Financial Advisor articles from October 2008

Financial Advisor archives from October 2008

Job losses were straw that broke B&B's back.
October 2, 2008... Byline: James Redgrave Tripartite took decision to nationalise in the wake of 400 staff being let go at bank The announcement on Friday that Bradford & Bingley was sacking nearly 400 staff was the tipping point for the failed former...

Comparison sites looking to turn to quality, says Defaqto.(Brief article)
October 2, 2008... Byline: Fiona Nicolson Defaqto claims price comparison sites are moving to product quality-based information Advisers have warned about the accuracy of comparison websites as Defaqto claims the online offerings are moving toward...

How jumping ship could start a trend.
October 2, 2008... Byline: Andrew Collier With the launch of a new account targeting SMEs the Bank of Scotland is showing that it is willing to court new business, but will the incentives be enough to beat off the apathy of switching bank accounts? Most...

Nothing wrong with being boring.
October 2, 2008... Byline: Jeff Prestridge There needs to be a campaign mounted in order to get more people buying 'boring' protection products. But which is the best organisation to be in charge of this? If ever there was a time for the UK's life and...

Crosby report is delayed.(Brief article)
October 2, 2008... Byline: Stefanie Ives Sir James Crosby's review of the mortgage market has been delayed until mid to late October, according to the Treasury. Sir James Crosby's review of the mortgage market has been delayed until mid to late October,...

Chambers heads for Surrey with Sunninghill deal.
October 2, 2008... Byline: Stefanie Ives Purchase should see Lewis Chamber pass GBP500m in assets under management mark Berkshire-based IFA firm Lewis Chambers has expanded into Surrey with the acquisition of the Sunninghill Group. The move will...

Crunch will lead to chances, IFP delegates told.(Institute of Financial Planning)(Conference notes)
October 2, 2008... Byline: Joy Dunbar Delegates at annual conference in Wales hear speeches on the need to boost financial advice The turmoil in the markets on Monday and the credit crunch will create opportunities for financial advisers, according to...

FSA censures directors.
October 2, 2008... Byline: Stefanie Ives Compliance failings lead to censure Michael Worthington and Darren Millington have been censured by the FSA for failing to make sure that their business, Lifestyle Finance Limited (Lifestyle), had the appropriate...

Companies ignoring Hepatitis C.
October 2, 2008... Byline: Stefanie Ives No guidelines over disease Compass, the financial adviser that specialises in gay clients, is warning the life assurance industry over the lack of understanding with regards to Hepatitis C. Chris Morgan,...

FSA bans and fines Welsh broker.
October 2, 2008... Byline: Stefanie Ives Regulator finds adviser had given 1500 clients unsuitable advice The FSA has banned North Wales mortgage broker Stephen Jones, senior partner of Jones & Poole Independent Mortgage Specialists, and fined him...

Barclays Wealth chief operating officer is beaten to death.
October 2, 2008... Byline: Stefanie Ives Frank McGarahan dies in hospital after becoming involved in altercation in Norwich Frank McGarahan, chief operating officer for Barclays Wealth, has been beaten to death after intervening to save a couple in...

Banks struggle with 'culture of TCF'.
October 2, 2008... Byline: James Redgrave Some companies are failing to grasp exactly what TCF Certain banks still do not understand the treating customers fairly guidelines the FSA expect to be being followed in just two months, the regulator has...

FSA promises PPI crackdown.
October 2, 2008... Byline: James Redgrave Regulator plans to get tough before publishing report next year The FSA has promised more direct action against firms' poor PPI sales practices as part of its ongoing crackdown on mis-selling the product. ...

Imperial fraud case thrown out.
October 2, 2008... Byline: Girlie Garduce Imperial Consolidated Group fraud case thrown out. The Serious Fraud Office has been given seven days to decide whether to seek a retrial following an aquittal in the Imperial Consolidated Group fraud case. ...

Mergers must carry warning labels.
October 2, 2008... Byline: Hal Austin Investor compensation issues need addressing The recent mega-mergers and state rescuing of distressed banks and mortgage lenders raises the thorny issue of investor compensation. Give the GBP35,000 limit...

Thinc moves to whole of market model.
October 2, 2008... Byline: Stefanie Ives Group calls time on multi-tie advisers in the run up to the regulator's retail distribution review The Thinc Group is to transfer its national multi-tie advisers to a whole of market proposition by the end of the...

Boyne moves to Invesco Perpetual as global equities fund manager.
October 2, 2008... Byline: Stefanie Ives Invesco Perpetual has announced the appointment of Paul Boyne as a fund manager within its global equities team, based in Henley. Invesco Perpetual has announced the appointment of Paul Boyne as a fund manager...

