Money Marketing
10 April 2002

  • "Multi-ties will limit consumer choice" - LIA

    10 Apr 2002

    The LIA says allowing gap-filling may benefit consumers, but the creation of multi-tie firms will limit consumer choice to an unacceptable level. In its response to the FSA's CP121 released this week, the professional body accuses the FSA of intervening anti-competitively to prevent IFAs from doing business solely on commission. It says a more reasonable outcome would be to allow consumers to decide how they want to pay their adviser. The LIA says it is not necessary for one channel ...

  • 'Life offices and fund firms facing post-polar shakeout'

    11 Apr 2002

    The FSA's depolarisation proposals will lead to a steep decline in the number of life and pension providers and fund managers, according to consultancy Pricewater-houseCoopers. The inevitable shake-up that will follow depolarisation will also lead to the banks having a much greater control over distribution, says insurance division partner Andrew Duncan. Speaking to Money Mark-eting at the PWC/CBI quarterly financial services survey in London this week, Duncan said the changes ...

  • 'Return pension cash if fund fails to top Mig'

    11 Apr 2002

    Scottish Life is calling on the Government to offer pension savers a money-back pledge if their retirement pot fails to reach the level of the minimum income guarantee. Head of pensions strategy Steve Bee says people who find at retirement that their savings are not enough to push them over the Mig threshold should be allowed to get back their pension pot. This would include any investment growth over the period but would be net of tax allowances and policy charges. The Mig ...

  • A consumer's view

    11 Apr 2002

    It is difficult to point to anything much that this Government has achieved since taking office, except Chancellor Gordon Brown's success in maintaining a balanced Budget - so far. It is this lack of any positive benefit for the average person which is behind voters' increasing disillusionment with Tony Blair and his cronies. What is difficult to understand is why the Government, when in Opposition, did not put together a list of easily achievable reforms, many of which are long ...

  • ABI backs plan from Britannic for annuities

    11 Apr 2002

    The ABI is to adopt Britannic Retirement Solutions' propo-sals for the introduction of a standard annuity product as its response to the Government's annuity reform consultation. The deadline for responses to the joint Department for Work and Pensions and Inland Revenue consultation paper passed last week. The paper was published this year and set out proposals for introducing limited period and transferable annuities. But many providers, including Clerical Medical and Friends ...

  • ABI's healthy discussion

    11 Apr 2002

    I was disappointed by Money Marketing's report of a meeting on April 2 between the ABI and Unum about their new critical-illness product. There was certainly no battle between the ABI and Unum and I would like to put the record straight. Unum asked to meet with the ABI to discuss the innovative product features in their new Cl product Elixia 123 and how they fitted in with the ABI statement of best practice. The ABI agreed that flexible structures such as this could still ...

  • Advisers get set for S2P bonanza

    11 Apr 2002

    The Government's new state second pension, which this month replaced Serps as the top-up to the basic state pension, could prove to be a useful financial planning tool for IFAs. The new scheme offers IFA clients a potential bonanza even more beneficial than that of the doctors' wives' loophole under Serps which allowed clients to maximise their spouse's pensions. S2P replaced Serps on April 6 as the Government's second-tier pension after it stated that it wanted to reform ...

  • Aegon looks for optimum interest

    10 Apr 2002

    AEGON ASSET MANAGEMENTOPTIMUM INCOME FUNDType: Oeic Aim: Income or growth by investing in high yield and investment grade corporate bonds Minimum investment: Lump sum £500, monthly £50 Investment split: High yield corporate bonds 50%, investment grade corporate bonds 50% Yield: 8.5% gross a year Isa link: Yes Pep transfers: Yes Charges: Initial 4.5%, annual 1% Special offer: Initial charge reduced ...

  • AITC revises accounting standards

    11 Apr 2002

    The AITC is issuing a revised statement of best practice in a bid to harmonise accounting techniques within the industry. It is updating its guidelines - published in 1995 - after identifying several areas of financial reporting which it says require modernisation to reflect developments in the investment trust industry. It is seeking responses and suggestions from investment trust companies on the draft paper, which sets out how the AITC and its best practice working party believe ...

  • B&W bond reaches issue 14

    12 Apr 2002

    Bristol & West has introduced issue 14 of its five-year guaranteed equity bond, which is linked to the FTSE 100, Eurostoxx 50 and Nikkei 225 indices.

  • Baillie Gifford expands retail range

    16 Apr 2002

    Baillie Gifford has expanded its range of retail funds by opening up its institutional developed Asia pacific fund to the IFA market.

  • Baillie Gifford takes small steps in Europe

    16 Apr 2002

    Scottish fund management group Baillie Gifford has made its institutional only European smaller companies fund available to retail investors, bringing its retail Oeic range up to 18 funds.

  • Baronworth Investment Services - The Baronworth Combination Investment Series 5

    10 Apr 2002

    Wednesday, 10 April 2002Type: Combined guaranteed income bond and with-profits bondGUARANTEED INCOME BONDMinimum-maximum investment: £6,000-£250,000Term: Two yearsInterest rate: 7.5% gross a year, 7.3% gross a monthCharges: ImplicitGuarantee: Capital returned in full at end of termReturn: Choice of 7.5% gross a year, 7.3% gross a monthWITH-PROFITS BONDAim: Income by investing in Prudential's ...

  • Belfast: IFA firm in money laundering investigation

    11 Apr 2002

    Police in Northern Ireland are investigating Belfast-based IFA firm Northern Ireland Insurance Brokerage over allegations of money laundering involving offshore bonds in the Isle of Man. UK insurance companies, including Scottish Life International and Norwich Union, are helping with the investigation. The FSA says it is working with the police. A spokesman for the Police Service of Northern Ireland's Economic Crime Bureau's Financial Investigation Unit confirms two local ...

  • Boards have responsibility for wp says KPMG

    15 Apr 2002

    Ultimate responsibility for operating with-profits fairly and prudently is the responsibility of board directors says consultancy KPMG in its submission to the FSA's review.

  • Bristol & West - Online 6 Month Bond

    12 Apr 2002

    Friday, 12 April 2002Type: High interest accountMinimum-maximum investment: £1,000-£1mInterest rates: 4.2% a year gross, 4.12% a month grossTerm: Six monthsOffer period: Until May 6, 2002Withdrawal penalties: Withdrawals not permitted during termTel: 0845 1110117

  • Britannia International links property with stockmarket

    11 Apr 2002

    Britannia International is making it possible for UK expatriates to take advantage of the UK property market and stockmarket through the double index growth bond.

