Financial Advisor articles from November 2008

Financial Advisor archives from November 2008

Peer calls for banking regulation overhaul.
November 6, 2008... Byline: David Pawsey Lord Newby has called for an overhaul of how banks in the UK are regulated during a House of Lords debate on the state of the economy. The Liberal Democrat peer called for the ring fencing of retail banking to...

Lenders fail to adjust SVR - Moneyfacts.(standard variable rates)(Brief article)
November 6, 2008... Byline: Gail Moss Half of mortgage lenders have failed to apply recent base rate cuts to their standard variable rates, according to Moneyfacts. Darren Cook, mortgage expert of Moneyfacts, said: "There is a strong indication that the...

IFAs are bucking the complaints trend: Fos.
November 6, 2008... Byline: Emma Ann Hughes As the credit crunch bites, the volume of complaints about insurance is increasing, while the number calling for compensation from an IFA is falling, the Financial Ombudsman has revealed. Fos figures obtained by...

Knowing what not to buy.
November 6, 2008... Byline: Peter McGahan Now we all know about structured contracts as opposed to structured investments and in turn we all know they are a bit like wetting a piece of cotton and pushing it into the air - a fruitless task with no real benefit...

Forum has all you need to know.(Brief article)(Conference notes)
November 6, 2008... Byline: Melanie Tringham Find out the latest developments in TCF at a seminar hosted by Financial Adviser and Norton Rose. The event, to be held on 11th November, will hear discussions from a top lawyer from Norton Rose, as well as a...

Perspective offers firms a way out.
November 6, 2008... Byline: David Pawsey An increasing number of IFA firms will be looking for exit strategies in the coming year due to the economic environment and increasing regulatory controls, according to Perspective Financial Group. The firm which...

St James's Place see GBP12m pension growth.
November 6, 2008... Byline: James Redgrave St James's Place saw almost a GBP12m increase in new pensions in the third quarter of the year, allowing it to maintain new business levels from last year. The wealth management business recorded GBP101m in new...

AIC names top five firms.(Association of Investment Companies)(Brief article)
November 6, 2008... Byline: Joy Dunbar The Association of Investment Companies has identified 5 companies with the most consistent performance record in the industry in the last 10 years. The AIC said the top five were JPMorgan Russian Securities, Genesis...

Try bonds, high yield bonds.
November 6, 2008... Byline: Joy Dunbar The European high yield bond market now represents an opportunity for adventurous investors, according to Fidelity International's Ian Spreadbury. The market is now yielding 22.7 per cent and spreads of 18.5 per...

RBS announces further writedowns.
November 6, 2008... Byline: Joy Dunbar Royal Bank of Scotland has announced more than GBP200m in writedowns and bad debt charges in the third quarter and has announced plans to raise GBP19.7bn of capital. The losses are in addition to GBP5.9bn in write...

Halifax calls for rent back regulation.
November 6, 2008... Byline: Catherine Couch Halifax has thrown its might behind calls for the regulation of the sale and rent back sector. Following the government's acceptance of recommendations by the Office of Fair Trading, Halifax said it hoped...

FSA cancels insurance broker's trading permission.
November 6, 2008... Byline: David Pawsey Capital inadequacies and other failings have led to an insurance broker having his FSA permission cancelled. Reginald Wapling, trading as Cornwall-based Bower Insurance Consultants, was told by the City regulator...

Skandia tie-up is 'above board'.(Association of Independent Financial Advisers)
November 6, 2008... Byline: James Redgrave Aifa has moved to reassure advisers concerned about potential conflicts of interest arising from its new partnership with insurer Skandia. Skandia has promised to spend money on the IFA trade association, but...

Skipton and Scarborough to merge.
November 6, 2008... Byline: Joy Dunbar Scarborough is to merge with Skipton due to house price falls and the impending recession, the building societies announced on Monday. In a joint statement the lenders said difficult trading conditions had a...

Ifap defends ditching hotline.(IFA Promotion)(IFA Promotion )
November 6, 2008... Byline: Catherine Couch IFA Promotion has defended its decision to shut down its consumer hotline, which provides people with access to an IFA in their local area. David Elms, chief executive of Unbiased, said the hotline had been...

Limited grasp of Hips wedded to market woes - adviser.(Home Information Packs )(Brief article)
November 6, 2008... Byline: James Redgrave The shortfall in public understanding of Home Information Packs highlighted by a government report has been increased by the problems in the housing market, an adviser has warned. The Department for Communities...

