Gilliat Financial Solutions managing director Adrian Neave says tax legislation in next week’s emergency Budget could herald widespread changes for the structured product industry. Neave believes a capital gains tax hike could alter the way products are delivered in the market. He says: “If there are draconian tax changes, particularly to CGT, people will have […]
A former Whitechurch Securities sales rep has entered the Big Brother house in the 11th and final series of the reality TV show. Josie Gibson, 25, from Bristol, was a sales rep for Whitechurch responsible for engaging with IFAs to discuss the firm’s discretionary management services. She was only with Whitechurch for three months before […]
Alliance Trust Savings has called for a standardised legal agreement to help simplify the pro-cess for platforms looking to sign up new funds. Head of platform development and investment trust services Malcolm Dodds says ATS facilitates transfers on and off the platform in specie but says a standardised legal agreement would help platforms add funds […]
Nearly £60m of up-front fees and commission was paid out of Lifemark to Keydata and a British Virgin-Islands listed firm. A leaked draft document to bondholders, seen by Money Marketing, also shows Lifemark paid Keydata £21.5m of trail commission between 2006 and 2009. A further £29m was due to be paid between 2010 and 2019. […]
Ex-Zurich International Life chief executive for the Middle East and Africa Carlos Sabug-ueiro has joined insurer Swiss Life to head the firm’s new international venture. Swiss Life confirmed that Sabugueiro had joined the company on June 9 but would not disclose further details. Sabugueiro took on the newly created Middle East and Africa CEO position […]
Investment Management Association chairman Douglas Ferrans has called on the financial services industry to deal with the conflicts of interest created by excessive intermediation. At the IMA’s annual dinner at Mansion House last week , Ferrans warned that some intermediaries in the investment chain have unwittingly placed their own interests ahead of those of their […]
Merchant Capital has launched a capital kickout plan for emerging markets, with exposure to Brazil and China. The three-year capital-at-risk plan offers a growth payment of 9 per cent semi-annually or 18 per cent a year with the possibility of early maturity if both the iShares MSCI Brazil Index fund and Hang Seng China Enterprises […]
The recent stockmarket volatility is creating more competitive terms for autocall products. Sales of autocall or kickouts suffered recently with uncertainty surrounding their Isaeligibility. However, providers and advisers are predicting increased appetite for the products as continuing volatility and lack of stability in the markets offer investors a better premium for taking risk to their […]
Structured product providers have hit back at Which? Money’s recent list that ranked structured products among its top 10 useless financial products for consumers. The list features structured products alongside mobile phone insurance and payment protection insurance, branding them as “confusing, complex and costly products” people could be wasting thousands of pounds on each year. […]
Keydata founder Stewart Ford has confirmed that British Virgin Island firm LAS Global, which received £38m in fees from Lifemark, was set up by one of his family trusts.
Skandia has hired Robin Barrow to head up Adviser Direct, its central team of business consultants for IFAs.
The FSA has banned three mortgage brokers and fined two of them £294,500 and £120,000 for fraud.