Ex-adviser pleads guilty to 24 counts of fraud

Former adviser due to be sentenced in December. 

MGM Advantage enters drawdown market

Adviser-led Retirement Account allows savers to combine annuities and flexi-drawdown in one product.

PTFS finance director to replace Max Wright as chief exec

Wright to become non-executive chairman of the network.

L&G restructures following John Pollock exit

Savings split into mature and digital divisions.

Experts rubbish drawdown charge cap proposal

Labour wants to save investors from “rip-off” charges, but experts say charge for drawdown is unworkable.

FCA to scrutinise non-advised drawdown

Regulator to investigate non-advised drawdown and reveals ‘output document’ in updated standards for guidance guarantee.

FCA halves Budget guidance levy for advisers

FCA says advisers should pay less as it is not clear whether they will benefit from guidance service. 

Insurer share prices rocket despite year of pensions turmoil

Despite plunging individual annuity sales, insurers have enjoyed rocketing shareholder returns.

IMA: Consumers don't want to look under the bonnet of investments

There is a limit to the disclosure fund managers should provide, IMA suggests. 

Woodford hires risk and compliance chiefs

Woodford Investment Management has hired Simon Osborne as head of compliance and Gavin St. John-Heath as chief risk operations officer.

Treasury refuses to review £2bn pension freedoms tax loophole

Shadow Treasury minister Cathy Jamieson pushes Government to review behaviour from new freedoms.

Axa Wealth scraps pension platform charges

New flexible drawdown product due to launch.

Partnership banks on US launch and DB deals to counter Budget blow

Annuity sales “well below” 50 per cent of pre-Budget levels.

Pensions Policy Institute deputy director to join USS

Mel Duffield joined think-tank in September 2013.

Govt faces calls to scrap Budget reporting demands

Govt has U-turned on plans to force members to contact all previous schemes when they access Budget pensions flexibilities.

Paragon increases B2L lending by 82.5%

Specialist lender completes £658.8m of buy-to-let loans in 12 months to 30 September 2014.

Telegraph defies own exit fees campaign with D2C wrap

The Daily Telegraph appears to have gone against its own editorial stance on exit charges by charging transfer fees on its new direct platform proposition.

Treasury U-turns over 'unworkable' Budget reporting demands

Treasury U-turns on savers’ reporting requirements after just one month.

Financial Planning Week: How advisers are spreading the word

Campaign to raise awareness of financial planning now in its seventh year. 

Ivan Massow launches campaign to be London Mayor

Former IFA is aiming to suceed Boris Johnson in May 2016.

Telegraph links with Interactive Investor for direct platform launch

Interactive Investor has partnered with the Daily Telegraph to launch a new investment service, Telegraph Investor.

Friends Life shares rocket 6% on possible Aviva deal

Aviva shares fell nearly 5 per cent as markets opened this morning.

Aviva in talks to buy £5bn Friends Life

The deal would create the largest insurance and savings business in the UK.

Why have internal annuity sales not fallen since the Budget?

The ABI says while external annuity sales have fallen as a result of the Budget, internal annuity sales remain at similar levels.

Pensions regulator shuts down £134m liberation schemes

Five pension schemes have been stopped receiving transfers after a High Court battle.

Sarasin teams with Indexx Markets to create 'more efficient' S&P 500 index

Bespoke indices give asset managers the ability to separate and sell their investment process, Indexx Markets co-founder James d’Ath says.

Aviva: Drawdown 'unlikely to be appropriate' for pots below £30K

Aviva’s comments follow FCA evidence to parliament that drawdown pots below £50,000 are likely to be unsuitable.

FCA chief operating officer quits to become TPR chief exec

Lesley Titcomb was instrumental in driving through the mortgage market review.

Advisers back Consumer Panel warning over 'nightmare' non-advised drawdown

The Consumer Panel raised the alarm over non-advised drawdown in parliament last week.

PruProtect launches into short-term IP market

Provider has also launched LTC offering and mortgage incapacity cover. 

Tony Wickenden: Provider-facilitation as a payment method

It is important to consider the tax consequences where a provider pays an adviser on the client’s behalf

Clamour grows for DWP to lower auto-enrol earnings trigger

Industry unites with employees to demand change in Government consultation.

CML: Lending to older borrowers will improve

CML says access to finance for older borrowers will improve once FCA publishes results of its thematic reviews into the MMR.

MPC holds base rate due to continuing eurozone concerns

The minutes show that yet again seven out of nine MPC members voted against raising the base rate.

Apfa chairman: Industry needs light-touch regulation

Apfa chairman Lord Deben says he is “amazed” at level of regulation imposed on financial services. 

BofA ML: Risk appetite on the rise in November

A net 47 per cent of the global panel says the economy will strengthen in the coming year, up from a net 33 per cent in October.

UK inflation at 1.3% in October

Consumer Prices Index inflation grew by 1.3 per cent in October, up from 1.2 per cent in September, Office for National Statistics figures show.

