Financial Advisor articles from March 2007

Financial Advisor archives from March 2007

DCLG defends shared equity after slow start.
March 1, 2007... The department of communities and local government has defended its shared equity home ownership scheme, after reports that only 100 first-time buyers have used the service. Lester Posner, a spokesman for the DCLG, confirmed that 100 people...

FSA warns on income withdrawal.
March 1, 2007... Byline: Watchdog warns small firms to look at business practices after its review fines three firms for mis-selling Regulation The FSA has asked small firms advising on income withdrawal to review business practices, after a review...

NU trail aims to entice IFAs to property fund.
March 1, 2007... Norwich Union has introduced trail commission on a property fund in a bid to expand its retail sector share. David Hewison, collective investment development manager for Norwich Union, said that he hoped the move would attract more...

Default option will be too hard to find: NAPF.
March 1, 2007... Byline: The delivery authority has no standard in the market to follow, claims NAPF pensions When the delivery authority comes to design a default fund for personal accounts it will not find a single standard template in the market,...

Postpone Hips until tried and tested: CML.(Council of Mortgage Lenders on home information packs)(Brief article)
March 1, 2007... The Council of Mortgage Lenders has called for the implementation of Hips to be postponed until "they have been properly trialled and tested". The announcement follows the government revealing it will launch a consumer campaign to inform...

CI providers are 'mugging' clients - website.
March 1, 2007... Consumers are "getting mugged" by critical illness providers that use non-disclosure to turn down claims, according to bestdealinsurance.co.uk David Thomson, chief executive of the insurance website, also said that consumers should avoid...

HomeBuy scheme benefits are 'dubious', mortgage expert says.
March 1, 2007... Mortgages A leading mortgage expert has attacked the government for fudging its manifesto commitments on housing. Ray Boulger, senior technical manager for John Charcol, claims the proposed revisions to the HomeBuy scheme are "a...

Pink aims to realign structure as parent company assets soar.
March 1, 2007... mortgages Pink Home Loans has undergone a major shake up in both its executive and its business structures. Key changes to the mortgage adviser network include the promotion of Kay Leslie to the newly-created role of network services...

With profits leave IFAs 'frustrated' - Fidelity.(with profit funds, independent financial advisers)(Fidelity FundsNetwork)
March 1, 2007... Byline: Lack of information for comparisons leading to advisers INVestments Financial advisers are becoming increasingly frustrated by with profit funds, with almost two-thirds telling Fidelity FundsNetwork that they do not receive...

Mform reveals duty burdens up.
March 1, 2007... Rising UK house prices over the past three years have forced UK homeowners to increase their mortgage by more than AGBP10,000 in order to accommodate stamp duty payments. The findings were revealed in research by mortgage search engine...

Ascentric plans wrap expansion.
March 1, 2007... Byline: Director claims business will expand alongside the market wrap Ascentric will expand its wrap offering beyond only high net-worth clients as the market expands, the managing director has claimed. Hugo Thorman, managing...

Run at the chance to catch a dream prize.
March 1, 2007... It is now less than a fortnight until the first ball is bowled in the Cricket World Cup on the sun-kissed wicket of Sabina Park, Jamaica. With their Ashes humiliation fading as their form improves, England expects a gutsy performance from...

IFP aims for east Midlands drive.
March 1, 2007... The Institute of Financial Planning will open a new branch and has appointed two new chairmen as part of the professional body's growth strategy. Becky Taylor, managing director of Dunham Financial Services in Peterborough, will launch the...

FSA set to Connect with industry bodies on MiFID.
March 1, 2007... Byline: Organisation claims that it will aid watchdog with implementation of directive Regulation An unofficial organisation called MiFID Connect has claimed that it has been asked by the FSA to help with regulation. It follows...

Standard unveils platform to IFAs.
March 1, 2007... Standard Life has launched a mutual fund platform called FundZone that aims to build on the success of its Sipp and wrap propositions and offers a wide choice from leading managers. To help advisers manage the increased choice, FundZone...

Pym resigns as A&L announces record-breaking profits for 2006.(Richard Pym, Alliance & Leicester PLC)
March 1, 2007... Results Alliance & Leicester has become the latest bank to announce strong profits, recording pre-tax profits of AGBP569m last year. This compares with its pre-tax profits of AGBP548m in 2005, and comes as British banks face criticism...

