Money Marketing
10 October 2001

  • 'Flawed and risky' zeros are slated in Merrill report

    11 Oct 2001

    The reputation of split-cap investment trusts as low-risk investments has been thrown into doubt this week following publication of a report by Merrill Lynch. The report claims that zerodividend preference shares are massively mispriced and their risks are not understood. It says the way zeros have traditionally been assessed is flawed and it is impossible to value zeros by looking at gross redemption yield and asset strength, arguing that they should be valued in the same way ...

  • 'Govt won't rescue Equitable investors'

    11 Oct 2001

    There will be no Government lifeboat to rescue Equitable Life policyholders who have seen the value of their pension pots plummet, says Treasury economic secretary Ruth Kelly. She concedes that Equitable policyholders have had a terrible time since the troubled life office closed its doors to new business last year but says the Government will not step in to bail them out. In her opening remarks at a fringe meeting at the Labour conference last week, Kelly said one of the key tenets ...

  • 'Multi-ties will spark hike in commission'

    11 Oct 2001

    IFAs believe they would get commission rates of as much of 200 per cent of Lautro rates if they multi-tied compared with the current average of 140 per cent. Sway financial services consultancy asked IFAs what commission they would expect under this structure. From the 800 respondents, the average emerged as between 150 per cent and 160 per cent but some firms estimated 200 per cent. IFAs say they would expect commission to increase as providers would be trying to entice them to ...

  • 'With-profits boosted by manipulating figures'

    11 Oct 2001

    Skandia has made a scathing attack on with-profits in its response to the Sandler review, saying figures are manipulated to boost sales and mislead consumers. Britannic Asset Management is calling on the Government to provide means-tested free advice in its Sandler response, saying this would encourage more people to save than child trust funds. Skandia says reduction in yield figures are artificial and policyholders' returns are held back to build up orphan assets, which mislead ...

  • A CONSUMER's VIEW

    11 Oct 2001

    The collapse in share prices after the horror of September 11 has deprived many who are saving for retirement of as much as 35 per cent of their pension fund. For those with only a few years to go to retirement, this is a disaster. Time is not on their side. But all is not lost. There are huge tax concessions on pension savings and there is an opportunity to gear up, at very low borrowing costs, which would allow many of these unfortunate investors to recoup the situation. The ...

  • Aberdeen Unit Trust Managers - Thomas & Friends Children's Investment Plan

    16 Oct 2001

    Tuesday, 16 October 2001.

  • Aberdeen ventures forth

    11 Oct 2001

    Aberdeen Murray Johnstone Private Equity has introduced the Aberdeen growth opportunities venture capital trust. This aims for long-term capital growth by investing mainly in unquoted smaller companies in the UK. It consists of around 30 holdings across a wide range of sectors. The fund manager will focus on companies that are already established and are generating revenue but companies in an earlier stage of development will not be ruled out if it is felt they have good growth ...

  • Advisers enjoy fringe benefits

    11 Oct 2001

    Tension at the Labour Party conference was so thick, you could cut it with the proverbial knife. All eyes and ears were pricked for any indication of whether military action against terrorism would begin during the abbreviated get together. Security was tight. In addition to the imposing fence surrounding the area and the airport-style scanners, every police officer from around the nation seemed to be in attendance. They were not required to wear identification, so one was left to ...

  • Advisers must show the value of their service

    11 Oct 2001

    IFAs must articulate the added value service they offer to consumers if they are to convince the regulator of the need for independent financial advice, according to Aifa director general Paul Smee. In his speech to the FSA polarisation open meeting, Smee said polarisation has been a force for good and without it IFAs could not have reached the level of expertise and professionalism they have achieved. He said if multi-ties are allowed, the industry will turn in on itself and engage ...

  • AIG bond offers free fund switches

    11 Oct 2001

    AIG Life has unveiled a capital portfolio bond, a unit-linked bond enabling IFAs to tailor investment portfolios to different risk profiles and investment objectives. Investors get access to a range of AIG Life guaranteed funds, tracker funds and its cash fund. Fifty-seven external funds from managers such as Aberdeen, Fidelity and Gartmore are also available. These cover a range of sectors including technology, property, global utilities and UK blue-chip funds. Investors can switch ...

  • AKG offshore reports available on Assureweb

    10 Oct 2001

    AKG Actuaries and Consultants is making its offshore profile and financial strengths reports available to IFAs through the Assureweb portal.

  • AMP amplifies advice message

    11 Oct 2001

    Now the £75m takeover of Towry Law is in place, AMP is finally hoping to lay the ghosts of pension misselling to rest and build AMP as a strong advice-led brand in the UK. UK managing director Tom Fraser, still less than a year into the job after joining from Norwich Union, has spent millions since taking over the helm. Buying personal finance website Interactive Investor International for £52m in July came hot on the heels of the Towry deal. With the spending spree ...

  • AMP sets up direct sales force

    15 Oct 2001

    AMP is creating a 500-strong direct salesforce to give non-FSA regulated face to face advice.AMP’s existing 2,000-strong salesforce will be reorganised to create the new team. It will also operate under the Pearl brand and will offer general insurance, banking products and mortgages through AMP Bank, Abbey National, Alliance & Leicester, Nationwide and Woolwich. 

  • Art of the multi-manager

    11 Oct 2001

    Henderson Global Investors After the recent chopping and changing in the world of multi-manager investment, John Husselbee and his team are one of the few high-profile outfits which can boast more than a few months' track rec-ord at the same firm. Relative to its peers, the team's performance has been solid and, with five independent funds of funds, Hend-erson also offers the most choice. Husselbee believes that Henderson will continue to stand out in the marketplace for ...

  • Artemis Investment Management - Artemis AiM VCT

    15 Oct 2001

    Monday, 15 October 2001.Aim: Income and growth by investing in a portfolio of AiM, OFEX and unquoted companies.Minimum investment: Lump sum £3,000.Opening-closing date: November 8, 2001-December 18, 2001.Charges: Initial 5 per cent, annual up to 3.5 per cent.Commission: Choice of initial 3 per cent or initial 3 per cent, renewal 1.5 per cent.Tel: 020 7367 5600. 

  • Autif figures contradict commission bias claims

    11 Oct 2001

    IFAs sell more top-quartile funds than any other distribution channel, according to research released by Autif. Three-quarters of funds recommended by IFAs between 1999 and 2001 have top-quartile performance over the past five years while those sold through tied agents and direct channels have a weaker track record. IFAs also sell more Standard & Poor's rated funds than tied agents or other direct channels, with almost half of funds sold through IFAs holding an A, AA or AAA ...

  • Axa appoints former Gartmore chief executive as non-executive director

    15 Oct 2001

    Axa has appointed a former Gartmore chief executive David Watts as a non-executive director to its UK board.Watts was joint chief executive and chief investment officer for Gartmore until his retirement in 1999. He is also a director of Fleming Income and Growth investment trust. David Nash, who became a non-executive director of Axa UK in 1996, resigned last month.

  • B&W runs with bond duo

    12 Oct 2001

    Bristol & West's balanced guaranteed equity bond allows investors to put their investment in a stockmarket-linked bond or to split it between the bond and a one-year fixed rate high interest account.

