Financial Advisor articles from August 2008

Financial Advisor archives from August 2008

Liver comes under ire on quotes.
August 7, 2008... Byline: Stefanie Ives An IFA has slammed Royal Liver for providing "misleading" information and failing to treat customers fairly by offering a different insurance quote online to that from a portal Andrew Oliver, director of...

Jannels steps down from the PMPA.
August 7, 2008... Byline: Stefanie Ives The Professional Mortgage Packagers Alliance has announced Vic Jannels has retired from his post as chairman of the organisation and Helen Hymos, lender relationship manager for PMPA, has taken on the role of acting...

Defaqto unveils its pension study plans.(Report)
August 7, 2008... Byline: Stefanie Ives Defaqto has announced plans for the launch of its Retirement Savings and Income Report 2008 this October. Defaqto has announced plans for the launch of its Retirement Savings and Income Report 2008 this October....

OFT sets its sights on irresponsible lending.
August 7, 2008... Byline: Stefanie Ives Public consultation marks first phase of OFT's study into consumer credit markets The Office of Fair Trading has launched a public consultation looking at irresponsible lending in UK consumer credit markets. ...

Industry is making a rod for its own back over skills - PFS.
August 7, 2008... Byline: Joy Dunbar The president of the Personal Finance Society said that he is struggling to find people he wants to hire IFA companies are not investing in their staff and the industry is now in danger of creating large numbers of...

Now Financial set for a leaflet drop.(Brief article)
August 7, 2008... Byline: Jessica Bown Hale-based mortgage broker Now Financial is targeting 20,000 homes in its local area with leaflets championing fee-based mortgage advice as well as offering a GBP100 discount on its charges, which start at GBP250. ...

Bulloch leaves Swip for Cornelian AM.
August 7, 2008... Byline: Colin Calder Bill Bulloch follows on from the hiring of Michael Walker of Maclay Murray & Spens Bill Bulloch, development director of Scottish Widows Investment Partnership, has joined Cornelian Asset Managers. At...

Scottish Life draws on its own experience for drawdown aid.(Brief article)
August 7, 2008... Byline: Jessica Bown Royal London's pensions arm publishes income drawdown book for advisers Scottish Life, the pensions arm of Royal London, has published a series of leaflets offering technical information for advisers with clients...

SII approves IFQ.(Securities & Investment Institute)(Islamic finance qualification)(Brief article)
August 7, 2008... Byline: Stefanie Ives The Securities & Investment Institute benchmark Islamic finance qualification has been accepted onto the Financial Services Skills Council recommended qualifications list. The Securities & Investment Institute...

Protection sector to be split on service versus price.
August 7, 2008... Byline: James Redgrave Simplification of the underwriting process will lead to a 'service versus price' split among income protection and critical illness providers Income protection providers are to be drawn into a competition that...

Road to recovery.
August 7, 2008... Byline: Maike Currie A perception of insurers looking for any excuse not to pay out is being blamed for the drop in sales of critical illness cover A decade ago players in the financial services industry predicted that the critical...

We're not going on a summer holiday.
August 7, 2008... Byline: Jeff Prestridge What with Equitable Life and dreary news on the housing market what better time for a holiday abroad? However, even thousands of miles away the UK's economic future looks bad I have just spent a glorious week in...

FSA gets heavy.
August 7, 2008... Byline: Tony Hazell Has the FSA finally woken up? I am prompted to ask following the flurry of activity from the regulator in the past few weeks. Has the FSA finally woken up? I am prompted to ask following the flurry of activity from...

Experts speak out on universal arrears plan.
August 7, 2008... Byline: Stefanie Ives Imla claims FSA is wrong for telling specialists to adopt one-size-fits-all plan Lenders and advisers have expressed surprise at the FSA's suggestion that specialist lenders operate a one-size-fits-all approach...

BTL investors plunge into negative equity.(Brief article)
August 7, 2008... Byline: Stefanie Ives Nearly 200,000 buy-to-let investors have lost up to 90 per cent of cash put into property, a report by Hargreaves Lansdown has revealed. Nearly 200,000 buy-to-let investors have lost up to 90 per cent of cash put...

Chandos Rose completes its merger with Chadney Bulgin.
August 7, 2008... Byline: James Redgrave London intermediary Chandos Rose has merged with Hampshire-based Chadney Bulgin. London intermediary Chandos Rose has merged with Hampshire-based Chadney Bulgin. The business will continue to use the Chandos...

M2 comes into the fold as Tower continues conquests.
August 7, 2008... Byline: James Redgrave Towergate Financial has made its sixth acquisition since it was established in January. Towergate Financial has made its sixth acquisition since it was established in January. The Towergate Group's advisory...

