Financial Advisor articles from September 2008

Financial Advisor archives from September 2008

CML moves to boost transparency of newbuild valuations.
September 4, 2008... Byline: Fiona Nicolson Industry gives backing to introduction of disclosure of incentives form The Council of Mortgage Lenders has introduced new measures to help ensure that conveyancing and valuation processes capture the true value...

Just too good...
September 4, 2008... Byline: Simon Lovegrove Advisers need to be in the know when it comes to the latest scams involving recovery firms You may have noticed that the FSA recently issued an alert regarding scams that recovery firms are to actively target...

Gov't housing aid is a 'step in the right direction'.
September 4, 2008... Byline: James Redgrave Industry cautiously welcomes housing plan, but some fear that it will not be enough The GBP1bn package of measures introduced by the government to kick start the housing market is "a drop in the ocean", critics...

Overdraft 'concerns'.
September 4, 2008... Byline: James Redgrave The Office of Fair Trading has told banks it has "serious concerns" about their overdraft charges. The Office of Fair Trading has told banks it has "serious concerns" about their overdraft charges. A leaked...

Govt making 'pensions field unlevel', claims Aegon.
September 4, 2008... Byline: James Redgrave The government is "hijacking the market for pensions" and "creating an unfair advantage" for personal accounts to ensure the scheme is a political success, according to Aegon UK. Rachel Vahey, head of pensions...

Rock layoffs.
September 4, 2008... Byline: Hannah Benjamin Northern Rock will axe 1300 jobs and close one office as it finalised lay-off plans.The bank will cut its workforce to 4700 from 6000 through redundancies, while a further 200 staff have already left through natural...

Pulling yourself up by the old school tie.
September 4, 2008... Byline: Bryce Sanders A school or university reunion can be the perfect place to track down new business, even if you take the short or long-term approach A university education prepares you for life. Regardless of your field of study,...

Tough times ahead for B&B, claims analyst.
September 4, 2008... Byline: Hannah Benjamin The future of mortgage bank Bradford & Bingley hangs in the balance as the current economic turbulence tests its buy-to-let business model, according to a leading analyst. Alex Potter, banks analyst for Collins...

LaRusse joins Insight.
September 4, 2008... Byline: James Redgrave Insight Investment has made April LaRusse senior product specialist on its fixed income team. Insight Investment has made April LaRusse senior product specialist on its fixed income team. Ms LaRusse has been...

Kudos looks to Fallon for senior consultant role.
September 4, 2008... Byline: Hannah Benjamin Kudos Independent Financial Services has appointed Dean Fallon as senior consultant in its Glasgow office, taking the team there to four people. Kudos Independent Financial Services has appointed Dean Fallon as...

Barings appoints Bowmar.
September 4, 2008... Byline: James Redgrave International investment management firm Baring Asset Management has appointed Katie Bowmar as its head of product development. International investment management firm Baring Asset Management has appointed Katie...

Nelson, Boyle join FSSC board.
September 4, 2008... Byline: Hannah Benjamin Two new board members have been appointed to the Financial Services Skills Council, reflecting its increasing responsibility for both accountancy and financial services. Two new board members have been appointed...

Sterling falls against euro.
September 4, 2008... Sterling has tumbled to its lowest ever rate against the euro. Sterling has tumbled to its lowest ever rate against the euro. On Monday, the euro was trading at more than 81p on the foreign exchanges, meaning holidaymakers planning to...

Holiday homes may soon be 'too pricey'.(vacation homes)(Brief article)
September 4, 2008... Holiday homes abroad could be made worthless by the credit crunch fallout and rising jet fuel costs, aviation experts have warned. Holiday homes abroad could be made worthless by the credit crunch fallout and rising jet fuel costs, aviation...

BestInvest widens access to discretionary management.(online discretionary management service )(Brief article)
September 4, 2008... BestInvest's discretionary management platform is being rolled out to advisers to help them manage client portfolios more cost-effectively. BestInvest's discretionary management platform is being rolled out to advisers to help them manage...

