Financial Advisor articles from May 2008

Financial Advisor archives from May 2008

The road from Gleneagles.
May 1, 2008... Byline: Maryrose Fison Callum's legacy comes true It was Sir Callum McCarthy's infamous Gleneagles speech which laid the groundwork for the overhaul of the retail distribution business model now under review. In a speech made more...

Remembering the good times.
May 1, 2008... Byline: Peter Charles Once the housing market has been restored to its old glory, buyers will again be in competition with each other to acquire the home of their choice, stabilising prices and reflecting the halcyon times of the mortgage...

a new word for a familiar disease.
May 1, 2008... Byline: Andrew Clare When terminology associated with cancer-producing cells is taken up by the industry to describe the predicament currently facing the finance sector, you know that the medicine proposed will be hard to swallow and the...

FSA rings changes as it 'simplifies' advice.
May 1, 2008... Byline: Stefanie Ives Interim RDR paper also questions life offices' ability to own distribution firms The City regulator has taken a further step in its planned, radical overhaul of retail financial distribution with widespread...

Royal Liver reports 33 per cent drop in investment income.(Financial report)(Brief article)
May 1, 2008... Byline: Stefanie Ives Royal Liver Group has reported its results for 2007, revealing a 33 per cent fall in gross investment income and a growing deficit for its advisory business. During 2007, its advisory arm Park Row Group saw the...

Sisters lose European IHT battle.
May 1, 2008... Byline: Maryrose Fison European Court of Human Rights overrules elderly sisters' plea Two elderly sisters who appealed against a UK inheritance tax law have lost their appeal before the European Court of Human Rights. Joyce and...

Edeus cuts staff and shuts door to new business.(Brief article)
May 1, 2008... Byline: Stefanie Ives Lender will focus energies on asset quality assessment and special servicing Edeus, the specialist lender, has temporarily closed for mortgage origination business after half the workforce have been made...

Pensions Regulator sets out its vision for the future.
May 1, 2008... Byline: Stefanie Ives Watchdog sets out seven key points it will work on to improve sector The pensions regulator has set out its view of the pensions landscape for the next three years by vowing to continue work on defined...

FSA denies 'leniancy' on compliance.
May 1, 2008... Byline: Stefanie Ives The FSA has rejected accusations it is allowing banks to breach TCF by offering cheaper mortgages direct. Many high-street banks are now offering certain products with rates and arrengement fees which are lower...

Customers to come first.
May 1, 2008... Byline: Hal Austin The high court victory by the Office of Fair Trading against seven high street banks and the Nationwide Building Society has sent a clear message that although banks are not charities, charges they impose on customers...

Bank charges appeal.
May 1, 2008... Byline: James Redgrave High Court ruling asks OFT to look into bank charges The Consumer Panel has called on banks not to appeal last week's judicial decision charges. The High Court ruled on Thursday the Office of Fair Trading...

King defends his crown in Treasury talk.(Mervyn King)(Brief article)
May 1, 2008... Byline: James Redgrave Governor of Bank of England claims lessons must not be forgotten over Rock The governor of the Bank of England has warned that UK banks must not forget the lessons from last August's run on Northern Rock. ...

Advisers throw weight behind single set of standards.
May 1, 2008... Byline: Stefanie Ives Financial advisers have shown overwhelming support for the Edinburgh Declaration, with 95 per cent supporting a single set of professional standards. A survey undertaken by Ernst and Young in April 2008 among 860...

Warm welcome for interim report.
May 1, 2008... Byline: Joy Dunbar Majority of financial service companies respond positively to the FSA's retail distribution review Life offices and IFA firms reacted positively to the 41-page Interim Report on retail distribution, published by the...

Lib Dem support.
May 1, 2008... Byline: Stefanie Ives Vince Cable says house prices should be in the inflation measure House prices should be included in the CPI measure of inflation, the Lib Dems said in a show of support for Mervyn King's comments. Vince Cable,...

FA offers readers trustee book deal.
May 1, 2008... Byline: Hal Austin Financial Adviser, in partnership with leading financial publishers Thorogood, is offering readers a one-off chance to obtain some of the most popular business and finance titles at a drastically reduced price. ...

FSA reveals cracks that led to Rock fall.
May 1, 2008... Byline: Joy Dunbar The FSA's internal audit into the crisis at Northern Rock noted a number of failings in its supervision of the bank. There was no head for the department in charge of the supervision of Northern Rock at the FSA from...

