2011

A number of MPs want to create a committee to increase pressure on Government.
RSM Tenon finance director steps down

18 Oct 2011

Russell McBurnie is replaced by new chief financial officer Adrian Garner.
Would refundable FOS complainant fees work?

5 Oct 2011

Could Government plans for employer tribunal fees work in financial services?
Allan Rosengren retires from Lighthouse Group

4 Oct 2011

Rosengren founded Falcon Group in 1983.
Government rejects calls to increase drawdown income limits

28 Sep 2011

Mark Hoban says lowering the GAD limit was an essential part of the Government’s annuitisation reforms.
Arch cru £54m compensation package may face judicial review

26 Sep 2011

Pressure group Justice in Financial Services is looking to judicially review the FSA’s £54m compensation package for Arch cru investors.
Pensions minister calls for FSA action on "misleading" banks

19 Sep 2011

Steve Webb has called for the FSA to intervene to stop banks offering “misleading” savings accounts.
Another open letter to the BBC's Paul Lewis (hopefully the last)

16 Sep 2011

Money Marketing editor offers some context to the trail commission row.
ASA ruling does not excuse dangerous “free advice” message

14 Sep 2011

Advert may not have broken advertising regulations but it has undermined advisers.
New banking venture eyes NAB brands before Lloyds move

6 Sep 2011

Banking venture set up by Lord Levene and Lord McFall suspends shares due to speculation.
Ivan Massow targets IFAs' trail with new launch

5 Sep 2011

Former IFA launches new proposition which pledges to return 80% of trail back to the client.
Leader: Reassessing longevity

September Retirement Strategy

The issue of longevity goes to the heart of the service clients expect from their IFA.
Private equity firm set to buy James Hay parent for £205m

31 Aug 2011

James Hay parent company IFG Group in excusive talks to be acquired by private equity firm Bregal Capital for £205m.
CBI: Govt would be "barking mad" to rush ringfencing plans

30 Aug 2011

CBI and BBA warn Government not to push forward with ringfencing plans given the current economic turmoil.
IFG Group hires Evelyn Bourke as a non-exec

26 Aug 2011

James Hay parent takes on Friends Life chief commercial officer as a non-exec director.
The research Consumer Focus should pay attention to

19 Aug 2011

British Population Survey research is a timely reminder to influential organisations about their responsibilities.
Friends Life splits between open and closed business

16 Aug 2011

Andy Briggs makes service pledge as four million customers move into the closed book.
LibDems press for CGT on £1m first homes as 50p tax alternative

15 Aug 2011

Vince Cable pushes for “son of mansion tax” after acknowledging defeat over 50p rate.
FTSE 100 soars back above 5000 as US markets rise

9 Aug 2011

FTSE 100 closes nearly 2 per cent up for the day after early falls.
Politicians move to battle debt crisis

8 Aug 2011

Markets in the Far East and FTSE 100 fall following US downgrade and European bond deal.
Aifa makes the right choice on restricted advice

4 Aug 2011

Money Marketing editor Paul McMillan argues Aifa was correct to reform and accept certain restricted advisers.
FTSE live: FTSE 100 up 1% at close

Online - August 2011

The FTSE 100 closes just shy of 5,100.
RDR “waivers” and will a compromise be reached?

26 Jul 2011

Following last week’s fireworks can the FSA and MPs come to a consunsual view on the RDR?
Aegon looking to sell-off insurer

25 Jul 2011

Aegon is looking to sell-off its 190-year-old life insurance arm Guardian, according to reports.
Hector Sants responds to Andrew Tyrie letter

21 Jul 2011

FSA chief executive Hector Sants has responded to Treasury select committee chairman Andrew Tyrie’s letter to assure him the regulator is taking his report seriously.
What a shoddy piece of pension switching research

20 Jul 2011

Report from Government-backed Consumer Focus is lacking in any hard evidence to back up its claims.
Listen to the Treasury select committee over RDR

