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Rift is emerging over ABI’s TCF policy, FOS warns

Story by: James Redgrave, Financial Adviser

A gap has developed between those insurance providers which are keen to implement Association of British Insurer guidelines on meeting protection claims in good faith and those which are not, the Financial Ombudsman Service (Fos) has warned.

• Time published: 00:01
• Date published: 14.08.2008
• Published in: Insurance

Xafinity appoints Morris-Weston

Xafinity Claybrook, the leading UK pensions software and services company, has appointed Robin Morris-Weston as operations director.

• Date published: 14.08.2008

Pension schemes in £80bn deficit: PPF

Stock market volatility is to blame for fall, claims fund, as it sees more than 5000 schemes go into deficit last month

• Date published: 14.08.2008

Elsmark joins Swip in newly-created role

Scottish Widows Investment Partnership has appointed Christian Elsmark to the newly-created role of managing director, Europe

• Date published: 14.08.2008

L&G adds to individual pensions range

Legal & General has extended its range of individual pensions by launching a new individual pension plan, the Portfolio Plus Pension.

• Date published: 14.08.2008

Norwich under fire on endowment transfers

An IFA has accused Norwich Union of making endowment transfers unnecessarily difficult for customers to receive once policies have matured.

• Date published: 14.08.2008

Scot Wid exam aid passes with flying colours

Study support tool for intermediaries is rising in popularity and achieving encouraging results

• Date published: 14.08.2008

PSigma IM is set to roll out Balanced Managed FoF

Unit trust offering will be run by Tom Becket

• Date published: 14.08.2008

Skandia rides out life assurance sales drop-off to post profit increase of 14%

Results reveal half-year pre-tax profits were up 14 per cent on last year

• Date published: 14.08.2008

MPPI sales still strong despite pair of probes

Survey finds little evidence to suggest IFAs believe MPPI sales have fallen

• Date published: 14.08.2008

Halifax and Persimmon team up in bid to double the deposits for first-time buyers

Persimmon Homes and Halifax team up to offer first-time buyers a home deposit incentive scheme

• Date published: 14.08.2008

Consumers to blame for 'reckless spending culture': IFA

Consumers have themselves to blame for wounded confidence identified in July Nationwide Consumer Confidence Index

• Date published: 14.08.2008

Watchdog bans Rainbow FS for not paying Fos award

David Wilson, the approved person of the Durham-based advisory business is struck off

• Date published: 14.08.2008

FTSE firms report pensions shortfall of £41bn for July

Shortfalls come despite firms pumping £40bn into pension schemes over the last three years

• Date published: 14.08.2008

F&C reports 56.9% profit fall in first half of '08

F&C CEO says firm has been hit by toughest market conditions in recent history

• Date published: 14.08.2008

Schroder multi boss backs equities to slowly creep up

Painful time for investors is the slowdown not the recession, claims head of multi-manager

• Date published: 14.08.2008

Gartmore set to merge UK and Global high alpha offerings

Fund manager announces that new fund will sit in IMA's Absolute Return sector

• Date published: 14.08.2008

L&G claims over AMC rip off rebuked by adviser

Not all charges should be considered extortionate, claims adviser

• Date published: 14.08.2008

Variable annuities must demonstrate their worth, says Hargreaves

Hargreaves Lansdown highlights the current predicament of the variable annuities market

• Date published: 14.08.2008

Assureweb launches equity release comparison service

Assureweb has launched a service for advisers to compare equity release products

• Date published: 14.08.2008

NAPF looks to assist those handling workplace schemes

Pension fund information and support service will be offered free for a year

• Date published: 14.08.2008

Now is the time to consider corporate fixed income: Insight

Patrick Armstrong from Insight discusses the strategy of Diversified's range

• Date published: 14.08.2008

Providers will watch and wait on shared MPPI plan

As British Insurance launches shared-ownership MPPI plan ABI identifies it a growth sector

• Date published: 14.08.2008

Firms must look outside for mortgage compliance work - expert

Warning comes as FSA is getting increasingly tough with firms not taking their compliance obligations seriously

• Date published: 14.08.2008

DB pension scheme buyouts set to stall as market copes with demands - Aon Consulting

Total value of business is £847m more than the record-breaking fourth quarter of 2007

• Date published: 14.08.2008

High street banks are pulling their weight, says BBA

Repossession figures show that high street banks are well below the industry average

• Date published: 14.08.2008

Fundamental looks at energy equipment sector

Demand for equipment and services for the energy sector will underscore investment in the fund

• Date published: 14.08.2008

Making a difference in Uganda

N4 Solutions, a wholly-owned subsidiary of Experian, has opened a community well in Cubu, Uganda, which will provide 2700 people with access to clean drinking water.

