Financial Advisor back issues from October 2007:
Life partners emerge after sector shake up.(Association of British Insurers patnershipwith Investment Management Association)
Oct 04, 2007 ... Byline: ABI and IMA form working party after radical overhaul of fund classification Two of the most powerful trade associations in financial services will form a working party following the introduction of the first new classification for life and pension products for over a ...
Openwork on target to meet.
Oct 04, 2007 ... Openwork has increased mortgage sales across its 40-strong lender panel, the company has reported. Total mortgage origination from the financial services distribution network year-to-date has increased by more than 20 per cent and the business is in line to meet its target of ...
Market has 'to alter in wake' of Close call.
Oct 04, 2007 ... Byline: Restructuring is now an inevitability, claim commentators The market will suffer a fundamental restructuring, according to industry commentators following Lehman Brothers' withdrawal from the sub-prime market and repricing by names such as Mortgages PLC and GMAC. ...
Fixed dominant mortgage type: Abbey.
Oct 04, 2007 ... Most homeowners would choose a fixed rate mortgage over a tracker if they had to remortgage tomorrow, according to a recent Abbey survey. Nearly four out of five - 79 per cent - homeowners said they would choose a fixed rate product. Broken down into specific products, 40.3 per ...
Household wealth twice as much as 10 years ago.
Oct 04, 2007 ... Household wealth has more than doubled over the past decade, according to Halifax Financial Services. Research carried out by the financial services arm of the HBoS group showed the total value of assets held by all households in the UK has risen 127 per cent during the period. ...
Dubai or not Dubai, that is question for John Charcol.
Oct 04, 2007 ... Byline: London-based broker rolls out Dubai deal to end what it terms 'historic struggle' to get mortgages John Charcol has launched a mortgage for UK investors in the Dubai property market. The mortgage will be advanced by the National Bank of Dubai and underwritten ...
Consumers feel pressured to buy PPI - Capital Blue study.(payment protection insurance)(Brief article)
Oct 04, 2007 ... More than 30 per cent of consumers felt pressured to buy insurance in association with mortgages, according to research from Capital Blue, a market research company. As many as 11 per cent felt under pressure to take out payment protection insurance, while many others had ...
Buy-to-let remains resilient as the market starts to turn - Paragon.(Brief article)
Oct 04, 2007 ... Buy-to-let remains strong even while the main housing market is showing signs of weakness, according to specialist lender Paragon. Rental yields are stable, overall returns are steady and landlords are adding to their portfolios. The firm's September Buy-to-Let index ...
Watchdog reports a lack of clarity in PPI.
Oct 04, 2007 ... Byline: Industry continues to see PPI as 'an easy sale with big commissions' - FSA Many companies are still failing to treat customers fairly when selling payment protection insurance, an FSA consumer panel has concluded. Although the regulator found improvements in ...
You can only run so long on empty.
Oct 04, 2007 ... Byline: There is a danger that the current credit crunch may turn into a distribution crunch among UK lenders Do not cry in your soup. This is not another of those articles about what is happening in the US, where banks have been falling over themselves to lend to the ...
Attacked from all sides at once.
Oct 04, 2007 ... Looking back, August turned out to be far from a quiet holiday month. Led by worries about rising defaults in the US sub-prime mortgage sector, financial markets suffered a period of severe volatility. Equity markets saw sharp daily fluctuations in prices, although by the end of the month ...
Sailing close to the wind.
Oct 04, 2007 ... The recent news that Close Brothers has suspended its mortgage subsidiary should be a wake-up call to all those other lenders who had flirted with, or indeed married investment banks. Just a couple of years ago several sub-prime lenders went dancing up the aisle with the big, ...
Don't panic, you stupid boy...(Northern Rock PLC)
Oct 04, 2007 ... ...or just stay silent, Darling BBC newsreader Huw Edwards made an unfortunate slip of the tongue early on during the Northern Rock crisis when he referred to the company as "Northern Wreck." Perhaps it was no slip of the tongue, after all. Thousands of words have ...
How to play a service game.
