Money Marketing
10 December 2008
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£400m Government boost for first-time buyers
15 Dec 2008
Housing Minister Margaret Beckett has approved a deal worth more than £400m to help first-time buyers to buy their own home.
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1st - The Exchange adds real-time fixed-term annuity rates to Exweb
10 Dec 2008
1st - The Exchange has expanded its existing annuity comparison system on Exweb with the launch of real-time fixed-term rates.
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3.7 million Brits face financial meltdown, says Axa
11 Dec 2008
Research by Axa has found 3.7 million UK consumers face financial meltdown unless they manage their finances better.
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45 Revolutions
11 Dec 2008
This year's pre-Budget report was less a curtain-raiser for the 2009 Budget and more an emergency Budget to deal with the economic crisis and set tax policies for years into the future.
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82% of firms struggle under regulatory burden, says FSPP
11 Dec 2008
More than 80 per cent of the industry believe that the current regulatory system places too great a burden on firms, according to a survey by the Financial Services Practitioner Panel.
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95% Have moved to AIG recovery fund
11 Dec 2008
AIG Life has revealed that 95 per cent of policyholders trapped in the frozen enhanced fund have opted to transfer into the protected recovery fund. People choosing to exit the fund on December 15 will get 87 per cent of their fund.
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A letter from an IFA about the L&G fiasco
16 Dec 2008
In the wake of the L&G structured product fiasco, the editor imagines a letter from an IFA to his or her clients.
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Aberdeen takes pole position in race for Credit Suisse's UK fund business
15 Dec 2008
Aberdeen Asset Management is set to buy all or part of Credit Suisse's traditional fund management business, say reports.
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'ABI failed advisers on long stop'
11 Dec 2008
The Association of British Insurers and the British Bankers' Association have been accused of letting down IFAs by failing to submit evidence to the FSA to support the 15-year long stop.
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Adviser charging should be spelt out in rules
11 Dec 2008
The retail distribution review's remuneration requirements cannot be implemented successfully under principle-based regulation and must be set down explicitly in FSA rules, says Royal London head of corporate affairs Gareth Evans.
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Aegon launches new IHT website
11 Dec 2008
Aegon Scottish Equitable has launched a new website to help advisers and their clients with inheritance tax planning.
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Aegon will change name of family protection plan
11 Dec 2008
Aegon Scottish Equitable is changing the name of its family protection plan to make it easier for advisers and clients to understand what the policy covers.
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Agencies slammed over RMBS ratings
11 Dec 2008
Homefunding chief executive Tony Ward has hit out at credit rating agencies for poor assessments in their ratings of residential mortgage-backed securities.
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Aid may destabilise securities
11 Dec 2008
The Government's mortgage aid package could destabilise the residential mortgage-backed securities market, says Moody's.
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AIG Life maintains interest rates on guaranteed income bond
12 Dec 2008
AIG Life is maintaining interest rates on its guaranteed income bond despite the recent base rate cut.
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Alliance Trust Sipp closure highlights wider problems, says pension specialist
10 Dec 2008
Dentons Pension Management has warned that many Sipp providers have failed to invest in quality administration systems and back office funtions.
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Alliance Trust suspends sales of Full Sipp
11 Dec 2008
Alliance Trust is to temporarily suspend sales of its Full Sipp from Friday, with advisers suggesting that it may not return to the market.
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AMI calls for MPPI to be excluded in PPI investigation
10 Dec 2008
The Association of Mortgage Intermediaries is calling on the Competition Commission for a second time to exclude mortgage payment protection insurance from its investigation.
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AMI fears interest pledge will pile on more debt
11 Dec 2008
The Association of Mortgage Intermediaries is concerned that the Government's offer of a two-year exemption from paying mortgage interest could exacerbate problems by piling more debt on to borrowers.
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Anger at lack of research over sales advice
11 Dec 2008
Panellists at the Money Marketing RDR round table hit out at the regulator for not conducting consumer research into the sales advice channel before unveiling its proposals.
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Assureweb accounts
11 Dec 2008
In last week's edition of Money Marketing, we stated that Assureweb's accounts were three months late. This is not the case. All accounts and returns are appropriately filed at Companies House.
