Alliance vote 'will be a referendum' on existing management

Elliott vs Alliance has led to an “increasingly acrimonious ‘he said, she said’ battle”.

BoE: Mortgage approvals down 11%

Mortgage approvals were down 11 per cent year-on-year in February, according to figures published today by the Bank of England.

RBS investment bank chief quits after one month

Rory Cullinan was put in charge of the investment bank last month.

MAS to ditch TV ads as it slashes marketing spend by a third

MAS says ‘political criticism’ has led it to cut its marketing budget to £8.8m. 

Adviser jailed for stealing £465k from 91 year-old dementia sufferer

A bank adviser has been jailed for five years after stealing nearly £500,000 from a 91-year old dementia sufferer and her now late husband.

Brokers braced for more rate cuts following 0% inflation landmark

Brokers are bracing themselves for further rate cuts as zero inflation keeps a lid on fixed rate pricing

Information Commissioner launches investigation after pension sales data exposé

Daily Mail investigation reveals pensioners’ sensitive data is being sold on to unscruprulous firms. 

Unwilling advisers threaten Govt tradeable annuites plan

80 per cent say they will not advise on selling annuities.

Mutual fundraising legislation granted Royal Assent

New rules to allow more fundraising by mutuals were yesterday made into law.

Former Logica manager jailed for insider dealing

Ryan Willmott sentenced to 10 months in prison after guilty plea. 

Admin switch leaves Now: Pensions members uninvested

Now: Pensions failed to invest some members’ contributions for at least six weeks following the auto-enrolment provider’s administration switch.

Talbot & Muir calls time on non-advised business

Sipp provider says complex pensions landscape best navigated through advisers.

Just say no: Fears grow over 'insistent' transfers regulatory backlash

Networks and compliance experts are warning advisers against using ‘insistent’ customer processes to appease clients trying to transfer out of defined benefit schemes.

Just say 'no': Fears grow over 'insistent' transfers regulatory backlash

Networks and compliance experts are warning advisers against using ‘insistent’ customer processes to appease clients trying to transfer out of defined benefit schemes.

Conflicting drawdown assumptions 'recipe for confusion'

Calls on the FCA to produce “firm standards” to help customers.

Michael Bolton eyeing lending opportunities with new firm

Former Edeus chief executive finished working with Clayton Euro Risk this week.

Steve Webb demands end to pension tax relief tinkering

Steve Webb has called on ministers to cease tinkering with levels of tax free pensions savings.

FCA raises adviser fees by 10%

Minimum fee also hiked for first time in four years. 

MAS money advice budget cut by 21%

FCA redistributes £9m of money advice budget to debt advice services. 

Mortgage Advice Bureau increases profit by 31%

Adviser numbers up 22 per cent.

FCA issues warning over 'complex' pension freedoms products

Regulator finds firms developing D2C business limiting customer options

RBS increases Citizens sale amid high demand

The Royal Bank of Scotland sold $3.7bn of Citizens shares.

Martin Lewis volunteers for MAS review ‘challenger panel’

Martin Lewis has offered to support MAS in reviewing the findings of the Farnish Report.

David Cameron rules out VAT rise

Prime Minister David Cameron has promised not to increase VAT if a Conservative government is re-elected.

Old Mutual marketing head Mike Barrett exits for The Lang Cat

Barrett is leaving Old Mutual after 18 years with the provider. 

BoE creates oversight boards after mortgage system failure

Independent review into last year’s mortgage systems collapse published. 

Standard Life boss warns Brexit would be 'disaster' for UK

Sir Gerry Grimstone calls on the financial services industry to promote EU membership. 

HSBC to relocate retail banking head office to Birmingham

HSBC is to relocate the head office of its ring-fenced retail and business banking operations to Birmingham.

Osborne plays down pension freedoms misselling fears

George Osborne has disputed claims incoming pensions freedoms will leave savers prey to “rip-off merchants”.

Pension Wise access details confirmed

Users asked to wait two weeks for appointments.

House price growth shows signs of slowing across UK

Annual price growth falls to 8.4 per cent in 12 months to January.

Former adviser pleads guilty to Ponzi scheme fraud

Former IFA David Gerald Dixon, who created a multi-million pound Ponzi scheme, has pleaded guilty to five charges of fraud.

