Financial Advisor articles from April 2008

Financial Advisor archives from April 2008

FSCS to pay out over Essex firm.(Financial Services Compensation Scheme (United Kingdom))(Brief article)
April 3, 2008... The Financial Services Compensation Scheme to pay out compensation to clients of Essex-based Charles Dutton. Joy Dunbar Consumers can claim compensation of up to GBP48,000 from the Financial Services Compensation Scheme if they have lost...

Rock will be 'loss-making' until 2010.(Northern Rock PLC)
April 3, 2008... Northern Rock will shed 60 per cent of its mortgage customers in a bid to meet its debt obligations to the Bank of England. Stefanie Ives Troubled mortgage bank Northern Rock's blueprint for survival looks very much like the familiar...

The lesson's not over yet.
April 3, 2008... With the FSA only producing a meagre 12-page document on its role in Northern Rock so far, it seems that it is still not treating the situation as seriously as it should. Maike Currie "Not of sufficient intensity or appropriate rigour..."...

Saffron's profits buck downward trend.
April 3, 2008... A 33 per cent increase in pre-tax profits at Saffron Building Society has been attributed to the mutual's strong retail funding capacity.. Leah Milner Saffron Building Society has bucked the downward mortgage trend and has reported a 33...

AIG Life starts up marketing campaign.
April 3, 2008... AIG aims to raise profile.. Stefanie Ives AIG Life Wealth Management aims to raise its profile among IFAs as it launches its first marketing campaign, the company announced. The new direction from the company follows on from the...

FSA comes clean over the Rock.
April 3, 2008... The FSA's internal audit team's review of the Northern Rock fiasco failed comprehensively to throw light on what really took place, even if inadvertently it did tell us lots about the quality of staff and the strategic vision of senior...

Talking up a recession.
April 3, 2008... In the late 1970s, a greedy, self-reighteous preacher called Jim Jones enticed 900 people to drink cynanide so that they could fast-track they way in to Heaven.. Hal Austin In the late 1970s, a greedy, self-reighteous preacher called Jim...

Royal profits slump by 40%.(Financial report)
April 3, 2008... Mutual reports massive pre-tax profit fall, but new business is up by GBP45m. Maryrose Fison Royal London has announced a 40 per cent drop in pre-tax profits, according to the mutual's annual results for 2007 The life and pensions...

Friends not bearing Flowers.
April 3, 2008... Friends Provident shares jump after rejecting a JC Flowers offer. Maryrose Fison Friends Provident has called for an end to the uncertainty created by the interest from JC Flowers, after it asked the takeover panel to request the private...

It's SimplyBiz for MetLife Europe.
April 3, 2008... MetLife Europe has triumphed at the SimplyBiz Annual Partnership Awards winning in two categories at the ceremony organised by the leading IFA support service provider.. Joy Dunbar MetLife Europe has triumphed at the SimplyBiz Annual...

Viva la revoluciAn.
April 3, 2008... The environment around it may have changed in the past 140 years, but the Foreign & Colonial investment trust is still as relevant as ever. Jason Hollands Last month saw the achievement of a milestone for the global fund management...

Watchdog's review reveals lenders break MCOB rules.
April 3, 2008... FSA's evidence shows some lenders may not be complying with rules on arrears management. Leah Milner The FSA has uncovered evidence that some mortgage lenders may not be treating customers in arrears fairly and is launching a thematic...

Load up your guns and shoot some fish.
April 3, 2008... Opportunities offered by changes in the Isa rules may prove to be too tempting for some. Tony Hazell Roll up, roll up. It is the mis-selling opportunity of a lifetime, so make sure you do not miss out. From 6 April there will be GBP130bn of...

Exeter and Pioneer join forces for health.
April 3, 2008... Medical insurer Exeter Friendly Society and income protection provider Pioneer Friendly Society have formed an alliance to create a new dedicated healthcare specialist mutual. . Joy Dunbar A new dedicated healthcare specialist has been...

IFAs to have real Roman forum.
April 3, 2008... Key Adviser Forum to be held in Rome next September. Stefanie Ives IFA Consortium has announced it will hold its Key Adviser Forum in Rome from the 18 to 19 September. The forum will be held at Parco di Principi with 50 key advisers...

BBA updates code to help those nearing difficulty.(British Bankers' Association)
April 3, 2008... Events of the last months have influenced new code, admits association. Stefanie Ives Financial institutions must contact consumers before they fall into financial difficulty according to the new Banking and Business Code. In its...

