Financial Advisor articles from June 2008

Financial Advisor archives from June 2008

CII and PFS honour the best.(Chartered Insurance Institute)(Personal Finance Society )(Brief article)
June 5, 2008... Byline: Girlie Garduce Newly-qualified graduates achieve recognition at the CII/PFS graduation ceremony More than 2000 newly qualified graduates came together at the Chartered Insurance Institute and Personal Finance Society graduation...

NatWest caught up in broker fee row.
June 5, 2008... Byline: Stefanie Ives Lender's decision to cancel commercial fees has led brokers' association to claim it is trying to prescribe fees NatWest has come under fire from brokers who are accusing it of trying to prescribe fees following...

B&B bosses slammed over rights issue deal.
June 5, 2008... Byline: James Redgrave Senior executives at Bradford & Bingley have been slammed by industry experts for their handling of the rights issue. According to one significant banking sector figure, the blame lies with "weak management...

Cases of suspected mortgage fraud 'set to rise'.
June 5, 2008... Byline: Joy Dunbar Valuation of newly built properties in the spotlight - Solicitors Regulation Authority Hundreds of solicitors may be on the verge of being investigated as mortgage fraud increases, the Solicitors Regulation Authority...

Question time for B&B.
June 5, 2008... Byline: Hal Austin Bradford & Bingley needs to provide some answers For months there has been speculation about the medium-term future of Bradford & Bingley, the former building society, following the collapse in the mortgage market...

Desperation will see individauls overtake gangs in mortgage fraud.
June 5, 2008... Byline: James Redgrave Mortgage fraud cases will move from gangs to private individuals, CMS Cameron McKenna Mortgage fraud cases will shift from gangs to "desperate" individuals as a result of the credit crunch, according to the...

Scottish Life extends its investment proposition.(Brief article)
June 5, 2008... Byline: Girlie Garduce Scottish Life brings abroad Gartmore and First State funds to extend its investment drive The addition of two emerging markets funds from a duo of fund partners has extended the Scottish Life proposition. ...

AWD prepares for launch in last quarter of '08.(AWD Chase de Vere)(Brief article)
June 5, 2008... Byline: Stefanie Ives Platform launch expected by end of the year AWD Chase de Vere is adding further providers to its investment platform as it aims to roll out the offering during this year's last quarter. Mike Connolly, who is...

Group litigation likely to spike, says McKenna.
June 5, 2008... Byline: Stefanie Ives A change in funding will make group litigation more appealing, CMS Cameron McKenna Increased funding arrangements for group litigation orders could lead to a rise in legal action against those already investigated...

New Star aims to lock in its top players with deal.
June 5, 2008... Byline: Joy Dunbar Investment house incentivises staff with a new share plan New Star is issuing millions of new shares as a lock-in deal for 35 of its top executives until December 2012 it has announced. The plan comes as the...

Darling set to open up global markets.
June 5, 2008... Byline: James Redgrave Chancellor gets behind calls for opening up of international financial markets Alistair Darling has called for an opening up of international financial markets with the publication of a new report. Embracing...

Schroder to beef up adviser team.(Schroder and Company Inc.)(Brief article)
June 5, 2008... Byline: Stefanie Ives Financial giant expects adviser stream to play significant role in the future and aims to add further members Schroder aims to increase its IFA team as demand remains buoyant from the sector, according to Robin...

Drop commission to restore confidence - McFall.
June 5, 2008... Byline: Joy Dunbar Fee-based system will restore consumer confidence, Expo 2008 delegates are told Shifting away from a commission-based remuneration system will restore consumer confidence, according to John McFall, chairman of the...

Stormy times set for mortgage industry.
June 5, 2008... Byline: Emma Ann Hughes Predictions of improvement are 'wrong', says John Malone The mortgage industry is in the "eye of the storm" with another 18 months to two years to go before conditions improve, warned John Malone. Kicking...

FSA outlines limits to inheritance mis-selling compensation.
June 5, 2008... Byline: Stefanie Ives Insurance companies could be banned from claiming compensation in relation to inherited estates Insurance companies may soon be banned from charging compensation for mis-selling to the inherited estates of with...

Mortgage approvals hit all-time low.
June 5, 2008... Byline: Kate McMahon Approval level is now lowest on record, claims Bank of England Mortgage approval numbers are at their lowest levels on record, and have more than halved since the peak of the housing boom in 2006, according to new...

Mform revamps comparison tool.(Brief article)
June 5, 2008... Byline: James Redgrave Mform has launched a new tool which will compare new and current mortgages. Mform has launched a new tool which will compare new and current mortgages. It enables users to pit their exisiting deal with...

