Financial Advisor articles from March 2008

Financial Advisor archives from March 2008

David Harrison plans Positive exit.(non-executive director David Harrison retires from Positive Solutions )
March 13, 2008... Man who founded the company finally cuts ties. Maike Currie The man who founded Positive Solutions, David Harrison, is planning to cut ties with the company he set up more than 10 years ago. Mr Harrison has confirmed that he wants to...

BUDGET: Gateway is go.
March 13, 2008... The national Savings Gateway has been welcomed by the Tax Incentivised Savings Association and stockbrokers Killik & Co.. Joy Dunbar The government is launching a national Savings Gateway with the aim of encouraging saving, Alistair...

From the age of deference to the age of reference.(management of insurance industry)
March 13, 2008... With a customer base growing increasingly more resourceful and less willing to follow advice blindly, product providers are faced with a number of strategic decisions: build, buy, harvest or exit. Peter Hendry It is not difficult to come up...

Aifa's Budget reaction.
March 13, 2008... Chris Cummings shares his views on Alistair Darling's Budget. Maryrose Fison Chris Cummings, director general of the Association of Independent Financial Advisers, has given his views on the budget. He said: "Over recent years, we have...

Nationwide celebrates a birthday.(Brief article)
March 13, 2008... Some people already have a long-term fix. Phil Halliday Nationwide's 25-year fixed rate mortgage is celebrating its 1st anniversary this month. Matthew Carter, director of mortgages, said: "We know that a 25-year deal may not...

A positive note.
March 13, 2008... Budget has some positives. Phil Halliday Tony Cohen, head of UK entrepreneurial business for Deloitte, said: "On the whole, the Budget contains some positive measures for entrepreneurs in the UK although they fall well short of what was...

BUDGET: Captains luke warm on 'grim Budget'.
March 13, 2008... Industry captains offer lukewarm reception to Darling's first Budget. Maryrose Fison The Budget drew a lukewarm response from business leaders and industry professionals, although among the contested issues were the changes to capital...

BUDGET: Ageing population will increase strain on pensions.
March 13, 2008... UK continues to get older. Stefanie Ives State pensions will be further strained as the over 85s group is expected to double by 2030, according to the government's long-term public finance report. The report, which analyses...

BUDGET: CGT rate drop beneficial for IFAs - L&G.
March 13, 2008... Advisers could benefit from new CGT rate. Stefanie Ives Capital gains changes could present increased business opportunities for advisers, Adrian Boulding, wealth policy director for Legal & General predicted. The new capital gains tax...

BUDGET: Working party aimed at solving long-term mortgage lending.
March 13, 2008... The Budget sees the government offering support to mortgage lenders. Stefanie Ives Chancellor Alistair Darling has launched a top-level working party, made up of the tripartite bodies and industry representatives, in a desperate search for...

BUDGET: Darling removes quarterly onus on Isas.
March 13, 2008... Isa managers will no longer be required to submit quarterly statistical returns under new measures unveiled in the Budget.. Leah Milner The chancellor, Alistair Darling, has removed the requirement for Isa managers to submit quarterly...

BUDGET: Stability acts as chancellor's main theme.
March 13, 2008... The chancellor delivered his first Budget with the aim of creating stability in a time of turbulence across global economies. . Joy Dunbar Chancellor Alistair Darling presented his first Budget aimed to "build a strong economy" and...

BUDGET REACTION: Brian Murphy.
March 13, 2008... Alistair Darling goes ahead with CGT changes . Brian Murphy Alistair Darling confirmed that the changes to capital gains tax announced in the Pre-Budget Report would indeed be introduced from 6 April 2008. We can therefore look forward...

BUDGET REACTION: Julie Hutchison.(analysis of estate planning)(Brief article)
March 13, 2008... This was a mixed Budget for estate planning. Julie Hutchison After 50 minutes and no particular mention of inheritance tax or trusts, the question was whether there was any devil in the finer detail of the Budget notes. Of course, the...

BUDGET REACTION: Neil Hoare.
March 13, 2008... Darling has inspired little confidence that relief is at hand over the credit crunch. Neil Hoare Having sat through 50 minutes of the new chancellor's Budget speech there is little news to inspire us in the mortgage market that relief is...

Intrinsic joins New Star in project.
March 13, 2008... Asset management venture is launched. Maryrose Fison Distribution network Intrinsic Financial Services and fund management group New Star have announced plans for a joint asset management venture. The initiative, which involves the...

