Money Marketing
1 February 2006

  • A waiting game

    2 Feb 2006

    Does a pension client need to act before A-Day to get the best deal for his retirement fund?

  • Abbey fixes bond rate at 3.8%

    2 Feb 2006

    Abbey has set up its eighth guaranteed income bond.The single-premium life insurance investment plan guarantees a fixed income and a full return of capital if the bond is held for its four-year term.Abbey is offering investors the choice of either monthly or quarterly income of 3.77 per cent a year or an annual income payment of 3.8 per cent a year.Income from the bond is paid net of basic-rate tax, which is not reclaimable by non-taxpayers and starting-rate taxpayers. Minimum ...

  • Abbey for Intermediaries - Two Year Fixed Rate 4.54%

    7 Feb 2006

    Abbey for IntermediariesTwo Year Fixed Rate 4.54%

  • ABI to issue guidance on the sale of protection and PMI products

    7 Feb 2006

    The ABI is launching a package of measures to make the process of buying protection and private medical insurance products clearer for consumers and IFAs.

  • Advisers hit by 10m increase in FSCS charge

    2 Feb 2006

    The Financial Services Compensation Scheme has all but confirmed that advisers will be hit by a 10m fee increase due to a predicted threefold increase in endowment complaints.The FSCS's latest budget, published just two months before the end of the financial year, predicts that advisers will see their initial levy rise by almost 30 per cent to 47.5m from 37.4m for 2005/06.The increase is another blow for the sector as the levy for this financial year represented a 50 per cent ...

  • Aegon Benefit Solutions reserves web offering for IFAs

    7 Feb 2006

    Aegon Benefit Solutions has decided to offer its web-based service exclusively to IFAs.

  • Ailo brochure explains bonds

    2 Feb 2006

    The Association of International Life Offices is offering a brochure to help UK advisers understand offshore investment bonds and why they might be suitable for their clients.

  • Ailo brochure explains bonds

    1 Feb 2006

    The Association of International Life Offices is launching a brochure to help UK advisers better understand offshore investment bonds and why they might be suitable for their clients.

  • Anger over Stroud direct deal on legal services

    2 Feb 2006

    Smaller lenders have been slammed for undercutting intermediaries amid claims that they are harming brokers' reputations.Mortgage Advisory Service head Stuart Wilson has criticised Stroud & Swindon for offering free legal services if clients apply direct but not if they apply via a broker.Wilson says brokers are duty-bound to turn business away if the customer can get a better deal direct. He says: "It harms the credibility that we have with clients if we withdraw offers."Stroud ...

  • Anxiety attack

    2 Feb 2006

    Financial advisers must take some responsibility for the lack of desire to close the pension and protection gaps

  • Ashby joins Sarasin as head of global funds

    2 Feb 2006

    High-profile former DWS fund manager Graham Ashby has joined Sarasin Chiswell to run global and UK equity income funds.Ashby left DWS, where he ran the firm's UK equity inc-ome and UK equity income plus funds, last October after it was bought out by Aberdeen Asset Management.Sarasin Chiswell is lining up a global income fund for Ashby in the second quar- ter, with the UK product set to be launched in the third quartile.Chief investment officer Guy Monson says Ashby's appointment ...

  • Award follows year of tragedy

    2 Feb 2006

    Paradigm Norton financial planning manager Lin Ashurst overcame a year of tragedy to win the Woman IFA of the Year title.She received the Women's Financial Adviser Group award just a year after her husband Robert's death from cancer. Her boss, Norton Partners' founder David Norton, also died from cancer just a few weeks later.Ashurst, who has been an adviser for 21 years, was nominated for the award by Paradigm Norton managing director Barry Horner. He recognised her commitment ...

  • Barclays Capital goes back to the land with aggie deal

    2 Feb 2006

    Barclays Capital is offering an agriculture commodities structured product targeted at fund of fund managers and investors seeking an extra layer of diversification.

  • 'Barren years for pension savings'

    2 Feb 2006

    Industry opposition is mounting to Adair Turner's 'Stalinist' scheme

  • Best of British

    2 Feb 2006

    UK equity income funds generally outperform UK growth funds over longer periods although in the short term, when there is a bull market, as in the past year or so, the latter usually do better.

  • Bubble and squeak

    2 Feb 2006

    Pension schemes and insurers are piling into gilts but will it all end in tears?

  • Bullivant to head IP working party

    2 Feb 2006

    Personal Finance Society chairman Bob Bullivant will chair the income protection working party set up by Peter le Beau and Clive Waller. The income protection taskforce will include providers, reinsurers and intermediaries to promote public awareness of IP and to try turn round poor sales performance.

  • Buoyant forces

    2 Feb 2006

    Offshore life business Simon Hildrey examines some of the main factors which helped offshore policy sales grow strongly to around 4bn last year

  • Burning the house down

    2 Feb 2006

    Britannic's Burns Night celebration wins the Diary's occasional (that is, annual) prize for the most aggressively Scottish party held in England.This may not sound too challenging but the firm went so far as to employ an over-zealous actor to dress as Robert Burns and slash into a 3ft haggis with a knife longer than his own forearm.This year's do was held in the Tower of London, involuntary home to several Scots over the years. Perhaps they were trying to get their own back?