Clark becomes private client director of investment management for Newton.
October 2, 2008... Byline: Stefanie Ives Newton Investment Management has announced the appointment of Karen Clark as director of investment management for its private client division. Newton Investment Management has announced the appointment of Karen...

FSSC bolsters board with appointments.
October 2, 2008... Byline: Stefanie Ives The Financial Services Skills Council has appointed Dean Cassar as director of accountancy services. The Financial Services Skills Council has appointed Dean Cassar as director of accountancy services. The...

Question benefits of moving to Sipps: FSA.
October 2, 2008... Byline: Stefanie Ives Experts voice concerns over investment of NI rebates into Sipps Firms must give suitable advice to help customers make informed decisions about transferring National Insurance rebates into Sipps, the FSA has...

Axa IM looks to Chaney for chief economist role.
October 2, 2008... Byline: Stefanie Ives Axa Investment Managers has announced the appointment of Eric Chaney as chief economist. Axa Investment Managers has announced the appointment of Eric Chaney as chief economist. Mr Chaney will join Axa on 1...

B&B deal pushes Santander share up to 10 per cent.
October 2, 2008... Byline: James Redgrave New business will be incorporated into the Abbey brand Banco Santander has brought its share of the UK retail banking deposit market up to more than 10 per cent with its acquisition of business from Bradford &...

Buy-to-let in mire for two years, warns adviser.
October 2, 2008... Byline: James Redgrave Intermediaries try and gauge the impact of the two takeover of the two biggest BTL players will have Lenders are unlikely to offer any new buy-to-let deals "worth having" for at least two years, a broker has...

We need plans not panic.
October 2, 2008... Byline: Hal Austin The government still appears to be at sea as to how to handle problematic banks The spectacular collapse of Bradford & Bingley has brought home yet again the extent of the crisis in banking and the toxic nature of...

Expert warns on PPF's levy scaling factor.(Public Provident Fund)(Brief article)
October 2, 2008... Byline: Stefanie Ives Occupational Pensions Trusts approaching figure with a degree of caution Occupational Pensions Trusts has warned the PPF's levy scaling factor, coupled with an economic downturn, could still combine to torpedo...

Watchdog extends Sourcebook chapters.
October 2, 2008... Byline: Fiona Nicolson FSA moves to create one common set of high level provisions for all firms The FSA has confirmed an extension of some chapters of its Senior Management Arrangements, Systems and Controls Sourcebook, known as the...

Turbulence to lift Islamic finance profile, says BDO Stoy Hayward.
October 2, 2008... Byline: Fiona Nicolson Sector's lower risk profile will help raise its prominence, says head of banking The current financial turbulence will lead to an increase in Islamic finance, according to BDO Stoy Hayward. The accountancy...

Parsons replaces Walsh at Chelsea BS.
October 2, 2008... Byline: Stefanie Ives Andrew Parsons has replaced Peter Walsh as finance director for Chelsea Building Society. Andrew Parsons has replaced Peter Walsh as finance director for Chelsea Building Society. Mr Parsons was previously...

Kendall takes up head of development and strategy role for Architas.
October 2, 2008... Byline: Stefanie Ives Architas Multi-Manager Limited has further strengthened its senior management team with the appointment of Dawn Kendall as head of product development and investment strategy. Architas Multi-Manager Limited has...

Close Investments appoints manager for Private Asset Management arm.
October 2, 2008... Byline: Stefanie Ives Close Investments has announced the recruitment of Sam Barton to the smaller companies team of its associated company Close Private Asset Management Limited, headed by Deryck Noble-Nesbitt, as investment manager of...

Resolution looks to Richardson for deputy head of UK equities role.
October 2, 2008... Byline: Stefanie Ives Resolution Asset Management has appointed Neil Richardson to the newly-created position of deputy head of UK equities, reporting to Peter Reid, director and chief investment officer of UK equities. Resolution...

FSA reshuffles supervisory team as Kheraj leaves.
October 2, 2008... Byline: Stefanie Ives The FSA has made two key appointments with Graeme Hardie and Ian Marshall who will advise across the regulator, with reference to their specialist areas: retail markets and wholesale insurance respectively. The...

RSA adds pair to risk solutions division.(R. Scott Associates Inc.)(Gary Long and Greg Harris)(Brief article)
October 2, 2008... Byline: Stefanie Ives RSA has announced two new appointments in its risk solutions trading unit as Gary Long becomes director of trading and Greg Harris becomes underwriting director. RSA has announced two new appointments in its risk...

