FTAdviser.com

Bank failure spells disaster for Sipps

Story by: Joy Dunbar, Financial Adviser

Hundreds of thousands of Sipp members are at risk of losing their investments if the banks holding their cash accounts go bust, according to experts.

• Time published: 00:01
• Date published: 23.10.2008
• Published in: Pensions

Take a commercially-focused stance on pension risks, says PwC

With unprecedented market turbulence affecting pension scheme financial health, businesses must take a more commercially-focused approach to assessing and addressing their pension obligations and risks according to PricewaterhouseCoopers.

• Date published: 23.10.2008

Make sure you check what bank is holding the cash for your Sipp account, warns Hay

Sipp investors should check which banks are holding the cash accounts for their provider, according to James Hay.

• Date published: 23.10.2008

Pensions Policy Institute speaks out on pensions reform savings

Reforms in public sector pensions could save £13bn in the next 50 years alone, research from the Pensions Policy Institute has revealed.

• Date published: 23.10.2008

Williams adds value

Peter Williams of Aegon UK has been awarded the UK's first doctorate in financial planning.

• Date published: 23.10.2008

Swing when you're winning

A team from IFA firm JM Glendinning from West Yorkshire has retained its crown for the third year in a row at the annual IFA golf tournament staged by Threesixty, the fee-based IFA support services provider.

• Date published: 23.10.2008

Timing right for senior life settlement boom - Catalyst

Interest in the US senior life settlement market is on the rise, with IFAs flocking to a recent seminar held in London by Catalyst Investment Group.

• Date published: 23.10.2008

Brits switching savings accounts to mitigate risk, claims study

Research from Abbey reveals that a third of the population have already swapped accounts

• Date published: 23.10.2008

Plum opens up web access

IFA software provider Plum Software has announced that all of its clients using its software through the internet through its servers can now offer web access for their own clients.

• Date published: 23.10.2008

Buck warns scheme trustees on equity underweighting fear

Pension scheme trustees should look at their Statement of Investment Principles and be prepared to make changes to it or the portfolio in order to comply, a benefit consulting firm has claimed.

• Date published: 23.10.2008

Mortgage Intelligence teams up with Lighthouse

Mortgage Intelligence has teamed up with Lighthouse to offer its appointed representatives the opportunity to sell investment and pension products in addition to running their normal mortgage business.

• Date published: 23.10.2008

Wells takes up director of marketing role with HML

HML has announced the appointment of Julian Wells as director of marketing

• Date published: 23.10.2008

Aiming for a healthy workplace

This year’s Fit for Work, Fit for Life conference hosted by insurer Unum enjoyed a bumper crowd as representatives from a wide range of UK industries came together to discuss some of the most pertinent issues in the workplace.

• Date published: 23.10.2008

Rising living costs hitting saving levels

The rising cost of living and debt has hit savings, according to one IFA, following research showing nearly 40 per cent of people are saving less.

• Date published: 23.10.2008

IFAs turning to T Bailey for Oeic administration

Company believes outsourced administration side of the business will grow

• Date published: 23.10.2008

Pair move up at Suffolk Life

Suffolk Life has promoted Rollo Wilson to head of distribution and Will Self to head of client services.

• Date published: 23.10.2008

Vasilieff readies his latest venture

Novia Financial, headed by the co-founder of Skandia, prepares to roll out wrap platform to select advisers

• Date published: 23.10.2008

Architas appoints Taylor as deputy chief investment officer

Colin Taylor will be deputy to the recently appointed Richard Philbin

• Date published: 23.10.2008

Octopus reports 'handsome inflows' in wake of crisis

Clients can see the value and opportunities that are being created, says Lothar Mentel

• Date published: 23.10.2008

Opportunities are everywhere, claims Insight

Taking a five-year view, company says that it 'likes every asset class'

• Date published: 23.10.2008

Re-registration could lead to bad advice, says Skandia

Re-registering client assets on a platform could result in increased charges and even mis-selling, Skandia has warned.

