Financial Advisor articles from September 2005

Financial Advisor archives from September 2005

Burns criticised over deadline.(Burns-Anderson Independent Network PLC)(Brief Article)
September 1, 2005... BURNS Anderson has been criticised for issuing too short a deadline for members to change their business stationery. In an email sent to members on Tuesday, Burns Anderson told members they must change the name on all their stationery from...

Insight warns providers over TCF.(Treating Customers Fairly)
September 1, 2005... PROVIDERS failing to be clear about who they wish to do business with will incur the wrath of the FSA, according to Insight Investment. Gordon Phillips, head of retail for Insight Investment, said the FSA's Treating Customers Fairly...

Mortgages plc attacks tardy fee payments.(finance)(Brief Article)
September 1, 2005... LENDERS are unnecessarily delaying procuration fee payments by up to seven weeks, according to Mortgages plc. Amid concern that late payments were having a detrimental effect on intermediaries, the specialist lender has hit out at firms...

30 firms get hit by FSA.(Financial Services Authority)(Oaktree Financial Services Limited )(Brief Article)
September 1, 2005... THIRTY adviser businesses have had their permission to do business changed or cancelled by the City watchdog. The regulator reported that work with smaller firms over the past year has led to 30 companies having their authorisation removed...

New Product - Leeds & Holbeck launches 10-year fixed-rate mortgage.
September 1, 2005... LEEDS & Holbeck Building Society has launched a 10-year fixed-rate deal aiming at customers who need the certainty of monthly payments for the long term. The building society has launched with a rate of 4.65 per cent fixed until 1 November...

Bupa run to be for cancer.(British United Provident Association Ltd.)(Marie Curie Cancer Care)(Brief Article)
September 1, 2005... BUPA has nominated Marie Curie Cancer Care as its official charity of the 2006 Bupa Great Run Series. The charity will receive significant media exposure and the opportunity to make thousands of pounds.

Advisers left confused by TCF claims AMI survey.
September 1, 2005... THE FSA has not given enough guidance to advisers on what is meant by Treating Customers Fairly, according to the Association of Mortgage Intermediaries. A study of AMI members found almost two-thirds believed the City regulator had not...

Towry turns business around with profits totalling AGBP1.6m.(Towry Law Group)(Brief Article)
September 1, 2005... TOWRY Law has reported a strong first six-months of the year, with the advisory firm's profits totalling AGBP1.6m. The results represented an extraordinary turnaround from last year, when a AGBP100,000 loss was reported for the same period....

Tenet takes conferences to four regions.(Brief Article)
September 1, 2005... MOTIVATIONAL speakers have been drafted in to help pep up participants at a series of conferences being run by Tenet this autumn. In a break from previous years, the Leeds-based group has decided against staging a central conference and...

New Product - Norwich extends PMI.(private medical insurance)(Norwich Union PLC)(Brief Article)
September 1, 2005... NORWICH Union has extended its group PMI product to small companies of fewer than 10 employees. Norwich Union Healthcare Solutions had previously been open only to companies of between 10 and 249 employees. Advisers and employers can...

Rowling to lead Notts BS.(Nottingham Building Society)(Ian Rowling appoints as chief executive officer)(Brief Article)
September 1, 2005... A SHAKE up at Nottingham Building Society will see Ian Rowling take over as chief executive from 1 January 2006. The news follows the revelation that outgoing chief executive Stuart Brandreth will step down after 19 years in the top role....

New Product - Yorkshire goes offset.(Yorkshire Building Society)(Brief Article)
September 1, 2005... YORKSHIRE Building Society plans to launch an offset mortgage this month in a bid to attract first-time buyers. Offset Plus would allow family members and friends to link their savings to a mortgage account to ease the homebuyer's financial...

FSA unlocks pension term advice.( Financial Services Authority)
September 1, 2005... THE FSA is consulting on allowing Insurance Conduct of Business (ICOB) authorised advisers to sell pension term assurance when the market is re-ignited after A-Day. Pension term assurance, which gives pension contribution tax relief to...

