Financial Advisor articles from February 2008

Financial Advisor archives from February 2008

FSA forced to clarify its Rock attendance.
February 7, 2008... Byline: Watchdog states it did not attend meeting select committee thought it did The FSA has admitted it failed to turn up to a key Northern Rock meeting despite the lender's former chief claiming the regulator did attend. At a...

Prices down again in January but are 'barely changed'.
February 7, 2008... House prices fell for the third consecutive month, according to figures from Nationwide. The largest building society in the UK said that the 0.1 of a percentage point decline was modest. It said the cost of the average house had gone down...

Having staying power.(Thameside Investments and Kinleigh Financial Services struck a deal )(Brief article)
February 7, 2008... In these uncertain times for the mortgage industry, when it is unclear whether the housing market will seriously suffer a setback, it is encouraging to see some mortgage brokers shoring up their defences. So it is that Thameside...

To sell or not to sell?
February 7, 2008... Byline: Speculation over the sale of John Charcol is making headlines although the predicted price is high, at AGBP50m Call it another comeback kid of the mortgage broking industry - John Charcol has over the course of its 33-year existence...

No longer tears for arrears.
February 7, 2008... Sadly, it is a fact that many panicked borrowers lose their homes due to arrears problems because they try to pay off credit cards and personal loans before their mortgage. That is why the news is welcome that the government has at last...

Future of defined benefit cast in doubt, says NAPF.
February 7, 2008... Byline: Changes to pension fund liabilities threaten support for DB schemes: Segars New proposals which could radically change the way in which pension fund liabilities are shown in the accounts of sponsoring companies pose a further...

Probe into Cheshire 'fraud' ongoing: SFO.
February 7, 2008... A criminal investigation by the Serious Fraud Office and West Midlands Police into an alleged commercial property fraud at the Cheshire Building Society is continuing. Six people were arrested in connection with the case in March 2007, but...

Global development issues take a low priority for future leaders.
February 7, 2008... Only 3 per cent of students intend to blow their student loan on having a good time, according to a survey sponsored by Friends Provident. The Future Leaders' Survey shows that most respondents appear to have a measured approach to their...

Family finances feel the squeeze.
February 7, 2008... Average family incomes fell by almost AGBP1000 between 2002 and 2007 as taxes, energy bills and housing costs soared and earnings stagnated, a new report by the right wing Centre for Policy Studies shows. Average earners - those whose...

Virtual academy for advisers goes online.
February 7, 2008... Byline: Learning Academy to focus on motivating and promoting client success IFA network Positive Solutions has launched its first learning academy for partners, it announced at its conference in Birmingham last week. Open to all...

Exclusive m'gage club offers deals.(Positive Solutions's exclusive mortgage club for its partners)(Brief article)
February 7, 2008... Positive Solutions has launched an exclusive mortgage club for its partners, giving IFAs access to exclusive deals with lenders and improved fees. At the Birmingham conference this week, the network announced assets under management had...

Britons sit on AGBP2 trillion home wealth.
February 7, 2008... Byline: Report from GE Money Home Lending shows average homeowner shielded against any short-term price falls UK homeowners have almost AGBP2 trillion locked up in their bricks and mortar, according to a new report by GE Money Home...

FTBs stand to lose from UK rate cuts.(first-time buyers )(Brief article)
February 7, 2008... Any cuts in the UK base rate will not benefit first-time buyers or those borrowers coming out of fixed-rate deals, according to a Birmingham IFA. Joyce Coakley, managing director of MC (Edgbaston), said: "Mainstream lenders have already...

Bankhall launches new TCF-compliant training.
February 7, 2008... Bankhall, the IFA support services provider, has revamped its training and development programme for its members. The biggest change is an increase in the number and range of training and development courses on offer, according to Suzanne...

Reeve admits failings during Potential start.
February 7, 2008... The chief executive of Positive Solutions revealed he had been left red-faced by the national IFA's failure to prepare its advisers for True Potential. Jim Reeve made the revelation while addressing the national IFA's 1000-strong partner...

Derbyshire's chief exec takes early retirement.(Peter Richardson of Derbyshire Building Society)(Graham Picken)
February 7, 2008... Byline: Building society denies Richardson's move is linked to possible downgrade Derbyshire Building Society has said that Peter Richardson, chief executive, has decided to take an early retirement. Graham Picken, a non-executive...

CML appoints Crawshaw as its chairman.
February 7, 2008... The Council of Mortgage Lenders has appointed Steven Crawshaw, group chief executive of Bradford & Bingley, as its chairman. Mr Crawshaw was nominated for the position and accepted by the executive committee. He succeeds Jon Pain,...

