Pensions and Investment News for IFAs and Financial Planners

 

Welcome to the IFA Life News Room

Here you'll find feeds from most of the major news sites in the industry - all in one place. Simply click on the publication of your choice. Further down the page, you'll find other IFA Life and industry news stories. If you have a great source of news which you would like included, please let us know by email to admin@ifalife.com.

Special offer for IFAs: If you are an IFA firm and would like your own Press Release featured on IFA Life so that it is visible to journalists and the media, please send it to us at the same email address. There is no charge for this service.

 

 

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IFA Life and Financial Weeks are delighted to announce that they are partnering with Russell Investments to deliver a series of five Introduction to Financial Life Planning workshops to IFAs around the UK. With the financial advice community entering a period of significant change, many IFAs are looking for new ways to enhance their client proposition and to make it more appealing and relevant to today's consumers. IFA Life reports that following extensive media coverage on Life Planning in the UK, there has been significant interest amongst IFAs in how it can help their businesses and add value to clients. But whilst IFAs are intrigued by Life Planning, most do not know what to do next and have questions around:  

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Data this morning has shown that the UK trade deficit widened by one billion pounds, more than had been expected in January. A deficit of £8 billion was recorded for the first month of this year, a long way from the median forecasts, which in fact called for a modest narrowing of the deficit to £7.0 billion. It has come as a greater surprise, given the comparative weakness of the UK currency recently, which experts had anticipated would lead to an improved trade balance.  

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Standards International today warned that many advisers eligible for Government funding to help with the costs of achieving the international standard in financial planning (ISO 22222) would miss out on the funds if they didn’t apply soon. The “Train to Gain” funding will no longer be available after August 2010. Until then some advisers may be eligible to have two thirds of the cost of obtaining ISO 22222 certification paid for by the Government.   

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Andrew Hagger of Moneynet.co.uk comments on the latest fixed rate savings products from Northern Rock. Following the recent announcement that the 100% state guarantee on Northern Rock savings balances would end on May 24th, it was interesting to see the bank increasing rates on its one and two year fixed rate bonds yesterday. Whilst existing variable rate savers are still fully protected until 24th May and existing fixed rate accounts until maturity, any new accounts do not come with this added level of comfort.  

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The Government’s pensions tax relief reforms for those on higher incomes are ill thought out, complex, costly to implement and will damage the pension prospects for those on middle and low incomes... In a detailed response to the HM Treasury and HM Revenue & Customs consultation paper Implementing the restriction of pensions tax relief, the Association of Consulting Actuaries (ACA) has said that the policy is ‘seriously flawed' with each attempt to try to make it fairer only increasing the complexity and adverse impact on pension schemes. Whilst identifying ways in which some of the worst anomalies could be avoided in the response, the ACA has called for an evidence-based impact assessment of the real costs of the reforms -properly identifying how this hits the private sector, and the remaining defined benefit schemes in particular - few believe the consultation paper's figures are at all realistic.    

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IFAs are increasingly intrigued by Financial Life Planning and are taking steps to learn how it can be integrated into their service proposition. Workshops in London, Bristol, Manchester, Glasgow and Belfast are filling up fast, with one London workshop selling out in hours. Whilst keen to know more about Life Planning and how it can work in an IFA's practice, to date teaching of the skills and methodology has only been available from US based providers, and many IFAs are unsure as to whether it is appropriate for UK IFA practices.  

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Legal & General has launched an online ‘key person' valuation tool to help advisers use the most appropriate method of calculating the sum assured for key person protection.  

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Half of all married men at retirement purchase a single life annuity despite risk of leaving their spouse without any private pension income should they pass away sooner

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Just six months after its launch, over 100,000 people are now saving in pension schemes that have the Pension Quality Mark. They now have a simple way to see that the pension scheme they are offered at work is a good one.

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Firms operating in the UK's service sector saw volumes of business stabilise in the last three months, according to the latest CBI Service Sector Survey. However, the situation differed between the Consumer Services sub-sector, where there was a slight improvement in business, and the Business and Professional Services sub-sector where conditions were more difficult. The quarterly research, conducted between 27 January and 10 February, covered 180 service sector firms. They are divided into Business and Professional Services, such as accountancy, legal and marketing firms, and Consumer Services, including hotels, bars and restaurants, travel and leisure.  

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The importance of the UK as an international financial centre was brought home to EU officials when a high level group of British bankers met the new EU Internal Market Commissioner Michel Barnier today. The dinner was hosted by Angela Knight of the British Bankers' Association. The meeting covered the: cumulative impact of regulatory change; need for international co-ordination and co-operation which reflects that banking is an international industry operating across national boundaries; and importance of the EU and the need not to operate a ‘go-it-alone' policy.  

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The Financial Services Authority (FSA) has today published its new penalties policy, which establishes a consistent and more transparent framework for the calculation of financial penalties, and which could see enforcement fines treble in size. Under the new framework, fines will be linked more closely to income and be based on:   Up to 20% of a firm's revenue from the product or business area linked to the breach over the relevant period;   Up to 40% of an individual's salary and benefits (including bonuses) from their job relating to the breach in non-market abuse cases; and   A minimum starting point of £100,000 for individuals in serious market abuse cases.   

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FSB and ICM survey shows that three quarters of businesses would grow their business if the tax regime was easier to understand Research carried out by the FSB and ICM of over 1,600 small businesses showed that 75 per cent of small businesses believe that they would be able to grow their business if the UK tax system was simplified.  Over a third (34%) of businesses surveyed said they found income tax the most difficult issue to deal with, while 52 per cent citied taxable allowances - the amount a person is taxed on - hardest to get to grips with. Over half (52%) said VAT is the easiest type of taxation to understand.  

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Baring Asset Management’s (Barings) latest global economic research reveals that the US recovery is still well below ‘normal’ for the current point in its economic cycle.  It warns that the economy still has to pass several key tests to prove it can stand on its own feet as the authorities withdraw support.  For example, the auto sector has proved resilient following the end to the ‘cash for clunkers’ programme, but now the test will be how it performs when the Fed ends quantitative easing. Also, mortgage rates are expected to rise by 25-50 bps and the impact this will have on the housing sector will be followed carefully.  Similar arguments apply to the employment situation – layoffs have eased back but there is little sign of job creation.   Percival Stanion, Head of Asset Allocation at Barings explains: “We think that the US should be able to weather the strain, but it needs watching carefully.”  Commenting on core Europe, Barings says it has been relatively resilient, but there is little sign of a pick-up in consumer spending in Germany despite tax cuts.  On the fringe meanwhile, it warns that things are likely to get worse before they get better.   

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The Financial Services Authority (FSA) has issued a warning following the dramatic increase in overseas fraudsters selling shares using the names, registration numbers and addresses of FSA authorised firms and individuals.  

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New research from Aviva has shown that the average British household may only have enough cash to cover bills for 14 days if they or their partner fell critically ill or died. One in four (24%) of British households say they could only access £100 without further borrowing.

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IFA Life, which studies the use of Social Media in Financial Services, has been monitoring how IFA firms and providers are using websites such as Twitter, LinkedIn, Ecademy, YouTube and Facebook. News that Positive Solutions may be planning to ban use of Twitter by advisers could prove to be a problem for them in the medium to long term. Whilst at corporate level, most are struggling to understand if Social Media has any relevance within financial advice, increasing numbers of IFAs themselves see few problems with it. Social Media speaker and Founder of IFA Life Philip Calvert said today: "It's understandable that companies might be concerned that IFAs will be using the likes of Twitter to market and sell investments, but it just doesn't happen like that."  

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Nine in 10 (90 per cent) UK firms intend to seek external expert advice to help them understand the impact of the Government's workplace pension reforms due to be introduced from 2012. Forthcoming research from the Personal Accounts Delivery Authority (PADA), the body charged with delivering NEST (National Employment Savings Trust), a new national pension scheme being set up as part of the reforms, clearly indicates the important role intermediaries and other professionals have to play. Small firms - those with 2 to 49 employees - are most likely to say they will seek guidance from accountants. More than two-thirds (67 per cent) say they will look to accountants to help them understand the onset of automatic enrolment and what they will need to do to comply.  

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Adding Life Planning to an IFA's service proposition is growing in popularity, with an Introduction to Financial Life Planning workshop selling out in record time. Following recent visits to the UK by Life Planning gurus George Kinder and Dr Maria Nemeth, IFA Life has seen growing demand from IFAs for further information on how including Life Planning as part of their proposition can add value to their clients and help their IFA practice. IFA Life's Philip Calvert said today: "IFAs are increasingly intrigued by Life Planning, though the majority are still not quite sure what it is, what it isn't and specifically how it can help them and their clients." IFA Life's first Introduction to Financial Life Planning workshop on 19th March sold out rapidly, and new workshops have had to be added for the end of April in London, Bristol, Manchester and Scotland.  

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People across Britain are not yet planning for the changes to ISA entitlements from April this year and risk missing out on tax-free returns, according to new research from NS&I's Savings Survey. Just 15% of Britons surveyed say they understand the new limits, which enables individuals to save up to £10,200 per year tax-free. Research shows: A quarter (25%) incorrectly believe ISA allowances will remain the same in the new financial year 24% are aware new changes are due, but are unsure what these will be 10% think the ISA limit will be higher for over 50 year-olds only, which is no longer the case once the changes come into effect It is not just the changes to the ISA entitlement that Britons are unsure of, but ISAs in general.16% of those who are aware of ISAs say the reason they haven't invested in an ISA is because they find it confusing, while one in ten people (10%) admit that saving money in an ISA this year has never occurred to them.  

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Saturday 20th February marked this year's Debt Freedom Day, according to new research by Unbiased.co.uk, the professional advice website.  As a nation we will spend the first 50 days of 2010 just to earn enough money to pay off the interest on our debts.  This means that so far we haven't even started re-paying the actual debt itself! Unbiased.co.uk's figures highlight that credit card debt has increased by just over £4billion in 2009.  It is now reached over £54billion.  Personal loan levels in the UK have remained constant from last year, despite the increased levels of repayment and restrictions being placed on consumer lending by the banks.  This suggests that more loans are now running their full terms.  

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CII Research shows scale of the challenge facing the Financial Services Sector - and sets out framework for regaining trust.  

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Financial planner Sylvia Bentham of Chorley based "1st Chartered" financial planners has become the first adviser in Lancashire to meet new international standards in providing financial advice by gaining ISO 22222 certification.  ISO 22222 was created in 2005 with the aim of achieving and promoting consumer confidence by providing an internationally agreed benchmark for high standards of personal financial advice.  The achievement is a considerable success given that less than 100 advisers in the UK have gained the prestigious ISO 22222 certification.   

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IFAs have just 2 weeks to protest about new tax penalties for giving IHT advice. Those who talk about IHT saving schemes will be subject to new tax penalties as the definition of 'tax agents' is widened by new legislation published by HMRC last week. The penalties could be upto 100% of the IHT saved as a result of an IFA’s advice. Previous publications in HMRC’s ‘Working with tax agents’ project were thought to be focused on accountants and tax advisers. The latest in a stream of consultation documents on the subject was published last December. This has now been supplemented by draft legislation, published on 8 February, that extends HMRC’s influence to penalise anyone who talks to clients about reducing any tax liabilities. Financial advisers have very little time to review the draft legislation and to formulate their responses and comments. The consultation period expires on 3 March 2010.  

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The first workshop An Introduction to Financial Life Planning - Cutting through the Hype is confirmed for 19th March in London, with a third of the available tickets being snapped up in hours.  Details are at this link: http://www.ifalife.com/articles.asp?AID=677  

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In the year to January, the consumer prices index (CPI) rose by 3.5 per cent, up from 2.9 per cent in December.

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Zurich UK Life is urging advisers to remind their clients with families about the benefits of critical illness cover as organisations across the globe host fundraising events and seminars to mark International Child Cancer day (Monday 15th February 2010).

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This morning, Barclays kicked off the banking season by announcing a 92 per cent rise in full-year profits to £11.6bn. Nick Raynor, investment adviser at The Share Centre, comments on the bank's results and explains what they mean to investors.

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The Association of Independent Financial Advisers (AIFA) responds to today's announcement from the Financial Services Authority's (FSA) and the Financial Services Compensation Scheme (FSCS) of their annual funding requirement for 2010/11.  

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The Association of Mortgage Intermediaries (AMI) has today responded to the Financial Services Authority's (FSA) announcement of its annual funding requirement for 2010/11.  

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Mortgage lenders took 10,200 properties into possession in the fourth quarter of 2009 - 13% lower than in the third quarter, and 2% down on the fourth quarter of 2008, according to the Council of Mortgage Lenders.This figure reflects the number of possessions taken by first charge lenders on both home-owner and buy-to-let mortgages.

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New research from Scottish Widows has found that most intermediaries believe that wrap platforms will come within the scope of the RDR.

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2plan Wealth Management, the UK’s fastest growing national IFA, today announced its preliminary corporate results for 2009, showing a record 144% increase in turnover. Adviser numbers doubled over the past 12 months with more than 200 IFAs on board by December ’09. Following an excellent year for the company, 2plan’s chief executive, Chris Smallwood, also revealed its plans to launch a new company share scheme:  

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The proportion of landlords remortgaging their investment properties continued to decline in the final quarter of 2009, research from Paragon Mortgages has revealed.  

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The world economy continued to recover, although global activity remained well below pre-crisis trends.   

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The ABI is reminding financial advisers to check arrangements for clients that may be affected by the change to the National Minimum Pension Age.

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The Financial Services Authority (FSA) today announces that Hector Sants will leave the organisation in the summer of 2010, after three years as chief executive officer (CEO). 

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House prices rose again in January but buyer interest and new instructions to sell property fell as bad weather hit activity in the market, says RICS UK Housing Market survey published today.

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Protection advisers in buoyant moodLegal & General's fifth report in a quarterly series looking at IFA confidence levels in the Protection industry shows that advisers have experienced a bounce in confidence.

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Torquil Clark, one of the Midland's leading providers of independent financial advice has been awarded the prestigious ‘Chartered Financial Planners' title by the Chartered Insurance Institute (CII).

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IFA Life, the social networking website for IFAs and financial planners has launched a new marketing guide which aims to help financial advisers to market and promote both traditional financial planning and Life Planning within their businesses.

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Financial advisers are predicting a significant return to the stock market in 2010, with almost three quarters (72 per cent) expecting an increase in the number of clients looking to invest in equities over the coming 12 months, according to new research commissioned by Prudential.

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Platform, the intermediary mortgage specialist of The Co-operative Bank, has reduced rates in its range on fixed and tracker deals.

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The achievement of ISO 22222, the international quality standard for providing financial advice, has been made compulsory in some countries yet the UK's Standards International remains the world's only organisation that is dedicated solely to the certification of financial advisers to international standard IS0 22222.

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Even before delegates had returned home from IFA Life's Social Media in Financial Services conference in January, IFAs were already demanding that a second conference be held in 2010. Delegates described the event as "groundbreaking", "stunningly successful" and "industry changing" as speakers from Google, YouTube, LinkedIn and others revealed how financial advice will change over the coming months and years and how IFAs can benefit from it.  

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Research from Unbiased.co.uk, the professional advice website, shows that 2010 could be the year of the home buyer. Consumers no longer expect house prices to fall as only 3% are holding off buying a property until prices have fallen. Despite over half (51%) of people saying that house prices wouldn't recover until late 2010 onwards back in January 2009, nearly a third (29%) of Brits now say that house prices are starting to rise and 18% say that they have reached their lowest level.  

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IFA Life launches Introduction to Life Planning workshops and Life Planning consultancy for IFAs Big increase in online discussions on the benefits of Life Planning within IFA businesses IFAs must re-invent themselves to make financial planning more relevant and appealing to consumers eBook released to help IFAs market and promote a Financial Life Planning proposition Financial Life Planning guru George Kinder's recent visit to the UK has sparked renewed excitement amongst IFAs in developing a Life Planning proposition as part of their businesses.  

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Gross mortgage lending by building societies was £1.8 billion in December, compared to £1.6 billion in November, an increase of 15%.

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The Financial Services Authority (FSA) has today confirmed that it will require firms to publish information on how they handle complaints, to help people see how firms are performing in this important area and to drive up complaints handling standards across the industry.

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Friends Provident is committed to treating the holders of its 1.1 million with profits policies fairly and this bonus announcement ensures payouts from the With Profits Fund reflect the value of the underlying investments.

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Prior to the banking crisis, mortgage deals offered through brokers were not that different and in some instances more competitive than those offered through branches.

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House prices rose by 1.2% in January and are up 8.6% year-on-year Recent economic data has been a mixed bag for the housing market Inflation uncertainties highlight interest rate risk

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More than two-thirds of advisers believe structured products are more attractive investments than 12 months ago, according to recent research from Barclays Wealth.

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Homeowners in England and Wales saw a 20 per cent drop in the proportion of their take-home pay spent on monthly mortgage repayments in 2009, according to the latest mortgage affordability research released by Woolwich, the mortgage arm of Barclays.

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Dealers’ Group is delighted to announce Portfolio Construction 2010, a one-day conference aimed at progressive advisers looking to develop expertise in asset allocation and portfolio management. We have brought together an elite group of speakers to provide insight into practice and theory in portfolio mechanics. These include;   

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The UK's latest GDP figures will also be released next week The lingering question about whether the UK is in or out of recession could be put to bed next week. On Tuesday, the Office for National Statistics will report the latest Gross Domestic Product figures for the final three months of 2009. According to a recent forecast by Ernst & Young ITEM Club, the UK economy may have grown 0.4% between October and December  

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HM Revenue and Customs (HMRC) are being urged to do more to alert people that they may have been sent the wrong tax code. The Chartered Institute of Taxation (CIOT) is calling on HMRC to be proactive and mount a publicity campaign to highlight that wrong information is being sent out to huge numbers of people that, unless corrected, may cost them hundreds of pounds.  

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Bupa Individual Protection has won praise for its tele-interview service in a survey of more than 800 independent financial advisers.    

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The Financial Services Authority (FSA) has sent a letter and report to the chief executive officers (CEOs) of major insurance brokers and investment firms which are able to hold money or assets on behalf of clients.   

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As we begin a new decade, Halifax has looked over the past 50 years and identified the key changes in the UK housing market. The analysis starts at the end of the 1950s and commences with the record growth in housebuilding through the 1960s. This was a time of significant social investment.  

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Liberal Democrat Shadow Chancellor, Vince Cable has today written to Lord Mandelson about the takeover of Cadbury by US company Kraft being part financed by the Royal Bank of Scotland. Commenting, Vince Cable said:  

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Campaigning tax advisers are calling on the Government to correct a tax quirk which is unfairly hitting elderly widows and widowers. The Low Incomes Tax Reform Group (LITRG) has highlighted the fact that a small number of older people, those whose husband or wife died before March 1972, are being excluded from the ‘transferable nil rate band' inheritance tax (IHT) relief introduced in 2007.  This relief allows the inheritance tax allowance of the first person in a couple to die to transfer to the surviving partner, and can effectively double the amount they can pass on tax-free when they die.  

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Mortgage intermediaries could be losing out on a market worth a potential £30 million in sales commission this year if they do not exploit the profitable General Insurance market, according to Abbey for Intermediaries.

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Business confidence slipped last month, but is still at a sharply higher level than at this time last year, according to the latest Lloyds TSB Corporate Markets Business Barometer. The survey - a monthly snapshot of company views on the outlook for the economy - shows that the number of firms claiming to be more optimistic about economic prospects fell in December. Just over half of businesses (52 per cent) said they were more upbeat than they were three months ago, and a fifth (19 per cent) said they were more pessimistic, resulting in a total balance of 33 per cent. Last month, by way of comparison, two thirds (67 per cent) were more optimistic and 16 per cent were more downbeat - a balance of 51 per cent.  

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A mortgage milestone was passed last week when the number of mortgage products available surpassed 2,500 for the first time since May last year. Figures from moneysupermarket.com show available mortgage products have increased for the third month in a row.    

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Speakers from Google, YouTube, The Gate, Fincision, the BBC, Ecademy and LinkedIn revealed why and how the Internet is rapidly changing financial services distribution. Organiser of the event Philip Calvert said today: "The opportunity for IFAs is clearly immense. All they need to do is to admit and learn what's happening on the Web and to apply it in their own businesses. It's a learning and training issue - nothing more" "We saw once and for all that all consumers of all ages are now actively using Social Media, and IFAs who assume otherwise are in for a nasty shock."  

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Consumer confidence in the economy took a knock in the last quarter of 2009, with one-in-three consumers expecting the economy to worsen in 2010 according to research published today by the ABI.  

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Friends Provident has launched a new trust toolkit to help advisers ensure that trusts are high on the agenda for their customers to consider.  

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  IFA Life, the social networking site for IFAs and financial planners confirms an amazing line up of expert speakers at its Internet marketing conference in London this week. Keynote speakers from Google, LinkedIn, YouTube, Ecademy, the BBC, the Gate and BT Tradespace will be speaking alongside established IFA industry experts such as Nick Bamford of Informed Choice and Father of Life Planning George Kinder.    

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New cebr forecasts for the United Kingdom economy imply that end of recession parties can be pencilled in for 26 January when the Office for National Statistics releases its fourth quarter GDP estimate. The end of de-stocking and expenditure brought forward ahead of the VAT cut reversal prompted a mini-bounce in economic activity and return to quarter-on-quarter growth in the fourth quarter.  

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Equifax research suggests renewed confidence although there are still worries over job security.  News at the beginning of the year is starting to suggest a level of new confidence amongst consumers when it comes to their finances. Retail sales in December were higher than expected for several major brands and consumer lending also picked up with improved levels of credit being extended compared to earlier in the year. The latest research from leading instant online credit information provider, Equifax, provides further indications that consumers are feeling more optimistic about their finances for 2010.  

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As the 31 January deadline approaches for self assessment tax returns, the Charities Aid Foundation estimates that higher-rate tax payers are missing out on over £250m of tax relief on their charitable donations [1].  

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Unbiased.co.uk, the professional advice website, announces the launch of its new Financial Calendar tool, designed to help consumers create their own personal finance calendar and help them keep track of their key financial dates.   Users can add in all of their important financial dates and create their own financial planner, enabling them to see when future payments are due throughout the year and giving helpful reminders. The calendar can be hosted on desktops to be revisited and updated at any time with the option to transfer dates in to a Microsoft Outlook calendar.  

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With many consumers looking to reduce their New Year debts, Richard Napier, Nationwide's head of credit cards and personal loans, talks about the options consumers have to help them get over their Christmas debt hangover "Citizens Advice Bureaux acrersonal loans, talks about the options consumers have to help them get over their Christmas debt hangover.oss England and Wales are dealing with an ongoing increase in debt problems. Their most recent figures show that debt problems were up by 26% when comparing July - September 2008 with the same period in 2009.      

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The Saga generation will have a decisive influence on the outcome of the coming General Election. Saga has used its unique insight into this demographic and created a Saga Generation manifesto which is being presented to the leaders of the UK's main political parties. Propensity to vote rises with age - 63% of the over 55s say they are certain to vote compared with just 21% of those aged 18-24 or 37% of those aged 25-34. Whilst a separate poll of 14,000 Saga customers showed 80% saying they were certain to vote. So for the first time the Saga generation is likely to be the majority of adults going to the polling booths come the General Election.  

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As New Year headaches begin to ease, many consumers will experience a hangover of a different sort as their spending over the Christmas season catches up with them. Those with New Year Resolutions to sort out their finances will use the Internet to find an IFA, but many IFAs' online presence will do little to attract people to make contact because their websites are dull, lifeless and do little to communicate professionalism. Despite IFAs working very hard to reach the highest levels of professional standards by examination, consumers can see little evidence of it from many IFAs' websites.  

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Home affordability for potential first-time buyers (FTBs) has improved significantly.   In 2009, the average price paid by an FTB was affordable for someone on average earnings in nearly four in ten (39%) of local authority districts, according to this year's Halifax First-Time Buyer Annual Review. In 2007, only 6% of areas were affordable. Nearly a quarter (24%) of local authority areas became affordable between 2008 and 2009.   

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More than 4.5 million Britons (10 per cent) are planning to move in excess of £3.2 billion pounds between credit cards in the first three months of 2010, to take advantage of introductory balance transfer periods, new research from Santander Cards has revealed.  

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As the end of the stamp duty holiday looms on properties sold for between £125,000 and £175,000, the CML has looked at which regions have benefitted most and least from the temporary concession. London and the South East are the relative losers, and the total cost of the concession will be much less than the Treasury originally estimated.  

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The spending habits and values of the British public changed in 2009 in response to the recession. Many people are spending less on going out and on holidays and are thinking more about the needs of their families and the environment according to new research released by the Charities Aid Foundation (CAF) carried out by Gfk.   The findings reveal that whilst half of us (52%) think having money is seen as more important than before the recession, over a quarter (29%) feel that having possessions is now less important to people.  

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The final quarter of 2009 saw a slowing in the quarterly rate of house price growth across the majority of UK regions, but most regions ended the year with average prices higher than at the end of 2008.  For the UK as a whole, prices rose by 1.6% in the fourth quarter, leading to an increase in the annual rate of change from -3.0% in the third quarter to +3.4%  

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As you relax and enjoy the last of the festive cheer, spare a thought for those people who are spending the winter break hard at work. According to the annual Post Office® Travel Services' Holiday Entitlement Index, 41 per cent of UK workers will be working at some point over the festive period, and almost one in ten (seven per cent) of these people will be missing out on their holiday entitlement as a result.  

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A year of recession has made Brits aware of the value of unwanted Christmas gifts and more inclined to try to turn them into cash, according to new research from uSwitch.com, the independent price comparison and switching service. While almost half (47%) of consumers admit to previously shoving unwanted presents to the back of the cupboard and forgetting about them, this year sees a quarter of thrifty Brits (25%) more likely to try to make money from them instead.    

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Despite the apparent complementary nature of their businesses, very few financial advisers are able to establish profitable relationships with accountants. So claims Mark Lee, Chairman of the Tax Advice Network, who is launching a survey to ascertain whether anecdotal stories are reflected across the UK.  

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Ouch! If you're a pensions adviser then reading this article is not for the faint-hearted, so be warned.  On the other hand if your a retirement planner then this could be manna from heaven.  KPMG has released some interesting pension statistics that make grim reading.  

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The United Kingdom Economic Accounts released today showed that GDP fell by 0.2 per cent in the third quarter of 2009 compared with the second quarter. This is upwardly revised from the previous estimate of a 0.3 per cent contraction, and was slightly worse than market expectations of a 0.1 per cent contraction.  

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OFT may've given up, but there're other laws they can't access which may still win the day Today the Office of Fair Trading (OFT) announced it will take no further action against banks over unauthorised overdraft charges.  Martin Lewis, creator of MoneySavingExpert.com, where over 6m bank charges template letters have been downloaded, comments:  

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Commenting on the announcement by the OFT that it is to end its investigation of bank charges, Kevin Mountford, head of banking at moneysupermarket.com said: "There's a sense of inevitability about this climb down by the OFT after it lost in the Supreme Court last month.  Whilst this is a blow to the millions of people who are trying to reclaim overdraft charges from their bank, in truth the OFT's campaign has actually forced the banks to cut their charges already, so millions of customers will be better off in future.  There is also the threat of future legislation hanging like a sword of Damocles over the banks.  

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In a turn around from this time last year, Emerging Markets are now the preferred equity market for the majority of IFAs, however the typical UK investor portfolio is underweight in the region.  Research, conducted at the J.P. Morgan Asset Management Investment Summit 2009 amongst over 150 of the UK's top investment advisers, revealed that almost two thirds (61%) favour Emerging Markets compared to the US (23%), Japan (13%) and Europe (just 10%).  

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More than one in five parents have been borrowing from their children's savings account, with 44% of them borrowing between £200 and £500, the majority taking money over five months or less it was revealed today (21 December). The survey of 3,000 parents, conducted by child trust fund provider Engage Mutual Assurance, reveals that British families blame the recession for their gloomy financial outlook, and that some have resorted to withdrawing their kids' cash to stay afloat.  

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Analysis from moneysupermarket.com has shown that the supply end of the mortgage market has gradually recovered since reaching its nadir in August this year. However the total number of mortgage products available are still 27 per cent down since the start of the year.  

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Commentators have been puzzled by the fact that British Airways has not closed its pension scheme to existing members. In the case of BA, it may be that the company is unable to do so because staff are covered by a 1948 Redeployment Agreement which means the company cannot cut pay (or pensions).  This Agreement does not seem to widely known about.  

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Brits spend up to 26 times longer shopping for Christmas gifts than they do looking for the best deal on their retirement income, according to latest research from Aviva. On average, UK adults spend three days, six hours and 35 minutes per year shopping around for Christmas presents for their loved ones, pets and even their bin collectors. This amounts to six months over a lifetime. In comparison, research showed proved that Brits spend just seven days in total shopping for the right annuity or pension product.  