• Date published: 23.10.2008

Savings culture deserves a boost, says Treasury

Gov't financial advice initiatives should be expanded in the interests of raising national savings

• Date published: 23.10.2008

Collins Stewart report says value is hard to find

Companies trading at extreme and unsustainable valuation levels may prompt investor sell-off

• Date published: 23.10.2008

Leeds team boost Bupa Great Run

Eight members of staff from Leeds Building Society took part in the Great North Run on 5 October, as they joined the 4400 strong daffodil team supporting Marie Curie Cancer Care.

• Date published: 23.10.2008

Meeks steps down from Pink role

Pink Home Loans chief executive Barry Meeks has stepped down from the company.

• Date published: 23.10.2008

Advice failings earn Orchid a £34.5 fine - FSA

Doncaster-based mortgage broker is fined for its failure to record key advice suitability information

• Date published: 23.10.2008

Tories speak out on local gov't pension increases

Increasing employer contributions to the Local Government Pension Scheme are cost council taxpayers

• Date published: 23.10.2008

Private equity makes banks green with envy

Crisis send greens private

• Date published: 23.10.2008

Close's Accelerated bucks trend with a maximum return pay out

Investors in Close Investments’ Accelerated Return fund will benefit from a 66 per cent growth and return of capital as the investment vehicle bucks market trend.

• Date published: 23.10.2008

Towry Law takes things to art

Adviser to sponsor the National Open Art Competition.

• Date published: 23.10.2008

Paaleads finds tonic for market slowdown

Paaleads has reported a fantastic response to reduced prices and a new 90 per cent max loan-to-value limit

• Date published: 23.10.2008

FSA boss downplays crisis

Turner's speech downplays crisis

• Date published: 23.10.2008

Deposit holders must make money safe

Firms must make sure deposits are safe or face regulator's wrath, says expert

• Date published: 23.10.2008

Landsbanki Guernsey clients to lose two-thirds

Customers with deposits at Icelandic bank Landsbanki Guernsey could lose more than two thirds of their money, Deloittes administrators have warned.

• Date published: 23.10.2008

Ami 'understands' Beckett's long-term solutin warning

The Association of Mortgage Intermediaries has accepted Margaret Beckett’s warning the government’s efforts will not bring liquidity to the mortgage market “overnight”.

• Date published: 23.10.2008

Lifestyling is the answer politicians are looking for

Well-designed default funds can solve the problems politicians are seeking to address by seeking to review the rules on compulsory annuitisation, Watson Wyatt has claimed.

• Date published: 23.10.2008

NY attorney general to probe perks at AIG

AIG, once the world's biggest insurer, is to be investigated by the NY attorney general's office

• Date published: 23.10.2008

Brush up on skills before the RDR, warns Skipton

If you wait for RDR it will be too late, says Skipton Financial Services

• Date published: 23.10.2008

Keep faith in commercial property, says OBSR

Reasons for long-term investment in commercial property 'have not yet evaporated'

• Date published: 23.10.2008

Xafinity adds protected rights capability to Hazell Carr Sipp

Company upgrades Sipp it purchased in April

• Date published: 23.10.2008

Payment protection rises on back of unemployment fears

Payment protection insurance is surging in popularity as unemployment figures are predicted to reach two million by Christmas, according to Payment.co.uk, the stand-alone online PPI broker.

• Date published: 23.10.2008

FSA does U-turn on banking regulation

Principles-based regulation to go when it comes to banks, states Lord Turner

• Date published: 23.10.2008

Advisers split over Tory calls to scrap age 75 rule

Retirement specialist advisers have been divided over Tory calls for the age 75 rule for annuities to be scrapped.

• Date published: 23.10.2008

Small firms to come under more scrutiny, says ex-Ami boss

With pressure coming from the regulator and customers being increasingly squeezed financially, advisers need to ensure a high standard of compliance, Richard Farr has warned.

• Date published: 23.10.2008

Hartford bond offers 'protection from market fluctuations'

Dublin-based lump sum investment looks to gain from tax benefits

• Date published: 23.10.2008

International insurance bodies agree next step

Association of British Insurers meets up with international counterparts in Budapest

• Date published: 23.10.2008

Time to give annuity rules flexibility, says Aegon

Aegon UK is lobbying the government to make the rules on annuities more flexible.

