Financial Advisor articles from June 2004

Financial Advisor archives from June 2004

Sofa approves Bullivant's radical new business plan.
June 3, 2004... SOFA is going head-to-head with rival body the LIA in its push to turn the industry into a profession. Last week the board of the Society of Financial Advisers approved a new business plan by Bob Bullivant, managing director of Sofa. ...

Clerical's foxy charity run.(Brief Article)
June 3, 2004... FIFTEEN Foxy Sprinters from Clerical Medical raced past the finishing line to raise more than AGBP1000 for Cancer Research.

Equity no substitute for pension warning.(Pensions Policy Institute)(Brief Article)
June 3, 2004... RELEASING equity from their home would fail to sustain most people through retirement, according to the Pensions Policy Institute. A PPI report -" titled Property or pensions -" claimed despite the recent rise in property prices, the...

AFI uses website to promote wraps.(Aspire Financial Services)(Brief Article)
June 3, 2004... ABBEY for Intermediaries is urging IFAs to promote wraps in order to ensure they become their client's 'adviser for life'. Abbey's wrap website has film clips of Australian IFAs talking about how they sold the benefits of wraps to their...

Pension funds to cut equity exposure to meet liabilities.
June 3, 2004... THE asset management industry expects pension funds to slash their equity exposure over coming years to help them meet liabilities. The second annual asset management survey by the IMA discovered that chief executives of leading asset...

Move into profit for Mortgage Trust after redundancies.
June 3, 2004... MORTGAGE Trust has moved into profit after a round of redundancies under its new parent. The buy-to-let specialist made AGBP7.2m in pre-tax profits for the six months to the end of March. This compares with a AGBP5.2m loss for the year...

Tories lend support to shared equity schemes.
June 3, 2004... Shared equity has become a key part of the Conservative Party's housing agenda. Speaking to an invited audience in London, the Conservative's spokesman on housing, John Hayes, said that a Tory government would develop new polices to help...

Female IFAs give firm backing for menu plans.(Independent Financial Adviser)(Brief Article)
June 3, 2004... FEMALE IFAs are positive about the proposed new menu payment system for advisers, according to research. Almost 90 per cent of members of the Women's IFA Group said the menu was a positive step for the industry. However, just 10 per...

TLI is closed to new business after review.(Towry Law International)(Brief Article)
June 3, 2004... Towry Law International has closed to new business after a strategic review of the firm by parent company HHG. The international division of the Towry Law group operates from five office locations worldwide and covers the Asia-Pacific...

FSA-backed group to push professionalism.
June 3, 2004... A NEW FSA-backed compliance group is being established to promote the professionalism of compliance consultancy firms. The regulator is involved in putting together the new body -" the Association of Professional Compliance Consultancies....

Advisers hit back after CA mauling.
June 3, 2004... IFAS are in danger of being smeared after a damning report into product sales from the Consumers' Association. A study in the association's Which? magazine claims that poor advice and questionable sales tactics are rife in financial...

Axa sets up auto apply pensions.
June 3, 2004... AXA has set up an auto apply facility for group pensions in response to government talk of automatic enrolment. The provider has launched a facility that automatically makes an employee a member of their employers pension scheme, but also...

LIA proposes its own pricing menu.
June 3, 2004... THE LIA has contradicted rival body Aifa by proposing a separate pricing menu to the FSA. The LIA, which represents more than 20,000 financial advisers, has handed the regulator ideas for a depolarisation menu. It goes against the...

PMI draws up trustee checklist.(Pensions Management Institute )(Brief Article)
June 3, 2004... THE Pensions Management Institute has created a checklist to help trustees prepare for office. The institute has drawn up a checklist of the documents and information that newly-appointed trustees need to help them make informed decisions....

Zurich sees 'Bridget Jones generation' gap.
June 3, 2004... UK singles who neglect to buy adequate financial protection are an important group for IFAs to target, according to Zurich. The financial services provider said that 46 per cent of the single population aged between 35 and 45 did not have...

FA Today dominated by regulation issues.
June 3, 2004... INTENSE regulation of the IFA sector dominated the Financial Adviser Today event for advisers in Brighton last week. Industry experts and delegates vented frustration created by the FSA, including an overall consensus that IFAs are...

Trustees must help members, says TUC.
June 3, 2004... TOO much choice is the key problem facing pension trustees, according to the TUC. Brendan Barber, general secretary of the TUC, told more than 100 trustees gathered at the union's Transforming Trusteeship conference that people were...

