Financial Advisor articles from January 2008

Financial Advisor archives from January 2008

True Potential finally launched after glitch.
January 10, 2008... Byline: Platform 'takes in nearly AGBP2m' in first three days despite faulty launch The long-awaited True Potential software platform for IFAs - which is meant to transform the way it deals with its partners - was launched on the first...

Northern nationalisation issue is set to rumble on.
January 10, 2008... While Alistair Darling's proposals aim to give more power to the government to aid failing banks the issue of the "nationalisation" of Northern Rock is growing more complicated. Hedge fund manger RAB Capital increased its stake in Northern...

Global tinge to FSA powers.
January 10, 2008... In Alistair Darling's announcement he said he had been looking at other regulatory regimes across the world, in particular in the US, Canada and Belgium. The regulatory system in the US is fragmented and at the federal level commercial...

How the gov't handled the run on Northern Rock.
January 10, 2008... 14 August 2007 Governor of the Bank of England Mervyn King is informed of troubles at Northern Rock's business in a phone call with officials at the FSA and the Treasury. 13 September 2007 Talks with potential buyers stall. ...

Credit crunch confidence crisis worse than that of Enron - study.
January 10, 2008... The recent sharp fall in confidence within the financial services industry is comparable with the aftershocks of the Enron scandal, a definitive survey of the industry has indicated. The report shows differences between various sectors,...

IT spend is on the grow at life firms in the run up to Solvency II start.
January 10, 2008... Life insurance companies have now started a new stream of regulatory spending, making their first steps towards Solvency II compliance, industry data has shown. The survey by the CBI and PWC showed that life insurance companies have...

Lenders brace for rise in default rates: study.
January 10, 2008... Byline: Bank reveals industry expecting raise in default rates on secured lending Lenders are expecting default rates on secured lending to increase over the next three months, according to the Bank of England's fourth quarter Credit...

Scot job positions up by 10%.
January 10, 2008... The Scottish financial services job market is in a healthy state with vacancies rising by nearly 10 per cent, according to a survey by recruitment specialists Joslin Rowe. The company's research found that Scottish job vacancies in the...

Hip moves were 'political', claims select committee.
January 10, 2008... Byline: DCLG select committee attacks government over its bungled handling of the launch of packs The decision to delay the introduction of home information packs was taken on political rather than economic grounds, the communities and...

Mott goes contrarian over banks and life firms in PSigma offering.
January 10, 2008... The bank and life assurance sectors are being tipped to provide this year's hottest shares by Bill Mott, head of UK fund manager PSigma. The former Credit Suisse strategic director said that although banks have had a rocky year, they were...

Nationwide is top dog among consumers.
January 10, 2008... Nationwide is the financial institution most trusted by consumers just pipping NatWest and Halifax, according to a survey. Most of the Britons who answered the survey from website Moneysupermarket cited customer service and the ability to...

Societies sector is bracing for 'a merger wave'.
January 10, 2008... Building societies are expecting profits to plummet in the coming months, prompting predictions of consolidation in the sector. In a report published by the Confederation of British Industry and PricewaterhouseCoopers, it is claimed that...

FundsNetwork forum for February.
January 10, 2008... Fidelity's FundsNetwork is to hold its sixth annual investment forum in February. The forum - which will be held on 15 February at the Brewery in the City - is the culmination of a series of workshops and will include speakers from...

IFAs suffer confidence crisis as mood turns bleak - Axa.(Independent Financial Advisers)
January 10, 2008... Byline: Axa Wealth Management finds only half of advisers are 'quietly confident' about coming year Just a quarter of IFAs are very confident about business growth this year due to concerns about a financial slowdown and stagnating growth...

Zurich launches IFA underwriting service online.
January 10, 2008... An online underwriting system aimed at financial advisers is being launched by Zurich. The life company said the latest underwriting system builds on Zurich's return to the mortgage and personal protection market last September. It...

Skandia hits the road in a drive to prepare IFAs for end of tax year.
January 10, 2008... Skandia has launched a national seminar programme to help IFAs get the most out of tax planning as the end of the financial year approaches. The initiative forms part of Skandia's ongoing commitment to provide adviser education and...

Swip launches into fund of funds field with pair.
January 10, 2008... Scottish Widows Investment Partnership has entered the fund of funds market with the launch of two offerings. The funds will provide investors with access to a range of specialist investment funds and use the absolute return approach which...

