Money Marketing
10 May 2006

  • 1st launches new real time valuation service

    10 May 2006

    1st has launched a new real time valuation service from Norwich Union allowing Adviser Office users to obtain online valuations for various products.These include 100 per cent of bond products open to new business, 88 per cent of all bond business, 89 per cent of pension products open to new business and 44 per cent of all pension business.1st says future phases of the service will extend the product range.1st executive chairman Rory Curran says: “As part of our mission to ...

  • 2M scam sees IFA jailed for four years

    11 May 2006

    Court hears how adviser continued to run 'Ponzi' scheme while on bail

  • 3D vision from Sarasin

    12 May 2006

    Sarasin Chiswell has brought out Ucits III compliant versions of its GlobalSar and EquiSar funds.

  • 50 Appointed reps set to share 3m share windfall from Personal Touch

    11 May 2006

    Personal Touch Financial Services has awarded its top-performing appointed representatives 3m in the first of four planned share giveaways.The 3m windfall will be shared among 50 key account firms that wrote in excess of 200,000 total commission in 2005.Three more share giveaways are planned over the next four years. The same qualifications will apply for share payouts in 2006.The network, which has 660 ARs and 1,700 registered individuals, says current valuations and results ...

  • 56 Firms fail capital-adequacy requirements

    11 May 2006

    Over 50 firms with combined deficits of 4.3m are failing to comply with the FSA's capital adequacy requirements more than a year after they were introduced.The FSA has completed a second random investigation into financial resources and compliance with the financial resources rules.It refuses to name the 56 firms but says the most common reasons given for not complying are a lack of understanding of how to calculate financial resources and poor advice given by some professional ...

  • A sense of rebalance

    11 May 2006

    The Adviser Fund Index panellists have added 23 new constituents and kicked out 21 funds across the whole AFI series following last week's rebalancing.

  • A stinging endorsement?

    11 May 2006

    Secured loans were covered in several of last weekend's personal finance sections and on BBC Radio 4's Moneybox programme. The hook for the media coverage was twofold.

  • Abacus Permanent - Future Mortgages Prime Three-Year Fixed BTL

    12 May 2006

    Abacus PermanentFuture Mortgages Prime Three-Year Fixed BTL

  • Abbey in talks with Resolution

    11 May 2006

    Abbey is in exclusive talks with Resolution Life regarding the possible sale of its Scottish Provident, Scottish Mutual and Abbey National life businesses to the closed life fund consolidator.

  • Abbey lends 7bn in Q1

    11 May 2006

    Abbey claims its encouraging first-quarter mortgage figures are a sign that it has addressed its past service problems.Gross lending rocketed to 7bn from 4.9bn in the same period last year.Abbey lent 8bn in the final quarter of 2005 and blames the quarterly fall on seasonal factors affecting the market. Its market share fell to 9.5 per cent from 9.8 per cent in Q4 2005.Last week, Abbey for Intermediaries director Ricky Okey said it gets almost no complaints about its service ...

  • 'Abuses are sending self-cert into decline'

    11 May 2006

    The self-cert market is heading into a major decline due to abuses in the sector and threats from rival product ranges.London & Country head of communications David Hollingworth says new affordabil-ity models will take over from self-cert income multiples.He says: "There is no question that self-cert has been abused. I have seen lenders saying that the introduction of affordability models has seen a drop in self-cert."Self-cert has been used to inflate borrowers' earnings. ...

  • Actuarial firms Wolanski & Co and CheckleyFisher to merge

    16 May 2006

    Actuarial and pension firms Wolanski & Co and CheckleyFisher are to merge to become Wolanski CheckleyFisher.

  • Adviser and Quay clash over software

    11 May 2006

    An adviser firm is billing Quay Software for 2,000 in lost man hours after it says an upgrade created problems completing mandatory FSA returns and complying with TCF.Whichers IFA account manager Donna Kinser says since Quay upgraded its Client Care Desktop package in mid-April, the firm has had problems with various software applications, meaning essential tasks took longer to complete.She says the firm has to go to great lengths to comply with TCF as the system does not allow ...

  • Advisers in levies plea to Minghella

    11 May 2006

    IFAs have called on FSCS chief executive Loretta Minghella to include the option of product levies for customers in its funding review.Speaking at MM Live, Minghella reiterated her support for option B, which will place advisers and providers in the same levy groups based on product types. This would also create a standing pool above the broad classes, which would be dipped into if one class was hit by a catastrophic loss. She said this would be the most beneficial option for advisers ...

  • Aegon UK launches its first major advertising campaign

    16 May 2006

    Aegon UK has launched its first major corporate advertising campaign across the UK.

  • Aifa says factoring advice into NPSS could cut costs

    11 May 2006

    Aifa believes that factoring advice into Lord Turner's national pension savings scheme proposals could reduce its overall operational costs.In its long-awaited response to Turner's second report, Aifa says persistency rates could also be improved by encouraging employers to contribute to advice and promoting personal responsibility.In a thinly veiled swipe at the ABI, Aifa says it is disappointed that some of the industry responses did not call for the inclusion of advice.Aifa ...

  • Aim is the spur

    11 May 2006

    Our panel consider the AITC opening its doors to Aim-listed offshore firms and VCTs, the growth of property as an asset class and which other asset classes may be left in its wake, plus: dual or single pricing and the impact of the Chancellor's removal of tax credits on equity dividends

  • Altin looks to take profits following 11% growth

    11 May 2006

    Fund of hedge funds manager Alternative Asset Advisors is to increase its US holdings as it reduces exposure to global macro and Russia within its Altin funds of hedge funds.

  • AMI launches broker credit help

    11 May 2006

    The Association of Mortgage Intermediaries has launched its latest factsheet to educate members about different types of credit search used by lenders.

  • AMI reveals brokers fears over Hips

    10 May 2006

    The Association of Mortgage Intermediaries has revealed most brokers believe home sellers will approach estate agents first to arrange their Home Information Packs.

  • Average UK workers will retire on less than the minimum wage warns Fidelity

    10 May 2006

    The typical UK household will experience nearly 60 per cent fall in income at retirement, according to new research from Fidelity International.