Tenet to roll apprentice plan out to whole network.
September 4, 2008... Byline: Hannah Benjamin 10-firm pilot will be widen to take in all 1800 firms Tenet's pilot mortgage broker apprenticeship scheme looks to be rolled out across its whole network of advisers at 1800 firms in the next month. The...

Tories rejig IHT policy.
September 4, 2008... Byline: Hannah Benjamin The Conservatives have announced plans to allow families to inherit up to GBP2m tax-free, according to reports. The Conservatives have announced plans to allow families to inherit up to GBP2m tax-free, according...

Lack of confidence in with profits does not surprise.(profits investments)(Report)
September 4, 2008... Byline: Hannah Benjamin The fall in confidence of with profits investments is nothing new as they have been in decline for a number of years, claims a leading expert. New research by investment management company Managing Partners...

IFP gears up for Financial Planning Week.
September 4, 2008... Byline: Girlie Garduce The IFP prepares for its ground-breaking Financial Planning Week The most important consumer finance initiative looks set to aid millions in financial planning, according to Jane Wheeler, president for the...

Checkmate appoints Stimson.
September 4, 2008... Byline: Hannah Benjamin Peter Stimson has been appointed commercial director at Checkmate Mortgages Limited, a new lender preparing to launch in the first-quarter of 2009. Peter Stimson has been appointed commercial director at...

More wealthy investors are going green.(green investments)(Report)
September 4, 2008... Byline: James Redgrave Report from Eurosif believes high-net worth individuals will soon account for 12 per cent of green investments. The wealthy are making green investment decisions in growing numbers, a report from the European...

Kalff in MD role for Deutsche.
September 4, 2008... Byline: James Redgrave Deutsche Bank has appointed Robert Kalff as a managing director. Deutsche Bank has appointed Robert Kalff as a managing director. Mr Kalff joins after nine years at Credit Suisse to lead a new business based...

Future look tougher for societies, warns KPMG.(savings and loan associations profit fall by 30 milian)(Report)
September 4, 2008... Byline: Joy Dunbar The second round of the credit crunch could cause problems for the building society sector, according to a report by KPMG. The report by the accountants, called Building Societies Database 2008, states that building...

L&G doubles immediate cover period.(Legal and General Group PLC)(Brief article)
September 4, 2008... Byline: Fiona Nicolson Extension will provide 'valuable peace of mind', company believes Legal & General has enhanced its protection product by doubling the duration of its cover period for clients waiting for their applications to...

Jacob takes up listed assets role for Henderson.
September 4, 2008... Byline: James Redgrave Henderson Group has appointed David Jacob as chief investment officer and managing director of listed assets. Henderson Group has appointed David Jacob as chief investment officer and managing director of listed...

Volatility is pushing more people to building societies, says BSA.(Building Societies Association)(Report)(Brief article)
September 4, 2008... Byline: Fiona Nicolson Net receipts into building societies doubled to GBP1.4bn in a year Building society net receipts doubled to GBP1.4bn in July compared with last year's figures, according to figures from the Building Societies...

New Star will turn performance around, says Chelsea.
September 4, 2008... Byline: James Redgrave Asset manager reports first-half profits of GBP19m, down from GBP34m in 2007 New Star Asset Management's GBP15m loss of profits was "not a surprise" but the company should "turn it around", an IFA has claimed....

Banks come under fire over transfer rates.
September 4, 2008... Byline: James Redgrave High street names are offering 'uncompetitive' rates when it comes to currency transfers High street banks are costing clients thousands of pounds each in "uncompetitive" rates, an intermediary has warned. ...

Insight adds Market Neutral to Cofunds.(return on equity services)(Brief article)
September 4, 2008... Byline: Fiona Nicolson Move is 'important step in distribution strategy' according to investment house Insight Investment has announced that its Absolute Insight UK Equity Market Neutral fund has gone live on investment platform...

