Money Marketing
1 October 2003

  • 'Bank's profits for the year will be wiped out'

    2 Oct 2003

    IFAs believe Lloyds TSB's fine will prompt big firms to overhaul inadequate selling practices that they claim regularly saddle investors with unsuitable products and unbalanced portfolios. Some of the UK's most high-profile IFAs believe the £1.9m fine and huge compensation costs will jolt major firms into changing their attitude towards resource and asset allocation. They says that too often, investors are steered into earmarking large chunks of their resources for ...

  • 'Extend Sandler range'

    2 Oct 2003

    A leading economics thinktank is calling for the Sandler range to be extended into other product areas to encourage more consumers to save. At a fringe meeting sponsored by the IMA, Social Market Foundation director of research Ann Rossiter said she believes one of the only radical ways to encourage large numbers of people to start saving would be more Sandler-style products. Rossiter wants to see the Sandler principles of offering simpler products at lower cost extended into other ...

  • 'Managers are neglecting wealthy retired market'

    2 Oct 2003

    Wealth managers are not doing enough to tap into the retired market, which is "getting richer and fast", says Datamonitor. Its report says the over-55s accounted for just under 70 per cent of the UK's high-net-worth clients last year, owning 60 per cent of high-net-worth liquid assets compared with figures in 1997 of 65 per cent and 52 per cent respectively. The fastest-growing highnet-worth age bracket is the over-75s, whose number has risen by an average of 10 per cent annually, ...

  • 'Parents no guide to fund performance'

    2 Oct 2003

    Standard Life Investments has hit back at claims that the fund arms of banks and life companies lag behind their pure investment rivals, arguing that parentage has no impact on performance. Managing director Alan Burton says the oft-repeated view that investment subsidiaries underperform is a myth which fails to take into account changes in the marketplace. He points to the parentage of firms such as Jupiter, M&G and Henderson, which are perceived as specialist investment houses ...

  • 'Product providers are repeating the mistakes of the 1980s with IFA buys'

    2 Oct 2003

    One of the founders of the DBS network believes that product providers buying IFAs are repeating the mistakes of the 1980s when providers snapped up estate agencies. Simply Biz managing director Ian Thorneycroft believes providers buying stakes in IFA networks are chasing distribution in the wrong way and are set to suffer heavy losses. He says the present situation echoes the 1980s when providers such as Abbey National, Prudential and Woolwich aimed to secure distribution by buying ...

  • 10 points to build trust in pensions

    2 Oct 2003

    The ABI is placing reform of state pensions at the heart of a 10-point manifesto for change launched at the Labour Party conference in Bournemouth this week. ABI policy adviser Graham Vidler says the Government must reform the state pension to ensure the system is sustainable in the long term and to send the public the clear message that it pays to save. He says: "Looking at the operation of state benefits is a relatively new departure for the ABI. Our members felt this was increasingly ...

  • 44% of Lloyds TSB structured plans sold to ill-suited investors, says FSA

    2 Oct 2003

    Forty-four per cent of the structured products sold by Lloyds TSB between October 2000 and July 2001 were sold to the wrong kind of investor, says the FSA. It has fined Lloyds TSB £1.9m and ordered it to pay £98m in compensation. The fine, the biggest ever for a bank, relates to 22,500 sales in four tranches of the Scottish Widows-designed extra income and growth plan, which was rated medium to high-risk. Although the FSA has no criticism of the product itself, ...

  • 45% of IFAs spend up to 10 hours a week on compliance

    2 Oct 2003

    IFAs spend almost as much time on compliance as they spend face to face with their clients, according to a report from First Software. The company interviewed 400 small, medium and big IFA firms and found that 45 per cent spend between six and 10 hours a week on client-facing billable work while 44 per cent spend the same amount of time on compliance. Advisers believe the main factors that would help them spend more time with their clients would be a reduction in regulatory requirements ...

  • Abbey blasted for axing ScotProv and ScotMut

    2 Oct 2003

    IFAs and mortgage brokers have lashed out at Abbey National's decision to scrap the long-standing Scottish Provident and Scottish Mutual brands. The controversial £11m rebranding, which sees the company drop the National part of its name to become Abbey, comes as leading mortgage brokers have reiterated their view that the lender must do more to challenge HBOS's dominant position in the mortgage market. Brokers are calling for Abbey to back up the rebrand with a revamp ...

  • Abbey revamp to 'turn banking on its head'

    2 Oct 2003

    Abbey National has relaunched its business in what it calls a "radical shift" in customer service. The new line for the bank is "helping people get on top of their money" and it believes this will "turn banking on its head". As part of the relaunch, it has dropped the word Nat-ional from its brand and is simply calling itself Abbey. The revamp includes grouping its savings accounts into three types - Easy Reach, Put Aside and Lock Away - and will also replace its six current accounts ...

  • ABI sets out 10-point plan to save pensions

    2 Oct 2003

    The ABI launched a 10-point manifesto at the Labour Party conference in Bournemounth on Monday aimed at averting a full-scale pension crisis. Its research shows that only 15 per cent of the public trust the Government not to let them down on pensions. The poll shows only 4 per cent are very confident they will have enough money to live comfortably when they retire while 61 per cent are either not particularly or not at all confident. The manifesto calls for clear, unambiguous targets ...

  • Artemis - Portfolio Conservative Fund

    6 Oct 2003

    Type: Unit trust fund of fundsAim: Income and growth by investing in fixed-interest funds and equity fundsMinimum investment: Lump sum £1,000Investment split: Liontrust first income 11%, Newton higher income 10%, Rathbone income 9.5%, DWS UK equity income 8.8%, Old Mutual corporate bond 16.5%, Threadneedle strategic bond 12.3%, Isis strategic bond 11.7%, Thames River high income 10.9%, cash 9.3%Isa link: YesPap transfers: YesCharges: ...

  • Artemis - Portfolio Growth Fund

    2 Oct 2003

    Type: Unit trust fund of fundsAim: Growth by investing in a global portfolio of equity fundsMinimum investment: Lump sum £1,000Investment split: Threadneedle limited issue 13%, Gartmore UK focus 11%, JO Hambro UK growth 10.7%, Newton higher income 9.4% Neptune UK equity 8.4%, Lazard UK alpha 6.8%, BWD micro cap growth 4%, S&F Hiscox insurance 1.8%, Artemis European growth 6.5%, Cazenove European 3%, GAM star American focus 7.4%, BDT Invest Asia focus 5.6%, ...

  • Artemis -Portfolio balanced Fund

    3 Oct 2003

    Type: Unit trust fund of fundsAim: Income and growth by investing in a portfolio of equity funds and bond fundsMinimum investment: Lump sum £1,000Investment split: Lazard UK alpha 13.9%, Schroder UK alpha plus 13.9%, Artemis income 13.3%, Neptune UK equity 9.4%, BWD micro cap growth 4.3%, S&F Hiscox insurance 1.9%, Artemis European growth 5.1%, Cazenove European 2.4%, GAM star American focus 7.2%, BDT Invest Asia 4.4%, Atlantis Asian recovery 4.4%, Thames ...

