Financial Advisor articles from June 2007

Financial Advisor archives from June 2007

Firms slam 'ridiculous' PFS chartered rules.(Investment advisers slam rules on chartered status from Personal Finance Society and Chartered Insurance Institute of UK)
June 7, 2007... Byline: Row erupts over claims receptionists would need to be members to gain status accreditation The Personal Finance Society and the Chartered Insurance Institute have been accused of taking a "ridiculous and unprecedented" stance...

Scottish Life is to go interactive when it comes to meetings.
June 7, 2007... Scottish Life, the pension's specialist arm of the Royal London Group, has introduced a new interactive meeting service to expand its service proposition to IFAs. The new service aims to deliver a high standard of sales support while...

Need for paraplanners leading to 'pay boosts'.
June 7, 2007... Byline: Wage rates for paraplanners rises by 60 per cent in two years, says report scotland A shortage of skilled paraplanners is putting a strain on the IFA industry in Scotland, with wage rates soaring by 60 per cent over the past...

Mortgage Advice warns over SVRs.
June 7, 2007... Thousands of homeowners who took out mortgages in the second quarter of 2005 are facing increased payments of AGBP 185 a month as the fixed-rate period of their loans comes to an end. Broker Mortgage Advice Bureau estimates that 178,800...

Consolidation is Jelf's blueprint for success.
June 7, 2007... Byline: Jelf Group posts 119% jump in first-half core profits on the back of acquisitions results Jelf Group has reported a 128 per cent rise in turnover, but made only AGBP 6000 in pre-tax profits. The group's earnings before...

IFA launches software to help smaller firms manage.
June 7, 2007... software Switch On Solutions has launched Freedom, its IFA data management software, targeted at smaller firms who have no centralised system for storing and managing client and business information. Freedom provides the ability to...

FSA to offer fin advisers free one-to-one advice surgeries.
June 7, 2007... The FSA is offering financial advisers free advice sessions as part of its drive to help small firms struggling to deal with complex industry issues. Members of the FSA will give one-to-one surgeries on any current and regulatory topics...

Fanfare surrounds launch of New Star Int'l property fund.
June 7, 2007... New Star is anticipating that its International Commercial Property fund could prove to be the most popular fund launch in recent years. The fund, which launched on 14 May, is hoping to raise about AGBP 200m by the end of June as the...

Report finds few 'material benefits from Menu plan'.
June 7, 2007... The decision by the FSA to drop the compulsory initial disclosure document follows an independent report commissioned by the regulator last October. Business consultancy firm CRA International was asked to estimate "whether there have been...

Regulator takes IDD off the menu.
June 7, 2007... Byline: FSA bows to industry pressure ahead of the November MiFID implementation and will scrap two key requirements for IFAs regulation The FSA's withdrawal of the IDD and Menu from notifications to the European Commission has raised...

Consumers will 'lose out' from decision - advisers.(scrapping of the "key facts illustration" rules by UK Financial Services Authority)(Brief article)
June 7, 2007... The decision to scrap the key facts illustration which has been compulsory for intermediaries to supply to clients since 1995 has prompted outrage among the IFA community. Many have argued that the UK financial services market is more...

DWP hears calls to merge the ombudsmen.
June 7, 2007... PENSIONS The pensions ombudsman and Financial Ombudsman Service should be brought together to create one scheme for pensions' complaints and other financial services, a government commissioned report has concluded. The proposals,...

Key facts alternative will be 'clear and fair'.
June 7, 2007... The regulator has defended the scrapping of key facts illustrations for investment business, claiming it is "offering flexibility" to advisers to present the same information in varying ways. Vanessa Wood, head of press for the FSA, said:...

Data points to slowing market.
June 7, 2007... Byline: New approval levels only totalled 107,000 for April, which was the lowest level since the previous year, says Bank mortgages The housing market appears to be slowing down as new mortgage applications fell to their lowest level...

PropertyBourse sets out to show off Poland's finest.
June 7, 2007... PropertyBourse is hosting a series of workshops for advisers throughout the UK to outline the benefits of including Polish property into self-invested personal pensions. It comes at a time where there is growing interest in the Polish...

Advisers seeking innovation: Aegon.(financial advisers want more flexibility in retirement income products)
June 7, 2007... Byline: IFAs call for innovative retirement products that have increased flexibility, in order to get more people into saving pensions Three-quarters of IFAs want more innovation and flexibility in retirement products, Aegon has found....

