News for IFAs and Financial Planners

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In response to demand, IFA Life will be running a second workshop for IFAs on how to leverage LinkedIn. According to figures from IFA Life, around 70% of IFAs have a profile page on the popular business networking site LinkedIn, but hardly any have any idea on what to do with it or how to use LinkedIn to network and attract new clients.  

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So how much savings do UK families have and how does this compare to Germany and China? The UK household savings ratio, (saving proportion of a consumer's disposable income) has seen a downward trend over the past decade. However during the recession (as consumer credit was squeezed), this stepped up to around 7% and is forecast to remain broadly flat in the near future. The savings ratio in Germany has been much more consistent in recent years, at around 10% and is expected to remain stable.  

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The Financial Services Authority (FSA) has today announced its proposed Annual Funding Requirement (AFR) for 2012/13. This is likely to be the FSA's final AFR before it splits into the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA), in 2013. The FSA recognises the difficult economic circumstances for many firms and is committed to keeping any essential cost increases to a minimum. The FSA will achieve this by capping staff levels for the second year in a row and restricting core operating costs too, broadly in line with inflation.  

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Consumers care more about covering their pets against serious illness than their family members, new research from Ageas Protect reveals. Less than one in ten (9%) people have a critical illness policy in place - equivalent to 4.5 million adults - whilst 12% have taken out a pet insurance policy, equating to 5.9 million pet lovers.   

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With recent statistics stating that students could be saddled with up to £50,000 worth of debt when higher tuition fees come into force, research from the Chartered Insurance Institute (CII) has shown that many teens are lacking basic knowledge of personal finance. The CII found that 39% of students have not had any kind of financial teaching at school, and that of those who were taught financial education, many simple money management terms were not explored within their lessons. Furthermore, research amongst secondary school teachers found that almost half (45%) believe financial education is lacking in their school due to too little time and resource to teach the subject.  

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Price will always play an important role in consumers' decision making.  However, a feature-led approach to product development and marketing by product providers and advice by intermediaries is likely to result in a better match between what someone needs from a financial product and the product they end up buying.  Defaqto has today launched its 2012 Star Ratings to help people base their financial decisions on the features and benefits products provide, not just how much they cost, and to better understand what financial products offer.   

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IFA Life is delighted to announce a key strategic partnership with the leading ISO 22222 and best practice expert Michelle Hoskin. IFA Life's partnership with Hoskin will focus on seven key business areas, the mastering of which are essential to success and growth in a post RDR world. Hoskin and best of breed experts will offer complimentary and discounted services to IFA Life members*. To support the new partnership, the IFA Life website will be refocused to enable IFA Life members to quickly discover blogs, articles, events, technical support and best practice within the seven core business areas.  

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Michelle Hoskin, the UK’s leading expert in financial standards and best practice, has today announced her support for the BSI’s move to launch BS 8577 - Framework for the provision of financial advice and planning services.    BS 8577 confirms that in order to survive and thrive in a world beyond RDR and 2013, it really is about “Best Practice” not just about “Best Advice”.   

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As social media increasingly becomes part of everyday business life for IFAs, IFA Life is urging financial advisers to take time out to learn the skills needed to leverage the new technology. Research from IFA Life indicates that 70% of IFAs have a profile on the networking site LinkedIn, but fewer than 10% of them have any idea why they are registered on the site or how to use it effectively to attract new clients, new professional connections or to drive traffic to their website.  

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Managing their finances better and getting into the savings habit rank among the top 5 New Year's resolutions Brits are making this year, a survey for Skipton Building Society, featuring the views of 2,000 UK adults, has found. Although more traditional pledges like losing weight (31%) and exercising more (31%) still feature highly, financial resolutions are well up there, with 40% of people planning to make at least one such commitment for the coming year.  

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AEGON has today made clear it sees the changes brought about by the Retail Distribution Review (RDR) as an opportunity for the industry to "do the right thing" for consumers while securing the future health of the industry, despite the execution challenges it brings.   

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Over 5 million public sector employees enjoy ‘open' defined benefit pension schemes, with fewer than 2 million private sector employees now in largely ‘closed' schemes.   With 5 million public sector employees being offered pensions ‘far better than people in the private sector' in the latest public service pension negotiations, key findings of the final report of the 2011 Pensions trends survey, conducted by the Association of Consulting Actuaries (ACA), suggest the gulf between private and public sector pensions is set to grow in a tough economic climate, prompting the ACA to call for the Government's promised paper in the New Year on ‘reinvigoration workplace pensions' to be bold.  

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According to analysis published today by J.P. Morgan Asset Management, Solvency II for Pensions, could require UK pension schemes to increase funding by £600 billion or more. ‘Solvency II for Pensions', looks at the implications of the "Call for Advice on the Review of the Directive 2003/41/EC: second consultation", which closed on 2nd January 2012.    

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For the second year running first direct has surveyed UK adults asking for their biggest financial regrets. Results show that overall the British public was more unhappy with their finances in 2011 (48%) than 2010 (36%). In 2011 ‘Not paying off more debts' moved to second place with ‘Not saving enough' taking the top spot and paying into a pension was less of a priority than in 2010.  

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Over 15 million Brits worry about their finances every single day, more than other issues such as health, jobs and relationships, according to research from MoneySupermarket.com. Britain's number one comparison site revealed of those who feel stress on a daily basis, a quarter (23 per cent) say their future financial situation is the main cause, followed by health (22 per cent) and current personal finances (21 per cent). A smaller number were stressed about their job (20 per cent) and relationship with their partner or family (8 and 6 per cent respectively).  

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26 million Brits will be making New Year's resolutions this year and money worries mean that sorting out our finances tops the nation's priorities ahead of traditional vows such as losing weight and getting fit. The New Year's Resolutions Survey by comparison site Gocompare.com, reveals that financial affairs top the nation's resolutions list, with 49 per cent of people hoping to use the start of the New Year to turn over a new leaf and get a grip on their finances.   

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Quicker internet and phone banking payments are set to become standard from 1 January 2012, enabling many consumers to pay their tax and credit card bills on a same-day basis for the first time. The new maximum timescale for electronic payments, technically known as D+1, requires payments across the EU to reach the recipient's account by the next working day. However, all standing orders and one-off internet and phone banking payments in the UK will exceed this requirement, being processed end-to-end within two hours through the Faster Payments service.  

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Huge numbers of over 50s are defying belt-tightening to ensure that their families, friends and local communities have the best possible Christmas, according to new data from Saga. Over half the nation's over 50s (56%) will pay for their families' entire food and drink bill this Christmas, rising to two thirds (65%) of those aged 50 to 60, spending an estimated £896 million on festive food shopping.  

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Confidence in the UK economy has fallen by 10% in Q4 2011 with financial advisers giving it an average score of 4.58 out of 10 (10 being most confident) compared to 5.1 in Q3 2011 according to Skandia's latest Adviser Confidence Barometer*. A staggering 70% of advisers believe the biggest threat to the UK economy is European Debt, which is up from 47% in Q3 2011. Unemployment ranks second highest, with one in ten votes, up from 7.8% in Q3 1011, and government spending cuts ranks third highest at 5.5%, down from 11% in 2011. US debt did rank second highest in Q3 with 14% of votes, but fears have now subsided, and only 3% of advisers consider it a main threat in the Q4 survey.  

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The squeeze on consumers worsened just one month before Christmas, as discretionary spending power growth slowed to 1.3% in November, down from 3.2% in October, according to the latest Lloyds TSB Spending Power Report. This latest fall leaves consumers with around £20 a month less for their discretionary spending.  

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Reviewing your finances for 2012 could mean an extra £3,200 in your pocket.  Brits could give themselves a New Year pay rise in 2012 by taking time to review their finances and switching to more competitive deals, analysis from MoneySupermarket.com has shown.  

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Women have embraced the bargain phenomenon this Christmas, according to new research by Tesco Bank. It reveals that nearly 60 per cent plan to use money-off and discount vouchers to pay for Christmas shopping, 45 per cent will wait to buy Christmas presents on store discount days and 32 per cent will make the most of credit card points and rewards.  

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Business Secretary Vince Cable today set out the next steps to diversify business finance, announcing details of an industry-led Taskforce to be led by Tim Breedon, Legal and General chief executive and current chairman of the Association of British Insurers. Tim Breedon will be supported by a panel of experts drawn from the business and finance community, who will examine the challenges facing businesses in diversifying their finance. The focus will be on debt and credit products, looking at a range of finance choices, old and new, from corporate bonds to ‘crowd-funding'.  

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LinkedIn and some other networking sites will become key business resources in a post RDR world, with IFAs needing to understand them in the same detail that they understand their back office technology. Despite some networks/IFA support firms banning the use of Social Media, 2011 has seen a significant increase in the number of IFAs embracing online networking, with more and more joining Twitter and other sites to network and to interact with each other. Research from IFA Life also suggests that up to 70% of IFAs now have a profile on LinkedIn, though with the majority admitting to not understanding how to make effective use of the site.  

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Affluent European investors face surviving off a retirement income that is less than half (46%) of what they are currently used to - even though 42% of them claim that maintaining and increasing their current standard of living into retirement is a top priority - according to new figures from Schroders.  

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Despite having twelve months to do so, two in five of us (44 per cent) have not budgeted or saved in advance for Christmas this year, according to new research from Barclaycard*. The research finds that older does not necessarily mean wiser when it comes to responsible spending, as exactly half of those that are over 55 years old have not saved at all. This is compared to a significantly fewer number (37 per cent) of those aged 18 to 34 years old.  

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More than a quarter (27 per cent) of Britain's couples over the age of 40 say that money is the biggest cause of arguments in their household. The new research from Prudential raises fresh concerns that British couples are sleepwalking into retirement without properly discussing their financial arrangements. The figures suggest that the state of their finances is more likely to cause couples to fall out than disagreements over housework, staying out late or their partner's choice of friends.  

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Back in October, the Institute of Financial Planning (IFP) launched its new Accredited Financial Planning FirmsTM register. The professional body announced the first 25 firms to meet the stringent requirements for entry at its national conference on 4 October.  

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Two thirds of advisers remain to be convinced that customers will be better off as a result of the Retail Distribution Review (RDR), according to a new survey from Zurich. In a poll of 164 advisers conducted for Zurich with Simplybiz, almost half fear that customers may not be prepared to pay a fee instead of commission for financial advice when the RDR regulations come into force in January 2013.  

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The Institute of Financial Planning (IFP) would like to thank all those firms and individuals who gave such excellent support to this year's consumer awareness campaign, Financial Planning Week (21-27 November).  

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Britons are collectively expecting to receive £1.2billion in gift money this Christmas, reveals new research by direct bank first direct. The survey of over 1,000 adults reveals that 28% of people expect to receive money as a gift at Christmas, anticipating an average amount of £83 each. This compares to 19% of people who received an average of £61 as a gift in Christmas 2010. In addition, 6% of people are expecting a cash boost from their employers in December.  

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Independent financial research company Defaqto has launched its annual survey of platform users to identify the level of service advisers have received from platform providers in 2011. In particular, the survey asks advisers to rate:  The aspects of platform service that are most important to them Whether the providers they deal with are meeting their expectations in these areas  

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6.1 million (28%) of today's over-50s expect to work past the current state retirement age, according to retirement specialist LV='s Working Late Index. The report reveals that on average, those planning to work past state retirement age will work for an extra six years, which could see them retiring at age 71 for men and 66 for women based on today's retirement age. One in five over-50s (19%) said they expect to work for at least a decade past the current state retirement age.  

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In the first study of its kind in the UK, AXA Wealth has identified that two thirds of consumers have a significant gap between their perceived investment risk appetite and their actual risk appetite.   At a time of unprecedented market volatility, the AXA Wealth Self study reveals a risk adverse nation, which appears to be more concerned with preserving capital rather than delivering growth.  

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Ashcourt Rowan Asset Management's Managed Portfolio Service is now available through the Ascentric wrap platform. The service is aimed at those advisers looking to integrate a risk adjusted and cost efficient investment management service into their financial planning process.  

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Almost three quarters of people (73%) feel that Financial Planning is relevant to everyone and not just the wealthy.  That's according to a YouGov poll* carried out in association with NS&I (National Savings & Investments) for Financial Planning Week (21-27 November), which is being run by the Institute of Financial Planning (IFP). The Institute of Financial Planning (IFP) is running a series of daily polls with consumers throughout Financial Planning Week to find out what people are thinking when it comes to their money - and how they are coping with their personal finances during these uncertain times. Tips and tools are available free of charge on www.financialplanningweek.org.uk/.   

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Yesterday, with its new build indemnity scheme, the Government took a positive step to help get the UK building again, create much needed jobs and assist some first time buyers over the deposit barrier. Today, the Building Societies Association calls on the Chancellor - as he puts the finishing touches to his Autumn Statement - not to forget the thousands of other aspiring home owners who won't benefit from these schemes; those who are already facing issues paying their mortgage, and savers, particularly those nearing retirement who need to maximise and protect their income.  

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It’s perhaps the ultimate irony when a financial advisor files for bankruptcy. But the CFP Board finds it is happening more and more often. Of 103 disciplinary hearings the board held last year, an estimated 25% of planners involved had filed for bankruptcy. In 2011, that number jumped to about a third.   

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The Government would like to see improved access to bank accounts for undischarged bankrupts. Proposals have been published asking for evidence about the effect bankruptcy has on the ability of individuals to access a bank account and inviting views on possible measures to improve access.  

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People working in the manufacturing sector are more likely to join their company pension schemes than in any other industry, according to Zurich research into take-up of company pensions. The research shows that nearly three quarters of people in the manufacturing industry take up their company pension scheme, compared to just over a third in the retail and wholesale sector.  

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The Association of Independent Financial Advisers (AIFA) responds to the Financial Services Authority's Consultation Paper entitled 'Distribution of retail investments: RDR Adviser Charging - treatment of legacy assets'. The Consultation Paper clarifies that existing Trail Commission is separated from the Legacy Commission rules.  

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Low-cost platform provider A J Bell is calling attention to the case for change to drawdown rules to protect pensioners from retirement income erosion as a result of record low gilt yields and Government policy. The situation worsened this week when the Gilt yield used to calculate drawdown limits dropped to a record low of 2.50%. The rate will be used for pension savers entering drawdown, or having their maximum income reviewed in December.  

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15 per cent of Britons over the age of 40 and living with their partner choose to keep some or all of their savings hidden from their spouse or partner, according to the latest research from Prudential which examines couples' attitudes to financial planning.   The survey, which was conducted among savers over the age of 40 and living with a partner, found that Britons admitted to concealing savings or investments worth an average of £1,037 from their spouse or partner. This could mean that 4.5 million Britons are entering retirement with secret savings worth £4.6 billion.   

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Aspiring first time buyers are increasingly taking on second jobs, taking out personal loans or sharing payments with friends to raise money for a deposit on their first home, according to new research from Santander Mortgages. With average housing deposits reaching £37,375 or 17 per cent of overall property value, a third of all non-homeowners believe they will never own a property. However, one in four current non-homeowners (26 per cent) say they are hoping to buy within the next five years.  

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...and recommending inappropriate investment products, finds Which? In an undercover investigation, Which? researchers found that only five out of 37 advisers in banks and building societies gave good advice about investments. The majority of advisers showed a poor understanding of the risks of investing, and made misleading statements about the features and costs of available products.  

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With ongoing worries about the UK and world economy, new statistics  from unbiased.co.uk, the professional advice website, show that almost half (47%) of the nation say they are now more concerned about their personal financial situation than just six months ago. Savings tops the list of personal finance concerns, with two in five (39%) of Brits stating this, followed by pensions (29%) and long-term care (16%). Worries about long-term care provision troubles almost a quarter (24%) of over 55 year-olds, while mortgage arrangements worry 22% of 18-34 year-olds (compared to a national average of 14%).   

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The ease and convenience of making payments and managing our finances online means that a quarter of internet users now log on to internet banking every day, while a further two in five (39%) use internet banking at least weekly. And it seems that once you've tried internet banking, the convenience is hard to beat - only 13% of online Brits make a weekly trip to their local bank branch to manage their money. Almost four in five web users (79%) say they are confident in making online banking transactions, rising to 90% of 25-34 year olds who are online. However, with internet use lower amongst older people, only a quarter of over 55s in the UK have ever used online banking to manage their money  

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Defaqto supports the IFP's Financial Planning Week campaign 21-27 November to highlight importance of financial planning to consumers. According to a survey by independent financial research company Defaqto, 36% of people seek professional advice to help them choose financial products.  At the same time, Defaqto's research found that 49% of respondents do not always understand product features, emphasising the importance of independent advice in helping people make appropriate financial decisions.  

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UK-based Horner brings financial planning, international business experience. Financial Planning Standards Board Ltd. (FPSB), owner of the CFP, CERTIFIED FINANCIAL PLANNER and CFP Logo trademarks outside the United States, elected Barry D. Horner, CFP, CEO of UK-based Paradigm Norton Financial Planning Limited, to a four-year term on FPSB's Board of Directors, starting 1 April 2012.  

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CEOs of global companies are more concerned about government intervention and intrusive regulation than they are about inflation, wage costs, pricing issues or even their own balance sheets, according to a survey of Fidelity Worldwide Investment's research analysts. A survey of more than 110 of Fidelity's research analysts in Europe and Asia, conducted last month, shows that only concerns about sales volumes are causing more corporate anxiety than the likelihood of  governments enacting or changing legislation or regulation that will result in a more challenging business environment.   

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The Financial Services Authority (FSA) has today introduced further guidance for firms when developing new structured products which they want to market to consumers. The FSA assessed seven major providers of structured products, responsible for approximately 50% of structured products in the UK retail market by volume and value. The review was conducted between November 2010 and May 2011 and found that while there had been some improvements, weaknesses remain in the way firms are designing and approving structured products - increasing the risk to consumers. Firms tended to focus on their own commercial interests rather than consumer needs.  

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People want a strong financial watchdog but don't think that the Financial Services Authority (FSA) has done enough to help consumers, according to new research by Which? The majority of people (73%) think that the FSA wasn't effective at standing up to banks in the run-up to the financial crisis and eight in ten (82%) feel the financial watchdog needs to have more power to force the banks to change.  

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Sixty six per cent of people living together as a couple do not have a will, according to surprising new research by price comparison site Confused.com. The new survey of 2,000 co-habiting and married adults also reveals that 50% of people living with their partner do not have life insurance. Unsurprisingly, the number of people who do have wills rises with age: 66% of over 55s have a will, compared to just 24% of 18-24 year olds. However, 47% of over 55s who are co-habiting or married do not have life insurance.  

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Four out of ten mortgage holders in Britain (41%) do not have their mortgage contributions covered by life insurance, according to new research from Sainsbury's Life Insurance. The findings suggest that there are nearly seven million people with a collective outstanding mortgage balance of £245 billion who have no life insurance to cover their mortgage and provide support to their dependents in event of their death.  

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Last month, the Institute of Financial Planning (IFP) launched its new Accredited Financial Planning FirmsTM register. The professional body announced the first 25 firms which had met the stringent requirements for entry at its national conference on 4 October.  

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Almost two out of three (65%) investors admit they would stop using the services of an IFA if they began charging by the hour according to new research from Legal & General Investments, one of the UK's largest investment providers. Those with a higher value investment portfolio, for example those with an investment portfolio worth over £200,000, are marginally less likely to turn away from IFAs post-RDR, while those with a smaller portfolio would choose not to take paid for advice.  

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Students who have started their degrees this year will be the last to benefit from lower tuition fees before they rise to £9,000 next year. But as well as mounting student debt, new research from uSwitch.com, the independent price comparison and switching service, reveals that parents' finances will be pushed to breaking point too.  The average student graduates with a debt in excess of £21,000. And this is putting parents under financial pressure too. 41% of parents feel pressured to pay for their children's University fees which has led to over half of all parents (51%) paying the entire fee or contributing significantly. Four in ten (40%) of those parents who cover the cost do so to stop their child getting into debt, while over half (55%) pay because it's the only way their child could afford to go.   

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Data released from the Office for National Statistics (ONS) showed that the UK trade deficit in goods and services was £6.8 billion in Q2 2011, a worsening compared with £5.8 billion in Q1.  A day after the Parliamentary vote on whether  to have a referendum on continued EU membership, the latest figures show how the European Union continues to play an important role in UK trade. Exports to the EU were 45.1% of total UK exports in Q2, the highest figure in a year. Indeed exports to the rest of the EU grew 4.8% between Q1 and Q2, while falling 3.8% to countries outside the bloc.   

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Leading academics, policy makers and business people are expected to call for greater investment and economic dynamism to ensure higher productivity and long-term growth at a conference on Thursday hosted by the European Investment Bank (EIB), at their Luxembourg headquarters. European Investment Bank research to be presented at the conference suggests the switch to next-generation superfast networks could require EUR 200bn of dedicated infrastructure investment. The conference will also review empirical evidence on productivity, with a focus on industrial flexibility to promote growth in Europe.  

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UK teenagers worth an average of nearly £500 every time they step out of the front door a new study reveals today. Teenagers are worth nearly £50 more when they leave the house than in 2010 according to Allianz Your Cover, thanks to the clothes they wear and the gadgets they carry.  If a teenager is also carrying an iPad, MP3 Player and a hand-held games console they could be worth as much as £810.  

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14% of men would sell their other half for £100k Over a fifth (21%) of Brits currently in a relationship would sell their partner for £1 million or less, new research from comparison site Gocompare.com has found. The survey of 3,000 Brits, carried out to highlight the importance life insurance cover, is reminiscent of the 1993 film ‘Indecent Proposal' where Demi Moore's character is offered $1m by tycoon Robert Redford to spend just one night with him, despite her being happily married to Woody Harrelson  

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Following the success of several meetings for IFAs in London and the South East, IFA Life is holding an early evening networking meeting for IFAs in the North West of England on 21st November at the Hilton Manchester Airport.   Founder of IFA Life Philip Calvert said: "Networking is not always about trying to find new clients or making contacts with local professional connections. Right from the very first day that IFA Life launched, we realised that IFAs get a huge amount of value from being able to network with each other."  

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Yesterday's announcement by the Bank of England that inflation hit 5.2 per cent in September, the highest level for three years, adds further pressure to the many households across the UK that have been struggling with the rising cost of living - with rising energy and food bills hitting wallets particularly hard.   Research from MoneySupermarket.com has revealed that 71 per cent of British consumers will need to turn to their savings, credit cards or overdraft to fund rising bills. As we come into the colder months, the majority of consumers will be feeling the impact of recent energy prices rises which added an average 17.4 per cent to the cost of gas and 10.8 per cent to the cost of electricity, resulting in average annual standard bills of £1,287.     

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  Brits are unwilling to share everything about their finances with their partner, at least until they're sure they are in a committed relationship, according to new findings from Scottish Widows' Dare Not Ask survey. 6.6 million loved-up Brits (19%) admit they don't know everything about their partner's finances, and 7.3 million say they only share a limited amount of information about their own financial situation with their other half.     

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The latest AXA Wealth Pension Index highlights the volatility income dilemma facing the UK's future pensioners.   This quantitative index measures the affordability and volatility in saving for retirement , supported by consumer research which reveals little improvement in the disparity between desired, expected and actual retirement ages.   

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A third (33 per cent) of young people (18-34 year olds) have considered leaving the UK to improve their career prospects, according to new research from Post Office International Payments. A further 27 per cent said they were open to the idea of moving abroad.  Nearly one in five (19 per cent) have already lived or worked abroad before.  

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The first issue of the Friends Life Workplace Savings Index today revealed that women in most age groups have seen their pension contributions cut year on year. The rolling 12 month average pension contribution for women under 30 decreased by £2 to £128 a month, women aged 30 to 45 saw a £1 decrease to £213 a month and women aged 60 or more experienced a £2 decrease to £193 a month.  Only women in the 45 to 60 age group saw an increase in average pension contributions, but this increase was lower than for men of the same age. All in all the decrease in contributions for women combined with rising inflation equates to an approximate decrease of five per cent in real terms. On average women's contributions are 38% lower than men's at £200 a month compared to £324.  

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Nearly three million working age adults will prioritise going on holiday over continuing to save for their retirement as their finances are squeezed, according to new research by Prudential.  The survey asked non-retired adults in the UK to outline their spending priorities when faced with a reduction in monthly expenditure as incomes are frozen for many and living costs increase.   

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New research from Nationwide Building Society reveals that more people bank online (77%) than log on to Facebook and Twitter and other social media (58%). In fact, shopping (77%) and online banking jointly topped Nationwide's research into what consumers do online.  

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The Federation of European IFAs (FEIFA) is pleased to announce an exclusive partnership with IFA Life - the award-winning, UK-based, premier social networking site for IFAs, Financial Planners and Wealth Managers. Every day UK professional financial advisers use the site to network, share best practice, discuss and debate industry issues, read news and articles, search for and advertise jobs, find marketing tips - and to provide help and support to one another. With an ever-increasing EU-focus on financial regulation and distribution, it makes absolute sense that the main IFA companies operating on the Continent should become a part of this online community.  

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New research has revealed that UK businesses remain worryingly passive when it comes to protecting one of  their key assets - their employees. This is despite over three-quarters (77%) admitting that they can identify at least one individual whose loss through death or critical illness would have a serious impact on the profitability or future survival of the business.  

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Financial commitments are as significant as key emotional relationships for people in the UK, according to research from Standard Life. It found that many would liken the majority of their regular financial commitments to the kind of relationship they have with their partner or spouse. Over three quarters (81%) of people paying into a pension view their relationship with their pension in this way and almost half (47%) of gym-goers liken their membership to a "husband or wife" relationship too.  

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New research from comparison site Gocompare.com reveals that 1.5 million households may not have enough life cover to pay off their mortgage if either partner were to die.  The survey of 3,000 Brits highlighted the possibility that millions of people may well be leaving something sizeable for their loved ones if they were to die suddenly - a mortgage debt.  Only a quarter of UK adults say they have sufficient financial protection and savings to clear the mortgage and other debts and to provide an income for their family and dependent relatives, in the event of their death  

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Today, award winning children's savings provider Family Investments publishes the first ever Family Friendly Hotspots Report. This unique study identifies the top 20 postcodes offering the best range of essential and desirable factors for family living. This unprecedented picture of all 2,400 postcodes across England and Wales has been achieved by analysing over 60 different data sets covering crucial factors likely to impact a family's decision-making process when they consider moving to a new area.  

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On the 1st October a number of measures prescribed by the Competition Commission will come into force to introduce competition into the payment protection insurance (PPI) market.· This is the first set of changes in this market as a result of the Competition Commission's PPI review, and will focus on ensuring that consumers and the relevant authorities are given sufficient information about PPI by providers.  

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More than eight out of ten young people (18-24) still aspire to own their own home by the time they are 30, reports the quarterly consumer survey published by The Building Societies Association today. Amongst potential first time buyers overall, more than nine in ten (94%) respondents say that they would ideally have bought by the time they are 35 with more than seven in ten (75%) having an aspiration to become a homeowner in their twenties.  

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The Chartered Institute of Taxation has commented on the Government's new estimates of the ‘tax gap', published today. Gary Ashford, who represents the CIOT on the Government's Compliance Reform Forum, commented:  

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Rising divorce rates amongst the over 50s England and Wales more than 50,000 over-50s got divorced a rise of 10% compared with 1999 (ONS, 2009)  mean an increasing number of middle aged women and men are having to take financial control for possibly the first time in twenty years - or in some cases their lives - according to new research from Tesco Bank.   The research shows that gaining financial independence is a major challenge.  

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Research reveals one in four people are using over 40 per cent of their wages each month just to pay off non-mortgage debt. This means a large proportion of the British public are eating into their available income on a regular basis, leaving less to fund rising bills and spiralling living costs.   The MoneySupermarket research showed the average amount of monthly debt per person is £322, a whopping 25 per cent of the average monthly income for a UK adult, which stands at £1,288. The research also found eight per cent of people said they spent over 80 per cent of their wages repaying debt, highlighting how stretched the nation's finances are at the moment. Men hold a greater proportion of personal debt (excluding mortgage) of £7,944 on average, when compared to women who owe over one thousand pounds less at £6,739, fifteen per cent less than their male counterparts.  

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New research from first direct shows the increasingly difficult task house buyers face, with rises in the cost of properties and required deposits far outstripping rises in income.   The research found that since 1990, the average housing deposit has risen from £6,793 to an average of £65,924 in 2011. A combination of an increase in house prices and a reduction in the amount of mortgage lending by many banks and building societies means that house buyers face an almost tenfold increase (9.7 times) in the required deposit on a property. House prices have also risen in the same period by a factor of 4.3. With the average household income having risen by just 2.5 times in the same period, buyers must now save for far longer to achieve this milestone purchase.  

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According to independent financial research company Defaqto, in the run up to Retail Distribution Review (RDR) implementation advisers are likely to view multi-managers as an effective route for outsourcing clients' investment portfolios - but robust due diligence is central to ensuring advisers achieve the full benefits of outsourcing for themselves and their clients.  

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The CII have published a response to the FCA approach to regulation.The CII's response to the FCA approach to regulation can be viewed on the CII's website at www.cii.co.uk/pages/research/responses.aspx The current restructuring of the UK regulatory framework provides the opportunity for a rethink.  In the past, regulators have been too reactive in their approach to identifying risks to consumers as well as the overarching solvency of financial institutions.  

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The Association of Independent Financial Advisers (AIFA) has today responded to the Financial Services Authority's (FSA) consultation on simplified advice. Stephen Gay, Director General of AIFA, said:  

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Rather than book a GP appointment straight away, people are more likely to turn on their computer first according to the Simplyhealth report: Are we an instant health generation? In an age where technology has made access to health advice and information instant, people have far more choice than ever before and appear more willing to take responsibility for researching their issues independently  

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A recent report by the Chartered Insurance Institute (CII), entitled "Who cares?", highlights that despite the recent Dilnot Commission, the public remains unaware of the real cost of long-term care and the necessity to make personal provision to meet this cost.   The current average long-term care bill is £26,000 per annum and the average length of stay in a care home is two years creating an average care bill of £52,000.  The current average pension provides an income of only £10,000 per annum, leaving a huge annual deficit.  

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More than one in three (35 per cent) workers in the UK admit that they don't have a pension, meaning that they will have to rely on the State Pension and any savings in retirement, according to new research by Prudential.  The survey of working adults also found that those who do contribute to private or company pension schemes pay in an average of 6.2 per cent of their annual incomes. Women are far less likely to save for their retirement with 41 per cent saying they do not have a pension, compared with 29 per cent of men.  

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The UK's largest high street banks are among the worst for customer satisfaction, according to a new report by Which? Which? members rated 28 banks and building societies for customer satisfaction across current accounts, mortgages, savings accounts and credit cards, with none of the biggest high street banks featuring in the top 15.  

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The Financial Services Consumer Panel welcomes the publication of the Independent Commission on Banking's report. The Consumer Panel has consistently called for better treatment of bank customers and believes that this report creates a unique opportunity to make changes that will help consumers and business.  

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Almost three-quarters (73 percent) of non-retired people have a private pension, yet a significant proportion are uncertain about what it will provide them. Over a quarter (28 percent) don't know how much, or even if, they are contributing to their workplace pension scheme, and 38 percent have no idea how much their employer contributes. This lack of understanding of how much is being saved is potentially leaving employees with unrealistic expectations of what this will provide them at retirement.  

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More than one third of Brits (35%) have never switched their main current account provider, with many not doing so because switching is ‘too much hassle' according to new research by N&P (Norwich and Peterborough Building Society).   Despite the impact of the recession and three quarters of people making changes to their lifestyle to save money, only one in ten people (9%) have changed their main current account in the last 12 months. Worryingly, nearly two thirds of people (64%) are not even looking to review their current account within the next 12 months  

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According to the latest Halifax Pocket Money Survey, more than half of the UK's children (55%) understand that to get money, you need to earn it by working.  However, this is followed by almost a third who think money comes from the bank (30%), and over a quarter believe it comes from Mum's bag (29%) or Dad's pocket (26%).  

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The majority of consumers don't think that the banks (76%) or the Government (71%) have done enough to ensure there is no repeat of the financial crisis, according to new research by Which? And, with just 14% of people saying that the banks have learnt their lesson from the credit crunch, seven in ten consumers (71%) back proposals to separate retail from investment banks, which would safeguard the deposits of customers and essential retail banking services if one of the UK's big banks was to go bust.  

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New figures from unbiased.co.uk, the professional advice website, today reveal that Q2 2011 has been a quarter of mixed news - seeing savings continue to increase, although by £6 billion less than Q1 2011, while borrowing levels continue to decrease, a trend we've been seeing since 2008.     Unbiased.co.uk's Savings Brake research reveals the ratio of how much we are borrowing (including unsecured borrowing but not including equity release and mortgages) contrasted with how much we are saving. During Q2 2011, borrowers repaid 10p of debt in every pound they saved - a slight decrease from 11p in Q1  

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A new report from protection and retirement specialist LV=, reveals that property and money are the assets that Brits most want to pass down to their children, at 59% and 58% respectively. More than 40% of people would like to leave their children their engagement and wedding rings, making them the third most common item to bequeath.  

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Social networking site IFA Life has today launched Blue Sky - a private networking and mentoring group for IFAs and Financial Planners.   IFA Life has established itself as a thriving online forum for financial advice professionals, where at the heart of the community has been networking, sharing of best practice and IFAs willingly providing help and support to one another.  

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Graham Spooner, investment adviser at The Share Centre, picks UK satellite broadcaster BSkyB as his share of the week. Here's why: "BSkyB pleased the market at the end of July issuing strong figures ahead of expectations. The company's profits rose to over £1bn and revenue increase by £900m to £6.6bn  

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Despite inflation running high and Base Rate still stuck at record low levels, Britain's savers are benefiting from renewed competition in the market with the average rate on the top 10 easy access savings accounts hitting the highest level since March 2009. The current average rate stands at 3.09 per cent, according to analysis by moneysupermarket.com  

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Children across the UK have an optimistic outlook on life despite the economic downturn, with 68% believing they will own their dream home by just 35 years old, according to new research by Clydesdale and Yorkshire Banks.   And 19% of those are planning to own their dream home by the age of 25, despite the fact that 33% of children estimate that their dream home will cost them between £500,000 and £1 million  

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This review of the savings market examines the relationship between customer savings and the annual Halifax Quality of Life Survey, which tracks where living standards are highest in Great Britain by ranking local performance across key indicators, covering the labour market, the housing market, the environment, education and health. Whilst residents of many areas with a high quality of life also have a high savings balance, new research from Halifax proves that this is not always the case  

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Today Standard Life publishes Your Commitments, Your Future, a study developed with psychologist Professor Janet Reibstein into the nature of commitment. It reveals that financial and emotional commitments peak between 35-44 years of age when people spend on average £1,160 a month on financial commitments and think about them for 45 minutes every day.  

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Many of Britain's youngsters are missing out on financial advice from their grandparents, according to new Savings Survey data from NS&I. Over one third (36%)1 of the population believe their grandparents are good financial role models, yet only one in ten people (10%) have taken the opportunity to listen to financial advice from senior family members.   NS&I's data reveals that this information gap comes from a reticence among older generations to share their financial wisdom. Many Britons (37%) of retirement age and older say they are holding back as they believe younger people don't want to hear what they have to say on money matters.  

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HSBC has launched a social media newsroom for journalists, bloggers and online commentators. The site has been designed to be a 'go to' site for all comment and information on the UK Bank's position on key issues and latest announcements.  

