Financial Advisor articles from February 2009

Financial Advisor archives from February 2009

FSA set to fall behind in national IFA review.
February 5, 2009... Byline: Emma Ann Hughes Concerns are mounting that the FSA is already behind schedule in its bid to contact all small intermediary firms to prove no business falls below its radar, just one year into its three-year plan. Back in...

The smart approach.
February 5, 2009... Byline: David Cox Businesses should make sure their marketing approach projects their integrity and loyalty to the customer The activity of marketing is something that happens naturally every day in every walk of life yet, as soon as...

Chancellor calls for culture change.
February 5, 2009... Byline: David Pawsey Non-executive directors of banking institutions are more concerned about collecting their fees than about asking searching questions of employed directors, according to Alistair Darling. During a House of Lords...

Protecting those who matter.(mortgage payment protection)(Brief article)
February 5, 2009... Byline: Hal Austin Comment Now that the entire country is caught up in the debate about the financial crisis and the collapsing mortgage market, this may be a good time to raise the pressing issue of protection. Like most things,...

Think before you speak.(Brief article)
February 5, 2009... Byline: Hal Austin Comment As the economic crisis deepens, it seems the government is going round and round in circles in a desperate search for an answer. First, chancellor Alistair Darling, one of the few senior politicians that...

FSSC gives ifs diploma the nod.(Financial Services Skills Council approves ifs School of Finance's diploma in finance)(Brief article)
February 5, 2009... Byline: David Pawsey Approval has been given for the ifs School of Finance's diploma qualification by the Financial Services Skills Council, it was announced last week. Two weeks after the ifs stated it was still confident of obtaining...

Tories want tougher stance against financial crime.
February 5, 2009... Byline: David Pawsey George Osborne suggests adopting the US' aggressive stance on regulation Tougher action is required against those whose unnecessarily risky actions led to the near failure of the financial services industry,...

OFT demands sale and rentback explanations.
February 5, 2009... Byline: Joy Dunbar The Office of Fair Trading has demanded 16 sale and rentback providers substantiate claims made in advertisements. Sale and rentback firms, which buy homes from individuals at a discount and then rent them back to...

Henderson puts GBP115m on the table for New Star deal.
February 5, 2009... Byline: Joy Dunbar Henderson Group has offered GBP115m to by troubled rival New Star and has admitted funds could be merged and a rebrand could be on the cards. The deal, which is subject to FSA approval would make the combined group...

PPI and IP terms in need of clear-up - IPTF.
February 5, 2009... Byline: Catherine Couch The Income Protection Task Force has called on the Association of British Insurers to get clarification on the use of the term income protection for short-term products. Peter Le Beau, co-chair of the IPTF, said...

Suffolk Life welcomes final salary pension closure.(self invested personal pension industry)(Brief article)
February 5, 2009... Byline: Joy Dunbar The closure of final salary pension schemes will be good news for the self-invested personal pension industry, according to John Moret, sales and marketing director of Suffolk Life. Mr Moret said reports that final...

Brokers to ease B&B client transition.
February 5, 2009... Byline: David Pawsey Mortgages for Business, the specialist buy-to-let broker, is confident it will be able to help landlords switch from their Bradford & Bingley mortgage, despite a dearth in the market. Last week, Bradford & Bingley...

Self-cert failings land broker a GBP17,5k fine.
February 5, 2009... Byline: Catherine Couch The FSA has fined Nottingham-based mortgage adviser Gillen Farrelly Independent Advisers Limited GBP17,500 for advice failings on self-cert mortgages. The regulator said the company failed to ensure it provided...

Resolution losses fail to deter strategy.
February 5, 2009... Byline: Catherine Couch Resolution Limited has announced a loss of GBP700,000 in its first quarter of trading but the business has maintained its acquisition strategy for 2009. In its preliminary results for the period 9 October to 31...

CII to provide practical financial planning exam.
February 5, 2009... Byline: Catherine Couch The Chartered Insurance Institute has launched a financial planning practice paper for advisers to make best use of their knowledge with their clients. Steve Jenkins, director of financial services for the...

Matrix VCT eases buy-outs.
February 5, 2009... Byline: David Pawsey Matrix Private Equity Partners has launched a further share offer on its fund that invests in management buy-outs of privately-owned companies. The fund management company, which said it had been investing in...

Axa Winterthur's India back office heads to the UK.
February 5, 2009... Byline: David Pawsey Axa Winterthur bosses said "repeated setbacks" have led to a decision to move India-based back office processing back to the UK. Axa Winterthur Wealth Management announced last week it had decided to repatriate new...

