Financial Advisor articles from December 2008

Financial Advisor archives from December 2008

FSA warns lenders to keep it fair and simple.
December 4, 2008... Byline: David Pawsey Mortgage lenders have been warned by the FSA that they must not make the terms of their tracker deals unfair as the base rate falls. Jon Pain, managing director of retail markets for the FSA, said while tracker...

Cofunds looks to make job cuts.
December 4, 2008... Byline: Joy Dunbar Up to 12 people will be made redundant at investment platform Cofunds in the latest round of job cuts to hit the City. Alistair Conway, marketing and proposition director of Cofunds, said about 10 to 12 people would...

Clifford steps down from Mortgageforce.(Rob Clifford stepped down from Mortgageforce)(appointment of Kevin Duffy )(Brief article)
December 4, 2008... Byline: Catherine Couch Rob Clifford stepped down from his position as chief executive of Mortgageforce yesterday (3 December), with Kevin Duffy taking over as managing director. Mr Clifford led the company from its inception eight...

RBS committed to IFAs despite gov't control.(RBS Intermediary Partners )(Brief article)
December 4, 2008... Byline: Catherine Couch RBS Intermediary Partners will remain committed to its programme of service enhancements despite the group becoming majority-owned by the government, according to Chris Pearson. Mr Pearson, director of...

RBS is showing the way.
December 4, 2008... Byline: Hal Austin Leader Royal Bank of Scotland has taken a lead on its rivals and extended to six months the period of grace for borrowers who have fallen behind on their mortgages. At the same time, the FSA has sent a Dear...

Home reports offer little that's useful.(Brief article)
December 4, 2008... Byline: Hal Austin Leader People in Scotland are right to be concerned about the so-called home reports, now being introduced for every house sale north of the border. To describe the unnecessary and meaningless reports as...

Gross mortgage lending continues slide.(Brief article)
December 4, 2008... Byline: Joy Dunbar Gross mortgage lending by building societies has declined by 30 per cent in a year, according to the Building Societies Association. Gross mortgage lending by building societies was GBP3.2bn in October, a decline of...

FSCS to guarantee London Scottish deposits.
December 4, 2008... Byline: David Pawsey Depositors in London Scottish Bank plc with funds in excess of GBP50,000 will have all savings with the bank protected, according to the Treasury. Last week, the FSA announced it was preventing the bank from...

Exact website comes on stream.(Website overview)
December 4, 2008... Byline: David Pawsey Exact has launched a new website detailing the full range of services it is providing to companies that hold mortgages on their balance sheet or purchase mortgage assets on the secondary markets. The business was...

Networks under fire for warning advisers off claims management firm.
December 4, 2008... Byline: James Redgrave Intrinsic Financial Services and Personal Touch Financial Services have been criticised by their members for trying to discourage the use of claims management companies. The two networks sent out letters to...

Pada looks to set up panel for annuities sourcing.
December 4, 2008... Byline: James Redgrave Retirees with pots of just GBP2000 would have access to annuities from a panel of providers approved by Personal Accounts Delivery Authority, if plans outlined by the body go ahead. Pada published a consultation...

Aged 75 rule to be challenged in the courts.
December 4, 2008... Byline: Joy Dunbar The aged 75 rule for annuitisation is set to be challenged through the courts on the grounds it is an unfair tax based on age. Robert Morfee, partner at Bristol-based law firm Clarke Willmott, said he had some...

Advisers concerned by DWP's lack of clarity.(Brief article)
December 4, 2008... Byline: Joy Dunbar The department for work and pensions' failure to clarify pension proportionality rules more than a month after experts raised concerns is making advisers worried about this type of business, according to Positive...

Defaqto sees too many Sipps in the market.
December 4, 2008... Byline: Joy Dunbar There is an unsustainable number of self-invested personal pension providers in the market that may not be able to survive the credit crunch, warned Defaqto. At the Henry Stewart Sipp conference, Matt Ward, principal...

New Star seeks lenders to swap debt for equity.
December 4, 2008... Byline: Catherine Couch Troubles at New Star rumbled on with the asset manager entering into urgent negotiations with banks about debt-for-equity swap. The asset manager, led by John Duffield, saw its share price plunge by nearly 43...

Capital adequacy proposals 'may see sector shrink'.
December 4, 2008... Byline: Catherine Couch The FSA's plans to increase the amount of capital intermediaries must hold could see advisers reconsidering their authorisation with the regulator, according to the Association of IFAs. Just days after the...