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Parents are bailing out their adult children by more than £3,000 a year due to rising property prices, tuition fees and youth unemployment, according to a report from Friends Life.   The report, entitled 'Working Women' and part of Friends Life's Visions of Britain 2020 series, reveals that rather than coasting towards a comfortable retirement, women in their 50s are working for longer than ever in order to give their adult children financial support. On average, parents have given their adult children (those aged over 21) £3,180 in handouts in the past year, with the figure rising to £4,840 for the middle classes (ABC1s)  

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Under 50s cut back on saving and borrow more to fund lifestyle, reports AXA Big Money Index. The second "Big Money Index" from AXA shows there has been a shift towards a more cavalier attitude to finances in the second quarter of the year.. It paints a worrying picture of a population borrowing more to fund a less restrictive lifestyle than in the previous quarter, with fewer attempting to pay off debts or save. It also reveals a slight rise in confidence in the economy among the under 50s, particularly among ‘Young Professionals*', while optimism among those nearing or in retirement has plummeted.   

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A government attempt to encourage people to leave money to charities in their wills has "fundamental defects" and should be replaced, says the Chartered Institute of Taxation (CIOT). The CIOT makes its comments in its response to a government consultation paper proposing a lower rate of inheritance tax (IHT) when someone leaves 10 per cent of their estate to charity.  

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As we approach the end of the holiday season, many IFAs could have missed out on new business over the Summer because their ‘Out of Office' email message did not include a note of their website address.   In a random sample of fifty ‘Out of Office' email messages from IFA Life members, 80% did not include an invitation to visit the IFA's website.  

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As inflation bites, families are more worried than ever about the rising cost of living, according to research from the latest Aviva Family Finances Report*. The research also shows income and savings are falling as debt increases, yet families still fail to protect themselves against the unexpected.  

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Pensioners retiring this year on a fixed income could lose 60 per cent of their spending power over the course of a 20 year retirement, according to new analysis by Prudential.   Prudential's figures show that the average person retiring in 2011 expects an annual income of £16,600, but if that income remains fixed it will be worth a mere £6,700 in today's money in 20 years' time - effectively a £10,000 pay cut. In fact, assuming that inflation remains at its current level, pensioners will need their retirement income to more than double (to over £40,000), if they expect to maintain their standard of living for the next 20 years.   

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A new report from Consumer Focus - ‘Counter Measures' - argues that all UK high street banks should allow their customers full access to personal bank accounts through the post office network, to meet consumer demand  

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Following a successful pilot, 1 September sees the formal launch of an important new scheme to combat mortgage application fraud. HM Revenue & Customs, the Council of Mortgage Lenders and the Building Societies Association have worked together on the development of the Mortgage Verification Scheme and see it as an important additional tool to help beat fraud. The National Fraud Authority estimates the cost of mortgage fraud at £1 billion last year, so measures to tackle it are important.  

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Britons are still reluctant to talk openly with their parents about any expected inheritance, according to new figures released today by Aviva.  Almost two-thirds (63%) have not, or would not talk about the subject openly with their parents, despite the fact that 40% of people still expect an inheritance and may even build it into their retirement planning.  

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Andy Parsons, advice team manager at The Share Centre, lists the top purchased funds by our customers during July 2011 and explains why investors may have favoured them  

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Schroders' Chief Investment Officer, Alan Brown comments on yesterday's market volatility: "Two items of news lie behind the continuing market rout: The sharp decline in the Philadelphia Index and the news that other Eurozone countries were likely to seek to negotiate collateral arrangements from Greece to match the deal that Finland has achieved. As such this is a continuation of the same two themes, concern over the prospects for world growth and concerns over the stability of the Eurozone. More...  

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The average age of a first time buyer has been increasing steadily since the 1960s and new research from Post Office Mortgages has revealed that 35 is the average age that a prospective homebuyer now expects to be before joining the property ladder.   The research tracked the average age of first time buyers since 1960, finding that those who bought their first home in the early 1960s were on average just 23 years old - significantly lower than today's expected average age of 35.  Women who do not yet own a property are slightly more optimistic than men, expecting to buy a home at 34, compared to the male expected average of 37 years old.  

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There was a surge in enquiries for property to purchase during July, according to estate agents. The National Association of Estate Agents (NAEA) market report for July showed a sharp increase in the number of house-hunters registering at its branches across the UK. While there is some regional fluctuation, on average agents reported 299 people on their books for the month, up from 263 in June and the highest figure in over two years (May 2009; 299).  

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The current market downturn sweeping the US and Europe is expected to persist for another one to three months and will not be as bad the 2008 financial crisis, according to Jack Malvey, chief global market strategist for BNY Mellon Asset Management.   "The worst case would be a mild, brief recession, but we are more likely to experience a low-growth recession over the next three to six months," he said. "While the worst of the current downdraft is probably behind us, it is difficult to determine the exact market bottom for these types of corrections."  

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Mike McCudden, Head of Derivatives at Interactive Investor (www.iii.co.uk), gives his thoughts on the current trading outlook for investors  

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IFA Life, the social network for IFAs and Financial Planners today reached another milestone when its 7,000th member joined the site.   The site which was founded in 2008 by former Zurich Life Head of National Accounts Philip Calvert, has become an invaluable resource for financial advisers, with many visiting up to ten times per day  

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We’re delighted to say that today IFA Life reached 7,000 members  Thank you to everyone who supports us and who promotes us amongst the wider IFA and Financial Planning community. We also now have well over 2,000 members in our LinkedIn group and over 5,000 who follow us on Twitter at http://twitter.com/IFALife.  Our Foursquare page also has almost 3,000 people who follow us from around the world.  

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Millions of Brits are seeing their retirement dreams undermined by the rising cost of living and inadequate financial preparation for their retirement, according to new research from MGM Advantage.  The leading retirement income specialist reveals that while the top priority for six out of ten adults (58%) is the freedom to live their retirement to the full or have financial security, the reality is often very different  

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New figures from the FSA/Council of Mortgage Lenders show that the level of business via intermediaries rose for first-time buyers and home movers during the period. The value of loans via intermediaries for first-time buyers increased by 30% (from £2.7bn in Q1 to £3.5bn in Q2) and by 26% for home movers (from £5.4bn in Q1 to £6.8bn in Q2)  

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The latest official inflation figures show prices rising at a 5% rate, which is dreadful news for most people, but particularly for those living on fixed incomes, or saving up for retirement.  Saga has asked the CEBR to calculate the inflation rate faced by older citizens and they show that older people face even higher inflation than the rest of society.  

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Quarterly fund statistics for Funds of Funds, Tracker and Ethical data.  Quarter 2 2011 The Investment Management Association (IMA) today publishes its figures for Funds of Funds, Tracker and Ethical funds for Quarter 2 2011. Key findings: Funds of Funds - net retail sales for 1H 2011 the highest on record Tracker funds - 6.7% of total funds under management Ethical funds  - net retail sales of £94 million in Quarter 2 2011, the highest quarter since Quarter 4 2007  

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Over one in four UK small businesses set up by the recently retired or redundant.  Inventor of the wind-up radio and ‘older-preneur', Trevor Baylis says it's never too late to start your own business.  New research from Clydesdale and Yorkshire Bank has unveiled that rather than relax or look for a new job, over 1 million ‘older-preneurs' have used retirement or redundancy as an opportunity to set up their own business  

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Over one hundred personal finance tips have been received from IFAs in each of the first two weeks after the launch of IFA Life’s My Money Tip initiative. IFA Life is creating a book, iPhone app and special social media pages designed to help IFAs improve the visibility of their expertise to the Internet generation and to older consumers who love surfing the Web.  

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Bluerock Consulting, the financial services management consultancy, is pleased to announce a new co-marketing agreement with Virtual Advisor, the remote financial advice experts. Virtual Advisor is a supplier of patented, online, consumer engagement software that is tailored to delivering remote financial advice.  

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Increasing regional variation in the UK's commercial property market became apparent during the three months to June, as London's real estate strongly outperformed the rest of the UK, says the latest RICS UK Commercial Market Survey  

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The Government has just released a summary of the responses to its consultation on reforming the State Pension. The overwhelming majority of responses supported a flat rate state pension of around £140 a week (in today's money) which would remove the mass means-testing of future pensioners and finally make it safe for most people on moderate incomes to save in a pension scheme.  

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The Association of Independent Financial Advisers (AIFA) has announced its vision for the organisation's future following its strategic review. The review sets a direction for the organisation to champion the interests of professional financial advice firms in the UK and at the increasingly important European level  

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In response to the recent Treasury Select Committee report which suggests delaying the impact of the Retail Distribution Review (RDR) by one year, Institute of Financial Planning (IFP) believes that the current deadline of January 2013 is unlikely to pose a problem for the majority of its members.  

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Britain is a nation of DNAs (Dare Not Ask) with money or finances being the top issue that people are most reserved to talk about with anyone they know, according to new findings from Scottish Widows. But the younger generation is challenging the inherent apprehension in us all, with those under 35 proving to be the most likely to break the trend and talk about this traditionally taboo subject.  

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Young savers are getting a raw deal from banks and building societies, with the average rate for a children's easy access savings account at just 1.01%, according to new research by Which? Money. The consumer champion found that half of easy access children's savings accounts pay 1% AER or less, with First Trust Bank's Junior Saver account offering a return of just 0.05% - that's 50p for every £1,000 saved and a tenth of the Bank of England base rate.  

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  IFA Life, the social networking site for IFAs and financial planners is launching an iPhone App and book which is designed to raise the profile of financial advisers to a younger market and Internet savvy older consumers. With the Internet and Social Media increasingly at the heart of how consumers find information on financial matters, IFAs can either embrace it or run the risk that they will be invisible to the Internet generation. Founder of IFA Life Philip Calvert said today: "As we approach RDR, there's a great deal of talk about how the mass market can be served by IFAs - but in a cost-effective, appealing and relevant way. Our new My Money Tip initiative will raise the profile of IFAs to a younger market - and indeed to older consumers who love the Internet."    

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Consumers in the UK are rebelling against poor customer service and are voting with their feet according to new research from American Express. Around 30 per cent of Britons believe that businesses are taking their custom for granted, with nearly four out of five (78 per cent) of those surveyed deciding not to make an intended purchase because of poor customer service.  

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The Government has issued a call for evidence as part of its consideration of the integration of the operation of the income tax and National Insurance contributions systems, announced at Budget 2011. This is a preliminary stage of consultation, and aims to build a strong evidence base on the burdens to employers of having to operate two different systems. Responses to this call for evidence will inform the Government's proposals for reform, on which it will consult in the autumn  

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The UK housing market faced a stalemate during June, as demand failed to pick up and supply of new property fell back, says the latest RICS UK Housing Market survey (12 July 2011).   Demand for property showed little change in June, with new buyer enquiries recording a net balance of 0 per cent (compared with -1 per cent in May); indeed, demand has been broadly flat for the last six months. Chartered surveyors report that because the market remains difficult to access, the only buyers who can really be considered serious are those who have already sold their property, or have a mortgage agreement in place  

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Volumes of business across the UK financial services sector grew in the three months to June, but at a slower pace than in the last three quarters, a new survey showed today (Monday).   At the same time, the value of fee, commission or premium income rose strongly for the second quarter running, while the value of net interest, investment or trading income grew at its fastest rate since March 2007  

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The latest MoneyMood Survey from Legal & General shows around 1.3 million households are worse off now than they were just 9 months ago. The research shows a marked drop in "Expense cover", the number of households who say they have some money left after paying bills each month, compared to 2010.  The drop means around 6 out of 10 UK households are on a fine balance between managing to pay bills and sinking into debt  

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Apathetic Brits are missing out on hundreds of pounds a year by failing to check the interest rates on their financial products, including credit cards, current accounts, savings accounts and personal loans, research by the UK's number one comparison site moneysupermarket.com has revealed  

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The CBI is calling on the Independent Commission on Banking (ICB) to undertake a rigorous cost-benefit analysis of its proposals on bank ring-fencing, as it remains unconvinced that the policies will support the recovery. With today (Monday) the last day for submissions to the ICB, the UK's leading business group is asking the ICB to look at the business and economic impact of the changes it is considering  

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Institutional investors should review information that goes beyond the typical scorecard that they use, called the "implementation shortfall," when they gauge the success of changing the asset allocation of a portfolio or switching asset managers. That is one of the key conclusions of a new study from Mellon Transition Management (MTM), the transition management specialist for BNY Mellon Asset Management. The report urges investors to break down the components of the implementation shortfall cost and focus on the implicit costs of their transitions  

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With implementation of the Retail Distribution Review (RDR) fast approaching, advisers are likely to be looking at their business strategies and positioning themselves for 2013.  One of the key questions for advisers is how they will deal with clients' investment portfolios.  For many, outsourcing this process will be high up the agenda  

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Getting your boss a cuppa may be the best way for promotion, but almost half (45%) of British workers don't actually get to enjoy a free cup of tea or coffee at work, according to new research from uSwitchforbusiness.com.  In fact, a third of workers (33%) have seen their companies cut back on free refreshments over the last year, costing staff over £110 a year on average  

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The news that Jane Norman is going into administration is the latest piece of bad news for Britain's high street. As well as Mothercare other chains including JJB Sports, Thorntons and Comet are also shutting some shops. With shoppers already turning their backs on town centres, these closures could be the final nail in the coffin for the high street  

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Aviva's latest Real Retirement Report, which monitors the finances of the UK's over-55s, today reveals that two in five (39%) of them have seen significant and often unwanted and unplanned, changes to their careers in the ten years between their 55th and 65thbirthdays. Indeed, one in seven (15%) report being made redundant, 11% were forced to stop work due to illness and 11% were forced into early retirement. Looking at the impact of these unplanned changes, 68% said it has had a detrimental effect on their retirement finances, with 34% having to cut back on their lifestyle, 7% worrying about how to pay an outstanding mortgage and 11% considering using assets such as their house to pay for retirement.  

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Aviva's latest quarterly Real Retirement Report, which monitors the finances of the UK's over-55s, has found the marginal growth in income over the last year of 0.65% has been outstripped by a rise in ‘grey' inflation of 4.7%.    However, the over-55s have started to prioritise debt repayment and saving as their income is squeezed by inflation. The report which tracks the finances of the three different ages of retirement - pre-retirees (aged 55-64); retiring (65-74); and the long-term retired (75 and over) - also includes a focus on the final ten years of employment before retirement which highlights the importance of saving.  

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UK pensioners are living on an average of £6,200 a year less than the £22,000 they say they need to live comfortably, with two in five (38 per cent) finding living on their retirement income harder than they originally expected. New research for Prudential exploring attitudes to retirement reveals that pensioners would ideally like an income of £22,000 a year in order to live comfortably. But in reality, the average income they receive is just £15,800.  

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Analysis from moneysupermarket.com, the UK's number one comparison site has found the average interest rate across two-year fixed rate mortgage products is at its lowest since the Bank of England base rate dropped to 0.5 per cent in March 2009. This highlights the increased levels of competition within the mortgage market. Fixed rate mortgages have steadily fallen over the last couple of years, with the rate on the average two-year product now standing at 4.25 per cent. This compares with an average of 5.59 per cent in spring 2009. Three-year fixed rates are at their lowest since December 2010 while five-year products are at their lowest rate since January 2011 at 4.80 per cent and 5.27 per cent respectively.  

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While young people are realistic about the need to save for retirement, they are likely to need incentives to make it a priority, a new survey from Fidelity International suggests.  Fidelity surveyed people aged 25-35 on their views on retirement and found more than 60% believe the buck stops with them when it comes to financial security in retirement, with just 23% believing it is up to the State to take primary responsibility for looking after them when they stop working.   

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New research from unbiased.co.uk, the professional advice website, reveals that 39% of small businesses are taking a DIY approach to their business finances and opting to go it alone without consulting or employing a professional for financial advice. Yet despite this, one in five (19%) of small businesses are not confident they could effectively manage their business accounts and their book keeping needs without using professional help.  Over half (54%) of sole traders are currently without professional advisers for their finance and accounting needs, compared to 20% of micro businesses (1-9 employees).   

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With consumers battling the rising cost of living and a reduced level of disposable income, new research from moneysupermarket.com reveals the biggest financial concerns for households at the moment. The survey of over 2,300 site users revealed that for one in three (36 per cent) the biggest concern at the moment is the rising cost of household bills. This was followed by the rising cost of motoring (13 per cent) and worrying about debts (12 per cent). Upward movements in the Bank of England base rate was a concern for 11 per cent of those surveyed, followed closely by worries about the risk of unemployment (eight per cent). With disposable income forecast to fall by a further £780 this year, consumer's concerns look set to stay.  

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Alliance Trust Savings, one of the country's leading SIPP providers, questions whether the general public understands the true value of pension's tax relief and how it works. This comes after recent *research suggested that higher rate tax payers are losing out on £795m in pension tax relief. The Government has recently quashed rumours that it was considering plans to axe pension tax relief for individuals in 40% and 50% tax brackets.  

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Bupa, has launched a free iPhone app giving people easy access to quality health information wherever they are. With seven out of ten people in the UK now using the internet to find health information, Bupa's new ‘Health Finder' app will give free mobile access to Bupa's award winning health factsheets. Covering conditions from angina to yellow fever, Bupa's health factsheets are already viewed by over 20 million people each year and as sales of smartphones outpace those of PCs, more people are likely to do so on-the-go  

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New research from Aviva has found that the top sources of financial advice for UK consumers are friends and family, and the internet.  Almost three-quarters (70%) of 18-24 year olds would turn to friends and family for financial advice first rather than consulting a professional adviser, while only  a quarter (24%) of over-65s would do the same.  

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Even the most sceptical of financial advisers now appreciates that the Internet stands at the centre of how IFAs communicate with each other - with Social Media dominating how they interact, network, find jobs, discuss industry issues such as RDR and how they share best practice. ‘New Model' no longer applies to just IFAs - large and small providers and suppliers of products and services to IFAs have no choice but to develop their own new model in how they interact, engage and add value to financial advice professionals. Seminars, workshops, broker consultants and telesales still have their place - but pale into insignificance compared to the impact and effectiveness of a well thought-through IFA-facing Social Media strategy  

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Research by The Co-operative Bank has revealed that the majority (80%) of UK adults are worried about the state of their finances, with all areas of family finances being scrutinised with a view to save money.  The top money worries causing sleepless nights are as follows:  

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Shelter's new research shows the places in England with the highest proportion of homeowners who have been issued with a possession order for their home, and are therefore at serious risk of repossession.    With experts predicting repossessions will rise to 45,000 next year, the charity is highlighting the research to encourage homeowners who will be hit when interest rates rise to start preparing now for higher mortgage costs so they don't find themselves at risk later down the line  

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Gross mortgage lending totalled an estimated £11.3 billion in May, according to new data from the Council of Mortgage Lenders.  This represented a 12% increase from the £10.1 billion lent in April and was 1% higher than in May 2010.  

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Independent financial research company Defaqto has today published a guide for advisers to help them select appropriate platforms for their business and ultimately their clients. The volume of assets under management on platforms has now reached £150 billion.  And, according to a Defaqto survey of 232 platform users, advisers are now placing a significant amount of investment business through them.  In fact, 69% of advisers that use platforms are placing more than 50% of their business with them.  Further, Defaqto found that once adopted the number of advisers placing 10% or less investment business on a platform is just 3%  

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According to the latest AIC/Morningstar figures, the investment company sector on the highest premium is currently the Property Direct (UK) sector, which is on an average premium of +5%, marking a turnaround since the commercial property downturn, when the average discount was as high as 44% at the end of December 2008.  With an average income yield of 6.5%, this dramatic rerating is perhaps less surprising in the current inflationary, low interest rate environment.  

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Homeowners in the most economically prosperous locations in the UK have seen the value of their property rise by almost £150,000 over a decade, according to new research by Halifax. Based on Halifax's own data, the average house price in the ten local areas that recorded the biggest rise in economic activity in the UK between 1998 and 2008 (latest available) rose by 219%, or £146,984, from an average of £67,178 in 1998 to £214,162 in 2008.  

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Andy Parsons, advice team manager at The Share Centre, lists the top purchased funds by our customers during May 2011 and explains why investors may have favoured them.  

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Inflation is the biggest investment concern for nearly a fifth of IFA clients, according to a poll of advisers undertaken by M&G Investments. Of the 882 advisers who responded to the M&G survey over several weeks in May, about 16% cited rising prices and inflation as the main worry for their clients  

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Small businesses see training in sales and marketing as critical for their growth, latest survey figures from the Federation of Small Businesses (FSB) show. In its ‘Voice of Small Business' survey panel of 1,700 small businesses, almost half (46%) said that sales, marketing and PR training for themselves would help their business to develop or grow. Just over a third (34%) said similar training for their employees would also have the same positive impact on the growth of their business  

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Buy-to-let mortgage specialist Paragon is urging landlords to ensure they are fully tax efficient after research shows that many are failing to claim for the full range of tax allowances. Landlords can offset many of the costs incurred through letting property against their income, but many are unaware of the full range of costs they can claim. For example, Paragon's research shows that more than one in 10 landlords (13%) are not claiming for mortgage interest, despite it being a major cost for landlords. Meanwhile, a third of landlords don't claim management or letting agent fees, with 55% of landlords not claiming for advertising costs incurred in letting their property.  

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As Barclays announces that it will be compensating customers who were mis-sold Payment Protection Insurance (PPI) on a ‘no questions asked' basis, Which? chief executive, Peter Vicary-Smith, says:  

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Independent Financial Adviser Anthony Ward, has received the highest exam mark in Northern Ireland after completing the Advanced Diploma in Financial Planning.  The award was presented today at the Belfast Insurance Institute’s annual award ceremony held at Queen’s University Belfast.  This is Anthony’s third award having previously won awards for the highest exam marks for both the Certificate and Diploma in Financial Planning.  

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The Financial Services Authority (FSA) has written to firms operating price comparison websites to ensure they are aware of their regulatory requirements. The letter contains proposed guidance and highlights some concerns the FSA has around the fair treatment of customers. It also asks firms to think carefully about whether they are introducing, arranging or even advising customers on purchasing a contract of insurance - and whether they need to reflect that with a change in permissions.  

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Commenting on new official statistics on longevity published today (Wednesday) that show the gap between the life expectancies of people living in deprived and prosperous areas has increased sharply, TUC General Secretary Brendan Barber said: 'This reveals the unfairness in the government's plans to speed up the increase in the state pension age, particularly for women  

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The Institute of Financial Planning (IFP) welcomes the announcement from the Financial Services Authority (FSA) in CP11/11 that it intends to confer accredited body status upon the organisation.  The regulator will now consult on including IFP and five other organisations as accredited bodies, within their Handbook.  

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While concerns over bank lending to small and medium sized companies have grabbed the headlines recently, Alex Wright, manager of the Fidelity UK Opportunities fund, believes that the outlook for small caps in particular is very positive.   Alex Wright comments: "I still think we are early in the current economic recovery, which only really began in mid 2009. As we move into an environment of greater certainty this should be good for small caps which have historically performed well in times of positive economic momentum.  

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The number of people experiencing financial distress has increased to the highest level recorded by R3's Personal Debt Snapshot. The latest research finds that eight million people are due to go into their overdraft this month, with two million believing that they will go into an unauthorised overdraft position. The findings also show that six million people are currently behind with some of their bills and payments - a jump of 2 million over the last quarter.  

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IFA Life and 5 others:  How has CFP certification helped your business? http://www.ifalife.com/forum/replies.asp?ForumID=72&TopicID=972  IFA Life and 15 others:  Name the town/city that is nearest to you for possible IFA Life networking events http://www.ifalife.com/forum/replies.asp?ForumID=93&TopicID=5213  Adam Price and 4 others:  Rating IFAs – good idea or bad idea? (VouchedFor) http://www.ifalife.com/forum/replies.asp?ForumID=9&TopicID=5157  

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"It's been a week of woe in the markets as traders are finally coming to realise that all is far from well in the global economy. The FTSE 100 is looking like testing recent lows again as at time of writing we are sitting around the 5870 level. We are seeing lower volumes from our spread betting and CFD clients as they wait and see and set up orders trying to capitalise on a break out from the range. On any move in the FTSE to the downside look for support around 5830 and then 5790  

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Research from Scottish Widows shows that Scots are more likely to have a life insurance or critical illness policy in place than any other part of the UK. The Scottish Widows Consumer Protection report, which details research carried out on 5,148 UK adults¹, shows a clear regional divide north and south of the border, with Scots faring far better than the rest of the UK when it comes to protecting themselves and their families.  

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Simplifying the movement of assets into a SIPP will be crucial to the success of corporate platforms, Friends Life argues today. The company is calling on the government to change the intricate legislation that governs in-specie contributions, and allow employee's benefits to be transferred more easily through corporate platforms  

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Only half of those retiring this year will be able to afford to leave an inheritance according to new research from Prudential. Just 52 per cent of those questioned are confident they have enough income and assets to fund their retirement and still be able to leave money to relatives. Prudential's Class of 2011 research questioned people planning to retire this year and found that 26 per cent have already ruled out being able to leave any inheritance while another 22 per cent were unsure whether their savings would be sufficient to fund their retirement.  

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Small firms that have yet to grasp the business opportunities created by the environmental sustainability agenda are missing out on a potential £5.7 billion of economic growth in the next three years, new research from Lloyds TSB Commercial has revealed.  The bank, which questioned over 1,500 British businesses with a turnover of less than £15 million, discovered the majority of small firms (91 per cent) have taken some steps towards becoming more environmentally sustainable. And, almost a third (30 per cent) of small and medium-sized enterprises (SMEs) have already seen their business grow by an average of 13.25 per cent over a three year period solely as a result of these initiatives.   

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Britain is home to a generation of renters who are giving up on buying their own home, an in-depth new report has revealed. If attitudes become reality, the shape of Britain's housing market will be fundamentally changed within a generation.   According to the report, the most in-depth research into the attitudes and behaviour of young people toward home-ownership since the credit crunch, 77% of all non-homeowners still aspire to owning their own home.  However, despite this aspiration, nearly half of 20-45 year olds say Britain is becoming more like Europe where renting is seen as the norm and predict Britain will become a nation of renters within the next generation.  

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Report reveals Britons have their head in the sand over retirement planning.  A generation of Britons faces a cash-strapped retirement as people ignore or refuse to respond to the changing nature of pension provision in the UK, a new report from HSBC reveals.  Members of the UK's Ostrich Generation know they will live longer than previous generations and understand that traditional state and company pensions will no longer be so generous  

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Almost two-thirds (64%) of women aged 65+ make small financial decisions themselves, such as day to day budgeting and paying bills, compared to only one third (32%) of 18 to 24 year olds.  This is double the figure and well above the 57% national average. When it comes to big financial decisions, such as buying a new car, over two-fifths of women (41%) aged 65+ take charge.  This is again almost twice the figure of 24% for 18 to 24 year olds and higher than the average of 35%  

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Responding to Shelter's release today of the results of a YouGov survey on whether mortgage regulatory reform is needed, the Council of Mortgage Lenders expresses surprise that Shelter seems unaware that mortgage lenders do, in fact, support reform.  However, it is the detail of that reform that needs care if undesirable and unintended impacts are to be avoided.  

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The Institute of Financial Planning (IFP) has recently conducted its first ever Paraplanner survey ahead of its inaugural Paraplanner Conference which took place today, at Hinckley Island Hotel, Hinckley, Leicestershire, on Wednesday 25 May.  The event was a sell out, with well over 100 delegates attending.   

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Research by NatWest and small business website Smarta.com reveals many small firms struggle early on because they don't have the right tools in place to run their business effectively. With latest figures showing business failures outnumbering business births for the first time, offering more support to start-ups could be key to economic recovery. NatWest and Smarta today join with Dragons' Den star Theo Paphitis to launch Smarta Business Builder, a new online toolkit, providing first time entrepreneurs with the key components needed to develop and grow.  

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Aviva - the UK's largest insurer - is proposing a series of reforms to the retirement industry with the publication of the report ‘Rethinking Retirement in the UK. The report sets out a series of measures Aviva believes are necessary to address the issues facing the retirement market today, encouraging reform, so that the industry can better serve the needs of tomorrow's retirees. Aviva proposes the following:  

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New research by Standard Life has revealed over 80% of the UK adult population are saving their money, but the options they are choosing may be restricting the return they get on their money.  More people choose cash based savings (49% cash savings, 46% cash ISA), compared to investment based products (17% investment products, 13% pension products). This could seriously impact the returns received over the longer term. The return from cash based savings is largely determined by interest rates but the real value of this will be impacted by inflation. Returns from the stock market are historically higher than cash based returns over the longer term.   

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One in three people in the UK say their personal debt, excluding mortgage debt, has increased in the past year, with 10 per cent stating their debt has increased a lot, according to new researchfrom moneysupermarket.com.   

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The Financial Services Authority (FSA) has fined Bank of Scotland (BOS) £3.5 million for the mishandling of complaints about retail investment products - many from older customers with little or no experience of investment products  

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People will get life insurance payments more quickly after bereavement, as the ABI issues new guidance to insurers cutting the time it takes from four months to just four weeks.  Over 32,000 life insurance claims are made by families who have lost a loved one every year in the UK, many of which will now be able to benefit from this change.  

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The impact of inflation and monetary tightening in the first quarter of 2011 restricted Indian equity performance, however, the country's structural growth drivers remain intact and bodes well for equities in medium to long term, says Teera Chanpongsang, Portfolio Manager, Fidelity India Focus Fund. "Concerns about the impact of inflation and monetary tightening on growth have restricted Indian equity returns so far this year," Changpongsang comments: "Foreign investors redeemed funds from many emerging markets, including India, to invest in the developed world where economic growth was showing signs of a recovery.  However, this trend seems to have reversed since early March, given the stronger growth and economic fundamentals in emerging markets.  This dynamic has helped Indian equities to make a strong recovery.  

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Deposits paid by first time buyers trying to get on the British housing ladder during the last 12 years have averaged 17 per cent of the overall property value - two per cent more than the current average - and taken an average 29 months to save for, according to new research from Santander Mortgages. Almost one in five first time buyers (17 per cent) have paid between 6 - 10 per cent deposit on their first home, with 3.5m (12 per cent) putting down between 11 and 20 per cent to ensure they secure a foot on to the property ladder. Perhaps surprisingly one in 10 paid almost half of the full property price as a deposit with a further 15 per cent buying the property outright.  

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Families are struggling to save while keeping ahead of inflation and on top of unsecured debt, according to research from the latest Aviva Family Finances Report. This in-depth research which is designed to understand the financial needs of customers who live as part of a family - 84% of the UK population - also shows families have major financial concerns over the next six months.  

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The prospects for economic growth in the UK are not as bad as some commentators would have us believe. Whilst growth has been disappointing in comparison with other economies, particularly in recent quarters where it seems to have stalled, it still bears comparison with other UK recessions. Economic recovery was not smooth following the recessions of either the early 80s or early 90s. Indeed the history of the 1991 recession shows a classic ‘two steps forward, one step back' recovery with the level of GDP returning to its lows three quarters after hitting its nadir.  

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Families are viewing auto-enrolment as a positive step towards bridging the pensions gap, according to research from the second Aviva Family Finances Report. Three quarters (74%) of family heads say they would be happy to contribute to a scheme if their contributions were matched by their employer. This comes in contrast to the fact that the majority of UK family heads (72%) do not currently contribute to a workplace pension, citing affordability as a major barrier. However, the report also suggests that almost all (96%) families do have some disposable income after essential purchases each month, which indicates affordability might not be the only obstacle.  

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33% of households in the UK say they could not cope financially should they lose their household's main income.  Almost half (49%) of UK households with children are reliant on two salaries.  Only 7% of the UK population have income protection Research published by Scottish Widows has revealed an estimated 8.5 million UK households could not cope financially if the household's main income was lost,  with just a quarter (26%) of the 26 million households in the UK stating they would be financially secure in the long term. Despite these figures, just 7% of the UK population has an income protection policy in place  

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One in four UK adults now access their bank account online every day.  Two thirds say online banking is their preferred way of managing their money.  However only one quarter of over 55s have ever used online banking to manage their money New research by Pay YOUR way, the campaign helping people benefit from modern payment methods, shows that as a nation we like to keep a close eye on our money - making use of online technology to check our bank account as often as once a day, but many still spend valuable hours in their bank branches to tackle the most straightforward of tasks  

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Award-winning IFA Informed Choice will be live tweeting a day in the life of a firm of Chartered Financial Planners on Tuesday 24th May 2011, using the Twitter account @aninformedday and hashtag #informedday.   Throughout the day, members of the Informed Choice team will be sharing their activities with a series of tweets on the @aninformedday Twitter account.  

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The public wants a clear message from the Government on how much they will have to pay for care in their old age, research carried out for the Commission on Funding of Care and Support has found.   While the majority of people in our research believe both the Government and the individual have a responsibility to contribute to long-term care costs, they want clarity on exactly what they will be expected to pay, along with simple ways to support them in planning for this.  

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The Financial Ombudsman Service - the independent organisation that settles disputes between consumers and financial companies - today publishes its annual review covering the 2010/11 financial year. The review shows that during the year:  

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Publication of DWP Research Report 737.  Research published today examines what aspirations people of all ages hold for their later life, what they are currently doing to prepare, and what enablers and barriers there are to achieving their aspirations. This study focuses on many of the social aspects of preparing for later life and specifically looks at what plans people are making for later life in their earlier years; what hopes or ambitions may motivate people as they approach later life; and, whether later life is viewed as an opportunity to do things people were unable to do in their earlier years or as a time to relax and do less. Key Findings:  

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There was further bad news for the UK economy today with the publication of the consumer prices for April. CPI rose from 4% to 4.5% compared to expectations of about 4.1%. This comes after a rare month when inflation was lower than expected in March as it fell by 0.3% to 4% (see chart below). The overshoot is mainly due to a big rise in transport costs in April that should largely reverse in May. For instance, the cost of air travel rose by 29% and sea fares by 22.3% during the month that can be mostly explained by the timing of Easter. The rises in duty on tobacco and alcohol also contributed to the increase as well as the continuing strength of energy prices  

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Research from HSBC has found that 29% of people feel their job is not secure over the next 12 months. Older public sector workers feel particularly vulnerable, with 37% of public sector workers over the age of 55 feeling that their job is not secure over the next 12 months - the highest level of uncertainty for any age group of either public or private sector workers. This is compared with 32% of their private sector peers. When looking at the medium term, insecurity increases and the gap between the public and private sector widens further. Thirty seven percent of people said they felt their job was not secure over the next three years including 40% of public sector workers and 35% of people in the private sector. Uncertainty rises significantly among the older age group with almost half (48%) of public sector workers over the age of 55 saying they feel their job is not secure, compared with just over a third (36%) of their private sector peers. (See Graph 2 in Additional Information)  

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MBNA today announced that the first American Express-branded, contactless credit cards in the UK will be issued for use by MBNA's customers.  Europe's largest credit card lender now becomes the world's first issuer of EMV-enabled contactless credit cards for all three payment networks - American Express, MasterCard and Visa.  

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FSB launches a report that demonstrates that one year in, the Government has effectively increased the regulatory burden on many small businesses.  The Federation of Small Businesses (FSB) expressed concern today that Government plans to reform parental leave and flexible working are an example of a contradictory approach to regulation.  

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Men retiring in 2011 expect to receive 50 per cent more pension income than women, according to new research from Prudential.  Prudential's Class of 2011 research surveyed people planning to retire this year and found that the retirement income gender gap is £6,500. The average woman retiring this year expects an annual income of £12,900 compared with an average male expected income of £19,400. There is some good news for women though as the retirement income gender gap has shrunk since last year when Prudential's study showed a £7,400 gap with women expecting incomes of £12,200 while men looked forward to £19,600. However, women who planned to retire in 2009 expected an annual retirement income of £13,700.    