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Assureweb reveals £3.1m loss
11 Dec 2008
Financial services portal Assureweb made a loss of £3.16m for the last financial year after a £4.6m loss the previous year.
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AWD UK announces management buy-out of Home Finance
15 Dec 2008
AWD UK Group has announced the sale of mortgage and loan arm Home Finance to its existing management team.
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Axa takes five months to transfer a pension
11 Dec 2008
Axa has come under fire for taking five months to transfer a couple from a company pension scheme to a personal pension.
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Banks defy pressure on passing on rate cut
11 Dec 2008
Many banks have defied the Government and only passed on a part of the Bank of England's latest 1 per cent rate cut to their standard variable-rate mortgages.
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Banks expected to set their own exams to ward off poaching
11 Dec 2008
Raising minimum qualification requirements for the sales advice channel to QCA level four will not provide a good source of recruits to the advice sector, says Money Portal head of distribution strategy Alan Easter.
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Beta test
11 Dec 2008
I have heard people talk about the link between risk and reward in investment. Could you please explain it to me and tell me what relevance it has to my investment portfolio?
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Blanchflower to step down from the MPC
10 Dec 2008
David Blanchflower, the long-time lone voice for rate cuts in the Monetary Policy Committee, is to step down from his post next year.
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Broker Talkback
11 Dec 2008
Is the Government right to put so much pressure on the banks to pass on the full rate cut?
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Cameron calls for crackdown on wrongdoers in the City
15 Dec 2008
Conservative Leader David Cameron has called for a thorough investigation to root out wrongdoing in the City that may have contributed to the credit crisis.
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Canada Life increases group life multiples
11 Dec 2008
Canada Life has unveiled its plans to increase its group life product to offer eight times salary multiples.
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Cavanagh hit by client deferrals and announces redundancy programme
11 Dec 2008
Cavanagh has announced a redundancy programme and says it now expects to break even before costs for the second half of the year.
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CBI calls for review into public sector pensions
15 Dec 2008
The CBI is calling for an independent commission to examine the financial rules, costs and levels of taxpayer subsidy that underpin public sector pensions.
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Clarity case
11 Dec 2008
The RDR interim report contained some exc- iting proposals which would have enabled the FSA to meet all three of its primary objectives - improving clarity for consumers, raising professional standards and reducing the potential for conflict of interests that can exist in traditional remuneration practices.
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Clifford to head Virgin Money mortgage move
11 Dec 2008
Virgin Money is to create a UK mortgage proposition headed by former Mortgageforce chief executive Rob Clifford.
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Commission could be axed in life firms' cash struggle
11 Dec 2008
Royal London has warned advisers that capital restraints may force life offices to withdraw commission payments before the FSA's adviser charging rules come into effect in 2012.
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Conforto in talks to buy up three more adviser firms
11 Dec 2008
IFA consolidator Conforto Financial Management says it is in talks to acquire three more adviser firms.
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Conservative MPs demand Equitable statement before Christmas
15 Dec 2008
Conservative MPs are demanding a government response to the inquiry into the Equitable Life debacle before the House of Commons adjourns for Christmas.
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Court fines businessman £35,000 for faking FSA authorisation
11 Dec 2008
The FSA has prosecuted Mayson Shanti of Marcham, Abingdon for falsely claiming his company was FSA authorised, resulting in a £35,000 fine from Didcot Magistrate's Court.
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Credit crisis brought on the demands for higher capital
11 Dec 2008
The credit crisis is the main reason behind the FSA's proposed steep increases to IFA capital adequacy requirements, according to Ernst & Young.
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Crisis management
11 Dec 2008
Recent weeks have been more unnerving than many advisers and their clients have ever experienced. Many advisers are already taking steps to deal with the aftermath.
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Cummings says banks shutting down IFA firms
11 Dec 2008
Aifa is warning of a growing number of banks closing the business accounts of IFAs and suggests that this could be an attempt to wipe out distribution competition.
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Darling refuses to rule out printing more money
10 Dec 2008
The Chancellor Alistair Darling refused to rule out the option of printing more money in response to a grilling by Treasury select committee MPs.
