Money Marketing
1 November 2006

  • Newcob means further RU64 delay

    2 Nov 2006

    The FSA's Newcob consultation has outlined a further delay to a decision on the future of RU64 until early next year as long as sufficient detail about personal accounts is known by then.

  • Nicholls becomes PFS president

    2 Nov 2006

    Bristol IFA Carole Nicholls has been elected president of the Personal Finance Society, replacing Brian Steeples, who steps down at this week's AGM.

  • 360 Warning of identity fraud

    2 Nov 2006

    360 is warning advisers about identity fraud after three adviser firms and two providers reported fraudsters targeting them by using details found at Companies House.

  • A covered call from Morley and Barclays

    2 Nov 2006

    Morley Fund Management/BarclaysMorley Barclays Global Cautious Income Fund

  • A covered call from Morley and Barclays

    2 Nov 2006

    Morley Fund Management/BarclaysMorley Barclays Global Cautious Income Fund

  • A lifestyle choice from ABN Amro

    2 Nov 2006

    ABN Amro Asset ManagementCapital Protected Lifestyle Fund 2010-2035

  • Abbey - Guaranteed Commercial Property Bond Issue 1

    2 Nov 2006

    AbbeyGuaranteed Commercial Property Bond Issue 1

  • Abbey gets aggressive on price

    2 Nov 2006

    Abbey Two-Year Base Rate Tracker

  • Aberdeen - Growth Opportunities VCT 2 S Ordinary Shares

    2 Nov 2006

    AberdeenGrowth Opportunities VCT 2 S Ordinary Shares

  • Abroad spectrum

    2 Nov 2006

    Our panel of experts consider the tax implications of retiring abroad, from inheritance tax, capital gains, savings and pensions

  • Advisers say Asps are the best incentive

    2 Nov 2006

    Advisers believe that scrapping alternatively secured pensions would further undermine consumer confidence and remove the most innovative development in pensions in the last 50 years.Skandia recently asked advisers to email the firm with their views on Asps.It has had a wide range of opinions which show the depth of feeling in the IFA sector about the Government's threats to spoil or scrap Asps in the preBudget report.John Scott & Partners wealth adviser John Hutton says: ...

  • Aegon plans to target SMEs in bulk annuities market

    2 Nov 2006

    Aegon is entering the bulk annuities market and will target closed defined-benefit pension schemes in smalland medium-sized companies by spreading the cost of buyout over a number of years.The life office says it is the first to offer a phased-fund approach for smaller schemes in the bulk annuities arena, enabling employers to gradually reduce the risk of scheme liabilities and company balance-sheet volatility.Aegon Trustee Solutions will let SME scheme trustees combine traditional ...

  • AHIPP says energy assessor levels will be sufficient to help meet CO2 demands

    1 Nov 2006

    The Association of House Information Pack Providers (AHIPP) is reassuring the industry that there will be sufficient numbers of energy assessors to conduct energy perfomance certificates (EPCs) by June 2007.

  • Aifa warns that FSA must not use trade bodies to plug Newcob gaps

    2 Nov 2006

    Aifa has warned that potential new FSA rules on industry guidance on the back of the regulator's Newcob consultation must not push unwelcome additional responsibilities on to trade bodies.The FSA will issue a discussion paper this week on the role of industry guidance in a Newcob world which will look at what trade bodies can additionally offer in the move to principle-based regulation.Aifa director of public affairs Tracey Mullins says: "The regulator must not think it can ...

  • Asp axe may mean end for forced annuities

    2 Nov 2006

    Bee believes court challenge would follow abolition

  • Ban faces Sipps in drag

    2 Nov 2006

    Hornbuckle Mitchell managing director Neil Marsh slammed some life office Sipps, branding them "personal pensions in drag" and claiming the FSA will ban them.He said the boundaries are being blurred and some life offices offering so-called Sipps are not offering the full range of flexibility but using the Sipp name. He believes this practice could be banned once Sipp regulation comes in next April.Marsh said: "You have to question whether some offerings are not just personal ...

  • Ban is urged for transfer commission

    2 Nov 2006

    Suffolk Life director of sales and marketing John Moret has called for a ban on the payment of commission for advice on pension transfer business.Speaking at Money Marketing Live in Manchester on Tuesday, Moret said that by paying commission on transfer business, life offices could be accused of not treating customers fairly.He said all advice on transfers should be fee-based and this would help address growing concerns that people who are more suited to personal pensions or ...

  • BlackRock manager Gallagher quits

    2 Nov 2006

    BlackRock MLIM European dynamic manager Niall Gallagher is leaving the group after nine years to join US fund manager T Rowe Price. Gallagher will be replaced by European equities head James MacMillan.

  • Boiling point for brokers

    2 Nov 2006

    Association of Mortgage Intermediaries director-general Chris Cummings warns brokers to expect a visit from the FSA, which is showing its teeth.He also said that brokers may have to pay VAT on proc fees from retained business because it could be construed as a professional service.Cummings said one in seven brokers are getting visits and he expects the FSA to get round to as many brokers as possible.He describes the industry as a boiled frog because if a frog is in boiling ...

  • Bright Grey puts years on its life and critical terms

    2 Nov 2006

    Bright Grey is to extend the maximum term of its life and critical-illness cover from 25 years up to 40 years in response to demand from advisers wanting longer-term protection for their clients.The changes took place at the end of October, with reviewable rate life or critical-illness cover increasing to a maximum 40-year term, and guaranteed rate life or critical-illness cover increasing to 30 years.Bright Grey distribution director Andy Peters says: "The traditional 20-25-year ...

