Financial Advisor articles from July 2008

Financial Advisor archives from July 2008

ETFs take on Europe.
July 3, 2008... Byline: Marco Montanari Exchange traded funds will soon become a more dominant force in European investment than they have in the US Europe will soon pass a rather significant milestone: The European fixed income exchange-traded fund...

Rock fallout rolls on with savings rule rejig.
July 3, 2008... Byline: James Redgrave Darling moves to protect GBP50,000 of savings but banks won't pre-pay for it. Depositors could see up to GBP50,000 of their funds protected under new Treasury proposals in the wake of the financial collapse of...

Life Trust readies corporate longevity plan.
July 3, 2008... Byline: Stefanie Ives Company is to launch a corporate product by the end of the year Life Trust is set to launch a corporate offering to run alongside its retail product by the end of the year. Dominic Weeks, a spokesman for Life...

Lord Turner: UK would be "lucky" to avoid another Rock.
July 3, 2008... Byline: James Redgrave The incoming chairman of the Financial Services Authority (FSA) has hinted the UK will be lucky to avoid another crisis on the scale of Northern Rock in the coming years. Lord Adair Turner's comments came as he...

Advisers urged to educate consumers on OMO.
July 3, 2008... Byline: Stefanie Ives Advisers have a distinct role to play when advising about the Open Market Option (OMO) as consumers continue to ignore providers prompting letters, managing director of IFA services for Bankhall David Golder has...

FSA fines Body Shop man.
July 3, 2008... Byline: Amy Brazil The FSA has fined John Shevlin GBP85,000 for alleged market abuse. The FSA has fined John Shevlin GBP85,000 for alleged market abuse. Mr Shevlin, a former IT technician for The Body Shop International Plc, is...

Majority are clueless over state pension - study.
July 3, 2008... Byline: Stefanie Ives More than half do not know what they should be saving for their retirement, BC&E report finds Nine out of 10 UK workers do not know what the basic state pension is, research by employee benefits provider B&CE...

UK Third way guarantees 'not worth it'.(Steve Patterson of Intelligent Pensions)(Brief article)
July 3, 2008... Byline: Joy Dunbar Steve Patterson from Intelligent Pensions says that variable annuities are suitable for certain clients Guarantee costs for third-way annuities are not worth paying except in occasional circumstances, according to...

Customers shunning advisers - survey.
July 3, 2008... Byline: Joy Dunbar Research from Standard Life reveals a drop in number of client/adviser relationships between January and April. The number of investors with an ongoing relationship with a professional adviser has decreased by 7 per...

Ombudsman blames government over Equitable Life.
July 3, 2008... Byline: Joy Dunbar Government may appeal the Parliamentary Ombudsman's recommendations over the Equitable Life fiasco when it is published on 14 July. The Parliamentary Ombudsman will find the government guilty of maladministration...

RDR will push the Sipp market forward, says Suffolk Life.(Brief article)
July 3, 2008... Byline: Joy Dunbar The retail distribution review and the evolving platform market looks certain to act as a catalyst for growing Sipp demand, according to John Moret director of sales and marketing for Suffolk Life. Speaking after the...

Lord Turner urged to look at FSA pay deals.
July 3, 2008... Byline: James Redgrave Lord Turner must look at the FSA's remuneration structure, senior industry insiders have warned, after former executive Clive Briault's redundancy package made him the regulators' highest paid employee this year. ...

FSA in the doghouse.
July 3, 2008... Byline: Tony Hazell Panel of experts My friends at the FSA have received a bit of a spanking from the Financial Services Consumer Panel. At one time this panel seemed to be little more than another gathering of the great and the...

St James's adds Bright Grey to panel.(St. James Place Capital)(Brief article)
July 3, 2008... Byline: Maryrose Fison Bright Grey, the protection specialist arm of Royal London, has been appointed to the St James's Place protection panel. Bright Grey, the protection specialist arm of Royal London, has been appointed to the St...

Abbey reveals fixed-rate deal durations.
July 3, 2008... Byline: Maryrose Fison One in 10 would choose a 10-year fixed-rate mortgage One in 10 people would now chose to fix for 10 years or longer on a mortgage, according to new findings from Abbey. The latest figures from the Abbey...

Southern Cross shares plummet.
July 3, 2008... Byline: Joy Dunbar Southern Cross Healthcare fails to repay debt Shares in the largest provider of care homes for the elderly in the UK, Southern Cross Healthcare, dived after it announced that it would not be able to pay a GBP46m debt...