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Saga’s latest report reveals the gap between the rich and poor has widened since January.  Quality of life for people over 50 has declined in the past three months according to the latest Saga Quarterly Report, the second comprehensive quarterly analysis from Saga investigating the lives of Britain's 21 million over 50s. The Saga Q2 Report, published today, reveals a decline in quality of life as a result of the notable drop in living standards, with people in their 50s the worst affected.   

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The Chartered Institute of Taxation (CIOT) believes that the Government's approach to counter attempts to avoid tax through payment of ‘disguised remuneration' is far too complex. The Finance Bill includes extensive legislation targeting arrangements involving third parties and which defer or avoid income tax on rewards from employment or avoid restrictions on pensions tax relief. Colin Ben-Nathan, Chairman of the CIOT's Employment Taxes Sub-Committee, said:  

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Over half of Brits (52%) admitted being concerned about the impact inflation may have on their savings, according to the latest quarterly Saving Britain research from BM Savings. Nearly seven in 10 (69%) savers over the age of 65 were worried about inflation, however, only three in 10 (30%) young (18-24) were concerned their savings would be affected.  

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The balance between house purchase and remortgage lending tipped towards remortgaging at the start of 2011, according to the Council of Mortgage Lenders. Remortgaging accounted for 37% of all lending in the quarter, an increase from 30% in the last quarter of 2010. The number of loans advanced for house purchase in March increased by 24% to 37,800 from February, and the value increased by 26% to £5.4 billion. While this is a significant increase compared to the start of the year, house purchase lending activity is still below the levels seen at the same time last year - down 17% in volume and 16% in value.  

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Brits are burying their heads in the sand when it comes to their finances. Despite their best intentions, 17 million adults (35%) admit to neglecting their finances, according to the second annual Scottish Widows Priorities of Life Index.    Of the 17 million adults who cannot focus on their finances as much as they'd like, 21% said this was because they had too much debt to feel financially secure, 32% are not paid enough, and a quarter (25%) simply try not to think about money in their day to day lives.  

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Debt advice charity the Money Advice Trust is warning consumers to pay close attention to their fuel costs after witnessing a rise in the number of people with fuel debts seeking advice. Since 2007 National Debtline, which is run by the Money Advice Trust, has seen a 181 per cent increase in the number of people advised who carry fuel debts. Just over the last twelve months the charity has seen ten per cent more people calling in with fuel debts.  

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In March, just before the Budget, Saga called on the Government to help struggling savers by reintroducing National Savings Inflation linked bonds.  The Budget announced that NS&I would be allowed to make a profit of £2bn this year, which has paved the way for the return of these hugely popular certificates.  

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The British Insurance Brokers' Association (BIBA) and the Institute of Insurance Brokers (IIB) have confirmed that they are in formal discussions, under heads of agreement, about the two organisations coming together, with an aim to complete discussions by the end of the year.  

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Paragon Mortgages' Financial Adviser Confidence Tracking (FACT) Index, a panel survey of approximately 200 intermediaries, found that 77% of residential mortgages introduced during the first quarter of 2011 were capital repayment mortgages. This is the highest proportion since Paragon launched the FACT Index in 1996.   The proportion of repayment mortgages was up from 71% recorded during the final quarter of 2010 and has been rising since the third quarter of 2007 when it hit a six-year low of 57%.  

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Latest figures from unbiased.co.uk, the professional advice website, reveal that high consumer demand for retirement planning advice continued into the new tax year. Retirement planning maintained its position as the number one advice driver (41%) for consumers searching for an independent financial adviser (IFA) on unbiased.co.uk's ‘find an IFA' search.  This highlights a substantial year on year increase, when only 35% of consumers sought retirement planning advice in the same month last year.  

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A survey by independent financial research company Defaqto has found that a quarter of advisers questioned have changed at least one of their platform providers over the last twelve months. Defaqto's survey asked 232 advisers using platforms about the extent and nature of their platform activity, and their level of satisfaction with the platforms they deal with.  While it found that 25% of advisers have switched at least one platform provider in the last year, Defaqto has identified an increasing trend of activity in this direction.  In 2010, Defaqto found that 21% had changed one of their platform operators.  

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Supply of property increased during April, as sellers returned to the test the Spring housing market, according to the latest RICS UK Housing Market survey (10 May 2011).   18 per cent more chartered surveyors reported a rise rather than fall in new instructions, up from 4 per cent more in March. Spring is traditionally a busier time of year, but respondents suggest that a stablisation in property prices has also tempted many back.  

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According to independent financial research company Defaqto, low returns on cash deposits mean people will have to consider investing in riskier assets to supplement their income. IFAs will therefore need to undertake robust due diligence when selecting funds, and fund managers, to ensure appropriate selections are made for their clients.  

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Morningstar has today announced a product integration project that maps the outcomes of the psychometric risk tolerance tests offered by FinaMetrica, a financial risk profiling provider, to the Morningstar asset allocation guidance models available in Morningstar’s adviser planning tool, Morningstar Adviser Workstation.  

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PDL International, the global provider of investment services to both institutional and retail clients, has today warned against the blanket exclusion of whole asset clases from the mainstream retail market. The call forms part of PDL’s response to the FSA’s discussion paper on product regulation, which was published in February.   One consideration raised in the paper is the option of issuing warnings to customers, publishing a list of products considered unsuitable for the mainstream retail markets. The paper suggests that traded life policy settlements, known as life settlements, would be on that list.  

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Many of Britain's biggest financial service providers have failed to win customers' trust while smaller firms, mutuals and new players continue to attract praise for their service, according to Moneywise's latest Great British Customer Service Survey.  

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The Chartered insurance Institute's (CII) report, ‘An age-old problem - developing solutions for funding retirement', published at a CII and Strategic Society Centre seminar exploring the impact of pension rules in a changing society, estimates the UK retirement savings deficit at £9 trillion.  

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Money education charity Credit Action has today released the May debt statistics, a monthly release which details the level of debt in the UK. Key statistics from the release, which shows month-by-month trends, include:  

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The Chairman of the House of Commons Treasury Select Committee, Andrew Tyrie, announced in agreement with the FSA, that the Committee will request independent experts to carry out a review of the FSA's report into the failure of RBS.  This is currently being prepared for publication by the Authority at the request of the TSC.  

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Leading financial planning application supplier, Voyant today announced the launch of a market crash simulator, designed to give advisers the ability to examine a client’s capacity for loss, within its ‘Voyant Adviser’ online planning solution.  

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More than eighty percent of consumers have changed how they shop in order to reduce the amount they spend, according to new research from insolvency trade body, R3. The survey looks at the change in where and how consumers are now buying their goods. Frances Coulson, R3 President says:  

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The scrapping of the age 75 annuitisation rule could inadvertently encourage people to stay in drawdown for longer than is suitable and mean they risk missing out on the benefits of mortality cross-subsidy, warns MGM Advantage, specialists in retirement income and Intelligent Pensions, the pensions and retirement specialists for IFAs.  For a 70 year old male living for 20 years with a pension fund worth £100,000, this could mean missing out on over £70,000.  

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The number of million pound property sales in 2010 increased at the fastest rate for four years, according to research by Lloyds TSB. The Lloyds TSB Million Pound Property Report tracks all residential property sales of at least £1 million in Great Britain using data from the HM Land Registry and Registers of Scotland. House sales refer to data from 2010, 2009 and 2007.  

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One in six Brits (16%) are planning either a UK holiday or to go abroad between the bank holiday weekends.  Holidaymakers staying within the UK will spend an average of £299 each during their break, compared to an average spend of around £733 per person going abroad.  One in five (20%) of those planning a holiday will not have travel insurance.  

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The first decline in household income for 30 years suggests that there is more pain to come on the High Street despite the very slight improvement in sales in March. Aggressive Coalition Government spending cuts have led to calls for a u-turn. Last month's statistics and announcements revealed the UK's worsening economic situation and are causing panic in some quarters although the government is standing firm.  

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The Environmental Investment Organisation (EIO), a UK based independent non-profit research body, employs a transparent methodology for its ranking, based on public reporting of Scope 1 and 2 emissions according to the widely accepted Greenhouse Gas Protocol.  

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The value of money has fallen by 94 per cent over the last 50 years, according to new research from BM Savings using data from the Office for National Statistics (ONS). An 18 fold increase in retail prices means that someone today would need £1,796 to have the equivalent purchasing power of £100 in 1960. Conversely, £5.57 in 1960 would provide the same spending power as £100 today.  

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The cost associated with buying a home in the UK is typically 14% lower than renting a property, according to new research by Halifax. The average monthly costs associated with buying a three bedroom house in the UK stood at £608 in March 2011; 14% (£98) lower than the average monthly rent paid on the same property type of £706. Three years ago, the average cost of buying was 43% more than the typical rent paid. The significant fall in the monthly cost associated with buying compared to renting has been driven by the decline in the average mortgage rate since 2008. The mortgage rate for a new borrower has fallen to an average of 3.59% from 5.82% in March 2008, helping to reduce the average monthly mortgage payment by Halifax.

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Government backing for new workplace savings models has been welcomed by Friends Life, who believes that support for innovative developments such as corporate platforms can help improve savings habits and give people greater financial freedom and stability. The government's show of support for new savings solutions came after Financial Secretary to the Treasury Mark Hoban announced it had decided to postpone, for the present time, any plans to allow early access to pension savings before age 55. Friends Life, broadly supportive of this move, agrees that directing focus on how corporate platforms offering a combination of pensions, ISAs and other savings products can meet the demands for more flexible savings options is a positive step.  

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Sex is the number one ‘life issue' that British adults feel most uncomfortable talking about in the home according to a report from Bright Grey, the protection specialists. The Women and Protection report, which examines the levels of financial protection among women in Britain, reveals that some 22 per cent of people try to avoid talking about the ‘birds and the bees' with their family, with this figure rising to 25 per cent of women, while talking about money ranks as the third least popular discussion topic in the home.  

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A survey by independent financial research company Defaqto has found that nearly a quarter of advisers believe using a single platform will compromise an IFA's independent status - and 8% are still unsure. In the context of the Retail Distribution Review, one of the principal concerns for advisers is whether or not using just one platform will allow them to provide unrestricted and therefore independent advice.  And while the FSA has sought to clarify this issue, Defaqto's survey has found that many advisers remain uncertain.  

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Members’ Forum Messages IFA Life:  What makes for a great team meeting? http://www.ifalife.com/forum/replies.asp?ForumID=7&TopicID=4978 Rahul Odedra:  Has anyone come across some really bad or inappropriate advice from RDR transition consultants? http://www.ifalife.com/forum/replies.asp?ForumID=74&TopicID=4981 Daniel Cawley:  Octopus Schemes – any views? http://www.ifalife.com/forum/replies.asp?ForumID=3&TopicID=4980  

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The Rt Hon Margaret Hodge MP, Chair of the Committee of Public Accounts, today said: "The peak of the financial crisis may have passed but taxpayer support for UK banks remains extensive and the risks to the public finance from the banking sector are great. There must be an end to the dependence of the banks on taxpayer support  

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House hunters search for bargains ahead of Easter rush.  The UK housing market in March saw a sharp rise in the number of property enquiries, according to estate agents. The National Association of Estate Agent's (NAEA) market report for March showed an increase in the number of house hunters registering with an agent across the UK. The figure rose from 268 in February to 290 in March as an average per branch - its highest level in eight months  

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Canada has topped the expat ratings for ‘quality of life' experience according to the fourth annual NatWest International Personal Banking (IPB) Quality of Life Index. The majority (92%) rated Canada top for of its diverse environment, natural beauty and its resources. For 94% of expats living there, the peaceful nature of the country is a real draw. The Canadian appeal  Canada leads the G7 in terms of the safest place to live and conduct business with the most fairly administered judicial system. It was the leading performer among the hard-hit G7 developed economies during the global recession, helped by its sound banking system and the fact it avoided the property crash seen in the United States and much of Europe.  

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One in three people would sacrifice at least 10% of their income to support their parents in retirement, research from Aviva reveals today. This is roughly double the amount that savers in the UK are currently investing in their company pension arrangements on average [5% of gross salary].    The study also shows that it is the younger generation who feel the greatest sense of financial responsibility to their parents, with all under-21s questioned prepared to give up a proportion of their income for older family generations, if they could afford to do so.  

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The Federation of Small Businesses' (FSB) ‘Voice of Small Business' Index for the first quarter of 2011, has shown that small businesses' employment intentions weakened even though business confidence has improved since the end of 2010. At the end of 2010 a balance of -2.5 per cent of businesses thought they would have to make cuts to their employment levels. However, -6.5 per cent actually decreased headcount during the quarter - showing that businesses are having to make tough decisions.  

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Unbiased.co.uk's annual Tax Action Report reveals that UK taxpayers will waste nearly £1.3 billion this year due to poor inheritance tax (IHT) planning.  This tax wastage is only set to increase further in the future after the chancellor announced in 2010 that the threshold would remain frozen for four years at £325,000 rather than rising in line with inflation. Inheritance tax is not only Britain's second biggest tax wastage area but it also holds the fifth place in the list of taxes Britons most want to abolish (after fuel duty, council tax, TV licence fee and income tax - see table 1 below).  Despite this, almost nine out of ten (88%) people state they have done nothing in the past 12 months to reduce the amount of tax they pay.    

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The children of baby-boomers will have to pay seven times the price their parents did to get on the housing ladder, SHIP, the trade body for equity release has discovered. In Q1 1983, the average first time buyer (FTB) home cost £20,810.  However it now stands at £136,842, a massive increase of 558%.  In contrast, the average deposit needed for a FTB to purchase a property in December 2010 was 23% of the asking price or £31,474.  Given that this deposit is over £10,000 more than the total value of their parents first home, it is clear that they are facing several challenges.  

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Fears about an increase to the base rate have led to a flurry of fixed rate mortgage deals hitting the market, but new research from uSwitch.com, the independent price comparison and switching service, reveals that consumers are facing a double whammy on mortgage set-up fees. Not only are they being asked to fork out £1,044 on average just to set their mortgage up, but if they then add this to their mortgage the amount could increase to £1,701. With 11.4 million mortgages in the UK at the moment, the mortgage industry is raking in an additional £2.6 billion on set up fees alone.  

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More than a third (38 per cent) of people due to retire in 2011 are cancelling their plans and delaying retirement, and a significant proportion (22 per cent) of these are doing so because they can't afford to stop working.    The findings, from Prudential's Class of 2011 study, revealed that those delaying retirement this year for financial reasons, had, on average, hoped to stop working at age 62 but now expect to be 68 years old before they can finally take up their pension. The study, now in its fifth year, questioned people who had planned to retire during 2011.   

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  Described as one of the new breed of financial planning firms, North London based Serenity is overhauling its website just one year after the company's rebrand in 2010. The new website is designed to enable greater interactivity with site visitors and will give clients online access to their financial life plans and their investments. Clients will also be able to upload documents to a personal, private and secure area on the website which can be stored for future reference or shared with the Serenity team.    

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To highlight many of the issues facing the UK's future pensioners, AXA Wealth has developed a new quantitative index measuring affordability and volatility in retirement saving, and has conducted consumer research which suggests a significant disparity between desired, expected and actual retirement ages. The AXA Wealth Pension Index shows that a typical male pension saver wanting to retire on a similar pension income to that which they would have achieved five years ago will now need to work for an additional six years and one month, making his ‘pension affordability age' 71.1 years old.  

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Seventy two per cent of financial services practitioners believe the UK Regulator should be given powers to ban retail products, according to a Chartered Institute for Securities & Investment (CISI) survey. The survey was conducted over the last month amongst CISI members who have attended a fourth round of Retail Distribution Review (RDR) roadshows throughout the UK. These CISI roadshows are designed to help practitioners ready themselves for the RDR and are particularly relevant now as the final RDR rules have been published by the FSA.   

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Over half (59%) of middle income households would be unable to provide for themselves and their families for longer than six months if they lost their main source of income, according to a report being published today by Friends Life. Fuelled by the fear that over half of people unemployed in the UK have been so for over six months (52%), this group - termed the 'Coping Classes' - is now focused on reducing debt to stave off the threat of a potential financial survival gap.  

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The UK financial services sector saw activity grow strongly for the third quarter in a row, in the three months to March, according to a new survey published today (Monday). Firms considered the level of their business is only slightly below normal, the best result since the financial crisis began in September 2007, according to the latest CBI/PwC Financial Services Survey.  

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The number of high yielding, liquid stocks across global emerging markets is approximately four times more than that of UK domiciled companies according to new data from the managers of JPMorgan Global Emerging Markets Income Trust.  

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Institutional investors are this week calling on the world's largest companies to implement cost-effective greenhouse gas emissions reduction initiatives.  The request is being made through the Carbon Disclosure Project's new Carbon Action initiative, launched today in response to investor requirements to protect their investments and accelerate company action on carbon reduction activities  

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A new nationwide service launches today (4 April) to provide free, unbiased advice to help everyone make the most of their money. The Money Advice Service will help people take the right financial decisions and act on them, by giving personalised advice online at moneyadviceservice.org.uk, over the phone on 0300 500 5000, and face-to-face across the UK through a national network  

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Women are leaving themselves seriously under-insured financially according to a report from protection specialist, Bright Grey. The Women and Protection report has revealed that while many women have increasing financial responsibility in the household, many are still failing to safeguard their financial security. Some 59 per cent of women have no life insurance in place; while over 84 per cent - some 21 million women - do not hold a critical illness insurance policy.   

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Group sets target of 20 per cent reduction in customer complaints Lloyds Banking Group is to follow a multi-brand strategy. The approach was announced by Group Chief Executive, António Horta-Osório at an internal conference and confirms that the Group will continue to operate through its main commercial brands of Lloyds TSB, Halifax and Bank of Scotland. In an industry leading move, the Group has also set out a series of clear, measurable targets to reduce the number of customer complaints.  

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Legal & General’s latest Value of a Mum survey finds that the value of the unpaid work that a Mum does around the home would cost £30,032 to replace.  The current value of a Dad is £21,306. Key findings from the 2011 research are:  

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Leading debt advice charity the Money Advice Trust has today released a report into how men deal with debt problems. The research, which was undertaken by Dr. Jackie Goode and Dr. Amanda Waring from the Centre for Research in Social Policy, uncovered reasons why men can be seen to be less likely to seek debt advice than women:  

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Four in ten Brits (41%) have been left feeling concerned about their own financial position following Wednesday's budget according to new research from uSwitch.com, the independent price comparison and switching service.  A quarter (25%) now feel less confident about the country's finances, a third (36%) feel less confident about their own finances while 37% feel less confident that we're seeing the end of the recession:  

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UK companies are losing close to £50million a day in lost productivity as over six million UK employees fail to take a their lunch hour.   Over a third (34 per cent) of employees experience pressure from managers to work through their lunch hour while half feel the weight of their workload prevents them from taking a break.  

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NEST Trustee Members today (25 March) set out the investment approach for NEST and published their first Statement of Investment Principles (SIP). Lawrence Churchill, Chair, NEST Corporation, said:   "Agreeing the investment approach is a significant landmark for NEST in achieving our aim of helping millions to save confidently for their retirement. The investment strategy will develop over time and we are confident our approach will encourage saving and support our members in achieving their aspirations for retirement.  

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People aged over 45 identify safety as the most important factor when deciding which ISA provider to use - higher than getting the best price, according to new research by the Financial Services Compensation Scheme (FSCS). They rate saving with an institution covered by an official compensation scheme as being more important than having the product with "the best possible deal" or being "offered by a well-known and reputable brand".  

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According to independent financial research company Defaqto, the last six months have seen a considerable amount of activity in the multi-manager market - and, as a result, IFAs outsourcing via this route need to review their selections regularly to ensure they choose appropriate funds for clients.  

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Ahead of the Chancellor's budget this Wednesday, Family Investments reveals, in its first ever UK Mums' Budget, that almost half of mums across the country (47 per cent) will be reducing family savings by an average of £386.76 over the next year. This means a total of £1.3bn will be cut from household savings as families struggle to meet the escalating cost of everyday essentials  

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Over the long run, the income of the median (middle) UK household has increased by about 1.6% per year on average after taking account of inflation.  So over a typical three year period real incomes would rise by about 5%. However, new IFS research published today estimates that in the three years from 2008 to 2011 real household incomes will in fact have fallen by 1.6%, or £360 a year. So households are likely to be about 6% worse off than they might have expected had incomes risen in the normal way.  

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An estimated 10.4 million are going to unusual lengths to stash the cash A survey by Clydesdale and Yorkshire Banks into the nation's saving habits found that despite feeling the squeeze, over a quarter of us (28%) are saving more money than we did twelve months ago and 24% are going to unusual lengths to stash the cash.   

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J.P. Morgan Asset Management, the largest manager of investment trusts in the UK, has launched a comprehensive guide to investment trusts specifically for financial advisers. The guide, Investment Trusts: the case for consideration, examines the benefits of investment trusts and encourages financial advisers to take a fresh look at them.  

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Britain's SMEs are firmly against new paternity leave legislation, according to research from uSwitchforbusiness.com, the independent and impartial energy brokerage for small businesses. The new rules will give fathers of children due on or after 3rd April the right to take up to six months paternity leave. But just 1% of business owners believe the new rules will have a positive impact on their business and 39% believe that small businesses should be exempt.   

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The UK housing market in February saw a jump in the number of people putting their house up for sale, according to estate agents. The National Association of Estate Agent's (NAEA) market report for February shows a year-on-year rise of 25 per cent in the level of available housing stock  

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Leading financial planning application suppliers, Voyant and FinaMetrica, today announced an alliance to provide financial planners and wealth managers with the ultimate, best of breed financial planning and risk profiling platform.  FinaMetrica’s psychometric risk profiling methodology has now been fully integrated with the Voyant Adviser financial planning platform, providing advisers and wealth management groups with immediate access to a well tested, sophisticated and scalable enterprise solution. The joint venture will enable advisers and advisory businesses to rapidly bring to market a well differentiated value proposition.  

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Michael Gove, Secretary of State for Education, recently announced that school performance tables would now measure the proportion of pupils at each school who obtain good grades in GCSE level English, mathematics, two sciences, a foreign language and either History or Geography. This forms the so called, "English Baccalaureate".  

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Following LV='s official submission to the Treasury's consultation on early access to pensions, John Perks, LV= retirement solutions director comments: "We believe that allowing people early access to their pension savings would be of significant benefit, and would encourage people to put more away for retirement. In fact, our own recent research among the over-50s showed a quarter believed they would have saved more into their pension pot if access to their funds had been more flexible.  

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A survey by independent financial research company Defaqto has found that 40% of IFAs are now planning to move to a platform-based business model as part of their RDR preparations. Defaqto's survey, which questioned 500 IFAs dealing in individual personal pensions, found that the proportion of IFAs intending to shift their business model towards platforms has increased significantly from 28% in 2009.   

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Platforms, as on-line resources for buying, selling and administering investment portfolios are becoming increasingly important to consumers and financial advisers alike with the potential market estimated at £2 trillion. The Consumer Panel called for more work by the FSA on platforms, stronger action on promoting effective competition and for the abolition of rebates.  In order to inform the debate on Platforms the Panel commissioned the Bluerock strategic consultancy to carry out the research published today.  

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More than 17,000 homeowners would have been saved from the nightmare of repossession if proposed cuts to reckless lending had been in place, Shelter reveals today. The housing and homelessness charity is highlighting just how many people have had to pay the price for irresponsible lending over the years. Analysis of FSA data reveals over 17,000 repossessions would have been prevented if mortgage regulation rules, proposed by the Financial Services Authority (FSA) as part of the Mortgage Market Review, had been enforced over the last five years.  

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Life settlements may not be suitable for everyone but they can be attractive to the sophisticated investor Product innovation can bring positive change, but what is new is not always greeted positively. While the potential risks with new products must always be discussed and debated, they should also be put into proper context.  

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New research from AXA Wealth underlines the potential pitfalls of allowing early access to pension money, and highlights the uncertainty surrounding attitudes to long-term saving and retirement saving in the UK. Research conducted by AXA Wealth has found that 62% of IFAs feel that early access would result in their clients running out of money sooner and being forced to rely on the state in their retirement.  

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In a new report released today (Thursday) the Adam Smith Institute have calculated the negative effects of the top UK tax rate and called on the coalition government to scrap the 50p tax rate in this year's budget. If the government keeps the 50p rate it will have highly negative effects, leading to lost revenue of £350billion or more, as well as flat economic growth.  

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The Association of Independent Financial Advisers (AIFA) yesterday called for a fundamental review of the Financial Services Compensation Scheme. Presenting to the All Party Parliamentary Group on Insurance and Financial Services, Andrew Strange, AIFA's Director of Policy, said:  

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Latest figures from unbiased.co.uk, the professional advice website, reveal that personal retirement planning was the number one advice driver (41%) for people seeking independent financial in February.  The Advice Drivers report also shows that nearly one in three consumers (30%) were looking for an IFA specialising in ‘investment and savings' advice. With ISA season at its peak, the figures show a continued upward trend for consumers wanting an IFA whose area of expertise includes ISAs, OEICs and unit trusts, with an increase from 14% in January to 16% in February, marking an annual high since February 2010 for searches in this area  

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Lord Hutton of Furness today sets out his proposals for comprehensive, long-term structural reform of public service pension schemes. The final report of the Independent Public Services Pension Commission follows a comprehensive nine-month review. It sets out a number of detailed recommendations to the Government on how public service pensions can be made sustainable and affordable in the future, while providing an adequate level of retirement income  

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A survey by independent financial research company Defaqto has found that 21% of IFAs dealing in individual personal pensions have changed their pension provider over the last twelve months.  Defaqto's survey, which questioned 500 IFAs, also identified the following as the five main reasons why advisers would change provider (respondents were able to select more than one reason):  

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Aviva's fifth quarterly Real Retirement Report, which reviews the finances of the UK's over-55s, finds that over the last year, average incomes have fallen by 4%, mortgage debt has risen by over £10,000, and the number of households with savings pots of less than £500 has jumped from 21% to 30%. The quarterly report reviews the finances of the three different ages of retirement - pre-retirees (aged 55-64); retiring (65-74); and long-term retired (75 and over). This issue also has a focus on debt and shows how the over-55s are economising in other areas to repay what they owe. These findings are outlined in a separate press release.  

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Over half of SME owners (54%) see tough economic conditions as the main threat to their business continuing for the next two years, according to Scottish Provident's Business Protection report.  According to the survey, the second biggest threat to SMEs (20%) between now and 2013 is the impact of climate change on the environment. Just one in ten (10%) view cash flow issues such as late payments as their biggest threat to survival, while just one in a hundred SME owners (1%) see red tape as their biggest burden.  

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With the end of the tax year fast approaching, new research from Nationwide Building Society shows that consumers are confused about the benefits of ISAs, with many still failing to take advantage of their ISA tax relief.  

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Ray Boulger of leading independent mortgage adviser John Charcol comments on the disagreements between Halifax and Nationwide on the movement in house prices, highlighted by today's release from Halifax of its February house price index. "Most of the house price indices published measure different things and furthermore figures for any given month in reality cover activity for different periods. For example The Land Registry figures have the largest sample and hence are the most comprehensive, but they are also the most historic because they are based on when details of completed sales are reported to the Land Registry. Near the other end of the timescale the Nationwide and Halifax figures are based on mortgage offers issued by those lenders and so are more timely, but also include figures for some transactions which never actually complete.  

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Greater regulation from Europe and increasingly empowered and well informed occupiers as a result of social media are just two of the issues facing the UK property industry, it will be revealed today at the MIPIM property convention in Cannes. The event run the British Property Federation (BPF) and London consultancy RealService, will hear some of the property industry's leading figures spell out their vision for what the property industry will look like in the year 2020  

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Britons are not recognising the importance of speaking with family members about later life planning and inheritance Over a third (36%) of the population whose parents are still alive do not know if their parents have a will, or how their parents plan to distribute their estate More than two-fifths of the population (46%) admit they do not know where any of their parents' important financial documents are kept  

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Financial Secretary to the Treasury, Mark Hoban, announced today how the facility for meeting high annual allowance (AA) charges from pension benefits will work in practice, including that the tax should be paid at the point the charge arises.  

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Political turmoil in the Middle East continued to stoke global risk aversion this week. As markets absorb the series of revolutions in North Africa and the Middle East, the price of Brent crude oil continued to climb higher and raise concerns about emerging markets more generally. Despite this, the Thames River Global Credit team believe the market impact has been fairly modest, with a more selective aversion to securities actually exposed to the troubled region, rather than a blanket flight from all emerging markets  

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Thirty-nine is the age Brits really start to worry about their health, according to new calculations by PruHealth, the insurer that rewards people for engaging in healthy behaviour. With thirty-something peers such as fitness-fanatic Gwyneth Paltrow (38 years) and channel-swimming David Walliams (39 years) achieving their health goals, perhaps it's understandable the average Brit is feeling the heat as they approach the big FOUR-ZERO.  

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Independent financial research company Defaqto has launched new Star Ratings for short-term income protection - adding to its existing ratings for long-term income protection - to help advisers ensure a better match between clients' requirements and the features offered by different protection products. According to Defaqto's research, selecting appropriate income protection products is particularly complicated given the variation that exists between the different options available: Short-term income protection:  

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IFA Life today launched its branded page on Foursquare, the leading location-based social networking site.  One of just a few hundred brands from around the world including Sony, Gucci, NASA, Red Bull, The Wall Street Journal, Harrods and others - IFA Life's partnership with Foursquare will enable consumers to locate information and tips about financial advisers on GPS-enabled mobile devices, such as iPhones, Android mobile phones, Symbian and BlackBerry smartphones. In 2010, users checked in to Foursquare on 381,576,305 occasions, and it is believed that IFA Life is the first financial services brand in the world to have teamed up with Foursquare in this way.  

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Leading care home provider, Bupa, today warns that if councils' adult social care budgets are not ring-fenced, the UK risks a shortfall of nearly 100,000 care home beds over the next decade.  This reduction will lead to a "bed-blocking" crisis for the NHS, and a postcode lottery for aged care as shortages emerge across the country. A new report from Bupa, published today, reveals that real-term spending cuts to care will reduce the number of care home beds by 81,000 over the coming decade.  At the same time our ageing population is likely to see an additional 18,000 older people needing care.  These two factors could result in almost 100,000 older people being left at home or admitted to hospitals - potentially occupying half of the NHS's beds.  

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The IFA industry is showing increasing signs of upskilling in preparation for the 2012 retail distribution review deadline.  According to the latest figures from unbiased.co.uk, the professional advice website, the number of IFA branches with IFAs holding QCF level 4 or above qualifications, designations or papers has increased by 11.2% since the start of last year. Of the nearly 15,000 registered IFAs, on the unbiased.co.uk database, now almost half hold at least one QCF level 4 or above qualification, designation, or paper.  Further to this, over a third (38%) of IFAs already hold at least one QCF level 3 qualification, designation or paper in addition to current benchmark FPC 1/2/3 (Cert FP), indicating that they are well on their way to being RDR ready by the end of 2012 deadline. The rise in the number of qualifications indicates a move by the IFA sector to meet the consumer demand for more highly qualified IFAs.  

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New assets under administration were up 189% to £1,217m in 2010 marking a record year of growth for the independent wrap platform. This contributed to a 119% increase in funds under administration of £2,530m. A key driver for this growth was Ascentric's success in attracting new firms of advisers to the platform, with 266 firms signed up during the year. There are now more than 2,000 individual users set up on the platform that led to a near doubling of customers to 23,241.  

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Credit card users are wasting £2.3 billion a year in interest payments by simply letting debt sit on their existing credit card. Research from moneysupermarket.com, Britain's number one comparison site has found almost half (46 per cent) of credit card users do not pay off their credit card in full, with the average debt being held for 10 months before being paid. With three per cent of cardholders paying just the minimum balance each month - credit card users are accruing billions of pounds in unnecessary interest.  

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The UK Government, alongside other European member states including Belgium and Italy, today welcomed publication of the European Commission's Small Business Act Review. The three Member States have committed to working together in Europe to promote the interests of small and medium sized enterprises (SMEs) and have urged the Commission to host a forum for small business ministers as part of a renewed focus on putting SMEs at the heart of European decisions. In a joint statement they said:  

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New research from online stockbroker and fund supermarket Interactive Investor shows that ISA investors are looking further afield in their pursuit of high income growth. Figures reveal that nearly a quarter (24%) of investors plan to invest in new emerging markets such as Africa and Vietnam this year, a 52% increase on 2010.  The research also reveals that four in ten investors (41%) expect to invest in established emerging markets in 2011 and 38% plan to invest in natural resources and commodities.  

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The cost of raising a child until their 21st birthday now totals more than £210,000, according to the annual Cost of a Child Report from insurance, investment and retirement group LV=. This equates to £10,040 a year, £836 a month or £27.50 a day. Today's cost of raising a child is up 50% from LV='s first Cost of a Child Report in 2003. The Report shows that the cost has increased by 4.5% in the last year, ahead of the official headline rate of inflation (CPI) at 3.7% with childcare and education remaining the biggest expenditure, costing parents a mammoth £67,430 and £55,660 respectively over their offspring's childhood. The cost of education, which includes school uniforms, after-school clubs and university tuition fees (excludes any private school fees) has grown by 5.3% over the last year. Other areas of expenditure that have seen big increases in 2010 include clothing (up 11.7%), holidays (up 6.4%), food (up 5.9%) and personal care (which includes toiletries and bath equipment (up 5.1%).  

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Customers will have a better understanding of what they are covered for under their Critical Illness (CI) insurance as the ABI publishes an updated Statement of Best Practice to help people who need to make a claim. This new statement is the result of extensive consultation and research into what customers need and where there have been problems in the past. It will improve the clarity and understanding of the Total Permanent Disability (TPD) cover in CI insurance policies. While TPD only represents 3% of all claims under CI, a high proportion of those claims in the past have been declined, which is highly distressing for customers making the claims. It is hoped that the new statement will have an impact in further reducing unsuccessful claims.  

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Over forty percent of people (43%) believe that their financial situation will worsen over the next six months, according to a quarterly survey by R3, the insolvency trade body - an increase of 13 percent on the last quarter. Incidentally, less than a quarter of people (24%) believe that their financial situation will improve in the same period.   

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70% of adults have no idea how much they are likely to retire on.  25% of 55-64 year-olds don't know how much the State pension is worth.  Consumers are confused about their pension options says NFU Mutual More than two thirds of adults with retirement savings have no idea how much they'll have to retire on, according to the latest independent research, Marketing Science's Retirement Planning Monitor (RPM)  

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Whilst Government changes enforcing a positive order of repayments on credit cards are saving consumers an estimated £500 a year, research from Confused.com shows that UK consumers are collectively wasting £150 million per year on unnecessary late credit card payment charges. The comparison website found that 57.5% of credit card customers don't have a direct debit set up to make the minimum repayment on their credit card each month, making them liable for a ‘late payment' charge from their provider if they forget to make a payment.  Costing an average of £12 per time, these charges can soon stack up.  

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As the UK continues to experience high inflation with low interest rates, the combination spells double trouble for those saving in later life. Latest data from the Silver RPI published by Age UK Enterprises, the commercial services arm of charity Age UK, shows the average person aged over 55 has experienced price increases at five percent above headline inflation measures. In monetary terms this means they are £30 per month worse off before putting money aside. Latest figures show the gap between the price rises experienced and headline RPI now costs an average over 55 year old £907.20 a year, rising to £1,038 for those between 65 - 69.   

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R3's second quarterly ‘Business Distress Index', a barometer of financial distress, reveals increased signs of distress in December last year, with ‘decreased profits' being the leading sign. R3, the insolvency trade body, surveyed over 500 business owners, 54% of whom recorded decreased profits, an increase of 5% from September.  

