Financial Advisor articles from March 2009

Financial Advisor archives from March 2009

Adviser propositions 'may lose independent status'.
March 3, 2009... Byline: Gail Moss IFAs voice concerns that independent label may be stripped by RDR stipulations Advisers are divided as to whether running their own multi-manager propositions will lose them their independent status under the retail...

Courtiers shops around for IFAs.(independent financial advisers)
March 5, 2009... Byline: Joy Dunbar Discretionary fund manager Courtiers has revealed plans to buy advisory businesses with GBP50m plus funds under management. Jamie Shepperd, chief executive of Courtiers, said he expected significant interest in his...

Get ready for the revolution.(Lord Turner)(United Kingdom. Financial Services Authority)
March 5, 2009... Byline: Hal Austin Lord Turner's plans could radicalise the way in which financial products are bought and sold, making his plan akin to William Beveridge's work that bore the welfare state in the 1940s Lord Turner has let the cat out...

Downturn affects Confidence Index.
March 5, 2009... Byline: Joy Dunbar Investor confidence took a dip between May and November 2008 as the credit crunch resulted in caution, according to the Investment Management Association. The IMA GB Investor Confidence Index stands at 71, on a scale...

Calls for mortgage comparison websites to raise standards.
March 5, 2009... Byline: David Pawsey Evauate Technologies has called for mortgage comparison websites to lift their game as inefficiencies are giving the industry a bad name. As an increasing number of consumers are using comparison sites for...

An irritating truth.
March 5, 2009... Byline: Peter Mounty The current state of affairs in the banking sector was unavoidable since those in the driving seat had set us in a collision course a long time ago The emotional furore currently enveloping the UK banking sector is...

A right rollercoaster ride.
March 5, 2009... Byline: Nigel Callaghan The importance of the retirement arena continues to grow rapidly for both manufactures and distributors. To put the matter bluntly, it is where the money is and in today's economic environment, this makes it really...

We are lost at sea.
March 5, 2009... Byline: James Coney Payback time Is it any wonder that consumers have so little faith in the powers-that-be finding a way out of this crisis? From the start the handling of this credit crunch from the FSA and the Treasury has been...

UKFI conduct 'scandalous', claims select committee.
March 5, 2009... Byline: David Pawsey Treasury select committee chairman takes Moreno and Kingman to task UK Financial Investments, the company established by the government to protect taxpayers interest in failed banks, has come under fire from the...

Aifa has 'left it too late' to take up fight against fees.
March 5, 2009... Byline: Joy Dunbar The Association of IFAs has waited for too long to take action on the issue of increasing regulatory fees, according to Simon Mansell, managing director of Worcester-based IFA Temple Bar. He said the association was...

Name and shame.(United Kingdom. Bank of England)(Mervyn King)(Brief article)
March 5, 2009... Byline: Hal Austin Bank of England governor Mervyn King, the only person apart from Vince Cable MP to come out of this financial mess with his head held high, rightly told the Treasury select committee last week that the MPC is like a...

AWD snubs PwC predictions.(AWD Chase de Vere)(Financial report)
March 5, 2009... Byline: Catherine Couch AWD Chase de Vere is on track for this year despite last year's reports of a predicted GBP26.8m loss for its UK operations, according to the intermediary's bosses. Reports said the figures were the group's...

MetLife guarantees a thorough examination.(MetLife Insurance Co.)(unit linked guarantees)(Brief article)
March 5, 2009... Byline: Ben Bonney-James Welcome to the second week of the Guarantees Special month, sponsored by MetLife. This week we look at whether unit-linked guarantees offer the best of both worlds in protecting capital and providing income in...

We have the answer.
March 5, 2009... Byline: Hal Austin separation of powers John McFall MP, chairman of the powerful Commons Treasury select committee, has called for a change in the regulatory structure that Financial Adviser has been calling for for years - separating...

Pink ARs use Key to manage clients.(appointed representatives)(Pink Home Loans)(Brief article)
March 5, 2009... Byline: Gail Moss More than 500 of Pink Home Loans' appointed representatives are now using The Key client management system. The Key is a client management system bringing together mortgage sourcing systems and the Mortgage Trading...

Virtual Net unveils online adviser training tool.
March 5, 2009... Byline: Gail Moss Virtual Net, the Kent-based IFA network, has delivered its latest online competence training programme to its members. The programme, supplied by Intellego Professional Training, helps Virtual Net members meet the...

L&G to allow direct sales of annuities.
March 5, 2009... Byline: Joy Dunbar Legal & General is setting itself up in direct competition with IFAs by allowing customers to buy their annuity directly from the life company, according to Intelligent Pensions. Insurance giant L&G has launched...

