Financial Advisor articles from February 2007

Financial Advisor archives from February 2007

Multi-ties courting IFAs with cash deals.(Institute of Financial Accountants)
February 1, 2007... Byline: Adviser claims enhanced commission rates given for promoting providers MULTI-TIES IFAs are being offered cash as a lure to operate from a multi-tied panel. These golden handshake offers can result in advisers receiving up...

NU rejects U-turn accusations on India call centre programme.
February 1, 2007... Norwich Union has defended its India-based call centres after press reports that it reversed its overseas outsourcing programme. James Evans, director of media relations for NU, said 150 call centre jobs had been repatriated to the UK since...

Defaqto aims for CCL integration.
February 1, 2007... The latest release from CCL enhances Defaqto's product research system for financial advisers when integrated, according to the back office software supplier. Defaqto's Aequos Engage was launched in May last year and is specifically...

'Baby wraps' boom due: Nucleus.
February 1, 2007... Byline: Adviser-led wrap confident UK will emulate Australia with IFAs leading in making most of platform expansion wraps The development of "baby wraps" will bring wraps into the mainstream within the next three or four years, an...

Siml finds successor as Durrant moves on.
February 1, 2007... Skandia Investment Management limited has announced that James Millard will succeed Alan Durrant as chief investment officer when he steps down later this year. Mr Durrant, who has been CIO with Siml for the past three years, has accepted...

Stroud mortgage portal deal set to improve KFI efficiency.(Stroud & Swindon Building Society)(key-facts illustrations)(Brief article)
February 1, 2007... Stroud & Swindon Building Society has announced it has purchased TietoEnator's mortgage sales portal. The building society admits that it has been struggling in the issuance of key-facts illustrations, which it said did take up to 24 hours...

Strong results for pension sales.(Financial report)
February 1, 2007... Byline: St James's Place, Jelf Group and Royal London all reported profit boosts in pension sales and new business last year Pensions Strong pensions business sent St James' Place's annual sales rocketing last year, rising 58 per cent...

Which? Money takes on personal finance.
February 1, 2007... Consumer watchdog Which? has launched a personal finance magazine called Which? Money. The opening issue leads with research showing that more than a third of pensioners do not know if they will have enough to live on in retirement. ...

Fund managers need an active secondary market, claims AIC.
February 1, 2007... A more active secondary market is the number one concern for fund managers, according to the Association of Investment Companies. In the first annual poll of members' venture capital trusts, fund managers representing 32 VCTs, or 45 per...

Advisers embracing fees, claims Skandia.
February 1, 2007... Byline: Provider survey finds remuneration shifting away from commission to fees fees More than half of advisers expect to do more fee-based business this year, Skandia research has claimed. According to the provider, 55.3 per...

Crime Bill to release gov't details to private sector, Equifax warns.
February 1, 2007... privacy All the information the government holds on UK citizens can be shared with the private sector if the Serious Crime Bill becomes law this summer, according to Equifax. The bill was published on 17 January and advocates more...

Op success to curb CI claims.(Brief article)
February 1, 2007... Protection A new heart valve replacement operation could result in a significant fall in critical illness claims, according to the Association of British Insurers. The technique has been performed at least 60 times across Europe and...

Complex conditions will lead to increase in rejected claims: CWC.
February 1, 2007... More claims will be turned down by insurers and terms and conditions will become more complex, according to a report on the state of the protection market. The study, carried out by CWC Research, claimed that the aims of the consumer and...

Gov't under fire for off-the-cuff Hips changes.(Brief article)
February 1, 2007... The government has come under attack for making more changes to plans forcing property sellers to pay AGBP500 for home information packs. Properties marketed before 1 June that remain on the market will now not need a pack before 31 March...

L&G cautious over new business profitability.(Legal and General Group PLC)(Financial report)
February 1, 2007... Byline: Provider exceeds expectations, but warns it may not translate into cash Profits Legal & General's new business figures were better than expected but should be taken with some caution in terms of profitability, according to...

Isa investor rush on way: Trustnet.
February 1, 2007... Nearly half of Trustnet's users said they will invest in an Isa before the 5 April deadline, according to a website poll. The independent fund research website has summarised the impact of announcements in Gordon Brown's pre-Budget report,...

CML's Bennett booked in for Pink conference.
February 1, 2007... Pink Home Loans has added Jackie Bennett, head of policy for the Council of Mortgage Lenders to the list of speakers at its annual sales conference. The conference, to be held on 8 February, will see a range of topics from industry trends...