  • Axa launches new estate planning bond trusts to overcome Budget changes

    15 May 2006

    Axa Isle of Man has launched two versions of its estate planning bond to overcome changes in the 2006 Budget.

  • Best Corporate Adviser

    12 May 2006

    With annual turnover up over 100 per cent thomsons online benefits scooped the award for the second year running after rebranding and continuing the development of its award winning technology.

  • Best Healthcare Provider

    12 May 2006

    Friends Provident wins Best Healthcare Provider standing out from the crowd in an award that spans across permanent health insurance, critical illness and private medical insurance.

  • Best Investment Adviser

    12 May 2006

    Origen scoops this year’s Best Investment Adviser award for its emphasis on Treating Customers Fairly and launch of its Research & Investment Knowledge Bank.

  • Best Investment Provider

    12 May 2006

    Fidelity showed why it is still number one in the eyes of advisers with a consistent and impressive investment performance and top-notch service standards landing the firm Best Investment Provider award.

  • Best Life Protection Provider

    12 May 2006

    Legal & General won the Best Life Protection Provider accolade for the second year running again impressing the adviser community with its emphasis on technology.

  • Best Mortgage Adviser

    12 May 2006

    L&C come up trumps in this category for the third year running after impressing the judges with its emphasis on advice throughout the sales process.

  • Best Mortgage Lender

    12 May 2006

    Halifax and Nationwide could not be separated for the title of Best Mortgage Lender after a terrific year for the two strong brand names.

  • Best Multi Manager Provider

    12 May 2006

    Skandia wins the Best Multi-Manager Provider award for the second year running cementing its position at the heart of the product’s growth and industry role as a strong advocate of the service proposition.

  • Best Pension Adviser

    12 May 2006

    Hargreaves Lansdown picks up the Best Pension Adviser award after impressing the judges with a proven Sipp model and showing impressive preparation for A-day.

  • Best Pension Provider

    12 May 2006

    Standard Life wins Best Pension Provider for the second year running with advisers continuing to be impressed with its service standards in the run-up to the proposed demutualisation.

  • Best Protection Adviser

    12 May 2006

    This year saw joint winners in the Best Protection Adviser category with previous victors Lifesearch sharing the spoils with the smaller Life Policies Direct. Judges could not separate the two firms for their different achievements in the adviser protection arena in 2005.

  • Best Specialist Lender

    12 May 2006

    BM Solutions was the number one choice for best specialist lender, impressing advisers in the sub-prime, self-cert and buy-to-let sectors.

  • Best Technology Adviser

    12 May 2006

    Positive Solutions was the predictable but worthy winner of this year’s Best Technology Adviser Award after another successful year for the firm that made its name through its innovative use of new technology.

  • Blair and Brown reach pension agreement

    12 May 2006

    The Prime Minister and Chancellor have reached agreement to restore the earnings link to the basic state pension, according to reports.The basic state pension is now set to rise in line with earnings from 2012, later than Lord Turner recommended but still a significant victory for Tony Blair and Work and Pensions Secretary John Hutton.The deal means the biggest barrier in implementing major pension reform has now been lifted after months of arguments between Number 10 and the Treasury ...

  • Boulding says make 2006 'year of the big contribution'

    11 May 2006

    IFAs should encourage their wealthy clients to take advantage of the new maximum pension contribution limits because they will not last, according to Legal & General pension strategy director Arian Boulding.Speaking at MM Live, Boulding said IFAs should make 2006 "the year of the big contribution" because he believes that at some point, MPs will start to question the amount that high earners are permitted to put into their pension pot each year and the amount of tax relief they ...

  • Briault says PPs must be able to move into NPSS

    11 May 2006

    Regulator will be keeping a close eye on 'persuaders' trying to tempt people out of new scheme

  • Briault urges Govt to keep NPSS simple

    11 May 2006

    The Government should keep proposals for a national pension savings scheme as simple as possible, according to the FSA.Speaking at a Treasury select committee meeting, FSA managing director (retail markets) Clive Briault said proposals for the scheme should aim to limit choices of fund type and provider to escape interference from the regulator.Briault told MPs that making sure employers were compelled to contribute to the NPSS was important in ensuring the suitability of the ...

  • Bridge the gap

    11 May 2006

    Nicola Yorks on a bridging loan specialist's moves to educate the industry about the sector

  • 'Brokers offering Hips can be top of the food chain'

    11 May 2006

    Brokers who embrace home information packs will be at the "top of the food chain", says Hipstar chief executive Stephen Maskens.Speaking at MM Live, Maskens said intermediaries that offer Hips will see a huge jump in mortgage business as they will be able to refer clients to estate agents who can then refer the customer back to the broker for their mortgage.These brokers can also earn an introducer fee for estate agency business, he said.Maskens played down fears that home ...

  • C&G offers competitive deal with restrictive view

    12 May 2006

    Cheltenham & GloucesterTwo Year Fixed Rate

  • Call for an NPSS-style model for Isas

    11 May 2006

    The Government could introduce an NPSS-style model for Isas to run alongside Lord Tur-ner's proposals, says a leading thinktank.Institute for Public Policy Research research director Howard Reed says Turner's proposals and the debate around them have successfully driven down costs and he believes a similar model for Isas could do the same.The thinktank, with close links to New Labour, is floating the idea and could include it in its submission to the Treasury as part of the ...

  • Cheltenham & Gloucester -Three Year Fixed Rate

    12 May 2006

    Cheltenham & GloucesterThree Year Fixed Rate

  • CII revenues hit record 27m

    11 May 2006

    CII revenues rose to a record high of 26.8m in 2005, up 18 per cent on 2004's 22.7m. Surpluses, which are reinvested into the organisation, increased to 1.5m from 859,000 in 2004.

  • CIS chooses Schroder fund for personal pension portfolio

    10 May 2006

    Co-operative Insurance has included the Schroder managed balanced fund for its Co-operative insurance individual personal pension portfolios.