Mumbai attacks cause 'minimal' disruption.
December 4, 2008... Byline: James Redgrave Advisers were relatively unaffected by the turmoil in Mumbai despite some outsourced staff being unable to get into work as a result of the terrorist attacks, Capita and Prudential claimed. Offices in Mumbai...

Lord Lipsey resigns consumer panel chair.
December 4, 2008... Byline: James Redgrave The FSA made Lord Lipsey's job as head of its consumer panel clear when he was offered it, the regulator has said, following his resignation on Friday. The former consumer panel chairman stepped down last week,...

'United front' bends government's Pension Bill plans.
December 4, 2008... Byline: James Redgrave & Joy Dunbar Legal & General revealed the government was persuaded to allow employers to self-certify their schemes as suitable for automatic enrolment, after industry bodies met with ministers. As the Pensions...

Standard Life appoints Scott to head distribution development.
December 4, 2008... Byline: Emma Ann Hughes People on the move Main Move Standard Life has hired David Scott as head of distribution development. Based in Edinburgh and reporting to Stephen Ingledew, distribution strategy director, he will lead the...

FSA spotlight stays on mortgage advisers.
December 4, 2008... Byline: Catherine Couch The FSA has set a deadline of 31 January 2009 for all mortgage lenders and administrators to ensure customers facing arrears are being treated fairly. This is the second time a letter has been written by the...

UK domicile funds fall 30 per cent in a year.(Brief article)
December 4, 2008... Byline: James Redgrave Assets under management in UK domiciled funds were GBP338.9bn in October, 30 per cent less than in the same month last year, Investment Management Association figures revealed. The figure also represented a net...

RDR qualification requirements might 'force out' older advisers.
December 4, 2008... Byline: James Redgrave The FSA must be careful not to force advisers out of the industry through overly strict qualifications requirements, warned the director of London-based Phoenix Wealth Management. During a panel debate at the...

Sesame CEO urges industry to learn from its mistakes.
December 4, 2008... Byline: James Redgrave The chain of bad judgements at all levels of the industry, which led to the financial crisis, must be prevented in future, according to Sesame. Ivan Martin, executive chairman of Sesame, said the economic crisis...

Tough year ahead shrouds potential opportunities.(Brief article)
December 4, 2008... Byline: James Redgrave The end of the financial world is not nigh, according to Otto Thoresen, chief executive of Aegon UK and deputy chairman of the Association of British Insurers. At the annual Sesame Symposium last week, Mr...

Last train to the future advice landscape leaves in 4 years' time.
December 4, 2008... Byline: Steve Billingham Retail distribution review feedback statement - It's Game on So has all the waiting been worth it? Furthermore, were the endless predictions and column inches accurate or are there any surprises lurking in the...

Bank nationalisation raises questions about subsidy for Personal Accounts.
December 4, 2008... Byline: Joy Dunbar The part nationalisation of banks has raised questions about whether Personal Accounts should be subsidised by the government, according to Standard Life. John Lawson, the head of pension policy at Edinburgh-based...

Early access to pension funds belongs on electoral agenda, says L&G.
December 4, 2008... Byline: Joy Dunbar Early access to pension funds before investors reach retirement age should be debated at the next general election, according to Adrian Boulding, wealth policy director for Legal & General. At the first Tax...

Park Row sticks to its guns on buy-outs.
December 4, 2008... Byline: Emma Ann Hughes Park Row bosses claim to have confounded critics of practice buy-out schemes by managing to maintain its cash promise to snap up intermediary businesses even during the credit crunch. Back in 2006, Park Row...

Pensions reform should be 'more relevant': Altmann.
December 4, 2008... Byline: Joy Dunbar Pensions reform alone cannot solve a looming pension crisis caused by the baby boomer effect, according to Dr Ros Altmann. A flat-rate and fair to all state pension - along with changes to allow lifetime savings to...

Bowe faces outcry over failed complaints long-stop plans.
December 4, 2008... Byline: James Redgrave Amanda Bowe was heckled by Sesame members after she admitted she tried and failed to find a place for a long-stop for complaints against IFAs. Ms Bowe, who stepped down as head of the retail distribution review...

Equitable Life board puts sales process on hold.
December 4, 2008... Byline: Catherine Couch Equitable Life has announced it has put its sale process on hold and will now focus on a stable and secure run-off. The mutual life assurer had invited third parties to make proposals for the business during...

Standard Life unveils online Wrap support tool.(Website overview)
December 4, 2008... Byline: Catherine Couch A dedicated online resource for advisers getting to grips with wraps has been launched by Standard Life. The new website, WrapZone, provides a comprehensive support service to help advisers make the most of the...