Eq Life judge still not in touch with bosses.
February 5, 2009... Byline: David Pawsey Equitable Life bosses have revealed they have yet to be contacted by Sir John Chadwick, who has been appointed to advise on compensation for the society's policyholders. Speaking at a public administration select...

Butterfill mergers must deliver results - Cirencester.
February 5, 2009... Byline: Joy Dunbar Mergers between mutuals must deliver tangible benefits to customers, says Cirencester Friendly. Paul Hudson, chief executive of Cirencester Friendly, said he had no plans to buy a mutual as a result of the Butterfill...

Paragon bucks trend with GBP7m profit last quarter.(Financial report)
February 5, 2009... Byline: Catherine Couch Mortgage lender Paragon has bucked the trend in the final quarter of 2008 by turning a profit of GBP7m, but said the fall in the base rate was likely to affect its performance over the next 12 months. In its...

Mortgage next strikes Trigold 2-year deal.
February 5, 2009... Byline: Catherine Couch Mortgage Next has signed a two-year exclusive deal with Trigold to provide its sourcing system for members. The mortgage network previously offered its members a choice of two systems but felt Trigold offered...

Unbiased relaunch to reflect RDR.
February 5, 2009... Byline: Catherine Couch IFA website Unbiased.co.uk is backing advisers' move towards professionalism by relaunching as the Professional Adviser website. As well as offering services for users under one portal, the website will also...

CTF contributions stand at GBP12.6m a month - Tisa.
February 5, 2009... Byline: David Pawsey Contributions into child trust funds have continued to increase and now amount to GBP12.6m a month, according to the Tax Incentivised Savings Association. Tisa's most recent survey revealed that fourth quarter...

RLAM anticipates market turning point.(Royal London Asset Management)(Brief article)
February 5, 2009... Byline: David Pawsey Royal London European Growth Trust has announced a change in strategy as it identifies opportunities in undervalued areas. Kevin Lilley, european equity fund manager for Royal London Asset Management, said...

Is there a pattern emerging?
February 5, 2009... Byline: Terry Still Letter of the week Standard Life appears to have angered a number of policyholders yet again, this time with its announcement of their reduction by 5 per cent in the value of their Pension Sterling fund. A fund some...

Privalto Oeic fund gives higher returns instead of cash.
February 5, 2009... Byline: Joy Dunbar The Privalto Stabiliser Protected Oeic fund is one of the first Oeic funds with capital protection available through Cofunds, according to BNP Paribas. Sisou Tran, head of Privalto UK for BNP Paribas, said the...

L&G reports 3% increase in UK sales.(Financial report)
February 5, 2009... Byline: Joy Dunbar UK new business sales at Legal & General increased by 3 per cent year-on-year, in the 12 months to December 2008, the life company announced last week. Sales in the UK rose from GBP1.321bn in 2007 to GBP1.367bn last...

Commission terminates PPI sales effective 2010.
February 5, 2009... Byline: Catherine Couch The sale of single premium payment protection insurance has been banned by the Competition Commission with industry experts arguing this is the death knell for this product. The commission published its final...

Traversing a minefield.
February 5, 2009... Byline: Peter McGahan It is interesting to see the virtual death of long-term care plans and I suppose its no real surprise given what they actually cover, or do not. However, I am surprised that private medical cover is not higher on...

Out of the frying pan and into the fire.
February 5, 2009... Byline: Darius McDermott Darius McDermott, managing director of Chelsea Financial Services has hit the ground running after his Christmas break, facing a new year that will probably be even tougher than the one he just came out of. But the...

Equitable: A right royal mess.
February 5, 2009... Byline: Icki Iqbal The Equitable Life debacle has exposed serious deficiencies in management, supervision and government handling The government has recently responded to a report by the parliamentary ombudsman Ann Abraham on Equitable...

A game of tug-of-war.
February 5, 2009... Byline: Tim DraysonGeorgina Taylor With the financial landscape constantly changing, battle lines are being redrawn on an almost weekly basis. At the start of a new year, we all hope for better times ahead. 2008 brought misery to...

Technophobe or workophobe?
February 5, 2009... Byline: Peter Done The introduction of new technology systems to streamline a firm's workflow might not go down well with all the staff I updated my filing system and decided it was more cost-effective to computerise it. When...

PSigma warns of European misery.
February 5, 2009... Byline: David Pawsey PSigma has warned of "further misery" as it reduces its exposure to European equities. Tom Becket, manager of the PSigma Balanced Managed fund of funds, said this reduced exposure was part of its overall strategy...