• Date published: 14.08.2008

Hundreds of IFAs flock to join Positive Solution's web academy

Company claims that 'this is only the beginning'

• Date published: 14.08.2008

Big banks fall out of FTSE 100 as credit crunch bites

The credit crunch has changed the shape of the FTSE 100 index, according to new research from fund manager Fidelity.

• Date published: 14.08.2008

Atom announces tie-up with Money Partners

All Types of Mortgages, the mortgage packager, has launched a partnership with Money Partners, as it announced it will continue to be a distributor for Kensington's products.

• Date published: 14.08.2008

Emerging markets expert speaks out over the inflation threat to sector's popularity

Big losers are Russia, South Africa, Brazil and the rest of Latin America

• Date published: 14.08.2008

House prices now stand at June 2006 level

House prices fell by 1.7 per cent in July, representing smaller falls than the previous two months.

• Date published: 14.08.2008

Barclays bank reports 33% fall in profits in first half

Barclays Group has unveiled a 33 per cent decline in profit in its results for the first half of 2008.

• Date published: 14.08.2008

Suffolk Life warns on statement quality

Quality of Sipp annual statements varies enormously between providers John Moret, director of sales and marketing for Legal & General-owned Suffolk Life, has claimed.

• Date published: 14.08.2008

William Russell rolls out an expatriate health insurance plan for firms with overseas staff

Specialist health insurer William Russell has launched an expatriate worker health insurance plan for companies with more than 20 overseas employees.

• Date published: 14.08.2008

IFP plans week-long awareness drive

Week-long drive to promote financial planning will be led by the IFP

• Date published: 14.08.2008

Axa UK set to axe 500 staff members as it reorganises business model

Axa UK has announced that 500 jobs are to be shed across the firm, as it implements its new business model.

• Date published: 14.08.2008

Axa appoints Lloyd

Axa Distribution Services has appointed Richard Lloyd to investment marketing manager.

• Date published: 14.08.2008

Song is over for Halifax's Howard

Singing banker is no more as Halifax decides to get serious

• Date published: 14.08.2008

Fry pushes Nucleus' number to 55

Platform is 'closely aligned' to needs of the group, claims Fry's managing director

• Date published: 14.08.2008

RDR delay is 'to allow Pain to add his mark'

Publication of the feedback statement has been pushed back to November

• Date published: 14.08.2008

Clydesdale to cut fees to aid market

Arrangement fees will be dropped in bid to attract new customers looking to re-mortgage in August

• Date published: 14.08.2008

Scots paying the price of a spending culture as bankruptcy levels rise

Scots are suffered from the "spend now, worry later" culture with 364 Scots going bust every week during the last quarter.

• Date published: 14.08.2008

40% of UK parents are spending less than a year ago - GE Money

Credit crunch is filtering into the real economy with adverse effects on working people - Defaqto

• Date published: 14.08.2008

Life and pension firms get profit slide wake up call

Friends, Aegon UK report new business rise, but 'tough trading conditions' push down profits

• Date published: 14.08.2008

HBoS hands over £30k after a faulty survey

Platform Lending to receive damages over contractual obligation failures

• Date published: 14.08.2008

James Hay warns on the need to structure flexible Sipps properly

James Hay has reminded investors that flexible Sipps products should be well structured to avoid a funding shortfall by FTSE company pension schemes, as the Sipps provider claimed that close to £13bn in Sipps could be currently allocated in cash.

• Date published: 14.08.2008

L&G warns on pension saving deferral

People will have to save double amount at 35 than they do at 25 to reach decent retirement income, data shows

• Date published: 14.08.2008

Threesixty signs up seven as it rolls out a third-way panel

Companies on the panel include MetLife, The Hartford, Aegon and Prudential

• Date published: 14.08.2008

Dog fund numbers double since January

Over £19bn in funds managed by 'dog funds'

• Date published: 14.08.2008

RBS reports loss of £691m in first half

Royal Bank of Scotland has reported a pre-tax loss of £691m after being hit by turbulent markets.