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'DB plans face deficits over perverse accounting rules'
11 Dec 2008
Standard Life says final-salary pension schemes are understating their liabilities because of "perverse" accounting rules.
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Defensive tactics
11 Dec 2008
I first wrote about the Bloxham global equity income fund in May and am returning to it because a global income mandate offers considerable diversification from a purely UK fund.
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Early payment scheme proposed for KSFIOM depositors
16 Dec 2008
The Isle of Man parliament will meet today to discuss proposals for an early payment scheme to provide relief for depositors with Kaupthing Singer & Friedlander Isle of Man.
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Economic Secretary Pearson says now "not a bad time" to buy shares
12 Dec 2008
Economic secretary to the Treasury Ian Pearson has suggested that now is “not a bad time” to invest in the stock market.
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Equitable Leg Before Wicket
11 Dec 2008
After a long, long wait Equitable Life victims had been given the impression that they would finally get their answer to whether the Government will bow to the Parliamentary Ombudsman's pressure and offer them compensation before Christmas.
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Equity Release clients need “tough love” says Bridgewater
15 Dec 2008
Bridgewater is urging equity release advisers to show ‘tough love’ when dealing with their clients.
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Equity Release lawyers' group to launch in 2009
16 Dec 2008
The Equity Release Solicitors Alliance, a group to monitor the legal ramifications of the equity release sector, is set to formally launch in January 2009.
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EU commissioner McCreevy warns on Govt debt
10 Dec 2008
EU commissioner for the internal market and services Charlie McCreevy has sounded a stark warning on Government borrowing.
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Ex-Lehman investor in new investment boutique start-up
15 Dec 2008
Ex-Lehman Brothers minority investor and long only fund manager Pier-Alberto Furno is launching a new London and Monaco based investment management company, to be called Ambix Capital.
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Fidelity's Bolton calls new year rally
15 Dec 2008
Fidelity fund guru Anthony Bolton believes the new year will usher in a fresh bull market for investors.
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FOS receives over 25,000 PPI complaints this year, reveals Which?
16 Dec 2008
The Financial Ombudsman Service has received more than 25,000 complaints about payment protection insurance so far this year, according to Which?.
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FOS swamped with "single-issue" complaints
11 Dec 2008
The Financial Ombudsman Service has received over 25,000 payment protection insurance complaints since January 2008, which it says is part of a wider surge in single-issue complaints.
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Friends enhances ebusiness proposition
15 Dec 2008
Friends Provident if offering advisers access to free alerts when changes have been made to their clients’ policies.
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Friends in high places
11 Dec 2008
With worldwide interest cuts and investment trusts now able to invest tax-efficiently in corporate bonds, high-yielding corporate bonds are looking highly attractive to income-seeking investors as well as those looking for capital gains.
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Friends Provident signs £200m deal with IBM
10 Dec 2008
Friends Provident has signed a 10-year outsourcing deal with IBM worth £200m.
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Fsa annuity tables are failing the public
11 Dec 2008
Product providers and advisers have slammed FSA comparative annuity tables, saying they are inaccurate and irrelevant to most consumers and must be updated.
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FSA fines Egg £721,000 for PPI failings
10 Dec 2008
The FSA has fined Egg Banking £721,000 for serious failings in its sales of credit card payment protection insurance and it is likely to have to pay significant sums in compensation.
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'FSA has broken social contract with advisers'
11 Dec 2008
Aifa has attacked the FSA for failing to carry out an impact assessment of its retail distribution review and capital adequacy proposals, given the current economic conditions.
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FSA issues consumer warning about Pure Money Limited
15 Dec 2008
The FSA has issued a consumer warning today about an unregulated firm, Pure Money Limited, which has been offering mortgage, insurance and investment advice.
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FSA looking at degree as minimum standard for IFAs in long term
15 Dec 2008
The FSA has told MPs it is looking at making degree level the minimum qualifications for IFAs in the future.
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FSA rules aim to strengthen banks' liquidity
11 Dec 2008
The FSA is to force UK banks to invest heavily in government bonds from October 2009 to reduce lenders' vulnerability to market conditions.