Advisers claim FSA acted too slowly over VCT risks.(Financial Sercvices Authority)(venture capital trusts)
September 1, 2005... THE REGULATOR has been accused of failing to act in time to stop VCT managers marketing the investment as a "last chance saloon" for tax breaks. Last Thursday saw the FSA criticise the marketing of venture capital trusts and warn IFAs and...

Teleunderwriting set to dominate IFA business.(independent financial adviser)(Brief Article)
September 1, 2005... TELEUNDERWRITING for protection is set to become the dominant means for placing business, according to Axa. Research from the insurer showed 53 per cent of advisers believed they would begin using teleunderwriting in the next 12 months. ...

UK CFA candidates come out on top.(Chartered Financial Analyst )(Brief Article)
September 1, 2005... CANDIDATES sitting this year's Chartered Financial Analyst (CFA) exams outperformed their peers on the continent. Three out of every four hopefuls from Britain and Northern Ireland were successful in achieving the internationally recognised...

Pension reality becomes clearer.(retirement benefits)(Brief Article)
September 1, 2005... FOUR out of 10 people have realised their pension arrangements will not be sufficient for their retirement, according to St James's Place. A nationwide survey on pensions, carried out by MORI, on behalf of the wealth management company,...

New Product - Winterthur offers Midas wrapped duo.(Brief Article)
September 1, 2005... WINTERTHUR Life is to offer two new wrapped Midas funds to IFAs. The Midas funds will become part of Winterthur's Tailored Selection from the start of September. The first of the two offerings -- the Midas Balanced Growth fund -- targets...

New Product - Skipton offering cap and discounts.(Brief Article)
September 1, 2005... SKIPTON Building Society has launched a new three-year capped rate mortgage. Borrowers choosing this mortgage pay 4.64 per cent for the first year, a discount of 1.25 per cent off the building society's standard variable rate, presently...

Report queries DC's benefit.(defined contributions )(Brief Article)
September 1, 2005... A TOP-LEVEL government report has raised worrying questions about whether or not defined contributions pensions discourage savings. The report, Risk Sharing and Hybrid Pension Plans: UK and International Experience, for the department for...

Care advice crisis is looming over IFAs.(independent financial advisers)(Chartered Insurance Institute)
September 1, 2005... ONLY 2 per cent of IFAs currently hold the qualifications necessary to advise on long-term care, according to the Chartered Insurance Institute. Just 427 advisers have passed the CII's CF8, the qualification that becomes compulsory next...

New Product - Canada rejigs whole of life.(Lifetime Protector )(Brief Article)
September 1, 2005... CANADA Life has redesigned its whole of life protection product to enhance its inheritance tax planning capabilities. Lifetime Protector offers an IHT solution from day one without the seven-year wait that affects some IHT planning...

ABI attacks FSA over low stakeholder sales.(Association of British Insurers)(Financial services Authority)
September 1, 2005... THE ABI has sparked a row with the FSA after it hit out at the regulator for stifling the sale of stakeholder products. Chris Kenny, director of life and Pensions for the Association of British Insurers, said IFAs were failing to sell any...

Charcol warns on the impact of sellers packs.(home equity loans)(Brief Article)
September 1, 2005... MANDATORY home information packs will result in less movement in the housing market and short-term price hikes, warned Charcol. Ray Boulger, senior technical manager of Charcol, also warned the government's deadline for the introduction of...

IFAs snub FSA's red tape survey.
September 1, 2005... IFAS are boycotting a survey by the FSA into the astronomical costs of regulation. David Kenmir, managing director of regulatory services for the FSA, said a number of firms had been approached to take part in the regulator's study into...

PPFMs fail to impact on with profits advice.
September 1, 2005... PROVIDERS' principles and practices of financial management (PPFM) have had no impact on intermediaries' with profits advice, according to AKG Actuaries and Consultants. From May 2004, insurers were required by the FSA to define and make...

Personal Touch scores best first half-year results.(Brief Article)
September 1, 2005... PERSONAL Touch has posted its best-ever first half-year results. Pre-tax profits for the six months up to the end of June stood at AGBP696,000, up 380 per cent on the same period in the previous year. Total group turnover for the first...