  • Claim-chaser secures referral deal with solicitors

    11 May 2006

    Endowment claim-chaser Brunel Franklin has struck a referral deal with a firm of solicitors to take on complaints against IFAs.The firm previously turned away complaints against advisers and would only handle complaints against product providers.Under the new deal, policyholders sold endowments by IFAs are invited to proceed with their complaint with an unnamed no win, no fee solicitor nominated by Brunel Franklin, which then receives a referral fee.Although Brunel Franklin ...

  • CML fears over adequacy rules

    11 May 2006

    The Council of Mortgage Lenders has raised concerns that its members could be caught out by the FSA's rules on capital-adequacy requirements.It fears that lenders could be seen to have suffered greater losses than they actually have because of differences in how defaults are measured. They could also suffer from a shortage of data to prove their capital adequacy for the Basel II regulations.The FSA's definition of default is when a customer is in arrears on their loan by 180 ...

  • Company of the Year

    12 May 2006

    Skandia was the well deserved winner of Company of the Year award becoming the adviser favourite for 2005 capping a great year for the Swedish provider.

  • Consensus of opinion

    11 May 2006

    The Conservatives will argue this week that it is very difficult for a regulator to regulate without a greaterconsensus about what it is for and how it operates with those it regulates.The party agrees with the general aims of a principlebased regime at the FSA although they question how it operates. But this idea should extend much further.The problem with the FSA, its inception and thelegislation that underpinned it is that it was seen as the answer to the misbehaving ...

  • Cordea sets up land regeneration fund

    11 May 2006

    Property specialists Cordea Savills has launched a landbank fund targeting annual returns of 15 per cent in a joint venture with land regeneration specialists Cofton.The fund will buy mainly brownfield sites and redev-elop them with the aim of subdividing them into smaller parcels to be sold on to developersCordea has just paid 1.1m to secure a third development site for the fund. The 206-acre brownfield site at Blaenrhondda, South Wales, joins earlier purchases in Norfolk and Chichester, ...

  • Correspondent's week

    11 May 2006

    This week by freelance reporter Sam BarrettWeeks that start on a Tuesday instead of a Monday are always a boon, even when I've lined up a hellish morning of phone calls to lawyers for an insurance feature I'm writing for Post magazine.

  • Crouching tigers

    11 May 2006

    Markets Asian economies are poised to benefit from a new era of instability, says Baring Asset Management's London chief investment officer Michael Hughes

  • CTFs can help address student debt problem, says F&C

    16 May 2006

    Rising levels of personal debt, particularly that of young people is likely to increase following the introduction of student top-up fees this autumn, warns F&C Asset Management.  F&C says the sooner parents and guardians start saving towards the future cost of a child's higher education, the better.

  • Currie set for retail version of global alpha fund

    11 May 2006

    Martin Currie is set to introduce a concentrated global alpha fund in June that will invest in between 30 and 45 of the company's best worldwide stockpicks.Investment director Alison Hamilton, who has managed the firm's institutional global alpha fund since December 2002, will run the retail portfolio, which will be broadly similar in mandate, focusing predominantly on large and medium-sized companies.The fund will be benchmarked against the MSCI World index but Hamilton will ...

  • Distribution Innovation Award

    12 May 2006

    Direct Life & Pensions won the award of innovation in distribution for its unique Express Underwriting service which saves advisers time and costs whilst increasing earnings.

  • Do Hips stack up for Asda?

    11 May 2006

    Guy Anker assesses supermarket Asda's ambitions in the estate agency and mortgage markets

  • Don't be afraid of equity release, advisers urged

    11 May 2006

    IFAs and mortgage brokers have been encouraged to enter the equity-release market.Speaking at MM Live last week, Prudential equity-release head of sales Jan Holt said intermediaries have no need to be afraid of regulation as the FSA has made clear what it expects of advisers.She claimed that if advisers ignore the market, they could suffer from the emergence of high-street banks such as HSBC, NatWest and Royal Bank of Scotland entering the fray and winning more business at the ...

  • Draft legislation fails to quell concerns over Dubai property

    11 May 2006

    Mortgage brokers are being warned to be cautious before offering loans on property in Dubai despite draft legislation that will allow foreigners to own the freehold on property in the Emirate.The Dubai Land Department has published the long anticipated draft law in a move that is expected to prompt a rush of brokers and lenders to enter the market.But despite the predicted boom, brokers are being warned that the legislation will be restricted to certain as yet unspecified areas ...

  • Dumble expresses 'real doubts' over principles

    11 May 2006

    Aegon director says there is an understandable resistance from many firms to make transition

  • Easter replaces Tebbutt as Millfield chief executive

    11 May 2006

    Millfield chief executive Paul Tebbutt has stood down as chief executive and as a director of Millfield with immediate effect.

  • Employee benefits firm expands training courses

    11 May 2006

    Employee benefits specialist Staffcare is broadening the scope of its adviser training sessions and seeking accreditation from the Chartered Insurance Institute.Staffcare is also looking at growing its workforce from 30 to 50 this year to cope with growing demand for its consultancy services and online employee benefits reporting tools.It currently runs adviser training courses covering flexible benefits but is expanding to offer training on the implementation and maintenance ...

  • Endowment claims 'could run to 2016'

    11 May 2006

    Firms could be plagued by endowment misselling complaints until at least 2016 after a judge ruled that a red letter provided insufficient warning to a policyholder.The warning from compliance expert Adam Samuel follows a victory by endowment policyholder Vincent Cunningham over Friends Provident in the small claims court.The judge ruled that the red letter, sent out by Friends in 2000, was insufficient under the Limitation Act to set the three-year timebar in motion and ordered ...

  • Equitable offloads £4.6bn non-profit annuities book

    11 May 2006

    Equitable Life is set to offload its £4.6bn book of non-profit pension annuities to Canada Life as part of its ongoing restructuring.The deal will see no money change hands but Canada Life will take over responsibility for the future pension payments on the 130,000 policies that are being transferred across. The policyholders’ pensions payments will be unaffected.Canada Life will reassure Equitable’s non-profit pension annuities liabilities from January 1 next year until the transfer ...

  • F&C appoint new CFO

    10 May 2006

    F&C Asset Management has appointed David Logan as its new chief financial officer.