  • Broker

    2 Nov 2006

    Will you keep selling Asps despite the Government's warning that they will get rid of them if advisers sell them to all suitable clients rather than just those with religious objections to annuities?John Reynolds, Strategic Financial Advice Yes "It's important to make all the options available to clients."Eugene Goodwill, Eugene Goodwill IFA Yes "If all other factors were equal, I think I would certainly recommend Asps for some of my clients but I have ...

  • Build on success of the market

    2 Nov 2006

    Autumn is the time of year when we have the opportunity to attend events focused on issues relevant to our business.

  • Calculus Capital - EIS Fund 8

    3 Nov 2006

    Calculus Capital EIS Fund 8

  • Canada Life launches stage 2 of e-business system

    7 Nov 2006

    Canada Life Group Insurance Division has launched eReporting, the second stage of its e-business portal, Class.

  • Capital & Regional join Reita group

    1 Nov 2006

    Capital & Regional are the latest member to join the Reits and Quoted Property Group.

  • Caps in hand

    2 Nov 2006

    In this article I will conclude my discussions about the use of different asset classes and sectors by highlighting a few of the key variables and factors in the selection of equity funds within a portfolio. Some of these issues are mostly or entirely subjective but, as I started to outline in my last article, others can be scrutinised in a mathematical or objective way.

  • CETA launches MPPI product

    7 Nov 2006

    General insurance network CETA has teamed up with Cardif Pinnacle to launch a mortgage payment protection insurance product which will be sold through CETA’s 16,000 members.

  • Charcol wants to team up with football clubs

    2 Nov 2006

    John Charcol is looking at offering mortgages via affinity partnerships with football clubs.The broker believes that many football supporters are getting a poor deal with poor affinity deals on other financial services products such as credit cards and general insurance when products are sold direct and it believes that a broking service would offer better value for fans.However, Hamptons International Mortgages is unconvinced that such a deal would work because it believes ...

  • Clerical special sits open to new business

    2 Nov 2006

    Clerical Medical will open the Clerical Medical Fidelity worldwide special situations fund to new business this week. The composite fund invests equally between Fidelity's UK and global special situations funds.

  • Collins takes aim with IHT strategy

    2 Nov 2006

    Collins StewartAIM Portfolio Service

  • Consensus is solid against means-testing

    2 Nov 2006

    A consensus has developed against the Government's proposals for means-testing as part of the upcoming pension reforms, according to the Pensions Policy Institute.Out of the 24 responses to the Government's White Paper analysed by the PPI, only one is supportive of the proposed role of means-testing, with 10 supporting a further reduction and 13 not commenting.Pensions minister James Purnell is adamant the Government's proposed reduction of means-testing will be enough to encourage ...

  • Co-op joins EMX message system

    7 Nov 2006

    Co-operative Insurance Society has signed up to the EMX Message System.

  • Correspondent's

    2 Nov 2006

    This week by freelance journalist Andrew MoodyFirst thing Monday, I spend time going over the Sunday papers. I see I have got an article in the Mail on Sunday financial section. Most journalists do not like reading their articles in print since any mistakes might ruin their day so tasks such as this are often delayed but all seems well.I have been a freelance for national newspapers and magazines for nearly 12 years (before that I worked both as a staff City and political journalist). ...

  • Davy sees no evil in commission

    2 Nov 2006

    Commission is not evil and should not be wiped out of the industry, SimplyBiz chairman Ken Davy told an audience at Money Marketing Live in Manchester on Tuesday.Davy, speaking at a panel debate about the future of the intermediary, said it is not up to the FSA to decide what type of business model advisers should run, nor how clients should pay for their advice.He said there is a role for fees and commission and provided it is made clear to the client how much they are paying ...

  • Drawdown alert for advisers

    2 Nov 2006

    IFAs advising on income draw down risk reducing client income by over 50 per cent, says Rowanmoor Pensions.The firm, formerly the small self-administered scheme business of James Hay Pension Trustees, warns that advisers should consider sustainability of clients' income in retirement when recommending income drawdown.It says the longer a retired person lives, the greater the erosion of capital and the greater the likelihood that income will have to reduce.Rowanmoor says ...

  • Driving force

    2 Nov 2006

    Life offices have had to adapt to survive, with rising costs and regulation forcing many to outsource their processes. But what effect has this had on the sector, asks Exaxe managing director Norman Carroll

  • Edeus confirms Pritchard's sub-prime role

    2 Nov 2006

    Edeus has confirmed that former Chase UK chief executive Terry Pritchard will work with the lender to develop its strategic direction in the sub prime market.

  • Entrances and exits

    2 Nov 2006

    Two arrivals into the competitive UK mortgage market have adopted diametrically different strategies. Edeus is a 100 per cent intermediary business and its USP is service rather than price, with a fee being charged for quicker service. Ing is a 100 per cent direct-to-consumer business and its USP is pricing, not necessarily in interest rates but in respect of fees, with an emphasis on no exit fee.

  • Euro threat is hanging over us, says Thoresen

    2 Nov 2006

    Aegon UK chief executive Otto Thoresen says Mifid is a massive threat hanging over the financial services industry and providers and advisers cannot bury their heads in the sand.At the Money Marketing Live roadshow in Manchester on Tuesday, Thoresen claimed Mifid represents a potential threat to the UK by restricting the steps that can be taken to reshape the regulation of the market to reform the current distribution model.Thoresen said: "We are trying to make the European ...

