Money Marketing
10 August 2005

  • ScotLife boosts RoyLon business

    11 Aug 2005

    Royal London says group total life and pension sales increased by 30 per cent to 115m in the first six months of this year. Subsidiary Scottish Life saw its business grow 31 per cent to 97m in APE terms. Protection arm Bright Grey's business rose by 18 per cent to 11m while Scottish Life International's sales rose by 46 per cent to 7m and Royal London Asset Management saw net new business of 450m.

  • 12Bn knocked off pension deficits in July

    11 Aug 2005

    July's surge in equity markets and bond yields saw a fifth wiped off the pension deficits of FTSE 100 companies.This is the biggest reduct- ion in a single month since October 2003. It resulted in 12bn being cut from blue-chip pension deficits, leaving a 55bn funding gap.However, the aggregate fall in FTSE 100 pension defi- cits for the year so far is only 1bn, as falling bond yields increased the value of liabilities on an FRS17 basis for much of the first half of the year.Watson ...

  • 19% Sales rise for Skandia

    11 Aug 2005

    Skandia has posted 19 per cent growth in sales in the first six months of this year with a business total of 301m. This brings its assets under management to a new high of 23bn. The company achieved 43 per cent growth last year.

  • 19% sales rise for Skandia

    10 Aug 2005

    Skandia has posted 19 per cent growth in sales in the first six months of this year with a business total of 310m. This brings its assets under management to a nw high of 23bn. The company achieved 43 per cent growth last year.

  • 22,000 Open savings gateway

    11 Aug 2005

    Over 22,000 people have opened a savings gateway account during the second pilot of the Government initiative in six areas.The Government is using the scheme to explore how matching savers' contributions and the support of a range of community financial bodies can help promote saving among people who do not normally save.The 15m pilot take-up period began in March and ended at the start of August covering East London, Cambridgeshire, Manchester, East Yorkshire, South Yorkshire ...

  • A competitive hedge in delivering returns

    11 Aug 2005

    The worldwide growth of hedge funds over the past 10 years has been amazing. There are now more than 8,000 hedge funds with over $1tn of assets under man- agement. Recent publicity about the earnings of some of the top managers in the field has raised the profile of this supposedly new phenomenon even further.

  • A wealth of resources for Oceanic

    16 Aug 2005

    Oceanic Aset ManagementACDS Australian Natural Resources Fund

  • Abbey - Stockmarket Linked Savings Bond

    12 Aug 2005

    AbbeyStockmarket Linked Savings Bond

  • Aifa is the wrong body to represent multi-ties

    11 Aug 2005

    While I agree with some of Simon Chamberlain's comments regarding membership of Aifa (Money Marketing, July 21), I believe they are typical of those who advocate the multi-tied route. I think he misses the point, which is that the public are not best served by depolarisation and that multi-tied advice is not in the public's best interest.What independence means is that the adviser's advice is not coloured by whether they are tied or multi-tied and limited in product choice. ...

  • Aifa seeks researcher to compile files in retrospection fight

    11 Aug 2005

    Aifa is looking for a research firm to help in an initiative designed to protect IFAs against retrospective action by the FSA and Financial Ombuds- man Service.The Stakes in the Ground project aims to create a universally-accepted source of evidence of current regulatory standards and accepted practices to inform FSA and FOS rulings.Director general Chris Cummings says it will help prevent the FOS and FSA applying their rules retrospectively.The trade body has sent out an ...

  • Alan Dring set to leave Standard Life Bank

    15 Aug 2005

    Head of intermediary development Alan Dring is set to leave Standard Life Bank to pursue a new opportunity closer to his home in Staffordshire.

  • All Blacks magic

    11 Aug 2005

    Leeds & Holbeck Building Society recently welcomed All Blacks' legend Justin Marshall to a summer school for 140 seven- to 16-year-olds hosted by the society.Marshall arrived direct from his native New Zealand and went straight to the summer school.The most capped All Blacks half-back of all time has signed for the Leeds Tykes, who picked up the Powergen Cup earlier this year. There he joins Lions hooker and Scotland skipper Gordon Bulloch to take part in an exciting European ...

  • Aviva makes over 300 support jobs redundant

    16 Aug 2005

    Aviva is making 330 staff redundant from the Morcambe and Darlington RAC call centres.

  • B&B turns away claim chasers

    11 Aug 2005

    Bradford & Bingley says it will no longer deal with claim management companies representing customer endowment complaints.

  • Bankhall chiefs quit

    11 Aug 2005

    Bankhall joint chief executives Paul Hogarth and Simon Taylor have quit, with managing director Peter Mann taking over with immediate effect.Hogarth remains as strat- egic marketing consultant at Bankhall while Taylor is leaving to pursue other financial services business opportunities, expected to relate to the mortgage and general insurance sectors.Hogarth and Taylor, two of the four founding members of Bankhall, each held 7 per cent of the firm. These stakes have now been ...

  • Bankhall will extend GI deal to IFA market

    11 Aug 2005

    Bankhall is extending its general insurance proposition to the wider IFA community and intermediaries and says it will champion the return of the composite model to the IFA market.The firm is running a series of roadshows to promote the general insurance premier service. The service is headed by Mike Williams, formerly of Total Broker Solutions and the British Insurance Brokers' Association, who joined Bankhall as head of general insurance in April.It will offer compliance support, ...