  • Baillie Gifford appoints South East sales head

    12 Oct 2001

    Baillie Gifford has appointed Nigel Cathcart as regional sales manager responsible for intermediary relationships for London and the south east.He joins Baillie Gifford from Dresdner RCM where he was regional sales manager for the south east responsible for dealing with larger IFAs, discretionary managers, stock brokers and institutions. He has 14 years experience in retail investment with companies such as Prudential and Standard Life Investments.

  • Balfour quits EFM after row over firm's future

    11 Oct 2001

    Edinburgh Fund Managers chief investment officer Mike Balfour has quit the firm after 16 years following a reported dispute with chief executive Iain Watt. The dispute is thought to have centred on EFM's future, with Balfour reported to be keen on a takeover and Watt wanting to retain independence. Balfour, who also managed EFM's flagship £1.5bn Edinburgh investment trust, is not believed to have secured another position. EFM is to look externally for Balfour's ...

  • Bank of Ireland Fsharp joins eIOM

    16 Oct 2001

    Claiming to be the world's first offshore internet bank, Bank of Ireland Fsharp is about to join the Isle of Man's e-commerce business development initiative, eIOM.com.Internet service provider Domicilium and international offshore e-business solutions company PDMS are also joining eIOM which was set up in 1999 to encourage internet business to locate on the island.  

  • Berkeley Morgan sets up online share dealing service

    12 Oct 2001

    Insurance and financial services group Berkeley Morgan, which includes an IFA division, has launched an online share dealing service.

  • Broadband is swinging

    11 Oct 2001

    As I have reported previously on this page, for the last few months, I have had the questionable privilege of using a review version of BT's Openworld ADSL service. It would be fair to say that when I last wrote about this service (Money Marketing, July 12), I was having an increasing feeling of frustration. Three months later, this has turned into a love/hate relationship - I love the system when it works properly but hate the appalling level of service from BT. Around the ...

  • Bucketshop mentality

    11 Oct 2001

    Mark Dampier's horse is far too high for his own good (A lesson in research,Money Marketing, October 5). My response to his original comments was not based on press reports but on Hargreaves Lansdown's own propaganda (sorry, marketing material) and close scrutiny of their recommendations. I would be delighted to meet Mr Dampier, examine Hargreaves Lansdown's research and talk to fund managers. The only problem I see is matching my professional judgement with HL's ...

  • BWD Rensburg - BWD Aggressive Growth Trust

    12 Oct 2001

    Friday, 12 October 2001.Type: Unit trust.Aim: Growth by investing in UK equities.Minimum investment: Lump sum £500, monthly £25.Investment split: 100 per cent UK equities.Isa link: Yes.Pep transfers: Yes.Charges: Initial 5.25 per cent, annual 1.5 per cent.Commission: Initial 3 per cent, renewal 0.5 per cent.Tel: 0800 7316028. 

  • BWD Rensburg gets agressive

    11 Oct 2001

    BWD Rensburg is taking the aggressive view to the UK market.

  • CA claims half the rulebook could be scrapped

    11 Oct 2001

    The FSA should scrap much of the regulation which burdens the industry with high costs and replace it with greater product supervision, says the Consumers' Association Senior policy adviser Mick McAteer is calling for the industry, the regulator and consumer groups to establish a working party which will review the level of regulation affecting the industry. In his speech at the FSA open meeting on polarisation, McAteer said that up to half the current rulebook could be scrapped ...

  • Cahoot aims at the FTSE

    12 Oct 2001

    Cahoot has introduced the five-year FTSE growth bond.

  • Calvert sets up protection sales consultancy

    15 Oct 2001

    Former Permanent Insurance head of national accounts Phil Calvert has branched out on his own, launching a new business focusing on protection sales.

  • Capital idea

    11 Oct 2001

    The capital strength of financial services companies is a hot topic. Providers are struggling to adhere to the various strictures coming from the regulator and from Europe at the same time as coping with the ravages of the stockmarkets. IFAs are not immune from this either. Everyone agrees that the industry is in flux and for businesses to survive periods of fundamental change, they have to have a secure financial base. Traditionally, IFA firms have been small practices averaging fewer ...

  • CETA appoints new director of operations

    16 Oct 2001

    General insurance network Central Electronic Trading Agency is appointing Sandie Schofield as director of operations.The newly created post has been created by CETA in response to increased business levels. Schofield, who joined CETA in 1995, will be responsible fo building relations with insurers and CETA's network of agents.  

  • Close Business Centre Capital eyes up property

    11 Oct 2001

    Close Business Centre Capital, a division of Close Brothers Investment, has kicked off with its first product, the Fareham fund.

  • Comparative table bias against managed funds

    12 Oct 2001

    The FSA's comparative tables enable consumers to filter out funds with higher charges, by showing only the cheapest 25 per cent or 50 per cent of funds. The move has surprised the industry as it is likely to direct investors away from managed funds. The site presently only offers access to UK growth funds.

  • Consumers wants fees but not at present rates

    11 Oct 2001

    Consumers are willing to pay fees for financial advice but the amount they expect to pay is out of step with what the market charges, according to res-earch from the FSA. The survey of 50 individuals found that an hourly rate of £70 is considered fair, which is at odds with the £100-£200 that many IFAs charge. FSA head of conduct of business standards David Severn questioned whether there was any way the regulator could encourage the move towards fees. The ...

  • Could IFAs be Kelly's heroes?

    11 Oct 2001

    Could there be a new dawn for the financial services industry as far as the Government and the FSA are concerned? Has the Government changed its mind after appearing to be determined to scrap polarisation and to bypass IFAs for many products? The industry is rife with speculation that this is the case following unsolicited comments by Treasury economic secretary Ruth Kelly last week in which she voiced strong support for IFAs. Speaking at a fringe meeting at the Labour Party's ...

  • Credit Suisse confirms purchase of SLC Asset Management

    15 Oct 2001

    Credit Suisse Asset Management has confirmed it is to buy SLC Asset Management, the UK fund management arm of Sun Life Financial of Canada.

  • CSAM move to buy SLC will double retail funds

    11 Oct 2001

    Credit Suisse Asset Man-agement is poised to buy SLC Asset Management, the UK fund management arm of Sun Life Financial of Canada. If merged, CSAM will almost double its retail funds to £2.85bn from £1.56bn. SLC has total assets under management of around £11bn. As the eighth-biggest pooled pension fund manager in terms of assets, SLC would provide CSAM with a strong foothold in the institutional market. It also has 11 retail unit trusts and has recently increased ...

  • Deco Capital - Boadicea Fund

    10 Oct 2001

    Wednesday, 10 October 2001.Type: Hedge fund.Aim: Growth by investing in European equities, bonds, futures and options, cash.Minimum investment: $100,000, euros100,000.Place of registration: Cayman Islands.Investment split: 90 per cent European equities, 10 per cent bonds, futures and options, cash.Isa link: No.Charges: Annual 1.5 per cent.Commission: Subject to negotiation.Tel: 020 7648 4347.  

  • Delph Property Group - First Property Investment

    12 Oct 2001

    Friday, 12 October 2001.Type: Enterprise investment scheme.Aim: Income and growth by investing in property.Minimum investment: £15,000.Opening-closing date: October 13, 2001-until further notice.Commission: Subject to negotiation.Tel: 020 7907 5555. 