  • Cater Allen in Sipp deal

    11 Apr 2002

    Cater Allen has teamed up with specialist pension provider Hartley-sas to offer a new self-invested personal pension. Cater Allen will offer trustee banking services for the Sipp while Hartley-sas will provide expertise in self-administration. Hartley-sas has almost 25 years' experience in the market for small self-administered schemes and Sipps while Cater Allen has been in the Sipp market since 1995. The Sipp will have no minimum contribution and allows retirement at any age ...

  • Chain reaction

    11 Apr 2002

    JO Hambro Capital Management is looking to bring performance fees to the mainstream retail market with the launch of an Isa wrapper on its range of Dublin-based Oeics. Are you a supporter of performance-related charges? Alan Adam: Performance-related charges are definitely a thing of the future. Hedge funds have been using them for some time and, as long as the targets are reasonable, I think clients should have no problem with them. Where it gets messy is if companies receive big ...

  • Chartwell Investment - Guaranteed Income Bond

    10 Apr 2002

    Wednesday, April 10, 2002 Type: Guaranteed income bond Minimum-maximum investment: £5,000-no maximum Term: Three years Interest rate: £5,000 - £9,999 5.18% gross a year, £10,000 - £19,999 5.75% gross a year, £20,000 - £49,999 6.06% gross a year, £50,000 and above 6.25% gross a year Charges: Implicit Return: Capital returned in full along with either 5.18%, 5.75%, 6.06% or 6.25% ...

  • Chelsea offers two-year fix as lending plunges

    11 Apr 2002

    Net lending at Chelsea Building Society plunged by almost £60m last year to £471m from £528m in 2000. The society blames the fall on it not being active in the remortgaging market, which has increased significantly in recent years. Despite this, Chelsea says remortgaging made up 38 per cent or £179m of its overall lending compared with 31 per cent or £174m in 2000. Speaking at the society's AGM last week, chairman Tim Barry told members that ...

  • Claim is the spur

    11 Apr 2002

    The pension review was an expensive business all round. The lessons learned are that risk management and claims' prevention are key elements of the new breed of financial planning practice. The tenets of this new regime are that: All clients must be treated as if they know nothing about investment business. All clients are potential claimants against you. You have no control over politically led or regulatorled reviews. It is a sad fact that clients stand by you until ...

  • Clerical doubled up with business

    11 Apr 2002

    The avalanche of new business that forced Clerical Medical to close to new group pension business has become apparent after the company published its business results for last year. New business soared last year by 141 per cent to £469m from £286m. Group pension business leapt by 85 per cent, totalling £148.7m equivalent premium income for 2001 from £61.8m in 2000 despite the company closing its doors to new group business in August last year. The company ...

  • CML warning over Govt mortgage aid

    11 Apr 2002

    Extending the qualifying period for state help with mortgage payments has cut Government spending but put homeowners in a more vulnerable position, says the Council of Mortgage Lenders. In its first study of the Government's 1995 benefit reforms, which extended the waiting period for entitlement to assistance with mortgage interest payments, the CML warns that any growth in unemployment would increase the number of repossessions. The CML says the reforms are yet to be tested ...

  • Commerzbank says Jupiter up for sale

    10 Apr 2002

    German banking giant Commerzbank confirmed this week that it is to sell UK asset manager Jupiter. The news follows last month's announcement that the bank was conducting a strategic review of its global asset management operations. It now also says it is seeking a buyer or strategic partner for its US fund management business, Montgomery. 

  • Earn back the public's trust

    11 Apr 2002

    In response to Philip Thomas's latest letter (Money Marketing, April 4), I agree whole-heartedly with his comments about such companies as Hargreaves Lansdown. They are tailor-made for distributor status and that is where they belong. Too many IFAs have been trading for too long as wolves in sheep's clothing and their antics have put the future of the genuine IFA in jeopardy. However, Thomas's comments about CP121 widening the rich/poor divide are,in my opinion, total ...

  • Eco-property mortgage guide from Ecology Building Society

    15 Apr 2002

    The Ecology Building Society is publishing a guide for borrower looking to convert or renovate existing properties.

  • F&C appoints Robin Hubbard

    12 Apr 2002

    F&C Management has appointed Robin Hubbard as investment manager on its emerging markets fixed income desk.Hubbard will cover the debt markets of Panama, Peru, Turkey and Venezuela. He will be based in London reporting to the head of fixed income, Helene Williamson.Hubbard was previously JP Morgan Chase’s head of emerging market debt research, prior to that he spent seven years as a bond-market strategist with BNP Paribas.

  • Fiona Sharp

    11 Apr 2002

    Lives: Cambridge, with partner. Born: March 1965. Age: 37. Education: Ashington High School in Northumberland, degree in French language from Bristol University. Career to date: 1984/95 air traffic control officer in the RAF, holding the rank of Flight Lieutenant; 1995/97 financial planner for ProVision (Clerical Medical); 1997/2000 financial adviser at NFU Mutual; 2000/01 IFA at Fiona Price & Partners; 2002 to date Finance 4 Women (Millfield Partnership). Career ...

  • Framlington World Cup challenge Injuries keenly felt by squads

    11 Apr 2002

    John Bramwell's HL Reserves claimed the overall top spot this week, posting an overall gain of 10.43 per cent over the course of the competition so far. Mark Timmons' team, Marked Card, are at number two for the second week in a row with a gain of 10.38 per cent. Meanwhile, Steve Hawes' Magic Nose Goblins are not far behind the top two with a 10.23 per cent overall gain. Will these teams hold on to their positions for the rest of the competition? Or will Andrew Merricks' ...

  • Friends boosts bond allocation by 2% for online applications

    11 Apr 2002

    Friends Provident is offering an increased allocation of up to 2 per cent for new lump sum investments of £10,000 or more into its portfolio bond. The offer is open until June 30. Investments between £5,000 and £9,999 will get the normal allocation of 101.75 per cent. Investments over £10,000 get an allocation rate of 102.75 per cent. To get the full increased 2 per cent allocation, applications must be submitted online by an IFA and the adviser must give ...

  • FSA in phone probe on IFAs' Isa transfer deals

    11 Apr 2002

    The FSA is conducting telephone surveys of smaller IFA firms which carry out Pep/Isa transfer business over fears of possible chur-ning, according to regulatory specialist Compliance Consultants. The company, which specialises in informing its subscribers of potential regulatory headaches, says the move indicates the FSA believes there is churning going on and could be the precursor to a bigger review. As part of its new desk-based monitoring of regulated firms it has acquired ...