18 Jul 2011

The FSA should take a step back and remember what it is trying to achieve with the RDR.
Government and Labour set to back Dilnot’s LTC plans

4 Jul 2011

Health Secretary says Government will give Dilnot a “very positive response” but is unlikely to commit to a specific cost cap.
Leader

July Retirement Strategy
Fears Govt could reject Dilnot's radical LTC cost cap

27 Jun 2011

Concern grows that Cameron and Osborne want to “park report into the long grass”.
Govt under pressure to delay state pension age increase for women

20 Jun 2011

Pressure increasing to delay raising the retirement age for women ahead of the pensions bill’s second reading today.
Government may scrap higher-rate pension tax relief

20 Jun 2011

The Chancellor is considering scrapping higher-rate pension tax relief, according to a report in the Sunday Telegraph.
What does the FSA make of the MAS “free advice” advert?

13 Jun 2011

Money Advice Service advert contradicts RDR aim of ensuring consumers are aware advice should be valued and paid for.
Mervyn King receives a knighthood

13 Jun 2011

Bank of England governor Mervyn King was awarded a knighthood in the Queen’s birthday honours list.
Leader

June Retirement Strategy
Moody’s reviews 14 UK lenders for possible downgrades

24 May 2011

Review triggered by concerns UK Government is less likely to bail-out troubled lenders in future.
Fresh approach for James Hay parent company

23 May 2011

Reports suggest private equity firm Fiordland has expressed an interest in buying the company.
The danger of rushing pension reforms

12 May 2011

The speed with which the new drawdown rules have been implemented has placed an unnecessary strain on resources.
NS&I relaunches index-linked savings certificates

12 May 2011

Five year savings certificates will pay RPI plus 0.5 per cent.
Hargreaves Lansdown pair in Sunday Times Rich List top 100

9 May 2011

Peter Hargreaves worth over £1bn and ranked 65th in this year’s list.
Editor's View

5 May 2011
Approach made for James Hay parent company

4 May 2011

IFG Group has announced that an approach has been made for the Sipp and international corporate trustee services company.
Mervyn King warns against raising interest rates

3 May 2011

Bank of England governor Mervyn King has warned of the “severe” consequences of raising interest rates.
Fidelity chief attacks “overly bureaucratic and intrusive” FSA

19 Apr 2011

European chief executive Robert Higginbotham warns the regulator’s approach is damaging the UK’s competitiveness.
Aifa: Should those who cannot afford gold standard have no standard?

15 Apr 2011

Aifa interview: Director general Stephen Gay and chairman Lord Deben explain why retaining the status quo is not an option.
Retail banks to be ring-fenced as break-up is avoided

11 Apr 2011

Independent Commission on Banking recommends ring-fencing retail banking, higher capital adequacy, a bigger Lloyds sell-off and making it easier to switch accounts.
Editor's View

11 Apr 2011
Close Brothers pays £26m for Cavanagh

7 April 2011
Close Brothers to acquire Cavanagh for £26.2m

4 Apr 2011

Move follows Close Brothers acquisition of Chartwell Group and Allenbridge Group and will see Cavanagh become part of Close Asset Management.
Nikkei 225 falls 1.4% as yen hits record high against the dollar

17 Mar 2011

The Nikkei 225 lost another 1.4 per cent today, closing at 8,962, as concerns over damage to a number of Japan’s nuclear reactors continue.
National Australia Bank to bid for 600 Lloyds branches

14 Mar 2011

Reports suggest NAB, which owns Yorkshire and Clydesdale banks, has made the acquisition a top strategic priority.
Will QCF level 6 become the minimum?

