Wealth management

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Towry open to talks on saving Sesame adviser school

Towry says it is willing to enter discussions with other advice firms on how to save Sesame’s Financial Adviser School. In an update to members this week, Sesame said it will wind down the school as part of an overhaul of the business which will see it no longer operate as a network for investment […]

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Profile: Old Mutual Wealth’s Carlton Hood on the right way to deliver vertical integration

If you meet Carlton Hood, Old Mutual Wealth’s customer director, don’t mention meerkats. Hood was chief executive of the price comparison website Confused.com when rival firm Compare The Market unleashed its popular ‘Compare The Meerkat’ advertising campaign in 2009. “That was the biggest challenge of my career,” he jokes. On a more serious note, Hood […]

Old Mutual Wealth 2014

Old Mutual appoints new chief exec

Old Mutual has appointed Standard Bank Group director Bruce Hemphill to replace Julian Roberts as group chief executive. Roberts will stay with the company until Hemphill’s start date, expected to be towards the end of the year. Hemphill will be an executive director based in London. Roberts has been at the helm of Old Mutual […]

City

Deutsche Bank faces record $1.5bn Libor fine

Deutsche Bank is set to be hit with a fine worth more than $1.5bn(£1.02bn) in what would be the biggest penalty imposed for manipulating Libor. The German bank is in negotiations with agencies in the UK and US to settle the allegations in which a Deutsche Bank subsidiary could also plead guilty as part of a […]

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Close Sesame: What next for Sesame Bankhall members?

The UK’s largest advice network will soon be a network no more, at least as far as its investment members are concerned. After over two years of wrangling, of rumours of sales, management buyouts and plans to carve out its mortgage arm, Sesame Bankhall Group finally has an outline for its future. Following a shock […]

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Royal London profits hit by £61m charge cap costs

Royal London has reported a 48 per cent drop in profits after taking a £61m hit following the Government’s decision to cap auto-enrolment charges at 0.75 per cent. The provider’s 2014 results, published today, report a pre-tax profit of £159m, almost half the £306m profit it made in 2013. It says profit was “significantly impacted” […]

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UBP to buy RBS’ Coutts International

Swiss private bank Union Bancaire Privée has confirmed it is to acquire Coutts International, RBS’ international private banking and wealth management arm. The sale, which follows RBS’ decision to create a UK-focused bank, includes business managed from Switzerland, Monaco, the Middle East, Singapore and Hong Kong, and assets under management of over CHF30bn (£22bn). RBS commercial and […]

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HSBC shutting Jersey accounts for UK-based customers

HSBC is closing down all Jersey accounts for UK-based customers as part of a “remediation exercise” as it seeks to prevent misuse. Account holders in Jersey have reportedly been told to attend local branches with their passport and address details to avoid their accounts being closed. The BBC reports the account closures are part of […]

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Bellpenny acquires Surrey-based IFA

Consolidator and national advice firm Bellpenny has acquired Surrey-based IFA Legal & Professional Services for an undisclosed sum. The acquisition, Bellpenny’s 23rd, will bring 500 active clients and £40m of funds under management. Legal & Professional Services owner David Sowerbutts says: “The UK financial services industry is almost unrecognisable from when I went into it […]

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AFH profits hit by costs of listing on Aim

IFA consolidator AFH Financial Group saw pre-tax profits fall 18 per cent over the year from £1.05m to £861,000 due to the costs of listing on Aim last June. The company incurred admin expenses of £6.8m in the year to 31 October related to listing costs, with £197,000 of this written off during the year. […]

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FCA bans and fines stockbroker £450k for misselling

The FCA has banned the former chief executive of stockbroking firm Gracechurch Investments and fined him £450,000. Kenny led Gracechurch, which is now dissolved, when it routinely missold small-capitalised stocks through pressure tactics, misrepresentation and unsuitable advice. The FSA decided to take enforcement action against Kenny in 2012, but he referred the decision to the […]

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CII to ramp up chartered status requirements in standards overhaul

At least half of the advisers within corporate chartered firms must be chartered individuals by 2020, under overhauled standards for chartered firms unveiled by the Chartered Insurance Institute. Previously, the CII required chartered firms to have at least one board member with the chartered financial planner title, and for 90 per cent of customer-facing staff […]