Financial Advisor articles from December 2007

Financial Advisor archives from December 2007

Supermarkets important for Sipps: Defaqto.(self- invested personal pension)(Brief article)
December 6, 2007... Fund supermarkets are in- creasingly important to the self- invested personal pension market, according to Defaqto. It added that almost half of providers marketing Sipps offered a defined link to fund platforms in their propositions to aid...

Tool sheds light on with profits.
December 6, 2007... Byline: The need to understand the product is needed to meet FSA requirements as Mori poll reveals IFA ignorance There is about AGBP450bn invested in with profits and which is incapable of being advised on, according to Ned Cazalet from...

Park Row to use Intelligent Office.(Park Row Associates using software for business operations)(Brief article)
December 6, 2007... Leeds-based IFA Park Row Associates will introduce front-to-back office software application Intelligent Office for more than 300 of their IFAs. The application is one of IT service IntelliFlo's leading products, with 4600 existing users...

Parents fear their children will not step on to property ladder.
December 6, 2007... About 66 per cent of parents do not see how their children will be able to afford to leave home, according to a survey commissioned by investment trust managers Baillie Gifford. The survey, which was undertaken by specialist research firm...

Pension Act fails to tie in with its EU counterpart.
December 6, 2007... The latest Pension Act is not consistent with European Directives, according to David Seaton from self invested personal pension specialists Rowanmoor. Speaking at the Henry Stewart Sipps conference, Mr Seaton told the conference: "The...

Majority of people turn to friends and family for financial advice.(Brief article)
December 6, 2007... Almost two-thirds of people rely on the advice of family or friends when it comes to financial matters, according to new research unveiled by mortgage lender Birmingham Midshires. The research, which was carried out by YouGov among a...

PPI to look down under for pensions guidance.
December 6, 2007... The Pensions Policy Institute is looking towards New Zealand to find out if Personal Accounts will work in the UK in 2012. In July this year New Zealand launched its auto enrolled pensions scheme KiwiSaver. New Zealand and the UK have...

CGT move adds complexity.
December 6, 2007... Byline: Think tank bemoans lack of consultation over reforms that have created uncertainty The proposed capital gains tax changes have increased their complexity, according to a report by a leading financial services firm. The study...

Environmental issues top list of investors' concerns, says SLI.(survey of environmental management by Standard Life Investments )(Brief article)
December 6, 2007... The latest annual ethical investor survey by Standard Life Investments has revealed that environmental issues continue to top the list of concerns. The study found that eight of the top 10 issues of concern to ethical investors related to...

Rock spotlight now turns to the auditors.(role and management of auditors in Northern Rock PLCs crises)(Brief article)
December 6, 2007... MPs have launched a stinging attack on Northern Rock's auditors for failing to spot funding problems at the crisis-hit bank and making more than AGBP1m in fees from the lender. In the Treasury Select Committee hearing,...

RAM posts strong sales growth despite uncertainty over takeover.(Financial report)
December 6, 2007... It is business as usual at Resolution Asset Management now the deal with Pearl is coming to a close, according to Jonathan Polin, director. He was speaking after RAM posted strong sales growth in the first 10 months of 2007 and the group...

Towergate Partnership launches bid to takeover Broker Network.
December 6, 2007... Insurance intermediary Towergate Partnership has launched a takeover of AIM-listed Broker Network, valuing the company at around AGBP95m. Towergate is embarking on the deal to take advantage of Broker Network's 169 independent brokers,...

Traded endowment policies offer shelter from rising inflation: APMM.
December 6, 2007... Investors should look to traded endowment policies to mitigate the effects of rising inflation, the Association of Policy Market Makers has said. According to the association, investing in TEPs can help to minimise the effects of inflation...

Standard Life opts out of protection market.
December 6, 2007... Byline: Edinburgh-based former mutual points to the intense competitiveness Standard Life has pulled out of the protection market, citing the intense competitiveness in the market. Its retraction from the market comes after it failed...

High arrangement fees may offset rates.(Brief article)
December 6, 2007... High arrangement fees are not all bad news for borrowers, according to a leading mortgage IFA. In response to the findings from eMoneyfacts.co.uk showing that arrangement fees have doubled in the past two years, Annie O'Keeffe, director...

Quarter of firms fail FSA's internet promotion stance.
December 6, 2007... A quarter of financial services firms are still not meeting the FSA's internet financial promotions requirements, the regulator has announced. While this minority failed to sign-post key information on their websites, the regulator was...