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FSA says offshore marketing was clear on depositor protection
15 Dec 2008
FSA chief executive Hector Sants has told MPs he believes the marketing literature for offshore investments sold to UK consumers was clear.
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FSA tells pension switching advisers to review files
12 Dec 2008
The FSA has written to 4,500 advisers calling on them to assess their firm’s past and present pension switching advice in light of its scathing report, published last week.
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FSCS declares Berry Birch and Noble Financial Planning in default
11 Dec 2008
Berry Birch and Noble Financial Planning Limited has been declared in default by the Financial Services Compensation Scheme and has so far received 17 claims from consumers.
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Gartmore makes two managers redundant
11 Dec 2008
Gartmore has confirmed that the roles of fund managers Ashley Willing and Karl Bergqwist have been made redundant. The two will be in consultation with the company about potentially being deployed to other roles.
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Government “got it wrong” with £20bn fiscal policy, says PWM
16 Dec 2008
The UK Government's £20bn fiscal stimulus package will not be enough to prevent the onset of further gloom in 2009, says Premier Wealth Management managing director Adrian Shandley.
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Government gives £400m to first-time buyers
16 Dec 2008
The Government is to give £400m to 18,000 first-time buyers around the country as part of the HomeBuy Direct scheme.
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Government puts meat on mortgage aid scheme
10 Dec 2008
The Government has revealed details of its hastily-prepared mortgage support scheme that was announced after the Queen’s speech last week.
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Government slashes credit guarantee scheme fees
15 Dec 2008
The Treasury has revealed it is to improve the credit guarantee scheme that allows banks and building societies provisions to support capital.
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Govt delays Eq Life response until after Christmas
11 Dec 2008
The Government has delayed its response to the Parliamentary Ombudsman's call for compensation to Equitable Life victims until after Christmas.
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Govt to review blunder which saw £126m overpaid to public sector pensioners
16 Dec 2008
Minister for the Cabinet Office Liam Byrne has confirmed that £126m has been overpaid to 95,000 public sector pensioners since 1978 in a large scale administrative blunder.
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HBOS gets green light for merger
12 Dec 2008
HBOS shareholders have voted in favour of the merger with Lloyds TSB, which will begin in 2009.
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HBOS reveal depth of debts as shareholders vote
12 Dec 2008
HBOS has revealed the depths of its debt crisis, including a £200m bill from the FSCS to cover the recent Bradford & Bingley crash.
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HL axes Artemis funds from Wealth 150
11 Dec 2008
Hargreaves Lansdown has removed three Artemis funds from its Wealth 150 fund range.
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Home Funding’s Tony Ward becomes Imla director
10 Dec 2008
The Intermediary Mortgage Lenders Association has appointed Home Funding managing director Tony Ward as director.
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Home in on the fraudsters
11 Dec 2008
In the falling property market, mortgage fraud has again been hitting the headlines. A constantly rising property market hides a multitude of sins but when prices start dropping, the chickens come home to roost.
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Homes are on the line
11 Dec 2008
The debate about fees v commission is like a persistent and irritating weed that never quite dies off.
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I don't believe it
11 Dec 2008
Two things in the last couple of weeks have made me come over all Victor Meldrew.1: I advised some new clients to top up their Halifax cash Isas. Mr X went to his local branch to pay in £3,600 each. He was put in front of an "adviser" who told him they would be better off doing stocks & shares Isas instead. My client had the sense and knowledge to say, no thanks.
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IFA strength spurs Moody's negative view of life offices
11 Dec 2008
The continued strength of the IFA sector and the implementation of pension personal accounts has led to Moody's delivering a negative outlook on the life insurance industry.
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IFAs face marathon effort to meet 2012 deadlines
11 Dec 2008
Investment advisers face too many regulatory deadlines in the run-up to 2012 and may be unable to comply in time, warns Lincoln Financial Group director of business development Helen Turner.
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IFAs rank ahead of accountants for estate planning advice
10 Dec 2008
Financial advisers are a more popular source for estate planning advice than accountants or bank managers, according to a report from Standard Life.