  • Bankruptcies at record high

    10 Aug 2005

    Personal bankruptcies have hit record levels, according to Department of Trade and Industry figures, In the three months to June, 15,394 individuals declared bankruptcy, an increase of 12 per cent on the previous three months and up by 37 per cent on the same period last year.

  • Bankuptcies at record high

    11 Aug 2005

    Personal bankruptcies have hit record levels, according to Department of Trade and Industry figures. In the three months to June, 15,394 individuals declared bankruptcy, an increase of 12 per cent on the previous three months and up by 37 per cent on the same period last year.

  • Barclays International - Guaranteed FTSE Tracker 1

    10 Aug 2005

    Barclays InternationalGuaranteed FTSE Tracker 1

  • Bargaining power on takeover trail

    11 Aug 2005

    Whenever a fund management firm or an IFA business goes under the hammer, the first question on everybody's lips is: "What's it worth?"

  • Baring backs hedge approach for Asia

    11 Aug 2005

    Baring Asset Management is recommending a hedge fund of funds' approach to combat volatility in the Asian markets.

  • Boulger warns over non-Ship shunning

    11 Aug 2005

    John Charcol senior technical manager Ray Boulger is warning mortgage brokers not to ignore lifetime products just because providers are not members of Ship.He says some lifetime products already in the market offer equal if not better drawdown facilities regardless of club membership.His comments follow the release of product details for Prudential's property value release account.Boulger praises Pru's flexible plus plan to increase the loan to value by 1 per cent each ...

  • Bradford & Bingley profits up by 8%

    10 Aug 2005

    Bradford & Bingley made a profit of 150m for the half-year, up 8 per cent from 139.4m in 2004.

  • Bradford & Bingley profits up by 8%

    11 Aug 2005

    Bradford & Bingley made a profit of 150m for the half-year, up 8 per cent from 139.4m in 2004.

  • Break down and cry?

    11 Aug 2005

    IFA Promotion's latest press campaign shrieks: "UK employees will miss out on a staggering 285m of tax breaks this year by failing to take advantage of employee share schemes."While IFAP clearly does a lot of good work in selling the virtues of independent advice, the Diary thinks that blanket promotion of employee share schemes displays a distinct bout of short-term amnesia.As we are sure Rail- track employees will tell you, a tax break on b*gger all is still b*gger all.

  • BTL landlords confident but there will be few new entrants says Mortgage Trust

    10 Aug 2005

    Last week's interest rate cut has warmed the BTL market but there will be few new landlords entering the market according to Mortgage trust research.

  • BTL leaseback firm listing on Aim

    10 Aug 2005

    Buy-to-let property company Ely Group is listing on Aim this week. The Dublin company is coming to the market with plans for further UK expansion. The firm is best known for offering the opportunity to invest in the housing market on a 10-year leaseback scheme.

  • BTL leaseback firm listing on Aim

    11 Aug 2005

    Buy-to-let property company Ely Group is listing on Aim this week. The Dublin company is coming to the market valued at 11m with plans for further UK expansion. The firm is best known for offering the opportunity to invest in the housing market on a10-year leaseback scheme.

  • Can't see the wood for the key facts

    11 Aug 2005

    Looking through the lat- est FSA consultation papers, my eyebrows raised at a line in CP05/12 which stated: "It has long been recognised that many consumers do not read the information (specifically the key features) that firms give them at the point of sale."

  • Cheltenham & Gloucester - Two Year Premium Fixed Rate

    11 Aug 2005

    Cheltenham & GloucesterTwo Year Premium Fixed Rate

  • Consumer View: Blown away without cover

    11 Aug 2005

    The news that more than half the 1,500 victims of the recent Birmingham tornado do not have household buildings and contents insurance illustrates all too graphically how the poor get poorer.

  • Correspondent's Week

    11 Aug 2005

    This week Emma Lunn, freelance finance journalist

  • Cullen buys MoneyPlan

    10 Aug 2005

    Stockport-based Cullen Financial Planning is set for further expansion after signing an agency agreement to acquire the clients and business from Rochdale firm, MoneyPlan Financial Services. The deal will see the transfer of over 1,000 corporate and private clients into the Cullen portfolio and raise its turnover to over 2.5m.

  • Cullen buys MoneyPlan

    11 Aug 2005

    Stockport-based Cullen Financial Planning is set for further expansion after signing an agency agreement to acquire the clients and business of Rochdale firm, MoneyPlan Financial Services. The deal will see the transfer of over 1,000 corporate and private clients into the Cullen portfolio and raise its turnover to over 2.5m.

  • 'Dangers ahead for hybrids'

    11 Aug 2005

    The Sunday Group believes depolarised hybrid business models for advisers are flawed and will lead to future claims against firms.Sunday managing director Dermod Atkinson says intermediaries wearing multiple hats risk having claims laid against them in the future due to difficulties accounting for what advice has been given.He says advisers giving independent advice through some aspects of their business while giving tied, multi-tied or whole of market to others could lead to ...