First-timers' chances down 351% since 1996.
February 7, 2008... First-time buyers are getting squeezed out of the housing market by rising upfront costs, according to the Royal Institution of Chartered Surveyors. The Rics's accessibility index has found that the cost of becoming a home purchaser in the...

Lighthouse to turn beam on IntelliFlo work.(Lighthouse Capital Partners to use IntelliFlo's Intelligent Office software )(Brief article)
February 7, 2008... Lighthouse, the Aim-listed IFA group, is "exploring new ways" to benefit from IntelliFlo's technology. Nick Eatock, managing director for IntelliFlo, said Lighthouse switched over to using IntelliFlo's Intelligent Office software for...

Bright Grey shines a light for Royal London.
February 7, 2008... Byline: As like-for-like business across group falls, Bright Grey is up by 12 per cent Bright Grey was a bright spot last year at parent company Royal London as the group's like-for-like new life and pensions business fell by 1 per cent to...

Standard Life goes after rich pickings.
February 7, 2008... A new investment management business has been launched to cater for Scotland's new breed of millionaires. Edinburgh-based Standard Life Wealth is looking to sign up Scots worth at least AGBP2m. Financial experts say the exclusive...

Crash sees Rev extend its deadline.(United Kingdom. Her Majesty's Revenue and Customs)(Brief article)
February 7, 2008... HM Revenue & Customs was forced to extend the deadline for self-assessment online filing after its website crashed on the last day on which taxpayers could submit their returns. The website was out of action for several hours last Thursday...

Scottish MPs back single survey plans.
February 7, 2008... Plans to introduce a single survey system for Scottish house sales have been backed by the Scottish Parliament. Under the new scheme, which will come into effect on 1 December, the seller will pay for a three-tier home report - including a...

Wrap dropped in Friends' review.
February 7, 2008... Byline: Strategic report calls for loss of 600 positions, overhaul of business and sees end to development of wrap plans Friends Provident's long-awaited strategic review has called for a radical overhaul of the business to focus on its...

Group is looking for International rescue.
February 7, 2008... Friends Provident International stands alone in the offshore sector as it runs most of its business from the UK systems platform, according to Ben Gunn, chief executive of UK life and pensions. He said this allowed large cost savings and...

Confusion hits Rock bidding battle.
February 7, 2008... Byline: Olivant, which 'shockingly' withdrew its bid for Northern Rock, may re-enter the buyout war for the bank Confusion surrounds the bidding war for Northern Rock as speculation mounts that Olivant may re-enter the fray having pulled...

Sesame's strategy snugness, success sees it survive sell-off.
February 7, 2008... The future of Sesame is safe in the hands of the new-look Friends Provident, the life and pensions group said. Sesame fits in line with the new strategy and is trading very well, according to the company. The Friends Provident group...

Wealth arm firms brace for sales as they 'don't fit in'.
February 7, 2008... Wealth management The wealth management arm of Friends Provident has been earmarked for sale by the strategic review. Ben Gunn, chief executive of UK life and pensions for Friends Provident, said that F&C, Lombard and Pantheon were all...

Review signals 'estimated' 600 job cuts in organisational revamp.
February 7, 2008... The Friends Provident strategic review calls for a new organisational structure and revised processes for decision making to meet the new operational targets and will result in a reduction in jobs. Ben Gunn, chief executive of life and...

Britons becoming more 'savings savvy' - NS&I.(National Savings & Investments' Century of Savings )
February 7, 2008... Byline: NS&I report on 50 years of saving reveals Britons are more sophisticated The British have increased their savings 39-fold in real terms since the early 1960s and 31 per cent since 2000, according to the National Savings &...

Credit crunch set to bite in Scot financial sector.
February 7, 2008... One in 10 firms in Scotland's financial services sector is set to cut jobs this year as the credit crunch takes its toll, according to research. A study produced by recruitment firm Joslin Rowe and Scottish Enterprise warned the sub-prime...

Axa to defer withdrawals on pension, property pair.
February 7, 2008... Axa has imposed a temporary deferral period of up to six months for withdrawals from its AGBP1.2bn Life Property and AGBP900m Pension Property funds. In a letter sent to all investors in the two funds, Paul Evans, chief executive of Axa...

Life will go on without Matthews - Crombie.(Trevor Matthews of Standard Life Assurance Co)
February 7, 2008... Byline: Company reports record new business, but sounds note of caution for 2008 It will be business as usual at Standard Life despite the departure of the former mutual's number two, Trevor Matthews, according to Sandy Crombie, chief...

