Industry news and views from Panacea and our partners.
Industry News_
"I predict a riot" (Thank you Kaiser Chiefs)
No doubt there has been some concentrated brick polishing over the past few days. The more intelligent will be preparing their debating brickbats to argue the merits or otherwise of the G20 meeting.
Alternative dispute resolution
A 'compliant' alternative to FOS: This is where the compliance issue sits in terms of being able to use an alternative dispute resolution process.
True Potential: Totally true
All software companies talk about making life easier for users but in the IFA market all too often the reality seldom lives up to the promises.
Marketing Hub: Win an iPod shuffle
This month, marketing-hub.co.uk is undertaking some research to find out more about how you would like to hear from them.
The Customer Feedback Centre teams up with Panacea
Panacea has teamed up with Axa Winterthur and technology provider FinQS to help small firms gain valuable client feedback and confirm whether the service proposition you have in place is valued by your clients. Smaller IFA practices will now be able to compete with larger retail advice practices in gaining valuable client insight on their experiences and what they value.
Scottish Widows and Norwich Union: Knowledge is Power - Qualifications are the key to your future as an IFA
The FSA's Retail Distribution Review (RDR) is a watershed in the development of the financial advice profession. It argues that advisers should reach and maintain true professional status.
A back office to marvel at!
Your back office is the backbone of you business, a poor one reduces your ability to conduct business effectively. PanaceaIFA knows that IFA businesses today face more challenges than ever before - increased competition, changes in legislation, government intervention, ever more demanding customers and much, much more. Faced with these challenges your business needs a support structure it can trust, with whom you can build a trusted working relationship with for the long term.
"Daddy, the country just went bust."
In these nervous times government bonds are often held out as the last bastion of security and safety. Even if all the companies go bust, at least we can still rely on the central government to bail us out. Well actually, maybe not!
Now Read This!!!
Is this why "Principles" is to be replaced by "Outcomes"? There has been considerable concern and speculation surrounding the Financial Services and Marketing Act 2000 in particular in regard to whether this act is in breach of the Human Rights Act.
Wizard Learning - AF5 practice exam package / tutor papers marked in 7 days
We have now added an AF5 practice exam package that will greatly improve your chances of passing. Our range of practice exam packages now includes J01 - J07, AF1, AF3, AF5 and CF5.
Recognising crunch clients
Nearly two-thirds of UK baby boomers haven't reviewed their retirement plans, despite the financial crisis, according to a recent Hartford survey*. In fact, only 8% of the over 45s have seen a financial adviser about their retirement plans in the last six months.
Resources Compliance - Invitation: Pension Switching: time to review? - Seminar on 6 May 2009 (North West location)
Due to popular demand for the Pension Switching seminar we are holding on 23rd April 2009 in London we have decided to hold another seminar on the same subject on 6th May 2009 in a more Northern location (venue to be confirmed but likely to be near to Manchester Airport or the surrounding area) the seminar will commence at 1.30pm.
Thames River Capital - Innovative Income Investing
The current low level of interest rates has helped highlight the need for a sustainable income at attractive levels. Investment vehicles focusing on income generation, such as the Thames River Distribution Fund, are a compelling choice as yields are an increasingly significant part of the total return.
Goodbye "principles", Hello "outcomes"
Hector Sants, chief executive of the Financial Services Authority says the regulator will be moving away from a principles-based regulation towards a more "outcomes-based regulation"
No Knee-Jerk Regulation
Such is the power of a baying mob. Populist fervour, albeit fanned by a media furore, called for the head of Fred Goodwin. This, as much as anything, was a reflection of the general frustration and anger of the population at their having to both pay for others mistakes and then to see their leaders getting away with it and, just to rub salt into the wound as well, even being rewarded for it.
Trustnet Structured Product Alert
Trustnet provides free fund selection tools, research and analysis for financial advisers. Registration includes access to our database of UK Structured Products.
Invitation: Pension Switching Seminar on 23 April in London - book today - limited places available!
There are still a limited number of places available for our Pension Switching Seminar book today to avoid disappointment! We cannot emphasise strongly enough the need for firms to consider the FSAs output in this area and review their position and if necessary take appropriate action on procedures and past business.
Bright Grey - get to the heart of the matter - put your client's plans in trust.
When youre arranging protection for your clients, setting up a trust can help make sure that the payout from their plans ends up in the right hands, at the right time without up to £4 in every £10 going to the taxman.
LV= The right solution for your clients
We are offering Free Critical Illness (CI) cover to anyone taking out an Income Protection (IP) policy under the LV= Flexible Protection Plan over the next three months. New customers will receive Free CI cover equal to three times their monthly IP benefit, paid as a lump sum.
The FOS must learn to live within the law.