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Househunters returned to the UK housing market in January as demand figures reached a six-month high, according to the National Association of Estate Agents (NAEA).   The NAEA market report for January showed gains across both supply and demand for housing compared with December, although this remains in-line with figures from the same time last year.  The number of people registering with estate agents to buy property improved from an average of 227 in December to 252 in January however this is still down on January 2010's figure of 291.  

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As they release their detailed and transparent 2010 claims statistics Paul Hudson, CEO of Cirencester Friendly, calls for more income protection providers to do the same:  “Cirencester friendly has been publishing its claims statistics for many years now and we continue to be one of just a handful of providers that do so in such a transparent fashion. 2010 saw us payout 94% of eligible claims to our Members for the second year running, further demonstrating our commitment to ensuring our Members continue to receive much needed financial support if they are unable to work due to illness or accidental injury.  

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New research from Sainsbury's Finance suggests that half of all Brits would be interested in making deposits into their savings account whilst paying for their supermarket shopping.  Sainsbury's Finance, which launched its own SaveBack scheme five years ago, urges other supermarkets and retail banks to innovate with convenience to help the nation get into the savings habit.   The supermarket bank's research reveals that some 15.8 million potential savers would be willing to make an average deposit of £60 each month at the supermarket till, should the service be available to them. This would represent an average of £32 million taken each day across the nation's supermarkets.   

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Silver RPI shows a 6 percent increase in over 55s spend on energy since September 2010. Latest data from the Silver RPI published by Age UK Enterprises, the commercial services arm of charity Age UK, shows that, since January 2008, the average person aged over 55 has experienced price increases at five percent above headline inflation measures.  Latest figures show the gap between the price rises experienced and headline RPI now costs an average over 55 year old £907.20 a year, which is a £30   

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Brits will spend the first 45 days of this year working just to pay off the interest on their debts according to new research from the professional advice website unbiased.co.uk.  This means consumers have only earned enough simply to cover the interest they have built up and have still yet to start re-paying the actual debt itself.  Tuesday 15th February will mark this year's Debt Freedom Day, the day when borrowers will be free of the interest compounded on their debts.  It is calculated by taking the average interest payment on outstanding unsecured loans and credit card debts and dividing this by the average person's daily earnings.  Unbiased.co.uk's figures show that personal loan levels in the UK reached over £120 billion in 2010 whilst consumers accrued over £58 billion in credit card debts.  These soaring levels could also be partly attributed to the high interest consumers are being charged on their credit cards, with the average rate for 2010 at 16%.  

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Wealthy Britons are burying their heads in the sand over April's changes to pension tax relief according to new research from HSBC.  Around half of all respondents (47%) said they won't be impacted by the changes, despite figures suggesting that many of Britain's top earners will be hit by the little-publicised reduction of pension tax relief allowances.  On April 6th, the annual amount that can be saved into a pension and attract tax relief falls from £255,000 to £50,000.  Estimates suggest that around 100,000 Britons will be hit by the changes - 80% of whom earn more than £100,000 a year.   

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Over eight million Brits missed paying regular monthly bills last year, putting their credit profile at risk and making it harder for them to be accepted for credit in the future. Research from moneysupermarket.com reveals how many consumers missed bills and which payments were most frequently skipped. Shockingly, credit card bills were most likely to be ignored or forgotten, with almost four million Brits admitting to missing repayments last year. Londoners were the biggest offenders, with 11 per cent saying they missed credit card payments, while only two per cent of borrowers from Northern Ireland were guilty of doing the same.  

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The price of gold fell by nearly $100 at the start of 2011 causing some to speculate over its future and that of commodities in general. Nick Raynor, investment adviser at The Share Centre, explains why investors should still consider exposure to this sector and which stocks to consider.     "There are several factors that could account for the recent slump in the price of gold. Firstly, talk of interest rates rising in the US could have led to investors feeling more confident of reasonable return from potentially less risky investment. Secondly, the start of the year is traditionally the time for investors to evaluate and re-focus their portfolio.   

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Institute of Financial Planning (IFP) has introduced a brand new facility for IFP members using its online CPD platform, via a new joint venture with Technical Connection. The functionality of IFP'S CPD online platform grew steadily throughout 2010. Almost 50% of IFP members are now using the platform to record and monitor their CPD activities, as well as to pick up useful  information and ideas for appropriate activities from the IFP and a range of other training providers.  Use of the platform is provided free of charge to IFP members.    

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At the start of Social Media Week 2011 (Feb 7th - 11th), Industry social networking site IFA Life is expanding its services to IFAs and Providers with the official launch of IFA Life Jobs and Careers and with the appointment of Samantha Francis to head up its jobs board, headhunting and recruitment initiative. The social networking site has established itself as a key industry resource, allowing users to network, share best practice, debate industry issues, access business resources and to provide help and support to one another. Providers also increasingly use the online network to interact and engage with IFAs and to answer their technical questions.  

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£100K+ earners expect to increase overall spending despite pressures on income Annual household spending by those earning over £100,000 is expected to increase 7.8% in 2011 as high earners plan to spend their way out of the recession reveals new research from HSBC. This is twice expected inflation for this year. HSBC surveyed 1,000 UK consumers with household income of over £100,000 to ascertain their expenditure in 2010 and their expectations for 2011. This research shows that the overall spending will increase from £81,060 in 2010 to £87,380 in 2011.  

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The Association of Mortgage Intermediaries (AMI) has today released its latest Quarterly Economic Bulletin looking at the economy, housing and mortgage markets. The Bulletin predicts similar levels of housing transactions and lending levels for 2011 as 2010. It also identifies that despite higher Loan to Value mortgages being offered, the proportion of borrowers who were first time buyers fell in 2010.  

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'House swapping' as an alternative to the traditional holiday is set to rocket this year - according to new research.   The findings from Lloyds TSB Insurance reveal that in total 1.6 million holidaymakers have arranged a house swap in 2011, twice the number that did so last year. But it can be a risky business, with many home-swappers rushing into their trades without proper planning - meaning they're ill-prepared should their fellow exchangers damage their property or possessions.  

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There is a huge amount of variation between financial products in terms of the range and level of features, benefits or cover they offer. Although price will always play a role in consumers' decision making, focusing on price alone can risk a mis-match between what someone needs from a financial product and what it actually provides.   

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The news that the National Association of Pension Funds has asked Lord John McFall to chair an independent inquiry into retirement savings is most welcome.  The current pension system is no longer fit for purpose, with the majority of moderate and low earners having lost faith in the whole pension saving idea.  A pension is really just a special form of long-term savings.  If we abandon the word pension for anything other than state pensions, then we can create a better new savings vehicle to revive the savings culture and provide later life income.  

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>Paul Boyne (Global Equities), Tim Dickson (Asian Equities), Dean Newman (Emerging Market Equities) and Andrew Shard (US Equities)   The US still has a massive budget deficit and there is talk of Moody's cutting their credit rating. At what stage is the US going to start making the necessary public-sector cutbacks, and what effect might that have on growth?    

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Experienced financial advisor professionals who read around their subject and take time to update their knowledge levels are good for consumers and will prove invaluable to their firms, says the Chartered Institute for Securities & Investment (CISI).In its response to the Treasury Select Committee request for views concerning the FSA's proposed Retail Distribution Review (RDR), the CISI commented on the issue of whether staff who are considered competent and experienced should be requested to take a written examination, the CISI says: "We agree that experience is important and those with experience have tended to score more highly in exams than those with just theoretical knowledge. However, relying on experience alone is not enough because the market, especially the financial market, changes quickly and not everyone is able to keep up."   

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Record 6.9 million file their tax returns online.  Record numbers of people sent their Self Assessment tax returns online this year, HM Revenue & Customs (HMRC) revealed today. A total of 6,907,410 people filed online by the 31 January deadline - around 78% of all returns submitted. This represents an increase of just over 7% on the 2010 total, when around 6.4m people filed online by 31 January.  

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The average Brit thinks you are officially ‘old' at the age of 66. However, what the younger generation don't realise is 60-somethings are happier than their younger counterparts, feel financially and physically fitter and take more holidays, according to a new report by retirement specialist LV=.   The definition of what is ‘old' is different for every age group. According to the research, no one in the UK thinks they themselves are old; 18-19 year old teens say 44 is officially ‘old' while 40-somethings balk at this and say 67 is when you are actually ‘old'. Those in their 50s think you're over the hill at 71 years old while those in their 60s think you're past it at 73.  

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David Willetts, Minister for Universities and Science, today announced £7.2 million of investment that could revolutionise the internet. The six-year ‘Photonics HyperHighway' project will bring together world-leading scientists from the University of Southampton and the University of Essex with industry partners, including BBC Research and Development, to pioneer new technologies that could make broadband internet 100 times faster.  

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Over seven million homeowners have not reviewed their mortgage since the base rate first fell to 0.5% back in March 2009 according to new research by unbiased.co.uk, the professional advice website.  With the base rate remaining at 0.5% for a record 22 months, homeowners have been lulled into a false sense of security and as a result have failed to review their mortgage rates.   

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SHIP, the trade body for equity release providers, today announces the equity release market figures for the fourth quarter of 2010. The economists' view that the housing market will remain flat or fall marginally in the short term due to lack of funding and the threat of increased interest rates was reflected in the figures which saw Q4 advances fall by 8% after a positive Q3 (+4%).    

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The number of people who see property as the best long-term investment has fallen to its lowest level, falling by almost a third in the last three months of 2010. The findings come from the ABI quarterly consumer survey, which showed that savings accounts, stocks and shares and national savings have all seen an increase in favourability as confidence in property has fallen.  

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More than one in five people retiring this year will still have debts when they stop work, owing an average of £33,100 according to new research from Prudential. One in 20 will retire with outstanding debts of more than £50,000, rising to a staggering 1 in 10 among men over the age of 65.   The Class of 2011 study surveyed people intending to retire during the forthcoming year. The results show that 21 per cent will have to continue to pay down debts while reorganising their finances after finishing work. Another 14 per cent don't know whether or not they will be debt-free when they retire.  

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A survey of IFAs by independent financial research company Defaqto has identified a significant increase in the number of advisers that are now planning a move to fees - however, the shift to fee-based remuneration appears to be gradual with commission remaining a feature of many IFAs' income. Defaqto's survey of 500 IFAs who deal in individual pension products found that the number now planning a move to a fee-based structure, in line with RDR requirements, has increased from 34% in 2009 to 55% this year.  

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Figures released show that more than 250,000 young people are growing up in homes where no one has ever worked. 600,000 young people under the age of 24 have never worked since leaving education. Employment minister Chris Grayling said the figures represented a "ticking time bomb" of unemployment left by Labour.   

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Despite Brits becoming more cash conscious than ever, new research from Clydesdale and Yorkshire Banks reveals we're a forgetful  bunch when it comes to keeping track of our savings.    A survey into the current saving habits of the nation has found that an estimated 10 million Brits admit they have forgotten about savings accounts, only to stumble across an average of £600 in old accounts at a later date.  

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New research from Aviva shows that nearly three in four employees (73%) have started the New Year committing to get fit. But the vast majority (80%) admit that their past attempts to make positive changes to their lifestyle have failed by the end of January   The 2011 New Year, New You report from Aviva UK Health reveals that losing weight (72%), eating more healthily (61%), exercising more (68%), managing stress (23%) and cutting back on alcohol (18%) top the New Year's resolutions list.  

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A hearing to determine whether changes in complaints handling demanded by the Financial Services Authority and Financial Ombudsman Service are wrong in law begins in the High Court tomorrow.  The British Bankers' Association is asking the court to determine whether the regulators can impose new requirements on firms which go beyond what was stated in the FSA's own rulebook - specifically those on handling complaints about payment protection insurance (PPI) sales.     

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Nearly one third (28%) of struggling Brits are having to spend more money each month than they have coming in, according to new research by The Co-operative Insurance and housing and homelessness charity Shelter. According to the research, the cost of outgoings such as rent, mortgage payments, living costs and fuel bills means that UK adults face an average shortfall of £165 a month, with more than a quarter (26%) uncertain whether they can pay their bills on time.  

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The Association of Independent Financial Advisers (AIFA) has today responded to the Professionalism Policy Statement from the Financial Services Authority (FSA).      

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The cost of inflation on those in later life has been far greater than estimated by official measures according to the Silver RPI published by Age UK Enterprises, the commercial services arm of charity Age UK. The Silver RPI shows that since the beginning of 2008, those aged over 55 have experienced price rises at almost two per cent above that suggested by headline RPI figures. This rises to four per cent above headline RPI for those over 75. The gap between real and headline inflation over that period has cost the average 60 year old £620 a year, rising to over £700 for someone aged between 65 and 69.   

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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 2011 IFP University Team Challenge competition along with sponsors Seven Investment Management (7IM).  

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In our view FSA should reinstate the original objectives of the RDR project.  This was about ensuring that post-RDR financial advice would be readily available to all consumers, and that consumers would be better able to purchase investment products confidently.   

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IFA Life, the networking site for IFAs and financial planners has reached a new milestone of 6,000 members, as social networking sites become an increasingly important medium for financial advisers to share best practice, debate industry issues, share business resources and to provide help and support to one another on issues such as RDR, exams and wrap technology.   Social Media is increasingly becoming the tool of choice for IFAs to get answers to questions on a variety of topics of importance to them, with many members visiting the IFA Life website as often as ten times per day.  

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Pension providers will do more to encourage customers to shop around before buying an annuity, as outlined in a new 'Best Practice Guide for the Retirement Process' published today by the ABI. The guide sets out the principles pension providers are expected to follow and key requirements they must meet to help increase customer understanding of retirement and purchase the right annuity for their circumstances.  

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A survey by independent financial research company Defaqto has found that personal pensions remain the most sold pension product among IFAs who deal in individual pension products. Of 500 IFAs questioned, 77% said they sell personal pensions the most.  

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New figures have revealed that it is becoming increasingly difficult for employees to win claims, advises Allianz Legal Protection. The Tribunals Service quarterly official statistics, released this week, show that while the number of claims made to employment tribunals has increased in the last quarter, applications have actually fallen by 8%, in comparison to the same time last year.  

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But older savers continue to feel the pinch The first HSBC Savings Map of Britain reveals savers are more ambitious with their savings plans in 2011, contrasting with a difficult 2010. Britons struggled to increase their overall savings in 2010. Although total liquid savings balance increased slightly in 2010 (source BBA and BSA), the highest proportion of people (40%) withdrew more than they saved, with 23% saying they withdrew over a quarter of what they had saved. In contrast, only 32% added to their savings pot; with just 15% saving a lot more than they withdrew.  

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Debt worries will be one of the main causes of depression on ‘Blue Monday' (January 17) according to leading debt charity Consumer Credit Counselling Service (CCCS). Although a mixture of bad weather and failed New Year's resolutions are believed to lead ‘Blue Monday' to be the most depressing day of the year, CCCS says that debt is likely to be a significant cause of people feeling down at this time of the year.  

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Online and 24-hour telephone bank, first direct, has become the first UK bank to launch a true transactional, Banking 'on the go' App for Apple's iPhone and iPod Touch. The App, launched today on the Apple App Store, allows first direct customers to check balances, view the last 20 account transactions, make payments and transfer money between accounts. It is this transactional capability that differentiates it from other applications launched in the UK, making it the first true UK Banking 'on the go' App.  

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Friends Provident welcomes the Government's confirmation that the Default Retirement Age (DRA) for the UK workforce is to be removed. The corporate benefits provider believes the move recognises the increasing contribution older workers make to the UK economy. The announcement also addressess the unintended consequences for group risk products by granting an exemption for these benefits.  Friends Provident believes this is absolutely the correct decision and argues this will ensure group risk products remain a core part of an employer's benefit package. The provider suggests this exemption will allow employers greater control over their costs.  

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The British Insurance Brokers' Association has launched its 2011 manifesto outlining its priority lobbying issues for the year ahead. The manifesto highlights three key lobbying themes: Helping customers, regulation and consumer protection and driving change in the insurance industry.    

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The Government has today confirmed that it will remove the Default Retirement Age (DRA) so that people have more choice when to stop working. As well as benefiting individuals, the freedom to work for longer will provide a boost to the UK economy.  

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While severe weather has had a negative impact on small firms, a snap poll suggests that fuel duty will have more of an impact on businesses A quarter of small businesses had to close during the recent severe weather and heavy snowfall, many for at least five days and overall costing the majority up to £5,000, new figures from the Federation of Small Businesses (FSB) show.  

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NEST Corporation today published the results of its initial research into the understanding of current pension terms amongst its target audiences. Extensive desk research followed by qualitative testing with potential members and their employers has allowed NEST to develop a phrasebook of key terms, phrases and principles aimed at helping future NEST members to better understand pensions. The phrasebook can be downloaded from NEST Corporation's website.  

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A third of Britons (33%) feel that they cannot afford to put any money aside each month, as they have no spare cash, according to research* by Skipton Building Society. With post-Christmas debt currently hanging over the population, people could risk finding themselves in an even poorer financial state as the country enters the New Year.   

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As the Financial Services Authority (FSA) announces it has fined Royal Bank of Scotland (RBS) and NatWest £2.8m for multiple failings in the way they handled customers' complaints, Which? chief executive Peter Vicary-Smith says:  

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Commenting on Barclays Chief Executive Bob Diamond's appearance at the Treasury Select Committee today (Tuesday), TUC General Secretary Brendan Barber said: 'People will be appalled to learn that for all the tough rhetoric, the government has never asked the Barclays Chief Executive to reduce his bonus.  

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Almost nine in 10 (87%) savings accounts that were available six years ago are now paying interest of 0.5% or less, while almost two-thirds (62%) are paying 0.1% or less - just £1 a year for every £1,000 saved, shows new research by Which? Money. The consumer champion discovered that more than a third of savers (35%) still have money in a savings account they opened six years ago or more, despite the pitiful rates of interest.  

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The Financial Services Authority (FSA) has fined Royal Bank of Scotland (RBS) and National Westminster Bank (NatWest) £2.8m for multiple failings in the way they handled customers' complaints, responding inadequately to more than half the complaints reviewed by the FSA. The FSA's investigation found that there was an unacceptably high risk that customers may not have been treated fairly due to a number of failings within the banks' approach to routine complaint handling, including:  

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The Financial Planning profession has seen rapid growth and expansion in recent years.  In the expectation that this growth is set to continue, the Institute of Financial Planning (IFP) has reviewed its internal structure and has both extended and reorganised its dynamic and experienced team to focus on growth in 2011 and beyond. These changes have been made to ensure that  not only is IFP is strongly positioned to continue providing the valuable support needed by its growing membership, but also that it can continue to lead the growth in the Financial Planning profession in future.  

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In a post RDR world, IFAs will need to constantly strive to differentiate themselves from other financial advisers. In a fee charging environment, consumers' approach to choosing an IFA will be very much more selective, and IFAs' marketing and advertising will need to be much more strategic, creative, targeted and coordinated than it is now. IFAs will need to consider new ways to target and communicate their proposition clearly and succinctly - and in ways that consumers can quickly understand and digest.  

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New EU proposals to put in place new safeguards for taxpayers against the failure of financial institutions were welcomed by the British Bankers' Association today. The EU's consultation on a possible EU framework for bank recovery and resolution is the third stage in the process of EU regulatory reform. The EU has already reformed the bank capital regime and its supervisory structures to make Europe's financial services sector more resilient against financial crisis. Now it is addressing the steps to be taken if these safeguards do not work - if a bank faces failure.  

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As Brits make plans for 2011 new research points towards a year of frugal living as 70% of Brits are looking to make cuts to their outgoings with one in 10 (12%) planning large financial cuts. The UK's top five cuts to outgoings in 2011 will be:  

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Unbiased.co.uk's latest Advice Drivers report shows that retirement planning advice remains the top ‘advice driver' for December 2010.  It has remained the number one searched for term for those seeking an independent financial adviser (IFA) for the whole of 2010.  Across 2010 an average of 37% of all searches by consumers on unbiased.co.uk were for an IFA specialising in retirement planning, and this reached a peak of 42% in October last year.    The second most popular search was for investments and savings advice, with 26% of searches being made in this area in December, and an average of 27% throughout the past year.    

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With many people looking to consolidate their debts or take out new loans or credit cards, Britain's number one comparison site, moneysupermarket.com urges borrowers to take time to understand their credit file in order to make it work in their favour.   Understanding your credit file will be vitally important come February when the European-wide Consumer Credit Directive comes into force. Although the changes are designed to bring the UK in line with the rest of Europe and provide consumers with greater transparency and greater protection on transactions, they will also result in more people being offered a different rate to the one they applied for. Currently two thirds of successful applicants must receive the advertised rate but from 1st February this will fall to just 51 per cent.   

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Martin Shaw, Chief Executive of The Association of Financial Mutuals responds to the FSA's is proposal to exempt certain Holloway sickness policies from the Retail Distribution Review, as part of its latest quarterly consultation issued today. "Holloway policies are typically sold as income protection style policies with additional features that make them excellent value for money, particularly for the self employed or low earners, who are generally poorly served by insurance companies.   

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New research by the Financial Services Compensation Scheme (FSCS) has found that more than £7 billion in cash is lying around in people's homes. Excluding money in their wallets, the average amount people have at home is just over £280. This means that across the country, the UK's 24.9 million households have over £7 billion in cash. While 37% of those questioned say they have less than £20 at home, 4% said they had over £1,000 lying around the house. This included 1% who admit to stashing more than £10,000 at home. The survey reveals that over one in ten (13%) people believe in keeping their cash at home. Perhaps surprisingly it is young people, those aged between 16 and 34, who are most likely to have this view (18% average).  

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More than two million people have used credit cards to pay their mortgage or rent, an increase of almost 50 percent in a year, new research from Shelter reveals today. The exclusive YouGov poll for Shelter reveals how people constantly struggling with their housing costs are being forced to take drastic measures with credit cards in order to keep a roof over their head. The survey, conducted in August 2010 of 2202 people in Great Britain asked if respondents had borrowed money on their credit card to pay their rent or mortgage in the last 12 months. Six percent of respondents said yes compared to just four percent in November 2009, suggesting a national figure of over two million people.  

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2.5% increase will lead to 33.6 million people putting off big purchases According to research from price comparison site Gocompare.com, seven out of 10 Brits will be reconsidering making big purchases next year, such as buying a car, because of the 2.5% VAT increase that comes into effect on 4 January 2011.  The survey of 3,000 UK adults also shows that almost two thirds (61.1%) expect a very difficult year financially in 2011, with 22.1% stating that the biggest financial worry in the new year will be the rising cost of living and bills.   

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The seasonally adjusted price index for a typical UK property rose by 0.4% month-on-month in December, after having posted declines in the previous two months.  The three month on three month rate of change - which smoothes out the monthly volatility of house prices and is a better indicator of the recent trend - rose from -1.3% in November to -1.0% in December and is still consistent with modestly declining house prices.  For 2010 as a whole, house prices posted an unremarkable gain of 0.4%, as most of the price increases from the first half of the year were reversed during the second half.  The essentially flat outcome for the full year is in line with expectations  

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A survey of 1000 UK adults by direct bank first direct has revealed that a large proportion of the population regret not taking a longer term view of their finances. Fifty-three per cent of UK adults stated that their greatest regret in 2010 was not paying off debts more quickly; while a over a third (37%) identified not saving for retirement earlier as their biggest financial woe.  Eighteen per cent regret spending too much in the run up to Christmas and 14% regret spending too much on a partner.  

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Over a third of Brits, or 17 million people, worry about their current or future financial situation on a daily basis according to moneysupermarket.com, and stress about it more than their jobs or health.  Britain's number one price comparison site reveals one in five adults (18 per cent) are most stressed about their financial future, for example, not being able to afford a house or a holiday while 17 per cent are most stressed about their current finances, like paying their mortgage or other monthly payments. Less people are stressed about their job (14 per cent) or health (12 per cent) in comparison.   

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30 million people plan to make New Year's resolutions - but over half will break them before the month is out! Dieting, taking more exercise and sorting out finances top the nation's New Year's resolution list according to new research by leading comparison site, Gocompare.com.   The survey of 3,000 UK adults, now in its third year, reveals that 64 per cent of Brits plan to make resolutions for 2011.  Health matters top the list this year with 55 per cent resolving to lose weight while 49 per cent want to get fitter.  Financial matters still feature prominently in the behaviours people wish to change with 44 per cent of those surveyed resolving to sort out their finances and pay off debts.    

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The UK Cards Association today (29 December) reminded the nation's 30 million credit card holders that from the beginning of the New Year they can expect to see a number of changes that will give them greater control over their credit card accounts. The main changes for customers are:  

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IFA Life has today announced a series of training events for providers, suppliers and financial services recruitment companies to help them to engage with IFAs, Financial Planners and Mortgage Brokers through Social Media. Founder of IFA Life Philip Calvert said today: "2010 saw a huge leap in the number of IFAs using social networking sites to network and provide support to one another. When IFAs want help and support, more and more of them are turning to Twitter, LinkedIn and IFA Life to get answers to their questions." "Traditionally providers have encouraged IFAs to call their Broker Consultant when they have a technical of business development question, but increasingly IFAs are turning to each other instead for help and advice - and they are doing it on social networking sites."  

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24 million Britons (50%) have written a cheque in the last month, with around 7 million (14%) planning on giving them as Christmas presents according to new research by Which?* And, although the use of cheques continues to decline, 37 million people (76%) have written one in the last year.  Two in five people (41%) used a cheque to pay a tradesman or supplier, while one in five (23%) had sent one to a friend or relative as a present and one in eight (14%) paid by cheque for school costs such as meals and outings.  

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A course developed for senior managers to enhance leadership skillsThe National Skills Academy for Financial Services has launched the Professional Manager Development Programme, a new qualification which has been designed to provide senior managers in the financial services industry with leadership skills to cope with challenges in today's demanding business environment.    

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House prices will finish the year two per cent lower than at the end of 2010, says RICS UK Housing Market Forecast published today (22 December 2010). Transactions are likely to remain flat, while repossessions will decline marginally.   Although house prices are likely to continue to slip over the coming months, falling supply should provide a platform for the market to stabilise at some stage in the first half of 2011. Indeed, by the latter part of the year, prices could be edging up again, with the result that by the end of 2011, they may not be very different from where they currently stand.  

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Hundreds of thousands of taxpayers who have moved home over the past few years could miss out on a tax rebate worth £100s because HM Revenue & Customs has their address wrong, MoneySavingExpert.com has discovered. The Government department is sending crucial pieces of paperwork to the wrong property in many cases, despite the correct information often appearing on correspondence it receives from employers. HMRC is in the process of sending 5.7 million letters to employees charged the wrong amount of tax via the Pay As You Earn system during the previous two financial years, following a government computer glitch. Most - 4.3 million - are due a refund.  

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More than one in ten investors (13%) only review their core investment holdings once a year according to a study by J.P. Morgan Asset Management. With the New Year a key time to ‘spring clean' your finances, investors should take the opportunity to ensure their long term investments are working hard for them and suit their investment goals. Over the past year almost a third (32%) of investors admit to holding the core of their investment portfolio in cash according to a study of investor habits conducted by J.P. Morgan Asset Management's Investment Trusts. However, according to the group, the current low interest environment will mean that these investors will have experienced at best low single digit returns on their cash and it is possible the value of their investment could have gone down in real terms as a result of the impact of inflation (CPI annual inflation in October 2010 was 3.2%).  

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This autumn, the amount of money the population is saving has decreased according to NS&I's Savings Survey. On average, Britons are setting aside £82.92 (6.69%) as a percentage of their income every month, this is a decline from 12 months ago, when the population was saving £88.65. This figure also represents the lowest recorded level for autumn since the survey began and is down from last quarter, summer 2010, when the average amount saved per month was £87.37. This drop could be a result of declining income levels compared with 12 months ago. Average monthly take-home income has fallen from £1,384.20  in autumn 2009 to £1,239.10 this quarter.  

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This Christmas almost 5.5 million adults (11%) will fall into debt to pay for their festive fun, according to a report from the protection specialist Bright Grey. The 'Salary Gap' study, which looks at expenditure against income for adults in the UK, shows the average Briton will spend almost 65% more of their income during the festive period than at any other time in the year to fund their living expenses. With a typical average monthly spend of £362 on living expenses, this increase means consumers will be spending an average of £598 per month in October November and December, equating to almost half (45%) of the average monthly wage of £1,346 (net income).  

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27 million (57%) British banking customers are more confident about how they manage their finances than ever before, as increased awareness about financial matters is at an all time high - reveals Lloyds TSB. British consumers appear to be emerging from the depths of the recession with enhanced financial insight. The latest research shows how consumers are taking more control of their finances, as one third (32%) are more in control than in previous years.   

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In this season of good cheer, the Financial Services Consumer Panel is highlighting its five key priorities for 2011 which would give consumers a better deal. Consumer protection has to be at the forefront of policymakers' minds during 2011.  The Government's anticipated financial services reform Bill should mark a step-change in putting good consumer outcomes at the heart of its thinking.  The Consumer Panel has identified its top five 2011 priorities for consumers as:  

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The National Audit Office has today reported that the scale of the support currently provided to the banks has fallen from its peak of £955 billion to £512 billion as at 1 December 2010. However, the amount of cash currently borrowed by the Government to support UK banks has risen by £7 billion since December 2009 to a total of £124 billion. The report also warns that the Treasury will probably be paying for the support it has provided to UK banks for years to come.  

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The Financial Secretary to the Treasury, Mark Hoban MP, today announced the publication of a consultation document on Simple Financial Products.The consultation sets out proposals for financial products that will help promote personal responsibility, enable consumers to compare products and understand product features more clearly. The proposals will also help to encourage competition between providers.  

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New research from uSwitch.com, the independent price comparison and switching service, reveals that up to a third of Brits (32%) may actually wake up to nothing under the Christmas tree but an IOU this year. Partners are the most likely to be given an IOU, with one in five (20%) being surprised on Christmas day by their empty-handed loved ones. One in ten people (10%) have been given an IOU from their parents, and 13% have received one from their children. Women are the most likely to receive a promise rather than a present.    As families struggle to cut costs, canny Brits may increasingly hold off from buying presents until the January sales, where they can either afford better gifts, or just afford them full stop. In fact, 14% have given an IOU in the past so they could get a cheaper present in the sales, and nearly one in ten (8%) are considering doing so in the future.     

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Considerable uncertainty remains in the UK housing market, together with many contrasting views, but the public considers the best time to enter the housing market to be within the next year.   The December 2010 edition of the BSA's Property Tracker survey shows that: The immediate outlook for the housing market remains uncertain 43% agreed it was currently a good time to buy property, 26% disagreed, and 24% neither agreed nor disagreed. A year ago 58% agreed it was a good time to buy. On average, house prices are expected to be flat next year  

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In a speech in London, Charles Bean - Deputy Governor for Monetary Policy and member of the Monetary Policy Committee (MPC) - takes stock of the current economic situation, and discusses where the economy might be headed and the challenges that lie ahead. Charles Bean begins by describing the current conditions, noting that many recent indicators have given comforting signs that a recovery is underway. But "...it may be some while yet before normality is restored...", he concludes.  

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Insurance, investment and retirement group LV=, today announces the launch of the "LV= Little Book of Protection". Available free to advisers it is a compact publication designed as a handy reference point and protection sales tool to use with clients. The little book demonstrates the need for protection by highlighting lifestyle facts to help people consider what protection they have place. For example if you have been off work sick for six months you have an 80% chance of being off for five years, and the average cost of raising a child from birth to the age of 21 is over £210,000. The book also features straightforward information on which protection products could be most suitable for people's circumstances.  

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Employers should handle their workforce appropriately, not just sack people for being 'old' when they still have so much to contribute The Default Retirement Age should have been abolished years ago.  The timetable must certainly not slip.  Ageism has no place in a modern labour market.  Of course it is more convenient for employers to be able to just sack someone for being 65, but that is not fair on the workers themselves.  It is also a huge waste of our national resources.  Employers must judge workers fairly. People are not old or 'past it' at 65 any more.  Of course some people are not fit to work, but that applies at much younger ages too and employers will have to adjust their attitudes and assess workers' skills objectively, not on the basis of old-fashioned prejudice.  Most people still have enormous amounts to offer employers.  

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Demand from buyers increased in November, according to the latest figures from the National Association of Estate Agents (NAEA). The association's monthly housing market report found that the average estate agent branch had 241 house hunters registered in November. In October the figure was 218. The report also found that sales levels remained constant for the fourth month in a row, with the average branch selling seven properties. This was particularly positive as the market is entering its annual seasonal slowdown, when activity traditionally slows.  

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  The last 12 months have seen a bumper period for independent financial and whole of market advice in the media, as unbiased.co.uk's expert IFAs and mortgage advisers have been quoted over 4,0002 times across the online trade and consumer media.  This is in addition to the over 8003 online articles unbiased.co.uk has generated in its own name, highlighting areas and issues where IFAs and mortgage advisers can add value to consumers' personal finances. Ever since its launch in 1989, unbiased.co.uk has been running a long-standing campaign of promoting the benefits of independent financial advice to consumers.  Positioning whole of market mortgage advisers and IFAs as trustworthy commentators in the consumer media has played a crucial part in this.  With this in mind, unbiased.co.uk launched its Media Services function designed to help journalists source IFA and mortgage adviser commentary for their articles.    

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There have been a number of factors that have influenced employer attitudes towards pension provision in addition to changes in tax policy, according to a report published today by the PPI. The report, The impact of tax policy on employer sponsored pension provision, has been sponsored by the Actuarial Profession with non-financial support from Age UK. It examines pensions tax policy and explores both the direct and indirect impact that changes in successive Government's tax policy over the past thirty years, including the latest proposals to be implemented in April 2011, have had on employer pension provision.  

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FIFA’s decision to award the staging of the 2018 World Cup to Russia means that football won’t be coming home to England until at least 2030. While further years of hurt lie ahead for English football, we have some consolation in the fact that the outcome of the voting strengthens the investment case for not only Russia but also Qatar, which is set to host the competition in 2022. With strong economic growth and rising demand for goods and services, we have been optimistic over the investment outlook in Russia for some time. While a lack of transparency has discouraged some investors from participating in the Russian growth story, we hold the view that last week’s decision presents an opportunity for the corporate and political spheres to raise standards and challenge long-standing business practices.  

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Over 13.75 million UK adults (28 per cent) say they plan to go on a shopping spree in the next few weeks in advance of the increase in the standard rate of value added tax (VAT) on 4th January 2011, according to new research from Santander Insurance UK. On average they expect to splash out around £650 each, providing a whopping £8.9 billion boost to Britain's retailers.  People living in the South East of England are set to go on the biggest splurge and expect to spend approximately £840 on average. Those in the North East are the most frugal, planning to spend around £357 each on average. However, the bank's research also reveals that almost one in ten (9 per cent) consumers are unaware that the standard rate of VAT will increase from 17.5 per cent to 20 per cent.  This rises to 16 per cent of 18 to 34 year olds.  

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With continuing economic uncertainty, the latest figures from unbiased.co.uk's Savings Brake report reveal that while Brits' savings habits reach an annual high, they are failing to keep up debt repayments to the levels seen earlier in 2010.  Unbiased.co.uk's Savings Brake research reveals the ratio of how much we are borrowing (including unsecured borrowing and equity release but excluding mortgages) contrasted with how much we are saving.  Debt vs. savings Over the third quarter of this year, Brits repaid over £2 billion of their debts - which equated to consumers repaying 10p of debt for every pound they saved.  While this is having a positive effect on personal finances, overall debt repayment volumes have dropped since the beginning of 2010, when we saw people repaying 27p of their debt for every pound they saved.   

