Industry news and views from Panacea and our partners.
Industry News_
Sometimes exposure and transparency go too far
The truth is that if all the customers put their bankers up against a wall (no, not to shoot them necessarily no matter how tempting that may be on occasion) the bank concerned would almost always be unable to pay back everyones money at once. After all, a joint stock bank is not a Piggy Bank but operates on the basis that not all funds are needed at once and consequently money can be applied to other uses.
Ascentric launches exclusive 30 day Notice Account from Investec Private Bank
Independent wrap Ascentric today announces the launch of a 30 day Notice Account on its platform. The deposit account is provided exclusively for Ascentric users by Investec Private Bank.
LV= News
MPPI hits the headlines again MPPI has again recently been the subject of negative headlines, over FSA concerns about the way that MPPI policyholders have been unfairly treated. We're pleased to confirm that clients are safe with LV= Mortgage & Lifestyle Protection.
F&C names Seabrook and Luis as co-managers on flagship bond funds
We are delighted to announce that Rebecca Seabrook has been appointed as co-manager alongside Fatima Luis on our two largest retail bond funds; the F&C Strategic Bond Fund and F&C Extra Income Bond Fund. Rebecca is co-Head of UK Credit at F&C, and part of a team which manages approximately £8.7 billion of UK credit, as well as being lead manager of the F&C Ethical Bond Fund.
Ascentric adds former Hartford director to Business Development team
Independent wrap platform Ascentric today announces the addition of Alan Ferguson to their Business Development team. Alan will provide support for the growing number of IFAs transitioning to the platform in the North and Scotland.
J.P. Morgan Adviser Insights
J.P. Morgan Asset Management is committed to providing education and development to help our IFA partners enhance their investment knowledge and maximise profitability in the face of the challenges posed by today's fast moving markets.
Changes to rules on capital resources and other important matters
As part of our work with all financial services firms to ensure their stability and restore trust and confidence in the industry, we are changing our requirements on the amount of capital resources firms should hold.
Industry activity blog
In our latest industry blog, Rachel Vahey, Pensions Development, looks at the Department for Work and Pensions latest pension reform regulations and what employers will have to do from 2012.
F&C - Luis trims high yield exposure as 'opportunities of a lifetime' diminish
F&C's Fatima Luis is significantly trimming exposure to the strong performing high yield market, in which many valuations are looking increasingly vulnerable, as the risk/reward trade-off so attractive at the beginning of 2009 subsides.
Bright Grey - How much protection will a Cafe Latte give you?
It may seem a strange question. But think about it. How much does a coffee cost these days - £2 or a little more maybe? And how often do people pop into their favourite café for a Tall Skinny Latte or a Cappuccino?
A week in the life, this week IFA Alan Lakey
I have been fending off inquisitors demanding to know how I felt about AIFA stealing the Adviser Alliance policies in respect of the RDR. Actually, as I related to the enquirers, I dont have a problem with this because ultimately we are all on the same side. In fact, it has to be taken as a compliment, particularly as I have been banging this particular drum for ages.
AEGON - A new investment story
More funds. More flexibility. Less fuss. We know you need investment flexibility and choice in dealing with your clients and that you need to use your time efficiently so weve made significant enhancements to our investment offering.
Is This The Next Area of Concern?
So where is the next problem going to come from? Even though we haven't anywhere nearly sorted out the mess from the last crisis, people are still desperately looking for the next one. Sadly the gift of foresight has not been given to me but at least some common sense might provide some help.
Scottish Provident - Brits more pessimistic about future outlook for their standard of living
People living in Britain are more pessimistic about their standard of living improving than they were five years ago. One in five (21%) people questioned believe that their standard of living is likely to decline over the next ten years, this is in comparison to just 14% of people when asked the same question five years ago.
How should the banks be regulated?
Ted Scott, Director, UK Strategy, F&C The big banks are making large profits again and, especially in the case of Goldman Sachs, handing out huge bonuses only a year after one of the biggest banking crises in history.
So what bank would you like?
Just what type of banking system do we want? It's not often we get the chance to choose, but the actions and opinions of the EU authorities on our banks may well have thrown this whole question open. So do we want big banks? Big does not necessarily mean strong as it used to before the banking earthquake. Do we want small banks? Small may not have the necessary cost efficiencies to survive, and also small may not be strong enough.
LV= News
LV= data highlights that using standard growth rates vs realistic growth rates can result in a significant overstatement of customer outcomes.
The Bank of England raises quantitative easing by £25bn
The Bank of England's Monetary Policy Committee has just announced that it is increasing its quantitative easing (QE) programme by £25bn to a total of £200bn while at the same time maintaining interest rates at 0.5% for the 8th successive month. In order to expand the programme it was necessary to get the permission of the Chancellor reflecting the fact that the recovery has proven slow to come through, and following much weaker than expected GDP numbers for the 3rd quarter that showed the UK economy is still firmly in recession.
Former 1st - The Exchange e-Business Manager joins Ascentric
Independent wrap platform Ascentric today announces the addition of Debbie Steer to their Business Development team. Reporting to Sales Director, Richard Goodall, Debbie will engage with IFAs in supporting adoption of the wrap.