Wickes confident on future of PPFs.
June 3, 2004... FEARS that the Pension Protection Fund's links with the US compensation scheme could lead to its collapse are unfounded, according to Malcolm Wicks. Mr Wicks, minister for pensions, told trustees at the TUC's Transforming Trusteeship...

IFAs want right to set own fees.
June 3, 2004... THE FSA has no role in dictating what hourly rates IFAs should charge, according to IFAs at FA Today. At the Brighton event last Wednesday, advisers reacted strongly to reports that a London IFA had charged AGBP150 an hour for advice. But...

Driving around a blind cornerCTFs open up to providers.
June 3, 2004... Revised regulations for child trust funds have opened up the market to providers. The Inland Revenue has published the main rules for CTFs, which include allowing a wider range of providers to enter the market. The rules also allow...

Endorsements 'don't sell extra'.(Brief Article)
June 3, 2004... British consumers are not fooled by advertising campaigns fronted by famous faces, according to new research. The quality mark scheme for the insurance industry, Raising Standards, said companies might want to "think again" before they...

Advisers threatened by mortgage rules.
June 3, 2004... THE FSA's prescriptive regime is a threat to mortgage advisers, warned Keith Jarman, director of Hughes Carne IFA. Speaking at FA Today in Brighton, Mr Jarman reminded brokers that the looming regulation of mortgages was not to be...

Fidelity looks at ways to let advisers sell child trust funds.
June 3, 2004... FIDELITY is considering ways to make it viable for IFAs to sell child trust funds. The investment manager, which has announced intentions to launch a range of CTFs, is looking at how to remunerate IFAs wishing to participate in the market....

With profits 'is making a comeback'.
June 3, 2004... SALES of with profits products are set to rise by 15 per cent a year, according to a Datamonitor report. The market analyst predicted a bright future for with profits bonds, in spite of poor press coverage in recent years. Datamonitor...

IFA issues warning over structured product risks.
June 3, 2004... Structured products should be avoided by investors, according to a leading IFA. Mark Dampier, head of research for Bristol-based Hargreaves Lansdown, said those structure products that were linked to the FTSE100 did not offer good...

Friends Provident turns to extranet for distribution.(Brief Article)
June 3, 2004... Increasing numbers of appointed representatives are behind Friends Provident's move to improve the company's extranet offering, the company has claimed. The provider enhanced its appointed representative website to ensure it could cope...

Kicking off at Midshires.(Brief Article)
June 3, 2004... Staff from Birmingham Midshires won a football match against brokers last week in an effort to raise money for homeless charity Shelter. The match took place at Molineux, home of Wolverhampton Wanderers and the team from Birmingham...

Future of PMI and Gips is planned.(Brief Article)
June 3, 2004... Providers, company managers and government representatives have met to make plans for the next generation of protection products. The first of four health industry forums was held by corporate solution company the Jelf Group, in response to...

M2 launches mortgage arm.
June 3, 2004... National IFA M2 Financial has launched a dedicated mortgage arm. On 1 June, the firm that was one of five IFAs selected by Amex to use its wrap service, introduced M2 Financial Mortgages. M2 has taken on Stuart Johnstone, a former M2...

Rule change heralds free asset ratio rise.
June 3, 2004... LIFE companies are reversing the trend of decreasing free assets ahead of solvency rule changes, according to Ernst & Young. The accountancy firm's fifth annual survey of UK life insurance companies showed that the free asset ratio across...

One ready to expand offering.
June 3, 2004... The One Account is on the verge of launching an attempt to tackle the mainstream mortgage market. It is reviving the First Active bank brand, a company that has a strong presence in the Republic of Ireland, and used to provide specialist...

Fund managers open up over pension pots.
June 3, 2004... FUND managers are being less secretive about the way they use pension pots, according to a TUC survey. The union obtained voting records for half the fund managers surveyed, a 10 per cent increase from last year's survey and 60 per cent...

BTL investors need higher equity levels.
June 3, 2004... BUY-to-let investors will have to put more equity into their investments because of rising interest rates, according to Mortgage Express. Potential landlords will have to come up with more money because mortgage payments have risen while...

Finance Bill may prompt pension postponements.
June 3, 2004... THE Finance Bill could lead to retirements being postponed until after April 2006, according to Andy Bell. Mr Bell, an actuary and managing director of AJ Bell, claimed pension provisions within the Finance Bill, such as changes to the...