HBoS rights issue is 'too small'.
May 1, 2008... Byline: Stefanie Ives Insiders claim that the GBP5bn rights issue may not be enough HBoS has launched a GBP4bn rights issue as industry insiders claim the bank has missed the chance to secure its future by asking for too little. ...

Resolution Foundation welcomes political backing for advice service.
May 1, 2008... Byline: Maryrose Fison Resolution Foundation backs Tory policy in advice The independent research and policy organisation Resolution Foundation has welcomed the Conservative Party's commitment to setting up a national financial advice...

Advisers are riders of the storm.(Clarkson Hill Group Plc.)(Financial report)
May 1, 2008... Byline: Maryrose Fison Results for IFA firms show that business is up as assets swells and more staff are brought in IFAs have ridden out the credit storm, reporting record profits and strong pre-tax growth. London-based IFA...

ABI backs AMC for accounts plan.
May 1, 2008... Byline: Maryrose Fison In its official response to personal accounts association warns against use of government subsidy The personal accounts charging structure must avoid government subsidies, according to the Association of British...

Banks set for day in court on charges issue.
May 1, 2008... Byline: Joy Dunbar and Roger Pearson A judge rules in favour of the Office of Fair Trading in a landmark ruling over bank overdraft charges The UK's biggest high-street banks have lost a test case concerning overdraft charges after a...

NU raises LTV across its lifetime range.
May 1, 2008... Byline: James Redgrave Provider hopes to widen equity release market with move Norwich Union is upping the loan-to-value on all its fixed-rate and cash reserve option lifetime mortgages. The move aims to give customers more chance...

Liver results downbeat as investment levels drop.
May 1, 2008... Byline: Stefanie Ives Park Row advisory arm reports a reduction in staff by almost 100 in the course of 12 months Royal Liver Group looks to "strategic review" of its business development as the society reveals a 33 per cent fall in...

Magnificent seven to join AWD platform.
May 1, 2008... Byline: James Redgrave Joint venture with Cofunds gets a boost as providers sign up AWD Chase de Vere is adding five products from seven providers to its investment platform. The platform is being developed jointly with Cofunds and...

Final Resolution.
May 1, 2008... Byline: Maryrose Fison Resolution is acquired Impala Holdings Limited has formally been granted acquisition of Resolution and Pearl, according to the FSA. The decision comes following approval by requisite majorities of resolution...

Citi's dual currency.
May 1, 2008... Byline: Maryrose Fison Citibank launches currency placement Citibank has launched a Dual Currency Placement to help investors benefit from exchange rate movements. The fixed short-term, high-return, money market investment is part...

Nationwide offers FTBs who come to it directly help.(Fixed rate mortgages)(Brief article)
May 1, 2008... Byline: Maryrose Fison Nationwide offers discounts on trackers and fixed-rate deals Nationwide has launched a new offer to help first-time buyers who deal with it direct. The offer includes a GBP300 discount on the reservation fee...

Paradigm picks panel.
May 1, 2008... Byline: Maryrose Fison Paradigm Mortgage Services has announced the launch of its new equity release panel, which includes providers of both lifetime mortgages and home reversion plans. Paradigm Mortgage Services has announced the...

Emerging markets get rated.
May 1, 2008... Byline: Anna Lawlor Mercer and IFC to deliver first 'sustainability rating' for emerging market investments. For the first time, emerging markets fund managers will be rated based on their capacity to incorporate environmental, social...

Skandia's WMU.
May 1, 2008... Byline: James Redgrave Brett Williams to head up Wealth Management Unit Financial service provider Skandia is launching a Wealth Management Unit. Officially formed on 1 August, it will be headed by Brett Williams, current chief...

PMPA info sharing.(The Professional Mortgage Packagers Alliance)(Brief article)
May 1, 2008... Byline: James Redgrave Initiative to help speed up payment of broker fees Mortgage packagers will share more information in the future in a bid to increase broker confidence. The PMPA initiative will see panel lenders and valuers...

Brown accused of 'discouraging saving'.(Gordon Brown )(Brief article)
May 1, 2008... Byline: James Redgrave Gordon Brown has been accused of "discouraging saving" during his time as chancellor. Gordon Brown has been accused of "discouraging saving" during his time as chancellor. Congleton Tory Ann Winterton said...