  • Don't put all your eggs in RPI basket

    11 Aug 2005

    I am in the process of buying an annuity with my pension fund and have been offered a contract which increases annually in line with the retail price index, subject to a maximum of 5 per cent a year. The initial annuity equates to my current annual spend. Am I right in assuming that if inflation is less than 5 per cent a year, I will be able to maintain my current standard of living?

  • DTI puts cork in wine racket

    11 Aug 2005

    Three directors of two vintage wine companies who ripped off customers with bogus investments have been banned by the High Court from being company directors following a successful prosecution by the Department of Trade and Industry.Liquid Acquisitions Lim- ited directors Andrew Michael Dunne and Thomas Sloan of Bromley, Kent have been disqualified for 10 years each.James Hewitt Associates Limited chief James Hewitt, also from Bromley has been banned from business for seven ...

  • Durlacher is censured by LSE

    11 Aug 2005

    Durlacher, the investment analyst which specialised in the IFA sector, has been censured by the London Stock Exchange for advising financial advisory firm Prestbury to delay a profit warning.The LSE says Durlacher advised Prestbury not to announce a drafted profit warning between May 17 and May 25, 2004, while it completed a 500,000 fund-raising scheme.The LSE says it does not imply any criticism of Prestbury although it breached Aim rules.Durlacher, which merged with Panmure ...

  • Ethical investment hits 10bn mark

    11 Aug 2005

    Ethical investments broke the 10bn barrier for the first time last year, according to Co-operative Financial Services.It says 10.6bn was placed in ethical investments or deposited with ethical banks and credit unions during 2004.A total of 5.5bn was invested in ethically screened funds while 5.1bn was deposited in ethical banks and credit unions.CFS says the findings underline how UK consumers are inc- reasingly aware of ethical funds and the influence they can have as investors.Last ...

  • Exclusion zones

    11 Aug 2005

    After the appalling London bombings of July 7, survivors, victims and families of the deceased are having to dealing with various insurance companies for their claims.Many insurance companies have an exclusion clause for acts of terrorism. Bupa life policies cover acts of terrorism but its PMI policies do not.Fortunately, most of the "household name" companies have confirmed they will honour claims resulting from the bombings, but for the sake of the victims and their families, ...

  • Executive decisions

    11 Aug 2005

    The FSA's fourth life insurance newsletter issued last month warns insurers about the standard of advice given by their representatives.

  • F&C Stewardship funds break through 2bn barrier

    15 Aug 2005

    The F&C Stewardship funds, the group's range of ethical portfolios, have passed through the 2bn mark.The funds, the first of which was launched 21 years ago by Friends Provident, are the UK's oldest and largest ethical investment suite of products.

  • Feast of the assumptions

    11 Aug 2005

    This week, I will conclude my series of articles on recent and imminent developments in the pension world. In my last article, I looked at issues relating to the pro- jection of benefits from final-salary schemes and state pensions. Here, I will move on to the projection of money-purchase benefits, paying particular attention to the impact of statutory money-purchase illustrations.

  • Fee circus as ifas chalk up menus

    11 Aug 2005

    James Salmon looks at payment options offered by advisers

  • Focus appoints ex-Exchange manager

    12 Aug 2005

    Focus Business Solutions has appointed Darren Bayley as proposition manager, a role he previously held at The Exchange.Bayley will focus on the growth and development of relationships with the industry portals, creating new market propositions for the mortgage and GI industry and pre sales support for the firms Multi Channel Advice product.Bayley says: "I am delighted to have joined Focus at a very exciting time for the business and look forward to the challenges ahead, working ...

  • Foreicn Currency Direct seeks IFA partnerships

    10 Aug 2005

    Foreign Currency Direct plc is seeking to establish relationships with financial advisers through a commission-based referral scheme.

  • FSA hears no evil

    11 Aug 2005

    Many financial services companies record conversations in the office as a standard practice and our story was based on recordings which were made in an office where a prominent sign warns that meetings and telephone conversations on the premises may be recorded.

  • FundsNetwork adds seven new funds

    16 Aug 2005

    FundsNetwork has added seven new funds to its platform.The funds are Artemis strategic bond, Britannic Argonaut European alpha, Credit Suisse Incubator, CF Neptune China, CF Neptune Russia and Greater Russia, JPM cautious total return and Newton global opportunities. FundsNetwork marketing director Rob Fisher says choice on the platform has grown considerably since its launch five years ago.

  • Getting things in proportion

    11 Aug 2005

    Last week, I looked at the 10-year anniversary charge on relevant property held in discretionary trusts and this week it is the turn of the proportionate or exit charge.

  • Govt closing loophole to prevent 45% tax-free cash

    11 Aug 2005

    The Government has moved to close a loophole which could have allowed pensioners to almost double their tax-free cash after A-Day.Under the 2004 Finance Act, people taking benefits in a form known as a scheme pension would have been entitled to up to 45 per cent tax-free cash, rather than the usual 25 per cent limit.Scottish Life head of pensions Steve Bee says this situation could have resulted in pensioners taking out poor or unsuitable annuities in order to access the maximum ...

  • House prices set to fall this year , says CML

    11 Aug 2005

    The Council of Mortgage Lenders is predicting modest falls in house prices by the end of this year with a flat 2006 and an average rise of just 2 per cent in 2007.The CML forecast says arrears are on the rise with an increase in borrowers with over three months' mortgage arrears from 92,000 in 2004 up to 115,000 in 2005 and rising to 130,000 in 2007.It predicts that first-time buyers as a percentage of loans will rise from 31 to 36 per cent by 2007. The number of transactions ...