• Date published: 14.08.2008

Fixed income continues apace as assets increase

Fixed income markets are booming with assets under management in Europe jumping 67.8 per cent to 23.6bn euros (£18.6bn) since the beginning of the year.

• Date published: 14.08.2008

Fos in drive to get young to complain

Younger people are proportionally less likely to bring disputes to the Financial Ombudsman Service than those from older age groups according to its research.

• Date published: 14.08.2008

RBS offers advisers ability to hold online conversation with sales staff

RBS Intermediary Partners has introduced a new service to its website aimed at saving brokers time and money.

• Date published: 14.08.2008

Axa in drive to increase business cover division

Axa is aiming to increase its business protection market share as it announces strong growth in that sector.

• Date published: 14.08.2008

FoFs riding out turbulent times: IMA

Funds of funds lead the charge in the second quarter of 2008 while other sectors falter, the latest statistics show

• Date published: 14.08.2008

Tories back split-cost care plan

After rejecting Scottish model Conservatives want long-term care fees to be met by state and the individual

• Date published: 14.08.2008

Woolwich gets quarter of new mortgage lending

Woolwich is hoping to maintain a strong position in the mortgage market after achieving a 26 per cent share of net new mortgage lending in the first half of 2008.

• Date published: 14.08.2008

Majority lost at sea on pension basics: Halifax

Research to mark 100 years of the state pension reveals notable knowledge gap

• Date published: 14.08.2008

Betting syndicate is forced to pay out £58k to investors

Monies recovered by North Yorkshire Police

• Date published: 14.08.2008

Transfer values guide published

Watchdog publishes draft guidance on transfer values

• Date published: 14.08.2008

A year of arrears as rental field toughens

The private rental market could be heading for a bumpy ride as 13 per cent of renters have gone into arrears in the past 12 months, research from Axa has revealed.

• Date published: 14.08.2008

UK government bonds buoyed by oil price fall

Oil fall boosts gilts

• Date published: 14.08.2008

Hips cutting 12 days off sale time: Ahipp

The Association of Home Information Pack Providers is upbeat about the results of the first year of Hips, claiming that buyers are now able to make better informed decisions.

• Date published: 14.08.2008

The Exchange set to hit the road

The Exchange has announced another series of Winning Formula countrywide roadshows for September 2008.

• Date published: 14.08.2008

Zurich to allow its protection plans to cover different levels

The credit crunch means that Zurich will allow some of its protection products to have different sums assured.

• Date published: 14.08.2008

IFAs see eq release inquiries jump 75%

Hodge Equity Release has published its first survey of IFAs specialising in equity release

• Date published: 14.08.2008

FSA bans and fines broker £100,000 for fraud

The FSA has banned a mortgage broker and fined him £100,000 for submitting false mortgage applications.

• Date published: 14.08.2008

AMPD unveils its tie-up with Edeus

The Association of Mortgage Packagers and Distributors has welcomed a collaboration with mortgage intermediary platform provider Edeus.

• Date published: 14.08.2008

Societies top best-buy tables, but success is short-lived - Investec

Chelsea and Coventry top the saving account charts for building societies

• Date published: 14.08.2008

Exchange adds Living Time to aid comparison

The Exchange has added details of Living Time’s fixed term annuity retirement income plans

• Date published: 14.08.2008

Principal nears its charity deadline

Investment management firm raises more than £18,000 for good causes

• Date published: 14.08.2008

Bridgewater to target IFAs

Equity release provider revamps its sales team

• Date published: 14.08.2008

B&CE increases rate on benefit scheme

Members to get £7.55 for every week they were in the scheme

• Date published: 14.08.2008

Bramdiva goes back to its original targets

Bramdiva is to recast itself as a service for high net-worth women with more than £2m of assets to invest.

• Date published: 14.08.2008

Pension review akin to trip to dentist: Sesame

Research by Barings Asset Management shows fewer people are reviewing their pension pots

• Date published: 14.08.2008

AFB looks to Barney Drake

Barney Drake, commercial director of the Y3S Group, has been appointed to the board of the Association of Finance Brokers.