Scottish FTB levels reach a 20-year low.
January 10, 2008... The number of first-time buyers in Scotland has slumped to its lowest level for 20 years, according to the Bank of Scotland. Property prices have more than doubled in Scotland over the past five years, leading to first-time buyers being...

FSA fine time ends as levels hit 5-year low.
January 10, 2008... Byline: Last year saw regulator's fine total drop to AGBP5.3m, almost half 2006's level The annual value of fines handed out by the FSA has fallen to the lowest level since 2002, even though its intention was to adopt a more robust...

House prices are stabilising: Land Registry.
January 10, 2008... House prices stabilised in November, with a rise of 0.6 per cent taking the UK average house price to AGBP186,009, according to the Land Registry. London's house prices recorded the sharpest gain, with a 1.1 per cent rise, having dipped in...

Towry looks to Fina for its staff reward programme.
January 10, 2008... Towry Law has appointed Michael C Fina - the world's first global employee reward and recognition company - to develop and run its employee long-service programme for its 2000 staff. Yvonne Dully, HR administrator of Towry Law, said: "We...

Stress is lead cause of group income claims, says Canada.
January 10, 2008... Almost a third of group income protection claims are caused by mental health issues, according to research from Canada Life Group Insurance. The insurance company revealed mental illness problems had been the biggest cause of Canada Life's...

Defaqto reveals mortgage costs.
January 10, 2008... Byline: Most expensive and cheapest mortgage lenders in 2007 unveiled in data collectors' findings for the year HSBC retained its top spot as providing the cheapest mortgage, closely followed by two building societies, Skipton Building...

Shop around for cover bargains - LifeSearch.
January 10, 2008... Byline: Costs have fallen by 40 per cent, and study says more money can be saved The cost of life cover has fallen by about 40 per cent in the last five years and consumers could be wasting thousands of pounds by not reviewing their...

House prices continue to fall, says N'wide.
January 10, 2008... House prices fell by 0.5 per cent in December - the second consecutive monthly decline, according to Nationwide's House Price index. However, the average price of a UK property is AGBP8334 higher than a year ago, the building society said....

Axa adds two M&G funds to life, pensions portfolio.
January 10, 2008... Axa has bolstered its life and pensions platform with two new M&G funds. Axa Wealth Management's range will now benefit from the addition of M&G's AGBP1.1bn American and its AGBP1.2bn Property Portfolio funds. The two funds join four...

Trigold aims to aid security as it publishes partners list.(three partners are Intelliflo, Sesame Office and Intrinsic Ltd.)(Brief article)
January 10, 2008... Trigold, the mortgage sourcing company, has unveiled the list of its accredited technology partners. The group said that the publication of this list - which includes companies such as Intelliflo, Intrinsic and Sesame Office - is crucial...

Women 'failing' to use pensions split options.
January 10, 2008... Byline: Wives are not getting full pension entitlements in divorces, claims Killik & Co New rules to make pensions fairer when couples break up are not being used by women, according to independent financial ser- vices group Killik & Co....

Eq release info 'failing to meet needs'.
January 10, 2008... Nearly one in four people would not know where to turn for advice about equity release even though just less than half see it as a possible option, according to Newcastle Building Society. The latest research from Newcastle shows that...

Isas are nicer than a trip to the gym, says Cheshire.
January 10, 2008... Investigating Isa investments should be a priority rather than trudging on a treadmill, according to Cheshire Building Society. The building society is calling for people to start 2008 with a fresh approach to savings, rather than sticking...

BBA warns on lending levels as November data is down.(British Bankers' Association)(Brief article)
January 10, 2008... November's mortgage lending rose more slowly than in October and approvals were again low, according to the British Bankers' Association. Gross mortgage lending was AGBP16.9bn in November - the previous month lending was AGBP18.5bn....

Liquidity is responsibility of banks, says watchdog.
January 10, 2008... Byline: Discussion paper is published by the FSA in move to quantify where lines of responsibility lie Banks should hold themselves responsible for effective management of liquidity risk and maintenance of adequate liquidity, according to...

Loanoptions addition leads to a secured loans boost for Home.(Loanoptions and Home of Choice)(Brief article)
January 10, 2008... Home of Choice's secured loan uptake increased threefold in the second half of 2007. The mortgage network reported its month-on-month uptake increased by 36 per cent since it added online firm Loanoptions to its preferred panel of secured...