  • Fidelity calls for rise in annual Isa limit

    2 Nov 2006

    Fidelity UK managing director Richard Wastcoat has called on the Government to raise the annual investment limit for Isas.

  • Fighting infection

    2 Nov 2006

    When we launched the Lawrence House Oeic, we established some strict rules by which we manage the underlying portfolios. One rule is that no fund will appear in more than one portfolio and each sub-fund limits exposure to any one investment group to a maximum of two of its funds. In our opinion, this is a simple way of reducing risk. In the event of one of our selected funds failing to perform, we have limited the damage to just one of the sub-funds. This rule also ensures that each of ...

  • Find the right mix

    2 Nov 2006

    Helen Pow asks if it is time for investors to move away from diversifying their portfolios

  • Find the right mix

    2 Nov 2006

    Helen Pow asks if it is time for investors to move away from diversifying their portfolios

  • First-time borrowers struggle as price rises outstrip income

    2 Nov 2006

    The ratio of house price to income has shot up by 60 per cent from 1970 to this year, with London, East Anglia and the South-west having the highest ratios.Research from Alliance Trust found that Scotland and North England have the lowest ratios while London is the least affordable region for first-time buyers, with house prices 4.4 times income compared with 2.6 times income in 1970.Over the 35-year period, house prices have risen the highest at 3,432 per cent followed by the ...

  • Focus appoints new BDD

    3 Nov 2006

    Focus Solutions has appointed David Brooks as business development director to take responsibility for sales, marketing and business development.

  • Focus on four managers

    2 Nov 2006

    Rensburg Fund ManagementUK Managers Focus Trust

  • Focus on Protection

    7 Nov 2006

    The elephant in the room can no longer be ignored.

  • Foreign currency service fixes rates

    2 Nov 2006

    Hargreaves Lansdown is setting up a foreign currency service allowing clients to fix exchange rates for up to two years ahead. It is aimed at overseas property buyers and expats.

  • Friends aiming to triple new business

    2 Nov 2006

    Friends Provident is look-ing to triple UK new business profits between 2005 and 2008 from 64m to 180m-200m. It says a 30m-40m investment programme, including up to 20m on its wrap and Sipp capabilities, will help it achieve this target.

  • 'FSA and FOS should be dismantled'

    2 Nov 2006

    The FSA and Financial Ombudsman Service should be dismantled and the Financial Services and Markets Act repealed, according to the IFA Defence Union's submission to the Tory's economic competitiveness review.The IFADU was asked by Tory MP John Redwood to submit a paper as part of his group's review of economic policy, which is set to report to Conservative leader David Cameron next summer.IFADU chief Evan Owen says the nine-page initial paper sets out what he believes is the ...

  • FSA bans firm for leaving customers without insurance

    6 Nov 2006

    The FSA has banned ICM Group from carrying on regulated activities after it found the firm had left around 300 customers potentially without insurance by failing to pass on client premiums to insurers.

  • FSA getting set for TCF crackdown on firms

    2 Nov 2006

    The FSA's current PPI enforcement action blitz will be mirrored by a similar TCF campaign cracking down on firms' relationship with commission, according to Compliance Register.Compliance Register secretary Ben Goh says he believes the FSA is ready to get heavy-handed with advisers and providers in the New Year following on from FSA chairman Sir Callum McCarthy's landmark Gleneagles speech.The FSA last week fined Loans.co.uk £455,000 for failing to treat customers fairly when ...

  • FSA retail distribution review will target commission

    2 Nov 2006

    FSA managing director Clive Briault has highlighted commission as one of the five priorities of its forthcoming retail distribution review but says it has not concluded that commission is bad and should be banned altogether.

  • FSA says industry must lead distribution model changes

    2 Nov 2006

    The FSA has set out its five key priorities for its review of the distribution of retail investments and has called on the industry to take the lead in reforming the market saying it is on the cusp of change.

  • FSA urges firms to follow trade body advice

    1 Nov 2006

    The Financial Services Authority set out plans to encourage greater use of industry guidance as it moves towards a more principles-based approach to regulation.

  • Gardner quits Positive Solutions

    2 Nov 2006

    Former AWD Group chief executive Doug Gardner has resigned as Positive Solutions distribution director.Gardner had been at the IFA firm for less than six months but is serving out his gardening leave after deciding to move on.Marketing manager Daniel Harrison says that Gardner has left the company by mutual consent and it was an amicable decision.Gardner was at AWD Group for 17 years, becoming chief executive in 1996. He resigned from in August 2005 at the same time as managing ...

  • 'Get online or lose sales'

    2 Nov 2006

    Standard Life Bank is urging brokers and lenders to get to grips with technology or risk losing business.The bank's study shows that 32 per cent of brokers do not recognise they may lose business if they are not available online to consumers.The firm also says lenders do not always set the best example as many do not have full online application facilities.Head of sales Jackie Moran says: "As the internet increasingly becomes the backbone of business, it is crucial that ...

  • GMAC and CML in talks over lender league table changes

    7 Nov 2006

    GMAC is liaising with the Council of Mortgage Lenders to revise the trade body’s methods used to calculate its lender league table.

  • Going for broke

    2 Nov 2006

    Advisers must turn away from relying on insurance companies' material

  • Halifax says move into legal advice not a threat to IFAs

    2 Nov 2006

    Halifax insists that its move into legal advice does not signal a threat to IFAs.The banking giant is to offer customers access to legal services such as will-writing, conveyancing and inheritance tax planning via a panel of selected service providers but it will not extend the service to broader areas of financial advice.The scheme will cost customers £89 a year for unlim-ited access to the range of legal services.Halifax joins the Co-operative Bank and the AA in moving ...