  • Down but not out

    11 Oct 2001

    World stockmarkets have plummeted following last month's terrorist attacks on the US. What are you advising clients to do with their money during a period of such uncertainty? Alan Adam: Existing clients stay as they are with no major changes at this time. As for new clients with capital to invest, we are shying away from the market as we believe there are likely to be further falls in the short term. We are, however, preparing these clients to invest shortly as we feel that, once ...

  • Downing Corporate Finance - Electra Kingsway VCT

    10 Oct 2001

    Wednesday, 10 October 2001. Aim: Growth by investing initially in Electra investment trust, Electra active management oeic, fixed interest securities then in unquoted stocks and AiM stocks. Minimum investment: Lump sum £5,000. Opening-closing date: October 2, 2001-December 14, 2001. Charges: Initial 5 per cent, annual 1.5 per cent in year one, 2 per cent in year two, 2.5 per cent thereafter. Commission: Initial 2.5 per cent, ...

  • Early risers

    11 Oct 2001

    My wife and I are aged 53 and are in good health. You have seen our redundancy package but I would like to talk to you now about our pension scheme options. I am being offered an enhanced pension of £39,000 or tax-free cash of £112,000 and a reduced pension of £31,000. What do you suggest? If you do not take one of the options at this stage, it cannot be guaranteed that these advantageous terms will apply in the future. The normal penalty is a reduction in pension ...

  • EPP exodus feared as Eagle Star quits market

    11 Oct 2001

    Eagle Star is scrapping its older-style group personal pension contract because of the heavy costs of running such policies. It is also pulling out of the executive pension plan market, claiming that falling sales no longer make offering such a contract profitable. IFAs say they are shocked by the move, which has raised fears that other EPP players could follow. Eagle Star says it will concentrate on selling its new defined-contribution package, working predominantly with fee-based ...

  • Euro firms will not fit into polarisation regime

    11 Oct 2001

    European developments could overshadow whatever path the FSA decides to follow over polarisation, according to FSA manager (packed products) Brenda Gibson. She said it will not be long before European providers enter the UK market but they will not fit into the current polarisation regime. However, Aifa director general Paul Smee said that, at best, there was a mixed signal coming from Europe and two different directives give different interpretations as to the legitimacy of polarisation. Ther

  • Exeter Fund Managers - Hidden Value Portfolio

    15 Oct 2001

    Monday, 15 October 2001. Type: Oeic. Aim: Income and growth by investing in UK equities. Minimum investment: Lump sum £50,000. Investment split: 100 per cent in UK equities. Isa link: No. Pep transfers: No. Charges: Initial 1 per cent, annual 1 per cent. Tel: 0808 0393837.  

  • Fees cap may be brought in to help public get quality advice

    11 Oct 2001

    The FSA is considering the case for a cap on fees that IFAs can charge clients in a move to allow more people access to quality independent advice, says director of conduct of business standards Michael Folger. Speaking at the regulator's open meeting on polarisation in London last week, Folger said fees prevent people from getting the advice they need and the FSA may consider a fixed rate that advisers would be allowed to charge. Folger, who is widely seen as chairman Howard ...

  • Finance 4 Professionals - Buy-to-Let Tracker

    15 Oct 2001

    Monday, 15 October 2001.

  • Flight hits out at FSA claims over fees

    11 Oct 2001

    Conservative shadow paymaster general Howard Flight is disputing FSA claims that consumers are prepared to pay fees for financial advice. Speaking to Money Marketing at the Tories' annual conference in Brighton this week, Flight said commmission is preferred bec-ause it is more tax-friendly to consumers as they do not have to pay VAT. The FSA said at its polarisation meeting last week that its research found consumers are willing to pay fees and it is to look at ways to encourage ...

  • Framlington presses ahead

    11 Oct 2001

    Framlington is to push ahead with plans to launch a biotech fund next month despite continued uncertainty in the world's equity markets. The fund will be run by Antony Milford, who also manages the £480m health fund. The biotech fund will be slightly more aggressive, holding a portfolio of around 70 stocks compared with around 160 in the health fund. It will invest about 80 per cent of its portfolio in the US. The fund is planned for launch in early November but is still ...

  • Friends Provident offers multi-option bond

    12 Oct 2001

    Friends ProvidentInvestment Portfolio BondType: Unit linked bond.Aim: Growth or income by investing in a choice of four portfolio's, cautious, balanced, managed, ethical or a choice of 10 out of 16 unit linked funds.Minimum investment: £5,000.Fund links: Managed, property, investment trust portfolio, UK index tracking, Index linked, Pacific basin, stewardship managed, fund of funds, overseas equity, UK equity, fixed interest, ...

  • FSA hands Equitable report to Treasury

    12 Oct 2001

    The FSA has finally handed the Treasury the report of its handling of the Equitable Life debacle, some three months after it was originally expected.

  • FSA publishes league tables

    12 Oct 2001

    The FSA's league tables for unit trust and Oeic Isas goes live today, aiming to give consumers the opportunity to compare information on over 100 UK growth funds.The tables give comparative information on the effect of charges and deductions on the value of a fund, the impact of early cancellation on charges and whether it carries a Cat standard.Comparative tables for pensions, investment bonds and savings and mortgage endowments will go live in the coming weeks.

  • FSA will hit the ground running

    11 Oct 2001

    At the end of November, the FSA will finally get its full authority and the era of the single regulator will arrive. But the new regulator has already been busy, both in terms of preparation and in pursuing a number of projects that have arisen along the way. Perhaps an indication of the ambitious attitude tow-ards regulation that the FSA is taking is the busy agenda it has already emb-arked upon. No fewer than 112 consultation papers have been issued since the body was coined the ...

  • Future Mortgages - Future 90

    16 Oct 2001

    Tuesday, 16 October 2001. Type: Tracker mortgage. Tracker term: Term of loan. Tracker rate: LIBOR plus 2.5 per cent. Minimum loan: £10,000. Maximum loan: Up to 90 per cent of valuation subject to a maximum of £200,000. Income multiples: 3.75 times principal income plus second or 3.25 times joint. Arrangement fee: 1 per cent subject to a minimum of £495, maximum of £1,000. Redemption fee: Five months' ...

  • Future Mortgages - Future 95

    12 Oct 2001

    Friday, 12 October 2001. Type: Tracker mortgage. Tracker term: Term of loan. Tracker rate: LIBOR plus 3.5 per cent. Minimum loan: £10,000. Maximum loan: Up to 95 per cent of valuation subject to a maximum of £200,000. Income multiples: 3.75 times principal income plus second or 3.25 times joint. Arrangement fee: 1 per cent subject to a minimum of £495, maximum of £1,000. Redemption fee: ...

  • Future Mortgages - Future 95 Plus

    12 Oct 2001

    Friday, 12 October 2001. Type: Tracker mortgage. Tracker term: Term of loan. Tracker rate: LIBOR plus 2 per cent. Minimum loan: £10,000. Maximum loan: Up to 95 per cent of valuation subject to a maximum of £200,000. Income multiples: 3.75 times principal income plus second or 3.25 times joint. Arrangement fee: 1 per cent subject to a minimum of £495, maximum of £1,000. Redemption fee: ...