Taking out the garbage.
December 4, 2008... Byline: Peter Bennet With many thousands of customers who have been issued inappropriate products, the RDR should set forth and clean up the mess in order for the public to start paying attention again When I turned the radio on, on...

Fidelity's Wealthbuilder lacking experience, says Morningstar.(Brief article)
December 4, 2008... Byline: Joy Dunbar The departure of fund management staff Fidelity and the "limited experience" of UK fund managers is hurting the overall appeal of multi-manager fund Wealthbuilder, according to Morningstar. Tom Whitelaw, an analyst...

Academy to straighten out adviser talent.
December 4, 2008... Byline: Catherine Couch Two former Zurich directors have set up Financial Advice Academy aimed at developing the next generation of advisers. The academy, which was launched last week, will recruit, train and mentor recruits with the...

Hartford to make inroads in protection market.
December 4, 2008... Byline: Emma Ann Hughes The Hartford has unveiled plans to move more into the insurance market and challenge the likes of Standard Life and Aegon in 2009. Michael Rudge, managing director of the UK branch of The Hartford, said he was...

CGT changes unlikely to impact bond market.
December 4, 2008... Byline: Emma Ann Hughes The investment bond market is still likely to be worth GBP12bn this year despite capital gains tax changes, according to MetLife. Dominic Grinstead, strategic development and marketing director of MetLife, said...

Catwalk to Leeds.(Brief article)
December 4, 2008... Byline: Emma Ann Hughes Catwalk skills helped Leeds Building Society raise more than GBP2800 with a charity fashion show for Marie Curie Cancer Care. The models were Leeds Building Society staff, with the clothes on loan from Gap,...

Kensington's Giles takes redundancy.
December 4, 2008... Byline: Catherine Couch Ian Giles, director of marketing and communications for Kensington, is to leave the company following a programme of restructuring and redundancies at the lender. Giles said he will leave the company at...

Northern Rock reveals 6-month repossession policy.(Brief article)
December 4, 2008... Byline: David Pawsey Northern Rock has announced it will not take possession of its customers property until they have fallen into six months arrears. In a "formalisation" of its policy the lender confirmed its existing debt management...

Competition encourages advisers to get to know their BDM.
December 4, 2008... Byline: Catherine Couch The Mortgage Works has launched a new campaign to encourage advisers to get to know their business development manager (BDM). The lender is encouraging advisers who are not currently in touch with their BDM to...

PADA considers panel to help those with small pension pots.
December 4, 2008... Byline: James Redgrave The Personal Accounts Delivery Authority (PADA) hopes to set up a panel of providers to help out members with small retirement pots. The proposals were mooted in its decumulation report published today (2...

UKLA denies New Star's suspension request.
December 4, 2008... Byline: Catherine Couch and Gemma Westacott New Star Asset Management has had a request to temporarily suspend trading of its shares rejected this morning (1 December). The asset manager had made the request to temporarily halt trading...

Rob Clifford stands down from helm of Mortgageforce.(Brief article)
December 4, 2008... Byline: Catherine Couch Rob Clifford has stepped down from his position as chief executive of Mortgageforce. Clifford led the company from its inception eight years ago to its current position as the UK's largest mortgage broking...

Buckles acquires Cheshire-based Highgrove Investments.
December 4, 2008... Byline: Catherine Couch IFA firm Buckles Investment Services has acquired Cheshire-based Highgrove Investments for an undisclosed cash sum. Malcolm Fish, principal of Highgrove Investments, is to retire and leave the financial services...

Exact reveals range of services.(Website overview)
December 4, 2008... Byline: David Pawsey Mortgage service provider Exact has revealed the full range of services on offer through its new website. The new company, launched by Alan Cleary, former managing director of Edeus, will focus on providing...

London Scottish Bank enters administration.
December 4, 2008... Byline: Emma Ann Hughes London Scottish Bank was placed in administration and prevented from accepting further deposits yesterday (Sunday 30 November) evening. The Financial Services Authority (FSA) issued a statement this morning (1...

Lord Lipsey resigns following clash over direction of FSCP.
December 4, 2008... Byline: Emma Ann Hughes Lord David Lipsey has resigned as chairman of Financial Services Consumer Panel (FSCP) following a clash with the regulator over the direction of the customer body. Adair Turner, chairman of the FSA, said in...