Bupa offers extranet aid.
June 7, 2007... Bupa Individual Protection has launched a programme to assist intermediaries in placing business through an extranet service. The introduction of the programme follows on from the successful launch of the intermediary intranet service in...

Rowanmoor to buck trend on in specie cash.
June 7, 2007... Pension Rowanmoor Pensions is to continue to pay in specie contributions into self-invested pensions despite other pension providers suspending them. Last week it was reported that Suffolk Life and Hargreaves Lansdown suspended in...

Chartwell rebrands to bring all its services into line in clarity push.(Chartwell Group PLC)(Brief article)
June 7, 2007... Advisers Chartwell is bringing its four businesses under a single brand in order to provide clarity for its clients. The Bath-based IFA and brokerage renamed its four businesses as: - Chartwell Private Client; - Chartwell Fund...

Stroud readies intermediary arm.
June 7, 2007... Byline: Stroud & Swindon follows in the footsteps of Coventry and Norwich and Peterborough with intermediary division Mortgages Stroud & Swindon Building Society is planning to launch an intermediary brand towards the end of the year....

Threesixty aims to aid advisers on TCF.
June 7, 2007... Threesixty, an IFA support service provider, has launched a series of TCF workshops open to all intermediaries. It follows the FSA's disclosure that only 41 per cent of intermediaries met the March deadline for implementing the initiative....

BNP Paribas boosts the Scottish with 370 jobs.
June 7, 2007... BNP Paribas is expanding in Scotland with the creation of up to 370 financial services jobs, on the back of a government grant. The jobs will be created over the next three to five years in the bank's Dundee and Glasgow offices. They are...

Retail review in the spotlight at Expo.
June 7, 2007... Byline: None of the 6000 small IFA firms will fall off the retail review radar, according to retail intermediaries sector boss EXPO About 10 per cent of all firms failed to meet key FSA RMAR requirements last year, according to Sharon...

Be aware of the IHT implications of helping kids on to ladder: Standard.(inheritance tax incidence on parent funded property)(Brief article)
June 7, 2007... Standard Life is warning of the inheritance tax implications of parents helping their children to get their first foot up on the property ladder. The company found that less than a tenth of parents who help their children in this way have...

LV= angles to buy Tomorrow's new business arm.
June 7, 2007... Pensions LV= is in talks to acquire the new business operations of Tomorrow - formerly GE Life - from Swiss Re. The friendly society, the UK's largest, has also entered into a distribution agreement under which Tomorrow's range of...

Insurance gets clean bill of health.
June 7, 2007... Byline: Year-on-year sales in life and pensions have 'increased significantly' since April 2006 A-Day reforms, says ABI sales Sales in life and pensions grew steadily in the first quarter of this year, according to the latest new...

'Smile please' as Scot Widows seeks snapper.(Scottish Widow's Fund and Life Assurance Society seeks graduate photographers for its calendar)(Brief article)
June 7, 2007... Scottish Widows have short-listed six young graduate photographers out of 50 competitors to battle it out for its 2008 calendar commission. The six selected photographers will submit their creative interpretation based on the theme of...

Drawdown sales figures for first quarter are up on 2006.(Financial report)
June 7, 2007... Drawdown sales now represent 23.4 per cent of new premiums in the retirement income market, according to first quarter new business figures from the Association of British Insurers. In the same quarter two years ago it was 15 per cent. ...

Employers are set for 'pension apartheid': ACA.
June 7, 2007... Byline: Study from ACA says companies are preparing to restrict scheme entry pensions A pension apartheid is developing with close to a third of employers saying they are likely to restrict scheme entry or reduce their contributions...

Lloyds takes the high road to open a Scottish centre.
June 7, 2007... Lloyds TSB is bucking the trend of recent years by setting up a new centre for its private equity operation in Scotland. The bank has started a recruitment drive to hire senior investment professionals to work from a new Lloyds Development...

BI attacks the top lenders after MPPI sales stings.(British Insurance, Mortgage Payment Protection Insurance)(Brief article)
June 7, 2007... British Insurance has revealed that consumers could be paying more than AGBP 10,000 extra in premiums for mortgage protection policies. Independent research was undertaken by the company posing as a 30-year-old couple with monthly mortgage...

Debts heads north as it acquires adviser arm.
June 7, 2007... Byline: Insolvency firm buys Scottish debt solutions IFA Adie in deal worth AGBP 500,000 Scotland Internet insolvency firm Debts has made its first move into Scotland after snapping up Aberdeen-based Adie Financial Solutions in a...