Newcastle looks to Fearn for development role.
June 5, 2008... Byline: James Redgrave Newcaslte Building Society has taken on Stuart Fearn as head of product development and third party marketing. Newcaslte Building Society has taken on Stuart Fearn as head of product development and third party...

Robert Osman heads to National Deposit.(Brief article)
June 5, 2008... Byline: James Redgrave National Deposit is adding to its team of intermediaries, with Rob Osman joining as a sales consultant. National Deposit is adding to its team of intermediaries, with Rob Osman joining as a sales consultant. ...

Keenen to step down at Prestbury.(Steve Keenan of Prestbury Investment Holdings)(Brief article)
June 5, 2008... Byline: Maryrose Fison Co-founder to remain large shareholder at mortgage and packaging company Steve Keenan is to step down from an executive role at Cheshire-based mortgage and packaging company Prestbury Holdings. Mr Keenan is...

Advisers who fail to sell protection with mortgage "deserve to be shot".
June 5, 2008... Byline: Stefanie Ives Legal & General urge brokers to consider the protection market Mortgage brokers who do not add on protection sales to mortgage fees during the credit crunch "deserve to be shot", a senior IFA has claimed. The...

Equity firms circle Bradford & Bingley.
June 5, 2008... Byline: Stefanie Ives The continuous plummeting housing market is taking its toll on lenders' books, claims expert City experts are claiming that private equity firms are circling Bradford & Bingley as its underlying assets remain...

Crawshaw's departure leads to reshuffle.
June 5, 2008... Byline: James Redgrave Crawshaw steps down after 20 years in sector The illness of Steven Crawshaw, who has suffered a serious cardiovascular condition, has not only led to a reshuffle at the top of Bradford & Bingley but also at the...

Buy-to-let hit by B&B losses.
June 5, 2008... Byline: James redgrave Buy-to-let sector will see ripples from B&B The whole of the buy-to-let sector will see a ripple effect caused by Bradford & Bingley, a senior City analyst has warned. Following the panic caused by Bradford &...

Stavis takes sabbatical.(John Stavis of Fidelity Investments)
June 5, 2008... Byline: Joy Dunbar Fund manager John Stavis is taking a six month sabbatical from Fidelity John Stavis is going on a six month sabbatical after 13 years in investment management at Fidelity. He is currently manager of Fidelity's...

Lender collusion is rife, claims Atom.
June 5, 2008... Byline: Maryrose Fison Vic Jannels compares mortgage lenders to cartel Lenders are flouting EU law to boost profits through collusion Vic Jannels, chairman of All Type of Mortgages, has claimed. Speaking in an open letter, Mr...

Regulator publishes guide for trustees on how to get the most out of advisers.
June 5, 2008... Byline: Joy Dunbar Pensions regulator unveils guide for trustees The pensions regulator has published Relations with Advisers, outlining how pensions trustees should get the most out of their relationship with their advisers. The...

Post Office protests.
June 5, 2008... Byline: Maryrose Fison Post Office points finger at low-interest savings accounts providers The Post Office has condemned providers who do not pass Bank of England base interest rate rises on to customer savings accounts. The Post...

Ceta blames FSA for low MPPI protection.
June 5, 2008... Byline: Maryrose Fison General insurance network launches scathing attack on FSA and media for falling MPPI sales Mortgage borrowers have been put at higher risk of home repossession due to the FSA's lack of clarity over loan...

FSA fee hike for IFAs.
June 5, 2008... Byline: Maryrose Fison FSA raises collective fee for IFAs by more than 8 per cent IFAs face a steep increase in fees this year as the FSA raises its regulatory fee and levy requirement for authorised firms. Allocation of the AFR to...

Pensioners will lose out from Finance Bill - camaign group.
June 5, 2008... Byline: James Redgrave Refund claimants stand to lose from the HMRC proposals in Bill Taxback claimants are set to lose out from the government's proposed rule changes, a campaign group has warned. According to the Low Incomes Tax...

Fidelity promotes pair to Income Plus range.(Michael Clark and Matt Siddle of Fidelity International Ltd.)
June 5, 2008... Byline: James Redgrave Fidelity International has promoted two experienced employees to fund managers. Fidelity International has promoted two experienced employees to fund managers. Michael Clark and Matt Siddle will take over...

B&B tight-lipped over further cash injections.
June 5, 2008... Byline: Stefanie Ives Bradford & Bingley is remaining tight-lipped as the financial services industry openly discusses whether further injections from equity firms are likely. Industry insiders have stated the GBP150m injection from...