Lloyds, RBS sign on to gov't protection scheme.
March 5, 2009... Byline: Joy Dunbar Lloyds Banking Group and Royal Bank of Scotland have announced they are placing billions of pounds of toxic assets into a government-backed asset protection scheme. RBS announced it would place more than GBP300bn...

Assurant in bid to grab a hold of distribution market majority.
March 5, 2009... Byline: David Pawsey Assurant Solutions Intermediary is aiming to have secured deals with 80 per cent of the distribution market by the end of the year. The general insurance and income protection provider has revealed it is in talks...

Advisers looking into remuneration changes.
March 5, 2009... Byline: Gail Moss More than two-fifths of IFAs believe moving towards fees and trail commission is the best way to build value into their business, according to Skandia. The findings suggest advisers are planning to modify their...

Manager's future scenarios help position fund.(Psigma Income fund)(Bill Mott)(Brief article)
March 5, 2009... Byline: Gail Moss Bill Mott, manager of the GBP373.9m Psigma Income fund, has positioned his portfolio on the basis of three potential scenarios for the UK economy. The so-called Armageddon scenario, which Mr Mott gives as a 20 per...

Gartmore Cautious fund exposure up to 7%.
March 5, 2009... Byline: Gail Moss Gartmore has almost doubled the index-linked gilt exposure of its GBP652.3m Cautious Managed fund because of inflation fears. Chris Burvill, manager of the fund, raised the exposure from 4 per cent to 7 per cent last...

Opening gambit.
March 5, 2009... Byline: Simon Lovegrove First major TCF speech The FSA has recently published its first major speech on treating customers fairly of the year. Sarah Wilson, director of TCF for the regulator, gave the latest insight into this key FSA...

Lowering MPPI can bring extra savings.(Mortgage Payment Protection Insurance)(Brief article)
March 5, 2009... Byline: David Pawsey Customers on mortgage tracker deals could be paying over the odds for mortgage payment protection insurance, an independent provider has warned. MPPI provider Paymentcare.co.uk said those who have standalone...

OFT market study looks into property sector's quality of service.
March 5, 2009... Byline: David Pawsey Agencies involved in the home-buying process, including mortgage advisers, will come under scrutiny from the Office of Fair Trading. Last week, the OFT formally launched its market study following two months of...

Exclusive Connections acquires mortgage firm.
March 5, 2009... Byline: David Pawsey Exclusive Connections has completed its acquisition of the Mortgage 2000 mortgage club from Moneysupermarket.com. Moneysupermarket.com said the sale was part of a cost-cutting exercise within the group. ...

King rejects criticism of Bank decisions in crisis.
March 5, 2009... Byline: David Pawsey Mervyn King, governor of the Bank of England, has denied the Bank has been "running after events rather than shaping them" during the current financial crisis. Giving evidence to the Treasury select committee last...

Regional offices offer a more personal touch.
March 5, 2009... Byline: Gail Moss Insurers' regional offices provide a significantly greater quality of service than their head offices or offshore centres, according to a poll of intermediaries by LV=. The research found 58 per cent of advisers...

Platform industry in talks to iron out re-registration problems.
March 5, 2009... Byline: Joy Dunbar FundsNetwork, Cofunds, Hargreaves Landsdown and Skandia have confirmed they are in talks to resolve the issue of re-registering assets between platforms. Currently certain transfers cannot be done between platforms...

Online equity release tracking systems ensure efficiency.(Equity Release Solicitors' Alliance)(Brief article)
March 5, 2009... Byline: Joy Dunbar Legal firms that invest in online tracking systems are best placed to deal with increased demand, according to the Equity Release Solicitors' Alliance. The service allows clients to view the progress of their equity...

Too little, too late?
March 5, 2009... Byline: Philip Stevenson Letter The FSA has recently stated that current financial pressures facing UK financial advisers "could tempt" them to abandon TCF or commit fraud. Firms should resist the temptation to reduce expenditure...

Report calls for a European regulator.
March 5, 2009... Byline: David Pawsey City firms should come under further scrutiny from European body chaired and managed by the European Central Bank, according to former regulators. A report compiled by a Brussels group - which is headed by Jacques...

People on the move.(John Gill joins Financial Services Skills Council)(Merrill Lynch & Company Inc. appoints Rene Van De Wolfshaar)(Ogier appoints Ian Cain )
March 5, 2009... Byline: Emma Ann Hughes The latest industry-wide appointments Main Move The Personal Accounts Delivery Authority has appointed Helen Dean to its board as policy and product development director. Ms Dean is responsible for the...

