Financial Advisor articles from September 2007

Financial Advisor archives from September 2007

Advisers fearful of a Potential tech error.
September 6, 2007... Byline: True Potential and Positive Solutions work to correct software system crash Technology The high profile launch of True Potential suffered a major set back as its new software system failed at launch. Problems arose when...

Sir Anthony's second term given go-ahead.
September 6, 2007... The Treasury has approved the re-appointment of Sir Anthony Holland as the independent complaints commissioner for the FSA. Sir Anthony begins his second term in the role this week after being voted in by the FSA board and then being given...

Engagement with staff is key, says poll.
September 6, 2007... Business leaders should dump the idea that training must be measured by typical return on investment concepts, and instead focus on aspects such as greater employee engagement, according to research. Buckinghamshire-based performance...

Hope for the best but plan for the worst.
September 6, 2007... When the market goes through a rough time it is important to be prepared. Get into the office early, or stay late the night before. Know why the equity market is going down in specific detail. The answer is not the simple recognition of the...

Working to be an Uncle Bulgaria.
September 6, 2007... MONDAY As we run five different businesses operating across UK and overseas financial services and property development, we always start each week with a senior management review of the week ahead and the challenges that need to be...

It is time for out with the old.
September 6, 2007... Labelled A Review of the ABI Life and Pension Fund Sectors, the first of the papers published by the Association of British Insurers tackles the basic, but nevertheless very important issue of fund sector naming. The Pensions Institute...

When the moment comes to part ways.
September 6, 2007... Q: I have recently decided to downsize my business. This unfortunately means that I will have to make some of my workforce redundant. What do I have to do to ensure that these employees are receiving the necessary pay-out which they are...

Beyond all or nothing.
September 6, 2007... Hindsight is a wonderful thing. If someone had put a bet on what they thought was a dead cert in a horse race, and that horse lost, they might have wished they had listened to their instinct and backed the horse that beat it by a nose. Or at...

Lenders react as US fallout rolls on.
September 6, 2007... Byline: Companies are hiking up rates in response to credit crunch rates Uncertainty in the sub-prime market is forcing lenders to withdraw deals or hike up rates while experts are advising borrowers to grab deals while they can. ...

House repossessions up 36% - RICS.(Royal Institution of Chartered Surveyors)(Brief article)
September 6, 2007... Repossessions are rocketing as affordability conditions deteriorate following interest rate hikes, according to the Royal Institution of Chartered Surveyors. Its evidence is the fact that the number of residential properties offered at...

Ex-Portman marketing man Farr is AMI director.
September 6, 2007... Richard Farr, the former head of marketing for Portman, is to be the new director of the Association of Mortgage Intermediaries. He will take over responsibility for the management and day-to-day running of the association. Mr Farr...

Friends Prov keeps track on products for advisers.
September 6, 2007... Friends Provident has teamed up with Origo to improve the business tracking across its entire product portfolio, which the provider claimed is an industry first. The tracking service is intended to make life easier for financial advisers,...

Northern Rock stands firm as takeover rumours grow.
September 6, 2007... Byline: Analysts identify one of UK's leading lenders as takeover target as sub-prime fallout continues Sub-prime The continuing problems for leading lender Northern Rock have fueled speculation that it could be a takeover target. ...

US sub-prime crisis will stay on other side of the Atlantic - CML.
September 6, 2007... Sup-prime The Council of Mortgage Lenders has played down worries that the US sub-prime mortgage market collapse could cause problems in the UK. In its September market commentary, the CML stated: "Potential credit losses from US...

BBA report reveals remortgaging rise in July.(British Bankers' Association)(Brief article)
September 6, 2007... There was increased mortgage activity in July, according to the British Bankers' Association. It reported that monthly gross mortgage lending at AGBP21.3bn climbed 12 per cent over 2006. The BBA said that with annual house price...

Buy-to-let staying steady - Paragon.(Brief article)
September 6, 2007... The buy-to-let market is holding up despite rising borrowing costs, according to Paragon. Its Buy-to-let index for July revealed rents rose by an average 3.04 per cent over the past three months, an annualised growth rate of 12.7 per cent....

Picking up flotsam and jetsam.
September 6, 2007... In the past month or so I doubt there are many people who follow finance - whether it is personal finance or the global economy - who are not experts on the subject of sub-prime. From a supporting role as a niche product, sub-prime has...