Networks must evolve to keep pace with market: L&G.(Legal and General Finance PLC)(Brief article)
November 6, 2008... Byline: Joy Dunbar Mortgage networks must evolve quickly, as must intermediaries, if they are to survive in extreme market conditions, says Legal & General. Duncan Crocker, managing director of intermediary distribution for L&G, said...

Separation of sales and advice could restore confidence: Aifa.(Association of Independent Financial Advisers)(retail distribution review)(Brief article)
November 6, 2008... Byline: David Pawsey Clear separation of advice and sales as proposed in the retail distribution review could help restore lost confidence in the financial services sector, according to the Association of Independent Financial Advisers....

CII ready for global tsunami of rules.
November 6, 2008... Byline: Emma Ann Hughes A Chartered Institute of Financial Services will be best prepared to handle Gordon Brown's calls for a more global approach to regulation, according to Sandy Scott. At a briefing to unveil the Chartered...

The retirement crystal ball.(Brief article)
November 6, 2008... Byline: Ben Bonney-James Welcome to the fourth, and final, week of the Financial Adviser Retirement Month, sponsored by Life Trust. In last week's feature we helped intermediaries through the annuity maze and tried to make sense of an...

Pru warns of workers losing out on pension earnings.
November 6, 2008... Byline: Gail Moss UK workers are losing more than GBP5bn a year by failing to join their company pension schemes, according to Prudential. A survey of 1000 UK adults in September showed 66 per cent knew their employers offered a...

IMA gives CESR proposals the thumbs up.
November 6, 2008... Byline: Emma Ann Hughes The Investment Management Association has welcomed the advice published by The Committee of European Securities Regulators on implementation of the management company passport. The IMA said the advice provided a...

Editor wins lifetime award.
November 6, 2008... Byline: Emma Ann Hughes The Association of British Insurers Financial Media Awards 2008 saw Jo Brand crack jokes, Michael Portillo reflect on the economy and Hal Austin pick up a lifetime achievement award. Mr Austin, senior editor of...

Green moves up Neptune's ranks.
November 6, 2008... Byline: Emma Ann Hughes People on the move Richard Green appointed deputy managing director of Neptune Investment boutique Neptune Investment Management has promoted Richard Green to deputy managing director. Mr Green, who joined...

Living a lie.
November 6, 2008... Byline: Emma Ann Hughes What has been made clear by the credit crunch is when the going gets tough, mortgage lenders, insurers, investment houses and IFAs all get lumped under the same category of "financial services." For years all...

CII podcasts target fraud.
November 6, 2008... Byline: James Redgrave The Chartered Insurance Institute has launched a series of online talks by a fraud expert to help IFAs combat the problem. In a series of podcasts, Sue Jones, unit head of the Insurance Fraud Bureau, offers...

Base rate cut may see Sterling rise unexpectedly: HiFX.
November 6, 2008... Byline: Gail Moss A cut in the base rate could result in sterling rising against the US dollar, according to a currency expert. As Financial Adviser went to press amid speculation the base rate could be cut by 1 per cent, Marc...

Friends keeps hope alive for sale of Lombard and F&C.
November 6, 2008... Byline: David Pawsey Friends Provident could still sell its 52 per cent stake in F&C Asset Management if the right offer was made, despite taking the decision to distribute shares to its stakeholders. However the financial services...

Pension schemes are in the red: Aon.
November 6, 2008... Byline: David Pawsey Almost two-thirds of the largest private pension schemes are now in deficit, according to Aon Consulting. The firm has warned the 200 largest privately sponsored pension schemes have fallen by GBP9bn to a deficit...

Training firms see rise in business.
November 6, 2008... Byline: Maryann Tan Training IFAs are increasing their efforts to improve their training, with training specialists noting a big rise in business. Patterson Sales Training, which is promoting an audio training CDs to financial...

Abraham sees Life at the end of the tunnel.
November 6, 2008... Byline: Catherine Couch Equitable Life policyholders could have their claims resolved within two years, according to Ann Abraham. Speaking at a public administration committee at the House of Commons last week, the Parliamentary and...

Broadhead to spearhead BSA lobbying concerns.
November 6, 2008... Byline: Catherine Couch Plans by the Building Societies' Association to increase its coverage of the mortgage market have stepped up a gear with the appointment of Paul Broadhead as head of mortgage policy for the BSA. Mr Broadhead,...

Barclays issues for capital boost.
November 6, 2008... Byline: Catherine Couch Barlcays has announced it is to raise up to GBP7.3bn of additional capital from existing and new strategic and institutional investors. The capital raising, which is subject to approval by Barclays shareholders,...

