Financial Advisor articles from April 2009

Financial Advisor archives from April 2009

Cash-reliant providers will 'struggle to survive'.(Self Invested Personal Pension)(The IPS Partnership)(AJ Bell)
April 2, 2009... Byline: Emma Ann Hughes Self-invested personal pension providers who were generating up to 40 per cent of their income from clients' cash accounts could be on the brink of going bust, warned Richard Mattison, business development director...

Too many advisers not doing enough to adapt: TMA.
April 2, 2009... Byline: Catherine Couch More than a third of advisers have not diversified their business despite the difficult economic climate, according to The Mortgage Alliance. In a survey of directly authorised advisers, TMA found 24 per cent...

Monkeys with hand grenades.
April 2, 2009... Byline: Peter McGahan How often have advisers pondered the history of financial services and stated "well its obvious now, but was it back then?". Endowment sales, without profit bonds and guaranteeless unstructured products are...

Planning to stay ahead.
April 2, 2009... Byline: Brian Lawless Advisers dealing with high income earning clients can expect tax planning opportunities as a result of the increases in tax announced in the Pre-Budget Report Prior to the Pre-Budget Report delivered on 24...

It's all about who you know.(investment advisers)
April 2, 2009... Byline: Will Kintish Adviser networking is the backbone of their business therefore they need to make sure they seize any and all opportunities to meet people and leave a good impression The reactive way is to do a great job and wait...

Mixed regulation needed to avoid repeating crisis: Tucker.
April 2, 2009... Byline: David Pawsey A regulatory system that bridges the gap between top down analysis and supervision on an individual basis is required to avoid repeating the mistakes of this financial crisis, according to the Bank of England. ...

Bank wants end to division mentality.
April 2, 2009... Byline: David Pawsey Ensuring policymakers and regulators are in closer contact could help prevent future economic crises, the Bank of England has said. Speaking at a House of Lords European Union sub-committee on economic and...

HSBC in tie-up with John Charcol.
April 2, 2009... Byline: David Pawsey HSBC, a lender which does not distribute mortgages through advisers, has announced it is launching a trial intermediary service. The whole of market Mortgage Matcher proposition is being piloted in conjunction with...

FSA should command respect not fear, says Aifa.
April 2, 2009... Byline: Catherine Couch The FSA's tougher stance on regulation could see company chief executives led out of their offices in handcuffs, Aifa has warned. Speaking at the Abbey for Intermediaries Key Accounts Conference in Bagshot,...

IFP pushes for new adviser requirements.
April 2, 2009... Byline: Emma Ann Hughes Advisers' capital adequacy requirements should be based on multiples of fees or trail income, according to the Institute of Financial Planning. In a four-page letter to the FSA, the IFP argued the regulator's...

B&B may post record loan defaults this year.
April 2, 2009... Byline: David Pawsey Bradford & Bingley could see its loan defaults increase from the current GBP508m write off, its annual report revealed. The nationalised buy-to-let lender revealed in its results for the year ending 31 December...

Fidelity expects Isa surge after tax-year end.
April 2, 2009... Byline: Emma Ann Hughes Fidelity FundsNetwork is bracing itself for a flurry of last-minute Isa applications. Peter Hicks, head of UK retail sales for Fidelity FundsNetwork, said normally the platform saw a flurry of applications in...

AWD reports fall in profits.(Financial report)
April 2, 2009... Byline: Catherine Couch AWD Holdings AG has posted an 11.8 per cent reduction in profits last year, partly due to the extensive restructuring of its UK business. The group announced a total profit of GBP588m, compared with GBP666m in...

FTAdviser awards providers' online performance.
April 2, 2009... Byline: Emma Ann Hughes Voting for the 2009 FTAdviser.com Online Service Awards is now open. The awards, now in their third year, gives advisers the chance to rate the providers they deal with online. Simply visit...

The North's black sheep.
April 2, 2009... Byline: Hal Austin Comment The collapse of the Dunfermline Building Society, as with any other financial institution, is sad and rather unfortunate. However, for the chairman, Jim Faulds, to come out with guns blazing, blaming...

The throne stands empty.
April 2, 2009... Byline: Hal Austin Comment Ignoring the contradictory instructions by our political masters that we should go out and spend more, while at the same time we should mind the savings gap, it is interesting that most banks and other...

Aegon fends off Sipp platform error claims.(self invested personal pension)(John Brittaine)
April 2, 2009... Byline: Catherine Couch Aegon has come under fire for only offering "minimal" compensation for Sipp administration errors that stopped clients keeping track of their retirement income. John Brittaine, an Essex-based IFA, said he had...