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2009 was the year when social networking finally took hold amongst financial advisers as a medium to share best practice and as a platform for them to market and promote their services. By the end of 2009, IFA Life the social networking site for IFAs and financial planners will have reached four thousand members, a third of IFAs will have opened a Facebook account, hundreds of financial advisers have started using Twitter - whilst YouTube has now also become a powerful way for IFAs to promote their services.    

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The proportion of first time buyers (FTBs) looking to put a foot on the property ladder has reached its lowest level for twelve months according to the National Association of Estate Agents (NAEA).  The monthly market survey of the NAEA members found that in November, only 19 per cent of registered buyers were FTBs, the lowest since December 2008 when levels plummeted to 11 per cent.  

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A quick heads up for those who might have missed it due to the Christmas build-up. HMRC has published another Pension Schemes Newsletter, the third of 2009. It focuses on the change to the Normal Minimum Pension Age from April 2010 and includes worked examplesand the following issues (including what to do for those aged 50 on the Bank Holiday weekend of 2nd-5th April):  

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Years ago when I helped some pilots do a detailed pension analysis of their retirement provision, I remember that one of the more unusual benefits of being a member of the British Airways pension scheme was that you received free flights anywhere around the world.   

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A new independent survey has found IFAs are rated by consumers as the “most fair” of the financial services professions. The ‘Fairness Index’, produced by the Financial Services Research Forum at Nottingham University Business School, looks at consumer perceptions of fairness with regards to financial services. The Index takes into account a wide range of measures including impartiality, familiarity, courtesy and communication.   

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Part of the problem with the credit crunch crisis is that the public has been bombarded daily withfigures that are so enormous they are difficult to grasp hold of.  No longer are some of our largest employers' pension deficits measured in hundreds of millions, rather they are now running into the billions.  

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In stark contrast to the Pension Regulator's comments on 10 December, 56% of trustees would be happy to consider a transfer value exercise, according to a survey of trustees of the UK's biggest pension schemes carried out by Winmark Research and commissioned by Hymans Robertson and the PensionChair Network.

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Everyday Financial Solutions Ltd has become a business partner of Legal & General having agreed a sole-tied partnership for protection.

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I never imagined The Pension Regulator's comments about Enhanced Transfer Values would have captured so many headlines. Contentious or what? Maybe, but I suspect most IFAs advising in this area will have considerable expertise and experience to avoid the obvious pitfalls.  I particularly liked the blog from pension lawyers Allen and Overy and I added the following comment to it:  

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Home ownership loses appeal The British love affair with property ownership could be waning, according to Scottish Provident, one of the UK's leading protection providers.  

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With most people planning a cut price Christmas, families face a new dilemma this year - what do they tell the children? According to new research from uSwitch.com there will be less presents, fewer gadgets and more traditional children's gifts. But despite such noticeable changes, only a third (32%) of those who are cutting back on children's presents intend to tell kids the reason why:  

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2009 appears to be ending in a similar fashion to 2008 for savers, with many top deals being withdrawn or having rates reduced. Since the beginning of November, 62% of product changes to Moneyfacts.co.uk have been product withdrawals. While many of these products have been replaced, in the majority of cases the replacement products are offering lower returns.  

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The number of loans for house purchase in the UK reached 55,000 in October, its highest level since December 2007, according to new data released by the Council of Mortgage Lenders. The amount of buyers has risen from a trough in January 2009 when only 23,000 loans were advanced. Itis now up nearly 100% from that low point.  

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Despite discussion of the inheritance tax (IHT) threshold changing after the next general election, AXA is warning investors that they might still be hit with estate planning issues. Inheritance tax experts from AXA do not foresee any significant increases to the IHT threshold in the foreseeable future.  

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Latest research from paaleads.com, moneysupermarket.com’s lead generation business, reveals that advisers are very optimistic about their business growth prospects in 2010. In its monthly member survey, paaleads.com found that 62 per cent of advisers feel the outlook for their business over the next 12 months is very strong with their businesses in a good position to grow.   Fewer than one in ten (8 per cent) forecast a negative outlook for their business.  

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The Office for National Statistics has released its latest dataset on UK population trends. As usual, it is insightful and required reading - particularly for anyone involved in the running or administration of medium to large pension schemes where pensioner life expectancy is one of the specific concerns. IFAs might also like to point their clients to this - especially the younger ones who might be less inclined to plan for retirement because it seems a long way off.  

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First time buyers may be hit hard at the end of the stamp duty holiday in January, however there is some good news to be celebrated.  Figures from moneysupermarket.com show that the number of mortgage products available for first time buyers is at its highest since May this year with 1,354 products now available; an increase of 18.3 per cent since August when products were at their lowest levels.  

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In 2005, the UK was the 4th largest economy in the world. China overtook in 2006, France in 2008 and Italy in 2009. So now the official figures suggest that we have dropped to No7 (although I still have some doubt about the Italian figures that are incorporated into this analysis). Projecting forward, the combination of economic growth and population growth, plus a likely rising real exchange rate mean that Brazil and Russia will overtake us sometime soon, perhaps in 2012.  

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Managers of UK based emerging market funds will face stiff competition from early 2010 when offshore-domiciled funds are included in the UK's Investment Management Association (IMA) sectors, say two leading fund management groups.  

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The United Kingdom Accreditation Service (UKAS) has recently confirmed that Standards International - the UK's leading certification body for ISO 22222 - have been reaccredited (to ISO 17024) in order to continue to certify financial advisers for the ISO 22222 international standard.  

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FinQS, the software company behind The Customer Feedback Centre has expanded its automated client feedback solution to provide a ‘pay per click’ option for product providers and insurers.   

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An interesting article in Professional Pensions today focuses on a survey conducted by Hewitts. Looking at responses from 80 trustee groups, the survey '...found attitudes towards covenant monitoring had undergone a "dramatic" change during the past 12 months'.  

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According to research from Scottish Widows, 84% of IFAs intend to continue to offer whole of market advice while only 5% said that they intend to offer restricted advice after the RDR proposals have been implemented.  

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IFA Life is delighted to announce that ‘Father of Life Planning' George Kinder will keynote at the Social Media in Financial Services conference in January 2010 and lead a debate on ‘hi touch, hi tech' financial planning. Widely acknowledged as a key visionary in the financial planning world, George Kinder's work is rapidly attracting large numbers of UK financial advisers to his methodologies.  

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Surveyors expect to see rent rises in the New Year as the number of rental properties coming onto the market fell for the first time since January 2008, says the latest RICS Lettings Survey published today. 

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The Boards of Yorkshire Building Society and Chelsea Building Society announced today that they have agreed to merge, creating a second major force in the building society sector.

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A High Court ruling on the Ilford Pension Scheme will, I'm sure, have a few boards of trustees reviewing member enhancements that have taken place over the last couple of years (or indeed proposed enhancements that were intended to be brought into effect shortly).  

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Today first direct announces the launch of its new market leading offset tracker which tracks 2.08% above the Bank of England base rate (currently 2.58%).  The lowest lifetime tracker and one of the few below 3%, the mortgage has a maximum loan to value of 65% and an arrangement fee of £999.

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  IFA Life is delighted to announce that ‘Father of Life Planning' George Kinder will keynote at the Social Media in Financial Services conference in January 2010 and lead a debate on ‘hi touch, hi tech' financial planning. Widely acknowledged as a key visionary in the financial planning world, George Kinder's work is rapidly attracting large numbers of UK financial advisers to his methodologies. Founder of IFA Life Philip Calvert said today: "George Kinder's approach to financial planning is the most exciting development in financial services in many years. Those IFAs combining Life Planning with a strategic approach to using the Internet will have an incredibly compelling proposition."    

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Fortis Life UK has continued its phased distribution roll-out with the launch of a new partnership with Sesame.

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Total net lending to individuals rose by £0.3 billion in October. The twelve-month growth rate fell to 0.7%, and the three-month annualised growth rate increased 0.3 percentage points to 0.5%.

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In its Pre-Budget Report submission TISA - Tax Incentivised Savings Association - is reiterating its support for the concept of a Workplace ISA as part of a more flexible savings approach to finance retirement.

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Following an extensive consultation, the ABI is planning to rebrand and standardise definitions of the Total Permanent Disability (TPD) benefit in Critical Illness (CI) insurance policies, to improve clarity for consumers.

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My favourite article this week is written by Ian Naismith, Head of Pensions Market Development at Scottish Widows. He discussed and challenges the value of pushing the boundaries to take advantage of loopholes in legislation.  

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Well if you wanted some Continuous Professional Development (CPD) material for the weekend, there's plenty to choose from. And, whether you like or hate the idea of Personal Accounts I think it would serve most pension professionals well to keep abreast of how they are progressing.   

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Leading protection specialist LV= today announced that it will be distributing its Mortgage and Lifestyle Protection plan through Openwork, the second largest financial adviser network in the UK.

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Fidelity International has announced today that Anthony Bolton, one of the most successful investors of his generation, has decided to return to managing money in 2010.

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Economic activity in the UK has picked up significantly from recession. Duncan Higgins, senior analyst at Caxton FX says that, "The pound has mirrored this improvement, gaining 8% from its lowest point in December 2008, when it hovered just above parity with the euro. As we near the end of this year, sterling is trading in a far stronger position with economic figures continuing to show improvement."  

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Economy is literally a pain in the neck The effect of the downturn has begun to manifest itself on the physical and mental health of the nation. A new phenomenon - Recession Strain Injury - has been identified by Experian's CreditExpert.co.uk and Chartered Physiotherapist Sammy Margo following a 25% increase in stress related injuries seen in her clinic - suggesting that many people are suffering physically as a result of increased financial strain.  

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A recent survey commissioned by the direct bank first direct reveals that 40% of homeowners don't understand the basic idea of an offset mortgage and a further 35% only roughly know how they work. This worrying trend highlights how consumers may be missing out on saving money and reducing the term of their mortgage with just two in ten (21 per cent) seeing offsets as a way they can save money on their mortgage.  

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The UK's banks could yet be flooded with another 8 million bank charges claims, says Which? New figures from the consumer champion show that, of around 12 million people that have been hit with bank charges since July 2001, over three in five (63%) haven't asked for their money back.  

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New research from Aviva - the UK's largest insurer with 7 million life and pensions customers - reveals that 35% of UK consumers believe their retirement funds have been depleted by the recession, forcing them to look for additional ways to supplement their retirement income.  

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  Quantitative easing: has it worked, how long can it continue and what happens when it stops? Is the banking crisis over? Should the central banks and governments balance their books and allow the economy to heal itself? Should central banks and governments inflate their way out of economic difficulties? Lessons from Japan's ‘lost decade'. The shape of recovery. Inflation and deflation. The role of emerging markets in shaping economic recovery. The outlook for global currencies. John's three year economic outlook The outlook for gold.    

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Almost a fifth of 18-24 year olds are put off starting a pension purely because they don't like the word, new YouGov research commissioned by AXA has found. If that number - almost a million 18-24 year olds - continue to delay starting their pension provision by just 5 years, they are potentially looking at a combined shortfall in their retirement income of £44.1bn, (£44,362.30 per person), making ‘pension' one of the most costly words in the history of the English language. In total almost one in five UK adults - over 10 million people - are being put off by the word pension.  

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Standards International, the UK?s leading ISO 22222 certification body, today highlighted the fact that any financial adviser who gains certification for ISO 22222 will be exempt from the Chartered Insurance Institute's Financial Planning Process exam paper (AF5).  

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Annie Shaw of CashQuestions.com comments on the creation of a new money guidance service and consumer advice agency included in the government’s legislative agenda.  

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Simply Biz is recommending the use automated client feedback tool TCF Centre to its members.  FinQS, suppliers of the TCF Centre, have created the PI compliant questionnaires alongside compliance professionals and advisers with input from PI Insurers to dispel fears that client feedback could encourage complaints.   Recent statistics show over 99% of feedback received via TCF Centre was extremely positive and FinQS has capitalised on this by developing functionality encouraging respondents to post their positive comments on social networking sites.  

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I was surprised by the reaction to my commentary which accompanied Friday's pension news update (13th November) which I had amended specifically for IFA Life. It was picked up by Laura Miller, a financial journalist with Incisive Media, who later called me to ask why I thought Personal Accounts presented an opportunity for advisers to build up new relationships with small employers.   

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Growing number of IFAs are using video to raise their profile online. Social media expert predicts that YouTube will be a key distribution route for financial advisers

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A new feature on business social networking site LinkedIn, is giving financial advisers startling new opportunities to raise their profile on the Internet. Until recently, an IFA or financial planner could use LinkedIn's ‘status update' tool to communicate with their network, clients or professional connections on the LinkedIn website. But a small and important change in the facility is opening up exciting new opportunities for financial advisers who use the site.  

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BBC News has today appointed its first social media editor, to develop the way we gather news from our audiences, and make more of our journalism available on social networks.   Audiences have always contributed directly to the BBC's newsgathering, especially on breaking stories. But the technology allowing people to share and send photos, video, and eyewitness accounts is developing all the time.  

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Aviva today announced a series of enhancements to its innovative Income Protection Solutions product, including a unique temporary accident cover benefit that provides up to 90 days' accident cover whilst the policy is being underwritten.  

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With the FTSE 100 breaking through the 5,300 barrier it's little wonder that press articles over the last few days have focused upon where funds might be invested in terms of achieving that delicate mix ofsecurity and performance.   

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This should be of interest to IFAs that are targetting small businesses to build up their corporate client base. As an adviser, you will be aware that there has been quite a lot of speculation about whether Personal Accounts will actually get off the ground.  

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Having anticipated 75,000 repossessions in 2009 in last year's housing market forecasts, the forecast had already been revised down to 65,000 in June, but is now being cut again in recognition of lender forbearance, government measures and the beneficial effect of continuing low interest rates which are helping most borrowers facing difficulty to keep their homes.

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In the last few weeks a number of lenders including Abbey, Halifax, Leeds BS, Nationwide BS, Northern Rock and Woolwich have made moves to cut mortgage rates, but rates are still a long way of the low reached earlier in the year.

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Education charity, the National Skills Academy for Financial Services (NSAFS), will officially launch in the West Midlands on 12 November 2009 at an event bringing key regional employers and providers together to recognise achievements to date and encourage new employers to get involved.

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Argos, the UK’s leading general merchandise retailer, today announced the launch of its new financial services price comparison website, Argos Compare (www.argoscompare.co.uk). At launch, the service will be the only comparison site offering cash-back on both home and car insurance.   

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Data released today, shows that the overall unemployment rate in the UK has remained steady at 7.8%.

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One third of first-time buyers escaped paying stamp duty in September as a result of the government's temporary £175,000 nil-rate threshold, according to new data released by the Council of Mortgage Lenders.

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The Financial Services Authority (FSA) has announced proposals to simplify the structure of the fees it levies on regulated firms and to enhance fairness and transparency.

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UK businesses are bracing themselves for a surge in staff looking to delay retirement with around 1.8 million people expected to be working beyond traditional retirement ages in just 10 years. The findings from new research commissioned by Prudential among finance directors at UK businesses found nearly a quarter (24 per cent) of companies expect staff to work beyond retirement age in the next 10 years, with the proportion of people in the workforce who are past traditional retirement ages expected to more than double to 1.8 million people.  

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The Pensions Regulator today published the latest edition of its annual analysis of recovery plans from defined benefit and hybrid pension schemes. This analysis updates previous publications in 2007 and 2008, providing an overview of scheme recovery plans with valuation effective dates from 22 September 2005 to 21 September 2008. This represents the first near complete triennial cycle of the regulator's scheme funding regime - with schemes divided into three "tranches" based on the effective date of the scheme valuation.  

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Investors have revealed their uncertainty over the future of the FTSE in a poll conducted by Barclays Stockbrokers, the UK's largest stockbroker.  While nearly two fifths (39%) of those surveyed say the market is too difficult to call at the moment, a third (34%) are bullish believing that recent market rallies are a sign of recovery, whereas three in ten (27%) say they are bearish and do not believe that there will be a market correction.  

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In the UK, estimates for 2008 showed that approximately 60% of the population were of working age - that's 36.8m people. What must be of concern is that in 2009 it is expected for the first time that the number of people of retirement age will be greater than the number of children below 16 years old.  

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Only 8% of advisers think that their clients have taken out adequate Income Protection (IP), according to research commissioned by Friends Provident.

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Lloyds Banking Group has further underlined its support for UK businesses, with the launch of a new 2012 Charter, setting out a series of commitments to help small and medium sized businesses grow as the recovery gains momentum.

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Pensioners who've overpaid tax on their interest from savings could be eligible for a tax windfall, HM Revenue & Customs (HMRC) announced today.

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Friends Provident is launching a new financial education and support service aimed at helping employees understand how to manage their money effectively.

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The Association of Independent Financial Advisers (AIFA) has today outlined the main points made in its formal response to FSA's Retail Distribution Review (RDR) Consultation Paper, 'Distribution of Retail Investments: Delivering the RDR'.  

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AEGON is calling on the FSA to make wider access to trusted financial advice the top priority as it makes its final decisions on implementing the RDR proposals.  

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Independent wrap platform Ascentric today announces the addition of Debbie Steer to their Business Development team. Reporting to Sales Director, Richard Goodall, Debbie will engage with IFAs in supporting adoption of the wrap.  

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Joshua Raymond, Market Strategist at City Index commented:  

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Demand is exceeding supply across the UK housing market, with estate agents registering five house hunters to every available property.

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Annie Shaw of CashQuestions.com comments on the break-up of Lloyd TSB and RBS  

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The articles about the Church of England's pension deficit don't surprise me too much. I remember reading many years ago about its deficit caused mainly by an aggressive investment strategy  

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Aviva, the UK's largest insurer, has today lifted restrictions on withdrawals from its unit-linked UK Property Fund.

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The Government has made a number of changes to the benefit rules that may reduce the impact that equity release could have on income related benefits  says SHIP - the equity release industry body.

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The Government is today announcing the conclusion of discussions with Lloyds Banking Group (Lloyds) and Royal Bank of Scotland (RBS) regarding their participation in the Government's Asset Protection Scheme (APS).

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There is no ‘silver bullet' to address the problem of banks being ‘too-big-to-fail', but instead the answer lies in a combination of different policies between which trade-offs can be made, according to Adair Turner, speaking this morning at the FSA's Turner Review Conference.  

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The Bank of England face a difficult decision this Thursday as they contemplate further measures to stimulate Britain's ailing economy in the wake of worrying third-quarter GDP figures.  

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European markets closed higher to start the week positively after US Pending Homes Sales and factory activity both outperformed market consensus by some way to help settle investor's nerves on the strength of an economic recovery.  

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Consumers' financial wellbeing improved for the third successive quarter as inflation eased and the stock market rallied, according to Alliance Trust's ongoing study.  

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As a voluntary adviser for TPAS, I recently successfully mediated on a case to gain compensation for bad advice. The complainant was a man whose retirement funds had plummeted due to the property funds he was advised to invest within. Without going into the reasons why, the client was left with a £27,000 pension pot and asked me what he should do with it. Of course, TPAS advisers can't give financial advice so I advised him to seek out an IFA.   

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The Financial Services Authority (FSA) will begin regulating banks' and building societies' day-to-day contact with their customers from 1 November 2009, covering everything from direct debits, payments, instant access and savings accounts through to unauthorised transactions and notification of interest rate changes.  

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The Pensions Regulator has published a review of defined contribution schemes' processes for scheme members approaching retirement.  It's packed full of businesss opportunities for those IFAs that have the ability, wherewithall and inclination to launch themselves into the growing 'at retirement' market.  

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As part of its work to support the learning of the Financial Planners of the future, the Institute of Financial Planning (IFP) is launching the 2010 IFP University Team Challenge competition along with sponsors Seven Investment Management (7IM).  

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The Association of Independent Financial Advisers (AIFA) has today set out the core principles by which it will judge the outcome of the Retail Distribution Review (RDR).  

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Informed Choice Chief Executive Nick Bamford has been confirmed as a speaker at the Social Media in Financial Services conference in January 2010.  

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Investors shrugged off weak UK GDP figures to push the FTSE 100 1% higher on Friday. The focus this week has been purely on earnings and investors have largely shrugged off the majority of macro economic data.  

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As recession-induced frugal finances take effect on British households, new research from Friends Provident has revealed that Brits are becoming ‘social-nesters' and taking their nights out indoors.  The study revealed that one in three (35%) people say they now go out less, often choosing instead to socialise at home.  

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Unbiased.co.uk, the professional advice website, announces the launch of ‘Write a Will Week' - starting on 26 October. Unbiased.co.uk's latest stats reveal that 57% of the adult population (28 million adults) currently do not have a will, leaving no guarantee their assets will be passed on to whomever they wish and running the risk of their family having to pay thousands of pounds in inheritance tax.  

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Leeds Building Society has launched a range of offset mortgages from only 5.49% that includes a number of market leading products. Furthermore, borrowers can access mortgage funding with only a 15% deposit and there are fee assisted options for those customers who require help with up front costs.

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The UK's third quarter GDP figure was revealed to be a 0.4% contraction, which now means that the UK has suffered 6 consecutive quarters of negative growth. Market participants had speculated that the UK economy would grow by 0.2% in the months from July to September and had taken the pound slightly higher this morning.

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In the future, more pensioners are likely to receive retirement income from private pensions as a result of Government reforms to introduce auto-enrolment into workplace pensions, according to new research published today by the Pensions Policy Institute (PPI), sponsored by J.P. Morgan Asset Management.  

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Legal & General has launched an online calculator to enable advisers to demonstrate the benefits of Salary Sacrifice to their clients.

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Commenting on The Woolwich's decision to lower mortgage rates, Hannah-Mercedes Skenfield, mortgage spokesperson at moneysupermarket.com, said;

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With over 50s now enjoying the ability to save up to £10,200 in their  ISA, new research from Fidelity International reveals that 54% of over 50s ISA investors with more than £10,000 in savings have a positive outlook on the stock market.

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With industry experts predicting the ‘at retirement' market  is set to increase by sixty per cent in the next five years and falling investment markets affecting accumulated pensions savings, the need for retirement planning has never been greater.

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If you've not read the Institute of Directors latest publication, Roadmap to Retirement Reform 2009, I'd recommend it  

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Research from moneysupermarket.com reveals that almost half of UK consumers (45 per cent) are worried about funding Christmas this year. Their fears may be justified as two thirds of the population (66 per cent) will not save enough cash in time to cover their Christmas costs, meaning credit cards, overdrafts, loans and December income will be used to take up the slack.

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Gross mortgage lending totalled an estimated £12.5 billion in September, a 2% rise from the £12.3 billion in August but down 27% from September 2008, according to new data from the Council of Mortgage Lenders.

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Commenting on moneysupermarket.com’s Recovery Watch, Dean Jones, head of paaleads.com, said:  

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The Times reminds us that today (Monday 19th October) is the twenty second anniversary of Black Monday when the FTSE fell by a fifth in just two days - in tandem with a similar fall in New York.   

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Next week we could have official confirmation that the recession has ended  

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AXA PPP healthcare has today launched a Dedicated Nurse service - providing personalised support and medical guidance by qualified nurses, free of charge, for all of its UK medical insurance customers diagnosed with cancer.  

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Two new guides to improve the operation of pension schemes are published today by the NAPF at its Annual Conference.  

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'Belt-tightening' to become a thing of the past' Despite today's era of ‘new austerity' being beneficial for the nations' health, two in three people (65%) will slip back into unhealthy pre-recession habits, research released today by Aviva reveals.  

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British businesses, still reeling from the effects of recession, are ill-prepared to face a return to economic growth, even though they are aware of the need for action, according to a new study from Lloyds TSB Commercial.  

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DWP consultations don't usually stir the imagination but a couple out this week are indeed worthy reading for almost anyone involved in the pensions arena. First, we have The Pension Protection Fund and Occupational Pension Schemes (Miscellaneous Amendments) Regulations 2010 (DWP)  

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2009 sees the emergence of the age of openness according to new research released today by first direct.  The latest research into online behaviour shows that Brits are now catching up with their American counterparts when it comes to using the web - 79 per cent of the population are now regularly active online. 

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As unemployment figures reach 2.47 million, Scottish Provident, one of the UK's leading protection providers, launches a step-by-step guide for IFAs, outlining the best ways to communicate the need for Unemployment Benefit to their clients. Its guidance campaign outlines areas such as understanding the detail of Unemployment Benefit, eligibility criteria and gives some simple guidance on the claiming process.

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The Association of Mortgage Intermediaries (AMI) has today published its latest Quarterly Economic Bulletin that sets out its view of the economy, including the mortgage and housing markets.

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In a speech to the Building Societies Association today, Adam Phillips, Chairman of the Financial Services Consumer Panel, called on the financial services industry to develop product design criteria to improve consumer confidence in the industry.

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Given £1,000 to invest today, 56% of IFAs would place the money in emerging markets according to the results of the first Jupiter's i-barometer, a live survey of the attitudes of advisers.  

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The amount of money UK adults hold in cash savings accounts has fallen by more than a fifth since March 2009  

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The time is right for supermarket banks to really shake up the market with many of the traditional High Street giants on their knees in the wake of the recession  

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The office for National Statistics has just released the latest consumer price data. This is particularly relevant to pensions as the September RPI figure is widely used for pension increases for the forthcoming year (escalation and revaluation).  

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A mixed bag of pension articles over the weekend with most focussing upon the Conservative's proposal to bring forward the raise in state pension age. However, I think if you're going to read anything this week about pensions, then I'd recommend HSBC's research report about pensions and retirement planning.   

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New research from PruHealth, the health insurer that rewards you for being healthy, has found that today's 20-somethings feel three years older than their birth certificate states and the average 30-something feels their actual age, but the average Brit aged 40+ feels 11.5 years younger than their actual age.  

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Nick Raynor, investment adviser at retail stockbroker, The Share Centre, gives his thoughts on what to expect from companies announcing results w/c 12 October.  

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Asset manager triumphs in UK's largest ‘mystery shopping' exercise  

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Independent wrap platform Ascentric is running its own series of conferences for the first time that will give advisers the opportunity to hear from well known industry names including Steve Bee about key topics affecting their market.  

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I walked into my lounge last night just as the adverts came on after Eastenders. I, nor my family, watch the programme but the TV had been left on that particular channel. The first ad immediately caught my attention so much so that I stopped what I was going to do (fill up the log burner), turned around and watched.   

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Scottish Life, the pensions specialist arm of the Royal London Group, has introduced a new service to allow IFAs to monitor the progress of new business cases.

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Aviva - the UK's largest insurer with 7m life and pensions customers - is proposing a series of reforms to the pension system to make retirement saving more flexible, relevant and attractive to UK savers.

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The Nationwide Consumer Confidence Index rose by six points in September, increasing to 71 from 65 in August. The Index is now 24 points higher than it was a year ago.

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Commenting on Tesco's move into full service banking, Kevin Mountford, head of banking at moneysupermarket.com, said; "We welcome this news and although it had been strongly rumoured it is good to hear it formalized."

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Just raising pension age may be good headlines but is not good policy:   The sudden announcement of proposals to increase the state pension age to 66, with the aim of saving billions of pounds of public money, does not appear to be carefully thought through.  There are significant potential savings to be made by simplifying our pension system, but just raising the state pension age is not the answer.  It may make easy headlines, but it does not necessarily make good policy. 

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Following on from the successful launch of its Discussion Paper in July, SHIP - the equity release trade body - is asking all stakeholders to become part of the evolution of the sector by signing up to their ‘Equity Release' development forum.

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In what has been a dramatic 12 months for most, this has been an exceptional year for the Institute of Financial Planning (IFP). This is being celebrated at the Annual Conference being held at the Celtic Manor Resort this week, 5-7 October.

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Research conducted by moneysupermarket.com has found that whilst more people are paying off their non-mortgage debt than increasing it, more than half of the UK's 50+ population is still carrying an average of £6,734 non-mortgage debt.

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With its latest savings initiative, the Government estimates it is going to give away an extra £85 million over the next couple of years or so. For those aged 50 or over, the ‘'Great Tax Giveaway' starts on 6th October 2009, for those aged under 50 the good news is a few months down the road.

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Prudential has recently released new research that shows that one in four investors have ruled out a return to stock market investment in fear of losing money.  

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First year of retirement is best year of life yet but also most expensive Romance and socialising have replaced bird-watching and bowls as a new generation of ‘Go.A.Ps' rips up the rule book on retirement - the first year post-work is the best year yet, according to a new study.  

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"Europe's markets endured a poor week after investors digested a weaker set of US economic data that suggested the global economy is not out of the woods just yet."  

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Following the release of a press statement from Park Row’s PR consultancy at lunchtime today, 2plan Wealth Management, one of the UK’s leading national IFAs, today issued its response: Chris Smallwood, chief executive of 2plan wealth management, explains:  

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Dentons Pensions Management Ltd, one of the UK’s top self-invested personal pension providers, announces the launch of the Flexible Pension Scheme as part of its new wider product range.  

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More than half of firms who are advertising sale and rent back schemes via the internet may not have obtained the required Financial Services Authority authorisation. Specialist compliance consultancy firm, Advzr Ltd, has today warned consumers to be careful in their selection of Sale & Rent Back (SRB) firms after it issued a report showing that more than half of firms advertising SRB schemes might not have the correct FSA authorisation.  