House prices down in February, but up on 2007.
March 13, 2008... House prices drop 0.3 per cent in February. Stefanie Ives House prices fell 0.3 per cent in February yet still remain 4.2 per cent higher than 12 months ago, according to the Halifax House Price index. The index revealed the average...

Aegon UK posts record life and pensions.(Financial report)
March 13, 2008... The life insurance and pensions company foray into protection and annuities is paying dividends. Phil Halliday The climate for 2008 is more difficult than two years ago but Aegon UK is seeing reasonable levels of business in the first...

Survey on the watchdog's approach to 'topical' issues.
March 13, 2008... The Financial Services Practitioner Panel prepares to launch its survey . Maryrose Fison The Financial Services Practitioner Panel is poised to launch its 2008 survey of regulated firms' analysis of the performance of the FSA. The...

BUDGET: Darling boosts keyworker aid to half of price.
March 13, 2008... Keyworkers are to be given a helping hand onto the property ladder. Maryrose Fison Keyworkers will now be able to buy homes if they can afford half the cost of the property through the shared equity scheme. Previously it had been...

BUDGET: Darling lifts EIS investment limit.
March 13, 2008... The amount of investment subject to tax relief under the EIS has been increased in the Budget to stimulate growth of small businesses.. Leah Milner Alistair Darling unveiled increases in the investment limits on the amount eligible for...

BUDGET REACTION: Rachel Vahey.(Brief article)
March 13, 2008... Little gems buried in the Budget notes. Rachel Vahey Buried deep in the Budget notes, the Revenue announced new trivial commutation rules for small pension pots. The good news is that it will be possible to commute some small 'stranded...

BUDGET: GBP30,000 non-dom charge is "right and fair".
March 13, 2008... Long-standing non-doms will pay a GBP30,000 flat rate. Maryrose Fison Non-domiciliaries residing in the UK for more than seven years will have to pay GBP30,000 a year, Alistair Darling, chancellor of the exchequer, confirmed in today's...

Going up in smoke... and in lights.
March 13, 2008... Money goes up in smoke. Phil Halliday HM Treasury offices in Parliament Square were illuminated at night with a No Smoking Day projection of a stubbed cigarette and a "beat the Budget" message for smokers. Cigarette prices are to rise...

80 PIC CAP Money dress.(Creative Business Finance )(Brief article)
March 13, 2008... The Debt Boutique finds a solution tailored to firms with funding gaps.. Leah Milner Co-director of Creative Business Finance Mark Blayney constructs a dress out of money to promote the firm's new venture The Debt Boutique. The...

A change in the landscape.(industry forecasts of financial services)(Brief article)
March 13, 2008... Maximising efficency and preparing for the worst. By Hal Austin Something exciting is taking place in the architecture of the new business model for retail financial distribution firms. What exactly it is is not yet clear, but there is...

Gaps still remain.(political aspects of United Kingdom)(Brief article)
March 13, 2008... Thoresen is not the full answer. Hal Austin The Thoresen review raises as many questions as it provides answers. First, it puts the question of financial capability and inclusion on the line and it is one which the government must handle in...

It's a start, but more is needed.(analysis of Thoresen review)
March 13, 2008... We must go beyond the Thoresen review and make society a better place. Hal Austin One of the astonishing developments in financial services over the last decade or so, particularly at the retail end, where most of the complexities...

InterBay revised guide.(InterBay Commercial)(Brief article)
March 13, 2008... InterBay looks for product range revisions. Maike Currie InterBay Commercial, the self-cert commercial mortgage lender, has announced revisions to its product range. The changes follow the announcement that InterBay is looking at...

Caxton MasterCard.
March 13, 2008... Dollar MasterCard aimed in avoiding currency commission charges. Anna Lawlor A new foreign exchange cash card now offers users a fixed US$2 per GBP1 they load onto the prepaid card, which can be used like a normal debit card wherever the...

cru funds at GBP300.
March 13, 2008... 'Expanding' fund range attracts more supporters. Maike Currie cru Investment Management has announced that funds under management have passed GBP300m as UK sales continue to gather pace. Stuart Anderson, sales director of cru...

Ken chooses AToM.(All Types of Mortgages chosen to distribute Kensington Mortgage Co. products)(Brief article)
March 13, 2008... Kensigton calls on AToM packager to distribute product.. Maike Currie All Types of Mortgages has been chosen to distribute Kensington's 90 per cent LTV self-cert product. AToM is one of the packagers retained following a significant...

A great deal, but what's the catch?(recruiting of mortgage advisers by Premier Network Group )
March 13, 2008... Those training as mortgage advisers just got another helping hand. Melanie Tringham In a time when mortgage advisers must clearly wonder if they have a future, at least in the short-term, it is encouraging to see at least someone is...