New retail products born as Islamic finance grows.
December 6, 2007... Byline: FSA paper highlights expansion of wealth but sees potential difficulties New retail products, alongside the expansion of wealth and asset management services, can be expected as Islamic finance grows in the UK, an FSA study has...

BoE readies Rock fallback plan.
December 6, 2007... Byline: Tripartite partners draw up contingency proposals in event of a property crash as bid race continues The government has drawn up contingency plans in case a crash in the domestic property market interrupts the sale of Northern...

Unclear future for retail market share.
December 6, 2007... It is too early to say whether recent reforms will result in an increased market share for retail Islamic finance products, which have only seen modest growth in the UK, the FSA has cautioned. The regulator said that the size of the Islamic...

Single regulator provides the right climate for growth.
December 6, 2007... A single financial regulator in the UK, the FSA, is one of several reasons why London is seen as a hub for Islamic finance, the regulator claims. In the paper, the FSA said that having a single financial regulator means the complications...

Doubts over definitions for Sharia-compliant products.
December 6, 2007... Conflicts over what particular practices and products are Sharia-compliant are among the specific challenges faced by Islamic finance firms face, the City regulator has identified. The FSA highlighted three main areas of potential...

Insurers call for government alliance.
December 6, 2007... Byline: ABI summit hears long-term care funding needs greater co-operation between the industry and Number 10 The government and the insurance market should come together to find a solution to long-term care funding, according to Paul...

Unum's guide to simplify claims.(UNUM Corp. re-launching its guide to claim group income protection)(Brief article)
December 6, 2007... Disability insurer Unum has re-launched its guide to claiming group income protection that aims to simplify the claims process, explain how it works and make it more straightforward for claimants. It provides an action plan to help...

TCF will lead regulator to keep a watchful eye set on specialist care companies.
December 6, 2007... The FSA's treating customer fairly guidelines could mean that specialist care fees planners may find themselves under more scrutiny than other adviser groups, IFAs were warned at Symponia's winter conference in Surrey. In a presentation by...

Abrupt search on Black and White by FSA and police.
December 6, 2007... The FSA hit sub-prime broker Black and White with a surprise search last week, bringing 10 police officers along, in relation to an allegation about self-certification mortgages. Six FSA officials and police officers swooped at 8am in what...

Bank of England extends facility for emergency funds to new year.
December 6, 2007... The Bank of England will offer a five-week facility for emergency funds to commercial banks until the second week of January, the Bank's governor announced in front of the Treasury Select Committee last week. Mervyn King, governor of the...

Spa ETF's index finds value in financial stocks.
December 6, 2007... Spa ETF, a specialist provider of Exchange Traded Funds, has announced the results of the latest quarterly rebalancing of the MarketGrader 40 index. The systematic overhaul of the index's portfolio, based on the objective review of 24...

IFAs can go head-to-head with private banks in high net-worth.
December 6, 2007... IFAs have a huge opportunity to make inroads into the ultra high net-worth sector in the wake of the RDR, according to experts at IEA private banking conference in Whitehall. More than 400 delegates listened to speakers, including Declan...

An Intelligent quiz with a bonnie prize.
December 6, 2007... To celebrate Intelligent Finance's seventh anniversary, FA is offering a joint competition. The first correct entry to the questions below, will get a weekend break in Scotland at the prestigious Scotsman Hotel, courtesy of Intelligent...

ETFs likely to grow as advisers shift to fee-based pay structures.
December 6, 2007... Exchange traded funds should be prioritised over mutual funds and equities and will grow in popularity as advisers move to fees, according to the vice-president of Barclays Global Investors. In what amounted to a damning indictment of the...

A brave new world of hedge funds for IFAs.
December 6, 2007... Byline: European financial services legislation provides opportunities for the savvy Sweeping new European financial services legislation means that savvy financial advisers targeting very high net-worth clients can take business away from...

IT spending increase for asset management firms.
December 6, 2007... Byline: Datamonitor study reveals fund firms' front-office costs are on the rise Asset managers are being forced to invest in new technology in the search for profits in an increasingly competitive market, analysts have revealed. In...

More FSA handbooks expected next year.
December 6, 2007... The upheaval of the impact of sweeping European financial services regulation looks set to continue with further FSA policy documents expected in 2008, according to city law firm Eversheds. The Markets in Financial Instruments Directive...