• Date published: 23.10.2008

Savills' shares fall after profits warning is issued

The share value of Savills dropped sharply last week as the estate agents group issued an unexpected profit warning following what it called a “sharp reduction in transaction volumes”.

• Date published: 23.10.2008

JPMorgan probes the TCF initiative with report

While treating customers fairly is key to gaining consumer trust, the initiative by the City regulator has caused a great deal of consternation among regulated firms, according to a study by a leading fund manager.

• Date published: 23.10.2008

EPM boosts client cash accounts

Sipp manager European Pensions Management is to increase its range of client cash accounts to allow greater diversification in cash holdings.

• Date published: 23.10.2008

Lawyer gets jail sentence over attempted bribery

A former lawyer has been jailed for six months after trying to bribe US officials £500,000 to free up cash in frozen bank accounts.

• Date published: 23.10.2008

Cartel identifies 'loophole' to reclaim bank fees

Cartel Client Review says it has spotted fresh grounds which bank customers could exploit to have 'unfair' bank charges returned

• Date published: 23.10.2008

Pink ponders leaving chief executive position vacant

Barry Meeks is to leave as chief executive officer of the Pink Group

• Date published: 23.10.2008

Do your homework on client's details, says Standard Life expert

Advisers must ensure they do a proper research on a client's background when discussing IHT planning, Julie Hutchinson head of estate planning at Standard Life has advised.

• Date published: 23.10.2008

Drop RDR and focus on regulation, IFA tells FSA

The retail distribution review is about self interest and the FSA should concentrate on its key role of regulating lending institutions, a leading IFA has claimed.

• Date published: 23.10.2008

Latest results reveal resilience, claims L&G

Legal & General's latest business figures reflect its resilience in the current subdued market climate, according to Tim Breedon, the company’s chief executive.

• Date published: 23.10.2008

Abuse of vulnerable adults 'a growing problem'

Financial abuse of vulnerable adults is a growing problem, according to a new government report.

• Date published: 23.10.2008

Care annuities are falling on deaf ears, says FirstStop

Few households seek specialist financial advice when paying for the care of their elderly, according to FirstStop Care Advice.

• Date published: 23.10.2008

CML speaks out against forcing lending changes on nationalised banks

Comments come after government asks banks to soften their approach to people defaulting on loans

• Date published: 23.10.2008

Scot Wids moves to assure over its strength

Company releases statement revealing capital ratio and ratings

• Date published: 23.10.2008

FSA goes after parents with guide

Publication from regulator will offer advice on financial situations for expectant parents

• Date published: 23.10.2008

Consumers could save £14bn through overhauling their finances

Research from Capital One shows people could be hit with an extra £2532 a year if they do not make changes

• Date published: 23.10.2008

Resolution Foundation founds Financial Health Forum

Some 15 senior exectives to sit on body aimed at reporting on financial health of the nation

• Date published: 23.10.2008

33% of grandparents are saving for their grandchildren - survey

Baillie Gifford says grandparents' safety first approach ignores ravages of inflation

• Date published: 23.10.2008

Women's wages nearly third less than mens', claims Unum

Survey by income protection insurer reveals average earnings for men to be £30,000, while women only take home £22,700

• Date published: 23.10.2008

Norwich to tackle fraudulent healthcare claims

A new comprehensive counter-fraud programme is being launched by Norwich Union Healthcare to combat healthcare provider fraud.

• Date published: 23.10.2008

Workers are 'neglecting to fund' schemes - survey

Society of Pension Consultants says gov't needs to put pension funding education at top of agenda

• Date published: 23.10.2008

Volatility has hit Standard variable annuity launch, claims Hargreaves

Adviser says it is looking at variable annuities, but does not feel they are viable at the moment

• Date published: 23.10.2008

Hornbuckle warns on protected rights sting

Company is writing to IFAs to warn them over the issue of taking benefits

• Date published: 23.10.2008

Jarrord Parket steps up at Alexander Forbes

Alexander Forbes Financial Services has appointed Jarrod Parker as employee benefits director.