Do not be left high and dry.
September 6, 2007... Byline: More and more lenders are looking at the high loan-to-value sector, but the client must know all the risks Affordability continues to be a problem for first-time buyers. Because house prices continue to rise, those without a deposit...

Time to put the tea in quality.
September 6, 2007... Byline: When people have more rights buying a kettle than a new-build house things really need to change, quickly Shocking as it might seem at first, according to the National Consumer Council consumers have more rights when buying a kettle...

Surprise, surprise for the committee.
September 6, 2007... August can often seem to be a slow month for the economy, which has some hidden benefits for many of us. Many people take holidays, so those who commute to work by train find it easier to get a seat. Schools are closed, so those who drive to...

Time to sit tight and do not let the markets bite.
September 6, 2007... With lending-based stories dominating the financial pages domestically and abroad you would be forgiven for being unsurprised to see that finally, the unrelenting uphill push of the domestic housing market seems to have run out of steam....

Buy-to-let to flatline in future, say experts.
September 6, 2007... Byline: Panel of experts states BTL sector will not crash but will not be dynamic Mortgages The buy-to-let market is unlikely to crash but it will flat line over the next few years, according to industry experts at a round table...

Affordability corrupted.
September 6, 2007... Byline: The wolf of self-cert has adopted the respectability of income affordability The sub-prime implosion in the US has provoked the financial equivalent of a Greek arsonist's fire-raising throughout the stock markets of the world....

When you bite off...
September 6, 2007... Byline: An unstable construction: in the US some very attractive "teaser" rates were offered to lure sub-prime borrowers ... more than you can chew Having just returned from the US, it is evident that the American sub-prime mortgage...

Where no man's been before.
September 6, 2007... What is it with secured loans? Everywhere you look there are adverts urging you to get involved. Every time you open your post you are bombarded with flyers from secured loans providers. You switch on your computer and yet again your inbox is...

The right tools for a tough job.
September 6, 2007... Byline: Ipswich's new chief executive thinks it has got what it takes to crack the tough nut of the intermediary market A great deal closer to home is both the jingle and identity of the Ipswich Building Society. The mutual has kept its...

US crisis may yet knock UK prices, says N'wide.
September 6, 2007... Byline: UK house prices likely to remain buoyant in the short-term - Nationwide sub-prime The continuing problems in the US housing market could yet have a major impact on UK property prices, Nationwide warned last week. It said...

UK house prices outperform eurozone neighbours.
September 6, 2007... House prices in the UK have outperformed all other European countries apart from Spain in the past five years. However, the average house price in the UK is still higher than Spain. New research from Halifax shows that Spanish prices...

Homebuyers need 'better protection'.
September 6, 2007... Homebuyers need 'better protection' The new-build housing market needs much stronger regulation to protect homebuyers, the National Consumer Council has warned. It pointed out that anyone buying a newly-built home has less rights than...

Advisers call for product innovation.
September 6, 2007... Financial advisers are calling for more product innovation in the retirement income market, according to the latest research by Lincoln Financial Group. Figures from the group's research showed that 50 per cent of advisers believe an...

Property set to 'drop in strength'.(Brief article)
September 6, 2007... investments Fund managers still predict that the property investment sector will provide returns for investors but are warning not to expect outstanding returns in the short-term. Michael Morris, director and manager of the ING UK Real...

FSA is having a fine time with failing advisers.
September 6, 2007... fines A major crackdown by the FSA on malpractice within the financial services industry is making examples of financial advisers not found to be keeping up to speed with the accelerating move towards principles-based regulation. The...

Grant Thornton rolls out financial services group.
September 6, 2007... Grant Thornton, the UK financial and business adviser, has announced the launch of a new financial services group. Following the recent merger between Grant Thornton and RSM Robson Rhodes, the new group will amalgamate the old financial...

HMRC crackdown on tax-avoiding foreigners brings 80% more dues.
September 6, 2007... TAx The taxman has seized almost 80 per cent more tax in the last tax year from enquiries targeting foreign executives working in the UK, according to the latest National Audit Office figures. Neil Tipping, senior consultant for tax...

Sesame warns against scrapping commission.
September 6, 2007... Byline: Company slams RDR, claiming it could be dangerously counter-productive Reaction Any action to restrict advisers from being remunerated by commission could be dangerously counter-productive, Sesame has warned. In its...