11 Mar 2011

Could a little pressure from the TSC see the FSA have another think about what the RDR is looking to achieve.
Northern Rock PLC reports £232.4m loss

9 Mar 2011

Bank still pays out £13.1m in bonuses which it says reflects objectives being met through 2010.
George Osborne backs direction of Independent Banking Commission

7 Mar 2011

Aide to the Chancellor says he believes the ICB is “going in the right direction” with its expected recommendations to reform the banking sector.
Leader

March Retirement Strategy
Office of Tax Simplification calls for IHT and CGT reviews

3 Mar 2011

OTS also calls for a merger of income tax and national insurance as part of its tax relief review.
SJP hit with £4.8m FSCS levy

23 Feb 2011

Firm says 700 advisers have QCF level 4 with a further 700 close to achieving it and FSA has confirmed its charging and remuneration structure is RDR-compliant.
Lifemark given extra 3 months as policies begin to mature

16 Feb 2011

Administrators given extra three months to secure the long-term future of life settlement portfolios- IMA warns of no “magic solution”.
EU to enforce tough "single rulebook" on banks

15 Feb 2011

The head of Europe’s new banking authority will look to prevent regulatory competition between member countries and strictly enforce a “single rule book”.
Bannister to take over as Phoenix chief

10 February 2011
A case of outlandish spinning from the FSA

9 Feb 2011

FSA propaganda about FOS complaints adds nothing to the RDR debate.
FSA attacks IFAs' FOS complaint "myths"

9 Feb 2011

Regulator says advisers are wrong to suggest that FOS stats show they provide a better service than the banks.
Phoenix Group hires Clive Bannister as chief exec

8 Feb 2011

Former HSBC managing director replaces Jonathan Moss as firm looks to capitalise on further consolidation in life sector.
Urgent FSCS reform must be made a priority

4 Feb 2011

The “polluters’ competitors pay model” for compensation based on current sub-classes has stretched advisers’ tolerance levels to breaking point.
Leader

February Retirement Strategy
Cavanagh in takeover talks

2 Feb 2011

IFA firm Cavanagh has announced that it is in takeover talks that could lead to the firm being acquired.
Providers hit back over Steve Webb's master trust warning

27 Jan 2011

Standard Life says Government will have to introduce new legislation if it wants to avoid “regulatory arbitrage”.
FSA considers extending RU64 to other products

26 Jan 2011

Regulator floats idea of extending the controversial pensions rule to other retail markets.
Government warns of "regulatory arbitrage" over pension reforms

25 Jan 2011

Steve Webb warns over employers launching trust-based schemes to take advantage of the ability to get refunds if employees leave within two years.
Andy Briggs to replace Trevor Matthews as Friends chief

25 Jan 2011

Matthews to take on role of vice chairman due to his desire to return to Australia within three years.
Well done Aviva

21 Jan 2011

Provider’s advertising campaign sends out a powerful and important mesage.
Will Barclays senior management be punished over advice failings?

19 Jan 2011

Park Row chief executive Peter Sprung was banned and fined for supervisory failures yet yesterday’s Barclays fine came with no personal censures.
No shame in taking on the FSCS and losing

14 Jan 2011

Sometimes it is worth taking a stand against a blatant unfairness caused by the regulatory machine, even if the chances of success are remote.
Invesco Perpetual launches Asian equity income fund

10 Jan 2011

Fund will be managed by Stuart Parks and Tim Dickson and will invest primarily in Asia and Australasia (excluding Japan).
A closer look at Hector Sants’ RDR estimates

7 Jan 2011

Shaky extrapolated estimates about consumer detriment are unlikely to satisfy MPs.
Aifa right to take a long hard look in the mirror

14 Dec 2010

Any move away from independence-only carries significant dangers but trade body must examine all its options.
Tax reliefs on bonds, PETs and VCTs to face scrutiny

13 Dec 2010

Insurance bonds, potentially exempt transfers, venture capital trusts and enterprise investment schemes among 74 reliefs under review
Moneygate applies to bulk transfer Clarkson Hill advisers

10 Dec 2010

Firm has been in talks with Clarkson Hill for three months with a view to acquiring it.
The snowball effect