Alliances expected in banking sector for 2008.
January 10, 2008... The coming year is expected to be a year of consolidation in the banking sector as speculation mounts over the future of Alliance & Leicester, according to an IFA. Alliance & Leicester's share price in the first week of the new year rose...

Eq Life hands over AGBP1.7bn worth of with profits.
January 10, 2008... Equitable Life has completed the transfer of AGBP1.7bn-worth of with profit annuities to Prudential, benefitting about one fifth of its total policyholders. The move comes ahead of a decision on the future of Equitable Life, which is...

Pru offers 'healthy' discount.
January 10, 2008... Private medical insurer Pruhealth is offering members up to 75 per cent off their health insurance if they allow their diet and exercise regime to be monitored Members of the PruHealth insurance programme have access to subsidised...

Brewin Dolphin hires 15 new senior executives for its London offices.
January 10, 2008... Byline: Brown Shipley looks to Rogers to smooth IFA partnerships Ian Rogers has joined Brown Shipley private bank as intermediary development director. He joins from Kleinwort Benson Private Bank where he held a similar senior...

Retirement provision 'up to you', says Hain.
January 10, 2008... Byline: Secretary tells savers they must not rely on their employers' schemes Peter Hain has said individuals must take greater responsibility for their own retirement and not rely on employers to do it for them. Speaking in advance of...

Towry stays on acquisition trail with IFA deal.
January 10, 2008... Towry Law has acquired London-based advisory firm Hazlems Financial for an un- disclosed fee, the IFA group has announced. Hazlems Financial, which has almost 30 employees and 1200 clients, specialises in employee benefits consultancy and...

Network Data backs away from lending arm.
January 10, 2008... Network Data, the mortgage network, has suspended funding to its Homeowners Mortgages Limited lending arm in light of the tightening market conditions. The decision means that seven members of staff who comprised the development team have...

Michael Hughes.
January 10, 2008... Michael Hughes, an amiable, softly spoken 56 year-old with nearly 35 years of investment experience under his belt, left the City and his chief investment office role for Baring Asset Management in December. "I started my career in a...

A fine time to right pensions wrongs.
January 10, 2008... Ido not often start the New Year well. It is a consequence, I fear, of having a family of three teenage boys who still believe that despite being told of an impending credit crunch Father Christmas continues to possess very deep pockets. ...

Too little, too late?
January 10, 2008... What's that sound that can be heard? It almost sounds like a bang - surely it cannot still be fireworks to mark the start of the New Year? More likely it is the sound of the stable door being slammed after the horse has already bolted in the...

An eye on the ball.(industry forecasts)(Viewpoint essay)
January 10, 2008... So what will fortune favour? As this is the first issue of the year, I thought I would grope for my crystal ball and examine some of the big issues which I believe will arise over the coming 12 months. For IFAs, the big one has to be...

Charity begins at the LV= bumper prize draw.
January 10, 2008... LV= has launched its newly acquired flexible retirement solutions business, following the successful acquisition of the new business operations of Tomorrow. To mark the occasion, LV= is holding a Heart of Business Charity Prize Draw and...

Miffed by MiFID?
January 10, 2008... Starting the new year, it might be useful to take a brief look at Article 65 of MiFID and the Committee of European Securities Regulator's recent draft work plan for the fourth quarter of 2007-2008. By looking at these you can get a better idea...

Of worms and hooks.
January 10, 2008... Emails have become a great opportunity to work-dump or offload your over-purchase of Viagra. Insurance companies are also keen to ensure they offload their excess baggage. In our marketing department, we have a clear structure to...

A small victory in the continuing battle.(Keith Churchouse, director of Churchouse Financial Planning)(Brief article)
January 10, 2008... The call to arms has been answered. Or so we think. As Insider's ears keep ringing with the sound of continuous nagging about professional qualifications within the financial sector, we are happy to report that Keith Churchouse, director of...

Beware a hangover that lasts 3 months.
January 10, 2008... Just when you thought Britain's binge drinking had finally taken its toll be warned, a hangover of another kind lurks. Grant Thornton's personal insolvency practice has issued a dire warning that the "Christmas financial hangover" will fuel a...

Let's leave the mattress behind.
January 10, 2008... The advantage of building a portfolio whose constituent parts are not correlated to each other has never been as important as it has become recently. The debacle over sub-prime lending has swept like a pandemic around the globe causing even...