  • FSA may do more harm than good

    11 Apr 2002

    The latest FSA commandment on past performance is a ban on its use in adver-tising in all but name. Perhaps some cunning copywriter will circumvent the regulations and actually advertise what a fund manager does but most managers will resort to brand advertising. The main thrust of the FSA's proposals is that past performance cannot be used in the main text of an ad and, where it is referred to in the main text, it must be accompanied by a risk warning. This is arguably more onerous ...

  • Fund firms split over FSA ad moves

    11 Apr 2002

    The move by the FSA to increase the information included in the main body of financial ads will push investors towards seeking out advice, claim fund managers. By compelling fund managers to include past performance warnings and further information about bond yields in their marketing materials, Thread-needle believes consumers will be more likely to seek financial advice. The company says the industry had anticipated a crackdown on the use of past performance and has already reduced ...

  • Gartmore set to offer fund of hedge funds

    11 Apr 2002

    Gartmore is setting up a fund of hedge funds product and seeking to recruit up to 10 fund managers over the coming year as part of its European expansion plans. Chief executive Glyn Jones says he is aiming for Gartmore to become the leading player in hedge funds and believes a fund of funds offering will boost its chances of achieving a dominant position. The product will be rolled out globally but Jones says he is keen to attack the UK retail market by improving Gartmore's ...

  • Going Dutch

    11 Apr 2002

    While the UK market is considering the impact of the likely loss of polarisation in its financial services market, it is important to remember that some other countries have never had this regime. The Netherlands is a good example of an efficient and effective market that flourishes in a non-polarised financial world. Four different distribution channels exist in the Nether-lands - direct sales, tied salesforces, bancassurers and independent financial advisers. Of these, direct sales ...

  • Halifax and CML want rise in stamp duty threshold

    11 Apr 2002

    The Government raked in £2.2bn from residential stamp duty in 2001, a rise of 225 per cent from the £675m paid in 1997, according to Halifax. The figures have prompted both Halifax and the Council of Mortgage Lenders to press for the stamp duty threshold to be raised. The CML says more than 60 per cent of first-time buyers paid stamp duty in the final quarter of 2001 compared with 23 per cent in the second quarter of 1997 when the Labour Government was elected. Stamp ...

  • Hartley-sas moves into Sipps

    10 Apr 2002

    Hartley-sas, which specialises in self-administered pensions, has brought out a self-invested personal pension (Sipp) that will draw on the trustee banking experience of Cater Allen Bank.

  • Henderson Global Investors - Managed Income Plan

    11 Apr 2002

    Thursday, April 11, 2002Aim: Income by investing in eight Henderson fundsMinimum investment: Lump sum: £5,000Investment spilt: Choice of Henderson corporate bond, Henderson high yield bond, Henderson index linked bond, Henderson long dated corporate bond, Henderson long dated gilt, Henderson preference and bond, Henderson UK gilt and Henderson UK equity income fundsIncome facility: YesCharges: Initial up to 4% A class shares, ...

  • Henderson income plan enjoys its freedom

    11 Apr 2002

    Henderson Global Investors has brought in the Henderson managed income plan, a portfolio management service that provides access to an actively managed range of Henderson fixed-interest funds and an equity income fund.

  • Hometrack foresees no end to spiralling prices

    11 Apr 2002

    House prices are rising at an annual rate of around 15 per cent, according to a survey by market analyst Hometrack. Its housing demand index for March reports a 1.6 per cent rise in house prices, up from 1.4 per cent in February. This took the national average house price to £120,900 from £118,965 the previous month. Hometrack says the key to the buoyancy of the market is renewed confidence as first-time buyers try to get on the housing ladder before prices become unaffordable. Thi

  • HSBC Asset Management appoints European equities man

    12 Apr 2002

    HSBC Asset Management is appointing a new senior fund manager to expand its European equities team.

  • Hymans appoints senior partner

    15 Apr 2002

    Actuarial firm Hymans Robertson has appointed Ronnie Bowie as senior partner to replace Mike Arnold. Arnold is leaving to become senior principal of newly established firm Milliman UK, Hyman’s former insurance division. Bowie has been head of Hyman’s employee benefits practice for six years and will divide his time between the firm’s four offices in England and Scotland.

  • IFAs and networks vie for Brain stake

    11 Apr 2002

    Mortgage Brain has been approached by leading IFAs and networks - understood to include Misys - about acquiring the electronic trading platform's remaining equity stakes. The IFAs would join with Woolwich, NatWest and Nor-thern Rock, which acquired stakes in the past year from the original consortium of Nationwide, Halifax and Alliance & Leicester, which had bought a 51 per cent share in the company last March. But the lender consortium is thought to want to sell only another ...

  • IFAs criticise IMA plan to scrap two equity sectors

    11 Apr 2002

    The Investment Management Association plans to scrap the global equity & bond and global equity income sectors in a major overhaul of performance sector classifications. Following a review by its performance category review committee, the IMA says both sectors should be abolished due to their lack of funds and the UK gilt sector should be split in half to reflect different fund return profiles. The sectors would be hit because they fall within new criteria the IMA is proposing, ...

  • IFAs get Smart at tech roadshows

    11 Apr 2002

    IFAs from Inter-Alliance and City Investments were the first to win Smart cars at Intelligent Finance's UK-wide roadshow. Stuart Miles from Inter-Alliance in Newcastle and Gwyn Davies from City Investments in Chester won the cars in a business card draw. Intelligent Finance is giving away a car a week as the roadshow moves around the UK. The Work Smarter, Not Harder theme aims to highlight ways advisers can make their working day more productive by using technology. Intelligent ...

  • IFAs show their naked ambition

    11 Apr 2002

    Telegenic IFAs have jumped at the chance of becoming the Jamie Oliver of financial services by bombarding TV production company Felix Productions with their CVs. More than 500 IFAs contacted the programme maker after an article in Money Marketing revealed the search was on to find the new TV star of a reality-style financial makeover programme planned for airing next year. The TV company has narrowed the field down to six through a selection process. It narrowed the 500 applicants ...

  • Independent view

    11 Apr 2002

    "Either this patient is dead or my watch has stopped," was one of Groucho Marx's many immortal lines. I am beginning to feel the same is true of the stockmarket recovery as it seems long, long overdue. More important, is that what the private investor is beginning to think? This somewhat dismal possibility was brought home to me by two casual conversations with friends, neither of whom was dealing with me as an IFA at the time. The first is a teacher who is considering moving ...

  • Injuries keenly felt by squads

    11 Apr 2002

    Injury worries now stand between the World Cup squads and the settled teams they need for Japan and Korea. Mexico were dealt a severe blow after their everlasting captain Claudio Suarez, who has 170 international caps, suffered a broken leg which will keep him out of the tournament. Republic of Ireland fans must have winced when they saw the talismanic Roy Keane stretchered off in a Manchester United game although the prognosis is that Keane should be back to full fitness before ...