  • Buy-to-let commitment

    2 Feb 2006

    The article in last week's MM by Ray Boulger said that Co-operative Bank had "completely pulled out of the new build market". This was incorrect. Co-operative Bank has recently withdrawn from the new build buy-to-let flat market only. It remains committed to buy-to-let mortgage markets and all residential purchases. John Barker Head of mortgages Co-operative Bank, Manchester

  • Capital punishment

    2 Feb 2006

    A-Day reviews have highlighted exorbitant transfer penalties faced by clients

  • Cazalet says NPSS would see massive lapse rates

    2 Feb 2006

    Lord Turner's proposal for a national pension savings sch-eme will be blocked by the Treasury and the Bank of England and never get off the ground, says independent insurance analyst Ned Cazalet.In his Scottish Life-sponsored report, called, Polly Put The Kettle On - Pension Profit- ability, Cazalet says if the NPSS does go ahead, insurance firms would be mad to get involved in running the scheme because it would be a massive loss-maker due to poor anticipated persistency rates.Cazalet ...

  • Chasing a regulator

    2 Feb 2006

    As Money Marketing uncovers another raft of claims manage-ment firms excesses this week, the debate is raging about who should regulate them.

  • Chelsea Building Society - Prospect Non-Conforming Right-To-Buy 2 Year Fixed

    6 Feb 2006

    CHELSEA BUILDING SOCIETYProspect Non-Conforming Right-To-Buy 2 Year Fixed

  • 'Churning is killing profits for life offices'

    2 Feb 2006

    Analyst Ned Cazalet says insurers spend too much money writing business which will promptly leave their books, meaning that they will make little or no profit.He says the ease in which intermediaries recycle poli- cies to earn more commiss- ion is destroying life office balance sheets.FSA data shows that almost half of all individual policies lapse within four years and 60 per cent of group pensions lapse within three years. Cazalet says commission clawbacks of three years on ...

  • Civil engineering

    2 Feb 2006

    The Civil Partnership Act gives new rights to couples, prompting a review of their financial affairs

  • Climate Change Capital - Ventus VCTs 2 and 3

    2 Feb 2006

    Climate Change CapitalVentus VCTs 2 and 3

  • Close Brothers Investment - Close Second Aim VCT

    2 Feb 2006

    Close Brothers InvestmentClose Second Aim VCT

  • Close sets up offshore wrap

    1 Feb 2006

    Close Private Bank is launching an offshore wrap proposition incorporating life, trust, banking and collective investments to be called Close Opes.

  • Close sets up offshore wrap

    2 Feb 2006

    Close Private Bank is offering an offshore wrap proposition incorporating life, trust, banking and collective investments to be called Close Opes.

  • Cofunds sets up onshore bond and plans pension wrapper

    2 Feb 2006

    Cofunds is offering an onshore bond and is lining up a pers-onal pension wrapper which is set to go live at A-Day.The portfolio bond, set up in conjunction with major shareholder Legal & General, will offer IFAs and their clients a choice of around 200 funds from 40 providers. The bond is a single-premium life insurance wrapper and advisers can get quotes online along with key features documents and marketing material.Cofunds says the bond marks a key stage in the platforms' ...

  • Come Fry with me

    2 Feb 2006

    Friends Provident PR Russell Spink tells us that while he was working at the BBC, he once met Stephen Fry in the Green Room and asked him to call his mum to wish her a happy birthday.Mr Fry kindly obliged, telling his mum: "Hello, it's Stephen Fry here. Happy f**king birthday."The gesture certainly made his mum's day and Spink has been exploiting it ever since.

  • Comms role for Murray in big reshuffle

    2 Feb 2006

    A week of resignations, retirements and appointments at the FSA has seen former journalist John Murray take the helm of the regulator's communication team.The appointment of Murray as communications director came in a week that also saw the departure of three lead- ing members of the regula- tory body. Murray's role is newly created from the for- mer division of people and communications.Major retail groups director Oliver Page is retiring at the end of April.Page has been ...

  • Correspondent's week

    2 Feb 2006

    This week by freelance personal finance journalist Margaret Dibben

  • Dale Knight leaves BBB

    3 Feb 2006

    Berkeley Berry Birch head of mortgages Dale Knight has left the firm as it announces plans to cease the Professional Mortgage Network and absorb it into Berkeley Independent Advisers.

  • Dashed expectations

    2 Feb 2006

    Last week's Money Marketing front-page lead story on the astonishingly high level of consumer complaints faced by the Sesame network was fascinating in many ways.

  • Deutsche marker

    2 Feb 2006

    Guy Anker considers the entry of Deutsche Bank into the UK mortgage sector

  • Don't try queue-jumping, warns Minghella

    2 Feb 2006

    The Financial Services Compensation Scheme has warned claim-chasing firms to get in line after being harassed by firms trying to fast-track their claims over those made direct by policyholders.The FSCS is sending out letters to firms which have been pestering staff at the compensation scheme to prioritise claims made on their clients' behalf.Chief executive Loretta Minghella says some firms are failing to filter complaints and even trying to foist claims on the compensation ...

