Dr Marc Faber says U.S already in recession.

Money Marketing cites economist Dr Marc Faber, who says the U.S economy is already
in recession. Faber notes the sub-prime crisis and falling residential prices.
He says that a synchronised global bust could be rather unpleasant. The Swiss-born
economist is the author of the "Gloom,Boom and Doom" report. Dr Faber is famous for his calls on markets.

Choosing an independent financial adviser

It is interesting the difference between having the choice of a range of
products from an independent financial adviser and going to a bank, which
is committed to its tied products. I am considering a long-term product,
a pension. There is a bit of hoping and seeing. There are no guarantees,
just a realm of possibilities. The Nat West brochure offered me the
princely sum of £60 a month in return for quite a bit of saving. Perhaps,
the 1.5 per cent charge is quite high. I would be more comfortable with
a charge of 1 per cent.
National Westminster is part of the Royal Bank of Scotland (RBS) group.

Tax amnesty for UK offshore accounts!!

The Sunday Times reports that some 64,000 taxpayers have come forward under
the tax amnesty launched by the HMRC to pay unpaid tax and a 10 per cent
fine unlike the usual 100 per cent fine. The British tax body has raised
£140m so far and expects to reach a figure of around £500m by the late
November deadline.

UK bank stocks can go up and they can go down!!

UK stocks can go up and they can go down as shareholders of Barclays can testify
with their recent bumpy ride. A mate of mine bought them at six
something and now the bank stock is five something after reaching four
something and he is not a happy bunny.

British bank stocks have been one of the pillars of UK income funds, both unit
trusts and investment trusts. The banks were used to provide the income but this
strategy has truly unstuck with the collapse of Northern Rock. I am no expert in shares but I think the advice of being able to lose your investment, if it came to it, is a sound one.

I suppose shareholders in Royal Bank of Scotland were hoping for a more
robust performance than they got recently. What as Fred the Shred Goodwin got to
to say to his institutional investors?

(Now that we are in January 2009 we know how it has panned out for Fred the Shred.
In addition, investors can only dream of £5 for Barclays.)

James Hay mails direct SIPP offers.

Money Marketing reports that the Abbey (Banco Santander) unit James Hay
sent out a mailing to its 13,000 SIPP clients offering access to a select
panel of investment experts. Independent financial advisers (IFAs) accused
James Hay of undermining them. Money Marketing cites Robert Goldschmidt, a
partner at Cumberland Place, who says that James Hay cannot compete
against them and provide a service for them at the same time. Goldschmidt
has 85 clients on the platform with about £45m of funds under
management.
www.searchifa.co.uk

Will mortgage market absorb Northern Rock slack?

Will the British market absorb the residential mortgages, that should
have been written by the tottering UK bank Northern Rock? At the beginning
of November Money Marketing cites John Malone, who says that the
market will struggle to cover the £20bn to £25bn handled by the
Newcastle-based lender. Mr Malone, who is managing director of
Premier Mortgage Service, comments that he is hard put to think of
lenders, who could handle the business.
However, Phil Jenks is more positive since most of Northern Rock's
business is straightforward two year remortgage business. Mr Jenks is
head of mainstream mortgages at Halifax Bank of Scotland (HBOS).

Ros Altmann is my hero!!

British pensions guru Ros Altmann is my hero!!! She seems to be combatting the UK government's lack of concern for pensions in a solo campaign. A recent edition of Money Marketing quoted her views that private pensions are no longer suitable for the vast majority of people.
I have been thinking of perhaps investing some more in pension provision
only because I have relatively got not long to go to retirement. Maybe with
Ms Altmann's views, I should
reconsider.
The tax relief is tempting on SIPPs and there is a lot more scope for different
investment strategies. However, there is no guarantee that pensioners will not be
taxed heavily when they have saved relatively large sums only through frugal
lifestyles and cautious investment.

Ms Altmann is a pensions personality of the year for 2007. She has contrasted the
bailout for Northern Rock depositors with the lack of response for investors
in company occupational pension schemes where the sponsor has gone bust.