  • Inside edge

    11 Apr 2002

    Why on earth does everybody rush around with last-minute Isa applications? Why do investment managers set up handy drop-off points up to midnight on April 5 each year? Why do personal finance supplements grow fat with recommendations, statistics and advertisements? Is it because we care so much about investors that we cannot bear the thought of them missing out on all those juicy (allegedly) tax breaks? Or is it because the salesperson in us knows that there is nothing like a deadline ...

  • Investment analysis

    11 Apr 2002

    Uncertainty dominated the financial markets last week, with deepening tension in the Middle East pushing crude oil futures prices to a six-month high and sparking a sell-off in most equity markets. The representative FTSE World index shed 0.9 per cent. In the US, economic data was mixed, jobless figures came in over expectations, increasing by 64,000, with further pressure being added by data showing new orders for US factory goods easing in February. However, there were positive signs ...

  • Investment fund and Isa press ads plummet by 40%

    11 Apr 2002

    Investment fund and Isa advertising in the press plummeted in line with sales over the first quarter of 2002, down by 41 per cent on the same period last year. Total press advertising on investment funds between January 1 and April 4, 2002 fell to £53.3m from £90.72m last year, according to advertising monitors Thomson Intermedia. Legal & General was the Isa season's biggest press advertiser with a total spend of £4.1m for the first quarter while Fid-elity ...

  • Investment view

    11 Apr 2002

    So, farewell then 2001/02 - the tax year that is. If you had not taken out your Isa or balanced your CGT position by last Friday, you are too late. Let us hope the new tax year serves investors better than the one just ended. Few tears will be shed in memory of the second down tax year in a row - down, so far as markets are concerned. Certainly, stockmarket activity was not much to write home about in the private investor community. According to a survey published last week by the ...

  • Investors still expecting high returns despite market falls

    11 Apr 2002

    Investors still expect unrealistically high rates of return from their investments despite stockmarket falls over the past two years, according to res-earch from Prudential. Almost one in 10 of the 1,000 investors questioned in late January said they believed a fair annual return on their investments was at least 8 per cent while almost 30 per cent expect returns of around 4 per cent or 5 per cent. Just one in 20 thought a 2 per cent or 3 per cent return was fair. However, 40 per ...

  • Is financial strength important?

    11 Apr 2002

    The topic of with-profits funds is under the microscope at present for various reasons, including the FSA review. The FSA review has generated five consultative papers which have received mixed reviews. I am not sure why. The documents propose a range of improvements to with-profits which mostly seem very sensible. Indeed, some of the major with-profits funds are already moving towards the new position. A key area for any financial product is disclosure to customers. Striking the ...

  • Julian Gibbs

    11 Apr 2002

    I recently suggested that smaller companies may become the best-perform-ing UK sector over the next year. One particularly attractive fund, Old Mutual UK select smaller companies, is managed by Ashton Bradbury. When he was with Hill Samuel over a period of about four years, he was top of his sector, producing a return of 189 per cent compared with a 73 per cent rise in the smaller companies index over the same period. He also managed the HSBC UK smaller companies fund for a couple ...

  • L&G launches new discount mortgage

    12 Apr 2002

    Legal & General’s Mortgage Club is launching an exclusive two-year, stepped discount mortgage.

  • Large cap logic from Old Mutual

    16 Apr 2002

    Old Mutual Fund Managers has designed the Old Mutual select large cap fund to fill a gap in its product range, The company already has a UK small cap and a UK mid cap fund, so a large cap fund was the next logical step. This unit trust will invest in around 40 larger companies listed on the FTSE 100 index. It aims to outperform the index by at least 1 per cent and will be managed by Richard Moore. Moore joined Old Mutual in October 2001 from Singer & Friedlander and ...

  • Last post for final-salary scheme

    11 Apr 2002

    Should we consider winding up our closed final-salary scheme? You have an insured scheme where the investment is via the insurer's with-profits fund and so is protected against adverse stockmarket movements. This has been an advantage as you have not suffered directly the poor stockmarket performance over the last year, unlike some of the schemes in the press headlines. As a measure of the scheme's funding, the minimum funding requirement partially tracks the stockmarket. ...

  • Lib Dems reject Tory PMI claim

    15 Apr 2002

    The Liberal Democrats have announced they will vote for any National Insurance rises in the budget if they are earmarked for the NHS.

  • LibDems in pledge to boost Isas and scrap stakeholder

    11 Apr 2002

    The savings limits on Isas could be increased and stakeholder replaced by a Liberal Democrat Government, the party said this week as part of its alternative Budget. It would replace stakeholder with its own proposal, the owned second pension account, a compulsory scheme invested privately which it hopes would increase the money saved in pensions. The LibDems would also conduct a wide-ranging review of savings policy which could raise the ceiling on Isas, acc-ording to the party's ...

  • Liberty Ermitage - Japan Absolute Fund

    15 Apr 2002

    Monday, April 15, 2002Type: SicavAim: Growth by investing in Japanese hedge fundsMinimum investment: Lump sum $15,000 share class A, $500,000 share class BPlace of registration: LuxemburgInvestment split: 100% Japanese hedge fundsIsa link: NoCharges: Initial up to 3%, annual 2% share class A, 1.5% share class BCommission: Initial up to 3%Tel: 020 7333 0900

  • Liberty Ermitage goes big in Japan

    12 Apr 2002

    Offshore investment specialist Liberty Ermitage has teamed up with Finaltis, a Paris-based hedge fund consultant, for the creation of a Japanese fund of hedge funds.

  • Liverpool Vic pitches in £1m to push Frizzell

    11 Apr 2002

    Liverpool Victoria is aiming to raise the profile of IFA arm Frizzell with a marketing deal for cricket's County Championship. The competition will be named the Frizzell County Championship in a four-year deal with the England and Wales Cricket Board worth £1m. Frizzell will also become sponsors of the Women's County Championship, which it believes provides an opportunity to promote its affinity group services. Frizzell has affinity relationships with 5.5 million people ...

  • LTC firms warn of shortfalls

    11 Apr 2002

    Long-term care providers PPP Lifetime Care and Scottish Amicable are set to warn policyholders they will need to increase their premiums or face a shortfall in cover. The move comes after the firms admitted to IFAs that the projection rates for the investment bonds on which the policies are based face shortfalls and premiums will need to be raised if the level of coverage is to be maintained. Both Scottish Amicable and Axa-owned PPP Lifetime Care have LTC products funded by investment ...