  • Equity exodus continues in liability battle

    2 Feb 2006

    One in three pension schemes reduced their exposure to equities last year, says the National Association of Pension Funds.Thirty per cent of 350 resp- ondents to a survey cut the proportion of their portfolio inv-ested in equities during the last 12 months and 25 per cent increased their bond holdings.The figures confirm that funds are steering away from higher-risk investments towards safer options to match liabilities more effectively. The average proportion of portfolios ...

  • Equity release sales growing, says CML

    2 Feb 2006

    Equity release lending grew by 3% in the last three months of 2005, according to CML data published.

  • Ex-Sesame members set for action on NDF

    2 Feb 2006

    Sesame could be liable for claims against former mem-bers who allegedly missold NDF structured products, acc-ording to specialist law firm Financial Services Legal.The firm says it has had counsel's opinion on a group of 70 members and ex-members who have expressed an inter-est in taking forward a case against Sesame to exonerate themselves from misselling claims on the basis that the products were on the network's recommended list. Counsel opinion confirms that there are "a number ...

  • Fees release me

    2 Feb 2006

    Regular readers of this column will know that the Financial Ombudsman Service case fee has never sat particularly easily with me. Paying a case fee when a firm has behaved professionally, sought to resolve a client's complaint, been reported to the ombudsman and found not to be at fault seems to be against the natural order of things.

  • Fidelity learns from mistakes

    2 Feb 2006

    Further to Martin Blackie's letter in last week's Money Marketing about his recent unfortunate experience with Fidelity International, let me first say how sorry we are that he has has not received the standard of service which he should rightly expect from Fidelity. Second, let me say that we take such incidents extremely seriously. On receipt of Mr Blackie's letter, we initiated a thorough investigation of the incident and its circumstances and we responded fully in writing. I ...

  • Financial services to outpace economy with strong growth

    2 Feb 2006

    The global financial services industry is predicted to grow at three times the rate of the world economy next year.A report by consultant Mercer Oliver Wyman says the industry is set to outpace the global economy for a third consecutive year. After growing by 15 per cent in 2005, the firm forecasts market value growth of between 5 per cent and 14 per cent in 2006.It says financial services is becoming increasingly polarised between a few "premier performers" which consistently ...

  • Firms are fleeing abroad to escape regulator

    2 Feb 2006

    The Government has admit- ted that its moves to regulate claim management comp- anies are under threat from firms moving offshore and even just to Scotland.Investigations by the Claims Standards Council have found at least nine claim-chasers operating in Fuengirola on Spain's Costa del Sol and another com- pany in South Africa.The House of Lords fears that claim companies could move to Scotland to avoid regulation as the Compensation Bill will only extend to England and Wales.Baroness ...

  • Frosty reception

    2 Feb 2006

    Fishburn Hedges may have been able to hire the fancy Sway bar in the City for its Burns Night celebrations but left its ever-suffering staff to brave the Arctic conditions without coats after deciding that the cloakroom should be reserved solely for hacks while PRs were ordered to leave their outdoor attire in the office.The Diary can report that Fishburn's Sarah Frost still showed signs of goose pimples well into the evening after her noble sacrifice, which the whisky tasting did ...

  • FSA launches online fees calculator

    1 Feb 2006

    The FSA has introduced Online Fees Calculator on the FSA Website which will allow firms to calculate their likely fees and levies in 2006/07.The FSA will update the fees calculator with the actual rates once these have been finalised in May 2006.The regulator says it will take ten minutes on average to work out their fees using the calculator. The calculator can be found at http://www.fsa.gov.uk/pages/Doing/Regu

  • FSA says that advisers are locked in spiral of decline

    2 Feb 2006

    The FSA says advisers could be caught in a "spiral of decline" because of falling revenues and increasing oper- ating costs.In a paper charting the risks posed to the financial serv- ices sector, the FSA admits that the burden of regulation it imposes, including depol- arisation changes and the treating customers fairly initiative, is partly responsible for the problems being faced by advisers.It says that some advisers and asset managers are struggling with growing operational ...

  • FTB sales up 15 per cent next year

    7 Feb 2006

    Home information packs will increase first-time buyer sales by 15 per cent next year according to Spicerhaart.

  • Glasgow launches Mackintosh high income fund

    6 Feb 2006

    Glasgow Investment Managers is launching the Mackintosh high income fund managed by Susan Anderson and aiming for a net yield of 5.5 per cent a year.

  • Govt says lenders should have expected Sipp U-turn

    2 Feb 2006

    Industry commentators have attacked the Government's statement that the industry should have anticipated its Sipp U-turn as a "bizarre" re-reading of the past.Standard Life head of pensions policy John Lawson says it is unbelievable that the Government has told the industry it should have been aware that a change of mood was in the offing, after Standard spent so much time clarifying the rules with the Government to assure their long-term viability.Government spokesman Lord ...

