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IFAs are bucking the complaints trend: Fos

Story by: Emma Ann Hughes, Financial Adviser

As the credit crunch bites, the volume of complaints about insurance is increasing, while the number calling for compensation from an IFA is falling, the Financial Ombudsman has revealed.

• Time published: 00:01
• Date published: 06.11.2008
• Published in: Advisers

Friends keeps hope alive for sale of F&C

Friends Provident could still sell its 52 per cent stake in F&C Asset Management if the right offer was made, despite taking the decision to distribute shares to its stakeholders.

• Date published: 06.11.2008

CII ready for global tsunami of rules

A Chartered Institute of Financial Services will be best prepared to handle Gordon Brown's calls for a more global approach to regulation, according to Sandy Scott.

• Date published: 06.11.2008

AMI worries over future market power structure

The Association of Mortgage Intermediaries (Ami) has expressed concern over consolidated lenders' ability to dictate terms more freely to the market, particularly when it comes to procuration fees.

• Date published: 06.11.2008

Rebranding launches Hodge into retirement territory

Hodge Equity Release is to launch into the pensions annuity market this month as part of a rebranding and expansion of its presence in the retirement market.

• Date published: 06.11.2008

Poor protected rights results will push people to Sipps: Fidelity

Poorly performing protected rights pots could result in one-third of investors moving their assets to the self-invested personal pension market, according to Fidelity FundsNetwork.

• Date published: 06.11.2008

Perspective offers firms a way out

An increasing number of IFA firms will be looking for exit strategies in the coming year due to the economic environment and increasing regulatory controls, according to Perspective Financial Group.

• Date published: 06.11.2008

Forum has all you need to know

Find out the latest developments in TCF at a seminar hosted by Financial Adviser and Norton Rose.

• Date published: 06.11.2008

Try bonds, high yield bonds

The European high yield bond market now represents an opportunity for adventurous investors, according to Fidelity International's Ian Spreadbury.

• Date published: 06.11.2008

AIC names top five firms

The Association of Investment Companies has identified 5 companies with the most consistent performance record in the industry in the last 10 years.

• Date published: 06.11.2008

Halifax calls for rent back regulation

Halifax has thrown its might behind calls for the regulation of the sale and rent back sector.

• Date published: 06.11.2008

RBS announces further writedowns

Royal Bank of Scotland has announced more than £200m in writedowns and bad debt charges in the third quarter and has announced plans to raise £19.7bn of capital.

• Date published: 06.11.2008

FSA cancels insurance broker's trading permission

Capital inadequacies and other failings have led to an insurance broker having his FSA permission cancelled.

• Date published: 06.11.2008

FSA rejects double standards claim

The FSA has refuted claims it has adopted double standards in respect of the pricing of financial products and rules about adviser pay.

• Date published: 06.11.2008

Click to take out bells and whistles

Online brokerage Click is seeking to fill a gap in the non-advised protection market with the launch of a no-frills term insurance product, which has been developed with Fortis Life.

• Date published: 06.11.2008

Relocation, relocation, relocation

Modus Mortgage Network has announced it is relocating due to continued growth, despite the current downturn.

• Date published: 06.11.2008

Alliance Trust guide is far too late: adviser

Alliance Trust is "too late" in publishing help for advisers dealing with clients whose pension pots need protecting before April, an IFA has warned.

• Date published: 06.11.2008

Axa Manx to mirror Barclays Wealth

Axa Isle of Man has launched a mirror fund that invests in Barclays Wealth Defined Returns plan.

• Date published: 06.11.2008

Lenders are holding back base rate relief

Lenders are failing to pass on the 1.25 per cent reduction in the base rate of the last year, according to Moneyfacts.

• Date published: 06.11.2008

Expo to deliver experts in the round

Mortgage Business Expo has revealed the line up for its London conference, which takes place next week.

• Date published: 06.11.2008

FSA did not sensationalise repo stats

A claim by Imla that the FSA's repossession figures were "sensationalised" have been dismissed by a mortgage adviser who called on the government to curb lenders' behaviour.

• Date published: 06.11.2008

Time is ripe for recovery fund investment - Schroders

The number of potentially attractive investments for recovery fund managers is at its greatest for at least 20 years, according to Schroders.

• Date published: 06.11.2008

Solent sold 'for tenth of price'

Solent Mortgage Services was sold for a tenth of the price of what it would have fetched six months ago, its administrator has claimed.