Fortune favours growth its business 'booms'.(Fortune Asset Management Ltd.)(Brief article)
April 3, 2008... Fortune boosts assets and team. Stefanie Ives Fortune Asset Management has reported a "boom" in its advisory business as it expanded its investment team. Simon Hopkins, chief executive of Fortune Asset Management, said it had seen the...

Next mortgage product.
April 3, 2008... Mortgage Next Packaging launches mortgage product. By Phil Halliday Mortgage Next Packaging is launching a prime self-cert mortgage available to 90 per cent LTV, which is available with two and three-year fixed-rate and two-year tracker...

An Isa deadline.
April 3, 2008... NDF extends Isa deadline. By Phil Halliday NDF Administration has extended its Isa deadline by an extra day for advisers to get 2007/08 Isa applications in. Deliveries can be made to NDFA, 25 Grosvenor Road, St Albans, Hertfordshire AL1...

Hips delays result in losses for Network Data.
April 3, 2008... Network Data has unveiled pre-tax losses of GBP1.1m due to the impact of delays in the Home Information Pack roll-out on its Hipstar business.. Leah Milner Network Data Holdings said pre-tax losses of GBP1.1m for 2007 were a result of...

Blackwell made redundant by A&L.
April 3, 2008... Mark Blackwell, Alliance & Leicester's director of intermediary sales has been made redundant in an internal restructure.. Leah Milner Alliance & Leicester is making its director of intermediary sales, Mark Blackwell, redundant after just...

Moran takes charge of pension service.
April 3, 2008... Terry Moran new chief exec. Stefanie Ives Terry Moran has been appointed as the first chief executive of the new pension, disability and carer service. The new agency brings together the pension service and the disability and carers...

Aberdeen to manage Gateway's funds.
April 3, 2008... Aberdeen appointed manager of Gateway VCT. By Phil Halliday Aberdeen Asset Managers has announced its appointment as fund manager to the Gateway VCT, effective from 31 March. This follows a circular to shareholders, in which the Gateway...

Regulator plans spot-check tour.
April 3, 2008... The FSA published its feedback about platforms which it said confirms its commitment to the current, principles-based approach to platforms. . Joy Dunbar The FSA is about to launch a nationwide tour of IFA firms using platforms to assess...

Firms seek advice following credit crunch.(Brief article)
April 3, 2008... Crunch time for some firms. Stefanie Ives An increasing number of financial services firms are falling into difficulty and need to seek help immediately, Michelmores Solicitors has advised. Philip Ryley, head of financial services and...

Bric banking growth 'astounding'.
April 3, 2008... Growth in Bric countries has been "astounding", according to the Creating Value In Banking 2008 report. . Joy Dunbar China has three of the world's four largest banks, according to the Creating Value In Banking 2008 report. The market...

UK's banking performance ranks next to last.
April 3, 2008... The UK banking sector's total shareholder return was of 9.3 per cent between 2003 and 2007 . Joy Dunbar UK banks have the second lowest total shareholder return in the developed world according to the Creating Value In Banking 2008 report....

Report identifies sub-prime crisis causes.
April 3, 2008... Boston Consulting Group report into sub-prime claims that full crisis impact has yet to unfold. Joy Dunbar The sub-prime crisis resulted from "flawed" beliefs and "market utopia", according to the Creating Value In Banking 2008: Managing...

First-timers' LTV is creeping up - Leadbay.(Loan to value)(Brief article)
April 3, 2008... First-time buyer deposits rise. Stefanie Ives First-time buyers now look for an average LTV of 83 per cent as deposit values rise by 66.5 per cent since October, according to Leadbay. Based on data coming through the lead generator's...

Sub-prime crisis rolls into 2008.
April 3, 2008... Banking industry has still to find itself clear of the turbulent market effects. Joy Dunbar The sub-prime crisis has left its mark on the banking industry, according to a Boston Consulting Group report. The crisis has carried on into...

Deadines for offshore statements lengthened.(Brief article)
April 3, 2008... Treasury cracks down on non-disclosure of offshore funds. Maryrose Fison The government has expanded its reporting period from four to six months, according to the Treasury's report on offshore funds. The 28-page report revealed public...

Up to 11,000 jobs may be cut in the current quarter: CBI.
April 3, 2008... The financial services sector my see up to 11,000 jobs cut over the current quarter, according to the Confederation of British Industry.. Leah Milner The CBI predicts as many as 11,000 jobs could be cut across the financial services sector...

KPMG 'uncertain' over Charcol's future.
April 3, 2008... News that John Charcol directors have stumped up GBP1.5m to support the firm and auditors are uncertain over its future has called into question past speculative valuations of the brokerage.. Leah Milner The revelation that John Charcol's...