  • Haven Risk Management minds the gap for TCF

    2 Nov 2006

    The service is based on a TCF audit, which assesses how a company is doing in key areas which the FSA refers to in communications.Haven director Mike Kennedy says the object of the audit is to identify areas of success and areas where more work is required, which then leads to a supporting action plan.Kennedy says when the FSA approaches the firm to assess how they are dealing with TCF, it will be able to provide this evidence through the report and action plan.He says this ...

  • HBOS strengthens its grip

    2 Nov 2006

    Extra £10m pumped into intermediary arm to bolster technology and aid point of sale and case tracking

  • Holding forth

    2 Nov 2006

    The majority of fund managers still consider European equities to be a "buy". In the past month, the Axa Framlington and Newton European fund managers have increased their recommendations from a "hold" to a "buy" while other fund managers such as Credit Suisse, Fidelity, Gartmore, Jupiter and Threadneedle are still optimistic.

  • IFAs split on sits charge

    2 Nov 2006

    Matt Goodburn finds mixed feelings among advisers after Fidelity lowered the initial fee on Anthony Bolton's fund

  • IFAs still unsure on IHT changes

    2 Nov 2006

    A quarter of IFAs are still unsure about recommending inheritance tax planning products following the changes brought in at the last Budget.Twenty per cent of the 200 advisers surveyed by Friends Provident say they are unsure about giving advice on IHT, while 4 per cent say they are very unsure.But only 8 per cent of advisers say they are still in the dark about the changes affecting trusts and wills, and 28 per cent say they have a good understanding of the changes.Only ...

  • iFunds starts from commodity base

    2 Nov 2006

    iFundsMFM iFunds ETF Commodity Fund

  • Industry bites back in asp row

    2 Nov 2006

    The future is looking increasingly bleak for alternatively secured pensions and time is running out for the industry to do anything about it.

  • Innovation nation

    2 Nov 2006

    When it comes to innovation, South Africa takes the lead and the protection market is no exception

  • Insight moves out of M&G property fund

    2 Nov 2006

    Insight Investment's diversified target return fund has been forced to sell out of the M&G property fund because its direct property exposure is incompatible with the Ucits III structure.The M&G fund was an acceptable holding under the diversified target return fund's previous non-Ucits retail scheme structure but became ineligible when the fund switched to Ucits III. Funds structured under Ucits III are allowed indirect property exposure through property shares but not directly ...

  • Invesco bucks the trend

    2 Nov 2006

    The values of the three Adviser Fund Indices saw little change during the last AFI season starting on May 1. The Aggressive AFI was down by 0.7 per cent from May 1 to October 26, according to Financial Express, while the Balanced and Cautious indices recorded small gains of 1.8 per cent and 2.6 per cent respectively.The six-monthly rebalancing points provide the panellists with the chance to revise their AFI portfolios and, as from November 1, the constituent funds and weightings ...

  • Invesco Perpetual appoints new corporate finance director

    7 Nov 2006

    Invesco Perpetual has appointed Guy Short as finance director for its London-based specialist funds team.

  • Investec brings Euro fund in house

    2 Nov 2006

    Investec has dropped Black Rock and is bringing its European fund in house, to be run by Nigel Hankin and Ben Williams. The fund has been run by BlackRock's Albert Morillo since 2002.

  • ISAs to remain as Government announces shake-up of investment regime

    1 Nov 2006

    A major shake-up of the Isa regime has been announced by the Economic secretary to the Treasury Ed Balls.

  • James dalby

    2 Nov 2006

    In his new role as head of fund proposition at Norwich Union, the former investment IFA is using his research skills and knowledge to help the life office become more investment-focused. Changes are already afoot in its equity portfolio and he plans to build on other areas, such as property, with the launch of a European fund. Interview by Philip Scott

  • Japanese and US companies are top performers, says Fidelity research

    7 Nov 2006

    Japanese and US companies are consistently among the world’s top performing companies, according to analysis conducted by Fidelity International.

  • Just Retirement to float on AIM to raise £50m

    6 Nov 2006

    Just Retirement has announced its intention to float on the Alternative Investment Market to raise £50m.

  • Kay to five funds

    2 Nov 2006

    Keydata Investment ServicesProtected Portfolio Plan

  • Kiddie quits Barings to join ABN AMRO

    3 Nov 2006

    Baring Asset Management head of equities David Kiddie has resigned from the group to become chief investment officer equities at ABN AMRO Asset Management.

  • King & Shaxson Asset Management -Ethical Balanced Income Fund

    2 Nov 2006

    King & Shaxson Asset ManagementEthical Balanced Income Fund

  • Laying the ground rules for review

    2 Nov 2006

    Before the proposed review of contracting out of Serps progresses any further, can we have a sensible debate about how contractingout advice is going to be measured? I believe, based on past experience, that any review would probably make the following assumptions: l That future Governments will never abolish or reduce the state benefits under Serps/S2P. l That if they do, all expected benefits accrued to the date of the change will be ring fenced or protected. l That the current ...

  • Leeds launches 10-year fix to beat base rate rises

    3 Nov 2006

    Leeds Building Society has launched a 10-year fixed rate homeloan at 4.99 per cent.