Means-testing offers no incentive to save - survey.
June 5, 2008... Byline: Maryrose Fison Majority of workers believe means-tested benefits are disincentive to save A recent survey, conducted by employee benefits provider B&CE Benefit Schemes, has revealed as many as two-thirds of people in full-time...

Craig heads to Alliance Trust.(Kevin Craig of Alliance Trust PLC)
June 5, 2008... Byline: James Redgrave Kevin Craig is set to become an investment manager with investment group Alliance Trust's global emerging markets business. Kevin Craig is set to become an investment manager with investment group Alliance...

Abbey looks to trio for exclusive package deal.
June 5, 2008... Byline: James Redgrave Company offers product through Pink, L&G and Mortgage Intelligence Abbey is offering a new fixed-rate mortgage exclusively through three different packaging companies. The Abbey for Intermediaries product is...

Friends Prov to help advisers go global.
June 5, 2008... Byline: James Redgrave Company launches international portfolio planner tool Friends Provident has launched an online tool to help investors create portfolios of offshore products. The Dynamic Portfolio Planner International aims...

Big time bond winners.(Brief article)
June 5, 2008... Byline: James Redgrave Two premium bondholders have scooped GBP1m jackpots this month. Two premium bondholders have scooped GBP1m jackpots this month. A Devon man and a Worcester woman, who both wanted to remain anonymous, picked...

Up to a million headed for negative equity.
June 5, 2008... Byline: James Redgrave Nearly one million people could be in negative equity by the end of 2008, claims Citibank As many as a million people could find themselves in negative equity by the end of next year, a report has warned. ...

Taking control.
June 5, 2008... Byline: Hal Austin The appointment of Lord Adair Turner as the new chairman of the FSA sends all the right messages to the sector. The appointment of Lord Adair Turner as the new chairman of the FSA sends all the right messages to the...

FSA announces FSCS board appointments.
June 5, 2008... Byline: Stefanie Ives Further appointments from the City watchdog The FSA has reappointed Terry Connor, Sandy Kinney and Chris Woodburn to the Financial Services Compensation Scheme board with effect from 1 June 2008. Terry Connor...

IFP passes the 2000th member milestone.(Institute of Financial Planning)(Brief article)
June 5, 2008... Byline: Maryrose Fison Institute announces 2000th member The institute of financial planning reports heightened interest in local branch meetings as it welcomes its 2000th member, following strong member engagement. On 30 May, the...

PPF's scaling factor rise 'astonishes' industry.
June 5, 2008... Byline: Maryrose Fison Industry slams Pension Protection Fund for 'large' differences The pensions industry has slammed the Pension Protection Fund for allowing such a large gap to exist between its estimated and actual scaling...

Wealth managers win business at the expense of private banks - Albion.
June 5, 2008... Byline: Joy Dunbar Wealth mangers are winning business from private banks, according to Albion Strategic Consulting. An elite group of wealth mangers are winning a lot of business that would have traditionally gone to the private...

House prices on the slide again in April.
June 5, 2008... Byline: Joy Dunbar House prices fall by 0.2 per cent, according to government figures House prices have decreased by 0.2 per cent in April which indicates a "weakening" housing market, according to official government figures. ...

Brewin's profits rise in first half of 2008.(Financial report)
June 5, 2008... Byline: Joy Dunbar Private client investment managers Brewin Dolphin announces its half year results to 30 March Profits before tax have increased by 4.9 per cent at Brewin Dolphin in the half year ending 30 March 2008. Profits at...

Investment trusts 'more flexible and more transparent'.
June 5, 2008... Byline: Stefanie Ives Investment trusts are more flexible, claims to JPMorgan Investment trusts are more flexible and offer greater transparency for investors, James Saunders Watson, head of sales and marketing for JPMorgan Asset...

Dunfermline aims to capture a slice of the growing equity release sector.
June 5, 2008... Byline: Maryrose Fison Scottish mutual launches lifetime equity release range Dunfermline Building Society has launched a suite of interest roll-up lifetime mortgages to the introducer market. The Scottish mutual - which has more...

Pensioners without IFAs to feel pinch, says MGM.
June 5, 2008... Byline: Maryrose Fison Retired people benefit from IFA advice Retired people are twice as likely to be forced to downsize if they have never sought independent financial advice, according to life assurer MGM Advantage. ...