Prices drop by GBP11.5k in a year - Nationwide.
July 3, 2008... Byline: James Redgrave According to Nationwide's latest figures house prices down month on month, although pace of falls has decreased House prices have fallen by more than GBP11,500 in the past year, according to figures released by...

Charcol boss goes in staff cuts.
July 3, 2008... Byline: Joy Dunbar Chief executive Ian Kennedy leaves the broker after two years in a move which sees staffing levels reduced by 69 John Charcol has axed 69 of its staff, including chief executive Ian Kennedy and finance director Nigel...

Old Broad Street teams up with Origen.(Origen Financial L.L.C.)(Brief article)
July 3, 2008... Byline: Amy Brazil OBSR to assist Origen in expanding funds and products assessed for its panels Origen has appointed Old Broad Street Research Limited to develop a range of investment funds and product panels. As part of the...

Strawberry Tea is in season.(Brief article)
July 3, 2008... Byline: Stefanie Ives Breast Cancer Care fundraiser supported by Judy Murray Judy Murray, mother of Andy Murray, Britain's number one singles player and Jamie Murray, Britain's top doubles player, is encouraging people around the UK to...

Fitch calls for rise in scrutiny of property fund managers.
July 3, 2008... Byline: Maryrose Fison Analysis calls for strong management and understanding of dynamics Ratings agency Fitch has called for greater scrutiny of property fund managers' ability to manage liquidity. The 23-page report, which...

Advisers 'need reminding' of offshore bond benefits.
July 3, 2008... Byline: Maryrose Fison Defaqto report finds that 20 per cent of advisers do not know enough about offshore bonds to recommend them Advisers remain unsure of offshore bonds as nearly three in 10 avoid using them, a report by market...

Top bosses are cracking up.
July 3, 2008... Byline: Hal Austin The saga at Bradford & Bingley is another example of some of the serious problems that exist within the banking and building society sector as well as with the management of some of these institutions It was the late...

Court correct in Pickerings case, claims legal expert.
July 3, 2008... Byline: James Redgrave The Court of Appeal made the "absolutely right decision", says CMS Cameron McKenna The Court of Appeal acted correctly by upholding a decision by the Financial Ombudsman Service to order an IFA firm to pay a...

Green joins Afi.
July 3, 2008... Byline: James Redgrave Abbey for Intermediaries has appointed Sara Green as its national key account manager. Abbey for Intermediaries has appointed Sara Green as its national key account manager. Ms Green's appointment signals...

Britannia scores high in leadership.
July 3, 2008... Byline: Amy Brazil Best Companies' survey shows 20 Best Big Companies to work for ranks Britannia Building Society has been ranked second in this year's 20 Best Big Companies to work for, beaten only by accountancy firm KPMG. ...

Cautious clients looking to intermediaries, claims IMA.(Investment Management Association)
July 3, 2008... Byline: Joy Dunbar The Investment Management Association's latest figures show that investors continue to be cautious Intermediaries represented 85 per cent of gross retail business for UK domiciled funds in May as investors remain...

Flexible friends used more.
July 3, 2008... Byline: Amy Brazil Nearly a third of consumer transactions were completed on plastic as usage of debit cards has soared by 390 per cent in 10 years, research by Apacs has revealed. Nearly a third of consumer transactions were...

Morgan gets four structured products.
July 3, 2008... Byline: Amy Brazil Morgan Stanley aims to appeal to cautious investors looking to benefit over the investment term Morgan Stanley has expanded its structured product range, bringing the total number of UK retail plans to 64. ...

IFAs endorse emerging markets and UK equities - Virgin Money.
July 3, 2008... Byline: Maryrose Fison Gold is the least popular investment sector among IFAs IFAs are looking to emerging markets and UK shares when advising their clients over the next three months, according to Virgin Money. According to the...

Howitt joins Nucleus as finance director.
July 3, 2008... Byline: James Redgrave Nucleus Financial Group has appointed Neil Howitt as its finance director. Nucleus Financial Group has appointed Neil Howitt as its finance director. He was previously an actuary and finance director for St....

Look beyond mortgages, brokers warned.
July 3, 2008... Byline: James Redgrave Mortgage brokers must diversify, claims Positive Solutions A major IFA has warned mortgage brokers they need to diversify to survive in the current difficult market conditions. Positive Solutions issued the...

FSA predicts 20% of firms will miss TCF deadline.
July 3, 2008... Byline: James Redgrave On current estimates firms will struggle to meet the regulator's December deadline Twenty per cent of firms will miss the deadline for complying with the FSA's treating customers fairly rules in December, the...