  • Axa revises with-profits bonus rates

    7 Oct 2003

    Axa Sun Life has announced cuts to its terminal bonus rates, with regular and interim bonuses remaining as they are. Cuts will be made to terminal rates applicable to life and pension products invested in the Axa Sun Life with-profits fund and pension products and conventional life products invested in the Sun Life Assurance Society with-profits fund. The payout on maturity of a typical endowment policy will drop by 6 per cent, and a personal pension plan by 4 per cent. ...

  • Barclays' Barrett to step down?

    7 Oct 2003

    Barclays chief executive Matt Barrett is believed to be planning to step down from his position in the next few months. He is not expected to stand for the position of chairman, with finance director John Varley and Barclays Capital chief executive Bob Diamond two candidates tipped to be in the running.Barclays said it had not yet made any decisions as to who would succeed Sir Peter Middleton as chairman.

  • Big rise in Lighthouse turnover in first half

    2 Oct 2003

    Lighthouse Group increased its turnover by over a third to £9.5m in the first six months of this year from just under £7m in the last half of 2002. Losses rose by 10 per cent to £1m from £900,000. The results include figures for recent acquisitions Berkeley Wodehouse Associates from April 8 and RJ Temple from June 19. Net assets rose by 50 per cent to £6m from £4m, which includes the Temple deal. Since that deal in June, 150 advisers have ...

  • Blaine speaking

    2 Oct 2003

    Simon Hughes, LibDem candidate for mayor of London, has urged illusionist David Blaine to abandon his perspex box. Hughes says he would like to see Ken Livingstone moved from his Westminster office into a box overlooking the Thames. The Diary would like readers' comments and suggestions. Who would you most like to see suspended high up in the air?

  • Buck Consultants rebranded Mellon

    3 Oct 2003

    Actuarial and employee benefits adviser Buck Consultants is changing its name to Mellon, Human Resources & Investor Solutions division as part of the strategic integration of the Mellon-owned businesses in Europe.Mellon, Human Resources & Investor Solutions division chief executive Eddie O'Hara says: "The Mellon HR services sector, which includes Buck Consultants, is a key growth area for Mellon, providing products and services to meet the consulting, ...

  • Buy-to-let market continues growth to £7.7bn

    2 Oct 2003

    Buy-to-let lending is continuing to strengthen, with 75,100 mortgages worth £7.7bn in advances for the first half of this year. CML figures show BTL loans increased to 6.4 per cent of gross lending compared with 5.5 per cent in the second half of 2002. There are now 334,800 BTL mortgages totalling £31.2bn, making up 4.3 per cent of the whole mortgage market. The average value of BTL loans has risen from £94,000 to £102,500 in the first half of 2003. Remortgaging ...

  • C&G step up

    6 Oct 2003

    CHELTENHAM & GLOUCESTERStepped Discount Tracker MortgageType: Tracker mortgageTracker term: Until December 31, 2007Tracker rate: 0.51% below Bank of England base rate until December 31, 2004, 0.99% above base rate until December 31, 2005, 1.49% above base rate until December 31, 2007Minimum loan: £20,000Maximum loan: Up to 95% of valuation subject to no maximumIncome multiples: 3 times principal income plus second or 2.75 ...

  • Cable call to scrap the DTI

    2 Oct 2003

    The Liberal Democrats are calling for the Department of Trade & Industry and its "Army of Sir Humphreys" to be scrapped. At the party conference in Brighton last week, Trade & Industry spokesman Vince Cable raised a proposal to kill off the DTI, which he believes is unable to simultaneously promote business and protect consumers. Cable says one of the key aims of the party's commerce policy paper is to cut red tape and regulation for small businesses. He wants to ...

  • Cap in hand

    2 Oct 2003

    It is unsurprising that the industry is wary of predictions of price cap rises. This newspaper has carried predictions of a rise or at least reviews of the price on at least three occasions, all from well placed sources, although as time passes we have become more circumspect about how we report them. This week, we are told that the Deloitte & Touche report for the Treasury into price caps will suggest a rise to 2 per cent sensibly to accommodate advice costs. That is what our ...

  • Carrwood buys accountancy specialist

    2 Oct 2003

    Manchester-based IFA Carrwood Barker has made its fourth acquisition in 12 months, snapping up accountancy specialist IFA Moorgate House for an undisclosed sum. The new firm will trade as Carrwood Moorgate and intends to become the biggest specialist IFA company dealing with chartered accountants in the UK. The 40-RI IFA will have a combined turnover of £10m, which it is aiming to grow to £15m by the end of next year and £20m within three years. Support ...

  • CIS is set for IP launch

    2 Oct 2003

    The Co-operative Insurance Society is expanding in the protection market with plans to offer income protection early next year. The company, which merged with the Co-operative Bank in April last year, offers level and decreasing term insurance, both available with critical-illness cover add-ons, along with stand-alone critical-illness insurance, income benefit, whole of life and a funeral bond. Director of life and savings Martin Clarke says the merger means CIS's advisers are ...

  • Conference edge

    2 Oct 2003

    While I welcome and support the Inland Revenue proposal that pensions should be simplified, it seems to me that just simplifying the pension tax laws will be of no use if it is done in isolation. At the moment, pensions are not suitable for all in the workforce because of the way that pension savings interact with the means-tested state support systems. Perversely, this is something that is made worse, not better, by the introduction of the pension credit. Worse, in that in its attempt ...

  • Conference edge

    2 Oct 2003

    The long-term issue of providing income in retirement is often debated in Britain on a false basis. International comparisons tend to be made between the British state pension scheme and Continental provision and the conclusion is reached that British state pensions are affordable and sustainable into the long term. What is missing from this is that British pensioners are being forced to rely on means-tested benefits. In 1997, 37 per cent were on means-tested benefits. This year, the ...

  • Consumers must turn backs on debt - O'Brien

    7 Oct 2003

    Shadow Paymaster General Stephen O'Brien is calling for the financial services industry to educate consumers to help them move away from a "growing culture of debt". Speaking at a Building Societies Association fringe event at the Tory's conference last night, he said ultimately what we are talking about is moving away from the idea that debt is okay. O'Brien said: "It is up to the industry through groups such as the Personal Finance Education Group, and Government ...

  • Correspondent's week

    2 Oct 2003

    The high spot of the week was supposed to be the Mobos. An invite to go to the "most glamourous night of the year" (according to the Evening Standard) had come in a month ago. I am really too square for Mobos as I only own one CD by Big Brovaz and that is because it is a cover version of Julie Andrews. (My daughter dreams that Andrews is her mum - it is impossible to compete). Shined up the bling bling in any case. Reading Mirror journalist Kevan Reilly's brilliant Monday review ...

