Financial Advisor articles from August 2006

Financial Advisor archives from August 2006

Barclays easing product access.
August 3, 2006... Barclays is launching an online platform enabling investors to access its product range through their IFAs' website. A number of IFAs have already signed up for the service, including Cavendish Online, Garrison and Moneyworld IFA. ...

Ignorance dulls desire for PTA -" Assureweb.
August 3, 2006... IFAs are in danger of missing out on the benefits of pension term assurance, according to a leading intermediary portal. Assureweb claims that intermediaries are unaware of the tax saving benefits of the product and are put off by the...

FSA reports decrease in high risk ads.
August 3, 2006... Far fewer financial promotions now represent a high risk to consumers, an FSA report revealed. The study, which details the findings of the FSA's financial promotions probe of 4500 advertisements over the past two years, found variations...

Edeus seals management and valuation partnership.
August 3, 2006... Edeus has announced it has entered into a strategic partnership with Lexicon Surveyors. In the deal, Lexicon will act as mortgage lender Edeus' sole panel management provider for valuation services. It will be responsible for allocating...

Alarm sounded over .eu cyber-squatting dangers.(Brief article)
August 3, 2006... Intermediaries and product providers are putting their businesses at risk by not registering and protecting internet domain names, Britishinsurance.com has warned. New .eu domain names became available to small businesses in February and...

Gov't savaged over pensions row.
August 3, 2006... An influential parliamentary committee has blasted the government for the contemptuous way in which it dismissed the ombudsman's report on a number of collapsed occupational pension schemes. In her report, Ann Abraham partly blamed the...

Committee on attack over handling by gov't.
August 3, 2006... The latest barrage of criticism levied against the government follows a decade of alleged pensions mishandling. In the latest report, MPs accused the government of "misleading" up to 125,000 people who lost their retirement nest eggs as...

Advice key to scheme success, MPs claim.
August 3, 2006... The government has achieved a broad consensus on its pension proposals, but the success of any reforms is dependent on free generic advice for those on low incomes, according to a committee of MPs. In its fourth report of the session, the...

MPPI rule shifts pass brokers by.
August 3, 2006... Mortgage-related protection makes up almost 20 per cent of brokers' revenue, according to a survey. More than 200 brokers across the UK were quizzed as part of research by Alliance & Leicester on behalf of Financial Adviser. It found...

Tenet spreads multi-tie gospel.
August 3, 2006... Tenet looks close to signing a multi-tied deal with another large distribution group in the next few weeks, according to company director Keith Richards. Mr Richards, group sales and marketing director of Tenet, said hot on the heels of...

Watchdog ready to rely on RMAR as small firms' audit burden axed.
August 3, 2006... Audit requirements, costing Britain's 1490 appointed representatives and 3200 small companies AGBP12.9m a year, are to be axed. On Friday, the FSA announced the industry had backed its proposal to remove audit requirements from regulated...

Scot Eq slams providers' tax-free cash claims.
August 3, 2006... Providers say that they can pay out tax-free cash without an annuity immediately being bought or USP entered into are wrong, according to Scottish Equitable. The insurer sought clarification from HM Revenue & Customs after becoming aware...

Giants' glory seals triple success.
August 3, 2006... Ken Davy's Huddersfield Giants have won a place in the Rugby League Challenge Cup for the first time in 44 years. Following victory against Leeds Rhinos, the Giants will meet St Helens in the final at Twickenham on 26 August. Mr Davy, chairman...

Home of Choice raises aim as target beaten.(Brief article)
August 3, 2006... Home of Choice is close to reaching its three-year recruitment target of 1000 sellers in its first 12 months of operation. As a result the business, which is also in talks with six networks about becoming part of Home of Choice,now aims to...

FSA wins battle to uphold Jabre fines.
August 3, 2006... The FSA scored a victory last week in its wrangle with Philippe Jabre, a former manager for hedge fund GLG Partners. Mr Jabre dropped his appeal against a AGBP750,000 fine, handed down by the City watchdog after he was found guilty of...

Burns-Anderson trumps profit levels.
August 3, 2006... Burn-Anderson has announced a half-year profit in excess of its full year profit for last year. On Tuesday, the network reported it made in AGBP330,000 in the first six months of this year, thanks to a 25 per cent increase in turnover...

Auto-enrolment has bosses' backing -" DWP.
August 3, 2006... Employers large and small are backing plans to implement automatic enrolled personal pensions, according to governmental research. On Tuesday, the department for work and pensions published the findings of face-to-face interviews with a...