Pensions providers urged to update longevity models.
December 6, 2007... The government and pension funds could be facing an even greater pensions burden than previously calculated, as new figures show that British men could live 12 years longer than currently predicted. A new model for forecasting mortality...

IF savers get 626% return.
December 6, 2007... Byline: Higher-rate taxpayers with offset mortgages from Intelligent Finance have had the upper hand Higher rate taxpayers could have received a whopping 626 per cent return on their offset savings over the past seven years, with the...

Prudential outsourcing to Capita is set to affect 3000 positions.
December 6, 2007... Life and pensions provider Prudential will outsource 3000 jobs to back-office operator Capita in a bid to achieve its overall savings target of AGBP195m a year by the end of 2010. The proposed 15-year agreement, which is believed to have...

Experts argue against means-tested pensions.
December 6, 2007... Disregarding some pension savings when assessing means-tested benefits, is part of the solution to encouraging working people to save more for their retirement, according to experts. Experts have routinely slammed means-tested benefits as a...

City buys funds from North.
December 6, 2007... Byline: John Husselbee stays at the helm of the two new additions that signal commitment to sector City Financial Investment Company has bought two multi-manager funds from Neptune Investment Management. City Financial said that the...

The countdown is on to join the challenge.
December 6, 2007... With only 10 days to go before registration ends for the Fantasy Fund Manager game, in association with JPMorgan, the numbers are still rolling in. As of Monday there have been 2700 intermediaries who have uploaded their portfolio -...

New Star funds reveal strong performance across the board.
December 6, 2007... New Star's active, tactical, balanced and managed multi-manager are all first quartile in their respective Investment Managers Association sectors over three months, six months, one year, three years and five years. The funds of funds are...

Fortis enhances operation with move to central research tool.(Fortis Investment Management N.V./S.A.)
December 6, 2007... Fortis Investments has boosted its multi-manager operation with a new tool to enable the investment team to store research in one central database. The new database tool is intended to store qualitative and quantitative research in one...

Potter and Burdett yields among leaders.(Thames River Distribution fund)(Brief article)
December 6, 2007... The new multi-manager portfolios run by Gary Potter and Rob Burdett, are offering one of the highest estimated yields in the cautious managed sector at 6 per cent compared with the sector average of 2.5 per cent. The Thames River...

Morley expands its specialist product team with various appointments.
December 6, 2007... Byline: Ian Andrew takes over Nationwide sales department in the New Year Nationwide Building Society has announced the appointment of Ian Andrew to head of sales for their prime intermediary business, with effect from 2 January 2008. ...

We are now the safest bet in sector: Paragon.
December 6, 2007... Byline: Buy-to-let lender also lays large portion of blame at the door of the tripartite The managing director of buy-to-let lender Paragon has hit out at the tripartite system of regulators for not doing more to increase liquidity. ...

FSA steps up a gear in terms of retail review.
December 6, 2007... The FSA's timetable for publishing feedback on the retail distribution review has been brought forward. An interim paper will be delivered in April, with full implementation plans in October. Originally the FSA planned to report back in...

Funding gap could reach AGBP30bn in 2008, warns CML.
December 6, 2007... The shortfall of cash to fund home loans in 2008 could be as great as AGBP30bn, the Council of Mortgage Lenders has warned. Kicking off the CML's seventh annual conference on Tuesday, the industry body revealed its calculations showed...

Catching up on some surfing.
December 6, 2007... About 10 years ago I asked a newsdesk to investigate a report that some websites were selling financial products without regulation. A reporter duly contacted the regulator's press officer. He scoffed at the notion that large numbers of people...

Treading carefully.
December 6, 2007... There is an emerging powerful chorus calling for a rate cut to stimulate consumer spending as the economy heads for a slowdown. Two big hitters have added their voices to the background noise. Patrick Minford and Tim Congdon are two of the...

Tipped over the edge.
December 6, 2007... As the credit crunch deepens and banks and other financial institutions battle to recover from their exposure to bad debt, the City regulator and the financial ombudsman service must be vigilant that the principle of treating customers fairly...

Sector shrinks as mergers grow.
December 6, 2007... Byline: Adviser takeover and merger activity gathers pace as two City firms unite and Towry Law continues to expand The consolidation in the IFA sector carried on at breakneck speed last week with two City IFA firms merging, while Towry Law...