  • Halfway line

    2 Feb 2006

    Lord Turner's solution to the pensions crisis is half-finished and poorly costed

  • Henderson faces 43m TLI bill

    2 Feb 2006

    Henderson could face a bill of at least 43m for compensating clients of Towry Law International allegedly missold failed, high-risk investments.But the 1,000 clients of the now closed firm are hoping for as much as 80m.TLI is believed to be close to reaching an agreement with the Hong Kong regulator over compensating clients who inv-ested in geared with-profits bonds and the Circus Capital protected growth fund through TLI advisers.Set up in 1999, the Circus Capital fund ...

  • HMRC releases "confusing" guidance on turbo-charging

    6 Feb 2006

    HMRC has released a guidance note on recycling of pension commencement lump sums which has been met with bewilderment.

  • IFAP sets out key facts

    2 Feb 2006

    IFA Promotion has produced a free factsheet to explain the key facts disclosure documents to consumers.

  • IFAs slam PruHealth 'bribe'

    2 Feb 2006

    PruHealth has been criticised by advisers for offering a rew-ard scheme for intermedi- aries to sell its private medical insurance.The Broker Vitality scheme, which mirrors PruHealth's consumer reward scheme, gives points to brokers who request quotes, product training, joint marketing programmes or place their own company sch-eme with the firm.Conversions of quotes req-uested to business placed are also rewarded.IFAs believe providers offering these schemes are simply "bribing" ...

  • IMA sales figures rocket in 2005

    1 Feb 2006

    The latest IMA sales figures show retail fund sales rocketed in 2005 with the busiest year since the technology boom in 2001 rising to 8.5bn from 4.9bn in 2004.

  • Independent board to hold sway

    2 Feb 2006

    The NPSS should be governed by an independent board with the statutory duty to look after investor interests and publish an annual Parliamentary report, the Investment Management Association has told MPs.In a briefing paper to MPs, the IMA says it is not lobbying for the introduction of the scheme but, if it is implemen-ted, the issue of governance will be crucial to its success.The IMA is working on its response to pension reform minister Stephen Timms' call for industry engagement ...

  • India calling

    2 Feb 2006

    Philip Scott takes a tour of Aviva's call centres in India

  • Insight picks Dellar for development

    2 Feb 2006

    Insight Investment has appointed Paul Dellar as head of product development.

  • Insight picks Dellar for development

    1 Feb 2006

    Insight Investment has appointed Paul Dellar as head of product development. Dellar had the same role at DWS before the firm was bought out by Aberdeen in 2005. He will report to Insight head of products and marketing Brett Greatrex.

  • Integrity should be integral

    2 Feb 2006

    As I mentioned in a recent column, I was against residential property for Sipps because sensible asset allocation was likely to be cast aside.

  • Intelliflo and Focus establish partnership

    7 Feb 2006

    Intelliflo and Focus Business Solutions have established a partnership to create a new technology solution for adviser firms.The new solution combines Focus front end product, Multi-Channel Advice, with Intelliflos back office service Intelligent Office.The firms describe the move as a best of breeds approach offering distributors a complete end-to-end solution on a single platform.The joint offering is aimed at building societies, multi-ties, networks and bancassurers.Intelliflo ...

  • Investec promotes three in fixed income team

    7 Feb 2006

    Investec Asset Management has made three promotions within its fixed income team.

  • Investment trust discounts halved

    2 Feb 2006

    Investment trust discounts have almost halved in the past two years and could be almost eliminated within 18 months, acc-ording to iimia investment guru Nick Greenwood.The average investment trust discount has fallen from 12.7 per cent at the end of January 2004 to 6.8 per cent because of a combination of strong performance from the investment trust sector and widespread corporate activity, with a number of trusts introducing discount control mechanisms.Greenwood says discount ...

  • Investment View: Interesting times

    2 Feb 2006

    Are low interest rates always a good thing? They certainly did not appear to be in Japan. Rising interest rates and the prospect of real dividends from Japanese companies are indicative of a return to health for the Japanese economy and they have been accompanied by a resurgence in the stock-market.

  • Investors confused about Tessa-only Isas, warns Pima

    2 Feb 2006

    Consumers' investment options are being limited bec- ause they are confused by marketing literature from providers about Tessa-only Isas, warns Pima.Technical adviser David Beaston says the marketing material from some firms does not make it clear that Tessa-only Isas no longer formally exist and should be treated simply as cash Isas.Beaston says the incorr- ect information means that investors are artificially lim-iting their investment opportunities by not being aware of the ...

  • Investors fail to capitalise on equities in 2005

    7 Feb 2006

    92.9 per cent of private investors have failed to identify equities as the best performing asset class in 2005 according to New Star research.

  • Isa building blocks

    2 Feb 2006

    Direct-investment commercial property funds can now be held in Isas. Matt Davis reports

  • Joseph ends FOS dispute

    2 Feb 2006

    Adviser says he would 'sweep roads if I had to but I am not prepared to risk a colleague's career'

  • Kerr joins New Star on US equities

    1 Feb 2006

    Former M&G global technology fund manager Greg Kerr has joined New Star to run the US equities mandates in its family investment accounts and work in its institutional team. New Star has also appointed Jorry Noeddekaer from BankInvest to work in its Asian team.