Geden steps down as CEO of NFU Mutual.
July 3, 2008... Byline: Joy Dunbar Board of directors appoints Lindsay Sinclair as chief executive of NFU Mutual to take over from Ian Geden NFU Mutual has announced the retirement of its chief executive Ian Geden at the end of 2008 after nearly 40...

Co-op must try.(Coop Group)(Financial report)(Brief article)
July 3, 2008... Byline: Hal Austin It is nice to see the Coop Group is making a healthy profit and returning some of that to members in a profit share. It is nice to see the Coop Group is making a healthy profit and returning some of that to members...

Skandia axes Selestia brand.
July 3, 2008... Byline: Joy Dunbar Skandia is to re-brand its Selestia platform Skandia has announced plans to axe the Selestia platform and replace it with a full wealth management wrap platform. Due to launch on 1 August the new division, headed...

Pressure drop.
July 3, 2008... Byline: Hal Austin Companies must win Service Awards by fair and square means Our Service Awards questionnaire has now been published and it indicates two important markers in the personal finance calendar. First, it is the...

Lindsell to replace Brindle on FRRP.
July 3, 2008... Byline: James Redgrave Financial Reporting Council welcomes Lindsell David Lindsell has been appointed a deputy chair of the Financial Reporting Review Panel. Mr Lindsell replaces Ian Brindle who has completed his final term on...

In the wake of ABN deal and credit crunch Fortis goes 'prudent' as it plans a GBP1.2bn rights issue.
July 3, 2008... Byline: Joy Dunbar Fortis accelerates the execution of its solvency plan The acquisition of ABN Amro and the credit crunch has forced Dutch-Belgian bank Fortis to take steps to increase its liquidity with a GBP6.3bn cash injection....

Borrowers feel sting as Halifax ramps up fees.
July 3, 2008... Byline: Maryrose Fison Lender introduced mortgage account fee Halifax has increased its mortgage fees for new borrowers by GBP70 meaning it now stands at GBP245. Explaining the fee - which replaces its existing mortgage...

Celdran heads to Paris for Standard Life Investments.
July 3, 2008... Byline: Jessica Mooney Standard Life Investments, one of the largest property fund managers in Europe, has announced the appointment of Frederic Celdran as its European development manager in Paris, effective September 2008. Standard...

Hepburn to lead Crown's servicing team.
July 3, 2008... Byline: James Redgrave Expansion of Crown Mortgage Management's servicing team will be key responsibility Crown Mortgage Management has appointed Kevin Hepburn as primary servicing manager. Mr Hepburn joins Crown from Money...

Hoskins to take care of private clients for Oxford Capital.
July 3, 2008... Byline: James Redgrave Richard Hoskins has become private client services manager for venture capitalists Oxford Capital. Richard Hoskins has become private client services manager for venture capitalists Oxford Capital. The...

Marsh sends Arms to NY.
July 3, 2008... Byline: James Redgrave Marsh appoints Arms as international head of employee benefits Insurance broker firm Marsh has appointed Greg Arms as its international head of employee benefits. He will be based in New York, where he will...

Huertas vows to crack down on banks.
July 3, 2008... Byline: James Redgrave Banking sector chief will not shirk from using planned special resolutions regime The FSA has sent out a veiled threat to the banking sector over preserving capital and liquidity. In a speech to the City and...

Skandia warns over bias issue with the CAR journey.
July 3, 2008... Byline: Joy Dunbar Provider warns FSA it needs to looking into factoring arrangements or the idea will not work Factoring arrangements will create provider bias and must be prevented by the FSA as part of the retail distribution...

Diversification is on the rise, says Barclays.(Brief article)
July 3, 2008... Byline: Joy Dunbar Almost two thirds of investors use funds because they provide diversification according to Barclays Stockbrokers. Diversification in a portfolio is the main motivation behind fund choices, research from Barclays...

The four riders of charity.
July 3, 2008... Byline: Stefanie Ives Guide Dogs for the Disabled gets GBP5000 from S&S A team of four riders representing Stroud & Swindon Building Society have raised GBP5000 for Guide Dogs for the Disabled, following the completion of a gruelling...

Pru shelves reattribution proposal.
July 3, 2008... Byline: Maryrose Fison After months of research company announces carrying on with current plans is the best option Prudential has shelved plans to carry out a reattribution on its with profits policy, following months of actuarial...

Cheaper to buy than to rent by GBP10k - Abbey.
July 3, 2008... Byline: James Redgrave Rent v Buy Index shows stark difference The cost of buying property is falling below that of renting, the latest research from Abbey has revealed. Publishing its Rent v Buy Index, the company showed buying is...