Strategy will 'stay the same' despite mutual man's loss.(Trevor Matthews resigned from Standard Life Assurance Co)(Brief article)
February 7, 2008... The departure of Trevor Matthews, former head of Standard Life's UK retail division, will have no impact on its strategy, according to Sandy Crombie. Mr Matthews, who resigned from the Edinburgh life and pensions company last week to take...

Treasury calls for radical banking system overhaul.
February 7, 2008... Byline: A report on banking framework proposes improved risk management The banking regulatory and supervisory framework needs to be radically reformed and strengthened, says a report from the Treasury on behalf of the tripartite group....

Report proposes extra FSA powers.
February 7, 2008... The report has called for measures to reduce the likelihood of individual banks, building societies and deposit-taking firms facing difficulty in the future. Acknowledging the wide ranging powers already available to the FSA, the report...

Pink pushes TCF to top for conference.(Conference news)(Brief article)
February 7, 2008... Pink Home Loans has put treating customers fairly at the top of its agenda for its annual sales conference in Birmingham on 21 February. Pink said it had been leading by example in recent months by implementing a number of initiatives to...

UK 'authorities' claim procedures fail banks.
February 7, 2008... Calls to introduce a special resolution regime for failing banks, have been in by the Treasury document. The authorities, as the industry bodies are referred to throughout the Financial Stability and Depositor Protection report, allege that...

Speedy accounts system needed for customers of failing banks - paper.
February 7, 2008... Calls to speed up the opening of new accounts in the event of a bank failing have been made by the tripartite authority in the Financial Stability and Depositor Protection report. The FSA, Bank of England and Treasury announced they would...

P'ship Assurance turns 2007's loss into a profit.(Company overview)
February 7, 2008... Byline: Sales are up 80 per cent while it also reports it has made 'millions' this year Growing demand for financial products aimed at people suffering from various medical conditions boosted sales at Part- nership Assurance by almost 80...

Murky market sees IFAs look 'elsewhere'.(Independent financial advisers)(Mortgage Center Inc. joined Uinsure)(Brief article)
February 7, 2008... IFAs are looking for fresh revenue streams in a difficult mortgage market that is slowing down, according to Simon Taylor, chief executive of Uinsure. He was speaking as he announced that his company had signed up Mortgage Centre, a...

AIC offers VCT advice pre rush.
February 7, 2008... The Association of Investment Companies has published a factsheet on venture capital trusts that coincides with the most active period of the year for VCT investing. The factsheet provides a general overview of VCTs and examines key issues...

Shelter calls on the gov't to aid 1m facing repossession.
February 7, 2008... More than 1m people could face repossession over the next year as more people seek help for mortgage problems, a housing charity has warned. Adam Sampson, chief executive of Shelter, said: "Shelter has seen a massive increase in people...

Eastern promise aids Pru as UK sales stall.
February 7, 2008... Byline: Prudential UK sales remain flat at AGBP897m but growth in Asia hits 44 per cent UK new business sales fell flat at Prudential, as the life assurance group announced its full-year 2007 results. The company's total UK sales were...

PMPA members to offer Amber loans.
February 7, 2008... Products from Amber Homeloans, the non-conforming lending arm of Skipton Building Society, are now available through member firms of the Professional Mortgage Packagers Alliance. The new agreement treats all 14 members of the PMPA as a...

FSA finds five risks to growth in UK economy.
February 7, 2008... Byline: FSA's retail market man reports that prospects for growth remain unclear The growth prospects for the UK economy remain unclear and there are five areas of specific risk, according to Clive Briault, managing director of retail...

Baring to add Asia to single strategy hedges.
February 7, 2008... Baring Asset Management has launched a new addition to its range of single-strategy hedge funds, the Baring Asia Strategic fund. Subject to regulatory approval, the equity multi-strategy fund, managed by Baring Asset Management's Asian...

McHattie leads the pack in JPMAM contest in January.(Andrew McHattie winner of the JPMorgan Asset Management Fantasy Fund Manager)(Brief article)
February 7, 2008... Andrew McHattie, chief executive from The McHattie Group in Bristol, is January's monthly winner in the JPMorgan Asset Management Fantasy Fund Manager competition. After a rollercoaster start to 2008, Mr McHattie selected a portfolio which...

Majority set to gear up for a CAR journey.
February 7, 2008... Byline: Advisers would adopt CAR with right system of rewards, says Zurich survey More than two-thirds of advisers said they would adopt customer agreed remuneration provided it included commission offsetting and that financial incentives...

