Online - December 2010
Any move away from independence-only carries significant dangers but trade body must examine all its options.
Tom Baigrie says his Christmas plans were salvaged thanks to a good travel agent.
It is nonsense to suggest that such a groundswell of political concern has no chance of influencing policy.
Brian Tora asks what we should read into investor buying patterns - if anything.
Full grandfathering unlikely although the FSA does have room to manoeuvre on the road to higher standards.
13 per cent in the dark about January 4, 2011, increase to 20 per cent.
Lender has also reduced rates by up to 0.2 per cent.
Life and pensions provider agrees to £250 pay rise for staff earning £25,000 or less.
Milburn will focus on his high yield and strategic mandates as the group promotes analyst Euan McNeil
Allied Irish Bank drops plan to pay bonuses to 2,500 staff after Government says state funding depends on not paying them out.
The Association of Investment Companies has resisted a clampdown on levels of income the trusts can retain.
Aifa director general Stephen Gay calls on the FSA to be flexible over the 2013 deadline as part of an eight point plan he says will improve implementation.
First move of new director general Stephen Gay is to launch a strategic review of Aifa, Ami and the AFB.
Details of the survey will be confidential and not published.
Christopher Farrell to be sentenced January 28.
Jonathan Freeman has resigned from Syndicate Asset Management with Mark Cheshire appointed as interim group CEO.
RBS and Lloyds Banking Group hit mortgage targets but £30bn shortfall for business lending.
Advert claiming the insurer could deliver up to 20 per cent higher pension income than competitors is banned as misleading.
Head of intermediary sales Alan Burnett says the best active managers do not hug the index.
Architas is contemplating using more manager mandates as well as funds in its range after the introduction of its new fund screening tool.
Barclays scraps certain proc fees in alignment strategy while TMW lowers enhanced proc fees.
EU internal market commissioner says EU bonus rules are unlikely to lead to a flight of talent.
The trust’s shares will begin trading on the London Stock Exchange tomorrow.
IFA consolidator’s latest acquisition takes total to 31.
New bailout fund to be created for troubled eurozone states.
BCC also revised UK’s GDP growth downwards for 2011 from 2.2% to 1.9%.
Wilson to step down next month to focus on financial planning service Project Eve.
Prime Minister insists cuts are driven by “national interest” rather than political ideology.
CBI cuts forecast from 0.3% to 0.2%
George Osborne says the rise in VAT due in January will be permanent to deal with structural deficit.
Chinese inflation has reached a 28-month high of 5.1 per cent year-on-year as food prices surged.
Lender says not actively searching out similar deals.
The CII says high demand has lead it to increase sittings across the UK.
Cold-calling scheme misleads investors about potential rise in land value.
Nominated adviser Cairn quits as the group brings in Bridge Business Recovery LLP.
Firms are pushing the FSA for permission to bulk transfer Clarkson Hill’s advisers.
Firm says it is looking at a number of options including selling the firm and is continuing discussions with the FSA.
The Deputy Prime Minister says banks should produce quantifiable promises on SME lending.
Figures obtained by Tory MP John Redwood show Government is failing in its one-in-one-out approach to new regulation.
Platform launches a bare trust, discretionary gift trust and discretionary loan trust.
Capita Financial Software service includes nine products from six providers.
FSCP appoints four new members.
Further changes surround fast payment rules.
Jeynes is joining PruProtect next month as head of account development.
E&Y accused of being complicit in a “massive accounting fraud” which Lehman ran.
ETFs are still “sucking flows away” from traditional mutual funds, Lipper says in its latest Fund Flash.
EU leaders have agreed to set up a permanent bail out mechanism to help member states with debt problems that threaten the 16 countries in the eurozone.
OECD says yearly increase in budget deficit as a share of GDP is “very large by historical standards”.
Shareholders have approved the merger of the Aviva Investors international property fund into Aviva’s European and Asia Pacific property funds.
Anthony Bolton’s China special situations trust and Fidelity Investment Managers Hong Kong have received a permit to invest in Chinese mainland A shares.
David Blanchflower says King has compromised the Independence of the bank.
FOS about to consult on how it can improve transparency in decision process.
Dixit Shah has been jailed for five and a half years after a ten-year crime spree.
Five new non-executive directors are joining the Consumer Financial Education Body board.
Advisors will provide advice to the regulator on investment banking and risk management.
Former managing director at Toronto Dominion Bank concealed losses for two years.
SP Bell director banned for his role in ramping up a company’s share price.
Permissions cancelled for repeatedly failing to comply with regulatory requirements.
Final rules apply to advisers who joined the retail investment advice sector after June 30, 2009.
FSA chairman Lord Turner says there is legitimate public interest in knowing why taxpayer bailout was required.
Proposals to extend approved persons regime to mortgage advisers delayed until 2012/2013.