Still haven't found what I'm looking for.(law of financial services)
December 6, 2007... Valuable advice It is incredible that almost 20 years after the Financial Services Act came into force we are still arguing about the best way to handle financial advice and sales. The crux of the problem is that for many in the...

Close monitor.
December 6, 2007... At the recent Aifa dinner, Hector Sants said that as far as small retail firms were concerned the FSA "sought to have sufficient contact and appropriate data collection systems to ensure all those who are wilfully trying to evade our...

The first step is to see the problem.(management of customers of financial services)(Viewpoint essay)
December 6, 2007... At a fine bar some years ago, I sat with Michael Angelo and while chatting about the great job he did papering the ceiling of the Sistine chapel, I asked how he made such a wonderful horse sculpture out of a huge lump of marble. As he...

Pickering's poetic peacefulness.
December 6, 2007... Everyone has to have a hobby and for Alan Pickering, the national development manager of Foster Denovo, it is writing poetry. While others pass their spare hours at the golf course or supping drinks at the cricket ground, Mr Pickering likes...

Avoiding festive nasties while doing some surfing.
December 6, 2007... Are the days of the high street well and truly numbered? APACS, the UK payments association claims that UK consumers are due to spend more than AGBP5bn through online shopping. However, it does not go on to say what we are likely to...

Know to strike the right balance.
December 6, 2007... Byline: The financial sector investment prospects are much discussed, but what is the real potential for the near future? Given the sub-prime issues and the situation at Northern Rock and other banks being very much to the fore, the...

Creating the winning combination.
December 6, 2007... Picking the right team can be an absolute nightmare just ask Steve McClaren. The England boss was given his marching orders after the national side failed to qualify for next year's European Championships in Austria and Switzerland. ...

Don't keep the faith.
December 6, 2007... Byline: Re-evaluating the current pension situation does not seem to be in the government's immediate agenda Pension reform, like the poor, will always be with us it seems. Pension Acts heralding fundamental changes to our pension system...

It's time to come in this ole house from the rain.
December 6, 2007... Byline: The latest market fluctuations might indicate that the property prices are indeed on the fall after a long time Wales' answer to Elvis Presley was Shakin' Stevens. Who remembers Shaky's 1981 classic - This 'Ole House? No? Well...

The sand castles that were not meant to be.
December 6, 2007... Recent reports of government plans to demolish 'illegal' holiday developments along a large stretch of the Spanish coastline have led to a great deal of concern, particularly from UK-based owners of Spanish property. However, despite this...

Small IFAs already seeking refuge from impact of RDR, claims Thinc.
December 6, 2007... Financial advisers from small firms are already seeking the refuge afforded by larger firms in advance of changes anticipated as a result of the FSA's retail distribution review, according to a director of the Thinc Group. Jon Everill,...

There's a new sheriff in the town.
December 6, 2007... Byline: Firms are called to seriously consider the MiFID rebalanced Cobs rules and their intended outcomes Readers of Financial Adviser will be aware of the changes to FSA requirements that came into effect on 1 November. The new FSA...

It is a diamond in the rough.
December 6, 2007... Byline: South Africa is a country of stark contrasts and as a result it now boasts a cutting edge industry The South African financial services market is probably unique. With 50 per cent of its population below the poverty line - the UK...

Legal & General stretches an arm to offshore options.(Legal and General Group PLC)
December 6, 2007... UK financial advisers will have new offshore investment options with the launch of Legal & General's recently created offshore arm.David Fagan, chief executive of Legal & General International (Ireland), said the launch of LGII has taken a...

New Products and what We think of them...
December 6, 2007... Mortgages fixed-rate mortgages Newcastle building society Type: Fixed-rate mortgage. Description: The product range includes three fixed-rate mortgages at 'best buy' rates at 5.45 per cent fixed for two years, 5.35 per cent...

Need An Adviser launches low cost compliance portal for IFAs.
December 6, 2007... Byline: Staffordshire-based IFA launches compliance help and documents website in a move to 'treat advisers fairly' An internet portal that offers cut price compliance documents, such as TCF templates, pre- and post-MiFID complaints...

Self-employed remain upbeat - Kensington.
December 6, 2007... The Bank of England's downward revision of its growth expectations for 2008 has done little to dampen the confidence of the self-employed, according to Kensington Mortgages. Growth projections for 2008 have been downgraded from 2.8 per...

