Online - February 2012
LightBlue UK director Mark Dennison says there are many IFAs who have moved into the protection market looking for a quick sale.
Chris Davies says the Towry/Raymond James judgment supports the power of personal client relationships.
Garry Heath says Aifa has no bargaining tools in the face of a basket-case RDR.
Martin Werth says people have finally realised the importance of having protection cover.
MM Podcast: Tax efficiency or tax avoidance? videodownload
New Economics Foundation and International Financial Centres Forum go head to head on offshore centres and tax.
Rob Sinclair says the new Ami faces a number of challenges in the next few months.
Call centre worker has a few things to get off his chest about IFA professionalism.
Financial technology firm Voyant has integrated with the Seven Investment Management platform.
Staff put on consultation as lender looks to relocate to Manchester from London office.
Existing customers must now contact Abbey direct and brokers will not receive a fee.
Maximum loan amount on its flexible offset product reduced from £1m to £550,000.
Abbey for Intermediaries will now require customers to account for one-off costs such as Christmas in their expenditure assessments.
Aberdeen Asset Management has renamed its Alternative Investment Strategies business as Aberdeen Solutions.
Aberdeen Asset Management is stemming flows into £9bn emerging markets fund range by asking IFAs to remove the funds from their buylists.
Lender will launch a new product range on Thursday.
Lender withdrawing range temporarily due to unprecedented number of applications.
Donald Morgan Insurance Services deliberately retained premium payments which should have been paid to insurers.
Investment advisers face an annual FSCS levy of £33m, out of a total annual levy of £221m.
Advisers call on Scottish Widows to focus on CI and IP following re-entry into IFA protection space.
Total redress paid to Scottish Equitable customers has hit £152m, with a further £19m in operating costs.
Gross written premiums up 89% to £44.6m in 2011, up from £23.6m the year before.
Campaign aims to secure adviser long-stop as part of the Financial Services Bill, or for the FCA to be able to introduce a long-stop at a later date.
Aifa says large budget increases should be signed off by Treasury.
Ami will become an independent organisation run by Robert Sinclair.
Chairman Andrew Roberts says the decision reflects the increasing importance of platforms in the pensions sector.
Jones had been doing job on interim basis for past three months.
RBS and NatWest made claims they would provide banking services where they are ’the last bank in town’ which could not be proven.
Adrian Bloomfield will continue in his role until a successor is found.
Service available to all Exchange users at a cost of £2.50 per comparison.
Provider says the decision “reflects future economic expectations and prudent management of the fund”.
The insurer is re-airing its TV ad campaign on life insurance, featuring Paul Whitehouse.
Aviva Investors’ sustainable and responsible investment team and £1.1bn fund range are set to be sold off as part of the firm’s move to reduce its retail presence.
Aviva Investors has confirmed it is to axe its SRI team and plans to create a global team that looks at responsible investment across its fund range.
Aviva Investors could manage its £140m European equity fund out of Paris following a review that has seen the closure of four equity desks.
Insurer says TCF rules and product intervention powers make duty to provide consumers appropriate level of care “unnecessary”.
New teams to work in Bristol, Basingstoke and the Czech Republic to push development of the Elevate platform.
Total platform assets under administration grew to £3.5bn as at the end of 2011.
Ed Balls has called on Chancellor George Osborne to cut taxes in next month’s Budget statement in a bid to stave off a 1930’s style depression.
The Bank of England expanded its quantitative easing programme today, as widely expected by the markets.
Steve Weston joins from National Australia Bank.
Barclays has reported a 77 per cent rise in investment complaints made about the firm to the FSA in 2011.
Barclays Group cuts bonus pot 25 per cent to £2.15bn.
Barings absolute return global bond manager Colin Harte has left the company following the merger of the fund into the multi asset fund.
BBA attacks Ken Livingstone for calling for bankers to be hung one-by-one as an example to the others.
Two-year products up to 75% LTV cut by 0.3%.
Sir David Lees will oversee regulatory switch and big increase in Bank’s power.
FSA secures a court order against Monobank which will see boiler room fraud victims receive at least £64,000 in compensation.