Oct 04, 2007 ... Byline: Ways to improve custmer service The first week in October is National Customer Service Week. Seven days designed to promote the importance and value of serving customers well. It is a week during which staff in participating companies will receive a degree ...
Care in the community.
Oct 04, 2007 ... Byline: The Marsden Building Society is a great example of a financial institution being about the local community In an age of demutualised building societies when personal customers are publicly battling financial institutions over accusations of unfair banking fees, the ...
Re-drawing all the battle lines.
Oct 04, 2007 ... Byline: The fight for advisers is not just about finding best rates but seeking a lender willing to take on sub-prime The money markets are in turmoil, and some say that the housing market is on the edge of a chasm. Which means only one thing for brokers: selecting the right ...
Advisers are turning to survival plans - society.
Oct 04, 2007 ... Byline: Brokers bracing for a downturn, claims Society of Mortgage Professionals Mortgage brokers and packagers are making contingency plans to help them cope with a possible market downturn. Richard Fox, director of the Society of Mortgage Professionals, said: ...
Average family tag does 'not apply to most'.(Brief article)
Oct 04, 2007 ... The British stereotype of mum, dad and 2.4 children is fast disappearing, according to Birmingham Midshires, which could have an impact on how advisers consider treating customers asking for mortgages. According to research by the mortgage lender, 63 per cent believe the ...
IMLA backs Bank's steps to tackle the credit crunch.
Oct 04, 2007 ... The Intermediary Mortgage Lenders Association has welcomed the Bank of England's involvement in offering additional funds to ease the credit crunch in the UK. Last month, the Bank offered AGBP10bn-worth of three-month loans at a penal rate of 6.75 per cent, 1 per cent above base ...
L&G abolishes key policy requirement in an industry first.(Legal and General Group PLC)(Brief article)
Oct 04, 2007 ... Legal & General is to abolish the requirement to notify any change of health or circumstances before a customer's policy starts, according to the provider. Until now, Legal & General has followed industry practice, known as ongoing duty of disclosure, that requires customers to ...
Osborne vows to lift the IHT threshold to AGBP1m under Tory rule.
Oct 04, 2007 ... The Tory party plans to tax workers in the UK that are domiciled offshore to the tune of AGBP25,000 in move the Treasury estimates will affect 26,000 people. In his speech to the Conservative Party Conference in Blackpool, shadow chancellor George Osborne, said the next ...
GB Group gives IntelliFlo easier client ID checks.(IntelliFlo joins patrnership with GB Group )(Brief article)
Oct 04, 2007 ... IntelliFlo has sealed an alliance with technology specialist GB Group to help advisers work more efficiently, the financial services back-office system provider announced. The provider hopes to transform customer ID verification from a pile of paperwork and lengthy delays into a ...
Norwich Union joins PMS panel.(IFA Financial Adviser provides services to insurance firm)(Brief article)
Oct 04, 2007 ... IFAs will be offered specialist rates through the Premier Mortgage Services panel that Norwich Union announced it has joined. Norwich Union, the life and pensions provider, has joined the PMS panel, the UK mortgage club for intermediaries which has a total of 10,000 members. ...
Bosses enjoy 16% rise in pay - KPMG.
Oct 04, 2007 ... Byline: KPMG's survey reveals executives benefited from a 16% payrise, a very sharp increase from last year's 9% Some of the UK's managerial elite are earning more than 100 times what they pay many of their workers, following an inflation busting 16 per cent bonanza in average ...
Greenspan says US recession is likely.
Oct 04, 2007 ... There is about a 50-50 risk of recession in the US as the sub-prime debacle unwinds, according to the former chairman of the US Federal Reserve, Alan Greenspan. Speaking recently on Radio 4's Today programme, he added the economic climate is "less optimistic" than he would like ....
IMA gives new property paper nod of approval.
Oct 04, 2007 ... Pensions, charities and self-invested pensions, Isas and child trust fund investors should not pay tax on Property Authorised Investment Funds, the Investment Management Association says. The association said that it welcomed the discussion paper on PAIFs from the Treasury and ...