Wizard Learning website taps into FSA competence.
December 6, 2007... Intermediary firms can easily and cost-effectively fulfil FSA competence requirements by giving their employees online tests with software developed by chartered financial planner Mike Goldsmith. Mr Goldsmith's company Wizard Learning has...

Google box 'will keep visitors on your site'.(Brief article)
December 6, 2007... Firms could be losing potential clients from their website due to the lack of a search box facility, Google claims. Google made the announcement as it urged small firms to incorporate Google Custom Search into their website. It said firms...

Bringing down the barriers in business.
December 6, 2007... You have identified your target. The financial due diligence has confirmed that the target is strong and profitable. The legal due diligence has revealed no skeletons in the target's cupboard. The purchase price has been agreed at an...

Dealing with internal affairs.
December 6, 2007... Q: An employee of mine is a sales representative and covers a wide range of company locations across the UK. As travel, accommodation and dining clients are part of his job responsibilities he is allowed to claim for these through company...

Mortgage field is not exempt from impact of review: FSA.
December 6, 2007... Although the retail distribution review does not directly relate to mortgages its impact in the sector will be far reaching, according to the director of the small firms division for the FSA. Stephen Bland said: "If we achieve this, and yet...

Feels like you've hit the jackpot.(Diary entry)
December 6, 2007... Monday I made an early start as usual and was working hard on my plans for the week ahead. I usually plan for a couple of weeks ahead and my day consists of pre-booked appointments, time for administration and research and planning. ...

RDR Review: Once broken, trust can be hard to mend.
December 6, 2007... Byline: Steps towards the evolution of the sector are always welcomed Towry Law is fully behind the efforts of the FSA to improve the integrity of the financial advisory industry and the retail distribution review is an important element...

RDR Review: Time to see how far the rabbit hole goes.(retail distribution review)
December 6, 2007... In the Wizard of Oz, Dorothy came to a crossroad and was stuck as to which road to take. The strawman, gave some very sage advice, saying if she did not know where she wanted to go, either direction would be fine. In business, as so often in...

RDR Review: Stepping up to the challenge.(retail distribution review)
December 6, 2007... Before the Christmas rush, with the industry focusing on the December 31 deadline for responses to the RDR discussion paper, it is worth reflecting on the business benefits of creating a step change in professional standards. Clients will...

RDR Review: Taking our first steps in creating something new.
December 6, 2007... The year 2007 will be remembered as the year Gordon Brown finally achieved his ambition of getting the keys to No 10 and the UK almost had another Formula One champion. But it is up to all of us to determine whether it will also be remembered...

RDR Review: It is about speaking as one.
December 6, 2007... Byline: The roundtable event hosted by Financial Adviser opened up a great debate on the RDR proposals The FSA published its discussion paper on the retail distribution review in June, triggering debate and consultation. It looks to address...

RDR Review: Time to close the gap in the market.
December 6, 2007... Byline: Proposed minimum qualifications should be a welcome improvement The retail distribution review has caused possibly more controversy and generated more blog activity than any other consultation paper the FSA has previously issued....

RDR Review: Commission omission.(retail distribution review)
December 6, 2007... Byline: A key RDR challenge is to bury commissions for good through the use of customer agreed remuneration The RDR could be a step towards burying commission for good. It implies that commission causes bad advice - that the temptation for...

York BS revamps its HomeBuy deal.
December 6, 2007... Byline: Building society increases equity loan to 32.5 per cent Yorkshire Building Society has revamped its Open Market HomeBuy scheme, increasing the equity loan to 32.5 per cent. The product, which forms part of the government...

Mortgage Alliance picks Whitehouse for IFA drive.
December 6, 2007... Phil Whitehouse has become head of The Mortgage Alliance. The former business opportunities manager for Pink Home Loans will be develop The Mortgage Alliance's proposition in the IFA market. Speaking in an interview with Financial...

Life and pension firms set to feel the squeeze.
December 6, 2007... Byline: Conference hears sector will lose AGBP25bn in five years due to consolidation The future of life and pensions offices is hanging in the balance as unprecedented consolidation and new financial engineering bring about rapid change,...

Inflation crucial to children's saving schemes.
December 6, 2007... A AGBP100 lump sum put in the average investment company has grown to AGBP536 over 18 years, according to the Association of Investment Companies. Annabel Brodie-Smith, communications director for the AIC, commenting on its children's...