MPs fight it out over Northern.
May 1, 2008... Byline: James Redgrave The Chancellor of the Exchequer clashed with the shadow finance secretary in the Commons last week over the Northern Rock business plan. The Chancellor of the Exchequer clashed with the shadow finance secretary...

PPI warns over rising state pensions expenditure.
May 1, 2008... Byline: Maryrose Fison Britain's ageing population set to swallow more GDP Public expenditure on state pensions is projected to increase by nearly 2 per cent of gross domestic product by the middle of the century, according to...

BVCA to cut jobs within weeks.
May 1, 2008... Byline: Maryrose Fison Review prompts unspecified number of job losses The British Venture and Capital Association is undergoing a radical overhaul with a number of staff set to lose their jobs over the coming weeks. The news...

Corporate bonds are ripe for comeback, says Fidelity.
May 1, 2008... Byline: Joy Dunbar Corporate bonds are on the way up according to fund manager Corporate bonds will bounce back as the economy deteriorates further, according to Ian Spreadbury, a fund manger from Fidelity. He added that corporate...

Chandos Rose director set to quit less than year after joining.
May 1, 2008... Byline: James Redgrave Malcolm Thomas hankers after working with small to medium-sized firms A director at central London-based adviser Chandos Rose has decided to leave the firm to focus on group pensions work. Malcolm Thomas,...

Adviser's get behind Cofunds' Platform.
May 1, 2008... Byline: Stefanie Ives Publication gets the thumbs up from IFAs Platform, the quarterly IFA communication from Cofunds, has received the stamp of approval from advisers in its latest survey. Running in conjunction with its media...

Heart of business draw.
May 1, 2008... Byline: James Redgrave IFAs line up to witness the LV= draw Five charities are set to benefit from a cash boost of more than GBP10,000 each as LV= digs deep at a prestigious ceremony. The Heart of Business Awards prize draw will...

Cracking the whip.
May 1, 2008... Byline: Hal Austin Leader two May 1, 08 The FSA has finally woken up to the fact that identity theft is at its most rampant through electronic banking and the use of ATMs. But, as the old saying goes, better late than never. What...

Firms should tighten data protection measures - FSA.
May 1, 2008... Byline: Joy Dunbar Mr Robinson warns of data security after a number of high profile cases Data security is an issue for everyone who holds sensitive customer data, according to the FSA's financial crime sector leader. The warning...

Change is afoot.
May 1, 2008... Byline: Hal Austin Welcome to the Annuities supplement Annuities have been having a bad press for some time. But as people live longer and interest rates come down, so they seem to offer less of an attractive option than they once...

Don't back down now.
May 1, 2008... Byline: Melanie Tringham While the government seems to be shooting from the hip over the current mortgage crisis, no one seems to be immune Now it is the turn of the first-time buyers. The government, by running around trying to stop...

Chelsea 90-day account.
May 1, 2008... Byline: Anna Lawlor Chelsea Building Society is encouraging savers to point their savings in the right direction with the launch of its Chelsea 90-day notice account. Savings Chelsea Building Society Type: Chelsea 90-day...

ONS.
May 1, 2008... Byline: James Redgrave Office for National Statistics figures suggest slowing service sector growth Economic growth has slowed by 0.2 per cent in the first quarter of 2008, according to recent government figures. The gross...

Unum rolls out 'modern and flexible' group income protection scheme.
May 1, 2008... Byline: James Redgrave Bespoke launch aims to minimize the time employees spend off work sick Income protection provider Unum is launching its Premier cover product this month. The insurer is offering a bespoke package to group...

UKSIF courts advisers over green matters.
May 1, 2008... Byline: Stefanie Ives IFAs key to ethical growth IFAs are essential to the future success of green and ethical investments, the UK Social Investment Forum has claimed. The organisation, which will host the UK's first National...

Hymans.(Conference notes)
May 1, 2008... Byline: Stefanie Ives Clients look to reliable investments Global equities, specialist bonds and targeted returns will be the main investment areas for UK pensions funds, claims Stephen Birch, head of manager research for Hymans...

Aviva's investments drop dramatically.
May 1, 2008... Byline: Stefanie Ives Asia and insurance sales buoy Aviva's business, as the life insurance group reveals that investment sales have plummeted 34 per cent in 12 months. Aviva's management statement for the first quarter of 2008...