  • Mansfield rolls out regional discount mortgage

    12 Apr 2002

    Mansfield Building Society is launching a discount mortgage available only in the Derbyshire, Nottinghamshire and South Yorkshire.

  • Money Marketing on-line - first for IFA Budget coverage

    16 Apr 2002

    Money Marketing on-line will as usual be the first to bring you focused coverage on the implications of today's Budget announcement.Our on-line coverage will start before the Chancellor sits down with news updates on the key Budget points for IFAs. This coverage will continue through the evening as our team of seven reporters investigates what the detailed Budget announcements mean for the industry. From 6am tomorrow morning (Thursday) Money Marketing on-line will ...

  • Moneyguru - Elite Income With Growth Trust

    11 Apr 2002

    Thursday, April 11, 2002 Type: Unit trust Aim: Income and growth by investing in 20-24 high-yielding stocks Minimum investment: Lump sum £5,000, monthly £100 Investment split: 100% in 20-24 high-yielding stocks Isa link: Yes Pep transfers: Yes Charges: Initial 5%, annual 1.5% Commission: Initial 3%, renewal 0.5% Tel: 020 7332 2040

  • N&P ups fixed bond rates

    16 Apr 2002

    Norwich and Peterborough Building Society has announced it is increasing the rates of interest it pays on its six month and one year fixed rate bonds.

  • NAB putting £70m into UK operations

    10 Apr 2002

    National Australia Bank has announced it is injecting £70m into its UK operations to improve IT in its Yorkshire Bank and Clydesdale Bank branches and to hire on 300 face to face employees. A NAB spokesman refuses to say how the funds will affect the company's 100 existing IFAs or whether there are any plans to hire new IFAs. The bank also refuse to say how the group's wealth management service, launched in the UK in December, would be affected by the announcement.

  • Nationwide - Guaranteed Equity Bond

    16 Apr 2002

    Tuesday, April 16, 2002 Type: Guaranteed equity bond Aim: Growth linked to the FTSE 100, S&P 500, Nikkei 225 and Eurostoxx 50 indices Minimum-maximum investment: £5,000-no maximum Term: Six years Guarantee: Capital returned in full regardless of performance of indices. Return: Up to 90% growth in the FTSE 100, S&P 500, Nikkei 225 and Eurostoxx 50 indices Closing date: May 18, 2002 Commission: ...

  • Nationwide bond goes globe trotting

    15 Apr 2002

    Nationwide has unleashed another issue of its guaranteed equity bond, which is linked to four stockmarkets over a six-year term.

  • Nationwide forecasts house prices will rise 10% this year

    11 Apr 2002

    Nationwide is predicting that house prices will jump by 10 per cent over the next 12 months on the back of healthy economic conditions. In its quarterly review, Nationwide says that over the last three months, increases in house prices were fairly evenly spread, with East Anglia showing the greatest percentage rise for the third successive quarter with 18 per cent growth over 12 months. London shrugged off concerns about City job losses to record growth of 16 per cent. On a local ...

  • Nationwide relaunches guaranteed equity bond

    15 Apr 2002

  • Nearly half of 'target market' don't know stakeholder

    11 Apr 2002

    Nearly half of people on average or below-average earnings have not heard of stakeholder a year after its launch, according to research for Norwich Union. Research carried out by Mori shows that only 57 per cent of people earning between £10,000 and £25,000 a year say they have heard of stakeholder. Stakeholder awareness increases with earnings, with around 84 per cent of people earning more than £50,000 a year having knowledge of the scheme. However, only ...

  • New chairman and chief exec for BAM

    11 Apr 2002

    Baring Asset Management has appointed David Brennan as chairman and chief executive. Brennan is chief executive of BAM's investment management group and his position will be taken by Peter Wolton who was head of retail at Schroders until 2001. Wolton increased Schroders' Tokyo-based asset management business to become the biggest foreign-owned adviser for pension funds in Japan. Present chairman and chief executive John Bolsover is retiring in June after 27 years with ...

  • New version of Britannic low-start loan

    10 Apr 2002

    Britannic Money is launching a new version of its low start flexible mortgage with a current account option from day one, an initial rate of 3.89 per cent, no arrangement fee, £200 cashback and free MPPI cover for the first six months of the mortgage. Britannic hopes it will appeal to customers who have traditionally opted for the cheapest rates at the expense of flexibility. 

  • Newbury Building Society - equity release product

    12 Apr 2002

    Newbury Building Society equity release schemeMinimum property value: £102,000Minimum loan: £25,500 on maximum LTV of 25%Interest rate: 6.05%Minimum age: 70 years, on joint application youngest applicant must be at least 70Charges: £200 administration feeIntroducer's fee: 0.25% of loan amountTel: 01635 555700

  • Newcastle Building Society - Guaranteed Property Bond (3 Year Term)

    12 Apr 2002

    Friday, April 12, 2002Type: Guaranteed equity bondAim: Growth linked to the performance of the Halifax house price indexMinimum-maximum investment: £5,000-£500,000Term: Three yearsGuarantee: Capital returned in full at end of term regardless of the performance of the indexReturn: 100% growth in indexInterest rate: 4% gross a yearClosing date: June 21, 2002Commission: Subject to negotiationTel: 0191 ...

  • Newcastle Building Society - Guaranteed Property Bond (5 Year Term)

    12 Apr 2002

    Friday, April 12, 2002Type: Guaranteed equity bondAim: Growth linked to the performance of the Halifax house price indexMinimum-maximum investment: £5,000-£500,000Term: Five yearsGuarantee: Capital returned in full at end of term regardless of the performance of the indexReturn: 120% growth in indexInterest rate: 4% gross a yearClosing date: June 21, 2002Commission: Subject to negotiationTel: 0191 ...

  • Norwich Union looks to the future

    10 Apr 2002

    Norwich Union has introduced the future assured plan, a future needs long-term care plan that has three levels of cover.

  • Not many happy returns for stakeholder

    11 Apr 2002

    The ABI has published its first detailed stakeholder sales figures providing an indication of who is buying the products as it approaches its first anniversary. Despite public protestations to the contrary, the numbers must be worrying for those who have attached themselves to the product's success. Out of the original target of 350,000 employers, the ABI figures report that 320,000 have set up a stakeholder scheme for staff. But only 750,000 individuals have taken out a plan, ...

