PropertyBourse has announced a new property investment fund based in former East Germany.

• Matthew West and Philip Maher have been appointed to Merrill Lynch’s UK advisory team, part of Merrill Lynch’s Global Private Client. The pair were previously directors at Barclays Wealth.

In light of the 888 responses the Financial Services Authority received to its consultation on the retail distribution review, its interim report set out a trio of proposals aimed at creating a “simpler landscape” and making a clear distinction between advice and sales:

Millions of people could be left without affordable access to professional financial advice as a result of the retail distribution review (RDR), industry experts have warned.

Providers are broadly in agreement with the latest report on the RDR, although there are fears that changing business models, especially around pricing, could be a complicated and painful adjustment for some companies.

The retail distribution review (RDR) interim report could offer older IFAs an excuse to retire, while there are industry fears the omission of a long-stop on complaints would leave others vulnerable.

Changes to remuneration structures arising from the RDR will encourage advisers to make greater use of exchange traded funds (ETFs), according to ETF provider iShares.

"The ABI believes that simple, low risk products should be sold in simple ways so that consumers are not bound up in red tape and savings are re-energised. We support the Financial Services Authority’s (FSA’s) willingness to establish such a market. In relation to complex matters where advice is needed, the ABI backs the FSA’s commitment to higher professional standards for advisers. We must aim for excellence."
Stephen Haddrill
Director-general
Association of British Insurers

• Newcastle Building Society has launched a five-year guaranteed return account designed to provide investors with the opportunity to invest risk-free and achieve a return based on the FTSE 100 Index over the next five years.

The expansion of the self-invested personal pension (Sipp) market is attracting administrators seeking consolidation, as small providers struggle to cope with increased demand.

Changes to the capital gains tax (CGT) rate have prompted a rush of property completions for self-invested personal pension (Sipp) providers in the weeks running up to the end of the tax year.

The 32-year campaign by two elderly sisters against British inheritance tax (IHT) rules has ended in defeat at the European Court.

Unmarried couples who co-habit may be forced to split the value of their shared house if they separate, following a case that is likely to become a legal precedent.

• HMRC has confirmed that the first three quarters of the 2007/2008 tax year saw consumers invest nearly £26bn in ISAs, which included a 7.6% increase in mini stocks and shares ISAs.

The private client industry needs to be shaken up and opaque charging structures used by law firms and banks overturned, a prominent lawyer has claimed.

Wealth management firms are waking up to a $500bn opportunity, as more than six million non-resident Indians (NRIs) demand private client services.

Wealth managers are ill-equipped to deal with integrated systems, despite the fact they see the internet playing a significant part in their future delivery, a survey has revealed.

Advisers migrating clients onto wrap platforms may breach customer protection regulation, according to research from technology company Dunstan Thomas.

Barclays Wealth has launched Commodity Select as a hedge against rising household bills for its investors.

GuestInvest has launched what it believes will be the first collection of ‘arts club’ hotels in the world.

• Baring Asset Management has hired Simon Clarke from private wealth management firm Brooks Macdonald as investment manager to its private clients team. This follows the appointments of Lynne Pellegrini and Graham Glass.

• Both the total level of bank deposits and the net asset value of funds under administration in Jersey have smashed through the £200bn barrier, according to the Jersey Financial Services Commission.

Forget romantic old cottages or big Victorian townhouses, the nation’s favourite home is a new build, detached property in the countryside.