Fund managers for the chop: Lansdown.
November 6, 2008... Byline: James Redgrave Further restructuring and consolidation could be on the cards for multi-managers and some smaller players could ditching their fund of funds offerings altogether, according to Hargreaves Lansdown. Meera Patel,...

UBS Wealth winds down External Asset Manager.
November 6, 2008... Byline: Gail Moss UBS Wealth Management has closed its administration and custody service for independent investment managers, External Asset Managers. The decision was taken after a thorough review concluded that External Asset...

Commission-based mentality to blame for financial crisis.
November 6, 2008... Byline: Emma Ann Hughes Towry Law has called on the government to ban commission on retail financial products. In a letter sent to the prime minister, Andrew Fisher, chief executive of London-based wealth advisers Towry Law, said to...

Nottingham variable rate.(Brief article)
November 6, 2008... Byline: Maryann Tan SAVINGS VARIABLE RATE DEAL NOTTINGHAM BUILDING SOCIETY Type: Instant access SAVINGS VARIABLE RATE DEAL NOTTINGHAM BUILDING SOCIETY Type: Instant access Description: Nottingham BS has introduced Sleep Easy...

Egg fixed rate.
November 6, 2008... Byline: Maryann Tan SAVINGS FIXED-RATE DEAL EGG Type: One year fixed-rate bond SAVINGS FIXED-RATE DEAL EGG Type: One year fixed-rate bond Description: Available to existing customers of Egg, the online one year fixed-rate bond pays...

Zurich structured.
November 6, 2008... Byline: Maryann Tan INVESTMENT STRUCTURED PRODUCT ZURICH Type: Five-and-a-half-year with capital guarantee INVESTMENT STRUCTURED PRODUCT ZURICH Type: Five-and-a-half-year with capital guarantee Description: Zurich has issued the...

Trio conquer Kilimanjaro.(Brief article)
November 6, 2008... Byline: Emma Ann Hughes A Mortgage Brain trio have conquered Mount Kilimanjaro and raised more than GBP3000 for charity. Mark Lofthouse, chief executive of Mortgage Brain, along with colleagues Tim Lapish and Mike Raybone, climbed...

NU employees jailed for conspiracy.
November 6, 2008... Byline: Dominic Welling Two Norwich Union employees have been jailed for five-and-a-half years after stealing customers' personal details and using them to scam hundreds of thousands of pounds from policyholders. Failed Zimbabwean...

Standard Life reports rise in life and pension sales.(Financial report)
November 6, 2008... Byline: Gail Moss Standard Life said its new business figures for the nine months to 30 September show a robust business model functioning well in testing market conditions. Life and pensions sales globally were GBP12.4bn for the first...

To survive networks need to evolve, says L&G.(Brief article)
November 6, 2008... Byline: Gail Moss Mortgage networks that do not evolve rapidly, just as IFAs are evolving, will not survive the current extreme market conditions, warned Legal & General. Duncan Crocker, managing director of intermediary distribution...

PPF anticipates rise in claims over the next 18 months.
November 6, 2008... Byline: Gail Moss Pension compensation claims should rise in the next 18 months because of the economic downturn, the Pension Protection Fund has warned. The PPF's annual report, published last week, showed the number of claims during...

FSA sets deadline for with product providers.
November 6, 2008... Byline: Gail Moss Companies selling with profits products that flout FSA rules on transparency of product information have only two months to comply with the regime, according to the City watchdog. Sarah Wilson, director of treating...

Demand swamps Hartford Retirement roadshow.
November 6, 2008... Byline: Gail Moss There are still places left to attend the Hartford Retirement Forum roadshows - but they are getting booked up fast with 500 advisers already signed up. The roadshows, now taking place across the UK until 13 November,...

FSA to change fees allocation.
November 6, 2008... Byline: James Redgrave Watchdog aims to recover costs from introducing Solvency II in the UK The insurance industry's special project fees could be increased by more than GBP4m to cover the cost of European regulations, the FSA has...

Huertas calls for containment.
November 6, 2008... Byline: James Redgrave FSA's banking sector director said that the real economy had not crumbled as yet The UK should focus on financial management to minimise a coming recession, according to the FSA. Thomas Huertas, director for...

Axa raises protection limits and lowers red tape.(Brief article)
November 6, 2008... Byline: Catherine Couch Axa has increased the financial underwriting limits for personal and business protection in a bid to make the application process easier and faster for customers, the insurer said. The new limits are GBP1m for...

FSCS will cover save as you earn schemes.(Financial Services Compensation Scheme)(Brief article)
November 6, 2008... Byline: Catherine Couch The Financial Services Compensation Scheme has confirmed savings in save as you earn share plans will be protected. The FSCS confirmed last week that savings would be covered by the current guarantee limit,...