Tesco plans to move into the mortgage market.
April 2, 2009... Byline: Catherine Couch Tesco has confirmed its interest in the mortgage market as it announced plans to open up 30 bank branches in its supermarkets by the end of this year. The supermarket giant said the move was about taking...

FSA bans London mortgage broker.
April 2, 2009... Byline: Catherine Couch The FSA has banned Walthamstow-based adviser Ashfaq Ahmed for submitting applications that were based on false and misleading information about his income. Mr Ahmed became an authorised person on 31 October 2004...

Living Time leads OMO wake-up call.(open market option)
April 2, 2009... Byline: David Pawsey Lack of awareness of the open market option could lead to a mis-selling scandal in the future, annuity provider Living Time has warned. The annuity specialist has hit out at lifetime annuity providers for not...

Key BSA deal-maker's holiday postpones Dunfermline rescue.
April 2, 2009... Byline: Joy Dunbar and David Pawsey Dunfermline Building Society's rescue was delayed by the fact the Building Societies Association's director general was on holiday, according to an insider. Adrian Coles, director general of the...

Mounting job cuts still a reality.
April 2, 2009... Byline: Joy Dunbar Record falls in income levels have hit the financial services industry hard with business volumes continuing to fall sharply at the start of this year, the latest CBI survey showed. The latest PricewaterhouseCoopers...

FSA liquidity rules will see banks hold more in gilts.
April 2, 2009... Byline: David Pawsey FSA liquidity rules could see banks hold gilts on a permanent basis, according to JP Morgan. Speaking at the conference David Miles, chief economist of JP Morgan, said some estimates were that the extra gilt demand...

Bank of England predicts recovery at end of year.
April 2, 2009... Byline: David Pawsey Economic recovery could begin by the end of the year, according to the Bank of England. Speaking at the Association of British Insurers' research conference last week Spencer Dale, chief economist of the Bank of...

FSA red tape may lead to invasive regime, says ABI.
April 2, 2009... Byline: David Pawsey Tighter regulation by the FSA could have a detrimental effect on the insurance industry and consumers, the Association of British Insurers has warned. Speaking at the insurance trade body's research conference on...

Catastrope bonds a 'good buy' in '09.
April 2, 2009... Byline: David Pawsey Opportunities exist in the insurance-linked securities market as it has managed to largely avoid the fallout from the collapse of Lehman Brothers, according to Leadenhall Capital Partners. Speaking at the...

Just Retirement reports 8% decline.
April 2, 2009... Byline: Joy Dunbar Total sales at Just Retirement fell by more than 8 per cent in the second half of last year, according to the provider's six-month interim results. The sale of annuity policies declined by 13.1 per cent from...

Equitable assets drop was 'to be expected'.
April 2, 2009... Byline: Catherine Couch Despite the volatility in the investment and property markets, Equitable Life retained a sound financial position last year, according to the life assurer's annual results. The company confirmed a sale of the...

Fee-only advisers on the rise, says Tenet.
April 2, 2009... Byline: Emma Ann Hughes Tenet has seen a significant surge in the number of its investment advisers who have turned their back on commission in favour of charging fees in the last six months. The Leeds-based independently owned IFA...

Bridgewater clients told to contact insurers.
April 2, 2009... Byline: Emma Ann Hughes Bridgewater House UK Limited customers have been told to contact the insurance company with whom their policy is held to ensure valid insurance cover is in place. The FSA is concerned life, critical illness or...

EU 'missed opportunity' on capital requirement.
April 2, 2009... Byline: Joy Dunbar The EU has missed an opportunity to enhance the regulation of insurance companies operating across Europe, according to the Association of British Insurers. Last week, the EU reached a draft deal on the Solvency II...

LV= blames GBP202m loss on turmoil.(Liverpool Victoria)(Financial report)(Brief article)
April 2, 2009... Byline: Joy Dunbar LV= bosses have blamed short-term investment fluctuations for increased losses last year. Group losses after tax increased to GBP202m - on an IFRS basis - last year from a profit of GBP50m in 2007, according to LV=...

Network still seeking buyer.(Network Data Ltd.)
April 2, 2009... Byline: Catherine Couch Network Data has not yet received an "acceptable" offer to buy the business, despite bosses holding talks with a number of interested parties. In a statement to the London stock exchange, the group confirmed it...