Yorkshire adds price comparison option to its web offering.(Yorkshire Building Scoeity has introduced a price comparison website)(Brief article)
September 4, 2008... Byline: Fiona Nicolson Service is being offered in conjunction with eConveyancer Yorkshire Building Scoeity has introduced a price comparison website following the introduction of its online conveyancing service last year. The...

Pressure on government to overhaul stamp duty increases.
September 4, 2008... Byline: Fiona Nicolson Brokers not impressed by 'debacle' surrounding recent move to introduce stamp duty holiday Keith McNally, co-founder of specialist home move service Moveme has suggested steps the government should take to kick...

Advisers flock to join IFA Life website.(Website overview)
September 4, 2008... Byline: Fiona Nicolson Company reports more than 5000 have joined since new website was launched in July Since the launch of a new website in mid July, more than 500 IFAs have signed up to IFA Life, the online business and financial...

CII witness rush to take up higher qualifications.(Report)(Brief article)
September 4, 2008... Byline: Joy Institute prepares for huge increase in demand for qualifications after 60 per cent exam rise There has been a 60 per cent rise in people in the financial services industry enrolling for the Chartered Insurance Institute's...

Gov't must take decisive action, warns RICS.
September 4, 2008... Byline: Joy Dunbar The Royal Institution of Chartered Surveyors supports a 15-point plan to tackle the credit crunch's effect on the housing market. Dealing with the current housing market downturn requires significant and decisive...

Bodies publish cash Isa transfer guidelines.
September 4, 2008... Byline: Joy Dunbar New guidelines to improve the cash Isa transfer process have been published by the British Bankers' Association, the Building Societies Association and the Tax Incentivised Savings Association. New guidelines to...

Premium bond winners come from Manchester and Somerset.(National Savings and Investments jackpot draw )(Brief article)
September 4, 2008... Byline: Joy Dunbar Premium Bonds purchased in 2006 created two overnight millionaires in September's GBP1m jackpot draw. Premium Bonds purchased in 2006 created two overnight millionaires in September's GBP1m jackpot draw. In...

Taylor applies to HMRC for Sipp transfer.(United Kingdom. Her Majesty's Revenue and Customs)(Transferring protected rights)(Brief article)
September 4, 2008... Byline: Fiona Nicolson Adviser plans to be able to accept protected rights transfer from October Preston-based financial adviser Taylor Patterson expects to be able to accept transfers of protected rights into the three versions of...

Bank data shows lending fell GBP8bn in four months.
September 4, 2008... Byline: James Redgrave Loans on secured dwelling stood at GBP14.6bn, down from GBP22.4bn in April Mortgage lending in July plummeted more than GBP8bn from April, according to Bank of England figures. Some 144,000 loans on secured...

Bodies under pressure to tackle annuity transfer delays.
September 4, 2008... Byline: James Redgrave Research from Virgin Money claims that slow transfer of payments between providers could cost pensioners up to GBP10,000 The FSA and the Association of British Insurers need to take action to reduce delays in...

Real rate of inflation hits 9 per cent for elderly.
September 4, 2008... Byline: Fiona Nicolson Survey from Alexander Forbes highlights issues for this buying pension income from an annuity Real inflation is running at 9 per cent for UK pensioners, according to research by London-based Alexander Forbes...

Don't panic just yet.(chancellor Alistair Darling)(Brief article)
September 4, 2008... Byline: Hal Austin Amid the panicking about his opinions on the economy, the chancellor may have a point As the economic seas get rougher it is understandable that a number of people on board the SS GB will become seasick. But the...

Hargreaves buck trend while Park Row bemoans 'turbulent' markets.
September 4, 2008... Byline: Joy Dunbar IFA firms Park Row and Hargreaves Lansdown announce half-year results Park Row, has made an operating loss in excess of GBP1.6m according to Royal Liver which owns the IFA according to its results in the first half...

Reversing the family roles.
September 4, 2008... Byline: Hal Austin Why is it that one of the obvious solutions to the pensions crisis, even if not a commercial one, is never even whispered in polite company? Why is it that one of the obvious solutions to the pensions crisis, even if...

