Markets relieved by 'less draconian' FPC leverage ratio proposals

The Bank of England’s Financial Policy Committee has proposed a leverage ratio of up to 4.95 per cent by 2019, lower than expected.

Now: Pensions questions integrity of DWP Nest consultation

Danish scheme suggests it entered the UK market on false pretences.

Treasury eyes LTV cap on buy-to-let mortgages

Treasury says it wants to build an “in-depth evidence base” on buy-to-let.

FCA warns advisers over auto-enrolment commission ban dodge

Regulator believes some firms are looking to replace commission payments with other forms of remuneration, such as adviser charging.

FCA fines Sesame £1.6m over 'pay to play' distribution deals

The FCA has fined Sesame £1.6m for arranging “pay to play” distribution deals. 

TSC slams FSA for Co-op failings but clears Treasury

The TSC says there is no evidence the Treasury interfered in the sale of Lloyds Banking Group branches.

Platforms to launch new industry body

All major platforms set to join new industry group.

Ad hoc payments and harassing calls: Why Yorkshire BS was fined £4.1m

Mutual prioritised ad hoc payments from borrowers over sustainable payment plans, FCA finds. 

Wheatley: Regulated firms not subsidising Project Innovate

FCA refutes criticism that Project Innovate is unfair on regulated firms. 

Land Registry: House prices fall for the first time in 6 months

Prices fell 0.2 per cent between August and September.

Land Registry: House prices fall for the first time in 6 months

Prices fell 0.2 per cent between August and September.

Investor Forum launches to drive change in UK corporates

The Investor Forum – a lobbyist for “long-termism” in investment markets – unveiled its board and structure today, two years after it was recommended in the influential Kay Review.

Amps launches judicial review into FCA Sipp cap ad rules

Sipp and Ssas trade body challenges regulator over ‘unlawful’ consultation.

Amps launches judicial review into FCA Sipp cap ad rules

Sipp and Ssas trade body challenges regulator over ‘unlawful’ consultation.

Leaked letter reveals Wonga thought it was worth £15bn

Payday lender told staff it would be valued at £15bn by next year.

Leaked letter reveals Wonga thought it was worth £15bn

Payday lender told staff it would be valued at £15bn by next year.

Cameron: UK will not pay 'unacceptable' £1.7bn EU bill

Prime Minister David Cameron has insisted the UK will not pay the £1.7bn demanded by the European Union by next month.

Cameron: UK will not pay 'unacceptable' £1.7bn EU bill

Prime Minister David Cameron has insisted the UK will not pay the £1.7bn demanded by the European Union by next month.

SMEs call for auto-enrol staging date delay in wake of Budget

SMEs want their staging dates pushed back while legislation is outstanding.

SMEs call for auto-enrol staging date delay in wake of Budget

SMEs want their staging dates pushed back while legislation is outstanding.

Morningstar: Investment trust monthly reports increase four-fold

The number of investment trusts reporting portfolio holdings on a monthly basis has more than quadrupled to 122 over the last two years.

Morningstar: Investment trust monthly reports increase four-fold

The number of investment trusts reporting portfolio holdings on a monthly basis has more than quadrupled to 122 over the last two years.

MG Rover scheme agrees £8m deal to escape PPF

£8m settlement secures member benefits.

MG Rover scheme agrees £8m deal to escape PPF

£8m settlement secures member benefits.

FCA slammed for failing to provide guidance 'backstop'

Regulator has come under fire for saying there will be no second line of defence for consumers

FCA slammed for failing to provide guidance 'backstop'

Regulator has come under fire for saying there will be no second line of defence for consumers

Apfa reports 75% fall in annual surplus to £29k

Trade body says it is pleased with financial performance in a ‘challenging climate’. 

Short service refunds scrapped by October 2015

Refunds only available within the first month of pension contributions, down from two years

Been There, Done That: 11 Overdone Blog Post Topics

I submitted my guest post for the Blog Engage Guest Blogging Contest and you can help me win by sharing it and leaving a comment! In it, I discuss 11 blog post topics we should all avoid. They’re unoriginal, overly competitive and offer no new discussions to the blogosphere.

Read

[...]

Been There, Done That: 11 Overdone Blog Post Topics

I submitted my guest post for the Blog Engage Guest Blogging Contest and you can help me win by sharing it and leaving a comment! In it, I discuss 11 blog post topics we should all avoid. They’re unoriginal, overly competitive and offer no new discussions to the blogosphere.

Read

[...]

Short service refunds scrapped by October 2015

Refunds only available within the first month of pension contributions, down from two years

Hargreaves warns low interest rates and deposit restrictions hit margins

Hargreaves Lansdown has warned that continued low interest rates and the prevention of platforms to offer fixed term deposits is having a continued affect on revenues.

Just Retirement completes £75m de-risking deal

Buy-in is the insurer’s biggest bulk annuity transaction to date.

Interest rate swap redress hits £1.5bn

FCA expects redress exercise to continue until the end of the year. 