  • Old Mutual Fund Managers - UK Select Large Cap Fund

    16 Apr 2002

    Tuesday, 16 April 2002Type: Unit trustAim: Growth by investing in FTSE 100 and mid cap companiesMinimum investment: Lump sum £1,000, monthly £50Investment split: FTSE 100 90%, mid cap companies 10%Isa link: YesPep transfers: YesCharges: Initial 4%, annual 1.25%Commission: Initial 3%, renewal 0.5%Tel: 0808 1002715

  • Outside edge

    11 Apr 2002

    Some of us hark back to the long, hot summers of yesteryear and remember fondly those glorious Pep/Isa seasons when IFAs would deliver applications to hotels. Alas, there were no pictures of helicopters delivering last-minute Isa applications this time round. The Investment Management Association has reported Isa sales 40 per cent down in January on the same period last year. We should not be surprised, given two very disappointing calendar year equity returns and the dreadful ...

  • Past performance warning must be in main ad text

    11 Apr 2002

    Past performance warnings will have to be included in the main text of financial ads rather than in small print at the bottom under new proposals from the FSA. The changes come as part of a policy statement on financial promotions published last week which compels fund managers to include past performance warnings in the main body of ads. The proposal was originally suggested by the regulator's past performance taskforce in a discussion paper last October. The regulator ...

  • Paymentshield launches intermediary roadshows

    16 Apr 2002

  • Pensions to the fore

    11 Apr 2002

    As we come to the end of the tax year, the financial services industry has been sending out literature. The timing tells us, of course, that Isas are one of the Government's tax-favoured forms of saving. There are others - most important, pensions. There is a very real question as to why the state feels it should encourage saving through different kinds of vehicles. The Government has outlined three reasons for helping people to save - for independence throughout their lives, for ...

  • Poll shows 77% of public back compulsion

    11 Apr 2002

    Most MPs believe private pension contributions should be made compulsory, according to research commissioned by Virgin Money. Virgin found that while 60 per cent of the MPs questioned supported compulsion, 64 per cent of MPs also thought that the UK was not yet ready to accept the move. But more than 77 per cent of the public believe compulsion is a good idea, according to parallel consumer research also commissioned by Virgin. The consumer research shows that half the country ...

  • Product matters

    11 Apr 2002

    The Prudence bond is the latest offering from Prudential International, the offshore arm of Prudential. This offshore bond offers lowto medium-risk investors a with-profits fund investment option within the offshore bond wrapper. The bond also offers a range of unit-linked fund choices from five external fund managers to satisfy clients who want to invest in more adventurous funds. This looks a shrewd move by Prudential since there are only a handful of providers that offer a ...

  • Profits up 70 per cent at IFG Group

    10 Apr 2002

    Dublin-based IFG Group has increased pre-tax profits by 70 per cent to £8.6m in 2001 from £5m the previous year, while switching its advisers from commission to fees. IFG Group, which has bought up a number of small IFAs in the last year, also intends to spend £16m on a pension trustee and consulting actuary business doubling the size of its actuarial operation.  

  • Providers set to continue with £5m regulation subsidy

    11 Apr 2002

    A deal has been reached in the long-running negotiations between Aifa and the ABI, which will see providers contributing £4m to £5m a year to help subsidise IFAs' regulatory costs, Money Marketing understands. Negotiations have been going on since before N2, with Aifa eager to continue the subsidy of between £4m and £6m that IFAs received under the old PIA regime. Neither organisation will confirm whether a deal has been reached, saying the final details ...

  • Pru chief joins PAFS as chief actuary

    11 Apr 2002

    The Pension Annuity Friendly Society has appointed Richard Willets as chief actuary. This is the second high-profile figure to join the society from Prudential Annuities, with Simon Whitehead made deputy chief executive in January. Willets was actuarial fin-ance manager at Pru Annuities where he spearheaded the launch of Pru's impaired life annuity and bulk annuity business. PAFS, which specialises in impaired life annuities and long-term care, is strengthening its management ...

  • Punters holds FRS17 seminars

    12 Apr 2002

    Consulting actuaries Punter Southall & Co is holding a series of seminars aimed at helping trustees and pension managers better understand the new accounting standard, FRS17.

  • Put on your opera glasses

    11 Apr 2002

    The Pensions Management Institute Trustees Group is holding a seminar in London to examine a range of issues facing the industry. An experienced panel of speakers will deal with issues covering Opra's new approach, what trustees need to know about FRS17 and risk management. Delegates will also discuss whether hedge funds have a role to play in pension funds and the implementation of the Myners recommendations. Speakers will include Tate & Lyle group pensions manager Steve Amor, ...

  • R&SA sets up net gateway to services

    10 Apr 2002

    Royal & Sun Alliance has launched a new internet service for intermediaries and business partners to give them a single gateway to the company’s range of products and services. Brokers previously had to access different sites and remember different passwords. Through www.royalsunconnect.co.uk, intermediaries can go straight to R&SA’s commercial, personal, life and pensions and healthcare websites. 

  • Revenue rethinks protected rights rules

    11 Apr 2002

    Pensioners retiring with protected rights no longer have to buy a spouse's pension from their annuity, regardless of whether or not they are married. The Inland Revenue has relaxed rules for buying annuities with protected rights, with the changes effective from April 6. Prot-ected rights are built up from contracted-out rebates and are kept in a separate fund. Previously, even those who were unmarried had a spouse's benefit deducted from their annuity. But IFAs wanting annuity ...

  • Reviewing credit saves average £1,800 a year, says MX Financial

    16 Apr 2002

    MX Financial Solutions estimates the British public is losing £19bn a year through lack of financial planning.

  • Royal Liver chooses new chief executive

    10 Apr 2002

    Royal Liver has announced it is appointing Steve Burnett as its new chief executive, replacing Brian McCaul who is retiring after 42 years with the company. Burnett is leaving rival Swiss Life, where he has been managing director since 1997. He will be the first chief executive appointed from outside Royal Liver in its 152 year existence. Burnett will be replaced at Swiss Life by Brian Hurd, who is currently its director of personal finance. 

  • Scarborough Building Society - flexible 10-year discount

    12 Apr 2002

    Scarborough Building Society flexible 10-year discount

  • Scarborough Building Society - flexible five-year discount

    12 Apr 2002

    Scarborough Building Society flexible five-year discount

  • Scarborough Building Society - flexible three-year discount

    12 Apr 2002

    Scarborough Building Society flexible three-year discount

  • Scarborough Building Society - three-year discount

    12 Apr 2002

    Scarborough Building Society three-year discount

  • Scarborough Building Society - two-year discount

    12 Apr 2002

    Scarborough Building Society two-year discount

  • Schroder again leads industry rich

    11 Apr 2002

    The family at the helm of the UK's last big independent fund manager have once again topped the financial services' presence in the Sunday Times 2002 Rich List. Bruno Schroder and family dropped to 12th place from sixth place last year and saw their fortune fall to £1.3bn from £1.75bn in 2001 but were still placed higher than any other financial services personality. Next on the list was Rothschild Asset Management chairman Sir Evelyn de Rothschild and family ...