  • Housing market confidence unmoved

    15 Aug 2005

    Confidence in the housing market has remained stagnant for the fourth successive month according to the Woolwich Consumer Confidence Index.The index has now not moved since April, with 49 per cent of homeowners expecting house prices to rise over the next 12 months, compared to 62 per cent in July last year.Woolwich head of mortgages says: "Its the first cut in the base rate for two years, so this is our best chance to shake the housing market from its lethargy. Those with existing ...

  • Howard is new chairman of FSCP

    16 Aug 2005

    John Howard is to take over as chairman of the Financial Services Consumer Panel in October, replacing Ann Foster.Howard is a journalist and broadcaster with experience including presenting Radio 4s You and Yours programme. He is also a qualified solicitor.Howard has been a member of the panel for four years and was a member of the Mortgage Code Compliance Board until its activities were taken over by the FSA in November 2004.FSA chairman Callum McCarthy says: "I would like ...

  • IFA View: Joining the social club

    11 Aug 2005

    It is very easy to be cynical of socially responsible investments (SRI).

  • Innovation in £5k challenge

    11 Aug 2005

    Structured product provider Product Innovation is challenging multi-managers to a £5,000 bet for charity that its new open-ended structured products will outperform their funds over the next 12 months.

  • Innovation in moderation

    15 Aug 2005

    Product InnovationsOverture Multi Asset Platform Fund: Frontier Moderate

  • Insurers still struggling on GI regulation

    11 Aug 2005

    Providers are still finding difficulties with general insurance regulation and a huge amount of work is needed to stop the industry falling foul of the scandals that have rocked the life and pension industry, claims compliance consult- ancy Huntswood.It says six months after regulation was introduced, many insurers are finding it tough to adapt to the rules and are worried about implementing the FSA's regulatory objectives.Research conducted by Huntswood shows that 31 per cent ...

  • Interest in charges

    11 Aug 2005

    Like many of my industry colleagues, I felt a surge of indignation on reading Dianne Hayter's statement that "for the mass market, it is hard to find disinterested, professional, free or moderately priced assistance". Oh yes?Disinterested is what a judge presiding over a legal conflict between two parties is supposed to be, namely without bias towards the interests of one side or the other. So what two parties are involved when a member of the public submits his circumstances to ...

  • Investment View: Smile on the FTSE face

    11 Aug 2005

    Not so very long ago, it looked as though the FTSE 100 index would struggle to stay at the 5,000 level.

  • Investors abandon SVM flagship fund

    11 Aug 2005

    SVM's flagship hedge fund High- lander has seen 90 per cent of its assets walk after a period of sustained underperformance.The long/short European equity portfolio, managed by Colin McLean, has seen assets under management shrivel from euro 600m to euro 60m in the past two years.Swiss fund of hedge funds boutique Soprigest senior research analyst St?ane Gosteli, who rates the fund a sell, says there is a concern that McLean is spending so much time marketing the SVM range that ...

  • Keydata to boost IFA trade tech

    11 Aug 2005

    Keydata is to make major enhancements to its free IFA CD aimed at giving advisers the same fund trading technology as discretionary brokers.It says the November issue will allow IFAs to combine funds from any supermarket and fund manager, perform valuations and trade funds.Keydata CD was launched in 1997 but has not seen much development in recent years until the firm became a major shareholder in FundWorks.The first major enhancement of the technology is expected this month ...

  • Land ahoy for Cordea Savills

    11 Aug 2005

    Cordea Savills, the fund management arm of the Savills property services group, has set up a fund which will trade in land.The serviced land investment fund, which has a 25,000 minimum investment, will be more volatile than the firm's existing Diverse fund and will aim for returns in excess of 15 per cent a year.Big tracts of land will be bought and will be split into smaller plots of between three and 10 acres. Enhancements will be made such as obtaining planning permission, ...

  • Late boost for open annuities

    11 Aug 2005

    Open annuities could be set for an 11th-hour boost after HM Revenue & Customs revealed that inheritance tax will be payable on alternative secured pensions and probably on drawdown.Open annuities, which have enabled annuitants' remaining funds to pass to their estate on death, are expected to die out after A-Day when this advantage is taken away from them.However, many commentators expect a late rush of interest in the product after the Revenue laid out its IHT rules.Hargreaves ...

  • Lawyers to lobby on principle regulation

    11 Aug 2005

    A consortium of legal experts led by Beachcroft Wansbroughs is planning to lobby the FSA this autumn over the legality of its principle-based regulation.Financial services law firm Beachcroft Wansbroughs has invited a team of legal and compliance directors of financial services firms, legal professors, barristers, judges and the FSA general counsel to the board - the regulator's head lawyer - to attend a summit meeting on October 10 at London's Atheneaum Club.The FSA says its ...