  • Gap-filling to the fore as doubt is cast on multi-ties

    11 Oct 2001

    The threat of full-blown multi-ties has receded after the head of the FSA's polarisation review David Severn said a question hangs over their practicality. Most delegates at the FSA's open meeting on polarisation last week believe the smart money is now on gap-filling after Severn gave a strong indication that such a move could benefit consumers. This could see the tied side selling more products but no IFA conversions to multi-ties. But Aifa director general Paul Smee and ...

  • Gartmore planning corporate bond move

    11 Oct 2001

    Gartmore is looking to offer a new corporate bond fund in the first quarter of next year. The stable growth fund is expected to be launched in February 2002 and will target investors looking for secure investments in a market where interest rates are falling. The fund is likely to offer a monthly income with a running yield of around 9 per cent. To achieve such a return, the fund is likely to follow a strategy of blending corporate bonds and high-yielding bonds. Gartmore has ...

  • Gen up on currency risk

    11 Oct 2001

    Pension funds, institutional investors and Treasury departments around the world have dramatically increased their activities in currency risk. Some of the world's leading practitioners will be attending a conference in November entitled the Currency Risk Management Forum 2001 to discuss strategies. Speakers will include currency risk experts such as JP Morgan Fleming client portfolio manager Brian Strange and AG Bisset & Co president and chief executive Fred Bisset. The day-long ...

  • Higgins to take top role at RBS

    11 Oct 2001

    Former Standard Life general manager (sales) Benny Higgins has secured the top job in the retail banking division of Royal Bank of Scotland group. Higgins will step up to become chief executive from his current position as deputy CE. He joined the group in 1997. The move is part of a senior management shake-up following the integration of RBS with NatWest. Higgins left Standard Life in 1997 amid speculation surrounding his personal affairs. At 35, he was the youngest-ever general ...

  • How will Sandler affect IFAs?

    11 Oct 2001

    Eight weeks into the Sandler review, it is still hard to get a grasp of what it is all about. Ron Sandler has begun with a fairly abstract and academic question - how do you increase competition among fund managers? He is keen to improve competition not just in terms of price but also in quality by ensuring that fund managers carry out the best possible research, investigate new forms of investment and break away from the herd when necessary. In this sense, he is very different ...

  • IFA fortunes take a turn for the better

    11 Oct 2001

    Last week was the best for IFAs in years, according to Scottish Life's long-standing commentator Alasdair Buchanan. Before cracking open the Bollinger, the question remains, is this a sea-change or a brief respite from the bad news? Either way, there is definitely something to cheer. Treasury economic secretary Ruth Kelly said IFAs are crucial and critical to the future of financial services. The head of the polarisation review, David Severn, has indicated a preference for a ...

  • IFA numbers increase by 40% in three years

    11 Oct 2001

    The number of IFAs has rocketed by over 40 per cent in three years to well over 32,000, according to FSA figures. Figures obtained by MM in April already indicated a surge in numbers. The number of IFAs registered with the FSA soared by 43 per cent to 32,181 in 2001 from 21,879 in 1998. The biggest jump was bet-ween 2000 and 2001 when numbers leapt by 2,408 to 32,181 from 29,773 as many life offices shed their direct salesforces. The figures, highlighted at the FSA open meeting ...

  • IFAs confident in mortgage market

    12 Oct 2001

    Confidence in the mortgage market among financial advisers and their clients continued to rise during the summer months, according to Paragon Mortgages. The lender’s financial adviser confidence tracking index for the third quarter rose to 116.4 from 113.6 in the previous quarter, its highest level since 1997. Paragon says its findings show borrowers are currently favouring capital, interest and buy-to-let mortgages above all others.

  • IFAs put their trust in paper

    11 Oct 2001

    IFAs are turning their backs on electronically created compliance documents and data storage systems in favour of paper files at a time when compliance burdens are set to increase. Only 4 per cent of IFAs create their main compliance documents exclusively through an automated computer system, with only 2 per cent storing all their compliance documents electronically, according to a survey of 200 IFAs by Exchange FS. The research also shows that 56 per cent of firms still hold all ...

  • IFAs to offer bespoke portfolios

    11 Oct 2001

    Client demand for advice on long-term investments and an increasing focus on wealth management have led the Misys network and national IFA Lighthouse to introduce portfolio design services. The Misys tool, part of the recently launched Misys Investment Services, has been developed solely for its network members and will recommend a client-specific portfolio of investments. The portfolio will be based on all the available funds on the market, including its own fund of funds. The ...

  • Independent view

    11 Oct 2001

    How good are practitioners at presenting their views to regulators and the press? Regulators, product providers, financial advisers, the press and consumers have an identical goal - consumer satisfaction. There have been many initiatives to establish what is wrong in our industry and what can be done to improve it but few have had practitioner input - even when it was sought - and consequently have often missed the point. The regulators have often said that IFAs do not exactly ...

  • Industry hammers DIY approach to investment

    11 Oct 2001

    The FSA taskforce on the use of past performance statistics in advertising has finally produced its conclusions after almost a year of talk. For IFAs and product providers, the big question was whether the FSA would ban them from using performance data in their ads. But while this was not among the eventual proposals, the report has still faced a barrage of criticism from the industry. Many have labelled its proposals as impractical and potentially misleading to the consumer. The ...

  • Industry suffers big loss in confidence

    11 Oct 2001

    Business confidence in the financial services sector has fallen to a three-year low, according to the quarterly CBI/PricewaterhouseCoop-ers survey. It shows that confidence fell more sharply in the last three months than at any time in the last three years. According to the report, life offices and the mortgage sector are less pessimistic about being able to weather the storm than banking and fund management, where confidence has fallen fastest. Overall, only 7 per cent of ...

  • Inside Edge

    11 Oct 2001

    IFAs will increasingly come under pressure from big new entrants to the IFA sector - that is why the Misys/DBS offer made so much sense, says Ivan Martin, chief executive of the Misys Financial Services division. A few people have contacted me over the last few days congratulating me on my move to America and questioning if this had anything to do with Misys and the UK IFA Sector. The answer to both questions is no and this is what made the decision to move that much harder. An ...

  • Inter-Alliance talks may herald return of Amex

    11 Oct 2001

    American Express is understood to be looking to re-enter the UK financial advice market by acquiring IFA firms. The US credit card giant is believed to be in advanced talks about a possible tie-up with national IFA Inter-Alliance, which has over 1,000 RIs, making it the biggest IFA in the UK. Amex is also believed to have spoken to Willis Nat-ional IFA before it was acquired by Bank of Ire-land in July. It was previously in the market through subsidiary Acuma before pulling out ...

  • Investment analysis

    11 Oct 2001

    Equity markets around the world put in another impressive performance, with inv-estors cheered by the Federal Reserve's decision to cut interest rates for the ninth time this year as well as more encouraging news from the technology sector and reports of additional tax cuts in the US. Interest rates in the US have now fallen from 6.5 per cent at the start of the year to 2.5 per cent today, their lowest level since 1962. Meanwhile in the UK, the Bank of England trimmed a further ...