  • Legal & General - Guaranteed Income and Capital Bond 3

    2 Nov 2006

    Legal & GeneralGuaranteed Income & Capital Bond 3

  • Lenders see the end of cheap two-year fixes as swap rates increase

    2 Nov 2006

    Mortgage lenders are expecting an end to short-term fixedrate deals due to the rising costs they are facing to borrow money.Platform head of marketing Paul Hunt questions how long lenders can continue offering cheap two-year fixes and predicts that recent swap rate rises are a precursor to an imminent interest rate rise.Swap rates for a two-year fix are approaching 5.5 per cent and have been creeping up since they hit the 5 per cent mark in June compared with below 4 per cent ...

  • Let's Bee avenue

    2 Nov 2006

    There are other pension routes apart from the Government's stark choice

  • Liv Vic announces review of banking operations

    6 Nov 2006

    Liverpool Victoria has announced a strategic review of its banking operations with Fenchurch Advisory Partners appointed to assist in the review.The review will consider a full range of options for LVBS including performance enhancement measures, strategic partnerships, joint ventures and an outright sale of the business.Liv Vic group chief executive Mike Rogers says: “We remain fully committed to providing a banking capability to our customers and partners. Nevertheless, given ...

  • Liverpool Vic puts Mimi cover online

    2 Nov 2006

    Liverpool Victoria has set up an online processing system for its flexible protection plan, known as "Mimi".The revised system allows IFAs to select life, criticalillness, mortgage payment protection and income protection cover using one online application.Advisers can get instant acceptances and track policies completed through the system. It also enables advisers to produce illustrations and review previous business.The objective behind the launch is to ensure a more efficient ...

  • Location, location

    2 Nov 2006

    Where you are based determines the success and type of business you write. Or does it, asks Gregor Watt

  • Manual labour

    2 Nov 2006

    Compliance consultant and expert Adam Samuel says the FSA's mystery shopping exercise shows how deeply the equity-release problems go

  • 'Mass move into S2P is Russian roulette'

    2 Nov 2006

    Providers recommending mass contracting back into S2P are playing Russian roulette with people's retirement incomes, says Informed Choice managing director Nick Bamford.His attack comes as the industry desperately tries to fend off an FSA review of contracting out, which sources say could cost the industry over 3bn in compensation.Many insurers have again been writing to customers presenting the pros and cons of rejoining S2P but some firms, including Norwich Union and HSBC, ...

  • MBS aims to recruit up to 30 Classic ARs

    2 Nov 2006

    Mortgage Broking Services managing director Tony Corrigan says he is looking to recruit up to 30 of the 64 appointed reps at his former employer Classic Network Solutions to add to its 99 ARs after the firm's bid to buy Classic was rejected two weeks ago.

  • Microsoft Office is voted number one in IT survey

    2 Nov 2006

    Microsoft Office has topped advisers' lists of favourite technology suppliers in a poll by 1st.The survey of 150 intermediaries found that 57 per cent used back-office systems at least six times a day, with smaller firms of five or more IFAs using them most frequently.Reliability, ease of updating and ease of use were ranked as the three top factors in influencing decisions for IFAs to purchase various technology systems.Twenty-four hour access was viewed as important by ...

  • Model bid to break the vicious circle of distribution model

    2 Nov 2006

    There is no quick fix to solve the problems of the current distribution model, according to Aegon UK chief executive Otto Thoresen.Speaking at the Money Marketing Live roadshow in Manchester on Tuesday, Thoresen said that the regulator, customer, provider and adviser are stuck in a vicious circle which produces consumers who are not confident or demanding.Thoresen said a number of business models are needed to tackle these issues, targeted at different customer types and he ...

  • More power to the people

    2 Nov 2006

    Persistent rule changes and rising regulatory costs are driving advisers out

  • Morgan tells a simple story

    2 Nov 2006

    Morgan StanleyFTSE Simple Growth Plan 10

  • Nationwide launches online mortgage applications

    1 Nov 2006

    Nationwide Building Society is offering its customers the facility to complete their mortgage application online.

  • Network changes website wording

    2 Nov 2006

    IFA network Financial Limited has changed the wording on its website amid concerns that some of it could have breached financial promotion guidelines.The website featured a claim that collective investments are almost guaranteed to make money. When Financial Limited's managing director realised this, he admitted it was an error by a website editor.The firm's website stated: "Investing for the long term in stocks and shares, whether directly or through collective investments ...

  • Nomura International - S&P Diversified Trends Indicator 80% Protected Fund.

    2 Nov 2006

    Nomura InternationalS&P Diversified Trends Indicator 80% Protected Fund.

  • Nomura International - S&P Diversified Trends Indicator Fund

    2 Nov 2006

    Nomura InternationalS&P Diversified Trends Indicator Fund

  • NU boosts sales as service improves

    2 Nov 2006

    Norwich Union claims its strong sales figures in the UK in the first nine months are largely down to improved service standards.Parent group Aviva figures show total worldwide sales rose 22 per cent to £22,718m from £18,601m in the same period last year. NU's UK life and pension business grew by 31 per cent from £6,686m to £8,791m. With-profits bond sales more than doubled to £552m and UK investment sales overall shot up by 96 per cent from £855m to £1,673m.But equity-release ...

  • Octopus steps over rug pulled from under VCT market

    2 Nov 2006

    Octopus InvestmentsApollo VCT 1 and 2

  • Offset for life with the Woolwich

    2 Nov 2006

    WoolwichWoolwich Lifetime Offset Tracker

  • Out with a bang

    2 Nov 2006

    So farewell then, Gerrard. As you read this I will have moved on to whatever pastures await me in my semi-retirement. I say semi because I know what tasks might be found for me at home if I do not profess to a continuing interest in the investment world.