  • Leeds & Holbeck - Fee Free 5 Year Fixed Rate Mortgage

    10 Aug 2005

    Leeds & HolbeckFee Free 5 Year Fixed Rate Mortgage

  • Leeds & Holbeck - Five Year Fixed Rate

    15 Aug 2005

    Leeds & HolbeckFive Year Fixed Rate

  • LiverpoolVic aims at IHT planning

    11 Aug 2005

    Liverpool Victoria is offering whole-of-life guaranteed premium life cover.The policy pays out a lump sum, with premiums guaranteed for the duration of the policy. Minimum premium is 5 a month and level or index-linked options are available.It features additional inheritance tax-guaranteed insurability options, which cover marriage, divorce, inheritance, and legal adoption of a child.Liverpool Vic says it launched the policy in response to concerns from intermediaries about ...

  • Martin Currie set for big retail drive

    11 Aug 2005

    Martin Currie has trebled its sales team as it lines up a major push into the retail market.The Edinburgh fund firm has signed up to ratings agency Forsyth-OBSR in a bid to raise the profile of its product suite.It has recruited senior sales staff from several retail-focused investment houses to bolster distribution.Since joining from Investec five months ago, managing director of marketing, distribution and product management Andy Sowerby has separated the firm's distribution ...

  • McMillan and strife

    11 Aug 2005

    The Money Marketing team gave a fine account of themselves at Skandia Cowes Week, coming fourth out of 65 yachts, with rivals taking their beating with good grace.This was all the more remarkable following a 2am swim in the marina, much to the delight of Skandia's Alex Jones, who could be heard in the next town screaming safety instructions from the pontoon.Jones claimed the mud down there is "deeper than we are".MM reporter Paul McMillan, who could have been ...

  • Meera Patel

    11 Aug 2005

    Matt Davis discovers that Hargreaves Lansdown's senior investment analyst wants to make the Government an offer it can't refuse to help close the savings and pension gaps and start to educate consumers on the benefits of financial services

  • Millfield sells its 25% stake in Lifetime to NU

    11 Aug 2005

    Millfield has sold its 25 per cent stake in the Lifetime wrap to Norwich Union for 9m, with an extra 6m potentially payable if targets are met.Millfield was one of the original investors in Lifetime in 2002, ploughing 3.25m into the platform. The deal now values the platform at 36m.NU's stake has increased from 71.3 per cent to 97.4 per cent and its total investment is now 32m.Millfield chief executive Paul Tebbutt says it was always the firm's intention to sell its stake ...

  • Mortgage View: Near-prime movers

    11 Aug 2005

    My monthly rant is normally restricted to one topical subject so it is quite ironic that in a typically slow news month there is plenty to commentate on. In no particular order, here are some musings on four newsworthy items of late.

  • Multi-manager View: Why Fofs are value for money

    11 Aug 2005

    Do funds of funds work? Yes (is the short answer).

  • Nationwide - Guaranteed Equity Bond

    15 Aug 2005

    NationwideGuaranteed Equity Bond

  • Nationwide increases its reservation fee payment options

    15 Aug 2005

    Nationwide is making changes to its reservation fee payment options, effective from last Monday.In addition to the 389 fee up front, or paying no fee with a higher interest rate, borrowers can now opt to add the fee to their loan.

  • Navigation system broke down in the New Forest

    11 Aug 2005

    How many journalists does it take to change a lightbulb? Or rather, to find their way safely to a press trip?On their way to Skandia Cowes Week to embark on a bit of sailing, it could have all ended rather suddenly when, upon arrival at Brockenhurst station in the New Forest, all eight journalists from two trade publications looked expectantly at each other before realising that no one had remembered to bring the phone number of the PR they were meeting.Nor did they have the name of ...

  • Neptune boutique to white-label for IFAs

    11 Aug 2005

    Neptune's new multi-mana- ger boutique is to be called North Investment Partners and will be available for IFAs to white-label.

  • New civil partnership law confusing, says CAB

    10 Aug 2005

    Gay consumers could easily misunderstand the new civil partnership law and the financial implications for same sex couples according to Citizens Advice.

  • No penalty for Abbey

    11 Aug 2005

    AbbeyTwo Year Fixed Rate

  • Non-confirming move by Beacon

    10 Aug 2005

    Beacon Capital Holdings is entering into non-conforming lending with the launch of Beacon Homeloans. The lender will distribute exclusively through the Regulatory Alliance of Mortgage Packagers. The group now consists of its IFA arm, Beacon Asset Management and packager, Beacon Mortgages.

  • Non-conforming business activity rises for mortgage brokers in July

    15 Aug 2005

    Mortgage brokers are experiencing an up-turn in activity in the non-conforming market according to Mortgages plc and Mortgage Promotions.

  • Non-conforming move by Beacon

    11 Aug 2005

    Beacon Capital Holdings is entering into non-conforming lending with the launch of Beacon Homeloans. The lender will distribute exclusively through the Regulatory Alliance of Mortgage Packagers. The group now consists of its IFA arm, Beacon Asset Management and packager, Beacon Mortgages.

  • NU and Co-Operative Insurance sign distribution agreement

    12 Aug 2005

    Norwich Union and Co-Operative Insurance Society have signed a distribution agreement for a range of NU products.

  • Nvesta - Accelerator Growth Plan 3

    12 Aug 2005

    NvestaAccelerator Growth Plan 3

  • OFM Group joins Personal Touch Financial Services

    16 Aug 2005

    OFM Group has relinquished its directly authorised status and joined Personal Touch Financial Services.