The asset management industry fails to realise consistent outperformance is a “statistical fluke”, according to Edward Bonham Carter.
Asset management new business falls, but Royal London’s total life and pension business up 6 per cent.
Lifestyle plus offers TPD as standard.
Billionaire investor Warren Buffett has outlined why he avoids gold in favour of “productive assets” in his latest shareholder letter, published by Forbes magazine.
More than 500 business leaders have called on Chancellor George Osborne to scrap the 50p top rate of tax in next month’s Budget.
A Lloyds investor group has asked the head of the civil service to strip former Lloyds chairman Sir Victor Blank of his knighthood.
Author of new book into Bank’s role in crisis says Bank executives were “paralysed by dysfunctionality”.
Raise state pension age automatically to avoid pensions “apartheid” between private and public sector, says PM.
Capita has taken a £17.9m hit in costs in its 2011 results following the collapse of the Arch cru fund range.
Osborne says he wants FPC members to have “broad and current” experience but says legislating for qualifications would be a mistake.
The CII is lobbying MPs for FCA objectives to include requirement for professionalism.
Close Brothers Asset Management head of intermediary acquisitions Stuart Dyer is to retire from the business.
Lender restricts max LTV to 50% for certain repayment strategies.
Chief secretary to the Treasury Danny Alexander wants to scrap or further restrict higher-rate pension tax relief.
Cofunds has appointed a head of strategic partnership managers from Axa Wealth Elevate.
Smith joins as business development director of UK operations.
Justice in Financial Services application for a judicial review of the Arch cru compensation package has been turned down for a second time.
CPP says it could go out of business after FSA indicates one of toughest ever penalties for misselling.
Self-invested pension specialist Dentons Pension Management has designed a self-invested personal pension to provide investors with maximum investment choice and flexibility if they need it, with lower annual administration costs if they prefer a simpler strategy.
Deutsche Bank’s exchange traded fund platform and investment manager SCM Private have partnered to launch a fund of ETFs.
Dentons Pension Management - Sipp
The Government has announced a series of amendments to automatic enrolment regulations designed to ease the administrative burden on employers.
The European Central Bank boosted the eurozone financial system with almost £450bn in cheap loans this morning.
Asset allocators have almost doubled the size of their overweight position to emerging markets.
Surveyors report more sales as first-time buyers look to buy before stamp duty holiday ends.
A progress report from the Treasury says £70m has been paid to Equitable Life victims out of the £1.5bn compensation scheme.
ECON committee vote on mortgage credit directive delayed to allow time to build consensus.
A joint letter to European Commission president from the NAPF, the TUC and the CBI warns proposals will force all DB schemes to close.
European commissioner for internal markets and services Michel Barnier says new regulations will not be implemented with a ’silo mentality’.
Investors face a number of problems that “cannot be solved by transparency”, according to Steven Maijoor, the chairman of Esma.
Greece is set to get its next tranche of bailout money after eurozone leaders announced an agreement with the Greek government.
Terry Smith says an exit from the eurozone by Greece may be less “catastrophic” than feared.
Excessive regulatory efforts are currently posing the greatest threat to emerging market equities, according to UBS Global Asset Management’s Urs Antonioli.
Four former Credit Suisse investment bankers and traders have been charged by the SEC.
F&C head of corporate affairs Jason Hollands will be leaving the group over the next few months and the communications team have been placed at redundancy risk.
F&C is to close nine of its investment trust savings plans that were inherited when it merged with Ivory & Sime.
F&C is to rename its south east Asian equity fund as the Asian alpha fund.
Fidelity Worldwide Investment has added to its Fidelity Active Strategy (Fast) range with the addition of the Fast European opportunities fund.
Fidelity Worldwide Investment is to launch a global high yield fund for managers Peter Khan and Ian Spreadbury.
Fidelity’s Amit Lodha is positioning the global real asset securities fund in anticipation of a falloff in oil prices.
House purchase volumes were stable, increasing 1% between November and December.
Keydata founder wants anyone from the FSA who saw protected emails taken off the case.
A former trader at Threadneedle is being investigated after an alleged rogue trade was stopped by the asset manager.
