Financial Advisor articles from June 2006

Financial Advisor archives from June 2006

New Product.
June 1, 2006... Rate changes National Savings & Investments Type: Interest rate change on National Savings & Investments fixed-rate savings and investment account. Details: Three-year index-linked Savings Certificates offer interest rate...

Scarborough's triple target.(mortgages)
June 1, 2006... The standard terms discounted product is available at a rate of 4.89 per cent and a 1.1 per cent discount for two years. The provider's holiday lets mortgage is offered at 5.19 per cent with a 0.8 per cent discount over two years. The student...

New Star to ease exposure.
June 1, 2006... New Star Asset Management's Tri-Star Unit trust aims to offer exposure to UK equities, bonds and commercial property through one fund. The fund will invest in the main asset classes in equal proportions. It will be managed by Gregor...

M&S to nurse applications.(Marks & Spencer)(Brief article)
June 1, 2006... Marks & Spencer may be hoping to sidestep concerns over non-advised protection cover purchase by offering trained nurses to help customers apply for life policies. The retailer has launched a new life insurance policy with premiums for...

New Product.
June 1, 2006... Fixed-term bond Melton Mowbray BS Type: Fixed-term three year bond Details: Melton Mowbray has launched a fixed-term account maturing 30 June 2009 with a minimum investment of AGBP2500 paying 5 per cent a year. Conditions:...

Conversion move for Jupiter.
June 1, 2006... Jupiter Unit Trust Managers Limited will convert its range of unit trusts to collective investment schemes and change some of its products from 17 July. The move will see Jupiter reclassifying each fund within its range either as Ucits...

Engage bond to limit risks.(Engage Mutual)(Brief article)
June 1, 2006... A guaranteed equity bond has been issued by Engage Mutual, a subsidiary of Homeowners Friendly Society. The Guaranteed Equity Bond 120 runs over five-and-a-half years, offering 120 per cent of any growth of the FTSE 100 index. This comes on...

Close observation is key to curing 'sickies', claims Axa.(human resource management)
June 1, 2006... Making senior managers more responsible for monitoring sickness absence can help crack down on absenteeism, according to Axa. Keeping closer tabs on absent staff at the ground level is the best way of tackling the problem, particularly in...

WB offering courts brokers.
June 1, 2006... Financial advisers looking for a more effective mortgage service can try westbromforintermediaries from the the West Bromwich Building Society. The new service will streamline communication and boost efficiency. Borrowers introduced to...

Firms to run the gauntlet.
June 1, 2006... IFA startups firms could win up to AGBP1m worth of support, thanks to the East of England Development Agency. The regional business development agency has launched a "running the gauntlet" competition for 2006 for local entrepreneurs. ...

Change can come creeping up quickly.(David Shelton)
June 1, 2006... What is the best way to assess how external changes will affect my business? There is a great temptation to ignore the external environment because it is seen to throw complications into the business planning process, particularly in areas...

A personal touch is built in to the business.(customer relationship management)
June 1, 2006... I would not describe myself as an avid television fan, but I have been struck by the relevance of the recent advert from global financial firm UBS. I was intrigued to see its strategy for connecting with consumers, because I believe its key...

Camera never lies when it comes to the working week.
June 1, 2006... Monday My first meeting of the day is at 8.30am: a planning meeting with my assistant and manager, to see how we can streamline our pensions business. On completion, I am straight off to another meeting in an IFA's office in Bathgate,...

Sharpen skills to get the edge in the fight for survival.
June 1, 2006... Today's intermediary needs to be part-time psychologist, self-promoter, technologist and economic astrologer. Margins are tight, regulations impossibly strict and consumers more discriminating than ever. Within this climate, we still need to...

Affordability rethink at C&G.
June 1, 2006... C&G has changed its affordability model and launched its fixed-rate plus mortgage which lets customers who fall outside the affordability model borrow more against their income. It is designed for customers who need to borrow more than...

Treat IT like stationery and buy in bulk, advises YouGov.(using information technology products)(Brief article)
June 1, 2006... Small IFA firms could save thousands by buying IT products and support services in bulk, according to consumer lobbying group YouGov. Research done in collaboration with Microsoft has found that one-fifth of small companies cited irregular...

IFA trio struck off over RMAR failings.(independent financial adviser)(Lansdown Properties Ltd., Dan Davidson (Ballymena) Ltd., and EH Morgan and Son (Cirencester) Ltd.)(retail mediation activities returns)(Brief article)
June 1, 2006... Retail mediation activities returns have claimed three more IFA scalps. Last week Bristol-based Lansdown Properties Limited, County Antrim-based Dan Davidson (Ballymena) Limited and Gloucestershire-based EH Morgan & Son (Cirencester)...