Robinson adds to the exodus of managers from RBS Intermediary.
March 1, 2007... Jim Robinson has resigned his position as mortgage support manager for RBS Intermediary Partners on the day of its first anniversary. He is the fourth senior member of the mortgage team to leave in recent months. He follows Jayne-Anne...

Act now on Isa offers, say firms.
March 1, 2007... Byline: Companies and trade bodies remind general public that that there is just over a month to the end of the tax year investment Investors will have to move quickly to take advantage of Isa offers, with only a month-and- a-half...

Montpelier plans UK drive after RST deal.
March 1, 2007... IFA business the Montpelier Group has acquired RST Group, a financial planner and accountancy company. RST primarily provides accountancy services, but also deals with all aspects of financial planning through RST Financial Consultancy. ...

UK private lending grows AGBP22bn in Jan, claims BBA.(British Bankers' Association)(Brief article)
March 1, 2007... Total lending to the UK private sector has increased by nearly AGBP22bn in January, but manufacturing, retail and construction are borrowing less, according to the latest figures from the British Bankers' Association. The BBA has reported...

Industry gets behind proposed gift change.
March 1, 2007... Byline: The move comes alongside calls from the Institute of Directors to scrap IHT Taxation Providers have welcomed news that the government is considering increasing the limits of gifts to most trusts, although HM Revenue & Customs...

Beacon seeks out Money Portal.
March 1, 2007... Leading mortgage adviser The Money Portal has announced it will start accepting packaged business from the Beacon Group. Mortgage packagers were predicted by many to disappear from the market following regulation, but many have, in fact,...

Liv Vic draw nearing fever pitch.
March 1, 2007... There is still time left to grab a chance to be a winner in the Liverpool Victoria mimi flexible plan promotion. The competition gives financial advisers the opportunity to win a share of the Liverpool Victoria prize fund, which increases...

Saga and Risk team up to insure over-50s.(Brief article)
March 1, 2007... Risk Placement Services is to provide a protection-finding service for Saga's non-standard risk clients. The online specialist will help the many Saga Personal Finance clients who, because they are aged over 50, are deemed as non-standard...

Forget the rear-view mirror tactic - HSBC.
March 1, 2007... Byline: Head of research urges IFAs to look beyond quantitative data-picking funds RESEARCH IFAs should be wary of multi-managers that use quantitative research to pick underlying funds, according to HSBC. Nick Pothier, head of UK...

ABI questions RU64 move.
March 1, 2007... The Association of British Insurers has questioned the FSA's commitment to a principles-based regime, following its announcement on 26 February that it will be retaining the RU64 rule. The rule states that advisers must explain in writing...

My Sipp will go into the fund, so my wealth will be allied with the clients'.
March 1, 2007... FINANCIAL ADVISER: What will your role at PSigma be? BILL MOTT: There are three partners to the new venture Ian Chimes, myself and Graham Fuller who was head of balanced pensions funds for Newton. The three of us are setting up a...

Commission disclosure attacked.
March 1, 2007... Byline: EFFAFI to call on European Commission to scrap rules that favour large businesses and disadvantage small firms Commission Commission disclosure is not acceptable, brings no advantages for consumers and only benefits large...

Own up, Mr Hutton.
March 1, 2007... The high court has now come down strongly in favour of the 125,000 pensioners who have lost their pensions through no fault of their own. It is a victory for the Parliamentary Ombudsman. All they have done, like good citizens, was to put...

Take on the challenge.(Brief article)
March 1, 2007... PRESSURE is now building on high street banks to temper their aggression and stop imposing punitive charges on accountholders who overshoot their overdraft limits or, even worse, who prudently use their credit cards to the minimum. At a...

Time for financial advice to pay debts.(Column)
March 1, 2007... A few years ago I arrived at work early one morning to get some pressing proofreading out of the way before the phones started ringing. It was a good idea until shortly after I arrived my early-bird start was disturbed by a phone call from a...

The winds of change.
March 1, 2007... Pearl's new crew finally sets sail Hugh Osmond is that rarest of creatures, a modern thinker in the insurance world. Coming from outside of this archaic industry I think it is fair to say he has at times been baffled, perplexed and...

Hold the Bolly.
March 1, 2007... On 26 January 2007 the FSA announced that its MiFID consultation programme was complete and that the necessary changes to transpose the Markets in Financial Instruments Directive into the Financial Services and Markets Act 2000, its secondary...

