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News review: wealth management, property, pensions

Trade body rebrands to boost its service offering

8 October 2013

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WEALTH MANAGEMENT

The Association of Private Client Investment Managers and Stockbrokers (Apcims) is now the Wealth Management Association (WMA) after members approved a rebrand to change the perception of the trade body and boost its services, reports the FT.

 

HELP TO BUY

Banks have started to offer mortgages which they will offer under the second phase of the Help to Buy scheme, the BBC reports. RBS, NatWest and Halifax will accept applications from this week and Virgin Money will join in January.

 

PENSIONS

Pension auto-enrolment and the current minimum savings amount are giving investors false hope about their retirement savings, according to Every Investor, which reports a majority view from professional financial advisers.

 

MARKETING

The next stage of QualitySolicitors' latest advertising campaign to persuade the public to love lawyers went live yesterday with a series of television adverts. See LegalFutures.

 

COMPANY FINED

The Financial Ombudsman Service (FOS) has ruled that a firm in Ayr gave a client unsuitable advice to invest in an unregulated collective investment scheme, according to New Model Adviser. Turnberry Wealth Management was fined £15,000.

 

RETAIL DISTRIBUTION REVIEW

The Financial Conduct Authority has said it recognises concerns about the advice gap and is looking to the industry for solutions, reports Money Marketing. John Griffith-Jones, FCA chair, was speaking at today's Wealth Management Association (the rebranded Association of Private Client Investment Managers and Stockbrokers) conference in London.

Meanwhile, the FT reports that Deloitte has said there are still questions about the perceived advice gap for mainstream consumers following the implementation of the RDR.

 

TAX HAVENS

Frederic Oudea, the head of Societe Generale, has told a French television station that the days of using so-called tax havens are over because reforms have made the practice too risky, reports Reuters. His idea is "wishful thinking" according to the head of UK advocacy group Tax Justice Network , John Christensen.

 

ASSET MANAGEMENT

Schroders is taking on the catastrophe bonds market, which is an important step in the asset class moving towards the mainstream of UK pension fund investment, reports Financial News.

Categorised in:

Tax & Wealth structuring Pensions