Watchdog growls at with profit providers.
Oct 04, 2007 ... Byline: FSA sends letter out to chief executives warning over information errors Companies are not devoting enough attention to running off closed with profits funds, and management should take prompt action to address any shortcomings, the FSA has warned. The ...
Aifa takes on Brussels muscles.
Oct 04, 2007 ... European legislation is increasingly influencing the IFA market and more policy decisions are being made from Brussels, according to the director general of the Association of IFAs. Chris Cummings said Europe is now one of the biggest issues facing financial advisers after the ...
Bupa alters its group inc protection plan.
Oct 04, 2007 ... Bupa has amended its group income protection product so that individuals can receive a maximum benefit of 75 per cent of their income, regardless of any state incapacity benefit entitlement and in anticipation of future welfare reform changes. Bupa said the norm in the industry ...
DWP publishes consultation paper over age discrimination.
Oct 04, 2007 ... The department of work and pensions has issued a consultation paper covering age discrimination and the impact on flexible retirement with the aim of offering further exemptions to employers. It suggests that employers and trustees are unsure how the rules work and so are ...
Tough times await us, says CBI.(growth of financial services)
Oct 04, 2007 ... Byline: Financial service sector's anticipated 'cooling off' period has not materialised, signalling difficult months ahead The financial services sector expects a tougher quarter ahead, according to the latest Confederation of British Industry and PricewaterhouseCoopers ...
France proposes tax relief law for expats.
Oct 04, 2007 ... New tax measures in France would give primary UK property investors tax relief by introducing it on 20 per cent of the interest paid on mortgages up to AGBP5110 a year. As French President Nicolas Sarkozy introduces the new tax measures, he also intends to treble the inheritance ...
Focus rolls out front-end Sipp tool for intermediary market.
Oct 04, 2007 ... Focus Solutions is launching a front-end intermediary tool for the sale of Sipp products, in response to increased demand from providers, the company said. The firm is offering a single point of sale solution to support the sale of regulated financial products across multiple ...
Household wealth has more than doubled in past decade - Halifax.
Oct 04, 2007 ... The total value of wealth held by all households in the UK has risen by 127 per cent over the past 10 years, according to new research from Halifax Financial Services. Net household wealth - after the deduction for outstanding debt balances - increased from AGBP2.8 trillion at ...
Mott's Income fund to open to wider range as result of FundZone deal.
Oct 04, 2007 ... Standard Life has added the PSigma Income fund to its FundZone platform. The AGBP230m PSigma Income fund, managed by Bill Mott, was launched on 5 April, having raised AGBP108m during the launch period. Mr Mott is one of the best known equity income fund managers in ...
'Crunch won't bite', says society as lending falls.
Oct 04, 2007 ... Byline: Building society reports robust criteria will help it retain first half increase Britannia Building Society has reported an 8 per cent increase in profits for the first six months of the year to AGBP81.7m. However, it has revealed its mortgage lending was ...
Can Life rolls out Dimension plan.
Oct 04, 2007 ... Canada Life International is launching the first of a range accounts which will offer advisers and clients access to more funds with flexible commission and charging options. According to the global financial services group, the Dimension Preference Account will be launched ...
Commission clarity calls are 'rising'.
Oct 04, 2007 ... Byline: Scottish Life reports an increasing interest in transparent remuneration formats and flexible commission plans Scottish Life, the pensions specialist arm of the Royal London Group, has reported a growing demand from IFAs and their clients for transparent and flexible ...
Alternative routes for pensions rise.
Oct 04, 2007 ... People increasingly are opting to control their pensions through alternative investments and self-invested personal pensions at the expense of personal and stakeholder pensions, according to The Pensions Report 2007. The report found that 63 per cent of IFAs report that clients' ...
New Star 'cautious' in spite of first half rise.(New Star Asset Management Ltd.)(Financial report)(Brief article)
Oct 04, 2007 ... New Star Asset Management reported that operating earnings went up 58 per cent to AGBP48.1m in the first six months of this year. In the same period last year profits were AGBP30.5m. The unaudited interim results for the six months to 30 June show that net revenues ...