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IFAs should launch own funds, says KMG SICAV-SIF
10 Dec 2008
IFAs should look to launch their own funds in order to embed additional value in their business, according to KMG SICAV-SIF.
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IMA publishes guidelines on using credit ratings responsibly
11 Dec 2008
The Investment Management Association has drawn up guidelines along with other industry bodies to address asset managers’ over-reliance on credit rating agencies.
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IMA to unveil new equity income and growth sector for yield strugglers
15 Dec 2008
The Investment Management Association is to launch a new UK income and growth sector as of January 1, 2009, in a bid to accommodate funds struggling to meet its UK equity income yield requirement, according to a leaked memo seen by Money Marketing.
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IMA welcomes govt proposals to provide certainty on UK funds' tax status
16 Dec 2008
The Investment Management Association has welcomed the Government’s proposals on fund tax reform and consultation on proposed changes to the tax regime for listed investment companies.
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In cap ad terms, I wouldn’t discount anything - not even joining a network
11 Dec 2008
The FSA has provided a jolly helpful table in its Prudential rules paper showing its estimates for the extra amount firms of different sizes will have to set aside under the planned capital adequacy rules.
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Insurers to get guidelines for PPI complaints
11 Dec 2008
The Association of British Insurers, the Financial Ombudsman Service and the FSA are working with insurers and other trade bodies to draw up guidance on the handling of payment protection insurance sales complaints.
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International investment grows as confidence in UK slows, says TD Waterhouse
15 Dec 2008
Share ownership in international companies has increased by 10 per cent over the last 12 months as confidence in the UK falters, according to a survey from execution-only stock broker TD Waterhouse.
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Invesco: Woodford funds set to move to new IMA sector
16 Dec 2008
Invesco Perpetual has confirmed that Neil Woodford's income and higher income funds are moving out of the UK equity income sector.
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Isle of Man sets up compensation deal
11 Dec 2008
The Isle of Man government and local banks are to offer a compensation package, including help for bondholders with cash deposits in KSF IoM. It will combine government and bank contributions with provisional liquidation assets.
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James Hay adds Cazenove UK absolute target fund to wrap
12 Dec 2008
James Hay has added Cazenove UK absolute target fund to its wrap platform.
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JPMAM to launch US equity income fund
10 Dec 2008
JPMorgan Asset Management is to launch a US equity income fund on December 15.
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Jubilee FP launches two structured plans
15 Dec 2008
Jubilee Financial Products has launched two new structured investments.
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KSF IOM bondholders will not receive extra help
12 Dec 2008
Bondholders with cash deposits in KSF IoM are still to have very limited access to payouts under the island’s enhanced depositor compensation scheme.
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Latest fund analysis from OBSR
16 Dec 2008
The latest analysis of the fund factsheets downloaded from Old Broad Street Research show that time served managers are proving popular.
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Libor nears 3%
16 Dec 2008
Three-month Libor has continued to drop closer to 3 per cent.
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London's global competitiveness under threat, says report
12 Dec 2008
London’s position as a globally competitive financial centre is under threat, an independent review commissioned by London Mayor Boris Johnson concludes.
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McFall attacks "collective madness" of banks' repossession policies
15 Dec 2008
Treasury select committee chairman John McFall has attacked the “collective madness” of banks' repossession policies.
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Merger Group loses HBOS court case
11 Dec 2008
The Merger Action Group, which was trying to block the impending Lloyds TSB HBOS merger in the courts, has lost its case.
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More brokers assisting clients, says AMI
16 Dec 2008
The Association of Mortgage Intermediaries has revealed that brokers unable to assist clients due to lenders offering better deals direct decreased from half to a third in September 2008.
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MPs back Ombudsman’s call to compensate Equitable Life victims
15 Dec 2008
MPs on the public administration committee have backed the Parliamentary Ombudsman’s call for the Government to compensate victims of Equitable Life.
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Multifunds shutting to new business in Selestia switch
11 Dec 2008
Skandia's Multifunds platform is to close to new business from January 2009 as the firm focuses on Selestia Investment Solutions.