Darling announce banking reform bill plans.
October 2, 2008... Byline: Joy Dunbar However, advisers worry about political interference in economic matters A new banking reform bill will be introduced in the coming weeks, Alistair Darling announced at the Labour party conference last week. To...

Fos gets ready to name and shame.
October 2, 2008... Byline: James Redgrave Response to Lord Hunt's report also concludes it is 'not meaningful' to publish front-line data enquiries The Financial Ombudsman Service plans to name and shame specific firms over the proportion of complaints...

Friel becomes account underwriter at Allianz's Guildford office.(Allianz Commercial )(Eugene Friel )(Brief article)
October 2, 2008... Byline: Stefanie Ives Allianz Commercial has appointed Eugene Friel as account underwriter at its Guildford head office. Allianz Commercial has appointed Eugene Friel as account underwriter at its Guildford head office. Mr Friel...

Network Data reports 34 per cent drop in turnover in first half.(Network Data Holdings plc)(Financial report)(Brief article)
October 2, 2008... Byline: Stefanie Ives Company reports that its now defunct Hipstar division lost GBP1.5m Network Data Holdings has revealed that group turnover dropped 34 per cent in the first half of the year, reflecting the recent decline in the...

King is stumbling block to any mortgage market aid, says RICS.(Royal Institution of Chartered Surveyors)(Building Societies Association)(Conference news)
October 2, 2008... Byline: Emma Ann Hughes Speaking at the Building Societies Association's recent Credit Crunch event, RICS' chief economist says plans will not win support from Bank of England Plans to kick start mortgage funding are unlikely to win...

Imla data shows sourcing issues.(Survey)(Brief article)
October 2, 2008... Byline: Fiona Nicolson Research shows majority of brokers have not been able to source a deal in last two months Some 68 per cent of mortgage brokers have been unable to source a mortgage for clients in the last two months, according...

Praemium rolls out first multi remuneration fund.
October 2, 2008... Byline: Stefanie Ives Fund of fund offering will allow clients to agree different adviser remuneration Separately managed accounts and portfolio administration service provider Praemium has said it has launched the UK's first funds...

Vendors accepting 9 per cent below asking prices.(Report)(Brief article)
October 2, 2008... Byline: Fiona Nicolson RICS reports on what offers vendors are willing to accept UK properties are now selling for an average of 9 per cent below asking price, according to research from the Royal Institution of Chartered Surveyors....

April set off bad year for lender.
October 2, 2008... Byline: James Redgrave Pre-tax losses of GBP8m signalled worse times ahead The 370 jobs cut at Bradford & Bingley is the latest move in a spate of bad news from the ailing mortgage lender. The bank's problems first became obvious...

Aegon UK revamps structure to deliver strategic objectives.(Mark Laidlaw, Maurice Brunet and Feilim Mackle)
October 2, 2008... Byline: Fiona Nicolson Move will see joining of individual and corporate life and pensions businesses within the company Aegon UK is aiming for further growth after announcing changes to the operating structure of its UK business. ...

Royal London gets on its feet for charity.
October 2, 2008... Byline: Stefanie Ives Staff help to raise more than GBP20,000 for Juvenile Diabetes Research Foundation About 100 staff from the Royal London Group converged on Greenwich Park on Sunday 21 September to join 1100 other runners and...

PPF to keep same levy as last year.
October 2, 2008... Byline: Fiona Nicolson Decision was not 'an easy one' according to chief execute of PPF The Pension Protection Fund has confimed a levy estimate of GBP700m as part of its consultation on the 2009-2010 pension protection levy. In...

Pensions regulator clarifies mortality assumptions stance.
October 2, 2008... Byline: Fiona Nicolson Authority says mortality assumptions will only be scrutinised where scheme is flagged up by existing trigger The pensions regulator has confirmed mortality assumptions will only be scrutinised where a scheme is...

B&B's chairman looks set to leave the bank.
October 2, 2008... Byline: Joy Dunbar and James Redgrave Rod Kent's position under threat in the wake of the bank's nationalisation Crisis hit Bradford & Bingley looks set to jettison its chairman and leave newly appointed chief executive Richard Pym to...

FSA backs EU credit rating agency rules.
October 2, 2008... Byline: Joy Dunbar Regulator is committed to contributing to developing credit rating agency framework The FSA is committed to contributing to the development of an EU framework for credit rating agencies, according to its...

B&B cuts go back four years.
October 2, 2008... Byline: James Redgrave Lender's trimming of mortgage business started the same time Rodrigues left News that Bradford & Bingley is shedding what is left of its mortgage advisers, continues a trend in the bank's business model dating...