Linda Almond joins The Mortgage Partnership in expansion drive.
June 1, 2006... lending The Mortgage Partnership has recruited Linda Almond as mortgage underwriter at the packager's main office in Heswall, Wirral. Ms Almond is responsible for underwriting cases on behalf of TMP's lenders. She reports to Michelle...

Johnston joins Paymentshield.
June 1, 2006... Paymentshield, the independent supplier of mortgage-related insurance products, has appointed Graham Johnston as its new compliance director. Mr Johnston's appointment is the last in a long line of senior appointments. He will be...

Landlords see demand rise.(Survey)(Brief article)
June 1, 2006... Nearly a quarter of buy-to-let landlords have reported a rise in tenant demand and over a third believe rents could be raised, according to Paragon. The specialist buy-to-let lender's quarterly trends survey also found that landlords...

Clients will 'find IFAs who simply say yes'.(independent financial advisers)
June 1, 2006... Would-be clients who cannot afford to get on the property ladder will ignore sensible advice and find brokers who do not ask difficult questions, according to a mortgage specialist. Mark Atherley, an independent mortgage specialist for...

Gazumping halts Buckles' expansion.
June 1, 2006... A local council has dealt a blow to Buckles Investment Services' plans to continue to expand as the biggest IFA in Wales. Nigel Speirs, chief executive of the Rhyl-based IFA, said he had hoped to move his business, which employs 85 people...

Barclays is taking a logical step with Dubai drive, claims adviser.
June 1, 2006... A financial adviser has welcomed the move by Barclays to launch a mortgage service in Dubai, saying it had been on the cards for a while. James Cotton, a mortgage specialist for London and Country Mortgages, said: "I am not surprised a...

Homeowners ignoring issue of mortgage cover, says survey.
June 1, 2006... Nearly a quarter of homeowners have no life insurance cover for their mortgages, according to a survey by Friends Provident. While families and homes are at risk, the study illustrates a bizarre preference among homeowners for insuring...

Key warns over eq release.
June 1, 2006... IFAs relying on equity release guidance from sources other than the FSA put themselves and their clients at risk, according to an industry expert. Dean Mirfin, business development manager for Key Retirement Solutions, said that my- stery...

Blackburn tops repayment hot spot list, claims RBS research.(Brief article)
June 1, 2006... Homeowners in Blackburn are the closest to paying off their mortgages in the UK, according to research from RBS Offset Mortgages. However, areas of Scotland and the north east are revealed as the best in the UK for obtaining outright home...

Mortgages deal targets last-minute fixed chasers.
June 1, 2006... Borrowers can do a deal with Mortgages plc and get a 0.45 per cent cheaper rate in return for a 1.5 per cent arrangement fee. The two year fixed-rate offer from the UK lender and subsidiary of Merrill Lynch will only be accepted if the 1.5...

Benefit of being a keen listener.(mortgage brokers' practice and role)
June 1, 2006... There are those who listen and those who wait to speak, or so said the poet John Donne. But even though he wrote these words back in the early 17th century they have stood the test of time and are as true today as they were then. I start...

The clock will strike.(capped-rate mortgages forecast and trends)
June 1, 2006... There has been growing discussion in the mortgage press recently about the merits or otherwise of capped-rate mortgages. In the past few months, the market for these products has been relatively small as borrowers and advisers prefer to choose...

Elastic borrowing will hurt as rates snap back.(industry forecast)
June 1, 2006... It seems the desire to move up the property ladder and stretch your ability to borrow is as strong as ever. Sound mortgage brokers, who have industry reputations to protect, are finding they are turning down clients desperate to get the...

King pins hopes on a world in motion.
June 1, 2006... With the World Cup coming up, I thought that it would be appropriate to revisit Mervyn King's footballing analogy for the objectives of monetary policy. All but the very youngest readers will be able to turn their memories back to the 1986...

Nil by mouth to end speculation.
June 1, 2006... Year on year, the strength of the buy-to-let market has been one of the key drivers in the growth of the specialist lending market in the UK. At the end of last year, balances outstanding reached AGBP73bn on about 700,000 mortgages, and new...

First finds advisers looking to internet.(financial advisers)(Brief article)
June 1, 2006... Two out of three advisers will definitely be moving traditional business processes online, according to First. Over the past three months more than 500 intermediaries, all users of the technology provider's Adviser Office system, took part...