Hodge to give GBP150 to Equity Release Club members.(Equity Release Club has teamed up with Hodge Equity Release)(Brief article)
September 4, 2008... Byline: Fiona Nicolson Offer is available for lump sum and drawdown products Hodge Equity Release will pay GBP150 cashback to Equity Release Club members on its lump sum and drawdown lifetime products on all applications until 31...

New identity.(New brand identities have been given to the Ascentric and Fundsdirect)(Acquisition of Fundsdirect and Ascentric Wrap)(Brief article)
September 4, 2008... Byline: Maike Currie New brand identities have been given to the Ascentric Wrap and FundsDirect brands in a bid to clearly communicate their respective activities. New brand identities have been given to the Ascentric Wrap and...

Bless this office.(Ascentric's new Indian operation)(Brief article)
September 4, 2008... Byline: Maike Currie Ascentric's new Indian operation in Bangalore has been given a traditional Hindu ceremony consecrating the office to provide prosperity and success for all those who work there. Ascentric's new Indian operation in...

Helm to hit acquisition trail.
September 4, 2008... Byline: James Redgrave In spite of pre-tax profits fall City-based adviser says there is still money in the bank to grow Bruce Wilson, managing director of Helm Godfrey, has promised further acquisitions after the firm recorded profits...

Ipswich FC chairman becomes Coutts' man in East Anglia and Midlands.
September 4, 2008... Byline: Hannah Benjamin David Sheepshanks, chairman of the Ipswich Town football club, has landed a key role at Coutts & Co, managing client relationships in Norfolk and Suffolk. David Sheepshanks, chairman of the Ipswich Town...

Developed world investors are more risk averse than their emerging markets counterparts: Barclays Wealth.
September 4, 2008... Byline: Fiona Nicolson Study identifies a wide divergence of reactions and attitudes towards risk during the credit crunch In times of economic tension investor behaviour can become exaggerated and irrational in the rush to protect...

IFA says SNP is talking a "load of nonsense".
September 4, 2008... Byline: Hannah Benjamin Claims that banks should treat Scottish families more favourably than their English counterparts have been branded "nonsense" by one Scottish mortgage adviser. Claims that banks should treat Scottish families...

Blanchflower calls for cut.
September 4, 2008... Byline: Maike Currie David Blanchflower, a member of the Bank of England's powerful monetary policy committee, has called for a huge cut in interest rates to stave off recession and the accompanying high unemployment.US-based Mr...

Hiscox, PYV widen liability portfolio for IFAs, brokers.
September 4, 2008... Byline: Hannah Benjamin PYV has teamed up with specialist insurer Hiscox to provide its management liability portfolio to IFAs and mortgage intermediaries for the first time. PYV has teamed up with specialist insurer Hiscox to provide...

Traub is Southeast Asia bound for Castlestone.
September 4, 2008... Byline: James Redgrave Castlestone Management has made Alexander Traub its director of business development for Southeast Asia. Castlestone Management has made Alexander Traub its director of business development for Southeast Asia....

Artemis appoints Keattch.
September 4, 2008... Byline: James Redgrave Artemis has appointed Ruth Keattch as a fund manager. Artemis has appointed Ruth Keattch as a fund manager. Ms Keattch worked for Granville as head of equities before moving to Ruffer Investment Management...

UBS appoints Cronje to head UK wealth management.
September 4, 2008... Byline: Hannah Benjamin UBS has appointed a new chief executive to its struggling wealth management division in the UK UBS has appointed a new chief executive to its struggling wealth management division in the UK Andre Cronje...

WHO calls for assessment of public health policies.
September 4, 2008... Byline: Hannah Benjamin World Health Organisation report says UK is trailing on life expectancy A "toxic combination" of bad policies, economics and politics is "killing people on a grand scale", a World Health Organisation report...

Gov't care reform talk is a 'step in the right direction'.(carers' rights)(Brief article)
September 4, 2008... Byline: Hannah Benjamin Overhaul of carers' rights and benefits is long overdue, according to CBK Calls to pay carers up to GBP110 a week for looking after sick and elderly relatives are a step in the right direction, according to an...