Win a day at the races from F&C.
August 3, 2006... F&C Investments and Financial Adviser are offering readers the chance to win a pair of tickets to the classic car race, Goodwood Revival. Each year, about 360 cars and motorcycles compete in 12 different races. The event is a step...

ABI guides to lower PMI barriers.(Association of British Insurers, private medical insurance)(Brief article)
August 3, 2006... Insurers will have to provide more information for consumers to compare them with their rivals, according to new private medical insurance guidelines. The Association of British Insurers has launched a best practice guide for PMI that will...

Bad debt takes a bite, claim banks.
August 3, 2006... Bad debt is beginning to bite, according to banks announcing their interim figures this week. Although posting healthy headline profits a number of banks and providers also highlighted a rise in bad debt. Prudential posted a group...

Investors continue switch from with profits to unit-linked bonds, Skandia survey reports.
August 3, 2006... The exodus from with profits to unit-linked bonds is set to continue this year, according to a survey by Skandia. About 93 per cent of the 481 advisers questioned by Skandia said they were likely to actively advise clients to transfer their...

Strong June as net sales rise.
August 3, 2006... Investors continued to have confidence in the UK savings market as Isa sales recorded strong growth, according to new figures from the Investment Management Association. Net Isa sales rose 24 per cent, to AGBP191m, compared with May. The...

Fears of constitutional crisis gather pace if the government rejects ombudsman's report.
August 3, 2006... In rejecting Ann Abraham's report the government could be sparking a constitutional crisis, with parliament and the executive in conflict. In the public administration select committee's report, MPs accuse ministers of paying "lip service"...

Advisers to steal lead in wrap wars -" Moret.
August 3, 2006... As the battle for market share in the wraps sector heats up, one expert is warning that it is likely an adviser-controlled wrapper will dominate. John Moret, director of sales and marketing for Suffolk Life, warns the market is reaching...

Scot Wids in firing line over payout clash.(Scottish Widow's Fund and Life Assurance Society)(Brief article)
August 3, 2006... A financial adviser has hit out at Scottish Widows for refusing to pay a tax-free lump sum to a grieving widow and her family on a technicality. The provider said it is prevented from doing so under the terms of the scheme, but Dhiraj...

Chaos reigns over ASP idea.
August 3, 2006... Even the FSA seems confused by recent government comments about the treatment and purpose of alternatively secured pensions. When an IFA stood up to question whether government murmurings about ASP only being for those with religious...

Supervisory staff and Brussels red tape are key fears.
August 3, 2006... The quality of the FSA supervisory staff and the barrage of regulation coming from Brussels were just two of the things to be criticised by the various financial services panels. John Howard, chairman of the consumer panel, was the first...

Callum rules out polarisation.
August 3, 2006... The City Regulator has turned its back on a return to polarisation as a solution to the failures of its troubled depolarisation regime. Speaking at a press conference after the FSA's Annual Public Meeting in Westminster, Sir Callum...

Artemis, the adventure hunter.(Brief article)
August 3, 2006... Not content with sponsoring people to sit in a bath full of baked beans, Artemis is sponsoring the Kindrochit Quadrathlon, which includes a mile swim across Loch Tay, a 16-mile climb over seven munroes and an 8-mile canoe up the loch followed...

Tele-underwriting on the rise, claims Zurich.
August 3, 2006... Tele-underwriting of insurance could become commonplace in the UK next year, potentially leaving IFAs out of pocket, according to an insurer at Zurich. Telephone underwriting is well established in the US and companies have now started...

Rock and roll all night and party every day.(Brief article)
August 3, 2006... Whoever thought financial services individuals were boring has never come across Richard Ellis, the sales and marketing director for Merchant Investors. Mr Ellis, formerly from Origen, is something of a rock god in his spare time, being...

From the cradle to the grave... literally.
August 3, 2006... If ever there was anything that illustrated the changing demographics in the UK it must be a new development happening in Skipton. Organised with Bupa, a former orphanage is being turned into- a retirement home. Apparently the...

Hips shake-up sends Rightmove packing.
August 3, 2006... Rightmove has pulled out of home information packs after the government's decision to change the system's rule. The Rightmove board initiated a review in response to the announcement from Yvette Cooper, minister for housing and planning,...

