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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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