Price resurfaces with Diva-Biz web venture.
September 6, 2007... Fiona Price, the former owner of the first IFA firm aimed at professional women, has re-emerged in the financial services industry with the creation of a new project, Diva-Biz.com. Ms Price set up the first IFA firm, Fiona Price and...

Lord Hunt to head review of the Fos.(Brief article)
September 6, 2007... Lord Hunt to head review of the Fos review Lord Hunt of Wirral, a former chairman of the Association of IFAs, will lead an independent review of the Financial Ombudsman Service, the disputes broker has announced. Lord Hunt, who is...

Moneyfacts offers its web resources for free.
September 6, 2007... Moneyfacts has launched an updated version of its portal for financial advisers, which is now free to use. The changes were made to the price comparison site after feedback from brokers. Paul Yallop, head of eMoneyfacts, said: "The new site...

Trio to bring eq release to masses with UK tour.
September 6, 2007... Equity release providers Bridgewater, Just Retirement and Stonehaven are to deliver a series of free seminars for financial advisers to help them grow their businesses. The free half-day forums will provide advisers with practical tools...

CTFs have 'led to saving changes'.(Child trust funds )(Brief article)
September 6, 2007... Byline: As first beneficiaries of CTFs turn five, Children's Mutual reports on how the funds have changed saving habits Investment Child trust funds have changed the nation's savings habits with up to 75 per cent of new parents opening...

Axa smaller team unveils tax service.
September 6, 2007... The Axa Framlington smaller companies team has announced it will offer a new inheritance tax service to high net-worth individuals. The investments will be predominately made with companies listed on the UK's Al- ternative Investment...

Bank data reveals the rate rises have slowed market.
September 6, 2007... House purchase mortgage approvals in July were 4 per cent lower than in the same month in 2006, the latest Bank of England mortgage data revealed. Total mortgage approvals including re-mortgages and other secured loans are also down by...

Enterprise to bid bye to branding as it freshens up after eight years.
September 6, 2007... Mortgages Enterprise Group, the mortgage distributor, is re-branding with new marketing material, websites and campaigns. The group specialises in the distribution and packaging of sub-prime mortgages, secured loans, bridging finance...

Act now over equity release, experts warn.(Brief article)
September 6, 2007... Pensions Equity release policies should be taken out before retirement as property prices look set to fall in many parts of the UK over the next year, according to experts. Jayne Almond, chief executive of equity release provider...

The buy-to-let boom for advisers rolls on apace.
September 6, 2007... Adviser confidence is at an all-time high as the buy-to-let market continues to grow, according to the latest buy-to-let index 2007 from Paragon. Research by the provider of specialist finance to property investors, showed that...

Advisers 'are turning' more sceptical on RDR.
September 6, 2007... Byline: Aegon survey reveals change in attitude since the FSA published its review Regulation IFAs are becoming increasingly concerned about the FSA's retail distribution review, with much greater numbers seeing it as a threat now...

Hard times loom for US, UK money men - Murray.
September 6, 2007... The US and UK monetary authorities are facing "difficult decisions in the coming months", according to the boss of the AGBP600m Murray International investment trust. John Trott, chairman, was speaking as returns for the trust - which is...

Aviva advises Pru on re-attribution.
September 6, 2007... Byline: Policyholder advocate for Aviva, Clare Spottiswoode, believes Pru counterpart could learn from her experiences re-attribution Clare Spottiswoode, the policyholder advocate for Aviva's proposed re-attribution, has been advising...

Consolidation in pension sector is on the increase, says Skandia.
September 6, 2007... Investors could benefit from consolidation in the pensions industry according to 85 per cent of advisers, research from Skandia has revealed. Findings from Skandia's survey showed that three-quarters of advisers said pension consolidation...

Auction action to rise RICS repo study shows.
September 6, 2007... Byline: Latest figures show that number of properties at auction rose by a third Mortgages Prospective homebuyers are finding it increasingly easy to grab a bargain at auction as the number of repossessions soars, according to the...

Standard rejigs private eq arm.
September 6, 2007... Standard Life is creating a new private equity arm which will be partly owned by members of the private equity business it will replace. The nine members will take a 40 per cent stake in the new limited liability partnership, SL Capital...

ABI phone and web guidelines fail to hit Royal Liver's levels.(Association of British Insurers )(Brief article)
September 6, 2007... Protection The Association of British Insurers is seeking to improve the way protection is taken out online or on the telephone with new guidance, but a member-company has called for stronger direction. Focusing on the increasing...