Buying annuities now will pay off - Defaqto.
April 3, 2008... Annuities may be better taken early. Stefanie Ives Research from Defaqto suggests buying an annuity sooner rather than later could have more impact than selecting a provider. Matt Ward, principal consultant of wealth and pensions...

AWD looks to launch Cofunds platform in third quarter.
April 3, 2008... Bath-based AWD is going through its tendering process with 14 insurance companies to build its own platform with Cofunds.. Joy Dunbar AWD is building its own platform with Cofunds, the Bath-based wealth manager announced. AWD added...

Show us the money.(Aims and objectives of Vanessa Blount)(Brief article)
April 3, 2008... Vanessa Blount is days away from reaching her goal: to raise GBP2500 for Macmillan Cancer Support. Phil Halliday Vanessa Blount, sales and marketing director of eConveyancer, is close to reaching her target of raising GBP2500 for Macmillan...

Britons shunning protection cover, says Axa.(Survey)(Brief article)
April 3, 2008... Britons feel invincible, says new research. Maryrose Fison Britons are in denial about the level of protection they need, according to research from Axa. The research, entitled Axa's International Protection Scope Survey -...

TD cuts charges as it boosts offering.
April 3, 2008... TD Waterhouse to take on new funds. Stefanie Ives TD Waterhouse is set to expand the number of funds available to clients as it reduces initial sales charges. Karen Garner, media relations manager for TD Waterhouse, confirmed the...

F&C's Stewardship International Fund reaches a decade.
April 3, 2008... Global equity portfolio based on an ethical fund criteria passes 10-year milestone, says F&C. Joy Dunbar The Stewardship International fund has celebrated its 10th year as a global equity portfolio based on an ethical selection process. ...

Clients turning against poor green returns: Virgin Money survey.
April 3, 2008... A poll by Virgin Money has suggested that 51 per cent of advisers said clients are not willing to accept a performance lag with environmental investing. Joy Dunbar More than half of IFAs believe clients will no longer accept...

Mansfield profits up by 9%.(Financial report)
April 3, 2008... The Mansfield Building Society has announced a 9 per cent profit increase, but has pulled away from intermediary lending for the time being.. Leah Milner The Mansfield Building Society has revealed a 9 per cent profit increase in its...

Transact is top platform, claims CWC study.
April 3, 2008... A survey of 75 adviser firms has highly rated Transact and Cofunds . Maryrose Fison Financial advisers have rated Transact as the top platform to use, according to CWC Research. The research, which was carried out in association with...

West Bromwich's base rate tracker.
April 3, 2008... Product review. Girlie Garduce West Bromwich Building Society Type: Variable base rate trackers Description: West Bromwich Building Society is offering new variable base rate tracker mortgages with no extended tie-in for direct...

Debt deal with charity boosts NHFA.
April 3, 2008... An equity release adviser has seen a sharp increase in business volumes through a referral agreement with a debt counselling charity.. Leah Milner Equity release adviser firm NHFA said it has seen a sharp increase in business since it...

Ifs takes skills school to Old Trafford.(The ifs School of Finance)(Brief article)
April 3, 2008... The ifs School of Finance is holding a skills exchange day next month at Old Trafford. Joy Dunbar The ifs School of Finance will be holding a skills exchange day on 24 April at Manchester United's Old Trafford stadium. The day will...

Northern Rock improves fixed-term bond.(Brief article)
April 3, 2008... Product review. Girlie Garduce Northern Rock Type: Fixed rate-access bond Description: Northern Rock has withdrawn its current fixed rate access bond and launched a new fixed-term postal account paying rate reduced by 0.25 of a...

Taking more people under our wings.
April 3, 2008... Skills Minister David Lammy visits the CII to discuss apprenticeships in the financial services sector. Joy Dunbar The government has earmarked an estimated GBP500m over the next few years to promote and re-establish apprenticeships as an...

Mortgages Plc, Principality join TFC forum.
April 3, 2008... Two additional mortgage lenders have signed up to sponsor the TCF Info broker website bringing the total to 28.. Leah Milner Principality Building Society and Mortgages Plc are the latest lenders to give their backing to TCF Info, a website...

Atom in call against balance sheet lenders.(Brief article)
April 3, 2008... Balance sheet lenders should put out. Stefanie Ives Balance sheet lenders should stop hoarding capital and make more funds available to borrowers, according to Atom. Referring to balance sheet lenders focusing on retail deposits, Dale...