  • Investment view

    11 Oct 2001

    Sofia Skalistiri, who heads the bond team in our sister company, Gerrard Investment Funds, came up with an interesting piece of intelligence last week. Apparently, US bond mutual funds had their biggest inflow of money ever during August. This was before the events of September 11 and demonstrates how risk-averse investors had already become. It is almost surprising that the sell-off in the wake of the disaster was not of even greater proportions. Bonds seem to be very much in ...

  • J O Hambro moves into retail investment market

    10 Oct 2001

    J O Hambro Capital Management is to launch into the mainstream retail investment market with four new funds. The European, UK Growth, UK Emerging Companies and UK Recovery funds will be Dublin-based Oeics, with minimum investments of £2,500. The funds will carry an initial charge of 5 per cent with an annual management fee of 1.25 per cent. There will also be a 15 per cent performance fee of all outperformance greater than 1 per cent of the benchmark

  • James Brearley highlights blue chip stocks

    16 Oct 2001

    James Brearley & Sons is targeting blue chip stocks with its premium growth trust.

  • JO Hambro kicks off with Europe in its sights

    12 Oct 2001

    JO Hambro Capital Management Group is making its debut into the retail fund market with the European fund, its first open-ended investment company (Oeic).

  • JPMF fills its basket with funds

    16 Oct 2001

    JP Morgan Fleming has added a new twist to the theme of capital protection with the JPMF capital protection global growth fund.

  • Julian Gibbs

    11 Oct 2001

    I have been taken to task by Scottish Life International for not pointing out the advantages of offshore life company guaranteed stockmarket-linked bonds. The rates of tax are higher on offshore life company bonds than Dublin-based ones but they do have some worthwhile advantages. SLI's bond has a very high headline rate of 11.2 per cent and its returns are linked to three top indices, the FTSE 100, EuroStoxx 50 and S&P 500. At current stockmarket levels, these indices should certainly ...

  • Jupiter aims to reassure investors

    11 Oct 2001

    Jupiter has redesigned its ad strategy with the aim of reassuring IFAs and investors about investment performance following last month's terrorist attacks in the US. It withdrew its ads on the weekend following September 11 and says it has dropped aggressive headlines in favour of messages designed to calm the market. Its new ad tells investors worried about the ramifications of the attacks that the economy should not be affected in the long term. Income trust manager Tony ...

  • Jupiter expands IFA support service

    16 Oct 2001

    Jupiter has made two new recruits to its broker support team, as part of the restructure and expansion of its IFA support services.Louise Fish joins from F&C investment management, and will be responsible for broker support in the south west of England.Pritie Sharma joins from Chase de Vere Investments, and will be responsible for broker support in the north of England, Scotland and Northern Ireland.

  • Kelland looks for 300 RIs to join franchise scheme

    11 Oct 2001

    Bristol-based IFA firm Kelland & Partners is aiming to become a leading national IFA brand by recruiting firms to a new franchise scheme. Kelland & Partners Franchise Management is hoping to recruit 300 RIs over the next three years to add to Kelland's current salesforce of 60 and increase the firm's turnover to £40m from £5m. Kelland says it is targeting quality IFA firms with between 10 and 20 RIs to become part of the scheme and is keen to attract firms in ...

  • L&G cuts terminal bonuses by 7.5 per cent

    10 Oct 2001

    Legal & General is cutting terminal bonuses on most with-profits policies by around 7.5 per cent to reflect stockmarket falls. Annual bonus rates remain unchanged and will be reviewed at the year end. L&G says these cuts will bring maturity payouts with underlying assets. The maturity payout on a 10 year endowment for a male aged 30 next paying £50 a month will come down to £8,688 from £9,179 and on a 25 year policy to £77,976 from £84,370.

  • L&G looks to protect Isa investors

    10 Oct 2001

    Legal & General's protected portfolio is a capital protected individual savings account (Isa) aimed at cautious investors who still want to invest in the stockmarket but who want the reassurance of some protection for their money. Capital will be invested over five years in zero dividend coupons from a portfolio of 30 stocks chosen from 200 of the biggest companies in the UK. These will include companies such as Logica, Next, Vodafone, British ...

  • L&G new business up 24 per cent

    16 Oct 2001

    Legal & General new business sales are up 24 per cent to £585m from £473m EPI for the nine months to September 30.

  • Leeds & Holbeck - 2 Year Discount

    16 Oct 2001

    Tuesday, 16 October 2001. Discounted term: Two years. Discount: 1.9 per cent. Payable rate: 4.25 per cent. Minimum loan: £25,000. Maximum loan: Up to 95 per cent of valuation subject to a maximum of £200,000, up to 90 per cent subject to a maximum of £300,000, up to 85 per cent subject to a maximum of £400,000, up to 80 per cent subject to a maximum of £500,000, up to 50 per cent subject to a maximum of £500,000. Income ...

  • Leeds & Holbeck - 5 Year Fixed

    16 Oct 2001

    Tuesday, 16 October 2001.

  • Legal & General - Protected Portfolio

    11 Oct 2001

    Thursday, 11 October 2001. Type: Mini or maxi capital protected Isa. Aim: Growth by investing in 30 leading stocks from the top 200 UK companies. Minimum-maximum investment: £1,000-£7,000. Investment choice: 30 stocks from the top 200 companies. Term: Five years. Guarantee: Capital returned in full at end of term regardless of the performance of the stocks. Return: Up to 100 per cent growth. Catmarked: ...

  • Let sleeping dogs lie in polarisation debate

    11 Oct 2001

    As the dust settled on the FSA's open meeting on polarisation last week, I could only recall Sherlock Holmes and the case of Silver Blaze. "Then there was the curious incident of the dog in the nighttime," said Holmes. "The dog did nothing in the nighttime," came the rebuff. "That was the curious incident," replied Holmes. The dog who did not make an appearance at the Aldgate Conference Centre was the enthusiast for depolarisation. Barry Riley kept up his principled opposition which ...

  • Lighthouse seminars shed light on changing economy

    11 Oct 2001

    National IFA and wealth manager Lighthouse is running a series of free seminars for financial advisers and investors on financial planning in a changing economic environment. The firm wants to use the seminars as a vehicle to recruit more IFAs to join its growing salesforce of 185 RIs. The seminars, which will take place around the UK and Dublin throughout October and November, are themed Riding the Wave of Change. They aim to show the impact that legislation, technology and globalisation ...

  • London is the key for Delph

    15 Oct 2001

    Delph Property Group is concentrating on the heart of London with the first property investment scheme.

  • M&G to raise fees across Oeic range

    11 Oct 2001

    M&G is set to hike charges across its entire open-ended fund range when it converts its unit trusts to Oeics at the start of next month. The proposal, outlined in a letter to unitholders, will see the admin fee on its funds increase by seven basis points to 0.15 per cent from 0.08 per cent. The move is still subject to unitholder approval but, if successful, will raise an extra £7m a year for M&G. The fund manager says the increase is due to a "need to invest large sums in ...

  • Mass affluent market dosen't exist says comdirect

    10 Oct 2001

    The financial services industry has acted recklessly by trying to create the mass affluent market, according to comdirect.