Fun-fuelled hijinks for winos and journos.(Brief article)
August 3, 2006... 'Tis the season of the summer party and tales abound of drink-fuelled hijinks among the financial services community and journalists they consort with. Insider hears of one employee of a well-known provider who took things a little too...

Breaking the banks.
August 3, 2006... The half-yearly reporting season for high street banks is a good time to raise a few questions about the sale of retail protection and investment products, the giving of advice and the proportionate response to legitimate customer complaints....

Mutual responsibility is at our core, IFAs see the impact of their actions.
August 3, 2006... FINANCIAL ADVISER: You have recently published your half-year results. They were good for a challenged market. How has this been achieved? NEIL JOHNSON: The turnover for the six months to the end of June was AGBP48m, operating profit was...

Debt feeding profits.
August 3, 2006... This week, as the booming banking sector announces record interim profits of more than AGBP20bn, rising consumer debt and unprecedented bankruptcies put the brakes on any premature celebrations. The culprits for these record-breaking...

Six of one, half dozen of another.
August 3, 2006... Lenders' solicitors were no doubt rubbing their greedy hands with glee at the prospect of extending the 12-year limit on unpaid mortgage debts following Bradford & Bingley's victory in the House of Lords two weeks ago. The bank can chase...

Sort it out or face a good FSA kicking.
August 3, 2006... Sometime in March next year FSA staff will begin demanding evidence from firms that they are treating customers fairly and the regulatory landscape will change immediately. I have mixed views. Many in the industry have told me of their deep...

Taking a swim with the sharks.
August 3, 2006... A good friend of mine thought he needed a financial adviser. He recently retired with a sizeable redundancy package and had a couple of company pensions behind him. He also had investments in shares, Peps and Isas and wanted some advice about...

A formula for silly season sods.(Brief article)
August 3, 2006... It is the silly season so you have to expect a few nutty suggestions from providers desperate to get their names in the papers. The latest lunacy is a formula for Sod's Law from Liverpool Victoria. Instead of spending the quiet summer...

Relinquish power to cut the burden.
August 3, 2006... Opportunities -" can you spot them and can you use them? Here is an opportunity, it is not a new opportunity, -" but that does not stop it being an opportunity, and potentially, one of the best opportunities for financial advisers. ...

Work cut out.
August 3, 2006... Recently, the FSA published Treating Customers Fairly -" Towards Fair Outcomes For Consumers, and also published several new cluster reports and additional case studies. The most significant development is the introduction of six outcomes that...

Giving commission some exposure.
August 3, 2006... Norwich Union introduces 20 per cent indemnity commission for regular savers into its investment funds, with advisers paid nothing for three years before fund based commission is introduced. The investor will have to pay no more for this in...

New Star marking soaring start.(New Star Asset Management Ltd.)(Brief article)
August 3, 2006... New Star has reached its fifth anniversary in the retail investment market and received plaudits from industry experts. The asset management company launched in 2001 under the stewardship of John Duffield, founder of Jupiter. Two...

A little is worth a lot.
August 3, 2006... Since A-Day we have seen the launch of 10 pension term assurance products in the intermediary market. Many would presume that for what is essentially just a bit of life cover, with the added benefit of tax-relief deducted from the premiums,...

Keeping the faith will help transform a crisis into an opportunity.
August 3, 2006... The UK's defined benefit pensions industry was plunged into crisis three to four years ago due to the collapse in global equity markets. Since equities comprised the greater part of most pension fund portfolios, the market value of scheme...

New Product.
August 3, 2006... savings account BIRMINGHAM MIDSHIRES Details: The product guarantees to beat ING's direct savings account by 0.25 of a percentage point for two years. The Direct Savings account currently offers 4.75 per cent in line with its promise...

Trail blazing leaves a path to be followed.
August 3, 2006... With its AGBP3.6bn acquisition of Abbey's life insurance businesses in early June, Resolution Life has catapulted itself into the FTSE 100 swelling its invested assets from AGBP39bn to AGBP63bn. It is a deal that City watchers have been...

New Product.
August 3, 2006... joint deposit/stock market leeds building society Type: Joint deposit and stock market investment product. Details: Leeds Building Society has teamed up with Norwich Union to offer an investment product, which splits the sum,...

Threesixty's launches allow IFAs to take control of funds.(independent financial advisers)(Kingsway Managed Income fund)
August 3, 2006... n investment by Susan Butterworth Support services provider Threesixty is launching a cautious managed fund and plans to launch a balanced managed fund before the end of the year. The Kingsway Managed Income fund, which is one of...