Nearly 200 jobs to go as Allianz closes offices.
October 2, 2008... Byline: Stefanie Ives Offices in Tunbridge Wells and Leeds to be shut by June 2009 Allianz Insurance is re-structuring its retail division, prompting about 170 redundancies and the closure of its Tunbridge Wells and Horsforth, Leeds,...

Pension buy-out cash could pass GBP10bn mark, says Sackers.
October 2, 2008... Byline: Joy Dunbar Law firm also raises question of FSCS's ability to cope with a crisis Money going into pension buy-outs could hit the GBP10bn mark by the end of the year, according to specialist law firm Sacker & Partners. ...

Recession blues.
October 2, 2008... Byline: Maryann Tan Survey shows low spirits due to downturn UK entrepreneurs are battling hard to withstand the effects of the credit crunch even though more than 40 per cent believe the economy to be in recession, according to a...

Parking troubles.
October 2, 2008... Byline: Maryann Tan FSB tries to get the best out of business parking The Federation of Small Businesses has called on local authorities to reconsider their policies on parking as a means to support rather than undermine the viability...

Web's the way.(Brief article)
October 2, 2008... Byline: Maryann Tan Internet presence to help small buinesses Businesses should turn to the internet as a way to beat the effects of the economic downturn. Small business advice organisation, Business Link said businesses...

SimplyBiz adds selectapension to provider list.
October 2, 2008... Byline: James Redgrave Investment planning system to provide SimplyBiz with various product tools Regulation consultants SimplyBiz has given IFA clients access to the Selectapension service, following heavy demand. The product...

Buck team takes it in their stride.
October 2, 2008... Byline: Stefanie Ives Team takes part in John O'Groats to Land's End event Members from the health and welfare team of Buck Consultants, an ACS company and human resource and benefit consulting firms, have raised GBP6000 for the...

Collins Stewart WM adds a Treasury tool to its arsenal.
October 2, 2008... Byline: Fiona Nicolson Treasury function to be headed up by Iain MacKenzie Portfolio manager and stock broker Collins Stewart Wealth Management has launched a dedicated Treasury function as it aims to provide a "one-stop-shop" service...

Regulator hands GE money first fine over lending policy.
October 2, 2008... Byline: Stefanie Ives Lender negotiates 30 per cent reduction in GBP1.6m fine over how it handled retention monies GE Money has been fined GBP1.6m by the FSA over systems and controls failings that resulted in 684 borrowers suffering...

Once more on to the beach.(bank bailouts)(Personal account)
October 2, 2008... Byline: Peter McGahan If government will bail out banks for getting themselves into a fine mess, maybe IFAs should take a leaf out of their book What a difference a week makes. There have been two wonderful learning points to come...

Working right up to the limit.
October 2, 2008... Byline: Peter Done The issue of the maximum working week is not as simple as it may sound with the figure of a 48 hours a week only really applying over a set period and being impacted on by both holidays and sickness. Question: We...

Don't be victims of fashion.
October 2, 2008... Byline: Tony Hazell Those following the herd and investing in commodities in March will now have about a third less money Dedicated followers of fashion have suffered another blow, this time at the hands of commodities funds. ...

Cost of policies 'could rise' on back on Heyday decision.
October 2, 2008... Byline: James Redgrave A decision by the European Court of Justice will see charities take their legal challenge to the high court A bid to see employers banned from forcing retirment on 65 year olds could see the cost of policies...

Advisers should shun 'bunging money into bonds'.
October 2, 2008... Byline: James Redgrave Think Group's Julie Lord believes advisers should get behind balanced portfolios Cash bonds are an "easy option" for IFAs to recommend to clients in the current difficult markets but no match for "a diversified...

L&G looks to Primecare to speed up its underwriting.(Legal and General Group PLC)(Brief article)
October 2, 2008... Byline: Stefanie Ives Insurer reduces time taken to make an underwriting decision Legal & General has reduced the time taken to make an underwriting decision to enable policies to be issued more quickly. The company said this...

Conforto adds pair as it expansion drive continues.
October 2, 2008... Byline: Stefanie Ives Adam Osper joins as senior wealth manager and Will Myers as graduate trainee Conforto Financial Management has continued its expansion drive with the appointment of a senior wealth adviser from Towry Law and a...

FTBs need 15 years to save for a deposit - survey.
October 2, 2008... Byline: Fiona Nicolson Online finance portal shows how first-time buyers do not stand a chance without good savings or generous parents First-time buyers could be forced to save for up to 15 years for the deposit on their first home,...

Annuities: An advisers' Mount Everest.
October 2, 2008... Byline: Peter Quinton If current trends continue, in a few years the majority of people will spend more than half their retirement in poor health, which throws up a number of conundrums for retirees and advisers In case you missed the...