9 December 2010
What would an RDR compromise look like?

8 Dec 2010

Full grandfathering unlikely although the FSA does have room to manoeuvre on the road to higher standards.
Standard Life to acquire Focus Solutions for £42m

7 Dec 2010

Provider says Focus’ technology will combine with its wrap platform and threesixty’s support services offering to provide a full solution to advisers.
Clarkson Hill unable to undertake regulatory activities

6 Dec 2010

Firm says it is looking at a number of options including selling the firm and is continuing discussions with the FSA.
Political pressure can certainly still influence RDR

1 Dec 2010

It is nonsense to suggest that such a groundswell of political concern has no chance of influencing policy.
What is the Which? agenda?

12 Nov 2010

Alarm bells ring whenever a firm uses the strategy of slagging off others to promote their services or products.
Full Parliamentary RDR debate secured

9 Nov 2010

Back bench committee agrees to hold Parliamentary debate in the next few weeks.
Gartmore star Roger Guy to retire

8 Nov 2010

Asset manager says it will look at sale and merger options as part of strategic review.
£400M surplus for PPF after £1bn deficit

4 November 2010
Leader: Glad to be proved wrong over Webb's influence

November Retirement Strategy

It is incredible to think the coalition Government is looking to introduce a policy that even the LibDems claimed was unaffordable before the general election.
Aviva to reduce costs by £400m

2 Nov 2010

£100m of costs to be cut from UK including closure of final salary scheme.
Pension Protection Fund reports £400m surplus

1 Nov 2010

PPF says surplus due to improvements in financial markets and less costly claims.
MPs rubber-stamp members of the Budget responsibility committee

26 Oct 2010

TSC chairman Andrew Tyrie warns future appointments will be delayed if they are given insufficient time to conduct hearings.
Government to raise state pension and end means-testing

25 Oct 2010

Government to introduce single universal pension payments of £140 a week, ending the current means-tested system.
BTL landlord wins payout from surveyor for over-estimating rental income

24 Oct 2010

Landlord awarded £72,000 after claiming survey owed him a duty of care.
Co-op looks to offload £18bn life arm

24 Oct 2010

Co-op Financial Services appoints Deutsche Bank to look for buyer for life arm as part of strategic review.
JC Flowers wants 4 building societies to create “supermutual”

24 Oct 2010

US private equity firm looking to acquire at least four building societies to create a vehicle which would be partially floated in five years.
Small pension scheme put nearly half its assets into Lifemark

24 Oct 2010

The pension scheme of a Yorkshire-based business was advised to invest £2m into Keydata life settlement vehicle.
Could backbench pressure lead to an RDR rethink?

21 Oct 2010

The timing of the TSC’s sudden interest in the RDR has not been kind on Aifa.
Now is the time to campaign for change in savings culture

21 Oct 2010

Money Marketing’s campaign, Pave the Way to Save, was set up under the premise that we desperately need to create a better savings culture in the UK.
David Child quits 1st Exchange

20 Oct 2010

1st Exchange managing director David Child has quit the software firm.
RBC to acquire BlueBay AM for £963m

18 Oct 2010

Royal Bank of Canada Wealth Management is to acquire BlueBay Asset Management for £963m.
Waiting times for FSA authorisation treble

11 Oct 2010

It took an average 21 weeks to gain authorisation in Q2 2010 compared to 7.9 weeks in Q2 2007.
Standard says it stands by IFAs

8 Oct 2010

Directors says they are passionate about independent financial advice and forecast and industry dominated by small regional IFAs.
Leader: Nest looks to have avoided the chop

October Retirement Strategy

Leaks ahead of this month’s comprehensive spending review suggest that Nest is likely to be saved from the chop. We will, however, have to wait until October 20 to be sure as the scheme has to satisfy both the policy scrutiny of the current Nest review and the financial scrutiny of a Treasury desperate to make swingeing cuts.
Hoban should think again over CPMA mandate

