Industry news and views from Panacea and our partners.
Industry News_
Wait a minute - maybe all is not what it seems
As even our leaders seem to be somewhat bemused as to whether we are actually in a recession or depression, it is therefore quite understandable that most of the public are at least confused if not actually extremely nervous about what is going on. Thanks Gordon for that!
Business Promotion Tools
The Tools and Resources area contains a wealth of information to help you grow your business, this week we feature what Aegon have to offer in relation to business promotion.
Smell the Coffee
Good communication between providers and IFAs is essential for the financial health of the industry and of consumers. Panacea is the only financial services community portal whose sole aim is to ensure that the much neglected world of the small, directly regulated IFA firm is re-entered, understood by and fairly resourced once again by product providers for mutual benefit.
Of huge interest to clients...
To keep you up-to-date with the rapidly developing Living Benefits area (sometimes known as 'third way'), financial research experts, Rayner Spencer Mills recently published a comprehensive report.
Wizard Learning launches integrated audiovisual J05 study aid
www.wizardlearning.com has integrated unique audiovisual presentation features into its online course to help advisers study for the Chartered Insurance Institute (CII) J05 Pensions income options diploma exam.
Watching the detectives - Pink Panther 3
I am not sure any more who is supposed to do what, who takes responsibility, who investigates who, why, who takes the blame and who pays. Last October, bank bosses were warned by the FSA over their inconsistent pay structures and told they can expect a visit from the City regulator before Christmas, did this happen?????
TIFAF, (treating IFAs fairly) and FOS
One hears many horror stories from IFAs about the actions and methodologies of the FOS, that it is not operating a level playing field, that it operates more along the lines of a sales targeted call centre with the sole aim seeming to be the generation of revenue from case fees.
J03 The tax and legal aspects of business
We have now completed our range of practice exam packages for the CII Diploma (J01 - J07) exams; you can now improve your exam preparation and chances of passing your exam with our practice exam package for J03.
FSA latest - video on remuneration under RDR
This week you can see and hear highlights from the FSA's Richard Taylor, heading up the RDR process at the regulator on the future for commission, professional standards, product pricing and much more.
The Hartford scoops Best Third Way product award at the prestigious Professional Adviser Awards 2009
The winners of the prestigious Professional Adviser Awards 2009 were unveiled in front of an industry-wide audience at the London Hilton on 28 January. The awards are in their fifth year and stand out in the industry because they truly reflect the views of the financial advice market being entirely nominated by and voted on by financial advisers.
Faults and Responsibilities
They've wrecked the economy. They've tightened lending so that small businesses can't borrow and perfectly healthy companies go to the wall. They won't give you a mortgage. They've destroyed the value of your pension and doomed you to an impoverished retirement. They've triggered a collapse in sterling and made your annual holiday unaffordable.
Pensions are Simple: Stupid! A useful update on State Pension changes
Am I the only one who struggles with keeping up to date with the changes to State Pension Benefits as well as other changes in the simplified Pensions arena? Thanks here to Steve Bee of Scottish Life who does sterling work through his Beeline e-mails.
"Bankers" what next
With the US and UK in a financial meltdown over the last few months it is good to know that more evidence regarding the arrogance, greed and worse is now coming to light. Senior investment bankers, even now, clearly have no conception of what is or was right or wrong.
"Hard Pounding, gentlemen: but we shall see who can pound the longest". Wellington at Waterloo, 1815.
There has been much conjecture on the future of the Euro, particularly as it has just celebrated its 10th anniversary. The arguments have varied from the Europhobes dancing like demented demons trying to conjure up its final demise, through to fanatical Pan-European Esperanto speakers evangelising on the potential glories of a Euro Reich (probably the wrong term). The truth is that despite its critics the Euro has not only survived but in fact prospered to a great extent and is now regarded as one of the worlds reserve currencies a title that Sterling is struggling to retain (only some 4% of global reserves now, and considerably less than the Euro).
Professional Adviser Round Table
With many advisers already looking at how they respond to the FSA's RDR feedback statement, the Professional Adviser roundtable was a great opportunity to focus on some of the key issues for advisers and the support available to them in the run up to 2012
New year, new look
Marketing-hub.co.uk, the FREE online communication and TCF support service for advisers, has had a make over. And what better time than a new year to introduce the changes.
Learning from your mistakes
Thursday 29th January 2009, 07:30 - Roger Edwards Combats Life I am such a stickler for good customer service that my family and friends often find it amusing when I fire off a letter to the chief executive of a company that has failed to deliver on a promise.
Regulatory feedback for the Conservative Shadow Treasury team
Panacea IFA member Paolo Standerwick met on Monday with Simon Horner who is Conservative policy adviser to Mark Hoban (their treasury shadow representative) to discuss the current regulatory regime, its workings, failings and general unfairness toward the IFA community.