  • Old Mutual seeks to prosper

    12 Aug 2005

    Old Mutual Prosper 80 from Old Mutual Asset Managers is a capital-protected product linked to the performance of a manager of managers hedge fund portfolio and cash using a form of constant proportion portfolio insurance (CPPI).

  • Old Mutual sets target of 4% plus cash

    11 Aug 2005

    Old Mutual Asset Managers is looking to attract dissatisfied with-profits investors with a part-capital guaranteed product aiming to deliver annualised returns of cash plus 4 per cent.Old Mutual Prosper 80 offers exposure to a portfolio of internal and external hedge funds and cash.There is daily pricing, a capital guarantee up to 80 per cent of the investor's highest unit price and no lock-in period. Minimum investment is 5,000 and the product is eligible for Isas and Peps.Head ...

  • Park Row picks L&G for panel

    11 Aug 2005

    Legal & General has been appointed to Park Row's mortgage protection panel, bringing the total number of product providers on the panel to 12. L&G previously missed out on gaining a place due to concerns from Park Row on its service proposition that have since been rectified.

  • Park Row picks L&G for panel

    10 Aug 2005

    Legal & General has been appointed to Park Row's mortgage protection panel, bringing the total number of product providers on the panel to 12. L&G previously missed out on gaining a place due to concerns from Park Row on its service proposition that have since been rectified.

  • Passive positivity from Product Innovations

    15 Aug 2005

    Structured product provider Product Innovations has established its two Oeic funds for high net worth clients that take a passive investment approach to eight asset classes.

  • PIMS pair quit to set up a new firm

    11 Aug 2005

    PIMS linchpins Evie Owen and James Goad have left Richmond Events to set up their own business specialising in smaller financial events.OwenJames Events, will concentrate on functions such as adviser roadshows and bespoke work for IFA firms. The duo also hope to work with research partners as knowledge brokers for the industry.They have been working at PIMS for the last six years but decided that the time was right to set up on their own, with the new business launching at the ...

  • Pink Home Loans - BM Solutions Self Cert Two Year Fixed

    11 Aug 2005

    Pink Home LoansBM Solutions Self Cert Two Year Fixed

  • Portman Building Society - Five Year Fixed

    12 Aug 2005

    Portman Building SocietyFive Year Fixed

  • Prestbury in network talks

    11 Aug 2005

    Prestbury is looking for acquisitions and is in talks with a number of mortgage networks with deals set to be announced by October. It says it completed a record 130m worth of new mortgage business in July.

  • Prestbury in network talks

    10 Aug 2005

    Prestbury is looking for acquisitions and is in talks with a number of mortgage networks with deals set to be announced by October. It says it completed a record 130m worth of new mortgage business in July.

  • Product Innovations - Overture Multi Asset Platform Fund Frontier Conservative

    16 Aug 2005

    Product InnovationsOverture Multi Asset Platform Fund Frontier Conservative

  • Product Innovations - Overture Multi Asset Platform Fund: Frontier Moderate

    16 Aug 2005

    Product InnovationsOverture Multi Asset Platform Fund: Frontier Moderate

  • Pru is moving into equities for life fund

    11 Aug 2005

    Prudential is increasing its equity exposure in its 73bn life fund.It has boosted UK and overseas equity exposure while reducing property and fixed-interest holdings due to concerns over yields and falling interest rates.Investment director Martin Brookes, who runs the mammoth portfolio, says equities are looking increasingly attractive, with earnings' growth outpacing price growth, bringing down price/earnings ratios.He says bond markets are looking unattractive with corporate ...

  • Rate of growth

    11 Aug 2005

    Nicola York assesses the mortgage industry's reaction to last week's 0.25 per cent rate reduction by the monetary policy committee

  • Reliance Mutual seeking to white-label protection range

    11 Aug 2005

    Reliance Mutual Insurance Society is looking for new partnership deals with advisers which want to brand their own protection products.It is offering a partnership package where it will white-label its protection products to advisers while providing all back-office services.The partner will deal direct with clients and market the protection products. Reliance Mutual is looking for partners with scope to produce upwards of 2,000 sales each year.It believes mortgage firms ...

  • Rental arithmetic

    11 Aug 2005

    The increasing number of lenders entering the buy- to-let market is a welcome development. First Active is offering a competitive 5.19 per cent two-year fix and 5.29 per cent two-year discount rate. The long-term tracker rate they revert to - 1.1 per cent above base rate - is a retention feature we do not see enough of.However, at second glance, the products are not as attractive as they first appear. The biggest problem that landlords will struggle with is rental yield.The ...

  • Reynolds to head up BM Solutions sales team

    16 Aug 2005

    Martin Reynolds has taken the position of head of sales, with immediate effect replacing Alan Cleary who has received an internal promotion.

  • Route 2 goes into administration

    11 Aug 2005

    Shamed former Royal Liver sales manager Chris Large's new firm has gone into administration following what is understood to be regulatory problems with the FSA.Macclesfield-based Route 2 Solutions went into administration on July 18 after moving into its "prestigious new offices" only five weeks earlier.Director Chris Large was sacked from Royal Liver after two months last November for making derogatory comments about its policyholders.The Liverpool-based sales manager told ...