Scottish investment trust turns things around.(Brief article)
June 7, 2007... A new investment approach has boosted the fortunes of Scottish investment trust, which has reported that it has outperformed its indices and seen its stock price hit an all time high. The changes at the trust - founded in 1887 - ensure it...

Turning up the volume reduces the FSA fees.
June 7, 2007... The FSA has published its fees and the Financial Ombudsman Service levies for 2007/2008, which for most firms are lower than those proposed by the regulator in February 2007. This is a result of firms' higher- than-expected business...

France BTL plan is tres bon - Premier.
June 7, 2007... A buy-to-let investment scheme in France is set to make UK investors returns of more than 300 per cent over 10 years, according to Premier Overseas Property. The investment scheme takes advantage of the French government's tax incentive...

Scot Wids CI declines are down as it pays out AGBP 120m for 6 years.
June 7, 2007... Protection Scottish Widows has published its full critical illness claims data, showing that it paid out more than AGBP 120m in the last six years. Its figures for the 12 months to October show that it turned down 16 per cent of...

Make the most of any employer contribution matching, says Xafinity.
June 7, 2007... Nearly 40 per cent of defined contribution members are failing to take advantage of pension contribution matching offered by their employers, according to research by Xafinity Consulting. The leading employee benefits and pensions...

Capita deal means 300 jobs to go at Resolution.
June 7, 2007... Byline: Outsourcing and Capita support partnership will mean phased job losses Support Resolution has announced a new outsourcing partnership with Capita Group in a AGBP 580m deal over 12 years. As a result of the deal and some...

Leaders backs green schemes.
June 7, 2007... Investment Recent government proposals on energy and planning will provide increased opportunities for investors, according to a socially responsible investment manager. Mike Fox, fund manager of the CIS Sustainable Leaders trust,...

NFU, Sheffield reveal good with profit news.(Financial report)
June 7, 2007... Byline: Mutual pair announce unchanged and increased with profit payments Pensions NFU Mutual has increased the bonus payments for the majority of its with profits policyholders, while Sheffield Mutual has announced bonus payments...

Young are more sceptical over advice, claims study.
June 7, 2007... Almost three-times as many 55-year-olds trust IFAs for advice on investment decisions, compared with 16 to 24-year olds, according to a survey commissioned by Quill Communications. The research showed that when it comes to making investment...

Charcol aims to draw credit poor in with fee-free advice.(subprime lending)
June 7, 2007... Meditations Free mortgage advice is being offered to borrowers with a poor credit history through the website of Charcol, the independent mortgage broker. It estimates that annual lending in the sub-prime sector is about AGBP 30bn,...

Industry reacts to IMA cautious sector clarity.(Investment Management Association on cautious managed sector)
June 7, 2007... Byline: Association clarifies rulings for funds sitting in the Cautious Managed sector Sectors Fund managers in the Cautious Managed sector will have to invest at least 30 per cent of their funds in fixed interest and cash after the...

Cazenove marks multi anniversary with offer.
June 7, 2007... Commission Cazenove Capital Management is celebrating the fifth anniversary of the launch of its multi-manager range with enhanced initial commission for advisers. From 1 June, Cazenove is making the full 5 per cent initial charge for...

Scottish Life provides advisers with regular pension podcasts.
June 7, 2007... Scottish Life, the UK pension provider, has launched a series of regular podcasts to communicate the latest industry news and key topics to IFAs. Steve Bee, head of pensions strategy for Scottish Life, talks in the first podcast about his...

SEI speaks over private banks and high-net blur.
June 7, 2007... The distinction between private banks and the top end of the IFA sector has become blurred as more advisers attract high and ultra high net-worth clients, according to Ryan Hicke, UK sales director of SEI. The asset manager uses the manager...

Resolution re-focuses on smaller adviser players.
June 7, 2007... Resolution Asset Management needs to target the smaller IFA community as that is the sector that propels a company into the top five fund managers, according to Jonathan Polin, the group's sales and marketing director. He said that...

Paragon on the warpath over landlord tax claims.
June 7, 2007... Byline: Provider disputes HM Revenue notion buy-to-let investors are any less diligent in terms of tax mortgages Paragon Mortgages has refuted claims that buy-to-let investors do not pay enough tax. It said there is no evidence to...