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Institute of Financial Planning (IFP) is delighted to announce that Vanguard Investments will be the lead sponsor for the IFP Annual Conference 2011, repeating their status as lead sponsor of IFP's highly successful 2010 annual conference. The 2011 event takes place 3-5 October, benefitting from the five star facilities at the Celtic Manor Resort, Newport, South Wales.  

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Aviva research shows nearly three quarters of over-55s are worried about the rising cost of living causing them to review their spending habits Aviva's quarterly Real Retirement Report published today shows there has been a significant increase in over-55s' fears about the rising cost of living. Three quarters (74%) said that this was their biggest fear over the next six months and 70% over the next five years. The research shows that this age group is concerned about the austerity measures outlined in the Autumn Comprehensive Spending Review and the imminent increases in VAT.  

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More than half (51 per cent) of British consumers spend less than an hour researching different types of current accounts in the market according to the results of a report into switching habits conducted by Datamonitor on behalf of Santander. The ‘Switching in the UK' report also finds that only one in three (35 per cent) of switcher customers spend more than an hour researching current accounts but, by comparison, around half spend more than an hour researching car insurance (51 per cent) and home insurance (47 per cent).  

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Brits think they will be working for longer with 74 per cent predicting that the future retirement age for men and woman could be raised as high as 70 years old.  A startling fifth (20 per cent) think it could increase to 75 years.  49 per cent think unemployment levels will have risen by 2025 but on a positive note, nearly a quarter (23 per cent) think there will be a decrease.  

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David Gauke, Exchequer Secretary to the Treasury, has today announced a number of changes to legislation to tackle tax avoidance. Some of these changes will take immediate effect.   Together, these announcements will protect forecast revenues estimated at up to £5billion over the next 4 years, and are expected to raise over £2billion in additional revenue during the course of this parliament. These measures take the necessary steps to protect the Exchequer, and maintain fairness for the taxpayer, whilst providing certainty for businesses whose investment will encourage the re-balancing of the economy and job creation.  

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Lloyds TSB has launched a platform to enable users to engage with its distinctive avatar characters (as seen in Lloyds TSB advertising campaign), consumers can customise characters to resemble family member and friends. This new platform is called Lloyds TSB Me www.lloydstsbme.com Users can manipulate the avatar by changing facial features, hair, mouth, physical build, clothes, and accessories. Once the characters have been created users can share the images with their friends and enter a competition for their character to feature on a future Lloyds TSB advertisement. The Lloyds TSB Me application is also available on a dedicated Facebook group www.facebook.com/LloydsTSBMe, where users can create characters, view the gallery and get the latest news on the competition all without leaving the Facebook page.  

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Consumer credit provided by Finance & Leasing Association members dropped 6% in September compared with the previous year. The only sector of consumer finance to grow was dealer motor finance, which rose by 2%. In other parts of the consumer finance market, personal loans were down by 5% and second-charge mortgages fell by 11%. The High Street has been hardest hit by the decline in consumer spending, with Credit and store card spending having fallen by 8% and 22% respectively. Instalment credit spending fell by 23%.  

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While we all know Christmas is a time to indulge, the New Year is about starting over and, when it comes to financial planning, what better excuse for consumers to whip their personal finances back into shape. Unbiased.co.uk's media IFAs have come up with their top financial tips to help consumers prepare for the New Year and get their personal finances in order.    

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Over half (59 per cent) of Britain's sophisticated retail investors are unlikely to invest in passive funds in the next six months, according to the Legal & General Investments What Matters Investment Index. The comprehensive study revealed that active investing clearly appeals to those with larger portfolios, with over half (54 per cent) of those with a portfolio value of over £200,000 saying they were ‘likely' or ‘very likely' to invest in active funds over the next six months.  This is compared to just 18 per cent of those with under £5,000. Robert Churchlow, Head of Active Equities at Legal & General Investment Management, said:  "There is significant value to both active and passive portfolio management and using both vehicles in tandem plays a key role in creating a balanced portfolio.  

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As the European Commission launches a consultation on its Packaged Retail Products (PRIPs) initiative, Fidelity Investment Managers calls for the well-being of the financial consumer to be put unambiguously ahead of the financial industry's vested interests. Fidelity welcomes the Commission's consultation, which aims to help consumers by ensuring that there is a consistent approach to disclosure and the provision of professional advice in the distribution and sale of financial products. But it is not clear that the suggested approach of simply amending the current Directives goes far enough.  

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Despite claiming they are more worried and insecure about money, Britons are proving to be resistant to changing their financial habits in response to the recent economic turmoil according to the latest research from HSBC, one of the UK's biggest savings providers. The survey of 1,100 adults reveals that for the majority of Britons, the recession has not made them alter their saving, spending or borrowing habits.  

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New research from Sainsbury's Finance shows 25.4 million adults now regularly make purchases online using their credit cards. The supermarket bank is encouraging online shoppers to make sure they are receiving a reward against their spend to ensure they get the most from their purchases.  The research suggests that we are spending on average £192 per month, equating to a total collective spend of almost £6.4 billion online each month. The most popular items bought online with a credit card are DVDs and music, followed by books, fashion items and holidays. Stuart McKeggie, Head of Cards at Sainsbury's Finance said: "The growth of online shopping in such a short time is staggering. Our research found that only 7% of credit card holders do not use their cards online.   

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Octopus Investments (‘Octopus') has added its voice to the Institute of Financial Planning's nationwide Financial Planning Week campaign this week, to enhance consumers' financial education, and also to underline the importance of high quality financial planning advice. The fast-growing investment management company takes its role as advocate for the improved understanding of financial matters by the general public very seriously.      

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Unbiased.co.uk, the professional advice website, reveals the volume of online search engine enquiries for ‘independent financial advisers' reached almost 120,000 in September - an all time high for 2010.  This surge in online Google searches has resulted in an overall increase of 15% since the beginning of the year.  There has also been an increase of 22% since the start of the year of those searching for an ‘IFA' on Google.  These figures suggest that consumers are becoming increasingly aware of the ‘gold standard' financial advice type and ensuring they include the keyword ‘independent' when searching for financial advice on Google.   

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More than a quarter of people (28%) are put off from seeking financial advice because they are worried about how much it might cost. That's according to the latest daily YouGov poll carried out for IFP and Financial Planning Week (22-28 November) in association with NS&I (National Savings & Investments). The Institute of Financial Planning (IFP), which is co-ordinating this national consumer awareness campaign, is running a series of daily polls throughout the week, to find out what people are thinking when it comes to money - and how they are dealing with their personal finances.  

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According to Scottish Provident's new Financial Safety Net Report 58% of Britons do not have any type of protection in place and 31% would be forced to drastically cut back on living costs should they or the main breadwinner be unable to work for a prolonged period of time.  Scottish Provident has launched its Financial Safety Net campaign, to encourage consumers to take action, seek independent financial advice and create their own ‘financial safety net'.  The campaign will also raise consumer awareness and understanding of the long term benefits of protection products.  IFAs are urged to pledge their support to this campaign by signing up at www.afinancialsafetynet.co.uk.   

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"The FSA's latest Consultation Paper on mortgage distribution and disclosure, outlining the regulator's intentions, offers no improvement to consumers taking out equity release plans. We believe that all sales should be conducted on a fully advised basis with non-advised sales being totally inappropriate. Equity release involves (for the majority of people) the greatest asset they will ever own, being utilised at a most critical point in their life. Therefore expert advice is essential.  

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Intermediary research from Aviva's second quarterly Hot Issues Tracker shows an increasing number of advisers feel more confident about the current economic climate.  Nearly a quarter (23%), feel that the state of the economy is positively affecting their business (compared to 15% in June).   This second tranche of research also found that advisers feel there is a growing sense of political stability. As the coalition government reaches its sixth month in office, only 16% of intermediaries believe that the new political agenda is a significant business concern compared to 22% in June.   

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Family meetings are back in vogue with Brits today and have turned their focus on finances, instead of just the traditional family politics according to a study by M&S Money. The "family finance" study shows families across the UK are coming together to discuss everything from holidays and TVs to credit cards and broadband.   

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Institute of Financial Planning (IFP) welcomes the findings of the report published today from Standard Life and Life Academy, the life and retirement planning charity, entitled Everyone needs a plan. It suggests that consumers are in the eye of a perfect financial storm with only 51% of adults currently saving while a worrying 28% actively choose not to save.  

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UK survey for Financial Planning Week (22-28 November) reveals Brits are more worried than ever about money - and need help understanding financial products and jargon. Six out of 10 people (59%) in the UK are worried about their finances and a staggering nine out of 10 (91%) say they'd be more likely to save if financial products were more flexible and made easier to understand. That's according to the Financial Planning Survey 2010 which has been commissioned by the Institute of Financial Planning (IFP) in association with NS&I (National Savings and Investments).  

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Most US and European financial services firms still consider themselves social media novices or beginners but there is a widespread expectation that there will be significant investment in this new marketing medium over the next five years.  A new report from Aite Group examines financial services firms’ current and planned use of social media to support their marketing efforts. Based on an August 2010 survey of 166 financial services executives in the United States and Europe, conducted by Aite Group and EFMA, the report examines how financial institutions are investing in, organizing for, and measuring the impact of social media. It also provides recommendations for successful social media marketing execution.  

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Commenting on the announcement by the Care Services Minister, Paul Burstow today that the Government will create a £400m pot to send carers on respite breaks, Dr Ros Altmann, Director-General of Saga says; "£400m to support respite for carers is an excellent start - but it is essential that these funds are ring-fenced.  We do not want this pledge to be as hollow as that made by the last Government.  

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The Financial Services Authority (FSA) has today published proposals to ensure that the platform services used to buy and manage investments after January 2013 are fully aligned with standards required by the Retail Distribution Review.   From January 2013, the cost of advice will be decided by the client and adviser – not the adviser and product provider, as was the case - and can no longer be hidden from the customer in the cost of the product.   Additionally, advisers will offer either independent advice which is free from restrictions or bias and which reviews the market comprehensively – or alternatively, restricted advice, having to explain the customer the nature of the restriction to their customer.   

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The impact of social media on the British workplace has been documented by the UK's largest network of regional job boards, with a groundbreaking whitepaper featuring the findings published today.  MyJobGroup, which operates over 300 regional job boards across the UK, teamed up with the EPRU (Efficiency and Productivity Research Unit) at the University of Leicester to write the landmark document; the first of its kind to be published in the UK. Following extensive research, MyJobGroup.co.uk analysed the responses of 1,000 UK adults to questions covering a broad range of topics relating to social media use in the workplace.  

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4.5 million of today's over-50s expect to work beyond their state retirement age by an average of just over 6 years, according to the first Working Late Index, published today by insurance, investment and retirement group LV=. Whilst more than half (55%) of this group expects to work no more than five years past retirement, a quarter (26%) believe they will work five to ten years, and a further one in five (20%) see themselves working well into their 70s or even 80s (10-20 years). Furthermore, the Working Late Index reveals that nearly twice as many women (66%) than men (34%) expect to retire past their state retirement age.  

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While many parents are working to educate their children, new research from M&S Money on over 3,000 under 18s suggests that some teens (14 - 18 years old) are not being given basic help on money matters by their parents. Indeed, teens who are closest to financial independence and need a good solid grounding in personal finance matters revealed that: Almost one in five parents (19%) have never even discussed how they spend their money with their teens. 47% of parents have yet to help their child open a current account. 32% have yet to discuss how to budget or even describe what one is. Savings is also not generally a topic of conversation with 21% never having discussed this important topic with their parents. 31% of parents yet to assist their child with opening a savings account.  

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Inflation figures out today show a rise in Consumer Price Index to 3.20%. To maintain the purchasing power of their savings, a basic rate tax payer needs to find a savings account paying 4.00 % pa, while a higher rate tax payer at 40% needs to find an account paying 5.33%. Basic rate tax payers have a choice of 31 accounts allowing for tax, that negate the impact of inflation, while only two accounts are available to 40% band tax payers.  

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The Financial Services Authority (FSA) has today outlined proposals which focus on enhancing the mortgage sales process, the role of intermediaries and improving disclosure of information for customers. The consultation builds on the FSA's Mortgage Market Review to date, and a key element is requiring that those selling mortgages ensure that each one sold is ‘appropriate' for the customer's needs and circumstances, therefore clarifying the role of the mortgage seller (both intermediary and branch based). This follows earlier proposals by the FSA which looked at responsible lending and the role of the lender and the customer, and which set out that the responsibility to assess whether a customer can afford a mortgage ultimately lies with the lender.  

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Staff increasingly see pensions as the best way to save for retirement and as the most important employee benefit employers can offer. But they have become less confident their pension will deliver, pensions experts said today. Research by the National Association of Pension Funds (NAPF) revealed that 44% of employees said pensions were the best way to save for retirement. This was a marked rise from 35% this time last year, and was more than twice the number who cited property as best (20%) and almost four times the amount who chose ISAs (12%).   

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Impulsive Britons overspend by not planning ahead.  Cash rich, time poor Britons are throwing away £2,256 each year by failing to plan ahead on their purchases reveals a study by direct bank first direct. The tendency towards last minute spending on everyday items can add up to a staggering £43 per week. The survey of 1,000 adults reveals that seven in ten (71%) adults said they regularly fail to plan ahead on their spending, despite admitting that they have paid too much for items as a result. The fairer sex is more likely to veer towards impulse purchases than men, 74% of women admit they do not always plan ahead compared to 68% of men. Those aged over 45 are the worst offenders when it comes to leaving their purchases to the eleventh hour (76%).  

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Latest findings from Sun Life Financial of Canada's landmark study into the retirement plans of the mass affluent, Sense Check at 60, found that very few of these people have planned adequately for later life.  In fact, only one in four (26%) of this wealthier group feel strongly that they have planned in detail for their retirement.  Furthermore, three quarters (76%) agreed that retirement planning has become more complex even within their own lifetime, with 84% agreeing the issues are more complex than when their parent's generations retired.  

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Buy-to-let lending rose by 12% in the third quarter, according to data published today by the Council of Mortgage Lenders, supported by ongoing demand for rental property against the backdrop of a dysfunctional owner-occupier market. There were 26,900 buy-to-let loans advanced in the third quarter, worth £2.8 billion. This quarterly rise of 8% by volume and 12% by value is the second consecutive quarterly increase in lending. Compared to the third quarter of 2009, the volume of lending was up 14% and the value up 33%, from 23,700 and £2.1 billion respectively. Buy-to-let lending is low by historical standards - running at levels last seen in 2002 - and the market will likely continue to show growth into 2011.  

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Zurich UK Life today launches a new guide for advisers to help them address their clients' financial planning needs following the Coalition Government's recent Spending Review.    The guide summarises the spending cuts and tax rises being introduced by the Government and highlights the likely impact on advisers and their clients as well as considering the long-term financial planning options available to them.  Available free of charge the guide covers changes relating to:    

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The housing market contracted in October as the number of sellers and buyers declined month-on-month, according to estate agents. However, despite this agents reported that sales levels held up, with the average branch selling seven properties in the month, the same as in September. The National Association of Estate Agent's (NAEA) market report for October showed that, with the festive period looming, activity levels had fallen. It is expected for the housing market to slow down in the run up to Christmas.  

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The Association of Independent Financial Advisers (AIFA) today issued a comment on the High Court challenge by Regulatory Legal on the Financial Services Compensation Scheme (FSCS). Robert Sinclair, Director of AIFA, said:  

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The Financial Services Authority (FSA) has today launched a Know Your Rights booklet for bank and building society customers, to clarify the service standards customers can expect, and to mark the first anniversary of the regulation of banking conduct. Millions of banking transactions are successfully executed every day, but in a banking system of this size, it is inevitable that some issues will arise. However, customers sometimes feel they don't know enough about their rights to help themselves, or to challenge what their bank is telling them.  

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The old adage that ‘people buy people' was well and truly proved at the industry's first Social Media in Financial Services Awards last week with three popular winners being announced Social Media IFA/Financial Adviser of the Year 2010 Social Media Provider/Supplier of the Year 2010 Financial Services Twitter Personality of the Year 2010 The awards were hosted by the industry social networking site IFA Life as part of the annual Social Media in Financial Services conference, which has now become a firm favourite on the exhibition calendar.  

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Since the IFA Life website first went live, members have regularly posted informal comments and reviews about their favourite service providers such as paraplanners, back office software firms, marketing consultants, compliance services etc. Judging by the emails that we receive every week, IFAs find it hugely valuable to read comments and reviews from their peers when they are looking for help and support within their businesses. So our new Trusted Service Providers initiative is intended to help you find providers of business services and to feel reassured that other IFA Life members have used and can vouch for them  

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New research by Skipton Building Society shows that there is indeed a price we can put on happiness, or ‘financial' happiness at least. For as little as an extra £6.75 a week, the equivalent of the cost of a daily chocolate bar, Brits would stop worrying about money and banish feelings of guilt!  When asked about how much people need to save to feel happy about their financial situation, the average amount named is £194 a month. With Brits on average already putting away £167 a month, they currently only fall short of their financial happiness target by £27, or £6.75 a week.  

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Thousands miss out on benefits they are entitled to Research on intermediaries carried out by Safe Home Income Plans (SHIP) has found that the majority (51%) of equity release customers find the UK benefits system so complex that they are not claiming the benefits they are entitled to.   The confusing nature of the system also means that 88% of people do not fully understand how equity release and benefits interact thus are turning to their advisers for definitive guidance. Indeed, advisers found that clients were overwhelmingly confused about how releasing the equity in their homes might impact upon the state benefits they receive.  Of these, 42% did not realise that they might be affected at all, whilst - at the other end of the spectrum - 12% thought that they might lose their benefits completely.  

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The amount of money saved or invested ethically by consumers has shown its biggest annual increase in a decade according to a new report released today (6 November) by Co-operative Financial Services (CFS). Total money invested ethically rose 34 per cent to £19.2bn, from £14.3bn in the previous 12 months. In comparison, total deposits and investments grew 15 per cent over the same period*.  Ethical investment increased by 40 per cent last year from £6.8bn to £9.5bn, compared to a 33 per cent increase in mainstream funds.     While ethical banking increased by 31 per cent over 12 months, from £7bn to £9bn - compared to 4 per cent growth in total banking deposits.   

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PDL International (PDL) today called on advisers to take a closer look at the life settlement asset class and to make up their own minds as to the potential benefits they can bring to investors in an uncertain investment market.  PDL has just launched a life settlements product in the UK – the Cascade Portfolio™. This Portfolio approach is different to the traditional Fund route and is a good way of mitigating many of the issues such as transparency and high charges that have skewed some IFAs early perceptions of the asset class.  Chris Radford, Chief Executive Officer of PDL International, said:  

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A landmark study by Sun Life Financial of Canada raises many questions about the retirement plans of today’s mass affluent consumers – not least how trusted advisers are in the pensions arena. The report, Sense Check at 60, reveals that many of tomorrow’s mass affluent retirees are heading for crushing disappointment.  66% of the mass affluent consumers questioned expect to generate a retirement income of between £20,000 and £50,000. In reality, for 69% of respondents, their retirement pot is not big enough to support the level of income they want.  

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A new ‘Action Guide for Financial Advisers' has been released to encourage advisers to get involved in this year's National Ethical Investment Week (NEIW).The guide was launched today at an event hosted by Henderson Global Investors and is available at www.neiw.org/advisers_guide.  It provides practical information on how advisers can engage with clients on green and ethical investment options during NEIW, taking place from 7-13 November. NEIW is coordinated by UKSIF, the sustainable investment and finance association. NEIW is also supported by the Association of Independent Financial Advisers (AIFA) and the Personal Finance Society (PFS).   

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In the Comprehensive Spending Review last week, The Chancellor promised to double the number of apprenticeships for the over-19s to boost skills and help generate economic growth. An additional £250m will be invested creating 75,000 more apprenticeships for adults in the workplace a year by 2014/2015.   Sylvia Perrins, CEO, of the National Skills Academy for Financial Services, said that funding was dependent on companies coming forward to commit to apprenticeship training. Sylvia says: "It's very pleasing to see the Government recognising the important benefits of apprenticeships for adults who are already in the workplace. However, the industry is at risk of missing out unless it is vocal about staking its claim on this funded training route. As a demand-led funding system, companies need to come forward if they are to have a hope of benefiting from this boost.  

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Research is published today by the Department for Work and Pensions which presents the findings from a quantitative survey that explores people's attitudes towards pensions and their expectations for retirement, as well as examining views on associated topics such as saving, risk and financial decision-making. This survey updates and expands on the first ‘Attitudes to Pensions' survey that was carried out in 2006, and the findings make an important contribution to a wider body of evidence on public attitudes to savings for retirement and to pension reform.  

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While it is not surprising that families top the list of people we want our money to go to when we die, it seems Britons are planning on spreading their assets to a far wider group of beneficiaries.  New research from unbiased.co.uk, as part of this week's ‘Write a Will Week', shows that charities, friends and pets are all set to benefit from inheritances. The nation's favourite beneficiaries are the ones closest to their hearts - with 87% naming their family as the people they want their assets to go to.  Yet the nation's nearest and dearest also include their furry friends, with 1.5 million people wanting their pets to inherit their money.  One million people plan to pass their assets on to the church and nearly 4.5 million want to make a specific charity the beneficiary of their estate.  

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Today, the Government responded to the findings of the Workplace Pension Review Team.John Lawson, Head of Pensions Policy at Standard Life said, "The results of this review make good common sense. The existing rules for automatic enrolment ignored many of the practical realities of running group pension schemes. Employers and the pension industry now have something they can work with.  "Raising the enrolment bar to £7,475 will result in fewer workers being enrolled. However, anyone earning more than £5,715 can choose to opt-in and receive an employer contribution. This is a sensible decision as it means that most of the people who wouldn't benefit from saving in a pension won't be enrolled, yet still allows employees who think it is worthwhile for them to save to voluntarily opt in."       

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One in four people over 50 blame a lack of interest in sex as the reason behind their divorce, according to new research by Saga Legal Services. With the Department for Work and Pensions reporting that divorce rates among the over 50s having risen fivefold in the past decade, Saga asked more than 1900 people who had divorced when they were over the age of 50 what the reasons for their break up were.  

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The CBI today commented on the Government's Spending Review. Richard Lambert, CBI Director-General said: "The Chancellor has got the strategic direction of this spending review right. He has stayed the course outlined in the June Budget, with economic growth a top priority.  

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Standards International, the UK's leading ISO 22222 certification body, is to hold a free seminar for financial planners who would like to learn more about the international standard for financial planners, ISO 22222. ISO 22222 promotes consumer confidence by providing an internationally recognised benchmark for the delivery of a personal financial service whilst helping planners to improve their service. This standard specifies requirements and provides a clear framework that directly applies to the ethical behaviour, competence and experience of financial planners.  

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If you want to find capable and confident money managers look no further than Britain's tweens (8 - 13 years old) and teens (14 - 18 years old), according to the M&S Money Under 18's Work and Money Survey 2010.   The survey - based on research of more than 3,000 UK under 18s - highlights that:  A child aged 8-9 has an average monthly income of £9.70 and by 18 years of age monthly income has soared to an average of £219. However, while the older age group ‘earn' substantially more, they have to subsidise a greater range of expenses.  Both tweens (50%) and teens (30%) save significant percentages of their income - putting many older savers to shame.  Tweens (39%) are more likely to earn pocket money by helping out around the house than teens (29%) - possibly reflecting the older age groups propensity to look for other forms of income generating work.  Indeed, 72% (tweens) and 87% (teens) would like to have a part-time job by the age of 18 as they feel it will teach them responsibility and help them gain employment when they are older.  

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Old age has been delayed indefinitely.  The age at which Briton's consider themselves ‘old' is steadily moving upwards as the UK's older citizens spurn the traditional view of ageing.  Whilst many people today view ageing and retirement pessimistically a report from Friends Provident reveals there is scope for optimism.  In the fourth chapter of the Visions of Britain 2020 series (www.visionsofbritain2020.co.uk), Ageing and Retirement, it was found that Britain's ageing population are healthier and more energetic than any previous generation.   Over half (51 %) of respondents stated they wish to continue working after they reach the retirement age as a way of staying active.  This dynamic ageing population is creating a demand within the British workforce for alternative ways to fund retirement.  

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Resolution announces the proposed acquisition of the entire issued share capital and business of Bupa Health Assurance Limited (“BHA”) for a net consideration of approximately £102 million, funded from surplus capital held within Friends Provident Holdings (UK) plc’s (“Friends”) life operating businesses. The acquisition demonstrates further progress in Resolution’s UK Life Project, delivering a significantly improved Group Risk proposition and a further strengthening of Friends’s Individual Protection business. The acquisition is also expected to deliver: an attractive net acquisition price, expected to represent 62% of the estimated embedded value of BHA on a Resolution basis; accretion to embedded value per share and IFRS earnings per share in year one; and an attractive stand-alone internal rate of return (“IRR”) based on net cash consideration, together with accretion to the overall IRR expected on the UK Life Project.  

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IFA and Financial Planners' Social Networking site IFA Life announced three awards today which will be presented at the Social Media in Financial Services Conference on November 4th 2010. As Social Media becomes a mainstream networking, marketing and communication tool within Financial Services, IFA Life is recognising those who exhibit best practice in its use. The three awards are: Social Media IFA of the Year 2010 Social Media Provider/Supplier of the Year 2010 Financial Services Twitter Personality of the Year 2010  

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Financial adviser body the Ethical Investment Association (EIA) has urged fellow advisers to use the third annual National Ethical Investment Week, 7-13 November, to engage with new and existing clients about green and ethical investment options. With one month to go until NEIW10 advisers are encouraged to get involved with the Week. Some of the simple ways they can do so are: by attending a NEIW event, mentioning the Week in client newsletters and becoming supporters of the Week by submitting their logo for use on the NEIW website (www.neiw.org).  

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Latest figures from unbiased.co.uk, the professional advice website, reveal 48% of consumers sought retirement planning advice when using unbiased.co.uk's ‘find an IFA' service in September.  Of these 48%, 11% of consumers were specifically seeking stakeholder pension advice and the remaining 37% were in search of general retirement guidance. The number of consumers searching for an IFA specialising in investment and savings remained at 27%, and this topic continued to be the second most popular advice driver in September.  Demand for independent financial advice on these specialist areas continues to be high as consumers consider their investments and long-term financial planning for the future.  

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IFA Life Regional Networking meetings – please add your name here http://www.ifalife.com/forum/topics.asp?ForumID=142 Recruiters – have you posted your jobs yet? http://www.ifalifejobs.com Sign up for Social Media in Financial Services 2 today.  Every attendee goes in to a draw to win an iPad http://www.ifalife.com/SocialMediaFS2  

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IFAs and Providers are signing up for Social Media in Financial Services 2.  This is why: “It was superb! The speakers were excellent, and the content was both interesting and thought-provoking with relevance to FAs and providers alike. Having arrived as a bit of a social media sceptic, I left a complete convert, with numerous ideas as to how social media can be implemented within my own company model to not only assist in the generation of new business, but the servicing of existing clients too. It hadn't even entered my head that social media could be used in this way.......absolute genius!!”  Ed Evans, Paraplanning Online  

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  In response to growing demand from IFAs and financial services recruiters, IFA Life today announces the launch of IFA Life Jobs and Careers at www.ifalifejobs.com. The site features traditional online job advertising by recruiters, agencies and individual IFA firms, but in an industry first will utilise many cutting edge social media features to help job advertisers significantly extend the reach of their marketing. IFA Life founder Philip Calvert said today: "Two things are happening right now; the IFA jobs market is picking up strongly and Social Media is becoming an integral part of job advertising. Many recruiters are using Social Media as part of their marketing package, but IFA Life's extensive reach will now give them a much bigger presence online - particularly given that we have a ready-made online community of IFAs."    

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Leading financial planners collaborate to change consumers' perceptions of financial advisers in new not-for-profit initiative Seminars to introduce ‘Financial Life Planning' to UK consumers and the mass market IFA Life working with Project Eve to engage with mass market through Social Media. For decades, the Financial Services industry has been losing credibility and the trust of consumers by failing to engage with them and to fully understand their needs. Coupled with fears about dwindling pension funds and past miss-selling scandals, it's no wonder that in today's tougher economic times, anyone who deals with consumers' money is under the scrutiny of a fiercely bright spotlight.    

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Following its annual conference "Driving the Profession Forward", which took place last week at Celtic Manor Resort, Institute of Financial Planning (IFP) has received extremely positive feedback from delegates for the quality of the programme, networking and all round "added value" approach. The conference programme focused upon sessions to improve delegates personal and business development as well as their knowledge and skills. However, complementing this were a series of highly entertaining videos produced by FP Advance in conjunction with IFP, which were shown at the conference gala dinner. The videos used a light hearted technique to highlight some of the less favourable features and approaches of many financial advisory firms. They proved popular with delegates, who enjoyed seeing some of the less attractive business features highlighted in this way.   

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Philip Calvert and 30 others:  What is your niche as an IFA? http://www.ifalife.com/forum/replies.asp?ForumID=9&TopicID=1201 Philip Calvert and 17 others:  Give credit where it’s due please – which Providers/Suppliers’ service is impressing you right now? http://www.ifalife.com/forum/replies.asp?ForumID=28&TopicID=547 Steve Kelly and 2 others:  Who offers finance to acquire an IFA firm? http://www.ifalife.com/forum/replies.asp?ForumID=64&TopicID=3849  

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Robert Chapman:  Equity Income Fund – where can I find performance figures assuming income taken rather than reinvested? http://www.ifalife.com/forum/replies.asp?ForumID=3&TopicID=3822 Mortgages:  Mortgage borrowers beware – failing to look beyond headline rates could be costly http://www.ifalife.com/forum/replies.asp?ForumID=6&TopicID=3812 Philip Calvert and 22 others:  Does being an environmentally friendly IFA help win you business? http://www.ifalife.com/forum/replies.asp?ForumID=46&TopicID=23  

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Over half (51%) of Britain's sophisticated retail investors forecast their portfolio to devalue in the next six months, or to see no growth in their investment whatsoever, according to the What Matters Investment Index launched today by Legal & General Investments. The comprehensive study provides a unique insight into current consumer investment patterns and their investment intentions in the forthcoming months, and demonstrates the bearish outlook Britain's sophisticated retail investors now face.  It will be regularly updated to track investment philosophy, asset class decisions, expected returns and investment rationale.  

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Student entrepreneurs rate key personal skills above academic achievement New research conducted by specialist small business insurer Hiscox, shows that students put personal skills ahead of academic achievement when ranking predictors of entrepreneurial success.  Only 1% of graduates believe that qualifications are the most important factor when thinking about setting up a business. Instead they rate creative thinking (40%), the ability to network (38%) and risk-taking (28%) as the key attributes of successful entrepreneurs. The research also showed that this year's graduates admire businesspeople that display these qualities, with Sir Richard Branson (24%) and Lord Alan Sugar (20%) being rated as the most inspirational entrepreneurs globally.  

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A new map showing levels of personal insolvency by constituency reveals that Doncaster North, new Labour leader Ed Miliband's constituency, came sixteenth on a list of insolvency hotspots in England and Wales, according to research by insolvency trade body R3, with 369 new personal insolvencies in 2009. David Cameron's constituency of Witney is placed at number 322 (with 215 new cases), while Nick Clegg's constituency, Sheffield Hallam, had the fourth lowest number of new personal insolvencies - with just 95 new cases in 2009.  

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Stephen Ng and 18 others:  Choosing the right client risk profiling software http://www.ifalife.com/forum/replies.asp?ForumID=3&TopicID=1269 Andy Sheppard and 4 others:  Exams – what next – clear as mud http://www.ifalife.com/forum/replies.asp?ForumID=68&TopicID=3791 Sean Kelly and 27 others:  Chartered Status – all it’s cracked up to be? http://www.ifalife.com/forum/replies.asp?ForumID=3&TopicID=3777  

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In response to the furore surrounding the British Bankers Association's (BBA) report on business lending, Edward Rimmer, chief executive UK of specialist invoice financier Bibby Financial Services, urges the business community not to lose sight of the bigger picture: "Much has been said of the recent analysis completed by the British Bankers Association's of the credit profiles of small businesses. While I share some of the fears of those who have labeled it "a pointless exercise", I welcome anything that might get the ball rolling in terms of business funding. For too long we have been caught in a stalemate between the banks and the Government and this is not doing Britain's small businesses any favours.  

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The four million Britons who don't have internet access* are missing out on the best rates for financial products, according to an investigation by Which? The consumer champion found that an online saver could be 37% better off over a year compared with a branch-only saver**. The average rate for instant access savings accounts available in branch is just 0.56%, half of that available to online savers (1.14%), with fixed-rate savings accounts, current accounts and cash ISAs also offering better rates for online savers.  

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Only one in five of the country's smaller employers have begun to consider the financial impact of new statutory rules from 2014[i] requiring them to auto-enrol millions of extra employees into workplace pension schemes - employees who at present have not joined schemes.  Over half (53%) say the reforms will ‘add significantly to costs' and 29% say they are ‘likely' to level-down (reducing future pension contributions into existing and new schemes) to meet the additional cost of newly pensioned employees; although the scope for levelling-down is limited across the UK's smaller firms as a whole as at least two-thirds do not offer any pension arrangements at present.  Overall, 54% of smaller firms say they support auto-enrolment, but they expect 35% of employees to ‘opt-out' of the new pensions.  These are a few of the key findings of the first report of the 2010 Smaller Firms' Pensions Survey: Auto-enrolment and NEST conducted this summer by the Association of Consulting Actuaries (ACA) as part of its input to the current review of auto-enrolment commissioned by the Coalition Government.  The report follows up an earlier ACA survey on the impact in larger firms of the reforms[ii].   

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One of the largest surveys of its kind with a sample of more than 5,000 adults, the Scottish Widows  Workplace Pensions Report 2010 found  that amongst those who expect to receive an income from a private pension in retirement43 per cent were still in final salary schemes, with 33 per cent relying on these defined benefit (DB) schemes to provide them with more retirement income than any other private pension.  

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Four in ten adults in Britain (almost 19 million people) are worried about their debt, according to research by R3, the insolvency trade body. The findings show that Londoners are the most likely to be worried, with almost half (49%) saying that they are concerned about their current level of debt. Londoners are followed closely by those living in the North East and North West where forty-four percent of residents are worried about their debts.  

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Martin Bamford, Philip Calvert and 20 others:  Workshop on how IFAs can deliver a financial proposition to the mass market – add your name if interested http://www.ifalife.com/forum/replies.asp?ForumID=3&TopicID=3757 Huw Jones and 5 others:  Trustee investments - Collectives v onshore bond v off-shore bond? http://www.ifalife.com/forum/replies.asp?ForumID=3&TopicID=3772 Andy Sheppard and 2 others:  I’ve got CFP, what else do I actually need? http://www.ifalife.com/forum/replies.asp?ForumID=68&TopicID=3791  

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Social networking site IFA Life has launched the first of three iPhone Apps to great enthusiasm from IFAs.   The App enables both IFA Life members and non members to receive the latest content from the popular IFA Life website direct to their iPhone or iPod Touch. Philip Calvert, Founder of IFA Life said today: "We're really excited about the launch of our first App; it means that IFAs can continue to follow debates and discussions on our website - plus read articles, watch videos, read best practice on marketing and business transition and follow a wealth of IFA related content on Twitter." "IFAs consistently tell us that they can't get through the day without visiting IFA Life, so we can now give them more of the IFA Life experience while they're on the move."    