Tomorrow seeks third way but rules out dash.(Brief article)
September 6, 2007... Tomorrow is looking to enter the third-way market, but has warned of providers rushing to develop products purely to ape their competitors. Ray Chinn, product design manager for Tomorrow, has spoken out about the tendency for consumers to...

Intermediaries back growth in the less-risky mortgage field.
September 6, 2007... Intermediary lenders remain positive about the growth in mortgage volumes over the next quarter although they expect higher risk lending to fall slightly, research has shown. Members of the Intermediary Mortgages Lenders Association said...

Scot firms applaud SNP body boost.
September 6, 2007... Byline: Appointment of two Cabinet members and a minister to financial services body sends positive signals, say firms Regions Scottish financial service industry bosses have welcomed the decision by the new SNP government to establish...

HMRC wants more details provided on lifetime gifts.(United Kingdom. Her Majesty's Revenue and Customs)(Brief article)
September 6, 2007... The government has warned it is going to pay particularly close attention to lifetime transfers, and that it will often ask for more information. In its latest inheritance tax and trusts newsletter, HM Revenue & Customs said it would...

FAS extension to offer the lost 125,000 80 per cent of pension.
September 6, 2007... About 125,000 people who lost pensions when occupational schemes began winding up under-funded will receive at least 80 per cent of their expected core pension, subject to a cap. This follows draft regulations for the extension of the...

Prices plateauing across the UK, claims Registry.
September 6, 2007... Byline: Land Registry data shows prices were up 0.1 per cent, the lowest rate of growth since June 2006 Mortgages House prices in England and Wales have reached a plateau, but some indices are still showing stronger than expected...

Towergate's deal with CII to 'instil excellence'.
September 6, 2007... Towergate has signed a partnership deal with the Chartered Insurance Institute after it has gained chartered status. The broker said the deal signals its commitment to achieve the highest number of staff possible gaining relevant CII...

Net-Work Meetings set to add an investment arrow to its arsenal.
September 6, 2007... The-Net-Work Meetings has launched a new membership-based conference starting in October for the retail investment industry The new membership-based The-Investment-Net-Work will hold four conferences a year, run by a management board...

Ageing population is increasing, reveals latest ONS statistics.
September 6, 2007... The UK's population is ageing, according to figures from the Office of National Statistics. Although the population grew by 8 per cent in the last 35 years - from 55.9m in 1971 to 60.6m in mid-2006 - this change has not occurred evenly...

Scottish banks profit as volatility forces investors to seek havens from markets.
September 6, 2007... Billions of pounds have poured into Scottish savings institutions as a result of weeks of turmoil in the stock markets. Bank of Scotland, Lloyds TSB Scotland, Scottish Widows Bank and Royal Bank of Scotland have all benefited from the...

PO warns Britons of new savings low.(Post Office saving of UK adult are becoming low)(Survey)
September 6, 2007... Byline: More people play the lottery than save, says Post Office savings One in four UK adults in 2007 are failing to save any money, the latest research from the Post Office revealed. Its report, 145 Years of Savings marks the...

LV= wants full disclosure for tackling fraud.
September 6, 2007... LV= is seeking to provide more transparency in the way it handles protection claims, while calling for improvements across the industry. Stuart Tragheim, director of intermediary business for LV=, said: "We are not in the business of...

AUM falls in July but up on 2006.(Assets under management)(trends of investors in financial fund)(Brief article)
September 6, 2007... investment Assets under management of UK-domiciled investment funds stood at AGBP456bn in July, up 22 per cent year-on-year, according to the Investment Management Association. The figures showed that despite the increase from July...

Reduced fee in fund re-launch.
September 6, 2007... Byline: Credit Suisse announces an investment discount as part of its multi-manager facelift funds Credit Suisse is offering a full initial charge discount on investments into its multi-manager multi-asset distribution fund, as it...

Llorente to bring Spanish touch to Abbey multi funds.
September 6, 2007... Abbey's multi-manager portfolios are going to be run by newly appointed Estrella Llorente, senior portfolio manager for Santander Asset Management UK. Ms Llorente aims to introduce a new approach and strategies to the UK market based on...

JPMorgan cuts pricing for inv trust FoF range.
September 6, 2007... JPMorgan Asset Management has completed its first charging review in a decade, changing the pricing structure on its fund of investment trusts Oeic. The move is intended to provide greater transparency, simplicity and consistency....

