Wednesday 15 June
Stunts stand in for Brexit debate
Brexit campaigner Nigel Farage led a flotilla of fishing vessels up the River Thames to protest against the EU’s common fisheries policy and was faced down by musician Bob Geldof in a pro-Remain boat.
Old Mutual buys advice firm
Old Mutual Wealth Private Client Advisers announced plans to purchase Devonshire-based financial planning firm DQS Financial Management, adding an extra £200m in assets under advice.
See FTAdviser for more details.
Nationwide cuts rates across range
Nationwide reduced fixed rate mortgages across the range, as well as two-year tracker rates, by up to 0.25 per cent.
Reviewed on page 13.
Sesame contacts AR’s clients
Sesame has written to the clients of one of its former appointed representatives over suitability concerns.
See page 13 for more details.
Sir Philip cries ignorance
Sir Philip Green, the former owner of British Homes Stores, was grilled by MPs about the retailer’s half a billion pounds pension deficit.
See page 18 for more details.
ABI adds Nationwide to membership
The trade body signed Nationwide Building Society up as an associate member. This membership category has been developed to meet interest from non-insurance companies and after the trade body was forced to cut costs after Aegon UK and Legal & General turned their backs on the organisation.
See page 10 for more details.
Thursday 16 June
Pro-EU MP killed
MP Jo Cox, a supporter of the campaign for Britain to remain in the EU, was killed in her constituency town of Birstall, near Leeds. Her death brought an abrupt halt to the increasingly heated campaign for today’s (23 June) referendum on UK membership of the EU.
Liontrust records net inflows of £255m
Liontrust Asset Management has reported net inflows of £255m for the year ending March 31 2016, driven primarily by the UK retail business.
See page 14 for more details.
Yorkshire Building Society chief to exit
After five years in the job, Yorkshire Building Society’s chief executive Chris Pilling has given notice of his intention to step down at the end of the year. He said he was looking for “more balance with family life.”
See page 13 for more details.
Qrops specialist launches UK Sipp
A Malta-based offshore pension provider has made a play for a share of the UK Sipp market.
See page 10 for more details.
Supreme Court backs Lloyds
The UK Supreme Court ruled in favour of Lloyds Banking Group’s decision to call in more than £3bn of high income-paying bonds.
See page 17 for more details.
RLAM poaches second Axa manager
Royal London Asset Management (RLAM) has hired another Axa manager as it appears ready to expand its UK equity offering. Axa Framlington’s Henry Lowson is set to join the fund house in September.
For more hires see page 47.
Standard Life launches US fund
Standard Life Investments has added an American Equity Income Oeic to its range to be managed by Scott Eun.
Reviewed on page 8.
Five charged with investment fraud
Michael Nascimento, 38, Hugh Edwards, 33, Stuart Rea, 48, Ryan Parker (previously known as Ryan Sell), 23, and Jeannine Lewis, 48, appeared at Southwark Crown Court. They are accused of losing 175 investors £2.75m.
See page 9 for more details.
Charles Stanley plans for financial planning arm
Charles Stanley revealed plans to expand its financial planning business to offer existing customers a more holistic service after reporting another year of losses.
See page 8 for more details.
Nationwide extends later life borrowing
Nationwide Building Society has changed policy again so now its new maximum age for borrowing of 85 will apply to both existing mortgage customers and those remortgaging from other lenders.
Delays to court confrontation
Charlie Palmer, who was fined nearly £87,000 by the FCA in December 2010, was hoping to challenge the penalty in court this year. But Mr Palmer has been he is now unlikely to have his day in court to challenge the regulator until next year.
See page 9 for more details
Friday 17 June
Prudential ditches open annuity market
Prudential is no longer accepting applications for new external conventional annuity business from financial advisers.
Bellpenny’s acquisitions director departs
Bellpenny’s acquisitions and marketing director Dominic Rose has left the company after four years. Last summer the consolidator expected to complete another 10 adviser acquisitions during 2015 yet in November 2015 there was talk of redundancies.
LV hires new chief executive
LV has appointed Richard Rowney as its new chief executive. He is currently managing director of the firm’s life and pensions business.
Arck pair in court
Richard Clay, 51, swindled £50m from investors and blew the cash on cars, holidays and even a yacht. He is set to pay back less than £350,000.
See page 6 for more details.
Monday 20 June
Remain poll bounce boosts pound
The FTSE 100 opened 2.3 per cent higher and sterling looked set for its largest one-day gain since the financial crisis as investors welcomed a renewed tightening in the EU referendum polls.
See page 36 and 37 for our Brexit/Bremain feature.
Virgin Money continues brokers push
Virgin Money sent out to letters to advisers about a new system going live in early July that will allow them to see what deals are being offered at the end of a client’s mortgage term.
See page 4 for more details.
FTAdviser Advantage launches
BlackRock and FTAdviser have teamed up to bring you everything you need to know about UK equity markets to help your clients.
Visit advantage.ftadviser.com
Aegon offers donor cover
Aegon has made several changes to its personal and business protection proposition, including an update to make it the first UK provider to offer donor cover as part of a critical illness policy.
Reviewed on page 6.
Scottish Widows updates protection policies
Scottish Widows has reduced the minimum sum assured on life insurance and critical illness cover from £100,000 to £25,000. A ‘price lock guarantee’ has also been introduced as well as a joint life option.
See FTAdviser for more details.
FCA fines against individuals doubles
The value of Financial Conduct Authority fines against individuals has more than doubled over the last year, but the value of fines against companies has dropped by 37 per cent, according to analysis by law firm Clyde & Co.
See FTAdviser for more details.
Artemis’ Gosden quits after 13 years
Artemis Income co-manager Adrian Gosden is to leave the firm this month after 13 years at the company. Mr Gosden joined the firm from Societe Generale Investment Management in 2003 and has run the £6bn Income fund alongside Adrian Frost ever since.
See FTAdviser for more details.
Financial Adviser Service Awards voting is open
Tell us who you rate for five star service and who you slate by filling in the voting form for this year’s Financial Adviser Service Awards.
Turn to page 21 to page 26 to vote.
Kensington targets high net worths
Kensington Mortgages has launched its ‘Premier’ range of higher value mortgages for borrowers with complex incomes and higher service expectations.
See next week’s Financial Adviser for a review.
Zurich restructures in adviser push
The UK branch of Zurich Insurance is to restructure its business and double the amount of staff managing its accounts as it looks to grow the number of advisers it does business with.
See FTAdviser for more details.
FCA unveils Financial Advice Market Review group
The regulator revealed the line-up of a working group tasked with making just three of the Financial Advice Market Review report’s 28 recommendations a reality.
See page 4 for more details.
Tuesday 21 June
Soros braces for Brexit ‘Black Friday’
Legendary fund manager George Soros warned a Brexit vote would trigger a massive sell off of the pound and trigger a Black Friday. The term ‘Black Wednesday’ refers to 16 September 1992 when currency speculators forced the government to pull the pound from the European Exchange Rate Mechanism.
London & Country eyes flotation
London & Country Mortgages confirmed it is assessing various options to build on recent growth, including a possible stock market flotation.
Aviva Investors’ Denham leaves
Aviva Investors head of pan-European equities Mark Denham is leaving to join Carmignac in a similar role. He joined Aviva Investors in 2003 and looked after three European equity funds.
