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.
News and expert analysis straight to your inboxSign up
Latest from Money Marketing
BMO Global Asset Management fund manager Robert Burdett has more than halved the exposure to passive funds in most of the multi-manager funds amid fears of a bubble in the market. Burdett, who co-manages the £1.2bn F&C MM Navigator Distribution fund with Gary Potter, says the team has been cutting exposure to passive funds across […]
Opinion differs as to what has caused the advice gap. Some believe the move from commission to fees has made advice unaffordable for the mass market, with advisers having to focus on wealthier clients for commercial reasons, while others say the trend was happening anyway, regardless of the RDR. For Simplified Money director Lesley James, […]
Sales of protection policies are back at peak levels, with the sector growing by more than 20 per cent in the past year, despite adviser complaints over protection’s lack of popularity. According to the latest figures from Equifax Touchstone, sales of protection policies surpassed £149m between July and September this year — their highest level […]