Chief executive Hector Sants wrote to CEOs last Wednesday warning that current market conditions increase the valuation challenges and risks faced by banks and investment firms. He says a large number of material mis-marking incidents have recently occurred.Sants also called for firms to carefully consider any headcount reductions that will affect valuation control functions. Sants [...]
This follows a move by the Pensions Regulator to suspend and replace GP Noble as independent trustees on a number of schemes due to concerns.A spokeswoman from the SFO confirmed that it is investigating GP Noble and so far three arrests have been made, but the men aged 40, 47 and 51 have since been [...]
The firm was sanctioned for failing to provide suitable advice, exposing 425 customers to the risk of being mis-sold a mortgageThe regulator says Leybridge failed to ensure that it made and retained adequate records of customers personal and financial information in key areas of the business. Also, widespread record-keeping failures led to the firm being [...]
Ward says the money supply effect is the result of banks cutting back on traditional unsecured interbank lending in favour of various forms of secured loans. He says: These secured loans are typically channelled through non-bank financial institutions, often bank subsidiaries, whose transactions are included in M4 and M4 lending. The money holdings and bank [...]
The HIP provider, which is a subsidiary of Network Data Holdings, has been selling HIPs since they became mandatory on June 1 2007, but the adverse market conditions have led the group to cease trading.Network Data chief executive Richard Griffiths says: We told all the 22 staff at the start of the week that Hipstar [...]
FreeTrawl.com says the new site collects offers from the major endowment buyers and presents them in a league table format with illustrations and contract paperwork available. The site is free for advisers and offers are quoted gross so that the user can choose their commission level.FreeTrawl.com head of marketing Jo Bridger says: We have incorporated [...]
The firm was sanctioned for failing to provide suitable advice, exposing 425 customers to the risk of being mis-sold a mortgageThe regulator says Leybridge failed to ensure that it made and retained adequate records of customers personal and financial information in key areas of the business. Also, widespread record-keeping failures led to the firm being [...]
Simply Biz and Compliance First Capital Reward scheme will broaden the distribution of the F&C multimanager funds to more than 4,000 registered individuals at over 1,800 IFA firms. F&C lifestyle range was launched in March 2007 and mirrors the asset allocation models derived from dynamic planner, a third party risk-profiling tool.F&C director of strategic partnerships [...]
Jones joined New Star in 2001 and will assume his new role from September while maintaining sales director responsibilities in the UK. New Star International managing director Mark Skinner says: “I am delighted to announce Greg’s appointment as managing director of New Star’s international fund business. Greg’s wealth of experience in UK and international fund [...]
The regulator fined GK Group Ltd £51,100, George White Motors Ltd £28,000, Ringways Garages Ltd in Leeds and Doncaster £35,000 and Parks of Hamilton Ltd £61,600 for putting 2,175 customers at risk when selling PPI alongside car and motorbike loans.According to the FSA the five firms failed to gather enough information about each customer and [...]