  • ScotLife boosts RoyLon business

    10 Aug 2005

    Royal London says group total life and pensions sales increased 30 per cent to 115m in the first six months of this year. Subsidiary Scottish Life saw its business grow 31 per cent to 97m in APE terms. Protection arm Bright Grey's business rose by 18 per cent to 11m while Scottish Life International's sales rose by 46 per cent to 7m and Royal London Asset Management saw net new business of 450m.

  • Selection process

    11 Aug 2005

    We have recently announced Sesame Select, our multi-tie proposition, which incorporates products from five leading providers - Axa, Legal & General, Norwich Union, Prudential and Standard Life.

  • Sourcers should carry KFI onus

    10 Aug 2005

    The Association of Mortgage Intermediaries' Juuly census shows that 57 per cent of 252 intermediaries polled believe sourcing systems should be responsible for provided in KFIs. Fifty-two per cent say sourcing systems are still their preferred method of obtaining KFIs.

  • 'Sourcers should carry KFI onus'

    11 Aug 2005

    The Association of Mortgage Intermediaries' July census shows that 57 per cent of 252 inter-mediaries polled believe sourcing systems should be responsible for information provided in KFIs. Fifty-two per cent say sourcing systems are still their preferred method of obtaining KFIs.

  • Staff missing out on tax-free share schemes

    11 Aug 2005

    Workers will miss out on 285m of tax breaks this year in employee share schemes, says IFA Promotion.The figure represents the amount of tax which could be saved if each of the estimate 865,000 currently in a savings related share option scheme invested just half the 1,500 investment permitted under the Government's share incentive plans.Only 435 UK companies run the share incentive plan, which offers some of the best tax advantages ever to be introduced in the UK.The schemes ...

  • Stake through the heart

    11 Aug 2005

    Are life offices, in some strange way, undermining the companies they invest in?

  • Standard cuts endowment cash again

    11 Aug 2005

    Standard Life's with-profits pension investors have seen their policy values increase over the past year but endowment customers continue to suffer.Payouts for 25-year term mortgage and savings endowment policies fall again compared with last year despite Standard's with-profits fund returning 6.1 per cent over the first half of this year.For example, a 29-year-old man's 50 a month 25-year with-profits mortgage endowment is now worth 45,043 compared with 45,663 this time last ...

  • Stimulant dispensed at wrong time

    11 Aug 2005

    So, the Bank of England has cut interest rates, citing slower household spending and business investment. As something of a contrarian, I cannot help believe that a rate cut at this point in the economic cycle only intensifies the risk that rates will have to increase more aggressively in future.

  • Stop taping our teams, says FSA

    11 Aug 2005

    The FSA is warning it will take legal and enforcement action against firms that tape regulatory investigation visits.It says taping staff is acceptable if they are aware it is happening but says covert recording is unacceptable. It says the practice undermines the effectiveness of monitoring visits and impedes open discussion between FSA staff.The regulator claims that covert taping breaks its principle 11 which requires firms to deal with the FSA in an open and co-operative ...

  • Structured Solutions Group puts together early bonus

    10 Aug 2005

    Structured Solutions Group has brought out the early bonus plan III a guaranteed equity bond linked to the performance of the FTSE 100 index for a term of six years.

  • Supervising supervisors

    11 Aug 2005

    The role of supervisors is under the spot- light. FSA reports have identified that not all advice is of the quality required and this will cause firms to place even greater emphasis on checking business to ensure advisers are performing to the highest standard.

  • The click and the dead

    11 Aug 2005

    Lenders believe the best online systems will win business, says Andrea Tryphonides

  • The frill of it all

    11 Aug 2005

    Nicola York asks if clients want added-value services on critical cover or if they consider them to be fripperies that push up policy costs

  • Thinktank to draw up compulsion blueprint

    11 Aug 2005

    The Social Market Foundation has set up a working group to design a practical model for pension compulsion.The group will bypass discussions over the merits of compulsion and focus on producing a workable model. Watson Wyatt partner Michael Wadsworth is chair and members include FSA consumer panel member Harriet Hall, TUC pensions officer Michelle Lewis, Standard Life chief executive Trevor Matthews, NAPF policy director Joanne Segars and LSE lecturer in pol- icy studies Sarah Smith.The ...

  • TMP bearing up for the future

    11 Aug 2005

    The Money Portal hopes the departure of former chief executive Tony Morris and recent management changes will spell the end of bad publicity for the firm.Non-executive director Rod Sinclair, a former director of the Securities & Futures Authority, says the backing of US investment bank Bear Stearns is evidence that the firm is now on the right track.Morris resigned two weeks ago ahead of a court case brought by the Department of Trade and Industry concerning his role as director ...

  • Top experts for our Pensions Summit

    11 Aug 2005

    Money Marketing is setting up The Pensions Summit to be held at the prestigious Celtic Manor early in the new year.The Pensions Summit will bring together the top distributors of pensions with the major product providers. Money Marketing is lining up major commentators and industry experts to deliver a programme of the highest quality. The aim of the summit is to give the industry a chance to explore opportunities in the market after A-Day. Topics will include Sipps, A-Day readiness ...