Property equity shows strength.
February 1, 2007... Byline: Jones Lang LaSalle finds commercial property was second only to precious metals in asset performance last year Investments Returns from commercial property outperformed the stock market last year, research has shown. Jones...

Climate threat to 'open investing opportunities'.
February 1, 2007... Climate and environmental changes will create new investment risks and opportunities, according to Threadneedle Investments. Neil Brown, head of governance and responsible investment for the retail investment funds manager, said: "Climate...

Northern Rock set to secure top slot in mortgage provider stakes.
February 1, 2007... Mortgages Northern Rock is on the brink of overtaking Abbey and Lloyds TSB to become the UK's third biggest mortgage provider. The bank used the announcement of its 2006 sales figures to state its intentions of breaking into the top...

Global finance hits high as industry outperforms competition -Mercer.(Gobal financial services industry)(Mercer Oliver Wyman)(Report)(Brief article)
February 1, 2007... The global financial services industry hit a record AGBP5.4 trillion in market value last year with returns of 26 per cent, compared with 22 per cent achieved by non-financial businesses. The industry's good health was revealed in the 10th...

ECJ pensions payouts ruling fuels stalemate.
February 1, 2007... Byline: High Court to decide whether to force government to give compensation pensions The European Court of Justice has stopped short of ordering the government to compensate thousands of people who lost their pensions after their...

FSA gets tough on mortgage exit fees.
February 1, 2007... Byline: Claims that exit fees have been unfairly increased have prompted the regulator to give lenders five possible solutions Mortgages The City watchdog has clamped down on mortgage banks and building societies that charge excessive...

Heritable chalks up rise in profits.
February 1, 2007... Heritable Bank reported that annual pre-tax profits rose 43 per cent to AGBP10.7m last year. This compares with AGBP7.5m for 2005, when the bank joined the UK mortgage market. Its assets are now AGBP877m, an increase of 40 per cent for the...

Firms cool over personal plans.(Survey)
February 1, 2007... Byline: Many offering over 8 per cent will opt out, claims Deloitte Pensions British companies are cautiously welcoming the introduction of personal accounts, but those already providing staff pensions in excess of 8 per cent will opt...

Just Retirement enjoys record sales with equity release boost.
February 1, 2007... Life and pensions specialist Just Retirement reported its sales more than tripled to AGBP309.6m in the first half of the 2006/2007 financial year, compared with the same period of the previous year. The group has cited the growing...

Pensioners gift away AGBP103bn to avoid IHT bill.
February 1, 2007... Friends and family are set to receive a combined total of AGBP103bn as gifts to avoid a large tax bill on death from half of the UK's pensioners, according research from Scottish Widows. The findings are part of a survey of 2446 adults by...

Consider DB offers 'with care'.
February 1, 2007... Byline: Pensions Regulator, HMRC issue guidance about the risks of accepting final salary scheme reductions or transfers inducements Final salary scheme members are being urged to carefully consider employer inducements to opt out of...

Link mortgages to 'greener' homes, urges house minister.
February 1, 2007... Energy performance certificates should be linked to cheaper mortgage deals, according to the department for communities and local government. Yvette Cooper MP, housing minister, has also said energy performance certificates should be...

FundsNetwork reveals adviser divide on future of with profits.
February 1, 2007... investments Advisers are divided on the future of with profits bonds, according to research conducted by Fidelity FundsNetwork. The investment platform has revealed that nine in 10 advisers have at some point recommended a with profits...

FSA's reach extended to EU.
February 1, 2007... Byline: Regulation shifts to allow watchdog to exchange information and co-operate across borders Regulation The FSA has been given powers to share information with other regulatory authorities in the EU, enabling the authorities to...

Shortage of SI offerings under fire from WestLB.
February 1, 2007... Providers are failing to offer an adequate supply of structured income products, experts have claimed. German investment bank WestLB claimed that UK investors are being denied structured products with a steady income stream, despite last...

Broker urges establishing ties to capitalise on arrival of Hips.
February 1, 2007... Mortgage brokers stand to lose business to their rivals if they do not establish ties with estate agents and providers of home information packs, a broker has warned. Wolverhampton-based broker Promise Finance suggested mortgage brokers...

Principal investigations put Rathbone, Invesco and Artemis funds at the top.
February 1, 2007... Rathbone, Invesco and Artemis hold the hot funds for 2007, according to the latest edition of the Principal Income Study. The study, which has now been in operation for more than 30 years, provides an independent guide to a uniquely...