Online advisers are on the increase, claims Vertex.
April 3, 2008... Vertex exposes rise in virtual adviser business online. Maryrose Fison Intermediary applications from "virtual advisers" are soaring, according to financial support provider Vertex. The firm revealed that its intermediary application...

Cash is king for Thames pair.(Thames River Capital )(Brief article)
April 3, 2008... Gary Potter and Rob Burdett from Thames River Capital are holding high levels of cash and non-equity holdings in their portfolios. Leah Milner Thames River Capital multi-managers have announced they are holding high levels of cash and...

Hacks are sick as parrots.
April 3, 2008... It seems that when it comes to football, financial journalists need to take some lessons from Nationwide Building Society. Insider was appauled, to say the least, at the results of a recently held football match between the so-called Financial...

Keeping the faith with advice.(Brief article)
April 3, 2008... "Pay unto Caesar what is due. But if there is an allowance, use it." According to Graham Cleveland, founder of Trinity Wealth Mangement, a Christian independent financial adviser, this is one of the 'guidelines' he uses in faith-based advising....

An arresting development for HBoS.(Intelligent Finance)(Brief article)
April 3, 2008... The credit crunch has certainly made financial services and banking a very dangerous industry to be in. However, Insider never thought the day would come when we would witness people wave good-bye to perils of the industry only to take up arms...

Cox and Whatley join CII as development managers.
April 3, 2008... Former Axa and L&G employees Lorraine Cox and Mick Whatley join CII Group . Stefanie Ives The CII Group has recruited Lorraine Cox and Mick Whatley as development managers. Both Ms Cox and Mr Whatley have more than 20 years' experience...

IFAs still fearful of negative RDR impact.
April 3, 2008... Survey reveals that over 40% of advisers think that regulation could be bad for business. Stefanie Ives Two-fifths of IFAs think the retail distribution review will have a negative impact on their businesses, according to a survey by...

Di Bon joins Fidelity International.
April 3, 2008... Fidelity International finds head for global equities in Ilario Di Bon. Stefanie Ives Fidelity International has appointed Ilario Di Bon as head of global equities.A Mr Di Bon is expected to take up his new post in May 2008 and will...

Canada Life calls on rivals to follow its tech lead.
April 3, 2008... Insurer claims that tech roll out will aid group insurance business. Stefanie Ives Canada Life has called on group insurance providers to offer better service to advisers as it puts finshing touches to its online application system. ...

Swip swells as global grows.
April 3, 2008... Swip strengthens its multi-manager team. Maryrose Fison Scottish Widows Investment Partnership has appointed Michael McNaught-Davis as an investment director for its global equities team. Mr McNaught-Davis will be managing the EAFE...

Elderly increasingly turning to credit - study.
April 3, 2008... A quarter of all people approaching state pension age have outstanding consumer credit commitments, according to research. Joy Dunbar Credit users in their late 50s and early 60s owe on average at least four times as much in unsecured...

Digging beneath the Sipp data.
April 3, 2008... Your news story, CoreData Highlights The Differences Between Sipp Charges (FA, 13 March) was perhaps a good example of 'bikini research', in that what remains hidden is just as interesting as what is revealed.. Neil Marsh Your news story,...

Punishment has to fit the crime.
April 3, 2008... Letter of the Week. The appointment of a further 50 specialists by City police to focus on mortgage fraud is a poor reflection on us as an industry and how we identify fraud. After more than 35 years in the industry, I can say that I...

TCF poses regulatory challenge for majority of firms.
April 3, 2008... A large majority of financial services firms consider treating customers fairly as the biggest regulatory challenge they face, a study has revealed. Leah Milner Treating customers fairly has been identified as one of the top three...

HBoS makes two key appointments.
April 3, 2008... Grant joins HBoS as chief operating officer and Stockton joins as chief of intermediary mortgages . Stefanie Ives HBoS has appointed Philip Grant as chief operating officer at HBoS corporate division and Nigel Stockton as managing director...

Watchdog must put own kennel in order.
April 3, 2008... Because of banks' overriding need to make greater and greater profits, they have lent enormous sums of money in an irresponsible and cavalier manner. Now all those dubious decisions are biting back at enormous cost, not only in fiscal terms...

Blame it on the crunch.
April 3, 2008... Tough times ahead for mortgage advisers, as the credit crunch continues to take its toll. Peter McGahan Never before has it been so difficult for the financial adviser. If the stock market is not going haywire without any real indication of...

Pope joins Darwin Rhodes as consultant.
April 3, 2008... Darwin Rhodes has West Midlands development in its sights with the appointment of Kelvin Pope. Stefanie Ives Darwin Rhodes has appointed Kelvin Pope as senior recruitment consultant. Mr Pope joins the company to further build the...