New Product - Britannia BS bucks trend with long-term loan cost cut.
September 1, 2005... BRITANNIA Building Society has cut its 10-year fixed rate, despite other lenders doing the exact opposite. The new product offers a rate of 4.74 per cent with a loan-to-value of up to 95 per cent. There is an arrangement fee of AGBP349 and...

Defaqto urging IFAs to act fast on buy out bonds.
September 1, 2005... THE TIME it takes to transfer from occupational pensions means unless IFAs act now, their clients could be trapped in old-style arrangements, Defaqto has warned. In a report entitled Individual Section 32 Buy Out Bonds, Defaqto claims,...

Data shows market is cooling off.(Brief Article)
September 1, 2005... THE housing market continued to cool last month, according to the latest figures from the Bank of England. The bank's Lending to Individuals report showed total net lending to individuals in July was down from AGBP8.5bn in the previous...

CCH tool aims to keep apace with accounting standards.
September 1, 2005... AN E-ACCOUNTANCY product is being marketed to IFAs who offer audit services and need to keep up-to-date with new International Standards Audit rules. The Audit states that IFAs must obtain an understanding of client risks and gain in-depth...

IBM's AI system promises to end compliance errors.(International Business Machines Corp)(Artificial intelligence)(Institute of Financial Accountants)
September 1, 2005... ARTIFICIAL intelligence capable of telling IFAs where compliance systems are failing could be the norm by 2007, according to IBM. Speaking after unveiling its new Enterprise Risk Management system to financial services organisations, the...

Same-sex couples urged to seek advice on legal rights.(Brief Article)
September 1, 2005... CLERICAL Medical is providing online advice to the gay community ahead of the Civil Partnership Act. When the Civil Partnership Act 2004 becomes law on 5 December this year, same-sex couples will be given legal recognition of their...

Advisers slow to adjust to new regime.(Brief Article)
September 1, 2005... NEARLY half of IFAs have failed to collect the required information for the FSA's online reporting, according to a poll by technology supplier 1st. The regulator requested that all IFAs should start to collect the required information for...

Genesis and Guaranteed reveal they will merge.(Guaranteed Home Loans )(Brief Article)
September 1, 2005... GENESIS and Guaranteed Home Loans are to merge, it was announced this week. The news follows a recent reduction in staff numbers at both companies' sites in Peterborough and Maidstone. Both companies will continue to trade under...

Worldwide takes issue with Euro fund pair.(Worldwide Financial Planning)
September 1, 2005... EUROPEAN funds from Gartmore and Jupiter have fallen out of favour with Worldwide Financial Planning due to concerns about their management. Peter McGahan, managing director of Worldwide Financial Planning, said his firm was to sell out of...

Hartford speaks out on with profits swaps.(customer satisfaction)
September 1, 2005... WITH profits providers are alienating IFAs by failing to help them shift their clients' cash into more transparent investment offerings, according to The Hartford. John Enos, managing director of marketing for Hartford Life Limited -- the...

Ritchie dismisses 'inefficient' claims.(Stewart Ritchie)(Brief Article)
September 1, 2005... SCOTTISH Equitable's pensions development director has hit back at criticism that insurers are inefficient on costs of sales and administration. Stewart Ritchie responded to remarks made by James Sefton, a professor at Imperial College,...

IFAs question direction of FSA pensions inquiry.
September 1, 2005... THE FSA's decision to probe IFAs and providers to uncover industry practice for advising clients to contract out has been called into question. Last week, the regulator published a 70-page report, Contracting out of Serps/S2P to an...

Question of experience when dealing with Fos.(Financial Ombudsman Service )
September 1, 2005... ARE you experienced? While Jimi Hendrix might have asked the question with something more exciting than selling endowment policies in mind, vetting the level of experience of customers is vital. And it is a minefield when it comes to...

Expo panel set to tackle fee model.
September 1, 2005... TWO out of 10 IFAs are expected to shift to a fee-based model in the coming years, according to the IFP. Nick Cann, chief executive of the Institute of Financial Planning, is set to take to the stage at Financial Adviser's Harrogate event...