Don't be a sitting duck.
February 5, 2009... Byline: Louise Randall The introduction of transparency within the private sector in terms of pay may see groups of disgruntled employees bringing pay disparity claims before the employment tribunal The financial services industry -...

Look before you leap.
February 5, 2009... Byline: John Willmott As fraud investigators pour over the books of one of India's top IT outsourcing firms, it pays to know what to look out for when looking to outsource your business offshore The investigation at Satyam Computer...

Deal or no deal.
February 5, 2009... Byline: Philip Ryley Despite the worrying economic shift downward, there are signs that opportunities are arising for intermediary firms that want to sell their business, buy another one or simply merge with another business. It is...

Money Partners suspends new lending.
February 5, 2009... Byline: Catherine Couch Money Partners has suspended all new business lending due to the low current demand for its mortgage products. In a statement to advisers the company, which is owned by Goldman Sachs, said it would continue to...

McKillop stands down as chairman of RBS.
February 5, 2009... Byline: Catherine Couch Sir Tom McKillop, chairman of the Royal Bank of Scotland Group, has announced his immediate retirement from the group. Sir Philip Hampton, currently deputy chairman and chairman-designate, will assume...

FSSC backs accreditation of DipFA.
February 5, 2009... Byline: David Pawsey The Financial Services Skills Council (FSSC) today (30 January) confirmed its support for the accreditation submission for the ifs School of Finance's level 4 Diploma for Financial Advisers (DipFA). The initial...

CII adds practical application assessment to diploma.(Chartered Insurance Institute)(Brief article)
February 5, 2009... Byline: Catherine Couch The Chartered Insurance Institute (CII) has launched a Financial Planning Practice paper aimed at helping advisers to demonstrate their financial planning capabilities. The paper, J08, can be taken as part of...

CML appoints Matthew Wyles as new chairman.
February 5, 2009... Byline: Emma Ann Hughes Matthew Wyles, group distribution director of Nationwide Building Society, has been appointed chairman of the Council of Mortgage Lenders (CML) for 2009. Martijn van der Heijden, head of mortgages at HSBC, and...

Adviser fined GBP17,500 for self-cert failings.
February 5, 2009... Byline: Catherine Couch The Financial Services Authority (FSA) has fined Nottingham-based mortgage adviser Gillen Farrelly Independent Advisers Limited GBP17,500 for advice failings on self-cert mortgages. The regulator said the...

Two funds added to Winterthur Elite FoF range.
February 5, 2009... Byline: Joy Dunbar Two new funds have been added to the Winterthur Elite fund of funds range, the wealth manager said in response to increased demand for cautious investment products. The new funds aim to deliver progressive asset...

Axa brings processing of new pensions business back onshore.
February 5, 2009... Byline: Emma Ann Hughes Axa Winterthur Wealth Management has moved its new business processing for Axa pensions from Axa Business Services in India to the UK. Paul Riddell, head of PR for Axa Life, said the move further strengthened...

CC bans point-of-sale PPI and for seven days afterwards.
February 5, 2009... Byline: Catherine Couch Businesses which offer payment protection insurance (PPI) alongside credit face little or no competition when selling PPI to their credit customers, the Competition Commission found. The ruling comes as the...

Skandia keeps Watch on platform prices.
February 5, 2009... Byline: Catherine Couch Online tool will allow advisers to assess the true cost of various fund platforms Skandia has launched a platform price comparison tool it claimed will clear up the confusion about pricing its rivals have...

FSA bans and fines two executives over mis-selling.
February 5, 2009... Byline: David Pawsey Two former executives of a stockbroking firm have been fined a total of GBP175,000 by the FSA for mis-selling shares. The two executives of North London-based Pacific Continental Securities UK Limited have also...

Suitor approaches Network Data over buyout.
February 5, 2009... Byline: Catherine Couch Network Data has confirmed it has been approached by a company interested in buying the business. However, in a statement issued to the London Stock Exchange, the mortgage network's board of directors said it...

Intermediaries diversify to survive downturn.(Brief article)
February 5, 2009... Byline: Joy Dunbar Mortgage intermediaries are turning away from their standard business model and looking to diversify into new fields, according to independent analyst Datamonitor. Intermediaries are moving into advising on or...

Royal Liver's Progress adds to income protection plan.(Brief article)
February 5, 2009... Byline: Joy Dunbar Online protection provider Progress has added a number of product enhancements to its income protection plan. Some enhancements by Royal Liver - the mutual insurer parent company of Progress - include removing all...

