News by: Michelle Abrego
Markets
FSA clarifies position on third party model portfolios
The Financial Services Authority FSA has sought to clarify its rules around IFAs using third party model portfolios.
Polson: Life companies risk overspending on corporate wraps
Wrap consultant Mark Polson has warned that providers developing corporate platforms risk spending ‘hundred and millions of pounds on stuff that people will not use’.
Ex-Chartwell boss Grant joins Fidelius as chief exec
Former Chartwell chief executive Jim Grant has joined Bath-based wealth manager and employee benefits firm as chief executive.
Concept hopes to fill client knowledge gap with ISA handbook
Reigate-based Concept Financial Planning has published a guide to ISAs for 2012/2013 as part of a programme to educate clients.
FSA: Platforms can't reward IFAs for assets after RDR
The Financial Services Authority has warned that platform providers which currently reward advisers or networks for high business volumes will have to stop the practice after the retail distribution review.
FSA warns over advisers failing to consider cost of fund switches
The Financial Services Authority is to clamp down on advisers who fail to compare costs when transferring client assets.
Paradigm Norton's Horner talks planning in Dubai
Barry Horner, chief executive of Bristol-based Paradigm Norton Financial Planning, has taken time out from the day-to-day running of the firm to represent the UK at the Financial Planning Standards Board conference in Dubai.
Consumer Panel calls for stronger MAS to solve advice gap
The Financial Services Consumer Panel has called for the Money Advice Service to be given greater powers, arguing the move will help plug the advice gap exacerbated by the retail distribution review.
IFA complaints fall as FOS swamped by PPI claims
The number of complaints to the Financial Ombudsman Service relating to IFAs in 2011/12 has fallen as the organisation again found itself swamped by complaints relating to payment protection insurance, many of which were submitted by claims management companies rather than consumers.
7IM: Third party model portfolios threatened by FSA rules
The Financial Services Authority needs to provide clarity over how agreements between discretionary fund managers, advisers, and their clients should be structured to help IFAs avoid falling foul of new regulations, according to Seven Investment Management boss Tom Sheridan.
Rogers: build robust asset allocation to show your value
Birmingham-based adviser Mark Rogers has urged IFAs to adopt robust asset allocation systems in order to prove their worth to clients.
MGM warns drawdown income to halve
Enhanced annuity provider MGM Advantage has warned that drawdown customers approaching five-year reviews could see their income halve due to the effect of falling gilt yields, low investment returns and revisions to the GAD rate.
Northern lights: 10 top advisers from the North West
From the bright lights of Blackpool to the mill towns and Manchester, the North West boasts a host of top advisers.
Tribunal upholds £1.3m FSA fine for ex-UBS dealer
The Upper Tribunal has upheld the Financial Services Authority's decision to fine former UBS dealer £1.3 million for carrying out unauthorised trading on billions of pounds of investors' money.
Tibergien: IFAs ignore female clients at their peril
Advisers face losing out on around 60% of the UK’s wealth unless they put a greater emphasis on advising women, according to Pershing Adviser Solutions chief executive Mark Tibergien.
IFAs set to lure clients from wealth managers, says E&Y's Kerr
Wealth Managers risk losing clients to IFAs due to poor client relationships and their focus on products, according to Ernst & Young director Malcolm Kerr.
ABI calls for FOS to consult before issuing guidance
(UPDATE: adds clarification) The Association of British Insurers has lobbied for the Financial Ombudsman Service to consult the industry before issuing test guidance on cases of widespread mis-selling or failed investments.
FSCS lawyers reprimanded for data protection breach
The law firm acting on behalf of the Financial Services Compensation Scheme in its pursuit of advisers who sold Keydata products has been reprimanded for breaching the Data Protection Act after it shared the names of hundreds of Keydata investors and their advisers.
Tenet adviser development programme gets CII accreditation
The Chartered Insurance Institute has accredited Tenet's adviser development programme for continuing professional development.
IMA chief exec Richard Saunders to step down
Investment Management Association chief executive Richard Saunders has announced that he will to step down from his role at the end of 2012.