Windfalls trickle down to help all employees.
August 3, 2006... John Duffield was not the only recipient of wealth from the November flotation of New Star. By listing the company on the Alternative Investment Market, staff members also benefited. As part of the initiative, employees received shares...

L'pool Vic product repricing.
August 3, 2006... n Liverpool Victoria has repriced its pension term assurance and critical illness product, available through Liverpool Victoria's menu-based protection plan. Stuart Tragheim, intermediary sales director for Liverpool Victoria, said: "By...

Britain will grasp for skills as pioneers sell off, Tenon warns.
August 3, 2006... Tenon has warned of an exodus of entrepreneurs as small to medium-sized business owners consider selling up. More than a quarter of the UK's SME owner-managers are considering selling their business in the coming few years, research for...

Growth spurt due for financial services.(UK200Group survey)(Brief article)
August 3, 2006... Financial services firms could be in line for a growth spurt, according to the new figures. Research from the UK200Group has found that small and medium-sized businesses are particularly positive about the coming 12 months. About 50...

Recruit abroad, Begbies Traynor research urges SMEs.
August 3, 2006... Financial advice firms could use foreign applicants to grow the skills pool in the UK. Research from insolvency management company Begbies Traynor found that 20 per cent of owner managers of small to medium-sized enterprises in the UK...

Managers need to keep employees cool.
August 3, 2006... Managers should not overheat staff in a bid to cut costs, a report has warned. Research by estate agent Knight Frank has found that bosses are packing workers into cramped and stuffy offices in a bid to reduce their rental and heating...

Hanging on for a well-earned break.(daily activities)
August 3, 2006... Monday The weather report said it would be hot so I walk the dog at 7 am and get into the office at 8am, partly to keep cool and partly to clear some paperwork before the phone starts ringing. I am going on holiday on Saturday and am...

SL to launch property fund.
August 3, 2006... n Standard Life has plans for a UK Property Development fund, aimed at accessing commercial property through a portfolio of development projects. The provider is targeting equity of between AGBP150m and AGBP200m for the closed-ended fund,...

Single premium from Abbey.(Abbey Life Group PLC)(Brief article)
August 3, 2006... n Abbey has launched a new single premium life insurance plan that aims for protection of capital at maturity and income over the next four years. The investment guarantees are fixed at a rate of 4.2 per cent each year net and the full...

New Product.
August 3, 2006... SELF-CERT Pmpa Type: Self cert 5.14 per cent fixed rate. Details: The deal runs until October 2008 with a maximum 85 per cent LTV. The arrangement fee is AGBP799 and can be added to the loan. The Mortgage Business' affordability...

Finding ways of getting in with the 'in' crowd.(tips to investment advisers)
August 3, 2006... You want to build a clientele comprising successful professionals, business owners and other individuals with substantial assets. It can be easier to meet these people socially rather than inviting them to seminars, mailing letters or waiting...

No dilly as Dally named operations director for Capita Life & Pensions.
August 3, 2006... Pensions Capita Life & Pensions has named Mark Dally operations director. In this role, Mr Dally will be responsible for the operational direction and strategy of the Capita Life & Pensions businesses. Mr Dally joins Capita from Liberata...

Maverick reaches dizzy height.
August 3, 2006... To create one successful fund management businesses takes a lot of hard work and good luck, to create two takes something or someone a bit special. Yet in the space of two decades this is exactly what "maverick" John Duffield has achieved....

Scot Eq probe reveals assurance ignorance.
August 3, 2006... A mere 1 per cent of the public are aware of pension term assurance legislation, according to figures from Scottish Equitable. Research by the provider aimed at measuring financial education needs across the UK found that 98.8 per cent of...

Vasilieff to head up Skandia marketing.
August 3, 2006... Skandia has appointed Bill Vasilieff, former marketing director of Selestia, as marketing director. Mr Vasilieff will co-ordinate the UK customer proposition, excluding Skandia Investment Management. The announcement follows the recent...

Halifax plucking extra stars to shape image.
August 3, 2006... A new round of Halifax employees have been plucked from obscurity to star in the lender's latest advertising campaign. Five members of staff -" Andrew Chapman from London, Ophelia Leung from Halifax, Bernadette MacMillian from Edinburgh,...

Lloyds TSB moves in to snap up Pearl insurance business.
August 3, 2006... Lloyds TSB Insurance has acquired the general insurance business of Pearl Group. The deal, in which Lloyds TSB acquired gross assets totalling less than AGBP60m, will see Lloyds TSB provide home, commercial, mortgage, motor and travel...