6 Oct 2010

Giving the new regulator an objective of encouraging savings and protection would set it up to succeed rather than fail.
Bank deputy governor tells savers to spend

28 Sep 2010

Charlie Bean says low interest rates are aimed at getting savers to spend.
N&P asks for more time over Lifemark complaints

27 Sep 2010

Building society asks for another three weeks to deal with complaints.
LV= looks to build protection arm as market consolidates

9 Sep 2010

LV= is eyeing acquisition opportunities in the protection and retirement sectors
Campaign: Give the regulator an objective to boost saving

9 Sep 2010

Money Marketing launches Pave The Way To Save campaign, calling for a more constructive approach to regulation.
Aegon cuts 100 jobs and shuts 6 regional sales centres

8 Sep 2010

Aegon is to cut over 100 jobs and close half of its 12 regional sales centres in a restructure of the business.
Bob Diamond to become Barclays chief

7 Sep 2010

Investment banking head to take over from Varley.
LV= life sales boosted by increase in minimum retirement age

7 Sep 2010

Mutual saw a 40 per cent increase in life sales for the first half of the year.
Stephen Gay must be given a chance to succeed

6 Sep 2010

New Aifa director general faces a number of challenges but let’s hear what he has to say first.
Equitable policyholders make final bid to increase compensation

6 Sep 2010

EMAG to lobby ministers ahead of final decision on compensation.
Aviva director gets Aifa top job

3 Sep 2010

Aviva director of distribution Stephen Gay takes over from Chris Cummings as Aifa director general.
Number of high-earning FSA staff trebles

31 Aug 2010

FT freedom of information request reveals number of staff earning over £100,000 has trebled in four years.
Treasury to cut staff numbers by 25%

31 Aug 2010

Osborne plans to lead the way with spending cuts in his own department.
Complainants should not be chasing iPads

26 Aug 2010

Offering glittering prizes to complainants is no way to promote a responsible complaints culture.
HSBC looks to take majority stake in Old Mutual subsidiary

23 Aug 2010

Bank looks to acquire 70 per cent stake in South African bank Nedbank Group in £4.4bn deal.
Liontrust outflows continue

17 Aug 2010

Departure of chief executive Nigel Legge cost the firm £665,000.
Aviva confirms rejection of RSA proposal

16 Aug 2010

Provider says £5bn is too low and that the GI and life model offers significant capital benefits.
Aifa says consider restricted option

12 August 2010
Split roles could lead to grey area

12 August 2010
Lighthouse sells pension admin arm to Mattioli Woods

10 Aug 2010

IFA group sells City Pensions/City Trustees for £1.85m.
Advisory role could split between relationship managers and technical specialists

4 Aug 2010

Aifa paper says RDR could lead to a clearer split of responsibilites within IFA firms.
Aifa says IFAs should seriously consider restricted advice

4 Aug 2010

Trade body paper warns restricted advice should not be seen as a soft option.
Paul Evans becomes Axa UK chief executive

4 Aug 2010

Bluefin Wealth Management revenues down 19 per cent after 20 offices closed and 200 employees leave the firm.
Clarkson Hill duo lend the firm £588k

22 July 2010
Clarkson Hill directors lend firm nearly £600K

20 Jul 2010

Ron Pritchard and Mike Robinson lend firm £588,000 to help it meet its regulatory capital requirements.
Lighthouse and Unison in financial advice deal

19 Jul 2010

Trade union appoints LighthouseTemple to supply financial advice on an exclusive basis.
Should we ban anonymous comments?

16 Jul 2010

MM editor responds to concerns about the number of anonymous comments.
"Punchbowl of excessive credit" must be taken away

14 Jul 2010

FSA chairman Lord Turner calls for macro-prudential tools to limit credit supply when everyone is “enjoying the party”.
Will the FSA really get tough on bank advice?

