Friday, 27 February 2015

Labour under fire over pensions tax raid plans

Labour’s plans to cut lifetime and annual allowances for tax-free pension savings have been slammed by the industry.

L&G pensions director Adrian Boulding exits

Legal & General pensions strategy director Adrian Boulding is to leave the insurer in August as the exodus of senior pensions staff continues.

L&G pensions director Boulding exits

Legal & General pensions strategy director Adrian Boulding is to leave the insurer in August as the exodus of senior pensions staff continues.

Old Mutual Wealth post £227m profit as sales rise 11%

Old Mutual Wealth has posted a 5 per cent increase in adjusted operating profits, from £217m to £227m, as sales surged to £16bn.

FCA reveals pension freedoms 'second line of defence' rules

Providers must provide customers with personalised risk warnings under rules published by the regulator today.

ScotWids plans £10k minimum for non-advised drawdown

Savers with more than £10,000 in their pension pots will be able to enter into a Scottish Widows drawdown contract without an adviser.

Experts warn over 'misleading' Rightmove Sipp promotion

Promotional Sipp email branded ‘misleading’ by experts. 

MP warns protection damaged by 'toxic' reputation

Protection products are being harmed by consumer distrust following the PPI scandal according to Jonathan Evans MP.

Thursday, 26 February 2015

Is the 'pensioner bribe' behind £1.3bn fall in fund flows?

Are pensioner bonds behind the £1.3bn fall in January retail fund flows?

Old Mutual risk-targeted Spectrum range undershoots volatility and returns

The £2.25bn Old Mutual Spectrum range of risk-targeted funds has undershot volatility benchmarks and FE’s risk-targeted sectors since launch.

Drawdown continues to eat into annuity sales

Drawdown sales have more than doubled year-on-year, while new annuity business has crashed 64 per cent, latest ABI stats show.

Advisers criticise FSCS over 'unfair' Sipp stance

FSCS will levy advisers for investment failures as part of claims about Sipp advice. 

Zurich launches target-date funds to meet post-freedoms demand

Zurich is offering occupational pension customers 12 new target date funds to meet changing appetites ahead of the new freedoms coming into force.

Zurich launches target-rate funds to meet post-freedoms demand

Zurich is offering occupational pension customers 12 new target date funds to meet changing appetites ahead of the new freedoms coming into force.

January retail fund flows crash more than £1.3bn to £320m

Net retail sales slumped more than £1.3bn last month, with net retail sales totalling just £320m, according to the latest Investment Association figures.

SFO launches criminal investigation into green investments

Global Forestry Investments and Global Forex Investments promised returns of 10 per cent from investments in teak plantations.

Wednesday, 25 February 2015

Asset Allocation: Goldman Sachs AM moves from US to Europe

The Goldman Sachs Wealthbuilder Multi-Asset Growth Portfolio has hedged its interest rate risk and recently stripped down its commodities exposure.

Monday, 23 February 2015

Zurich pays 93% of IP claims

Provider paid out £11.8m in IP claims last year, down from £12.3m in 2013.

Labour 'could cut lifetime allowance to fund tuition fee cuts'

Opposition is said to be eyeing a reduction in the annual or lifetime allowance to reduce tuition fees from £9,000 to £6,000.

Nutmeg sets personal pension charges starting at 0.3%

Discretionary manager launches personal pension with £5,000 minimum investment.

FCA investigations rise 20% in a year

Number of company inquiries concluded in secret has doubled.

Friday, 20 February 2015

Govt confirms extension of annuity death benefit changes

Nominees and successors will be able to use untouched pension savings to buy an annuity.

CII overhauls qualifications in line with pension freedoms

The CII is to offer a new unit to train advisers on pension freedoms as soon as rules are finalised.

Govt opens married tax break registrations

Married couples can now register with HMRC to take advantage of a new tax break.

Steve Bee unveils new auto-enrol compliance offering

Steve Bee has launched a new administration system designed to enable accountants to help small businesses comply with their auto-enrolment duties.