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National advisers face £500m cap-ad shock
11 Dec 2008
Seven of the biggest financial advice firms could be required to raise an additional £527m in capital under the regulator's new prudential rules, according to the FSA's own estimates.
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NatWest to give "impartial" advice in-store
11 Dec 2008
NatWest is to offer “impartial advice with money matters” in 1,000 branches around the country.
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New Star poised for MBO of institutional arm
15 Dec 2008
New Star is expected to begin a management buyout of its institutional business this week, reports say.
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New Star set for supernova
10 Dec 2008
It's set to be another stellar week for New Star in terms of column inches if not its share price as Ignis Asset Management's Jonathan Polin hits out in Money Marketing at those publicly touting for business at the troubled asset manager.
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New vacancy for 2009: Minister for Mortgages?
12 Dec 2008
There has always been talk of a Mortgage Minister to oversee what is such a crucial sector of the UK. Would it work? Is it necessary? Here's what we think a vacancy notice might look like:
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NU to launch new online pension facility
16 Dec 2008
Norwich Union is launching a new facility in February, which will allow its pension customers to control their investments online.
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Offshore exodus could escape commission rules
11 Dec 2008
Product providers and medium to large-sized IFAs may look to move offshore to avoid the FSA's new rules on commission payments, says Aifa director general Chris Cummings.
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One third of CFPs report increase in new business calls from market downturn, says IFP
11 Dec 2008
A third of certified financial planners have reported an increase in calls from potential new clients in the market downturn, according to a survey from the Institute of Financial Planning.
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Outlook uncertain for New Star specialist funds, say advisers
11 Dec 2008
New Star’s troubles continue with advisers suggesting the future could be bleak for its specialist funds following the trading suspension of its heart of Africa fund.
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Own goals
11 Dec 2008
At a time when the number of purely acquisitive IFA businesses appears to be increasing, it brings up an important question for every adviser to consider - who owns a client?
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Paul Feeney
11 Dec 2008
Moving into the financial services industry in October 1987 was something of a baptism of fire for Paul Feeney. He says the first two weeks at NatWest were wonderful, then the stockmarket crash put everything in perspective. Today, as head of international distribution at BNY Mellon Asset Management, he can look back on two crashes but remembers the 1987 crash as being more painful, although the 2000 crash was more prolonged.
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Pension Corp secures largest ever insurance buyout
15 Dec 2008
Pension Corporation's subsidiary Pension Insurance Corporation is set to insure Thorn Limited's pension fund in what they claim is the largest ever UK pension insurance buyout.
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Pension deficit grows to £136bn
11 Dec 2008
The Pension Protection Fund has revealed that the deficit for final-salary pension schemes grew to £136bn at the end of November.
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Pensions plummet £3.38trn in democratic nations
12 Dec 2008
Falling stock markets have seen the value of private pensions in OECD countries plummet £3.38trn, according to the latest edition of its “Pension markets in Focus” newsletter.
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Phoenix meets shortfall after four-month delay
11 Dec 2008
Pearl-owned Phoenix will make up a £6,500 pension shortfall following pressure from Money Marketing after a client was made to wait nearly four months for an annuity illustration.
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Polin says Star carve-up is threat to image
11 Dec 2008
Ignis Asset Management sales and marketing director Jonathan Polin has attacked firms for publicly pursuing "a carve-up" of New Star.
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PPI point of sale ban to include advisers
15 Dec 2008
The Competition Commission has revealed that advisers and brokers are to be included in the proposed PPI point of sale ban.
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PPI remedies could hinder protection sales, warns PwC
15 Dec 2008
The Competition Commission’s proposals on the sale of payment protection insurance could see the level of consumer protection fall, warns PricewaterhouseCoopers.
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Pre-X expands EIS fund range
10 Dec 2008
Pre-X Capital Management has added a third EIS fund to its product range.The axcess EIS fund invests in pre-IPO companies which are looking for extra growth to take them to an IPO or a trade sale.
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Prime mortgage arrears soar on RMBS
16 Dec 2008
Prime mortgage arrears have rocketed over the last period, according to rating agency Standard & Poor’s.