Some are more equal than others.
March 1, 2007... The recent High Court decision that the government was wrong to reject the findings of Ann Abraham, Parliamentary Ombudsman, when she determined that the government had issued misleading information about company pension schemes, has caused me...

Left hand must watch what right hand does.
March 1, 2007... Ah, the success story that is joined-up government. The problem is, you really need to know what your own minister is doing before you start getting involved with other departments. A valuable lesson for the department of work and pensions...

Devise the recipe to suit your taste.
March 1, 2007... Byline: Match evaluations of performance numbers and risk profiles to your client's needs to make up the strongest portfolio Many have talked about property funds and their attractiveness, but choosing the right property fund is missing the...

Aifa calls for costs of watchdog's work to be put under microscope.
March 1, 2007... An IFA trade body has called for the work of the FSA to be evaluated every two years by the National Audit Office to judge the cost of its move to more principles-based regulation. In a submission to a House of Lords Select Committee...

Conditions ripe for open season.
March 1, 2007... Byline: While take up may have been slow, strengthening markets will ensure good conditions for Isa season The Isa figures have not made comfortable reading recently. According to statistics from the Investment Management Association,...

A battle has been won but the war is lost.
March 1, 2007... Byline: The Isa changes go some way to addressing investor grievances, but its failings have strong tax implications How will the new Isa changes affect your customers? Chancellor Gordon Brown used his 6 December Pre-Budget Report last year...

All stand together.
March 1, 2007... Byline: An FSA review gives opportunity for advisers to improve service by producing a symbiosis with providers When the FSA announced last year that it was to launch a major investigation into the distribution of retail financial products,...

Evolution solution.
March 1, 2007... Byline: Expectations are changing - businesses with vision and effective management will not only survive, but thrive The world is changing. No surprise. The population is aging rapidly and the baby-boomer generation, worried about how they...

Zopa calls on IFAs to make the most of social lending.
March 1, 2007... Social lending as an asset class has produced average returns of 6.75 per cent and up to 14 per cent a year, according to Zopa, the world's first lending marketplace which cuts out the banks. Zopa has launched a campaign to promote...

When money talks high standards walk.
March 1, 2007... Byline: Demutualisation has proved to be a plague on once-successful businesses Time was when the members of our once mighty building society movement were probably as well known for the catchiness of their TV advertising as they were for...

Lights go out on index as oil and gas falters.
March 1, 2007... Is not it always the way? Just when you think you have found the asset class answer to all your investment dreams, you wake up to find that the asset class is not what it appeared. There will almost certainly be some institutional investors out...

INvestments.
March 1, 2007... Multi-manager Marks & Spencer Money Type: Multi-managed ethical fund Description: This Marks & Spencer product aims to deliver long-term growth by investing in companies which make a positive environmental and community...

Bright Grey cuts check wait.(Brief article)
March 1, 2007... n Bright Grey has shaved three days off the turnround time for medical reports by using Medicals Direct's new Trackberry service. The system was introduced last year and is operated by Medicals Direct nurses. It works by completing...

SL supermarket to ease job.
March 1, 2007... n A fund supermarket has been launched by Standard Life, promising to offer advisers top-rated funds in all the main asset classes, along with a range of tools to make the process easier. The supermarket, FundZone, boasts flexibility for...

Shake-up for Mortgages Plc.
March 1, 2007... n Mortgages Plc has enhanced its mortgage rates and lending criteria. The one and two-year discounts on its fixed rates have been reduced by up to 0.6 of a percentage point and now start as low as 4.7 per cent. The two and three-year...

Directors urged to seek help when combating insolvency.
March 1, 2007... Byline: Management teams are encouraged to contact insolvency specialists to turnaround their businesses' fortunes Administration As the number of IFA firms going into administration increases by about 50 per cent, company directors...

Means testing is key element of NPSS - Gov't.
March 1, 2007... Pensions The much discredited system of means testing will be at the heart of the National Pensions Saving Scheme, the government has confirmed. The claim was made at a seminar on the government plans for personal accounts, staged to...

PKF is set to boost adviser know-how.
March 1, 2007... Advisers can access cutting-edge business strategies that help maximise their profits, assist with business tax planning and provide a company exit-strategy at a free breakfast seminar. Accountants and business advisers PKF have been...