Take a break and make it a long one.(Brief Article)
September 1, 2005... LET me make a heartfelt plea to all the Lucindas and Ruperts out there in PR land. Next summer, go on holiday. Honestly, we can manage a summer without your help in trying to dream up stories to fill our column inches. We can think...

Time to brace for another 'scandal'.(Brief Article)
September 1, 2005... PREDICTING the next "scandal" the FSA will become excited about is an inexact science. But I think S2P and Serps is a pretty short-odds favourite for the attentions of the Canary Wharf cohorts. A good indicator is the FSA's recent...

Dr Helen was in a hurry.(Helen Collins)(Brief Article)
September 1, 2005... Helen Collins, protection marketing director for Liverpool Victoria, has brought a whole new meaning to the term "qualifying time". Now Dr Collins to you and I, she was recently awarded her PhD with the School of Business at the University...

Look Hughes laughing now.(achievements of Kate Hughes)(Brief Article)
September 1, 2005... IF there is something possibly better than a female beating loads of males at something, it is a female reporter from Financial Adviser beating loads of males from other newspapers and magazines. Kate Hughes, demure FA feature writer and...

NU believes divorcees will drive equity-release demand.(Norwich Union)(Brief Article)
September 1, 2005... A NEW report has highlighted the likelihood of divorced women being key drivers of the equity release market. Norwich Union said divorced women aged over 50 were often in a position to benefit from equity release style products. The...

Lost time is preying on advisers' minds.(independent financial adviser )(Brief Article)
September 1, 2005... THE biggest worry for most IFAs is not seeing sufficient numbers of clients each week, according to a Broker Exchange survey. Of the advisers questioned by the IFA business development consultancy, 26.6 per cent felt they were not seeing...

Anything a man can do...(Healthsure Group)(Brief Article)
September 1, 2005... IT seems that men need any old excuse to talk about their unmentionables and the people at health provider HealthSure have done nothing to quash that. The company recently launched a campaign called Check 'Em, designed to raise the profile...

We have to look at things from the customers' point of view.(Karen Mccormick)(Interview)
September 1, 2005... FINANCIAL ADVISER: What is your background? KAREN MCCORMICK: My early career was in accounts and I spent 11 years at National Provincial Building Society. I then spent 11 years in Bradford working for the society doing fraud investigations...

Strangled by the red tape.(Brief Article)
September 1, 2005... AN exasperated Association of British Insurers has blown its top and launched a bitter attack on the FSA for its sullen approach to the low-cost Sandler products. There is nothing new here. There has long been an industry rumour that...

Nice little earner.(Misys PLC)(Brief Article)
September 1, 2005... WORKING at Misys, the parent of Sesame, must be a nice little earner. Imagine being offered a lump sum in case you are overlooked for promotion so that you would not get upset and move on? Surely shareholders in the company must have...

Time to track down the trackers.(equity market)
September 1, 2005... EQUITIES are one of the four asset classes which form part of many clients' portfolios. If the equity exposure is to the UK market, is an FTSE 100 tracker fund the best route? We all talk blithely about the FTSE 100, but what exactly is...

Were those really the days my friend?(Editorial)
September 1, 2005... After nearly two decades working on Financial Adviser I am moving on to try my hand at running my own editorial consultancy. I am looking forward to the new challenge and I will still work in the dynamic and ever-surprising financial services...

Paying the right price for advice.(fee based advice trend)
September 1, 2005... FEE-BASED advice has been a popular choice among those in the higher tax bracket, but it is often the case that paying fees is actually not the best option for high net-worth clients when purchasing an annuity. Financial advice is...

MPC has to be set to go boldly.(monetary policy)
September 1, 2005... When is monetary policy too tight, or too loose? With hindsight, it is usually easy to spot when policy has been kept too tight, or too loose. But how do central banks know when they have raised or cut rates enough? And what makes them decide...

Steps to take to earn some loyalty.(Nationwide Building Society and its customer relations)
September 1, 2005... Why should it be that as a consumer of financial products I was so pathetically grateful and pleased to receive correspondence from Nationwide Building Society last week? Two years ago when I moved into my flat I effected a two year...