  • Kerr joins New Star on US equities

    2 Feb 2006

    Former M&G global technology fund manager Greg Kerr has joined New Star to run the US equities mandates in its family investment accounts. Jorry Noeddekaer joins from BankInvest for New Star's Asian team.

  • King Kong

    2 Feb 2006

    Investors in Asia could be going ape for Hong Kong property stocks this year

  • L&G is bolstered by strong pension sales

    2 Feb 2006

    Strong demand for personal pensions last year offset fall- ing protection and annuities sales and helped increase Legal & General's fourth-quarter new business flows.The firm saw a 29 per cent rise in UK new business to 292m from 227m in the same period in 2004.New regular-premium pension business increased by 33 per cent to 44m from 33m and single-premium new business increased by 46 per cent to 219m from 150m.Sales of individual annuities fell by 57 per cent to 92m from ...

  • 'Lenders cannot ignore internet'

    2 Feb 2006

    Lenders are being warned that they risk falling by the wayside if they ignore the internet.Pink Home Loans managing director Tony Jones claims that banks and building societies which fail to build technology that helps transactions for brokers will lose business.Jones says: "The internet is becoming increasingly important. It was nice to have an online system a couple of years ago but now it is vital."Brokers say they want to access information quickly and efficiently, and ...

  • Loan advisers losing out to direct players

    2 Feb 2006

    CML survey reveals how lenders have turned to other sources to replace lost business

  • Making allowances

    2 Feb 2006

    An important issue in respect of the new A-Day legislation which still requires clarifi-cation is whether personal contributions in excess of an individual's earnings to a registered pension scheme made after A-Day will count towards the annual allowance. According to the CII, personal contributions in excess of the greater of 3,600 gross and an indiv-idual's UK relevant earnings will not benefit from tax relief and will not count towards the annual allowance. For example, someone ...

  • MGM Assurance - Investment Portfolio Bond

    3 Feb 2006

    MGM AssuranceInvestment Portfolio Bond

  • Michael Lord becomes FSA head of mortgages and credit unions

    2 Feb 2006

    Michael Lord has taken over as head of mortgages and credit unions in the small firms division of the FSA.He replaces Andy Watson who has left the FSA.Lord will continue to look after the investment department in the small firms division until February 20. He will be succeeded in the role of head of investments by current head of department in the retail firms division Jonathan Fischel.

  • Midas Capital Partners - Midas Income & Growth Trust C Shares

    3 Feb 2006

    Midas Capital PartnersMidas Income & Growth Trust C Shares

  • Mifid halts FSA moves to cut regulation

    2 Feb 2006

    The FSA's bid to strip back reg- ulation has been dealt a body blow by the EU's markets in financial instruments directive.The regulator, due to publish industry feedback on propo- sals to streamline the training and competence and approved persons regimes last week, has put its plans on hold while it waits for the final Mifid level two rules from the EU.The consultation paper inc-ludes controversial proposals to scrap "customer-controlled functions" for firms dealing with retail ...

  • Misys could sell GI arm and Sesame

    2 Feb 2006

    Misys says plans for selling Sesame are on schedule and that it is also considering ditching its general insurance business this year.Sesame will be sold off within six months, says Misys, with serious interest in the business being expressed from several financial firms.Misys says it is also exploring the possibility of selling off its general insurance arm, which is not core to its business, in the same timeframe.Sesame's revenues rose by 13 per cent on last year's figures, ...

  • Mortgage View: The crucial conundrum

    2 Feb 2006

    There is something of the night about procuration fees. Even when used in reputable commercial businesses, it refers to a buying function rather than a remuneration for selling. Can we please start using the terms "lender fees" or "commission" to give them their true title?

  • Multi-manager View: Take your pick

    2 Feb 2006

    In the fund management department of Hargreaves Lansdown we believe there are three drivers to equity fund performance - size bias, style bias, manager's stockpicking abilityBy size, we are considering the fund's exposure to small companies, mid-sized companies and large companies. By style, we are talking about the fund's exposure to high-yielding stocks or lower yielding stocks.

  • 'Multi-managers too rigid on price'

    2 Feb 2006

    Chatfeild-Roberts says there are too many makeweight funds in portfolios

  • New Star sponsors European golf

    3 Feb 2006

    New Star is sponsoring the 2006 Ladies European Tour to develop its profile and relationships across Europe.

  • Newton appoionts Neiloy Ghosh to lead on Japan equities

    3 Feb 2006

    Newton has appointed Neiloy Ghosh from SG Asset Management as investment leader of Japanese equities.

  • Norwich & Peterborough - Five Year Fixed Offset Mortgage

    7 Feb 2006

    Norwich & PeterboroughFive Year Fixed Offset Mortgage

  • Norwich Union International - Premier Portfolio Bond

    1 Feb 2006

    Norwich Union InternationalPremier Portfolio Bond

  • Nott takes deputy role at AITC

    1 Feb 2006

    The AITC has elected Gill Nott as deputy chairman.