F&C bucks the turmoil to post record figures.
February 7, 2008... Last year was a record one for sales of F&C's open-ended investment funds to UK retail investors, new business figures released by F&C to the London Stock Exchange revealed. It notched up gross new inflows of AGBP703m into its Oeic range, a...

'Ambitious' LV= now has its heart set on top five place.(pensions business of Las Vegas)(Brief article)
February 7, 2008... LV= has announced the creation of 350 jobs as part of its plan to become a top five general insurer in the next few years. The life and pensions business of LV= more than tripled in size last month with the acquisition of the former GE Life...

Property market instability leads to clampdown on 100% mortgages.
February 7, 2008... The days of getting a reasonable rate mortgage for the full value of a property are over, for now, according to the Council of Mortgage Lenders. It comes as lenders continue to withdraw from offering to advance the full value of a property...

Elderly failed by government's system - NHFA.
February 7, 2008... The government needs to re-think the way older people are assessed for eligibility to care services and support, IFA NHFA said responding to the Commission for Social Care Inspection annual report. The State of Social Care published by the...

Employers can jump through the loophole.
February 7, 2008... A pensions consultant has warned that unscrupulous employers could avoid paying contributions to personal accounts unless the government closes a loophole. The Pensions Bill going through Parliament proposes the introduction of personal...

Market morale to grow.
February 7, 2008... Byline: Gartmore multi-manager head sees equities to remain asset class of choice The stock markets will grow in confidence when the large UK banks release their results in February and clear some of the uncertainty over their financial...

David Harris to head up the IMS business expansion into Europe.
February 7, 2008... Multi-manager specialist Investment Manager Selection has appointed David Harris to the role of director and head of business development, segregated accounts, with immediate effect. Mr Harris' role focuses primarily on driving the...

6-year success for New Star portfolio.(Mark Harris,Craig Heron of New Star Active portfolio)(Brief article)
February 7, 2008... Fund of funds managers, Mark Harris and Craig Heron, has celebrated six years of managing the New Star Active portfolio. The New Star Active portfolio, which is in the Investment Management Association's Active Managed Sector, has...

Private investing to concentrate on conservative funds due to volatility.(Brief article)
February 7, 2008... UK investors will be sticking to conservative funds throughout 2008 in response to volatile markets, according to a leading fund manager. Richard Philbin, co-manager of F&C's multi-manager fund, said he anticipated a renewed interest in...

IFA mergers pick up the pace.
February 7, 2008... Byline: Syndicate Asset Management has completed its ninth deal while Arc Fund Management gets Cumbria-based IFA The consolidation of the IFA industry shows no signs of abating with two more acquisitions at different ends of the country in...

Swip's nationwide roadshow to target effective asset class allocation for IFAs.
February 7, 2008... Scottish Widows Investment Partnership is hosting a nationwide multi-manager roadshow in March for financial advisers, the Edinburgh-based asset manager announced. The roadshows will examine multi-asset class investing and explore how an...

FundsNetwork rolls out 'RDR proof' offerings.
February 7, 2008... A new set of multi-manager products for a "new era of regulation" has been launched by Fidelity FundsNetwork, the com- pany announced. They have been designed to be used alongside platform planning tools, tax wrappers and a choice of share...

Paulson's sub holding pays off for Bramdean.
February 7, 2008... Fund of funds manager Bramdean Alternative Investments has benefited from the fall out of the US sub-prime sector through its holding in the US-based Paulson Advantage Plus hedge fund, it said. The Paulson hedge funds have benefited from a...

Standard looks to Kennedy to seek a more comprehensive healthcare plan.
February 7, 2008... Byline: Raphaels Bank turns to Bailey to help improve its back office Raphaels Bank, one of the UK's oldest independent banks, has appointed Mike Bailey as its new operations director. Mr Bailey brings more than 20 years' experience in...

Chief exec calls it a day at Black & White.
February 7, 2008... Byline: Reeh blames the credit crunch as parts of the group face administration Thomas Reeh, chief executive of Black and White, has step- ped down as part of the group faces the threat of going into administration. The news comes...

Spottiswoode welcomes NU AGBP2bn payout.
February 7, 2008... Clare Spottiswoode has welcomed Norwich Union's pre-attribution payout of AGBP2.1bn for with profits policyholders, but expressed disappointment at the planned three-year phasing. The policyholder advocate for Norwich Union, said: "This...

Fos rules in favour of care refund.
February 7, 2008... A number of elderly people who bought insurance for nursing home care may be eligible for a full refund, plus interest, after a ruling by the Financial Ombudsman Service. Lifetime Care policies were sold by the company formerly known as...