Axa joins PRI circle of friends.
June 7, 2007... Axa Investment Managers has become the latest firm to sign-up to the United Nation's initiative for responsible investment, the PRI. The firms in the group - of which there are now nearly 200 - represent more than AGBP 4.05trillion in...

Rules too hard for 'residential Reits'.(real estate investment trusts)
June 7, 2007... Byline: Real estate investment trusts will never open to residential sector in spite of gov't promises, says Brit Property Fed Property Government restrictions are too draconian for residential Reits to be profitable, especially in an...

Moneynet warns over repayment consolidation.
June 7, 2007... Mortgages Moneynet has warned homeowners who chose to consolidate debts into their monthly remortgage payments that they could end up in deeper financial trouble. According to statistics released last month by the charity...

Andrew Steels himself as he steps up to chief exec position at JOHim.
June 7, 2007... Byline: Recruitment drive sees magnificent five join Winterthur Winterthur has appointed five business development managers. The latest appointments follow the company's 2007 recruitment drive. Sian Walters (pictured here) joins Winterthur...

Oz transfers get green light from HMRC.(Her Majesty's Revenue and Customs okays trasfers from UK pension schemes to Australian schemes)(Brief article)
June 7, 2007... Pensions Transfers from UK pension schemes to Australia will continue, after the HMRC confirmed it would make changes to the relevant rules. However, Standard Life said UK emigrants to Australia should seek financial advice as the...

Lords moves to resolve conflict over accounts.
June 7, 2007... Byline: Pensions Bill amendment could see accounts disregarded for calculations pensions The House of Lords is pushing for an amendment to be made to the Pensions Bill, which could quash the means-testing debate in relation to...

Eq release stands to gain from planning law proposals.
June 7, 2007... The government's proposal for changes to planning laws could give a lift to the equity release market, according to provider In Retirement Services . According to the government's White Paper, published last month, planning permission...

There were fears we were running before walking, but we had support.(Phillip BrayFour Corners Financial Management)(Interview)
June 7, 2007... FINANCIAL ADVISER: Why did you decide to leave Park Row and set up your own IFA, Four Corners Financial Management? PHILLIP BRAY: I left Park Row after seven years because I wanted to be in control and run my own business. I was one of the...

Brussels muscles have to come off the menu.
June 7, 2007... The FSA has found itself trapped between the move to a principles-based regulatory environment and the rules-based demands of a bureaucracy-driven Brussels. Although many people believe there is still room for further debate about the...

Check the foundations.
June 7, 2007... Like clockwork, the housing Jeremiahs are creeping out of their dungeons and screaming that the end of the world is nigh, the bubble is about to burst and we are going to be buried in mountains of debt. The main culprits this time are the...

Across the pond, and the Channel.(financial services in europe)
June 7, 2007... Please allow me to stray beyond the restrictions of our national boundaries to take a peek at what is going on the other side of the Channel. Although we often do not like what we see when we look at our association with our European partners,...

Action, not words.
June 7, 2007... Ignored issues What will it take for the FSA to take the with profits bonds scandal seriously? I know I harp on about it, but somebody has to. With profits bonds can get scant media coverage because they are considered dull and they are...

New Star set to ring changes on Aim-listed UK Hedge fund.
June 7, 2007... investment New Star Asset Management's AGBP 20m UK hedge fund is being considered for closure or a merger, according to the company. The fund has had a turbulent year following the departure of Alan Miller, chief investment officer and...

Of investment rocks and hard places.
June 7, 2007... Sometimes I think I shall have nothing to say. Then sometimes several things come up in one week and I am spoilt for choice. Occasionally two sides of a similar story emerge and the two together set my little grey cells whirring. The FSA...

Brief encounter.
June 7, 2007... The FSA has recently published its latest insurance sector briefing. The briefing covered the findings of two thematic reviews which covered: - the availability of ongoing advice to with-profits policyholders; and - the quality of the...

Surf's up on Glastonbury.(Glastonbury festival)(Brief article)
June 7, 2007... Insider has no clue whether Jeremy Leach, MD of Managing Partners, should be admired for his determination or pitied for his clear lack of social life. One thing is for sure, he has made a dilapidated shell of a Brazilian VW into a very happy...

Hey, aren't you that guy from that film?
June 7, 2007... A charitable Insider has decided to resist the temptation to tease John Cusack, a financial adviser with Caversham Buchanan, mercilessly about the fact he shares a name with a Hollywood actor. If only because we are a bit nervous that he might...