  • Death of IFA champion Douglas Claisse

    2 Oct 2003

    Momentum chairman Douglas Claisse has died at the age of 70 after a distinguished career in financial services where he was a champion of independent financial advice. Claisse started his career at Clerical Medical as an inspector and rose to become deputy chief executive and chairman of Clerical Medical International, where he stayed until 1997. At Clerical, he and a handful of other life office directors realised the importance of the advice channel and created IFA Promotion. He ...

  • Defaqto upgrades fund supermarket links for IFAs

    1 Oct 2003

    Product research provider Defaqto is upgrading its Aequos investment database to enable IFAs to easily identify the unit trusts and Oeics which can be accessed through fund supermarkets.New data processes allow IFAs to identify which unit trusts and Oeics are offered through Cofunds, Egg, FundsNetwork, Selestia, Skandia Multi-Manager and Sterling Investment Account.Defaqto research director David Lee says: "It is of vital importance that Defaqto provides ...

  • Definitions sound death knell for CI

    2 Oct 2003

    There has been much speculation regarding the introduction of variable claims' definitions for critical-illness plans. Companies floating kites to sound out public and adviser viewpoints are perhaps immaterial because their aims cannot be in doubt. The introduction of such definitions will be the end of the CI market in terms of mass appeal. The first major provider to do this (I am ignoring NDF) will lose substantial market share regardless of any premium cuts. If firms ...

  • Don't dismiss CI benefits as 'namby pamby'

    2 Oct 2003

    I was pleased that the idea of a disability underpin for critical-illness products was dismissed in the article which discussed Mercer Oliver Wyman's report on the future of the market (Money Marketing, September 18). Our report also described the shortfalls of such an approach. However, dismissing out of hand the role of support services in a product which provides living benefits ignores the wider care needs of critical-illness claimants. With the demographic changes in society ...

  • Endowment complaints justified, says CA report

    2 Oct 2003

    The Consumers' Association says its recent online survey confirms that consumer complaints about endowment misselling are justified. The survey shows that 53 per cent of consumers have had their endowment complaints rejected. Eight-six per cent of consumers complained that they were not told there was a risk that the endowment would not pay off their loan and 76 per cent say there were not asked about their attitude to risk. The survey shows that consumers who bought endowments ...

  • Engineering a divorce

    2 Oct 2003

    I am a retired mechanical engineer in my early 60s and am being divorced by my wife. I have spent time working abroad and have changed employers a number of times so I have only a modest pension income. My wife, who is 10 years younger and actively employed, earns a considerable salary. We have used a mediation service rather than have a potentially expensive feud between solicitors. The result has been that she got the matrimonial home, I got our investment property and she has undertaken ...

  • EU reprieve for execution-only

    2 Oct 2003

    Crucial amendments to an EU directive for execution-only business have been passed by the European Parliament. The Investment Services Directive had threatened the sale of execution-only and direct-offer business by imposing suitability and fact-find tests on all transactions. The changes to the directive now go before EU finance ministers on October 6 for approval. The 15 member states then have to agree on the final shape of the law passed. The amendments were tabled by UK ...

  • Ex-Gartmore star to run new io fund

    1 Oct 2003

    Tim Gregory, former Gartmore head of UK retail funds, is to manage a UK income and growth fund for new investment house io unit trust managers.The fund, which opens on October 6, will aim for a yield 10 per cent higher than the average yield of the FTSE All Share index. It will also seek capital growth. The annual charge will be on a sliding scale, depending on the fund's position in the Standard & Poor's UK equity income sector. For the 13 months, ...

  • Fewer workers heading for a comfy retirement

    2 Oct 2003

    Research by JP Morgan Fleming reveals that only one in four working adults in the UK can look forward to a cosy retirement. Its Pension Map of Britain 2003 shows a massive fall of 3.4 million adults since 1996 in the number who are likely to receive a comfortable income in retirement - defined as a retirement income of 50 per cent or more of final salary. This means that only 7.4 million workers - or 26.6 per cent of the workforce - can look forward to a comfortable retirement ...

  • Flexible cover for Legion

    2 Oct 2003

    The Pension Annuity Friendly Society has ended the drought of new products in the prefunded long-term care sector with a plan called the flexible care account. The product is a combination of insurance and investment and has been endorsed by the Royal British Legion. Available for people aged 50-75, the investment account is designed to build a fund for paying towards some initial care requirements such as domestic help or care equipment. The nursing care insurance is designed ...

  • Forever blowing Bubbles?

    2 Oct 2003

    The technology and telecoms sector has been one of the best performers in recent months. Fund growth has averaged 49.7 per cent since the market low on March 12, according to Lipper, with the new Artemis enterprise fund up by a staggering 82 per cent in the seven-month period. But IFAs and investors are finding it hard to ignore the echoes with the market before its crash in March 2000 and some are worried that a mini-bubble could be developing. Chelsea Financial Services head ...

  • Franklin's safe US home

    3 Oct 2003

    FRANKLIN TEMPLETON INVESTMENTSUS Equity FundType: Oeic Aim: Growth by investing in US equities Minimum investment: Lump sum £1,000, monthly £30Investment split: 100% in US equities Isa link: Yes Pep transfers: Yes Charges: Initial 5%, annual 1.5% Commission: Initial 3%, annual 0.5% Tel: 0800 305306Franklin Templeton's US equity fund is an Oeic that applies a combination of growth ...

  • Friends Provident plans closure of direct sales force

    1 Oct 2003

    Friends Provident is conducting a review of its UK distribution structure that is likely to result in the closure of its direct sales force.The cost-cutting measures are in anticipation of regulatory changes that Friends believes will allow it to distribute more effectively through the new types of independent and tied financial advisers allowed under depolarisation.Around half its advisers will be offered the opportunity to switch to self-employed appointed ...

  • FSA must find key to the timetable

    2 Oct 2003

    The FSA's work on reforming financial services can at times feel a bit like the Wembley stadium project. The architect's grandiose plans are laid out in the various consultation papers. Then come the inevitable delays and the increasing costs. The latest delayed initiative, admittedly one set out unnoticed in the FSA's roadmap for financial services several weeks ago, is the new key facts document due to replace the unloved key features document. The delay is one year ...

  • FSA shelves key facts paper

    2 Oct 2003

    The FSA's key facts consultation paper has been quietly put on the back-burner, giving product providers a temporary reprieve from the expensive new disclosure regime which firms fear could cost £100m. FSA spokesman Rob McIvor says it is "holding off" on the paper and is now aiming to release consultation feedback in the spring. It wants to carry out a complete review of projection rates first and says it would be "daft" to continue with CP170 until that is complete. McIvor ...

  • Fund firms face a big challenge

    2 Oct 2003

    Fund companies which do not have economies of scale will have to grow rapidly or cut costs to avoid being swallowed up by rivals in the distribution-driven, post-Sandler world, according to Threadneedle. Communications director Richard Eats says mounting margin pressure combined with the new, Europe-wide disclosure regime is likely to leave medium-sized firms under severe strain over the next few years. Unless they find ways to achieve economies of scale, he believes they will be forced ...