  • Failed IFA firms 'chased scale at cheapest price'

    11 May 2006

    Berkeley Berry Birch and Millfield's businesses failed because they chased scale too quickly and did not adapt their models to reflect the changing environment, according to leading industry figures.Directors of Sesame, Bankhall, Burns-Anderson and Baigrie Davies say the recent public demise of certain networks and national IFA firms is not indicative of the market as a whole but rather exposed flaws in the management of those firms.At Money Marketing Live, held at London's ...

  • Fair and square

    11 May 2006

    Many years ago, I received a communication from my then managing director but was puzzled by its contents and the lack of purpose it conveyed.

  • Fair Treatment?

    11 May 2006

    On the face of it, how can anyone argue against treating customers fairly? Any honest, dedicated IFA tries to do that anyway.But that is the brilliance of what in effect is simply a spin doctors slant on what is really a move away from regulation into an area of nebulous, formless and vague control.Decisions based on what is fair is open to an enormous amount of interpretation. We all know the definition of fair, it is what each of us believes is fair. Ask any warring factions. ...

  • Faith, hope and clarity

    11 May 2006

    The financial services industry has much to learn from Islamic teaching

  • Fears for loan market over OFT fees report

    11 May 2006

    The Building Societies Association has warned that the Office of Fair Trading's damning report into credit card fees could have a huge impact on the mortgage market.The OFT last month called for penalty fees on credit cards to be reduced to 12 but its report suggests that the same principle should be applied to bank overdrafts, store cards and mortgage default payments and an OFT spokesman says it will be looking to ensure that these products also fall into line.The OFT says ...

  • Fidelity's favourites

    11 May 2006

    Matt Goodburn asks who are the front-runners likely to replace Bolton

  • 'Field's pension vulnerable to market crashes'

    11 May 2006

    A thinktank claims Frank Field's Pension Reform Group is not being up-front about the risks behind its pension proposals.The Institute for Public Policy Research says the former welfare reform minister's proposals do not highlight the risks of investing heavily in equity markets.Speaking at a Work and Pensions committee meeting, IPPR research director Howard Reed said Field's universal protected pension would provide little protection in the event of a significant stockmarket ...

  • Fixed-rate deals could give way to trackers

    11 May 2006

    Competitive fixed-rate mortgages could disappear from the market for six months, says Purely Mortgages chief executive Mark Chilton.He says: "I think that trend may persist for up to six months. Trackers are cheaper than fixed rates but I am not sure that they are a better buy."If the base rate goes up, then trackers will become more expensive over a two-year period than fixed rates."Woolwich also believes that trackers will replace fixed rate deals for the "foreseeable ...

  • Focus on Offshore

    13 May 2006

    Friends Provident International (FPI) have announced plans to extend their offshore life and pensions business into three new territories. They have been granted a licence for a branch office in Singapore, which will open in September 2006. FPI hope to repeat the success they have had in North Asia with business via Hong Kong in the South Asian market. They plan to launch a portfolio bond for high net worth clients and will be the first provider to do so in Singapore.

  • Fofs 'come of age' with £2.2bn sales

    11 May 2006

    Fund of fund sales have increased more than six-fold in the last three years, according to the Investment Management Association.

  • Former Network 300 IFAs win right to trail

    11 May 2006

    Network 300 liquidators have ruled that rights for renewal commission for business written outside the network belong to the individual advisers and not Thinc.Fidelity has written to affected ex-members saying trail commission will now be paid direct to them and where appropriate it will claim back commission already paid to Thinc.Thinc Destini chief executive Simon Chamberlain says the ruling will not affect the firm as it has been passing this money on to the liquidator anyway ...

  • Four in one product from L&G

    12 May 2006

    Legal & GeneralPortfolio Plus Sipp

  • Friends Provident appoints new director of marketing

    12 May 2006

    James Ward has been appointed Friends Provident director of marketing.

  • Friends Provident International - FPIL Henderson Horizon Asia-Pacific Property Equities Fund

    12 May 2006

    Friends Provident InternationalFPIL Henderson Horizon Asia-Pacific Property Equities Fund

  • FSA bans ex-London Adventist chief

    11 May 2006

    The FSA has banned the former chairman of the London Adventist Credit Union Dr Albert Alphonso Carlyle Waite from carrying out any regulated activity for credit unions after finding him guilty of "wilful and persistent disregard" of the its rules.

  • FSA campaign on shortfalls

    11 May 2006

    The FSA is launching a summer information campaign in the regional press and radio aimed at 100,000 endowment policyholders that it estimates do not know what to do about their shortfall.

  • FSA warns of legal action on exit fees

    11 May 2006

    The FSA has threatened lenders with legal action if they refuse to comply with its crackdown on exit fees.The regulator wants to ensure that customers are not unfairly having their charges increased during the term of their contract but is is largely remaining tight-lipped on the progress of its talks with lenders.But the FSA says lenders have been extremely vocal in defending their right to be able to change the fee during a contract term, which has meant the FSA has had to ...

  • GE chief says FSA and press do not understand how the sector works

    11 May 2006

    The FSA and the press do not understand the equity release market, according to GE Life business development man-ager Gwyn Airdrie.Speaking at MM Live, Airdrie said the reputation of the industry has been hit by erroneous claims in the media and IFAs need to help bridge that knowledge gap.He said: "The FSA and the press have not got a clue about what it going on in this market. It is your job to go out and educate them about equity release."He acknowledged that many IFAs ...

  • Harrison scraps retirement for Positive Solutions role

    11 May 2006

    Former Positive Solutions chief operating officer Neil Johnson has replaced David Harrison as chief executive as part of a management reshuffle at the firm.Harrison has abandoned plans of an early retirement, which would have seen him relocate to Spain, saying that he intends to remain at Positive Solutions for at least another two to three years in his new role as executive chairman.Positive Solutions is looking for a finance director to relieve Johnson of some of his financial ...

  • Home of Choice offers overseas service

    11 May 2006

    Home of Choice is launching an overseas property panel for its members.The panel, called Choice Worldwide, comprises seven overseas property providers, including Ocean View Property. It will provide a complete service for buyers from property selection through to service contracts.Choice Worldwide will cover destinations throughout Europe, the US, Australia and the Far East.The property on offer will include commercial, off-plan and resale property.All firms on the panel ...

