Old Mutual’s Ventre: Why past performance means nothing

Yesterday’s winners are inevitably dragged down by their own success, Old Mutual Global Investors multi-manager head John Ventre says.

UK GDP grew by 0.9% in Q2

The figure for the second quarter marks the fastest growth seen in the last nine months and is also 3.2 per cent higher than the same quarter in 2013.

Adviser summoned to Crown Court over £1m investment fraud

John Field, 77, is alleged to have fraudulently obtained more than £1m from 33 investors over a 9-year period.

State Street cuts fees on passive range

State Street says the cuts have an average drop of 20 per cent.

FSCS declares seven investment and pensions firms in default

Investment and pension firms among 14 businesses declared in default. 

Axa Sipp head Nick Elphick departs in management restructure

Axa Wealth has restructured its management team in a post-budget move which sees specialist Sipp and onshore division head Nick Elphick depart the firm.

Nationwide reports first drop in UK house prices for 17 months

Average UK prices fell 0.2 per cent between August and September, according to Nationwide.

BlackRock looks to boost tracker range

There are currently 18 UK-domiciled tracker funds under the BlackRock Collective Investment Funds umbrella.

Sesame restricted move prompts 6% member exit

Network sees 6 per cent of members leave after announcing plans for restricted move. 

TSC member: RDR impact comes at 'wrong time' for pension reforms

Conservative MP Mark Garnier tells the Tory conference that the RDR has had a bad impact.

Aberdeen outflows slow to £1.7bn

Redemptions at Aberdeen Asset Management dropped significantly from £8.8bn to £1.7bn in the two months to the end of August.

Pimco names Ivascyn as Gross successor

Ivascyn appointed following the departure of founder Bill Gross last week.

Ukip wants to scrap inheritance tax

Ukip economics spokesman calls for an increase in VAT to 25 per cent on luxury goods.

Ukip pledges to scrap inheritance tax

Ukip economics spokesman calls for an increase in VAT to 25 per cent on luxury goods.

Pimco founder Bill Gross quits for Janus

Pimco founder Bill Gross is leaving the firm to join Janus Capital to manage the Janus Global Unconstrained Bond fund and related strategies.

Government announces new Rent to Buy scheme

£400m Government initiative will offer tenants discounted rents for seven years before giving them the opportunity to purchase their new-build home.

Friends Life launches independent governance committee

Providers must have IGCs in place by January 2015.

Annuity providers eye platform technology for post-Budget decumulation

Annuity providers are in talks with investment platform technology providers to power retirement income propositions from April next year.

Woodford hits out at fund managers' fees and pay

Neil Woodford has hit out at the investment management association for charging customers too much and paying fund managers too much.

Advisers back FCA U-turn on independent advice and referrals

Change of stance will result in better consumer outcomes, say advisers. 

Second charge proposals could slash lending volumes by 20%

Between 10 and 17 per cent of consumers would no longer be granted a loan under proposals.

Carney warns insurers he could act over capital levels

Bank of England governor Mark Carney delivered a speech to the Institute and Faculty of Actuaries.

FCA U-turns on independent advice and referrals stance

The FCA has U-turned on its stance on independent advice and referrals following an outcry from the industry.

Lenders 'filled their boots' on non-income verified sales in run up to MMR

20 per cent of all mortgage sales in Q2 2014 had no income verification.

Sir David Howard to retire from Charles Stanley management

Long-serving Charles Stanley Group chief executive Sir David Howard is stepping back from day-to-day management owing to regulatory changes.

RBS chairman to step down

Sir Philip Hamption has served as chairman for five years. 

Miton Group makes £10m H1 loss

On an adjusted pre-tax basis the company reported a profit of £3.4m for the six months to 30 June, up almost 90 per cent on the same period last year.

Openwork acquires MetLife protection advisers

MetLife to focus on product manufacturing but other insurers weigh growth of direct salesforce

Fidelity cuts ongoing charges on Multi Asset passive range

Ongoing fees have been lowered from 0.45 to 0.25 per cent on Fidelity’s FundsNetwork platform.

FSCS defends ‘modest’ £3m PR campaign

FSCS targeting pensions freedoms in future communications. 

Apfa announces Towry as latest member

Wealth management firm Towry joins trade body. 

FCA bans adviser for false mortgage applications

Adviser overstated his income in two personal mortgage applications. 