People on the move.(Newton Asset Management appoints Robert Hay)(Collins Stewart Fund Management appoints Mike Murray)(Artemis appoints Tim Steer)
April 2, 2009... Byline: Emma Ann Hughes This week's appointments Main Move Nucleus, the IFA-owned and controlled wrap proposition, has promoted Joanne Rutherford to the newly-created role of client relations director within its operations and...

Website staffed by industry experts joins ABI.
April 2, 2009... Byline: Catherine Couch The Marketing Innovation Forum has joined the Association of Mortgage Intermediaries as an affiliate member. The free online marketing service for intermediaries and product providers was set up last year and...

Ship checks intermediary pulse on equity release.(Safe home income plans)(Brief article)
April 2, 2009... Byline: Catherine Couch Safe Home Income Plans is calling for feedback from advisers on what can be done to ensure the future success of the equity release market. The feedback will play an integral part in the equity release trade...

Standard Life team heads north.
April 2, 2009... Byline: Joy Dunbar Self-employed man Roger Davies set off on 29 March to lead Team Standard Life in a race across 400 miles of the most inhospitable terrain to the North Pole. Described as the world's toughest physical challenge, the...

Midas hands over a 20% stake to Bank of Scotland.
April 2, 2009... Byline: Joy Dunbar A merger with a multi-manager firm and market turmoil resulted in Midas Capital handing over a 20 per cent stake to Bank of Scotland in a debt for equity swap. Multi-asset and fund of funds specialist Midas owed...

Online portal to link IFAs and retirees.(Website overview)
April 2, 2009... Byline: David Pawsey A new website has been set up to put consumer concerned about funding their retirement in contact with an IFA. Andrew Trowell, managing director of DMP Marketing, said the website - www.howmuchdoineedtoretire.co.uk...

Royal London 360 adds dimension with addition of Sarasin funds.
April 2, 2009... Byline: Joy Dunbar Two Sarasin funds have been added to Royal London 360's regular premium product. Sarasin AgriSar and Sarasin EquiSar Global Thematic brought an added dimension to the Paragon range, according to Douglas Law, head of...

IMA looks for ways to rejuvenate Isas.
April 2, 2009... Byline: Joy Dunbar The government should raise the Isa allowance to GBP9600 and consider introducing more incentives for saving, according to the Investment Management Association. Richard Saunders, chief executive of the IMA, said 10...

Scot Prov reports CI payouts increase.(Scottish Provident International Life Assurance Ltd.)(critical illness)(Brief article)
April 2, 2009... Byline: David Pawsey Scottish Provident paid out more than GBP114m in critical illness claims during last year according to the provider. This was an increase of more than 20 per cent on the GBP93.6m paid out in 2007. In its 2008...

Hawksmoor goes east with Ashton Graham partnership.(Brief article)
April 2, 2009... Byline: David Pawsey Hawksmoor Investment Management, a specialist discretionary investment management firm, is expanding into East Anglia. The Exeter-based firm, which was established in January 2008 and is primarily aimed at clients...

SFO fearful of defrauded firms number.
April 2, 2009... Byline: David Pawsey Police investigating an alleged GBP56m fraud against Allied Irish Bank say other institutions may have been victims of the perpetrator. Last week, the Serious Fraud Office announced it was investigating an alleged...

Believing the hype.
April 2, 2009... Byline: Jonathan Cornell Past examples of highly-anticipated study papers into the current regulation that did not live up to their name, have left us cautiously awaiting the next one Since mortgage regulation was launched I have lost...

Safety in numbers.
April 2, 2009... Byline: Ian Muirhead The legal community is looking at what kind of fallout should be expecting from a competition with the advisers In its final retail distribution review pronouncements, the FSA abandoned its earlier proposal to...

Desperately seeking income.
April 2, 2009... Byline: Tineke Frikkee By identifying companies that provide regular cashflows to maintain dividends, investment managers are showing that it is possible to invest internationally for income With interest rates on cash held in bank...

Scot Life alert levels monitor services.
April 2, 2009... Byline: David Pawsey Scottish Life has launched an online tool that will allow IFAs to check how their corporate clients' defined contribution schemes are performing against the provider's service standards. The Red, Amber, Green,...

Do it yourself: fund of funds Oeic.
April 2, 2009... Byline: Helen Stevens Ever considered launching your own fund of funds? If so, then begin by assembling a 'to do' list It is clear from the calls we are receiving that an increasing number of IFAs are considering launching their own...

FA L&G blames market slump for GBP189m loss.(Legal and General Group PLC)(Financial report)
April 2, 2009... Byline: David Pawsey Legal & General has reported losses of GBP189m for last year, compared with a profit of GBP658m for 2007, according to preliminary results. The loss led the group to recommend a 50 per cent cut to its final...