Four men said to have been inspired by al-Qaeda have pleaded guilty to a plot to detonate a bomb at the London Stock Exchange.
The Financial Policy Committee must make sure it is not ignored - as it has been by Barclays.
Regulator had argued previously the legacy ban was priced into earlier RDR cost estimates.
Reforms to the way transfers from DB to DC schemes are calculated could prevent an undervaluation of benefits of up to £20bn.
Regulator’s proposed budget for 2012/13 is £578.4m, compared to £500.5m for 2011/12.
Regulator successfully defends decision to remove permission of accountancy firm.
The FSA has fined Devon-based Mark Joseph Laurenti of Independent Mortgage Advisory Service Limited.
Client was seeking compensation from FSA claiming the regulator failed to supervise their adviser.
The FSA has fined Derbyshire firm Topps Rogers £97,600 for failings related to its unregulated collective investment schemes.
Regulator has fined former MD in corporate broking for disclosing inside information.
Interim injunction granted by the High Court regarding the Churchgate Trading Syndicate.
In December, regulator announced it was delaying individual reg until 2012/13.
The FSA and the Swiss regulator Finma to commence investigation.
Reports suggest the FSA is nervous about the Co-op’s IT capabilities.
FSA guidance says firms offering restricted and independent services post-RDR may need two trading names to separate services.
The FSA has ordered Threadneedle to carry out a review of its systems and controls after a suspected rogue trade, according to reports.
The FSA says that firms can be independent and still recommend distributor-influenced funds.
Regulator helps firms assess progress on professionalism standards, choosing between independent and restricted advice, and charging fees.
The FSA has referred London-based Catalyst Investment Group to its enforcement and financial crime division.
FSA confirms platform re-registration classed as non-advised post-RDR, therefore allowing legacy commission to continue to be paid.
Regulator rejects IMA’s argument that allowing trail to continue for fund switches within life products will distort the market.
FSA says firms can specialise in specific forms of advice and still meet independence requirements
Regulator responds to industry feedback over lack of clarity of how the legacy commission ban will affect trail commission.
The FSA has today published a report that shows most sale-and-rent-back transactions were either unaffordable or unsuitable and never should have been sold.
Head of large complex UK banks Mandy Spink has decided to leave the regulator.
Regulator updates guidance on the 10 most frequently asked questions at RDR roadshows following industry feedback.
The regulator says investment tools must not be the default solution for all clients.
Regulator says industry only has itself to blame for low consumer confidence in financial services.
Compensation scheme is making the offer to Keydata distributors with claims against them of less than £50,000.
FTSE 100 rises amid hopes for a new bailout for Greece.
The FTSE 100 has risen in early trades on the back of the decision by Greek MP’s to pass a new austerity package.
Barclays Stockbrokers appoints Fidelity FundsNetwork as its exclusive fund platform.
The Bank of England is expected to announce a further round of QE on Thursday.
Robin Geffen has spoken out against the inclusion of the Neptune income fund in Principal Investment Management’s “grey list” study of UK equity income funds.
Neptune founder says move raises concerns over Prudential’s “financial health”.
The £1.1 billion GLG Japan CoreAlpha fund will be soft closed next month.
James Inglis-Jones has warned that the global economy is in a “very painful deleveraging process” after debts increased to unprecedented levels.
Google has scrapped plans for a UK mortgage comparison service after closing its US version.
The Government is considering proposals to cut the annual allowance for tax-privileged pension saving, according to reports.
TSC not given veto over future Bank governor appointments.
PricewaterhouseCoopers says changes to HMRC rules will force pension schemes to revisit previously agreed funding deals.
The IPPR says Government must help “squeezed generation” to save if they want to boost home ownership.
Open letter to ministers and the FSA calls for urgent ’retirement incomes summit’ to address concerns of post-RDR advice gap for small pension funds.
DWP says auto-enrolling staff working in UK for firms based in Europe would be “complex and costly”.
Grant Thornton has appointed Coutts & Co managing partner Martin Young to grow its financial planning team.
Fitch Ratings has downgraded Greece’s credit rating to C after the country came to an agreement on the terms of a second bailout package.