  • Get out of pension free card - Bee

    6 Oct 2003

    Scottish Life head of pensions strategy Steve Bee called for the government to offer a "get out of your pension free card" that would allow pension holders the right to their money back, less a tax charge, if at state pension age it could be demonstrated that they would have been better off not to have saved with a pension.

  • Getting IT right

    2 Oct 2003

    Science fiction author Isaac Asimov once said that he did not fear computers but instead feared a lack of them. How-ever, for your average Briton who turns on the PC before flicking the office kettle's switch on every morning, computers are often the biggest source of stress during the working day. A survey of 1,200 people conducted by Connect Support Services in 2002 showed that 80 per cent of the respondents complained that IT problems made their days more stressful while 84 per ...

  • GMAC acquires stake in National Guarantee

    7 Oct 2003

    GMAC-RFC has acquired a 40 per cent stake in mortgage originator and packager National Guarantee for an undisclosed sum. The move leaves National Guarantee joint founders Keith and Dale Robinson with 30 per cent of the company each. GMAC says the acquisition is a continuation of its strategy to invest in distribution, following its outright purchase of High Street Home Loans in February this year.

  • Group 300 network firms get free scanners for client data

    2 Oct 2003

    IFA support services provider Group 300 will be offering members of its 199 RI network free scanners to help retain data and monitor client files. It has made the move as members are reluctant to pay for technological developments. The scanners will be available initially to the 60 appointed representative firms in the network division and new members. Group 300 wants to see members using scanners to transfer data from old client files so it can be recorded on to disk and kept ...

  • Hamstrung

    2 Oct 2003

    Prudential national mort-gage club manager John Malone has his hamstrings tied up in knots following last week's sprint when he was beaten into second place by - shhh, don't say it too loud - a girl. He is popping over 20 pills a day to keep the pain down and is having to travel the country by train after it was deemed too dangerous for him to fly. The Diary wishes him a swift recovery but thinks it is about time that he stopped chasing girls.

  • Heald backs party's pension plans

    6 Oct 2003

    Speaking at the Conservative Party conference in Blackpool this morning, Shadow Minister for Work & Pensions Oliver Heald backed the party's pledge to take one million pensioners off means testing by 2006 by raising the basic state pension.

  • Homeowners prefer buying a TV to switching mortgages

    2 Oct 2003

    Homeowners are sticking with outdated and expensive mortgages while updating to newer and better consumer products such as widescreen TVs, according to research by Yorkshire Bank. It says only 16 per cent of homeowners have switched out of their 70s-style loans despite the summer being a record period for remortgaging, peaking at £10.7bn-worth of remortgaging in July. Nearly one in five say they dream about paying off their mortgage early but 57 per cent admit they have never ...

  • HSBC keeps ahead of the rest

    2 Oct 2003

    HSBC ASSET MANAGEMENTCapital & Growth PlanType: Capital-protected bondAim: Growth linked to the performance of the FTSE 100 indexMinimum- maximum investment: £3,000-no maximum, Isa £7,000Term: Six yearsGuarantee: Original capital returned in full regardless of performance of indexReturn: 21% growth at end of three years if index grows by 21% or more, 55% growth at end of five years if index grows by 55% or more, or 100% ...

  • Income aim for Britannia Intl bond

    2 Oct 2003

    Britannia International is planning a structured product for the IFA market which will offer income plus a full capital return. The offshore arm of Britannia Building Society says there is a growing demand within the IFA market for lower-risk income products. It says the product is unique as, unlike other capital-protected products, it is designed to provide income rather than capital growth. The product provides monthly or quarterly income and will return investors' capital ...

  • Independent view

    2 Oct 2003

    It is autumn. The nights are drawing in, the Pleiades are returning to the North-eastern skies and for centuries man has huddled around open fires telling stories and preparing for the change in seasons. Here is a story for our time. Imagine, if you will, a situation that once occurred to a poor GP (let's call him Dr Sandler) who correctly diagnosed a rare illness for a patient. The treatment was a straightforward course of stabilising drugs over several years and the prognosis ...

  • Insight rebuilds fund of funds team with UBS duo

    2 Oct 2003

    Insight Investment has made the first step in replacing Bambos Hambi and his fund of funds team by recruiting two senior managers from UBS. Patrick Armstrong, director, head of fund and manager selection and Ana Cukic-Munro, director, head of portfolio construction, will join in January. They are the first appointments to Insight's Fof operation, which is losing its team to Gartmore, which is launching a multi-manager next year. At UBS, the pair developed a Fof investment ...

  • Inter-Alliance turnover rises but losses surge

    2 Oct 2003

    Inter-Alliance has seen its operating losses rise by 188 per cent in the six months to June but says cost-cutting measures mean it can become profitable in the first half of 2004. The company's operating losses rose to £14.7m for the half-year to June 30 compared with £5.1m for the same period last year but says a significant proportion of this loss is down to taking on liabilities from companies absorbed within the group. In July, Inter-Alliance raised £15m ...

  • Investment analysis

    2 Oct 2003

    With the third quarter looking like being the strongest for equity markets since 1991, it was little surprise that stocks ended the week lower although the severity of the falls will be of some concern. The catalyst for the sell-off was threefold, with a sharp fall in the dollar followed by Opec's announcement that it is to cut oil production by 900,000 barrels a day from November and then a somewhat disappointing set of US consumer confidence figures. Over the week, the FTSE World ...

  • Investment firms call for higher standards

    6 Oct 2003

    Investment management firms are calling for higher market standards in the corporate bond market. Led by Barclays Global Investors, Gartmore and M&G, the firms have joined forces to publish a consultation paper aimed at improving standards in the European credit market."Improving Market Standards in the Sterling and Euro Fixed Income Credit Markets", outlines a series of 'best practice' principles that are aimed at benefiting credit market issuers and investors.The ...

  • Investment view

    2 Oct 2003

    With gold and oil back in the news, it seems natural for markets to appear somewhat lack lustre. A buoyant gold price nearly always reflects underlying concerns although much of the recent increase is simply compensation for a weaker dollar. The rise in the price of oil is a different kettle of fish. Opec has decided to limit production to keep the price above $25. This is a tougher approach than in the past and there are many who feel it will do the global economic recovery no good ...

  • Jersey warning over Euro tax directive sparks fears of delay

    2 Oct 2003

    A loophole in the new European Union tax savings plan spotted by Jersey's regulator could cause the directive to be delayed. Jersey Financial Services Commission spokesman John Harris says the regulator believes the savings tax directive will not be applicable to private companies and discretionary trusts excluding a number of wealthy investors. The EU tax savings plan, designed to stamp out tax evasion, is being put in place to bring tax regimes in EU countries closer together ...

  • Julian Gibbs

    2 Oct 2003

    I believe that most high-end investment-grade corporate bond funds are going to show losses for investors over the next year or so while paying an income which can be bettered elsewhere. For conservative investors, I think a better solution is the New Star managed distribution fund, which has some of the best fund managers in the business. It presently pays an income of just under 5 per cent - higher than the return from most building society deposit accounts and corporate bond funds. It ...