Santander enters talks to merge AM arm with Pioneer

Banco Santander says no agreement has been reached at this satge on the structure and terms of the deal.

Nationwide opens up H2B1 to home movers again

Lender temporarily restricted shared equity deals to first-time buyers in June.

Old Mutual to float US asset management arm

Old Mutual has announced the intention to float its US asset management arm OM Asset Management.

Inaccurate FCA returns and account names: Why Barclays was fined £38m

Barclays mixed client money with other assets and held inaccurate data, FCA final notice reveals. 

Labour sets out concerns over Budget pension reforms

Labour has come under pressure from internal critics of the Government’s pension reforms.

Royal London appoints ex-Capita director to protection division

Debbie Kennedy joins provider’s intermediary protection business. 

Old Mutual sends 8,000 Skandia rebrand letters with incorrect firm details

The firm officially rebrands from Skandia to Old Mutual Wealth this week but said an administrative error had meant some firms received letters with the incorrect business information.

BBA urges Bank to exclude HNW clients from LTI cap

Bankers trade body says LTI cap will unfairly penalise private banks and high net worth clients.

Barclays Wealth appoints new chief exec

Barclays Wealth and Investment Management has appointed InfraHedge founder Akshaya Bhargava as chief executive.

Cass Business School: Markets threatened by pension fund 'herding'

Pension funds are threatening to destabilise financial markets by “herding” in and out of asset classes at the same time.

Labour would keep cutting child benefit until 2017

Shadow Chancellor Ed Balls says he is making tough decisions to “balance the books”.

L&G upgrades critical illness proposition

Provider has not upgraded its CI definitions in 17 months.

Zurich calls for cap on adviser contributions to guidance levy

Insurer warns advisers could be priced out of the market.

'Safe as houses': How ex-SJP adviser misled clients

Ex-SJP adviser promised clients annual returns of up to 24 per cent.

Architas cuts charges on multi-asset passive range

Architas cuts ongoing charge on multi-asset passive range and up front charge on its 0 per cent AMC share class.

US insurer opens UK asset management distribution office

TIAA-CREF opens asset management office in London.

Pru: Group advice sessions could be ‘hugely beneficial’

Insurance giant Prudential says group advice sessions could be “hugely beneficial” as a tool to help plug the UK savings gap.

Accountants cleared over £1m charity relief tax scheme

Montpelier Tax Consultants chief executive cleared over tax relief scheme. 

Court orders insider dealing ring to pay £3.2m

Seven individuals convicted of insider dealing ordered to pay £3.2m. 

Kleinwort Benson launches tailored DFM service for IFAs

Private bank and wealth manager Kleinwort Benson has unveiled a bespoke discretionary fund management service for IFAs.

AJ Bell director Eddie McGuire exits following restructure

AJ Bell client services director Eddie McGuire has left the firm following a restructure of the business.

Ex-Royal London director joins Apfa

Andy Peters to support trade body in recruitment. 

Octopus hires Elevate's Shaun Sandiford in IHT platform push

News comes as Octopus signs an agreement with Novia to offer Octopus Inheritance Tax Service on the platform.

Concerns over pension scheme deficits for independent Scotland

Final salary schemes may have to be fully funded if an independent Scotland joins the EU. 

HMRC permanently reinstates Oxford Tech VCT status

HM Revenue & Customs has permanently reinstated venture capital trust status to the Oxford Technology VCT and the Oxford Technology 3 VCT.

SRA strikes off solicitor convicted of mortgage fraud

Kamran Malik was imprisoned for five years for his role in a £5.2m mortgage fraud.

Aviva outsources absolute return fund management as duo move to US fund house

Aviva Investors has outsourced management of its convertibles absolute return fund to a US firm, with the two fund managers moving with it.

Nucleus CFO to leave for Zurich

Nucleus chief financial officer Aileen Mathieson is to join Zurich as chief investment officer. 

AFH advice deal sees assets hit £840m

Aim-listed AFH will pay up to £281,250 for Northampton-based firm Hindsight Financial Services.

MPs launch auto-enrolment inquiry after Budget overhaul

Report will assess implications of the Budget and plans for collective schemes.

Aegon set to join exodus if Scotland votes for independence

Insurer draws up plans for new life company registered in England.

Winterflood: Independence could create buying opportunity for Scottish trusts

Independence could lead to some investors ceasing active investment in Scottish-based trusts but this could cause discounts to widen and create a buying opportunity too.