Baillie adds to Cofunds to raise adviser access.
July 3, 2008... Byline: Anna Lawlor Baillie Gifford launches a range of sub-funds on Cofunds platform. Baillie Gifford has listed 17 of its Oeic funds with Cofunds as part of its "further improved support for intermediaries". Ken Edwards,...

Ami clarifies its stance on Fos and mortgage advisers.
July 3, 2008... Byline: Chris Cummings We would like to correct a report in Financial Adviser (FA, 26 June) that stated Ami had "urged" the Financial Ombudsman Service to turn its attention to mortgage advisers. This is not the case. We would like to...

Aegon looks to Focus for intermediaries solution.
July 3, 2008... Byline: Maike Currie Aegon Scottish Equitable and Focus Solutions Group launch extranet service Aegon Scottish Equitable has teamed up with Focus Solutions Group to launch a new extranet service for intermediaries. The streamlined...

'Difficult market' forces Mortgage 2000 to consider making 50 cuts.
July 3, 2008... Byline: James Redgrave Belt-tighening measures could mean redundancies for comparison website Financial comparison website Moneysupermarket is considering more than 50 members of staff from its Mortgage 2000 intermediary service...

Majority predict future house price falls.
July 3, 2008... Byline: Joy Dunbar Three-quarters of people expect property prices to fall according to the Building Societies Association Three quarters of people expect property prices to fall over the next 12 months, according to the first...

Mortgage debt for pensioners grows by 20%, says Key.
July 3, 2008... Byline: Stefanie Ives Outstanding mortgage debt for those at or nearing retirement in the UK stands at GBP207, claims report A third of the UK population, nearing or in retirement, owe GBP207bn in outstanding mortgage debt, a new...

Duffy joins Mortgageforce during strategic review.
July 3, 2008... Byline: Joy Dunbar Kevin Duffy heads to West Brom Society's Mortgageforce Kevin Duffy has been appointed as a consultant at Mortgageforce as it undergoes a strategic review. Mr Duffy will work closely with Rob Clifford, chief...

IMA sees through transparency claims.
July 3, 2008... Byline: Joy Dunbar TUC calls on the government to force fund managers to disclose their voting records in a standard form. The Trade Union Congress continues to fuel myths about the lack of transparency and accountability in the fund...

Unbiased launches pension-focused IFA search facility.
July 3, 2008... Byline: Maryrose Fison Corporate pension schemes stand to gain from Unbiased.website, claims David Elms Adviser search engine Unbiased.co.uk has launched a new service to help put members of corporate pension schemes in touch with an...

MGM Advantage beefs up annuity team.
July 3, 2008... Byline: Maryrose Fison Life assurer poaches Aston Goody from Prudential and Eyeedul Haque Partnership Niche life assurer MGM Advantage has been head-hunting top staff from rival providers in an attempt to boost its annuity team. ...

Devlin to head global sales for Castlestone.
July 3, 2008... Byline: James Redgrave Jerry Devlin has been appointed head of global of sales in a major shake up at Castlestone Asset Management. Jerry Devlin has been appointed head of global of sales in a major shake up at Castlestone Asset...

O'Neill to head distribution for RBS.
July 3, 2008... Byline: James Redgrave RBS Asset Management has appointed Kate O'Neill as head of distribution. RBS Asset Management has appointed Kate O'Neill as head of distribution. The one time Henderson Global Investors pan-European...

Good deeds pay off for Dix.
July 3, 2008... Byline: Joy Dunbar Kate Dix wins a Standard Life Chairman award Kate Dix, an account relationship manager for group pensions for Standard Life, has won a volunteering award at the life company's Chairman Awards. Standard Life's...

Aegon to review Property deferment options.
July 3, 2008... Byline: Joy Dunbar Asset manager's ban on cash withdrawals was put in place because of market uncertainty Aegon Asset Management is reviewing its redemption deferment periods on commercial property funds after imposing a 12-month ban...

Pensions Education Fund fights sales pitch stigma.
July 3, 2008... Byline: James Redgrave Phobia over retirement advice in the workplace affects SMEs the worse - report Small employers are rejecting the offer of pensions advice in the workplace, according to DWP research published last week. The...

BDS to continue its Money Partners deal.(BDS Corp.)(Brief article)
July 3, 2008... Byline: James Redgrave Money Partners keeps BDS as packager Mortgage lender Money Partners has announced it will continue to distribute through packager BDS following last month's announcement it is to limit its distribution channels....