OBSR makes three key appointments.
September 4, 2008... Byline: James Redgrave Old Broad Street Research has made three appointments to its research and support teams. Old Broad Street Research has made three appointments to its research and support teams. The research team...

Rensburg hopes for a blooming success.(Rensburg Sheppards Investment Management will sponsor Gardens of Scotland handbook)(Brief article)
September 4, 2008... Byline: James Redgrave Investment manager sponsors guide to Scottish gardens Rensburg Sheppards Investment Management will sponsor this year's Gardens of Scotland handbook. The Scotland's Gardens Scheme charity book lists gardens...

Royal Liver gets aggressive to offset Park Royal.(Royal Liver Group aims to recruit investment advisers)
September 4, 2008... Byline: James Redgrave Group aims to increase adviser numbers by 40 in the next few months Royal Liver Group is hoping to recoup the losses from its UK advice and distribution arm Park Row with an aggressive expansion into the market....

By 2060 a quarter of Britons will be over 65, says EU.(European Union)(population forecasting)(Report)
September 4, 2008... Byline: James Redgrave European Union data analysts report says over 80s in Britain will double in 40 years The proportion of the UK population aged over 65 is set to skyrocket to a quarter of the total over the next 40 years, EU...

Tenth of workforce fearful of redundancy, claims TUC.
September 4, 2008... Byline: Fiona Nicolson Research from the trade union shows workers in Scotland and Wales are most worried More than one in 10 British workers now fear for their jobs as a result of the economic slowdown, according to the Trades Union...

Northern Rock borrowers are being hit hard.
September 4, 2008... Byline: Fiona Nicolson Research from Standard & Poor's has found that Northern Rock borrowers are suffering financial problems at a faster rate than the overall market. Research from Standard & Poor's has found that Northern Rock...

Fidelity platform-based cash account will 'shake up' sector.(Fidelity FundsNetwork's CashManager account services)(Brief article)
September 4, 2008... Byline: Hannah Benjamin A new platform-based cash account is set to shake-up the advised platform market by offering clients unrivalled benefits by letting them hold cash and earn interest at the same time. A new platform-based cash...

Confidence returning to mortgage market, claims Yorkshire.
September 4, 2008... Byline: Fiona Nicolson Building society has also reduced rates on two and three-year fixed rate deals Yorkshire Building Society believes borrowers' confidence is returning to the market, as mortgage rates fall. While many...

Crunch is starting to bite as fund sales fall.
September 4, 2008... Byline: Hannah Benjamin Assets under management for UK funds falls by 3 per cent, IMA statistics reveal Cash coming into UK investment funds has fallen slightly, according to the latest figures from the Investment Management...

Jelf looks to Conn as it has Oxfordshire in its sights.
September 4, 2008... Byline: James Redgrave Acquisition-hungry IFA brings in new man to extend along the Thames Valley The Bristol-based Jelf Group has appointed Paul Conn to lead the company's planned expansion into Oxfordshire. The intermediary firm...

Axa promises spring launch for tele-underwriting service.
September 4, 2008... Byline: James Redgrave Insurer believes it needs to make its systems more flexible Axa is to launch a new online underwriting service in the spring to bring it in line with competitors, according to its managing director for...

TFC rejoins Kensington.(TFC Homeloans acquired Kensington Mortgages)(Charles Morley)(Brief article)
September 4, 2008... Byline: Maike Currie TFC Homeloans, part of the Orbiter Group, has announced it has been reinstated on the Kensington Mortgages packager panel. TFC Homeloans, part of the Orbiter Group, has announced it has been reinstated on the...

Take a look at this.
September 4, 2008... Byline: Maike Currie Joint spectacle drive brings in more than 250 pairs for charity Mansfield Building Society's and Pinder's Optometrists' Vision Aid Overseas drive has been a huge success, with more than 250 pairs of old spectacles...