  • Koralis leaps into action

    1 Oct 2003

    Newly-formed film production company Koralis Pictures is aiming to raise up to £2.5m to finance three low-budget action thrillers from Commando director Mark L Lester.Film Fund One is the brainchild of former IFA Heath Jones, who founded Koralis six months ago after meeting writer Bruce Fitzpatrick in Los Angeles. Fitzpatrick had secured a film deal for his prison novel, The Rules of the Game, when the company financing it went down with the World ...

  • L&G protected index plans to close

    3 Oct 2003

    Those keen to invest in Legal & General's protected index plans need to move quickly with the series due to close to new investors next Friday.The protected index plan 5 will close to investors on October 10, marking the end of the protected index plan series.It is an index linked investment with capital protection at maturity. It provides growth in the FTSE 100 Index up to a maximum of 55 per cent and is aimed at investors who want to approach the stock ...

  • Laughable views on recruiters that are no joke

    2 Oct 2003

    I enjoy a good laugh as much as the next man and I certainly had a good laugh after reading Peter Hargreaves' article in Money Marketing last week. I apologise up front for not having the obvious natural charm that Mr Hargreaves possesses but I still felt the need to put pen to paper and share my opinions about his staggeringly inept, assumptive, pompous and downright naive letter. If his article was attempting to engineer a debate about some of the activities in the recruitment ...

  • Lawyer says FSA won't widen bond probe

    2 Oct 2003

    The FSA's plans to target IFAs over structured product misselling will not lead to a full-scale pension-style review, says City law firm Reynolds Porter Chamberlain. The commercial law firm says the move by the FSA is more likely to lead to individual firms being investigated than a pension-style review, which would require approval from both Houses of Parliament. RPC says only 12 per cent of precipice bonds have been sold through IFAs. It says IFAs already facing difficulty ...

  • Leader of the LibDem pack

    2 Oct 2003

    A brief sojourn to Brighton for the Liberal Democrat party conference left the Diary with a bit of a hangover and only a fuzzy recollection of who had been interviewed and when. To help the sandal-wearing delegates distinguish one LibDem MP from another, the party issued packs of cards with the faces of the key party players on the front. The LibDems are borrowing the tactic from George Dubya who issued US soldiers with leading Iraqi targets on playing cards. The cards see Brent East ...

  • Leeds & Holbeck launches 100 per cent mortgages

    3 Oct 2003

    Leeds & Holbeck Building Society has launched two 100 per cent mortgages to help first time buyers get onto the property ladder. The first is a three year fixed rate at 5.49 per cent, with early repayment charges of 6 months interest in the first year reducing to 4 months in the third year. The second is a three year variable rate which tracks Leeds & Holbeck's variable rate plus 0.50 per cent, giving a current rate of 5.99 per cent. It has early repayment charges ...

  • Legg Mason pulls out of managing funds to focus on distribution

    2 Oct 2003

    Legg Mason Investments' position as a traditional fund manager is to end following its decision to transfer the management of its UK and European funds to US subsidiary Batterymarch. In a move which will see the group focus solely on distribution, Legg Mason is applying for FSA authorisation to allow its fund managers to join a Batterymarch operation it is launching in London. The funds will retain Legg Mason's brand but they will be managed under the investment process of its ...

  • Literature lessons

    2 Oct 2003

    When you consider the millions of pounds that financial product providers pour into their product literature budgets, it might come as a surprise that many of them rarely evaluate the effect of their literature formally on target customers and IFAs. Bearing in mind the FSA's concern that customers should understand the products they buy and that clear literature is key to this, this inactivity can raise a few eyebrows. However, considering there has been no cost-effective method ...

  • Mark Chilton on mortgages

    2 Oct 2003

    I was rather flattered to receive a call from Mr Editor Lappin asking me to join his august group of subject columnists. So from now on, rather than my irregular ramblings in Outside Edge, you lucky readers will have the questionable pleasure of hearing my views on the mortgage business regularly. The qualifications that enable me to join such luminaries as Brian Tora are over 15 years in the industry, initially in the lending side with First Mortgage Securities and then on the intermediary ...

  • Mike Yardley

    2 Oct 2003

    If you think of the Royal London companies as stocks in an intensely focused fund with a driven fund manager, you get some way to understanding chief executive Mike Yardley's approach. This is a five-stock portfolio, including Royal London with two salesforces - one regulated, one non-regulated - Scottish Life, Bright Grey, Royal London Asset Management and a private equity business. It has a few off-balance sheet assets, such as pension guru Steve Bee. Yardley's assessment ...

  • Morgan Stanley entices with income

    6 Oct 2003

    MORGAN STANLEYFTSE 100 Income PlanType: Capital-protected bond Aim: Income linked to the performance of the FTSE 100 index Minimum- maximum investment: £5,000-no maximum, Isa £3,000-£7,000 Term: Three years Guarantee: Original capital returned in full provided index does not fall by 30% or more at any time during the term Return: 6.5% income a year Closing date: October 31, 2003, Isa/Pep transfers October 17, 2003 ...

  • Mortgage 2000 set for network

    2 Oct 2003

    Trading platform Mortgage 2000 is setting up a mortgage and general insurance network called m2i. The company already has 7,500 subscribers and plans to finance a network with a minimum of 500 members. The network will offer a full range of support services, including authorisation, compliance support and training services. The compliance division will be led by David Payne, former head of operations and director of the MCCB. Mortgage 2000 rival Net-work Data launched a network ...

  • MP's fear of rift at regulator

    2 Oct 2003

    Labour MP and Treasury select committee member Nigel Beard has cast doubts on the practicality of the division of roles between the chairman and chief executive at the FSA. Speaking to Money Marketing at Labour's annual conference in Bournemouth this week, Beard said that he believes a division of roles may cause a rift in policy at the FSA and that a clearer definition of the divisions of power and responsibilities is needed. Former FSA managing director John Tiner recently ...

  • NAPF row with Misys over pay structure

    2 Oct 2003

    Misys has been criticised by the NAPF for an over-complex executive pay structure it says is one of the worst it has encountered in the FTSE 350. The NAPF's Voting Issues Service has recommended that member schemes which are Misys shareholders - whose combined investments total £600bn - should abstain on the vote to approve its remuneration report. An NAPF report says the report is so complicated that many shareholders are "unlikely to have the time or stamina" to work ...

  • Networks wield significant buying power in PI market

    2 Oct 2003

    I would just like to correct any impression that Collegiate Insurance Brokers feels that IFAs can obtain cheaper PI cover as a matter of course by leaving their networks (Money Marketing, September 18). We do not believe that there is any such certainty and we would not recommend IFAs to base any decision on this assumption. Our point was that some of those who have left networks in the past may have been able to improve their chances of obtaining some sort of PI quote by setting up ...