Compulsory savings may be only answer, says B&CE.
August 7, 2008... Byline: Joy Dunbar Compulsion may be the only alternative to auto-enrolment into personal accounts, according to John Jory from B&CE, as research reveals one in four workers is not saving for retirement. Conducted among 816...

Flexible working is the key to future of pensions - Tories.
August 7, 2008... Byline: Joy Dunbar Conservatives say Lord Turner's recommendation of raising the pension age to 70 is inflexible Flexible working is the key to tackling future retirement in the UK, according to the Conservatives who claim that looking...

MorganAsh to talk tele-underwriting.(Brief article)
August 7, 2008... Byline: Joy Dunbar MorganAsh is organising a tele-interviewing and tele-underwriting seminar in September Tele-interviewing is conquering the non-disclosure problem, MorganAsh has claimed as it announces details of its one-day event in...

Job fears grow.
August 7, 2008... Byline: Stefanie Ives Fears about the health of the UK job market have intensified further, as consumer confidence in employment prospects and the security of their jobs hits a new low. Fears about the health of the UK job market have...

NU overhauls equity release offering.
August 7, 2008... Byline: Stefanie Ives Norwich Union is making changes to its lifetime mortgage equity release proposition in a move which will see its existing lifetime mortgages renamed and revamped. Norwich Union is making changes to its lifetime...

FSA finds no foul play in HBoS share price drop.
August 7, 2008... Byline: Stefanie Ives Rumours about funding difficulties at HBoS were not spread as part of a concerted attempt by individuals to profit by manipulating the share price, the FSA has decided. Rumours about funding difficulties at HBoS...

Annuities struggle as summer arrives.
August 7, 2008... Byline: James Redgrave Annuity payouts have begun to falter after steady growth throughout the year, according to figures from adviser The Alexander Forbes Annuity Bureau. Annuity payouts have begun to falter after steady growth...

Rocky road ahead.(Brief article)
August 7, 2008... Byline: Hal Austin It was August 9 last year when the Northern Rock crisis first became public and the autocratic reign of Adam Applegarth came crashing down. It was August 9 last year when the Northern Rock crisis first became public...

Eagle eye on dishonesty.
August 7, 2008... Byline: Hal Austin The more things unfold the more it looks as if Margaret Cole, the enforcement don at the FSA, is proving, not through loud noise, but action, to be the most effective senior manager at the City regulator. The more...

Mortgage Intelligence to make 18 redundant.
August 7, 2008... Byline: Jessica Bown Broker announces credit crunch inspired staff cuts The housing market slump has forced mortgage adviser network Mortgage Intelligence to make 18 of its staff redundant, reducing the size of its workforce to 50, the...

Rensburg reports drop.(Rensburg Sheppards)(Financial report)(Brief article)
August 7, 2008... Byline: Jessica Bown Revenue for investment manager Rensburg Sheppards dropped 1.4 per cent year-on-year in the three months to the end of June, despite its burgeoning private client arm, the company has reported. Revenue for...

Widow becomes a mother.(Brief article)
August 7, 2008... Byline: Stefanie Ives Hayley Hunt, the face of Scottish Widows, gave birth to her first child, daughter Mia Elizabeth, on 31 July. Hayley Hunt, the face of Scottish Widows, gave birth to her first child, daughter Mia Elizabeth, on 31...

Just sees sales rise.(Financial report)
August 7, 2008... Byline: Stefanie Ives Just Retirement, the specialist UK life assurance group, reported a 12.8 per cent increase in group sales for the year ending 30 June 2008. Just Retirement, the specialist UK life assurance group, reported a 12.8...

Adviser speaks out over discretionary explosion.
August 7, 2008... Byline: Stefanie Ives Many of the advisers moving into discretionary management do not have the investment experience to offer value for their clients, Richard Gough, of Cardiff-based Castle Court Consulting, has claimed. Many of the...

Standard readies for swap.
August 7, 2008... Byline: Stefanie Ives Standard Life has announced it will be ready for business from 18 August to allow people to transfer and invest their existing protected rights pension pots into the Sipp, following a change in government legislation....

Banfield joins Link Lending.
August 7, 2008... Byline: James Redgrave Link Lending has appointed Nicola Banfield as business development manager for the south west region. Link Lending has appointed Nicola Banfield as business development manager for the south west region. Ms...

Mead joins Propertyfinder.com.
August 7, 2008... Byline: James Redgrave Propertyfinder.com has appointed Natalie Mead as marketing and products director. Propertyfinder.com has appointed Natalie Mead as marketing and products director. Ms Mead is a former marketing director of...