Dunfermline aims to make sure crunch doesn't bite into Christmas.(Dunfermline Building Society has launched a new savings plan)(Brief article)
September 4, 2008... Byline: Fiona Nicolson Building society rolls out a Christmas savers scheme Dunfermline Building Society has launched a new savings plan, the Christmas savers scheme, targeted at customers feeling the effects of the credit crunch in...

LV= sets out roadmap for Highway transaction.
September 4, 2008... Byline: Fiona Nicolson Shareholders to receive 75p for each share held LV= has announced the terms of a recommended cash offer for the Highway Insurance Group. Under the terms of the offer, Highway shareholders will receive 73.35p...

Skandia places adviser reaction at heart of wrap approach.
September 4, 2008... Byline: Fiona Nicolson Company looks to former UK development manager's relationship with advisers to help shape offering Financial advisers look set to benefit from new measures introduced by Skandia aimed at enhancing its investment...

Manager stability set to boost sector, says Defaqto.(fund manager movement)(Report)(Brief article)
September 4, 2008... Byline: James Redgrave Manager merry-go-round has stopped and may add some stability, argues report The multi-manager sector could benefit from the slowdown in manager moves this summer, according to a report from Defaqto. Its...

Bias in property funds is too strong towards UK, says Morrell.
September 4, 2008... Byline: James Redgrave Guy Morrell, the newly appointed HSBC multi-manager chief, has claimed property funds are showing too strong a "bias" towards the UK. Guy Morrell, the newly appointed HSBC multi-manager chief, has claimed...

Why shocking value for money will attract GBP8bn this year.(investment management)(Viewpoint essay)
September 4, 2008... Byline: Peter McGahan The UK structured-protected market is likely to attract GBP8bn this year I had more than a shock last week when I had a chat with a member of a fund management team at a large investment house who explained that...

Taylor grows assets under management to GBP120m.(financial advisory group Taylor Patterson )(Financial report)(Brief article)
September 4, 2008... Byline: Fiona Nicolson Rise represents a growth of GBP100m in the past two-and-a-half years The wealth management division of financial advisory group Taylor Patterson has announced a substantial increase in assets under management....

Carbon initiatives.
September 4, 2008... Byline: Maike Currie More than two-thirds of small businesses have yet to implement any carbon reduction initiatives, a survey by business advisory firm Deloitte found. More than two-thirds of small businesses have yet to implement any...

Rock repeat is unlikely, claims F&C's Scott.(F and C Investment Management Ltd)(Brief article)
September 4, 2008... Byline: Fiona Nicolson Bank collapsed due its approach to risk not the impact of the market, claims manager Ted Scott, manager of the F&C UK Growth and Income fund, has dismissed concerns that other UK banks could be on the brink of...

Professionalism is an attitude not a qualification.
September 4, 2008... Byline: Terry Warren Other 'professions' do not appear to use the principles enshrined within TCF At the risk of being lynched by my fellow IFAs, I feel sorry for the FSA. We all forget that its remit is consumer protection and not the...

Sector managers are being overly defensive - M&G.(acquisitions and mergers)
September 4, 2008... Byline: James Redgrave Fund managers need to get away from low yield investments and start to make returns Managers of low volatility funds are focusing too much on low yield investments and should be making more money, according to...

Skandia adds three to multi-manager team.
September 4, 2008... Byline: James Redgrave Skandia has added to its multi-manager team with the appointment of three new staff members to its investment group. Skandia has added to its multi-manager team with the appointment of three new staff members to...

Mystery Shopper: Birmingham.
September 4, 2008... Byline: Maike Currie This week the shopper visits Birmingham to find out about different pension options This week, the mystery shopper is enquiring about different pension plan options. The shopper has just resigned her job and now...

Bet your bottom dollar?(Independent Financial Advisers)
September 4, 2008... Byline: Danny Cox It is impossible to call when the market will bottom out, however people investing now who adopt a long-term approach should reap the rewards Perhaps the two biggest topics of conversation in the office this week...