Lenders face renewed January deadline for TCF on arrears.
December 4, 2008... Byline: Catherine Couch The Financial Services Authority (FSA) has set a deadline of 31 January for all mortgage lenders and administrators to ensure that their customers facing arrears are being treated fairly. This is the second time...

FSA consults on plans to raise capital requirements.
December 4, 2008... Byline: Emma Ann Hughes The Financial Services Authority's (FSA's) has confirmed plans to increase the amount of capital intermediaries must hold, unveiling plans to base the amount on firms' three-month expenditure costs. The FSA...

Equitable Life puts sale process on hold.
December 4, 2008... Byline: Catherine Couch Equitable Life has announced it has put its sale process on hold and will now focus on a stable and secure run-off. The mutual life assurer had invited third parties to make proposals for the business during...

Phoenix from the flames.
December 4, 2008... Byline: Philip Ryley Out of the ashes The subject of phoenix firms formed part of a speech by Lesley Titcomb, director of small firms for the FSA when she spoke recently at the Mortgage Business Expo. As the economic shift bites and...

Perspective looks to 'marginalise' insurance firms.
December 4, 2008... Byline: Catherine Couch Perspective Financial Group Ltd has unveiled its growth plans as well as its initiative to marginalise insurance companies by offering its own products. The consolidation vehicle for IFA firms has just made a...

Mystery Shopper Colchester.
December 4, 2008... Byline: Girlie Garduce The mystery shopper descends on Colchester this week to find out about annuities. This week, the shopper is enquiring about annuities. Calling on behalf of her mum - who has paid around GBP600 a year into a...

Stroud & Swindon to improve point-of-sale system.(Brief article)
December 4, 2008... Byline: Emma Ann Hughes Stroud & Swindon Building Society is implementing a point-of-sale mortgage technology system to increase the speed and efficiency that customers and mortgage advisers receive decisions. N4 Solutions has been...

Taking the bull by the horns.
December 4, 2008... Byline: Maggie Craig Delivery of the FSA's retail distribution review offers the financial services industry an opportunity to reform adviser remuneration, improve consumer access to advice and lift professional standards The FSA's...

Nothing comes for free.
December 4, 2008... Byline: Andrew Fischer The RDR's consultation process has produced proposals that will enable new business models to develop and a better service to consumers will be the end result "We have at present a business model which is based...

You've got mail.
December 4, 2008... Byline: Peter Done Get your head around a workplace email policy Q: I am thinking about introducing an email policy and want to know what to take into consideration when drafting the policy as well as outlining what information...

MPL's Portsmouth purchase raises eyebrows.
December 4, 2008... Byline: James Redgrave Managing Partners Limited's decision to add to its British Opportunities Property fund has raised eyebrows at Hargreaves Lansdown. The fund managers have bought up 18 residential properties in Portsmouth, with a...

GE Money trims intermediary numbers to 150.
December 4, 2008... Byline: Catherine Couch GE Money Home Lending has reduced the number of intermediaries it works with to 150 due to ongoing difficult market conditions. A statement from the lender said: "The economic environment remains challenging for...

US banks offer bottom fishing opportunity, says Henderson.
December 4, 2008... Byline: Catherine Couch US banks could present a good investment opportunity once the housing market has stopped its decline, according to Henderson Global Investors. Bill McQuaker, head of multi-manager for Henderson Global...

Pink shows crunch at fault for BTL sales drop.
December 4, 2008... Byline: Catherine Couch Almost three quarters of mortgage advisers believe the demand for buy-to-let products has decreased since the credit crunch began, according to a survey by Pink Home Loans. The survey revealed just 11 per cent...

Wizard unveils RDR qualification presentation online.
December 4, 2008... Byline: Catherine Couch Wizard Learning has launched an online audiovisual presentation to simplify the relevant qualification aspects of the FSA's retail distribution review. The online financial learning exam training and support...

Skandia replaces Schroders with M&G.
December 4, 2008... Byline: James Redgrave Skandia Investment Group has replaced the Schroder Strategic Bond fund with M&G's Optimal Income fund on its UK Fixed Interest Blend and UK Fixed Interest Bond funds. The move follows the departure Bob Michele, fund...

Rayner multi-manager guide targets advisers.(Brief article)
December 4, 2008... Byline: James Redgrave Researchers Rayner Spencer Mills have produced a guide that looks at the issues affecting the selection of multi-manager funds. The 20-page document recommends 25 funds from 12 companies and five IMA sectors...

Guarding against nothing.
December 4, 2008... Byline: Peter McGahan Mortgage protection and payment protection insurance has had its bad press, especially with the bout of mis-sellling that it was involved in. Mortgage protection and payment protection insurance has had its bad...