14 Jul 2010

Lord Turner says the FSA will investigate incentives leading to poor consumer outcomes, but will tough words result in tough actions?
Hoban tells bankers to self-regulate pay

13 Jul 2010

Government tells bankers to show restraint ahead of next round of bonuses.
Govt has hidden true cost of public sector pensions

7 Jul 2010

New report says public sector pensions are twice as valuable as previously thought and radical reform is needed.
Hutton pledges to focus on fairness in pension probe

1 July 2010
'Workplace is the key future for savings'

1 July 2010
Euribor surges amid funding crisis fears

30 Jun 2010

European banks to pay back ECB’s £356bn support package.
Race is on to raise money to challenge the FSCS

30 Jun 2010

High court showdown would shine light on FSCS funding flaws- but first the money must be raised.
CBI boss Richard Lambert quits

29 Jun 2010

Director general to step down early next year.
Hutton: Nothing ruled out of public sector pension review

28 Jun 2010

Hutton says public sector cannot remain immune from demographic change.
CPMA will be a 'strong champion for consumers'

24 June 2010
Hutton will head probe into future of public sector pensions

24 June 2010
John Hutton to lead public sector pensions commission

21 Jun 2010

Osborne says Hutton will bring a “cross-party perspective” to a “national problem”.
AMPS wants new law to clarify drawdown tax

17 Jun 2010
Advisers furious at £22m bonuses for FSA staff

17 June 2010
Fixing drawdown mess is an easy win for Webb

17 Jun 2010

Government could easily step in to prevent consumer detriment caused by restriction on income.
FSA to be scrapped in 2012- Sants to stay

17 Jun 2010

New prudential authority will be part of the Bank of England with Sants to become deputy Governor.
New consumer authority takes responsibility for FOS and FSCS

17 Jun 2010

CPMA will regulate conduct of all firms, including those prudentially regulated by the PRA.
Who should replace Chris Cummings?

16 Jun 2010

Who has the character and attributes needed to replace Cummings as Aifa director general?
Office for Budget Responsibility shines light on public sector pensions

15 Jun 2010

Net costs of public sector pensions to double to £9.4bn in 5 years, Towers Watson says focus should be on £26bn of new pension promises.
Resolution eyes £2.75bn Axa deal

14 Jun 2010

Axa’s wealth management arm, including Architas and the Elevate wrap, are not part of the deal.
HMRC changes drawdown stance following further legal advice

11 Jun 2010

Entire fund will not be hit with 55 per cent charge but income through new drawdown provider will.
FSA pays out £22m in staff bonuses

10 Jun 2010

Sants gives his £108K bonus to charity as FSA staff bonuses increase by 11.6 per cent.
George Osborne should react to Standard’s stats

9 Jun 2010

Editor’s view: Standard Life’s calculations on the true cost of higher-rate pension tax relief changes should push Govt to rethink plans.
AIA-Pru deal is unlikely as AIG refuses to drop price

3 June 2010
Pru and AIG fail to agree revised deal for AIA

1 Jun 2010

AIG says the company will not reconsider terms of £24.5bn acquisition making a deal extremely unlikely.
Tory backbenchers revolt over CGT

27 May 2010

David Davis and John Redwood both warn of the dangers of the coalition’s proposed increase in CGT.
Cavanagh to launch wealth management platform

25 May 2010

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.
PI plea to cut premiums for better qualified firms

20 May 2010

PI insurers are beginning to offer regulatory dividends to firms with higher qualifications and top-quality advice processes.
Government to introduce free financial advice paid for by the industry

20 May 2010

Coalition Government to launch free financial advice service proposed by the Tories.
Only 2% of FOS complaints against IFAs

19 May 2010

FOS highlights upheld complaints against high street bank targeting older customers with investment bonds.
No age of austerity at the FSA

19 May 2010

Regulator talks about extra resources as the Government slashes costs to deal with the deficit.
FSA boss says new intensive approach requires more resources

18 May 2010

FSA MD of supervision Jon Pain outlines new training regime for FSA supervisors.
Coalition Government to create independent fiscal watchdog

