Industry news and views from Panacea and our partners.
Industry News_
Risk versus Reward
We all know that regulatory costs have increased but to see it in black and white really puts in perspective how and where the industry's fees have been spent.
LV= Free CIC offer - extended to end of year
Now, more than ever, advisers need to help their clients understand the importance of protection for their regular income in case they are unable to work for a long period. Our special offer has now been extended until the end of the year.
LV= 'Money where our mouth is' offer extended until the end of the year
When clients want their tax free cash (Pension Commencement Lump Sum) from their Unsecured Pension (Drawdown) Plan they want it fast. At LV= were committed to paying this within 7 working days. If we fail to keep this commitment well pay £1,000 compensation to your client for any inconvenience.
A deluded Britain
Can we stop trying to fool ourselves please. We in the UK, are not going to go back to our complacent world of heady consumerism and conspicuous consumption any time soon. Almost every week there are more reports of green shoots as well as confidence indicators starting to perk up again.
LV= Latest news
SPECIAL OFFER for Unemployment cover extended until end of the year Our Mortgage & Lifestyle Protection Unemployment cover offer has now been extended until the end of the year. Please also find information to clarify our approach to unemployment cover eligibility.
Skerritt Consultants to power their growth using Ascentric
The Brighton and Hove-based financial planning firm Skerritt Consultants has announced the selection of independent wrap platform Ascentric to power the future growth of its wealth management business.
Technology treads a fine line
The death of the tech-fund sector? The merger of Artemis New Enterprises into that provider's larger UK Special Situations fund has raised the question yet again whether tech-only funds are still a viable option for investors.
The devil is in the detail - 15 year longstop - the story continues
As this particular issue rolls on toward the conclusion that it should certainly merit, it is very clear that someone is being economic with both the truth and facts of the matter to benefit an agenda as yet unknown.
Compliance Tip - July 2009 - Disclosure Documentation - 31st August Deadline Approaching!
The FSA Conduct of Business rules COBS impose disclosure requirements on firms when selling certain retail investment products (there are also similar obligations when selling mortgages and general insurance). These disclosures typically cover details of the service the firm offers and the cost of this service. Financial advisers are required to provide information to their clients about their status, the nature of their advice and how they are paid.
A dangerous policy
Yes we all know that interest rates have never been this low in the UK since men wore tights and long floppy wigs (actually I may have forgotten the 1970s), but the truth is that interest rates as far as the real world is concerned, have already started to rise quite significantly. Unfortunately cash savers need not pay attention here as, so far, there has been no sign of any respite for the truly abysmal rates of interest income on cash deposits.
The devil is in the detail - 15 year longstop - the story continues
As this particular issue rolls on toward the conclusion that it should certainly merit, it is very clear that someone is being economic with both the truth and facts of the matter to benefit an agenda as yet unknown.
Wizard Learning - RDR qualifications & CPD requirements
The FSA has released its latest consultation paper concerning the Retail Distribution Review and from a qualifications perspective, there are few surprises. Much of the detail is yet to be completed but we are pleased to provide you with a summary of the main points concerning advisory qualification standards.
Hub e-News: 26 June 08 - Schroders join marketing-hub.co.uk
We are delighted to welcome Schroders as the latest sponsor of marketing-hub.co.uk. Schroders is a global asset manager with over £100 billion under management and clients including corporations, public authorities, charities, pension funds and retail investors.
Thames River Capital - Fund Manager Conference Call
Many thanks if you have already registered. There is still time if you would like to join Rob Burdett and Gary Potter for an update on recent market activity and how their portfolios are positioned.
Ascentric applaud RDR clarification
Ascentric, the independent wrap platform, announces its support of the RDR paper today. They believe that the firm line held by the FSA is great news for clients, independent advisers and the industry. Hugo Thorman, Managing Director of Ascentric commented, "This great news for independent wrap platforms and totally endorses our approach. In spite of intense lobbying, the FSA have not backed down. They've held on to the principle of "unbiased and unrestricted" whole of market advice, adviser charging and transparency.
Rough seas ahead?
Justin is away this week - not unwell, he has gone yachting - so he has asked me to step in to cover his weekly column. Justin is not being held hostage by Somali pirates off the Horn of Africa, but on a corporate event somewhere in the English Channel, no doubt singing for his supper and entertaining a captive audience with his red braces and large stock of anecdotes.
IFA defence Union news
The IFADU has decided that Alan Lakey, an IFA, should replace Evan Owen as Chairman. This has been with the full support and co-operation of Evan Owen who will continue with his behind the scenes machinations and investigatory work.
PIMS - Arcadia 2009
A week in politics, they say, is a long time. Three days at PIMS is a similar experience, spent anchored between Jersey and Guernsey with the industry great and good.
LV= Latest news
From 22 June we've re-priced our rates for Income Protection, Critical Illness and LifeTime+. 1. Making Income Protection even easier 2. Why recommend Critical Illness cover from LV= 3. Guaranteed protection for less
Ascentric teams up with 1st Founder Mik Cons
Ascentric, the independent wrap platform, has teamed up with Mik Cons, the former managing director and joint founder of 1st Software, to provide an independent business process review to IFA firms. Through his Silent Partner consultancy practice, Mik will be spending a day with Ascentric clients and prospects to undertake a Technology and Process review.