Eq Life picks Pru in sell off deal.
Oct 04, 2007 ... Equitable Life, once Britain's most contentious mutual, has moved to offload its AGBP1.7bn with profits annuities to Prudential in a transfer said to be the first of its kind. Pru succeeded in bidding for the fund transfer which, if given the go-ahead from voting members at an ...
Doubts linger over client confidence.
Oct 04, 2007 ... While Equitable Life's board will be hoping the proposed deal with Prudential will mark the opening lines of the final chapter in the mutual's tumultuous history, ramifications for the financial services industry and consumer confidence remain. The most damning indictment of ...
Move to draw a veil over a testing period which saw Eq Life tumble.
Oct 04, 2007 ... The first half of this decade was a tricky time for many financial services firms but possibly none more than Equitable Life, the World's oldest mutual insurer and now a "dirty word" in financial services. Throughout 2000 and into 2001, Equitable Life started sending out ...
Now focus turns to the remaining policyholders.
Oct 04, 2007 ... It appears hard to see why the Prudential with profits annuity transfer from Equitable Life would not receive member ascent and wrap up by the end of the year. What is less clear and perhaps more intriguing is what will become of the remaining 350,000 with profits policyholders ...
New Mental Health Act to aid law.
Oct 04, 2007 ... Byline: New Mental Capacity Act grants new lasting powers for those who are unable to look after their own finances New lasting powers of attorney under the Mental Capacity Act came into effect on 1 October that are aimed to assist individuals unable to manage their finances. ...
Staff look set to quit financial services sector north of border.
Oct 04, 2007 ... A third of Edinburgh's financial services workers are actively seeking new jobs - but not necessarily for higher wages, according to research. A study by recruitment firm Robert Half Finance said that four in five of those wanting to move cite better career development ...
Just Retirement announces plan to offer multi-tied advice service.
Oct 04, 2007 ... Just Retirement, the UK specialist retirement provider, has launched a new multi-tied advisory service. Just Retirement Solutions will offer clients advice on releasing equity from their property. Areas that will be covered are advice on lifetime mortgages, home reversion plans ...
Cockburn Lucas signs book deal with fellow East Midlands firm.(Cockburn Lucas IFC Ltd. and Fiscal Engineers Limited.)(Brief article)
Oct 04, 2007 ... Cockburn Lucas IFC is to take on to its books some clients from Fiscal Engineers Limited for an undisclosed fee, the two East Midlands wealth management companies announced. The clients who are to move have about AGBP2.5m in assets under management. The deal follows several ...
BTL could be next to go - experts.(Moneyfacts.com)
Oct 04, 2007 ... Byline: Moneyfacts claims that the action of several buy-to-let lenders is reminiscent of those taken by sub-prime firms The affects of the credit crunch have now reached the buy-to-let sector, with lenders increasing fees and pulling products, Moneyfacts has revealed. ...
Spiers denies ending ties with BestInvest.(opinions of John Spiers)(Brief article)
Oct 04, 2007 ... John Spiers, former chief executive of BestInvest, has told Financial Adviser that he is still "very much part" of the company he founded. In July, private equity group 3i bought the IFA group and Mr Spiers stepped down as chief executive at the beginning of the year. However, ...
Ifap speaks out over Which? move to brand multi-tied 'independent'.
Oct 04, 2007 ... IFA Promotion has "grave" concerns about the impact of proposals for tied advisers to call themselves independent, after results from Which? showed that the majority of tied advisers failed to pass all the benchmarks for giving good advice. David Elms, chief executive of the ...
Final range is re-styled in Barclays adviser drive.
Oct 04, 2007 ... The adviser-centred revamp of Barclays' capital protected investment range has concluded with the enhanced re-styling of its Defined Returns Plan, the bank said. The move follows Barclays' success in raising more than AGBP100m in the last 12 months through this product range and ...
Rock ripples market, but prices stabilise.