S&P has cut Greece’s credit rating to “selective default”.
Austerity package passed as rioting erupts across the country.
Gross mortgage lending totalled £10.5bn in January.
SVR increased from 3% above base to 3.75% above base for certain customers.
Previous maximum LTV was 80%.
Hargreaves grew its pre-tax profits to £72m in the six months to December 31.
The adviser firm’s iRetire service offers customers with pension pots of £20,000 or more advice on their retirement options.
Firm renames £8m European absolute return fund as the Henderson Gartmore European equity long/short fund.
Henderson Group has reported underlying pre-tax profits of £159.2m in for 2011.
Henderson has announced plans to merge away 12 funds as it continues to rationalise its range following the acquisition of both New Star and Gartmore.
Advice process will be exempt where clients are looking to take out a retail investment product.
2,000 UK taxpayers have come clean under the agreement.
After criticism of regulatory burden on small firms, HMRC review says new, more targeted approach is needed.
Move comes after MPs criticism of tax deal involving Goldman Sachs which “ripped-off” taxpayer to tune of £10m.
HMRC will not force people to take an adviser charge from pensions tax-free cash.
Teams to focus on high risk sectors including fashion industry and motor trade.
Payout rate is increase on 95.5% of claims paid out in 2010.
Honister Capital chief executive Richard Pearson is leaving the firm after less than a year in the role.
Nicola Horlick, chief of Bramdean Asset Management, will chair a newly-launched private equity investing business, Rockpool Investments.
Power depends on Bank informing Chancellor of material risk to public funds - but what if governor and Chancellor disagree, again.
The bank is reportedly being investigated over possible violations of the US Bank Secrecy Act.
HSBC has reported gross mortgage lending of £13.2bn for 2011, up 12.2% on the £11.8bn it lent in 2010.
HSBC is set to strip executives of thousands of pounds in bonuses for misselling almost £300m of long-term care bonds to elderly customers.
Derbyshire-based former IFA Malcolm Green admitted 42 counts of fraud, false accounting and obtaining money transfers by deception.
Financial technology firm cloudFinS launches pilot to work with IFA firms to create social media networks and remain FSA compliant.
The Institute for Fiscal Studies says time should be taken to gather evidence on move.
Firm also announces 7,300 job cuts.
Summit will take place on April 18 and all major IP providers will be invited.
Fixed income funds started the year with the highest level of retail sales since October 2010, reports the Investment Management Association.
Mike Pingerra, the head of multi-asset at Insight Investments, is to leave the firm.
Former Suffolk Life marketing director John Moret joins Intelligent Pensions as non-executive chairman.
Invesco Perpetual has launched three balanced funds managed by chief investment officer Scott Wolle.
SJP is to pull the management of the £235m SJP Investment grade corporate bond fund from Invesco Perpetual’s Paul Read and Paul Causer.
The Investment Funds Association is to merge into the Tax Incentivised Savings Association to boost its distributor funds efforts.
Friends Life has increased or held bonus rates for the majority of its 1.7 million with-profits customers.
Average UK house price now £160,907.
Full details of yesterday’s court verdict.
Jupiter fund manager Guy de Blonay has invested in a raft of European banking stocks across his £500m financial opportunities fund
Provider reports £74m increase in new business in the final three months of 2011, driven by strong annuity and equity release sales.
Kames Capital has called for greater transparency from the Dilnot report, claiming it has left many questions unanswered.
Mervyn King defended moves by UK banks to sell assets at a loss when he appeared in front of the TSC this morning.
L&G cuts bonus rates by 0.25 per cent on average.
Labour backs committee proposals for boosting accountability that were rejected by Government.
Labour has called for a raft of changes to the Government’s financial regulation plans before it will back the proposals.
Labour has recruited Strategic Society Centre director James Lloyd to advise shadow ministers on forthcoming cross-party talks on social care reform.
Amendments to give committee more external members and ensure diversity defeated in Parliament
Labour wants financial stability regulator to consider UK’s international competitiveness and Government policy.
After Govt says publication of minutes is a matter for board, Labour tables financial services bill amendment to make it mandatory.