  • Nott takes deputy role at AITC

    2 Feb 2006

    The Association of Investment Trust Companies has elected Gill Nott as deputy chairman.

  • NU enters premier league

    1 Feb 2006

    Norwich Union International has launched the offshore premier portfolio bond, a unit-linked bond that provides access to virtually any investment fund the investor wants.

  • Nvesta buys Eurolife voting shares to boost resale value

    2 Feb 2006

    Nvesta is to distance itself further from parent company Eurolife by buying all its voting shares in a move aimed at raising its resale value.Nvesta's management and a consortium of third parties will pay 300,000 in a deal that will leave management with 51 per cent of voting rights and control over the business.Proposals by Eurolife to sell Nvesta, which is valued at 3m, in two to three years were included in its restructuring proposals following the default of its five-year ...

  • Panels clash on caveat emptor

    2 Feb 2006

    Plans to require consumers to take more responsibility for their investment decisions and instil caveat emptor into FSA regulation have been derailed by clashes between consumer and industry bodies.In its 2004/05 report, the financial services practitioner panel said it was in negotiations with the financial services consumer panel and the FSA to develop a working definition of what this principle might mean in practice and how it should affect firms' regulatory obligations, particularly ...

  • Patrick Bamford becomes commercial director at Freedom

    7 Feb 2006

    Wilmslow-based broker Freedom Finance has appointed Patrick Bamford as commercial director.

  • Peers plea for FSA to regulate claim chasers

    2 Feb 2006

    Peers working on the Compensation Bill are to meet Treasury Economic Secretary Ivan Lewis in a bid to persuade him that the FSA is the best body to regulate claim management firms rather than the Claims Standards Council, the Law Society or a new body.Tory peer Lord Hunt of Wirral says the amendments he put forward in the House of the Lords last week, such as capital adequacy requirements, need for PI cover, assessing competence of authorised persons and governing marketing methods ...

  • Pensions Force aiming to boost uptake by workers

    2 Feb 2006

    The National Association of Pension Funds has won Government backing for a free independent service providing pension information.It will be working with manufacturers' organisation EEF and trade union Community to address workplace pensions with a new initiative called Pensions Force.The project, revealed in Money Marketing in January, is scheduled to start this year and aims to increase aware- ness of the need to plan for retirement and help make informed choices.NAPF ...

  • Peter Sprung

    2 Feb 2006

    Park Row's chief executive is a keen proponent of personal development and he is aiming to use that enthusiasm to achieve ambitious goals for the newly merged company. Interview by Samantha Shaw.

  • Phoenixes are still a burning issue

    2 Feb 2006

    A former IFA who set up a claim management firm says the FSA is failing to spot phoenixing after he received a wave of endowment complaints against phoenix firms last year.DTB Investments managing director Derek Baillie says his firm's experience suggests that phoenixing is much more widespread than thought. He says 90 per cent of endowment complaints relate to policies sold by banks and building societies, not advisers. But, of the complaints received about advisers, he says around ...

  • Prescient gets 1,000th client

    1 Feb 2006

    IFA firm Prescient Financial Intelligence has gained its 1,000th client 16 months after its launch in August 2004. The firm has offices in Exeter, Glasgow, London and York specialises in Sipp and IHT solutions for small asset managers and discretionary fund managers.

  • Prescient gets 1,00th client

    2 Feb 2006

    IFA firm Prescient Financial Intelligence has gained its 1,000th client 16 months after its launch in August 2004. The firm has offices in Exeter, Glasgow, London and York specialises in Sipp and IHT solutions for small asset managers and discretionary fund managers.

  • Promotion battle

    2 Feb 2006

    Compliance expert Adam Samuel believes the FSA is shifting its focus to check up on general insurance and mortgage advertising and he urges firms to ensure they stick to the letter of the law and to set up systems to cope with the regulations.

  • Pru relaunches into individual personal pensions

    3 Feb 2006

    Prudential is relaunching its individual personal pension and will be following this with a Sipp proposition later on in the year.

  • Quote of many colours

    2 Feb 2006

    One of the key industry issues is consumers getting advice when arranging protection. Money Marketing's No Advice No Protection campaign has made it clear that advice is an essential part of the process.

  • Regulator checking mortgage disclosure

    1 Feb 2006

    The FSA will conduct further work this year to ensure mortgage providers provide relevant disclosure documents and has warned them they could be accused of mis-selling if they fail to do so.

  • Regulator checking mortgage disclosure

    2 Feb 2006

    The FSA will conduct further investigations to ensure mortgage providers give relevant disclosure documents and has warned they could be accused of misselling if they fail to do so.

  • Rehab sprout

    2 Feb 2006

    The Government's controversial reforms aim to redefine the role of the welfare state

  • Rensburg Sheppards Investment Management - Rensburg Aim VCT

    1 Feb 2006

    Rensburg Sheppards Investment ManagementRensburg Aim VCT

  • Resolution foundation meets today

    7 Feb 2006

    The Resolution Foundation is holding its first conference today to discuss its research on access to financial advice for those excluded by poverty.