  • Pension reform disarray

    2 Nov 2006

    A U-turn on alternatively secured pensions will hit consumer confidence

  • Portman at top of the tree

    2 Nov 2006

    Portman Building SocietyTwo Year Fixed Rate Mortgage

  • Potter doubts value of multi-asset funds

    2 Nov 2006

    Credit Suisse Asset Management joint head of multi-manager Gary Potter has questioned the value of holding single-manager multi-asset portfolios within a fund of funds.One of the target markets for the recently launched King & Shaxson ethical balanced income fund, which applies a multi-asset approach to ethical investment, is multi-managers. But Potter, who runs a multi-manager ethical fund for Credit Suisse, believes multi-managers will prefer to make their own asset allocation ...

  • Product matters

    2 Nov 2006

    I believe that the NDF growth kickout plan, which was launched in September, offers a potentially very attractive return of 11 per cent a year.As is to be expected with NDF, the literature is very well produced and easy to understand, notwithstanding the complexity of the product.On the upside, all returns are subject to capital gains tax, as opposed to income tax, which means that investors who do not utilise their capital gains tax allowance can receive all or part of the ...

  • Property tops sales for ninth month

    2 Nov 2006

    The IMA says property was the best-selling asset class for the ninth month running in September. Net Isa sales were up by 4 per cent on last September, rising to 49m.

  • Providers pass clawback debt details to FSA

    2 Nov 2006

    The FSA is collecting information from product providers on IFAs with severe commission clawback debts.Speaking at Money Marketing Live, FSA head of investments for small firms Jonathan Fischel revealed that the regulator is investigating the previous and current financial problems of a sample of 50 advisers.The results of the probe will be published early next year. The investigation also aims to gauge the quality of the advice provided by the firms and whether their advice ...

  • Pru and NU slam WP claims

    2 Nov 2006

    Actuary AKG's claims that the with-profits is fatally wounded and advisers will struggle to sell the product have been shot down by Prudential and Norwich Union.AKG say surrenders are continuing because with-profits have become "toxic words". But Prudential head of investments Andy Brown says this is nonsense and AKG is generalising across the board. He says Pru's with-profits bond sales have risen by 29 per cent in the first nine months of the year.NU senior actuary David Riddington ...

  • Prudential restructure sees 30 brokers sales jobs cut

    3 Nov 2006

    Prudential is cutting 30 jobs in a restructure of its broker sales team.Pru says 150 people across its intermediary sales division will have to reapply for their jobs with 60 positions being axed. The restructure will create 30 new posts in a move that will see the headcount on its intermediary distribution team cut from 430 to 400.The insurer is aligning its sales teams geographically, split into North, South, London and the Midlands.

  • Punter Southall is set to buy Opus

    2 Nov 2006

    Punter Southall Financial Management is set to snap up adv-iser firm Opus Holdings.The deal is expected to be completed by December and will increase Punter Southall's advisers from 40 to 60.The IFA and employee benefits consultancy says Opus is likely to be its last acquisition as it believes it has adequate geographical coverage.Opus has branches across the UK, including in London, Cardiff, Aberdeen, Bolton and Maidstone, and these are all expected to be maintained.The ...

  • Purnell seeks views on idea for a single state pension

    2 Nov 2006

    Pensions minister James Purnell is floating the idea of merging the two components of the state pension into a single rebranded pension to help with simplicity and public understanding.Although he has not given further details, Purnell said this does not mean the Government is considering creating a single-tier pension.Speaking at a Parliamentary SMF event in London, he gave details on the simplification of S2P, indicating how the Government could replace complex S2P calculations ...

  • Questions posed about Poso popularity

    2 Nov 2006

    Instant mortgage offers will not take off for years because major banks will struggle to find investors if they try to sell on these books of business, says Mortgages PLC.At MM Live. Mortgages PLC head of corporate development Paul Fryers claimed that estimates from the likes of GMAC that up to 50 per cent of homeloans will be offered instantly in the next five years are exaggerated and he said the figure would be closer to just 5 per cent on specialist mortgages.He said that ...

  • Rate and see

    2 Nov 2006

    The US Federal Reserve Bank could be on pause for some time and rate cuts are not expected

  • Reeling in the rebate

    2 Nov 2006

    Offshore business Simon Hildrey asks why is it that some funds rebate trail commission and others don't

  • Regulator gets tough on PPI with big fine

    2 Nov 2006

    The FSA has fined Loans.co.uk £455,500 for failing to treat its customers fairly when selling payment protection insurance in a further sign that the regulator is taking an increasingly critical view of the product.The regulator says it found that the firm did not have appropriate systems and controls in place to minimise the risk of unsuitable sales, exposing about 14,000 people to the risk of a missale.At last week's Treasury select committee meeting, FSA chief executive John ...

  • Regulator rocks on

    2 Nov 2006

    The FSA's rock band is making a come back at this year's Compliance Register OStCaR awards although there are a few line-up changes since last year's epic performance which included classy covers of Alice Cooper's Poison and the Stones' Jumpin' Jack Flash.The night will also feature the immense vocal talents of Compliance Register's Ben Goh, hopefully reprising last years tear jerking Avaa medley, as well as comedy from Rory Bremner.The night will be hosted by the legendary ...

  • Research reward

    2 Nov 2006

    I wonder if anyone has ever assessed whether there is more research undertaken in financial services than other industries. There seems to be reams of new research to wade through every week.

  • 'Restrictions would be a dangerous route'

    2 Nov 2006

    Rowanmoor says restricting Asps based on religion and forcing everyone else to buy an annuity at 75 would be a "misrepresentation of trust" on behalf of the Government.In a letter to Treasury Economic Secretary Ed Balls, Rowanmoor director David Seaton accuses the Government of making no reference to its policy of forced annuitisation in the 2002 consultation paper that preceded the Finance Bill 2004.It says the bill, which explained that Asps would be introduced principally ...