Call for FCA’s competition objective to be extended to consider how consumers can find appropriate value for money products.
Shadow chief secretary Rachel Reeves turns on Government’s economic record to reinforce Labour’s new fiscally responsible image.
Leeds cuts max LTV from 70% to 50% for loans where repayment strategy is the sale of the property.
Society lends £1.2bn in 2011, up 25% on £984m advanced in 2010.
Legal & General Investments has cut the charges on its index fund range.
Liberal Democrats sign motion calling for Chancellor to go “further and faster” on coalition commitment
Proposal to run off the Lifemark portfolio means FSCS is unlikely to recoup industry money paid out to compensate Keydata investors.
FSCS has also advanced a $10m loan to prop up the Lifemark portfolio.
Comparethemarket.com has entered into an exclusive deal with Lifesearch to refer users looking for life insurance to the telephone-based adviser.
Bank is closing its Romford, Newcastle and Scunthorpe site, with its Leeds site also impacted.
Glen Moreno will step down at AGM on May 17.
LDC, private equity firm ECI Partners, Aon and JLT Group are all reported to be interested in acquiring the Axa-owned advisory business.
FOS received 20,310 complaints about Lloyds, and 12, 273 complaints against Barclays.
Lloyds Banking Group is making a number of restrictions to its interest-only offering from tomorrow.
Bank posts big loss after setting £3.2bn aside to cover missold PPI.
Former Lloyds chief executive Eric Daniels will lose at least £360,000 of his 2010 bonus, while four other directors are each set to lose £250,000.
The new product has an annual service charge of 0.25 per cent and offers investors the choice of 130 funds from 16 fund managers.
Tool helps advisers write new and existing life policies in trust.
LV= pays 91% of IP claims, 88% of CI claims and 100% of life claims.
M&G has topped the list of fund manager sales of investment funds in the UK in 2011, according to the Pridham report published by Fundscape.
M&G inflation linked corporate bond fund manager Ben Lord says a switch to CPI-linked gilts could create a two-tier gilt market.
Mohammed Asif Younas submitted 33 fraudulent applications in two month period.
Managing director and FSA board member Margaret Cole will leave the regulator later this year.
BlackRock’s Mark Lyttleton is to stand down as fund manager of the £447m BlackRock UK fund.
Martin Currie has merged the £44m global fund and £28m North American Alpha fund into existing funds in the range.
Merchant Capital has appointed Reyker Securities to handle client monies in its structured products division to replace Pritchard Stockbrokers.
Merchant Capital has been forced to make provisions for its structured products division after the FSA took action over Pritchard Stockbrokers.
Structured product provider is awaiting news on the implications for client monies after the FSA suspended Pritchard Stockbrokers authorisation.
Merchant House Group has refused to rule out delays to Merchant Capital investors’ income payments.
Charges on new managed wealth portfolio funds start from 0.4 per cent, with product charges from 0.35 per cent.
Police are investigating fraud allegations at A4e, which delivers face-to-face advice for the MAS.
Morningstar has appointed Richard Romer-Lee as managing director for the firms’ European investment consulting business.
A fraudulent mortgage broker has been sentenced to two and a half years in prison following an investigation by financial investigators from the Metropolitan Police Service.
The majority of people have no risk appetite at all when it comes to investments, the latest research by the FSA shows.
David Miles and Adam Posen voted for £75bn extra QE, instead of the £50bn announced.
Work and pensions committee seeks to add to findings of its auto-enrolment inquiry.
Health select committee moves to make sure people can buy products to cover costs of long-term care.
The Treasury select committee has attacked the Government’s latest proposals for the FCA .
Gross mortgage lending up 32% and approvals up 54% in January.
Lender says unprecedented demand has forced it to withdraw product.
UK economic performance and eurozone crisis prompts review of UK businesses.
Joint report by the National Association of Pension Funds and the Cass Business School calls for a range of fundamental reforms to the way people shop around for a retirement income.
Lender launching tax-free savings account aimed at FTBs saving for a deposit.
The IMA has seen net retail sales fall 40 per cent to £18bn in 2011.