China moving up in the world of opportunities.
February 5, 2009... Byline: Catherine Couch Pressure on the Chinese government to invest in infrastructure makes this nation one of the greatest opportunities for growth this century, according to Premier Asset Management. Russell Cleveland, director of...

Inflation threatens retirement pots.
February 5, 2009... Byline: Catherine Couch People saving for their retirement need to take into account the effect of inflation on their income, according to Metlife Europe Limited. Analysis from Metlife showed four out of seven tax breaks had failed to...

Auditors' independence 'a soft target', says Prof Power.
February 5, 2009... Byline: David Pawsey Questioning bank auditors' independence in the midst of the financial crisis is a "red herring", the Treasury select committee has been told. Last week auditing firms came under the spotlight as MPs continued...

Small funds will disappear: F&C.
February 5, 2009... Byline: Joy Dunbar Many funds that have less than GBP30m assets under management will struggle to survive in this climate, according to Dean Cheeseman, head of retail multi-management for F&C. According to Mr Cheeseman there are more...

Terrorism a clear and present danger for firms.
February 5, 2009... Byline: Girlie Garduce Firms should gear up for potential terrorist threats by seeking insurance guidance, says the IISS. With potential terrorist threats acting as a key concern globally, UK businesses can prepare by looking to the...

Exweb tool offers 'payment flexibility' for advisers.
February 5, 2009... Byline: Catherine Couch 1st - The Exchange has launched a product research tool offering advisers various payment options. Exweb Product Research is available to all users of the portal service and aims to provide advisers with an...

Standard Life upbeat despite sales decline.(Financial report)
February 5, 2009... Byline: David Pawsey Despite falling sales Standard Life has reported a "solid" set of business results for the year ending 31 December 2008. UK and life pensions sales for the Edinburgh-based provider fell by 9 per cent, from...

Business Link helps cost-cutting.
February 5, 2009... Byline: Girlie Garduce Business Link launch efficiency guide for firms. An easy-to-follow guide to help businesses cut costs at work is now offered by Business Link. The free business and information service aims to improve firms...

Individual stocks, not the stock market, should occupy fund managers, says SVM.
February 5, 2009... Byline: Catherine Couch Fund managers should be concentrating on individual stocks and not the stock market, according to Colin McLean, managing director of SVM Asset Management. Mr McLean said many managers had been caught out in the...

Rate cuts leave tracker buyers exposed.(Brief article)
February 5, 2009... Byline: Catherine Couch Customers looking at taking on a tracker mortgage should tread carefully, according to Moneysupermarket.com. Louise Cuming, head of mortgages for the price comparison website, said while customers who took out a...

Rescue specialist to protect property portfolios.
February 5, 2009... Byline: Girlie Garduce Property recovery company aims to inject life into struggling firms. A lifeline for businesses has been offered in the launch of a property recovery specialist. Property Portfolio Rescue Ltd aims to aid...

Legal & General gets kick-out triple figure growth plan.
February 5, 2009... Byline: Girlie Garduce A growth kick-out investment plan aims to return 100 per cent growth based on the FTSE 100 Index, says L&G. Triple-figure returns and a kick-out combination mark the benefits of a growth investment plan launched...

Leeds launches guaranteed capital account.
February 5, 2009... Byline: Girlie Garduce Product review Leeds Building Society Type: Guaranteed Capital Account Description: Leeds Building Society has launched its guaranteed capital account. Conditions: The account has a minimum...

Frontier gets onshore counterpart to multi-asset platform.(Frontier Capital Management Co.)(Brief article)
February 5, 2009... Byline: David Pawsey Frontier Capital Management has announced the launch of an onshore version of its multi-asset investment strategy. Frontier said the launch has come in response to strong demand from UK-based intermediaries and...

London & Colonial offers offshore open bond.
February 5, 2009... Byline: Girlie Garduce Product review London & Colonial Type: Offshore open bond Description: London & Colonial has announced the launch of its Offshore Open bond, a self-invested bond that gives investors access to a wide...

APCC members ask FSA to sort out Gabriel.
February 5, 2009... Byline: Catherine Couch The Association of Professional Compliance Consultants plans to confront the FSA about continued problems with the Gabriel reporting system it introduced four months ago. Simon Collins, director of the APCC,...

Sesame & Marsden offer fixed-rate mortgage.
February 5, 2009... Byline: Girlie Garduce Product review Sesame & Marsden Building Society Type: Fixed-rate mortgage Description: Sesame has joined forces with Marsden Building Society to offer an exclusive fixed-rate residential mortgage...