The big gamble.
December 4, 2008... Byline: Brian Murphy With the pre-Budget report details now in the open, the chancellor's tactics to stabilise the economy are known. The question is, is his approach the right one? When Vivian Nicholson won over GBP150,000 on the...

Guaranteed pension annuity aims to open up Hodge Lifetime OMO.
December 4, 2008... Byline: Girlie Garduce Simple guaranteed pension annuity added to Hodge Lifetime's bow Hodge Lifetime, which launched earlier this month as the new brand for Hodge Equity Release, has announced the launch of a guaranteed pension...

Welcome to the 21st Century.
December 4, 2008... Byline: Jon Finn For some time now, adviser firms have been getting increasingly mobile by working on the go or from their homes, and the technology that is required for this to be made possible is readily available for any company that...

Courage under fire.
December 4, 2008... Byline: Peter Hicks Now is the time for advisers to show their clients they are close to the action That 20 of the world's leaders have jointly pledged measures to combat this and future financial crises at the recent G20 meeting, is...

PMS launches two year fixed rate mortgage.
December 4, 2008... Byline: Girlie Garduce Product review Premier Mortgage Service Type: Two-year fixed rate mortgage Description: Premier Mortgage Service has teamed up with Hinckley & Rugby Building Society to launch a two-year fixed rate...

A helping hand this Christmas.(Brief article)
December 4, 2008... Byline: Emma Ann Hughes Former Emmerdale actress Georgia Slowe and The Office favourite Ewen MacIntosh have been reaching for the stars and supporting the launch of Yorkshire Building Society's 2008 Christmas fundraising appeal. The...

What people cannot deal with is volatility - of not knowing where they stand.
December 4, 2008... Byline: Girlie Garduce Ann Roughead, managing director for LV= Asset Management speaks to Girlie Garduce about why being boring fares better in the current market and how an inward approach to investment has now put the firm on a...

IFAs riddle NU requests with errors.
December 4, 2008... Byline: James Redgrave About 285,000 inaccurate valuation requests have been made by IFAs to Norwich Union during the year to the end of October, resulting in clients being unable to receive product information. This is according to...

Cleaning up their act.
December 4, 2008... Byline: Suzanne Cox Suzanne Cox's days in the Billingham-based IFA, Carterbar, are spent by giving out financial advice to clients and professional advice to fellow colleagues while she irons out the details of the firm's latest...

TMA uses Abbey funding for fixed rate product.
December 4, 2008... Byline: Maike Currie Product review The Mortgage Alliance Type: Two-year fixed rate Description: The Mortgage Alliance has today launched a two-year semi-exclusive fixed rate mortgage funded by Abbey for Intermediaries. ...

PMS gets hybrid remortgage offers out.
December 4, 2008... Byline: Maike Currie Product review PMS Re-mortgage Type: Fixed and tracker hybrid products Description: PMS has launched four remortgage exclusives for the DA channel with Woolwich. They are an extension of the Woolwich...

Speaking in riddles.
December 4, 2008... Byline: Harry Katz Letter From the back page of your 6 November edition, I see that the FSA has refuted claims that it has adopted double standards and I confess to be as confused as Daniel. I am sure many of us are anxious to...

Flashback to the future.(Brief article)
December 4, 2008... Byline: Chris Turpie Letter of the Week Sesame Demands Complaint Cut Off (FA, 13 November). The headline reminded me of a story I used to tell when on a compliance visit. It went something like this: "I reckon one day, some TV...

Time to stop burning money.
December 4, 2008... Byline: Steve Billingham Letter Norwich Union's recent move to reduce commission on investment bonds by 1 per cent is, make no mistake, the start of a trend. Providers have been saying for some time that current levels of commission,...

It's all in the name.(Brief article)
December 4, 2008... Byline: Insider Insider Insider is happy to report that Financial Adviser's decision to name its Alliance & Leicester's annual Christmas pub quiz team "Sweet FA" meant that while we failed to scoop a prize for our intellectual...

What's cooking?
December 4, 2008... Byline: Insider Insider While the financial sector might be reeling, the pound plummeting and share prices nose-diving, it seems that when it comes to the matter of being a celebrity chef, things are very much business as usual - or...

I'm here to fix the plumbing.
December 4, 2008... Byline: Insider Something stinks Seems the smell left by the collapse of the UK banking system, is simply a matter of, ahem, getting the plumbing right. That is, if you ask Dennis Turner, chief economist of HSBC Bank, who at the...