  • Horses for courses

    11 May 2006

    Old Mutual Asset Managers is sponsoring the first-ever ride on horseback from John O'Groats to Lands End to raise money for Great Ormond Street. Ashurst partner Judy Sharrock is hoping to raise 40,000 on her travels using two horses and can be sponsored at www.jogtolandsend.org.

  • HSBC adds to freestyle range

    12 May 2006

    HSBC Investments has introduced the global emerging markets equity freestyle fund to its offshore global investment funds range.

  • IFA of the Year

    12 May 2006

    Hargreaves Lansdown wins the prestigious IFA of the Year award after a fantastic 2005 for the firm that specialises in both advisory and non-advisory work.

  • IFAP renews call for crackdown on web advertising

    11 May 2006

    IFA Promotion has hit back after it was rebuffed in its attempts to prevent firms falsely suggesting they offer independent advice in online advertisements.IFAP has been unsuccessful in talks aimed at persuading the FSA and internet search engine Google to stop tied and multi-tied advisers marketing themselves online under the independent banner.It says the problem centres on firm paying for ads to appear when key words are entered into search engines such as Google. IFAP claims ...

  • IHT confusion causes Standard Life to suspend DGP

    10 May 2006

    Standard Life is suspending the launch of its Discounted Gift Plan until the rules surrounding IHT valuations are clarified.

  • IHT loophole could revive SSAS market

    11 May 2006

    Lawson points to 'exciting' opportunities to pass on pension pots free of tax

  • Ingenious Asset Management recruits five new investment directors

    15 May 2006

    Ingenious Asset Management has recruited Peter Clark, Paul Gibson, Keith Barrett, Gerald Slocock and Victoria Prendergast as investment directors from Singer & Friedlander.

  • Invesco - Continental European Absolute Return Fund

    12 May 2006

    InvescoContinental European Absolute Return Fund

  • Invesco - Euro Corporate Bond Fund

    12 May 2006

    InvescoEuro Corporate Bond Fund

  • Investment View: Talking points

    11 May 2006

    Harking back to the Association of Investment Trusts' annual directors' conference, on which I reported last week, a particularly interesting session came under the somewhat deathless title of Global Macroeconomic and Market Outlook.

  • Japan tipped as top performer

    11 May 2006

    Investment specialists have tipped Japan to be the best-performing market in 2006 and remain bullish on the outlook for Asia as a whole.Last year, Egypt delivered the best absolute returns with a 160 per cent year on year increase followed by Russia with growth of 117.5 per cent.Speaking at MM Live, Invesco Perpetual distribution director (specialist funds) Andrew Watkins said: "I think Japan will be the best performer in 2006. If it gets its act together, it will be a major ...

  • Jupiter reveals how married couples can cash in on divorce

    11 May 2006

    Married couples can boost their retirement income by divorcing under Chancellor Gordon Brown's new tax and pension simplification regime, according to Jupiter.Pensions development manager Jamie Fergusson says a married couple can beat the taxman by divorcing and splitting their pension pot.He says if a married couple, one with a pension pot of 1m and the other with no taxable income, have a gross retirement income of 76,670, the net income will be 54,268 after the deduction ...

  • Kleinwort Benson - Protected Linked Deposit III

    12 May 2006

    Kleinwort BensonProtected Linked Deposit III

  • Legal & General - Portfolio Plus Sipp

    12 May 2006

    Legal & GeneralPortfolio Plus Sipp

  • 'Less than minimum wage for retirees'

    11 May 2006

    The average UK worker will retire on less than the minimum wage, according to Fidelity.The fund firm calculates that an individual retiring on the current national average wage of 22,900 will receive a retirement income of 9,618 or 185 a week before tax.This compares with the 202 a week that full-time workers receive on the minimum wage.Fidelity's retirement index study found that the UK is on course to become a two-tier pension nation where there is a massive gulf between ...

  • Life expectancy has risen quickest in UK

    11 May 2006

    Life expectancy for men at 65 has risen more quickly in the UK over the past decade than in any other G8 country, accor-ding to research by Paternoster. The average UK male can now expect to live for another 16.4 years after retiring at 65, a two-year increase in the last 10 years.

  • Like it or lump it

    11 May 2006

    Informed Choice managing director Nick Bamford fears for the future of the tax-free lump sum

  • Loan firms' relief over CCB deadline

    11 May 2006

    The mortgage industry has breathed a collective sigh of relief after it was revealed that potentially expensive dual regulation under the Consu-mer Credit Bill is at least two years away.The DTI has revealed that the changes to the Consumer Credit Act from its accompanying Bill will not be implemen-ted until April 2008.The Association of Mortgage Intermediaries and the Council of Mortgage Lenders are both in talks with the DTI to ensure that the scrapping of the 25,000 upper ...

  • Manchester mortgage expo this week

    16 May 2006

    The Mortgage Business Expo takes place in Manchester this week involving 130 lenders, packagers, technology and legal companies, networks and clubs.The free event takes place at the Manchester G-Mex on 17th and 18th May with a seminar programme including CML director general Michael Coogan, Nationwide group economist Fionnuala Earley and Abbey chief economist Barry Naisbitt.Chairmen on both days are AMI director general Chris Cummings and associate director Rob Griffiths.

  • Mortgage Brain buys software firm

    11 May 2006

    Mortgage Brain has bought software firm The Key for an undisclosed sum in a deal that it says will strengthen its sales compliance, mortgage sourcing and electronic trading propositions.

  • 'Most IFAs have been multi-tied for years'

    11 May 2006

    Thinc Destini group chief executive Simon Chamberlain believes the majority of IFAs have effectively been multi-tied for years.Chamberlain said 87 per cent of products are sold through eight product providers and most of them have been acting as multi-ties anyway.Speaking at MM Live, he said that the concept is not a new one and he urged smaller IFAs to consolidate their businesses if they want any chance of selling them at a profit.Chamberlain said the main problem is with ...

  • Multi-manager View: Changing times

    11 May 2006

    Over the last five years, multi-manager investing has come of age in the UK, with widespread acceptance in the UK intermediary community. The last five years has also seen many of the biggest conventional fund management businesses joining in, Schroders, Gartmore, Skandia and Fidelity to name a few.