Pink strikes a deal with eConveyancer.(Pink Home Loans, eConveyancer)(Brief article)
June 1, 2006... Brokers will be able to search and select solicitors for their clients through a partnership between Pink Home Loans and eConveyancer. According to a recent Pink survey, 44 per cent of intermediaries only occasionally promote the services...

Pulp fiction to reality.(home buying and selling paperless transactions forecast and trends)
June 1, 2006... UK housing transactions are ideally suited to being electronically processed. After all, if you consider a typical house purchase or sale, it is simply an exercise in collating, checking and transmitting information between various interested...

Brown's stamp duty move fails to work.
June 1, 2006... Half of first-time buyers are now paying stamp duty for the first time since the Council of Mortgage Lenders started recording the data after regulation began. Back then, 44 per cent of first-time buyers had to pay the duty, with 56 per...

Brits looking abroad warned of stings.(Britons want a second home overseas, survey)(Brief article)
June 1, 2006... More than three-quarters of Britons want a second home overseas, according to a YouGov poll for Moneycorp. However, David Davies, an IFA for Shropshire-based Gains Park Mortgage Centre, said: "Anyone thinking about something like this...

Eadon tasked with leading PFS to dominate industry.
June 1, 2006... Following a two-month search, Tim Eadon, the former head of Sesame Solutions, has been named chief executive of the Personal Finance Society. On Monday, Mr Eadon is set to take up the top post vacated by Mark Ommanney, who left amid...

The fine art of art in business.
June 1, 2006... Art and finance collide as a number of financial services companies gear up for an art exhibition as part of Arts & Business Scotland's 20th anniversary celebrations in Glasgow. Aberdeen Asset Management, HBoS, Resolution Asset Management and...

Lords' decision to scrap voting disclosure hailed as win by IMA.
June 1, 2006... Fund managers will not have to disclose their shareholder voting behaviour following a House of Lords vote to scrap plans in the Company Law Reform bill. The Lords voted last week to delete the clause that would have given the Treasury the...

Private medical insurance claims payouts on the increase, says ABI in face of falling individual sales.
June 1, 2006... The Association of British Insurers has released figures showing record amounts paid in claims under private medical insurance, but falling individual sales. The ABI said AGBP2.284bn was paid in PMI claims and a total of 6.55m people were...

Standard Life wrap aiming to appeal to all risk appetites.(Standard Life Investments Ltd.)(Brief article)
June 1, 2006... Standard Life has announced it has made 750 funds available from 46 managers through its wrap platform. It hosts 10 model portfolios, which it says have been created to fit a range of risk profiles and will be suitable for investors not...

FSA to take gold-plate MiFID over disruption.
June 1, 2006... A unified approach to systems and control requirements for financial services companies will involve some gold plating of parts of European Union directives, the FSA has warned. In a 258-page consultation paper, the regulator admitted that...

St James's Place hails A-Day shift.(new pension rules, people retirement planning behavior)(Brief article)
June 1, 2006... Pension simplification has led to an upswing in the public's understanding of retirement planning tools, according to St James's Place. The firm said it was too early to assess the full impact of A-Day, but it had noticed a number of key...

Fledgling AMPD aiming for AGBP3m.
June 1, 2006... The Alliance of Mortgage Packagers and Distributors has announced it expects to make AGBP3bn in completions this year, following encouraging first quarter business figures. The fledgling packager association completed more than AGBP700m of...

Credit crisis clients to be targeted by Leeds offers.(Leeds Building Society launches new mortgages)(Brief article)
June 1, 2006... Responding to the growing number of people with credit problems, Leeds Building Society has launched two new mortgages for customers with impaired credit histories. A two-year fixed rate non-conforming mortgage and a three-year base rate...

Fos calls for IFA clarity to curb complaints bills.
June 1, 2006... The Financial Ombudsman Service is coming under increasing pressure to do more to support advisers, three weeks after publishing an array of options for its future funding. Advisers grilled Tony Boorman, principal ombudsman and decisions...

CII aiming to take on lead role in regulation taking out dead wood.
June 1, 2006... The industry is in danger of regulating itself out of business unless steps are taken to change, warns the Chartered Insurance Institute. Speaking at the Harrogate leg of the Financial Adviser expo 2006, Peter Hales, president of the CII,...

Unumprovident urges facelift for protection.
June 1, 2006... The image of the protection industry needs a radical overhaul, according to income protection provider, Unumprovident. Wojciech Dochan, head of commercial marketing for the company, told delegates that the insurance market is...

'No' group remains bullish Standard will stay mutual.
June 1, 2006... Anti-demutualisation campaig- ner Roddy Kohn has promised a close finish to the ballot on Standard Life's mutual status. Mr Kohn, managing director of Bristol-based Kohn Cougar, has been leading a campaign for IFAs to encourage their...