Oct 04, 2007 ... Byline: Market recovers after bank saga, but underlying movement is downwards UK house prices showed signs of stabilising after a short period of uncertainty following the Northern Rock saga, according to two reports released last week The Assetz house price survey ...
Proact reacts to feedback from clients by rebranding.
Oct 04, 2007 ... Proact, the West Midlands-based IFA group, announced it is rebranding its team of 50 advisers, as a result of feedback from IFAs and clients. Commenting on the key issues that were raised from adviser and client research, Simon Williams, distributing marketing manager of ...
Bank's data supports our market outlook, claims Hometrack.
Oct 04, 2007 ... The latest mortgage data from the Bank of England supports Hometrack's outlook on the UK property market, the UK housing intelligence business reported. Gary Styles, strategy, risk and economics director for Hometrack, said that data from the Bank of England's mortgage ...
Over-60s in the dark on equity value.(Norwich Union PLC)(Brief article)
Oct 04, 2007 ... Homeowners over the age of 60 now have more than AGBP841bn tied up in bricks and mortar, yet only 6 per cent would consider selling their property, research has revealed. In what equity release provider Norwich Union described as surprising research and an 'equity goldmine', ...
Mortgages Plc continues to pull sub-prime buy-to-let products.
Oct 04, 2007 ... Mortgages Plc has suspended its entire heavy and unlimited adverse products to prevent the business from becoming "isolated" in the adverse credit market, according to the lender. This move is a direct result of fallout from the Northern Rock debacle, the lender said, and added ...
New business levels boost A'deen assets.(Aberdeen Asset Management PLC)(Brief article)
Oct 04, 2007 ... Aberdeen Asset Management has seen assets under management rise 13.2 per cent in six months, reporting a total of AGBP91bn at the end of August. The company attributed this primarily to new business inflows which it said had continued at a healthy rate, despite the increasingly ...
Nearly one in 10 rely on property 'for pension'.
Oct 04, 2007 ... Byline: Some 7% of adults banking on property for retirement, claims Baring Some 3.2m people, or 7 per cent of UK adults, are relying on property investments to fund their retirement, according to Baring Asset Management. Baring said this leaves them dangerously ...
Cavanagh's growth starts in Cardiff.
Oct 04, 2007 ... IFA Cavanagh Group has opened a new office in Cardiff as part of plans to expand across the UK. With the opening of the new office, the Aim-listed group now has 11 offices nationwide. A staff of 160 manages assets of more than AGBP1bn. Simon Redgrove, managing ...
Things hot up in Rugby comp as the quarter finals near.
Oct 04, 2007 ... So the group phase has been completed and the minnows of international rugby - including Wales and Ireland - depart the scene for the knock out stages - and now it is Quarter final weekend in the 2007 Rugby World Cup. There are two real mouth-watering encounters - one which sees ...
Mazars recruits across the board.
Oct 04, 2007 ... Mazars Financial Planning, the financial planning subsidiary of international accountants Mazars LLP, has begun its 2007 graduate training programme. Five graduates are undertaking four-year training contracts. MFP recruits 2:1 graduates from leading universities and provides ...
Missing returns results in FSA action.
Oct 04, 2007 ... Byline: The City watchdog issues final notices to two consultancy firms for their repeated failure to submit documents The FSA has taken enforcement action against two consultancy firms for failing to submit Retail Mediation Activities Returns. The regulator issued final ...
Interest on overdrafts cut for A&L customers.(Alliance & Leicester PLC)(Brief article)
Oct 04, 2007 ... Alliance & Leicester current account customers will not be charged overdraft interest from 22 October, the firm has announced. Instead a set of daily fees for overdrafts will replace interest payments. Customers will pay 50p a day for an agreed overdraft, to be capped at AGBP5 a ...
AMI slams BBC show on sub-prime mis-selling.
Oct 04, 2007 ... Byline: Cummings highlights FSA report clearing industry of widescale mis-selling Trade bodies representing mortgage lenders and intermediaries have hit back at claims of alleged mis-selling in the industry. Defending mortgage brokers against claims made in a BBC ...