OMGI hires ex-Ignis fixed income team

Old Mutual Global investors has hired ex-Ignis fixed income team led by newly-appointed head of fixed income - absolute return Russ Oxley.

London house prices up 20% year-on-year

Average UK price grew 11.7 per cent year-on-year in August.

Aegon warns of 'abuse' risk from new pension withdrawal option

The new lump sum pension withdrawal option puts savers at risk of “abuse” by unscrupulous organisations, Aegon claims.

M&G's Woolnough: Europe's third way

The falling euro should give the trading bloc the boost it has lacked from its central bank and member governments, M&G’s Richard Woolnough says.

China exports unexpectedly jump in September

Exports increased by 15.3 per cent compared to the same month a year previous.

Scotland slashes price ceiling for Help to Buy scheme

From 22 October, the maximum price on eligible new-builds will be £250,000, as opposed to £400,000 at present.

Mercer: Budget freedoms could damage UK pensions sustainability

Auto-enrolment boosts UK’s score in global league table, but reforms likely to bring it down next year.

Complaints Commissioner rejects FSA complaint over £15k Catalyst loss

Investor claims regulator’s “toxic” warning against life settlement funds led to Catalyst’s collapse.

Tesco launches into 90% LTV mortgages

Range begins at 3.49 per cent.

Caerus reports £667k pre-tax loss after Paradigm deal

Network pushed into loss following acquisition of Paradigm Financial Advisers. 

HSBC ordered to repay trail commission for lack of ongoing advice

Mr J said he was unable to get a review of his pension when he asked despite paying 0.5 per cent trail commission.

Apfa calls on advisers to lobby MPs over guidance levy

Advisers urged to write to MPs over “disproportionate” cost of guidance. 

Aldermore scraps IPO plans following equities slump

Challenger bank had been due to launch its shares on the London Stock Exchange this month.

Govt considers freezing auto-enrol earnings threshold

The Government is considering ditching the link between the automatic enrolment earnings trigger and income tax next year.

Govt considers freezing auto-enrol earnings trigger

The Government is considering ditching the link between the automatic enrolment earnings trigger and income tax next year.

Govt moves to close pension recycling loophole

Flexible annuities will be subject to a lower annual allowance of £10,000.

Govt urged to rethink 'corrosive' auto-enrol earnings rules

Policymakers are facing calls to rethink the way automatic enrolment contributions are calculated after experts raised concerns the current method penalises low earners.

OMGI's Richard Buxton: No BoE rate rises until after election

Old Mutual Global Investors head of UK equities says he does not expect the Bank of England to hike interest rates before the 2015 general election.

Are advisers dressing up advised sales as execution-only?

Concerns over spike in non-advised sales which suggests firms may be using non-advised sales to get around suitability rules.

ABI: FCA is 'frustrating' simplified advice progress

ABI members keen to develop simplified offerings in time for Budget changes.

FOS ruling on HSBC could open 'can of worms' on trail commission

The Financial Ombudsman Service has ordered HSBC to repay trail commission

Salmond wants FCA to investigate RBS threat to leave Scotland

First minister Alex Salmond has accused the Treasury of breaching insider trading rules.

NAPF and Pensions Management Institute consider merger

Pension trade bodies plan to join forces to tackle “seismic shifts” in industry.

Experts warn of pensions 'car crash' next year from low guidance take-up

Legal & General saw just 2.5 per cent of those contacted take up an offer of free pensions guidance.

Just 2.5% take up pensions guidance in L&G pilot

Experts warns the Government’s reforms could result in a “car crash” unless tough regulations are in place.

Scotland unveils 'mansion tax' plans

Scotland will increase taxes on expensive property while cutting them on more modest homes, the Financial Times reports.

Newton's Pidcock: Why the Fed is likely to roll out QE4 next year

There is more chance of the Federal Reserve launching a fourth round of QE next year than raising interest rates, Newton’s Jason Pidcock says.

LV= protection head Mark Jones exits

Jones steps down after four years with the provider. 

Investment trusts added to Zurich Collection fund list

Zurich has added four investment companies including Nick Train’s Finsbury Growth and Income trust.

BoE votes to keep base at 0.5% for 67th consecutive month

Quantitative easing kept at £375bn.

Govt consults on scrapping Nest restrictions

Government seeks views on legal changes to remove Nest’s contribution limit and right to transfer.

FCA bans and fines two ex-directors of stockbroking firm

Ex-directors of Pritchard Stockbrokers banned for failing to protect client money. 

2020 vision: What the major political parties are planning after the election

The political conference season has shed more light on the parties’ plans for the next parliament.

Tories under fire over plans for £7bn of unfunded income tax cuts

Prime Minister David Cameron has promised to cut income tax for middle earners in the next parliament

Origen reports £5.6m loss as restricted costs hit

Origen Financial Services has reported a pre-tax loss of £5.6m for 2013.