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In today's news, there are three inter-connected articles linked to investment performance and which interest me.  Why? Well I recently attended a seminar with around 100 trustees, advisers and other pension professionals. One of the questions posed to the audience was to list the factors/concerns that they felt were important to them.   

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New research, from user experience company Foolproof, shows that consumers’ desire to research and apply for mortgages online has increased over the last two years. Foolproof’s Online Shopping Survey into the way in which consumers shop for mortgages online found that 42% of those who currently have a mortgage had used the internet when they originally arranged it. It also discovered that the number of people who said they had applied for their current mortgage online had risen dramatically from 9% in 2007 to 18% this year. And, when asked about their next mortgage, nearly half (45%) said they would expect to go as far as apply and buy online.  

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Described by the article leader, Dame Joan Bakewell is the Government's voice for older people. As a respected broadcaster it's not surprising that when she speaks, people listen.   

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There is a rapidly increasing awareness that the digital revolution is fully underway. The challenge given by Martha Lane Fox (the UK Government’s Digital Champion) to “get as many of the 17 million currently without access to the net online by the time of the Olympics in 2012”, and the recent report ‘Digital Britain’ from Lord Carter, confirms that serious political attention is now being paid to the digitalisation of households throughout the UK.  There have been winners and losers even in these early days of what’s now being called the ‘Digital Economy’. 'The Revolution in Self-Service Channels in the Financial Services Sector' report analyses the growth of consumer self-service channels in key areas of the Financial Services market and looks at who is winning and who could lose out. This new report examines the recent emergence of new operating models and highlights the transformation of more established business models in those parts of the Financial Markets most affected (e.g. General Insurance, Wealth Management and Retail Banking).  

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All consumers, but particularly young people, continue to value the financial documents they receive in the post alongside on-line access concludes a commissioned study conducted by Forrester Consulting on behalf of InfoPrint Solutions Company, a joint venture between IBM and Ricoh.  The study shows that consumers value personalised marketing on their documents online but even more so on paper, indicating an overlooked opportunity for marketers to increase brand and customer loyalty with promotions on documents such as banking, utility and mobile statements.   

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Swing a tennis racquet or a golf club? Check. Walk the dog? Check. Live in a city? Check. How to add years to your life – the underwriter way.  Policy Selection looks at the factors determining life policy pay outs   

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Over half (56%) of Small and Medium-sized Enterprises (SME) in the UK have taken deliberate steps to diversify their business in order to survive the recession according to new research by Aviva. Diversification through new products or services, opening at weekends, trading for longer hours and targeting new customer groups were the most common actions taken by SMEs to weather the economic storm, compared to additional promotions and increased discounts (28%).   

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In its latest Consultation Document, DWP is seeking to add 'pensionable earnings' to the inventory of 'listed changes' which requires employers to consult members. It explains that:   

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  Following presentations to 1,000 IFAs over a three week period in September 2009, IFA Life has discovered that whilst almost all IFAs believe that marketing is important to their business, only 5% have a formal marketing plan. And whilst the majority of IFAs now accept that the Internet is becoming increasingly important in finding new clients and professional connections, a staggering 99% admit that they do not have an Internet marketing plan. Many IFAs are now making greater use of Internet marketing tools such as social networking websites, but for the most part it is unstructured and without a plan.    

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The residential rental market is beginning to stabilise with property oversupply decreasing across the UK and the number of new tenancies increasing, according to the Association of Residential Letting Agents (ARLA). Results from the latest ARLA survey of its members show that the historical decline in numbers of tenants, which led to a surplus of properties to rent, is coming to an end.  

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Around one in four potential investors - equivalent to 11.9 million people - are ruling out equity investments because of a lack of confidence in the stock market or because they don't want to lose more money, new research from Prudential shows.  

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The Association of Independent Financial Advisers (AIFA) has today has warned the Financial Services Authority (FSA) that the current Retail Distribution Review (RDR) proposals for the corporate pensions market risk restricting access to advice.

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Britons have dipped into £11 billion worth of ISA cash in the last 12 months, according to Abbey Savings, whose research discovered Britons withdrew almost three times as much compared against the previous 12 months.

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Gartmore is to invite 15,000 IFAs to an independent IFA roadshow at nine venues around the country during the first two weeks of October.  

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AEGON will be running a series of personal protection workshops across the country entitled ‘Opening Doors' in October and November this year.   

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Figures from Fidelity International, the UK's leading ISA provider, show that 6 out of 10 investors are currently reviewing their portfolios and a further 28% intend to do so within the next 6 months.  

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Despite recent talk of green shoots, a new report* reveals that as many as 12 million Brits (25%)**are currently struggling to cope with their monthly bills. A figure that could increase to 18.8 million (39%) if bills rose by up to £50 per month.  

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Last night I watched ITV's Your Money programme which I'd taped. Jonathan Maitland reported on three families whose retirement plans have been turned upside down for different reasons.  Final salary and money purchase pensions came under the spotlight and I have to say it made depressing viewing.  

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Scottish Life, the pensions specialist arm of the Royal London Group, has produced an "instant expert" support pack, including case studies, a planning tool and client-facing material, to help IFAs maximise the business opportunities generated by the impending change to the minimum retirement age.  

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The Financial Services Authority (FSA) has today issued a feedback statement reaffirming its regulatory approach to balancing the responsibilities of consumers and firms, which it first set out in Discussion Paper 08/05.  

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Legal & General has enhanced its Inheritance Tax (IHT) offer with a competitive re-price of its Whole of Life Protection Plan.  

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I enjoyed this article from The Guardian's website because of the interesting facts that it reveals. Dissecting a recent report issued by The Inquiry into the Future for Lifelong Learning (IFLL), it relates that the IFLL recommends splitting the population into 4 key groups for education purposes: 18-25, 25-50, 50-75, and 75+.  

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Risk remains the overriding factor in setting mortgage rates, with competition amongst lenders continuing to take a back seat.  

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A study launched by Saga reveals that just 5% of over 50s know what the new ISA limits being introduced on 6th October 2009 will be, demonstrating that the Government and the savings and investment industry need to do more to advise people of the increase.      

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The CPS has released a 97 page report listing eight proposals to improve retirement provision in the UK. Some are obvious but the third on the list is more radical: replace Personal Accounts with Flexible Retirement Savings Accounts (FRSAs).  

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IFA Life sailed past the 3,000 member mark this week, as the social networking website for IFAs and financial planners increasingly becomes recognised as a serious and respected industry resource.  

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Brands are being warned to monitor their online reputation closely as consumers increasingly rely on web reviews and ratings to aid their purchase decisions. As National Consumer Week draws to a close, Graeme Crossley, CEO of brand communications agency Brand Reputation believes that many brands are still failing to realise the emergence of 'Google Enabled Choices' or appreciate just how many consumers are now relying on web reviews to aid their purchase decisions, with some opting to have no contact whatsoever with brands offline prior to deciding to buy.  

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The latest Chartered Insurance Institute (CII) Thinkpiece Risky Business: "Nudging" you to make the "right" choices, written in partnership with RSA Insurance Group and the thinktank Reform, explores politicians' current love affair with nudge theory and spells out how the public could benefit from its use by the financial services sector.  

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Gross mortgage lending totalled an estimated £12.6 billion in August, according to the Council of Mortgage Lenders. This represents a decline of 13% from July's revised total of £14.5 billion, but a seasonal fall in lending activity in August is to be expected.

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Legal & General business partners (sole-tied to Legal & General for protection) have sold more than 500 Over 50s plans since it was launched in the channel in March.  

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AEGON has announced further improvements in the financial underwriting limits for its personal and mortgage protection proposition by increasing the sums assured at which the main residence mortgage offer letter is required for life and critical illness cover.  

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As part of an ongoing campaign focused on addressing the risks facing defined contribution scheme members, the Pensions Regulator and the FSA have today jointly published a new information leaflet for employers - 'Guide for employers: talking to your employees about pensions'.  

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Friends Provident has enhanced its online member tools ("Etools") to help members of corporate pension schemes better understand their finances and manage their pensions online. The additions were made following feedback from customers, employers and intermediaries.  

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Financial education charity the ifs School of Finance today opened registrations for the 2009-10 ifs Student Investor competition and confirmed they were expecting more than 40,000 teenagers to participate.  

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As the qualifications development process for the Retail Distribution Review (RDR) moves into its final stages the ifs School of Finance have announced they will hold a number of RDR related events for Financial Advisers at their City campus.  

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Just Retirement, the specialist retirement solutions provider, today calls on the main UK political parties to show clearer leadership on policies regarding pensions, retirement and social care and specifically calls on the Government to consider the appointment of a Cabinet level Minister to be exclusively responsible for all aspects of retirement, in order to face the many challenges of our ageing society.  

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Average amount saved monthly has increased 26 per cent since January Savers now putting aside on average £206 each month But 40 per cent of Britons are still saving nothing at all  

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The latest Lloyds TSB Scotland Business Monitor shows the Scottish economy on track to exit recession later this year  

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A report published today by the Pensions Policy Institute commissioned by Prudential UK and Europe considers the role that housing wealth could play in supporting retirement for today's pensioners and for future generations of pensioners.  

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Following a year of extensive public consultation and planning, the Financial Ombudsman Service today makes available for the first time a range of complaints data relating to individually named financial businesses - including banks, insurance companies and investment firms.  

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Last week was national Financial Planning Week. This consumer awareness campaign is run by the IFP to help consumers learn more about how to improve their financial fitness by taking some simple steps themselves.

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The number of residential mortgages available is slowly increasing, but still the market is dominated by deals for customers with more than a 25% deposit.

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While property values remain uncertain, the third annual Scottish Widows Savings and Investment Report reveals that the nation's view of investing in property has been impacted by the unprecedented economic environment in last couple of years.  However , investors' actions do not necessarily mirror their sentiments.

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I have to say that I'd missed the fact that the House of Lords is being replaced by a Supreme Court in respect of the ultimate 'court' in the UK. So, I was interested to read this article  

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Watson Wyatt has released a research report entitled Journey planning - a more engaging approach. It looks at ways of how best to encourage greater engagement of members of defined contribution schemes. The report breaks down what it classes as a typical retirement journey into three common elements: contributions, investment risk and retirement date.  

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Day 4 of this year's Financial Planning Week campaign run by the IFP,  focused on the needs of those individuals whose families have grown up and are now in the position of making choices about their own future, goals and dreams - including their approach to retirement.  

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Following the collapse of Lehman Brothers, the Financial Services Authority (FSA) and Financial Ombudsman Service (Ombudsman) have been looking at the potential detriment this has caused for investors in the UK structured products market.   

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House prices in rural areas have fallen by less than in urban areas over the past year, according to the latest annual Halifax Rural Housing Review.  

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Nick Serff, Market Analyst, City Index commented: European equity markets reversed earlier losses to finish with a rally of 1%. UK Trade figures this morning showed British exports accelerated in July coming in at -6.479b. This was the fastest monthly rise since the start of 2008, but slightly lower than analysts forecasted. However the market reversed early weakness to head higher and trade above 5000 for the first time since October 2008.  

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As the average total cost of dying now exceeds £7,000, nearly half the population are leaving themselves and their families financially unprepared to meet this ever-increasing cost.

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Consumer confidence rises

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The poll results would indicate some reluctance among respondents to assess their financial goals

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The Financial Services Authority (FSA) has fined Barclays Capital Securities Ltd and Barclays Bank PLC (Barclays) £2.45m for failing to provide accurate transaction reports to the FSA and for serious weaknesses in systems and controls in relation to transaction reporting.  

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While most in the UK eagerly await the end of the recession, a group identified as the ‘resilient rich’ are remaining positive and continuing to spend. At the same time, they’re keeping on top of their finances and many are considering changing their savings accounts and insurance policies.  

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New research by Ordnance Survey amongst the UK’s leading Insurance Fraud Investigators (IFI’s) reveals that insurance fraud is continuing to rise, despite soaring to record levels in 2008. Nearly three quarters (74%) of those interviewed have seen an increase in fraudulent claims since the beginning of 2009 and the problem is showing no signs of levelling out.  

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Just Retirement Solutions, the equity release advice specialist, today reveals the scale of the challenge facing pensioners as one in four admit to not knowing about state benefit entitlements that could considerably bolster their income in retirement.    

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The Institute of Financial Planning (IFP) is today launching 2009's Financial Planning Week (September 7-13) in association with Scottish Widows, and is championing employers to offer better guidance on planning for retirement within the workplace.   

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I'm just a little surprised that the media hasn't made more of the KeTech pension situation.  Even though it appears to have been triggered by an administrative hiccough, the fact that it was scheme members who raised the alarm bells doesn't look good to a public currently suspicious of anything to do with pensions.  

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I think advisers need to carefully consider about whether or not they get involved with advising clients about 'cash for pension increase' exercises.  

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The high street is quickly becoming the last resort for shoppers who prefer to browse the internet for cheaper sales and avoid poor customer service, according to retail sales expert Richard White.  

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Data released by the Bank of England today showed that total net lending to individuals fell by £0.6 billion in July, showing a net repayment for the first time since the series began in 1993.  

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Following IFA Life's recent announcement that it would be hosting an in depth lead generation workshop, over seventy IFAs quickly signed up - plus an additional event has had to be added in Manchester.  

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If you ever hear anyone say that pensions are boring, don't believe them. It's a bit like the hanging debate - if you get into that one you just sit back and watch people merge into two groups very quickly: those for and those against.   

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As the Summer holidays come to an end, IFA Life reports growing demand from IFAs and financial planners for skills and business development training to help them attack the last few months of the year with renewed vigour and optimism.  

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It's like watching sand castles on the beach just waiting for the tide to wash them away. From a trickle to a flood, companies with defined benefit schemes are announcing that they are entering into consultation with employees with a view to ceasing or changing future accrual.   

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Friends Provident has launched an online Income Protection toolkit to help advisers make Income Protection a priority with their customers.  

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A list of the luckiest regions for winning Premium Bonds prizes has been unveiled by NS&I showing that those firstly in the South West, and then in the East Midlands, win more Premium Bonds prizes of £1,000 or more, than the rest of the UK.  

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1ST - The Exchange, a leading provider of technology and e-commerce solutions to the financial services sector, today announced it has received the backing of Lloyds TSB Development Capital (LDC) to accelerate its continued growth.  

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One of the greatest disincentives for retirement planning, for lower earners at least, is the fact that we have an income safety net that provides for those who don't save at all. Scrapping means-testing in retirement is a significant move for any government to consider.   

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Homeowners in England and Wales aged 65 and over have retained £611 billion of equity in their property and a further £43bn is held in Scotland as the housing market begins to show signs of stabilising following two years of decline  

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The effects of the economic downturn on pension pots have forced more than a third of people over 55 to put off their retirement plans and continue working  

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Investment commentary from Bob Doll, Vice-Chairman and Chief Investment Officer for Global Equities at BlackRock, for the week commencing 24th August 2009.  

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Nearly two-thirds (63%) of the population are more aware of their finances and are making an increased effort to look after their accounts as a result of the credit crunch, according to new research released today by NS&I (National Savings and Investments). Almost half (48%) of these people, who are focusing more attention on their finances, state now that they know exactly how much money they have in all of their accounts  

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Government still ignoring social and financial impact of pension inequalities - as with public sector pensions  

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Research from Lincoln Financial Group shows that 2 million UK adults admit to not knowing which provider their pension is with or where their money is being invested.  

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According to the latest research from Aon, nearly one in three pension savers pay little or no interest to how their retirement benefits are invested. In fact, nearly half of the over-25 year age group have their pensions invested in the 'default' fund of their company pension scheme.  

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Consumers increasingly turn to the Internet first when looking for professional service providers, so it's important that financial advisers have a compelling and visible web presence.  

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Data released from the Office for National Statistics show that the volume of retail sales increased by 0.4 per cent in July from June, significantly higher than the consensus expectation of a 0.2 per cent increase.  Though it is somewhat lower than the upwardly revised 1.3 per cent monthly increase in June, it raises the year-on-year increase to 3.3 per cent in July compared to the 3.1 per cent annual increase in June.   

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A happy new year: Over one in ten consumers (13%) are confident that the recession will be done and dusted by the end of 2009, a further 12% think it will be finished by March 2010 Bust to Boom: Over one in five (21%) believe the housing market will bounce back by the end of this year, a further 44% more realistically think the end of 2010 will mark an upturn  

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10 businesses (38 per cent) in the UK that are contemplating international trade see it as crucial to their overall survival, according to a new report from HSBC Commercial Banking. In a study of 500 UK SMEs, half of which are currently trading internationally with the other half planning to, HSBC Commercial Banking has uncovered the number of businesses that view international trade as pivotal to success rises to 88 per cent for businesses that are already trading overseas, illustrating how important it is that businesses in the UK look to move into new marketplaces.  

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Nearly a third (30 per cent) of Britain's 8.8 million active occupational pension scheme members pay no attention to how their retirement savings are invested and 29 per cent - more than 2.5 million scheme members - have never reviewed how their chosen pension fund is performing, according to new research from Prudential.  

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But confidence yet to carry through to action Consumers appear to be more confident about their ability to save in the future than at any time since the Nationwide Savings Index began reporting in June 2008.  

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The Association of Mortgage Intermediaries (AMI) has today urged caution as the Financial Services Authority (FSA) considers introducing new mortgage regulation.  

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We are increasingly positive on the banking sector as one of the primary beneficiaries of a stabilising financial system. Within the sector, solvency ratios have been rebuilt and players and capital have left the industry - reducing competition - which will ultimately lead to higher returns for investors.  

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Lenders have severely restricted access to interest only mortgages, however research from moneysupermarket.com indicates 23 per cent of mortgage holders are currently only paying off the interest on their mortgage.  

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A new study from Just Retirement reveals how silver surfers could soon be set to overtake their younger counterparts in the internet savvy stakes. The survey of 7,000 over 50's reveals the extent to which the internet is becoming a crucial lifeline for many, particularly those aged over 70.   

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The Financial Services Authority (FSA) has set out how its rules apply to activist shareholders who wish to work together to promote effective corporate governance in companies in which they have invested.  

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Manufacturers have endured another difficult month but, following months of destocking, their outlook for production over the three months ahead is the least negative since June 2008, the CBI said today (Wednesday).  

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Following a series of pensions workshops, AXA Winterthur found that 79% of advisers believe that people not saving enough for their retirement. A further 21% of IFAs believe that their clients do not have a firm understanding of the risks or possible rewards of investment.  

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Last September, we were in the midst of probably the severest crisis the UK banking sector has ever seen. The casualties have included many banks and building societies including Northern Rock, Bradford and Bingley, Alliance and Leicester, HBOS and the Dunfermline Building Society amongst others.  

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As the start of another school year approaches, BlackRock looks at the best way for parents to save for their children's education:  

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Britain is lagging behind the rest of the world in their economic recovery according to UK experts. According to Bank of England Governor Mervyn King, recovery in the British economy could be "slow and protracted."  

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There are plenty of headlines around at the moment speculating on whether there's going to be a correction in markets around the globe in the Autumn. News on Friday revealed that France and Germany are now out of recession, closely followed by confirmation this morning that the Japanese economy has followed suit.   

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Financial advisers need to broaden their presence on the Internet Consumers increasingly turning to social networking websites to find financial advisers Increasing numbers of financial advisers using social networking sites to raise their profile    

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Following IFA Life's recent announcement that it would be hosting an in depth lead generation workshop, over fifty IFAs signed up within forty eight hours and an additional event has had to be added in Manchester.  

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2plan Wealth Management, one of the UK’s leading national IFAs, today announced the launch of its new Midlands regional office, situated in Birmingham city centre.  

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Analysis from leading UK mortgage broker John Charcol has found that as many as 3.5 million UK households, a third of all those with a residential mortgage, are currently unable to move due to a lack of equity in their property and/or restrictions on access to mortgage finance.   

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The ABI has today published the results of consumer research into the wake-up packs received by defined contribution pension savers six months before retirement. The packs contain important information on the options for buying an annuity, including the right to shop around using the Open Market Option (OMO).  

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Finances shape the family and will be crucial to holding them together by 2029, according to a new report by the Future Foundation for NS&I (National Savings and Investments). The report, Families, Finance and the Future, suggests the existence of a new institution of British life - the ‘Financial Family' - a collaborative unit of close friends and family marked by financial interdependence.  

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If you're an IFA that does seminars or presentations to groups of employees about retirement planning then DWP's quarterly statistical summary provides you with some great data. I've picked out a couple of figures:  

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Rising house prices and share values shouldn't be taken as signs of an end to the economic downturn, say Britain's turnaround and recovery professionals.  

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The Consumer Panel welcomed the FSA's clear statement published today about the need for managers' bonuses to be awarded in a way which is "consistent with and promotes effective risk management".   

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The Tax Chamber of the First-tier Tribunal have today ordered over 300 banks to give details to HM Revenue & Customs (HMRC) about their customers who hold offshore accounts.  

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Sarah Arkle, Chief Investment Officer at Threadneedle, comments on investment strategy for August:  

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"Mervyn King has once again underlined how hopelessly optimistic the Government's assessment of the length and depth of the recession really is."  

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There was a blog on Citywire that I read recently entitled Time to regulate journalists and give the public a chance.  The article focused on whether guidance given in the media and on websites ought to be regulated. What struck me most was the divided opinion in the comments that followed.   

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Friends Provident has signed a long-term contract for the delivery of a new corporate platform with FNZ.  The new partnership will provide Friends Provident with the capability to offer an enhanced workplace platform for its customers to be delivered during 2010.   

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HSBC has so far reunited more than 5,000 customers with more than £8.55 million since launching a national campaign to bring customers back together with forgotten savings and current accounts.  Launched in September 2008, HSBC's campaign has focused on 40,000 accounts with more than £38.8 million that has lain untouched for more than 15 years.  

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"It's outrageous that borrowers who are already struggling and who have fallen behind with their mortgage repayments are being hit with such high fees. This does nothing to help their situation and just risks exacerbating their problems further."  

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Interesting to see Friends Provident in the news for something other than the takeover by Resolution (which has been given the thumbs-up over the last 24 hours).   

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Research conducted on behalf of the Association of Independent Financial Advisers (AIFA) reveals that one-in-five IFA firms can not estimate the financial impact of Retail Distribution Review (RDR) transition upon their businesses. And for those that can there is little consensus about how much it’s going to cost.   

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The latest findings from the PayPal UK Online Retail Report, conducted by Experian, indicate that over 12.9 million men shop online today compared with 10.3 million women, and almost twice as many men than women are joining the army of online shoppers each year.  

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The average LTV has fallen from 91% in August 2007, to 74% today. As a result the average deposit required on a £150,000 mortgage has increased from £13,500 to £39,000. Borrowers looking for fixed rate mortgage deals have seen an  

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When I started working in financial services back in 1983, life expectancy for a male aged 65 was 78.2 years and for a woman, 82.2 years. Corresponding figures today are 82.16 for a male and 84.89 years for a female.   

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The recession is prompting Brits to seriously rethink the state of their finances and their long-term financial futures, according to the Generation Recession Report from Friends Provident.  A new breed of realistic thinkers are emerging from the downturn, who have been prompted to get a grip on their day-to-day finances, as well as giving serious thought to their savings and pensions.  

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The CML welcomes the Treasury Committee's findings that the majority of lenders are taking pro-active steps to support consumers in mortgage difficulties. Lenders already show significant forbearance to borrowers facing temporary difficulties, to enable them to keep their homes where this is possible.  This was evidenced by the CML's first quarter possession figures not being as high as we might otherwise have expected.  

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Barclays held an extraordinary meeting yesterday the purpose of which was to approve the sale of Barclays Global Investors. Whilst almost universally backed by shareholders, an article in FT.com quotes one investor Marcus Rodrigues who '…questioned whether some of the capital raised from the sale would be injected into the pension fund.'   

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Financial social networking website IFA Life has announced a special workshop to help IFAs and financial planners attract new leads from seminars.  

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This morning, Royal Bank of Scotland, 70 per cent owned by the taxpayer, reported a profit of £15m despite write-downs of £7.5bn in the first six months of the year. Nick Raynor, investment adviser at The Share Centre, comments on today's results and what they mean for investors.  

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Commenting on today's figures showing a rise in corporate failures and the number of personal insolvencies at its highest level since records began, Liberal Democrat Business Spokesperson, Lorely Burt said:  

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I was talking with a friend the other evening who'd been to a seminar for police officers, an irregular event which he explained were usually uninspiring. However, relating the event of this particular seminar to a crowd of us, he had us in stitches.  

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Social networking website for financial advisers IFA Life is rolling out a series of regular networking events and workshops over the coming months, in response to positive feedback from members.  

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Nationwide Consumer Confidence Index recorded a slight increase of one point in July. Overall, sentiment remained stable. While the Present Situation Index fell one point, this was countered by the Future Expectations Index which increased by one point.  

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Commenting on Bank of England figures showing that lending to ‘non financial corporations' tumbled by a record £14.7bn between April and June, the biggest slump since it's data began in 1997, Liberal Democrat Shadow Chancellor, Vince Cable said:  

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With the advent of RDR, many IFA firms are looking to transition to new business models which will add valve to their clients whilst simultaneously building value in their businesses.  

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I don't know whether you caught this article yesterday, but I've included it in today's news roundup. It's worth a read to understand the difficulties that some trustee boards must be facing when negotiating deficit repayment schedules with employers that sponsor a defined benefit scheme.  

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The latest issue of the monthly Moneyfacts Treasury Report on UK Savings Trends has given additional insight into how providers have no alternatives but to secure business by offering savings rates well over base rate.  

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New research by Interactive Investor shows that in 2009 those invested in an American fund, based on the performance of the S&P, may, despite a 9.3 percent market return year-to-date, actually have lost over 5 percent.  

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Interim 2009 results for Legal & General Investment Management (LGIM) are promising, with gross inflows of £14.2bn (H1 2008: £16.2bn).  

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You would love a new sofa, your wife wants a new designer handbag and the kids are crying out for a holiday. But you don’t want to put more on the card. Today’s society is full of ‘must haves’ but a culture of ‘buy now, pay later’ has created a mountain of credit card debt and a financial meltdown in the economy which everyone wants to move on from.

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Britain's turnaround and recovery specialists have urged the country's banks to be more even-handed in their approach to business lending.  TMA (UK)'s call follows the publication of Bank of England figures that show increases in both individual and mortgage lending, but a sharp drop in the amount of credit made available to businesses.

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"The FTSE 100 enjoyed another bullish week despite some earlier profit taking, after company earnings helped boost investor optimism that equities may be on the road to recovery. The last 3 weeks have seen the FTSE 100 rise 13% and this has firmly been lead by the mining and banking sectors, which have rallied 28% and 21% respectively.

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The increase in total net lending to individuals in June (£0.4 billion) was lower than both the May increase (£0.5 billion) and the previous six-month average (Table A). The twelve-month growth rate continued to fall, by 0.2 percentage points to 1.2%, and the three-month annualised growth rate also fell, by 0.1 percentage points, to 0.5%.

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When considering the prospect for the UK economy, my current view is that there is a good chance that we have just had or are experiencing the nadir of the current recession but that a recovery will be long and fragile.

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Europe's markets rose between 1% and 2% on Wednesday led by strong demand for financial equities. Today's rises have been dictated largely by the financial sector, helped by good earnings from Santander which have boosted EU markets and UK banks.

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Pension news, articles, research and reports appearing over the last 24 hours.  

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The Insurance Industry Working Group has published a 72 page document which covers a wide range of topics looking towards the future. I'm interested in the report because it looks at financial education in the UK. The document considers whether we should have a financial education tsar to oversee the variety of issues that this remit would potentially cover.  

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Research conducted by moneysupermarket.com has found that whilst more people are paying off their non-mortgage debt than increasing it, more than half of the UK's adult population is still carrying an average of £6,956 non-mortgage debt.

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Figures published by The UK Cards Association show that donations to charitable organisations on plastic cards reached £1.19 billion in 2008 – up from £1.01 billion in 2007 – an increase of 18%.  

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The Treasury Sub-Committee today releases its Thirteenth Report of Session 2008-09, Evaluating the Efficiency Programme.

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Tony Stenning, Managing Director, UK Retail at BlackRock said: "October sees the ISA limit increasing from £7,200 to £10,200 for those aged 50 and over. Anyone in this age category should consider taking full advantage of the new limit since it enables them to save a substantial sum each year, with gains being tax free and the money can be accessed any time it is needed.

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Banks and building societies are continuing to add ever bigger bonuses to their savings accounts as a temporary measure to increase the rates offered to savers. In the last two years the percentage of variable rate savings accounts including a bonus has increased from 10.8% to 16.4%, while the size of the average bonus has nearly doubled from 0.64% to 1.10%.