  • New advisers to sit exam to sell long-term care

    2 Oct 2003

    New advisers will have to sit an extra exam if they want to sell long-term care insurance under new regulations being proposed by the FSA. CP200, Regulation of Long-Term Care Insurance, is aimed at increasing consumer protection for LTC and will come into effect on October 31. The FSA says an exam would reduce the risk of the public getting bad advice and help ensure consumers buy the right products for their needs. The proposed regulations will mean consumers have the same protection ...

  • New tracker mortgages from C&G

    1 Oct 2003

    Cheltenham & Gloucester has launched a new range of tracker mortgages, which includes trackers at between 0.39 per cent and 0.89 per cent over Bank of England base rate until 31st December 2007. It also features a stepped discount tracker mortgage which allows customers to track their mortgage at 0.51 per cent below base rate until 31 December 2004, then between 0.49 per cent and 0.99 per cent above base rate until 31 December 2005 and then between 0.99 per ...

  • No prizes for HNW answer

    2 Oct 2003

    Apparently, high-net-worth clients are leaving their advisers in favour of looking after their own affairs. What conclusions do we draw from that? Let us look at the four alternatives: 1: Clients have become more financially astute despite the increasing complexity of the financial markets. 2: They are disillusioned and frustrated about the lack of service and poor advice. 3: They have more time on their hands as a result of being wealthy. 4: Having created the wealth ...

  • Out of context

    2 Oct 2003

    •"David Bowie's definitely a liberal but probably not in the same sense that I am." - LibDem leader Charles Kennedy. •"You can lead a horse to water but you cannot make it drink, especially if the water's filled with sharks." - IMA director of training and education Victoria Nye. •"I've been to the end of the world - it's called Telford." - Taxbriefs' Danby Bloch. •"Danby would like to know what the deadline is for his urge." - Phone message ...

  • PI firm warns IFAs over equity release

    2 Oct 2003

    Professional indemnity insurer Magian Mutual has issued a stark warning to IFAs, saying it would have reservations about offering cover to firms with significant exposure to equity-release products. The company says it would have serious problems offering cover to any firm with more than 5 per cent of its book exposed to equity release. Magian already requires any firms looking for a PI quote to account for any equity-release sales they have made. Glyn Morris, a board director ...

  • Pima calls for Isa breaks to stay

    7 Oct 2003

    The Pep and Isa Managers' Association is today calling on the Chancellor to use his pre-Budget report to maintain the Isa tax credit and place Child Trust Funds within Isa rules.Pima says the 10 per cent tax credit dividend on stocks and shares on Isas should be maintained past April 2004. Pima proposes that the Sandler suite of products should include the use of Cat marked cash Isa's for short term and Cat marked equity Isa's for medium term investment groupings. ...

  • PIMA calls on Chancellor to boost savings

    7 Oct 2003

    The PEP and ISA Managers' Association has issued a Pre-Budget Submission to the Chancellor calling for the ISA tax credit to be maintained and the Child Trust Fund to be part of the ISA family as a major boost to savings.Tony Vine-Lott, Director General of PIMA, said: "PIMA wants to see a significant boost to savings in the coming Budget. Our package of measures is designed to safeguard the attractiveness of the Government's most successful savings vehicle as well as extending ...

  • Platinum Capital Management - Platinum Turnberry Fund

    1 Oct 2003

    Type: Hedge fundAim: Growth by investing in distressed securities via the Turnberry master fundMinimum investment:$100,000, euros 100,000Place of registration: Cayman IslandsInvestment split: 100% in distressed securitiesCharges: Annual 1.5%Commission: Subject to negotiationTel: 020 7887 6110

  • Platinum creates regular savings hedge fund plan

    3 Oct 2003

    Platinum Wealth Management has unveiled the Platinum savings programme, a regular savings plan for hedge funds.The plan has a minimum investment of £150 a month or £1,200 a year and will provide access to four hedge funds - Platinum AllWeather, Platinum Equity Plus, Platinum Washington and Platinum Turnberry. Initially the Platinum AllWeather Fund will carry the highest weighting at 35 per cent of the portfolio. This fund applies a long and short ...

  • Platinum provides monthly hedge fund savings product

    6 Oct 2003

    Platinum Wealth Management has unveiled the Platinum savings programme, a regular savings plan for hedge funds.The plan has a minimum investment of £150 a month or £1,200 a year and will provide access to four hedge funds - Platinum AllWeather, Platinum Equity Plus, Platinum Washington and Platinum Turnberry. Initially the Platinum AllWeather Fund will carry the highest weighting at 35 per cent of the portfolio. This fund applies a long and short equity strategy ...

  • Portman Channel Islands appoints new MD

    1 Oct 2003

    Portman Channel Islands has appointed a new managing director. Stephen Le Poidevin will join the company in Guernsey on October 27 as deputy managing director and replace Danny Nippard as managing director at the end of the year.

  • Practiv moves into life e-commerce arena with Friends' software deal

    2 Oct 2003

    A new software provider is entering the race to deliver paperless systems to life offices for IFA distribution. Practiv has signed a deal with Friends Provident and begun negotiations with one other major life office to provide its systems as well as portal Assureweb. The company is offering a range of products for insurance companies called In-Site, including interactive online application forms that reflect underwriting decisions instantaneously. Practiv says it will undercut ...

  • Product matters - Schroder UK Alpha Plus

    2 Oct 2003

    The success of the Schroder UK Alpha Plus fund has led Schroders to roll out the concept across other markets. The company now has a Japanese version, run by the top-performing Nathan Gibbs, and last week launched the Schroder European Alpha Plus fund, to be run by Adriaan de Mol van Otterloo. De Mol van Otterloo took over stewardship of the mainstream Schroder European Fund from Mark Pignatelli a year ago and has done an admirable job, taking it to first quartile from the fourth quartile. The .

  • Pru says annuities good value without Omo

    2 Oct 2003

    Prudential says the vast majority of people who take an annuity with their pension provider rather than use the open market option are getting good value. Figures from Prudential show that 70 per cent of policyholders who take their annuity with their provider are with the top six most competitive annuity providers between whose rates there is rarely more than 2-3 per cent difference. Head of retirement income Trevor Mitchell says: "Holders of big internal books are not just good ...

  • Public want marketing literature kept simple

    2 Oct 2003

    Consumers and IFAs want product literature to identify its subject quickly and not use too much industry terminology and marketing-speak, according to research from brand strategists Bdifferent. Writing in Money Marketing this week, managing director Kim Bell says IFAs think that product providers overcomplicate their literature with fussy product names, reams of marketing-speak and not enough simple product explanations. Many of the consumers and IFAs surveyed feel overwhelmed ...

  • Report to Treasury is tipped to opt for 2% cap

    2 Oct 2003

    The much anticipated B&W Deloitte report into the pricing of the Sandler products could recommend to the Treasury that the charge cap should be raised to 2 per cent. B&W Deloitte was commissioned in April by the Treasury to conduct independent research into what level the price cap should be for the Sandler suite. Political sources say the report will conclude that the difference between a price cap of 1 and 2 per cent is the gap which would pay for advice, an argument ...