Moore joins Julius Baer as head of UK sales.
August 7, 2008... Byline: James Redgrave Wealth manager Julius Baer has appointed Stephen Moore as head of UK sales. Wealth manager Julius Baer has appointed Stephen Moore as head of UK sales. Mr Moore joins the firm from Threadneedle Asset...

Brokers expect a year of falling or stagnant house prices, warns Imla.
August 7, 2008... Byline: Joy Dunbar A majority of intermediaries expect house prices to continue falling or to remain the same - poll About half of intermediaries surveyed in a poll believe house prices will fall in the next 12 months, according to the...

Fidelity offers By-Pass trust.(Fidelity FundsNetwork)(Sipp By-Pass trust)(Brief article)
August 7, 2008... Byline: Stefanie Ives Fidelity FundsNetwork has launched a Sipp By-Pass trust to help advisers tackle the increasingly complex tax burden faced by their clients. Fidelity FundsNetwork has launched a Sipp By-Pass trust to help advisers...

Former UN worker joins IDEAcarbon.
August 7, 2008... Byline: James Redgrave British research company IDEAcarbon has appointed Nitin Desai, former UN under secretary general, as an advisor to its board of directors. IDEAcarbon is an independent provider of ratings, research and strategic...

250 Chandos JR.(Brief article)
August 7, 2008... Byline: James Redgrave London IFAs Chandos Rose was officially merged with Hampshire's Chadney Bulgin on Friday last week. London IFAs Chandos Rose was officially merged with Hampshire's Chadney Bulgin on Friday last week. The...

New York Mellon hires Deutscher as communication chief.
August 7, 2008... Byline: James Redgrave The Bank of New York Mellon has appointed Sarah Deutscher as communications manager to work on the company's asset management media relations programmes focusing on Continental Europe, the UK and the Middle East. ...

Royal London appoints Lawton-Browne.(appointment of Carola Lawton-Browne at Royal London Asset Management)(Brief article)
August 7, 2008... Byline: James Redgrave Royal London Asset Management has made Carola Lawton-Browne portfolio risk manager of its investment team. Royal London Asset Management has made Carola Lawton-Browne portfolio risk manager of its investment...

BlackRock appoints Devlin to head greater Europe trust.
August 7, 2008... Byline: James Redgrave BlackRock Greater Europe Investment Trust has appointed Vincent Devlin as co-manager of its Greater Europe Investment trust. BlackRock Greater Europe Investment Trust has appointed Vincent Devlin as co-manager of...

Brown joins Collins Stewart as head of fund sales.
August 7, 2008... Byline: James Redgrave Mike Brown has joined Collins Stewart Fund Management as head of fund sales. Mike Brown has joined Collins Stewart Fund Management as head of fund sales. He joins from Investec Asset Management where he has...

A&L sees the crunch crush margins.
August 7, 2008... Byline: Stefanie Ives Meanwhile HSBC reports a GBP5.2bn rise in profits before tax representing a fall of GBP1.98bn on the first half of 2007 Alliance & Leicester saw its half year profits drop to GBP2m, down from GBP290m as HSBC...

'No end in sight' for Dawnay dismantling.
August 7, 2008... Byline: James Redgrave Administrator admits that due to the complexity of the business there is no firm date for creditors to receive cash Administrators have admitted they have no idea how long the distribution of assets to Dawnay Day...

Money Guidance will not replace IFAs, says FSA.
August 7, 2008... Byline: Joy Dunbar The government's Money Guidance project will not replace IFAs as it aims to help those who may mistrust financial services, Chris Pond, director for financial capability for the FSA, has claimed. Speaking after a...

Scot Widows vows to grow despite product sales fall.
August 7, 2008... Byline: Stefanie Ives Edingburgh-based company puts 53% fall in sales down to challenging conditions, CGT changes Scottish Widows has vowed to grow its market share in the IFA sector as sales of saving and investment products through...

Rapid email benefits.
August 7, 2008... Byline: Maike Currie Businesses not set up to respond to emails rapidly are missing out on lucrative new business contracts, according to the annual Vodafone critical response time index. Businesses not set up to respond to emails...

Lincoln i2Live offers income guarantee on large pensions.
August 7, 2008... Byline: James Redgrave Lincoln Financial Group has launched a new service to enable customers to receive income guarantees on their retirement products. Lincoln Financial Group has launched a new service to enable customers to receive...