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HMRC's latest amendment to A-Day regulations concerning dependants' pensions doesn't exactly have a title that immediately explains itself. Although this won't affect that many people, it's important to those that it does. So, quoting straight from the explanatory memo to see whether it's relevant to you or your scheme, here's the policy background:  

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JGFR’s Mass Affluent Financial Well Being Index gained 18 points in June to 62, its third consecutive quarterly rise since the low of 12 reached last September. It is 36 points higher than a year ago (26). The 4-quarter moving average rose for the first quarter since December 2006 to 39.5, up from a series low of 30.5 in March 2009. A year ago the 4-quarter moving average was 74.6.

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In order to survive in the current difficult economic conditions, intermediaries are having to diversify and open up new revenue streams. The once lucrative mortgage market has contracted. A year ago intermediaries had access to 72% of deals; today that has reduced to just 33%.

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As the Financial Services Authority today decides that mis-selling costs can still be charged to inherited estates, Which? chief executive, Peter Vicary-Smith, says: “This is an unbelievable betrayal of consumers who are taking hits from all sides. It appears the FSA is allowing the financial services industry to dictate policy once again.

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Pension news, articles, reports and research appearing in the last 24 hours.

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The Institute of Financial Planning (IFP) is delighted to announce that Margetts Fund Management Ltd, based in Birmingham and a long term supporter of the IFP, will be lead sponsor for its 2009 annual conference "Fit for the Future".

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The Financial Services Authority (FSA) is introducing new rules for the Financial Services Compensation Scheme (FSCS) on banks, building societies and credit unions, which will see individuals and small businesses compensated quicker, and will ensure protection for increased numbers of people.

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The Financial Services Authority (FSA) has today confirmed that proprietary life insurance companies will not be able to meet future compensation and redress payments from their with-profits funds.

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At the end of June 2009 there were 272 ETFs providing exposure to Emerging Market (EM) benchmarks, assets of US$116.0 Bn, with 532 listings from 61 providers on 33 exchanges.

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At today's Fundamentals briefing, Ian Richards, Head of DC Strategy at Legal & General Investment Management (LGIM), stated that the consultation paper recently released by the Personal Accounts Delivery Authority (PADA) offers a level of insight unparalleled in terms of quality and depth.

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Two thirds of financial advisers failed to pass all the benchmarks for giving good advice on equity release in an undercover investigation carried out by consumer champion Which?

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Pension legal firm Wragge and Co. has produced a summary of a recent case before the Courts involving MCP Pension Trustees Limited and Aon Pension Trustees Limited. The case revolves around 32 members of a pension scheme that were 'forgotten' about when the scheme was wound up.

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In July 2007, Prime Minister Gordon Brown announced that longer term fixed rate mortgages would help to reduce the volatility in the housing market. Following this announcement a number of lenders moved to offer such deals, but now the market has disappeared.

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Alliance Trust's ongoing study of consumers' financial wellbeing showed an improvement for the second successive quarter, as household budgets improved and consumers experienced an easing of their financial situation.

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Headlines abound this morning with the news that if the Conservative Party gets into power at the next election it will seek to shake up the regulatory playing field and in doing so scrap the FSA (Financial Services Authority).  

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Gross mortgage lending in June was an estimated £12.3 billion, a 17% increase from £10.5 billion in May and a 48% decline from £23.8 billion in June 2008, according to new data from the Council of Mortgage Lenders.   

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NatWest and RBS today announce that they have responded to the needs of their customers with the launch of a further practical initiative to support them as they trade through the current economic downturn.   

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Almost half of the UK's parents (48 per cent) are experiencing physical signs of stress due to the recession, with two thirds (64 per cent) worrying about paying the weekly food bill, reveals new research from Post Office Life Insurance.  

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Escalating fixed mortgage rates, combined with lenders withdrawing and replacing products as they become too marketable, have resulted in the average shelf life of a product reducing from 23 days down to just 14 days for the month of June.  

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The average income for a pensioner household has increased by 83% in real terms (i.e. after allowing for retail price inflation) in the past 20 years; from £212 per week in 1987 (in 2007/08 prices) to £389 per week in 2007/08. During the same period average earnings in the economy as a whole grew by 34% in real terms.  

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New data from Unbiased.co.uk, the professional advice website reveals the state and shape of the 2009 ‘IFA Nation'. The data, which is taken from the Unbiased.co.uk IFA member database, hosting details of over 15,000 individual member IFAs, assesses the number of IFAs, areas of specialism, level of qualifications and online offering of the IFA market.  

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The news that American Express is ceasing employer contributions to the group's stakeholder pension is not too surprising in the current economic crisis.  

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It's a sad state of affairs that sees an error of £90m being overpaid to 85,000 people in public sector pensions, as many articles are reporting today.   

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Barry Smith has kicked off his year as President of the CII with the introduction of the organisation's newly revised and strengthened Code of Ethics.  

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The Comparison Consortium, a newly-formed body established to develop a standard of practice for the price comparison market, today launches its Code of Practice and is calling for all comparison websites to sign up via its accreditation scheme.  

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Navigating the mortgage market maze is difficult at the best of times, but the last five weeks have been more turbulent than most. June saw the cost of fixed rate mortgages rocket, with many lenders increasing their 5 year fixes by around 1%, despite swap rates peaking as long ago as 11 June.   

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Less than a third of over 50s have a clear idea of the value of their pension pot, with only a quarter claiming to know how much their retirement savings are worth  

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British businesses are showing signs of rekindled confidence in their prospects for the rest of the year, but profits will remain under pressure for some time to come, according to the latest Business in Britain survey from Lloyds TSB Commercial.  

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Britain's over 50s are struggling more than ever to keep up the level of savings needed to fund a comfortable retirement lifestyle, according to the annual State of Retirement report commissioned by investment, pensions and insurance group LV= .   

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Despite the sometimes serious consequences, too many people are failing to find the time to make a will or presume they don't need one, according to new research from Which? Legal Service.  

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Inflation, measured by the Retail Price Index (RPI), is now officially at an all time low since records began in 1948. Meanwhile the Consumer Price Index (CPI), the Government's preferred measure of inflation, has fallen below the inflation target of 2% for the first time since September 2007.  

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It strikes me as being a return to basic values, given that a report in this morning's FTAdviser reveals that "…four out of five IFAs have stated that providing a secure income is their clients' main priority in retirement…"  

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Politicians and banks must do more to sustain improvements in the housing market, Britain's estate agents warn today, after activity stabilised in June.  

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IFA Life, the social networking website for IFAs and financial planners is celebrating its first year online. Over 2,400 financial advisers have signed up to the website in the first twelve months, which they use as anindustry hub to network, share best practice, debate key issues, raise their profile online, get marketing ideas – and to provide help and support to one another.  

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Despite dire predictions that RDR may result in the disappearance of many IFA firms, social networking website IFA Life reports strong interest from younger IFAs, paraplanners and graduates who are attracted to building a career or business in the financial advice profession.  

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The average price of all property transactions completed in England & Wales in June 2009 was 0.3% lower than in May – the lowest monthly fall since April 2008.  

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Saving account holders could earn an extra £7.7 billion a year by checking the interest rate paid on their savings (AER) and then switching to a better deal. moneysupermarket.com is challenging all savers in the UK to call their banks this week and check their savings rate.  

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The Court of Appeal ruling on the Foster Wheeler case about equalisation of pension benefits for males and females illustrates that at least sometimes common sense does indeed prevail in an otherwise complex pensions arena.  

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The members of the UK Platform Group remain committed to offering platform-to-platform re-registration in an efficient manner that meets high standards for customers  

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The Bank of England has decided to keep interest rates at 0.5% and to maintain its current spending plans under the £125 billion quantitative easing programme.  

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New research from Alliance & Leicester Bank reveals that the recession has not affected the financial ambitions of young people today compared to two years ago, when the economy was in better shape.  

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Allianz Nederland Levensverzekering will partner with the American-based Kinder Institute of Life Planning to train its financial intermediaries to become Registered Life Planners® (RLP®), a protected title. Registered Life Planners® are trained to converse with their clients in more meaningful and holistic ways.   

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Several media websites are reporting the news about Alistair Darling's White Paper which is set to'overhaul regulation of the City in the wake of the financial crisis'.  

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I'm not, and never have been a trustee of a pension fund. I have however met many people who are and I have the greatest admiration for them all but particularly those who have little experience of trusteeship but who offer themselves up for the role.  

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Nationwide Consumer Confidence Index recorded an increase in June, moving up to 58 from 54 in May. This increase reflects that overall, consumers feel increasingly positive, as confidence levels are now very close to those recorded this time last year (59 in June 2008).  

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The Financial Services Authority (FSA) has today published plans to create a consistent and more transparent framework for calculating financial penalties which could mean some fines treble in size.  

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Latest Young Index results from Young Group show that buy-to-let investors have all but given up hope of a better mortgage deal.  

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A new study establishes the ‘Financial Well-Being Index' and sets out what banks should do if they are serious about helping their customers  

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2plan Wealth Management, one of the UK’s leading national IFAs, today celebrated its second anniversary with growth ahead of target.  

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The Life Planning model from the Kinder Institute is rapidly attracting the attention of more and more UK financial advisers, resulting in the need for formation of a new UK-based group which will, on an ongoing basis help IFAs and financial planners to understand and benefit from adopting Life Planning within their businesses.  

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The Bankhall Executive today responds to the offer made by Sesame by confirming that they view the combined entity as enhancing the services to IFA’s.  

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There's a handy reminder in today's Citywire describing what options might be open to a newly divorced wife receiving a pension credit transfer  

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Sterling is set for further gains against the dollar in the third quarter, according to Caxton FX, the leading foreign exchange broker, and could touch $1.70 in the late summer or early autumn.  

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New research from moneysupermarket.com suggests many Brits may be kidding themselves - believing that the only reason they aren't saving is that they don't have enough money - but in reality if they had the extra cash they still wouldn't use it to start saving.  

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AEGON has launched a free, whole of market investment and retirement planning solution to assist financial advisers in the time-consuming and often complex process of creating professional financial plans for their clients.  

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Paul Rodford, Head of Card Payments, The UK Cards Association responds:   

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Bright Grey, a protection specialist within the Royal London Group, has won the coveted title of Employer of the Year at this year's National Business Awards for Scotland.  

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In just 12 months, 5.7 million people have received a boost to their credit card limit without their consent whilst 3% have seen their spending power slashed  

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There are three articles in this morning's press, each with its own angle on Self Invested Personal Pensions (Sipps). I'm not surprised by the first article which tell us that 'Defaqto's research suggests a third of adviser firms see themselves as either pensions specialist, investment specialists or wealth managers'.  

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Loved-upped couples are waltzing up the aisle with a £20,000 ball and chain of debt strapped to their ankles, only to be marching straight to the divorce courts a meagre 11.5 years after they say I Do – leaving them paying off their nuptials long after the ink is dry on the decree absolute.  

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Andrew Hagger of Moneynet.co.uk looks at the pricing policy currently operated by mortgage lenders and how this may impact on potential home movers and the housing market as a whole.  

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On 8 June the Financial Services Authority (FSA) applied to have Keydata Investment Services Ltd (Keydata) placed into administration on the grounds that it was insolvent.  

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Total UK personal debt at the end of May 2009 stood at £1,459bn. This has slowed further to 1.4% in the last 12 months which equates to an increase of ~ £17.9bn (the increase was ~£116bn in January 2008).  

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A joint report issued by the Association of Independent Financial Advisers (AIFA) and Prudential UK yesterday, cited some very interesting recommendations.   

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The Chartered Insurance Institute (CII) has added further impetus to its drive to enhance standards of professionalism across the financial services sector by revising the criteria for its corporate Chartered Financial Planners scheme.  

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Mike Ockenden, Director General, Association of Home Information Pack Providers (AHIPP), responds to new research into the flouting of HIP regulations:  

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As the nation has been hit hard by the recession in recent months, the fifth annual Scottish Widows UK Pensions Report reveals that pensions savings have actually increased since last year and those saving adequately have increased by 8% since the lows of 2006.   

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Pension news, articles, reports and research from today and over the weekend.  

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British society is undergoing a significant shift as families with two generations of retirees become increasingly commonplace. According to consumer research by Friends Provident, increasing longevity means that 57% of retirees also have parents who are retired.  

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The new Balance on Demand service means that customers can request an up to the minute snapshot of their account, straight to their mobile phone, simply by sending a text message.  

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A third of estate agents have said they've seen around a 10% increase in properties coming onto the market, in comparison to six months ago.  

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With the first period of deflation in 50 years, questions have been raised about its effect on pension increases to preserved pensions (called revaluation) and increases to pensions in payment (called escalation).  

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The Association of Independent Financial Advisers (AIFA) has responded to today's publication of the Retail Distribution Review (RDR) Consultation Paper from the Financial Services Authority (FSA).  

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The latest figures from Land Registry show the rate of decline in annual house prices is easing in England and Wales. In May an annual movement of -15.9 per cent took the average house price to £152,497.  

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The Institute of Financial Planning (IFP) welcomes the proposals set out in CP 09/18 by the Financial Services Authority (FSA) in their RDR Consultation Paper yesterday.  

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The Financial Services Authority's (FSA) Retail Distribution Review (RDR) Consultation Paper represents a major step to a more professional financial advice market, says the Personal Finance Society, whose membership includes around 25,000 financial services professionals.  

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Despite the difficult economic climate 1.8 million grandparents (13%) are putting money aside for their grandchildren, research from Saga Savings reveals  

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With the implications of RDR fresh in the minds of the financial advice profession, increasing numbers of IFAs and financial planners are seeking business models which more closely meet the needs of today’s UK consumers and investors – and which are more resistant to changing market and economic conditions.  

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New research identifies need for transparent communication, additional risk management disclosure and thoughtful regulation.  

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FinancialAdvice4Me LLC, a leading provider of online fiduciary financial planning services, today published the full list of top-tier financial advisors who have come on board this innovative enterprise.  

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The recovery in the UK equity market since its low point in early March has seen ‘cyclically sensitive' areas of the market, ones that would be expected to benefit from a recovery in world economic growth, perform strongly. The market seems to be anticipating a ‘V-shaped' recovery in global economic growth.  

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Comparing defined benefit pension schemes with defined contribution schemes is a bit like comparing apples with pears. Nevertheless, highlighting potential outcomes of contributing to either can be useful, if not startling.  

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Thankfully, its not too often that you see the words 'pension' and 'fraud' in the same headline.   

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It would be nice to be able to report some positive pension news for a change, but unfortunately there is very little of it around. If you only have time to read just one article from this weekend's round-up then I'd highly recommend this one from FT.com.

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The latest review from the Financial Services Authority (FSA) has found continued weaknesses in the way specialist lending firms and third party administrators are handling mortgage arrears and repossessions.

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Today the Financial Services Consumer Panel urged the FSA to abandon its unrealistic attempts to articulate consumer responsibilities in financial services.

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The asset management industry will experience continued polarisation in 2009, with bigger firms getting bigger and smaller firms reducing in number, according to Hymans Robertson, the independent benefits and investment consultant.  

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Andrew Hagger of Moneynet.co.uk looks at the financial impact facing homeowners who may suddenly be looking to lock into a fixed rate mortgage.  

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Financial services brands are showing significantly increased interest in using social networking sites to interact and engage with IFAs, financial planners and direct with consumers.  

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Following the initial success of the Government’s "Train to Gain" initiative, the funding for many financial advisers to obtain ISO 22222 through Standards International has been extended for a further year.  

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Thanks to Keeley Makin, Head of Pension Technical at Simplybiz, and one of my colleagues on theSpecialist Pensions Forum, for bringing the FSA's latest leaflet to my attention.  

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I went to the Take That concert in Cardiff last night accompanying my wife for whom I'd bought the tickets as a birthday present.  

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Gross mortgage lending totalled an estimated £10.3 billion in May, a 2% decline from the £10.5 billion in April and down 58% from May 2008, according to new data from the Council of Mortgage Lenders.  

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According to the latest ONS data released today, the classification of Royal Bank of Scotland Group and Lloyds Banking Group to the public sector increases employment in the public sector for Quarter 4 2008 by 230,000  

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The latest Lloyds TSB Scotland Business Monitor shows the Scottish economy experiencing a lessening of the effects of the recession.  

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The Financial Services Consumer Panel has today urged the FSA and Government to improve regulation for consumers in the light of the financial crisis, in addition to focusing on the regulation of the wholesale markets as set out in the Turner Review.  

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UK expats have revealed that dissatisfaction was the main reason for moving abroad, according to the results of a global study of expatriate opinions and attitudes.  

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Although consumers are now more pessimistic about how regularly they save than at any time in the past year, increasing numbers see saving as important and people are more optimistic about their ability to save in the future.  

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Latest pension news and inflation figures, which reveal deflation continues for the time being.  

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Regular readers of these pension news updates will know how passionately I feel about the provision of pension education. It's no coincidence that a large section of the public has turned away from pensions for a variety of reasons.  

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Millions of British children could be left in poverty as parents fail to provide financial protection for their children if they were to pass away or become critically ill, reveals research by protection specialist Bright Grey.  

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Just Retirement, the specialist retirement solutions provider, today reveals the scale of the challenge facing Britain's pensioners with the launch of a study which shows that 3 in 4 of those cashing in their pension could be missing out on a better retirement income because they don't understand all the options, particularly the right to shop around for a better income.  

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Social networking websites are an important medium for prospective IFAs and financial planners to obtain valuable advice on career choices.  

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UK businesses are being hit hard by the recession, and should be doing as much as possible to protect themselves; however research from Scottish Widows reveals that businesses are not doing enough to protect themselves from the unexpected.    

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Legal & General's ‘Value of a Dad' survey has found that the value of the work that Dads do around the home is £23,296.  

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The Ethical Investment Association (EIA) has strengthened support for financial advisers who want to attract the growing number of consumers looking for advice on green and ethical investment.  

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Findings from the fourth National Association of Pension Funds' (NAPF) Workplace Pensions Survey1,2 show that tackling a lack of knowledge and confidence amongst those who choose not to join a company pension scheme when one is available could create a step change in improving the country's pension saving.  

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Every business with overseas exposure needs to take a proactive approach to its foreign currency management if it is to protect its profits in wildly unstable markets, according to Caxton FX, the leading foreign currency broker. In the process there are also opportunities for gains.  

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Since January 2007 the number of mortgage products available at 90 per cent loan to value (LTV) has fallen by 97 per cent. Figures from moneysupermarket.com show just 102 mortgage products are currently available at 90 per cent LTV compared to 3,148 such products two and a half years ago.  

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You might recall that with effect from April 6th 2009, new regulations came into effect concerning the statutory pension revaluation cap and the statutory escalation cap.   

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In his speech to the Association of British Insurers (ABI) yesterday, Shadow Chancellor George Osbourne outlined the changes that he would like to see introduced to the retirement and pensions arena if the Conservative Party win the next general election.   

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Cutting edge science helps investment managers to determine levels of risk appropriate for clients.  

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Analysis has revealed that ‘loss of income’ became the main reason for them asking for help. This is the first time this reason has taken the top spot in the EuroDebt table.   

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Citizens Advice project shows need for impartial and free financial advice on pensions and mortgages  

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Capita Hartshead has produced its 16th annual survey pensions administration survey. I know, I bet you've begun to switch off already but bear with me: this kind of research often produces some great statistics. The survey looks at over 220 schemes with a total of more than 6 million members and funds of around £220 billion.   

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The latest online seminar hosted by Friends Provident ‘Generating Revenue in Uncertain Times' will take place at 10.00 am on Thursday 18 June.  

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The Institute of Financial Planning is committed to providing high quality assistance to candidates preparing for the Certified Financial Planner[cm] licence (CFP) - the globally recognised symbol of excellence for Financial Planners.  

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Lending to small businesses by the high street banks rose by £287 million in April and there were over 48,000 new small businesses banking relationships established.  

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A two year pilot project that provided financial expertise from members of the Personal Finance Society (PFS) to the public through Citizens Advice Bureaux (CAB) has been hailed a great success.  

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Using the Freedom of Information act, a Sunday newspaper asked 1,000 public sector pension schemes how many pensioners were in receipt of a pension of £33,000 p.a. or more, net of any cash lump sum.   

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Nearly a third (30%) of men acknowledge that they are concerned about their health and don't look after themselves as much as they should, while 27% of men occasionally worry about their health but try to balance this with enjoying themselves.   

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Britain's businesses are regaining faith in their own prospects and in the UK economy, according to the latest Lloyds TSB Corporate Markets Business Barometer.  

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Members of the Association of Friendly Societies who offer income protection products have today published new business figures for 2008.   

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The Federation of Small Businesses (FSB) is celebrating victory today with the Government's introduction of an Enterprise Champion - in the form of respected businessman Sir Alan Sugar.  

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The current spate of articles on scheme closures has prompted some quite heated debates on forums and comments over the internet.  

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Banks are urged to stop profiteering  - as they look to make an extra £20.1 million pounds per month from unsuspecting mortgage customers who are coming off fixed, discounted, tracker and capped rate deals and moving onto standard variable rates.  

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Joanne Segars, National Association of Pension Funds' (NAPF) Chief Executive, speaking today at the Actuarial Profession's Annual conference in Leeds said:  

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Women divorcees over 60 are losing out financially due to the recession, SHIP- the equity release trade body- reveals today. There are 13,678 people over 60 who divorce annually, but due to the housing market crash, couples who sell their property to divide their assets could lose up to 22.5% of the value of their home- having serious consequences for their retirement income.  

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With the current political turmoil pointing towards the very real prospect of a change in government at the next general election, there is an apparent consensus within the pension industry's 'movers and shakers' that more pension reform is on the horizon.  

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The news that BP is to close its non contributory final salary scheme to new entrants from April 2010 will surprise many people.   

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The Financial Services Authority (FSA) has today published the details of the regime that it aims to introduce on 1 July to tackle immediate problems for customers in the sale and rent back (SRB) market.  

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June 6th is the day of the year when the highest number of home burglaries are reported by Saga customers, according to analysis of theft claims data from the past decade by Saga Home Insurance.  

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Scottish Life, the pensions specialist arm of the Royal London Group, has introduced a "pension switching suitability" leaflet to assist IFAs when it comes to recommending pension switches to clients.  

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We're only two months into the new tax year, yet some of the more attractive cash ISA accounts have, in the last 7 days, either had their rates slashed or been withdrawn completely.  

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Shortage of trade credit insurance remains a worryAccess to finance remains a serious problem for businesses, but the rate of deterioration in credit conditions slowed further over the past three months, and conditions are expected to stabilise in the months ahead, the CBI said today (Tuesday).  

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The Association of Independent Financial Advisers (AIFA) and the Association of Mortgage Intermediaries has today welcomed the Financial Services Authority's (FSA) Policy Statement finalising FSA regulatory fees for 2009/10.  

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Much of the British population is failing to make the most of money saved on household bills and outgoings during the summer months as the increased sunshine makes them forget their budgets and spend more on having fun, according to the latest NS&I (National Savings and Investments) Quarterly Savings Survey.   

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Most ordinary people view pensions as a complicated subject and they see annuities as adding yet another layer of complexity. In fact, when you describe a pension as simply being a 'container' for the purpose of providing 'wages in retirement', scheme members and policyholders actually do begin to get interested.   

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This article raises an issue that IFAs need to take account of when advising younger clients. Indeed it may also impact upon advice given to their parents and grandparents who may be investing for their children's and grandchildren's future.  

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The Financial Services Authority (FSA) is today proposing to extend the current disclosure regime for significant net short positions in the stocks of UK financial sector companies, due to expire on 30 June 2009.  

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Social networking website for IFAs and financial planners IFA Life sailed past a key membership milestone today, and in only ten months since launch.  Gary Barlow from Gerard Associates in Bristol was the 2,000th member to sign up at the website.  

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NatWest and RBS have become the first of the UK's high street banks to introduce a leading online security solution to protect their online banking customers. The innovative ‘Rapport' security software from Trusteer is available for online banking customers to download, for free, from the RBS and NatWest websites.  

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The third Paper in Professionalism published by Chartered Insurance Institute Group (CII) proposes a suggested structure for the benchmark Level 4 qualification for RDR.  

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With the wedding season fast approaching, new research by Halifax Current Accounts reveals the true cost of attending a wedding, and shows, that even in uncertain times, guests are not cutting back in showing their loved ones how much they care.  

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The Independent takes up the cudgel on expenses and today prints an excellent article on 'disgraced' MPs' benefits for those who have decided they will not stand at the next general election. The main points are:  

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Sussex based IFA network Best Practice Chartered Financial Planners are pleased to announce the sponsorship of members towards achieving the Institute of Financial Planning's Certified Financial Planner (CFP) qualification - the global symbol of excellence in Financial Planning.  

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Pension transfers often hit the headlines for all the wrong reasons, with press articles frequently reminding the public of the pensions mis-selling scandal of the 1990's.  

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Thousands of small business owners across the UK were keeping in touch with customers and suppliers via social networks during the Bank Holiday, with many set to continue using the web to communicate remotely during the Half Term break.  

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There are two main elements to today's news. The first is the release of complaints data by the Financial Ombudsman Service. Interesting reading and we've added links to the best articles about the report which appear in the press. The other major news item features headlines about the lack of pension planning in the UK - a subject which made the 10 o'clock bulletins on TV last night.  

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A new study released today by Saga, revealed that retirees in rural areas are happier than those in cities, with urban dwellers believing they would be more content if they lived in the country.   

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Following last week's announcement that M&S is cutting its dividend for the first time in nine years, investors are asking the question "are my dividends safe and where should I look for a solid dividend?".  

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As the recession continues, new figures from Confused.com highlight the levels of debt British homes are exposed to, as people owe more than they earn in a year.  

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Perhaps the most revealing in terms of the immediate effect of the recession on the pensions front is the FT's feature about failed merger/takeover talks between two of the UK's leading pension buy-out companies.   

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UK Fund Managers are planning to increase their personal investments in UK shares to benefit from an expected upturn in the markets, according to a new study from Lloyds TSB UK Private Banking.  

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The annual Halifax Unsecured Personal Loans review takes a look at what consumers are using personal loans for. The research reveals its not just home improvements and cars that motivate Brits to apply for loans; there is a continued trend when it comes to investing in ourselves ....  

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The OFT has told six debt management businesses and four cold-calling companies to stop using unsolicited and misleading calls to advertise their services or face formal enforcement action.  

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Despite the doom and gloom, new research from Tesco Travel Money reveals that people are still prioritising holidays over other luxuries.  More than 25 million of us are planning a holiday abroad in 2009 with as many as 14 million having two overseas breaks or more.   

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Which? has criticised West Bromwich Building Society for encouraging savers to invest more money than is covered by the Financial Services Compensation Scheme (FSCS).  

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As G20 leaders voted for a new era of economic change, 78% of consumers are planning to follow suit, committing to change the way they manage their personal finances through increased saving, spending within their limits and reviewing their finances more often.  

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There is now a broad consensus that we are at least past the worst in terms of the rate of economic decline. But a long and slow recovery looks the most likely outcome and the labour market will inevitably weaken for some time yet.  

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Analysis of retail investor activity in the last week at online stockbroker and fund supermarket Interactive Investor (www.iii.co.uk) shows:  

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A varied assortment of pension related news items appear today. Without making any observation - because I can see both sides of the argument - the article I'd recommend you don't want to miss reading (including the comments posted at the end) is:  

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Recent developments in the first time buyer mortgage market suggest that the market is picking up, and that now might be the time for the return of the first time buyer.  

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Scottish Widows, one of the most trusted brands in insurance, has today published details of its critical illness cover claims, showing that between November 2007 and October 2008 an average of £543,000 was paid out each week. This is equivalent to more than £28 million over the 12 month period.  

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I fear that this article reveals a very real prospect of a review of drawdown cases. It quotes The Financial Ombudsman Service which says '…it has seen a 50 per cent rise in the number of income drawdown cases referred to it. In 2007-08, there were 130 cases compared with 88 cases the year before.'  

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New research from The Co-operative Investments today (20 May) reveals that 18 per cent more people intend to invest ethically this year, confirming the financial crisis will lead to growth in green investments.  

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I guess that I'm not the only one to think it's entirely unfair that different standards apply to politicians than to the people they serve.   

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Long term care in retirement is one of those subjects that many people are uncomfortable in raising. There's almost something taboo about discussing it with a parent when they are fit and well.  

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Employees are disengaged with their retirement planning and pensions in general.  Final salary schemes are closing and defined contribution schemes have lost up to 40% of their value over the past 12 months.   

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The Nationwide Savings Index improves slightly as consumers feel brighter about the economy  

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This morning's FTAdviser announces the launch of The Aon Admin Tracker (described by Aon as '…to provide an insight into how the worsening economic environment is changing public attitudes and behaviour towards pensions...'). The Tracker looked at a sample of 350,000 members of money purchase and defined benefit schemes and the key findings in the first quarter of 2009 revealed:  

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Estate agents sold more houses in April than in any month since October, 2007, new figures from the National Association of Estate Agents reveal.  

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There's an interesting article in FTAdviser today. It focuses around a policyholder who wished to defer drawing his pension benefits beyond his 'selected pension age'. However, because of the type of funds his pension was invested within (property and with-profits), potential problems arose.   

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The Council of Mortgage Lenders has today painted a negative short term picture in the number of repossessions for 2009; The Co-operative Bank can reveal it has cut repossession by half in the past 12 months.  