Property crisis imminent, predicts Williams de Broe.
February 1, 2007... Byline: A 7 per cent value drop in a Prudential commercial property fund shows fragility of market protection A 7 per-cent drop in the value of a Prudential commercial property fund is evidence of wider crisis in the sector, according...

Praxis sets up shop in Northern Ireland to soak up market heat.
February 1, 2007... Mortgage packager Praxis has opened an office in Northern Ireland to take advantage of one of the UK's property hotspots. The move comes shortly after the announcement of a new lender partner and the relaunch of its commercial arm. The...

Two thirds of mortgage advisers are reliant on trails to fund retirement, according to Ami.
February 1, 2007... A large percentage of mortgage advisers are relying on trail commissions to help fund their own retirement, figures have revealed. Research from the Association of Mortgage Intermediaries shows two-thirds of its members are partly reliant...

Pioneer takes IP on the road.(Pioneer Friendly)(income protection)(Brief article)
February 1, 2007... Protection Pioneer Friendly is holding a series of seminars to look at the importance of income protection within IFAs' strategy for treating customers fairly. The income protection provider and friendly society will also tackle other...

The percentage of monthly income spent on mortgage creeping up for FTBs, says Mform.
February 1, 2007... The UK's young homeowners are using as much as 50 per cent of their monthly income on mortgage repayments, according to new figures. Research by online mortgage provider Mform reveals that 8 per cent of homeowners aged under 25 -about...

IFAs 'reinforcing' churning, reveals Capgemini survey.
February 1, 2007... churning IFAs are perceived as reinforcing high levels of churning in the UK, according to a survey of insurers, distributors and customers in the global insurance market. The report by Capgemini concluded that the particularly high...

Watchdog takes bite out of financial crime.
February 1, 2007... The FSA has intensified its activities to combat the threat of financial crime with the creation of an intelligence division. The new Financial Crime and Intelligence Division will work with industry experts, as well as experts inside the...

IFAs unable to 'advise safely on multi-funds'.(Institute of Financial Advisers)(Rayner Spencer Mills)
February 1, 2007... Byline: Rayner Spencer Mills finds lack of resources to look beyond performance Advice IFAs lack resources to give good advice on multi-managers, according to a report. In its second multi-manager report, the independent research...

Matrix switches to Montier fund.
February 1, 2007... The Matrix Group has appointed Montier Asset Management to manage its fund of hedge funds. Matrix made the change after the closure of the Focused sub fund of the Panorama fund -managed by Collingham Capital Management, which its Matrix...

Mimi contest in final straight.
February 1, 2007... There is not long to go for the Liverpool Victoria competition and the prize fund has reached a mouth-watering AGBP18,000. Remember to enter this competition all you have to do is to try out the Liverpool Victoria protection processing...

'Mirror image' funds limit choice.(Lawrence House Fund Managers)(Brief article)
February 1, 2007... Many multi-manager offerings are mirror images of each other with the same stocks, the head of a multi-manager fund has claimed. Alan Stokes, head of multi-manager funds for Lawrence House Fund Managers, said that often only the weightings...

Arlington boosts its range with a specialist, balanced offering.(Arlington Property Developments Ltd.'s UK fund of funds)(Brief article)
February 1, 2007... Arlington Securities, the property investment management company, has added a sub-fund to its UK fund of funds. This is the second sub-fund in its fund of funds umbrella product. It will allow investors to access a portfolio of balanced and...

HSBC Investment receives double boost to its research capabilities.
February 1, 2007... Byline: Winterthur support network bolstered Winterthur has appointed two sales consultants to build its adviser support services in London. Tony Kehlar joins Winterthur Life from a senior IFA consultant role with Norwich Union. ...

Citigroup Egg deal to cost Prudential dear.
February 1, 2007... Byline: Loss-making bank will continue to maintain ties to former parent company DEAL Prudential's sale of Egg to Citigroup for AGBP575m represents a loss of AGBP255m when compared with the value of the bank when Pru bought out the...

IFA fears Sipp mis-selling risk growing.
February 1, 2007... Self-invested personal pensions could be at risk of creating the next big mis-selling scandal, an IFA has warned. Neil Shillito, executive director of Norwich-based SG Wealth Management IFAs claims that advisers are wrongly treating Sipps...