17 May 2010

Office for Budget Responsibility will provide growth and public finance forecasting as George Osborne warns of “skeletons in various cupboards”.
Sants emailed FSA's staff on Tory policy

13 May 2010

FSA chief executive Hector Sants emailed all 3,300 members of FSA staff on election day reminding them that if the Conservatives won they would scrap the regulator.
Steve Webb becomes pensions minister- Hoban gets Treasury role

13 May 2010

Webb has recently warned of the effect of means-testing on Nest and called for higher-rate pension tax relief to be scrapped.
Coalition to hike CGT and offer income tax cuts

12 May 2010

Planned IHT cuts to be scrapped with NI increase reversed for employers.
Who is in Cameron's Cabinet?

12 May 2010

Prime Minister David Cameron has begun announcing his new Cabinet which will include five LibDem MPs.
Labour and Tories continue to woo Clegg

11 May 2010

Tories say they are moving towards LibDem position on income tax- Harman does not rule out similar deal.
Economic stability and deficit reduction central to coalition talks

10 May 2010

Conservative and LibDems both stress addressing economic problems is central to any deal between the parties.
ConLib pact would threaten higher rate relief and FSA reform

7 May 2010

Con/Lib pact likely with LibDems supporting Cameron on case-by-case basis.
Election creates a hung Parliament- two IFAs fail in MP bids

7 May 2010

Brown attempts to woo LibDems, Cameron declares Labour has “lost its mandate to Govern”, Nigel Waterson loses his seat.
Brown repeats pension tax relief "slip-up" on Paxman

3 May 2010

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”.
Brown makes pension tax relief gaffe in TV debate

30 Apr 2010
FSA takes action against five banks

28 Apr 2010

Two of the banks have been referred to its enforcement division for poor complaint handling.
Peter Mann to become Skandia UK chief executive

28 Apr 2010
Tories to create Economic Crime Agency

26 Apr 2010

New agency would replace Serious Fraud Office and take over certain powers from the FSA and other regulators.
Leader: Govt not for turning on tax relief

April Retirement Strategy

Last week’s Budget confirmed the Government will push ahead with its plans to restrict higher-rate tax relief on pensions.
Simplification fears lead to talks on streamlining

1 April 2010
FSCS £80m levy offends every sense of natural justice

31 Mar 2010

This week’s clarification over the interim levy offers even more reasons to get angry.
Investec buys up rest of Rensburg Sheppards

30 Mar 2010

Investec buys up remaining 53 per cent share in wealth manager for around £412m.
Tories pledge to reduce National Insurance rises for most people

29 Mar 2010
RDR: FSA undecided on simplified advice qualifications

26 Mar 2010

Regulator remains concerned about allowing lower qualifications.
Lighthouse posts small profit and reveals “very few” acquisition opportunities

22 Mar 2010

Group has £13.4m in the bank but says very few possible acquisitions have been acceptable from a risk or valuation viewpoint.
European Commission calls on UK to speed up cuts

16 Mar 2010

Brussels warns Gordon Brown that planned spending cuts are “not sufficiently ambitious”.
LibDems warn against forcing through spending cuts too soon

15 Mar 2010

Party proposes scrapping higher-rate pension tax relief and equalising capital gains tax with income tax.
Beware the pre-election spin

5 Mar 2010
Leader: Ros shows politicians the way

March Retirement Strategy
Lloyds tops FOS list with over 20,000 complaints

4 March 2010
Mandelson wants takeover rules’ shake-up

4 March 2010
Mandelson wants more long-termism from fund managers

2 Mar 2010

Business secretary calls for a shake-up of take-over rules and a greater emphasis on long-termism from fund managers.
FOS figures reveal increase in complaints against big banks

25 Feb 2010

Barclays Bank leads the way with investment complaints.
Royal London in talks to acquire Royal Liver