Dreaming an all-American nightmare?
January 10, 2008... Byline: While the world gazes fearfully across the Atlantic, UK housing troubles could already be on our doorstep Throughout the past year, investors have focused their gaze firmly on the US residential property market and, in particular,...

Recession? What recession?
January 10, 2008... Byline: The outlook for 2008 shows a slowdown, but things may not be as gloomy as everyone seems to think The Times warned the "Credit crunch will hit real economy". "Confidence falls, crisis deepens" the Daily Telegraph claimed. While "R...

Tightening belts with red tape.
January 10, 2008... Byline: The FSA is working hard to diminish the credit crunch's bite The continuing fall-out from the credit crunch, and the possibility sub-prime problems similar to those in the US could arise in the UK, is likely to dominate the...

An outpouring of (tax) relief.
January 10, 2008... Byline: Advisers must bear in mind tax changes Challenges continue to come at us thick and fast within the financial services industry. The current year has ended with a bit of controversy within the Pre-Budget Report and the proposals to...

It's goodbye to blue skies.
January 10, 2008... Byline: The outlook for the coming year is grim in comparison with 2007 House prices recorded another strong year in 2007, underpinned by significant economic momentum, ongoing housing shortages and strong buy-to-let demand. A global...

RDR ignores consumers - Burns.
January 10, 2008... Byline: Financial services network Burns-Anderson highlights flaws in RDR that can be harmful to clients in its response Leading network Burns-Anderson has described the FSA's retail distribution review as fundamentally flawed since it...

The rules of engagement.
January 10, 2008... Last year might be remembered by some as the year of broken engagements between some of the major players in the protection market. So many corporate marriages looked to be on the cards and yet were not to be. Scottish Provident was...

Lehman gears up its drive into the UK advisory market.
January 10, 2008... Lehman Brothers has debuted in the UK advisory market with its first structured investment scheme - the Enhanced Returns plan. The global investment bank is launching its first product to the UK market as a hedge provider on 29 January, with...

New Products and what We think of them...
January 10, 2008... Mortgages Tracker Chesham Building Society Type: Tracker rate mortgage range. Description: Chesham Building Society is offering new variable tracker rate mortgages, with no penalty payable. Conditions: The tracker rate...

Going totally paper free is no pipe dream, say Scots.
January 10, 2008... Byline: Getting rid of the filing cabinets is the only way to be a completely paperless firm, claims Save & Invest It is possible to run a totally paper-free office, according to Scottish firm Save & Invest - which has claimed to be...

Multi-manager guide free online.
January 10, 2008... A free, downloadable guide about the structure, benefits and process of multi-manager investment strategies has been launched by Defaqto, the independent financial data collection and research company. The guide, Blending Talents: A Guide...

Family-run IFA firms to be hit with high tax bills: PKF.
January 10, 2008... A paperwork-induced headache as well as higher tax bills await family-run IFA firms, warns PKF in the wake of rule changes, according to accountants. HM Revenue & Customs' publication Income Shifting: A Consultation On Draft Legislation,...

Website access granted for DA intermediaries.(Website overview)
January 10, 2008... Directly-authorised intermediaries can now access a panel of 10 independently selected insurers through the Mychoice website. Previously only available to networks and their appointed representatives, the portal developed by Webline and...

Famous? I get spotted in Tescos.(Occupation overview)
January 10, 2008... What motivated you to set up your own company? Prior to my Baronworth days, I was in the legal profession. After what seemed a lifetime I decided it was time for a change, so I set up Baronworth which I ran alongside my legal agency...

MI speaks out on sorting scandals.(Mortgage Intelligence)
January 10, 2008... Byline: Consumers not being ripped off, says Mortgage Intelligence Mortgage lenders are not duping consumers when using sorting systems to boost headline rates, according to Sally Laker, managing director of Mortgage Intelligence. The...

Hawksmoor IM launches to offer a more "personalised approach".
January 10, 2008... A former Iimia executive is shunning a London-focused national business model to concentrate on IFAs in regional areas with the launch of his fund management firm. Based in Exeter, Hawksmoor Investment Management has been founded by chief...

Remortgages to 'aid BTL sector'.
January 10, 2008... Remortgaging activity may be keeping the buy-to-let market afloat as landlords hold off from adding to their portfolios, according to Hamptons International Mortgages. The independent mortgage brokerage revealed that buy-to-let purchase...