Engage Mutual and Family Investments set for £6bn merger

New group would have over two million customers.

Barclays to lose two more senior members of its broker team

Regional intermediary directors Alun Donovan and Stephen Banks set for early retirement. 

Consumer Panel chair: RDR failed to improve trust in advisers

Consumer trust in advisers unchanged in last decade, says Sue Lewis. 

Annuity sales plummet 38% following Budget bombshell

Year-on-year sales nearly half, official ABI figures show.

Ana Botin succeeds her father as Santander group chair

Move announced after Emilio Botin dies of a heart attack earlier this week.

Asset allocation: 7IM swaps European equities for US exposure

The majority of the surplus has been allocated to US equities which are increasingly attractive against the current political unrest in Europe

Foster Denovo posts £250k profit as events arm closes

Regulation sees events arm move away from provider sponsorship.

Advisers: Providers cherrypicking auto-enrolment business

Advisers critical of provider services as smaller employers reach staging dates.

Standard Life sets out contingency plans ahead of Scottish independence vote

The Edinburgh-based insurer has been outspoken about the uncertainty a Yes vote will create for the financial services sector.

Industry slams Govt U-turn on buy-to-let regulation

Brokers believe the changes could lead to wider BTL market regulation

Liontrust non-exec director Hirsch to retire after 15 years

Hirsch, who is chief executive of property investment company Raven Russia, joined the Liontrust board in 1999.

B&CE appoints new director of operations

Mann joins The People’s Pensions provider from JLT.

Hargreaves Lansdown cuts minimum investment amounts

D2C giant says it hopes to attract more first-time investors. 

BoE: Base rate will not return to 'pre-recession' levels

Bank of England governor Mark Carney says an increase in base rate is “getting closer”.

Fidelity: Just 6% plan to cash in entire pension pot post-Budget

Over a fifth will enter drawdown, according to Fidelity study.

Standard Life to close staff DB scheme

Employees will join revamped DC plan.

Proportion of mortgages at 90% LTV or greater hits six-year high

The proportion of mortgage advances at 90 per cent LTV or higher reached 4.6 per cent in the second quarter of 2014.

Should the FCA be handed power to tap phones?

FCA chief executive Martin Wheatley tells MPs power would enable a different approach to insider trading investigations.

MEPs demand 'no backward steps' over bonus cap

Socialist MEPs threaten to block EU financial services chief unless they commit to stopping banks avoiding bonus cap.

Sterling weakens further on Scottish Yes vote prospects

The pound has been sliding from $1.66 at the beginning of the month. It took a 1.3 per cent tumble yesterday – a 10-month low of  $1.61 – after the Yes camp took the lead in referendum polling.

Pensions minister Steve Webb hits back over Nest restrictions

LibDem MP warns removing restrictions before 2017 would leave Government open to a legal challenge from the pensions industry.

FSCS launches consumer awareness campaign with Fearne Cotton

Campaign features five celebrities and aims to ‘deepend engagement’ with consumers. 

Liberal Democrats set out pensions tax relief reform plans

Party pledges to launch review on implications of introducing single rate of relief set above 20 per cent

30% willing to pay for pension advice

Pensions top of savers’ list when speaking to advisers, report finds.

Labour prepares fresh assault on Govt over Nest restrictions

Documents from the European Commission raise questions over Government claims removing restrictions would “not be lawful”.

IFA firm Argyle appoints Standard Life's Webster as head of pensions

David Webster was previously workplace strategy business partner and head of commercial marketing at Standard Life.

Govt confirms Nest restrictions to be scrapped in 2017

DWP announces “technical consultation” on removing annual contribution and bulk transfer restrictions from April 2017

Sterling slides on shock Scottish independence poll

Scottish independence appears closer than ever after a Sunday Times poll put the ‘Yes’ campaign in the lead for the first time.

TSC chair Tyrie slams banks over ‘misleading’ debt letters

Other banks including RBS and HSBC admit to sending misleading legal letters. 

The Pensions Regulator cuts 25 staff

Regulator merges DB and DC policy teams.

Govt U-turns on buy-to-let regulation for 'accidental landlords'

Treasury says it must regulate part of the UK buy-to-let market to comply with the EU mortgage directive.

FSCS offers advisers 90% discounts in Keydata legal battle

Firms with claims worth less than £100,000 are being offered settlement discounts of up to 90 per cent. 