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The research is based on data from Halifax's deposit savings database.  Halifax is one of UK's leading savings providers. The analysis is based on savings accounts held with Halifax in February 2009 and average earnings data from the ONS in 431 UK local authorities (LA).  

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The Institute of Financial Planning (IFP) has recently launched the new Focused Assessment Programme for candidates wishing to become a Certified Financial PlannerCM (CFP) professional - the globally recognised mark of professionalism for Financial Planners.   

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The markets closed the week on a low with investors lacking any real degree of sincere sentiment.  

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A new survey shows that consumer trust in the financial services industry remains remarkably robust despite the banking crisis and global recession.  

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New findings from the National Landlords Association (NLA) show women in property from London are positive about the future with 70% planning to expand their property portfolio in the next 12 months and a further 28% admitting that the credit crunch has had no impact on their portfolio plans.  

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David Thompson, managing director of sales & marketing, AXA Winterthur Wealth Management spoke at The IEA and Marketforce's 12th Annual Conference - The Future of Life Assurance today.  

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The Treasury Committee today releases its third report on the Banking Crisis entitled Banking Crisis: reforming corporate governance and pay in the City. The Report examines remuneration in the City of London, as well as the nexus of private actors, including non-executive directors, institutional shareholders, auditors and credit rating agencies, who failed to act as a check on, and balance to, senior managers and the executive boards of banks.  

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www.allaboutschoolfees.com has received a huge amount of interest in its on-line school fees modeling tool from the IFA community. The site calculates expenditure – and savings requirements over the life of children’s private education. The tool uses powerful algorithmic software and the only complete database of UK private schools and their fees, to generate bespoke fee schedules.   

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New figures from moneysupermarket.com reveal the extent of the disparity between supply and demand of mortgages at a high loan to value (LTV).  

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I recently wrote about how IFAs face a difficult task ahead of them in terms of what assumptions to use when considering inflation as a pivotal part of retirement planning for clients. Okay, certain assumptions used in calculations such as TVAS and pension quotations are determined by the FSA, but I suspect many canny IFAs will be discussing inflation in much more detail with their clients.  

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Investors taking control of their retirement savings through a SIPP are capitalising on current market conditions to beat volatility and get better returns, according to Barclays Stockbrokers.  Nearly a third of SIPP investors (32%) are increasing their exposure to equities, and only one in ten (9%) are moving away from equities.   

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Lord Turner, chairman of the Financial Services Authority (FSA), today set out the complexities and challenges in the mortgage market that need to be considered as part of the regulatory reform that will be announced later this year by the FSA.  

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The Bank of England base rate may be entering a period of stability, but that doesn't mean all is quiet on the savings front. In fact, it's anything but. Competition in the fixed rate bond market is as fierce as ever.  

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Babcock International, a UK engineering group, is bucking the current economic trend by increasing the dividend it is paying to shareholders  

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A recent survey of members of the Personal Finance Society, in conjunction with Protection Review and the software company, Fineos, highlighted renewed focus on protection amongst financial advisers.  

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Investors have been dipping in and out of the banking sector following a busy week of trading announcements. Barclays, Lloyds Banking Group and Royal Bank of Scotland (RBS) came top of The Share Centre's most traded shares list. Overall the banking sector accounted for more than one in five deals done in the past week.  

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Investment commentary from Bob Doll, Vice-Chairman and Chief Investment Officer for Global Equities at BlackRock, for the week commencing 11th May 2009  

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News, articles, reports and research from this morning and over the weekend:  

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An independent study of professional ethics commissioned by the Chartered Insurance Institute (CII) endorses the CII view that promoting higher ethical and professional standards is central to developing insurance and financial services as a modern and progressive profession that enjoys public trust and confidence.  

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The PFS is teaming up with pfeg (Personal Finance Education Group) in a partnering scheme that will work with schools to bring financial skills into the classroom. Past research has shown that 800,000 school leavers believe an ISA is an iPod accessory.  

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"TD Waterhouse customers quickly reacted to the latest stock market rally with overall trades up 16% on last week. Most of the trading action focused on the UK's banks, which experienced gains ahead of much anticipated trading updates.   

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The Association of Independent Financial Advisers (AIFA) has today published a policy paper calling for the Retail Distribution Review (RDR) to highlight and re-establish the ‘Law of Agency' as a means of restoring consumer trust in financial services.  

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The Government today issued regulations which will allow occupational pension schemes to pay small pension pots entirely as a lump sum, without taking into account other pension benefits which an individual may have.  

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The Royal Bank of Scotland's (RBS) share price rose 10 per cent this morning after the bank announced a £44m first quarter loss in its trading statement. Despite the increase, The Share Centre is now advising shareholders to sell RBS shares.  

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An unexpected rise in gilt markets recently should be good news for anyone looking to purchase an annuity in the short term. Annuity rates initially dropped once the Bank of England announced the use of quantitative easing as a strategy to manage the UK out of the current banking crisis.   

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The Association of Independent Financial Advisers (AIFA) has published "The Future of Financial Regulation". The report outlines AIFAs view of the current macro influences at play within financial services, and the potential impact on the regulatory structure that IFAs work within.  

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Signs of confidence returning to the mortgage intermediary market have emerged with brokers stating they expect to do more mortgage business for the first time in over a year, Paragon Mortgages research has shown.  

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DWP has published research, co-funded by PADA, which it explains is designed to '…set out to explore individuals' attitudes towards planning and saving for later life and included an audience segmentation of people of working age.'   

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The best article over the Bank Holiday weekend was penned by Rachel Vahey, Aegon's head of pensions development. It is a succinct round-up of the effects on pensions and retirement planning that were announced in the recent budget.  

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Nearly one in three British adults is banking on an inheritance to help fund their retirement, despite many having never even discussed the issue of inheritance with their parents, according to new research released today  

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New buy to let landlords face a difficult task finding a suitable mortgage. Research from price comparison website moneysupermarket.com shows that in just two years, the number of buy to let mortgages available has fallen from 4,384 to just 213 - a reduction of 95 per cent.  

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Alliance Trust's Financial Reality Index, a bespoke measure of how well off consumers are, showed a small improvement in the first quarter of 2009, a glimmer of hope that took it to the highest level since the second quarter of 2008.  

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Research from Direct Line Car Insurance has revealed over 1.3 million motorists are willing to risk drinking and driving on a night out to save on the taxi fare home.  

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Reita, the education and awareness campaign for property investment and REITs, today released its latest adviser research, showing division amongst IFAs on the benefits of private clients selling their existing properties to property funds or property companies in exchange for shares - even given the possibility of CGT deferral.  

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British expats grapple with falling Sterling  

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For anyone thinking of becoming a landlord in 2009 they will be faced with an almost unrecognisable market compared with the one that existed in September 2007.  

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Parents could be faced with bills of between £75,000 and £130,000 in 12 years' time if their young children pursue their top career aspirations of teacher, doctor or vet, according to new research from The Children's Mutual.  

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It is alarming to see that the total number of company liquidations in England and Wales in the first quarter of 2009 is up more than 56% on the same period last year.  

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SEI has announced the launch of a new range of services in the UK, enabled by SEI’s Global Wealth Platform, and developed specifically for a new business model in the wealth management industry.  

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The Investment Management Association (IMA) welcomes regulations on UK authorised investment funds, published today, which introduce the Tax Elected Funds Regime and provide certainty that funds will be taxed as investing, not trading.  

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Almost three quarters of Brits have steered clear of more borrowing since the recession hit.  As financial priorities change to reflect the turbulent economic climate, research from Fairinvestment.co.uk has found that Brits are steering clear of more borrowing.  

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The Treasury Committee today releases its second report on the Banking Crisis, entitled Banking Crisis: dealing with the failure of the UK banks. The report examines the failure of the UK banks and the steps the Government has taken since.  

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The level of high street banks' lending to small businesses rose by £271 million in March, new figures from the BBA showed today.  Deposits by small businesses increased by £881 million and there were over 52,000 new small businesses banking relationships established in the month.  

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The Pensions Policy Institute has released an 85 page research document about income requirements for pensioners. It contains some fascinating data.   

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It seems a cautious fund in name isn't necessarily cautious in nature. I was disturbed to read today's report in the Mail Online about the number of investors that appear to have received inappropriate advice from Barclays over their choice of investment fund. I will keep watching this story for further developments.

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Perhaps giving your Accountant a hug during 'International Hug Week' may not be the best way to gain business referrals, but the return of a popular business seminar could show you exactly how to build successful relationships with local accountants that could generate literally hundreds of referrals.   

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Index reveals country's rural and industrial heartlands take the hardest blow  

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The statistic reported in the Press Release yesterday by the Government Equalities Office that women are paid on average 23 per cent less per hour than men is a very sad indictment in a modern society.  

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Defaqto's Platforms and Wraps in the UK 2009 Report underlines the fact that providers in this market need to deliver on core competencies to attract and retain IFA support.

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With house purchase lending edging up, Yorkshire Building Society urges consumers to look at the true cost of a mortgage, rather than a headline-grabbing rate.

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J.P. Morgan Asset Management says investors should invest in convertibles while they offer such value, but not compromise on quality or diversification in chasing high yields.

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As Barack Obama approaches his first 100 days in office, The Share Centre identifies three funds that could benefit in the long term from his presidency and in particular, from his fiscal stimulus package.

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People over 65 are more likely to be targeted by fraudsters and con artists warned the Financial Services Authority today, as it unveiled plans to help protect older people from financial scams by working in partnership with the UK's foremost charity for older people, Age Concern and Help the Aged.

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Against a backdrop of the mortgage industry prediction of 75,000 repossessions this year, new figures from The Co-operative Bank Mortgages show that despite the current economic climate, the number of repossessions at The Co-operative Bank has actually halved over the past 12 months.

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Nick Serff, Market Analyst, City Index commented:"European indexes fell over 1 percent this morning after news broke over the weekend of a deadly swine flu outbreak.

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Which? has condemned NatWest for attempting to repossess the home of a family who maintain they have never missed a mortgage payment.

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Leading economics forecaster’s projections remain unchanged – UK GDP will contract by around 4.5 per cent this year cebr’s most recent United Kingdom prospects report gave a gloomy assessment of the prospects for the UK economy this year, predicting that output would decline by around 4.5 per cent in 2009 – the largest single year fall since 1931 when the consequences of the Great Depression were reverberating through the economy.  

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The Government's pension tax changes in the Budget will have a far wider destructive impact on pension provision than just for top earners...  

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The Association of Independent Financial Advisers (AIFA) is launching its policy paper, "Restoring Trust in Financial Services: Building on that which works".  

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Savers may finally be able to see the light at the end of the tunnel after a string of providers have this week increased rates or launched new accounts paying competitive rates.  

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The Landings, St Lucia Respond with IFA Incentives & Guarantee Rental Returns  

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So, as you would expect, the main headlines this morning revolve around Alastair Darling's budget.   

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The Association of Independent Financial Advisers (AIFA) has responded to today's Budget statement from the Chancellor of the Exchequer.  

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As Chancellor Darling delivered his 2009 Budget speech in Westminster yesterday, forwardthinking IFAs and financial planners were tweeting his key announcements using the social networking tool Twitter.  

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Chancellor Darling's budget statement "Building Britain's Future" has certainly given the country's high earners something to think about.  

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The number of unemployed people, the unemployment rate and the claimant count have all increased.  

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Gross mortgage lending was an estimated £11.5 billion in March, a 16% rise from £9.9 billion in February but a 52% decline from £24.2 billion in March 2008, according to new data from the Council of Mortgage Lenders.  

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I read recently that there are 30 million taxpayers in the UK which includes 3.6 million people who pay tax at the higher rate. However, those 3.6 million people pay 56% of the total income tax raised, which I thought was astonishing.  

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FRIENDS launches two new services designed to keep journalists up to date with latest news and developments at Friends Provident - including Twitter feed.  

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Friends Provident has launched a new Selling Techniques Toolkit to provide advisers with online learning that can help them sell protection effectively.  

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The nation appears to be stuck in a downward spiral of unhealthy lifestyles as increasingly stressed Britons may be looking to save time and money by cutting back on exercise and healthy foods in the current economic climate.  

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Retirement specialist LV= has confirmed that the announcement today of the Retail Price Index (RPI) falling to -0.4%, taking the UK into deflation for the first time in 50 years, will not affect its annuity customers whose income is RPI-linked.  This means those annuitants will not see a reduction in their retirement income.  

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This morning sees a timely reminder from The Pension Regulator to those involved in running pension schemes about potential risks in the current financial climate, as well as reiterating whistle-blowing requirements.  

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New research from Halifax reveals Brits are worryingly naïve about their retirement prospects. Over half (52%) of Brits surveyed don't currently pay into a pension and 70% over-estimate what they will receive in state retirement funds.    

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There has been a small but important improvement in employee confidence in pensions according to the fourth National Association of Pension Funds (NAPF) Workplace Pensions Survey published today.   

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Halifax, the UK's largest mortgage lender, today announces the launch of a new offer available on all products for homemovers and first time buyers (FTBs). Designed to help with the costs of buying a new home, the unique offer will pay half of the first year's council tax bill, up to a maximum of £1,000.  

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The FSB’s 2009 Budget Submission follows on from previous FSB proposals to help small businesses find access to finance, decrease overheads and to retain and create jobs.   

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Half of Brits don't pay into a pension, those who do are willing to save just £59 a month, yet they still want to retire at 58!  

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Dr Ros Altmann has posted a blog on Citywire listing five crucial pension reforms that she would like to see in the upcoming Budget.   

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At the depth of the last housing market recession in 1993, 1.5 million households or more were estimated to have negative equity.  

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Commenting on Moody's downgrading nine building societies, Kevin Mountford, head of banking at moneysupermarket.com, said; "Building societies can no longer claim the moral high ground over banks.  

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Goldman Sachs' announcement of strong quarterly profits and its intention to repay $10 billion in government rescue funds ($5 billion raised already) can be interpreted as the latest in a series of signs that the US financial industry is stabilising.  

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As interest rates hit historically low levels, the UK's more than 8 million pensioners have seen their monthly income fall by almost 25% from 12 months says SHIP  

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Few IFAs will have a client bank that doesn't contain at least one person with a defined benefit pension. With employer sponsored pension provision clearly under the spotlight, here's something that you can add to your next client newsletter that will be of interest to some of your clients.  

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A new poll conducted by the Resolution Foundation found that nearly 3 million low earners now worry ‘all the time’ about their personal finances.  

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Banker and social media author, Jesse Torres, today announced the launch of the Social Media and Banking Group on LinkedIn.com, the world’s largest professional network.  

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Opinium Research carried out an online poll of more than 2,200 UK adults between 5th March and 9th March, gauging consumer sentiment surrounding the UK economy and markets.  Consumer sentiment surrounding the UK economy and markets remains low.  

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More than four million home-owners are playing a waiting game, watching the fluctuating property market with an eagle eye so they can cash in on cheaper home-ownership before prices start to rise.  

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New figures from moneysupermarket.com indicate mortgage declines have increased by nearly 400 per cent in the past two years.  

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At today's monthly Legal & General Investment Management (LGIM) Fundamentals briefing, Robin Martin, Head of Research for Legal & General Property (LGP) explained how the ‘convertible' characteristics of commercial property make the asset class particularly attractive in the current uncertain economic environment.  

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We've recently become quite used to hearing about the effects of increased life expectancy on our pension systems. Defined benefit scheme costs have rocketed as a result, and for money purchase schemes annuity rates generally reflect the greater ages we're predicted to be going to enjoy.  

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SHIP and Eversheds international law firm are delighted to announce that they are holding a debate to discuss the future of the equity release market on 28 April 2009 in central London.   

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Buyer enthusiasm continued to grow in March with interest in London picking up particularly sharply. Meanwhile, the key sales to stocks ratio rose for the third consecutive month, says RICS' UK housing market survey published today (15 April 2009).  

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The number of house purchase loans ticked up in February, according to new data from the Council of Mortgage Lenders. There was a shift away from tracker products towards fixed rates, with 56% of new loans at fixed-rate, up from 49% in January, while 31% were tracker products, down from 38% in January.  

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A couple of interesting pension articles featured over Easter. The first on Friday was the effect of the recession on recent divorce settlements:  

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The proportion of internet users whose online activity includes internet banking has increased from 29% in 2003 to 49% in 2008. New research from Halifax shows that over two-thirds (68%) of savers have an online savings account and over half (56%) say it is their preferred method of managing their money.  

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During these challenging times, financial advisers need to take a break to rest, relax and spend time with their families.  But in doing so, they could be missing out on valuable new business opportunities.    

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As the pound remains weak against the Euro this Easter holiday, many Brits will be shunning holidays abroad, and what better way to use the long weekend than to spring clean finances?  

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The Bank of England has decided to keep Interest rates at 0.5%. In response the Association of Mortgage Intermediaries (AMI) has called for further Government action to help consumers.  

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Much of today's news focuses upon not whether, but when, other employers will follow Aon's lead and move to cut pension benefits because of financial pressures caused by the recession.   

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A series of free seminars designed to help Independent Financial Advisers support clients with their children's financial futures is being rolled out by leading Child Trust Fund (CTF) provider, The Children's Mutual.  

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The Personal Finance Society (PFS) is rolling-out a series of regional Study Groups to help its members prepare for the Diploma in Financial Planning exams.   

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Social networking website IFA Life has introduced a special forum for IFAs and financial planners to discuss and share best practice on outsourcing of business processes.  

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As new figures from the Financial Services Authority (FSA) reveal that almost one million people have bank charges claims against awaiting resolution, Which? lawyer Chris Warner says:  

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“Given the fact that most families are very financially vulnerable in the event of the loss of income of either partner, it is critical that as few barriers as possible are put in the way of clients being able to buy the income protection plan they need, when they need it.”.  Phil Billingham, Managing Director, Perception Support  

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There's a huge opportunity awaiting IFAs if today's news is anything to go by.  

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Money Marketing reports on a survey from Watson Wyatt about the benefits of salary sacrifice for employers that sponsor a pension scheme for their employees. Frankly, I'm surprised that salary sacrifice isn't more popular  

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As the turbulent stock market shaves value off pension pots and the new tax year begins, Fairinvestment.co.uk is urging pension holders to review their investments to make the most of them and avoid any 'nasty surprises'  

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The usual mixed bag of pension news appeared over the weekend, but one article in particular caught my attention. Apparently, the upcoming budget may announce a new initiative for pension funds and insurance companies to finance, build and rent thousands of homes.  

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Britons are taking a prudent but matter-of-fact approach to the economic downturn, according to a new report conducted by Norwich Union, soon to be Aviva.  

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Nearly half of people (43 per cent) cannot afford to pay for improvements to their homes this Easter, according to new research from moneysupermarket.com.  

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As the next base rate decision approaches, a new savings report from uSwitch.com has indicated that the abundance of base rate cuts over recent months has left consumers baffled as to what level of interest they are earning with their main savings provider  

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Confidence amongst British businesses remained weak in March, despite a slight increase in firms' optimism over activity levels, according to the latest Lloyds TSB Corporate Markets Business Barometer.  

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Home Information Packs are stopping people from putting their property up for sale, a survey of property professionals has revealed.  The controversial packs from today must be made available before a house is put on the market.  

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Legal & General has launched a lead generation service to members of its mortgage network, offering advisers access to prospective clients from external lead suppliers.  

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Young London estate agency flies by embracing latest web technologies  

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6 April 2009 marks fourth anniversary of Child Trust Fund ‘going live'  

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Half the population would be penniless in less than a month if income dried up  

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Losing your job can lead to problems meeting mortgage repayments so, with this in mind, the Building Societies Association (BSA) and the Money Advice Trust (MAT) have produced a new booklet giving straightforward advice on what to do if you can't pay your mortgage.  

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Zurich is supporting advisers by hosting a series of seminars focusing on the need for advisers to carry out immediate pension reviews, bearing in mind current economic conditions, and not wait for the next scheduled review.  

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Industry efforts to produce better quality disclosure information for customers have received recognition from the FSA  

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Responding to agreements made at the G20 London Summit, Stephen Haddrill, the ABI's Director General, said:  

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There's an interesting quote in an article in Professional Pensions which discusses the results of a survey conducted by HSBC Actuaries and Consultants:  

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Commenting on the news banks have been granted leave to appeal in the bank charges case, Kevin Mountford, head of banking at moneysupermarket.com, said:  

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As the House of Lords allows banks to appeal against the High Court's decision in the bank charges test case, Which? personal finance campaigns manager, Doug Taylor, says:  

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On Monday, Harriet Harman announced that MPs' pay was to rise by 2.3%, with ministers' wages remaining static for the second successive year.  

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PayPal, the world's largest online payments service, has strengthened its position as Britain's most visited financial website.  

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Friendly societies opened a further 300,000 Child Trust Fund accounts (CTFs) in 2008.  With 1.6 million accounts now held in total, friendly societies continue to be the predominant sector in the CTF market.  

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The third annual Scottish Widows Savings and Investments Report reveals that the vast majority (72%) of people who did not save money in the past 12 months want to start saving for the future. However, only a quarter (24%) of people plan to take out an ISA in the next tax year, with a further 16% uncertain whether they will or not.  

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ISA transfers - long the bane of savers around the country - are at last going electronic with some major providers.  

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Effective change to reverse the economic downturn will only come if G20 leaders return home with a clear list of actions, the British Bankers' Association said today.  

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The majority (52 percent) of young adults between the ages of 23 and 28 consider “making better choices about managing money” the single most important issue for individual Americans to act on today, outweighing the need to strengthen family relationships (18 percent), protect the environment (11 percent) and improve personal nutrition and health (9 percent).  

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I must say that I'm not yet the greatest fan of Personal Accounts - but I can't really put my finger on any one reason why not.  

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A bumper package of measures to increase consistency and streamline how business, agents and other customers work with HM Revenue & Customs (HMRC) will be introduced in April.  

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Defaqto's fifth annual review of the UK platform and wrap market reveals that with the RDR now acting as a catalyst IFAs are now more readily recognizing the benefits of engaging with wrap technology.  

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Teresa Perchard, Director of Public Policy at the national charity Citizens Advice, has been appointed to the Personal Finance Society (PFS) Board as a lay director.  

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One in four (25%) UK adults have questioned their personal values since the economic downturn began six months ago.   

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Net receipts into building societies were £1,595 million in February 2009, representing the highest February net receipt on record and an increase of 18% over February 2008.  

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NatWest unveils Year 2 findings from the MoneySense Panel - an unprecedented five year survey of over 9,000 young people, aged 12-19 years, examining the effectiveness of financial education.  It looks at earnings, budgeting, debt, and hopes and aspirations for their future finances.  

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Monthly house prices in England and Wales fell by 2 per cent in February, according to the latest figures from Land Registry. The average house price is now £153,862 and represents an annual decrease of 16.5 per cent.  

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Protection specialist LV= is offering free Critical Illness (CI) cover under the LV= Flexible Protection Plan to new Income Protection (IP) customers who take out a policy by the end of April 2009 via LV= telephone-based financial advisers. New policyholders will automatically receive  free lump sum CI cover equivalent to three times their monthly IP cover.  

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Alliance & Leicester Commercial Bank won the two most prestigious awards at last night's Business Moneyfacts Awards.  In addition to being named ‘Best Business Current Account Provider' for a record seventh consecutive year by the leading independent finance guide, the bank was also named ‘Business Bank of the Year' confirming the banks position as an established force in the SME banking market.  

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This report is part of a series of research pieces published by Halifax, part of the Lloyds Banking Group, and highlights savings and wealth trends in the UK.  

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You might recall that pre A-Day, a pension below £260 p.a. held in an occupational pension scheme could be commuted for cash. Post A-Day...  

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AEGON Scottish Equitable has today published claims data which shows that it paid out on 91 per cent of critical illness claims in 2008.  

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Traditionally a pile of cash provides great comfort and security in times of severe market volatility, brutal economic uncertainty and deteriorating consumer confidence. But a new study released today by financial website The Motley Fool, finds that an overwhelming 88% of investors are willing to break with tradition and shun the safety of cash in this current downturn.  

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Britons have saved an average of £86.35 each month over the last year, ending on a high of £90.12 during the winter months ending February 2009, according to the latest Savings Survey from NS&I.  

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IFA Life - the social networking website dedicated to IFAs and financial planners has announced its first offline networking event, which will be held in central London on 17th April 2009. It is the first of a series of IFA networking events which will be held around the UK.  

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Paraplanning Online is celebrating the first anniversary of its web based suitability report writing software with the news that 60 SimplyBiz members are the latest to sign-up to the system  

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Figures released today by Barclays show that the number of new businesses remained at high levels in 2008, rising from 432,300 in 2007 to 436,600, although activity weakened in the second half.  

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IFP is pleased to announce that entries are now being taken for this prestigious award, set up in the memory of David Norton, one of the founding fathers of the Financial Planning profession in the UK.  

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As the recession starts to hit the real economy, a new study from Lloyds TSB highlights the plight of the UK's 13.5 million ‘recession novices'.  

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2plan Wealth Management today announced Source Financial Limited, a directly regulated IFA with over 40 registered individuals, has chosen to join its rapidly growing national IFA business.   

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The Association of Financial Advisers (AIFA) today announced that it plans to put in place an on-line academy for IFA firms to help them meet the demands of the Retail Distribution Review (RDR).  

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Small employers are being urged to file their 2008/09 Employer Annual Return online this year, and get a £75 tax-free payment in the process.  

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The latest Online Seminar from Friends Provident proved a hit with advisers with 208 attending the live event and a further 50 advisers viewing the online seminar using the on demand facility after the event.    

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Well the media jumped the gun a little, ahead of the ONS's release of February's inflation data, but I suspect that they are only a month ahead of publishing negative inflation figures.  

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Norwich Union, soon to be Aviva, is launching a campaign to make estate planning simpler for financial advisers and customers  

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From 6th April this year, every home must have a HIP in place - not just ordered - before it can be put on the market.  

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Tonight, BBC's Panorama programme looks like it's about to blow the lid off the proverbial retirement jam jar. I'll take a guess that the phrase 'pension time bomb' or something similar will be used  

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Friends Provident has today gone live with Options, the system that has been designed to speed up the payment of Open Market Option (OMO) transfer amounts to annuity providers.  

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Legal & General's fifth report in the ‘Mortgage Purchase Index' series analyses trends from thousands of mortgage applications made in the last quarter through Legal & General's Mortgage Club.  

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New research reveals that Britain's SMEs are feeling decidedly bullish about surviving the recession.  

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Savvier spending on both essential and discretionary purchases is saving Britons an average of £1,746 each a year, helping the average UK salary of £25,100 go 7 per cent further  

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Research by Bank of Scotland reveals that small business owners are increasingly being driven by customers to push prices lower in recognition of tougher market conditions.  

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The hacks appear to be focussing elsewhere this morning, so I thought I would use the opportunity to draw your attention to Aries' excellent roundup of DWP pensions legislation posted on their website earlier this week:  

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The eight year low in home loan lending revealed by the Council of Mortgage Lenders today will only continue unless the Government cash being pushed into the economy is channelled into mortgages.   

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New research from Birmingham Midshires' Saving Britain campaign shows a 29 per cent increase in the number of British savers putting money aside for a deposit on a house.  

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Nearly three-quarters of IFAs expect their usage of structured products to increase in 2009, according to a Barclays Wealth survey of more than 240 advisers.  

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The current economic climate has taken its toll on annuity income lately and this has been widely reported in the financial press.  

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Sales of Norwich Union's simplified life protection product now make up almost 60%1 of the company's term life insurance business submitted through intermediaries, as intermediaries turn to simple products to provide speedy administration for their customers.  

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Banks have taken over the mantle from the building societies by offering the most competitive overall deals on both savings and mortgages.  

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Homeowners are feeling the pinch with 62% of the working population fretful that they or their partner may lose their job, and over four in ten (43%) joint income households are anxious that they wouldn't be able to pay their mortgage if the main income earner lost their job.  

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2plan Wealth Management, one of the UK’s leading national IFAs, today announced the launch of its new ‘Virtual Administrator Service’ (VAS).   

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Norwich Union, soon to be Aviva, has launched The Future Adviser Programme, a unique initiative to inspire graduates to pursue a career in financial advice.   

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The Financial Services Authority (FSA) has today published a consultation paper (CP) which formally consults on whether to incorporate its Code of practice on remuneration into the Handbook and its application to large banks and broker dealers.  

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The Association of Mortgage Intermediaries (AMI) has today responded to the publication of the Turner Review by the Financial Services Authority.  

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Rents dropped across the residential lettings sector as would-be-sellers continued to flood the rental market with unsellable properties, says the RICS Lettings Survey published today (Thursday 19 March 2009).   

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Commenting on the Turner Report, published today, Ray Boulger of leading UK mortgage broker John Charcol said, "The FSA has revealed it will publish a paper in September considering various reforms of the mortgage market, including the option of regulating LTVs and income multiples.   