It is a career of two halfs, my son.
June 7, 2007... A big round of applause must go to Brian Seymour-Smith, the head of public relations for West Brom BS, who combines his day job with his passion for football. For not only does he answer calls about the latest fixed-rate from the building...

CML turns a shade of green.
June 7, 2007... And finally, heroes of the week has to go to the Council of Mortgage Lenders, the first financial services trade body to sign the Trade Association Forum's declaration on climate change. It is doing the usual stuff like using energy-saving...

Window shop for alternatives.
June 7, 2007... Byline: Advisers need to safeguard against inflation in terms of pensioners' income The issue of inflation has been largely ignored. For many it had been "bagged and tagged" as historic with little future impact. Try telling today's...

Cross-country running.
June 7, 2007... Byline: The effect of fluctuating exchange rates can have an enormous impact on the value of your investments The march of globalisation brings us into ever-more direct contact with the use of foreign currencies. Where our experience used...

Down - but not out - over MPC rate move.
June 7, 2007... Byline: There is a slim chance the base rate could go down Last week we questioned whether UK monetary policy might not already be tight enough to bring inflation back down from its current elevated level, although we conceded that another...

Private equity, public interest?
June 7, 2007... Byline: The industry should establish a code of best practice covering governance standards and asset valuation Given the increasing prevalence of groundbreaking deals, the private equity industry has become front page news. This is an...

Phoenix has wings clipped by FSA over RMAR failings.
June 7, 2007... London-based IFA Phoenix will be unable to carry out regulated activities after being issued with a final notice and referred to the FSA's enforcement division on three separate occasions. The IFA has been issued with the final notice...

Private equity is no public enemy.
June 7, 2007... Byline: With private equities in the spotlight, the public must focus on the advantages they bring into the industry The UK private equity and venture capital industry is a great success story. The industry has been a leader in supporting...

Who will take the credit?
June 7, 2007... Byline: The OFT's inquiry into how banks are treating account holders could lead to charges on current accounts The banks have had some bad press recently with the Office of Fair Trading report on premiums for payment protection insurance,...

If it ain't broke...
June 7, 2007... Byline: The European Commission has long been conducting competition inquiries that failed to produce trade On 2 May 2007, the European Commission published for consultation a Green Paper on retail financial services in the single market....

If the price is right it is time to come on down.
June 7, 2007... Byline: Advisers need to be considering different approaches over remuneration Adviser remuneration is the largest cost in advisory firms. The level and structure of remuneration is a major determinant of advisory firm profitability and an...

All for one and one for all as Macquarie launches Oeic.
June 7, 2007... investments Commercial property, infrastructure and private equity funds have been brought together under a single open-ended investment company by Macquarie Bank and can be accessed by retail investors from minimum investments of AGBP...

Barclays taps int'l property.
June 7, 2007... Barclays Stockbrokers has launched a 100 per cent capital protected investment note, giving access to global property investment. The investment note offers a five-year growth investment designed to produce 130 per cent of any rise in the...

FTBs get hand from Ipswich.
June 7, 2007... First-time buyers needing parental help to get onto the housing ladder are being targeted with a new product from Ipswich Building Society. The five-year fee-free discount tracker provides borrowers with a 5 per cent cashback that can be...

New Star opens fund to retail.
June 7, 2007... The UK's first authorised, open-ended, direct, international, commercial property fund, which has been launched by New Star, has been made available to retail investors. The International Property fund targets established international...

GMAC revamps fixed range.
June 7, 2007... GMAC-RFC has launched a mainstream two-year fixed-rate mortgage at 5.25 per cent, which it believes to be one of the most competitive products of its type available to intermediaries. The announcement comes as a reminder that the lender...

Old Mutual goes Statistical.
June 7, 2007... The Old Mutual Global Statistical Arbitrage fund was launched on 1 June with $25m minimum initial capital. It will trade in the most liquid stocks globally, using a sophisticated proprietary quantitative model to compare stocks within the same...

BoS issues apology after losing customers' details 'in the post'.
June 7, 2007... mortgages Bank of Scotland has been forced to issue a written per- sonal apology to 62,000 customers after their mortgage details were lost in the post. The bank has admitted that the mortgage information, sent through the normal post...

Abbey drops costs on range.
June 7, 2007... Abbey Mortgages is reducing rates on its no upfront costs mortgage range until 23 June. The range, which launched in April, covers all upfront costs for home movers, including valuation, booking and legal fees. Abbey claims it saves the...