• Date published: 14.08.2008

LV= to get diversified with income fund launch

Asset manager launches product which aims to provide above inflation capital growth

• Date published: 14.08.2008

Reliance signs its seventh deal

Changes to friendly society tax exempt savings plans see mutuals buy more policies from Family Investments

• Date published: 14.08.2008

800 pensioners 'fall in to poverty a day'

A quarter of pensioners in poverty could be lifted out of it through help with benefit claims

• Date published: 14.08.2008

Inflation hits double government target

Inflation rises from 3.8 in June to 4.4 last month

• Date published: 14.08.2008

Pru to adopt lifestyling approach for annuities

Prudential is introducing lifestyle pricing as an additional risk factor used to decide the income paid to pension annuity customers.

• Date published: 14.08.2008

Cost lies at the heart of protection gap: expert

Top industry figures came together at Financial Adviser's roundtable to discuss the challenges facing the protection sector

• Date published: 14.08.2008

Life firms report rise in group pension sales

Standard, Aegon results reveal growth, while Friends reports 1% drop off

• Date published: 14.08.2008

Unum hosts charity day

Disability insurance specialists Unum will host the 2008 Fit For Work Fit For Life day in Surrey.

• Date published: 14.08.2008

Kent secures Cordoba Shariah deal

Kent Reliance will provide backroom functions to Cordoba Gold for its new Shariah cash card.

• Date published: 14.08.2008

CII first to assess standard

The Chartered Insurance Institute is the first UK organisation to assess the International Standardisation Organisation's BS ISO 22222 qualifications.

• Date published: 14.08.2008

Ascentric aims at advisers with team shake up

Ascentric Wrap is targeting key distribution channels including IFA accounts, national adviser groups and IFA networks by appointing a strategic accounts manager.

• Date published: 14.08.2008

Repossession rate is creeping up, says CML

Level is slightly up on last year but is the same as late 1990s, its data claims

• Date published: 14.08.2008

L&G increases average business protection sum assured by 145%

Legal & General has significantly increased its average business protection sum assured in the last two years from £278,000 to £405,000, a rise of 145 per cent.

• Date published: 14.08.2008

Damage to mortgages is irreversible: Moneyfacts

Mortgages will never again become as easily and widely available as they were a year ago, an analyst has predicted.

• Date published: 14.08.2008

Norman joins Credit Suisse AM in new role of chief exec for UK, Ireland

Credit Suisse has appointed David Norman to the newly-created role of CEO Asset Management for the UK and Ireland.

• Date published: 14.08.2008

Schofield heads to HML

Stephen Schofield has joined HML as sales development manager with a brief to establish dialogue with lenders within the UK mortgage market promoting HML's servicing offering.

• Date published: 14.08.2008

Investec's Jersey expands intermediary team

Investec Bank (Channel Islands) has continued to expand its Jersey branch with the appointment of Dom Michon, Richard Thomas and Mark Forster, who have joined the financial intermediaries team.

• Date published: 14.08.2008

Frisby joins Lane Clark & Peacock

Lane Clark & Peacock has appointed Kevin Frisby as senior consultant and Tracey Brown as consultant.

• Date published: 14.08.2008

Link appoints Moth as risk underwriter

Link Lending Limited has appointed Colin Moth as risk underwriter.

• Date published: 14.08.2008

Nash joins M&G UK small caps

Louise Nash has joined the M&G UK small companies team as director of small caps.

• Date published: 14.08.2008

Yu joins SG Hambros as investment director

SG Hambros Bank Limited, part of SG Private Banking, has appointed Jennifer Yu as investment director to its discretionary portfolio management team

• Date published: 14.08.2008

Skandia appoints regional sales managers

Skandia has appointed two regional sales managers, Lee Keeper and Nick Jones.

• Date published: 14.08.2008

DWP has accounts qualified for failing to reduce benefit fraud

The Department of Work and Pensions (DWP) has had its accounts qualified by the National Audit Office for the 19th consecutive year, for failing to crack down on benefit fraud.

• Date published: 12.08.2008

BoE holds interest rates at 5 per cent

The Bank of England's Monetary Policy Committee (MPC) has today (7 August) voted to maintain the official bank rate at 5 per cent.

• Date published: 07.08.2008

FSA postpones RDR feedback until November

The Financial Services Authority (FSA) has today (7 August) announced a change to the timetable for publishing feedback on the Retail Distribution Review (RDR) Discussion Paper.

• Date published: 07.08.2008