FCA hikes budget to £479m

The industry will pay more for the regulator this year.

FCA to examine asset manager charges

The FCA will also look at marketing materials and suitability.

SimplyBiz launches pension transfer outsourcing service

Transfer bureau aims to help advisers comply with tighter controls on pension transfers.

LV= cuts with-profits bonus rates as investment returns surge

But investment returns rise to 11.4 per cent.

Treasury to pilot pension passport reforms with LV=

The Government’s “nudge unit” is teaming with LV= from April to work on planning a new pension passport scheme.

SimplyBiz warns advisers on ‘insistent’ pension transfers

Firm says it is concerned about “mixed messages” from the FCA and FOS. 

L&G boss says bank bashing will force lenders out of UK

Nigel Wilson says next government needs to focus on productivity of banks rather than “bank bashing”.

Caroline Rookes: MAS review of Farnish report will be 'open and transparent'

Money Advice Service chief executive Caroline Rookes promises that work to interrogate the conclusions of the Farnish Report will be evaluated by stakeholders.

'Like asking a school child to mark their own homework': Govt under fire over MAS review response

Observers have slammed plans for MAS to self-assess before a further Government review.

Elliott Advisors retaliates to Alliance Trust's claims

Hedge fund says Alliance Trust’s latest move follows “a pattern of non-engagement”

Alliance Trust hits back at activist hedge fund

The 127-year-old investment trust urges shareholders to vote against proposals from Elliott Advisors

FCA fines and bans directors of Sipp advice firm

TailorMade Independent advised customers to transfer pensions into unregulated investments. 

TSB agrees £1.7bn takeover bid from Spanish bank Sabadell

Challenger bank will continue to operate under the TSB brand.

Raising the bar: Professional bodies in race to higher qualifications

Advisers say the CII is still behind the IFP despite chartered standards overhaul. 

Ex-Moore Capital trader jailed and fined £100k for insider dealing

Third conviction in FCA’s largest insider dealing investigation. 

IFS: Osborne's cash for annuities plans face 'adverse selection' problem

Allowing pensioners to sell their annuity is unlikely to automatically generate a second-hand market, says the IFS.

FCA social media rules create retweets 'minefield'

Advisers say greater clarity is needed on social media rules. 

Govt to exempt AVCs from pension charge cap

AVCs where members make active investment choice will not have to comply with 0.75 per cent cap.

FCA thematic review raises mortgage lending concerns

The FCA has raised concerns that lenders are not fully considering customers when they set their lending strategies.

Market continues its slump with lending down 9%

Lenders advanced £14.8bn to borrowers last month - down 9 per cent on January and last February. 

Cash for access: Chancellor's 'scorched earth' reforms open annuities minefield

Pensioners who want to swap their annuities for cash or drawdown face a “minefield” and need to be protected by advisers.

'A shot in the arm': The industry reacts to the Help to Buy Isa

Experts suggest recent housing reforms could provide much needed boost to housebuilding.

Budget 2015: Osborne tinkers further with VCTs and EISs

Future EIS or VCT cash injections will be limited to firms less than 12 years old

Budget 2015: Govt pledges extra funds for Pension Wise

Govt promises £19.5m extra funding to cope with pension freedoms.

Budget 2015: Experts slam pensions allowance cut but back inflation link

“Retrograde” move tempered by link to CPI.

BoE calls for UK asset manager stress tests

Financial Policy Committee member Alex Brazier calls for bank-style stress tests for asset managers

Budget 2015: What advisers can expect

Chancellor is tipped to create a secondary market for annuities and reduce the lifetime allowance.

Barclays pays bosses £16.5m in shares

Payout is half the amount awarded by the bank last year.

FCA's Amos: Don't overdo it on data

FCA’s William Amos tells asset managers more isn’t always better with data.

Standard Life head of adviser business solutions exits

Innes Miller joined the provider in 2013 from Threesixty Services. 

Govt to cut pensions lifetime allowance to £1m

George Osborne to announce cut to higher earners’ tax relief in Budget.

OneSavings Bank increases lending by 89%

Bank advanced £1.5bn across all of its lending brands in 2014.

FCA bans ex-Rabobank trader after Libor conviction

Former trader has pleaded guilty to Libor fraud in the US. 