  • Retention success slashing value of mortgage market

    2 Nov 2006

    Edeus managing director Alan Cleary says 125bn could be wiped off the value of the mortgage market due to the growth of retention schemes.At Money Marketing Live in Manchester on Tuesday, Cleary said the market could shrink from projections of around 345bn for this year to just 220bn in future as he claims lenders' retention strategies are designed to kill off the remortgage market.He says one lender has already wiped 10bn off the remortgage market because of its retention strategies.Cleary

  • Retrograde move to scrap Asps

    2 Nov 2006

    I note that at the committee stage of the Finance (No. 2) Bill 2006, you said: "This is a consultative and listening Government." I also noted that you used the fact that because the industry had not made representations, then it must be content with the proposals. I therefore write to make representation on the debate on alternatively secured pensions. Rowanmoor Pensions is the biggest independent provider of small self-administered schemes in the UK, administering over 4,600 schemes ...

  • Ringing the changes

    2 Nov 2006

    New guidelines on online and telephone underwriting fail to tackle the major issues and will have little impact on best practice and regulating the industry, writes Helen Pow

  • Rodgers and Carroll quit to launch boutique

    2 Nov 2006

    HSBC and Schroder UK equity managers Chris Rodgers and Tom Carroll have resigned to set up an investment boutique.Rodgers quit as head of UK equities at HBSC's Halbis active fund management unit last week but has been persuaded to stay on with the group until the end of November, delaying the launch of the new boutique.He will continue to caretaker manage the group's HSBC's £1bn growth and income, income and monthly income funds, which he took on following the departure of Bob ...

  • Schroders waives initial charge on multi-manager Isas

    2 Nov 2006

    Schroders is gearing up for the Isa season with a special offer to promote its multimanager portfolios.The initial charge on the Schroder S&P high alpha, strategic balanced and cautious managed distribution portfolios will be waived or up to 5 per cent commission offered until April 5, 2007. The offer applies to all direct unit trust and Isa business and applications through Cofunds, Transact and FundsNetwork.Schroders expects multi-manager funds to be popular during the Isa ...

  • Scot Eq group Sipp takes a bow

    2 Nov 2006

    Scottish EquitableGroup Self-Invested Personal Pension Plan

  • Secure option from NDF

    2 Nov 2006

    NDFSecure Growth Plus Plan July 06

  • Serial crops

    2 Nov 2006

    Continuing to look at how transitional serial interest relief can apply in inheritance tax planning

  • Sharp rise in repossession orders revealed by DCA

    3 Nov 2006

    The Government has revealed a steep rise in the number of repossession orders made by mortgage lenders.

  • Shock exit from Credit Suisse

    2 Nov 2006

    Bill Mott has delayed his retirement until the end of the year while Credit Suisse finds a replacement for Francis who is joining Schroder.Day-to-day management will be taken over by Crispin Finn, who made his name at the firm as a small-cap growth manager, and Phil True.Only last week, Mott said he was retiring because he was confident that Francis was the right man for the job. But joint head of sales Mark Ingram says the group has been looking for someone new to head the ...

  • Skandia manager joining Resolution

    2 Nov 2006

    Skandia protection mark-eting manager Alison Turner-Holmes is to join Resolution life as head of marketing.

  • Something to shout about

    2 Nov 2006

    With consumer trust declining, companies should be boasting about their CSR plans, not trying to hide them, says Teamspirit managing director Joanne Parker

  • Stake's evidence

    2 Nov 2006

    Helen Pow finds that opinion is split on the huge boost to stakeholder sales in the first quarter of the year

  • Standard appoints Scottish Power FD

    2 Nov 2006

    Standard Life has brought in Scottish Power finance director David Nish as group finance director.

  • Standard continues push into China

    2 Nov 2006

    Standard Life has continued its push into China with the opening of a new branch in Nanjing.The Chinese joint venture between Standard Life and TEDA Investment Holding Corporation, called Heng An Standard Life, represents the life office's first move into Southern China.HASL aims to target savers with its portfolio based on plans for protection, investment, healthcare and education and will initially have 100 financial planning consultants.Nanjing, which is in the Jiangsu ...

  • Standard dismayed at 14% claim refusal rate

    2 Nov 2006

    Standard Life paid out 9.8m in critical-illness claims in the first half of this year and says it was disappointed that 14 per cent of claims were declined.Six per cent of claims were declined because the claim did not meet policy definitions and 8 per cent were declined due to non-disclosure.At point of claim, 60 per cent of policies had been in place for more than four years.Sixty per cent of claims paid were for cancer followed by 11 per cent for heart attacks and 8 per ...

  • Stern Report could lead to increase in ethical investing, says Trustnet

    1 Nov 2006

    The Government-commissioned Stern Report into the effect of global warming will lead to an increase in investors switching to green and ethical funds, says Trustnet.Financial Express head of marketing and communications Paul Wynne says public understanding of green issues will be heightened by the launch of the report and investors may want to ‘do their bit’.Wynne says: “It is not true to say that following your conscience will mean poor performance and ultimately poor returns ...

  • Suitability letter will be replaced

    2 Nov 2006

    Newcob will replace the current suitability letter, including requirements to document the "most suitable" product, with a less prescriptive suitability report, giving firms more discretion over content.