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Tony Clarkin and 7 others:  The single most important reason why most advisers are unprofitable http://www.ifalife.com/forum/replies.asp?ForumID=3&TopicID=3786 Karlene Briley and 2 others:  Concerned about email security – what are your views? http://www.ifalife.com/forum/replies.asp?ForumID=3&TopicID=3787 Sean Kelly and 8 others:  Have I been lead up the garden path over Chartered Status? http://www.ifalife.com/forum/replies.asp?ForumID=3&TopicID=3777  

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Standards International, the UK’s leading ISO 22222 certification body, today confirmed that they will be hosting an ISO 22222 Training and Gap Analysis Workshop on 19 October 2010. This timely workshop will take place as current Government funding initiatives to help with the costs of achieving the International Standard in financial planning come to an end. Currently available funding allows advisers in some regions to get up to 70% of their ISO 22222 costs met by the state. Standards International has warned that this is likely to be their last chance to get help with the costs of gaining ISO certification as the funding comes to an end this year.  

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We’re delighted to announce that Guy Stephens - the UK’s leading expert on using Social Media for Customer Services joins us at Social Media in Financial Services 2.  Whether you’re a small IFA firm or a huge financial brand, Guy will reveal how Social Media can help you to improve your customers’ experience of you and your service.  IFAs and Providers are signing up now at http://www.ifalife.com/SocialmediaFS2  

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A little bit 'off radar' this morning, given a relatively quite news day, this article about life expectancy in the Chinese city of Rugao (no I'd never heard of it either) has a couple of fascinating statistics. In a population of 1.45 million, have a guess at how many people are aged over 90, and another guess for those aged over 80. I would have been nowhere near!  Good news for those living longer and healthier lives with decent pensions (the sweet); not so good news for those living longer with little or no pension (the sour). See:  

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Andrew Moore and 10 others:  The client will only pay a fee if the portfolio goes up – what do you suggest? http://www.ifalife.com/forum/replies.asp?ForumID=3&TopicID=3744 Nick Bates and 21 others:  At what point do we become too ‘pushy’? http://www.ifalife.com/forum/replies.asp?ForumID=3&TopicID=3695  

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Michelle McGagh's article about MPs' staunchly defending their right not to be included in the public sector cuts draws a number of vociferous comments, especially from IFAs. Arguing that their relatively short careers means that a generous pension scheme is necessary and fair, MPs that choose this defence face being accused as greedy and tactless. See:  

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The CBI today urged the Government to press ahead with reforms to the pensions system, due to come into force in two years' time. Failing to tackle the issue of undersaving for a pension now will cost government, employers and employees more in the long term.    

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The "Behavioural Insight Team" set up by the Government to encourage responsible behaviour must also focus on boosting retirement saving, pensions experts said today. The new team, dubbed the ‘Nudge Unit' will use behavioural economics and psychology to persuade the public to embrace more responsible behaviour, such as eating healthily.  Joanne Segars, Chief Executive at the National Association of Pension Funds (NAPF), said:  

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Thread of the Week Philip Wise and 25 others;  “I’m not that type of financial adviser” http://www.ifalife.com/forum/replies.asp?ForumID=3&TopicID=3718 Ray Prince:  On what basis do you index client retainers – like this? http://www.ifalife.com/forum/replies.asp?ForumID=3&TopicID=3735 Sarah Turner and 2 others:  What should I ask a Website designer? http://www.ifalife.com/forum/replies.asp?ForumID=3&TopicID=3736  

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Having basked in the sun on holiday last week, I'd missed this little gem of a Press Release from Baring Asset Management. It is a short précis of their most recent research which opens with these powerful statistics about pension provision in the UK: - 38% of pension savers select the default option provided by their pension scheme - 33% do not know where their pension is invested - 13% seek advice from friends or family on asset allocation It goes on to reveal the percentage of pension savers who had reviewed their pension but who didn't know whether they had chosen the default option for their pension contributions. Personally, I was stunned at the figure and I think it shows how much further pension scheme communications and pension education needs to improve.  

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Latest figures from unbiased.co.uk, the professional advice website, reveal 49% of consumers sought retirement planning advice when using unbiased.co.uk's ‘find an IFA' service in August.  Of these 49%, 11% of consumers were specifically seeking stakeholder pension advice, which has jumped from 4% in July.  Retirement planning has remained on an upward trend since May this year and continues to remain the number one ‘advice driver' for consumers searching for an independent financial adviser (IFA).   The number of consumers searching for an IFA specialising in investment and savings also continued on its upward trend since May this year, rising to 27% in August.  Demand for independent financial advice on these specialist and more complex areas continues to be high as consumers consider their investments and long-term financial planning for the future.  

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Personal finance website Interactive Investor has launched a new financial advice service, interactive financial adviser (www.ifa.net), in partnership with Cambridgeshire based IFA firm Lee Associates. The service uses the internet to make a range of educational information and video content available to site visitors and encourages users to seek advice for complex financial issues where they may not feel confident, or have the time to commit to make a decision on their own.  

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Recent figures from the Bank of England show overdraft rates at an all time high. In the last 18 months, more than a quarter (26%) of current accounts have seen increases in their authorised overdraft rates, despite no change in the bank base rate. (See appendix for full details) The biggest increase has been experienced by Barclays Additions Active customers, who have seen a 8.4% increase in the last 18 months. An Additions Active customer with a £1,000 overdraft would have seen their annual overdraft costs increase by £28 to £211 (figures take into account the £300 buffer). Michelle Slade, spokesperson for Moneyfacts.co.uk, commented:  

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The latest findings from independent financial research company Defaqto suggest that fund managers are acting more cautiously than 12 months ago because of growing fears of a double-dip recession. Fraser Donaldson, Defaqto's Insight Analyst for Funds, said: "The level of confidence and uncertainty in the market is usually reflected by the cash element in funds. A year ago we saw these levels falling to less than 5%, the lowest for several years. There was a confidence that the recession was over and that the first green shoots of sustained recovery were being seen. However, the levels of cash in July 2010 - almost 2% more than October 2009 - indicate a dip in confidence."  

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Friends Provident has launched a new absence tracking system aimed at helping employers monitor absence trends and calculate how much employee absence is costing them. With recent figures showing the spiralling cost of absence to the UK economy, this new system enables employers to monitor absence rates through reporting tools which evaluate absence by department, reason and days of the week.  The tools also include a cost of absence calculator.  

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Given the property markets' dependence on the scale and sustainability of the economic recovery, fund managers remain cautious about the outlook for property equities funds, says Standard & Poor's Fund Services in its latest review of the sector, available at www.fundsinsights.com. "The first six months of 2010 have proven sluggish in terms of fund performance, but property markets themselves saw some recovery at the start of the year," said Susan Sworn, lead analyst at S&P Fund Services. "However, this has been very uneven, regionally speaking." This has been particularly true of the residential market, where developing markets have been strong while developed markets have lagged. However, within this, the US looks to be on an improving trend.  

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Pete B and 5 others:  Should I become a financial adviser – honest feedback needed http://www.ifalife.com/forum/replies.asp?ForumID=3&TopicID=3717 Steve Amison:  Has anyone enrolled for or taken the STEP exam? http://www.ifalife.com/forum/replies.asp?ForumID=68&TopicID=3722 Gary Phillips:  ISA Certificate following successful FSCS claim – who should I be contacting at the Revenue? http://www.ifalife.com/forum/replies.asp?ForumID=3&TopicID=3721  

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I watched Ricky Gervais's film Cemetery Junction last night. Described as a 1970s-set comedy centered on three upstart professional men working at an insurance company, it's worth watching if only for the 5 minutes when a trainee salesman watches his mentor convince a middle aged couple that they need life insurance more than their first holiday abroad.  There's a twist to this part of the film too which is revealed later in the storyline. It did, however, immediately remind me of a saying I heard in the 1980s when I first started in financial services: 'You never hear a widow complain her husband had too much life insurance'.  It's a pleasant film in many respects and will be a trip down memory lane for some.  

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David Braithwaite and 4 others:  Looking for great client reporting software.  What do you recommend? http://www.ifalife.com/forum/replies.asp?ForumID=20&TopicID=3677 David Braithwaite:  And what do you think about Intelliflo? http://www.ifalife.com/forum/replies.asp?ForumID=20&TopicID=3679 Ivor Skinner and 5 others:  How should I build up the wealth management side of this Accountancy business? http://www.ifalife.com/forum/replies.asp?ForumID=3&TopicID=3660  

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David Braithwaite:  Before we go ahead with this client reporting software, is there anyone else we should consider? http://www.ifalife.com/forum/replies.asp?ForumID=20&TopicID=3677 Rachel Charman and 4 others:  FSA rules on pension switching – too heavy-handed? http://www.ifalife.com/forum/replies.asp?ForumID=74&TopicID=3670 Ivan Hargreaves and 5 others:  What is Financial Advice? HMRC Vs FSA http://www.ifalife.com/forum/replies.asp?ForumID=3&TopicID=3650  

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The second estimate of Q2 Gross Domestic Product released today by the Office for National Statistics showed a minor upward revision to UK economic activity. The economy expanded by 1.2% quarter-on-quarter, rather than the 1.1% initially estimated. Overall, output in the economy was 1.6% higher than in the same quarter a year earlier; the strongest annual growth rate in two years. However, as ever with GDP releases, the devil is in the detail, which reveals re-stocking drove a large amount of growth in the quarter and that business investment remained surprisingly weak.   

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"The Government are right to simplify the pension tax system.  It will help consumers understand the benefits of saving, and help tackle the chronic under-saving we face. "However, it is crucial that this good work is not undone by setting an annual limit at an unworkably low level.  It needs to work for a range of individual circumstances so that consumers can have the greatest control over how they save towards their retirement.  "The new rules must also avoid new complexity, through reducing the lifetime allowance or capping relief at 40%."  

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As the Bank Holiday provides the perfect opportunity for DIY-ers and househunters to get stuck in - new research from Halifax looks at the homes we aspire to live in, how they match up to the reality of the UK property market and the work we're prepared to take on to achieve the perfect living space. Halifax asked UK homeowners which homes of the small screen provided the greatest inspiration for their ideal abode. The open plan living spaces of homes on Ramsay Street proved to be the most popular option for most families (40%). Despite its unfortunate happenings, the quaint idyllic cottages of Midsomer would be the property of choice for 35% of people, although the terraces of Coronation Street (8%), New York loft apartments in Friends (8%) and the palatial Southfork Dallas mansion (8%) hold much less sway.  

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Does pension ‘churning’ still happen and are the FSA rules too heavy-handed? http://www.ifalife.com/forum/replies.asp?ForumID=74&TopicID=3670 Note – IFA Life Premium members receive requests from journalists first http://www.ifalife.com/forum/replies.asp?ForumID=74&TopicID=918  

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Philip Calvert and 47 others:  What was your holiday reading? http://www.ifalife.com/forum/replies.asp?ForumID=39&TopicID=1040 Jeremy Newbegin and 1 other:  is Tweeting a waste of time? http://www.ifalife.com/forum/replies.asp?ForumID=3&TopicID=3663 Max Spurgeon and 4 others:  How do I research a DFM? http://www.ifalife.com/forum/replies.asp?ForumID=3&TopicID=3646  

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SIPP investors are confidently taking retirement planning into their own hands, according to research from Barclays Stockbrokers, the UK's largest online execution-only stockbroker.  Over a quarter (28%) primarily chose to invest within a SIPP so that they can actively choose how their retirement savings are invested, and one in five (19%) account holders see a SIPP as an ideal way to supplement their main pension savings.  SIPP investors are also confident of their own investment choices, as a third (33%) believe they can outperform a professional pension fund manager.  Further research from Barclays Stockbrokers also reveals that despite the importance of retirement planning, over one ten investors (12%) do not currently have any pension provisions in place.   

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A report by independent financial research company Defaqto has found that almost one-third of new debts do not have life cover associated with them. In 2009, the Association of British Insurers (ABI) recorded 636,973 new mortgage-related life assurance policies written, but the Council of Mortgage Lenders recorded 925,000 new mortgage advances. Ben Heffer, author of the report and Defaqto's Insight Analyst for Protection, said: "In some cases, there may be prevailing individual circumstances that dispense with the need for life cover. However, the figures suggest that there are many people taking on debt whose loved ones would have no means of paying it off for them if the worst happened.The protection gap does not just apply to life cover but is also a real problem when you look at income replacement products, with so little income protection being sold."    

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The latest mortgage index from Charcol.co.uk reveals that the proportion of mortgage purchases is at its highest level for many years.  Drew Wotherspoon, director of marketing at Charcol.co.uk, comments on this and other findings. "For the first time in what we believe is decades, the proportion of mortgages for purchases broke the 60% barrier in July, revealing a certain confidence in the future of the market.  There is much talk of a double dip and a large correction in the housing market still to come, but these figures would certainly go some way towards questioning this theory.  The rule book may well have been ripped up when the crunch began, but the old adage of supply and demand still holds true.  Whilst we have limited new stock demand will always outstrip supply in the UK.  The last few years have taught us to expect anything, but a further large drop in prices looks very unlikely, unless the FSA'S proposed rules on affordability are implemented as currently drafted.  

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Life Planning guru George Kinder has returned to the UK from his home in America and is starting off his stay with a flurry of events.  After leading a 2-day introductory workshop in Manchester on September 2-3, he will host two longer Advanced Life Planning Trainings in Dorset 12-17 September and 14-19 November.  These longer programs offer IFAs an opportunity for detailed practice of Kinder’s revolutionary EVOKE® client interview process. Kinder hosted the same Advanced Training in May of 2010 to enthusiastic reviews.  Clinton Askew, a Director at Citywide Financial Partners was one of the attendees:    

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Life Planning guru George Kinder has moved to London from his home in America and is starting off his stay with a flurry of events.  First up on September 2-3 in Manchester is his signature “Seven Stages of Money Maturity” workshop, a 2-day introduction to his “life planning” approach to financial advisory services. The workshop is designed to acquaint financial advisors with Kinder’s holistic financial planning methods. The Seven Stages of Money Maturity workshop is one Kinder has been delivering with increasing frequency since he published his seminal life planning book by the same name in 1999.  He reports that the number of advisors adopting the Life Planning credo of enhanced goal-setting continues to expand, especially in theUK. When asked about the workshop, Kinder said:  

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A poll on Britain's number one comparison site, moneysupermarket.com, shows that consumers are having to dip into their savings pots as the UK continues to feel the pinch because of high inflation. Over half of respondents (56 per cent) revealed that they have dipped into their savings accounts when they hadn't planned to and a further quarter (26 per cent) claimed that they would if they needed the money.  

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New research from the Association of Independent Financial Advisers (AIFA), conducted by NMG's IFA Census, has found that almost half (45%) of IFAs who use platforms have introduced a platform approach to enhance their client proposition. The research also found that over three quarters (80%) of these IFAs chose to implement a platform approach due to the number and breadth of funds available to clients. While six in ten (60%) introduced a platform for financial efficiency reasons. When asked about the current benefits of using a platform over three quarters (77%) saw the ease of administration as a significant benefit to clients. The research has been conducted as part of an AIFA project, in association with Standard Life, to develop a due diligence guide when selecting a platform partner. The full report will be launched on Thursday 2 September. Speakers at the event will include Chris Cummings, Director General, AIFA; Mark Polsen, Head of Customer Management, Standard Life; and Ian Howe, Managing Director, Baigrie Davies. The speakers will also be joined on the panel by Rory Percival from the Conduct Risk Division at the Financial Services Authority and David Ferguson, CEO, Nucleus.  

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The Financial Services Authority (FSA) has fined the UK branch of Zurich Insurance Plc (Zurich UK) £2,275,000 for failing to have adequate systems and controls in place to prevent the loss of customers' confidential information. The fine is the highest levied to date on a single firm for data security failings. The failings came to light following the loss of 46,000 customers' personal details, including identity details, and in some cases bank account and credit card information, details about insured assets and security arrangements. The loss could have led to serious financial detriment for customers and even exposed them to the risk of burglary.  

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Andrew Hart and 14 others:  Fantastic resource for IFAs being built – everyone can add something http://www.ifalife.com/forum/replies.asp?ForumID=3&TopicID=3620 IFA Life:  IFA Tweets is providing a fascinating insight into what IFAs talk about online http://www.ifalife.com/articles.asp?AID=852 Philip Calvert and 25 others:  Does anyone believe that an adequate (perfect?) back office solution? http://www.ifalife.com/forum/replies.asp?ForumID=20&TopicID=1124  

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Andrew Hart and 9 others:  Provider Fax numbers for letters of Authority – fantastic resource http://www.ifalife.com/forum/replies.asp?ForumID=3&TopicID=3620 Stuart White:  Who do you recommend to value this portfolio of With Profit Endowments? http://www.ifalife.com/forum/replies.asp?ForumID=111&TopicID=3631 Martin Bamford and 42 others:  Amazing enthusiasm for a thread – we may have to re-name the site http://www.ifalife.com/forum/replies.asp?ForumID=3&TopicID=3612  

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If you’re an IFA and thinking about putting on a seminar later this year or next, then you’ll regret missing this. Last few places available "Hands down the best seminar on any topic that I have attended. Phil is an absolute genius when it comes to seminar marketing.  I would encourage every IFA to attend.  I am planning to go again this year!"  Jaime Steele, North Financial Management http://www.ifalife.com/articles.asp?AID=866  

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The lead story today has to be news that the DWP is considering legislative changes to assist those schemes whose Rules might prevent them switching to CPI increases as and when this takes effect. According to the article, a spokesperson at the DWP is quoted as saying:  "…we need to think carefully about how any proposed legislation would work in practice or whether, indeed, this would be the best way to address the issue. We need to balance protecting pensioners' incomes with the need to ensure that schemes remain viable for companies. We will consult widely before making any decisions on this." To me that sounds like quite a softening in its stance from the original Press Release on 12th July 2010. DWP has to be applauded for that - someone, somewhere appears to have listened to the growing voices of concern! See:  

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According to the experts at Which?, low credit interest, high overdraft charges and big fees on spending abroad means that while we may not pay a monthly sum for our current accounts, banking is not free.   The consumer champion's new research reveals that consumers could be spending as much as £1,140 a year on unauthorised overdraft charges if they bank with Santander*.    

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MSN Money today reveals the nation is wasting huge amounts of money every year due to carelessness and neglect.  We've coined the term ‘idiot taxes' to describe these forgetful and stupid acts, like putting the wrong fuel in a car engine and locking keys inside the home, and estimate they are costing Brits an estimated £4.4 billion each year According to an MSN Money poll, the most common idiot tax is the loss or breakage of mobile phones.  A quarter of people admitted to forking out a large amount to replace their phone, in turn costing the nation up to £2.4 billion annually. Most people are aware of credit card charges, but just as dangerous are seemingly unassuming film and book rental charges. One fifth have fallen foul of this idiot tax, with late fees and lost DVDS costing the nation a whopping £7.6 million.  

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Saga Magazine has retained its crown as the best-selling monthly title in the UK. Despite tough trading conditions that have seen many other titles posting a loss, the average net circulation has risen again - to an impressive 656,080 in the Jan-Jun 2010 ABC circulation figures. "We are all extremely pleased. The performance shows that title is doing very well as the leader in the most interesting and satisfying field of all: intelligent, connected and lively people over 50," said editor Katy Bravery. The title easily tops the ‘paid for' magazine charts, yet is often overlooked by media commentators as Saga Magazine does not appear on newsstands.  

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As government data last week revealed that the number of people over the age of 65 is set to continue growing to almost a quarter of the population in 20 years time, AXA warns that today's pensioners are hit by escalating money worries that severely affect mental and physical health. Pensioners are no strangers to financial anxiety, but a new report shows that they have to contend with yet more misery as it finds they are the group worst afflicted by Money Sickness Syndrome. While the nation as a whole is suffering the health fallout of worrying about how to cope with the cost of living, everyday bills and debt, the link between wallet and health is no clearer than among pensioners, according to the Money Sickness Syndrome report, published by AXA.  

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Yes, we reveal how to guarantee that your client seminar will sell out.  IFAs are signing up here: http://www.ifalife.com/articles.asp?AID=866   Jobs and Careers Lucy Shepherd:  Recruiting self-employed IFAs in Surrey, Sussex and Hants http://www.ifalife.com/forum/replies.asp?ForumID=88&TopicID=3574  

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I am always interested in hearing how different people (employers, trustees, advisers) communicate or explain 'risk' when discussing retirement issues with employees and scheme members. Whether this is because of general retirement planning or more complex situations 'risk' will, or should, be a fundamental talking point. This is never more important than when a defined benefit scheme closes to future accrual and a defined contribution scheme is introduced for future provision. Or when an employer undertakes a cash incentive or enhanced transfer value exercise for example. In my experience, risk is often only communicated in terms of what I would call 'financial risk': what most financial advisers refer to as a scheme member's 'attitude to risk'.  

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"Hands down the best seminar on any topic that I have attended. Phil is an absolute genius when it comes to seminar marketing.  I would encourage every IFA to attend.  I am planning to go again this year!"  Jaime Steele, North Financial Management  

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The results of research conducted by The Co-operative Bank Current Accounts has revealed that bankers, MPs and estate agents are amongst the most distrusted professions in the UK.  Smooth talking politicians topped the poll with 57 per cent of the vote, closely followed by bankers with 43 per cent.  

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69% of savers have had enough of poor savings rates saying they will invest in riskier assets going forward. The latest research by Fair Investment Company has revealed that more than two thirds of investors are prepared to take more risk while rates remain so low in the hope of better returns on their cash. "With the base rate still stuck at 0.5%, savings rates are very poor," says Nick Scarrett, head of pensions and investments at Fair Investment Company. "The average savings rate is currently just 1.63% while the average cash ISA rate is 2.07%. Even the top rates aren't paying much over 4% when you fix for 5 years, so it is not really surprising that savers have had enough of earning such little interest on their cash," he said.  

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Adviser research by independent financial research company Defaqto has revealed that the majority of investment and pension business is placed through platforms. Fraser Donaldson, Insight Analyst for Funds at Defaqto said: "Platforms are becoming the dominant vehicle for investment and pension business for advisers, so it is no surprise to see the high percentage of this business being placed through platforms in the last year." Defaqto's survey of 126 advisers found that the amount of investment and pension business placed through platforms by IFAs is as follows:-  

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The Association of Consulting Actuaries has produced its response to the DWP consultation on when the increase in State Pension Age should apply. The short response includes one area that the media reports appear to have missed: the financial implications and effects on members and employers of schemes that have bridging pensions in place.  I spent a while this morning trying to find data on how many people this might apply to and in fact it's quite difficult to establish any meaningful figures. Many schemes that have a Normal Retirement Age below State Pension Age do not provide bridging pensions and a significant number of schemes (mainly public sector) have increased the scheme's NPA in recent years. I did source some very interesting data on public and private sector NPA though and have added a link to the OPSS 2008 document (Table 2.22 makes some interesting reading). See:  

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"Bold statement - but the most useful seminar that I have ever attended for my business. An absolute must if you are serious about increasing your business." Mike Legassick - IFA, Positive Solutions IFAs are signing up here:  http://www.ifalife.com/articles.asp?AID=866  

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Seminars continue to be the single most effective way for IFAs to find new clients and professional connections, to add value to existing clients and to create new income streams. And in a post RDR world, seminars will play a key role in differentiating your business, communicating effectively with clients and enhancing the perception of an IFA’s expertise and professional credibility. But getting a full house of the right type of clients is often seen as a real challenge, and most IFAs make the same mistakes time and time again when promoting their events.  It doesn’t have to be that way.  There is a step-by-step formula which when followed will guarantee a successful seminar. Join the IFAs who have already signed up, and on 29th September you will learn everything that an IFA needs to know to plan, promote and present successful client seminars http://www.ifalife.com/articles.asp?AID=866  

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The Guardian website today publishes an article about increasing life expectancy, a subject which is very topical in the media. According to research by Mercer, FTSE 100 companies have increased their longevity assumptions for pensioners for the fourth year in a row. The article reveals that:  Current pensioners are now expected to live another five months while future retirees get another seven months. On average, scheme members aged 45 are forecast to live nearly two years longer from retirement than a 65-year-old member.   The gap between men and women is closing, with women expected to live to the age of 89 while men reach 87.  

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Financial advisers are forecasting a 7.2% quarter-on-quarter increase in mortgage business during the third quarter of 2010, Paragon Mortgages' Financial Adviser Confidence Tracker survey has revealed. According to FACT, a panel-based survey of mortgage brokers, this is the sixth consecutive quarter that brokers have predicted increased business levels. Nearly a quarter of brokers (24%) expect to handle over 10% more mortgage business in the third quarter than they did in the second, with over a third (34%) forecasting up to 10% growth in mortgage business.  

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New mobile service makes it easier for customers to shop from their mobile phones PayPal has unveiled a new Mobile Express Checkout service for retailers, which gives their customers the same fast and safe experience on their mobile phones as PayPal Express Checkout.  The service is currently being rolled out on the iPhone and Android 2.0 (and higher) devices for select merchants over the next few weeks before being fully rolled out later this summer. This new service comes at a time when consumers are increasingly shopping on their mobile phones.  According to Juniper Research, mobile payments are due to reach $200 billion by 2012. The rapid growth in the area, along with feedback from PayPal merchants inspired the development of the new service, which aims to revolutionise the way in which businesses interact with their customers.  

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We heard you’re planning a client seminar for the Autumn, but are wondering where to start. So avoid costly mistakes and learn how to plan, promote and present successful and profitable client seminars "Bold statement - but the most useful seminar that I have ever attended for my business. An absolute must if you are serious about increasing your business." Mike Legassick - IFA, Positive Solutions IFAs are signing up here:  http://www.ifalife.com/articles.asp?AID=866    

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Online stockbroker and fund supermarket Interactive Investor (www.iii.co.uk) has responded to the publication today of the IMA fund statistics for June. Rebecca O'Keeffe, head of investment at Interactive Investor, said: "David Cameron is not the only one to take an interest in India as our investors continue to look for more aggressive growth opportunities in established, new and emerging markets. Among the most popular funds so far this year are the First State Indian fund, the Invesco Perpetual Latin America and the Aberdeen Emerging Markets fund. With the BRIC economies continuing to perform well these are likely to remain popular among private investors for the foreseeable future. "Our trading figures for June reflect the year on year increase in investor activity across the industry. Investor confidence remains strong overall with large inflows into funds both inside and outside of the ISA wrappers."  

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Independent financial research company Defaqto has published a free guide to alternative investments, which has been designed to introduce advisers to some of the asset classes and investment techniques that retail fund managers are now embedding in their investment processes as a matter of course.  

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As a result of continued demand from IFAs, we are hosting a further workshop on how to plan, prepare and present successful client seminars.  This is consistently our most popular workshop, and will not only help you to attract new clients and professional connections – but will also give you a framework for hosting client communication events in a post RDR world.  

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Predictably, the media is full of articles about the proposed scrapping of the default retirement age. Some reports are in favour, others look at the potential problems that might occur. All are worthy of a read. The proposals are important for IFAs as they might potentially impact upon any current retirement planning in place for certain clients. However, it is important to note there is an element of doubt about the whether the proposals would actually be workable and to see why, I have added this article from earlier in the week. Topical and very relevant. It might be worth you adding a comment or two about the proposals and issues, when you next communcate with your clients. See:   

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Just today and tomorrow to take part in our iPad competition.  And don’t forget to chase up everyone you have invited so far http://www.ifalife.com/articles.asp?AID=808 What is the Social Media Policy in your IFA firm?  Take a look at this short, but potentially extremely valuable post.  Please pass the link to the most appropriate person in your practice http://www.ifalife.com/articles.asp?AID=857  

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Two new ways for people to find an IFA (with a third coming soon) http://www.ifalife.com/FindanIFA Marketing for Financial Planners - How to market and promote your Financial Life Planning proposition http://www.ifalife.com/content.asp?PageID=1764  

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IFAs need to consider the potential impact to clients of the recent DWP proposal to move to using the CPI index for certain pension calculations. The potential repercussions might affect some of your clients NOW.  When Steve Webb MP, made his Written Ministerial Statement to Parliament on 8th July 2010 announcing the Government's intention to move to using CPI rather than RPI in regulating occupational pension schemes, I have little doubt that he or the DWP fully considered the wider more immediate consequences of those actions.  

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Legislation to restrict unhealthy behaviours like smoking and the consumption of alcohol and fatty foods is inevitable by 2020 if we are to retain a free NHS, according to a new report. Our burgeoning and ageing population will force Government to regulate against unhealthy behaviour in a bid to retain free healthcare in the UK, claims Friends Provident in its Visions of Britain 2020, a report conducted with the Future Foundation. (www.visionsofbritain2020.co.uk) Penalising unhealthy lifestyles Experts condemn Government health campaigns as 'failing' to persuade individuals to live healthier lifestyles. As a result Visions of Britain reveals that penalties are the most likely solution.  

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According to a survey of 140 advisers in relation to Self Invested Personal Pensions (SIPPs), conducted recently by independent financial research company Defaqto, provider brand strength comes top of the list of considerations.  

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UK consumers' financial wellbeing improved slightly during Q2 but, despite this, consumers' financial health remains generally weak. In the second quarter of 2010, Alliance Trust's UK Financial Reality Index rose from 77.3 to 77.7, driven primarily by some recovery in house prices and gains in real earnings. At the same time, however, stock market performance has waned, basic costs have increased, and the debt burden has risen. Shona Dobbie, Head of the Alliance Trust Research Centre, said, "Having fallen quite sharply in the previous quarter, this small increase in the UK Financial Reality Index indicates a slight improvement in the financial conditions facing households. The gain in Q2 was largely due to an improvement in house prices and real earnings. However economic activity remains lacklustre, basic costs have risen and stock market growth has cooled. There are signs that housing supply has started to increase, which could put downward pressure on house prices. On top of this, the anticipated cuts in public spending increase the possibility that unemployment could rise further.  

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If you’re concerned about using Social Media in your IFA business, why not introduce a Social Media Policy? Useful resources here http://www.ifalife.com/articles.asp?AID=857 Numbers mean a lot to your customers – something IFAs of all people should be aware of http://www.ifalife.com/articles.asp?AID=858 Finding that elusive White Rhino – a story for 2010 - For IFAs and Big Game Hunters http://www.ifalife.com/articles.asp?AID=855  

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New research from the Scottish Widows Priorities of Life index reveals that despite their best efforts, time-poor Brits are struggling to make space in their lives to look after their health and fitness. According to the survey, over one third of people (35%) are worried they are neglecting their health more than any other area of their life, and nearly half (45%) confess that they don't put as much emphasis on keeping fit as they feel they should. Furthermore, 44% of people said they would ideally like to have more fun but are unable to make enough time for this with so many other day-to-day activities having to take priority. Of those who don't spend enough time keeping healthy, 36% admit this is because they are simply not worried enough about their health at the moment, 23% will always put their family's health needs over their own, and 23% will only start to pay attention towards their body if they get seriously ill. And fitness is on the back burner because they don't have enough time to exercise regularly (37%), don't enjoy it (25%), or can't afford gym membership (23%). But this attitude might be putting people at risk of serious health problems.  

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A couple of provocative articles appeared over the last few days which may easily raise the blood pressure of many readers, and indeed IFAs. Judging by this article I think some advisers might need to review or reconsider their processes and procedures in respect of how they deal with clients who are approaching retirement age.  I'm not suggesting by any means that advisers are involved in any wrongdoing - but I do know of firms that won't deal with open market options that involve small funds.  It is these companies that ought to consider whether they are 'covering their backs' by making sure that clients are, at the very least, aware of the open market option (and perhaps even signposting them towards appropriate solutions). Documentating and recording what actions you take on your client file would go towards minimising any risk of comeback from discgruntled clients in the future.  

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IFA Life, the social networking site for IFAs and financial planners has launched two new tools to help consumers find, connect with and refer IFAs. With over 5,000 registered on the site and a strong presence on the Internet, increasing numbers of consumers are finding social networking site IFA Life as a valuable source to make contact with IFAs, to assess them and make contact. The first search tool is a simple but powerful location based tool, where consumers can find IFA Life members within specified distances. Founder of IFA Life Philip Calvert said today: "It's commonplace for people to use the Internet to find an IFA, and increasingly they are also using Social Networking sites such as LinkedIn, Ecademy, Twitter and YouTube - and so we have responded to increasing use of the IFA Life site by consumers."  

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What’s holding your IFA firm back from building and implementing a robust Social Media Strategy?  Lack of time, fears about Compliance, lack of knowledge or just not sure that it’s relevant? We have just three days available for IFAs in August when we can come into your business and help you to develop your Social Media Strategy.  Either one-to-one, or group together with other IFAs in your area. Contact philip@ifalife.com for details.  First come first served.  

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The Pensions Regulator has issued a short statement about the proposed change of index from RPI to CPI for certain elements of pension increases before retirement (revaluation) and pension increases during retirement (escalation). Whilst aimed specifically at Trustees, it is also very useful for IFAs as the last part of this sentence suggests: 'Trustees should plan to communicate with members on the impact, as soon as possible, once known, even if the impact is likely to be negligible. They should also give serious consideration to an interim communication, to assist members who may be faced with decisions on transfers or retirement planning, or may be concerned about press coverage.'  

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Brits fork out more than £18,500 a year on bills, a study revealed yesterday. Each month, the average household parts with £1,541.91 on ultility bills, rent or mortgage payments, the weekly shop and other bills. That's a total of £18,502.86 a year or £962,148.72 between the ages of 18 and 70. The study revealed that the cost of living has risen by £642.12 in the past 12 months, from £17,860.74 last year.  And it is car insurance, rent or mortgage costs and mobile phone bills which have seen the biggest increases during the past year, in comparison to home telephones and utilities which have seen the biggest decreases. A spokesman for www.Confused.com, which carried out the study said:  

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Analysis of new fund launches from independent financial research company Defaqto reveals an 87% increase in the number of funds launched that permit the use of derivatives. Fraser Donaldson, Insight Analyst for Funds at Defaqto said: "The use of derivatives as an investment tool are growing in prominence which is not overly surprising given the uncertainty in the economic and financial climate. The decline in the launch of UK only investment funds is clearly linked to declining demand for the sector with many advisers seeking potentially better returns elsewhere."  

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Mortgage brokers are handling minimal levels of self-certification and sub-prime business, research from buy-to-let specialist Paragon Mortgages has found. The Financial Services Authority proposed last week to effectively end self-certification mortgages through its ‘Mortgage Market Review: Responsible Lending' paper by requiring verification of borrowers' income in every case. It claimed that income was not verified on 43% of mortgages written in the first quarter of the year.  

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Citizens Advice Head of Consumer Policy Sue Edwards said: "After the election we called on the government to make a long term commitment to help those borrowers most in need in order to prevent a further wave of repossessions. We are therefore pleased that the housing minister, Grant Shapps, has acknowledged that the risk of repossessions remains high, and has recognised the need to maintain a comprehensive package of support measures that help keep struggling borrowers in their homes.  

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Following today's announcement by the Chancellor of the creation of the Office for Tax Simplification, Julie Patterson, Director, Authorised Funds and Tax at the IMA, said: "We welcome the Chancellor's announcement of the establishment of the Office for Tax Simplification and the recognition that the UK has ‘one of the most complex and opaque tax codes in the world'. Simplification of the tax system will reduce complexity and administration for individuals and firms, thereby helping to improve the UK as a place to do business. However, simplicity alone will not achieve the Government's stated aim of bringing more international business to the UK. Three other factors need to be considered.  

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I know I sometimes post articles that have quite tenuous links to topics about pensions, annuities and retirement planning but it never ceases to surprise me how many of our readers enjoy them.  For example, Chris Reilly, at Legal & General recently commented about our news: "I particularly enjoy some of the more off piste articles. Things that focus on overseas pensions or aspects only tangentily related to pensions." So, continuing with that theme I really enjoyed this article which tells a story about jam and - I kid you not - it relates to pensions too for a wide variety of reasons.   