Scot Life attacks pension change.(Scottish Life Assurance Co.)(Brief article)
June 1, 2006... The government's announcement in the White Paper that it is to end contracting out is a backwards step, according to Steve Bee, head of pensions strategy, Scottish Life. Mr Bee rejected the government's argument that it was ditching...

Which? compensation boast under attack.
June 1, 2006... A case study on the Which? website boasting of compensation gained from an endowment claim has angered IFAs. The unnamed consumer explained he had used the Which? template letter to complain to the Financial Ombudsman Service on the...

Savvier clients spell good news for mortgage IFAs, bank claims.
June 1, 2006... Mortgage advisers must learn to cater for an increasingly well-informed client base, Standard Life Bank has claimed. It said that clients are getting more adventurous with their financial products -" especially mortgages -" which they are...

Standard's members set to back flotation.
June 1, 2006... The board of Standard Life is set for a landslide victory in its bid to take the UK's biggest mutual society to the stock exchange, it is predicted. Sources close to the votes, which were being counted at the time of writing, said the...

Body speaks out on demutualisation issue.
June 1, 2006... With the result of Standard Life's demutualisation poll imminent, the Association of Mutual Insurers has warned that demutualisation puts with profits policy- holders out of pocket. The association said that when a mutual life insurer...

IntelliFlo adds to e-office solution.
June 1, 2006... Assureweb and IntelliFlo have teamed up to provide a one-stop service allowing IFAs to obtain quotes and submit new business applications, as part of IntelliFlo's Intelligent Office. The portal and back-office technology producers will...

Lender in bid to quicken approval of applications.
June 1, 2006... Liverpool Victoria is extending its telephone underwriting service to try to speed up acceptance of applications. A specially trained team will contact applicants directly if Liverpool Victoria requires further information about a...

IP Task Force makes its opening move.
June 1, 2006... Protection lobbyists have called for standardisation and a name change for income protection. The Income Protection Task Force -" the independent group of advisers, providers, reinsurers and now consumer groups that has taken on the...

Paper finds a place for Turner.(White Paper on pensions, Lord Turner, pensions regulation)
June 1, 2006... The long-awaited White Paper on pensions found a place for much of Lord Turner's proposals but fell short of implementing the report lock, stock and barrel. In line with the Pensions Commission, the government vowed to increase the...

UK auto-enrolment borrows from 'failing' American model.
June 1, 2006... The government's plans for personal accounts borrow from elements of schemes being im- plemented around the world. The UK system will share characteristics with the New Zealand Kiwi Saver, as well as a system of personal retirement...

Industry keen to administer green-lighted National Pensions Savings Scheme.
June 1, 2006... The pensions White Paper gave the green light for the a National Pensions Savings Scheme but its final design remains in doubt. The scheme of personal accounts -" a recommendation of the Pensions Commission -" will be adopted broadly along...

Proposals are right step, says Equal Opportunities Commission.
June 1, 2006... The government rejected Turner's proposed residency test for state pensions out of principle, the White Paper has revealed. However, reforms included in the document have been welcomed by the Equal Opportunities Commission. Last...

Falling prices fail to halt income protection slump, says Swiss Re.
June 1, 2006... SALES of protection products dropped again in 2005 despite falling prices, claims Swiss Re. The 2006 Swiss Re Term and Health Watch report for sales of protection in 2005 showed that sales had fallen across all product lines. The...

Industry gears up for Glasgow.
June 1, 2006... Following the success of last week's Financial Adviser Expo in Harrogate, attended by more than 500 financial advisers, the industry is preparing for the next event in Glasgow on 13 June. Nearly 600 advisers have registered for the event,...

Report finds that 3000 PTA products have left the shelf since A-Day.
June 1, 2006... THE 2006 Swiss Re Term and Health Watch report has registered nearly 3000 sales of pension term assurance products since its overhaul at A-Day. There had been speculation about the effect that the re-introduction of PTA, which had many...

Bear market debated.
June 1, 2006... The end of the bull market may be nigh but not everyone agrees on what will follow. Following comments by fund management guru Anthony Bolton, market watchers have broadly accepted his assessment that the stock market party may be drawing...

Industry key to moving pension plans forward.
June 1, 2006... Experts greeted the White Paper as a step in the right direction but it is now up to the industry and government to make it work. Insurers have generally welcomed the government document but added the reforms alone will not solve the...