  • Massow in deal to buy back his business

    11 Oct 2001

    The millionaire IFA Ivan Massow has managed to buy back his business on the same day that it went into receivership in a deal last week. The IFA's financial troubles come a year after Massow Fin-ancial Services merged with rival Louis Letourneau's Rainbow Finance to form the Massow Rainbow Group. Letour-neau became CEO of the firm. The merged company had branches in Birmingham, Brighton, Edinburgh, London, Oxford and Manchester. Massow's success was built on selling life ...

  • Monte Carlo: Convention was a sure bet for charity

    11 Oct 2001

    IFA support services group Bankhall raised £75,000 at its annual convention in Monaco for the Destination Florida charity for terminally ill children. The total beat the £72,000 that was raised at the 2000 convention. For every £1,000 raised, one child is taken on holiday to Florida, with Bankhall representatives going as helpers. Almost £8,000 of the total was raised at an auction held at the gala dinner at Monte Carlo Sporting Club. Lots included Wimbledon ...

  • Monumental incompetence

    11 Oct 2001

    Christopher Mellor made a very valid point over his deal-ings with that bastion of monumental incompetence, the PIA Ombudsman. I was subject to a complaint about paying my fees. I instit-uted court proceedings so the complainant, advised by another IFA, complained to the ombudsman. I was asked for £500 but refused on the grounds that the case was outside their jurisdiction. I was threatened with court action, so I repeated my claim. Silence from the incompetents. The ...

  • Morley focuses on Europe

    11 Oct 2001

    Morley Fund Management, which is part of CGNU, has put the spotlight on Europe with the introduction of the European focus fund.

  • NDF Administration - Extra Income & Growth Plan 8

    12 Oct 2001

    Friday, 12 October 2001. Type: Guaranteed equity bond. Aim: Income and growth by investing in Eurostoxx 50 index. Minimum-maximum investment: Lump sum £10,000-£1m, Isa lump sum £7,000. Term: Three years. Guarantee: Capital returned in full at end of term provided the index does not fall by more than 20 per cent. Return: 0.78 per cent income a month, 10.25 per cent income a year or 33 per cent growth over the ...

  • Network offers 'cradle to grave' deal to IFAs

    11 Oct 2001

    Berkeley Wodehouse is planning to set up its own national IFA firm which will buy the businesses of retiring IFA members to create what it calls a cradle to the grave proposition for IFAs. The network, which laun-ched a compliance and auditing service for non-network members in April, int-ends to raise cash for the venture by floating on Aim within 18 months. Berkeley Wodehouse is also looking to strengthen bonds with its members and at the same time raise further capital by offering ...

  • New capital bond from Newcastle Building Society

    15 Oct 2001

    Newcastle Building Society is launching a capital safe bond this week. Even if the three indices linked to the bond, the FTSE 100, EuroSTOXX 50 and Nikkei 225 to which the bond is linked all fall over the term, investors are guaranteed all of their investment back and growth of 85 per cent of the average growth in 3 global indices over the term. The product also offers a facility which allows investors to borrow back up to 60 per cent of their investment. 

  • New income fund from Nationwide

    16 Oct 2001

    Nationwide is launching an income fund, aiming to return 6.5 per cent year through investing in UK corporate bonds and fixed interest securities.

  • New Star Asset Management - New Star UK Aggressive Fund

    12 Oct 2001

    Friday, 12 October 2001. Type: Oeic. Aim: Growth by investing in UK equities. Minimum investment: Lump sum £1,000, monthly £100. Investment split: 100 per cent UK equities. Isa link: Yes. Pep transfers: Yes. Charges: Initial 5.25 per cent, annual 1.5 per cent. Special offer: 1 per cent reduction on initial charge. Offer period: Until November 19, 2001. Commission: Initial 3 per cent, renewal 0.5 ...

  • New Star gazes aggressively at UK

    12 Oct 2001

    New Star Asset Management has introduced its third fund ? the New Star UK aggressive fund. This open-ended investment company (Oeic) joins the UK growth fund and European growth fund in New Star's stable. These earlier funds appeared in July 2001, marking New Star's grand entrance in the retail fund market. The UK aggressive growth fund aims for capital growth by investing in a concentrated portfolio of between 35 and 40 UK stocks. It will be managed by Tim Steer, ...

  • Newcastle locks capital safe

    12 Oct 2001

    Newcastle Building Society is reaching out to investors who like a bit of reassurance with the capital safe bond.

  • Norwich & Peterborough compares favourably on MIG

    11 Oct 2001

    Norwich & Peterborough has introduced a five-year fixed-rate mortgage that is available for loans of up to 95 per cent of valuation.This mortgage is fixed at 5.94 per cent for five years and has an arrangement fee of £295. If borrowers pay off the mortgage during the first five years, they must pay six months' interest as an early redemption penalty. However, they can overpay by up to 10 per cent a year without incurring this penalty.According to Moneyfacts on ...

  • Norwich Union travels with cashplan

    15 Oct 2001

    Norwich Union has introduced its individual cash plan, a healthcare cash plan that offers cash benefits towards the cost of travel vaccinations.

  • NU innovates under Morley fund brand

    11 Oct 2001

    Norwich Union Investment Funds is to concentrate its asset management operations under the Morley brand in a move which will distance the fund manager from its traditional focus on Catmark funds. In the first phase of the restructure, NU is set to launch two new Focus funds under the Morley name, with further specialist theme funds expected to follow early next year. NUIF's existing funds will remain under the NU brand and Morley says more plain vanilla products may be launched ...

  • Old Mutual Asset Managers - Old Mutual Global Equity Market Neutral Fund

    15 Oct 2001

    Monday, 15 October 2001.Type: Hedge fund.Aim: Growth by investing in global blue chip companies.Minimum investment: $100,000.Place of registration: Cayman Islands.Investment split: 100 per cent global blue chip companies.Isa link: No.Charges: Annual 1 per cent.Commission: None.Tel: 020 7332 7500. 

  • Old Mutual in attack on supermart rival Cofunds

    11 Oct 2001

    Old Mutual has made a blistering attack on Cofunds, claiming the average annual returns on funds offered by its supermarket rival are significantly lower than funds on its own Selestia platform. Old Mutual says the annual returns over the last three years on the 31 UK equity funds available from the four founders of Cofunds - M&G, Jupiter, Gartmore and Threadneedle - average just -1.25 per cent. In contrast, it says the average annual return over the last three years of the 37 ...

  • Outside Edge

    11 Oct 2001

    As the Equitable roadshow lumbers around the UK, we are informed that the Faculty/Institute of Actuaries report reflects that had this company dealt with IFAs, matters could have been different. This reminded me of one when I had to hand in an application for a single premium to a retirement annuity at the Glasgow office of Equitable. Up until then, I had dealt with one particular representative who happened to be out at that time. As we concluded our discussions, my usual contact ...

  • Paul Johnston

    11 Oct 2001

    Lives: Rochester, Kent. Born: June 17, 1965, Chelmsford. Age: 36 Education: Great Baddow High School. Career to date: Management trainee with John Lewis, Next and Marks & Spencer until 1989; working in a recruitment consultancy between 1989 and 1991; joined Bupa as a consultant in 1991; joined Aon as a senior healthcare consultant in 1994; eventually became managing director of Aon Financial Services. Career ambition: To take Momentum to the top. Life ambition: ...