  • Revenue asks ABI to help halt turbo-chargers

    2 Feb 2006

    The Revenue has asked the ABI for help after admitting it has made no progress in finding a way of preventing people recycling tax-free cash back into their pensions.The practice, called turbo-charging, enables people to rake in extra tax relief.The industry universally condemned Chancellor Gordon Brown for introducing a measure to ban this practice in his pre-Budget report without any guidance on how it can be policed.As a result, industry commentators confirm that the ...

  • Revenue relents on Standard tax

    2 Feb 2006

    The Revenue has lifted a tax threat facing Standard Life policyholders.A-Day rule changes would have meant with-profits pension clients being taxed immediately at 40 per cent on their demutualisation windfalls, even for members who are lower-rate or nil- rate taxpayers.Standard lobbied HMRC after spotting the anomaly and the Revenue has set out draft regulations bringing the proceeds under the capital gains tax regime so shareholders will only face tax when they sell. Shareholders ...

  • Scholefield leaves Swip

    2 Feb 2006

    Scottish Widows Investment Partnership has parted company with its head of inter- national equities, Tim Scholefield, who oversaw funds worth 6.8bn.The firm is understood to be disappointed with the performance of its international equities team, particularly across its global equities funds.Swip has lagged behind the global growth sector, with its 32m global fund posting a loss of 19.9 per cent over five years against a peer group rise of 0.3 per cent.Emerging markets head ...

  • Selestia confirms retirement account launch due in April 2006

    6 Feb 2006

    Selestia confirms it will be launching its collective retirement account by April 2006.

  • Silly reason

    2 Feb 2006

    Government plans to bring together several disparate consumer bodies, including the Financial Services Consumer Panel, into one organisation smack of little more than a Government casting around for something to do.

  • Sinking fund floated for the FSCS

    2 Feb 2006

    The FSA is considering proposals to set up a pre-paid emergency compensation fund as part of its review of how to fund the Financial Services Compensation Scheme.FSCS chief executive Lor- etta Minghella says the industry is looking for a solution to manage the volatility of the existing system to avoid firms being suddenly hit by massive fee increases caused by fluctuations in compen- sation payouts.IFAs narrowly escaped having to pay an additional levy this year because the ...

  • Skipton Building Society - Five Year Fixed Rate

    6 Feb 2006

    Skipton Building SocietyFive Year Fixed Rate

  • Slave to the algorithm

    2 Feb 2006

    Investment Only by considering all the variables can an informed decision be made on choosing an onshore or offshore investment, says Prudential taxation and trusts manager Paul Kennedy.

  • Software firm offers custom Hips for IFAs

    2 Feb 2006

    Software company Docucorp is introducing a software pro- duct which enables advisers to produce customised home information packs.It is providing a fully compliant template for estate agents, mortgage intermediaries and conveyancers.Docucorp says firms can use its system to design documents, compile data and choose how the Hip looks.Users can make changes to the design, create new packs, provide multi-branded ser-vices and see a mock-up of their changes through a secure ...

  • Standard fears Govt U-turn on Sipp tax breaks

    2 Feb 2006

    Standard Life has written to the Revenue seeking confirm-ation that the Government will not perform another Sipp U-turn and block tax breaks for private companies investing in their own businesses.Head of pensions policy John Lawson says directors of limited companies with SSASs can switch their assets into a Sipp to take advantage of Sipps' more relaxed investment regime.Up to 100 per cent of Sipp funds can be held in unquo- ted shares compared with just 5 per cent of SSAS ...

  • Taxman takes a tour

    2 Feb 2006

    Our panel consider in detail HM Revenue and Customs' new powers of access to investigate offshore bank accounts

  • The ones that got away

    2 Feb 2006

    Nearly half of equity-release plans were sold direct by providers last year, highlighting a missed opportunity for advisers, says Nicola York

  • The protection racket

    2 Feb 2006

    Consumers who think they have cover could find themselves still in the gap

  • The Turner Papers

    2 Feb 2006

    The Turner report brought a mixed response, with reactions ranging widely. Money Marketing compiled The Turner Papers - an online special featuring the views of industry experts and here we publish a round-up by Nicola York.

  • The women of the year

    2 Feb 2006

    Debbie Boyes was named Mortgage Adviser of the Year award at the Women's Financial Adviser Group award ceremony in London's Dock- lands last Friday.Boyes runs her own mortgage brokerage Debbie J Boyes, which she set up in July 2004, and she has plans to expand her team of four staff. She was previously a self-employed mortgage for Corporate Solutions.Boyes firmly believes that female IFAs have more empathy with their clients than men and she is keen to push advising as an ideal ...

  • Threesixty signs deal with eConveyancer

    7 Feb 2006

    Support service provider Threesixty services has signed a deal with eConveyancer giving its mortgage broker clients access to the system.

  • Too much to bear for reserves

    2 Feb 2006

    It is interesting to read of the apparent dilemmas surrounding advice to clients on whether they should remain invested in with-profits or go into something else. First, I think perhaps that the FSA may be quoting somewhat conveniently out of context the IFA who is reported to have asked whether he was expected to understand the with-profits policies on which he had been advising for the past 10 years. The benefits distributed to investors in with-profits funds have always been ...