Widows urges to look to benefits Hips offer.(Scottish Widow's Fund and Life Assurance Society)
June 1, 2006... Lenders should be looking at ways of using the proposed Hips as a retention tool, according to Scottish Widows. Although companies may not agree with them in principle, packs may have advantages that should be explored, the product provider...

Swip builds up property range.
June 1, 2006... SCOTTISH Widows Investment Partnership is gearing up for real estate investment trusts with the launch of the UK Real Estate fund. Nigel Bolton, head of European equities and manager of the Swip European Real Estate fund, will manage the...

Top-up plan for second pensions.
June 1, 2006... The government's plans for pension reforms added another chapter in the life of the state second pension. As part of the changes, contracting out of the state second pension will be abolished for defined contribution schemes. The state...

CII speaks out on fines.
June 1, 2006... Advisers and providers that fail to deal with complaints properly should be penalised, according to the CII. In a two-page response to the Financial Ombudsman Service's funding review, the Chartered Insurance Institute argued the costs of...

Hunt is now a girl for all seasons.
June 1, 2006... Move over Kylie Minogue, step aside David Beckham - there is a new calendar star in town. Scottish Widows has commissioned acclaimed and controversial Scottish photographer David Boni to work on the insurer's first calendar. The calendar will...

Lambeth, Portman members set to walk into sunset.
June 1, 2006... Lambeth Building Society savers and borrowers have overwhelmingly backed the merger of the business with Portman Building Society. At Lambeth's annual general meeting in London on Thursday, 30,800 members backed proposals that will see...

Tale of two prices.
June 1, 2006... House prices across the country climbed 0.6 per cent in May, fuelled by an increase of 1.2 per cent in London. However, Hometrack, which published the figures, said that this would not continue as average house prices would rise just 3 per...

Royal London in strong showing.
June 1, 2006... Royal London, the mutual life and pensions company, has announced profits of AGBP335m after tax in 2005. Tim Melville-Ross, chairman of Royal London, announced the results at its annual general meeting last week. He said: "In 2005, Royal...

Evolution hopeful of completing Williams de Broe buy-out 'soon'.
June 1, 2006... Evolution Group, the investment bank and retail fund manager, has entered into a deal with ING Group that will result in the purchase of Williams de Broe, the fund manager. At its annual general meeting on 25 May, Martin Gray, chairman of...

Regulator rulebook restructure will 'have minimal impact' on IFAs.
June 1, 2006... The restructuring of the regulator's rulebook will have a minimal impact on IFAs, according to the FSA. In a 76-page consultation paper published on Thursday, the regulator puts forward plans for separate prudential sourcebooks for...

Buy-to-let investors put off by high fees, claims A&L research.(markets)(Brief article)
June 1, 2006... High fees and large deposits are putting people off entering the buy-to-let market, research from Alliance and Leicester has found. In a new report by Alliance & Leicester, brokers predicted strong growth in the sector, with more than...

Rates raised on Chelsea review.
June 1, 2006... Chelsea Building Society has increased all of the rates on its fixed-rate mortgages by 0.3 of a percentage point. It reviewed the rates in comparison to those offered by other lenders. None of the other features of its fixed-rate...

IFAs 'poised to benefit' from bond wrap boost.
June 1, 2006... Investment bond charges will be driven lower by the competition from wraps, according to Defaqto. But the financial researchers warned IFAs not to chase attractive commissions at the expense of appropriate advice. Defaqto conducted a...

Jabre case questions watchdog's jurisdiction.
June 1, 2006... THE FSA's powers to punish authorised individuals in the UK for their misdemeanours abroad could be curtailed, according to legal experts. Last week, Philippe Jabre, the hedge fund manager who was fined AGBP750,000 for alleged market abuse...

Jelf Group reports turnover rise following March acquisition of Goss.
June 1, 2006... Jelf Group reported turnover rose by 53 per cent for the six months ending 31 March 2006, compared with the same period in 2005. The corporate intermediary's interim results revealed turnover rose to AGBP7.5m, compared with AGBP4.9m in...

Premier Pension Services to take on Friends Prov schemes.(Friends Provident Life and Pensions)(Brief article)
June 1, 2006... Some 200 Friends Provident small self-administered pension schemes will be handed to Jardine Lloyd Thompson Benefit Solutions following a successful acquisition. Premier Pension Services, a division of Jardine Lloyd Thompson, will...

Vital parents ask for child benefit in order to get CTFs, Halifax says.
June 1, 2006... More than 47,000 children have missed out on child trust funds because their parents have not claimed child benefit, according to Halifax Financial Services. Only once child benefit is claimed does HM Revenue & Customs send parents the...