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New from IFA Life Increasingly people are using IFA Life to find IFAs.  So during this week, we’re delighted to be introducing two new ways to help IFA Life members be found online: A new post code search tool where IFAs can be found by location.  If you’re a member of IFA Life, you will be featured – and there will be no charge to have your website details showing in the search results   A special Twitter page which features every IFA who uses Twitter.  This is a new and innovative way for people to follow IFAs – so if you are on Twitter, don’t forget to add your Twitter address to your IFA Life profile page Watch this space!  

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New figures show small firms stay loyal to Royal Mail but services need improvement Royal Mail is still not delivering in its service to small businesses two years on from a review into the postal service. In its response to the consultation ‘Review of developments in the postal market and Royal Mail since 2008', the Federation of Small Businesses (FSB) is disappointed that the situation with Royal Mail remains the same as in 2008, and that the same key issues highlighted then are still prevalent now. Small firms are a loyal customer base that frequently visit the Post Office. In a survey of more than 1,200 members of the FSB-ICM ‘Voice of Small Business' panel, the FSB found that 94 per cent of respondents want a UK-wide postal service and six in 10 (59%) want to continue to receive mail deliveries six days a week.  

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Consumer Focus figures released today revealing that 1.4 million on pre-payment meters ration their energy is just a symptom of a much wider problem according to uSwitch.com, the independent price comparison and switching service. Last winter's bitter weather led 13 million households to cut down on heating to save money, affecting their health and quality of life.  

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IFA Life Messages IFA Life:  Don’t look a gift horse in the mouth.  Every IFA firm should take advantage of this http://www.ifalife.com/forum/replies.asp?ForumID=127&TopicID=3399 Have you been in the Press or Media recently?  Start your own thread here and then add to it over time http://www.ifalife.com/forum/topics.asp?ForumID=14   Philip Calvert’s Blog Enthusiasm and excitement for the profession is alive and well http://www.ifalife.com/forum/replies.asp?ForumID=125&TopicID=3408  

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Over 5,000 members have now joined the IFA social networking site IFA Life - evidence that social media now plays a key role in the way that IFAs share best practice and access business development resources. The 5,000 mark was also achieved on the website's second birthday, and coincided with a major initiative by Internet giant Google to help IFAs make better use of the Internet. Founder of IFA Life Philip Calvert said today: "We're obviously delighted that so many IFAs are now using IFA Life. With change and challenges on the horizon, social media is becoming the tool of choice for IFAs to provide help and support to each other - without having to leave the office." IFAs using social media for business development As well as providing an online networking platform for IFAs, IFA Life monitors how financial advisers use the Internet to market themselves and to communicate with clients. The industry is still cautious about how it uses social media as a marketing tool, but has thoroughly embraced it to share best practice, debate industry issues, comment on news and to learn new ways to grow and develop their businesses. Philip Calvert continued:  

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Congratulations to Jay Tamsitt from Godalming in Surrey who became our 5,000th member today.  Here’s to the next 5,000!  Invite a colleague to join IFA Life by the end of July and you could win a top of the range iPad http://www.ifalife.com/articles.asp?AID=808 Why is Social Media so important for IFAs?  Find out at Social Media in Financial Services 2 on 4thNovember 2010.  “Head and shoulders above any conference I have ever attended.” Rebecca Christensen, Nucleus http://www.ifalife.com/content.asp?PageID=1748&Link=1773   Forum Messages Philip Calvert:  A gift from Google to help IFAs be more visible in search results.  Get it while you can http://www.ifalife.com/forum/replies.asp?ForumID=127&TopicID=3399 Mark Lee:  Most financial advisers are unable to work with accountants http://www.ifalife.com/forum/replies.asp?ForumID=3&TopicID=3406 Cathi Harrison and 1 other:  Breakfast Club for women in financial services in the North East http://www.ifalife.com/forum/replies.asp?ForumID=118&TopicID=3405  

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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 running another of his well received masterclasses for financial advisers who want to get closer to accountants. “Promises of commission, for example, are often more of a turn-off than an incentive. And yet commission or fee sharing is frequently offered almost as soon as the financial adviser meets a local accountant”. Financial advisers tell Mark that they are frustrated by accountants’ reluctance to refer clients who then fail to get the advice they need.  

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In a recent poll conducted by J.P. Morgan Asset Management, IFAs have cited that the main reason they tend to avoid recommending investment trusts is because their knowledge of them needs refreshing. In the poll, 40% of IFAs said this was their main reason for not recommending investment trusts, 37% said it was due to their lack of availability on platforms, with 33% admitting it was because of a lack of commission or trail fees. This is despite the fact that just 9% of those polled said it was due to a lack of client interest in the investment vehicle. Jasper Berens, Head of UK Retail Sales at J.P. Morgan Asset Management commented: "This is an interesting result, particularly as the Retail Distribution Review specifically states that come 2012, financial advisers wishing to remain independent will need to demonstrate a whole-of-market knowledge. Also, with the introduction of fee-based advice across the board from 2012, IFAs will no longer have to avoid investment trusts on a commission-based remuneration basis. Investors are clearly expressing an interest in investment trusts but it is a concern that their IFAs do not have a sufficient understanding of the investment vehicle."  

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In spite of mounting concerns about their retirement prospects, Britain's over-50s have reduced their retirement savings by almost £18bn over the last year. The annual State of Retirement Report, now in its third year, from pensions, investments and insurance group LV=, reveals that one in five of those approaching retirement (21%) have decreased their retirement savings by an average of £324 a month, or £3,800 a year. This is more than double the £137 average reduction in retirement savings made by 20% of over-50s last year, suggesting retirement savers are jeopardising their long-term financial security in order to deal with more immediate financial pressures. Women approaching retirement appear to be feeling the pinch most, with nearly a quarter (23%) cutting their monthly retirement savings by an average of £372, or £4,464 a year. By comparison, one in five men approaching retirement (19%) have reduced their retirement savings by an average of £265 a month, or £3,180 a year.  

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The UK housing market in June saw a rise in demand for property while housing stock levels decreased for the first time in four months, according to estate agents. The National Association of Estate Agent's market report for June showed an increase in the number of house hunters registering with an agent across the country. The figure rose from 265 in May to 279 in June as an average per branch. The percentage of sales made to first time buyers remained the same as in May at 21 per cent, which suggests that although the increase in the Stamp Duty threshold to £250,000 didn't affect this category, it might be attributed to aiding the wider buyers market.  

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IFA Life messages You lucky people – if you are new to AdWords you can now claim your £50 voucher from Google http://www.ifalife.com/forum/replies.asp?ForumID=127&TopicID=3399 We’ve very nearly reached our 5,000th member – please help us to reach it and head up to the 10,000th - and maybe win an iPad along the way http://www.ifalife.com/articles.asp?AID=808  

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  Over the last five years, consumers have witnessed both the highs and lows of the economy - the latter of which culminated in global economic meltdown.  However, figures from unbiased.co.uk, the professional advice website, reveal during this financial rollercoaster nearly 2.5 million* consumers sought details of an independent financial adviser (IFA) by using unbiased.co.uk's ‘find an IFA' search tool. Independent financial advice has never been more important and more valuable for consumers and it is regarded as the ‘gold standard' of advice because it offers access to, and guidance on, a huge pool of products from across the whole market.  However - financial advice comes in many guises - and consumers may think they are getting this gold standard when in fact they are not.  So how many consumers really understand the different types of financial advice on offer?    

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A recent survey by independent research company Defaqto found that advisers prefer Self Invested Personal Pension Products (SIPPs) which permit full flexibility of investment choice versus those offering a more structured approach to investments. David Abbis, author of the report and Insight Analyst for Wealth Management at Defaqto said: "Cost is often a vital consideration when making a SIPP recommendation, so, although a product with a structured investment approach may initially appear cheaper, it is possible that a flexible product may offer the opportunity to negotiate costs."  

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This month's official inflation report showed that the official headline rate of inflation fell from 3.4% to 3.2% in June, continuing the declining trend which commenced in May. However, Alliance Trust's monthly study of inflation rates facing different age groups reveals that the over 75 year old age group actually saw a sharp increase in inflation, from 3.3% to 3.6%, driven largely by higher food price inflation. For the ninth consecutive month, it is the 50-64 year olds who face the highest rate of inflation, at 4.5%, while the over 75s face the lowest rate, at 3.6%.   The 50-64 year old age group is facing a rate of inflation which is 41% higher than the official rate, largely due to the fact that this group spends relatively more of their disposable income on transport, where inflation remains relatively high, at close to 9%. In particular, fuel price inflation is currently at a level of 16%. In contrast, the over 75s continue to face the lowest rate of inflation, at 3.6%, helped by the fact that this group spends relatively more of their budget on utilities, where prices are now 2.5% lower than at this time last year. Electricity prices have fallen by less than 1% over the year, but gas prices have fallen by more than 6%.  

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DWP has released details about the change from RPI to CPI in respect of pension increases(revaluation and escalation) to deferred pensions and pensions in payment. They have included some useful worked examples. In 25 years of being in pensions, I can't think of any other 'retrospective' legislation that will potentially have so detrimental an effect on the preserved benefits of millions of deferred members of defined benefit schemes.  

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OECD composite leading indicators (CLIs) for May 2010 continue to point to an expansion but with stronger signals of a slowing pace of growth than in last month's assessment.  

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From today, anyone can go to the new Spending Challenge Public engagement website and submit their ideas.  

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Poor understanding and control of personal finances is damaging the well-being of up to 42 million adults, from high-level managers to low earners and pensioners, says a new report by AXA. Millions of managers and workers are failing to take financial advice even when falling victim to money worries - a growing scourge in the current economic climate. This is despite the fact the harmful effects of financial troubles on the nation's health are increasing at a disturbing rate, according to new research [1] commissioned by AXA. Few are immune to the spread of Money Sickness Syndrome [2], with nearly nine out of 10 adults suffering physical and psychological symptoms caused by money concerns and as many as two-thirds experiencing increased levels of stress in the last 12 months.  

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Research from the latest quarterly Birmingham Midshires' Saving Britain research suggests Brits are increasingly raiding their saving pots. Brits have shed the saving pounds with two in five British adults (38%) confessing to raiding their savings during the three months to July 2010. The average raiding amount has increased to £1,870 from £1,499. However, this is far short of the all time raiding high in July 2009 of £2,191. In the three months to July 2010, Britons saved an average of £764, compared with £1,031 during the last quarter.  This is over a quarter (26%) less that the previous quarter.  

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The Low Incomes Tax Reform Group (LITRG) have warned that proposals to cut the hours that the Government's tax helplines operate will make life harder for taxpayers, especially those on low incomes. The proposals include closing all HM Revenue and Customs (HMRC) Contact Centres (which field tax support calls) on Sundays and reducing hours on Saturdays, bank holidays and (for some services) during the week. LITRG Chairman John Andrews said: "This is a backward step for an organisation that is supposed to be customer focused. "We all understand that there is pressure across government to reduce costs. But HMRC have failed to fully assess the impact of these changes. "HMRC's long-term strategy is to grow their online services. But for this to work taxpayers need access to support and to be able to ask questions of HMRC. This is particularly the case for taxpayers on low incomes who cannot afford to pay for professional tax help. Some of these people will work long hours during the week and may only be able to sort out financial matters during unsociable hours or the weekend. Taking away access to HMRC helplines at these times will make the task considerably harder."  

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It is getting harder for people on low incomes to meet a minimum standard of living, according to new research published today by the Joseph Rowntree Foundation (JRF).   A Minimum Income Standard for the UK in 2010 shows that people on low incomes face a much higher inflation rate than shown in the official Consumer Prices Index, which the Budget announced as the future basis for uprating benefits. This means that in real terms, people out of work, relying on these benefits, could become worse off. For people in work, the gap between the minimum wage and the wages needed for a minimum household budget has widened. The Minimum Income Standard shows how much various households need in 2010 to reach a minimum standard of living, according to members of the public. A single person now needs to earn at least £14,400 a year to reach this standard, and a couple with two children £29,200. These have increased from £13,400 and £26,900 in the past two years.  

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The law of unintended consequences (Murphy's Law?) sees HMRC publish notification that it intends to bring forward regulations to remove the unauthorised payments tax charge where an individual aged 50 and over but under 55 transfers their pension in payment to another pension provider. See: - Pension transfers for people aged 50 to 55 (HMRC) (pdf-1 page) (Monday) Elsewhere, another survey (it's that time of year) reveals the dire state of pension planning in the UK, with almost one in three people having made no provision for retirement.  The marketeer in me, however, sees a more positive headline - 'Two thirds of Britons saving for retirement'. Imagine headlines like that!   

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  With more than 5.5 million fixed rate products worth over £110 billion maturing in 2010 - the largest number maturing in July (581,044) -  HSBC warns investors that with savings rates languishing at historic lows, many UK "re-investors" will see their investment income fall off a ‘savings precipice' this year. Indeed, those investors in the over 2.7 million fixed rate products that have matured thus far in 2010, will have lost £722 million in income if they simply re-invested their savings pot in to similar products (see table 1 below for details).   This steep loss is due to the falls of up to 3.01% in average best buy rates for these types of investments (see table 3 for details).     

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Children from a selection of schools in Salisbury had the chance to meet former England and Surrey star Graham Thorpe at South Wiltshire Cricket Club. The Salisbury Cricket Festival, in association with Friends Provident, is part of The Cricket Foundation's initiative to educate children through cricket. Over 60 children from local schools will take part in the cricket tournament day, with a chance to test the skills they have honed throughout the year. The Cricket Foundation's campaign, "Chance to Shine supported by Brit Insurance" - now in its fifth year - aims to help young people acquire important life skills, and values for their future lives through the sport. Karen Burrell, Head of Marketing Services at Friends Provident, commented:  

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More holidays abroad, remaining in education for longer and smoking less: these are just some of the changes that have shaped our society over the last 40 years as highlighted in Social Trends 40, published today by Office for National Statistics (ONS). Social Trends 40, which marks four decades of social reporting in the UK, contains five previously unpublished chapters of statistics and analysis covering:  

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  Today, 1st July, marks the third anniversary of the smoking ban across England and Wales, when many smokers chose to pack in the habit for good. New research from Santander Savings has found that a 20-a-day smoker who gave up in 2007 could have amassed an ash-tounding £6,883 if they'd opted to put their cigarette money into a Santander savings account. The average smoker currently spends around £180 a month on their habit but, by giving up today and putting the money to better use, smokers could reap the benefits from a much more rewarding habit.  For example, if they put that money each month into a high interest paying savings account such as the Santander Fixed Rate Monthly Saver, currently paying 4.00 per cent gross fixed for one year, they could build up a gross balance of £2,394.60 over the term. And for those struggling to get on the property ladder, stubbing out the ciggies could even prove a great way of boosting the bank balance and getting that deposit.    

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We can squeeze in one more to next week’s Marketing workshop for IFAs.  Learn what IFAs who are consistently effective at marketing all have in common and create your own Marketing Plan http://www.ifalife.com/articles.asp?AID=772 Google’s webinar for IFAs is launched tomorrow.  Have you signed up? http://www.ifalife.com/articles.asp?AID=817 We are looking for a Compliance expert who is universally liked and respected by the IFA community.  If you have a suggestion, please post here http://www.ifalife.com/forum/replies.asp?ForumID=76&TopicID=3319 It’s IFA Life’s birthday next week.  Help us to celebrate and you could win an iPad courtesy of Scottish Life. Hundreds of IFAs have taken part here http://www.ifalife.com/content.asp?PageID=1942  

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If you're an IFA focusing upon pensions and retirement planning there are two must read reports published by the DWP this week. Great CPD too, see: - Likely treatment of different types of worker under the workplace pensions reform: Qualitative research with employers (DWP Research Report No 662) (pdf-88 pages) - Consultation on workplace pension reforms: Qualitative research with small and medium sized companies (DWP Research Report No 652) (pdf-124 pages) They almost dovetail with what is an excellent and thought-provoking article published at Guardian.co.uk. With the announcement that the BBC is to consult on changing its pension provision for employees, I'm amazed that there has never been a legal challenge on behalf of employees performing the same job but with different pension arrangements.   

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The year-long countdown starts today (30th June 2010) to the closure of the UK Domestic Cheque Guarantee Card Scheme. This means that after 30th June 2011, it will no longer be possible to guarantee a cheque using a plastic card. To help businesses and consumers, the Scheme has today published two fact sheets available from www.ukpayments.org.uk. Banks and building societies with customers who have cards carrying the cheque guarantee function - indicated by Shakespeare's hologram or logo - will be managing its removal in different ways. Typically cards will be issued without Shakespeare's logo on renewal: this may be before or after the closure date. This means that although Shakespeare will still be on many customers' cards after 30th June 2011 it will be redundant. In all instances customers can still pay by cheque but just cannot use a plastic card to guarantee it.     

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On June 30 2010, Institute of Financial Planning (IFP) officially launches the Certificate in Paraplanning, the first qualification in the UK to test the specific knowledge and skills relevant to the role of Paraplanner.  The launch will form part of IFP's "Financial Planning in Practice" Conference, taking place on 30 June at the Village Hotel, Solihull. The qualification brings well deserved recognition to this important role and will differentiate successful candidates from other Paraplanners carrying out a more administrative function. It has been developed by IFP over the past couple of years during which time it has consulted broadly within the Financial Planning community. The support of Scottish Widows with this development has been invaluable.  

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The OFT today announced greater transparency over interest rates and a significant reduction in the time it should take to transfer between cash ISA providers, following agreements with the industry. The changes come as part of the OFT's response to a super-complaint from Consumer Focus about the cash ISA market. Consumer Focus asked the OFT to look at concerns including the time it takes to transfer a cash ISA, the transparency of interest rates and introductory bonus rates. After a 90-day investigation, the OFT has secured agreement from the industry to:  

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Service brings together leading independent experts from the world of social enterprise. Coutts & Co is today announcing the launch of a new Social Enterprise Advisory Service - the first ever to be provided in the UK - which is aimed at encouraging and assisting many of its 20,000 successful entrepreneurial clients to develop enterprises that give something back to the community. Social enterprises are a vibrant and diverse group of organisations which often reinvest the majority of their profits back into a social purpose. Some of the best known include the Eden Project, the Big Issue, Jamie Oliver’s Fifteen and Fairtrade company Divine Chocolate.  

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Commenting on today's Bank of England mortgage approvals, Simon Rubinsohn, RICS chief economist said: "Mortgage approvals for new home purchase in May were broadly unchanged from the previous months reading. They remain above the lows seen in the early part of this year following the ending of the last stamp duty holiday but are still well down on historic norms. The relatively weak numbers released today may in part be a reflection of the political and economic uncertainty that prevailed ahead of the general election.  

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The Financial Services Authority (FSA) has today published the findings of its comprehensive review into the operation of with-profits funds. The review focused on whether firms are treating their with-profits policyholders fairly, looking specifically at how senior management in firms have implemented FSA rules. The review showed the performance of firms is mixed. Some firms are performing satisfactorily; however, a significant number of firms are not adequately demonstrating the practices the FSA expects from a well-run with-profits business. The two main areas of concern are:  

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Stephen Smith, Legal & General's Director of Housing said: "Around a third of mortgage advisers think that business will be better over the next three months as the previous quarter, but this figure has dropped and advisers are slightly more pessimistic this time around. "Looking at the split between house purchase and remortgage business, advisers expect house purchase mortgages to represent an average of 51% of their sales over the next quarter. This is the highest level since the index started at the beginning of 2008. Remortgage business is forecast to be about 31% - the lowest level since the start of 2008.  

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There was a degree of déjà vu about the England match yesterday and to some extent, it was just as well Germany won 4-1 rather than had the score remained at 2-1 when Frank Lampard's goal was disallowed. I was disappointed but the result was fair.  I suppose I suffered from a Loss of Expectation. That expression will become all too familiar in financial services if millions of would-be-retirees do not re-engage in planning for their retirement.   

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The Financial Services Authority (FSA) has today published the final list of qualifications retail investment advisers will need to pass before 1 January 2013.  This provides the certainty advisers need to prepare for the implementation of Retail Distribution Review (RDR) requirements. Qualifications and ongoing study form part of the FSA's plan to enhance the reputation of the retail investment market by instilling greater professionalism and ethics. Increasing customers' trust and confidence in the sector is vital for its future. The FSA is consulting on whether advisers will also be required to hold a Statement of Professional Standing confirming that they are qualified to give advice, have kept their knowledge up-to-date and subscribe to a code of ethics. The statements will be issued by FSA-accredited professional bodies.  

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Paul Campion and 2 others:  I’m doing the IMC, are you?  Please help http://www.ifalife.com/forum/replies.asp?ForumID=68&TopicID=3280 Ewart Matthias and 6 others:  Is there conflict between what the CII says and the FSA wants? http://www.ifalife.com/forum/replies.asp?ForumID=68&TopicID=3272 Simon Hodge and 4 others:  What’s the best way to get a foot on the ladder of the profession? http://www.ifalife.com/forum/replies.asp?ForumID=3&TopicID=3276    

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Activity in UK financial services grew in the last three months at the fastest rate since September 2007. But this growth was much lower than expected and firms still considered levels of business to be well below normal, a new survey reveals today (Monday). The financial services sector saw its fourth consecutive quarter of improving profitability, though the latest CBI/PwC Financial Services Survey shows firms expect this to level off in the coming three months. Concern about the impact of regulation and legislation on future business remains high, with a large proportion of firms expecting to spend more on compliance in the coming 12 months. Asked how their business volumes fared in the three months to June, 38% said that volumes rose and 29% said they fell. The resulting balance of +9% is the most positive since September 2007, but was far weaker than expected. In the next three months, a balance of 63% expects a rise in business volumes, the most positive expectation since December 1993 (+65%).  

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A new study from Saga Equity Release today reveals that a fifth (17%) of over 50s have little money left over to enjoy their retirement once they have paid off their debts and more than two fifths (41%) of retirees find clearing their debts difficult, highlighting how hard it is for many people to fund their dream retirement.  However, an increasing number of over 60s are now using equity release to unlock money so they can enjoy a better quality of life in retirement. With more than one in ten (13%) over 55s retiring in debt, equity release is being used to clear these and alleviate financial worries, leaving people better off in real terms and free to get on with enjoying their retirement.  The research shows that two fifths (40%) of this age group have used equity release to clear borrowing, whilst a third (31%) use it to re-mortgage.  

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Capita Financial Software (Capita) has announced its new online platform comparison service, ‘Synaptic Comparator’, will launch with the support of 16 leading fund supermarkets and wrap platforms. On target to go live by mid July, Synaptic Comparator covers over 85,000 funds and 124 wrappers on offer from 46 product providers.  Platforms which will be available on the service at launch include: Aviva, AXA, Cofunds, Fidelity FundsNetwork, Macquarie, Nucleus, Seven IM, Skandia, Standard Life and Transact. Capita Financial Software (Capita) and The Platforum, supported by leading distributors and platforms, are holding a series of free adviser briefings to unveil the industry’s first comprehensive platform comparison service.   

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Protection specialist LifeSearch has unearthed what they believe to be some of the best policy features that offer free additional cover to customers. Taking out a financial protection product is important to protect an income against death, illness or disability, but there can be much more to a policy than the payout. Some car insurance policies include Breakdown Cover and some home insurance policies provide Accidental Damage cover. Protection is no different and some policies include much more than consumers first realise. Here, in no particular order, is a selection of the top unsung protection benefits:  

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The Association of Independent Financial Advisers (AIFA) today announced further details of the process to appoint a replacement for Director General Chris Cummings. The Director General will also have overall responsibility for the Association of Mortgage Intermediaries (AMI) and the Association of Finance Brokers (AFB). An appointments committee, chaired by the Rt Hon. John Gummer Lord Deben, has been formed with representatives from AIFA, AMI and AFB Boards.  

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The Office for National Statistics has produced another must-read document which has particular relevance for anyone involved in pensions, retirement planning and death-in service benefits. The document, Marital status population projections, 2008-based quotes some very interesting projections such as: - Over the period to 2033 there is projected to be a fall in the married population aged less than 65, and an increase in the never married population.  - The proportion of men aged between 45 and 64 who have never married is projected to more than double between 2008 and 2033, whilst the proportion of women of the same ages who have never married is projected to triple.  

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The Social Media sites that really are worth IFAs’ time and effort.  Inside tips that you need to know http://www.ifalife.com/articles.asp?AID=772 Google’s White Paper IFAs in the Digital Space is available now.  Don’t forget to sign up for Google’s webinar for IFAs too http://www.ifalife.com/articles.asp?AID=817 How significant was the Budget for IFAs - are your views the same as these? http://www.ifalife.com/forum/replies.asp?ForumID=3&TopicID=3216  

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Today Resolution announced the agreed acquisition of the majority of AXA's UK life assurance business (protection, corporate benefits and annuities) in a deal worth approximately £2.75bn. The deal will lead to the creation of one of the market leading providers in the corporate pensions and protection markets in the UK. The synergies between Friends Provident and the AXA operations to be acquired mean that the integration of the two organisations will deliver an enlarged group with a focus on profitable new business and key product areas, able to benefit from cost efficiencies while continuing to deliver high levels of service. The AXA UK life business will be acquired and held by Friends Provident Holdings (UK) Ltd. This transaction is a logical next step in Resolution's consolidation strategy in the UK life and asset management sectors. Combined with the Friends Provident business acquired in November 2009, the deal today creates a platform with a wide range of options for future consolidation.  

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Commenting on today's emergency Budget, Edward Rimmer, UK chief executive at specialist business finance provider, Bibby Financial Services, said: "Osborne's pledge to reduce the budget deficit by focusing on lowering public spending rather than increasing taxes wasn't demonstrated by what many commentators would agree was the focal point of today's Budget - the increase of VAT to 20 per cent.  

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The recession has accelerated UK online demand for financial advice. There were over 50,000 searches for the term ‘IFA' alone in Q1 2010 [1]. However most IFAs are not doing enough to be found online and are missing the opportunity to capture these leads. Financial advice searches have grown strongly in the last 18 months - the search term ‘unbiased financial advice' had 84% more queries in February 2010 than in February 2008 [5]. As the internet becomes an integral and even primary component of financial planning, companies with a strong online presence offering products or advice are benefiting hugely from the growing demand, whilst those who continue to rely solely on traditional sources of leads such as word of mouth and directories risk falling behind. Whilst query volumes have increased, the majority of IFAs have failed to step up their internet presence either through maintaining a healthy website or through promoting themselves with online advertising.   

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Research from Tesco Bank reveals that dads are expecting to feel hard done by on Father's Day. Less than a quarter (22%) believe that their family will make them feel special on Father's Day and almost two thirds (59%) believe that their family spends more on Mother's Day. However, it seems most dads aren't waiting around for presents from their family. The research has identified a generation of ‘dadolescents' who enjoy treating themselves to the latest gadgets, designer gear and games consoles. The top five wish list for dadolescent spenders is:  

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A recent straw poll conducted by business finance provider Bibby Financial Services shows that the majority of UK firms feel the new coalition Government will improve the outlook for businesses in the UK. With the emergency Budget due to be announced on Tuesday, almost 90 per cent of the firms surveyed by the invoice finance provider feel that the recent switch in leadership will bring about an improvement in conditions for businesses, despite public sector spending cuts and an increase in National Insurance being high on the agenda.  

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Failure to consider the impact of banking reforms on the real economy could hold back global recovery according to an international meeting of bankers and regulators held in London today (18 June) The Fifth City of London - Swiss Financial Round Table discussed key topics common to both countries' financial services sectors. The topics and conclusions drawn were: Financial stability:  Tackling restoration of global financial stability presents considerable challenges for regulators and is a key task for all stakeholders. The primary objectives should be to minimise the risk of a bank failing; minimise the immediate and ultimate cost to the taxpayer of a bank's failure; and minimise market disruption and further contagion caused by the failure of a bank. Additional capital should not be the automatic answer to gaps in regulation. Macro-prudential supervision, greater shareholder and board engagement, and greater in-house risk control are just as important. It is crucial that regulatory bodies use the right mix of tools and react in a measured way.  

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Banks recognise there need to be changes to banking regulation and they support moves to strengthen and streamline the system, give clarity to roles and responsibilities and ensure regulation is effective and efficient. Banks have already made substantial changes to how they operate and are at the heart of reform, working with government to help shape the nature and pace of change the BBA said today.  

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With the emergency budget scheduled for next week (22 June 2010), Aviva reminds decision-makers that 64% of over 55s are worried about an increase in taxes over the next five years.These were the findings of Aviva's quarterly Real Retirement Report which looks at the finances of the three ages of retirement - pre-retirees (55 -64; retiring (65-74) and long-term retired (75 and over). This sector of the population which will swell to 18 million by 2011* is particularly vulnerable to taxation changes as they generally have a fixed income, some significant assets and spending patterns weighted to taxable items.   Indeed, should the Government increase VAT, this group which spends the majority of their income on food (% of income: 27%), fuel and light (13%), entertainment (10%) and motoring (9%) will be hard hit.  

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The Association of Independent Financial Advisers (AIFA), the Association of Mortgage Intermediaries (AMI) and the Association of Finance Brokers (AFB) today announced the departure of Director General, Chris Cummings. Chris will take up a new role as the Chief Executive of TheCityUK, a new body set up to promote the UK based financial services industry. A process is now underway to appoint a replacement. An appointments committee, chaired by the Rt Hon. John Gummer, will be formed with representatives from the trade body's membership. Rt Hon. John Gummer, Chairman of AIFA, AMI and AFB, said:  

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New analysis from professional advice website unbiased.co.uk highlights that search engine optimisation for IFA businesses can be a complex task. Unbiased.co.uk looked at the 100 most common variables to the search term ‘independent financial advice' over the last 12 months, to compile a list of relevant key words that IFAs could use to make the most of their online presence. The list highlights that while ‘financial advisers', ‘financial adviser' and ‘independent financial advisor' occupied three of the top five search terms (2nd, 3rd and 4th respectively), ‘mortgage advice' took the actual top place of terms used by consumers looking for independent financial advice online. In addition to the top place, product and needs specific terms such as ‘pensions advice' (5th), ‘mortgage advisors' (8th), ‘equity release calculator' (9th) featured in the top ten key word list.    

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The Federation of Small Businesses (FSB) has today written to the Chancellor, the Rt Hon George Osborne MP ahead of the Emergency Budget on 22 June, urging the Coalition Government to ‘think small first'. While the FSB understands that this is an emergency budget for emergency times and that difficult decisions have to be made to tackle the debt, it has urged the Chancellor to temper this with measures which will inspire confidence in the future and allow businesses to innovate, grow and employ. There is a distinct possibility that VAT will be increased. If this is the case, the FSB urges the Government to recognise that a decision on timing is vital for small firms' cash-flow. The move to reduce VAT to 15 per cent in 2008 cost the average small business £1,500 in administration alone. Small businesses do not have the financial buffers available to be able to absorb an increase in VAT as big businesses do. The FSB has urged the Government to include a sunset clause which would allow small firms to plan for the eventual reduction and send a strong message that while tax increases are necessary in the current climate, that this Government is a low tax administration.  

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According to the latest research from Standard Life, only 46% of consumers ‘care' about their pension, but over half (54%) ‘care' for their car.  The average cost of a used car sold in March this year was just £5,791, a very small figure when compared to something that could safeguard your financial future. The lack of interest in financial assets is not just about long term savings products such as pension funds. Over half of the population (53%) said they would need to have more than £10,000 in any type of savings (cash ISA etc.) before they would seek financial advice on how to invest.  Even if someone has spent time setting a pension up and still has a fund in place, almost a quarter (23%) admit that they just don't care about their pension.  Just over one in four (26%) never think about their fund with almost a  third (32%) admitting they do not even know how their pension is invested. One in ten (10%) even said they had not reviewed their fund since they started contributing to it and can't be 100% sure how they are invested.  

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The headline rate of UK inflation has slowed, dipping to 3.4%, according to data released this morning. This figure is marginally below market forecasts, having hit a 17-month high in April.  As a result, there has been a knee-jerk sell off in the pound as the prospects for an early interest rate rise ebb further away. The Bank of England has been persistent in holding its line that inflation will begin to fall, despite its continued rise over the past six-months. Today's figure will certainly come as a relief for the Governor, whose stance was becoming increasingly undermined. Duncan Higgins, senior analyst at Caxton FX explains, "Mervyn King can perhaps now breathe slightly easier. Pressure was mounting, and officials were beginning to speak out about the unnerving rate at which inflation was rising. Today's figure may be the turning point that the Governor was looking for and inflation may now begin to steadily fall back."  

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The CBI sees the recovery in the UK economy staying on track, but warned it will be protracted as urgent action is taken to reduce the budget deficit.  

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Attractive investment location for research and innovation within electronics and communications as well as pharmaceuticals and financial services.  

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As the Friends Provident t20 tournament gets underway, the life and pensions provider has commissioned a new iPhone application to enhance enjoyment and engagement with the t20 Cricket season.  

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The proportion of buy-to-let remortgage business being handled by brokers fell to its lowest level for five years during the first quarter of 2010, research from Paragon Mortgages has revealed.  

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In a letter to the Chancellor of the Exchequer ahead of the emergency Budget, the CBI has urged the Government to increase confidence in the public finances by bringing the deficit rapidly under control in a way that does not undermine the economy's ability to grow.  

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The Association of Independent Financial Advisers (AIFA) comments on the Consultation paper on 'Competence and ethics' published today by the Financial Services Authority (FSA). Andrew Strange, Policy Director of AIFA, said: "Today's proposals will have a wide ranging affect on all advisers, from mortgage and general insurance brokers to IFAs. At a time of significant change in the advice profession the regulator should be extremely wary of introducing yet more stringent measures on firms and individuals. The objective of the regulator must be to increase access to financial advice not restrict it.   

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The Co-operative Financial Services (CFS) has won the prestigious FT Sustainable Bank of the Year award, beating runner-up HSBC and 110 other financial institutions from 44 countries in the process. The highly contested global award recognises leadership and innovation in social and environmental banking and was announced at a ceremony in London last night attended by business leaders from all continents. The awards are backed by the International Finance Corporation (IFC), part of the World Bank, and judged by a panel of the world's leading financiers.  In winning the top award CFS was praised for its unwavering commitment to sustainability, which had seen it maintain strong profitability, growth and ethical leadership over a prolonged period of time.    