TMW rolls out fixed-rate BTL mortgages.
February 5, 2009... Byline: Girlie Garduce Product review The Mortgage Works Type: Fixed-rate buy-to-let mortgages Description: The Mortgage Works, the specialist lending subsidiary of Nationwide Building Society, has launched several fixed-rate...

Ratcliff Palfinger signs up for AFFS.
February 5, 2009... Byline: Joy Dunbar Alexander Forbes Financial Services has won a second contract with a multi-national manufacturer. It has been appointed by Ratcliff Palfinger, the Welwyn Garden City and Leeds-based manufacturer of retail lifts for...

Forum will survey evolving investment landscape - Fidelity.(Brief article)
February 5, 2009... Byline: Joy Dunbar Strategies to deal with challenges facing the financial services sector are the theme for this month's Fidelity FundsNetwork investment forum. The 2009 FundsNetwork investment forum will take place on 11 February at...

FSA asks for client agreement rewrite.
February 5, 2009... Byline: Joy Dunbar The client agreement of an adviser firm had to be changed after the FSA deemed it to be unfair. The regulator said the wording of the On-Line Partnership Limited's client agreement was unfair because it expected...

Ignis calls for foundation of equity income sector.(Brief article)
February 5, 2009... Byline: Joy Dunbar European equity income should get its own Investment Management Association sector, according to Ignis. Oliver Russ, manager of Ignis Argonaut European Income fund, said European and global income would become major...

"We have cleaned up our reputation and have products that do not let customers down".
February 5, 2009... Byline: Girlie Garduce Protection industry experts go head-to-head to talk about the ins and outs of protection at the Financial Adviser and FT Adviser AXA Protection Roundtable. AXA Protection Roundtable FA: What should advisers...

Lenders yet to respond to threat of litigation.(Brief article)
February 5, 2009... Byline: Catherine Couch HBoS and Barclays will be served with a group litigation order if they fail to respond to a letter about shared appreciation mortgages by mid-February, a solicitor has warned. Hilary Messer, head of litigation...

Mind the protection gap.
February 5, 2009... Byline: Girlie Garduce Top figures come together to discuss the widening protection gap at the Financial Adviser and FT Adviser AXA Protection Roundtable. Like commuters on a packed platform on the underground, there are continuous...

Paradigm starts UK meetings tour.(Paradigm Mortgage Services )(Brief article)
February 5, 2009... Byline: Catherine Couch Paradigm Mortgage Services has announced the first three dates for a series of partner meetings to take place around the country in February and March. The meetings are for both existing partner and prospective...

Sesame says mortgage clubs need to adapt to stay afloat.
February 5, 2009... Byline: Catherine Couch The number of mortgage clubs should reduce significantly in 2009, according to John Cupis, managing director for mortgages and general insurance for Sesame. Mr Cupis said mortgage clubs that failed to continue...

Mystery shopper: Wolverhampton.
February 5, 2009... Byline: Girlie Garduce Our shopper descends on Wolverhampton to find out about retirement planning. This week the mystery shopper is looking into retirement planning. She is 36 years old, with no existing pension plan. She works within...

Help is other people.
February 5, 2009... Byline: Teresa Sayers There may be a maze of educational options available but it is worth the effort The Confederation of British Industry's industrial trends survey reported companies' output expectations as at "their weakest since...

Woolwich launches lowest ever fixed rate mortgage.
February 5, 2009... Byline: Catherine Couch Woolwich has launched a fixed rate mortgage at 2.29 per cent, which it believes to be its lowest ever fixed rate mortgage. The rate is a full 1.5 per cent lower than Woolwich's previous rate for this mortgage....

'Nothing to fear' from being directly authorised.(Brief article)
February 12, 2009... Byline: Emma Ann Hughes The make up of advisers attending True Potential's seminars showed intermediaries know there is nothing to fear from being directly authorised, according to the technology provider. A total of 525 financial...

MPs accuse HBoS of shooting messenger.
February 12, 2009... Byline: David Pawsey Risk boss was replaced for exposing shortcomings, Treasury select is told HBoS fired its head of group risk and former chief executive Sir James Crosby replaced him with an employee with limited risk experience,...

What goes around...
February 12, 2009... Byline: JAmes Coney ... Comes around It has been journalists turn to have the finger of blame pointed at them for the credit crunch. Last week, five of the industry's senior figures were called before the Treasury select committee...