Thursday, 19 February 2015

Commercial broker investigates employee over Chelsea racism claims

Josh Parsons, 21, works for The Business and Commercial Finance Club in Mayfair.

FCA backs EU dealing commission clampdown

The regulator has lent its support to new rules barring investment firms from using dealing commission to pay for research.

Calls for FCA to be more open on compliance guarantees

Regulator has published data on its use of attestations for the first time. 

Slow start to 2015 with lending down 11%

But trade body has not changed its forecast of £222bn of lending for this year. 

Adviser clashes with Pru over client contact

Adviser claims provider contacted his client after receiving a letter of authority from his firm. 

Aegon earnings up 37% but life business slumps by a quarter

Aegon UK’s pre-tax earnings grew 37 per cent year-on-year despite the firm’s life business being hit by the costs of complying with Solvency II regulations.

FCA under pressure to water down 'second line of defence' rules

Exclude small pots and Pension Wise users from additional protection requirement, says The People’s Pension.

Wednesday, 18 February 2015

Govt urged to mandate advice before savers cash in pension guarantees

Members need to be protected from giving up valuable benefits.

Advice firm LEBC posts £1.1m profit

Company warns opportunities created by pension freedoms could be stunted by lack of “high calibre” advisers.

Only 10 active cases left as Keydata battle hangs in the balance

FSCS has spent £15.8m on Keydata battle with advisers. 

FSCS settles with lead defendants as Keydata battle hangs in the balance

FSCS has spent £15.8m on Keydata battle with advisers. 

Hargreaves introduces drawdown exit penalty in pricing overhaul

Hargreaves Lansdown will hit savers who attempt to withdraw their entire pension fund within 12 months of opening an account post-April with a £295+VAT penalty.

FSCS to pay out for failed investments on Sipp advice claims

Lifeboat scheme will now pay compensation for investment losses as well as lost growth and charges. 

Tuesday, 17 February 2015

ONS: House price inflation slows again

UK house prices grew 9.8 per cent year-on-year in December 2014.

Friends Life backs Steve Webb's pension tax relief reform plan

Minimum employee pension contributions should rise to 6 per cent, insurer says.

Fund managers ditch US for Europe on QE 'exuberance'

Global fund managers are selling US equities to buy up European companies in the second-highest allocation ever ahead of the continent’s QE, a Bank of America Merrill Lynch survey shows.

Creative Auto Enrolment links with ScotWids on new compliance offering

Employee benefits firm Creative Auto Enrolment has launched an end-to-end online auto-enrolment service that promises to cut preparation time down to just 103 seconds.

'Massive disparity' in pension modelling tools risks confusing customers

Investment returns range from below 1.5 to 7 per cent.

Virgin Money publishes broker manifesto

Lender outlines how it will work with brokers in the future, including promise not to dual price and to give 24 hours notice before pulling products.

Hornbuckle appoints operations director

Richard Valentine joins from James Hay. 

Inflation slides to lowest annual rate on record

Inflation has fallen to the lowest 12-month rate on record according to figures released by the Office for National Statistics.

Citizens Advice recruits second wave of guidance staff

Citizens Advice says it has recruited 150 Pension Wise staff so far. 

Monday, 16 February 2015

Mutuals' market share dips despite gross lending increase

Building societies advanced £52.6bn in 2014, up 4.4 per cent from a year earlier.

Neptune's Geffen calls out FCA over active share debate

Neptune chief executive Robin Geffen has called on the regulator to force managers to disclose their active share to weed out index huggers because otherwise it is unlikely to happen.

CBI boosts UK growth forecast on inflation slip

British industry is set to benefit from falling energy prices, according to the CBI.

500 EEA investors join £60m legal claim against FCA

Group prepare to take the claim to the European Court of Human Rights. 

Injured policewoman latest Seven Families campaign recipient

Nikki Thornley was forced to leave her role in the Scottish police force following a motorcycle accident in 2013.

Friday, 13 February 2015

Lloyds Bank slashes remortgage rates by up to 0.2%

Remortgage customers also receive £500 cashback on completion.