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The Institute of Professional Willwriters (IPW) has achieved OFT approval for its code of practice under the Consumer Code of Approval Scheme (CCAS). The IPW is a trade body for Will Writers whose members provide consumers with will writing services, assistance in estate planning and related legal services. The IPW currently has 190 full members representing an estimated 20 per cent of independent will writing businesses in the UK. The approval means that consumers using an IPW member to make a will are safe in the knowledge that code approved members operate to a higher standard of consumer protection than the law requires. IPW code members are are required to:  

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Business Secretary Vince Cable today announced an action plan to bring an end to the excessive regulation that is stifling business growth. He detailed the first phase of the Coalition Government's action plan to reduce regulation following the Prime Minister's commitment last week to "re-open Britain for business". The action plan: Creates a new Cabinet "Star Chamber" that will lead the Government's drive to reduce regulation which is stifling growth, especially of small businesses. This Reducing Regulation Committee will be chaired by the Business Secretary and will enforce a new approach to new laws and regulations, ensuring that their costs are being properly addressed across the entire British economy. Announces an immediate review of all regulation in the pipeline for implementation which has been inherited from the last Government. The cost of implementing this amounts to £5bn annually before April 2011 and £19.1bn per annum thereafter. This will be the first action for the new Cabinet committee. Establishes a new "challenge group" to come up with innovative approaches to achieving social and environmental goals in a non-regulatory way.  This team would work with experts including Richard Thaler, the US behavioural economist. Introduces a new approach that will control and reduce the burden of regulation.  A "one-in, one-out" approach, designed to change the culture of government, would make sure that new regulatory burdens on business are only brought in when reductions can be made to existing regulation.   Business Secretary Vince Cable said:  

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Direct Line's annual wedding cost survey has found that this wedding season will be even more expensive than last year, with costs rising as the invitations drop onto the mat. Wedding guests plan to spend £215 getting ready for each wedding, including attire, travel, and accommodation, childcare, drinks at the reception and other costs of attending - and all of those costs come before they spend an average of nearly £80 on a gift for the betrothed couple. A wedding with 75 guests paying a total of £294 each would mean a massive £22,050 was spent by those invited, which might be much more than the amount spent by the couple getting married. Some wedding guests are prepared to make financial sacrifices to celebrate the nuptials of their friends or family members. More than half (52%) said they would still attend the wedding but would consider not buying a new hat or outfit if they were short of cash, while 44% of cash-strapped guests would consider spending less on the gift than they otherwise would.    

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Research by independent financial research company Defaqto dispels the myth that only very wealthy clients can be considered for a discretionary managed service and suggests there is room for negotiation with an increase in service options being offered. As advisers continue to look at their business strategies in the run up to implementation of Retail Distribution Review policy at the end of 2012, it is clear that outsourcing the management of clients' portfolios to a discretionary manager is becoming a real option for some advisers. Defaqto's latest free guide describes several levels of service from the model portfolio through to the fully bespoke, individually tailored solution. Fraser Donaldson author of the guide and Insight Analyst for Funds said: "Access to discretionary management depends on the level of service required by the client. For example, a service providing a portfolio individually tailored to the client using a full range of investment vehicles and instruments coupled with regular face to face meetings with the portfolio manager is likely to require minimum investments of at least six figures."  

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Our political and economic lives may be uncertain, but when it comes to home life it's good to know that some things are as traditional as they ever were. A study of ten years worth of data from Aviva, the UK's largest insurer, reveals the most common British house name is the very conventional "The Cottage" and it is occupied by the "Smiths" who reside in the "High Street." There are two cars in the drive, one of which is a Ford Fiesta and the most popular holiday destination is still good old Spain. But some more modern-day traits are creeping in - while we may no longer be a nation of smokers, most of us don't exercise and dinners are mainly eaten in front of Eastenders on a 32-inch wide telly. Home sweet home The Aviva data shows that Mr and Mrs Smith are most likely to live in a three-bedroom detached house, built around the turn of the 20th Century, nestled between their neighbours Mr & Mrs Jones at "Rose Cottage" and Mr & Mrs Williams at "The Bungalow".    

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Balances held in savings accounts at mutual institutions increased by £929 million in April compared to an increase of £534 million in March. After interest credited to accounts is excluded, mutuals had a net receipt of £537 million in April. Important media note: From 1 March 2010, in relation to data for the month of January 2010 onwards, theBank of England has combined figures for building societies and mutually owned banks. This new data is reported as the 'mutual sector'. Previous data will not be restated and therefore it is not possible to make comparisons with previous periods. For more information about this change please see http://www.bsa.org.uk/feature/mutual_stats.htm   Commenting on the savings figures, Adrian Coles, BSA Director-General, said: "Mutuals have been able to attract savers by offering competitive rates, especially on popular ISA products. However, maintaining positive inflows will remain a challenge while the Bank Rate remains low as savers may seek higher returns elsewhere, albeit at greater risk, or may opt to repay debt instead."  

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The Association of Independent Financial Advisers (AIFA), in association with Legal & General, today announced that it is to produce a report on alternative business models for IFA firms.  

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The Investment Management Association (IMA) is calling on the Government to undertake a comprehensive review before making any further piecemeal changes to pensions and savings incentives.  This is the main element of the IMA's submission to the Chancellor of the Exchequer for the Budget on 22 June.  

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The Association of Independent Financial Advisers (AIFA), working with AEGON UK, the leading life assurance and pensions company, urge the new Government to take steps to rebuild Britain's savings culture.  

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The majority of IFAs (61%) are confident the coalition Government is good news for the adviser market but acknowledge there are some issues to be resolved, according to new research from Sun Life Financial of Canada.  

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The UK economy grew more than expected in the first quarter of 2010 according to official statistics released this morning. An upward revision to 0.3% from the lacklustre first estimate of 0.2% gave the pound a slight boost - up 0.04% against the euro to 1.1671.  

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The Association of Mortgage Intermediaries (AMI) has today published its response to the Financial Services Authority's (FSA) consultation paper on the ‘Mortgage Market Review: Arrears and Approved Persons'. AMI supports the desire to improve standards in the industry, increasing transparency and reducing levels of fraud. However, to achieve this the individual register will need to cover all those involved in the mortgage process and not just intermediaries. Robert Sinclair, Director of AMI, said: "We have consistently argued for the introduction of an individual register for the mortgage industry. This increased transparency will help build consumer confidence. But any register must be applied equally across the industry and include all sales staff as well as intermediaries. The register must also make clear exactly what each individual's role is so consumers know who they are dealing with and what actions they are permitted to perform.  

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John Heron, Paragon Mortgages' managing director, comments on the suspension of Home Information Packs (HIPs) and the implication for UK landlords: ‘The decision to suspend HIPs is a welcome move and long overdue. The original policy objective to improve the house purchase process was sound, but HIPs were simply the wrong vehicle. They added a new, expensive layer of bureaucracy and did the opposite of what they were intended to do.  

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They should use more than one platform to meet customers’ needs Research from Aviva shows that financial advisers are turning to wrap platforms ahead of the Retail Distribution Review (RDR) implementation - and Aviva is urging advisers to act now and ensure their selected platforms meet the requirements outlined in the FSA's Thematic Review of Platforms. The survey of more than 300 advisers shows that 83% of advisers have adopted a wrap platform or fund supermarket and about half of advisers (53%) say their use of wraps will increase. Aviva agrees with the FSA's view that advisers should adopt more than one platform to ensure they can meet the needs of all their clients up to and beyond the introduction of RDR. At present one in five (20%) advisers use only one platform, 40% use two wrap platforms or fund supermarkets, 28% use three and 11% use four or more.  

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Business Chameleon, a newly established financial advice organisation specialising in the field of business transition, in particular the ever present retail distribution review. Julie Ampadu, Business Chameleon’s Managing Director, based in the North West has a wealth of experience in the financial services industry with several years in compliance, T&C and personal and business development and as a result of this has an in-depth understanding of the IFA communities needs and key issues. With the recent Government changes it has become clear that the Retail Distribution instigated amendments to the financial services sector are here to stay and Business Chameleon are offering specially designed services to assist in this transformation.  With unique 1-2-1 support, bespoke packages and an interactive, practical and fun training programme Business Chameleon can provide all the support required to modernise financial businesses.  

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Coalition Government plans for pensions reform were today given a broad thumbs up by the NAPF, which represents Britain's workplace pensions funds and their 15 million members.  

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In an important step at a point of fragile recovery in the housing market, Communities Secretary Eric Pickles and Housing Minister Grant Shapps today announced that with immediate effect, they are suspending the requirement for homeowners to provide a Home Information Pack (HIP) when selling their homes.  

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The Association of Mortgage Intermediaries welcomed new figures from the Intermediary Mortgage Lenders Association, which show that the intermediary sector continues to dominate the UK mortgage lending market and is responsible for introducing nearly two thirds of all mortgages.  

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As part of its growing commitment to the development of the Financial Planning profession, IFP is pleased to announce that Rory Curran has been appointed to the IFP board. This appointment is designed to complement the existing board structure, currently consisting of ten key individuals from within the Financial Planning profession, all of which are CFPCM Professionals. Curran, not a CFPCM professional himself and formerly of 1st Software, becomes the IFP's first public representative on its board, which fulfils the role of providing vital strategic direction and thinking to IFP and its staff.  Nick Cann CFPCM is CEO of IFP and comments "As the professional body for Financial Planners in the UK, it is crucial that the IFP has a broad representation within our board structure to challenge the executive and to ensure balance between the governance of the profession and our own strategic direction. Rory has a very strong connection with the financial services sector in the UK, and built an excellent business as CEO of 1st software. He is very highly regarded within our profession and I look forward to working with him.  As IFP continues to grow, other similar appointments to the board are likely to be made."  

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  IFA Life, the Social Networking site for financial advisers is announcing a full day, intensive marketing workshop for IFAs in a post RDR world. With research from IFA Life revealing that less than 5% of IFA firms have any formalised marketing strategy, it is vital that if their client proposition is to be clear and to stand out from the crowd, IFAs must address their marketing activities as a matter of urgency. Founder of IFA Life and host of the workshop Philip Calvert said today: "Travelling round the UK meeting IFAs, it's clear that many financial advice firms are now looking closely at their business models with RDR in mind. They all know that a clear client proposition will be essential, but most have thought little about how they will communicate it to existing clients, prospects and professional connections." Best practice A key element of the workshop will be sharing of marketing best practice amongst IFAs. Calvert, who has been working with IFAs for over thirty years both with Providers and as an independent marketing consultant, says that the IFA firms who are effective at marketing all have key things in common which will give them a competitive edge in a post RDR world.    

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The economic downturn has led advisers to recognise that they need to challenge the traditional IFA business model and focus more on financial planning, according to a new report out today from Russell Investments and the Institute of Financial Planning. The report ‘Examining Today's Financial Advisory Business: Investment Approaches and Current Practice' surveyed the investment approaches of financial advisers in the UK and the changes they have experienced as a result of the global financial crisis.  

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Something really exciting may be about to happen to UK pensions policy.  At last, we may have real hope of remedying the dreadful damage of the past 13 years.  I understand that Steve Webb has been appointed as the new Government's Pensions Minister - what a great choice.  

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David Cameron replaced Gordon Brown as the UK's new Prime Minister yesterday evening as it had become evident that Nick Clegg's Liberal Democrat party favoured entering a coalition government with the Conservatives, rather than the outgoing Labour Party.  

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The housing market experienced a post-Budget boost in April that saw increased numbers of buyers and sellers and strong sales, according to the National Association of Estate Agents (NAEA).  

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From tomorrow (13 May) borrowers with only a ten per cent deposit will be able to get a mortgage with the Post Office through a range of new 90% LTV deals, including two market leading rates for the two year and five year fixed rate products. In addition, Post Office Mortgages now offers 85% LTV deals, has cut rates across its other mortgages for the fifth time this year, and introduced a new ‘fee free' five year fixed mortgage for existing homeowners looking to change their lender.  

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Sylvia Perrins, Chief Executive, National Skills Academy for Financial Services (NSAFS) has been named as one of the finalists in the First Women Awards 2010 in the Finance category.  

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SB snap poll shows that 54 per cent of firms will not move forward with plans to expand following election results and 49 per cent want another election in six months  

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Nearly a quarter of all self-employed workers have been their own boss for less than two years, according to research carried out on behalf of Kensington. The survey found that 24% of people who are self-employed have been so for less than two years. Given that the research also found there are 5 million self-employed workers in the UK, this means that 1.2 million people have started working for themselves since March 2008, during which period the UK economy contracted for six consecutive quarters.  

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IFAs around the UK are hailing IFA Life's Introduction to Financial Life Planning workshops as a big success. Two workshops in London completely sold out, resulting in a third having to be organised. Workshops in Manchester and Bristol were also well attended, as IFAs sought to learn more about whether Life Planning techniques would work as part of the way they build relationships with clients. Co-presenter of the workshops Philip Calvert said today: "With RDR on the horizon, it's great to see so many IFAs opening their minds to new ideas. There has been a lot of hype about Life Planning in the UK, but with many IFAs assuming that simply because it is popular in the USA that it won't work in the UK." "The purpose of the workshops was specifically to cut through the hype and to examine what Life Planning really is, what it isn't and the business case for introducing it into an IFA's business"  

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From food to fashion, the 1980s still influences more than 50% of British adults according to a new study by M&S Money, commissioned to mark the company's 25th anniversary. Favourites from the ‘Yuppie' decade are lasting the test of time, with people enjoying music and films from 1985 - the year that M&S launched into financial services - and household gadgets such as food processors and video recorders still being used 20 or more years on. Colin Kersley, M&S Money Chief Executive, said;  "So much has changed since M&S made the decision to launch into financial services a quarter of a century ago, but our research shows that many elements of 1980s' culture have lasted the test of time.  Some values from 1985 are as relevant today as they were back then.  For example, the first real mass-market fundraising event was Live Aid and this really set the standard for multi-media fundraising projects such as Children in Need and Sport Relief that are now commonplace  

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As the leaders of the three main political parties join for the final of the groundbreaking televised debates tomorrow (Thursday 29 April), the Federation of Small Businesses (FSB) has raised key arguments which it believes are vital to strengthening economic recovery that each party leader should answer to.  

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The Professional and Financial Lines team of Zurich in the UK which provides insurance cover for breaches of professional duties to customers, has launched a new Technology and Telecommunications insurance product.  

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Safe Home Income Plans (SHIP), the equity release providers' trade body, has urged each of the main political parties to go further in their pledges to tackle the issue of how to fund Britain's ageing population.  

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The Financial Services Authority (FSA) is taking tough action after finding weaknesses in five banks' handling of customer complaints.  

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Whilst the most pressing issue for the Government in power come May 7th will be to set about reducing the budget deficit, at the same time, it should not lose sight of the importance of encouraging the savings habit in the UK.

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AEGON has produced a new guide to help advisers understand everything they need to know about protection claims, ensuring cases of non-disclosure are reduced further. The guide includes valuable information explaining the reasons behind why some claims are declined, with checklists to help advisers ensure the customer discloses as much detail as possible on the application form to avoid non disclosure issues.   The claims guide also helps advisers manage their customers' expectations, ensuring they are aware of what illnesses they are covered for when taking out a protection plan.    

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Aviva, the UK's largest insurer, paid out 1,499 critical illness (CI) claims during 2009, totalling almost £118 million paid to people in need. This contributes to a total of £343 million paid to Aviva customers since 2007. The average amount paid out has increased to £79,000 in 2009, compared to £75,000 in 2008. A further £151 million has been paid to the families of people who have died, or been diagnosed with a terminal illness in 2009. This takes the total Aviva has paid out to over £1 billion pounds in critical illness and life insurance claims since 2006.  

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Sammedia Limited, the web solutions provider to the financial services industry, today announces that it has agreed heads of terms to acquire technology firm FinQS. By acquiring FinQS, Sammedia will expand its services to include TCF Centre, the leading client feedback solution, currently used by over 100 professional advisory firms, providers and networks to gather, collate and analyse client feedback. Delivering automated client feedback, it improves client service, gains more referrals and monitors business performance, as well as providing strong evidence to support TCF. This acquisition brings together a strong team of talented individuals with a wealth of financial services and technology expertise between them.    

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80% of accountants and solicitors believe there is potential to increase their current level of referrals to IFAs* but, according to a detailed report undertaken by J.P. Morgan Asset Management, it is incumbent upon IFAs to forge these relationships and show exactly how they can add value to the businesses of their fellow professionals.  The report examines the current preferences of accountants and solicitors, and also highlights the huge opportunity for IFAs to build a greater level of professional interaction with solicitors as a result of forthcoming legislation. Over 70% of solicitors already refer clients to IFAs on an informal basis, but there is huge potential to establish stronger professional connections as the legislative building blocks are put in place. The forthcoming Legal Services Act (2011) will make it possible for new entrants to challenge traditionally structured legal practices. Solicitors will come under greater competitive pressures and will increasingly need to establish a more valuable client proposition. There is clearly an overlap between many areas of tax, legal and financial advice and the Retail Distribution Review, which addresses areas such as qualification levels and professionalism within the IFA market, comes at a time when these legal businesses are looking for lucrative client sharing or even joint venture possibilities.  

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Friends Provident paid £34.5 million in critical illness (CI) claims in 2009 the company revealed today. Friends received 624 claims last year; of these 578 (92.6%) were paid and 46 (7.4%) were declined. The percentage of claims declined due to non-disclosure fell by nearly half from 4% to 2.1%. Just 5.3% of claims were declined due to the definition not being met. The statistics reveal an increase in the number of children's critical illness claims the company has received and paid since 2007. Children's claims now account for the fifth highest reason for claims.  

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The Resolution Foundation is delighted that the Financial Services Bill received Royal Assent during the wash-up process. The Bill will establish the Consumer Financial Education Body which will be responsible for running Money Made Clear – the new financial advice service aimed at low earners.  The Foundation has been championing the ‘advice gap’ that low earners face and is delighted that Money Made Clear was rolled out nationally in March. Crucially it now has an independent body to run it, giving it a strong footing in its first year of delivery. Now, more than ever, low earners are in need of help before they miss their first payment.   

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They say money can buy you anything, but that may be one step closer to being proven true today as new analysis by longevity experts Club Vita reveals the full extent of the link between high affluence and increased life expectancy.  Club Vita analysed the correlation between how much people earn and life expectancy levels on a national scale to reveal direct links between the two. As the maps below show there are clear parallels between areas of high income and the chance to enjoy a long retirement. By contrast, many poorer areas of the country face a much shorter life after work, particularly with the State Retirement Age set to rise in the coming years.  

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British businesses are more hopeful about their economic prospects than at any time since January 2008, but remain wary about the overall economic outlook, according to the latest Lloyds TSB Corporate Markets Business Barometer. The overall picture The survey - a monthly snapshot of company views on the outlook for the economy - shows that more than half of UK businesses (54 per cent) expect their business activity to increase over the coming year, while only one in twenty (5 per cent) believe trading will slow. The resulting balance of +49 is three per cent higher than February's balance of +46 per cent. Firms are still cautious about the economy as a whole, with the balance of firms saying they are more optimistic about the economic outlook than they were three months ago falling back 12 per cent to 43 per cent. However, these figures are still in line with the recent monthly average of the survey, indicating that sustained economic recovery is likely to continue during the first half of the year.  

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2plan Wealth Management (‘2plan’), the UK’s fastest growing national IFA today announced the launch of its first ‘m-commerce’ initiative with a mobile version of its popular adviser portal, ‘Nexus’. Already used by over 200 advisers, the Nexus portal (https://portal.2plan.com) is a comprehensive secure extranet providing some of the richest functionality and real-time information available on any bespoke adviser website. The newly developed m-commerce service now gives advisers with mobile phones, smart phones and PDAs 24/7 on-demand access to Nexus functionality including:  Commission payments Case checking reports Flagged policies Policy information and notes Provider contact details  Chris Smallwood, chief executive, 2plan wealth management comments:  

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Tina Weeks of Serenity Financial Planning in Barnet has today been confirmed as the first female Registered Life Planner® in the United Kingdom. The RLP® designation from the Kinder Institute of Life Planning in the United States represents successful completion of a comprehensive curriculum in client‐centred financial planning, including a two‐day Seven Stages of Money Maturity workshop, a five‐day Advanced Life Planning training and six months intensive personal mentoring. As the financial advice profession enters a period of profound change, many IFAs believe that integrating Financial Life Planning into their businesses will not only become a key marketing differentiator but also vital in demonstrating to consumers that financial advisers are not sales people – but trusted professionals who are integral to helping them achieve their most important life goals. Tina Weeks said today: “The importance of professionalism through examination has never been more important, but so too are a financial planner’s inter‐personal skills. I, like many IFAs thought I was already Life Planning, but it was only when I started on the Kinder training that I realised there was very much more to it.”  

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It has been one of the worst-kept secrets in political history, but today we finally have confirmation that the UK General Election will be held on 6 May, the same day as local elections in England. In spite of widespread predictions of a hung Parliament, or at the very least the closest election result since 1974, late last week bookmaker Ladbrokes was offering odds of 1-6 on a Conservative victory, with Labour at 7-2 at the Liberal Democrats a 200-1 long shot. But what does the election augur for markets? Research by F&C Investments looking at market returns (as measured by the FTSE All-Share Index) in the month following an election indicates that an uncertain outcome is likely to be unpopular. In the last election to produce a hung Parliament - February 1974 - the All-Share fell 14.52% in the month following polling day, while the narrow Labour victory in the second election of October that year saw the All-Share rise by 1.67% in the following month. (It is worth remembering, however, that 1974 was an exceptionally bad year for stockmarkets, with the FTSE All-Share ending the year more than 50% below its starting position.)  

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The number of UK dads staying at home to care for young children has risen 10 times in as many years, according to new research revealed today.  A new study from Aviva reveals that an increasing number of men are taking hold of the apron strings while their partner goes out to work, often simply because the woman earns more than her ‘significant other'. One in six couples (16%) with dependent children say that the main wage earner is female.  Compared to only 60,000 men who took on the role of the primary parent 10 years ago**, Aviva found that now more than 600,000 UK men - or 6% of men with dependent children - regularly look after their children while their wife or girlfriend works, signifying a ten-fold increase. A further 18% of parent couples say that they share childcare equally in their household.   

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The majority of financial advisers are not worried by the recent crackdown by the FSA on pension switching according to a new online survey.  The survey found that of those advisers active in the pension switching market, over 70% claimed to be unconcerned about the impact of the Thematic Review on their pension switching business.  This comes after high profile FSA fines in past weeks for the likes of Financial Limited and Tenon. The survey carried out by IFASurveys.co.uk found that less than 30% of respondents were concerned about their pensions switching procedures.  The vast majority of these claimed to have reviewed their procedures and had plans to deal with the FSAs requirements, but a small proportion (5%) said they were not sure what action to take to avoid similar fines being directed at them.  

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First-time buyer traffic up 15 per cent in the week following the Chancellor’s decision to abolish stamp duty on properties below £250,000 Analysis from moneysupermarket.com has revealed that the Chancellor’s Budget cornerstone - the abolition of stamp duty for anyone purchasing their first property under £250,000 - has provided a welcome kick start to the housing market, while the rest of the population have given the Chancellor’s plans a big thumbs-up in principle. In the week immediately following the Budget, moneysupermarket saw a 15 per cent jump in the number of prospective first-time buyers visiting its mortgage comparison channel.  

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Aviva, the UK's largest insurance provider, today reveals that the traditional inheritance is on the wane and being replaced instead with a ‘pre-inheritance'. Nearly half (46%) of British adults say they have received a pre-inheritance, where the benefactor passes on some of their estate to beneficiaries before they die, compared to only 37% who have received the more traditional inheritance*. People are most likely to receive their pre-inheritance when aged 18-25 years old (29%), followed by those in the 31 - 40 year old age group (19%) and 26 - 30 year  olds (18%). However, as the pensions crisis continues to bite, only 17% of over 55s are currently planning on leaving a pre-inheritance to their loved ones, with one in five (20%) saying they don't have enough money to pass an inheritance early and 21% saying they need to keep hold of the money to be financially secure for the future.  

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The majority of people in the UK (81%) haven't let the recession affect their life plans for 2010, such as getting married, planning a family or setting up a business, according to new research from Clydesdale and Yorkshire Bank. In the UK-wide survey, the Banks' research revealed that, contrary to popular belief, the vast majority of people were not deterred from big decisions for 2010, such as tying the knot, getting divorced, having a child or even taking a year out to go travelling, by the economic downturn.  

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Standards International, the UK’s leading certification body for ISO 22222, today confirmed that they will be holding a free evening seminar to explain the benefits of being certified to the only international standard for best practice in financial planning. Lockton, the world’s largest privately owned independent insurance broker, will be sponsoring the event which means financial advisers and their guests can attend at no cost. Standards International Directors Michelle Hoskin and Melanie Blackmore will set out the many benefits of achieving ISO 22222 as well as detailing how ISO 22222 can help advisers to meet RDR requirements and gain competitive advantage.  

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The Association of Independent Financial Advisers (AIFA) has responded to today's publication of the Retail Distribution Review (RDR) final rules paper from the Financial Services Authority (FSA). Chris Cummings, Director General, AIFA said: "The original intent of the RDR was far bolder than the announcements contained in today's publication. I see very little in it that will reach out to encourage more people to save more, invest for their future, or better protect themselves in an uncertain world. The reforms are largely focused on parts of the industry that were already in transition. I am extremely concerned about the substantial increase in the estimated costs of the measures proposed in the RDR.      

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Alistair Darling delivered his third Budget on Wednesday 24 March 2010. After the fireworks of the last Budget and December’s Pre-Budget Report, the 2010 Budget was (thankfully) a bit of a damp squib for pensions, largely confirming what we already knew:    -       the freezing of the personal allowance at £6,475 and of the basic rate tax band to the next £37,400. Higher rate tax of 40% will apply to taxable income over £37,400 and a new additional rate of tax of 50% will apply to taxable income over £150,000 -       the tapering of tax relief, from April 2011, for pension contributions for those with income of £150,000 or more and the anti-forestalling measures that will apply to prevent abuse in the intervening period.  

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The Association of Independent Financial Advisers (AIFA) has responded to today's Budget statement from the Chancellor of the Exchequer. Chris Cummings, Director General, AIFA said: "Today's budget only tells half the story for the future of the economy. The real question of how to address the current Government deficit will only be tackled after the election. The next spending review will really set the future direction of travel for the economy.  

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As Chancellor Darling delivered his 2010 Budget speech in Westminster yesterday, forward thinking IFAs and financial planners were tweeting his key announcements using the social networking tool Twitter. The micro-blogging tool has seen explosive growth over the last four years, and is now the fastest growing application on the Internet. With cash-strapped consumers and recession-weary investors wanting clarification on how the budget will affect them and looking for expert comment on the financial markets, Twitter is proving a powerful and valuable new tool to keep clients informed. Founder of the financial advisers' social networking website IFA Life, Philip Calvert said today:  

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Easter bank holiday sees the number of consumers seeking advice increases by 10%.  Analysis from paaleads.com, moneysupermarket.com’s lead generation business, reveals that over the Easter bank holiday weekend, 10 per cent more consumers go online to look for financial advice from intermediaries. But despite more consumers applying for financial advice over the Easter weekend, last year there were significantly fewer intermediaries online to respond according to paaleads.com.  Data shows that on Good Friday 2009 there were nearly a third (28%) fewer advisers ready to respond to queries via paaleads.com than on an average day.  This increased to 35 per cent fewer advisers who were online on the Saturday, Sunday and Monday of the Easter weekend.  

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A significant majority of advisers believe a fully independent model is the most attractive option under the Retail Distribution Review (RDR). On a scale of 1 (not attractive) to 6 (highly attractive), 83% rated the fully independent model at 4 or above, with 71% awarding a rating of 5 or above. No other option received a rating of 5 or above from more than 9% of advisers. In fact, 72% of advisers believed that removing the designation "independent" would have a high or very high impact on their business. The next most significant impact was believed to be the proposed professionalism and qualification requirements, which 36% thought would have a high or very high impact. Advisers were far more relaxed about the possible requirement to use more than one platform to retain independent status, with 22% believing this would have a high or very high impact.  

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1st-The Exchange today announced it is working with brand consultants, Uffindell, to undertake a complete re-brand of its business, as part of the company’s future strategy and growth. The new change of name is expected to be unveiled in the summer, subject to consultation and legal planning. David Child, managing director of 1st – The Exchange explains:  

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Alistair Darling must innovate housing policy in the Budget or freeze out thousands of potential first time buyers (FTBs), the National Association of Estate Agents (NAEA) warns today.  

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"Britons are becoming increasingly divided between those who are able to obtain credit and those who either can't, or can only do so at a price - and the financial services industry must work harder to become more effective at satisfying consumer needs across the credit spectrum."  

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With a general election around the corner, research from the Association of Investment Companies (AIC) suggests tax is very much on the agenda for investors.  When asked what they consider to be the biggest threat to their finances, 45% of active investors and 21% of the general public said changes in the tax rates were the biggest threat.   

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Demand amongst IFAs in the UK for information on how to introduce Financial Life Planning into an IFA business continues to grow with a second London workshop selling out rapidly. After the first Introduction to Financial Life Planning workshop in London this week, co-presenter Philip Calvert said: "We've been delighted with the response to these workshops. We knew that many IFAs have been considering introducing Life Planning into their businesses, but we're taken aback at just how many." Philip Calvert continued: "The first workshop sold out within hours, so we added a second - and that has sold out too!"  

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Self-employed 35-44 year olds have pension pots less than a third of the size of their employed counterparts Currently, the average pension savings of a self-employed 35-44 year old are £24,500, with half having pension savings of less than £3,500.  In stark contrast, the average 35-44 year old employed worker has a pension fund of £73,000, with half having built up a fund of £20,000.  This gap is increased when you consider the self-employed will not receive the additional state pension (S2P) at retirement.  To provide the income an average male age 65 receives from S2P today, a self-employed person would need an additional pension pot of £30,000, over and above any other savings.  Andrew Tully, Senior Pensions Policy Manager, Standard Life comments:    

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IFP has this week sent its response to the FSA in respect of the consultation paper containing its proposals for enhancing the professionalism of advisers under the Retail Distribution Review (RDR).      

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Scottish Widows fourth annual Savings and Investments Report examines people's attitudes to, and understanding of savings and investments.  It aims to give some insight to the issues people are facing when it comes to savings behaviour and investigates how the industry can help them build their financial understanding and expand the appropriate use of savings and investment products. It looks specifically at savings habits: who is saving and why, how people are saving, and the barriers that prevent people from putting their money into savings and investment vehicles. Iain McGowan, savings expert at Scottish Widows comments: "The fourth Scottish Widows Savings and Investments Report gives us the opportunity to gauge the nation's views on savings at a time when people are reassessing their finances post recession. The downturn of the last two years has adversely affected the finances of many households whether through reduced earnings, increased everyday expenses or debt repayment. This all means that people have had to work harder than ever to put money aside for the future. While it is encouraging that many people have met or exceeded their savings goals, the proportion of people saving nothing has doubled from the previous year, highlighting how much still needs to be done to get the nation saving."  

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PayPal has upgraded its iPhone application, adding a feature that lets users make payments by bumping handsets together.   PayPal today unveiled a new Send Money application for iPhone. Version 2.0 of the PayPal Send Money app gives PayPal and iPhone customers around the world secure mobile access to their money and convenient features for everyday life, including "Bump" money transfers, Split Cheque and Collect Money. With "bump" users can put two iPhones together, and funds are quickly transferred between their PayPal accounts. The Split Cheque feature lets users conveniently divide and quickly reimburse each other for the cost of a meal, including tip and tax, for up to 20 people. Collect Money allows users to request money from multiple people for a joint gift, team dues, concert tickets, and more. Users can send gifts of money on the spot for birthdays, anniversaries or any moment of impulsive generosity.  

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New research from YouGov commissioned by HSBC and the Personal Finance Education Group (pfeg) shows that children have been strongly impacted by the recession.  Over a third of the children (34 per cent) interviewed have heard adults say they cannot buy something because of the recession more than once a week, whilst a quarter of them have actually reduced their own spending because of the recession. The survey was unusual as it not only covered over 1,000 children aged 9 -10 but it also interviewed their parents as well.  The survey looked at children's understanding of money and was commissioned as part of the What Money Means programme, an initiative to expand financial education in primary schools.  

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Growth in sustainable and ethical investment is set to accelerate this year after new research from The Co-operative Investments revealed that 13 per cent of investors are likely to go green with their ISA allowance.  The potential for a double digit share of the ISA market follows a decade that has seen ethical investment grow almost two and a half times, and confirms it is no longer seen as an area of investment just for the principled.     

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Standard Life plc ("Standard Life") has today announced that it has purchased the remaining 75% stake in the intermediary support services business, threesixty LLP ("threesixty"), having held a 25% stake in the firm since May 2007. The acquisition was effective from 12 March 2010. threesixty is one of the premier intermediary support services firms in the UK with 575 high quality IFA clients firms who are responsible for 5,160 regulated financial advisers. The business has an excellent reputation for providing compliance, technical help and training, as well as technology advice and support to top quality intermediary firms and has grown successfully since its formation in March 2003. Standard Life has worked closely with and fully supported the IFA market for many years and the further investment in threesixty demonstrates our continuing belief and long-term commitment to the IFA sector as we approach the implementation of the Retail Distribution Review (RDR). We believe this agreement will further strengthen our understanding of advisers and what we can do to further meet their needs and requirements in the future.  

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A Just Retirement survey of advisers reveals that the majority are committed to providing a comprehensive service to their retiring clients, even those with small funds. 72% of advisers surveyed maintain that providing a full service was a major factor in advising on annuities. The vast majority continue to advise on small funds to obtain a better income for their clients, with 64% having no minimum fund size and a further 15% being willing to advise on funds of only £10,000. 88% maintain that they now take into account a client's full medical history in every case. Given the extension of enhanced annuities to cover a wider range of medical and lifestyle conditions over the past few years, this is a very encouraging sign that awareness has increased and that more retirees stand to benefit from a significant improvement in their income.  

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Welcoming the launch of a nationwide service for money guidance developed by the FSA, the Consumer Panel today urged all political parties to ensure the Bill to establish the new Consumer Financial Education Body (CFEB) gets through in this Parliament. Adam Phillips, Chairman of the Financial Services Consumer Panel said:  

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Independent wrap platform Ascentric today announces the launch of a new branding service that will enable advisers to offer a seamless branded experience to clients.  

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The main stories from the John Charcol Index for the first two months of 2010 are the beginning of a revival in the remortgage market and the stabilization of fixed rate take up, but at the very low level of around 20%. The John Charcol Index revealed that the market share taken by remortgages (including product transfers) increased for the third month running and the dramatic fall in the take up of fixed rates since the middle of last year has come to an end. The remortgage market returns "Purchases took only 47.3% of mortgages sold by John Charcol in February, down from a peak of 58.5% in November. The February figure is the lowest market share taken by purchases since April of last year and provides evidence that activity in the remortgage market has bottomed out. After the normal seasonal lull in December John Charcol placed significantly more business in January and February, adding to the other evidence that the downturn in mortgage approvals and lending reported by the Bank of England and the Council of Mortgage Lenders for January will be reversed when the February figures are released," comments Ray Boulger of John Charcol.  

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Mobile internet boom favours investment in components suppliers and network developers Corporate IT spend is expected to return to growth in 2010 and beyond A decade after the technology bubble burst, the convergence of a number of trends is expected to drive growth throughout 2010 and beyond for the previously unloved sector, according to Fidelity International. Dmitry Solomakhin, portfolio manager at Fidelity International, believes the technology sector is at the start of a number of product cycles from which investors can benefit. The key opportunities are:  

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Defaqto's new guide to critical illness published today reports that despite declining mortgage sales, critical illness sales have not suffered as much as expected. The two have historically been interlinked but in 2009 gross mortgage lending fell from £362,632 million in 2007 to £143,506 million. Mortgage related critical illness sales fell by 19.5% but total critical illness sales by only 4.7% . Ben Heffer, Insight Analyst at Defaqto and author of the new guide, said: "Protection policies are ‘sold' not ‘bought' and protection advisers have simply had to work harder for their sales. Advisers have had to increase their sales efforts to counter the difficult conditions caused by the recession and householders' desire to rein in spending.  

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The UK economy, it seems, can't catch a break. Data released this morning has shown a sharp fall in output for UK manufacturing. Figures revealed a 0.9% drop in production in January, against expectations of a 0.3% rise. It also marks a stark difference from December's data, which showed a surprise 0.9% expansion in the sector, supporting UK economic growth in the final quarter of last year. Today's figure marks the steepest fall since August 2009 and will renew concerns that the UK economy could dip back into negative growth.  

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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.

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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.

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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

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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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