  • Name change for St James's Place

    11 May 2006

    St James's Place Capital has voted in its annual general meeting to change its name to St James's Place plc. A further announcement is suspected in the near future as to when the name change will take place.

  • Nationwide brings in timebars

    11 May 2006

    Nationwide has introduced timebars on endowment complaints from its policyholders. Nationwide had been one of the few product providers not to impose timebars until now.

  • New mortgage chief at B&B

    15 May 2006

    Bradford & Bingley has appointed Andy Wiggans as director of mortgage products.

  • New-aged men

    11 May 2006

    It's not all over for the older generation of red-blooded males, as proved by the oldies at Children's Mutual who, when challenged to a football game by the young whelps at their Tunbridge Wells HQ, thumped them soundly.CM chief executive David White was given a red card - of course he protested that he was whiter than, er, White.But it's not all red meat and crunching tackles for White. More in keeping with his friendly society status, he was heard saying at lunch at a race ...

  • Norwich Union confirms special sits launch date

    15 May 2006

    Norwich Union has confirmed that it will launch its Norwich UK special situations fund on May 22nd.The 200m fund will be jointly managed by Richard Buxton, manager of Schroder UK alpha plus fund, and Andy Brough, manager of Schroder UK mid 250 fund.The fund will be available from IFAs and fund supermarkets and will hold between 40 and 60 stocks from the FTSE All share index.

  • NU hikes fixed rate Lifetime interest rates

    15 May 2006

    Norwich Union has raised the interest rates on its Fixed Rate Lifetime Mortgage plans.

  • NU says providers must help equity-release market grow

    11 May 2006

    Lenders which have not yet set up equity-release products need to get off the fence because they are stunting the market, claims Norwich Union.Speaking at MM Live, pers-onal finance sales and marketing director Daren Carter said the market will never grow if providers continue to remain cautious and not make their move into the sector.He denied claims by the Building Societies Association that equity release involves a high degree of reputational risk for providers.Barclays, ...

  • Old, old story.

    11 May 2006

    A couple of weeks ago, there were reports in the press about the recent behind-closed-doors meeting of IFA heads concerning commission payments. The opinion was expressed that advisers were being subsidised by commission from providers while many advice businesses were not worth buying.I can recall inflated commission being discussed in the early 1980s. The Department of Trade and Industry, Office of Fair Trading and most of the big insurance companies were expressing considerable ...

  • On good form

    11 May 2006

    When might a lifetime transfer be immediately reportable to HMRC Capital Taxes?

  • Only 28% of Swedes have faith in their government

    11 May 2006

    Almost three-quarters of Swedes do not trust their Government to provide for them in retirement, the highest level in Western Europe.Lord Turner borrowed heavily from the Swedish model when designing his national pension savings scheme proposal but although 57 per cent of Swedes feel that the Government should be responsible for providing for them in retirement, only 28 per cent trust them to do so.In Sweden, people are required to pay 18.5 per cent of their earnings to fund ...

  • Outstanding Contribution to the Industry

    12 May 2006

    Scottish Life Head of Pension Strategy Steve Bee wins the accolade of outstanding contribution to the industry in a year where he has again shown his ability to inform the adviser community on pensions with an unmatchable wit and knowledge.

  • Patience is a virtue

    11 May 2006

    Investors would do well to hold on as corporate bonds look set to rally again later in the year

  • Pensions paper out by end of May

    11 May 2006

    New pensions minister James Purnell has announced that the Government's White Paper on pension reform will be published by the end of the month. He said a detailed response to Ann Abraham's Parliamentary Ombudsman's report will be published in the next two weeks.

  • Pensions set for Isa-style season

    11 May 2006

    Hargreaves Lansdown head of pension research Tom McPhail says the pension industry must gear up for an Isa-style season as clients rush to top up their pension allowance before the tax year end.Speaking at MM Live, he said there has been a flood of substantially sized cheques submitted to the firm by clients as they attempt to capitalise on the yearly allowance rules.As a result, McPhail predicts that IFAs will have to adapt in terms of their administration to deal with a flood ...

  • Platinum goes Nordic

    12 May 2006

    Platinum Capital Management will launch a hedge fund in June focusing mainly on Scandinavian equities.

  • Preferred and SPML to merge operations in Lehman shake-up

    15 May 2006

    Lehman Brothers has announced the amalgamation of two of its mortgage subsidiaries Preferred and SPML.

  • Principled Objections

    11 May 2006

    Thank you, Mr Stevens, for your letter to the Department of Work and Pensions. This has been passed to HM Revenue & Customs and I have been asked to reply.

  • Professional Development Award

    12 May 2006

    LifeSearch wins this year’s professional development award after impressing the judges with its supplement examinations and training requirements and internal promotion of senior staff.

  • 'Profit motive discourages improvements to MPPI'

    11 May 2006

    Lifesearch has condemned mortgage payment protection insurance and says too many banks are making a profit from sales to bring about improvements.Figures from the Council of Mortgage Lenders show that the ratio of claims paid to policies taken out has fallen year on year from 6.4 per cent in 2003 to 4.3 per cent by the end of 2005.It also shows a massive decline in the number of MPPI sales since 2002 when 35 per cent of new mortgages were covered compared with just 25 per cent ...

  • Property funds set to overtake buy-to-let

    15 May 2006

    Property funds are set to overtake buy-to-let as the preferred route into property investment according to new reserch.Property investment company assetz say that modern investors are drawn to the flexibility and diversity that the funds allow. They also require less involvement than property syndicates or direct investment. The entry level for property funds is normally lower than the amount of capital required to buy into a syndicate or to pay for a deposit on a buy to let flat. ...

  • Pru is last big firm to impose timebar

    11 May 2006

    Prudential has become the last major provider to impose timebars on its mortgage endowment policyholders.The news comes a week after Nationwide announced it would begin timebarring customers.Pru will write to 110,000 policyholders who received red letters over three years ago giving them six months to lodge a misselling complaint.Policyholders who received red letters less than three years ago will be timebarred when the three-year period runs out.Pru says it has written ...