Act early on retirement investment plans: MPL.
August 7, 2008... Byline: Joy Dunbar Advisers need to pay closer attention to the investment strategy of those approaching retirement especially as annuity rates are high and equities are in the doldrums, a senior annuity IFA has claimed. Advisers need...

Firms looking beyond pension, says study.
August 7, 2008... Byline: Joy Dunbar About half of senior executives are now being rewarded through pensions in respect of current service, according to Watson Wyatt Only half of FTSE 350 senior executives are now being rewarded through pensions in...

Juggling a week of work and study.
August 7, 2008... Byline: Penny O'Nions Penny O'Nions, principal of Buckinghamshire-based The Onion Group, spends her week rushing between work and and studying for law school at the weekend. As well as the usual mix of meetings she also manages to find...

Analysing the body of evidence.
August 7, 2008... Byline: Peter Done A range of healthcare officials, and not just doctors, can produce a recommendation that an employee would benefit from time off work, and although it does not carry the same legal weight any note they produce should be...

Average drop of GBP15k in July sees house prices reach two-year low.
August 7, 2008... Byline: Joy Dunbar House prices are falling according to Nationwide's latest index Nationwide has warned that the risk of a recession in the UK "is now clearly rising" as its latest market report revealed that house prices fell 1.7...

UK lagging behind Europe in terms of family-owned firms.
August 7, 2008... Byline: Maike Currie Family-owned firms in the UK are a 'neglected' part of economy - research Research conducted by Credit Suisse showed that family-owned firms are a neglected part of economy in the UK. The report's authors say...

DIY spirit lives on.
August 7, 2008... Byline: Maike Currie The UK's entrepreneurial community still believes it is worth taking the plunge and starting a business despite an economic slowdown, new research has revealed. The UK's entrepreneurial community still believes it...

Skandia warns on RDR tax sting.(Brief article)
August 7, 2008... Byline: James Redgrave Advisers could be hit with extra tax charges for pensions contracts as a result of the retail distribution review, Skandia has warned. Advisers could be hit with extra tax charges for pensions contracts as a...

Market for SME pension scheme advice has to grow, says CPRM.
August 7, 2008... Byline: James Redgrave The pensions advice market for small to medium sized enterprises is not being filled adequately, according to one firm offering actuary services. The pensions advice market for small to medium sized enterprises...

Definitely maybe over risk levels.
August 7, 2008... Byline: Simon Lovegrove Work on measuring risk levels is progressing Before the move towards more principles-based regulation, when defined rules formed the basis of the regulatory framework, it was often possible for lawyers to give a...

Don't bank on this advice.
August 7, 2008... Byline: Peter McGahan Banks will never be able to truly offer unbiased financial advice I wonder how many IFAs out there have experienced the 'job lot' advice from banks that seems to go unnoticed by the regulators. Are the regulators...

Bridging the gap.
August 7, 2008... Byline: Paul Davies Critical to closing the insurance protection gap in the UK is a new advice-based regime, which boils down to a more effective distribution system The protection gap has gained high visibility in our industry over...

We're still standing, but we need to walk.
August 7, 2008... Byline: Peter Hamilton A rafter of changes in the last year have helped the sector in terms of confidence but more needs to be done Changes to critical illness definitions by the Association of British Insurers are a year old. So what...

Cambridge expands fixed rate range.
August 7, 2008... Byline: Stefanie Ives Cambridge Building Society has added to its mortgage range with the launch of two fixed rate mortgages. The society has launched a two-year fixed rate mortgage deal, offering customers an initial rate of 6.14 per...

Baring appoints Lord to head client service team.
August 7, 2008... Byline: James Redgrave Baring Asset Management has appointed Tim Lord as head of client service and relationship development. Baring Asset Management has appointed Tim Lord as head of client service and relationship development. ...

Mystery shopper: Wolverhampton.
August 7, 2008... Byline: Girlie Garduce The mystery shopper visits Wolverhampton this week to find out about protection plans. This week the mystery shopper is looking into protection plans. The shopper and her husband are seeking protection options...

LVBS apologises as FSA hits it with GBP840k mis-selling fine.
August 7, 2008... Byline: Stefanie Ives LVBS escapes GBP1.2m levy through efforts to pay customers a full redress of losses Liverpool Victoria Banking Services has apologised for its shortcomings following a GBP840,000 fine imposed by the FSA for...

Racing the underwriters.(Brief article)
August 7, 2008... Byline: Stefanie Ives Three underwriters from the Manchester-based Lancashire Mortgage Corporation - Saul Brock, Kurtis Phillips and Gareth Wilson - are preparing themselves for a place on the starting grid of the Sucata Run. Three...

