Industry news and views from Panacea and our partners.
Industry News_
Compliance Tip January 2010 - Disclosure of Compensation Limits Information
Back in April 2009 FSA issued Policy Statement PS09/7 which amended the compensation limits available from the FSCS. These changes take effect from 1 January 2010 and firms must ensure the disclosure documentation which they provide to clients is amended to show the correct information from that same date.
Marketing-hub - Take the 40 year M&G test to win an Omega watch
To celebrate the M&G Recovery Fund's 40th anniversary, they are giving you the chance to win the 2009 version of the watch that was famously worn 40 years ago during the 1969 moon landing.
Price Bailey Private Client to use Ascentric to power its Advisory model portfolios
East Anglia and London-based financial planners Price Bailey Private Client has today announced the selection of independent wrap Ascentric as their chosen platform to drive the future growth of their business. Price Bailey Private Client is the financial planning arm of Price Bailey, a leading firm of business advisers and accountants that has been established for over 70 years. The wealth advisory division currently manages £130 million under advice through its lifestyle planning and investment business model and also provides full tax, planning and audit services.
Compliance Tip January 2010 - Disclosure of Compensation Limits Information
Back in April 2009 FSA issued Policy Statement PS09/7 which amended the compensation limits available from the FSCS. These changes take effect from 1 January 2010 and firms must ensure the disclosure documentation which they provide to clients is amended to show the correct information from that same date.
LV= How Safe is your Client's Annuity?
During the recent economic turmoil, the financial strength of some companies has come under pressure. Whilst it is important to be able to secure the best annuity rate and most appropriate type of annuity for your clients, it is vital that the financial standing of the annuity provider is considered.
CBG Financial Services selects Ascentric to power its RDR transition plans
Manchester-based CBG Financial Services has selected independent wrap Ascentric as its preferred platform solution to power its transition to a post-RDR world.
Occasional Paper 32, Charles River Associates and Commission Bias, or should it be
PanaceaIFA member Alan Lakey contacted me this week with some very interesting yet disturbing information. Occasional Paper 32, a relatively boring document happened to mention research into commission bias carried out by Charles River Associates in 2004.
Barking at the Bankers
You may recall the Dangerous Dogs Act of 1991 which was the legislation rushed in as a response to some dreadful incidents of serious injury or death resulting from attacks by aggressive and uncontrolled dogs, particularly on children. These attacks received typically hysterical tabloid headlines, causing widespread public concern over the keeping of dangerous dogs and the result was some ill thought through knee jerk legislation.
M&G would like to wish you a Happy Christmas
As in previous years, M&G is once again supporting the national charity Crisis and has made a donation to the charity instead of sending corporate Christmas cards. An online Christmas card will also be sent to our customers, IFAs and suppliers. Additional donations will be made by M&G to Crisis each time the card is opened.
M&G - The outlook for corporate bonds by Richard Woolnough
The combination of record high corporate bond spreads, low inflation and ample fiscal and monetary stimuli produced an excellent environment for corporate bond returns in 2009.
IPS - Pre-budget report 2009 further new rules for tax relief on pension contributions
Following the Pre-Budget Report on the 9th December, HM Revenue & Customs has announced another change to the rules for tax relief on pension contributions, which take immediate effect.
Wizard Learning - RDR qualifications - final core standards & specialist draft
The final standards for the Retail Distribution Review in respect of their core exam units have been published. It is these standards that will form the basis of content and assessment for all future RDR compliant level 4 qualifications, starting from next year. The Financial Services Skills Council website contains the proposed standards which were just updated on 1/12/09.
LV= News - Making your life easier
We're always looking for ways to make your life as an IFA easier. Through LV= you can access a series of online tools and services to support you when making product and investment decisions for your client.
LV= News - How Safe is your Client's Annuity?
How Safe is your Client's Annuity? During the recent economic turmoil, the financial strength of some companies has come under pressure. Whilst it is important to be able to secure the best annuity rate and most appropriate type of annuity for your clients, it is vital that the financial standing of the annuity provider is considered.
AEGON - pre-budget report
The Government had already warned, ahead of the today's Pre-Budget Report, that those with the widest shoulders would carry the burden of helping get the UK back into the black. And true enough, the pensions rumour mill was proven right when changes were yet again announced to pensions tax relief for the highest earners.
Paradigm turns to Paraplanning online to meet its suitability report writing needs
A major player in the IFA market has announced its decision to appoint Paraplanning Online as one of its Suitability Report software providers, with immediate effect. Paradigm, one of the UKs leading IFA service support consultancies, is now offering PPOLs highly intuitive Suitability Report Writing software to its 280 Partner Firms.
The Hunters' Tails
Irony in igloos ... All shall be well. The apparently patent truth that climate-change is (all) man-made has its apotheosis in Hopenhagen. All of Denmarks limos, and most of Swedens, are involved. There are no jets left to charter, and there are so many watermelons green on the outside, red on the inside carbonising their way to Copenhagen that campaigning Cassandras have to fly to Malmo instead and limo along to the industrial estate where they deliberate, before nights in melting igloos. Eschewing such vulgarity, Lord Mandelson has instead continued his social mountaineering.
Three Thames River Multi-Manager Funds link with Canada Life
Thames River Capital has linked three of its multi-manager funds with Canada Life for its life and pensions product range. The Funds, which are managed by Rob Burdett, Gary Potter and their team, are:
Ted Scott on the wire - China: An emerging market or an emerging bubble?