Regnier-Wilson resurfaces at Martin Currie.(Martin Currie Inc. appoints John Regnier-Wilson )
June 5, 2008... Byline: Girlie Garduce Martin Currie drafts in Axa Framlington's Regnier-Wilson to its sales team. Former Axa Framlington sales manager John Regnier-Wilson is set to join Martin Currie to promote its retail sales drive. After...

Thoresen review is 'laudable but inadequate'.
June 5, 2008... Byline: James Redgrave Report is inadequate on issue of pensions, claims pension expert The Thoresen Review proposals on generic financial advice are inadequate on the issue of pensions, Ros Altmann has warned. In a paper published...

Axa, LifeSearch team up for plan.
June 5, 2008... Byline: James Redgrave Launch to be rolled out in the first quarter of 2009 A 100 per cent payment guaranteed life insurance product which does not require full disclosure of medical information is likely to be "uncompetitive", an...

Brussels moves to widen access to financial institutions and tools.
June 5, 2008... Byline: Anna Lawlor Financial exclusion is increasing across Europe and seeks urgent national remedy, warns European Commission European-wide legislation could be introduced to limit financial exclusion across member countries if...

Get ready for a rocky ride Lord Turner.
June 5, 2008... Byline: Hal Austin From September the clock starts ticking for Lord Turner, the newly appointed chairman of the FSA, and what better place to start than with tackling the thorny issue of personal accounts Now the breast-beating and...

Extra reserves for Barclays customers.
June 5, 2008... Byline: Maryrose Fison Bank overhauls current accounts following OFT test case Barclays bank has been praised for introducing a personal reserve which allows customers to dip into an agreed amount for a fee of GBP22, by Which? the...

Longevity projections will raise scheme liabilities - PensionsFirst.
June 5, 2008... Byline: Joy Dunbar Conservative longevity projections will push up scheme liabilities, claims company The use of conservative longevity assumptions will increase the liability of pensions schemes, according to PensionsFirst. The...

Schroder to switch multi range to Nurs.(Schroder and Company Inc.)(Brief article)
June 5, 2008... Byline: James Redgrave Investment house hope to give products more "investment flexibility" Schroder is planning to change the status of its multi-manager portfolios to non-Ucits retail schemes. The asset manager hopes to provide...

Rock rejigs ready for rise in arrears level.(Northern Rock PLC)
June 5, 2008... Byline: James Redgrave Nationalised bank boosts number of people involved in debt management Northern Rock has hinted mortgage arrears among its customers are set to almost treble by early next year. A report published by it and...

Grumball and Morton join Stonehaven.
June 5, 2008... Byline: James Redgrave Equity release specialist appoints compliance consultant and sales support manager Kathryn Grumball and Ria Morton have joined Stonehaven as compliance consultant and sales support manager. Kathryn has...

Incentives for health from PruProtection.(Shaun Matisonn)(Brief article)
June 5, 2008... Byline: Stefanie Ives PruProtections ups incentives to clients Nearly one quarter of PruProtection's clients have improved their lifestyle due to incentives, according to Shaun Matisonn, chief executive of PruProtection. Mr...

The central bankers' Gordian Knot.
June 5, 2008... Byline: Andrew Clare Central bank chiefs from around the world are contemplating how to best respond to mounting inflation in the face of stagnant economic growth, and are asking: is the oil price bubble at bursting point yet? Many...

Stop me if you've heard this one before.
June 5, 2008... Byline: Peter McGahan Blogs can reveal what it is really like to be a client, and a recent online experience has shed some light on the service that some IFAs are offering In a moment of weakness over a cup of tea I decided to chill...

Roberts unveils Mind the Gap.
June 5, 2008... Byline: Girlie Garduce Expert releases guidance on FSA rules and regulations A fifth set of guide notes has been released to prepare IFAs make sense of the FSA regulation rulebook. Online compliance expert and fellow IFA, Joanne...

A taste of the East.
June 12, 2008... Byline: Spinder Dhaliwal The Asian community is the UK has made a bg impact with many memers of this community topping world rich lists having built up successful businesses across all sectors of industry The continued success of Asian...

Unwanted interference.(Bank of England appoints Charles Bean)(Brief article)
June 12, 2008... Byline: Hal Austin Nice to see that Bank of England governor Mervyn King has got his choice for deputy, to replace Rachel Lomax. It now looks as if chancellor Alistair Darling is set to appoint Charles Bean as his joint deputy. ...

The growth spurt may be over.
June 12, 2008... Byline: James D Spellman Exchange traded funds have proved popular of late, but that could all be set to change With the US Securities and Exchange Commission's near-certain apAi 1/2proval of rules that would give newly created exAi...