Regulator warns any dilution of the RDR proposals will result in increased consumer costs due to misselling.
The FSA says it has closed its investigation into senior staff at the Royal Bank of Scotland.
Boiler room scam involved at least 1,262 potential investors.
Pair who worked for firm responsible for large IFA FSCS levies fined a total of £100,000.
Scottish Equitable fined for causing “significant consumer detriment”.
OFT also investigating Swift Advances for second charge lending practices.
FSA will only release information in the case of successful enforcement action, despite political pressure
Regulator has opened mortgage fraud cases against 48 brokers since July.
Banks will have to disclose details of their remuneration policies at least on an annual basis.
Senior associate for investment policy Steve Tully has moved internally within the FSA.
Mark Hoban confirms regulator conducting review into sales after claims of misselling.
Transition to new regulatory structure will mean less time on routine supervision for small firms.
Regulator found list containing 49,000 names thought to be targets of scheme.
TSC chairman Andrew Tyrie says he understands the FSA will approach RBS for permission to release information.
Standards for ’acting as a pensions transfer specialist’ to be reviewed in Q1 next year.
Regulator also raises concerns about marketing of “cautious managed” funds.
FSA chairman Lord Turner has warned that bosses of failed banks could have two years’ pay clawed back from them.
Keydata founder Stewart Ford says he fears the FSCS will hold a Lifemark fire sale to vindicate earlier decisions.
Mortgage affordability for first time buyers is at its most attractive for 12 years, according to the latest annual Halifax First Time Buyer Review.
A leading think-tank has lambasted both the G20 and EU for their overhaul of financial regulations.
Fund management groups confirm £344m Gartmore acquisition talks.
The Gartmore European absolute return fund witnessed a 87 per cent decline in assets under management last month.
Fine by US regulator follows breach of short selling rules.
Gartmore saw outflows in its equity and absolute return ranges last month, coinciding with massive withdrawals from its European absolute return fund.
Firm looks to the likes of South America, Africa and alternatives.
New calls would cover the likes of top managers, risk management staff and “other material risk takers”.
Former PM says RBS’s defining failure was acquiring ABN Amro without properly checking quality of assets.
The Government have launched a consultation into the implementation of the new Ucits directive.
McLean urges Webb to review rules which leave small personal pensions in “limbo”.
Treasury wants industry to develop simple savings and protection products as a priority.
Housing minister says MMR must be “proportionate”.
Draft legislation for next year’s bill includes two consultations on the powers of HM Revenue & Customs.
Number of mortgage approvals up on October’s figure.
HL says manager Stewart Cowley has made astute calls and the fund is more agile than others.
Hargreaves Lansdown cites increased volatility after the start of the financial crisis.
Hargreaves Lansdown has added Anthony Cross and Julian Fosh’s fund to its buy list.
HML unsure how many people will lose their job at present.
CISI says award is given to those who have contributed with distinction to financial services.
Average house price now £164,708.
Average house price now stands at £164,351.
RICS says lack of demand continues to stifle market.
Nationwide predicts “relatively stable” market in 2011.
CML estimates 860,000 property transactions next year - down from 1.6m pre-crisis.
Shapps to urge FSA head not to clamp down too tight on mortgage lending.
Iceland to pay back £3.4bn between 2016 and 2046.
Mortgage brokers can now qualify beyond CeMAP to diploma level.
Investment Management Association chief executive Richard Saunders warns the ban could lead to greater opacity.
Strauss-Kahn claims response to crisis has been “piecemeal”.
61 per cent of managers expect inflation to be higher in the next 12 months.
Food, non-alcoholic beverages and clothing main drivers behind the increase.
Labour MP John Cruddas says more people being exposed to risk makes ability to scrutinise decisions vital.
Firm soft closes its offshore £2.7bn global natural resources fund but says it has no intention of soft closing £2.5bn onshore natural resources fund.
Jupiters says the risks associated with holding bonds have increased.
Richard Timberlake and Paul Kim have resigned from FundQuest to run the multi-manager team at LV=Asset Management.
The Bank of England governor said David Cameron and George Osborne were out of their depth.
Greece, Ireland and Portugal should leave the euro to put their economies back on track, according to Pimco.
Customers allowed to pay 10% of capital per year without being charged.
Mortgage available up to 70% LTV.
£11.1bn advanced in November down 5% on October’s figures.
Vinay Abrol has volunteered to reduce his base by £56,000 to £250,000 after Liontrust reported losses and outflows.
Local Government pension deficit totals £100bn, according to independent pension consultant.
Ex-city minister calls for some banks to be split and for the banking commission to focus on boosting competition.
The £381m M&G index tracker fund was previously managed by State Street Global Advisors.
Former Gartmore UK smaller companies head to join Mam Funds as managing director as the group looks to raise £20m of new equity.
Members of European Parliament attack Government’s “sorry and shabby” £1.5bn compensation for Equitable policyholders.