Guide to Advice will feature independent, restricted and simplified advice firms, plus money coaching and execution-only services.
Ticketing firm owned by Octopus Investments has been caught up in the Rangers FC administration saga.
The Office of Fair Trading chief executive John Fingleton is leaving the firm after seven years.
A J Bell marketing director Billy Mackay says it is the first time Isa saving has outstripped personal pension saving since 2001/02.
The cash flow finance initiative will give advisers access to loans with Openwork paying broker fees.
Parliament set to debate proposals for financial institution directors to face unlimited liability for firm’s losses.
Broker alleges commission cut is a breach of contract.
Centre for Policy Studies research fellow Michael Johnson says proposal would improve transparency and introduce “pricing tension” in the market.
An investigation by The Pensions Regulator reveals the “vast majority” of investments made by the Hugh Mackay trustees were in property ventures.
TPR highlights concerns in document outlining its approach to the regulation of employers and pension schemes ahead of automatic enrolment.
Crawford replaced by non-exec Max Wright until replacement is found.
Phoenix Group has terminated takeover talks with private equity firm CVC.
Closed life provider gives priority to final bonus rates and warns annual bonus rates will be “low to nil” in the short-term.
NAPF and PPI report says high charges and poor annuity choices could slash retirement income.
MPC member Posen says UK’s economic credibility would withstand a downgrade.
Positive Solutions chief executive Jim Reeve is leaving the firm to be replaced by commercial director Peter Coleman.
Payments hit £441m in December, the largest month yet for PPI payouts.
The Financial Services Practitioner Panel says FCA must retain requirement to explain rejected panel recommendations.
Lender makes £24.5m profit in 2011, 20.5% on £30.8m profit the year before.
General Atlantic has taken joint control of wrap software provider FNZ Group, alongside HIG Capital and FNZ senior management.
Service will target existing customers who came to the Pru through its direct sales force.
Prudential says the reduction in annual bonuses was “inevitable” as economic uncertainty impacts on investment returns.
Prudential is looking at plans to switch its main headquarters from London to Hong Kong in response to regulatory burdens from Solvency II.
The PSigma European income fund is to close after failing to attract new investors.
Crawford will join My Home Move in April as its new chief executive.
Punter Southall Group has taken 100% ownership of joint venture PSigma Asset Management.
Rathbone Unit Trust Management is to launch clean fee share classes across its fund range from March.
Rathbone Brothers has reported a 30% increase in pre-tax profits for the year to December 31, 2011.
Anger expressed over Towry’s unfounded allegations that they conspired to break their Edward Jones contracts.
Four current RBS staff, one former employee, and staff from two other banks have been arrested in a tax fraud investigation, according to reports.
RBS hands out £785m in bonuses despite reporting a loss of £2bn.
Joint investigation by The Pensions Regulator, the FSA and HMRC reveals £200m has been transferred into pension loan schemes.
RGA warns advisers their customers could be missing out on benefits when claiming under life policies.
Bestinvest has revealed that more than £9.2bn was held in underperforming dog funds.
Firm decides to offer services through intermediaries two years after setting up.
There were 8,500 repossessions in Q4 2011 compared to 8,100 the year before.
The number of underperforming funds on Chelsea Financial Service’s RedZone list has “fallen dramatically” at the start of the new year.
UKFI says Northern Rock sale will bring in £1bn in total with repayment of Government loans netting £11bn in next 15 years.
RSM Tenon has appointed former Matrix CEO Chris Merry as its chief executive officer.
Firm plans to make an annual saving of £14m.
Deal sees firm, under Towergate’s stewardship, providing advice to Saffron customers.
MAM fund manager Sam Liddle will leave the firm at the end of the month to pursue business interests outside of the asset management industry.
Sanlam UK has partnered with Wiltshire-based financial planning firm Statehouse Financial Management to offer its clients hybrid advice model.
Regulator has fined Santander over lack of clarity of how FSCS compensation would relate to its structured products.
The change applies to both Santander and Abbey for Intermediaries’ lending criteria from Friday.
FSA chief executive believes European approach to regulation creates a ’bias to data’ which goes against individual risk assessment of firms.