Hip movements have led to market spike - agents.(Brief article)
January 10, 2008... The widespread introduction of home information packs caused a spike in property activity in November, according to the National Association of Estate Agents. Its members across the country reported an average of 77 properties for sale in...

That sinking feeling...(mortgage overview)
January 10, 2008... Fortune favours the... canny? Welcome to 2008. Before we go any further, let me offer my congratulations to you on making it to the year the mortgage sector has been dreading. You are a survivor. So, how was it for you? Did the world...

Facing the old demons again.(demonstrations)
January 10, 2008... Byline: Should the MPC fear the credit crunch or the spectre of inflation? The story so far: King Mervyn is facing a tricky dilemma. To his left side, lurks the dragon inflation, a foe which was once thought to have been vanquished but...

It'll be pennies for haven.
January 10, 2008... Byline: With the credit crunch still impacting the adverse credit sector, advisers should braced for worse conditions Since the summer, the term credit crunch has been applied to everything from house price falls to the crisis in consumer...

Scot towns lead charge in Halifax 'hot spot' list.(Scottish)(Brief article)
January 10, 2008... Byline: Quartet of Scottish towns are expected to see largest house price growth Scotland is set to become a property 'hot spot' in 2008, according to Halifax Estate Agents. According to the latest research, four Scottish towns top the...

There is hope for FTBs yet, claims RICS.
January 10, 2008... First-time buyers can expect a thawing of conditions in 2008 which could make property ownership more achievable, according to the Royal Institution of Chartered Surveyors. Simon Rubinsohn, chief economist of the RICS, said: "While...

Intermediary lenders 'confident on the year ahead'.
January 10, 2008... High employment levels and strong continuous housing demand will keep the mortgage market healthy throughout 2008, intermediary lenders believe. A survey by specialist trade body the Intermediary Mortgages Lenders Association found lenders...

More than 120 get 'taste for mortgages after turkey'.(Brief article)
January 10, 2008... More than 120 borrowers submitted mortgage or loan enquiries through Leadbay internet sites on Christmas Day requesting advice, according to the company. On New Year's Day, Leadbay reported that this enquiry figure had quadrupled. ...

Industry backs Darling plan.
January 10, 2008... Byline: BBA welcomes greater powers for FSA amid claims chancellor is merely 'shutting stable door' The banking industry has given its support to Alistair Darling's move to give the the FSA greater powers to deal with liquidity and capital...

Board wins a victory in Rock survival fight.
January 17, 2008... Byline: Lender's directors triumph, but shareholders' veto any AGBP5m deal approval The board of Northern Rock carried the day at the EGM on Tuesday and lost only one resolution but the one defeat means it cannot allot shares with a...

End commission payments - ABI.
January 17, 2008... Byline: Association of British Insurers gets behind customer-agreed remuneration and also calls for end to commission system Insurance companies are lobbying for an end to commission payments, calling instead for customer-agreed...

Skandia calls for a two-tier model to help advice clarity.
January 17, 2008... Distribution in the retail markets should be put into two categories - advice or non-advice - to bring clarity into the market, according to Skandia. It added that general and primary advisers will introduce complexity into the market and...

Mortgage lending dips in 2007.
January 17, 2008... Byline: The CML reports a drop in mortgage lending in November 2007 leading to belief house prices are set to fall Figures from the Council of Mortgage Lenders and DCLG confirmed the continued easing of the housing market in the UK. ...

Shareholders give go ahead for Pearl deal.
January 17, 2008... The takeover of Resolution by Pearl moved a step closer as shareholders approved the AGBP4.98bn takeover last week. Of 1429 scheme shareholders, 95.84 per cent voted to approve the acquisition - with 62 per cent against the arrangement. ...

Life Trust launches its plan through financial advisers.
January 17, 2008... Life Trust's first product, the longevity income plan, is aimed at the mass affluent sector of the population and is available solely through IFAs. The product from the insurance provider has a minimum investment of AGBP5000 and is the...

A single last chance salon 'needed'.
January 17, 2008... Byline: Report from Oxera concludes approaches to insurance guarantee schemes across Europe need harmonising An EU-wide scheme of last resort for policyholders in insurance companies must be implemented if a single market in insurance is to...

Virgin strikes an NHS care deal.
January 17, 2008... Sir Richard Branson's Virgin Group has launched into the primary healthcare market, normally associated with NHS GPs. Virgin Healthcare said it will be opening centres jointly with NHS GPs and other healthcare professionals. It said it...