Saturday, 21st November 2009

 

4 November 2009 - Press Briefing

UK private banks expect to cash in on shake-up in IFA sector

UK private banks are anticipating a surge in assets amid the Financial Services Authority’s proposal to raise minimum qualification norms and substitute commission-based selling among domestic independent financial advisers with fees for advice, according to a Reuters report.

Tracey Reddings, chief of UK private banking at SG Hambros, said her firm hopes to attract £1.3bn (€1.4bn) in fresh inflows by 2012 through luring intermediaries.

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Relocation, relocation, relocation

Banks have never been shy of firing staff at the merest whiff of a downturn. First the fat, then the muscle and finally the bone. In the past, cuts have been so deep that firms have found it hard to benefit when the markets rebounded, paying over the odds to restaff at speed. Such wild oscillations in staffing numbers are known as “doing a Merrill”.

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