IFAs encouraged to be more green.
March 1, 2007... IFAs can apply some practices applied in ethical funds to implement eco-friendly and ethical strategies within their firms. Small practices can cut costs by encouraging staff to turn off lights and equipment whenever possible, recycling...

Always make sure to call for backup.
March 1, 2007... Q As a small but busy adviser firm, we rely heavily on the data contained on our PCs to support every area of the business process. What precautions can we take to ensure all our infor- mation is as accurate as it can be, and more importantly,...

Aim carefully to hit targets and take the prizes.
March 1, 2007... It is a constant source of amazement to me just how much marketing communications our industry generates. I was reminded of this by a corporate specialist IFA at a seminar. We were discussing how hard it can be to prospect for new corporate...

Face-to-face relations are built to last.
March 1, 2007... Monday I start the week looking at my appointment folders, which have been neatly stacked on the desk. I sit down with Sue, my branch office administrator, at 9am to discuss forthcoming appointments. Then I spend a few hours...

Gov't attacked over DWP guide.
March 1, 2007... The government has been accused of mis-leading the public over how generous it is to those who defer the state pension. John Merriman, an IFA for Suffolk-based Downing Fin- ancial Management, claimed that the department for work and...

Cofunds aims to close the market gap on Skandia with services range.
March 1, 2007... Cofunds is hoping to strengthen its share of the fund platform market with the introduction of a number of new services. The services, which are to be introduced in March, are to include an enhancement of client reports given to IFAs by the...

Watchdog fines 'fuelling' PII need.
March 1, 2007... Byline: Brokerage claims that advisers being forced to take on extra cover and costs to cover investigations by the FSA Protection Virtually all professional indemnity insurance now includes bolt-on to cover FSA investigations, a...

Borrowers striving to cut debt - Mform.(Brief article)(Statistical data)
March 1, 2007... Borrowers are increasing their efforts to pay off their mortgage debt in spite of rate increases, according to analysis from Mform.co.uk. The online mortgage company found that average mortgage capital repayments by homeowners increased...

Treasury must clarify PTA relief, says expert.
March 1, 2007... Byline: Industry demands a clarification on whether further advances will qualify pensions The industry is calling for the Treasury to announce whether it will grant tax relief to clients looking for further advances on pension term...

More acquisitions on the way for Axa Life, claims chief executive.
March 1, 2007... Axa Life is considering further acquisition targets, after the successful integration of Winterthur and the Thinc Group. Paul Evans, chief executive of Axa Life, said that Axa had big ambitions in the financial advice market for 2007, but...

DWP to appeal high court ruling.
March 1, 2007... Byline: Pensioners may be forced to wait as government seeks to appeal after ombudsman was backed by high court Pensions The department for work and pensions could force pensioners to wait an extra year for compensation if it refuses...

Star duo's exit 'final nail' for Credit Suisse.
March 1, 2007... Byline: Gary Potter and Rob Burdett quit asset manager just months after Bill Mott Investment Credit Suisse has suffered a devastating loss with the departure of Gary Potter and Robert Burdett, the mainstays of the fund manager's...

Struggling Nvesta finds solace in Arc.(acquisition by Arc Fund Management)(Brief article)
March 1, 2007... Arc Fund Management has acquired Nvesta after the provider's parent company went into administration. Arc has not taken on any of the structured product provider's liabilities, which the firm's administrators are dealing with. Nvesta...

Client complaints are 'poorly handled' - ABI.(Association of British Insurers)
March 1, 2007... Byline: The trade body discovers procedural failings despite positive TCF feedback protection Half of consumers who made complaints to the Association of British Insurers' member firms felt they were handled poorly, the trade body has...

AWD announces top level rejig.
March 1, 2007... AWD has announced a shake-up in its management setup with the appointment of Mike Kirsch as chief executive. Mr Kirsch moves over from Norwich Union, where he has been part of its senior management team for the past five years, as well as a...

IFAs top choice for consumers: study.
March 1, 2007... Financial advisers have the greatest influence over consumers buying protection and mortgage products, according to research commissioned by Teamspirit. The PR and marketing firm, whose clients include IFA Promotions, Scottish Widows,...

Be wary over claim handlers - Ifap.(independent financial advisers)
March 1, 2007... Byline: IFAs warned to be wary when directing clients to claims handlers to regain bank charges as complaints skyrocket Banks IFAs should be wary of directing clients to claims handlers to reclaim illegal bank charges, according to IFA...