Pink, Skipton tie-up to offer will writing service.
April 2, 2009... Byline: Maryann Tan Pink Home Loans has teamed up with Skipton Trustees to offer their network members a will writing service. The proposition offers Pink's appointed representatives a full will writing service in conjunction with...

CIPD conference targets corporate reputation.(Conference news)
April 2, 2009... Byline: Maryann Tan Continued investment in a firms' corporate reputation during the recession is crucial as negative perceptions of the organisation in bad times can bring lasting damage. This message will emerge from the Chartered...

Axa Winterthur unveils adviser portal.
April 2, 2009... Byline: Maryann Tan Axa Winterthur Wealth Management has launched a new website to reflect the change in its business model which came into force late last year. The website promises greater integration of Axa and Winterthur products...

Navigating hostile skies.(Diary entry)
April 2, 2009... Byline: Nick Walker Nick Walker, partner of Focus Oxford IFAs and independent insurance consultants has his hands full dealing with debt-ridden cases to last-minute equity release solutions for all sorts of clients, that is when he is not...

Virtual working reality.
April 2, 2009... Byline: Peter Done When the time comes to work from home on a regular basis, the employer needs to make sure that the working environment that will be set up at the employee's home is as efficient and as adequate as the one that is already...

A mile-long shopping list.
April 2, 2009... Byline: Joanne Hindle The FSA's to-do list for this year includes more frequent contact with most of the retail firms it regulates in addition to keeping TCF, anti-bribery, corruption, anti-fraud and money laundering in check Much has...

Aifa unveils online RDR academy for firms.
April 2, 2009... Byline: Emma Ann Hughes The Association of IFAs plans to offer an online academy for intermediary firms to help them meet the demands of the retail distribution review. The academy will be supported by a series of live events across...

Whitechurch ARs tap into Orbiter.(Appointed representatives)(Brief article)
April 2, 2009... Byline: David Pawsey Appointed representatives of the Whitechurch Network now have access to Orbiter's online sourcing and compliance system following a partnership between the two firms. The online system is updated four times a day...

Investors anxious to get back into trading: AIC.
April 2, 2009... Byline: David Pawsey Optimism is increasing among active investors who are showing a growing desire to return to the stock market, according to the Association of Investment Companies. The temptation of cheaper stocks and the need to...

Money matters.
April 2, 2009... Byline: Philip Ryley Regulation column In recent months, we have seen threats of litigation against the banks for allegedly advising their clients to invest in AIG Life Premier bonds. Some intermediaries have also received similar...

Two arrested for suspected organised insider dealing.
April 2, 2009... Byline: Emma Ann Hughes Two people, including a senior corporate finance adviser, have been arrested in connection with an ongoing investigation into suspected organised insider dealing. The Financial Services Authority (FSA) has...

Investment advisers to pay GBP38m FSCS levy.(Financial Services Compensation Scheme)(Pacific Continental Securities)(Square Mile Securities)(Brief article)
April 2, 2009... Byline: Emma Ann Hughes Investment intermediaries will have to pay an interim Financial Services Compensation Scheme (FSCS) levy of GBP38m for costs in 2008-09 relating to Pacific Continental Securities and Square Mile Securities. The...

Blue Sky unveils Smart Income Plan.
April 2, 2009... Byline: Emma Ann Hughes Blue Sky Asset Management, the specialist structured investment boutique, has launched an income plan that provides annual income potential of 6 per cent over five years. The product offers a capital protection...

Mortgage adviser banned for fraud.
April 2, 2009... Byline: Catherine Couch The Financial Services Authority (FSA) has banned Walthamstow-based adviser Ashfaq Ahmed for submitting applications that were based on false and misleading information about his income. Ahmed became an...

Nationwide to absorb Dunfermline.
April 2, 2009... Byline: David Pawsey Nationwide is absorbing Dunfermline Building Society's retail and wholesale deposits, branches, head office and originated residential mortgages, the Treasury has announced today (30 March). Chancellor Alistair...

Interest rates could rise as sharply as they have fallen.
April 2, 2009... Byline: David Pawsey Interest rates could rise as sharply as they have fallen once the economy shows signs of stabilisation and recovery, a member of the Monetary Policy Committee (MPC) has warned. Speaking at the Association of...

Impact of house price falls on household wealth a "gross overestimate".
April 2, 2009... Byline: David Pawsey Falls in house prices have not had a massive effect on household wealth during the recession, according to JP Morgan. Speaking at the Association of British Insurers (ABI) Research Conference in London today (27...