  • ScotEq Protect takes the pain out of underwriting

    11 Apr 2002

    Scottish Equitable Protect is trying to take the strain out of back pain claims by explaining to IFAs how the underwriting process operates for these types of claims. In the latest edition of its IFA underwriting newsletter, Underwriting Today, ScotEq Protect says there are 12 million annual visits to GPs because of back pain and in 1998 there were 120 million days of sickness from work due to back pain. ScotEq says queries about back pain are often made regarding income protection ...

  • ScotEq says talk to an IFA for DB options

    11 Apr 2002

    Scottish Equitable is advising firms with active defined-benefit pension schemes to evaluate their options with an IFA before making rash decisions such as closing the scheme. The company estimates there are around 10,000 active DB schemes in the UK, many of which are at risk of being shut down. In his latest paper, pensions development director Stewart Ritchie outlines four main options that IFAs can suggest to corporate clients still running these schemes. He categorises these ...

  • ScotLife seeks split on cash sum and annuity purchase

    11 Apr 2002

    Scottish Life is lobbying for the timing of taking tax-free cash from a pension fund to be separated from annuity purchase in its submission to the Government's annuity consultation. At present, policyholders must buy an annuity and take their tax-free cash all-owance on the same day. ScotLife says this is an unnecessary restriction and leads to poor annuity decisions from people eager to get their hands on a tax-free lump sum. The lump sum is often used to clear mortgage payments ...

  • Set the Max with Liverpool Victoria

    12 Apr 2002

    Liverpool Victoria - MaxType: Unitised with-profits endowmentAim: Growth by investing in the Liverpool Victoria with-profits fundMinimum sum assured/premium: £4,500/£50 a month, £600 a yearMinimum-maximum term: 10 yearsFund links: With-profitsCharges: Initial charge version - initial subject to negotiation, annual implicit. Level charge version - annual 0.32%Options: Waiver of premiumCommission: Initial ...

  • SGAM chief quits for Martin Currie

    10 Apr 2002

    SG Asset Management head of European equities Dino Fuschillo is quitting the firm to run Martin Currie's European desk. Fuschillo's European Growth fund will continue to be run by co-manager Stuart Gilmartin. 

  • Skandia first with reregistration

    11 Apr 2002

    I read with interest that Fidelity is the second company to be offering IFAs reregistration facilities on its platform. I am not so sure it is second. Skandia has been offering reregistration facilities (on our MultiFund product) for the past three years. Surely Fidelity and Cofunds are fighting over the second and third spots? So, why have we not shouted about the service to win some PR plaudits? Quite simply, because not enough of the fund groups within the industry are offering ...

  • Skandia wants FSA crackdown on charges' disclosure

    11 Apr 2002

    Skandia is calling on the FSA to produce a watertight set of disclosure rules for all product types, as it claims many providers are "camouflaging" and manipulating charges. It wants to see a tightening of the system for all products to prevent providers having room for discretion in what they disclose and is urging IFAs not to accept quotes in key features documents at face value. The company says reduction-in-yield figures on with-profits bonds need to be tightened up as they ...

  • Skipton's mini cash Isa savers aid children's charity

    11 Apr 2002

    Savers with Skipton Building Society have raised more than £300,000 for the National Society for the Prevention of Cruelty to Children. The savers helped the charity by investing in Skipton's NSPCC mini cash Isa launched in April 1999. Money is raised for the charity by customers forgoing 0.5 per cent of the interest rate they would normally receive on their account. At the end of each year, the total money raised is presented to the NSPCC's Full Stop campaign to prevent ...

  • SLI picks new global team chief

    11 Apr 2002

    Standard Life Investments has appointed Rod Paris to head its global bond team, triggering the departure of highly regarded UK fixed-interest manager Will Hay. The changes follow a disagreement about strategy, with the board wanting to put more emphasis on global rather than UK fixed interest. Paris is currently managing director and head of global fixed income at Merrill Lynch. It is understood that Hay was offered a lesser post but chose to take retirement. Paris is expected ...

  • Star fund managers name their price

    11 Apr 2002

    The resignations of George Luckraft and Nigel Thomas from ABN Amro to join Framlington has once again thrown star fund manager moves into the spotlight. After a first quarter of relative inertia, the dual resignation of the star managers has highlighted how much of a shot in the arm - or shot in the head - it potentially can be for highly regarded "names" to switch companies. The signing of Thomas and Luckraft is clearly a coup for Framlington and ABN Amro has been left facing ...

  • Straight talking

    11 Apr 2002

    For a number of years, there has been growing recognition of the inefficiencies of the old paperand phone-based communication processes between intermediaries and providers in the mutual fund market. The original idea was that electronic messages would result in major imp-rovements in efficiency. However, the industry in Europe, including the UK, faces some important questions about the scale of benefits to be gained from using straight-through processing, even among its most ardent ...

  • Supermarkets take 25% of fund Isa sales

    11 Apr 2002

    Fund supermarkets put themselves firmly on the distribution map in the first quarter of this year, accounting for around 25 per cent of investment fund Isa sales. Isa sales figures between January 1 and April 5 - reported by Cofunds, FundsNetwork and Skandia - totalled about £430m. Complete industry Isa sales have not yet been compiled but are expected to be around half of last year's £3.4bn. Initial indications are that Fidelity maintained its title as the UK's ...

  • Talkback

    11 Apr 2002

    "I am sure it will in due course but it is quite a body blow at the moment."Colin Studd, Chartway Financial Management "Yes. These shocks tend to smooth out over time. It will be a blow for these particular funds, as IFAs may eschew them for a while, but history shows that performance is not just dependent on the fund manager. It does have good teams around, which should help smooth it out, and ABN is a strong organisation." Arthur Childs, Arthur Childs Financial Services Yes, ...

  • Target practice

    11 Apr 2002

    This week, I would like to move away from purely technical issues and start to consider an area of financial planning practice which I have long considered to be badly overlooked or, at the very least, underused or misunderstood - target benefit planning, especially for retirement income. Much has been said and written about target benefit planning and it has been included increasingly in advanced financial planning books but not, I fear, to the extent that it merits. In these next ...