Maia reveals first offering as it readies for Oct launch.
September 6, 2007... Resolution Asset Management has unveiled the launching line-up for its Maia Capital venture. The joint venture with former Fidelity managers Chris Ralph, Jason Collins and Simon Mungall will launch with three onshore unit trusts and two...

Kick-off is here for Fantasy Rugby World Cup Challenge.
September 6, 2007... With the players about to take to the field this is the last chance for Financial Adviser readers to enter the F&C Fantasy Rugby World Cup competition. All teams must be entered in to the Fantasy Rugby World Cup contest, run in conjunction...

Mortgage Trust boosts sales with new business development managers.(Belgravia Financial Services Group., The Mortgage Trust., Close Investments)
September 6, 2007... Byline: Herbert assumes role as Belgravia's global head of sales and marketing Belgravia Financial Services Group has announced the appointment of Alan Herbert as global head of sales and marketing. Mr Herbert's new position will...

Standard Life's growth boom beats predictions.
September 6, 2007... Byline: The life and pensions company reaps profits as new business reaches AGBP151m profits Standard Life beat market forecasts in its maiden interim results, with group operating profits increasing by 71 per cent to AGBP353m. ...

Existing customers more beneficial to businesses: Troika.(Brief article)
September 6, 2007... An increase in retained customers of just 2 per cent would be as beneficial to providers as an entire year's worth of new business, according to London-based consultancy Troika. However, increasing numbers of providers are taking action to...

M'gage firms keen to enter UK in spite of credit crunch.
September 6, 2007... mortgages Some 20 companies are looking to enter the UK market as mortgage lenders despite the current problems that are faced by lenders, according to Staffordshire-based mortgage distribution company Pink Home Loans. Many are...

I am informal - I am not interested in bureaucracy, hierarchy or status.
September 6, 2007... FINANCIAL ADVISER: You have just taken over from Gerald Healy as chief executive of MGM Assurance. What qualifies you for this role and do you hope to follow Mr Healy's lead or bring something different to the company? CHRIS EVANS: In the...

It is time to bid farewell to IFAs.(independent financial advisors)(Editorial)
September 6, 2007... Let me once more put my cards on the table concerning the thorny issue of independent financial advice and the retail distribution review. First of all, before all the cat calls and death threats, a quick history lesson. As some of you...

Taking a stand on the farce of data security.
September 6, 2007... Finally someone is brave enough to puncture the inflated received wisdom of the threat of money laundering and the over-kill and often contradictory policies by many state organisations and firms in managing the problem. Hands up to Jackie...

A reference check.
September 6, 2007... While the City regulator's back is turned as it focuses on the retail distribution review, it now seems as if some high street banks are using their credit card franchises in more inventive and punitive ways. As the credit crunch simmers,...

Life is one big gamble.
September 6, 2007... Paltry rainy days The average Briton is more likely to play the National Lottery regularly than save, according to a survey published last week. One in four never saves and a further third only save infrequently. The research, from the...

We all stand together, as professionals.
September 6, 2007... There is such a lot to say about the retail distribution review, and one wonders if there are not so many elements to it that we are all going to end up going round in circles. While on the one hand it is obvious that there are many things...

Hargreaves is upbeat on results.(Hargreaves Lansdown on the growth path)(Financial report)
September 6, 2007... Byline: Bristol-based adviser reports that its profits trebled and claims they are stronger as a result of difficult times Results Hargreaves Lansdown saw a massive jump in the first profits posted as a public company, and said despite...

Keep your identity.
September 6, 2007... Identity theft is one of the fastest growing crimes in the UK. In 2006, it was estimated that identity fraud was costing the UK economy AGBP1.72bn. On 14 August the FSA published a special edition of its Financial Crime newsletter which...

Battle of the Birmingham brains.
September 6, 2007... Brummies, known for their razor-sharp wit and lightening-fast brain activity, will be put to the test at the Birmingham Brain Game, a charity event supported by Wesleyan Assurance Society. Birmingham's "smartest business brains" will battle...

Aegon's Louise Hogg in Hamburg triathlon.
September 6, 2007... Forget who is sponsoring Cowes Week from 2009, the real competition seems to be who can push themselves furthest for charity. And not to be outdone by the boys, so enter Aegon Asset Management's fixed interest investment manager Louise Hogg...