  • Purnell becomes pension minister

    11 May 2006

    Blairite James Purnell has taken on the role of pension minister after Stephen Timms was promoted to the Cabinet in last week's dramatic reshuffle.Purnell was a member of the work and pensions committee between 2001 and 2003, becoming one of the first to propose auto-enrolment, and has been widely tipped for this role.He has been close to Prime Minister Tony Blair since working as his researcher when he was shadow employment secretary.Purnell has recently ruffled Brownite ...

  • RBS launches new fixed rate bond

    16 May 2006

    The Royal Bank of Scotland has launched a new Fixed Rate Bond with a 4.9 per cent top rate.

  • Return of the Scottish Widow

    11 May 2006

    "I'm not bothered about the introductionsâ?¦ bring on the men!"Skandia protection marketing manager Alison Turner-Holmes eagerly awaits the F&C fight night"What concerns me is what will happen to John Prescott when he loses his looks."Tory shadow pensions minister Nigel Waterson."Your command of the word 'iridescent' at that time of night was very impressive."Skandia's Alex Jones on an MM hack"Any Welsh people in the audience? Well, don't worry if it gets too technical. ...

  • Richard Coulson

    11 May 2006

    The chief executive of Home of Choice was on the books of Sheffield United Football Club before coming to the mortgage industry and says his firm is 'over the hard yards and can kick on'. He believes the whistle will be blown on all but five mortgage networks by the end of the year and has an acquisition strategy in place to ensure that HoC is one of the survivors. Interview by Nicola York

  • Sarasin Chiswell - Sarasin EquiSar IIID

    12 May 2006

    Sarasin ChiswellSarasin EquiSar IIID

  • Sarasin Chiswell - Sarasin GlobalSar IIID

    12 May 2006

    Sarasin ChiswellSarasin GlobalSar IIID

  • ScotEq extends Omo range with pension annuity deal

    11 May 2006

    Scottish Equitable is extending its open market option product range with an immediate vesting personal pension annuity.The IVPPA lets clients consolidate their pension pots at their normal retirement date to simplify the payment process and possibly take advantage of better annuity rates.The move is part of ScotEq's drive to become a top player in the annuity market.The firm says its products will offer less admin for clients and advisers, with a single combined tax-free ...

  • ScotEq is stung by churning criticism

    11 May 2006

    Commission offer on transfers is 'legitimate form of client retention'

  • Sesame tells ex-firms it cant find their files

    11 May 2006

    Sesame has admitted to former members that it does not have a structured filing system in place and cannot find their client files.Several retired ex-network members have accused Sesame of losing their files after being unable to retrieve them from the firm despite repeated requests.John Mumford wrote to Sesame requesting his client files to help him challenge a Financial Ombudsman Service decision after he was found guilty of misselling an endowment policy.Sesame wrote back ...

  • Ship digs in heels on defining drawdown

    11 May 2006

    Safe Home Income Plans says it will resist calls to compile a definition for drawdown plans, despite concerns by the Personal Finance Society.Ship chairman Jon King says any such move would stifle innovation in the market.The PFS is concerned that where a client takes out a drawdown plan in 2006, then returns for more money in future, the provider may not longer to prepared to lend, may not have funds, may be closed to new business or may be charging an uncompetitive rate of ...

  • Sipps lead way as Standard sees sales surge

    11 May 2006

    Standard Life has revealed a 7 per cent increase in first-quarter global sales in its last results announcement before its planned summer flotation.Worldwide sales were up from 232m to 320m on an annual premium equivalent basis compared with the first quarter last year.UK life and pension sales saw stronger growth of 13 per cent from 232m to 263m. Single-premium sales rose by 52 per cent from 988m to 1.5bn, boosted by self-invested personal pensions and investment bonds. But ...

  • Small talk

    11 May 2006

    A lot of nonsense is talked about small-cap funds being no longer attractive. Certainly, this sector as a whole has marginally underperformed over the past year and in the three months to April 1, 2006, but the top performers of all have been mainly smaller company funds, mid-cap funds and UK equity funds with some smaller company investments.

  • Standard Life Bank - Freestyle Two Year Discount

    12 May 2006

    Standard Life Bank Freestyle Two Year Discount

  • Standard Life strengthens pensions team

    12 May 2006

    Standard Life has appointed Andy Tully as marketing technical manager, reporting to head of pensions policy John Lawson.

  • Standard warns of 14bn savings drop

    11 May 2006

    Lord Turner's proposed nat-ional pension savings scheme plans to phase out contracting out could result in a 14bn a year drop in savings, Standard Life has told MPs.The Turner plan would phase out rebates to defined-benefit schemes over a 20-year period but Standard Life head of pensions policy John Lawson argues that the removal of contracting-out rebates - currently 8.1bn a year to DB schemes - would likely result in further DB scheme closures and companies switching to defined ...

  • Streaks ahead

    11 May 2006

    Wriglesworth PR Fiona Chow leads an interesting double life, Money Marketing has learned. When dragged away from her daytime job, she can be seen canvassing on the streets for the LibDems.Last week's local elections saw Chow strutting her stuff on the streets of South London where she helped the LibDems secure a vital seat south of the river. One man she doorstepped last Thursday answered the door naked and said: "Nice talking to you, love. Think you got yourself a vote." So a good ...

  • SVM launches global opportunities fund

    16 May 2006

    SVM has launched a global opportunities fund which will be co-managed by Colin McLean and Donald Robertson.

  • SVM models Fof on global fund

    11 May 2006

    SVM Asset Management is introducing a fund of funds modelled on its global fund investment trust.The SVM global opportunities fund is a multi-asset-class portfolio. It will be capped at £100m and soft-closed at £75m.

  • Synesis backing for portfolio buys

    11 May 2006

    Synesis Life, headed by former a team of senior Prudential executives, has received backing from Royal Bank of Scotland, Warburg Pincus and JP Morgan to buy up to 10bn of medium to large annuity portfolios from UK insurance companies and pension funds.

  • System failure

    11 May 2006

    If a filing system is not structured, it is not a filing system.