Building societies pay the cost of banks' failures.
March 5, 2009... Byline: Gail Moss The way the Financial Services Compensation Scheme is funded has come under fire from several building societies that posted their annual results last week. Matthew Bullock, chief executive of Norwich & Peterborough...

Aegon downbeat on UK equity recovery.
March 5, 2009... Byline: Gail Moss The green shoots of market recovery are unlikely to appear this year, according to Stephen Adams, head of UK equities for Aegon Asset Management. Mr Adams said: "I do not see anything positive about the second half...

Merchant Investors in Whitechurch Securities agreement.
March 5, 2009... Byline: Emma Ann Hughes Merchant Investors has integrated its technology with Whitechurch Securities to enable the latter's advisers to do business with it seamlessly. Through the agreement Whitechurch Securities advisers will be able...

Market to reward patient investors this year.
March 5, 2009... Byline: Gail Moss The US stock market will finally start to reward stockpickers this year, according to Ignis Asset Management. Alison Porter, co-manager with Terry Ewing of the GBP95.6m Ignis American Growth fund, said indiscriminate...

Henderson keeps ear to the ground.
March 5, 2009... Byline: Emma Ann Hughes Investment firm is seeking adviser opinions on merger with New Star Henderson and New Star's sales and distribution teams are meeting with IFAs to get their thoughts on bringing the two businesses together,...

Aegon teaches to expect the unexpected.(Brief article)
March 5, 2009... Byline: David Pawsey Business protection could present additional revenue streams for advisers, according to Aegon UK. To help intermediaries take advantage of the potential opportunities presented by the 4.7m private sector businesses...

You're not on the list, come on in.
March 5, 2009... Byline: Peter McGahan Much has been said about the issues with the new costs proposed by the FSA, and I must say they baffle me a little. Now do not get me wrong, we should pay our way, but we have to be treated fairly. I have no...

Dartmoor: in thick mist one day, glorious the next.(Diary entry)
March 5, 2009... Byline: Christopher Marsham Christopher Marsham, of Devon-based C&M Financial Services spends one of the busiest weeks of his advisory career rushing between Dartmoor, Penzance and Cornwall meeting clients and putting the finishing touches...

Employers left holding the bundle.
March 5, 2009... Byline: Peter Done Any assessment of the workplace should take into account its suitability not just for expectant mothers but also for women of child bearing age Q: An employ of mine is pregnant and as such, I want to look the...

Managing morale.
March 5, 2009... Byline: Wojciech Dochan and Jeremy Campbell An Employee Assistance Programme can serve as a strong resource to have in place to combat deteriorating workforce performance The issue of sickness absence has attracted a good deal of...

Open-heart surgery.
March 5, 2009... Byline: Alexandre Zimmerman With hedge funds posting record losses, measures have been rushed for implementation The hedge fund industry closed last year posting a severe loss of almost 25 per cent. In the first half of the year hedge...

Critical decision time.
March 5, 2009... Byline: Kevin Carr Insurance providers must embrace a severity-based model if critical illness cover is to live a long life With the help of a few like-minded people traditional critical illness cover as we know it was founded by Dr...

Weapons of mass destruction.
March 5, 2009... Byline: Patrick Brandt The FSA has started using enforcement as a major tool in its 'credible deterrence' arsenal to combat rogue providers and intermediaries of financial products and advice The FSA was given wide powers in December...

Investment company charges in decline, says AIC.
March 5, 2009... Byline: David Pawsey Charges in the investment company sector have fallen for the fourth consecutive year, according to the Association of Investment Companies. Using data from fund intelligence provider Lipper, the AIC found among 239...

So, who's next?
March 5, 2009... Byline: Guy Vanner With banks not yet out of the woods of the downturn, some wonder if life assurers could be next We are currently living through unprecedented economic times. The events of last year have undoubtedly altered the...

Managers should favour green sector investments.
March 5, 2009... Byline: Gail Moss Green funds that invest globally could profit from factors like Barack Obama's backing of the environment, according to a leading manager. Charlie Thomas, who runs the GBP40m Jupiter Green investment trust, said:...

BNP Paribas decision on acquisition of Fortis imminent.
March 5, 2009... Byline: Catherine Couch BNP Paribas is just days away from announcing whether it will go through with its acquisition of troubled financial group Fortis. Speaking at a briefing in London this morning (4 March), Michel Anastassiades,...