Seeing the wood for the trees.
October 2, 2008... Byline: Andrew Hampton The scale and speed of the merger activity affecting global financial institutions has caught us all by surprise. In the UK the takeover of HBoS by Lloyds TSB is being described by government as a necessity giving...

CIPD urges its member to make use of mediation.
October 2, 2008... Byline: Maryann Tan Survey reveals that in almost half of all cases have been solved using mediation services More effective use of workplace mediation could have reduced the 190,000 individual employment tribunal claims in 2007/2008,...

1st-The Exchange teams up with Just.
October 2, 2008... Byline: Maryann Tan Web tool to cover equity release and annuity products 1st-The Exchange has launched a business tracking facility for Just Retirement's equity release and annuity products. Available on ExWeb, a trading platform...

GB rolls out e-Trace to help tackle fraud.
October 2, 2008... Byline: Maryann Tan Application aims to help trace defaulting customers An online version of an identity tracker, which played a role in solving the recent series of muders in Ipswich, has recently made its market debut. ...

SMEs need to beef up business plans, warns Lotus.
October 2, 2008... Byline: Maryann Tan Director of Lotus Benefit Consultants speaks out over the lack of research being carried out by businesses The inability to provide a credible cashflow forecast is one of the main pitfalls when presenting a business...

Providers are not living up to tech promise.
October 2, 2008... Byline: Arwyn Bailey Firms need to up their game when it comes to getting people to use online forms As an IFA that embraces technology, I have thought deeply about marketing. I also try to use the online services of product providers...

HBoS has been left hung out to dry.(HBOS PLC)(Brief article)
October 2, 2008... Byline: M J Winfield Why did the stock exchange not step on over the company? Is it not correct that the London Stock Exchange can suspend dealing in any company shares, either compulsory or at the request of the company being damaged,...

Annuity post code lottery must stop.
October 2, 2008... Byline: Barry Painter The practice must come to an end I refer to the front page article in the Daily Telegraph, 23 September 2008, with the headline 'Pensions reduced if you are middle class'. This refers to the intention of...

Credit, without even having to ask.(Brief article)
October 2, 2008... Banks seem to be offering credit cards out willy-nilly Just when people should really be thinking carefully about their finances, Insider has been rather disturbed to find he could not blink without being offered a credit card. ...

Mystery Shopper: Exeter.
October 2, 2008... Byline: Maryann Tan The shopper this week is a first-time buyer looking to buy a property in Exeter. IFA (Independent) Merchant Financial Management, Matford Business Centre, Matford Park Rd, Exeter Speed of Response: Time of...

Iron-cast performance.(Helm Godfrey Partners Ltd)
October 2, 2008... Byline: Bruce Wilson Bruce Wilson, managing director of Helm Godfrey spends the majority of his time on developing and delivering the growth strategy for the business, but still feels like advising clients who he has long-standing...

Safe combination.
October 2, 2008... Byline: Tony Vine-Lott The combination of a low national savings and the credit crunch is a wake up call that Britain's spend now, pay later culture has reached a crisis point, and that attitudes and strategies for saving are back on the...

Arsenal for a banking crisis.
October 2, 2008... Byline: Thomas Ross and Attika Valli The House of Commons Treasury select committee says it agrees with the government's call for legislative action to deal with the crisis engulfing British bank, but has warned against rushing out...

Something to look forward to.(Personal account)
October 2, 2008... Byline: David White In 12 years' time advisers will have the chance to greatly increase and broaden their customer base as the trust fund generation turns 18 As I write this article, the collapse of Lehman Brother's is hitting the...

Nationwide Guarateed Equity bond.(Nationwide Building Society)
October 2, 2008... Byline: Maryann Tan Product review BOND Nationwide/Legal & General (L&G) Type: Capital Guaranteed Multi-Index Equity Bond (GEB) Description: Nationwide is issuing its fifth L&G-managed GEB that guarantees capital and a...

UCB pushes out range of mortgage products.(UCB Home Loans Corporation Ltd.)(Brief article)
October 2, 2008... Byline: Maryann Tan Product review Buy-to-let and self-certification UCB HOME LOANS Type: Buy-to-let and self-certification products. Description: UCB has introduced a new range of buy-to-let and self-certification...

Julius Baer taps into luxury brands with fund.
October 2, 2008... Byline: Maryann Tan Fund aims to attract interest from wealth managers, insurance companies, investment banks and fund of funds. Swiss wealth manager, Julius Baer is to begin promoting a seven-month old fund that invests in luxury...