Market Muggers and Bullies
Bullying is to be abhorred on every occasion. So whether it is in the playground or in the world of business, the same attitudes must apply. Smaller companies are forever at the mercy of their stronger and larger counterparts but such is the world of capitalism.
Thames River Capital - Fund Manager Conference Call
If you would like to join Rob Burdett and Gary Potter in their update on the recent market activity and how they are positioned in their portfolios please click on the link below for more information.
LV= Latest news
LV= Mortgage & Lifestyle Protection is one year old and to celebrate its success, we have launched 'Pass it on' and are inviting advisers to share their top selling ideas for making clients aware of the importance of protecting their income.
Strange days indeed!
Financial services, the Human Rights Act and UK law seem to be all operating in a vacuum. The result is that very odd anomalies occur to the extent that you could not make it up if you tried.
Curphy Comment
If you had hired a professional to do a job and they mucked it up, you might ask them to come and put it right for you. What you wouldnt do, however
New asset allocation
The latest release of the TP System includes a new totally comprehensive Asset Allocation toolset, which incorporates the best tools of their kind currently available. Because it is integral to the TP System it allows an IFA firm for the first time ever, to take into account all of their clients assets, not just those sitting on a funds supermarket or wrap platform and representing only a small proportion of client's worth. This differentiates it from any other tool available and helps deliver even more accurate and efficient service to clients.
When Less is More
There seems to have been a growing theme based around a single word of late - "less". A bit less of just about everything would seem to be acceptable for most of us and for most things. Take our system of government (I wish someone would) where the "mother of all parliaments" has got itself into the "mother of all" messes.
Compliance tip - June 2009 - Focus on senior management, governance and oversight
The FSAs increasingly intense focus on Senior Management, Governance and Oversight (SMGO) has been brought about by the shift towards focusing on Principles and Outcomes as opposed to prescriptive rules and has been hastened by the recent failures identified in firms SMGO systems associated with the current financial downturn.
Ascentric and iShares hold ETF Masterclasses
Ascentric, the independent wrap platform, and iShares, the world's leading provider of Exchange Traded Funds (ETFs), have teamed up to offer comprehensive ETF Masterclasses for IFAs, open to both Ascentric users and non-users. The Masterclasses will be held at The Royal Crescent Hotel in Bath (30 June), The London Capital Club in London (1 July), and Daresbury Park Hotel in Warrington (2 July).
Feral and Ferrous
Thats just what the world needs right now a feral state with a tin pot dictator who has an inferiority complex (and probably a personal security one as well) - chucking missiles around and setting off nuclear bombs.
Hire Wire Britain - the facts from Scottish Provident
As always, we like to keep you up-to-date with what is going on here at Scottish Provident.
LV= Latest news
Mortgage & Lifestyle Protection celebrates its first anniversary! To celebrate its success, we have launched Pass it on and are inviting advisers to share their top selling ideas for making clients aware of the importance of protecting their income.
PYV provide AIFA Yearbook with latest report on Professional Indemnity (PI) insurance for IFAs
I am pleased to advise PYV has again been recognised by AIFA as one of the market leading providers of professional indemnity (PI) insurance to the financial services community by having our report published in their recently issued yearbook.
Fancy a new currency?
Strange as it may seem, new currencies are not necessarily an infrequent event. Some are created out of necessity, others from financial innovations. However, whether new or old, none have been found to be impervious to the myriad financial disasters and panics, although there are two I can think of that have had a greater permanence than most.
Ascentric to run User Forums
Ascentric, the independent wrap platform, is running three User Forums next week in Manchester (9 June), London (10 June) and Bath (11 June) for IFAs using its platform. The purpose of these events is to provide platform users with updates surrounding key technology, product and service developments but is also used by Ascentric as a way of obtaining valuable user feedback.
LV= Latest news
LV= Pension Transfer to switch or not to switch - The FSA have recently expressed concern at the number of clients with pension policies that do not match their attitude to risk, and that are not regularly reviewed to ensure ongoing relevance as the client approaches retirement
Human rights chief asks Myners why IFAs don't have long stop
This is such a contentious issue, particularly for retired as well as active small IFA firms who are not incorporated. They are suffering great financial hardship because they are unable in many cases to defend themselves against often dubious, opportunist claims going back 20 years or more where little and often no evidence is available to either defend or support such claims.
Scottish Provident - providing a safety net!
Home repossessions continue to rise... Last week the Council of Mortgage Lenders (CML) announced that there were 12,800 home repossessions in the first quarter of 2009. This figure compares with 10,400 in Q4, and 8,500 in Q1, 2008.
At last- some sense from a politician!!
Godfrey Bloom is a Euro MP and has some refreshing common sense views on regulation in general, the FSA and FOS in particular. Unusually, he has some industry experience, he was a Pension fund trustee advisor (to 1986), a Fund manager with Mercury Asset Management (1986-1992), a Financial research economist (1992-2004) and is a Member of the Institute of Economic Affair and the Institute of Directors.