• Date published: 06.11.2008

FSA gives first fine to anti-laundering officer

The FSA has fined a a corporate advisory firm based in London a total of £66,500 and its money laundering reporting officer for failing to check clients' identiities.

• Date published: 06.11.2008

C&G interest-only block gets adviser support

Cheltenham & Gloucester's decision to stop customers from obtaining an interest-only mortgage has been supported by advisers.

• Date published: 06.11.2008

Competent makes website clear and easy

Competent Adviser has launched a revamped website with a raft of innovative new tools to support adviser's compliance and development needs.

• Date published: 06.11.2008

MPPI providers will get picky, warns adviser

Increasing redundancies could see mortgage payment protection insurance providers becoming more selective in who they were willing to cover, Highclere Financial Services has warned.

• Date published: 06.11.2008

Pooled funds plunge: BNY

Most pooled fund sectors have failed to achieve positive median returns during the third-quarter of the year, according to BNY Mellon Asset Servicing.

• Date published: 06.11.2008

Advisers envisage significant sales increase

Financial advisers believe sales of multi-manager funds relative to single manager investments are to increase significantly, according to research conducted by Skandia Investment Group.

• Date published: 06.11.2008

Net lending continues to slump

Net mortgage lending by building societies has declined from £592m in September last year to £314m in the same month this year, the Building Societies Association reported.

• Date published: 06.11.2008

Fidelity offers look beyond the volatility

Fidelity International is hosting a series of volatility workshops for advisers throughout November.

• Date published: 06.11.2008

Citizens Advice to recruit financial volunteers

Citizens Advice is aiming to recruit 1300 volunteers for a three-year period to offer advice on financial matters to consumers throughout the country.

• Date published: 06.11.2008

Standard joins bonus reduction club

Standard Life has followed hot on the heels of Legal & General and reduced its with profits final bonuses due to significant falls in the equity markets in the last three months.

• Date published: 06.11.2008

Rathbone to offer online portfolio valuation

Rathbone Investment Management is set to unveil an online portfolio valuation service at the Personal Finance Society Conference next week.

• Date published: 06.11.2008

Liquidity is key, says CrossBorder

Underlying liquid assets are important for fund of funds because the sector has seen a lot of redemptions in the last year, according to CrossBorder Capital.

• Date published: 06.11.2008

Be ready to take aggressive stance: Swip

The coming year will see fund managers and advisers tested by the need to "make the transition" to less defensive positions, according to Swip.

• Date published: 06.11.2008

A&L urges customers to get in early to set up Isa

Alliance & Leicester is urging customers to not leave setting up an Isa until March and April next year.

• Date published: 06.11.2008

Age-75 rule a top priority for NU pensions head

Paul Goodwin has made raising the profile of company pensions and promoting "considered debate" around the age-75 rule his priorities upon taking the top Norwich Union pensions job.

• Date published: 06.11.2008

Unemployed could reach 2m, warns Blanchflower

Unemployment could reach 2m by Christmas and the base rate must be slashed, a member of the Bank of England's monetary policy committee has warned.

• Date published: 06.11.2008

Lloyds directs the knowledge hungry online

Lloyds TSB has launched a microsite aimed at educating consumers about its proposed acquisition of HBoS.

• Date published: 06.11.2008

Hartford adds six M&G funds to its range

Global insurance provider The Hartford is adding six M&G funds to four of its range of products.

• Date published: 06.11.2008

Superbank unveils management team

Lloyds TSB has announced the executive management team that will lead the combined group next year if the proposed acquisition of HBoS gets the go-ahead.

• Date published: 06.11.2008

Huertas calls for containment

FSA's banking sector director said that the real economy had not crumbled as yet

• Date published: 06.11.2008

Insight restructure will not affect advisers, says HBoS

Advisers and clients will not notice any changes in levels of service as a result of a management restructure at Insight Investment, according to the the asset manager of HBoS.

• Date published: 06.11.2008

Prudential to offer 24-hour offer turnaround

Prudential has developed and launched a new enhanced annuity range that includes a 24-hour turnaround for product illustrations.

• Date published: 06.11.2008

Threesixty to host third way seminars

Support services provider Threesixty is to host a series of seminars on third way products in the coming weeks.

• Date published: 06.11.2008

Bank of Ireland bans business from non-regulated advisers

The Bank of Ireland has announced it will no longer accept new business from advisers who are not regulated by the FSA.