E.surv sees leap in mortgage valuations.
June 3, 2004... MORTGAGE valuation services provider E.surv has reported a leap in business volumes this year. The company, which provides valuations and related information to mortgage lenders and packagers, said total valuations carried out by itself...

Insight plans to close UK funds.
June 3, 2004... INSIGHT Investment plans to close two of its UK funds and merge two of its European ones. As it forged ahead with plans to restructure its equity teams and streamline its fund range, it also announced four equity specialists would leave...

Free Webline CD detailing services.(Brief Article)
June 3, 2004... WEBLINE has produced a CD giving advisers access to tutorials on using comparative quotations, e-submission and back office services. Eight IFAs and insurers have sponsored the CD, which also includes an integrated video report featuring...

Property firm targets IFAs.(Chesil Park)(Independent Financial Adviser)(Brief Article)
June 3, 2004... Property investment firm Chesil Park is offering its services to IFAs who want to get involved in the market. The company said that IFAs can access the asset class either by presenting the property business as their own, or outsourcing the...

UK birth rates risk record low.
June 3, 2004... MORE attention needs to be paid to UK birth rates, according to a report by the Actuarial Profession. The organisation's new report on UK population trends, More Babies, claimed the government needed to consider taking action to address...

With profits made clear.
June 3, 2004... REALISTIC reporting should result in fewer with profits funds in the future, according to Peter Vipond. The head of financial regulation and taxation for the Association of British Insurers said there would be a consolidation of with...

House price rise set to continue.
June 3, 2004... HOUSE prices are expected to continue on their upward path this summer as demand continues to outstrip supply. Analysis of the housing market by property market research company Hometrack showed that in May the value of the average London...

Pension uncertainty over.(Brief Article)
June 3, 2004... THE PENSION planning blight of the past few years is now finally over, according to a pensions expert. Steve Bee, head of pensions strategy for Scottish Life, told more than 100 IFAs at the provider's pension roadshow in Manchester last...

Rebranded Aifa to take on multi-tied.
June 3, 2004... AIFA is to rebrand in the run-up to depolarisation, adding multi-tied agents on to its membership. The Association of IFAs as a title will become unfitting as the body intends to admit non-independent brokers, provided they are directly...

Complaint time-bar rules 'not workable'.
June 3, 2004... FSA RULES on endowment complaint time barring are unworkable for IFAs, according to law firm Reynolds Porter Chamberlain. The City watchdog's new rules, announced on 25 May, require firms to warn endowment policyholders they have three...

FSA process disadvantages networks.
June 3, 2004... THE FSA's system of authorisation could be in danger of inadvertently putting some networks at a disadvantage. According to Martin Cave, managing director of network Homeloan Partnership, the FSA's handling of the authorisation process...

Revision of ABI's endowment code.
June 3, 2004... THE ABI has revamped its code of practice for selling mortgage endowments following new FSA guidelines. The Association of British Insurers unveiled its new Mortgage Endowment Code as the regulator told firms to warn policyholders facing...

The self-cert scandal, IT and adapting to looming regulation.
June 3, 2004... FINANCIAL ADVISER: How have the group's plans to expand into the prime sector progressed? DAN WATKINS: It has been mentioned and there has been some activity on it. The reality is there are certain areas of the prime market that require...

Pensions campaign should carry on.(Brief Article)
June 3, 2004... A couple of weeks ago, I mentioned how journalists were often in the vanguard of attempts to ensure that consumers were treated fairly. There is no better example of this than the battle to win some form of compensation for the 60,000 or so...

Should you stay or should you go -"Athe Aifa issue.(Brief Article)
June 3, 2004... Imagine that you are an IFA, and a pretty good one, too. Your financial planning skills are excellent, you always have your clients' interests at heart, and you always make sure that any recommendations are properly researched and suited to...

Drink in the memories.(Brief Article)
June 3, 2004... Laura MacKendrick, PR and communications manager at Kensington Mortgages, has many fond memories of her school days. However, throwing up 16 times after a drinking fest on a school trip in Amsterdam is not one of them. During a recent...

The perfect tee-time read.(Brief Article)
June 3, 2004... Steve Smith, mortgage executive of London IFA Hill Martin, is a wise man, particularly when it comes to holiday reading material. Armed with clothes and putting equipment for a four-day golfing break in Spain, Mr Smith also ensured he had...