A great article by Peter Hamiliton that should be read by all. Peter was the head of the legal department and company secretary of Allied Dunbar Assurance plc (formerly Hambro Life Assurance plc) where he dealt with the full range of issues confronting a modern unit-linked life assurance company and the life assurance industry in general, holding several industry appointments.
Wizard Learning - our Technical Training system in the news
This week's Financial Adviser covers our Technical Training & Competence system (TT&C), if you have not yet considered then at only £15 per month (including VAT) it is well worth considering.
FOS must learn to live within the law
A great article by Peter Hamiliton that should be read by all. Peter was the head of the legal department and company secretary of Allied Dunbar Assurance plc (formerly Hambro Life Assurance plc) where he dealt with the full range of issues confronting a modern unit-linked life assurance company and the life assurance industry in general, holding several industry appointments. Since returning to practice he has continued to specialise in financial services.
Thames River Capital - markets hit new lows performance update and brief thoughts
Following on from our earlier note, entitled 'Patient survival not now in doubt, but full recovery a long way off', things have moved apace.
Scottish Provident is hosting a series of seminars
The protection provider is to stage 46 roadshows across the UK between March and April, focusing on marketing advice for advisers and how best to meet a clients needs.
Compliance Tip - March 2009 - Pension Switching - How Do You Measure Up?
This compliance tip is applicable to all retail investment intermediaries advising on and/or arranging pension contracts.
Extra protection workshops for 2009
Given the success of our Back to Business workshops last year, were pleased to announce more venues for 2009. Our interactive workshops will..
Pride before a fall
Pride before a fall when will we ever learn? Whether it has been puffed up complacent investment bankers who assumed they could stroll across the Sea of Galilee, property developers feeding both the greedy and the gullible, Icelandic politicians who claimed to have found a new economic paradigm, or even a desert mirage of palaces built on sand, eventually the cold light of dawn reveals a dreary pall of chilled reality.
Regulation Street - feedback urgently required
We are looking for your views, to inform policymakers, particularly the Conservative opposition who may form the next government, of what the issues are for IFAs, to give insight in regard to the small, directly regulated IFA firms view of the FOS and the FSA's conduct and actions, and their resulting impact upon their business.
Hub e-News Update: 27 Feb 09 - Keeping up to date
Baron Rothschild is credited with advising us to invest 'when there is blood in the streets' - and markets are certainly doing a very good impression of such a situation right now.
Compliance tip - February 2009 - Special reminder on PII requirements
Firms subject to the Insurance Mediation Directive IMD, that is firms who carry on any insurance mediation activities (i.e. mainly advising and/or arranging either (i) general insurance contracts or (ii) long-term insurance contracts (such as life policies [inc. pension contracts / investment bonds] and pure protection contracts) need to be aware of the latest changes to the professional indemnity insurance PII requirements applying to them.
How to run a bank?
With all the creaking of a medieval ox cart, our banking system continues to slowly bump and grind its way along the road to recession. Dragged along by a bunch of tired old dray horses seemingly fit for nothing other than to the knackers yard, they hardly seem to have the necessary energy to revive our economy.
Discount for all Panacea members
A 10% discount is available to all Panacea members in addition to a 30% discount where 3 or more products are purchased. Simply enter PANA in the promotion box on the final purchase screen.
Thames River Capital - Conference call reminder
If youd like to join Rob Burdett and Gary Potter in their update on the recent market turmoil and how they have positioned their portfolios to deal with these issues, you can still register!
Fit for purpose - are licensed products the future
The FSA has entered the debate regarding the licensing of financial services products.
Data security
As you are probably aware, there has been a lot of press recently surrounding the area of Data Security with 3rd parties being able to access sensitive information which may be passed either via e-mail, conventional mail or even courier.
The Queen, Darwin, Banks and the Fear of God
When George Gilbert Williams, the president of Chemical Bank, a large US bank, was asked how he came by his success in the bank crisis of 1857 he said it was the Fear of God. It seems the Fear of God has deserted many of our banks, or perhaps I should say, the fear of bankruptcy, in these more secular times.
Compliance tip - February 2009
The Financial Services Authority (FSA) has published its Financial Risk Outlook 2009 (FRO) outlining the main risks facing firms, consumers and the regulatory system in the economic downturn, in particular the challenges created by banking sector and real economy deleveraging. Firms are also reminded therein of the importance of treating customers facing difficulties with fairness.
One step short?
For the first time ever, there are now more people in the UK aged 60 and above than there are under 18, and more pensioners than there are children under 16. (Source: Office of National Statistics mid-2007 Population Estimates (2008)).
FSA TCF meeting feedback
We were very disturbed to get this report from one of our IFA members in regard to their experience at one of the recent FSA/ TCF meetings. It is clear that despite constant assurances that small, directly regulated IFAs are not to be singled out for a beating up, the reality is quite different.