Friends Life reveals with-profits investment performance

Friends Life has revealed the performance of its three main with-profits funds, representing around 750,000 policyholders.

More savers ditching annuity guarantees for cash post-Budget

Number of customers with guaranteed annuity rates cashing out doubles since Budget.

FCA publishes first data on compliance guarantees

Data shows attestations are being used among firms of all sizes. 

Unbiased winners talk promoting pension freedoms and sensible financial planning

The winners of the Unbiased Media Awards on communicating with clients and making time for the media. 

Nationwide's lending down 5%

Building society lent £20.4bn in the last nine months of 2014.

Merkel says Greek 'compromise' deal possible

German Chancellor says she will aim to reach deal on terms of Greek bailout.

Wednesday, 11 February 2015

Govt 'guidance guarantee' website goes live

Government’s retirement guidance site takes user through six steps.

Old Mutual partners with D2C fund analysis start-up

Old Mutual Wealth has signed up to a new web-based system that will make it easier for investors to track the performance of their investments.

FCA mulls salary clawback for rogue bankers

Regulator “sympathetic” to idea of going beyond clawing back bonuses from bankers guilty of wrongdoing.

JPM's Bill Eigen buys up high yield like 'used cars'

JP Morgan Income Opportunity fund manager Bill Eigen has plunged into high yield and Venezuelan debt on overdone oil price fears.

IT firm manager in court over insider dealing

Prosecution is being brought by the FCA. 

Nest chief Tim Jones to quit

Chief executive Tim Jones will leave at the end of the year.

Tuesday, 10 February 2015

Better Retirement founder Tim Eadon exits to launch new advice firm

Directors Simon Whitehead and Stuart Bayliss take over.

London Stock Exchange Group to sell Russell Investment Management

London Stock Exchange Group has confirmed it will jettison the Russell Investment Management business it acquired as part of last year’s $2.7bn (£1.77bn) purchase of the Frank Russell Company.

Wheatley: 'Second line of defence' rules won't be published until March

Pensions providers will have to wait until March to receive final rules on the information they must give to customers looking to access their funds under new freedoms.

Attivo acquires Reading-based advice firm for undisclosed sum

Wealth management firm Attivo has acquired Reading-based advice firm Sanderson Financial Consultancy.

Monday, 9 February 2015

Woodford: Forcing Greece to repay its debts is 'almost sadistic'

UK equities manager Neil Woodford sympathises with Greece’s new government over its lumbering debt burden and crushing austerity.

Kames to launch new absolute return fund after first gets too large

Kames Capital plans to launch a second absolute return government bond fund after its first became too large to market.

Intrinsic launches multi-million pound practice buyout scheme

Scheme will offer loans and introductions for ARs looking to make acquisitions. 

Aegon and Zurich eye sale of 7IM

Aegon and Zurich Insurance Group are angling to sell wealth manager 7IM, according to the FT.

Wednesday, 4 February 2015

State Bank of India opens its doors to brokers

Indian lender re-entered the UK buy-to-let market last year, after an 18-month absence.

Post-RDR 'primary' share class comparisons tweaked by IA

Fund performance should be judged on the most expensive share class available through third party distributors, the Investment Association says.

Ashcroft poll: Labour could be wiped out by SNP in Scotland

Senior Labour and Lib Dem MPs under threat.

Tuesday, 3 February 2015

Ex-Burns Anderson chief appointed head of sales at new Novia platform

Internal platform Novia Global due to launch in Q2.

FCA warns crowdfunders over disclosure failings

Peer to peer lenders and investment-based crowdfunding businesses have been “cherry-picking” information to pump up the benefits and downplay their risks, an FCA review says.

Monday, 2 February 2015

FPC handed power to cap LTVs

Treasury finishes its consultation and gives FPC power to cap LTV and debt-to-income ratios.

LV= Sipp and drawdown growth stems annuities decline

Provider recruits 70 extra support staff to boost adviser support.