Know when enough is enough.(life insurance policies)
September 1, 2005... THEY say three things in life are certain: death, taxes and cliches. And that you cannot bet on a certainty. Well, the last of these, at least, is wrong -- with a whole of life policy you do indeed bet on a certainty -- the certainty that you...

NatWest offers another limited bond.
September 1, 2005... NATWEST has launched a limited edition fixed-rate bond. The one-year bond carries a 4.75 per cent guaranteed gross interest rate for the next 12 months. The new bond follows the last limited edition fixed-rate bond that NatWest launched...

Swip fund is aiming to emulate highest fliers.(Scottish Widows Investment Partnership, Sterling Bond Plus )
September 1, 2005... A LEADING IFA has welcomed a new bond fund from Scottish Widows Investment Partnership, saying that it was "attractive". The new fund is the Sterling Bond Plus fund investing in UK government bonds and investment-grade corporate bonds,...

S&P reveals solid growth across global equity funds.(Standard and Poor's)(Brief Article)
September 1, 2005... INVESTORS in global equity funds have enjoyed an average return of 13.1 per cent in the past 12 months, according to research from Standard and Poor's. S&P found global equity investors had been solidly rewarded in the 12 months to June...

BM Solutions adds to its product range.(self-certification mortgage)(Brief Article)
September 1, 2005... BM Solutions has added a number of new sub-prime and self-certification rates to its range. Included in the rates are two new near-prime products, added due to the popularity of the new sub-prime categories launched earlier in 2005. ...

Beacon devises a 'simple but clever' business plan.(Beacon Homeloans)
September 1, 2005... A SMALL but profitable distribution channel of packagers will be key to the success of new lender Beacon Homeloans, claims its director. Brian Pitt, former director of sales and marketing for Future Mortgages, described the new lender's...

FA to recognise sales sites.(Financial Adviser Sales Awards 2005)(Brief Article)
September 1, 2005... INTERMEDIARIES who hit the ground running post depolarisation will be rewarded at the Financial Adviser Sales Awards 2005. The event will feature a new award for the Best Multi-tied Sales Website to reflect the changing sales processes in...

ABI to replace commission.(Association of British Insurers, indemnity commission )(Brief Article)
September 1, 2005... A REPLACEMENT for indemnity commission is being looked for by the Association of British Insurers. Back in February, the ABI proposed scrapping indemnity commission, which is prepaid to advisers at the start of a product's life. After...

Bristol & West launches half dozen products.(Bristol and West)(Brief Article)
September 1, 2005... BRISTOL & West has launched six mortgage products in response to last month's lowering of the base rate. Dominic Toller, head of marketing of Bristol & West Mortgages, said: "We are improving our core mortgage range with this launch. This...

Scot Eq forsees gloom for ASP funds market.(Scottish Equitable, alternatively secured pensions)
September 1, 2005... SCOTTISH Equitable has said it expects the market for alternatively secured pensions (ASP) to shrink following Revenue changes to inheritance tax rules. HM Revenue and Customs has proposed an inheritance tax charge on death, and almost...

Splitting the differences and also the pensions pot.(Brief Article)
September 1, 2005... FEMALE divorcees and their solicitors urgently need to address issues of post-retirement finance, according to a divorcee specialist. Liz Lyke, managing director of Oxfordshire-based Options for Women said: "There are a number of women who...

Time and cash wait for no manager when crises strike.(small business survival)
September 1, 2005... TIME management is the key to small business survival, according to a report by Bibby Financial Services. Although the company's research has traditionally identified cash flow as the most important issue, time management was a close...

IES links women's pay gap to assumptions by bosses.
September 1, 2005... WOMEN are earning an average of 5 per cent less than their male counterparts when it comes to overtime and bonuses, according to a report from the Institute for Employment Studies. The institute, part of the Equal Opportunities Commission,...

CIPD urges recruiters to look beyond A-levels.(Chartered Institute of Personnel and Development)(Brief Article)
September 1, 2005... RECRUITERS should look past A-level results to find the ideal candidate, according to the Chartered Institute of Personnel and Development. Following the latest record-breaking A-level results, the institute has urged those looking to take...