It is Safety First for Cofunds as it sets date for next Platform talk.(Brief article)
August 7, 2008... Byline: Stefanie Ives Risk and the performance dynamics of investments will be the subject of the next Platform conference. Risk and the performance dynamics of investments will be the subject of the next Platform conference. Held...

Platform drops packager panel to 16.(Brief article)
August 7, 2008... Byline: Stefanie Ives Platform drops number of business partners on packager panel to 16 members Platform, the intermediary lender of Britannia, has announced it has reduced the number of business partners on its packager panel to 16...

Octopus 'pulls off coup' as top Aim VCT duo join.
August 7, 2008... Byline: Joy Dunbar 'Grandad' of alternative investing Buchanan and Tidbury switch from Close Octopus Investments is to takeover three venture capital trusts worth GBP65m from Close Investments. The deal will see Andrew Buchanan...

T Bailey drops Old Mut mid-cap for Four Active.(Brief article)
August 7, 2008... Byline: Joy Dunbar Move is a result of T Bailey's desire to be out of mid-cap sector T Bailey has added Four's Active UK Equity fund to its Best Ideas fund as it plans to drop the Old Mutual UK Select Mid Cap fund. The fund of...

Friends adds chief exec and interim chief financial officer.
August 7, 2008... Byline: James Redgrave Trevor Matthews has been appointed the new chief executive of Friends Provident while Charles Bellringer has joined as interim chief financial officer. Trevor Matthews has been appointed the new chief executive...

Hodge expands to meet broker demand.
August 7, 2008... Byline: Stefanie Ives Hodge Equity Release is set to expand its sales team as the provider receives high levels of broker enquiries. Hodge Equity Release is set to expand its sales team as the provider receives high levels of broker...

Recession resilient route is right one to follow, claims L&G.
August 7, 2008... Byline: James Redgrave UK Growth trust manager claims that now is the time to be investing in utility and regulated industries Fund managers must continue to resign themselves to taking fewer risks as the market is set to remain...

FSA should pay out over Equitable Life.
August 7, 2008... Byline: Terence O'Halloran Who compensates the compensator? If compensation is due, and it most certainly is, to policyholders with Equitable Life then it is certainly due to those holding maturing endowment policies that are now...

IMA shifts Newton fund to Absolute Return sector.(Brief article)
August 7, 2008... Byline: James Redgrave Sector is the logical home for the fund, claims its distributor Newton's Absolute Intrepid fund has been moved into the Absolute Return sector by the Investment Management Association. The GBP365m fund...

Banking on the baby boom.
August 7, 2008... More babies can only be good for the economy, can't they? Reports that the UK birth rate is at its highest level in 34 years at the same time as one of the worst financial scenarios the country has experienced in recent memory is certainly...

Saxo Bank goes from yellow to gold.
August 7, 2008... Online trader celebrates Tour de France success Online traders who look to Saxo Bank for online trading should not be surprised when they see staff of the investment bank swopping their business attire for brightly coloured yellow jerseys,...

Bright Grey has a tea party.(Brief article)
August 7, 2008... Royal London arm holds tea party to raise money for charity As Insider and Team FA embark on a robust campaign focused on protection, it is always good to be reminded by the kind folks at Bright Grey that besides proper insurance cover...

Brits 'living on the edge' as most only have money for two months.
August 7, 2008... Byline: Joy Dunbar Nine in 10 people have no income protection according to Yorkshire Building Society The savings of an average Briton would only keep them going for 52 days if they were unable to work, according to a report by the...

Rock announces first round of job losses.
August 7, 2008... Byline: Stefanie Ives Voluntary redundancies will number 500 at the Newcastle-based lender Northern Rock is expected to shed around 1300 jobs as its individual redundancy consultation period begins. Around 500 of the losses are...

Annuity providers must do better on literature - FSA.
August 7, 2008... Byline: Stefanie Ives Probe by regulator finds clear room for improvement, especially on the open market option The FSA is warning annuity providers that they must make improvements to ensure pension clients are being treated fairly....

Sesame 'cornerstone' of Friends - Matthews.
August 7, 2008... Byline: Stefanie Ives Friends' new chief executive says January strategy will be carried out Trevor Matthews, the new chief executive of Friends Provident, has pledged to raise the profile of income protection as he added that there...

Norwich Union deal will please all, says Spottiswoode.
August 7, 2008... Byline: James Redgrave Policyholder advocate welcomes 'substantial' offer after the 'long and difficult process' of with profit reattribution Norwich Union policyholders will have secured a good deal if the company's decision to hand...