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With all of the news about 'Goodwingate' I'm not at all surprised to find some disgruntled ex-employees calling upon the Government to improve the compensation payable from the Financial Assistance Scheme  

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IFAs can now access 2,944 funds from 231 fund managers following the addition of 644 funds since the start of the year.  

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HBF today warned the FSA and Government that regulation of the mortgage market was not a solution to the threat of future house price inflation, the root causes of which lie elsewhere, and indeed could itself exacerbate the problem.  

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'Lord Myners said he had been "very clear" with RBS and the other banks that there should be "no rewards for failure" and that payments for departing directors should be minimised.  

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The latest Lloyds TSB Scotland Business Monitor shows the Scottish economy continuing to decline, but at a slower rate than in the previous quarter.  

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NS&I today announced that from the April prize draw onwards one of the two monthly Premium Bond jackpot prizes of £1 million will be replaced by a wider mix of prizes in the monthly draws, allowing more people to win but still retaining the chance of winning the £1 million jackpot prize.  

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Norwich Union identifies 15 (theoretical) secrets of a long life.  A series of 15 simple steps could - in theory - add up to 77 years to your life, according to new research from Norwich Union.  

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The CII and the Tenet Group Ltd have joined forces to provide an extensive learning support package for up to 5,500 advisers.  

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Only half the population intends to leave an inheritance to their families.  Two in five don't intend to do anything to maximise their legacy.  

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As the Internet celebrates its 20th anniversary, financial services social networking website IFA Life is launching a Directory of IFAs, Financial Planners and Advisers who use Twitter. This will help the growing number of Internet-savvy consumers who are looking for financial advice to find advisers who use the simple but cutting-edge tool.  

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A special study by cebr estimates that the tax take from the financial service sector in financial year 2009/10 will be only £39 billion, down from £67 billion in 2006/07.  

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As the credit crunch bites, employers are being reminded that Britain values its benefits and that many employees are looking for long-term support ahead of short-term financial gain.   

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More than nine in 10 (91 per cent) SMEs believe that good supplier relationships are critical in times of economic uncertainty or hardship, according to a new business trends report from HSBC Commercial Banking.  

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This is the second Halifax "Rural" Areas Quality of Life Survey.  

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First time buyers (FTBs) could save £1,799 a year to put towards a deposit by simply spring cleaning their finances according to Halifax, the UK's leading provider of mortgages to FTBs.  

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The UK's deepening economic crisis will mean the 3.25 million UK adults who plan to retire in 2009 expect to receive £2.87 billion less in their pensions than those who planned to retire in 2008, according to the Prudential Class of 2009 retirement survey published this week.  

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The U.S. launched a program to finance up to $1 trillion in new lending to consumers and businesses, in an ambitious attempt to jump-start credit for everything from car loans to equipment leases.  

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The trade deficit, which declined for a second straight year in 2008, is likely to have fallen further in January, economists believe.  

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NS&I is today launching a new online feature, The Five Questions, featuring Sir Alan Sugar, to encourage the British public to give their personal finances a much needed health check.   

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The Association of British Insurers has today published five key principles to help ensure that regulatory reform brings real benefits for consumers, ahead of next week's Turner review into regulation and the G20 London Summit on 2 April.   

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Protection specialist LV= today published its 2008 protection claims record, showing an increase on 2007, with 91% of claims paid across its income protection policies and 87% across its critical illness policies last year.  

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The market backdrop is changing the rules of the game when it comes to successful asset allocation, according to Dean Cheeseman, Head of Retail Multi-Management at F&C.  

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The Association of Mortgage Intermediaries (AMI) has today called on the Government to use the 2009 Budget to introduce measures that will help borrowers and intermediaries, and develop a stronger mortgage market.  

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The Government has today published draft regulations which will set in motion the process for automatically enrolling all employees into workplace pensions from 2012.  

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Britons are needlessly paying out more than £9 billion pounds in credit card interest each year, new research by Abbey Credit Cards has revealed.

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There has been growing concern over recent months about the Pension Protection Fund's ability to maintain its position as a sustainable lifeboat.   

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Legal & General has today published its critical illness claims figures for 2008:  

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Richard Mason, Managing Director @ Moneyextra.com said:  

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Consumers believe it will be at least a year and a half before the economy improves, according to new research by Which?  

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The new M&S Advantage Cash ISA option is attracting record numbers of savers, with over twice as many accounts opened since launch in January as during the whole of 2008.  

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 Last month (February), three more schemes transferred to the Pension Protection Fund (PPF).

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Figures released by the Office for National Statistics showed a sharp drop in production in January.  

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A new website enabling people to swap their homes instead of selling them through estate agents is proving popular with innovative developers wanting to stay ahead of the game.  

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Who'd want to be a pension trustee nowadays? According to various reports over the last 18 months, many schemes have struggled to fill the Member Nominated Trustee positions available on their panels - probably for a variety of reasons.   

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Consumers believe it will be at least a year and a half before the economy improves, according to new research by Which?  

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Despite the uncertain economic outlook, there are still opportunities to be had in Europe through careful stock picking and by finding value in the materials and healthcare sectors, says David Dudding, fund manager of the Threadneedle European Select Fund.  

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Allianz Insurance is holding its first ‘wellbeing awareness week' in a bid to help employees recognise and manage symptoms of stress. During the week, staff members at the Company's Guildford head office will benefit from  

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Buyer enthusiasm continued to grow in February with interest in London at a high not seen for more than two years, says RICS' UK housing market survey published today (10 March 2009).  

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As part of its ongoing commitment to increase communication with IFAs, Clerical Medical has launched a series of fund manager conference calls.  

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The cost of running a small business in the UK has entered negative growth territory for the first time in recent history.   

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Around 250 advisers, who have submitted business through Friends Provident, are using free marketing support materials via an online tool on the provider's website every month.  

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As part of its strategy of credible deterrence the FSA has placed great emphasis on bringing criminal actions for cases of insider dealing and market abuse.  

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It's pension woes all across the newsheets lately, with the focus on increasing deficits, poor performance indicators and lack-lustre stock markets.  

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Friends Provident is warning people that the clock is ticking and there are only 30 days left to buy back missing National Insurance (NI) contributions to top up their State pension before the Government hikes up the cost by 49% on 6 April.  

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The latest United States Bureau of Labor Statistics release shows that the United States economy shed jobs for the fourteenth consecutive month and the unemployment rate rose to 8.1 per cent – the highest level in over 25 year  

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To mark International Women’s Day on 8 March 2009, the Office for National Statistics (ONS) has used recently published statistics to show women’s experiences in the UK labour market.  

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Prudential is to launch a brand new, innovative annuity on 9 March 2009 that provides customers with the flexibility to select the level of income they wish to receive, have it reviewed annually and potentially change it every two years if they choose.  

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British couple becomes first successful reclaimants in Capital Gains Tax case against Spanish Government and paves the way for £140 million British tax rebate  

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The announcement from the FSA clarifying the required structure of the QCF Level 4 qualification as part of the RDR proposals has been warmly welcomed by the Chartered Insurance Institute (CII).  

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With interest rates effectively at zero already, yesterday's cut in base rate to 0.5% is likely to make little (positive) difference to the average person.  

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The announcement from the FSA clarifying the required structure of the QCF "level 4" qualification as part of the RDR proposals has been warmly welcomed by the Personal Finance Society (PFS).  

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The Association of Independent Financial Advisers (AIFA) has today responded to the clarification from the Financial Services Authority's (FSA) on qualifications within the RDR.  

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The Heyday case which has resolved that employers can force employees to retire at age 65 has taken most of the pension headlines over the last 24 hours.   

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Frontier Capital Management LLP (“Frontier”), a specialist multi-asset investment company, today confirms the launch of the IFDS Frontier MAP Balanced Fund (“the Fund”) following approval by the FSA.  

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More baby boomers than ever are engaging in online business networking as the recession forces them out of corporate life, according to a survey by popular business network Ecademy.  

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Nearly a third (29%) of small and medium sized companies (SMEs) reported cash flow problems in the second half of 2008, with 70% citing late payment of invoices as the primary factor  

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With just one month to go before the deadline for ISA investments in the 2008/9 tax year, two thirds of British savers (66%) will miss out on the opportunity to save tax-free by not using their ISA allowance.   

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The level of banks' lending to small businesses rose by £235mn to £54.2bn in January,  

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There was more than a hint of a paradox between two news items in the press yesterday.  

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AXA urges consumers to seek professional financial advice as the UK population turns to alternative sources in the wake of the current economic crisis.  

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Virgin Money's Investor Intentions Index shows severe loss of confidence in 9 out of 10 investment sectors  

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Around 2.2 million UK adults aged 45 and above are delaying their retirement in 2009 due to the state of the economy and the falling value of their investments  

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Eight boutique wealth management firms have today announced an alliance that aims to plug the gap in the market for independent, customer-focused advice.  

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Total UK personal debt at the end of January 2009 stood at £1,457bn. This has slowed further to 3.1% in the last 12 months which equates to an increase of £42bn (the increase was £116bn in January 2008).  

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Reading, writing and arithmetic are widely regarded as the essential building blocks of learning, but during these days of economic turmoil it seems another R is now being added to children's education - recession.  

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Friends Provident has appointed Lillian Goldthwaite as Manager of its Fund Strategy and Selection Group (FSSG), and Victoria Blake as Fund Strategy and Selection Manager.  

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The financial services industry should follow the examples of manufacturers like Fiat, OXO and London Taxis, who have all come up with products that can be used easily by older people as well as the mainstream market  

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Over a million new building society accounts (net of closures) were opened in 2008, building societies reported today.   

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Today Standard Life launches the 'Death of Retirement' report, which acknowledges a fundamental shift in people's attitudes towards retirement.    

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A Bank of England decision to cut interest rates again this week would be bad news for almost everyone connected to the savings and mortgage markets, according to the Building Societies Association (BSA).  

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IFA Life, the social networking website for IFAs and financial planners has signed up its 1,500th member just seven months after launch.  

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The announcement that the ifs Level 4 Diploma for Financial Advisers has received the expected accreditation from Ofqual has delighted financial advisers, keen to have a relevant alternative to old solutions.  

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Is this dirty tricks, 'transparent' government or clever manipulation of a situation to gain public sympathy?  

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Legal & General has completed the recruitment and induction of its new IFA protection field sales team.   

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Even in a downturn, the wealthy are eagerly adopting the latest in mobile device functionality on smart phones like the BlackBerry and iPhone, according to the Luxury Institute's (www.LuxuryInstitute.com) just released WealthSurvey: The Wealthy & Mobile Devices -- Evolving Uses.  

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'Total world economic output will fall in 2009 for the first time since 1946’ says leading economic consultancy.  

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Will the OFT kick the banks while they are down?  

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The Mail Online yesterday included an article by Dr Ros Altmann. If you don't know who she is, Dr Altmann, former adviser to 10 Downing Street, is more recently known to many as a 'pensions champion' for her work in forcing the government to extend the Financial Assistance Scheme to tens of thousands more wind-up victims than it originally intended.   

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The news that Standard Life is consolidating jobs is an important signpost in the rapidly changing landscape of provider distribution.  

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Many have no hope of paying off debts in their lifetime.  

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Fixed rate mortgages equate to three quarters of the deals on offer to first time buyers, but with rates as much as seven times base rate, there is little incentive for new borrowers to get on the first rung of the ladder.  

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The Telegraph yesterday produced an excellent article aimed at pension scheme trustees and their advisers.  

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Despite the economic down turn, adult children are continuing to ‘sap' their parents' savings and investments, according to new research from Scottish Widows  

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Friends Provident announced its critical illness claims figures for 2008 today.   

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New figures released today by The Co-operative Bank Mortgages show that the number of mortgage customers making overpayments has increased by 50% in the last year alone.  

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The big story of the day, appearing in most of the press, is Royal Mail's burgeoning pension deficit  

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The number of young people who are buying life cover and other forms of financial protection is at an all-time low.  

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Banks are supporting individuals and businesses British Bankers' Association Chief Executive Angela Knight said today.  

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Commenting on the announcement that the Comparison Consortium will work with ABI to agree a new industry code of practice for price comparison websites, BIBA Chief Executive, Eric Galbraith, said:  

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Parents could be facing a bleak future, owing to the rise of the ‘bungee brood' a generation of young adults who may never sever their links to the parental purse strings, according to a new report released today from The Children's Mutual and the Social Issues Research Centre (SIRC).  

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When I read this article by John Redwood MP, I paused at the sentence:  

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The Institute of Financial Planning (IFP) announces its satisfaction that approval of the SIIM in Wealth Management has been granted by the Financial Services Skills Council.  

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New research from Abbey Savings gives the strongest indication yet that Britons are planning to save their way out of recession rather than spend.    

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UK banks are helping more small businesses new government figures reveal today.  

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Research by insurer LV= has revealed that more than five million Brits (12%) plan to cancel or reduce one or more of their insurance policies over the next 12 months, in a bid to save money during the recession.  

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It will be interesting to see if this is one of those 'Yes Minister' moments. You know: Government has a problem and comes up with a possible solution. It knows that this is likely to create a storm in the press.   

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Legal & General is deploying a new sales analysis framework to identify where advisers need to focus to increase their effectiveness when selling protection.  

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Scottish Life, the pensions specialist arm of the Royal London Group, has announced a strengthening of marketing and technical support for IFAs on a nationwide basis.  

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Confidence in ability to access bank lending drops from 73% to 6%  

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New statistics were published today by the Council of Mortgage Lenders on mortgage arrears and possessions.  

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A leading tax expert is warning employers making redundancies not to assume staff will automatically receive £30k tax free benefit when they leave their job, even though special tax rules allow MP's to pocket the entire amount.  

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With interest on most savings accounts giving very little return for investors, the time is ripe to choose your bank wisely – by getting several of them to bid for your money, says a City investment expert.  

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Almost half of UK savers have been forced to dip into their investments since the onslaught of the credit crunch, while 14 per cent have either stopped saving or reduced the amount they save.  

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Tensions between shareholders and pension liabilities rising  

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Before the credit crunch began, more Britons were planning to retire abroad that ever before. ONS figues released at the end of 2007 showed that there were almost 600 people emigrating every day.  

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Today’s environment a brilliant opportunity for inheritance tax planning, argues WAY Group – lower property and equity portfolio values will ultimately reduce CGT liability and pay dividends when ring-fenced by longer term IHT wrappers.  

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The Government today launched a consultation document on secondary legislation to establish a UK dormant accounts scheme.  

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Brits are considering ditching their cars and cycling to work instead, according to research from moneysupermarket.com.  

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Fig, Factoring in Growth, available at www.fig.uk.net; is a new and unique website that allows the IFA and Mortgage Broker community to provide their clients with access to leading Invoice Finance providers.  

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Vast majority of owner-managers continue to suffer from the freeze in bank lending and credit facilities, according to Clifton Asset Management survey.   

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Consumers have lost trust in banks, according to new research from Which?. Over a third of people (37%) think that banks can't be trusted to act in the best interests of the UK economy.  

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The Association of Independent Financial Advisers (AIFA) and the Association of Mortgage Intermediaries (AMI) have today issued a joint statement announcing the formation of a "Regulatory Fees Strategy Group".  

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I know that quite a few advisers that receive these news updates are actively involved in dealing with pension transfer analysis from defined benefit schemes.  

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A growing number of UK adults are caught in a dilemma of wanting to support their parents financially, but not having the funds to do so, a report reveals today.  

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As the Internet becomes the first port of call for consumers looking for information on financial matters, it is essential that IFAs and financial planners have both a compelling and visible presence online which accurately reflects their ‘real-life’ image and reputation.   

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With the banking sector under intense pressure about excessive boardroom bonuses, it comes as a bit of a surprise to find that the Financial Services Authority is about to increase its reward package for its 2,800 employees.  

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From Monday 16th February 2009, ten J.P. Morgan Asset Management Luxemburg domiciled funds will be available to advisers via Cofunds, the UK's largest independent investment platform.  

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Joshua Raymond, Market Strategist at City Index commented:  

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The Bank of England's forecast that the recession will be over by the autumn is defensible but GDP may fall by more than the Bank expects in the interim and the subsequent recovery is likely to be much slower than projected,"  

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Friends Provident is inviting advisers to register for the next online seminar, which will take place at 10 am on Tuesday 24 February.  

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IFA Life has teamed up with world-renowned networking expert Andy Lopata to offer help, advice and resources for IFAs looking to maximise the number of referrals they receive from clients and professional connections.  

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The Association of Independent Financial Advisers (AIFA) has today responded to the Financial Services Authority's (FSA) business plan and the proposed increase in regulatory fees that will hit the IFA sector.  

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Britain’s recession-hit, silver surfer pensioners are fighting back by striking gold on the American share markets.   

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Standard Life did itself no harm yesterday in announcing that it would immediately remediate all investors in its Pension Sterling Fund.   

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Further to our earlier statement, the Financial Services Authority (FSA) has issued the following fuller account of the issues relating to the risk function at HBOS, raised at the Treasury Select Committee on 10 February 2009.  

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The ABI (Association of British Insurers) has launched a three-stage plan to help restore confidence and trust in European financial services.  

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Until the credit crunch appeared, one of the largest figures we were subjected to was the cumulative deficits of pension funds.  

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The amount Britons raided from their savings in the last three months fell by £204 (40%) compared with the same period last year (£506 to £302)  

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A 12-year financial reality study by Alliance Trust has found that UK consumers face the worst all-round financial situation yet, caused by a sharp fall in economic growth, soaring unemployment and a continuing drop in the value of their net wealth.  

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New research by the Carbon Disclosure Project (CDP) with responses from 80 of CDP's signatory investors across the globe revealed that three-quarters factor climate change information into their investment decisions and asset allocations.  

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Baby boomers facing the choice of either early retirement on good pension plans or struggling through a recession where they are not appreciated or valued by their younger bosses; are likely to take the initiative and leave employment now.  

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I've always thought of commission as a genuine marketing expense incurred by product providers. Whether IFAs choose to avail themselves of it and if they do, by how much and in what form, is up to the IFA.  

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Businesses across the country may have missed out on lucrative sales deals as their sales executives took unnecessary 'duvet days' during the recent bad weather, says leading sales expert Andy Preston.  

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Latest Government report claiming almost everyone will be better off saving in personal accounts is fundamentally flawed.   

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The Pension Protection Fund (PPF) today (Monday) published the Trustee Good Practice Guide to help pension scheme trustees understand what is needed to complete its  assessment period in a timely and effective way.  

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Despite the current record low interest rates and speculation they may drop further, consumers are already planning for rates to rise in the year ahead.  

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The average number of transactions per surveyor showed little fluctuation over the last three months despite buyer interest rising for the third successive month  

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Inflation and pensions share a love-hate relationship as low inflation transfers through to reduced prices on the high street. However, this might not help all pensioners as recent figures show that 40% of pensioner spending goes on food, council tax and energy.  

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Wizard Learning has completed its full range of practice examination packages for the Chartered Insurance Institute’s (CII) Diploma in Financial Planning exams, J01 – J07, with the launch of J03 Tax and legal aspects of business online study aid.  

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Latest research showed that over one million (20 per cent) British 18-24 year olds either returned home to live with their parents in 2008, or stalled plans to move out, in order to save money.  

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Activity across all sectors eased back in the fourth quarter with most headline indicators falling to new lows, says RICS' Commercial Property Survey published today (9 February 2009).  

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Lloyds Banking Group is urging its customers to remain on guard against internet scams, following the launch of the combined Group.  

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There's quite a lot of pension related news today covering a wide range of areas from pension transfers, through to the Government's response to the consultation of GMP conversion.  

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The Financial Services Authority (FSA) today published a consultation paper setting out proposals for the regulation of sale and rent back (SRB) schemes designed to reduce consumer detriment in this growing area of the housing market.  

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Protection specialist LV= has created a Marketing Toolkit to help financial advisers revisit their existing clients.  

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For every person benefitting from the Bank of England's decision to cut interest rates, three people will be worse off.  

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Following the decision by the Monetary Policy Committee (MPC) to cut the Bank of England Base Rate, Nationwide Building Society today announces that it will decrease its Base Mortgage Rate (BMR) from 3.50% to 3.00% from 1 March 2009.  

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Responding to the Department of Work and Pensions report1 "Saving for Retirement: Implications of pensions reform on financial incentives to save for retirement", National Association of Pensions Funds Chief Executive, Joanne Segars, said:  

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The Chartered Insurance Institute (CII) has awarded Scottish Widows Investment Partnership's (SWIP) Intelligence Centre CPD accreditation.  

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The recent financial crisis will help move ethical investment into the mainstream this year as an increased number of investors will seek reassurance that their money is being invested responsibly.  

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Fidelity FundsNetworkTM has slashed its SIPP annual charges, meaning that any new investments of £150,000 and above now attract no annual fee.  

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NatWest and RBS today announce that they are to make an additional £3bn funding available to SMEs in 2009.  

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Paul Lothian, President of the Personal Finance Society (PFS) and Fay Goddard, the Society's CEO each won an award at prestigious Professional Adviser awards dinner held at the London Hilton.  

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Cancelling an existing protection policy because times are tough could cost thousands to replace.  

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Yorkshire Building Society is this week launching a new savings account for older savers.  

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Millions of consumers are still reliant on credit for day-to-day living costs in 2009 according to the Post Office® Credit Card's latest Consumer Credit Report.  

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To help people better understand and plan for their retirement, financial services company Edward Jones will be holding a educational seminar in Plymouth on 12 Feb.  

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Transferring from a defined benefit scheme requires a great deal of thought given the nature of promises that lie behind such schemes.  

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The Building Societies Association has today called for the Bank of England not to cut the base rate further on Thursday.  

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Joshua Raymond, Market Strategist at City Index commented:  

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The ABI is pleased to announce that Dane Douetil, CEO of Brit Insurance, and Trevor Matthews, CEO of Friends Provident, have been appointed to the Board of the Association.  

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It is the speed of the fall into recession that appears to have taken many companies by surprise. Company cash flows are suffering as a result, and consequently employers are looking at ways to reduce outgoings.   

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evolve Fund Services Limited, in conjunction with Andrew Derry Esq. of Newton Fallowell announces the launch of St. Joseph Fund seeking to acquire discounted new build property direct from East Midland developers.  

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RSA survey reveals that at least 1.4 million Britons think that committing insurance fraud is more acceptable now than 12 months ago because of the challenging economic climate.  

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The Co-operative Bank today 2nd February 2009 unveiled a radical new Ethical Policy.   

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30,000 staff missed work this time last year and figure set to soar today  

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Many IFAs have been galvanised into embracing online and social media marketing, because they are facing tougher business conditions and are now realising how important the Internet is becoming.  

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Social networks must develop a more serious focus and move beyond simply allowing people to meet and communicate if they really want to make headway in 2009, warns Societal Web expert William Buist.  

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Leading annuity provider LV= has announced it has entered into a partnership with Assureweb1 to launch a new annuity quotation service  

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Friends Provident announced today that it has enhanced its Critical Illness Cover (CIC) by extending the list of conditions covered under its plan to 36.  

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Life expectancy in the UK has increased by 26 per cent for men and 14 per cent for women in 20 years, making equity release a real option for homeowners of retirement age as pension pots continue to shrink  

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If there's one topic guaranteed to start a lively argument, it's the subject on what to do with public sector pensions  

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John Charcol explains the factors currently influencing mortgage decisions  

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An increasing number of savings accounts are offering introductory bonuses in order to get into best buy tables and attract retail funds.  

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Founder and self-confessed serial networker advises on being proactive during downturn  

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The current economic climate has further raised the issue of the inequities of mandatory retirement at age 65.   

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Nearly a third (31%) of first time expectant mums are more scared about not having enough money for their new baby than they are about physically giving birth  

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The University of Manchester today published the findings of their three year study into the effectiveness of standalone qualifications in personal finance.  

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In a Report today the Treasury Committee calls for the Government to do more to ease the flow of credit.   

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Pension news in the media over the last 24 hours:  

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Nick Serff, Market Strategist at City Index commented:  

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AXA Winterthur Wealth Management ("AXA Winterthur") has partnered with the Chartered Insurance Institute (CII) to offer advisers preferential terms to CII Financial Planning qualifications.  

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Friends Provident 2008 trading update - Making good progress  

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Commenting on the UK officially being in recession, Kevin Mountford, head of banking at moneysupermarket.com, said:  

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The Association of Mortgage Intermediaries (AMI) has called for the accelerated implementation and launch of the banking proposals announced by the Government earlier this week.  

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Not everyone looks forward to retirement according to research by Friends Provident.  

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When the upturn in the economy arrives, large numbers of IFAs will be unprepared and will miss out on renewed enthusiasm in the markets because they have not carefully planned their marketing activities.  

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We believe that the appeal judgment will be announced in the next month. In the event of the judge's original decision being upheld, the banks will have the option to take their appeal to the House of Lords as would the OFT should the banks win the appeal.   

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Britain’s biggest pensioner organisation, the National Pensioners Convention (NPC) has called on the government to strengthen the state pension system in light of reports casting doubt on the future of decent company pension schemes.  

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IFAs who use social networking websites are not only getting valuable help and support for their business, but are finding jobs, new clients - and it's good for their health too!  

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This is a powerful article from Deborah Hargreaves at The Guardian.  

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Scottish Life, the pensions specialist arm of the Royal London Group, has launched an enhanced investment proposition, introducing a range of governed investments for the individual and group pensions markets.  

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Zurich is today releasing its critical illness figures for 2008 reporting a six per cent rise in the total number of claims paid out compared to 2007.  

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Childcare and education remain biggest costs, over £50,000 each Eight out of ten parents cut back on spending as credit crunch bites  

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Leading Child Trust Fund provider, The Children's Mutual announces the launch of a direct wills creation service in association with wills and probate experts, Flint Bishop solicitors.  

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Lord Turner, chairman of the Financial Services Authority (FSA), today addressed the root causes of the current global financial crisis and set out the implications for regulation and the future shape of the financial system in a lecture in the City.  

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Advisers voted product and service as the most important factors in determining which provider they would recommend for Business Protection, according to a recent survey conducted by Friends Provident.  

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 Legal & General's first report in a quarterly series looking at IFA confidence levels in the Protection industry shows that advisers believe that sales are holding up well. 

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I came across this article today and thought it worthy of bringing to your attention. It's about the way pensioners' savings are treated in calculating pension credit  

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Britannia and Co-operative Financial Services Boards recommend merger to create new super-mutual as an ethical alternative to shareholder-owned banks  

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Gross mortgage lending reached an estimated £12.6 billion in December...  

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New research from Lincoln Financial Group reveals that two fifths (41%) of the UK's population will run out of retirement income by the time they reach the age of 85  

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Mortgage lenders have so far failed to pass on the full impacts of base rate cuts into new mortgage deals, instead opting to pass on part of the cut and increase margins.  

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ABI guidance on insurance claims has helped halve long-term protection complaints to the Financial Ombudsman Service (FOS) since it was introduced in January 2008 according to new figures.   

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"However necessary these measures are, the bigger question remains - why are we, the taxpayer, being asked yet again to bail out businesses that have been managed irresponsibly in recent times?  

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When Standard Life wrote down their Pension Sterling Fund by 5% recently I wonder whether they knew what kind of backlash to expect from investors.  

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The Council of Mortgage Lenders welcomes the broad thrust of the package of announcements designed to support lending in the economy, and will now examine the detail as it emerges.  

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Leading wealth management lawyers, Moore Blatch, is warning people that the HMRC is going to be cracking down on Inheritance Tax gifting loopholes  

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Competent Adviser and FinQS have joined forces to launch a pilot system providing financial service firms with a comprehensive TCF solution to prepare for the FSA’s ARROW visits.  

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UKSIF, the membership association that promotes sustainable and responsible financial services, has today changed its name to better reflect its aim of advancing sustainable investment and finance.  

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The Financial Ombudsman Service (FOS) has published for consultation its proposed budget for 2009/10. The Association of Independent Financial Advisers (AIFA) has welcomed the  

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Speaking at the ABI's conference on the Future of Retail Distribution in Financial Services, ABI Director General Stephen Haddrill said:  

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New research from Standard Life has revealed that 30% of the population think middle age hits between 46 and 50.  

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Norwich Union today announces the regular and final bonus rates on its with-profits policies.  

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Professional Pensions publication leads with an article about the latest research from Buck Consultants about employer attitudes to pension provision for employees.  

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Joshua Raymond, Market Strategist at City Index commented:  

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The Building Societies Association supports the Government's overall objective in helping support homeowners facing financial difficulties via the proposed Homeowner Mortgage Support Scheme.  

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The Financial Services Authority (FSA) has today confirmed that it will extend its disclosure obligation for short selling of stocks in UK financial sector companies until 30 June 2009.   

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Research shows the credit crunch is encouraging more consumers to scrutinise their investment portfolios, while more risk-averse consumers can see long term buying opportunities, which is good news for advisers says AXA  

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Latest research from Life Trust reveals that '…one in 10 adults currently working feel that, in light of the current economic crisis, they now expect to have to...  