MGM launches mortgage club to consolidate gains.
March 1, 2007... MGM Home Finance is launching a mortgage club, in the first of a series of developments in the network. The business, a subsidiary of mutual insurance company MGM Assurance, decided to launch the club after it carried out a review of its...

Reliance rescues Heart of Oak members from solvency woes.
March 1, 2007... Reliance Mutual Insurance Society is to acquire Hearts of Oak Friendly Society through a transfer of engagements, subject to regulatory requirements. This is the sixth Reliance Mutual acquisition since 2003 and involves AGBP320m in assets...

Halifax finds IHT burdens steadily creeping upwards.
March 1, 2007... Inheritance tax The number of postcode districts in England and Wales where the average house price has exceeded the inheritance tax threshold has more than doubled in the last five years. A report by Halifax reveals that as many as...

Co-op predicts ethical boom as Isa season begins to gather pace.
March 1, 2007... A new wave of Isa savers are set to trigger a boom in ethical investing, according to research from Co-operative Bank. The data showed that 67 per cent of Isa savers who intend to use their allowance ahead of April's deadline plan to invest...

IFAs head for Skandia as web usage doubles.(independent financial advisers)(Brief article)
March 1, 2007... Skandia's online wrap reported usage levels almost doubling last year, highlighting the impact of IFA migration on to online platforms. Advisers using Skandia's platform solution has increased year-on-year by 47 per cent to last year, with...

Scottish politicians to face FA Q&A.
March 1, 2007... Byline: Financial Adviser debate set to put future of financial services industry under intense scrutiny as elections loom Scotland Scottish politicians are to face financial services business leaders on 29 March in Edinburgh for a...

Skandia adds Maple to Asian equity range.(Skandia Investment Management hires Maple-Brown Abbott to manage its fund)(Brief article)
March 1, 2007... Skandia Investment Management has added Maple-Brown Abbott to its multi-manager range. This has prompted the Australian-based investment management company to reallocate assets across its portfolios, but without directly replacing any...

Fidelity Int'l continues expansion.
March 1, 2007... Fidelity International has appointed Brian Boyd as business development manager, as part of a continuing, international expansion of its multi-manager team. The expansion of Fidelity's multi-manager business began in September last year,...

Northern Trust brings in Swip to man flagship fund.
March 1, 2007... Scottish Widows Investment Partnership has been appointed by Northern Trust Global Investments to manage its AGBP165m flagship multi-manager fund. The fund, which is a sub-fund of the Northern Trust Multi-Manager fund and is named the NTMF...

Advantage to give Wilson the credit for underwriting, risk monitoring.
March 1, 2007... Byline: Mutual One appoints Dearing to promote benefits of sector Skipton Building Society has appointed Philip Dearing as managing director of Mutual One. The group was set up at the end of 1998 as a joint venture between eight...

FSA defends stance on 'unlawful' listings plan.
March 1, 2007... Byline: AIC claims two-tier listing plan is unlawful, but retail policy man defends policy Regulation There are significant attractions for a single set of listing rules for all investment companies, a senior FSA official has conceded,...

Drop two-tier investment scheme: McFall.
March 1, 2007... The FSA's proposals for the two-tiered regulation of investment companies could open a regulatory gap larger than the one that allowed the split cap crisis to develop, a senior politician has warned. In a letter to the regulator, John...

Keeping your p*ssport safe.(Brief article)
March 1, 2007... Keeping your p*ssport safe One football fan lost his chance to witness Liverpool's demolition of Barca last week. Scott Mowbray, of Virgin Money fame, was supposed to be taking two lucky journalists to Barcelona for the crucial...

Advice is a weapon of mass destruction?
March 1, 2007... Never say advisers do not have a way with words. Or no sense of dramatisation, for that matter. Livid with Standard Life for recently releasing an exclusive Sipp to HSBC for direct sales purposes, adviser Jonathan Fry did not refrain from...

Winning a battle, losing the war.
March 1, 2007... Byline: The Isa changes go some way to addressing investor grievances, but its failings have strong tax implications How will the new Isa changes affect your customers? Chancellor Gordon Brown used his 6 December Pre-Budget Report last year...

We've come a long way, baby.
March 1, 2007... Byline: After being started by Gordon Brown Isas are nearing their 10-year anniversary, and are set for a busy year A lot happened in 1987. Financial Adviser graced the industry with its presence and Nigel Lawson paved the way for Isas. A...