FSA smoothing MiFID arrival.
February 1, 2007... The FSA has published a policy statement and handbook which marks the culmination of the introduction of Markets in Financial Instruments Directive. The regulator has also announced the formation of the Retail Savings Regulatory Strategy...

We intend to have a dialogue rather than trying to make a quick buck.
February 1, 2007... FINANCIAL ADVISER: You are moving from being managing director of Bank of Scotland Mortgages to establish a mortgage broking service with estate agents Connells Group. Do you think that could be construed as a step down? CHARLES...

Hargreaves leads the way to triumph.(Hargreaves Lansdown)(Company overview)
February 1, 2007... It is the dream of many IFAs to build up their business to a sufficient size that it can be floated on the stockmarket, making them millionaires. Trying to turn this dream into a reality has turned into a nightmare for more IFA firms than I...

Time to get together.
February 1, 2007... Every year, the global movers and shakers meet in the mountain town of Davos to chew the cud, so to speak. Exactly what comes out of it, apart from bringing the leaders of every sector of the global village -industry, financial services,...

When it is time to go.
February 1, 2007... NOW the FSA has got mortgage exit fees in its sights it will be interesting to see how many lenders reduce their exorbitant charges when borrowers legitimately want to remortgage to benefit from more generous rates. The way for lenders to...

Sumus acquisition boosts results.
February 1, 2007... Byline: Group plans more growth with AGBP3m allocated to acquisitions, joint venture, and partnership and organic expansion acquisitions Sumus reported a 33.8 per cent rise pre-tax profits to AGBP840,000 in its preliminary results for...

We're in the money...
February 1, 2007... Couldn't happen to a nicer pair When I last met Peter Hargreaves he arrived at the restaurant mopping his brow after having trotted along The Strand on a hot summer day. He had been misinformed on the distance from his previous meeting...

REGULATION column.(Column)
February 1, 2007... Must do better The FSA's first press notice of 2007 covered a communication relating to advice processes in the mortgage industry and did not contain good news. The notice called on firms giving mortgage advice to improve their...

A tough start on the train(ing) station.(Gill Cardy)(Personal account)
February 1, 2007... I live in Ipswich. I first came here many years ago when the training department of Guardian Royal Exchange was based in the town. Now that building is part of the great Axa PPP empire. Even though the Guardian Royal Exchange is a name that...

Corrie sexes up retirement.
February 1, 2007... Never under estimate the power of television, especially when it comes to sexing up financial services. Duncan Young, managing director of Retirement Plus, became quite enthusiastic about the equity release screen debut on Coronation...

From breakfast news to going for gold.
February 1, 2007... Insider does love multi-taskers and word has reached us of a gold medallist in more ways than one. Ed Warner is for most of us the voice of BBC Radio 4's business news, but what we at FA towers were unaware of was that Mr Warner has also just...

Tiner prepares for a rumble in the jungle.
February 1, 2007... John Tiner may have formally announced his farewell bid to running the world's largest regulator, but clearly the next phase of his life is just beginning. At Keith Satchell's farewell do last week, Mr Tiner could be seen prowling around...

Penrose brings in the pennies with promises.
February 1, 2007... And finally, Penrose has raised almost AGBP2500 for deaf and blind charity Sense. Not bad for a company of 40. Fundraising events included ice skating challenges, a baby-naming game and an auction of promises, hopefully not all at the same...

An exodus from with prophets.
February 1, 2007... When the FTSE 100 ended 2006 above the 6000 mark, most with profits investors could have been forgiven for hoping the with profit bonus declaration season will provide them with returns reflecting the performance of equities. However,...

Gone, not forgotten.
February 1, 2007... Byline: John Tiner may have been chief executive for a short period, but his impact will be felt for a while to come John Tiner's announcement of his departure from the FSA in July has produced the usual attempts to assess his legacy. With...

Put India on hold?
February 1, 2007... Byline: Fierce competition for Indian call centre staff may make moving such facilities offshore an extinct practice Kate Hughes, who recently visited India with Norwich Union, writes... Regardless of where your opinions lie over the...

JS&P Towry Law merger results in FDA clients being left out in cold.
February 1, 2007... Some of the highest paid people in the UK, including permanent secretary's earning from AGBP137,000 to AGBP273,250, have been told by their financial advisers that they do not earn enough to qualify for advice. Towry Law has dropped all of...

Understanding clause and effect.(investment advisors)
February 1, 2007... Byline: When it comes to exiting a network, be sure to go over the contract to avoid any surprises or unexpected fees Complaints about networks' onerous cancellation policies may be founded, but advisers are entangling themselves by signing...