HSBC warned of challenges following shock broker lending announcement

Mortgage brokers say HSBC may need to loosen its lending criteria after announcing shock plans to lend through brokers for the first time.

Fidelity hires Barclays Wealth CEO Horrell as MD

Peter Horrell will join Fidelity in April 2015.

Stocks fall as IMF cuts global growth for 2014 and 2015

The IMF has praised the UK economy in a grim World Economic Outlook that has clipped 10 basis points off its global growth estimate for this year and double that for 2015.

IFDL sales director exits for sunset clause-tackling venture

IFDL institutional sales director Rob Beverley has left the platform provider to join newly launched firm Sentinel alongside Succession co-founder Andrew Smith.

Partnership: Govt 'free advice' pledge undermines RDR

Insurer’s chief executive says Budget reforms on par with RDR impact.

Woodford sells Reckitts as market 'tantrum' rumbles on

Neil Woodford has sold out of Reckitt Benckiser after holding the stock in his various UK equity income funds for more than a decade.

Labour attacks Osborne over 'shambolic' death tax announcement

The original Treasury announcement explicitly said annuities and scheme pension would be excluded from the reforms.

Lenders: Rate war set to continue during fourth quarter

Lenders expect credit availability to increase in Q4, after falling in Q3.

Should mortgage lenders pay towards the pensions guidance levy?

Pensions minister Steve Webb confirms the guidance regime will soft launch before April.

MP Nicky Morgan: Financial services must take lead on gender equality

Finance firms need to shake up their recruitment practices to increase the number of women they employ in senior roles Minister for Women and Equalities Nicky Morgan says.

BNY Mellon to acquire US fixed income house

BNY Mellon has agreed to buy US fixed income house Cutwater Asset Management for an undisclosed sum.

Steve Webb: Cutting pensions tax-free lump sum is 'complete no-go'

Pensions minister Steve Webb says the 25 per cent pensions tax-free lump sum is an economic “nonsense”.

PPF cuts levy estimate to £635m

The Pension Protection Fund has reduced its annual levy estimate for 2015/16 to £635m, some 9 per cent lower than the 2014/15 figure.

Deutsche Bank: Market has 'completely misunderstood' pension death tax changes

Bank predicts annuity sales might increase as a result of the tax cut.

MMTV: Pensions minister Steve Webb discusses the future of auto-enrolment

Pensions minister Steve Webb tells Sam Brodbeck about the future challenges facing auto-enrolment and new pensions freedoms.

Labour peer Lord McFall joins board of digital bank Atom

Lord McFall is joining as senior non-executive director as the bank seeks regulatory approval.

Axa Wealth executive changes spark more senior departures

Axa Elevate head of operations Mark Links and former Elevate chief operating officer Andrew Smith are set to leave the firm by the end of 2014.

Time-barring key to EEA Life Settlements misselling reviews

Advisers must consider risk profiling, fund size and time-barring when reviewing sales. 

Consumer bodies warn over FSCS protection and Budget reforms

Those taking their pensions as a lump sum may be unaware of the compensation protections they are losing. 

Moneygate reports £1.4m pre-tax loss for 2013

Consolidator in discussions with 70 advice firms. 

JP Morgan hit by 76 million-client cyber attack

JP Morgan has confirmed it suffered a massive cyber attack involving 76 million private and seven million business banking customers.

Foster Denovo exodus continues as another partner quits

Peter Butlin becomes the latest key adviser to quit the firm this year.

HSBC set to enter the broker market for the first time

HSBC will distribute through Countrywide initially.

PruProtect eyes whole of life LTC launch

Money Marketing understands PruProtect will launch the new product next month, with Ageas UK set to follow in February 2015.

Wonga takes £35m hit as it writes off loans worth £220m

Payday lender sets aside £35m in addition to writing off loans worth £220m.

Virgin Money confirms £150m IPO launch

Lender is seeking to raise £150m through the share offering.

Has Osborne's 'death tax' dealt fatal blow to annuity market?

Is the Government being irresponsible by incentivising drawdown over guaranteed income?

Lloyds Banking Group makes senior wealth management hires

Two senior appointments to bank’s wealth and mass affluent division. 

FCA: We came under 'massive' political pressure over Co-op/Lloyds deal

FCA director says the regulator is under political pressure “all the time” and it would “ratchet up” towards the election.

Perspective reports £5.4m pre-tax loss for 2013

Consolidator hit by costs of aborted flotation attempt. 

Octopus buys healthcare investor MedicX

Octopus Investments has bought healthcare real estate investment house MedicX Holdings adding £700m in assets under management.

Channel Islands Stock Exchange fined £190k over Arch cru

Guernsey regulator fines stock exchange for failings relating to Arch cru transactions. 

Vanguard unveils four new FTSE ETFs

The newly launched ETFs will feature ongoing charges between 0.10 per cent to 0.18 per cent.

Intelliflo director exits as David Child takes on COO role

Chessell joined the firm in July 2012 and was formerly Skandia UK sales director.