22 Feb 2010
Economists warn Govt must speed up deficit cuts

15 Feb 2010
Leader: Tories make the right choice on forced annuitisation

February Retirement Strategy

Tories pledge to scrap forced annuitisation at 75 sends the right signal to savers.
Sants flees an uncertain future

9 Feb 2010

Resignation of the FSA chief executive adds to the uncertainties facing the industry in the run-up to the election.
Liontrust hires John Ions as head of retail

8 Feb 2010

Former Tactica chief joins to rebuild the business.
Positive about protection

4 Feb 2010

The next Government should be focused on reform to build on the great work being carried out by advisers.
Blanchflower calls for MPC to be axed

28 January 2010
Blanchflower calls for the MPC to be axed

20 Jan 2010

Former MPC member says committee is “not fit for purpose”.
Now listen a little more FSA

23 Dec 2009

FSA offers welcome news on work-based assessments and protection but new proposals on corporate pensions risk hitting savers and IFAs.
Police launch fraud investigation following David Seaton’s death

21 Dec 2009
Aegon UK reshuffles senior risk and finance roles

7 Dec 2009

New finance director and chief risk officer as provider admits need to improve return on capital.
IHT increases could be on the way in next week's PBR

4 Dec 2009

FT reports that IHT could be one of the tax rises announced in next week’s pre-Budget report.
Darling issues warning to new French EU regulation chief

2 Dec 2009

Move follows French president Nicolas Sarkozy’s call for the victory of the European model of financial services.
Leader

December Retirement Strategy

It appears that long-term care has finally made it to the centre stage of political debate so it seems only right that this month’s Retirement Strategy cover interview is with Sir Derek Wanless.
What can be salvaged from the protection campaign?

1 Dec 2009

The Tom Baigrie inspired campaign has run out of steam, will anyone else pick up the reins?
Consumer protection campaign fails to raise necessary funds

26 Nov 2009
Anthony Bolton to manage new Fidelity China portfolio

26 Nov 2009

Investment guru to relocate to Hong Kong to launch new offering.
Tories want RDR change of emphasis

26 November 2009
Secret ballot needed to elect select committees, say MPs

24 Nov 2009

New report calls for committee chairs and members to be directly elected.
Former FSA chair Callum McCarthy joins JC Flowers

24 Nov 2009

McCarthy takes on the newly created position of European chairman.
French commissioner may get vital Euro regulation role

20 Nov 2009

Internal markets post could heavily influence the outcome of the RDR although role may be split.
Tories question RDR timetable and exam focus

18 Nov 2009

Nigel Waterson questions whether 2012 is practicable.
Aviva launches new with-profits guarantee

11 Nov 2009

Investors offered money-back guarantee after 5 years at a cost of 0.7%.
Aifa in simple clash with ABI

5 November 2009
Leader

November Retirement Strategy

The Conservative Party has certainly stolen most of the pension headlines in recent weeks, with Nigel Waterson and Theresa May both casting doubt on the future of personal accounts.
Milestones or cliff edges- would regulatory RDR incentives work?

4 Nov 2009

Aifa’s proposals for regulatory incentives deserve a fair hearing from the FSA.
Aifa gets tough over RDR qualifications

4 Nov 2009

Judicial review threat at FSA’s “arbitrary supervision”.
PFS submits RDR work-based assessment plans to the FSA

2 Nov 2009

Prof body supports robust and independent work-based assessments.
Evolution guides you through RDR

29 October 2009
Consumer Panel calls for personal PPI fines for senior bankers

26 Oct 2009

FSCP chair says bank chiefs should be personally held to account.
Mervyn King calls for clear split in banking functions

21 Oct 2009

Governor warns speculative activites will continue to lead to failures.
LV= and Royal Liver in merger discussions

19 Oct 2009

Deal would create mutual with £10bn of assets and 5m customers.
Desperate Government in pensions denial

9 Oct 2009

Eagle fails to recognise New Labour’s many pension failures.

Money MarketingPaul McMillan Editorial

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Paul McMillan Editorial