No solvency abuse.
February 1, 2007... Byline: Solvency II is looming, so now is the time to iron out the issues to make sure implementation is smooth The largest European insurance groups account for the vast majority of insurance business across the EU. In 2004, the EU-wide...

Beware the gutter as you gaze at the stars.
February 1, 2007... Byline: There is a world of possibilities out there, failure to adapt may spell the end If you were beamed down from space to look at UK life and pensions distribution right now, you might find it a pretty strange place. It has taken the...

Is Japan's Bank being robbed of its freedom?
February 1, 2007... Hot on the heels of the Bank of England's surprise interest rate hike, the Bank of Japan decided not to raise interest rates amid loud accusations of political influence. In both cases, and with hindsight, it is relatively easy to see an...

All pull together to make the most of the fair conditions ahead.
February 1, 2007... Byline: Income protection and critical illness cover are set to dominate the protection agenda for the industry With last year ending on such a sour note due to insurers having to leave the pension term assurance market, it would be easy to...

Bespoke opens up commercial property to smaller investors.
February 1, 2007... Investment For the first time, smaller UK investors can access commercial property and track the Investment Property Databank index while still retaining daily liquidity. The IPD UK Index Tracker fund from Bespoke Financial Consulting is...

mortgages.(briefs)
February 1, 2007... tracker mortgage Norwich and Peterborough Type: Feather Light tracker mortgage. Details: As part of a new range of mortgages serving the credit impaired consumer, Norwich and Peterborough's Feather Light mortgage is a two-year...

investment.
February 1, 2007... Fixed rate bond Birmingham Midshires Type: A one-year fixed-rate bond. Details: Birmingham Midshires has launched a one-year fixed-rate Best Buy bond at 6.05 per cent gross/annual equivalent rate. Minimum investment is AGBP1....

M&G launches cautious fund.
February 1, 2007... n A new cautious managed fund, tipped to be more thoroughly diversified than its peers, has been launched by M&G Investments. The M&G Cautious Multi-Asset fund will invest in equities, bonds, property, fixed-income sub sectors such as...

Lending channel from Leeds.
February 1, 2007... n Leeds Building Society has launched a new lending channel that will specialise in helping customers with impaired credit. The service will be offered throughout the UK and customers who find it difficult to arrange a mortgage from...

Protesters aim to derail Nationwide and Portman union.
February 1, 2007... Protesters against the merger of Nationwide and Portman have said any deal would be the "final nail in the coffin for the building society movement". The Protesters, who have set up their own website to help garner support, are urging...

Hawthorn 1 deal a 'success'.
February 1, 2007... n West Brom Building Society has completed its first residential mortgage securitisation using a AGBP320m buy-to-let financing transaction. Hawthorn 1 comprises mortgages generated by West Brom for Intermediaries and was completed by its...

Net is crucial for reeling in clients, warns IFA Systems.
February 1, 2007... Byline: Expert warns businesses of all sizes need to have some presence on the web to ensure they are not overlooked Technology IFAs can boost the leads coming into their office by setting up websites, especially as most people use the...

Threesixty testing aims to help create rounded IFAs.
February 1, 2007... Independent financial support services provider Threesixty has launched a new online training and testing service for advisers. The system allows staff to take multiple choice tests on a variety of subjects, including investments, pensions,...

IoD puts spotlight on managing cash.
February 1, 2007... A workshop aimed at helping directors and managers of small businesses prepare their finances for the coming year will be held at the Institute of Directors in Pall Mall, London, on 21 February. The three-hour course aims to increase...

Lack of lunch cuts success -Realbuzz.
February 1, 2007... Employees who work through their lunch breaks could harm businesses, according realbuzz.com. Its research revealed that 62 per cent of workers eat lunch at their desks and 85 per cent of employees do not take a full hour lunchbreak. ...

Managing to make time for relaxation.(Diary entry)
February 1, 2007... Monday The week begins with a planning meeting at 9am. We are a small team with two authorised advisers; my wife Kate looks after all investment related work, while I complete planning, tax risk and pension advice. We have no separate...

A good shepherd knows how best to guide the flock.(portfolio construction)
February 1, 2007... Byline: Fund goals and means need to be clearly laid out to curb the risk of consumers simply following the crowd Do consumers understand financial risk? No. End of story. Well, then, how do consumers behave? Often it is follow the leader....