Heritable dismisses Iceland crisis.(Heritable Bank)(Brief article)
April 3, 2008... Heritable bank remains unaffected by Iceland turbulence. Stefanie Ives Heritable Bank, part of the Iceland-based Lansbanki group, has reiterated its commitment to the market following turbulence in the Icelandic credit sector. Mark...

FSSC appoints national manager for Scotland.
April 3, 2008... The Financial Services Skills Council (FSSC) has appointed the Financial Services Authority's (FSA's) Fiona Adam as national manager for Scotland. By Phil Halliday Adam, who will based in Edinburgh, will be responsible for working with...

Scrap the Pack?
April 3, 2008... A new review into the homebuying process comissioned by the Conservatives, looks into what can be done to relieve the strangling effects of Hips from the market. Caroline Havers 2007 will be remembered not only as the year that the credit...

Time to lend lenders a hand.
April 3, 2008... Lenders have had a tough time of late, Mervyn King was spot on talking to the major high street banks last month about what support they could receive. Jonathan Cornell The mortgage market seems to be in a rather strange place at the...

IFAs give tele-underwriting the thumbs up - survey.(Independent Financial Adviser)(Survey)(Brief article)
April 3, 2008... The number of IFAs who have experienced tele-underwriting have increased and more advisers believe its efficiency has improved, research has shown.. Leah Milner More than a third of IFAs have now experienced tele-underwriting, a census by...

Bankers are reaping what they have sown.
April 3, 2008... The malaise affecting UK mortgage lenders is symptomatic of banks that have failed to maintain adequate liquidity, spread their borrowing risk, realistically assess borrowers' default risk and adopt a prudent lending criteria. Icki Iqbal ...

Getting all wired up.
April 3, 2008... Latest technological advancements help people communicate better, but are advisers making the most of them?. Jim Reeve You may not class yourself as one of the Facebook generation but you are probably aware of the social networking...

Newcastle drops anchor in North Tyneside.
April 3, 2008... Newcastle to open new office in June . Joy Dunbar Newcastle Building Society is to open a new office in North Tyneside in June this year. Up to 500 of its employees will be based at the new four-storey building at Cobalt Business Park....

Scots 'losing out' due to English mortality data.
April 3, 2008... Scots judged on English life expectancy. Colin Calder Scots could be losing out when it comes to the income they have to live on in retirement because they are being judged on English life expectancy. And firms north of the border could be...

A noble solution.
April 3, 2008... The market is ready for a more exotic range of offerings as more structured product providers seek to capture returns from a wider range of asset classes . Nick McBreen Back in December 2007 Structured Products Online said that "at the...

Bonds are best in spite of CGT revamp - L&G.
April 3, 2008... It is not time to get rid of investment product just yet, says Boulding. Stefanie Ives Bonds remain more tax efficient than unit trusts for basic rate tax payers despite capital gains changes, according to Legal & General. Adrian...

L&G joins Hay wrap.(Legal and General Group PLC)(James Hay )(Brief article)
April 3, 2008... James Hay adds L&G fund to wrap and Sipp platform. Anna Lawlor James Hay has added the Legal & General UK 100 Index Trust to both its wrap and Sipp fund platforms. The L&G UK 100 Index Trust tracks the FTSE 100 index. The fund is one...

CBI outlines Mayor's priorities.
April 3, 2008... The CBI has launched a document to help focus the minds of London's Mayoral candidates on the pressing issues ahead.. Anna Lawlor The Confederation of British Industry has listed seven hot priorities that the successful London mayoral...

Pair sign up to TCF website.(Website overview)
April 3, 2008... Lenders offer support to TCF Info website. Anna Lawlor Two further lenders have given their support to TCF Info, the website sponsored by the TCF Lender Forum with the aim of assisting intermediaries in meeting their treating customers...

Investigations are down.(Brief article)
April 3, 2008... The number of workplace incident investigations is dropping, yet complaints and queries are up.. Anna Lawlor Queries about pay, terms of engagement and holiday allowance are on the increase according to the Recruitment and Employment...

Hazardous offices.
April 3, 2008... Injuries at work cost employers an estimated GBP811bn a year, the Health and Safety Executive claims.. Anna Lawlor Businesses are being urged to review their health and safety procedures in a new campaign by the Health and Safety Executive....

Coaching on the rise as firms look to development: CIPD.
April 3, 2008... In-house coaching for employees is increasing but firms must better evaluate the success of such approaches.. Anna Lawlor More small businesses are using coaching to develop their staff, according to research from the Chartered Institute of...