Executives are ill-prepared for recession: survey.
March 13, 2008... About two-thirds of business leaders in the UK fear the onset of a economic slowdown, a survey of business captains has found . Maike Currie The majority of UK business managers, 69 per cent, believe the country is heading into recession...

Edward Jones is one to work for: Sunday Times.(Edward Jones and Co.)(Brief article)
March 13, 2008... Edward Jones leads other financial advisory companies - Towry Law and Thinc Money Group - in ranking of the Top 100 Companies to Work For.. Anna Lawlor Profit-sharing, a culture of caring and providing a stimulating work space are all the...

Inflation Buster gets updated.
March 13, 2008... Leeds Building Society revamps its Inflation Buster bond.. Girlie Garduce A new version of the Inflation Buster bond has been relaunched by Leeds Building Society. The bond is guaranteed to beat inflation by 2.50 percentage points,...

Merchant adds nine new funds.(Merchant Investors Assurance Company Ltd.)(Brief article)
March 13, 2008... Merchant Investors adds new funds to its Pinnacle Range.. Girlie Garduce Specialist pensions and investments provider Merchant Investors has added nine new funds links to its Pinnacle Range. The range includes top performers,...

Money matters to Aifa.
March 13, 2008... Aifa launches financial guide. Maike Currie Aifa, in association with other leading financial trade bodies, has recently launched a Guide to Personal Finance at a parliamentary reception. The guide, created by the coalition of trade...

Success depends on staff.
March 13, 2008... People management is core to merger and acquisition success, CIPD claims.. Anna Lawlor The success of a company's merger or acquisition rests largely on its employees, a new report from the Chartered Institute of Personnel and Development...

Back to school.
March 13, 2008... The ifs School of Finance has launched an adult financial education programme.. Anna Lawlor A new adult programme in personal financial planning has been launched by the ifs School of Finance at The House of Commons. The PPFP allows adults...

Thoresen review.(reports of Otto Thoresen about the financial services industry)(Viewpoint essay)(Report)
March 13, 2008... Review by head of Aegon UK will transffform financial capability. By Otto Thoresen Last week I published the Final Report of my Review of Generic Financial Advice, which outlines how a national service providing people with guidance on...

Reaching out to the masses.
March 13, 2008... A recap of some key ideas behind the Thoresen review and a look at what is needed. Otto Thoresen Last week I published the final report of my review of generic financial advice, which outlines how a national service providing people with...

Job losses loom.
March 13, 2008... Rise in redundancies. Anna Lawlor The largest rise in redundancies in five years is expected to hit in 2008 according to the CIPD/KPMG most recent Labour Market Outlook. The report found that two in five employers anticipates making...

Regulator reminds firms of TCF deadline.
March 13, 2008... The FSA has warned IFA firms of the looming deadline to show evidence that they are implementing the treating customers fairly programme.. Anil Dawar From 31 March, all firms should have the appropriate management information measures in...

There is no rest for the wicked.
March 13, 2008... Mike Pendergast, an IFA from Zen Financial Services, has a busy week juggling meetings with clients and delivering speeches at seminars as well as acting as a Justice of the Peace and as a father. Mike Pendergast Monday As well as...

You need to see the bigger picture.
March 13, 2008... It is said that March comes in like a lion, and goes out like a lamb. This saying refers to the sometimes tempestuous weather at this time of year, of course. But how will March 2008 turn out for our sector?. David Jackman As retail firms...

The value of the 125% mortgage.
March 13, 2008... A long-term solution for homeowners. Maike Currie I feel I must respond to Paul White's letter regarding the demise of the 125 per cent mortgage. This was a valuable product for a specific category of client, and I firmly believe that...

Learning something new everyday.
March 13, 2008... Training up advisers has recently been labelled under the uber-cool umbrella of academies, in-house training or development programmes.. Girlie Garduce Call it what you like, but the fact is that the ever-growing need for professionalism,...

Education is key in a post-RDR world.
March 13, 2008... Looking over the industry submissions on the RDR, one thing is clear about the future of retail distribution: to get ahead, financial advisers will need to gain higher qualifications. Peter Williams Next month the FSA will offer feedback...

AWD ChaseDeVere populates tax and trusts division.
March 19, 2008... AWD Chase de Vere has launched a new tax and trusts division and announces the appointment of Paul Grafton-Holt and Claudio Bacci to head up the new team.. Stefanie Ives AWD Chase de Vere has launched a new tax and trusts division and...