Newsflash - Thames River Distribution Fund awarded a S&P AA rating
We are pleased to announce that the Thames River Distribution Fund has been awarded an AA rating from S&P. This compliments the AAA S&P rating that our Global Boutiques Fund was awarded recently.
Artemis Growth Fund invitation
Having joined us from New Star in June, Tim took over the management of the fund on 1 July this year. What is new? What has stayed the same? And what are Tims views on the market as a whole?
Compliance Tip - November 2009 - Unregulated collective investment schemes "UCIS"
The issue of UCIS has raised its head again with the FSA currently undertaking some project work to look at firms' financial promotions and advice processes for the sale of UCIS. The FSA will be sending a letter and a short on-line questionnaire to a sample of firms. A few timely reminders concerning UCIS may therefore be useful.
Compliance Alert - November 2009 - Structured products 'review' ordered by FSA
The FSA has announced tough and wide-ranging action to help investors who received unsuitable advice or misleading promotional material when they bought a Lehman-backed structured product, as well as measures to address issues in the wider structured products market.
Gloves off??
It is heartening to hear that the AIFA are at last taking seriously the concerns of their members, this is thanks in no small part to Dick Carne- a practising IFA who sits on the AIFA committee.
Tweet, tweet, to who?
PanaceaIFA is on Twitter. What is Twitter and how can it help you create awareness for your business?
AEGON - Extend the reach of your advice... by FAR
Annuities are a challenge for advisers and customers alike. Over 90% of all annuities in the UK are bought with pension pots of less than £50,000*. And with most providers offering commission of just 1%, commission income often falls short of the cost of providing advice.
LV= News
The long and the short of SIPPs In this months article, Ray Chinn focuses on the quality of information provided by SIPP providers and whether this is sufficient in setting realistic expectations for customers.
AEGON - Pensions Reform - changing the face of the pensions industry
Find out how our expertise can put you on the right path to 2012 Pensions Reform is scheduled for 2012 and its clear that it will completely change the face of the pensions industry in the UK.
AEGON - Business development opportunities
Are you looking for ideas on how to develop your business, produce a business plan or create opportunities with professional connections?
Latest from True Potential LLP................V4 Goes Live
Version 4 represents our most significant update of the system since we went live at the beginning of 2007 and its one which further separates True Potential from the rest of the industry. We are strong advocates of never standing still, being firm believers in taking advantage of the latest technology and industry developments then harnessing them in a relevant way which adds even greater value to our clients.
An interesting beat-combo
So how was your 'beat'? This has become the favourite word for US commentators for the past few days when discussing the recent string of quarterly corporate earnings coming out of the States. This most recent verbal confusion now uses the term as a noun usually with an attached descriptor of quality or size.
Don't call the FOS the FOS
The Financial Ombudsman Service has published Issue 80 of Ombudsman News. For those involved in complaints handling at firms, FSA Update recommends reviewing the case studies which this month cover cases involving rejecting claims for unemployment or sickness on insurance policies and 'bonds' (as in, fixed term retail products).
F&C Investment Outlook 4th Quarter
How fragile is the economic recovery? Have investors run ahead of themselves? Are equity markets heading for a correction?
Unleash Advice Partnership invests in cutting edge client feedback tool
Unleash Advice Partnership, the IFA Network founded by Andy Adewale, ex co-founder of Mint Financial Services Ltd, has announced it has selected The Customer Feedback Centre from FinQS to streamline its client feedback programme and provide marketing support for its member partners.
It is a funny old game, as "Greavesie" would say
Money Marketing reported this week that Land of Leather chief executive Paul Briant was fined £14,000 for failing to properly oversee PPI sales. Senior staff at Alliance & Leicester, whose firm received a £7m PPI fine, were not hit with any personal penalties.
The Hunters' Tails
We all know Lipper. A lipogram, by contrast, is a written composition which eschews a particular letter of the alphabet. You would have thought that only French intellectuals are capable of such preposterous pretension; and indeed one Georges Perec published a novel, La Disparition, in 1969 which, except for the authors name, dispenses entirely with the letter e.
As IFAs, you should be very afraid
We have seen so many examples of poor, often ill thought out regulation over the years and yet it still has the capability to get worse.
True Potential - Tales from the encrypt
Over the last couple of columns, I have looked at the overall state of the IFA software market and how advisers should approach selecting the right system for their individual needs. This week, I want to look at what appears to me to be the fastest-evolving system in the market. It is one which should be considered in detail by any organisation looking to prepare for the challenges of the post-RDR market.
Are bonds still attractive?
With UK base rates currently at 0.5%, interest rates on high street savings accounts seem unattractive, relative to the potential returns from investment grade corporate bonds. I believe that corporate bonds currently offer an attractive alternative to cash and government bonds
J.P. Morgan Asset Management - Uncovering value in fixed income
The recent credit crisis has had tremendous impact on all sectors of the fixed income markets. As Chief Investment Officer of J.P. Morgan Asset Managements Global Fixed Income and Currency Group, Bob Michele shares his view on finding value in todays bond markets and explains how pension funds can best capitalise on these opportunities