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Profits slump at Virtual Net

Virtual Net saw profits fall to £124,511 for the year ended March 31, 2006 from £326,000 in 2005. It blames the fall on the number of advisers moving from the network to become directly authorised.

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FSA warns advisers over lifetime loan skills

The FSA has cautioned firms carrying out low levels of lifetime mortgage business that they must ensure they have skills and systems to deal with the product.The regulator has published a letter on its website warning advisers that it will take action if standards are not improved.Retail themes division director Vernon Everitt stresses that firms […]

FundsNetwork adds offshore portfolio bond

FundsNetwork is adding an offshore portfolio bond to its platform.Advisers will be able to invest from April in over 1,000 mutual funds from 55 providers through the new wrapper with no initial charge.There is no switching fee applied when switching between funds within the bond and the bond is integrated into the platform’s online client […]

Is this an ancestor I see before me?

Those crazy folk at Principality Building Society might be no Nationwide when it comes to sheer volume of press coverage but they have to be the most wacky bunch in the society sector.According to this year’s BSA press contacts directory, there are number of “interesting” characters.There is CEO Peter Griffiths, who is described as built […]

Neptune joins EMXCo

Neptune Investment Management has joined the EMX Message System and went live today with a FIX connection.In January 2007 the system routed 1.4m messages and over €4bn in funds flow. EMXCo currently have over 3,000 funds from 64 fund managers and around 200 distributors contracted to use the system.Neptune sales director Patrick Berton says: “Joining […]

Europe: Domestic backdrop & China impact

By Rob Burnett, Head of European Equities In recent weeks equities have been buffeted by two shocks occurring at the same time: China’s devaluation of the renminbi and the prospect of the US Federal Reserve (Fed) raising interest rates. The market is not comfortable with the Fed raising rates at the same time that China […]

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