Firm has not agreed transfer of Clarkson Hill IFAs and clients.
Metrobank tells TSC banking reform is focusing too much on breaking up banks and moving around the pieces.
Metrobank tells TSC UK banks are based around selling products which leads to consumer detriment
Labour leader attacks Government’s “irresponsible” deficit reduction stategy.
Firm has been in talks with Clarkson Hill for three months with a view to acquiring it.
Moneygate is welcoming applications for former CHG advisers.
Moneygate Group has confirmed that it has secured new funding in a bid to buy out investment partners, MGT Capital Investments.
Mortgage Brain has agreed terms to acquire TrigoldCrystal in a deal which could total £9.9m.
E.surv says more mortgages approved and more generous LTV ratios.
Firm will become AR of Legal & General.
Research shows almost 70 per cent want to start taking pension income before 65th birthday.
Harriett Baldwin says not enough evidence has been supplied to justify QCF level four.
TSC member Mark Garnier says industry bodies are labelling RDR naysayers a “vocal minority”.
NAPF says move would be the best way to keep schemes going in the wake of rising costs.
Brokers instead have access to the deals through TMW.
Nest tenders offer to global equity SRI managers to bid for the contract.
Public sector net borrowing totalled a record £23.3 billion in November.
All time low base rate held for 21st month.
One IFA firm provided a single investment of £780,000 to the rights issue.
Half of all licence applications failed to satisfy OFT’s requirements.
UK rates fallen by 3% from peak of 71% in 2004.
Equity market rally spurs £35bn reduction in shortfalls of the 200 largest final salary schemes.
Perspective Financial Group acquires seventh firm of the year.
Pimco and Source have created a range of Ucits fixed income ETFs.
Paul Fisher says central bank policymakers would like to raise rates as much as tenfold.
Regulator originally estimated refunds of around £60m.
The Bank says tight credit supply is the likely dominant force behind a fall in lending.
OECD says Spain’s barriers to competition remain too high.
Lending for house purchases down 4 per cent from September.
New arrears cases also down 2% in third quarter.
Architas CIO quits the firm after two years.
RICS says transactions to remain flat but repossessions to decline.
Saltus Fund Management has appointed Williams De Broe director and head of sales and marketing Robin O’Grady as a partner in the business.
Move designed to preserve the fund’s ability to deliver future performance.
Last conference of the year will cover investment markets, tax planning, business transition and protection.
Mills to launch law suit against Coutts over its sale of AIG Premier bonds, the Sunday Times reports.
Chief operating officer Marc Bulstrode is taking over from Nils Bolmstrand as acting chief exec.
The BoE also says low government bond yields remains one of the main sources of risk to the financial system.
Standard Life has announced that talks over a joint venture between themselves and Bank of China have broken down.
Provider says Focus’ technology will combine with its wrap platform and threesixty’s support services offering to provide a full solution to advisers.
Pensions minister has been secretly recorded by the Daily Telegraph raising concerns about child benefit cuts.
Suffolk Life’s director of marketing John Moret is to retire at the end of the year.
Scottish Widows Investment Partnership has named Jeremy Charles as manager of the £1.6bn SW UK growth fund.
Christopher Farrell charged with fraud.
John Kenchington reflects on the themes of another tumultuous year for investors.
Axa has paid just £40m for Thinc Destini after performance targets were not reached.
Sentance continues calls for rise in the base rate while Posen wants £50bn extra QE.
Foreign and Colonial Investment Trust fund manager Jeremy Tigue says the Euro is at risk if the EU persist with the rescue of smaller European countries on a reactive basis.
A1 Financial Services will fall under Towergate Financial’s North region.
Maximum rate of annual commission on investments will go from 0.6 per cent 0.5 per cent by 2012.
Cicero’s Iain Anderson says Treasury’s knowledge of financial services needs to improve before new regulators are in place.
Government set to outline proposals to allow people to access up to 25 per cent of their pension fund early.
Andrew Tyrie calls for the FSA to release as much information as possible into the RBS probe.
Fall blamed on weaker growth in the production sectors.
Government job cuts pushed UK unemployment up to 7.9 per cent over the three months to October.
Jobless rate to hit 9 per cent.
TUC says public anger will grow as VAT tax hike and public sector cuts hit employment.
Couple charged as a result of joint investigation by the FSA, the Securities and Exchange Commission and Department of Justice.
American-listed ETFs and exchange traded products have broken through the $1 trillion barrier in terms of assets under management.
M&G head of retail fixed interest Jim Leaviss also believes France is currently “the AAA economy closest to a downgrade”.
Neil Woodford warns housing data suggests challenging times.
Rachael Adams reports that 2010 saw the regulator finally putting the frighteners on with big fines even as its abolition was announced and IFAs fought against a massive FSCS levy.
Richard Wells becomes society’s risk general manager.