Companies paying a high price for poor grammar and spelling.(survey)(Brief Article)
September 1, 2005... INCORRECT grammar and spelling is costing UK businesses an estimated AGBP41bn in lost sales annually, according to Royal Mail. A further 70 per cent of customers do not trust businesses with poor communication skills. Julia Strong,...

UN on a smaller scale discusses standards.(certified financial planners, United Nations )
September 1, 2005... Monday Certified financial planners around the globe have been heavily involved in moving forward the development of an ISO standard for the process of financial planning. The CFP standard already exists and defines the process but in...

HBoS revamps the management team at Birmingham Midshires.(Hbos Plc appoints Nigel Stockton)(Amber Homeloans appoints Mark Smitheringale )(Bibby Financial Services appoints Stephen Quinn and Aaron Hurst )
September 1, 2005... MORTGAGES Nigel Stockton, the managing director of Birmingham Midshires, has been promoted by HBoS to bolster its business-to-business team. Mr Stockton will retain his current responsibilities but will take on a greater role within the...

SL share options to be confirmed.(Standard Life)(Brief Article)
September 1, 2005... Standard Life members interested in buying additional shares if the life office demutualises will be given an answer by March next year, it has been confirmed. The announcement follows last week's news that the board is keen to be listed...

Jeffries moves up at Friends.(Friends Provident appoints Ian Jeffries )(Brief Article)
September 1, 2005... FRIENDS Provident has appointed a new head of protection marketing, Ian Jeffries. Mr Jeffries has more than 20 years' experience at the life and pensions company, most recently as head of investment marketing. His new duties will...

Which? calls for fines hike.(financial service's regulation )(Brief Article)
September 1, 2005... CONSUMER group Which? has called on the FSA to increase its mis-selling fines. The consumer body published a consultation paper, Time For A Change, that claimed mis-selling is largely responsible for the pensions crisis. Peter...

Hunt is on for FSA suspect.(Financial Services Authority)(fraud investigation)(Brief Article)
September 1, 2005... The FSA is asking intermediaries to help hunt down Henry Ofili, of Stoke Newington in London. Mr Ofili, who ran Adams & Adams Investment Services, promised investors returns of 10 per cent a month, but he is suspected of spending the...

Two-tier health system attacked.
September 1, 2005... THE Association of British Insurers has released its consultation paper which suggests a restriction of cancer, stroke and heart attack definitions for critical illness cover. Should the consultation recommendations be approved, the...

NS&I takes Bank's lead with saving rate cut.(National Savings and Investments is decreasing its interest rates )(Brief Article)
September 1, 2005... NATIONAL Savings and Investments will drop the interest rate on its variable rate products from this month. The drop from 4.75 per cent to 4.5 per cent is the first reduction on NS&I's variable rate offers in two years, following the...

Sipps get contamination clean-up warning.(self invested personal pensions)(Brief Article)
September 1, 2005... THE costs of cleaning-up commercial property could land Sipp investors in hot water, according to a pensions specialist. Angela Huss, head of technical and trusteeship for Pointon York Sipp Solutions, said the trend towards property...

DWP launches pension website.
September 8, 2005... OPINIONS are once again sought on the future of the British pensions system. As part of the ongoing debate on pensions reform, the department for work and pensions has launched a website devoted to the debate. Stephen Timms, pensions...

Treasury cuts saver bonus rate.
September 8, 2005... The Treasury has brought down bonus rates for the Save As You Earn scheme in line with other interest rates. From 1 September, the new bonus rates will be 1.4 times monthly payments for three-year contracts, down from 1.9; 4.4 times monthly...

Millfield posts AGBP20.06m loss.
September 8, 2005... MILLFIELD reported an increased loss before tax of AGBP20.06m for the year to March 31, compared with AGBP14.37m in the previous year. The results were delayed for a few days due to problems collating accounts for the greatly enlarged...

Advisers must work alongside CMCs -- Aifa.
September 8, 2005... Aifa is telling disgruntled IFAs that they must deal with ambulance-chasing companies whether they like it or not. The Association of IFAS reiterated to its members that they must treat complaints from third-party complaint management...