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Probe reveals pension switch advice failings
11 Dec 2008
The FSA is cracking down on advice on pension-switching and has vowed to take enforcement action and force wide reviews of past business.
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Professional perspective
11 Dec 2008
The McDonald report on training and competence in the financial services industry was published by the Securities and Investments Board in May 1990. The report was accepted by the board shortly after that and the process of implementation began after that. It took four years altogether.
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Progress points
11 Dec 2008
Did you know that a person spends two weeks of his/her life waiting at traffic lights, two years talking on the telephone and a year searching for misplaced objects?
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Putting off the writs
11 Dec 2008
Ah - the notoriously tricky second column. So I suppose now would be as good a time as any to dwell on the situation at New Star, where plans are, of course, afoot to address the company's not insubstantial debt burden.
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RDR prompts a quarter of IFAs to look at sales channel
11 Dec 2008
A quarter of IFA firms will consider adding a sales channel to their business following the introduction of the retail distribution review proposals, according to Skandia research.
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RDR roundabout
11 Dec 2008
The RDR merry-go-round keeps turning. Off come basic advice and the sole options of sales or independent advice, and on jump "sales advice" and "guided sales".
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Regulate or compensate?
15 Dec 2008
Misselling scandals have plagued the industry across product areas over the years but the Financial Ombudsman Service now says a surge in single issue complaints may see it act as a surrogate regulator.
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Revenue urged to crack down on BTL
11 Dec 2008
A public accounts committee report has called on HM Revenue & Customs to look at a variety of ways to crack down on the buy- to-let sector by encouraging voluntary disclosure while increasing prosecutions of tax evaders.
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Risk sharing response shows Govt keen on collective defined contribution schemes
11 Dec 2008
The Government has ruled out conditional indexation in its response to its consultation on pension risk sharing but says it will further investigate collective defined contribution schemes.
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Rowanmoor appoints NU's Graham Walker
10 Dec 2008
Rowanmoor Pensions has appointed Norwich Union's Graham Walker to the role of senior consultant.
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S&P affirms ‘stable outlook’ for IoM with 'AAA' rating
12 Dec 2008
Standard Poor's Ratings Services has affirmed an 'AAA/A-1+' sovereign credit rating on the Isle of Man and says its outlook is stable.
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Sales of IFA businesses hit by long-stop decision
11 Dec 2008
Advisers looking to leave the industry may struggle to sell their firms after the FSA decided against introducing a 15-year long-stop on complaints, says The Money Portal head of distribution strategy Alan Easter.
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Santander to axe 1900 jobs
12 Dec 2008
Santander has revealed it is to cut 1900 jobs across its Abbey, Alliance & Leicester and Bradford & Bingley Savings arms.
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Scottish Widows' online study program open to advisers
15 Dec 2008
Scottish Widows’ new online study program is now taking IFA registrations ahead of the Chartered Insurance Institute's round of exams in April.
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Signature change set to speed re-reg
11 Dec 2008
A significant legislative barrier to the re-registration of mutual funds is set to be removed in draft changes that are about to go before Parliament.
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SimplyBiz acting prematurely on cap ad, says threesixty
16 Dec 2008
Threesixty has labeled SimplyBiz’s plan to provide funds to help its members meet higher capital adequacy requirements “premature”.
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SimplyBiz plans cap-ad fund
11 Dec 2008
SimplyBiz is creating a multi-million-pound fund to help member firms meet the FSA's proposed new capital adequacy requirements.
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Skandia axes fund manager initial charges on platform
10 Dec 2008
Skandia has removed all fund manager initial charges from its Selestia Investment Solutions platform.
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Skill bill
11 Dec 2008
Ten years from now, the world we live in will be profoundly different. The way we conduct our business as providers of investments and advice will have changed.
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Standard Life automates SEI’s manager of managers on wrap
11 Dec 2008
Standard Life wrap has introduced an automated version of SEI’s range of manager of managers solutions.
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Start cutting the red tape at home
11 Dec 2008
If political reports are to be believed, the Prime Minister is to push for a cut in EU red tape and suggest that some directives which may be a burden on business are delayed.