  • Paul Tebbutt

    11 Oct 2001

    Being an IFA is not as much fun as it used to be if you are a one-man band or part of a smaller firm. For the 84 per cent of all IFA firms that have fewer than five advisers, the bad news is that the situation is only going to get worse as a result of the dramatic changes our industry is undergoing. However good your client base is, if you are a smaller IFA, your position is increasingly untenable. The myriad of complex financial products now available means that your ...

  • PIA expels IFA firm Barlanin

    16 Oct 2001

    The PIA has expelled the IFA firm Barlanin formerly of Renford House, High Street, Wolstanton, Newscastle Under Lyme, Staffordshire deeming it no longer fit and proper to conduct investment business.

  • Pink Home Loans goes for buy to let

    12 Oct 2001

    Pink Home Loans’ new fixed rate mortgage is latching on to the buy-to-let market.

  • Pinnacle launches amateur sport cover product

    15 Oct 2001

    Pinnacle Insurance has launched Sports Accident Protection 'Extra' providing enhanced cover for amateur sportspeople.

  • Popularity of multi-manager funds soars

    11 Oct 2001

    Multi-manager funds have soared in popularity over the past 18 months, with sales more than trebling between 1999 and 2000, according to research from Cerulli Associates. The figures show UK retail fund of fund sales have risen by almost 290 per cent between 1999 and 2000 to £331m from £85m. The biggest growth has been in the active managed sector, which saw fund of funds sales grow by more than 12 times in 2000. Sales also look set to reach new heights again this ...

  • Product matters

    11 Oct 2001

    Corporate bonds have become more popular in today's volatile investment climate. With global markets yo-yoing on a daily basis and in the midst of a period of low inflation and interest rates, equities certainly look riskier in the short term. The Threadneedle strategic bond fund, due for launch on November 5, will invest initially in high-yield and investment-grade corporate bonds. The fund is also permitted to invest in government stock, supranationals and convertibles ...

  • Providers are warned over buying stakes in IFA firms

    11 Oct 2001

    The FSA has issued a veiled warning to providers that they should not anticipate multi-ties by taking a financial stake in IFA firms as the better than best rules still apply. Head of conduct of business policy David Severn said the FSA is looking at the rules, which come into effect any time a provider takes more than 20 per cent in an IFA firm. The man who is leading the FSA polarisation review said if providers were to start investing heavily in IFAs, then, effectively, multi-ties ...

  • Put one's spouse in order

    11 Oct 2001

    Over the last couple of weeks, I have started to look at issues surrounding the advice given to people with preserved benefits in defined-benefit schemes. What aspects should be considered in determining whether or not to transfer these benefits to a private pension arrangement? I finished last week's article by noting the importance of establishing the client's marital status and whether their occupational scheme will pay, or at least consider paying, benefits to a dependant. I ...

  • Railtrack: shares suspended

    11 Oct 2001

    Institutional and private shareholders, including fund managers, are looking to sue the Government over its decision not to provide funding to rescue Railtrack after the company's shares were suspended before the market opened on Monday. A number of UK retail equity funds, including Investec and Deutsche funds, hold significant shares in the collapsed rail infrastructure company. Legal action is being considered by a number of shareholders in an attempt to claw back their investments.

  • Research identifies top firms

    11 Oct 2001

    Inter-Alliance, Marsh and Brooks Macdonald Gayer have been pinpointed as three of the UK's most successful IFAs in a survey by research consultancy Plimsoll aimed at identifying the 50 best firms. Its Best Trading Partner survey of IFAs looks at a combination of strong balance sheets, profitability, cash control and market share based on information from Companies House. It credits national IFA Inter-Alliance as the firm achieving the biggest market share increase over the last ...

  • RLAM in joint venture with Royal London Private Equity

    12 Oct 2001

    Royal London Asset Management is launching a new private equity joint venture Royal London Private Equity.The new company will be based in offices in London and Glasgow and will manage Royal London's portfolio of private equity funds and direct investments which total in value £60m.

  • Scottish Building Society flexes and discounts

    16 Oct 2001

    Scottish Building Society is getting flexible with its new discounted mortgage.

  • Scottish Life cuts terminal bonuses

    16 Oct 2001

    Scottish Life has become the latest company to cut terminal bonuses across life and pensions products in line with stockmarket falls.The maturity payout on a 10 year endowment has come down 4.6 per cent to £8,895 from £9,329. A 25 year endowment maturity payout has come down to 8.7 per cent £99,758 from £109,336. Both are based on a male aged 30 paying £50 a month.

  • Scottish Mutual sponsors Scottish rugby autumn tour

    10 Oct 2001

    Scottish Mutual has teamed up with the Scottish Rugby Union in a six-figure deal to sponsor the autumn tests, which kick of next month with matches against Tonga, Canada and New Zealand.The sponsorship deal, which will run until 2004, includes pitch, scoreboard and ticket branding as well as VIP hospitality opportunities.Every child who attends a Scottish Mutual autumn test match will be invited to try rugby at their local club. 

  • Show your depreciation

    11 Oct 2001

    Continuing with my theme of advising private limited companies established by the over-50s, the essence of the role of the financial adviser is to help these late starters to really focus on their objectives. The shorter the time available for the achievement of financial objectives, the smaller is the margin for error. Broadly, the choices which exist with regard to the investment of corporate wealth are: To retain funds in the company on deposit. To retain funds in the company ...

  • Skipton Building Society - 3 Year Fixed 4.99 Per Cent

    15 Oct 2001

    Monday, 15 October 2001.

  • Skipton Building Society - Tracker Mortgage 85 Per Cent

    15 Oct 2001

    Monday, 15 October 2001.

  • Skipton Guernsey - 3 Year Step-up Bond (Issue 3)

    16 Oct 2001

    Tuesday, 16 October 2001.Type: High interest account.Aim: Growth by investing in three year step-up bond.Minimum investment: Lump sum £5,000.Place of registration: Guernsey.Yield: 4.8 per cent gross a year until December 16, 2002, 5.1 per cent until December 16, 2003, 5.5 per cent until December 16, 2004.Isa link: No.Charges: None.Commission: None.Tel: 01481 727374. 

  • Solus Investment Funds - US Select Opportunities Fund

    10 Oct 2001

    Wednesday, 10 October 2001. Type: Oeic. Aim: Growth by investing in US equities. Minimum investment: Lump sum £500, monthly £40. Investment split: 100 per cent US equities. Isa link: Yes. Pep transfers: Yes. Charges: Initial 3.5 per cent, annual 1.5 per cent. Commission: Initial 3 per cent, renewal subject to negotiation. Tel: 0161 2146868.  

  • Stakeholder is an opt-out for firms

    11 Oct 2001

    Stakeholder is letting employers off the hook by allowing them to opt out of contributing to an occupational schemes, say two leading champions of pensioner rights. National Pensioners Convention president Rodney Bickerstaffe and former Labour Cabinet minister Barbara Castle have both criticised the Government's flagship pension for not meeting the needs of its target market. Speaking at a fringe meeting at the Labour conference in Brighton last week, Bickerstaffe, former head ...