Exams required for care.
June 3, 2004... ALL advisers of long-term care policies will have to pass appropriate examinations, the FSA has said. The regulator backtracked on original proposals and now wants all advisers to pass exams to ensure complete confidence in the sector. ...

FSA: EU regulation will change forever.
June 3, 2004... THE future of financial services regulation will be shaped by critical analysis or market failures, the FSA claimed. John Tiner, chief executive of the FSA, believed that European regulation would change significantly following the launch...

M&S defends itself from bid.(MARKS & Spencer Financial Services )(Brief Article)
June 3, 2004... MARKS & Spencer Financial Services could face an uncertain future if Philip Green's expected bid for its parent group proves successful. The top management of Marks & Spencer were booted out over the weekend, with Stuart Rose and Paul...

Your life in his hands.
June 3, 2004... If there's something strange in your neighbourhood, who you gonna call? Darragh Leeson! Mr Leeson, deputy head of media relations for Prudential, has just spent two days on an 'incident management' course, learning what and what not to do...

The chief executive doth protest too much.
June 3, 2004... There are moments in all our lives when a red mist descends before our eyes and we do things that, with hindsight, we end up regretting for a long time afterwards. I wonder whether that possibility has been considered by Legal & General,...

Which choice is right for you?
June 10, 2004... OVER the past two years we have seen everyone from lenders, packagers and networks to software suppliers and trade bodies all adding to the debate concerning FSA regulation. Some have proclaimed advisers' readiness to embrace statutory...

Rich pickings not just for rich.(Syndicated property purchase )
June 10, 2004... IT IS small wonder that clients approaching middle age are increasingly looking for alternative options to fund their retirement. Recent stock market volatility has done little to restore confidence in equity-based pension schemes, and...

Big boys' small-minded attitude.(Column)
June 10, 2004... ThE news earlier this month that Alliance & Leicester was going to stop dealing with smaller intermediaries and concentrate on its larger customers must have come as something of a shock to many brokers. They may have passed the lender a...

What price the right to buy?(right to buy market)(Column)
June 10, 2004... AS the Housing Bill staggers through Parliament, the mortgage industry remains in the dark about potential implications of its implementation for the right to buy market. In fact, it remains to be seen if the bill, currently on its third...

PMM aims at overseas markets.(PREMIER Mortgage Management)(Brief Article)
June 10, 2004... PREMIER Mortgage Management is branching out with its introducer offering to target the overseas market. The group, which announced its introducer offering at the end of last year, is aiming to capture the 'buying abroad' market for those...

Advisers 'naAve' in run up to regulation.
June 10, 2004... SEVENTY per cent of intermediaries are taking a "naAve" wait-and-see approach to mortgage regulation, a national IFA has claimed. Malcolm Streatfield, chief executive of the Lighthouse Group, said mortgage advisers were in danger of...

Mortgage Support targets DA brokers.
June 10, 2004... MORTGAGE Support Network and SimplyBiz are launching a new company to service directly authorised mortgage brokers. MSN confirmed this week it was establishing a separate firm with the compliance services provider, with a formal July launch...

Network fined for third time.(Interdependence Limited )(Brief Article)
June 10, 2004... IFA network Interdependence Limited has been fined AGBP125,000 for serious failings in advice on pensions withdrawal. The Tenet-owned network, based in Chantry Street, Andover, Hampshire, was branded ineffective when several hundred...

Standard Life goes for big names as it faces new challenge.(Brief Article)
June 10, 2004... Standard Life made two high-profile appointments last week. It announced that Australian Trevor Matthews would head its UK life and pensions division while Keith Skeoch has taken over permanently as chief executive of Standard Life...

Nine firms fall foul of FSCS rule on compensation assets.(Financial Services Compensation Scheme)(Brief Article)
June 10, 2004... MASSOW Rainbow Group Limited, formerly Massow Financial Services Limited, is among nine firms placed in default by the FSCS. Being declared in default of the Financial Services Compensation Scheme means that a firm does not have sufficient...

Mutual places Reliance on Family firm.
June 10, 2004... Reliance Mutual is on the acquisition trail with plans to buy Family Assurance's life and pensions business. The Tunbridge Wells-based mutual intends to buy 23,500 policies from Family, a friendly society based in Sussex. The book of...

Lifestyle choices lead to third 'trading down'.
June 10, 2004... A THIRD of house hunters are trading down to a cheaper home, according to a property website. A survey by Assertahome.com found that although two-thirds of house hunters were buying homes more expensive than the ones they were selling, a...