HSBC shutting Jersey accounts for UK-based customers

HSBC is closing down all Jersey accounts for UK-based customers as part of a “remediation exercise” as it seeks to prevent misuse.

Age Partnership agrees equity release referral deal with Iress

Age Partnership has announced a new tie-up with software firm Iress to provide an equity release referral service.

Industry code of practice launched to tackle pension scams

But code chair warns pension freedoms outside of scope.

FCA lays out financial incentives misselling concerns

A surge of whistleblowers over 2014 has pushed the FCA to published new guidance on risks generated by performance management, including financial incentives.

Treasury set to review business rates

The Treasury has unveiled details of a review of business rates across England.

Retired IFA John Calland loses appeal in FSA harassment case

Judge rules case comes ‘nowhere near’ to harrassment. 

Govt mulls easing multi-employer pension scheme rules

Employers complain pension debt rules are too onerous.

Intelligent Pensions launches 0.75% flexi-access drawdown

Plan designed for pots worth at least £100,000.

Treasury pushes FCA on review of interest rate swaps redress

City minister Andrea Leadsom backs calls for a review over concerns banks have avoided “meaningful” payouts.

Christine Farnish calls on Treasury to publish MAS review

Review was submitted to the Treasury in December. 

PTFS becomes Apfa member

Personal Touch Financial Services has joined Apfa.

CII to ramp up chartered status requirements in standards overhaul

Half of the advisers in chartered firms must be chartered planners by 2020. 

Pink to check if ARs have IP before they join

New ARs will be asked to show proof of their own IP policy or explain why they do not have one.

Wheatley: ‘Pension reforms are Y2K moment for industry’

Risk of fraud and scams must be properly managed, says FCA chief executive. 

Permanent TSB begins CHL sell-off

US-based private equity firm Cerberus Capital LP has acquired £2.5bn of outstanding CHL loans.

Investment falls see LV= profits slump 76%

Life business makes £11m loss following pension reforms.

Nationwide to pull market-leading 10-year fix after 7 days

Lender increasing 10-year fixed rates by up to 0.4 per cent. 

BlackRock slashes price of 'flagship' ETF to 7bps

BlackRock renews its focus on UK investors with price cut to flagship FTSE 100.

TPR bans trustees who pocketed at least £130k through pension scams

David Fellowes, Francine Becker and Avalon Pension Trustees Limited banned by The Pensions Regulator.

Charles Stanley in talks over securities arm sale

Charles Stanley is in talks to sell its securities division, with a US firm set to take ownership.

Vanguard names John James head of UK and Europe

Vanguard has appointed John James as head of the group’s UK and European businesses, replacing Thomas Rampulla.

Sesame launches distribution partnership with State Bank of India

Indian-based lender offers a range of three and five-year buy-to-let products.

FCA to investigate Connaught operators as talks break down

The FCA plans to investigate Capita Financial Managers and Blue Gate Capital, the operators of the failed Connaught Income Series 1 Fund, after withdrawing from talks with the firms.

TD Direct adds guidance to execution-only offering

Execution-only broker says it will give “non-personal” guidance to customers. 

TD Direct adds guidance to execution only offering

Execution only broker says it will give “non-personal” guidance to customers. 

HSBC appoints Tracie Pearce as its new head of mortgages

Former Nationwide head of mortgage products and head of savings Tracie Pearce left the mutual last month.

True Potential profits surge to £10.5m

True Potential has nearly doubled pre-tax profits year-on-year, from £5.3m in 2013 to £10.5m last year, as turnover surged past £40m.

Citizens Advice to offer pensions guidance from over 500 locations

50 delivery centres will co-ordinate face-to-face pensions guidance sessions.

Conservatives plan 30,000 job cuts at DWP

Over 30,000 DWP civil servants face losing their jobs in the next Parliament if a Tory government is elected, according to the FT.

Income tax threshold to rise 'towards £11k' in final Coalition Budget

Govt also planing 25 per cent ‘diverted profits tax’ to catch low tax paying firms.

Ex-adviser jailed for £3.5m Ponzi scheme fraud

Former IFA Philip Boakes jailed following forex spread betting scam.

European Assets Trust benefits from rise in M&A activity

A number of bids occurred in rapid succession.

TPR and FCA in conflict over 'second line of defence' risk warnings stance

Differing regulations are “stacking the game in favour of trusts” say providers.