Bank of Ireland bans business from non-regulated advisers.
November 6, 2008... Byline: Catherine Couch The Bank of Ireland has announced it will no longer accept new business from advisers who are not regulated by the FSA. The changes applied from 1 November and included all mortgage applications, including...

Key Retirement will impose tough criteria on partners.
November 6, 2008... Byline: David Pawsey Key Retirement Solutions has announced it is to be a lot more selective with the organisations it works with through its premier partners initiative. While the equity release intermediary is keen to form referral...

Sesame offers IT solution free to club members.(Brief article)
November 6, 2008... Byline: David Pawsey Members of Sesame's mortgage club are now able to get Mortgage Brain's point of sale system, The Key, free of charge. The system will be free of charge to mortgage club customers who have placed 75 per cent of...

Threesixty to host third way seminars.
November 6, 2008... Byline: David Pawsey Support services provider Threesixty is to host a series of seminars on third way products in the coming weeks. Research conducted by Threesixty revealed that while 71 per cent of advisers expect to sell this type...

Prudential to offer 24-hour offer turnaround.
November 6, 2008... Byline: David Pawsey Prudential has developed and launched a new enhanced annuity range that includes a 24-hour turnaround for product illustrations. The range will cover a wider scope of conditions covered, which will qualify more...

Insight restructure will not affect advisers, says HBoS.
November 6, 2008... Byline: David Pawsey Advisers and clients will not notice any changes in levels of service as a result of a management restructure at Insight Investment, according to the the asset manager of HBoS. In a reshuffle that has seen Patrick...

Hartford adds six M&G funds to its range.
November 6, 2008... Byline: James Redgrave Global insurance provider The Hartford is adding six M&G funds to four of its range of products. The six M&G funds are: M&G GBP3.0bn Global Basics fund, M&G GBP2.6bn Recovery fund, M&G GBP1.07bn American fund,...

Age-75 rule a top priority for NU pensions head.
November 6, 2008... Byline: James Redgrave Paul Goodwin has made raising the profile of company pensions and promoting "considered debate" around the age-75 rule his priorities upon taking the top Norwich Union pensions job. Five weeks into the role, the...

Superbank unveils management team.
November 6, 2008... Byline: Catherine Couch Lloyds TSB has announced the executive management team that will lead the combined group next year if the proposed acquisition of HBoS gets the go-ahead. The group will be led by Sir Victor Blank as chairman and...

Lloyds directs the knowledge hungry online.
November 6, 2008... Byline: Catherine Couch Lloyds TSB has launched a microsite aimed at educating consumers about its proposed acquisition of HBoS. The website, www.lloydstsb.com/hbosacquisition, has been designed to give people up-to-date information on...

Unemployed could reach 2m, warns Blanchflower.
November 6, 2008... Byline: David Pawsey Unemployment could reach 2m by Christmas and the base rate must be slashed, a member of the Bank of England's monetary policy committee has warned. During a speech at at the University of Kent in Canterbury David...

Beating the cyber credit crunch.(Brief article)
November 6, 2008... Byline: Melanie Tringham Insider Paypal, that modern invention that allows online shoppers to pay for stuff without revealing their bank details, is doing its bit for the credit crunch. In its own small way it is pumping...

Who's talking Dutch?(Brief article)
November 6, 2008... Byline: Melanie Tringham Insider Aegon has had a lot on its mind recently, what with some rather intense discussions with the Dutch government. In fact, avid readers of FA's parent paper, the FT, will have noticed that it may have...

Keeping up with changes to IHT is a full time job.(Letter to the editor)
November 6, 2008... Byline: Simon Rogerson Letter to the Editor Who cares about inheritance tax? Well, I would suggest that a lot of people do. First, there are those who have to pay it, and after years of rising house prices plus zooming inflation,...

Time to remove obstacles on the road to investment.
November 6, 2008... Byline: Ben Hughes Letter to the Editor; Letter of the Week As every adviser will know, not only do we have to prove a client's identity for investments, even though the cheque from the client may be from a major clearing bank which...

Pride and place for equity release.(Letter to the editor)
November 6, 2008... Byline: Jon King Letter to the Editor I read with interest Jeff Prestridge's article attacking the poor financial provision offered to today's elderly generation (FA, 16 October, A Country Fit For Elderly Heroes, p46) and both...

RBS, NatWest lower fixed rate deal.
November 6, 2008... Byline: Maryann Tan Product review FIXED DEAL RBS / NATWEST Type: Two-year fixed rate deal Description: RBS and NatWest have reduced their two-year fixed rate mortgage deal to 5.75 per cent up to 31 January 2011,...