  • Revenue pension tax paper to spark off HNW reviews

    2 Oct 2003

    Industry experts believe that the publication of the Inland Revenue's pension taxation consultation paper this month will sound the starting gun for reviews of high-net-worth clients' planning arrangements. Questions over retirement planning will be answered when the paper comes out, marking the beginning of a frenzied period of advice before A-Day, warns Professional Connections senior pensions consultant John Page. He says IFAs should take every opportunity to put their ...

  • Safety in numbers

    2 Oct 2003

    Despite recent rises in the FTSE, many investors are reluctant to invest directly in the stockmarket. Many of those who are investing in exposed investment vehicles are doing so via property or corporate bond funds rather than equities. Investors can see the potential benefits of equity investment but are reluctant to take the risk of full exposure. Some advisers may also be concerned about recommending such action. It is not surprising that many investors are finding structured ...

  • Schroders' Fop deal for private investors

    2 Oct 2003

    Schroders is this week launching a fund of property funds offering private investors' access to portfolios usually available only to institutions. The Schroder indirect real estate fund will invest in 12 investment vehicles ranging from limited partnerships to offshore unit trusts to gain exposure to buildings in the retail, office and industrial property sectors. It will be structured around core investments, including balanced, liquid and large funds, and satellite investments ...

  • Scottish Widows launchs new e-commerce service

    6 Oct 2003

    Scottish Widows had launched a new e-commerce service for Assureweb users offering one clink assess to its online protection service for term assurance and critical illness cover.The service provides on-line application with interactive underwriting and proposal tracking from Assureweb to the Scottish Widows protection online site.Scottish Widows says the new service will mean faster paying of commission, immediate underwriting decisions for many cases and the ability to ...

  • Senior service

    2 Oct 2003

    Have a thought for Times insurance correspondent Antonia Senior who has been covering the Equitable Life case all week at the High Court. It seems other events on in the court building had Tony hankering for a change of subject matter from financial services. She says: "I have been going into the High Court with crowds of journalists all week. Everyone turns right for the Hutton inquiry and I go the other way to hear about Equitable."

  • Sexing up pensions

    2 Oct 2003

    Making pensions sexy may be the solution to the crisis in retirement saving and this autumn people seem to be taking it literally. Tory Shadow Work and Pensions Secretary David Willetts is whipping up a fertility dance to increase the birth rate. Where else does a demographer's mind turn when faced with statistics saying that there will be too many old people and no young to keep the economy running?

  • Sink or swim

    2 Oct 2003

    The FSA's capacity for producing paper never ceases to amaze me and the recent arrival of CPs 197 and 198 is no exception. There seems to have been considerable concern over the obligations that this CP will place on advisers to submit information to the regulator on a regular basis. Using traditional paper-based recording, this will no doubt create a mountain of additional work for advisers. In some quarters, there have been questions raised over whether it is reasonable to ...

  • Six-a-side soccer nets cash for cancer charity

    2 Oct 2003

    Equity and fund data specialist Financial Express is kicking off a football tournament in aid of the Breast Cancer Campaign. It is scouting for teams to enter a six-a-side tournament at the Finsbury Leisure Centre in London on October 17. Entries need to be in by October 9. The entry fee is a minimum donation of £500 per team, all of which will be donated to the Breast Cancer Campaign. Teams already signed up include 1st Software, Thomson Financial and Financial Express. Head ...

  • Skipton visits Uncle Sam

    1 Oct 2003

    SKIPTON BUILDING SOCIETYStateside Tracker MortgageType: Tracker mortgageTracker term: Until November 30, 2008Tracker rate: US dollar Libor rate plus 1.85%Payable rate: 2.99%Minimum loan: £5,000Maximum loan: Up to 95% of valuation subject to a maximum of £150,000Income multiples: Up to 3.5 times principal income plus second or 2.75 times jointArrangement fee: £395Redemption fee: 5% of mortgage ...

  • Sofa chief hits out at exam structure of skills council

    2 Oct 2003

    Sofa managing director Brian Lawless has criticised the Financial Services Skills Council, saying its exam structure is too product-driven and repeats mistakes made by the FSA and the Treasury. Writing in this week's Money Marketing, Lawless says the FSSC's development of the exam structure is increasing the extent of the problem, as the new exams are geared towards "product" selling rather than towards financial advice. He also says he is concerned that the whole drive from ...

  • Sofa's view

    2 Oct 2003

    What a strange world we inhabit in the weird environment of financial services. For years, we have been trying to raise standards. The professional adviser has been trying to distance himself from being a "product seller" and become a professional. What then happens? We have Government intervention in the guise of Her Majesty's Treasury (HMT), the Financial Services Authority (FSA) and the Skills Council for Financial Services (SCFS) seemingly trying to undermine the skills ...

  • Structured probe to look at IFA mailings

    2 Oct 2003

    Only IFAs found guilty of systematic misselling of structured products will face fines and punitive action, with individual cases left to the Financial Ombudsman Service, says the FSA. But the regulator says it is investigating whether the mailshots issued by many IFAs led investors to believe that some products were lower-risk than they were. It says it is too early to say whether it is likely to take action in both areas of inquiry but believes some mailing literature was "borderline". The ...

  • Suffering a messy network divorce

    2 Oct 2003

    I am informed that two of the most frustrating and stressful events are divorce and moving home and I would like to add a third - leaving a network. It appears to be relatively easy - give three months' notice, do all the tasks that you are required to do and hey presto or is it open Sesame? Nearly five months from giving notice, I have now been deregistered and still had no novation letter to get release and transfer existing agencies. In the meantime, accounts frozen, ...

  • Talkback

    2 Oct 2003

    "No. They are still under a lot of scrutiny. There was a very serious backwash from this issue and IFAs were given the sharp end of the stick. It was a great disappointment and they still have to prove themselves." Ian Stevenson,Steele & Co "No. We haven't forgiven them. We had 48 cases outstanding that we had to go out and rewrite." Clive Whittaker,ACP Independent Financial Advisers "Yes. It hasn't stopped us using them. There are lots of problems in the industry. ...

  • The battle for the benefits

    2 Oct 2003

    The quickly changing pension landscape has led to increasing numbers of IFAs challenging the traditional territory of employee benefits consultants but how far can the trend go? Hargreaves Lansdown has been winning contracts to provide annuity services to several high-profile companies, including J Sainsbury, Marconi, Xerox and Rentokil Initial, and last week added oil giant BP to the list. These deals will not generate huge amounts of business quickly but Hargreaves Lansdown says ...

  • The life of funds

    2 Oct 2003

    Standard Life Investments' investment process is called Focus on Change and is designed to identify changes which will affect the prices of the securities we deal before the market prices them in. If you are looking at the providers of mutual funds to select those who will deliver good investment performance, looking at change is not a bad place to start. In the UK, we have only five principal banks and expectations are that the life market will consolidate to a sim- ilar number. ...