Discount offer to attract investors.
June 10, 2004... CLERICAL Medical is offering investors its single contribution individual stakeholder pension plan free for the first year. The offer is available for lump sum investments of AGBP3000 or more in a stakeholder pension and is designed to give...

Big fines likely for naAve homeowners.
June 10, 2004... HOMEOWNERS risk the wrath of the Inland Revenue because they are not aware of new inheritance tax rules. That is the claim of a leading tax-planner who said that retired property owners could end up with stiff fines. Peter Harrup, tax...

Inter looking at Millfield merger.
June 10, 2004... INTER-ALLIANCE has entered merger talks with Millfield just five weeks after a deal with Berkeley Berry Birch fell through. In a statement to the London Stock Exchange on Monday, Inter-Alliance said the discussions were making good...

TMA joins trade body with clout.
June 10, 2004... The Mortgage Alliance, Scottish Provident's mortgage club, has joined The Association of Mortgage Intermediaries. Steve Atkins, spokesman for the TMA, said: "Ami is a highly credible voice representing mortgage intermediaries on issues such...

Over 2000 firms set to be authorised.
June 10, 2004... MORE than 2000 firms have been given minded-to-authorise notice from the FSA. Some 2314 mortgage and general insurance firms have been told that they were likely to be authorised when FSA regulation begins. As of 31 May the FSA had...

SSAS move could pay well for James Hay.(Social Security Advisory Service)(Brief Article)
June 10, 2004... JAMES Hay Consultancy has extended its pensions simplification guarantee to take over small self-administered schemes The offer means SSAS under administration with another pensioneer trustee can transfer to James Hay and not be charged for...

Tool works out rates based on risk criteria.
June 10, 2004... DUNSTAN Thomas is to launch an enhanced annuity rate tool to calculate a provider rate for an individual's risk. The pensions software specialist has created a tool designed to help annuity providers offer bespoke, enhanced annuity rates...

Move your pension and save thousands.
June 10, 2004... RE-PENSIONING could become as popular as re-mortgaging, according to Legal & General. The provider claimed the concept could one day become commonplace, with thousands of pounds saved by consumers re-pensioning. Andy Agar, head of...

Higher credit limits don't have to mean more debt.
June 10, 2004... Higher borrowing limits on credit cards do not automatically lead to over indebtedness, according to Datamonitor. The business information company said that it was unlikely that credit companies would expose themselves to borrowers who were...

Fund is top pick for second year.(Brief Article)
June 10, 2004... INVESCO Perpetual's UK Equity fund is once again the most popular external fund link in Scottish Life's pension range. The AGBP182.3m fund was the most popular pick among pension investors for the first three months of 2004, having also...

Designing ways to impart expert financial advice.
June 10, 2004... IFAs have been asked to design schemes to bring financial advice into the workplace. Firms have been quizzed by FSA bosses on ways to bring advice into offices and methods of educating employees. It comes as the regulator steps up its...

Headdon's 'paltry' six-year ban angers policyholders.
June 10, 2004... EQUITABLE Life policyholders have expressed disappointment after the mutual's former boss was banned from top financial jobs for six years. On Thursday the FSA banned Chris Headdon, the former chief executive of Equitable Life, from...

Fairs enough for multi-tied agents.
June 10, 2004... Financial software developer Wealth Management Software has launched its Fairs system for multi-tied agents. WMS said it had developed the software based on the expectation of the majority of big banks and building societies that smaller...

Decline in defined benefit pensions.
June 10, 2004... ONLY four out of 10 companies offer defined benefit pensions compared with 57 per cent in 2003, according to Origen. The IFA's employee benefits survey showed the further decline of final salary schemes in the past year with 46 per cent of...

Flying high with a Smile.(Smile Cape 2 Cape challenger aircraft )(Polar explorer David Hempleman-Adams )(Brief Article)
June 10, 2004... Polar explorer David Hempleman-Adams looks up at a model plane as he prepares to fly 11,500 miles in a single-engine Cessna 182. Sponsored by internet bank Smile, the Wiltshire-born adventurer hopes to smash several aviation records on his...

Service poll underway.(Financial Adviser Service Awards)(Brief Article)
June 10, 2004... THE industry's biggest annual awards event, the Financial Adviser Service Awards, is under way. Voting has begun and all IFAs can take part. To vote in the industry's most influential poll you can either use the Service Awards...