Bridgewater House customers urged to check insurance cover.
April 2, 2009... Byline: Emma Ann Hughes Bridgewater House UK Limited customers have been told to contact the insurance company with whom their policy is held to ensure valid insurance cover is in place. The Financial Services Authority (FSA) said...

SFO investigates alleged fraud at Allied Irish Banks.
April 2, 2009... Byline: David Pawsey The Serious Fraud Office (SFO) has commenced an investigation, together with City of London Police, into an alleged fraud on the corporate banking department of Allied Irish Banks Plc. Yesterday (25 March 2009),...

Bankhall divides CEO position.
April 2, 2009... Byline: Catherine Couch Bankhall has shaken up its management structure, freezing the chief executive position and appointing five of the IFA's board members to the helm. The adviser support services provider began the search for a...

RDR pushes up CII revenues.
April 2, 2009... Byline: Catherine Couch The Chartered Insurance Institute has posted a 7 per cent growth in revenue in its results for last year. The group claimed it had also benefited from the FSA's retail distribution review proposals, with a 60...

Homeowner loan review gets positive reception.
April 2, 2009... Byline: Catherine Couch The Association of Finance Brokers has welcomed the government review into second charge lending. Speaking to consumer groups and money advice agencies last week, Gordon Brown, prime minister, announced a series...

IMA calls for right balance on upcoming regulation.
April 2, 2009... Byline: David Pawsey Regulation of asset managers needs to be proportionate to the risk they pose to the global financial system, according to the Investment Managers Association. While asset management firms have accepted there will...

Fidelity to close 10 out of 12 offshore funds.
April 2, 2009... Byline: Joy Dunbar Fidelity International has announced it will close 10 of its 12 offshore multi-manager funds on 8 June, subject to shareholder approval. The investment manager proposes to close the Global High Income (Euro Hedged)...

Isa ignorance dominates public: Clerical Medical.(individual savings account)(Brief article)
April 2, 2009... Byline: Joy Dunbar Almost eight out of 10 consumers are either unaware they can, or do not know how to transfer their Isa to achieve a better rate of return, according to Clerical Medical. The pensions and investments provider called...

Origen to advise on equity release this year.
April 2, 2009... Byline: Catherine Couch Origen is aiming to a launch an equity release advisory service by the third quarter of this year, according to the Aegon-owned IFA's managing director. Stephen Greenstreet said the move was part of Origen's aim...

Growth hangs from export figures.
April 2, 2009... Byline: Catherine Couch UK and US economic recovery will depend on Asia increasing its reliance on imports, according to the chief economist for Schroders. Speaking at a briefing in the City last week, Keith Wade said growth could be...

Aviva to help advisers with CI process.
April 2, 2009... Byline: David Pawsey Aviva is aiming to reduce non-disclosure by launching an underwriting academy, the provider announced last week. The academy will be piloted with advisers during this year's fourth quarter. It aims to build on...

We think you should see somebody...
April 2, 2009... Byline: Girlie Garduce More confusion following the launch of a new counselling service for companies making cuts. These testing times seem to have confused where resources really need to be placed. BDO Stoy Hayward Investment...

Quantity will always win over quality.(Richard Leeson)(Brief article)
April 2, 2009... Byline: Girlie Garduce Posh meals do not necessarily mean perfect portions. Posh four-course meals are often so overrated. This was definitely the case when sitting down next to Richard Leeson, head of UK development for Prudential...

T Rowe Price launches Euro small to mid-cap fund.
April 2, 2009... Byline: Joy Dunbar A European Smaller Companies Equity fund has been launched by T Rowe Price. The fund will have a small or mid-cap equity strategy, which is available to investors through a segregated account and T Rowe Price's...

Huntington buy adds to Skerritt client bank.
April 2, 2009... Byline: Joy Dunbar Skerritt Consultants bought advisory company Huntington Investments last week for an undisclosed sum. Richard Skerritt, managing director of the Sussex-based IFA and wealth manager Skerritt Consultants, said the deal...

A&L records 500% rise of online applications.
April 2, 2009... Byline: Catherine Couch Alliance & Leicester's intermediary distribution arm saw a 500 per cent increase in the number of mortgage applications submitted online in January. Ricky Okey, managing director of Alliance & Leicester...

Skandia weighs merits of UK Index and Gilt funds.
April 2, 2009... Byline: Catherine Couch Skandia Investment Group is considering adding two more funds to its multi-manager range in an effort to meet retail investors' demand for tracker funds. Skandia UK Index and Skandia Gilt funds will make up...