Skandia lowers charge on pension plan.
November 6, 2008... Byline: Maryann Tan Product review PERSONAL PENSION SKANDIA Type: Single premium unit-linked plan Description: Skandia has reduced the annual management charge on its single priced income withdrawal pension product to...

NS&I drops Direct Isa rate.(Brief article)
November 6, 2008... Byline: Maryann Tan Product review ISA NS&I Type: Direct Isa Description: NS&I has decreased the interest rate paid on its Direct Isa from 5.3 per cent a year to 4.8 per cent a year following the Bank of England's...

Nationwide raises margins on tracker loans.
November 6, 2008... Byline: Maryann Tan The UK's biggest building society has raised rates on its loans offsetting the Bank of England's interest rate cut of half a point Nationwide Building Society has announced hikes to interest rates on its tracker...

Investec raises rates on High 5.(Investec Bank UK Ltd.)(Brief article)
November 6, 2008... Byline: Maryann Tan Product review NOTICE ACCOUNT INVESTEC Type: Three-month notice savings Description: Investec has increased the interest rate on its High 5 savings account to 6.58 per cent gross annual equivalent...

SII risk workshop.
November 6, 2008... Byline: Maryann Tan The Securities and Investment Institute will hold a one-day workshop for those engaged in aspects of compliance, human resources and risk management, who wish to consider practical steps which can be taken to minimise...

CBI welcomes pledge.
November 6, 2008... Byline: Maryann Tan The Confederation of British Industry has welcomed the government's GBP350m pledge to help small businesses train their staff. The Confederation of British Industry has welcomed the government's GBP350m pledge to...

FSB unveils helpline.(Federation of Small Businesses)(Federation of Small Businesses )(Brief article)
November 6, 2008... Byline: Maryann Tan The Federation of Small Businesses has set up a financial helpline as a new service to its 215,000 members. The Federation of Small Businesses has set up a financial helpline as a new service to its 215,000 members....

Startups finalists unveiled.
November 6, 2008... Byline: Maryann Tan The Startups Awards 2008, organised by Startups.co.uk, will be showcasing the outstanding finalists at the Royal Garden Hotel in Kensington on 30 October 2008. The Startups Awards 2008, organised by Startups.co.uk,...

FSB urges gov't for GBP1bn in small business aid.
November 6, 2008... Byline: Maryann Tan The Federation of Small Businesses has proposed that the government make GBP1bn available to aid small businesses whose survival is under threat. Suggesting that it be called the Small Business Survival Fund, the...

Evaluate Technologies enhances broker platform.
November 6, 2008... Byline: Maryann Tan Evaluate Technologies has upgraded Evaluate Trading, an automated mortgage sourcing system that serves mortgage broker queries, with increased functionality compared with rival systems. Whereas the vast majority of...

Keeping up client loyalty is a contact sport.
November 6, 2008... Byline: Julie Littlechild There are four kinds of clients and each one has different expectations of their advisers who in turn treat them accordingly but the adviser must be aware of how to treat them to maintain the client base It...

FPB urges BBA to slacken small business terms.
November 6, 2008... Byline: Maryann Tan The Forum of Private Business, a lobby group for small businesses, has censured banks for setting unreasonable terms when transacting with small-to-medium-sized enterprises. In a letter to the Angela Knight, chief...

Welfare Reform Act to fall on hard times - Solutions.
November 6, 2008... Byline: Maryann Tan New rules will lead to reduced support for workers incapacitated by sickness or accident, according to Positive Solutions Salaried individuals may wind up being worse off with the Welfare Reform Act which came into...

Mystery Shopper: Bedford.
November 6, 2008... Byline: Maryann Tan This week's shopper is looking to start saving for a pension and she does not have a company scheme Mystery Shopper Bedford: October 2008 IFA (Network) Ashley Law (Bedford branch) Registered address:...

Let's get back to basics.
November 6, 2008... Byline: Steve Braidford An uneasy quiet may have descended upon many advisers' offices, but that does not mean you should be frightened for your livelihood, in fact there are many ways for you to improve business and you must start from...

Living the high life.
November 6, 2008... Byline: Nick Cann Nick Cann is chief executive of the Institute of Financial Planning, he spends his week at gala dinners with plenty of drinking and even a little gambling. A not so spritely morning is spent delivering thank yous and...

MPPI providers will get picky, warns adviser.
November 6, 2008... Byline: David Pawsey Increasing redundancies could see mortgage payment protection insurance providers becoming more selective in who they were willing to cover, Highclere Financial Services has warned. Alan Lakey, partner of Hemel...