  • Swip in need of special touch

    2 Nov 2006

    Scottish Widows Investment PartnershipSwip Absolute Return UK Equity Fund

  • Swip, the world and its cat seek absolute returns

    2 Nov 2006

    Scottish Widows Investment PartnershipSwip Absolute Return Macro Fund

  • Swiss roles need to be sorted out

    2 Nov 2006

    With so many frequent exits, Credit Suisse Asset Management is in danger of becoming the Big Brother house of the fund management industry.First there was the defection of Leigh Harrison, the man groomed to be the next Bill Mott, in October 2005 to Threadneedle.Then group managing director Ian Chimes and group sales director Mark Thomas quit.Now CSAM's "star manager" Bill Mott turned mentor, who was meant to retire at Christmas, has decided he won't retire just yet as Errol ...

  • Tarred with the same brush

    2 Nov 2006

    Some time ago, a journalist I respect highly - but won't name here - wrote a column in another publication. The gist of his comments was that, for most consumers, the financial services industry is intricately bound together, no matter what individual branch its practitioners belong to.

  • The day of the locust

    2 Nov 2006

    Skandia PR Alex Jones certainly knows how to treat a group of journalists. Not for him the decadence of Claridges or The Ivy.No, Mr Jones decided that a plate of crickets and locusts was the best thing to offer up to the famished hacks.The delightfully named love bug salad was gratefully accepted by most of the party along with a dollop of wildebeest for those with less stable stomachs.The crispy creatures were surprisingly tasty and one MM reporter even brought back a doggy ...

  • The real facts on fees

    2 Nov 2006

    Over the last few weeks, some sensational language has been used concerning retention fees, mainly by individuals who have a reputation for trying to destroy anything which does not fit with their particular business model, for example, packagers. This is a real shame because as an industry we have a responsibility to welcome anything which improves consumer transparency and choice. Phrases such as the "FSA are watching this issue" are designed to strike fear into intermediaries, ...

  • This week in Mortgages

    3 Nov 2006

    Anyone with an interest in the mortgage market could not have failed to have noticed the wave of publicity that followed Abbey's announcement earlier this week that it is to offer income multiples of up to five times a borrower's salary.

  • This week in Pensions

    3 Nov 2006

    Apparently the Egyptian queen Cleopatra was so monumentally peeved about her boyfriend, Antony, dying and the prospect of being ruled by the invading Augustus Caesar she committed suicide by allowing some poisonous asps to bite her.

  • This week in Pensions

    2 Nov 2006

    Providers are being encouraged to whistleblow on IFAs with severe commission clawback debts by the FSA.

  • This week in Politics

    1 Nov 2006

    The Tory's independent tax commission published its well leaked proposals to reform the tax system and slash the overall burden of taxes by 21bn.

  • Time is on your side

    2 Nov 2006

    Offshore bonds Scottish Life International technical manager Gerry Brown says internationally mobile workers could benefit from the available of time apportionment relief on offshore investments

  • Tories brand Government pension response a ‘disgrace’

    3 Nov 2006

    The Tories have attacked the Government’s response to the public administration committee’s damning assessment of its treatment of victims of occupational pension collapses, branding it a ‘disgrace’.Pensions minister James Purnell this week ruled out any more help for the estimated 125,000 people who lost their pensions when schemes collapsed before the introduction of the Pension Protection Fund.He said the government had already committed over £2bn to the Financial Assistance ...

  • Trust problem over PTA

    2 Nov 2006

    Syndaxi Financial Planning managing director Robert Reid has called for HM Revenue & Customs to clarify its position on the assignment of death benefits in trust on pension term assurance policies to avoid misselling.Reid said there is a danger that advisers will regard PTA as the default option for life cover. Although it is suitable for many people, Reid said there are circumstances where it is not appropriate, including business protection, because HMRC is not clear on whether ...

  • Turner-Holmes joins Resolution

    1 Nov 2006

    Resolution Life has appointed Skandia’s Alison Turner-Holmes as head of marketing for its UK new business division and will join in early 2007.

  • 'Two-star Clerical needs an overhaul'

    2 Nov 2006

    HBOS chief says there is opportunity to grow but focus must be kept

  • Unity Home Loans - Prime Buy To Let 2 Year Tracker

    3 Nov 2006

    Unity Home LoansPrime Buy To Let 2 Year Tracker

  • Will CML rue the data?

    2 Nov 2006

    Continuing controversy over the accuracy of the CML's statistics has called into question its effectiveness as a trade body, says Guy Anker

  • Window shopping

    2 Nov 2006

    Ihave never been a fan of insurance companies' banks' and building societies' funds. For too long, many have got away with mediocre returns, often because big salesforces distributed the funds without due regard to performance.However, some companies have realised how important it is for their unit trusts to be a real shop window for the group. One company is Standard Life Investments.It now boasts a strong line up, not only in the traditional areas of fixed interest but in ...

  • Winterthur continues to reap A-day rewards

    6 Nov 2006

    Winterthur Life has posted a 121 per cent increase in year-to-date single premium individual pensions business to £1bn, up from £463m in 2005.

  • Yorkshire BS appoints new chair and vice-chair

    7 Nov 2006

    Yorkshire Building Society has appointed Ed Anderson as chairman and Richard Davey as vice chairman.Anderson, who is currently vice chairman, will succeed Christopher Sheridan when he steps down at the end of the year.Anderson was appointed to the Board in May 2003 while Davey joined the board in September 2005.Sheridan says: “Since joining the Board both Ed and Richard have made substantial contributions to the Society. Ed’s broad commercial background and knowledge of the ...

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