Meteor launches Prima Growth Plan 14.
March 5, 2009... Byline: Emma Ann Hughes Meteor Asset Management has launched the latest Prima Growth Plan, called Prima Growth Plan 14. The plans returns are linked to the FTSE 100, offering 13 per cent at the first annual anniversary so long as the...

Mortgage Intelligence holds equity release workshop.
March 5, 2009... Byline: David Pawsey Mortgage Intelligence, in association with Northern Rock, is holding an equity release workshop tomorrow to meet the growing and diversifying needs of their members. The event takes place on Wednesday (4 March) at...

Northern Rock confirms almost GBP1.4bn loss.
March 5, 2009... Byline: Emma Ann Hughes Northern Rock has reported a full year loss before tax of almost GBP1.4bn and steady progress on paying back government loans in 2008. Northern Rock's mortgage redemption programme resulted in the government...

RBS sees record losses and expects difficult years ahead.(Financial report)
March 5, 2009... Byline: Emma Ann Hughes and Sharon Flaherty Royal Bank of Scotland (RBS) has reported a record corporate loss of GBP24.1bn for 2008, making it the largest annual loss in UK corporate history. To protect against any future losses, the...

Jubilee Financial Products launches kick-out product.
March 5, 2009... Byline: Emma Ann Hughes Jubilee Financial Products has launched a new kick-out product called the early redemption plan. The early redemption plan's payout is linked to the FTSE 100 index and a AAA-rated issuer. The plan is...

Barclays Wealth reveals new version of defined returns plan.
March 5, 2009... Byline: Emma Ann Hughes Barclays Wealth has launched the latest version of its defined returns plan today (2 March) with the same terms as the preceding series. The new issue continues to offer three investment options for investors...

Paradigm to offer Cater Allen structured product.
March 5, 2009... Byline: David Pawsey Paradigm, the IFA support services provider has today (27 February) announced its support for Cater Allen's latest structured product. The Cater Allen Protected Growth Plan 1 has been designed to offer an...

Sipps planning guide on offer by Suffolk Life.
March 5, 2009... Byline: Gail Moss Suffolk Life has launched a self-invested personal pension guide for IFAs. A Sipp for Life includes an explanation of why advisers and clients need durable Sipps, the implications of increased life expectancy,...

HBoS clients 'unaware' of bond switch danger.
March 5, 2009... Byline: David Pawsey Paul Moore says bond holders do not know the potential downside involved HBoS customers may have been switched from deposit accounts into corporate bonds without really understanding the risks, according to the...

Sesame member IFAs score highly in independent poll.(independent financial advisers)(Brief article)
March 12, 2009... Byline: David Pawsey Research by Sesame has revealed that 98 per cent of clients would be happy to use their advisers again or to recommend them to others. Independent research conducted by NMG Financial Services Consulting with 477...

Pearl 'did not instigate' FSA probe of Resolution.
March 12, 2009... Byline: David Pawsey FSA investigation will focus on period covering sale of Resolution plc to Pearl Suggestions that the FSA launched an investigation into Resolution Limited as a result of complaints by Pearl Group to the City...

IMA wants a focus on personal accounts guidance.
March 12, 2009... Byline: David Pawsey More thought needs to be put into the kind of advice that will be made available to those with personal accounts looking to buy an annuity, according to the IMA. Responding to the Personal Accounts Delivery...

Strike while the iron is hot.
March 12, 2009... Byline: Paul Wilcox There was never a better time for clients to explore avenues with advisers to mitigate against IHT Anecdotal evidence seems to indicate that few advisers are working on inheritance tax mitigation at the present time...

Nine held in suspected mortgage fraud.
March 12, 2009... Byline: Joy Dunbar Nine people were arrested by police on 10 March in connection with a suspected GBP40m mortgage fraud. The City of London police said the eight men and one woman were arrested on suspicion of conspiracy to defraud and...

Local councils set to provide business loans.
March 12, 2009... Byline: Simon Read Local councils are planning to start offering loans to help boost local economies. Essex Council has revealed details of a proposed Bank of Essex, which will make finance available to local small businesses...

Crisis highlights need of early warning system.
March 12, 2009... Byline: David Pawsey Central banks need to play a greater role in recognising the warning signs of a financial crisis, according to the French Treasury. Giving evidence to a House of Lords EU sub-committee on economic and financial...

Kirsch exits AWD as his work is done.
March 12, 2009... Byline: Joy Dunbar Mike Kirsch, the chief executive of AWD Chase de Vere, is leaving the business following a restructure of the firm. AWD Chase de Vere has completed the sale of Moneyextra, Read Independent Financial Advisers and AWD...