  • Taking sides on funding options

    11 May 2006

    FSCS

  • Theory of Relativity

    11 May 2006

    If you want to give advice on investments, including pensions, or on mortgages, you first have to demonstrate a level of knowledge and competency by studying for and passing an exam recognised by the FSA. If you want to advise on life insurance, critical-illness cover, income protection or accident, sickness and unemployment benefit, you do not. You do, of course, have to be authorised and regulated by the FSA but that is no recognition of your competency although most consumers may ...

  • This week in Politics

    16 May 2006

    The Prime Minister and Chancellor appear to have reached agreement to restore the earnings link to the basic state pension signalling an unlikely but peaceful end to the pensions soap opera that has been raging since the second Turner report.

  • Timebar will tell

    11 May 2006

    The ruling has prompted fears that the endowment crisis could be prolonged until 2016 as hordes of other timebarred policyholders take their misselling cases to court.

  • Too little, too late

    11 May 2006

    Investors could be missing a trick as fund gurus pin their hopes on blue chips

  • Tories to push for Finance Bill amendments in committee

    11 May 2006

    Opposition parties are determined to push ahead with amendments to the inheritance tax changes in the Finance Bill, despite losing a Parliamentary vote on spousal exemption last week.Shadow chief secretary to the Treasury Theresa Villiers says the Tories will be looking to make a range of specific amendments to the Bill to lessen the blow of Chancellor Gordon Brown's Budget reforms to trusts.Villiers attempted to have a clause regarding spousal exemptions added in last week's ...

  • Tories want flexible NPSS

    11 May 2006

    The Conservatives are considering proposals for a vanilla-style version of the national pension savings scheme which would allow bolt-on private provision for greater flexibility.Speaking at Money Marketing Live in London, Tory Sha-dow Pensions Minister Nigel Waterson said the party had serious concerns about the NPSS and was looking at ways to make the scheme more flexible.One idea the Tories are looking at is introducing a simple, limited NPSS model that can evolve to include ...

  • Tories want greater TCF consensus

    11 May 2006

    Hoban says difference in approach to TCF by those on different sides of the fence is causing confusion

  • Tories withdraw Bill amendments

    11 May 2006

    The Tories have withdrawn several proposed amendments to the Finance Bill, including extending Reits to Aim and reversing the lowering of the maximum market cap on eligible VCT investments after Government assurances that it is willing to keep the issues under review.

  • Towry will switch to fees following acquisition

    11 May 2006

    John Scott & Partners will look to turn Towry Law into a fee-based business following its acquisition of the firm.JS&P completed its 37m acquisition of Towry's UK operations last week, creating a business with over 200 advisers servicing a client bank of around 150,000.Former JS&P executive chairman Andrew Fisher becomes chairman and chief executive of the newly created group and says he will move Towry away from commission-led business.The combined group, which will trade ...

  • TPC aims high with Sipp offer

    11 May 2006

    The Pension Consultancy has launched a Sipp for its members and will later look to offer it to the wider marketplace.The Sipp is white labelled, with Pointon York Sipp Solutions providing the admin and discretionary investment management services from UBS.The Sipp is geared towards high-net-worth individuals and TPC has made a number of tie-ups with property investment management firms. TPC is also in discussions with overseas property firms.

  • 'Traditional networks need an overhaul'

    11 May 2006

    Distribution is broken and advisers sticking to traditional business models will inevitably face bankruptcy, according to Thinc Destini group chief executive Simon Chamberlain.Speaking at MM Live last week, Chamberlain said the traditional network business model needs serious overhaul if advisers are to have any chance of running profitable businesses.Chamberlain said falling margins in the industry mean advisers can no longer afford to pay for the network's slice as they could ...

  • Transfer of Wealth

    11 May 2006

    So now we know that on death after the age of 75, any unspent funds that had been used for the provision of alternative secured pension secured against what? are to be subject to assessment for full IHT, potentially at 40 per cent. Another hatchet in the back for public confidence in pensions.

  • True business value

    11 May 2006

    Selling a business merely based on its financial merits can often lead to it being undervalued

  • Turnaround firm for Millfield as deal fails

    11 May 2006

    Millfield has brought in a turnaround consultant following the collapse of talks with a buyer last week.The buyer was understood to have been Aegon.The turnaround consultant, thought to be from London-based AlixPartners, is expected to take a seat on the board and conduct a strategic review of the business to see if it is a viable ongoing concern. Turnaround consultants are typically parachuted on to a companys executive board for six to 18 months to restructure the company, and ...

  • Turning a blind eye

    11 May 2006

    The reply I received from HMRC does not address any of the issues I raised. It merely restates the governments thinking on them, which is the root cause of the retirement saving crisis.

  • Turning somersaults

    11 May 2006

    Generally, I try never to reply in print to letters that criticise me. After all, if you can't take it, don't dish it out. Having done the latter for many years, a taste of the former is always good for me.

  • Two million people have paid fees for advice in two years

    11 May 2006

    More than two million people have paid fees for independent financial advice in the past two years, according to Defaqto.The research company says around one in five IFA clients, or 2.1 million people, paid by fee in the past two years, with 7.6 million opting to allow the adviser to take commission.The number of people that have paid fees rises to 2.9 million over a two-year-plus timeframe.The need for advice was underlined by the research, which found that half of adults ...

  • Unwatched pot may overboil

    11 May 2006

    When might a lifetime transfer be immediately reportable to HMRC Capital Taxes?

  • Warning on illegal protection business

    11 May 2006

    IFAs could be selling protection products illegally if they are not regulated under Icob, warns Bankhall sales director Tony Murrell.Speaking at Money Marketing Live last week, Murrell said 30 per cent of firms are not authorised to sell protection products as they are not regulated under Icob rules.Murrell said 425 mortgage intermediaries operating in the UK are not authorised to write protection business and questioned who is giving protection advice to their clients.He ...

  • Who dares wins

    11 May 2006

    This week, I want to look at one of the most hotly debated topics in our industry today. How can adviser firms move from the old sales-led, front-end commission model to a services-oriented model?

  • Yorkshire reveals plan to help first time buyers

    15 May 2006

    Yorkshire Building Society is launching a package of financial and practical help for first time buyers.

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