  • Tory fears over advice

    2 Feb 2006

    Conservative MPs say that problems over the funding of advice and the regulatory framework of the NPSS need to be addressed if consensus is to be reached on pension reform.Speaking ahead of a Parliamentary debate on pensions, Tory Shadow minister for work and pensions Nigel Waterson says Turner's recommendation for an advice-free NPSS model ignores the fact that many people need to be given the right individual advice on pensions.Waterson says issues of regulatory responsibility ...

  • Tory Treasury MP hits out at claim-chaser

    2 Feb 2006

    Marketing is at risk of misleading consumers that firm's service is Government-backed'

  • Triple choice for claim regulator

    2 Feb 2006

    A regulator for claim management firms will be selected in the next few weeks, choosing between the Claims Standards Council, a new regulator created by the Lord Chancellor or an existing body.

  • Triple choice for claim regulator

    1 Feb 2006

    A regulator for claim management firms will be selected in the next few weeks, choosing between the Claims Standards Council, a new regulator created by the Lord Chancellor or an existing body.

  • Turnover rises by 28% for Sumus

    1 Feb 2006

    Falcon Group holding company Sumus has announced a 28 per cent increase in turnover for the first quarter of its financial year from 2.6m to 3.3m. The firm now has 133 advisers and says it is reviewing acquisition opportunities.

  • Turnover rises by 28% for Sumus

    2 Feb 2006

    Falcon Group holding company Sumus saw a 28 per cent increase in turnover for the first quarter from 2.6m to 3.3m.

  • Unconditional offer cuts Skandia rating

    1 Feb 2006

    Standard & Poors has cut Skandias insurance rating from A to A- following the announcement that Old Mutuals offer is now termed unconditional.

  • Unconditional offer cuts Skandia rating

    2 Feb 2006

    Standard & Poor's has cut Skandia's insurance rating from A to A- following the announcement that Old Mutual's offer is now termed unconditional.

  • US firm Dalbar moving into UK with stress-test service

    2 Feb 2006

    An American firm specialising in stress-testing life and pension products is lining up a move into the UK.Boston-based Dalbar is set to expand into Europe, with Syndaxi managing director Robert Reid co-ordinating its approaches to life offices.Dalbar will start its first survey this month and is inviting major providers to take part. Firms which do not want to take part on a voluntary basis will not be excluded from its benchmarking analysis.It develops tools to measure ...

  • US giant MetLife set for UK move

    2 Feb 2006

    US insurer MetLife is set to follow American rival Hart-ford Life into the UK market with onshore and offshore investment bonds and a Sipp product.MetLife is preparing a move into the UK by the second quarter. The firm is lining up a series of external fund links for its bond offerings and is in discussions with a number of major UK fund managers.Schroders and Jupiter confirm that they are in talks with MetLife, which has also app-roached a number of boutique fund managers, ...

  • VCTs get set for 600m boom

    2 Feb 2006

    The VCT market is predicted to take 500m-600m this season as investors clamour to invest amid concerns the tax breaks will not be renewed.The Chancellor is expected to announce a decision on the extension of the 40 per cent income tax relief on VCTs in the Budget in March, with commentators differing over whether the breaks will con- tinue or be reduced in increments of 10 or 20 per cent over the next two years.As a result of the uncert- ainty, many expect a last-minute rush ...

  • Watchdogs to be combined

    2 Feb 2006

    The Government is planning to combine five consumer bodies into one in a bid to improve consumer protection. The Financial Services Consumer Panel, National Consumer Council, Energywatch, Postwatch and Ofcom Consumer Panel will be called Consumer Direct.

  • Watchdogs to be combined

    1 Feb 2006

    The Government is planning to combine its five consumer bodies into one in a bid to improve consumer protection. The Financial Services Consumer Panel, National Consumer Council, Energywatch, Postwatch and Ofcom Consumer Panel will be called Consumer Direct and is currently being rolled out across the country.

  • Weight of the nation

    2 Feb 2006

    Unum Provident chief medical officer Professor Michael O'Donnell talks about the nation's increasing problem of obesity in adults and children and how insurers must work with employers, the Government and health bodies to fight the epidemic

  • Widow of opportunity

    2 Feb 2006

    The cult of the Scottish Widow seems to be growing.This week's tabloid press announced that Texas singer Sharleen Spiteri's "dowdy outfit" was straight out of a Widows' ad while The Addams Family's Morticia and talentless shock-rocker Marilyn Manson have also been linked to the provider's key marketing tool.After Celebrity Big Brother's Pete Burns captivated the nation, the Diary wonders if the Widows' marketing team were waiting at the door, hoping to persuade the downmarket ...

  • Women to fill advisory gap

    2 Feb 2006

    Proportion of women working in financial services doubles in five years and is set for further growth

  • Wrap charges in

    2 Feb 2006

    Paul McMillan asses the prospects for Ascentric

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