Bradford & Bingley's preliminary results for the year ending December 31 show a 63 per cent drop in profits in its IFA division plummeting to £10.4m from £28m in 2002. Revenues of B&B's IFA division – including Charcol, Charcol Holden Meehan, Charcol Aitchison & Colegrave and The MarketPlace – fell by 6 per cent to £135.7m from £144.4m. The total number of advisers employed has fallen to 960 from 1031 because of a reduction in the wealth advisory team.
A Gloucester IFA is taking Eagle Star to task over failing to let IFAs or clients know it had begun applying market value reductions to regular withdrawals on with-profit policies. Marshallsay Mumford principal Julian Mumford says that, under with-profit plans, regular withdrawals can be set at up to 5 per cent with no tax implications […]
Yorkshire Building Society has reported a 13 per cent increase in gross lending for 2003, which shot up to £2.8bn in 2003 from £2.48bn in 2002. Assets increased in 2003 by 6.8 per cent to £14.44bn from £13.52bn, and pre-tax profits are up 13 per cent to £71.6m from £63.36m. YBS says its borrower retention […]
The Treasury should extend the regulation of equity release to home reversion schemes, the vast majority of respondents to its consultation closing this week believe. With more than 50 responses received, most – including Sofa, the National Consumer Council and the Financial Services Consumer Panel – support the FSA regulating the entire equity release market.
A young chap called Julian Penniston-Hill has launched a service with no less assistance in PR than Max Clifford, whereby he will obtain and remit all of an investor's renewal commission for the princely sum of £35 per annum. I feel that much of the ire that may have been directed towards me and my […]
Out there lies a warm ocean of desert islands, sun, sand and palm trees, where individuals can choose how and when to tax-efficiently access their pension fund and realise the retirement dreams they have worked so hard for.
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As someone training to be a cricket umpire, fair play matters to Fortitude Financial Planning director Chris Bowmer. Doing the right thing for clients is something he has adhered to from the start of his career, even in a 1980s sales environment with nothing to gain by delving beyond a client’s surface requirements. While he acknowledges […]
Fund managers who have helped pay compensation over the collapse of life settlement bond provider Keydata will receive a £12m refund, the Financial Services Compensation Scheme has announced. Keydata’s management has been embroiled in a multi-million-pound legal battle with the FCA since it collapsed in 2009. The total bill for compensation stands at more than […]
With no employer to fall back on, the self-employed are on their own when it comes to retirement saving. Irregular income patterns can make it harder to save regularly into a pension and commit to locking money away until age 55. Those who are building a business may see that as their biggest asset and […]