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Stewart Cowley to leave Newton for Old Mutual
15 Dec 2008
Stewart Cowley is leaving Newton Investment Management’s fixed-income desk to join Old Mutual Asset Management.
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Strong infrastructure will help firms prepare for RDR, says Intelliflo
11 Dec 2008
Intelliflo is calling on advisers and distributors to implement a strong infrastructure and flexible mode of working to take full advantage of the retail distribution review.
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Survivor instincts
11 Dec 2008
As investors, we are accustomed to weighing risk and opportunity but the fluid economic and earnings' environment means that the size and nature of the risks are changing, seemingly on a daily basis. By the same token, the shifting landscape is creating significant long-term opportunities.
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Test of strength
11 Dec 2008
Troubled New Star Asset Management has created a nervous atmosphere around fund management as a whole.
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The Consulting Consortium offers free review of pension switching business
11 Dec 2008
The Consulting Consortium has launched a free review of individual firms pensions transfer business in response to the latest FSA findings on the pension switching review.
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The crosby show
11 Dec 2008
Last week saw bank rate reduced to 2 per cent, the lowest level since 1951, but despite this cut and the fact that the Libor rate has also dropped significantly, banks have been reluctant to lend significant amounts of money.
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The Lion's share
11 Dec 2008
Liontrust can stake a strong claim to be the father of boutique houses in the UK, starting life in 1995.
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The new look of Money Marketing
11 Dec 2008
I am pleased to introduce this week's resized Money Marketing and hope that you like the new look of the newspaper.
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The way ahead for protection
16 Dec 2008
It is safe to say that going into 2009 the £2.3tn protection gap will still very much be there.
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Thousands of L&G structured product investors hit by Lehman fallout
15 Dec 2008
Legal & General has written to over 2,000 clients with structured products backed by Lehman Brothers warning them that up to 20 per cent of their investment may be at risk.
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Three-month Libor keeps falling
10 Dec 2008
Libor continued to fall closer to Bank base rate in the wake of the recent interest rate cut.
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Touch of madness
11 Dec 2008
Corporate pensions need their own rules under the retail distribution review, yet the FSA is still unsure whether they should be shoehorned into rules being created for the individual market.
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Towergate acquires Russell Plaice and Partners
11 Dec 2008
Towergate Financial has acquired Lincolnshire-based IFA Russell Plaice and Partners.
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Tracker mortgage clients could boost protection, says L&G
16 Dec 2008
Legal & General is encouraging brokers to revisit all clients on a tracker mortgage because the recent base rate cut could mean they can now afford to purchase a protection plan.
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Trading suspended on New Star Heart of Africa fund
11 Dec 2008
New Star has suspended trading on its Heart of Africa fund, valued at £29m, until further notice.
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True Potential switches to support small companies
11 Dec 2008
True Potential is turning itself into a support services firm in a bid to provide small IFAs with an affordable business platform.
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Trusts don't need a bond
11 Dec 2008
I am afraid a little belatedly I have just read the letter from Malcolm Robinson suggesting that investment bonds still have their place.
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UK is in the eye of the financial storm, says Rathbones
10 Dec 2008
The UK is set to suffer the most in the financial crisis with more problems and consolidation in the banking sector set to follow in early 2009, warns Rathbones chief investment officer Julian Chillingworth.
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Will all roads lead to Omo?
11 Dec 2008
The Personal Accounts Delivery Authority's consultation paper on how it will handle the decumulation process seems to favour the open market option for account holders. Commentators say if Omo is likely to be the default option for personal accounts, this could pave the way for it to become the default for all schemes.
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Wrap provider up for sale
11 Dec 2008
FNZ Wrap, the technology provider behind Axa and Standard Life's wrap propositions, is understood to be up for sale.
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Xafinity says it is not to blame for Govt pension blunder
16 Dec 2008
Xafinity Paymaster has said it is not responsible for the Government’s public sector pensions blunder.
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Zurich urges advisers to revisit client bank
10 Dec 2008
Zurich is urging more advisers to take advantage of market conditions and revisit existing clients after research by the insurer found 34 per cent of clients contact their adviser less than once a year.