Santander set for adviser recruitment push

Firm confirms plans to grow staff advising new clients after withdrawing in 2013.

Govt urged to ditch new pension withdrawal option

Aegon says the new option brings “unnecessary complexity” and could “significantly damage” the guidance guarantee.

Artemis retail head Richard Pursglove exits

Pursglove joined Artemis from Goldman Sachs Asset Management in June last year. Artemis head of asset gathering Dick Turpin will now take over Purglove’s duties.

Tory MPs call for stamp duty reform

Govt urged to raise threshold to £500,000.

Seven conveyancers banned over £8m fraud

Solicitors Compensation Fund has had to pay out £13m in compensation to more than 2,500 clients.

Pru calls for legislation to stop liberation schemes

Prudential’s Vince Smith-Hughes says scammers will take advantage of pensions freedom narrative unless action is taken.

ECB cuts rates to new lows

Bank surprisingly cut its benchmark interest rate to 0.05 per cent and dropped the deposit interest rate to -0.2 per cent.

BoE holds base rate at 0.5% once again

Programme of quantitative easing is maintained at £375bn.

Fidelity launches high conviction Asia Pacific fund

The Fidelity Asia Pacific Opportunities fund has been run as a pilot for the past two years and will be launched for retail investment on 24 September.

Friends Life restructure sees UK protection director Steve Payne depart

Group protection director David Williams also set to leave insurer.

Standard Life agrees UK distribution deal with Manulife

Deal announced following £2.2bn sale of Canadian arm to The Manufacturers Life Insurance Company.

FCA fines RBS £14.5m over poor mortgage advice

The banks’ mortgage advisers failed to properly assess affordability and gave personal views on interest rate movements

Citizens Advice chief slams MAS marketing spend

Citizens Advice tells MPs it could fund 300 debt advisers with MAS’ £13m marketing budget.

Skipton Building Society to slash revert-to rate by 0.5%

Residential and buy-to-let revert-to rates will be cut to 4.99 per cent and 5.19 per cent, respectively, from 1 October.

Advice firm delays FOS payment over redress limit confusion

Consumer has been waiting a year for FOS payment due to confusion over which maximum limit applies

Revealed: How much are FCA directors claiming in expenses?

Chairman spends £27,000 on expenses in a single year.

Mazars faces £2m fines and costs over pension fund advice failings

Accountancy firm and one of its partners failed to meet standards when advising pension fund trustees.

Key Group eyes secured loans market with V Loans acquisition

Key will retain the V Loans brand, with the packager remaining at its base in Cheshire.

Labour criticises Govt collective DC plans

Shadow pensions minister Gregg McClymont says key elements must not be added in later as planned.

Aviva Investors' Lis promoted to new CIO role

Aviva Investors has promoted David Lis to the new role of equities and multi-asset chief investment officer.

Steve Webb: Guidance levy will be 'modest'

Pensions minister says extra income from auto-enrolment will offset the cost of paying for the guidance guarantee.

Brown: Refusing UK debt would make Scotland ‘international outcast’

Defaulting on its share of UK debt would result in “dire consequences” for a country that is reliant on international trade, says former PM Gordon Brown.

Help to Buy picking up steam

Schemes responsible for 6.6 per cent of house purchases since April 2013 - up from 4 per cent in May.

MRM makes FCA hire to launch public affairs division

Financial services PR consultancy to launch public affairs services. 

Ascentric appoints Axa Wealth's Sarah Lyons as head of marketing

Lyons joins the platform after 12 years at Axa Wealth.

Jupiter chairman Dundas steps down due to ill health

Current senior independent non-executive director at Jupiter, Liz Airey, has replaced Dundas as non-executive chairman of the board.

Mattioli Woods posts 11% profit increase

Pre-tax profit of £5.1m includes £400,000 profit from Atkinson Bolton.

Webb hints at provider reprieve over 'huge' exit penalties

Webb says Government is talking to industry to deal with exit charges undermining pension flexibility.

Virgin Money edges closer to IPO

Sky News reports that Virgin Money could launch its shares on the stock exchange as early as October.

SLI cuts Ignis equity managers

Standard Life Investments has replaced the Ignis equity managers from 15 funds with its own managers.

BoE: Purchase approvals up 8% but remortgage lending down again

Economists say purchase figures are proof lending is starting to recover following the Mortgage Market Review.

Accord Mortgages introduces LTI cap on loans over £500k

Lender limits loans over £500,000 to four times income.