Friends says F&C stake no longer for sale.
March 12, 2009... Byline: Joy Dunbar Friends Provident is no longer selling its stake in F&C Asset Management after discussions over a possible takeover failed. Friends Provident and F&C said they held discussions with a number of parties concerning a...

Buy-to-let market collapse claims Cobalt Capital.
March 12, 2009... Byline: Simon Read London mortgage adviser Cobalt Capital went into administration on 9 March putting 45 staff out of work. Andrew Montlake, a partner for Colbalt Capital, said: "It is very sad. Unfortunately the unprecedented market...

IMA cleans up its fund house.(Investment Management Association)(Brief article)
March 12, 2009... Byline: Simon Read and David Pawsey The Investment Management Association has thrown 15 funds out from its UK Equity Income sector after they failed a yield test. The 15 have now joined the UK Equity Income and Growth Sector alongside...

The weakest link.
March 12, 2009... Byline: Hal Austin Comment The intervention of the FSA in clarifying the curricular requirements of the proposed level 4 qualification is a snub to the inertia of the Financial Services Skills Council. There is now an urgent need...

Edward Jones eyes expansion as it earns accolade.(Brief article)
March 12, 2009... Byline: David Pawsey Edward Jones is looking to increase the number of advisers it employs to 450 by the end of the year. The nationwide advisory firm, which currently has 350 advisers, revealed its intentions as it was voted the...

FSA must face the music, say Tories.
March 12, 2009... Byline: Simon Read The Conservative Party has called for the FSA to be overhauled or replaced. In its Plan for Change report published on Monday the Conservatives said: "We need a totally different approach that will tackle the...

Qualifications delay can cause adviser exodus.
March 12, 2009... Byline: Catherine Couch Delaying the clarification of retail distribution-compliant examinations until mid-2010 could increase the number of advisers leaving the industry, according to Richard Howells, IFA sales director for Zurich. ...

Gov't residential property approach 'needs rethink'.
March 12, 2009... Byline: Simon Read The government should allow pension holders to purchase residential property within their self-invested personal pension, according to adviser Email Mortgages. Three years ago the government overturned its initial...

RDR can leave providers holding the bill.
March 12, 2009... Byline: David Pawsey & Joy Dunbar Providers could be foot a bill of tens of millions pounds as they face the challenge of adapting systems to customer-agreed remuneration, the industry has warned. Ken Davy, chairman of support services...

Give process its due.(Brief article)
March 12, 2009... Byline: Hal Austin One of the reasons why banks in particular, but quite a few corporate business models, put more emphasis on outcomes than processes, is that it is one way of avoiding the tactics and roughing up that can often be part...

Aifa urges gov't to rethink SME loan scheme.
March 12, 2009... Byline: Catherine Couch The Association of IFAs is demanding intermediaries be given access to the government's Enterprise Finance Guarantee scheme. Andrew Strange, director of policy for Aifa, said he has written to Lord Mandelson of...

Britannia merger will hit BSA fees.
March 12, 2009... Byline: Joy Dunbar Britannia Building Society has revealed plans to turn its back on the Building Societies Association, reducing the trade body's income. Britannia said it would leave the association if the merger with Co-operative...

Lloyds turns attention to FTBs.
March 12, 2009... Byline: Catherine Couch Lloyds Banking Group will launch a first-time buyer mortgage product that it said will help to revive the struggling market. Eleanor Ross, media relations manager of Lloyds TSB, said the two key issues facing...

Insurers let down public on complaints, says ABI.(Survey)
March 12, 2009... Byline: Joy Dunbar Consumers are unsatisfied with the way the industry handles complaints, according to the Association of British Insurers' latest customer impact survey. The survey revealed 3 per cent of customers polled had made a...

US may be first nation to exit recession - Fidelity.
March 12, 2009... Byline: Joy Dunbar The US may be the first country to come out the recession, according to Trevor Greetham, portfolio manager of the Fidelity Multi Asset Strategic fund. He said other countries also had a role to play in the global...

Asia changing course as turmoil spreads - Martin Currie.(Martin Currie Investment Management Ltd.)(Richard Evans)(Brief article)
March 12, 2009... Byline: Joy Dunbar Asian leaders will change their countries' economic models in response to the recent turmoil in Western markets, according to Richard Evans, portfolio manager of the Asia Pacific fund of Martin Currie Investment...

Global equities may offer inflation buffer - Neptune.
March 12, 2009... Byline: Joy Dunbar Global equities should be invested in as these can provide a retirement income that can match the high level of inflation faced by pensioners, according to Neptune Investment Management. Chris Taylor, investment...