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The flight from equities continues, with over a quarter (28 per cent) of stock market investors saying they have moved some or all of their money into more cautious investments, such as cash or bonds, in the past six months  

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Nearly a quarter of Brits (23%) can no longer afford to retire at the time they had planned,  

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Continuing from my comment yesterday about compound interest, an old colleague of mine Tom McPhail reveals some interesting figures in an article in What Investment out today.  

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Morningstar, Inc. (NASDAQ: MORN), a leading provider of independent investment research, today released its analysis of fund performance for 2008 for the European fund universe.  

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The Personal Finance Society (PFS) has co-opted Peter Mann, Chief Development Officer of Skandia UK to its Board.  

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The average number of transactions per surveyor fell to a record low in December despite buyer interest remaining strong says RICS' UK housing market survey published today (13 January 2008).  

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ISO 22222 has been extremely popular with financial advisers and as the leading ISO 22222 independent certification body we are delighted to announce that financial planners wishing to join our certification scheme from now until June 2009 may now be eligible for up to £1,000 funding towards gaining the ISO 22222 certification award with Standards International.  

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Fidelity and FundsNetwork are pleased to announce the renewal of their ever popular Adviser Workshops for 2009. The workshops will run at 29 venues nationwide, commencing on 2nd February.  

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I thought this was an interesting article for several reasons, but not least because of this quote: 'You're going to learn to love your pension. To see it as a gorgeous big cake that you'll start baking early, watch rise and feast on in your dotage.'   

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The Co-operative Asset Management has created a new sales team in preparation for a major drive to bring its responsible investment expertise to the intermediary market.  

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Unexpected changes to the way the taxman applies Inheritance Tax rules could leave will executors facing huge tax bills years after someone has died.  

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Over ten million people in the UK could have unsuitable protection cover after failing to update their protection policies, according to research released today from Barclays Financial Planning.   

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Financial social networking website IFA Life has launched an online Charity Board for IFAs and Financial Planners to highlight and promote good causes which they support.  

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The Financial Services Authority released a statement earlier this week aimed at advisers giving savings and pension advice.  

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Over half of us are talking more about our personal finances than 12 months ago  

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Bupa Individual Protection is reducing the cost of its award winning critical illness cover by an average of three percent with immediate effect.  

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This year marks the 130th anniversary of the ifs School of Finance.  

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Friends Provident announced today a review of its with profits bonus rates.  The key points are:  

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GBP up against EUR to 1.12, but how long might a recovery run?  

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The Bank of England’s Monetary Policy Committee today voted to reduce the official Bank Rate paid on commercial bank reserves by 0.5 percentage points to 1.5%.  

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Given the daily delivery by the media of company failures, speculation is mounting about the Pensions Protection Fund's ability to cope with the expected number of defined benefit pension schemes 'failures'.   

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Retail reporting season commenced with updates from Next and Debenhams on Tuesday and Marks & Spencer on Wednesday.  

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The Financial Services Authority (FSA) is today publishing a consultation paper setting out proposals for speeding up the payout of compensation to make it possible for customers to get back their money within seven days if a bank fails.  

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With the Bank of England expected to announce a further cut to the interest base on Thursday, Which? chief executive, Peter Vicary-Smith, says:  

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With corporate profit margins being squeezed in most sectors and particularly evident on the High Street, it is little wonder that Marks and Spencer has looked to its final salary pension scheme to reduce costs.  

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17% fewer residential mortgage borrowers are taking variable rates, despite cuts in base rate.  

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More business owners are waking up to the benefits of going green according to a survey of small business owners.   

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After a torrid year for credit markets, marked by severe illiquidity and record levels of volatility, Fatima Luis, manager of the F&C Strategic Bond Fund, remains cautious over the medium term while anticipating a turning point during the latter part of 2009.  

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Fidelity FundsNetworkTM today announces the details for its increasingly popular annual Investment Forum in London.  

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Norwich Union Healthcare today announced a major enhancement to its Optimum Private Medical Insurance product, designed to help customers tackle one of the leading causes of employee absence.  

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The Financial Services Authority (FSA) is today proposing to extend its temporary disclosure regime for significant net short positions in the stocks of UK financial sector companies until 30 June 2009.   

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Saga Financial Services, the voice of over 50s, today announced that it supports efforts proposed by David Cameron to help savers who are the innocent victims of the credit crunch.  

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Pensions News update from MyCompanyPension.co.uk  

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Nationwide's announcement to not reduce the costs of its tracker mortgages any further to protect its savers has been praised as a smart move by customer service specialists at Abeo Consulting, who say that by doing so, Nationwide is supporting the principles of 'Treating Customers Fairly'.  

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US Sales Technology specialist labels “instant” financial plans as being like instant coffee – low in quality and short in substance.    

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The latest Lloyds TSB Scotland Business Monitor shows the Scottish economy continuing to struggle and facing a challenging 2009.  

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The full report of a survey on pension trends in firms with 250 or fewer employees, published today (5 January 2009), has found 91% of defined benefit schemes in the sector are closed to new entrants and half are also closed to future accrual.  Worryingly, savings into defined contribution schemes in the sector are much the same as in 1996, when this series of surveys started.  

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With new levels of Child Benefit coming into effect from January 5, leading Child Trust Fund (CTF) provider, The Children's Mutual has welcomed the move calculating that 2009 newborns could benefit from a collective lump sum of at least £15.4 billion if families were able to save their Child Benefit into their CTF account over 18 years.  

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Commenting on the return of Alliance & Leicester's £100 switching incentive, Kevin Mountford, head of banking at moneysupermarket.com said:  

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Alliance & Leicester is urging people to start the New Year with a financial boost, by offering £100 to those who switch to Alliance & Leicester from Monday 5 January 2009.  

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Commenting on the return of Alliance & Leicester's £100 switching incentive, Kevin Mountford, head of banking at moneysupermarket.com said:  

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After a dramatic year in which the credit crunch turned into a full-blown financial crisis with takeovers and nationalisations that would have been unthinkable a year ago, we are now on the brink of what we think is likely to be the most difficult year for the United Kingdom real economy since the Second World War.  

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As the cost of living continues to increase and economic instability remains, new research from insurer Zurich reveals there is still an opportunity for advisers to help Brits address their protection needs.  

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New research claims that millions of Britons have inherited a so-called ‘spending gene', which governs whether they become spenders or savers.  

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100 years after the first state pension was claimed, many of today's pensioners and people saving for retirement think the basic state pension would have to double in order to provide a comfortable retirement according to new research, from Friends Provident.  

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Norwich Union Healthcare today announced Once Only Underwriting its new medical underwriting approach for new and existing Group Income Protection customers.   

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Looking for the best deal can lead to over £2500 in savings over a year  

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New research commissioned by the ABI shows that almost half of British consumers will make it a New Year's resolution to save more money for the future. And over 50% say they are more likely to make that resolution given the current economic climate.  

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Angus Rigby, Chief Executive Officer, TD Waterhouse comments:  

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Differentiation, regular interactive communications and blending of old and new marketing methodologies required for IFAs to prosper in 2009    

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80% of drivers think they might have been over the drink drive limit the morning after a night of drinking, according to an AA Populus poll of 11,388 drivers.  

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Aggressive discounting on the high street and falling prices at the petrol pumps has caused a sharp fall in inflation expectations, according to the latest Consumer Barometer from Lloyds TSB Corporate Markets.  

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The dollar dropped for a fourth day against the euro before US housing and manufacturing reports this week that may show the world’s largest economy is slipping further into a recession.  

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Never has it been more at the forefront of people's minds to save and plan for a secure 2009.  

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On New Year’s Day 2009, millions of Britons will be waking up in a state of anguish and confusion about where they are, what their name is and why anyone would do this to them.   

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The Financial Services Authority (FSA) has announced that it confirmed on 23 December the proposed transfer of the engagements of the Barnsley Building Society to the Yorkshire Building Society.  

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The Share Centre identifies ten shares that could benefit from a penny-saving Christmas  

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The next 12 months could make or break the UK housing market, according to the National Association of Estate Agents.  

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House prices look set to fall further in 2009, resulting in a peak to trough price decline of at least 25 percent, says RICS' housing market forecast.  

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'Tis the season to be silly - and some of the claims people make when they make a claim to their insurance company do bring a seasonal smile.  

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As we head into 2009, volatility and uncertainty continue to be the dominant themes in US stockmarkets. Each new piece of economic or corporate news seems to add to the gloom, whether it concerns consumer expenditure, job losses, manufacturing or the service sector.  

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Credit crunch means spending time with family and getting fit take a back seat  

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New research from Halifax has found that children living in the East Midlands have the highest savings balances in proportion to pocket money.  

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Which? has slammed NatWest for refusing to tell a family why it is threatening to repossess their home.  

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A new study by financial website Fool.co.uk reveals that one in 10 people (11%) have not been put off investing during the credit crunch. They will capitalise on cuts in interest rates by ploughing more money into the stock market.  

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Norwich Union, part of Aviva, has returned £10m of unclaimed cash to its customers.  This follows the announcement last year of Norwich Union's intention to return £40m of unclaimed assets to 40,000 customers.  

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 More than a quarter of people questioned in the Fairinvestment.co.uk Christmas poll are not worried about money this Christmas, despite rising unemployment and living costs

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One in ten people are capitalising on the credit crunch  

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The scene for 2009 is being set by a sequence of significant events in December.   

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Despite the turbulence in the stock markets in the past months, SWIP is confident in continuing to find great European securities.    

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The Financial Services Authority (FSA) has today launched a discussion paper on consumer responsibility to explore what steps the regulator or others could take to help consumers understand and protect their own best interests  

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Thought you might be interested in this breaking news:  

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Gross mortgage lending reached an estimated £14.6 billion in November according to the Council of Mortgage Lenders.  

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The number of people looking for new ways to make or save money in the build up to Christmas has risen dramatically in the last two months.   

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House prices across the UK plummeted in November, according to the monthly market report from the National Association of Estate Agents (NAEA).  

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The Association of Investment Companies today published the results of their sixth poll of investment company fund managers to gauge their views for the year ahead.  The AIC received responses from fund managers representing £23billion of assets, over a third of the AIC's Membership by assets.  

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Months of negative news about the economic downturn paired with precious little coverage of the opportunities it is creating means most people are unaware of how to profit from it, Nick McDonald says.  

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Flexible retirement is a great idea in principal but in practise, it is proving difficult for many employers to justify the extra costs associated with a mature workforce.  

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UK Equity Release Market Predicted to Double to £2.4 Billion by 2013  

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Gloves, slippers and socks are out - stock market investments are in  

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Downturn makes people postpone key life plans for 2009  

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Well you genuinely couldn't make up this pension blunder even if you'd thought long and hard enough about it. Breaking news late yesterday revealed that tens of thousands of public sector employees have been overpaid pension benefits for decades.   

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Figures released today show that inflation fell again in November marking two consecutive falls from its September peak.  

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Throughout December, Scottish Widows will be donating one pound to the British Heart Foundation for every Scottish Widows Protection For Life policy sold.  

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Norwich Union, part of Aviva, announces today its plans to launch The Future Adviser Programme, a pilot initiative designed to encourage high-calibre graduates to enter the financial advice profession.  

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Legal & General is encouraging brokers to go through their client databases and contact anybody that has taken out a tracker mortgage without protection.  

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The Association of Mortgage Intermediaries (AMI) has today outlined the latest results of its mortgage intermediary barometer.  

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The results of the 2008 TD Waterhouse Investor Confidence Index show that overall, just over four fifths (86%) of investors surveyed continue to hold shares in either UK or international companies, despite a year of economic and market turbulence  

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With Christmas just around the corner, Halifax examines how consumers' spending habits are changing in preparation for a 2008 credit crunch Christmas.  

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More than a year after the introduction of the Inheritance Tax (IHT) transferable nil rate band (NRB), nearly three out of five people are still unaware of the new rules and the tax implications  

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This month's best selling funds and sector data from Fidelity FundsNetwork™  

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Credit card companies have agreed with Government a new set of 'fair principles' that will put an end to overnight hikes in credit card charges and give much needed breathing space to borrowers struggling to repay their debts.  

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SHIP (Safe Home Income Plans) - the trade body that represents 90% of regulated UK equity release providers - reveals that the average single pensioner relying on state pension will have £205.17 eroded from their 2008/09 financial year's income  

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I don't hold with the argument that if the media stops talking about recession then it won't happen. These are unchartered waters for a whole generation which has enjoyed relative prosperity and job security.  

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James Hay has added the highly acclaimed Cazenove UK Absolute Target fund to its Wrap & Collect platforms.  

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Money website Fool.co.uk acknowledges the move by credit-card companies to "play fair" with customers. But many customers are still missing out on  

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A couple of innovative services have been launched this week. The first is  

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There are a couple of documents produced by DWP that look into the reasons why employees may join or opt out of Personal Account when they are introduced in 2012.  

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As the turbulent markets look set to continue for the foreseeable future, there is plenty of opportunity for advisers to help their clients weather the current economic storm.  

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The agreement, which supports Friends Provident's strategy, includes every aspect of the technology infrastructure including software, hardware and services.  

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As the base rate falls by 2.5%, six loan providers increase rates by up to 2%  

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The Financial Services Authority (FSA) today responded to the latest survey of regulated firms by the independent Financial Services Practitioner Panel.  

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 The Institute of Financial Services, the professional body arm of the ifs School of Finance, has highlighted the increasing relevance of membership following publication of the RDR report.

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There were 39,900 house purchase loans in October, worth £5.5 billion, according to new data from the Council of Mortgage Lenders.  

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The onset of the ‘credit crunch' has kept savings at the top of the agenda for Brits, almost one in three (29%) say they have cut back on their spending and are trying to save more - with the younger generation even more keen to save (36%).  

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I wonder if this will change the public's perception of the pension industry?  

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If you want to do business with accountants, the chances are that you have probably found it difficult to win them over in the past.  

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Due to a leak, the FSA rushed out its report on Quality of advice on pension switching on Friday, ahead of the scheduled release this week.  

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Friends Provident has enhanced its business tracking alert service Event Manager, enabling advisers to monitor changes as they occur across their entire pipeline.  

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A year after calls for investment warnings on all buy-to-let mortgages, the FSA has taken no action. With the number of loans in arrears approaching 2% and repossessions now standing at 0.22% the scale of the problem calls for immediate regulation.  

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With household debts and unemployment at a high, moneysupermarket.com urges consumers to safeguard their finances and improve awareness of life insurance policies such as income protection and Critical Illness Cover (CIC).  

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The typical eighteen year old will need a staggering £1,745,739.82 in today's money in order to sustain an average standard of living until they die.  

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 There's a headline tucked away in this morning's news that on any other day would have been front page news everywhere

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Fool.co.uk comments on the Bank of England interest-rate decision  

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The Council of Mortgage Lenders welcomes today's rate cut by the Bank of England.  

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One in every three borrowers in difficulty with their mortgage is being transferred from a repayment mortgage to interest-only payments, according to IMLA.    

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Milestone coincides with the business’s most successful month ever in August  

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If you don't know the difference between a pension buy-out and a pension buy-in, then this article is worth a read.  

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The Association of Mortgage Intermediaries (AMI) has called for a 100 basis point cut in interest rates ahead of the Bank of England's Monetary Policy Committee meeting this week.  

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Bank underlines support for small businesses with a six-point pledge to help customers through the current economic downturn  

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Bank of Scotland has today announced that it is finalising negotiations with the European Investment Bank (EIB) to secure £250m in funding to support its SME customers during difficult trading conditions.  

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Friends Provident has appointed Steven Young, manager of e-business, to the forefront of the company's award winning e-business development.  

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Commenting on the outlook for markets in 2009, Trevor Greetham, portfolio manager of Fidelity's Multi Asset Strategic fund, says:  

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In a turn around from this time last year, America is now the preferred equity market for the majority of IFAs.   

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Do you, like me, sometimes do a double take at certain headlines? I couldn't believe this one when I saw it   

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Pension news and articles making the headlines over the last few days:  

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Net mortgage lending by building societies was £413 million in October, an improvement compared to £314 million in September, but still 45% lower than the figure for October last year.   

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Joshua Raymond, Market Strategist at City Index commented:  

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Legal & General Adviser Confidence Index Q4 2008  

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Social networking website IFA Life has introduced a ‘quality mark' to recognise excellence in financial advice websites.  

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Some small businesses could be worse off as a result of a temporary cut in VAT which comes into force on Monday.  

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Legal & General has launched a further tranche in its capital protected investment range.  

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Pension provision is likely to weaken still further as economic hardship takes its toll.  A radical agenda will be needed to persuade employers and employees that pension saving is worthwhile...  

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It was a bad day on the High Street yesterday as Woolworths and MFI both called in the administrators putting thousands of jobs at risk.  

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According to Rachel Vahey, Aegon head of pensions, in Britain we are comprehensively underestimating retirement issues.  

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Responding to the interim Retail Distribution Review statement, published by the Financial Services Authority - Unbiased.co.uk says analysis of its members suggests that IFAs are well placed to meet the challenge of increased professionalism.

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As the Financial Services Authority publishes its Retail Distribution Review, Which? personal finance campaigner, Dominic Lindley, says  

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The Association of Independent Financial Advisers (AIFA) today expressed grave concern at the Financial Services Authority's (FSA) feedback statement on the Retail Distribution Review (RDR), which squanders many of the important advances made in its Interim Report.  

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Moves to ensure customers get top quality financial advice should be supported by the entire financial services sector British Bankers' Association Chief Executive, Angela Knight said today.  

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Simon Clamp, Managing Director UK at Friends Provident:  

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Chris Cummings, Director General of AIFA said:  

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 After a decade of promoting consumption the Government is unable to break the habit.

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The ifs School of Finance welcomes the statement on the professionalism of the adviser market published today as part of the FSA's Retail Distribution Review (RDR).  

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A recent poll by IFA Life reveals an important development in how IFAs are found by consumers.  

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 New research commissioned by AXA to support the launch of its annual My Budget Day campaign reveals that anticipated tax cuts in the pre-budget report are unlikely to boost consumer spending or act as a catalyst for the economy.

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NatWest and RBS has today given the business market place a much-needed shot in the arm with a commitment not to increase overdraft pricing for small businesses, with effect from 1 December 2008.  

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New research from savings provider Birmingham Midshires has suggested that the over 55s are approaching retirement nervously.  

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At the finals of 2008 Online Finance Awards in London this week, IFA Life received recognition as ‘Best Online Financial Community'.  

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Don't forget savings in the Pre-Budget Report' is the ABI's message to the Chancellor, Alistair Darling, ahead of Monday's Pre-Budget Report.  

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The Council of Mortgage Lenders today published quarterly data and analysis on mortgage arrears and repossessions for the first time [see attached "AP Q3 2008 final" analysis], having previously published data on a half-yearly basis.   

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Earlier this month I was asked to see if I could help an employer who had inherited a final salary scheme that was, administratively speaking, in a right mess.   

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UBS will struggle to retain its top talent under its new no bonus pay structure, and may see its most valuable employees leave or poached by others companies as their trust and loyalty wavers, warn HR experts at Leadership Company Dynamic Transitions.  

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F&C have published a free "Guide to Investing for Children", designed to show investors that giving their child a financial head start in life is achievable and how to go about this.  

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New research from Everywoman and NatWest has revealed women business owners have taken over their male counterparts for growth ambition. Their desire to lead the way in SME growth could represent a £12 billion pound injection to a struggling UK economy.  

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A new research study published today by insurance, pensions and investment group LV= reveals a worrying ‘mortgage gap'. Nearly half of the UK's 2.9 million interest-only mortgages (45%, 1.3 million mortgages) have no specified investment vehicle in place to pay off the capital on the loan.  

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Millions of Brits will issue a "payday mayday" next week, as they run out of cash in their current accounts.   

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One of the most common reasons I come across that puts pensions out of favour with the general public is that once contributions have been made, they cannot be accessed until retirement  

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Leading fund manager, Standard Life Investments this week celebrates the 10th anniversary of its £128m European Equity Growth Fund which has produced top decile performance over three years and top quartile performance over two and seven years and since launch.  

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Organisations experiencing a plunge in employee morale and productivity due to fear of redundancy need to take radical action by demanding that senior management take a more active front line role to help rebuild confidence and loyalty, says the MD of  leadership consultancy Dynamic Transitions.  

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Today sees a number of articles discussing the latest published figures on European life expectancy.  

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UK customers of Icesave are starting to get their money back after the Financial Services Compensation Scheme (FSCS) began making payments this week.  

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New figures from Impartial.co.uk, show that British homeowners are dramatically under-estimating the reduction in the value of their properties over recent months.   

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Norwich Union, part of Aviva, this week held a roundtable - to celebrate its 10th Anniversary in the Equity Release market - the great and the good of the sector gathered to debate the future of this market at 76 Portland Place in London.  

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Some 1.5 million pension holders are teetering on the brink of halting their pension contributions in an effort to stave off the effects of the impending recession, according to new research from AXA.  

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I've dealt with several enquiries this week from different scheme members whose employers have begun consultation about changes to final salary schemes.  

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Cranleigh based Informed Choice, a firm of Chartered Financial Planners, wins the top prize at the Gold Standard Awards 2008   

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DWP's quarterly statistics reveal that at May 2008, there were 12.07 million claimants of State Pension, a rise of 229,000 on a year earlier.  

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Prudential announced today that it is reducing final bonus rates on its with-profits policies in response to the sustained downturn across world markets and the continuing poor investment environment.

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Forget the battle of the sexes - it's all about the battle of the stresses.  

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The Chancellor will deliver his 2008 PBR Statement to Parliament at 3.30pm on Monday 24 November.  

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Whilst talk of income tax cuts may seem a welcome solution to the current economic crisis, they would do nothing to help the immediate plight of the 3.8 million self employed workers, who won't see any benefit until January 2010, according to experts at The Tax Advice Network.  

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With difficult times falling on much of the market at the moment, and funding to smaller companies becoming an increasingly high profile and political issue, there is some light at the end of the tunnel from the VCT industry  

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Heathcare was the best performing sector in the UK market in the last recession*, according to analysis by Fidelity International.  

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Those wonderful people at the Financial Services Authority (FSA) never cease to surprise me.   

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The National Association of Estate Agents (NAEA) today calls on the Government to use its Pre Budget Report to help thousands of young people currently priced out of the housing market.  

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Financial social networking website IFA Life has reached 1,000 members four months to the day after its launch this summer.  

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 Advisers need more information and education before they become confident in explaining and recommending ‘Third Way’ retirement income plans according to research conducted by Rayner Spencer Mills

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If you're helping your clients with their retirement planning you might be in a similar position to many pension scheme trustees who sit on their scheme's investment committee.

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IFA Life is giving you a helping hand towards your Christmas shopping  

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Advisers are reporting reduced "not taken up" rates on protection policies having adopted AEGON Scottish Equitable's pre-sale underwriting questionnaire for individual protection products, which was launched earlier this year  

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Moves to support the banking industry and to inject liquidity into the money markets were welcomed by the UK's leading banks as they acted to cut interest rates on mortgages and loans.  

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The key to surviving the Credit Crunch could be to stay single as nearly *half of all Britain's single men admit that the key to saving money is staying relationship-free  

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The proposed end to Britain's opt-out of the 48-hour working week could have disastrous consequences for businesses in the UK, who are currently surviving on the goodwill of employees who work extra hours to survive the credit crunch, warn specialists at leadership consultancy Dynamic Transitions.  

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In the midst of Barack Obama's election victory and his pioneering use of social media to engage with his supporters, social network founder Penny Power delves into the power of conversation marketing in the first of five weekly TV shows on yourBusinessChannel.com.  

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All UK investors caught up in the demise of Icesave have reason to be cheerful now that the Financial Services Compensation Scheme has announced its arrangements for compensation payments  

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The Economic Secretary to the Treasury, Ian Pearson MP, has today announced the publication of statistics on the Child Trust Fund (CTF), which have been released by HMRC.  

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The 9th December sees a unique technology training event for independent financial advisers, when financial social networking website IFA Life teams up with Standard Life to present a special workshop.  

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The Bank of England's Monetary Policy Committee today voted to reduce the official Bank Rate paid on commercial bank reserves to 3.0%  

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Cormac Weldon, Head of US Equities at Threadneedle comments on opportunities in the US depending on the results of the election.  

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Meet the Pensions Regulator at this year's Professional Pensions Winter Show, 19-20 November at London Excel.  

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Democratic Senator Barack Obama is elected the first black president of the United States, as John McCain accepts defeat.  

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Matrix-Data Solutions, the company behind www.MyLocalAdviser.co.uk, has recently conducted a survey of UK IFAs in order to gauge how the current financial market conditions are affecting their marketing strategies.  

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People visit our website through any number of ways, but last month saw a noticeable increase in unique visits through one particular search term:  

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Life insurance group Skandia launched a stinging attack on its own industry yesterday  

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A contentious headline maybe, but of all the pension news articles over the weekend, I've picked out this thought-provoking quote as the best of the bunch:  

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Hope springs eternal for millions of Brits who, despite the current economic turmoil, still believe that one day they'll achieve millionaire status.  

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Norwich Union warns against a nation of retirement regretters  

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Legal & General believes that mortgage networks must rapidly evolve, just as advisers are having to do, in order to adapt and survive the extreme market conditions.  

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Aside of market turmoil and intrusive and expensive legislative and regulatory issues, one of the greatest threats to retirement planning is improved life expectancy.  

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As current political and economic events turn the World's attention to the country, Garrett Fish says some US large cap stocks are showing desirable investment entry levels.  

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This Christmas is set to be a far simpler affair for British families, as they rein in their spending.  

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Thousands of private pension policyholders who opted for phased retirement will be coming up for their reviews over the next few months.

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Speech by David Blanchflower at the Keynes College, University of Kent on 29 October 2008.

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New Star's Simon Ward comments on September's monetary statistics  

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Authorised overdraft rates rise by 1.35% despite Bank of England rate cuts, says MoneyExpert.com  

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Cormac Weldon, Head of US Equities at Threadneedle comments on opportunities in the US depending on the outcome of the election.  

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Joshua Raymond, Market Strategist at City Index commented:  

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If you do one thing today, just read this short article and in particular, the last paragraph. To me, it is as profound as it is simple.  

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Despite fears of a looming recession as the FTSE hits its lowest level in over five years, research from Barclays Stockbrokers reveals investors are still retaining their confidence in the market.  

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Bright Grey, a specialist protection business providing flexible menu plans, has extended the definitions of three critical Illnesses it covers and added a further two definitions as from 27 October.  

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As the Treasury Committee publishes the FSA's response to the inherited estate report, Which? chief executive, Peter Vicary-Smith, says:  

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Legal & General Partnership Services Ltd (LGPSL) will be four years old on 31 October, the anniversary of mortgage regulation.  

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Just in case you missed it last Friday, The Pensions Regulator issued A Statement to trustees about current financial pressures.  

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Today marks the end of Incapacity Benefit for new claimants and the era of writing people off and marks the dawn of a new benefit, Employment and Support Allowance.  

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Financial Crisis - World round-up  

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Commenting on the Government's proposal to allow people to buy up to an additional six years of voluntary National Insurance contributions...  

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The Government has just announced changes to the state pension system which will allow more people, particularly women, to retire with a full pension.   

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As Norwich Union and Friends Provident introduce Market Value Reductions (MVRs) on over 1.4 million with-profits policies, Which? personal finance campaigner, Dominic Lindley, says:  

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The Association of Consulting Actuaries has called on the new Pensions Minister, Rosie Winterton, to step in and table an amendment to the Pensions Bill which is due to receive Royal Assent soon.  

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Joshua Raymond, Market Strategist at City Index commented:  

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The ABI (Association of British Insurers) has announced details of its work with the UK's leading annuity providers to speed up the time it takes for Open Market Option payments to be made to pensioners.  

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According to Saga Personal Finance an increasing number of pension providers are introducing arbitrary postcode rating for pension payments.  

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Professional networking platform LinkedIn announce that that they have received strategic investments in totaling $22.7 million.  

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Convincing pension policyholders to shop around using their Open Market Option when they are about to draw their pension benefits is one thing. Finding an Independent Financial Adviser that will want to conduct the business is another.  

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Legal & General has entered into a new partnership with the Money Portal (MP) to offer its independent financial advisers access to Legal & General’s mortgage club  

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The Personal Finance Society (PFS) conference, the first for new PFS Chief Executive Fay Goddard will be chaired by leading city commentator, Justin Urquhart Stewart who will also give the keynote speech at the end of the first day.  

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Fidelity International is pleased to announce that two of its UK equity funds, the Fidelity UK Aggressive fund managed by Aruna Karunathilake and UK Growth fund run by Tom Ewing, have been given new ‘A' ratings from Standard and Poor's.  

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Research from the Association of Investment Companies (AIC) in September reveals that rising food and energy bills are perceived as the biggest financial threat by both the general public and active investors.  

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www.MyLocalAdviser.co.uk, the independent online directory of financial intermediaries, has been revamped and re-launched.  

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Now is the time for banks to help out consumers and for the Government to ensure that the banks are putting consumers at the heart of their business  

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Almost three quarters of IFAs (73 per cent) surveyed by Defaqto plan to respond positively to the Retail Distribution Review by enhancing the professional qualifications of advisers.