Past year a mixed bag, says Tiner.
August 3, 2006... Market conditions in the past year presented both opportunities and threats for participants in the financial services sector - including the FSA, according to John Tiner. Following his forced absence from the annual meeting last year...

Coveted Ramp seat scooped by Opus.
August 10, 2006... Opus, one of Scotland's top mortgage packagers has joined the Regulatory Alliance of Mortgage Packagers. Lockhart Bruce, managing director of Opus Mortgages Ltd, said: "As far as I am concerned, Ramp is the leading grouping of mortgage...

PFS deal has advisers flocking to conference.(Personal Financial Society)(Brief article)
August 10, 2006... More than 900 advisers took advantage of an early bird discount for this year's Personal Financial Society conference. Members who purchased their ticket by the end of July have paid just AGBP138.70 to attend this year's event at the ICC in...

Bankhall, Tenet back FSA polarisation view.
August 10, 2006... The FSA is right to rule out polarisation as a solution to problems posed by depolarisation, according to Bankhall and Tenet. At the FSA's annual public meeting, Sir Callum McCarthy, chairman of the City watchdog, said it was too early to...

Windfalls looming for Standard Life bosses.
August 10, 2006... Standard Life executives are set to receive a large windfall, following the company's flotation earlier this year. Nine employees will receive 2.8m ordinary shares as bonuses, equivalent to a paper profit of AGBP337,000. Sandy Crombie,...

Northern Rock picks up Bank's rate baton.
August 10, 2006... Northern Rock has become the first big lender to increase its mortgage rates in response to the Bank of England Monetary Policy Committee's decision to increase interest rates. On Monday, the bank announced that it is to increase its...

Mackay on the move from Allfunds bank.
August 10, 2006... Changes at the top of Abbey's various divisions continued this week with Holly Mackay leaving Allfunds Bank. On Tuesday, Ms Mackay, UK director of Allfunds Bank, announced she was leaving the Spanish-owned bank to pursue other...

Analysts still keen on F&C in spite of reported outflow.
August 10, 2006... Despite reports that F&C Asset Management is struggling with an outflow of capital, analysts were still looking favourably on the company as it announced its interim results this week. F&C admitted its assets under management had decreased...

Become an Everton VIP with BBS.
August 10, 2006... Britannia Building Society is offering customers a VIP ticket to an Everton football match. Until 26 August 2006, anyone who requests a mortgage quote will be entered into a prize draw to win VIP tickets to see James Beattie (pictured) play in...

Merrill gets AGBP150,000 fine for 10-year reporting error.
August 10, 2006... Merrill Lynch International has been fined AGBP150,000 for failing to accurately report certain transactions to the FSA and previously the Securities and Futures Authority. Between September 1996 and January 2006, Merrill Lynch executed an...

CII adds Tenet chairman to its life and pensions board.
August 10, 2006... The Chartered Insurance Institute's Faculty of Life and Pensions Advisory Board has added another IFA to its ranks. Barry Kayes, chairman of the Tenet Group, is the latest recruit to join. He will sit alongside Patrick Gale, chief executive...

Fidelity heeds IFA calls with mutual fund's withdrawal facility launch.
August 10, 2006... Fidelity International has launched a regular withdrawal facility for its mutual funds. The move is aimed at investors wishing to move from asset accumulation to drawing an income in their retirement. The monthly or quarterly...

The Mortgage Times unveiling triple launch.
August 10, 2006... The Mortgage Times group has launched three new mortgages in conjunction with BM Solutions. Richard Stokes, head of product development for the company, said that whereas the company started as a relationship-driven provider, the new...

Censure and fine claims over split caps.
August 10, 2006... The split-cap debacle rumbles on with one company said to have been fined AGBP3m for its involvement and another censured even though the FSA is claiming its investigations have not finished. Nick Wood, partner for Grant Thornton, the...

Debt takes toll on saving -" ABI.
August 10, 2006... The government should address consumer debt, which comes under less regulatory scrutiny than saving, according to the Association of British Insurers. Senior pensions industry executives told the ABI and research group Populus that...

Nucleus urges wrap crackdown.
August 10, 2006... Greater regulation of the costs of product providers' wrap platforms is needed, the head of an IFA-led wrap platform has said. David Ferguson, chief executive of Nucleus Financial Group, said some providers such as Standard Life had been...