Money Marketing
10 September 2003

  • 'Government is new Maxwell on pensions'

    11 Sep 2003

    The TUC this week accused the Government of behaving like Robert Maxwell over its handling of the pension crisis and called for a concerted campaign against No 10 until the situation has been resolved. At the TUC annual congress in Brighton this week, Association of Teachers and Lecturers deputy general secretary Gerald Imison said the Government had failed to learn the lessons from Maxwell by playing with public sector pension funds as though they were Government property. The ...

  • 'Professionals prefer impartial fee-based advice'

    11 Sep 2003

    Professionals have condemned commission-based advice in a survey carried out by True Financial Planning. The IFA questioned professionals listed in International Who's Who and found that 94 per cent do not believe that a commission-based adviser's advice would be impartial. Seventy-nine per cent said they would prefer a financial planning service to a financial advice service while 97 per cent were prepared to pay fees for the service if they believed it to be impartial. True ...

  • 'With-profits being vilified unfairly'

    11 Sep 2003

    With-profits is being forced out of existence by obsessive regulation and negative publicity, says Datamonitor. Its new report says despite with-profits being a strong product for long-term savings, it will play a much smaller role in future as managed funds, distribution funds and eventually capital guaranteed funds become the main underlying investments. It believes this is due to "regulatory obsession with transparency and potential misselling combined with a concerted media ...

  • 160 redundancies anticipated at Britannic Money

    16 Sep 2003

    Paragon has announced extensive restructuring at Britannic Money, renamed Mortgage Trust. It will be combining duplicated functions at the Group's head office in Solihull for all but the staff involved in new business originations. This will mean up to 160 redundancies in Epsom over the next three months. Paragon anticipates 70 new positions in Solihull, and says that about 60 positions will be retained, primarily in the new business area in Epsom.Paragon says these remaining ...

  • 70% pass new CII savings and investment exam

    11 Sep 2003

    Candidates for the inaugural session of the CII's new Savings & Investments exam have achieved a 70 per cent pass rate. The CII says the fact that 688 of the 983 candidates passed on their first sitting could be attributed to the quality of the exam but also to the level of existing IFA investment knowledge. Advisers who took the exam on July 15 needed to get a grade of 70 per cent to pass. Developed in consultation with the industry, the exam is designed to bridge the knowledge ...

  • A consumer's view

    11 Sep 2003

    Exhorting homeowners not to rely too much on property to provide financial security in retirement is a bit like spitting in the wind. With shares still 40 per cent below their all-time high of December 1999 and bonds likely to fall as soon as interest rates tick up, what is there left for savers to rely on? Who wants a conventional pension policy? House prices have almost doubled in the last five years. The average house price has gone up from £73,286 at the end of 1998 to ...

  • Aberdeen pays off debt after deal

    11 Sep 2003

    Aberdeen Asset Management will use the remaining cash from its deal with Edinburgh Fund Managers and New Star to pay down debt once it has plugged a £9m hole in EFM's pension scheme. Aberdeen bought EFM for £36m in shares, selling on the retail funds to New Star for £33m. It will be left with £2.4bn of assets in investment trusts, institutional funds and private equity, which it has effectively acquired for £3m. New Star is paying £27m in ...

  • Activity boost sees 13% rise forecast

    11 Sep 2003

    Brokers say this month's house price indices tally with their own findings and show signs of a pick-up in the housing market. London & Country mortgage specialist David Hollingworth says with Nationwide revising its forecast for growth during 2003 up from 10 per cent to 13 per cent, we can look forward to reasonable activity for the rest of the year. Nationwide changed its forecast because Northern regions are showing little sign of a slowdown. Premier Mortgage Management ...

  • Actuaries castigate Government for turning firms away from pensions

    11 Sep 2003

    The Association of Consulting Actuaries says Government is failing to put enough priority on encouraging employees and employers to make more substantial pension contributions. Chairman Gordon Pollock says the Government's most recent reform proposals, published in June, fail to encourage employers to continue with defined-benefit provision. In particular, he says there is almost nothing in the proposals to help firms which have not yet established occupational schemes. The ...

  • Alliance and Leicester International launches corporate website

    16 Sep 2003

  • Apathy costs consumers over £725 million a year

    11 Sep 2003

    UK consumers are wasting over £725 million each year by not shopping around for competitive loan rates, according to research from The MarketPlace at Bradford & Bingley. Fifty seven per cent of people would go straight to their bank or building society if they needed to take out a loan. The research attributes this reluctance to shop around to a belief that their bank or building society knows their financial position best (44 per cent), that their bank or building society is ...