Case of no lies and damning statistics.
February 7, 2008... Lies, damned lies and statistics. It is a quotation that academics continue to argue over as to its origins. Was it Benjamin Disraeli, Walter Bagehot, Arthur James Balfour or Leonard Henry Courtney who first muttered these immortal words? ...

Don't keep all your eggs in one basket.
February 7, 2008... The controversial decision by Egg bank to withdraw credit cards from more than 161,000 of its customers whose credit profiles, it claims, have deteriorated, is nothing short of a scandal. These are hard times and even the most spendthrift,...

Down to the wire.
February 7, 2008... The disgracefully late decision to re-appoint Mervyn King as the governor of the Bank of England says more about political decision-making than it does about the principled stand taken by Mr King over the mess that is Northern Rock. In...

Prestbury plans Aim exit with talks of management buy-out.
February 7, 2008... Prestbury, the Aim-listed financial intermediary company, is in advanced discussions over a possible management buy-out. It also reported stable interim profits. Lee Birkett, chief executive, said the main problem for the business was the...

Beating off the blues.
February 7, 2008... No standards I have always been prone to the mid-winter blues: the sun rarely shines, Norwich City often have a mid-season dip and light evenings seem impossibly far away. My wife even bought me a light box for Christmas because she...

Figuring out the property puzzle.(Viewpoint essay)
February 7, 2008... Two years ago I read a financial column extolling the virtues of a property fund. The customer kindly pointed out that the person writing it had also told her to move from her with profit bond to the property bond - easy money. It was wonderful...

Costly changes.
February 7, 2008... Back in October of last year, Hector Sants announced what the FSA described as new measures to help small firms, to increase FSA contact with small firms to help small firms make faster progress in meeting the FSA's treating customers fairly...

Chris Smallwood.
February 7, 2008... FINANCIAL ADVISER: As a technology-based IFA the firm's technology department has developed hardware and software for its business model. How has 2Plan gone about this and why do you believe a national model is the way forward? CHRIS...

Virgin goes from red to green as it teams up for ethical fund.
February 7, 2008... Eco-friendly Virgin Money has launched its Climate Change fund which looks set to invest in environmentally-focused companies to drive forward investment returns. The fund - which is available through IFAs and direct to the public - will...

New Products and what We think of them...
February 7, 2008... Mortgages Fixed Rate RANGE Woolwich Type: Two, five and 10-year fixed rates. Description: Woolwich has launched a range of new fixed rate products, all of which revert to Bank of England base rate plus 0.95 of a percentage...

It pays to take heed of good financial advice.
February 7, 2008... Even Hollywood superstars have to heed what their financial adviser has to say. Actor, Wesley Snipes who has been on trial on charges of alleged tax fraud after failing to file his tax returns might very soon have to exchange his plush...

It's official: Matthews has left the building.(Trevor Matthews of Standard Life Assurance Co.)(Brief article)
February 7, 2008... As Trevor Matthews packs up his office at Standard Life the big question on everyone's lips is what will he do on six months gardening leave. Unfortunately, Mr Matthews' email and phone lines at Standard Life had already been disconnected when...

Darling's CGT U-turn to leave firms 'worse off than before'.
February 7, 2008... Byline: Even smallest business owner will lose taper relief and indexation under proposal, says CBI director general Advisers fretting over selling their businesses ahead of the April tax deadline could be worse off following the...

Firms risk a fine for pension query.
February 7, 2008... Large fines will be levied at employers that ask prospective employees about their pension plans, if government proposals are successful. Following the second reading of the Pensions Bill, the government proposed an amendment to the...

Nucleus wrap platform gets six more firms.(Nucleus Financial Group joined Independent financial advisory firm)(Brief article)
February 7, 2008... A further six IFA firms have joined up to the Nucleus Financial Group adviser-owned wrap platform. The new firms bring the number of advisers using the platform to more than 200 and take assets controlled by the 34 owner-IFA firms to about...

Fraud in the workplace has not had its day in court: BDO.
February 7, 2008... Office-based fraud is increasing yet cases appearing in court are falling, according to accountants BDO Stoy Hayward. Its research identified 267 reported cases of business fraud, worth over AGBP50,000 in 2007, with a total value of...

Recycle PCs 'with care' to keep data.
February 7, 2008... Confidential data could be leaked when old and unwanted computer equipment is recycled or dumped, leaving business owners open to legal prosecution, new research has found. The IT equipment recycling company Remploy e-cycle has found that...

How to mix with the right crowd.
February 7, 2008... You have an established practice as an IFA working with loyal clients who appreciate the service and personal attention you provide. Attrition can be a problem. Some clients move away. Others pass away and their assets are distributed among...