Bright Grey delivers quick and slick service
75% of business submitted online is through interactive quote and apply 52% of applicants receive an immediate acceptance Since the launch of Bright Greys expert underwriting system, called interactive quote and apply, the overall pass rates have been transformed, so much so that over half of applicants now receive an immediate acceptance
Standard Life's Pension Sterling Fund revaluation
A letter recently received relating to Standard Life's Pension Sterling Fund has advised that it is now subject to a 5% revaluation. This fund was promoted as a home for investors money when the short-term outlook for equities, fixed-interest securities and property is uncertain, yet I understand the fund has 13 per cent invested in non-conforming residential mortgage-backed securities, while only 12 per cent in cash!!!!
Don't jump back in just yet
For investors, fund managers and equity traders, it has been clear for a while that the UK economy was grinding to a halt. For those not involved in the workings of the City, however, the real severity of the economic downturn has been limited until now to rising food and energy costs unless they have had to remortgage recently.
Hail to the (New) Chief
As George finally lurches off to his ranch in Texas I fear there is little that we will miss about him other than his ability to excruciatingly contort the English language. For memorys sake may I quote a couple of his most notable verbal aberrations. The one I find most surreal and at least applies to a broader audience than usual was I know that the human being and fish can coexist peacefully he has obviously never met an angry haddock Michigan September 2000. The other is about education with the following illustrative statement - Rarely is the question asked: is our children learning? South Carolina September 2000. Oh dear good bye George.
Hartford becomes the latest product provider to support Panacea
Panacea is delighted to announce that The Hartford has become the latest product provider to become involved with Panacea. The Hartford see that support relationships for small, directly regulated IFAs are vitally important and they bring to Panacea members a great wealth of web based resource to help you serve your client's interests better. The Hartford, a Fortune 100-listed company providing financial services to over seven million customers in countries such as the US, Brazil and Japan.
Compliance Tip - January 2009 - Quality of Advice Processes
This compliance tip is applicable to all retail intermediaries giving advice together with most other advising investment firms. Whilst Treating Customers Fairly TCF was a major theme for FSA in 2008 and will continue to be so in future,
A little bit of history repeating itself
Not quite, as no one is in jail- yet! I read with some interest today about banking crashes and the ways in which regulators and governments of the day dealt with such things. In particular, one article was about Nick Leeson, the rogue trader whose unchecked risk-taking caused the biggest financial scandal of the 20th century caught my eye.
Commentary on our 2008 performance
Although undoubtedly a very tough year in absolute terms, lets look back at the contributors to the strong relative performance of our funds in 2008.
Tools and Resources
Panacea version is a very powerful resource centre for smaller IFA firms. It gives instant and free access to a very large and increasing number of tools and resources provided by our supporting product providers to help you run your business smarter.
2009 Survey
Our 2009 survey is underway and it is pleasing to see so many of you have taken the time to respond. Your views are very important as we see that for all of you the need for support by way of access to information about education, training, tools, resources, marketing ideas and business development is vital.
Life below Zero
The actual importance of interest rates at these levels frankly has all the relevance of two follically challenged men bickering over a comb. Last weeks UK rate cut may have been of some use in filling up news time but served little, other than to distract attention away from some of the other more pressing issues which our financial and political leaders need to be addressing.
Its not my fault, but it is me that pays
Having worked under 4 different regulators as an IFA, I can speak with some experience about how, over the years the onus of responsibility for when things go wrong and therefore in the eyes of the regulator of the day, need to be put right, falls and continues to fall squarely on the shoulders of the IFA firm that gave the advice and/or sold the product.
Panacea polls
Over the past few weeks we have been running some polls to gauge the opinion of IFAs in regard to a number of key issues.
When Pessimism Can Be A Good Sign!
If last years predictions were far too optimistic then I suppose we can draw some comfort from the fact that this years commentaries seem universally depressing. However, we cannot get away from the fact that the financial news and the background economic environment is bad and likely to get worse before it gets better well a happy new year to you then!
Help in turbulent times
I am sure that most, if not all of us, are pleased to see the end of 2008 but look forward with some degree of trepidation, toward 2009. Small businesses in general are having a tough time, but, small regulated businesses have additional minefields to pass safely through in 2009.
Going short OK, says FSA
The FSAs recent proposal that the ban on short selling of financial stocks will end on 16 January will re-open the wider investment opportunity for those funds that have the flexibility to benefit from this investment strategy.
TCF deadline reached - Act Now!
By the end of December 2008, the FSA expects all firms to be able to demonstrate to both the regulator and to themselves, that they are consistently treating their customers fairly and delivering against all the TCF outcomes relevant to their business.
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!
Nationalisation at Christmas
Given the desperate state of the UK economy, the Government has decided to introduce some exceptional measures and to extend its nationalisation plans. It has proposed that it needs to have a greater and direct involvement and to take more prescriptive decisions with regard to the potential recovery in the economy.
What a silly measure
The FTSE 100 index is generally a rotten measure of investment success. Over the decades it has been made up of a hotch potch of various companies and sectors which have come and gone as regularly as an estuary tide.
Resources Compliance Seminar
Many commentators and regulators talk of the need to foster a good 'reputation'. But what does that mean? How can investment firms protect their most valuable asset?