In Summary China & the US are interdependent The renminbis tie to the dollar remains an issue but could it be about to change China is changing from an agrarian economy to an industrialised
What's good for the goose......?
Has Christmas come early for IFAs, shock High Court blow for the Pension Ombudsman? Money Marketing has just reported that the High Court has held that when determining disputes of law, the Pensions Ombudsman cannot take a less restrictive approach to time limits than the courts would take.
No Sovereign Immunity
The term 'Sovereign Lending' implies the delightful possibility that we could lend out the Windsors for weddings, bah mitzvahs and sundry supermarket openings, which to a great extent I suppose is what they actually do, except on a somewhat grander scale. However, back in the late 1970s and early 1980s this lending to states turned into a euphemism for trying to get 'the stuff back' from bust and over-borrowed nations.
Ted Scott on the wire - Is it time to take profits in Gold?
In Summary The opportunity cost of holding gold is very low Almost all the gold ever mined still exists Hedge funds have big positions Gold still works as a store of value US Treasuries dont offer the security low yields imply
LV= News - Confidence still strong among HIPPies (Home Is Pension) generation
New research by retirement specialist LV= reveals 1.3 million over-50s still plan to cash in their property to help fund retirement.
Adviser Alliance officially launched
During the last week the Adviser Alliance officially launched. Details can be found on our website and it is both instructive and essential that advisers, product providers and the regulator understand why we exist.
M&G - Take our 40 year test...
For a chance to win an OMEGA '40th Anniversary' limited edition watch take our 40 year test. To celebrate the M&G Recovery Fund's 40th anniversary, we're giving you the chance to win the 2009 version of the watch that was famously worn 40 years ago during the 1969 moon landing.
AEGON - Retirement research: helping people to a better retirement
How people approach the question of retirement is one that is intriguing us at AEGON. By that I mean, not what pension benefits or financial solutions people pick at retirement, nor what needs they think they are meeting. More how do they approach retirement, what are they thinking, what frameworks and role models do they use?
IFAPAC update from IFA member Neil Liversidge
Please click on the link below to a ready-to-run email. Please consider sending this to your MP. Money Marketing, which really is doing a brilliant job for IFAs, must be credited with the lead story most of the material is copied from their online story and the resulting blog.
HSBC launch ETF range on Ascentric
Independent wrap platform Ascentric today announces the launch of the HSBC ETF range to its users. This follows the exclusive October launch on the platform of the HSBC Onshore Investment Bond.
Sheikhs Rattled and Markets Roll
So finally reality has come to the sparkling mirage of Dubai, and the result of the effective default became a seismic ripple around the globe. This of course was not helped by certain markets either being closed, as in the Gulf and New York, or just not working London! However, as the news is digested and the potential collateral damage considered, we have to measure the likely outcomes.
TIFAF - Treat IFAs Fairly
There is considerable concern that the FSA is not treating IFAs in the same way that it is seen to treat banks. Feelings are running high that week after week small IFAs are seen to be falling under cosh- with good reason we assume- yet nobody hears of a bank, its directors or staff being the subject of disciplinary actions such as removal of permissions, after all what does a fine mean for a bank?
Wizard Learning - 3 minute presentation on qualifications for clients
The consumer watchdog, Which? has recently been pressing for the wide range of qualifications available to financial advisers to be simplified and better communicated to consumers.
AEGON - RDR factsheet
Read our latest factsheet to keep up to date with the latest on delivering the RDR.
AEGON - Industry blogs
In our latest blogs Rachel Vahey talks about: - the Department for Work and Pensions' consultation on workplace pensions reform
LV= welcomes SIPP Good Practice Guidance issued by ABI
Commenting on the SIPP Good Practice Guidance issued by the ABI and the Association of Member Directed Pension Schemes (AMPS), please find out what Ray Chinn, head of pensions at leading SIPP provider LV=, had to say by clicking this link for more information
F&C - 2010 set for a "protracted, muted recovery" predicts F&C's Scott
Speaking at a briefing today, F&Cs Director of UK Strategy, Ted Scott, predicts that Q4 2009 economic data will be better than expected for the UK, which should emerge from recession in Q1 2010.
LV= News
On Monday 30 November we launched our new website for advisers. Please click here to find out more and to see a quick preview.
F&C -Tigue spies emerging danger in 2010
The fund manager of one of the UKs most widely held investment vehicles, the 141-year-old Foreign & Colonial Investment Trust, anticipates that a blow-up emanating from emerging markets could be a possible shock for investors in 2010.
Is the FSA acting ultra vires - beyond its powers?
"The Financial Services and Markets Act does not permit the FSA to cancel an authorisation simply because the FSA has changed its views on what the appropriate qualifications should be .It is one thing to impose new rules for new entrants to the IFA profession, it is quite another thing to disqualify someone who is already qualified.
Dismore replies
I am becoming increasingly concerned that the machinations of government in regard to the longstop issue. The conduct of those tasked to investigate its fairness leaves much to be desired.
The Reincarnation of Old Economies
In the dull grey light of an Autumnal dawn it can be quite difficult to envisage the dynamic regeneration of those older industrial centres whose ageing factory sites seem inevitably destined to be repackaged into heritage centres. History of course, is something to be proud of and something which can be turned into an active and contributory part of the economy, but historical sites and collective memory cannot on their own build the vibrant economies of the future.