Investors must lose emotion and shun Eastern Europe for property, says IP.
May 1, 2008... Byline: Stefanie Ives Clients should look to Asia for profits on property Investors should take a more strategic approach to property purchases, according to Tim Murphy, managing director of property investment group IP Global. ...

Having some reasonable expectations.
May 1, 2008... Byline: Peter McGahan Customers expect many things from their advisers, particularly honesty and knowledge I had the pleasure of interviewing a number of advisers over the last few years in a period of expansion. A number of them...

Keeping it plain and simple.
May 1, 2008... Byline: Jeff Prestridge Times have changed greatly in terms of information given to customers on their pensions, it is now in easily understood language and people are advised to shop around for the best deal I have always been a big...

Pickerings head to Court of Appeal over Fos ruling.
May 1, 2008... Byline: Roger Pearson The Court of Appeal is to decide on whether the Fos has abided by the rule of law in its handling of consumer claims in an appeal by Heather Moor and Edgecomb Ltd. A husband and wife firm of IFAs from Lyneham,...

Court backs non-paying partner over property dispute.(Brief article)
May 1, 2008... Byline: Joy Dunbar A man has been told by a court that his former partner should get half of the property A firefighter has been told by a court that his former partner should get half the property that they co-habited in spite of him...

SimplyBiz rolls out service to help make OMO viable for members.
May 1, 2008... Byline: Joy Dunbar Openwork is working with SimplyBiz members to offer an Open Market Option service SimplyBiz and Openwork Market Solutions have teamed up to launch an annuity finder service to help member firms advise their clients...

Tenet twosome set to jet to wonders.(Brief article)
May 1, 2008... Byline: Joy Dunbar Tenet network members win Virgin Money competition prizes Two of Tenet's network members have won a trip to one of the 12 natural wonders of the world in Virgin Money's Fragile Earth competition Paul Greek, from...

Consumers to benefit from secure e-banking.
May 1, 2008... Byline: James Redgrave Advisers to recommend online security education for clients IFAs should teach themselves the basics of internet security in order to advise clients about online banking, an expert has claimed. With banks and...

Bee wants sting taken out of pension inequality.
May 1, 2008... Byline: James Redgrave Pensions expert speaks out over auto-enrolement being unfair on women A pensions expert has called on the government to take action and ensure all women receive the basic state pension. Steve Bee, head of...

Skipton FS is to play the waiting game on IFA deals.
May 1, 2008... Byline: Joy Dunbar Building society's advisory arm is set to make more purchases over the long-term Skipton Financial Services is set to acquire more IFAs in the future although for the next month it is content to consolidate its...

Norwich adds seven JPMorgan funds to its pensions platform.
May 1, 2008... Byline: Provider increases range of investment vehicles to pensionersJames Redgrave JPMorgan Asset Management has added seven more funds to the Norwich Union pensions platform. JPMorgan Asset Management has added seven more funds to...

Engage uplift.(Brief article)
May 1, 2008... Byline: Anna Lawlor Business is up for Engage Mutual. Engage Mutual has experienced 41 per cent uplift in new life business, it says. Total funds managed increased to more than GBP678m and gross premiums written for life funds...

Emerging popularity.
May 1, 2008... Byline: Anna Lawlor Emerging markets top popularity poll for structured products Investors in protected investments flock to emerging markets, Barclays Wealth announced. A survey of 742 of its customers found that this was an...

NS&I rate change.
May 1, 2008... Byline: Anna Lawlor NS&I brings interest rates in line with Bank of England base rate shift National Savings & Investments is decreasing the interest rates on its variable savings offers by up to 0.25 percentage points a year. ...

JPMorgan pension platform.
May 1, 2008... Byline: Anna Lawlor More JPMorgan funds added to pensions platform Seven new JPMorgan funds have been added to the Norwich Union Pensions Platform. The included JPMorgan funds are Cautious Total Return, JPM Balanced Total Return,...

Suffolk Life reports 'best ever' quarter.(Financial report)
May 1, 2008... Byline: Joy Dunbar Sipp provider announces strong first quarter results. Suffolk Life has said that the first quarter was it best ever, due to strong sales of its new MasterSipp product. Suffolk Life said it has seen its business...

Rock shareholders square up to gov't for GBP1.2bn in compensation.
May 1, 2008... Byline: Maryrose Fison Northern Rock sharehodlers set to claim compensation from the government Northern Rock shareholders are expected to file for up to GBP1.2 billion in compensation, according to the UK small shareholders'...