  • The miles files

    2 Oct 2003

    Will independent financial advisers be the next group to find themselves in the dock as the regulators come under increasing pressure to sort out the precipice bond scandal? Lloyds TSB's £1.9m fine last week was the biggest handed out by the authorities for mis-selling and would have been far higher if the bank had failed to co-operate. Well, the good news is that the vast majority of precipice bonds were sold off the page or through mailshots. According to the FSA, about ...

  • Three-quarters of splits complaints rejected by FoS

    6 Oct 2003

    The Financial Ombudsman Service has rejected three-quarters of the complaints it has processed from investors seeking compensation for losses from collapsed split-capital investment trusts. The FOS has processed 400 of the 4000 or so complaints it has received and rejected around 75 per cent, with the successful cases involving risk-averse investors who bought on the advice of intermediaries.

  • Tories echo Lib Dems call to scrap DTI

    7 Oct 2003

    The attack on the Department of the Trade & Industry continues this week as former Chancellor Kenneth Clarke joined the Liberal Democrats' bid to scrap the Department.Speaking at a fringe meeting at this week's annual party conference in Bournemouth, Clarke described the DTI as a "department which finds it difficult to justify its existence."Clarke's opinion differs from that of the Tory front bench however with Shadow Trade & Industry secretary Tim Yeo saying ...

  • Tories promise to restore pensions link to earnings

    6 Oct 2003

    The Conservatives have promised to restore the link between the basic state pension and earnings and reduce means testing of pensioners.The pledge promises a four-year increase in the basic pension in line with earnings amounting to £7 a week for a single person and £11 a week for couples. The policy, which reverses the Thatcher Government's removal of the earnings link in the 1980s, would take a million pensioners off means tested benefits ...

  • Turnout for the books

    2 Oct 2003

    Things are starting to get interesting in the world of politics. With the loss of Brent East last month, Labour suffered its first by-election defeat since 1988. As I write this, I watch with interest the jubilation at the Liberal Democrats' party conference. It cannot be denied there is a buzz about the place generated by the LibDems' by-election victory. Predictably, Charles Kennedy is now perceived by many to be in a position where he can appeal to flocks of disillusioned ...

  • UBS rugby world cup competition

    3 Oct 2003

    IFAs and intermediaries have until midnight on October 9 to register for the UBS Global Asset Management Rugby World Cup competition. Prizes include a pair of VIP tickets to a 2004 Six Nations match of their choice in any European country including travel and accommodation, amongst other runners up prizes. To enter the competition players need to register at www.ubs.com/rugby

  • Watching the watchdog

    2 Oct 2003

    Increased consumer awareness of the Financial Ombudsman Service has seen a 44 per cent increase in number of complaints in the last year. The FOS was established in 2000 to deal with complaints by individuals and small businesses, charities or trusts relating to most financial products and services provided in or from the UK. The aim was to provide an alternative dispute resolution mechanism for consumers in the financial services sector, enabling disputes to be resolved quickly and ...

  • White-label deal could see life company staff selling products in post offices

    2 Oct 2003

    The Post Office is in talks with a major life office to white-label a full range of regulated financial services products. It could see life office staff selling from post offices. There are 17,000 post offices in the UK and they get around 28 million customers a week. The Post Office believes its brand will have broad appeal across all income sectors. The range of products that the joint venture will bring to market will depend in part on what the life office requires but is likely ...

  • Wicks says DB built for men

    2 Oct 2003

    Pensions Minister Malcolm Wicks is believed to have contentiously described final-salary schemes as pensions built for men at this year's annual Labour Party conference in Bournemouth. The comment came in a private thinktank breakfast on Tuesday morning and echoes similar comments made by Baronness Hollis in June 2002 who described DB schemes as "fat-cat" pensions. To a closed room of banking and finance leaders, Wicks said he believed final-salary schemes were designed for ...

  • Winter hanging on the phone

    2 Oct 2003

    The Liberal Democrats are predicting a "winter of discontent" for millions of pensioners trying to claim their pension credit. The Government's flagship scheme designed to replace the minimum income guarantee will be introduced next week. The LibDems are predicting a phone-line meltdown similar to that seen when the Government launched its tax credits helpline this year. The party's figures show that two million calls were abandoned before being dealt with. Last week ...

  • Winterthur appoints Thompson as sales director

    1 Oct 2003

    Winterthur Life UK has promoted its head of individual sales David Thompson to sales director, responsible for UK distribution.Thompson has been with Winterthur since 1999 when he was appointed as regional sales manager. In 2001 he was appointed national sales manager for individual products.He will now take responsibility for co-ordinating the company's distribution strategy through advisers in the individual and corporate sectors. Winterthur Life UK ...

  • With-profits AVC funds in big shift out of equities

    2 Oct 2003

    Equity investment by with-profits AVC funds has fallen substantially since last year, says consultancy Watson Wyatt. The average with-profits fund for AVCs now has 47.3 per cent in UK and overseas equities, down from 73.4 per cent in 2002 and 74.3 per cent in 2001. The equity exposure of managed unit-linked AVC funds is fairly consistent at 78 per cent this year, 81.1 per cent in 2001 and 81.7 per cent in 2002. Watson Wyatt says the average with-profits AVC fund has outperformed ...

  • Woolwich - Openplan Flexible Mortgage - Five-Year Fixed Rate

    1 Oct 2003

    Type: Flexible fixed-rate mortgageFixed term: Until October 31, 2008Fixed rate: 4.79%Minimum loan: £5,000Maximum loan: Up to 95% of valuation subject to a maximum of £250,000, up to 90% of valuation subject to a maximum of £500,000, up to 80% of valuation subject to no maximumIncome multiples: Up to 3.25 times principal income plus second or 2.5 times jointRedemption fee: Six months' interest until October 31, 2008Flexible ...

  • Wrap artists

    2 Oct 2003

    Last week, while considering the product choices available as alternatives to pensions, I ended with a look at the fast emerging wrap account as a place to hold and manage the various investments that might be made. The four key parties to a wrap account are: The wrap platform provider. The provider of the products held in the wrap. The adviser. The investor. The wrap platform provider makes money from the fees charged on the investments (including deposits) held within ...

  • Yardley urges IFAs to be ready for recovery

    2 Oct 2003

    Royal London chief executive Mike Yardley has told IFAs they must prepare to take advantage of the recovery in investment markets and the need for pension advice driven by legislative change. Yardley, speaking to Money Marketing, says advisers should be taking advantage of turmoil in the sector to recruit adviser talent so they are ready for the improving business climate across the board following their recent concentration on protection and mortgage business. He says the Royal ...

  • Zurich completes sale of Threadneedle to Amex

    1 Oct 2003

    Zurich has completed the sale of Threadneedle Asset Management Holdings Ltd to American Express for a sum of £340 million, which was paid in cash. The transaction was first announced on June 16th, 2003.

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