• Date published: 06.11.2008

Sesame offers IT solution free to club members

Members of Sesame's mortgage club are now able to get Mortgage Brain's point of sale system, The Key, free of charge.

• Date published: 06.11.2008

Key Retirement will impose tough criteria on partners

Key Retirement Solutions has announced it is to be a lot more selective with the organisations it works with through its premier partners initiative.

• Date published: 06.11.2008

FSCS will cover save as you earn schemes

The Financial Services Compensation Scheme has confirmed savings in save as you earn share plans will be protected.

• Date published: 06.11.2008

FSA to change fees allocation

Watchdog aims to recover costs from introducing Solvency II in the UK

• Date published: 06.11.2008

Axa raises protection limits and lowers red tape

Axa has increased the financial underwriting limits for personal and business protection in a bid to make the application process easier and faster for customers, the insurer said.

• Date published: 06.11.2008

Demand swamps Hartford Retirement roadshow

There are still places left to attend the Hartford Retirement Forum roadshows – but they are getting booked up fast with 500 advisers already signed up.

• Date published: 06.11.2008

FSA sets deadline for with product providers

Companies selling with profits products that flout FSA rules on transparency of product information have only two months to comply with the regime, according to the City watchdog.

• Date published: 06.11.2008

PPF anticipates rise in claims over the next 18 months

Pension compensation claims should rise in the next 18 months because of the economic downturn, the Pension Protection Fund has warned.

• Date published: 06.11.2008

To survive networks need to evolve, says L&G

Mortgage networks that do not evolve rapidly, just as IFAs are evolving, will not survive the current extreme market conditions, warned Legal & General.

• Date published: 06.11.2008

Standard Life reports rise in life and pension sales

Standard Life said its new business figures for the nine months to 30 September show a robust business model functioning well in testing market conditions.

• Date published: 06.11.2008

NU employees jailed for conspiracy

Two Norwich Union employees have been jailed for five-and-a-half years after stealing customers' personal details and using them to scam hundreds of thousands of pounds from policyholders.

• Date published: 06.11.2008

Trio conquer Kilimanjaro

A Mortgage Brain trio have conquered Mount Kilimanjaro and raised more than £3000 for charity.

• Date published: 06.11.2008

Barclays issues for capital boost

Barlcays has announced it is to raise up to £7.3bn of additional capital from existing and new strategic and institutional investors.

• Date published: 06.11.2008

Pension schemes are in the red: Aon

Almost two-thirds of the largest private pension schemes are now in deficit, according to Aon Consulting.

• Date published: 06.11.2008

Broadhead to spearhead BSA lobbying concerns

Plans by the Building Societies' Association to increase its coverage of the mortgage market have stepped up a gear with the appointment of Paul Broadhead as head of mortgage policy for the BSA.

• Date published: 06.11.2008

Commission-based mentality to blame for financial crisis

Towry Law has called on the government to ban commission on retail financial products.

• Date published: 06.11.2008

Fund managers for the chop: Lansdown

Further restructuring and consolidation could be on the cards for multi-managers and some smaller players could ditching their fund of funds offerings altogether, according to Hargreaves Lansdown.

• Date published: 06.11.2008

UBS Wealth winds down External Asset Manager

UBS Wealth Management has closed its administration and custody service for independent investment managers, External Asset Managers.

• Date published: 06.11.2008

Abraham sees Life at the end of the tunnel

Equitable Life policyholders could have their claims resolved within two years, according to Ann Abraham.

• Date published: 06.11.2008

CII podcasts target fraud

The Chartered Insurance Institute has launched a series of online talks by a fraud expert to help IFAs combat the problem.

• Date published: 06.11.2008

Base rate cut may see Sterling rise unexpectedly: HiFX

A cut in the base rate could result in sterling rising against the US dollar, according to a currency expert.

• Date published: 06.11.2008

Lenders fail to adjust SVR - Moneyfacts

Half of mortgage lenders have failed to apply recent base rate cuts to their standard variable rates, according to Moneyfacts.

• Date published: 06.11.2008

Green moves up Neptune's ranks

People on the move

• Date published: 06.11.2008

Editor wins lifetime award

The Association of British Insurers Financial Media Awards 2008 saw Jo Brand crack jokes, Michael Portillo reflect on the economy and Hal Austin pick up a lifetime achievement award.

• Date published: 06.11.2008

IMA gives CESR proposals the thumbs up

The Investment Management Association has welcomed the advice published by The Committee of European Securities Regulators on implementation of the management company passport.