  • Standard & Poor's Micropal Top 10s

    11 Oct 2001

    Bond funds dominate the top-performing unit trusts, with six appearing in the top 10 table. Hard times in the world's stockmarkets continue to take their toll on equity funds, however, with the average unit trust registering a return of -26.35 per cent for the past 12 months. Govett US bear fund continues to top the table by a strong margin. A £1,000 lump sum invested in the fund a year ago would now be worth £1,362 compared with £736 for the average fund.

  • Surge in stakeholder designations up to deadline

    10 Oct 2001

    Life offices have experienced a huge surge of stakeholder designations in the week up to the October 8 deadline for compliance. Norwich Union says it has this week experienced designation levels over nine times the level of eight weeks ago. But it is estimated around 500,000 employers are yet to act to ensure they avoid a fine by Opra. Also this week, the ABI emphasised financial advice is key in ensuring that stakeholder makes a good start. It is calling upon the Government to make ...

  • Tables 'confusing and irrelevant' says Hollands

    12 Oct 2001

    The FSA has launched its comparative unit trust and Oeic Isa tables, as well as additional information on a full range of financial products.The tables and information can be accessed by going to www.fsa.gov.uk/tables/index.jsp

  • Take a Pep in the right direction

    11 Oct 2001

    Even before the tragic events of September 11, had not been a good year for Isa sales. The traditional tax year-end rush was marked more by the quantity of advertising than the volume of new business. According to the latest Inland Revenue statistics, in the two years since April 6, 1999, £31.2bn was subscribed to the stocks and shares component of Isas. The Revenue's statistics for Peps are less up to date but the numbers are more impressive - at April 2000, the total ...

  • Take note of the euro

    11 Oct 2001

    On January 1 next year about 14.5bn of euro notes and about 50bn of coins will come into circulation. For now, the UK is a bystander and will have the luxury of watching the eurozone payment system coping with this historic occasion. But in terms of domestic politics, there is no longer the option of being an agnostic. The election of Iain Duncan Smith to lead the Tory Party and his selection of Euro sceptics to the Shadow Cabinet, must surely sharpen the issue and is likely to polarise ...

  • Talkback

    11 Oct 2001

    Should with-profits be Catmarked? "No. With-profits is suffering but I cannot see that Catmarking will make a difference." Sam Newgarth, Newgarth Financial Planning "Yes. With returns reducing, it is important to keep charges to a relatively low level." Stephen Sheehan,Claremont Financial Services "Probably not. I am not strongly in favour of Catmarking. It seems to reduce consumer choice." David Coldicott, Coldicott Financial Services "No. With-profits is ...

  • Teather & Greenwood IM appoints Sweet

    16 Oct 2001

    Teather & Greenwood Investment management is appointing John Sweet as senior fund manager.

  • The Daley Update

    11 Oct 2001

    New Star Asset Management is to launch its third retail Oeic on October 22. The UK Aggressive fund will be managed by Tim Steer and will invest in a portfolio of 35-40 UK equities. The fund has an initial charge of 5.25 per cent, reduced to 4.25 per cent until November 9. Annual charge is 1.5 per cent. Minimum investment is £1,000 or £100 a month. The asset management arm of HBOS has recruited David Norman as marketing director. He will report to managing director ...

  • The electronic experience

    11 Oct 2001

    Consolidation is one of the main challenges facing IFAs. Over the next few years we are likely to see fewer distributors but with increased size and power. The squeeze on product pricing, the ability of bancassurers to offer a wider range and credibility issues of IFAs are set to lead to big, technology-enabled salesforces and a shrinking of independent advice.How can insights from the internet sector help IFAs take advantage of this situation? Clients and relationships New ...

  • The Mortgage Operation runs CeMAP revision courses

    10 Oct 2001

    Broker network The Mortgage Operation is offering intermediaries assistance in obtaining CeMAP qualifications by running a series of revision courses over the next few months. The courses, which start in November, will focus on CeMAP papers one, two and three and the Bridge/MAQ paper. Two days revision will be spent on each paper and brokers can pick and choose which courses they attend. 

  • Threadneedle Investments - Threadneedle Strategic Bond Fund

    15 Oct 2001

    Monday, 15 October 2001.

  • Threadneedle sews up split bonds

    10 Oct 2001

    Threadneedle Investments has added the Threadneedle strategic bond fund to its stable of bond funds.This open-ended investment company (Oeic) will invest in a diverse portfolio of corporate bonds, from investment grade bonds through to high yielding junk bonds. The initial target yield is 7.5 per cent gross, but this could vary because the proportion of investment grade bonds and junk bonds will shift in response to what is happening in the economy.The fund will draw on ...

  • Time the industry woke up to the perils of IR35

    11 Oct 2001

    The news that the Professional Contractors Group will make a second legal challenge to IR35 shows that, for many businesses, the legislation is of great concern. However, the financial services industry has still not realised how seriously it can be affected. Unfortunately, IR35 is only a part of the problem. The underlying issue is employment status. While IR35 affects small limited companies, small partnerships, composite companies, etc, it does not apply to the self-employed ...

  • Torquil Clark cautious welcome for comparative tables

    12 Oct 2001

    Torquil Clark is welcoming the FSA's comparative tables which went live earlier today, but is concerned on the tables' lack of information on past performance and investment risk.

  • Upwards persistency trend may peter out says PIA

    10 Oct 2001

    Results from the PIA's 2001 survey of persistency suggests its upward trend shown in recent years might not be continuing. The regulator says this is due to a complex variety of factors including premium holidays and changing economic conditions. The figures also reveals persistency across a range of regular premium contracts sold by IFAs is better than for those sold by direct salesforces. 

  • What providers think of Sandler

    11 Oct 2001

    BRITANNIC ASSET MANAGEMENT Means test for free advice Britannic Asset Management is calling on the Government to provide free financial advice to the public on a means-tested basis in its response to the Sandler review. It believes controlling pricing structures through Cat-standard Isas and stakeholder is not the way to achieve the Government's aims of improving levels of savings. BAM says it would be more meaningful for the Government to provide access to free financial ...

  • What trade bodies think of Sandler

    11 Oct 2001

    AITC Clients at the heart of the system The AITC is urging the Government to retain polarisation and rec-ognise the place of investment trusts in developing financial services policy, in its response to the review. It says the review has wide public policy implications in terms of enhancing compet-ition and increasing the value of investment. The AITC lists its key principles as placing cli-ent needs at the heart of the financial services system, driving competition ...

  • Why Equitable Life must face up to its liabilities

    11 Oct 2001

    There is something about this Equitable Life saga that I cannot understand. They sold policies which clearly had a contingent liability in them for the society which threatened their financial viability. They carried on selling policies after it became app-arent that the contingency was materialising, namely, the guaranteed annuity problems which would threaten all new with-profits business. They offered guarantees that all other life insurance companies who made similar offers have ...

  • Zurich and Killik link to offer US-style wrap deal

    11 Oct 2001

    Zurich Financial Services is teaming up with Killik & Co to target the wealth management market with the first sterling-based US-style wrap account. Killik-owned Seven Investment Management will offer Zurich's high-net-worth clients an individually tailored wealth management service for a single fee that covers all costs of brokerage commission and stockbrokers' charges. In the US, wrap accounts are now more popular than mutual funds, with $700bn under management, and have ...

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