Revenue sends out offshore disclosure letter.
March 20, 2008... HM Revenue & Customs cracks down on offshore tax evaders. Maryrose Fison Thousands of people with offshore accounts are being asked by HM Revenue & Customs to declare their financial details. The HMRC confirmed it had sent 5000 letters...

Rooftop faces clouded future after JPMorgan deal.
March 20, 2008... Rooftop Mortgages' future could be hanging in the balance following the acquisition of its parent Bear Stearns by JPMorgan Chase.. Leah Milner The future of Rooftop Mortgages looks uncertain following the sale of its parent company,...

Wilson joins Newcastle BS.
March 20, 2008... John Wilson has been appointed as retirement planning manager and will head up the new pensions department of the Society's subsidiary company, Newcastle Financial Services Ltd.. Stefanie Ives John Wilson has been appointed as retirement...

Base halts new registrations.(Brief article)
March 20, 2008... Base Commercial Mortgages is no longer accepting broker registrations.. Maike Currie Base Commercial Mortgages is no longer accepting broker registrations. The lender says the decision has been made following a rapid increase in the...

CML probes UK equity release lag.(Brief article)
March 20, 2008... New research from the CML looks at why the equity release market has developed more slowly in the UK than in the US, Australia and New Zealand.. Maike Currie New research from the CML looks at why the equity release market has developed...

Bank of Scotland rejigs fixed and tracker rates.
March 20, 2008... Product review. Girlie Garduce Bank of Scotland Mortgages Type: Fixed and tracker rates. Description: Bank of Scotland Mortgages has withdrawn selected fixed and variable tracker rates and replaced with new rates starting from...

Birmingham Midshires internet savings.(Brief article)
March 20, 2008... Product review. Girlie Garduce Birmingham Midshires Type: Savings account Description: Birmingham Midshires is offering telephone savings and internet savings. Conditions: The accounts are no notice operated with a minimum...

Cheltenham & Gloucester rejigs variable tracker rates.(Brief article)
March 20, 2008... Product review. Girlie Garduce Cheltenham and Gloucester Type: Variable tracker. Description: Cheltenham & Gloucester is offering new variable tracker rate mortgages for intermediaries only which comes with a tie-in. ...

Protection sale surge to happen - L&G survey.
March 20, 2008... Advisers predict growth in protection sales. Maryrose Fison Almost 60 per cent of advisers predict there will be a rise in protection sales over the next quarter, according to a survey by Legal and General. The Adviser Confidence Index...

SimplyBiz turns to Distribution Tech for web tool.
March 20, 2008... Distribution Technology will supply its sales and advisory tool to Compliance First, part of the SimplyBiz Group. Joy Dunbar Distribution Technology is set to supply its Dynamic Planner sales and advisory software tool to Compliance First,...

Atom launches combined cost range.
March 20, 2008... All Types of Mortgages is launching the Remo Package a deal that combines valuation and legal costs in one heavily discounted application fee.. Maike Currie All Types of Mortgages is launching the Remo Package a deal that combines...

Bullivant quits CII for Annuities Direct role.
March 20, 2008... The Chartered Insurance Institute's deputy director general Bob Bullivant is to leave the body to pursue a chief executive role in the retirement income sector.. Leah Milner Bob Bullivant is leaving his role as deputy director general of...

Testing times to see if they can handle it.
March 20, 2008... Sometimes it is worth looking internally when it comes to filling positions, but although there are no laws to prevent you from promoting people on a trial basis for a role there are more practidial considerations that need to be borne in mind....

Northern Rock rumbles on.
March 20, 2008... More developments on Northern Rock. Hal Austin The crisis of Northern Rock will not die a natural death. Just as we have been getting used to Ron Sandler getting to grips with the radical changes needed at the North East mortgage lender...

Bupa cuts critical illness rates.(Brief article)
March 20, 2008... Bupa reduces its rates for critical illness plans.. Girlie Garduce Bupa Individual Protection is reducing the premium rates for its critical illness plans. For critical illness plans bought alongside a mortgage, the rates have reduced...

New business, efficiency boost for Standard.
March 20, 2008... Standard Life says new business and increased efficency have driven record pre-tax operating profit. Maryrose Fison Standard Life posted particularly strong returns in UK life and pensions where underlying profit in 2007 rose to GBP395m...

Sukuk set to be law before next Budget.
March 20, 2008... Sovereign Islamic Bonds soon to be a reality. Stefanie Ives Sovereign Islamic bonds could be issued before the next Budget thanks to ongoing government support, Junaid Bhatti, director of Islamic Finance consultancy Ballencrieff House, has...