• Date published: 06.11.2008

Pru warns of workers losing out on pension earnings

UK workers are losing more than £5bn a year by failing to join their company pension schemes, according to Prudential.

• Date published: 06.11.2008

The retirement crystal ball

Welcome to the fourth, and final, week of the Financial Adviser Retirement Month, sponsored by Life Trust.

• Date published: 06.11.2008

Separation of sales and advice could restore confidence: Aifa

Clear separation of advice and sales as proposed in the retail distribution review could help restore lost confidence in the financial services sector, according to the Association of Independent Financial Advisers.

• Date published: 06.11.2008

Networks must evolve to keep pace with market: L&G

Mortgage networks must evolve quickly, as must intermediaries, if they are to survive in extreme market conditions, says Legal & General.

• Date published: 06.11.2008

Limited grasp of Hips wedded to market woes - adviser

The shortfall in public understanding of Home Information Packs highlighted by a government report has been increased by the problems in the housing market, an adviser has warned.

• Date published: 06.11.2008

Ifap defends ditching hotline

IFA Promotion has defended its decision to shut down its consumer hotline, which provides people with access to an IFA in their local area.

• Date published: 06.11.2008

Skandia tie-up is 'above board'

Aifa has moved to reassure advisers concerned about potential conflicts of interest arising from its new partnership with insurer Skandia.

• Date published: 06.11.2008

Skipton and Scarborough to merge

Scarborough is to merge with Skipton due to house price falls and the impending recession, the building societies announced on Monday.

• Date published: 06.11.2008

Peer calls for banking regulation overhaul

Lord Newby has called for an overhaul of how banks in the UK are regulated during a House of Lords debate on the state of the economy.

• Date published: 06.11.2008

St James's Place see £12m pension growth

St James's Place saw almost a £12m increase in new pensions in the third quarter of the year, allowing it to maintain new business levels from last year.

• Date published: 06.11.2008

Mortgage brokers banned for advice failings

The Financial Services Authority (FSA) has banned and publicly censured Tyne & Wear-based mortgage brokers Edward Allen and Ronald Allen for failings that exposed customers to the risk of receiving unsuitable mortgages.

• Date published: 05.11.2008

Abbey and A&L merge management of intermediary divisions

Abbey for Intermediaries and Alliance & Leicester (A&L) are to undergo a management restructure which will incorporate both operations into a single intermediary division.

• Date published: 05.11.2008

A&L to lower fixed rates by up to 0.2%

Alliance & Leicester (A&L) is to reduce its fixed rates, available up to 75 per cent loan-to-value (LTV), by up to 0.2 per cent from Thursday (6 November).

• Date published: 04.11.2008

FSA issues insurance broker with final notice

Capital inadequacies and other failings have led to an insurance broker being issued a final notice by the Financial Services Authority (FSA).

• Date published: 04.11.2008

Red tape blocking insurance for long term care

Attempts to launch insurance to pay for long term care (LTC) have been thwarted by burdensome regulation, according to Bright Grey.

• Date published: 04.11.2008

Skipton and Scarborough merger to create top five building society

Skipton Building Society and Scarborough Building Society have agreed to merge.

• Date published: 03.11.2008

RDR will restore confidence in sector says Aifa

Clear separation of advice and sales, as proposed in the Retail Distribution Review (RDR), could help restore lost confidence in the financial services sector, according to the Association of Independent Financial Advisers (Aifa).

• Date published: 03.11.2008

Abbey cuts fixed rate mortgages

Abbey will cut some of its fixed rate mortgages by up to 0.35 per cent tomorrow (31 October).

• Date published: 30.10.2008

UBS Wealth closes external asset manager business

UBS's external asset managers business is to be wound down after it failed to meet commercial expectations.

• Date published: 30.10.2008

CII reveals merger plans

The Chartered Insurance Institute (CII) and Australian and New Zealand Institute of Insurance and Finance (ANZIIF) have unveiled plans to merge.

• Date published: 30.10.2008

Lloyds confirms combined management team

Lloyds TSB has announced its executive management team which will lead the combined group next year if the proposed acquisition of HBoS takes place.

• Date published: 30.10.2008

Nationwide invest £3m in CAB financial programme

Nationwide Building Society has announced a partnership with the Citizens Advice Bureau (CAB) which will see the lender invest £3m in the charity over three years to carry out financial education.

• Date published: 29.10.2008