Fiducia to launch franchise.
July 3, 2008... Byline: Stefanie Ives Broker looks into franchise proposition through the use of its already existing sourcing system Fiducia Commercial Solutions, a commercial mortgage broker, is set to build its own franchise proposition with the...

Fellows to head Fidelity premium service.
July 3, 2008... Byline: Stefanie Ives Fidelity appoints Richard Fellows to work on high net-worth business Fidelity has appointed Richard Fellows from Fisher Wealth Management to head its premium service team. Mr Fellows had previously been...

Rise in complaints prompts Fos recruitment drive.
July 3, 2008... Byline: Maryrose Fison Ombudsman to target candidates from a variety of backgrounds The Financial Ombudsman Service has launched a recruitment drive for adjudicators in response to a significant rise in the number of complaints about...

Shares in debt specialist Invocas soar as its profits rise by GBP6m.
July 3, 2008... Byline: Colin Calder You could not find a better sector to be in right now, claims chief executive Edinburgh-based debt solutions specialist Invocas is expecting significant increases in demand for its services throughout 2008 and...

Reports recommend 50 points to help HMRC beef up data security.
July 3, 2008... Byline: Joy Dunbar Two reports into the lost HMRC disks were published last week. There were significant failures by the government concerning the lost personal details of up to 25m people who received child benefit, according to two...

Co-operative to hand out GBP38.1m to members.
July 3, 2008... Byline: Joy Dunbar The total share of profits dividend paid to members of the Co-operative Group has doubled, the mutual retailed announced. The largest mutual retailer has doubled its profit payment to its members. The...

FSA vows to fight hard for boiler room victims.
July 3, 2008... Byline: Joy Dunbar The regulator obtains a bankruptcy order against a man who ran two boiler rooms The FSA has obtained a bankruptcy order against a man that ran two UK-based companies that helped boiler rooms illegally sell shares to...

IFA slams home improvement tactics.(GE Money )(Brief article)
July 3, 2008... Byline: James Redgrave GE Money survey shows homeowners spending more money trying to raise the value of their existing properties The results of a survey showing estate agents' views on ways to raise property values through home...

Pensions regulator gets behind stark warning.
July 3, 2008... Byline: James Redgrave Body 'completely agrees' with the ABI's conclusions on defined benefit schemes A government body has backed a report from the Association of British Insurers, which offers a stark warning for the future of...

Carbon certificate.
July 3, 2008... Byline: Jessica Mooney Companies that reduce their carbon footprint to receive Carbon Trust endorsement. A certificate has been launched by the Carbon Trust which awards businesses and organisations that have proved they have reduced...

Chances of DB schemes going bust is increasing - ABI.
July 3, 2008... Byline: James Redgrave Research from the association examines the factors that are putting the schemes at risk The stability of defined benefit pensions is at risk from a raft of factors which could see a significant increase in the...

IMS to offer expertise to Nomura.
July 3, 2008... Byline: Joy Dunbar IMS has been approached to do research for Nomura Securities Investment Manager Selection has been appointed to undertake extensive institutional manager research for Nomura Securities. Nomura specialises in the...

Another way to play this.
July 3, 2008... Byline: Hamish Mair Private equity funds of funds seem to still be the easiest way to reduce risk of long-term returns investments For the last few years, private equity investments have been attracting an increasing amount of media...

Never judge a Facebook by its cover.
July 3, 2008... Byline: James Spellman With social networks growing at a fast pace, advisers cannot ignore the new medium and need to look into how they could serve their own networking purposes Financial advisers are finding a new competitor in...

Skandia's Brett Williams joins Cofunds as CEO.
July 3, 2008... Byline: Joy Dunbar Cofunds, the UK's largest independent investment platform, has appointed Brett Williams as chief executive officer (CEO) to succeed Charlie Eppinger, who will continue as chairman. Williams was previously the...

Skandia axes Selestia brand in refocus of wrap strategy.
July 3, 2008... Byline: Joy Dunbar Skandia is to scrap the Selestia brand in favour of renaming the platform Skandia Investment Solutions. The life company said that the name change follows feedback from advisers that the Skandia name is the right one...

IT professional fined by FSA for market abuse.
July 3, 2008... Byline: Stefanie Ives The Financial Services Authority (FSA) has fined IT professional John Shevlin GBP85,000 for market abuse. Shevlin was employed as an IT technician at The Body Shop International. On 10 January 2006, he established...

DWP to allow State Second Pensions to be invested into Sipps.
July 3, 2008... Byline: Joy Dunbar The Department for Work and Pensions (DWP) is expected to announce it will allow protected rights benefits from State Second Pensions (SSP) to be invested into Sipps from October. This development, which is expected...