Easier2Move pick regional sales directors.
March 20, 2008... Easier2Move- Lisa Newey and Charlotte Etheridge (Photos for both). Stefanie Ives Easier2Move has announced the appointments of Lisa Newey and Charlotte Etheridge to regional sales directors. Ms Newey will be responsible for the south...

Pru packs punch as it posts profit rise of 25 per cent for 2007.(Financial report)
March 20, 2008... Prudential's preliminary results reveal 25 per cent growth in operating profits both in the UK and the group as a whole.. Leah Milner Prudential's operating profits for its UK insurance business have soared 25 per cent, up from GBP686m in...

Crombie to lead Standard done the fee path.
March 20, 2008... Standard Life says fee-charging advisers are the way forward. Maryrose Fison Standard Life is to place greater emphasis on working with financial advisers who work on a fee basis than those taking up front commission, its chief executive...

Worrying times for lenders and borrowers.
March 20, 2008... With big lenders falling by the wayside, it is clear that the storm brewing in the international money markets will continue to cause havoc for the UK mortgage industry. Melanie Tringham As the stock markets fail to respond positively to...

Ofsted wades in to financial teaching debate.
March 20, 2008... Teaching young people to manage their money is important to the government, head teachers, students and financial institutions, according to an Ofsted report.. Joy Dunbar Delivering better teaching of personal finance education in schools...

Bonds will be niche work if you can get it - CWC.
March 20, 2008... The number of investors buying bonds could drop significantly following clarification on capital gains tax changes, according to specialist financial services consultants. Joy Dunbar Investment bonds could become a "niche" product after the...

Banking on value.(Brief article)
March 20, 2008... Comment two, March 20, 08. Hal Austin Banks are going through a period of serious balance sheet repair, after last year's libor restrictions. Nevertheless, now that the bank reporting season has ended, it is clear that not all is doom and...

The Budget that did nothing but bore.
March 20, 2008... Letter of the Week. Dear Alistair, congratulations on producing the most boring, lacklustre, uninspiring and unfriendly to IFAs, budget of all time. Even members of your own parliamentary party fell asleep during its delivery. ...

Sovereign funds will boost London's appeal, says King's deputy.
March 20, 2008... The emergence of sovereign wealth funds are a "positive development" says Sir John Gieve. Joy Dunbar The rapid growth in sovereign wealth funds is a boost for London as a leading international financial centre according to Sir John Gieve,...

Base halts new broker registration in wake of crunch.
March 20, 2008... Base Commercial stop new broker registration. Stefanie Ives Base Commercial has frozen all new broker registration citing the need to control business volume. The specialist commercial mortgage lender withdrew all adverse facilities on...

Budget Reaction: Europe could hinder EIS consultation, warns association.
March 20, 2008... EIS consultation could be hindered by EU, claims association. Stefanie Ives The Enterprise Investment Scheme Association has welcomed the government's consultation period on the schemes, but said European regulation could hinder change....

Desperate times, desperate measures.
March 20, 2008... The Fed is working hard to save the US economy. Andew Clare The Fed's actions over the last few weeks have looked increasingly desperate. So far this year they have slashed their policy rate by 1.25 per cent. Last week, they pumped yet...

And the nominations are...
March 20, 2008... This week Tony Hazell considers who should win what in a tongue-in-cheek fantasy financial awards ceremony . Tony Hazell As we appear to be in the awards season, I thought I would start my own aimed at the cream of the financial services...

Prestridge.
March 20, 2008... Jeff Prestridge this weeks takes a look at life insurance companies. Jeff Prestridge I have a 'thing' about life insurance companies, a big thing. I do not particularly like them. They mis-sell - the correlation between mis-selling and...

HMRC moves to level property funds playing field.
March 20, 2008... Tax treatment for property authorised investments funds to change from April 2008. Stefanie Ives Investors in property authorised investment funds will receive the same tax treatment as those who invest in real property or UK reits from...

De Broe poaches Barclays' rivals for fund arm launch.
March 20, 2008... Williams de Broe to set up fund management business. By Colin Calder Investment firm Williams de Broe is understood to be setting up a fund management business in Edinburgh after poaching a team of private client managers from Barclays...

Trio quit Aberdeen-owned Glasgow Investment Managers.(Brief article)
March 20, 2008... Three Glasgow Investment Managers quit Aberdeen AM. Colin Calder Three members of the Glasgow Investment Managers team are quitting Aberdeen Asset Management just months after it was acquired for GBP6.25m, the company has announced. ...