• Date published: 23.10.2008

Alliance Trust looks to MacRae for European equities role

Alliance Trust has appointed Fiona MacRae as its new head of European equities.

• Date published: 23.10.2008

Cazenove Capital finds replacement for West in Jeffrey

Richard Jeffrey will become chief investment officer of Cazenove Capital when Anne West steps down in January.

• Date published: 23.10.2008

Farley leaves Acuity Capital for marketing manager role at Foresight

Foresight Group has announced the appointment of Louise Farley as marketing manager.

• Date published: 23.10.2008

Pension Corporation appoints Moore as group finance director

Pension Corporation has appointed Philip Moore as group finance partner.

• Date published: 23.10.2008

Inscape designer Scott moves up as Santander Asset Management UK

Jeff Scott has been appointed chief executive of Santander Asset Management UK.

• Date published: 23.10.2008

Former DB managing director moves to Impax Group

Impax Group has made Charlie Ridge chief operating officer.

• Date published: 23.10.2008

Francis takes on partner role for Reynold Porter Chamberlain

Reynolds Porter Chamberlain has appointed Steven Francis as a partner within its regulatory practice.

• Date published: 23.10.2008

70% of Rock repossessions linked to Together loans

London & Country says Northern Rock has 'trapped' customers on onerous standard variable rates

• Date published: 23.10.2008

Prudential eyes AIG's Asian assets

New business is up 15 per cent and retail is up 14 per cent in latest figures, says Prudential

• Date published: 23.10.2008

Spiers returns to day-to-day management of BestInvest

Founder John Spiers steps in to replace Andrew Barnes as chief executive

• Date published: 23.10.2008

Soccer star received 'negligent advice' rules high court

Judge comes down in favour of Stan Collymore in high court case

• Date published: 23.10.2008

NU adds MVRs to unitised with profits range

Measure reflects prudent management of the fund in extreme conditions

• Date published: 23.10.2008

Friends joins Norwich as it brings back MVR

Decision has been made due to 'market turmoil'

• Date published: 23.10.2008

Pensions regulator to get more power

The new pensions minister proposes more changes to the Pensions Bill

• Date published: 23.10.2008

Icelandic authorities react to UK gov't 'terror' move

A diplomatic row has erupted between the Icelandic and the UK governments.

• Date published: 23.10.2008

Sub-prime firm targeted vulnerable, says former employee

A former telesales employee for a British sub-prime company has detailed how members of staff were encouraged to target vulnerable people in return for gifts and cash.

• Date published: 23.10.2008

Scot Wids calls for ring-fencing of women's pensions

Life and pensions provider calls for overhaul of means-tested benefits and tax relief re-branding

• Date published: 23.10.2008

Treasury told don't delay on open market option update

Retirement income specialist Living Time has warned the Treasury not to use the current economic turmoil as a reason for dropping a promised update on the open market option, from its Pre-Budget Report.

• Date published: 23.10.2008

Alliance Trust looks to Weinberg for BDM role

Alliance Trust Savings has appointed Dorit Weinberg as business development manager to liaise with financial advisers in the London area.

• Date published: 23.10.2008

Care fees set to hit £56,000 within 10 years, says study

Annual care home fees could reach£55,900 by 2018 a report by the Centre of Economics and Business Research has warned, with predictions being that people will be forced to raid their savings and cash in on property as a result.

• Date published: 23.10.2008

Batchelor joins Countrywide

Guy Batchelor, former senior vice-president of Lehman Brother's Mortgage capital division, joined Countrywide on 20 October. (what's his new title?)

• Date published: 23.10.2008

Estate planning enquiries soar at IFA firm

Estate planning enquiries from high net worth clients have tripled this year on the back of the financial crisis.

• Date published: 22.10.2008

Savills issues profit warning

Share values in Savills have dropped as the estate agents group issued an unexpected profit warning following, what it called, a "sharp reduction in transaction volumes".

• Date published: 17.10.2008

Investors flock to cautious managed funds

Investors have flocked to cautious managed funds as market turmoil continues, figures from Cofunds have revealed.

• Date published: 15.10.2008