Industry warns Labour over drawdown charge cap 'unintended consequences'

A Labour consultation on how to cap drawdown fees has been criticised by the industry.

Warning of L&G 'brain drain' as pensions big hitters exit

Legal & General risks suffering a “pensions brain drain” following the departure of several senior staff in recent months, experts warn.

Labour to consult on drawdown charge cap plans

Labour is to launch a new consultation on how to best cap drawdown charges on pensions.

Threadneedle to offload £350m multi-manager range to 7IM

The firm has written to investors outling its proposals.

Private equity firm sells down stake in Just Retirement

Avallux, part of Permira, is to sell up to 10 per cent of its holding in the specialist annuity provider.

Providers hit out at pensions regulator over Nest 'favouritism'

Now: Pensions and The People’s Pension unite against The Pensions Regulator’s plans for signposting providers to small employers.

FCA on suitability reports: 'Ask the FOS'

Advisers should speak to the FOS about their suitability letter concerns, says the regulator. 

The Pensions Regulator scraps auto-enrol SME scheme list plans

The Pensions Regulator has axed plans to publish a list of schemes available to small employers for auto-enrolment.

MPC holds base rate to mark 6th anniversary at 0.5%

Base rate was cut to 0.5 per cent in March 2009.

Towry to launch simplified advice service

Chief executive Rob Devey on the future of consolidation and Towry’s plans for the year ahead. 

Fraud office probes BoE over liquidity auctions

The Serious Fraud Office is investigating the Bank of England over liquidity auctions it held during the financial crisis.

Power shift: Do advisers need to change 'old school' attitude to female clients?

A predicted revolution in female spending power could turn the typical adviser-client relationship on its head. 

Savers could withdraw more than £5bn from pensions in April surge

Hargreaves Lansdown predicts 400,000 people will access their pension and warns of legal but unregulated firms exploiting savers.

FNZ UK chief Martin Jennings to exit in group 'streamlining'

The UK and Europe chief executive of platform technology firm FNZ is set to depart by 2016.

Praemium acquires Plum Software for £1m

Plum Software serves financial advice market.  

HSBC launches risk-rated range ahead of pension freedoms

The group’s Retirement Range consists of three risk-rated portfolios; Cautious, Balanced and Dynamic.

LV= calls for £25 ‘polluter pays’ levy to sustain Pension Wise

LV= wants a £25 charge to be levied on insurers for every existing customer who takes out an annuity.

Former Arck partners handed 29-year directorship ban

Former partners Richard Clay and Kathryn Clark pleaded guilty to fraud. 

Financial services firm offices raided by fraud squad

Police arrest 13 employees, according to reports. 

Former Morrisons treasurer jailed for insider dealing

Paul Coyle sentenced to 12 months in prison after making £79k from insider dealing. 

Former Morrisons treasurer sentenced to prison for insider dealing

Paul Coyle sentenced to 12 months in prison after making £79k from insider deadling. 

TPAS chairman David Harker dies

The chairman of the Pensions Advisory Service David Harker has passed away.

Equitable Life transfers £875m of annuities to Canada Life

Deal frees up capital for with-profits customers.

Openwork and Newton join forces on multi-asset income launch

The Openwork Group is teaming up with Newton Investment Management to launch a multi-asset income fund.

Architas eyes pension freedoms with global multi-asset income fund launch

Architas has launched a global multi-asset fund in response to the continuing demand for income due to low interest rates and the impending pension reforms.

Partnership revisits £100m bond issue via majority shareholder

News comes after Partnerhsip scrapped plans for a bond issue in January. 

David Cameron pledges to 'keep mortgage rates low'

PM also pledges to build 200,000 “cut-price” homes by 2020.

Former L&G annuities boss Tim Gosden returns to MGM

L&G’s former head of strategy for individual annuities has returned to MGM Advantage after a decade away.

Mortgage Trust begins lending in Scotland again

Mortgage Trust has not lent in Scotland since the financial crisis.

House prices fall for first time in 5 months

Average house prices across the UK was £187,964 in February.

LibDems target £1bn bank levy in final Coalition Budget

The Liberal Democrats are pushing for reforms to raise an extra £1bn from banks to be included in the final Coalition Budget later this month.