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International Investment Bond, Hartford Diamond, provides greater control overfinancial planning for offshore bond investors.

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Prudential is set to help advisers drive down the cost of fund selection and reduce their regulatory burden with the launch of a guided architecture extended fund range, PruSelect.

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HM Revenue & Customs (HMRC) is issuing an alert to anyone filing a Self Assessment tax return on paper - submit your return by the end of October, or risk a £100 penalty.

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With the advent of 'A-Day', (aka 'pension simplification'), most of which came into force on 6th April 2006, everyone associated with retirement provision in the UK had to cope with huge changes to pensions legislation.

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NUS survey shows half of working students are doing so to meet basic cost of living, with many admitting their studies are suffering.  

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AXA is hosting a major debate for HR professionals to examine whether businesses should play a leading role in ensuring the financial wellbeing of their employees.  

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Education expert says good maths tuition plays key role in our futures.  

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As a TPAS adviser, one of the cases I've dealt with recently involved a 63 year old male who'd been advised to transfer his personal pension from one product provider to another, in 2006  

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Today, AXA Winterthur Wealth Management ("AXA Winterthur") announces its new business model, which is designed to maximise the strengths that both AXA and Winterthur offer advisers.  

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Over a week since the base rate was cut by 0.5 per cent, only two out of 59 building societies have announced they will be passing on the reduction in full to their borrowers on standard variable rate mortgages.  

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At today's Fundamentals briefing, Tim Drayson, Economist at Legal & General Investment Management discussed why the US financial crisis will not necessarily mimic the extended period of anaemic growth and falling asset prices that has plagued Japan for more than a decade.  

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On average public sector pensions are now worth 21% of salary compared to a typical private sector defined benefit scheme worth 20% of salary and a typical private sector defined contribution pension worth 7%.  

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Three in every four people fear the credit crunch will damage their wellbeing and not just their wallets, according to a survey of 10 of the UK's biggest cities, by health and care company Bupa.  

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I don't know whether it's because I work in financial services that I'm sensitive to particular key words that pop-up in conversations. Last night I walked into the pub after a game of squash and...  

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Responding to demand from IFAs for a simplified approach to Internet marketing, IFA Life has launched a club to help IFAs kick-start their use of the Internet as a tool to raise their profile online and to add value to clients.

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The statement issued today by the Treasury on the commitments that it is seeking from banks supported by the recapitalisation scheme included ...  

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Joshua Raymond, Market Strategist at City Index commented:  

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The Financial Services Authority (FSA) is writing to the Chief Executive Officers of banks setting out details of the FSA's continuing work on remuneration structures.  

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Quite often, a journalist will write a deliberately controversial article with a view to provoking a response. This article then precisely fits that bill.  

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The Treasury has taken decisive action to ensure the stability of the UK financial system and to protect the interests of depositors and taxpayers.  

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New research from Abbey Savings has found that over 2.3 million savers have already taken steps to protect their cash by transferring their savings to a provider viewed as financially strong  

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AEGON's head of industry development, Peter Williams has become the first person in the UK to complete a Doctorate specifically focused on financial planning.

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 - but IFAs are missing out on high profile media coverage.  

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Apart from the revelation of yesterday's UK banking 'bailout' (see Economic headlines below), the media has begun to turn its attention to the affect that the credit crunch is having on pensions and retirement planning.

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The UK authorities and FSCS are stepping in to help customers of Icesave after the firm was declared in default today (8 October 2008) by the Financial Services Authority (FSA).

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With the UK sinking deeper into a period of economic crisis, every penny counts for consumers as they reign in their spending to cope with the soaring cost of living and crumbling economy.

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The Bank of England's Monetary Policy Committee today voted at a special meeting to reduce the official Bank Rate paid on commercial bank reserves to 4.5%.

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Sam Hill, Fixed Income fund manager at Threadneedle comments

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I've been involved in a forum thread recently which has discussed the question about pension compensation in the event of a pension provider failing in light of the current credit crunch situation. You would think it would be relatively straightforward wouldn't you? Well, apparently not.

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Nearly half the population feel more inclined to seek free independent information and advice for help with their escalating bills or other worries than this time last year, according to new research carried out for the Promoting Advice coalition.  

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A major new health report unveiled today reveals that the credit crunch is leading to people being less likely to take time off sick.  

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As consumers are increasingly looking at ways to curb their spending and reduce outgoings, retirees who have released equity from their home typically over the last five years or more, should be aware that they could save thousands of pounds by remortgaging to a more competitive deal.

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On Monday, Lloyds TSB will become the first bank to help customers tackle spiralling household bills.  

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Ray Boulger, Senior Technical Manager at leading UK mortgage broker John Charcol comments  

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Chris Palmer, Head of Global Emerging Markets at Gartmore, believes there is real value to be found in emerging market stocks  

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FundZone, Standard Life's mutual fund supermarket, now has access to over 1000 distinct funds - giving advisers a wider choice of top rated funds in all the main asset classes.  

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Research from social networking site reports that internet searches concerning credit crunch and financial turmoil have rapidly increased.

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If you are involved with pension transfer advice, give advice on pension benefits, or are an employer or trustee, sooner or later someone is going to ask you about the security of pension benefits in a scheme that has performed a buyout of pension liabilities.

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Bright Grey, a specialist protection business providing flexible menu plans, has launched an online lifestyle calculator for advisers, designed to work out clients' monthly expenditure and help demonstrate how much protection they can afford.  

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Two thirds of consumers don't trust any political party to sort out the pension crisis that faces people in the UK, according to a new survey commissioned by Defaqto.  

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The FSA published a policy statement on Friday 26 September, having analysed responses to Consultation Paper (CP) 07/23 ‘Organisational systems and controls: extending the common platform'  

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Well today sees the start of what might be compared with the pensions equivalent of the California Gold Rush.

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On UK Older People's Day new research reveals a rich variety of knowledge, culture and practical know how being passed down through families.

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Commenting on Sterling's increasing weakness against the US Dollar and Euro, Stephen Heath, Chief Executive at FairFX.com, said:

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The Pensions Regulator, rather belatedly, released the final version of its guidance on 'Transfer Values' yesterday.

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The search is on to find the unknown individual who has nearly £100,000 worth of unclaimed shares.

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With the news that a survey by YouGov on behalf of the Institute of Financial Planning reveals that 32% of people could not think of any benefits of using an IFA or financial planning professional, IFA Life has launched two workshops to help the profession to raise its profile.

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Go back just two years and if you had been heard to say that two of our respectable banks/building societies would fail you might have expected to be carried away by men in white coats.

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Across the UK, houses are selling at an average of nine percent below the asking price with sellers in some regions being forced to accept as much as 12.5 percent discount off their advertised price, says RICS research.

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Joshua Raymond, Market Strategist at City Index commented:

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I was at a meeting of the Specialist Pensions Forum yesterday, an informal gathering of IFAs, product providers, networks and support service providers, where we discussed the advice element of transferring benefits into a Sipp.

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Friends Provident International (FPI), the dynamic protection, pensions and investments provider, announces today the opening of its new Middle East office in the Burj Dubai Business Hub, the central business district of Dubai.

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There has been a marked increase over the last three decades in the number of jobs in the UK filled by women.

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IFA Life has today teamed up with professional standards experts Standards International to assist IFAs to achieve ISO 22222 certification.

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Here's an interesting statistic: 'According to figures from the Association of British Insurers there were more than 102,000 pension annuities sold with a value of less than £5000 last year.'

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Legal & General has made a major step towards expanding its well established ‘little t’ teleunderwriting service, helping to reduce the time it will take to make an underwriting decision and thereby issuing policies more quickly.

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In the wake of the dramatic events in financial markets of the last few days, we have received numerous questions from clients regarding how the various proposals are intended to work. In response, we have asked John Greenwood, Invesco Chief Economist, to provide the answers to the following key questions:

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This latest edition for the three months ending 31 August 2008 shows 39 per cent of firms surveyed reporting a decrease in turnover, 32 per cent reporting static turnover and 29 per cent reporting an increase, giving a net balance of -10 per cent,

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The Office for National Statistics has just release its latest survey on occupational pension schemes in the UK.

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Legal & General has partnered with John Charcol for a sole-tie distribution agreement to provide Protection and MPPI products.

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The Share Centre reports on upsurge in trading and account openings.

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Bank becomes first to provide mobile phone bank account transfers in response to growing customer demand.

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Financial social networking site IFA Life reveals that there has been a 70% increase in the amount of online coverage of financial matters over the Summer.

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Financial social networking site IFA Life reveals that there has been a 70% increase in the amount of online coverage of financial matters over the Summer.

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Industry and pensions news from MyCompanypension.co.uk

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In a speech at the Family Office Leadership Summit in London, John Gieve - Deputy Governor of the Bank of England - steps back from financial market developments in recent days and discusses how the credit crunch is affecting the wider UK economy.

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The CII Group has seen a significant increase in Chartered broker title holders, a 28% increase to a total of 2,471.

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Students gearing up for the first weeks of term are feeling the effects of the rising cost of living according to new research from Abbey Banking.  

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The first half-yearly LemonAid report from Chartered Financial Planners Informed Choice has identified nearly £30bn of investor money sitting in underperforming ‘lemon’ funds.

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The new stamp duty break coupled with the growing popularity of working from home could have a huge impact on the demographics of the UK, says property and local information website, UpMyStreet.com.  

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The UK's mandatory retirement age of 65 is under attack in the European Courts and with around 260 tribunal cases awaiting clarification, tomorrow's expected opinion from the ECJ's advocate general should be interesting.

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Barclays has launched a new high interest bond aimed squarely at customers looking for a quality investment in the current market.  

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One in fifty men would like to jet off into space when they retire.  

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Peter Bolton King, Chief Executive of The National Association of Estate Agents (NAEA), the residential sales arm of the National Federation of Property Professionals (NFOPP), comments:  

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Half of all Britons will only save with a provider they can trust.  

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3 months Libor has only gone up 0.02% today and so the rate of increase has slowed dramatically, but the rate is now up to 6%, its highest since April and a rise of 0.3% on the week.   

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With continuing turmoil in the financial markets, it is vital that consumers have trust in the financial advice community. 

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At today's Fundamentals briefing, James Carrick, Investment Strategist at Legal & General Investment Management (LGIM) identified four key factors which could support an equity market recovery

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Where as in the US the authorities have intervened decisively and directly in rescuing institutions, in the UK the private sector has grappled to find solutions.

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The Personal Finance Society (PFS) today announces that the number Chartered Financial Planners has reached 1504.

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With only a couple of weeks to go before the new transfer value regulations are set to come into force, this article points to very little benefit arising for scheme members.

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Gross lending totalled an estimated £21.8 billion in August, a 12% fall from July and a 36% fall from August 2007, according to the Council of Mortgage Lenders.

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The minutes of this month's Monetary Policy Commitee Meeting have been published.

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Legal & General has increased its financial underwriting limits for life insurance and critical illness cover, which simplifies the underwriting process and leads to policies being issued more quickly.

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Summary of latest events:

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Over one third of over 55s relying on state pension to fund costs of old age - but most have not considered the benefits of equity release.

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This short video contains the frankest interview that I have heard recently about the credit crunch and in particular banks' self-inflicted clumsiness.

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John Greenwood, Invesco Chief Economist, gave the following comment in response to the news:

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Recent research by YouGov found that only 15% of people asked would get by without any financial difficulty should their financial circumstances change for the worse due to long term illness or incapacity.

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Consumer prices index (CPI) annual inflation rose to 4.7 per cent in August, up from 4.4 per cent, as rises in gas and electricity bills took effect.

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As times are set to get tougher in the UK, borrowing is forecast to soar as Brits struggle to make ends meet. Total unsecured lending stood at £215billion in August 2007, and this figure looks set to have grown considerably over the last year as Brits contend with a credit crisis and looming recession.

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Today, Lehman Brothers Holding Inc ("LBHI"), a U.S. investment bank, announced that it intends to file a petition under Chapter 11 of the U.S. Bankruptcy Code.

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Confidence amongst British businesses is faltering in the face of continued economic uncertainty - and remains close to an all time low - according to the latest Lloyds TSB Corporate Markets Business Barometer.

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Wizard Learning has launched an online qualification planner and continuing professional development (CPD) core advice tool aimed at assisting IFA’s, mortgage intermediaries and finance professionals pass industry examinations and help meet their CPD requirements.

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The deadline for comments on the Pensions Regulator's draft guidance on calculating 'cash equivalent transfer values' for members of defined benefit schemes is Friday 19 September.

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AEGON has teamed up with the Social Market Foundation (SMF) to host a series of breakfast roundtable discussions at each of the three main political party conferences in September and October. The meetings will focus on the future of financial advice and will debate the question "Talking money: is financial advice for all a realisable vision?"

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Simon Surtees and Karl Bergqwist, Co-Heads of Fixed Income at Gartmore and manager of the Gartmore High Yield Corporate Bond Fund, report finding exceptional value among investment grade bonds for investors prepared to take a medium term (18 to 24 month) view

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Legal & General is launching a support pack for advisers to help them write more family protection business.

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Society reveals parents and teachers think children know little about money

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Zurich, in conjunction with Pearson Education, launches the latest edition of its annual Tax Handbook.

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The latest survey by Investment Life & Pensions Moneyfacts has revealed that ethical investors looking to profit from their principles have been amongst those hardest hit by the volatile stock market conditions of the past 12 months.

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Origen, the independent financial adviser that is part of the AEGON UK group, is launching a new service in conjunction with Cancer Research UK to help people who have been affected by cancer get the most out of their retirement income.

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It may be news from abroad, but the impact of a pension fund disposing of £500m of shares in one company for ethical reasons will raise many eyebrows in the UK.

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A new group focused on the keeping the UK's professional services sector globally competitive and set up to support the work of the Chancellor's High-Level group, held its first meeting today.

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I am fascinated by the debate about generic advice - or money guidance as it is now referred to - and was interested to read an article yesterday written by Phil Castle, an Independent Financial Adviser.

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The account tracing website www.mylostaccount.org.uk has notched up over six months of success, during which time over 140,000 individuals have searched online for their forgotten funds.

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More than one in four fans will cut back on the number of games they go to this season as the UK's economic slowdown spreads to football, according to new research* from Virgin Money.

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Bright Grey, a protection specialist within the Royal London Group, has achieved a rating of 98% from the Financial Technology Research Centre, for its new 'extended data pre-population' online software integration with True Potential.

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The big news over the last 24 hours (apart from Andy Murray beating Rafael Nadal in the US Open semi-finals last night) has been the rescue package for Fannie Mae and Freddie Mac - two large American financial corporations.

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Nationwide Building Society today announces that it will merge with The Derbyshire Building Society and The Cheshire Building Society, who will transfer into the Nationwide Group by way of two separate transactions.

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An additional 40 funds are now open for investment via the AXA Wealth Management and Corporate propositions.

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The credit crunch is taking a dramatic toll on the nation's health, diet and fitness and could have serious long-term health implications, according to a new report launched today by Friends Provident and UK charity the Blood Pressure Association

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New research from insurance, pensions and investments group LV= reveals that parents spend a staggering £233 billion on supporting their adult children, and are foregoing their own financial freedom to support their children.

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Responding to the FSA's Discussion Paper "Transparency as a Regulatory Tool", the Investment Management Association (IMA) has called for further consultation and analysis before the FSA publicly discloses further firm-specific information.

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NAPF responds to Government's consultation on risk sharing www.napf.co.uk/policy/recentreports.cfm

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Pension education - it's up to IFAs then It's official (well nearly). Your clients are going to have to work until they drop.

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Stock market volatility is prompting a flight to short-term safety as IFAs advise clients to invest in cash and bonds to avoid the recent massive swings in the FTSE-100

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You would think it highly improbable that major legislation could be introduced that would affect millions of people but which very few knew about before it happened.

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I'm glad I'm not an IFA. Advising clients on pension planning can be complex enough. Advising them about the security of their defined benefits schemes is just getting silly.

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When people are about to draw their pension benefits from money purchase schemes one of the greatest dilemmas they face is whether to take a level pension (one which does not increase) or an escalating pension.

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Since launching its new website in mid-July, over 500 IFAs have signed up to IFA Life.

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In July 2008, Standard Life conducted specific research through NMG Financial on the attitudes of intermediary advisers towards the FSA's Retail Distribution Review and in particular their views on the direction of travel outlined in the FSA's Interim Report.

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It's no wonder the public get confused about pensions. Given that no two people have identical situations, it is practically impossible to standardise advice.

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Credit squeeze sees Brits tighten up budgets - and put long-term plans on hold.

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Financial education charity the ifs School of Finance has called on the Government to drop any reference to personal finance from the maths curriculum.

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Environmentally friendly IFA firm Barchester Green enjoyed a full page feature in the Saturday Telegraph magazine yesterday.

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There are some fascinating graphs of various economic indicators (UK) on the BBC's website.  

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Barclays Wealth is launching a new range of investments as part of its ongoing drive to continually offer cautious investors a safer alternative to unprotected equities.

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September 1st marks the sixth birthday of the first children with Child Trust Funds.

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There are a couple of important issues IFAs need to be appraised of which will come into effect shortly.

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Fears that other UK banks could be on the brink of collapse, forcing the Bank of England to mount a rescue operation akin to Northern Rock are "mis-placed scaremongering", according to Ted Scott, manager of the F&C UK Growth & Income Fund.

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The Government is going to make a change to pensions legislation which will help many divorced people, especially women.

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I received a call from an employer this week who wanted to talk about his company pension scheme and whether it would be viable to close it. Apart from the fact that we don't give advice, it soon became obvious that he who knew nothing about the proposed Personal Accounts scheme due to commence in 2012.

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Legal & General is concerned that people might avoid taking out protection because they think that it is too expensive.

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The price of a typical house fell by 1.9% in August More borrowers opt for fixed rate loans to protect their payments in uncertain times

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It's good to see the Department for Works and Pensions doing their bit to educate people in retirement.

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Monthly best selling funds and sectors data from Fidelity FundsNetwork.

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Hard up Brits are skimping on their supermarket shop by going back to basics, according to a new survey out today (26 August).

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The British Bankers' Association, the Building Societies Association and the Tax Incentivised Savings Association today publish new guidelines to speed up the transfer of cash ISAs between providers and to improve the efficiency of the process.

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The latest national statistics on Internet Access 2008 - households and individuals produced by the Office for National Statistics were released on 26 August 2008 according to the arrangements approved by the UK Statistics Authority.

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The 'At Retirement' marketplace is growing rapidly. According to a report in The Times, in 20 years' time half the population of Europe will be aged over 50. That's an important marketplace for IFAs.

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UK households £2,500 worse off this year than 2007

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The National Association of Estate Agents (NAEA), the residential sales arm of the National Federation of Property Professionals (NFOPP), is calling on the government to help the property market by finally taking action on Home Information Packs (HIPs).

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As criminals target the estimated £1.56 billion UK domestic oil market following rising oil prices and reduced consumer purchasing power, homeowners who use oil to heat their homes should be extra vigilant over the coming months according to Abbey Home Insurance.

---

Inflation expectations for the year ahead continued to rise in August, despite the recent falls in oil prices and mortgage rates, according to the latest Consumer Barometer from Lloyds TSB Corporate Markets.

---

With the Bank of England's Quarterly Inflation Report talking about a fall in the headline inflation rate in the medium term and a significant snap-back in the oil price, bond markets were quick to price in two, possibly three, rate cuts in the next 12 months.

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F&C's Lifestyle fund range has been added to the SimplyBiz and Compliance First Capital Reward scheme, broadening the distribution of the funds to more than 4,000 Registered Individuals at over 1,800 firms of Independent Financial Advisers. 

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If you want to see what's most likely to come under close FSA scrutiny in the not too distant future...

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Up to 3.4 million borrowers have been turned down at least once for mortgages and loans in the past 18 months, GE Money Home Lending research shows One in eight of them had to apply four or more times before they were accepted for a mortgage or loan

---

AEGON today announces the launch of its new flexible adviser remuneration option for annuity customers.

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The eighth edition of Defaqto's indispensable guide to the multi manager market, "Blending Talents"  is now available to download free from www.defaqto.com.

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Inflation and interest rates play an important role in pension provision, and there is a risk element involved with them both.

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ifs ProShare, the not-for-profit membership organisation that acts as the voice of the employee share plans industry in the UK, is offering an introductory course about employee share plans for financial advisers.

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Gross mortgage lending totalled an estimated £24.8 billion in July, up 5% from June and down 27% from July a year ago, according to the Council of Mortgage Lenders.

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The Share Centre calls for Child Trust Fund vouchers to rise in line with inflation

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Banks and building societies are cutting interest rates on instant access savings accounts despite being desperate to attract more cash from savers, says MoneyExpert.com.

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If you're into retirement planning for your clients, then there are some juicy pieces of information in this report about Personal Accounts.

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August Bank Holiday looks set to be a quieter one on UK's roads.

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Save nearly five hundred pounds in just one month and look after your health in five steps, according to health experts at Bupa:

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With inflation rising, attention has moved to whether soon-to-be-retirees are better off purchasing a level, increasing, or index-linked annuity or whether to look at income drawdown.

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Businesses are less confident than ever before about their trading prospects and are bracing themselves for a sustained period of slower growth, according to the latest Lloyds TSB Corporate Markets Business Barometer.

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British entrepreneurs are clocking up 50 hours every week, according to a survey into the work life-balance culture of Britain's small business managers by Bank of Scotland Business Banking.

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Want some CPD, useful statistics or a little more pension education?

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The Association of Independent Financial Advisers (AIFA) has responded to the Financial Services Authority's (FSA) announcement that the full RDR feedback statement will be delayed until November.

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Following on from yesterday's quote ("Italians are not eating their young, but they are fleecing them…") this article considers the costs of reducing, from age 22, to age 21 the top rate for the minimum wage.

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Banks are acting to support mortgage customers who are finding it difficult to meet their monthly repayments the British Bankers' Association said today. 

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A record number of intermediaries have registered to attend the M&G Meet the Managers roadshow.

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We've all read about increased life expectancy and the effects it will have on pensions and retirement. So, this article which focuses upon Europe is well worth reading.

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Summer sun fails to warm consumer confidence.

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All but one bank falls out of prestigious rankings that now account for almost half of the FTSE 100 by value.

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The Financial Services Authority (FSA) has reiterated today its call for mortgage lenders to ensure they are treating customers fairly in the current market conditions as its latest review finds weaknesses in the way some lenders are handling arrears and repossessions - particularly for consumers with impaired credit histories.

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As very many people have moved into property as a vehicle for retirement planning, a slump in house prices is affecting most those closest to retirement age.

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Legal & General has extended its range of individual pensions by launching a new individual pension plan.

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Friends Provident International (FPI) is pleased to announce the appointment of Peter Drummond as international strategic business development and global account manager.

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Financial Adviers / At Retirement marketplace

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Fears about the health of the UK job market intensified further in July, as consumer confidence in employment prospects and the security of their jobs hit new lows according to the latest Consumer Barometer from Lloyds TSB Corporate Markets.

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Financial education charity the ifs School of Finance, has warned that there will continue to be high levels of insolvency whilst so many people lack basic skills in personal financial management.

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Intermediaries predict mortgage volumes will fall by around 6% over the next 12 months

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Just in case you hadn't realised it, the State Pension is 100 years old. And, there have been plenty of headlines covering this story in the media so we've tried to keep the repetition out of these News Updates.

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Scottish Life, the pensions specialist arm of the Royal London Group, has launched a series of technical information leaflets on income drawdown to help IFAs advise their clients appropriately and determine whether income drawdown is a suitable retirement option.

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Alliance Trust's Financial Reality Index falls to a record low in its 11 year study.

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Getting people to start retirement planning earlier is a simple, if not obvious, part-answer to the debate about how we cope with increased life expectancy.

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A new report from the Association of Independent Financial Advisers (AIFA) suggests that consumer trust in financial services institutions could be dramatically increased if there was a clearer demarcation between financial sales and advice.

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Defaqto has launched new functionality which will assist IFAs with research into the ancillary services offered by product providers.

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Zopa launches an innovative new service to help young adults who can't get a personal loan because they have a limited credit history.

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The enormous volume of business transacted round the clock through the UK's banks is highlighted in the British Bankers' Association's latest Abstract of Banking Statistics, published today.

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Greater life expectancy means more and more people are seeking to work longer.

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I'm not at all surprised by the findings of a survey by B&CE, the organisation which describes itself '...as the UK's largest provider of financial benefits to construction industry employers and individuals.'

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IFa Life's new launch is featured in FTAdviser.com today.

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Pension Credit is a vital financial lifeline to many low-income people in retirement. It was introduced in October 2003 and replaced the Minimum Income Guarantee.

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IFA Life's new website was featured in New Model Adviser this week.

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If you're a follower of George Kinder - either in the financial planning world, or

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I am actively engaged with a number of pension forums, some whose members are made up entirely of pension professionals. Other pension forums I participate on have members who are made up mostly of the public, but with a small sprinkling of current and former financial advisers.

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News feeds from thisismoney and What Investment now added

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Here's an interesting comment from an article:

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With the economy in choppy waters, the Government should promote financial security and the level of savings as well as help UK businesses says the ABI in a new report launched today. 

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Research from moneyfacts.co.uk has revealed the extent to which consumers have benefited from the price war that has engulfed the term assurance market in recent years and warns that some premiums may have bottomed out.

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Did you know that there are approximately 7.5 million people working in the public sector such as teachers, NHS employees and the armed forces, according to a letter in the Financial Times yesterday (22nd July 2008)?

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It's surprising to see how many retirees leap into taking the tax free cash lump sum from their pension benefits without taking advice.

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With household bills, fuel and energy prices spiralling ever upwards, 49 per cent of UK consumers say they are concerned or very concerned about their financial situation for the next year.

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I like this quote from the following article: 'The 15-34 age group is 'flatlining' and the number of 50-74 year olds continues to grow. Would you prefer to be trading in a stagnant or a growing market?' Interesting. Particularly as the 'baby-boomers' hit retirement age.

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We've added news feeds from Citywire to the IFA Life News area this afternoon. 

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With recent evidence of falling house prices, Friends Provident is urging people to think beyond property when it comes to their financial futures.  According to research it undertook before the credit crunch, a third (33%) of consumers were depending on property or equity release to fund their retirement.

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According to new research from life insurer Zurich, pensioners are being forced to delay their retirement, or return to work because of the rising cost of living.    The survey reveals that 64% of Britons of retirement age are considering carrying on working after retirement, with nearly a third (31%) of people putting off retirement for financial reasons.

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Have you been following The Scotsman's IFA of the Year competition?  It's making great reading.  

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If you're a follower of the excellent InvestmentAdvisor.com, we've added six news feeds from their site. 

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Having read the 180 pages of the DWP's report on annuitisation decisions, evidence suggests that many of the people who become disengaged with pensions and retirement planning do so because of too high expectations.

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Interesting to see in this article that the credit crunch has refocused clients' attitude to retirement planning, according to IFAs

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If you attempted to read the DWP's research focusing on annuitisation decisions you might have been interested, as I was, in how they eventually segmented participants (of which there were only 60 who took part in the research).

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The Office of Fair Trading (OFT) says that Current Accounts are not working well for consumers.

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When someone as respected as Stewart Ritchie stands up and says that the current challenges in pensions were "as serious as any I can remember in the last 35 years", heads turn and people listen.

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It will be tricky getting hold of your clients today as according to M&S Money, today (15th July 2008) is expected to be one of the most popular shopping days of the summer as parents prepare for the family holiday getaway.

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WebCPA.com has picked up an interesting story from the College for Financial Planning that Job satisfaction among financial planners remains high, with 96 percent of financial planners saying they are "satisfied" or "very satisfied" with their career choice.

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Standard Life has announced the appointment of Ian Mobley as Senior Technical Consultant.  Mobley joins Standard Life from his previous role as technical consultant at Friends Provident, and will be responsible for technical presentations in the Nationals and Networks distribution channel.

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School holidays are upon us, so as journalists disappear off to sunnier climes we've weeded out the repeat stories which appeared over the weekend. Here's the best of the rest.

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It's a long held belief by many that when a client/scheme member comes to retirement they would be better advised to take an often substantially higher non-increasing pension, than a pension that increases throughout retirement.

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Increasing numbers of consumers are choosing service providers based around their green and environmental credentials. In fact, nearly two thirds of UK consumers are more likely to buy from a business that appears to be doing their bit to tackle climate change (Source: Carbon Trust - November 2006).  IFA Life is producing a searchable online directory of green and environmentally friendly IFAs, Mortgage Brokers and Financial Planners.

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The House of Lords can boost workplace pensions by voting to allow employers to offer conditionally indexed schemes.

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IFA Life members need only visit one site to access all relevant industry news.

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IFA Life, the online social network for IFAs and Mortgage Brokers is enabling its members to receive forum updates direct to their mobile phone using cutting edge 'Twitter' technology. Believed to be the first website in the industry to be using Twitter, IFA Life members can follow debates, and receive business development tips and resources whilst away from the office.

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