  • Tep guide coincides with Budget planning

    11 Apr 2002

    The Budget is an occasion which many people use to reassess their investments and provides an opportunity for IFAs to raise the benefits of investing in traded endowment policies with their clients, claims Policy Portfolio. With Chancellor Gordon Brown making his Budget speech next week, the Tep specialist is offering a free guide to IFAs considering recommending Teps to their clients. Policy Portfolio says Teps are an ideal investment for people who are looking for low-risk investment ...

  • The Mortgage Business - 100% mortgage

    15 Apr 2002

    The Mortgage Business 100%

  • The national wealth service

    11 Apr 2002

    Having money in the bank comes before "keeping up with the Joneses", according to a survey by Marks & Spencer Financial Services. Of the 2,000 people surveyed, 44 per cent said having more cash or money to invest would make them feel well off. Only 6 per cent felt that not being overdrawn was an indicator of wealth. Traditional emblems of wealth, such as having two cars, taking a holiday, having a cleaner, personal numberplate or caravan, were only recognised as indicators ...

  • The new adventures of Supermart

    11 Apr 2002

    The term "fund supermarket" arrived on the scene during the build-up to what we now know was a technology bubble. We learned about them straight from the US where two firms in particular, Fidelity and Charles Schwab, had carved out and dominated a new, one-stop, internet-based fund distribution channel. Goodbye bricks and hello clicks. The supermarket concept was fuelled by the demand for ever greater investment exposure to meet individuals' needs. It was driven by a shift to personal ...

  • The NIC of time

    11 Apr 2002

    In this last article on the intriguing (well, at least to me) subject of income tax and National Insurance contributions on the assignment of a policy from an employer to an employee, I will look at the interaction of sections 19 and 154 of ICTA 1988. As you will see, together they conspire to catch the taxpayer, regardless of the circumstances, usually resulting in the biggest possible tax take for the Inland Revenue. You will recall (or, at least, you ought to if you were paying ...

  • This is the chance for life offices to fight 1% regime

    11 Apr 2002

    Returning to the UK at the end of March after a holiday,I notice that there has been much comment and discussion concerning Norwich Union and its decision to reduce commission on certain products. NU has often been arrogant in this respect, paying less commission on selected products than competitors. However, in this case, rather than bemoan the fact, IFAs and, indeed, shareholders should rejoice. I must confess to considerable satisfaction in being able to say, "I told you ...

  • Threadneedle Investments - Threadneedle Property Unit Trust

    15 Apr 2002

    Monday, 15 April 2002Type: Unit trustAim: Growth by investing in UK commercial propertyMinimum investment: Lump sum £25,000 Place of registration: JerseyInvestment split: 100% in UK commercial propertyIsa link: NoCharges: Initial up to 7.5%, annual 1.25%Commission: Renewal 0.5%Tel: 0800 0684000

  • Threadneedle moves into property

    15 Apr 2002

    Threadneedle Property Investments has unveiled the Threadneedle property unit trust, a Jersey-based fund that invests in UK commercial property.

  • Time for disclosure overhaul

    11 Apr 2002

    In the seven years since the disclosure regime started, fundamental changes to product structures and provider behaviour arising from price competition mean that a review is long overdue. The various reviews of this subject are focusing on simplifying the presentation of charges, illustrating the long-term impact of inflation and unbundling advice and product costs, but there is a more urgent priority. This is to define a watertight set of rules for all product types that are ...

  • Tories to call for wider use of PMI

    15 Apr 2002

    Conservative leader Ian Duncan Smith will reject expected tax rises in this week's budget, proposing wider use of private medical insurance and pay as you go treatment instead.According to the Sunday Telegraph, Duncan Smith will oppose what has been tipped to be as high as £7bn in tax rises to pay for the NHS. 

  • Towry Law in benefits deal with Asda staff

    11 Apr 2002

    Towry Law is extending its presence in the emp-loyee benefits market with a deal to provide advice to staff of the Asda supermarket chain. Towry will offer a no-cost initial consultation and factfind meeting as part of their employee benefits package to all Asda's 116,000 employees. Employees will have access to an independent mortgage advice or review service at a discounted rate, with the option of fee or commissionbased advice. The Asda deal means Towry now offers employee ...

  • UBS Capital partners leave to start new firm

    15 Apr 2002

    Five partners in UBS Capital's UK team have left to set up a new business after securing a financial settlement from the fund manager.

  • Upgrade for Staffcare

    11 Apr 2002

    Technology solutions provider Screen Pages is offering a revamped version of its online corporate marketing tool Staffcare. Staffcare is designed to help IFAs and corporate clients' human resources departments communicate with staff about employee benefits. IFAs can use it to offer a comprehensive worksite marketing and employee benefits admin service to the corporate sector. Staffcare business development director David Lewis says: "Staffcare allows so much flexibility ...

  • Watson Wyatt strengthens investment team

    12 Apr 2002

    Watson Wyatt is strengthening its Northern Investment team as it bids to expand its client base in the area.The firm says Geoff Duckett and Mark Humphrey move to the Leeds office will provide further experience and knowledge to its team which was established less than two years ago. Duckett has 15-years of advisory experience having transfered to Watson Wyatt UK from New Zealand in 1997. Humphreys was previously at Aon Consulting.

  • We won't be tied up in a business straitjacket

    11 Apr 2002

    I am writing on Mark Dampier's behalf in response to Philip Thomas's latest letter (Money Marketing, April 4), CP121 widens the rich/poor divide). On reading Mr Thomas's latest offering, Mark had, what has been described as a "temporary lapse of sanity"and was carried off by men in white coats for a short break in a straitjacket. Mark has never had a problem being understood before and was found beating his head against a brick wall clutching the Money Marketing letters ...

  • What would Misys be selling?

    11 Apr 2002

    I refer to the back page story, Misys "open to offers"for its IFA business (Money Marketing, April 4). What does Misys really think it is selling when it refers to its IFA business? In reality, the advisers are the business and, if Misys thinks it can "sell" us, without any benefit to us and with the distinct possibility of losing our independent status, it is very wrong. This scenario also presumes that the better than best rules no longer apply, which at present is not the ...

  • Why Govt's strategy gives me the hump

    11 Apr 2002

    This Easter, I found myself in Bahrain. The family were there for the fortnight but poor old dad was restricted to flying out late on Thursday and back overnight Monday. While there, my daughter and son insisted I rode a camel or my trip would be incomplete. After my children and their cousins survived the trip along the beach, I decided to climb on board and grasped both the front and rear of the saddle (a bit of advice - grabbing the front generally results in the over-the-handlebars ...

  • Woods to retire from Scot Prov

    15 Apr 2002

    Abbey National Financial & Investment Services strategy and business development director David Woods is to retire at the end of this month.

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