  • Turner report changes are set for 2010

    11 Aug 2005

    The Government says 2010 will see the next major change to the pension landscape after A-Day with the implementation of the findings of the Turner Report.In a newspaper interview last week, pensions minister Stephen Timms said a consultation document on proposed reforms will be published next spring, just months after the publication of the Turner Report in November.Initial legislation is then expected by the end of the year with the subject to be inclu- ded in the 2006 Queen's ...

  • Two new members join ABI Expert Working Group on HIV

    16 Aug 2005

    Two new members have been appointed to the ABI's Expert Working Group on HIV.African HIV Policy Network head of policy Rhon Reynolds joins along with HIV Special Interest Group of the British Association for Sexual Health & HIV chairman Dr Martin Fisher.

  • Two points for own goal

    11 Aug 2005

    Diane Hayter's whole defence against Nic Cicutti's article is an own goal. I will only pick two points:1: Only a serial committee member/do-gooder could possibly hailan increase in bureaucrats of 325 per cent (financial promotions' team increase from eight to 34)2: Free or moderately priced assistance. Free! What planet is she on? Does she attend her meetings for free?What does she think we are, charities - not at our rates of tax, not with our FSA and PII bills.Is it any wonder that ...

  • UBS plans move into mortgages

    11 Aug 2005

    UBS is looking to launch into mortgage broking with former Chelsea Mortgage Management consultant Jay Williams leading the proposed arm.The firm is understood to be focusing on lucrative high-net worth clients, particularly existing clients who use UBS for its wealth and asset management capabilities.Jay Williams left Chelsea Mortgage Management shor- tly before its merger with Cobalt Capital in July and also worked briefly for Savills Private Finance. He is listed in UBS's ...

  • UCB rate reduction on self-cert and BTL

    12 Aug 2005

    UCB Home Loans, the specialist lending arm of Nationwide, today reduces its fixed rates on its self-certification and buy to let mortgage range.

  • U-turn brings electro extension

    11 Aug 2005

    Adviser pressure has paid off with the FSA issuing an extension of its first mandatory electronic reporting deadline due to technical problems with the service.The U-turn comes two weeks after the regulator told Money Marketing that there would be no extension to the August 11 deadline even though advisers had expressed concern that technical problems with the site were preventing them from completing returns.Advisers due to submit returns by August 11 will now have until September ...

  • White hopes of the equity income sector

    11 Aug 2005

    I always look forward to seeing Principal Investment Management's White List of UK equity income funds.

  • Who carries can on tax-free protection?

    11 Aug 2005

    Pension experts are calling on Revenue & Customs to confirm whether it is advisers or clients who are responsible for protection of tax-free cash.Scottish Equitable pensions development manager Rachel Vahey says Revenue & Customs believes the responsibility for claiming enhanced or primary protection lies with the individual and not with the IFA but says that no guidance has been given on the situation with tax-free cash.She says that while good advisers will ensure that clients ...

  • Winning hand at card game

    11 Aug 2005

    JP Morgan held a press event at the top of Tower 42 in the City to herald the arrival of former Framling- ton Japanese fund manager David Mitchinson, over from Tokyo for a few days.A rumour circulated that JPM staff had been instruc- ted not to give their business cards to journalists on any account, sending a gaggle of eager reporters into mission mode.Money Marketing came away with two hard-won cards after three hours.We shall be calling Mitchinson at the earliest ...

  • Winterthur pension business booming

    11 Aug 2005

    Winterthur Life is bullish on the life and pension market after seeing a 48 per cent surge in new insured pension business in the second quarter.Overall new pension business was up by 40 per cent in the first half of this year to 79.2m from 56.6m in 2004 on an APE basis.Single-premium personal pension sales rose by by 37 per cent to 146m from 107m and single premium executive personal pension business was up by 58 per cent to 33.4m from 21m.Regular-premium business was up ...

  • With-profits sales set to make a comeback

    11 Aug 2005

    With-profits sales will make a comeback and could see net inflows in the next two years if equities continue to out- perform cash, argues Nor- wich Union finance director Mike Urmston.Some commentators say advisers may try and time their re-entry into the asset class by keeping a close eye on MVRs, bonuses and spare asset levels to maximise equity exposure.Urmston says consistently rising equity markets combined with falling interest rates will limit investor options and will ...

  • Yorkshire offers new offset tracker for life

    16 Aug 2005

    Yorkshire Building Society is launching a new offset account that will track the Bank of England base rate for the full term of the mortgage.It offers borrowers a tracker rate 0.45 per cent above the Bank of England base rate, currently 4.95 per cent.Homeowners are also offered unlimited overpayments and no early repayment charges.Yorkshire Building Society head of mortgages Rachael Court says: "The offset mortgage market is growing rapidly as more people become aware of how ...

  • Youngest associate for PFS is just 21

    11 Aug 2005

    Richard Cohen from Worthing-based Nsure Group has become the youngest associate of the Personal Finance Society at just 21 years old.There are 1,092 associates in the UK and the average age is 41. Cohen started working part-time for Nsure, which is headed by his father Tony Cohen, in 1999 while still at college before becoming an IFA at the age of 17 in 2001.Associates have to pass six subjects in the Advanced Financial Planning Certificate. Cohen is only three exams away from ...

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