Adrian Lowcock joins Axa Wealth as head of investing

Former Hargreaves senior investment manager Adrian Lowcock has joined Axa Wealth as head of investing.

FCA: Differences between regulator and FOS are a myth

Issue is rooted in perception rather than reality, says FCA’s Rory Percival. 

FCA consults on making firms report all complaints

The FCA is to consult on whether to remove the non-reportable complaints rule which means firms who settle complaints by the following business day do not need to report them to the regulator.

FCA fines Chase de Vere £560k over £50m Keydata investments

Chase de Vere has been hit with a £560,000 FCA fine for failures surrounding the sale of Keydata products.

Hargreaves blasts 'patronising' Consumer Panel over non-advised drawdown

Consumer Panel member Teresa Fritz said non-advised drawdown is a “big area of concern”.

Teachers Building Society pulls out of Scotland

Mutual says it will continue to process pipeline cases, while existing customers may still apply for a further advance until further notice.

FCA says small firms still failing on financial crime rules

An FCA review has found many small banks and insurance intermediaries are still failing to effectively managed risks around financial crime.

FCA chairman: Increase in rules has failed to prevent problems

John Griffith-Jones says more rules can create greater complexity. 

Labour calls for review of pension freedoms next year

Labour wants the use of salary sacrifice to avoid tax to be examined.

Money Marketing scoops four personal finance media awards

Money Marketing won trade title of the year and trade website of the year at last night’s Santander Media Awards.

FCA sets out plans to regulate £75trn payment systems industry

Payment Systems Regulator will be fully operational from April. 

FCA: Advice industry not yet a profession

Regulator still has concerns over suitability letters, says FCA technical specialist Rory Percival.

Inner Circle Riches - Does It Work?

Old Mutual: Blurred lines of advice holding back customer service

Customer service staff fearful of inadvertently giving advice, says Old Mutual Wealth. 

Ex-Whitechurch adviser wins court battle over £37k Keydata claim

Network failed to recover PI excess costs following FSCS settlement.

Out of context: 'I thought they were talking about horses'

“I attended a meeting recently where the guidance guarantee was referred to as the ‘GG’. I thought they were talking about horses.”

Revealed: Savers face two week wait to access pension freedoms

Providers hit out at suggestion the new freedoms will turn pension funds into bank accounts.

Advice firms merge to manage £550m of funds

Combined group will look after 2,000 clients under 14 advisers.

Consumer Panel raises alarm over non-advised drawdown sales

Consumer Panel turns its focus on to drawdown after hitting out at non-advised annuities.

Clarkson Wayman Ball outsources investment to Brooks Macdonald

Brooks Macdonald Asset Management has agreed a strategic alliance with IFA firm Clarkson Wayman Ball to offer its investment management portfolios to advised clients.

Treasury threatens clampdown over pensions recycling abuse

The Treasury has threatened to clampdown on pensions recycling amid concerns the tax loophole could cost the Exchequer billions of pounds.

Co-op Bank outsources £23bn mortgage book to Capita

Co-op Bank will see 660 staff transfer to Capita from its Leek and Plymouth offices.

SLI adds two hires to European equities team

Standard Life Investments has bolstered its European equities team with two hires.

Prudential sells 25% stake in PruProtect and PruHealth

Prudential confirms £155m sale of PruHealth and PruProtect to majority shareholder Discovery Group Europe.

FSCS Keydata legal battle set to proceed to trial

Court rules legal costs to be shared between all firms remaining in the litigation. 

Platforms: We must do more to help advisers on due diligence

Major platforms say they need to be more open and consistent in the information they give advisers. 

Labour makes fresh push to force annuitants to use independent broker

Labour still wants everyone to speak to an annuity broker despite new freedoms.

BoE holds base rate at 0.5 per cent

Benchmark interest rate held at 0.5 per cent for the 68th consecutive month.

RDR accelerates drop in self-employed pensions

Experts say extending auto-enrolment not the answer

Now: Pensions Christmas ‘blackout’ to hit 200,000 savers

Advisers concerned as members and employers locked out for over a month during admin switch.

Transact and Ageas Protect launch investment-linked protection

Term assurance product launched through pilot. 

Octopus launches £20m Apollo VCT 'top-up' offer

Octopus Investments has launched a £20m top-up offer for its asset-backed investment Apollo VCT.

Henderson to appoint First State's Finegan as EM equities head

Henderson Global Investors has hired former First State manager Glen Finegan as head of emerging market equities in a move it hopes will boost its asset gathering.

Tilney Bestinvest risk profiles discretionary portfolios

Tilney Bestinvest has unveiled a new “risk-mapping” addition to its portfolios allowing IFAs to completely outsource their investment management.

Woodford scoops over £1bn in Q3 despite jittery investors

Woodford IM bucked a jittery third quarter to attract about £1.15bn in net sales despite investors’ growing aversion to risk, the Pridham Report shows.