The financial services’ rock hall of fame rolls out further with the news that Scottish Widows’ Robert Wyllie and his band were on the same record label as navel-gazing nihilists Joy Division.Diary hears Rob was drummer in “influential” new wave outfit The Thursdays, garnering a supporting spot on a tour with Level 42, playing to 2,000 seaters. Rob tells us his group shared its manager with Human League, although The Thursday’s didn’t quite achieve the same success. Perhaps the band should have followed the advice of legend Gino Washington (subject of the Dexy’s classic) who told our market dir-ector, corporate pensions that they should change their name to “Scotland”, dress in tartan and tour the US. “We didn’t want to be the Bay City Rollers,” says Wyllie. Absolutely.
The FSA’s mandatory elect-ronic reporting system has been beset with problems, with IFAs reporting difficulties logging on to the website. The regulator has described the issue as “teething problems” but expects IFAs to meet reporting deadlines, the first of which is August 11 for firms with a year-end after June 30. Spokesman Robin Gordon Walker […]
Guaranteed Investment Bond
Sipp investors will pump 8.5bn into the residential property market from next April, boosting demand in the housing market by almost 5 per cent. Research by Hargreaves Lansdown indicates that a further 1.5bn will be used to buy overseas property.
Seven out of 10 parents are opting for a cash-based child trust fund account, says the Building Societies Association. Of the 50,000 CTF accounts that were opened during June, 31,000 were cash as opposed to the stakeholder option. Of the 270,000 CTF accounts that have been opened to date, over 70 per cent of these […]
By Steve Webb, director of policy In my recent discussions with advisers, a hot topic has been the growing number of people interested in transferring their defined benefit pension rights into a defined contribution pension scheme. With many pension schemes offering eye-watering transfer values, this is likely to be an area of increasing interest. Yet […]
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Phoenix is set to shed roles in a redundancy round following its decision to buy parts of Axa’s business last year. The closed-book provider snapped up Axa Wealth businesses Embassy, its off-platform investment and pension division and Sun Life, its direct protection business, in a deal signed last May, before also buying rival closed-book operation […]
Hargreaves Lansdown has removed Paul Chesson’s Invesco Perpetual Japan fund from the Wealth 150 list of recommended funds due to its volatile performance. Chesson, head of Japanese equities, has run the £318m fund since 2000 and takes a high conviction, contrarian approach to investing. Investment analyst Dominic Rowles says that while this has led to […]
Firms will not necessarily have to advise on every relevant investment product but it will be difficult to discount structured deposits