Body taken to task over trustees' training levels.
May 1, 2008... Byline: Maryrose Fison Pensions watchdog urged to train trustees more rigorously The pensions regulator must do more to educate and train pension scheme trustees, an independent report said. In the Committee of Public Affairs'...

Report urges proactivity with failing schemes.
May 1, 2008... Byline: Maryrose Fison Regulator did not take advantage of powers granted in 2003 The pensions regulator must take a more proactive approach towards failing pension schemes, according to the Committee of Public Affairs. In its...

'Slow progress' for pensions regulator.
May 1, 2008... Byline: Maryrose Fison Report suggests pensions regulator needs to do more on the scheme governance front The pensions regulator is not directing its resources to best effect, according to an independent report by the Committee of...

NS&I savings report.
May 1, 2008... Byline: James Redgrave If a recently released report into the future of household savings is to be believed, by 2057 a new generation of women will be keeping much of their cash secret from their partners. According to National Savings...

Age laws threatening UK group life market - study.
May 1, 2008... Byline: James Redgrave Report from Swiss Re reveals a 5.2 per cent rise for the sector Upcoming welfare reform could be good for the UK group risk market but age discrimination laws are threatening growth, according to Swiss Re. ...

Standard Life goes after those left unsure by volatility.
May 1, 2008... Byline: James Redgrave Company adds phased investment option to its Sterling fund Standard life has launched a bid to appeal to investors worried by the current uncertain markets. It is rolling out a new phased investment option...

Home is where the money is.
May 1, 2008... Byline: Tony Hazell Selling up As I get older losing my hair, not so many years from now, I hope to be able to fund my retirement without having to fall back on my home. But for an increasing number of retired people equity release...

Abbey's growth plan.
May 1, 2008... Byline: Anna Lawlor Product review Abbey Structured Product Type: Guaranteed Growth Plan (Issue 15) Description: This latest structured product from Abbey offers the highest return of one of the following: A guaranteed...

Blue Sky bank plan.
May 1, 2008... Byline: Anna Lawlor Product review Blue Sky Asset Management Type: The Accelerated Recovery plan Description: Boutique Blue Sky Asset Management has launched a new structured product to take advantage of expected improvements...

Grain price expectations prompt Insight to add funds.
May 1, 2008... Byline: Joy Dunbar Insight has added the Barclays Asian Stability note, Merrill Lynch Livestock note, Goldman Sachs Curve Steepener and exchange traded fund platinum to its Diversified Target Return Fund. An expected grain price rise...

Bruno backs charity lunch.
May 1, 2008... Byline: Maryrose Fison Frank Bruno attends sprinal charity event Boxing legend Frank Bruno is to attend the spinal injury charity REGAIN's Sports Award Lunch on Friday 30 May 2008. The former heavyweight champion will join other...

Post office closures to hit SMEs.
May 1, 2008... Byline: Anna Lawlor Small businesses will pay the price for possible loss of regional Post Offices, the Federation of Small Businesses has claimed. Its survey of small firms found 82 per cent felt closures would significantly effect their...

Acuity aims to help advisers speed up decision-making.
May 1, 2008... Byline: Maryrose Fison Online fund assessment service helps IFAs and fund managers speed up business. Isle of Man-based Acuity Consultants has launched an online fund assessment service to help IFAs and fund managers pass business...

Cofunds talks on the joys of emerging investing.
May 1, 2008... Byline: Maryrose Fison Cofunds prepares to unveil its quarterly brochure and launch its summer conference Fund platform Cofunds is poised to launch its quarterly brochure - Platform- looking at emerging markets at the end of this...

Standard Life wins big at glitzy Life & Pensions awards.
May 1, 2008... Byline: Stefanie Ives Great and the good gather in London for the annual awards ceremony Representatives from across the pensions and life industry turned up in their droves to celebrate their achievements at the Financial Adviser Life...

RDR interim report calls for enhanced qualifications.
May 1, 2008... Byline: Stefanie Ives Qualifications will not be the only benchmark of adviser competence the Financial Services Authority (FSA) has reassured as its interim report on the Retail Distribution Review (RDR) pushes to raise industry...

St James's Place reports mixed Q1 results.(Financial report)
May 1, 2008... Byline: Joy Dunbar New total single investments remain "strong" at St James's Place, totalling GBP759m, according to the wealth manager's interim management statement for the three months ending 31 March 2008. Other highlights within...