ONS figures show 48 per cent saving into workplace pensions, mostly in the public sector.
Schroders is to launch an Asia and emerging regions “discovery” fund investing in smaller companies.
Schroders will launch an offshore fund targeting European equities for one of its new recruits next month.
Schroders is to launch a strategic bond fund for ex-GLG manager Gareth Isaac and former UBS head Bob Jolly.
SCM Private has also warned that absolute return funds could be the next misselling scandal.
Provider is also researching future entry into the IFA protection market following a strategic review.
Treasury launches group with task of aiding development of suit of simple financial products
Baroness Patience Wheatcroft to join as a non-executive director.
St. James’s Place announces pre-tax profits rise of 5 per cent for distribution business.
The recent launch of a multi-asset fund by SJP will result in the American firm Pimco replacing Jupiter Asset Management on a mandate worth more than £500m.
Skandia Investment Group has appointed Warren Tonkinson as head of UK distribution
Skandia has finished top of The Platforum leaderboard while Nucleus and Novia both pick up adviser awards.
Parent Spicerhaart says it put surveyor into liquidation due to “spurious” claims regarding alleged false valuations.
Standard Chartered Asia chief executive Jaspal Singh Bindra used 153,000 bank shares as security for a £2.1m loan.
The £705m Standard Life UK equity high income fund leads a list of four new entries into the Principal black list.
New HMRC contractual disclosure facility is now in force.
Fundsmith chief executive Terry Smith has criticised the decision to strip Fred Goodwin of his knighthood.
The Protection Review and the Income Protection Task Force have produced a top 10 list of things customers should take into account when buying IP.
The committee will meet on February 21 and conclude by March 20.
Institute for Economic Affairs says rise will hit consumers and should be reversed.
£18m of the assets in the Octopus protected EIS has been accounted for and was used to pay off Rangers’ debt to Lloyds Banking Group.
Tony Solway replaces John Brasington who steps down after 12 years in the role.
Conservatives attack Labour “hypocrisy” for taking donations and giving job to “asset stripper” Andrew Rosenfeld.
Towry has agreed to pay Raymond James legal costs in full plus VAT after it lost its case at the High Court earlier today.
Law firm says more firms will look to impose non-dealing clauses in their adviser contracts in the wake of the Towry V Raymond James High Court case this week.
Allegation made by Towry that former Edward Jones “conspired” to breach their contracts were “without foundation”.
All cases against Raymond James and the seven former Edward Jones advisers have been dismissed.
The IMA has revealed that tracker fund sales reached a record high in 2011 of £1.9bn.
Barclays Bank is the target of a £500m Treasury clampdown on two “aggressive” tax avoidance schemes, according to reports.
FSA chiefs are to be grilled by MPs on the Mortgage Market Review next month.
UBS Global Asset Management’s head of wholesale for Europe and the Middle East Rob Lay has assumed interim responsibility for strategic alliances.
The UK consumer prices index has fallen to 3.6% per cent in January, according to the Office for National Statistics.
Moody’s Investors Service has given the UK’s triple-A credit rating a negative outlook.
The UK is set to enter recession in the first half of 2012, the National Institute of Economic and Social Research has warned.
UK unemployment rose by 48,000 to 2.67 million in the three months to December.
UK Government agrees to report information to the IRS on behalf of financial firms.
Brian Brodie has joined Virgin as its new operations director.
Pensions minister Steve Webb says the hybrid scheme would have more flexibility than DB schemes and more certainty than DC schemes.
WH Ireland has acquired the 8,000 private client list and £400m in non-cash assets under management of embattled firm Pritchard Stockbrokers.
Scottish Widows has linked with B&CE’s ‘People’s Pension’ as the provider finalises its proposition ahead of automatic enrolment.
Invesco Perpetual income guru Neil Woodford says there is still some ways to go before Europe catches up in addressing the banking crisis.
Invesco Perpetual’s Neil Woodford says he is uncomfortable with being labelled “defensive”.
Mortgage tracks 2.99% above base for two years then switches to 4.29% three-year fix.
YBS advanced £4.1bn in new lending in 2011, up 46% on £2.8bn in 2010.