Big banks strike 'rescue' deal with BoE.
June 12, 2008... Byline: Stefanie Ives The Bank of England has struck a secret deal with top banks and building societies to rescue ailing competitors in return for part of the GBP50bn liquidity fund. Jason Kabel, associate director and portfolio...

One way track to training.
June 12, 2008... Byline: Maike Currie Government's training plan As debate continues around the skills crisis in the UK economy, and more recently the success or as some may argue, failure of the much anticipated Lord Leitch's report, the announcement...

The politics of delayed disclosure.
June 12, 2008... Byline: Thomas Ross and Anna Huxster The Banking Reform Bill hopes to avoid the mistakes of the past by empowering the Bank of England to offer ailing banks emergency liquidity assistance without the market needing to know the details...

This time it's personal.
June 12, 2008... Byline: Tony Hazell The government needs to listen to experts when they talk about personal accounts The proposed system of personal accounts for pensions is four years away, but the number of voices raised against them rises by the...

Costly retirement.(Life Trust Insurance)(Brief article)
June 12, 2008... Byline: Stefanie Ives Over half of Britons - 54 per cent - claim they would be worried about their ability to finance their retirement if they were to live for 10 years longer than today's average life span of 82 years according to...

Small steps.
June 12, 2008... Byline: Stefanie Ives The balance of Chartered Surveyors reporting house price falls decreased slightly in May but the average number of transactions for each surveyor fell further, according to Rics' UK housing market survey. The...

Non-stop trekking for Financial Management.
June 12, 2008... Byline: Stefanie Ives An IFA team from Amersham-based the Financial Management group is planning to blaze a trail across the south downs as they do the Trailwalker route on 19 July. An IFA team from Amersham-based the Financial...

Wills resurfaces in sales role at Stroud.
June 12, 2008... Byline: Stefanie Ives Stroud & Swindon Building Society has announced Linda Will is to join as sales and marketing director with effect from 14 July. Ms Will was previously managing director for Accord Mortgages, Yorkshire Building...

Small firms' big chance to shape Solvency II.
June 12, 2008... Byline: James Redgrave Smaller businesses could be missing out on the chance to shape Solvency II, the "most significant piece of financial legislation to come out of Europe", the FSA has warned. The message came from the regulator's...

Owed an explanation.
June 12, 2008... Byline: Hal Austin The crisis at Bradford & Bingley has all the hallmarks of Northern Rock, without the unnecessary political intervention which led to public panic. As soon as it became clear that Bradford & Bingley was in trouble...

A fall from grace.
June 12, 2008... Byline: Maike Currie Bradford & Bingley's announcement over a cash nijection have fuelled fears in the City during a volatile period Another bank has hit the headlines for repercussions from the credit crunch. In February this...

The return of an unwelcome guest?
June 12, 2008... Byline: Barry Naisbitt If you believe some economic commentators then the UK is on the verge of returning to a period of stagflation. But, if you dig deeper this may not actually be the case There seem to be few things that the...

Another fine mess you've gotten us in to.
June 12, 2008... Byline: David Jackman Working how institutions do fit into a non-zero failure regime 'Oops, there goes another rubber tree plant'. That was the Bradford and Bingley you can hear crashing. Plenty more may follow, or may at least suffer...

And the band played on...
June 12, 2008... Byline: Andrew Clare In many ways the MPC is like the string quartet that fiddled as the Titanic sank Last week, the Monetary Policy Committee stuck to its inflation fighting guns and left its policy rate unchanged at 5 per cent....

Investment houses need to do a little DIY.
June 12, 2008... Byline: Jeff Prestridge Some investment houses are coming under pressure at the moment in terms of performance, so perhaps they need to look at how Fidelity is approaching the situation These are difficult days for retail investment...

Imla dismisses Cable's claims on sub-prime.
June 12, 2008... Byline: Maryrose Fison Mortgage lobby group attacks Vince Cable The Intermediary Mortgage Lenders Association has hit out at Vince Cable, deputy leader of the Liberal Democrats, for comments he made about sub-prime lenders. ...

Advisers must not 'ignore PMI stream'.
June 12, 2008... Byline: Maryrose Fison Association of Medical Insurance Intermediaries Advisers are shying away from what can be a lucrative additional income stream by ignoring private medical insurance, according to the Association of Medical...

Tisa backs Isas for Savings Gateway.
June 12, 2008... Byline: Maryrose Fison Association calls on government to reassess Savings Gateway maturity options The Tax Incentivised Savings Association has called on the government to make cash Isas the default option for funds in Savings...