  • Boulger slams Skipton on introduction charge

    11 Sep 2003

    Charcol senior technical manager Ray Boulger Skipton Building Society's interest rate increase for introduced business is unacceptable. Boulger has criticised Skipton for placing a 0.25 per cent surcharge for introduced business on its new base rate tracker mortgage. The mortgage charges borrowers who approach it directly bank base rate plus 0.24 per cent for four years. Introduced business is charged bank base rate plus 0.49 per cent for four years. Boulger says this is ...

  • Bristol & West - 4.99% Fixed 2010

    11 Sep 2003

    Type: Fixed-rate mortgageFixed term: Seven yearsFixed rate: 4.99%Minimum loan: £25,001Maximum loan: Up to 95% of valuation subject to a maximum loan of £1mIncome multiples: Up to 3.5 times principal income plus second for borrowers earning less than £20,000 a year, up to four times principal income plus second for borrowers earning at least £20,000 or 2.75 times jointArrangement fee: £299Redemption fee: 7% ...

  • Britannic is optimistic on resuming bonuses

    11 Sep 2003

    Britannic has offered a ray of light to with-profits policyholders, signalling it is on track to start paying bonuses again. The group's interim results show a profit of £44m compared with £52m last year. Britannic Assurance made a pro-fit of £44m, down from £58m. Britannic says its equity-backing ratio is stable at 30 per cent, with its free-asset ratio at 10 per cent, up from 6.5 per cent. It says that after reviewing all with-profits business lines, ...

  • Brokers told not to rush into networks

    11 Sep 2003

    The FSA is urging mortgage brokers not to rush into networks before they have all the facts necessary to make an informed decision. Mortgage regulation coming next October means brokers have to decide whether to be directly authorised by the FSA or become an appointed representative of a network. But the FSA says brokers do not have to make up their minds yet and they should be wary of networks telling them they do. Industry figures say the FSA is right to be concerned as some ...

  • C&G is set for move into offset mortgages

    11 Sep 2003

    Cheltenham & Gloucester is hoping to enter the offset mortgage market at the start of next year following established players such as Woolwich and Intelligent Finance. Intelligent Finance chief executive Grenville Turner says he does not expect C&G to launch a full offset product at first, predicting that it will enter the market with a current account mortgage. Mainstream lenders are starting to look more closely at offset, which was previously classified as a niche area. Abbey ...

  • Cheviot jostles for attention in crowded market

    15 Sep 2003

    CHEVIOT CAPITAL CF CHEVIOT MANAGED Type: Unit trust Aim: Growth by investing in UK and international equities fixed interest and cash Minimum investment: Lump sum £5,000 Investment split: 85% equities, 10% fixed interest, 5% cash Isa link: Yes Pep transfers: Yes Charges: Initial 5%, annual 1.5% Commission: Initial 3%, renewal 0.5% Tel: 020 7566 4040 The panel: Martin Dilke-Wing, ...

  • Child trust fund could spark off £1bn market

    11 Sep 2003

    Most parents are considering topping up their children's funds and savings, says Virgin Money Its research findings come as the Government is set to give details of its child trust funds which were announced in the April Budget. The nationwide study reveals that 53 per cent of parents save regularly for their children and that nine out of 10 will consider making contributions to a child trust fund. The average monthly amount that parents would be happy to contribute is £38. Virgin ...

  • Class conscious

    11 Sep 2003

    In my last couple of articles, I have discussed the importance to investors and advisers of the asset allocation used by different with-profits funds. In particular, I have highlighted the truism that, over any period of time, bonuses paid out of with-profits funds cannot exceed the investment returns the fund receives. Knowing the rates of return enjoyed on different asset classes and combining this with the known asset allocation of a with-profits fund, it is possible with a large ...

  • Clerical sees end of boom in non-regulated products

    11 Sep 2003

    The boom in IFA sales of non-regulated products will come to an end when regulation of protection and mortgages comes into force next year, Clerical Medical has warned. Head of sales Graeme Riddoch, speaking at Bankhall's 10th anniversary conference in Barcelona last week, said he believed regulation would increase the cost of these products but would also squeeze procuration fees on mortgages and commission on protection products. Riddoch told Bankhall delegates that he believes ...

  • Confidence in housing market defies speculation - Woolwich

    15 Sep 2003

    Confidence in the housing market has remained steady over the last three months according to the Woolwich's latest figures. UK gross mortgage lending rose to £24bn for August 2003 up 16 per cent year on year from £20.7bn in August 2002.

  • Confidence in the housing market remains strong - Woolwich

    16 Sep 2003

    Britain remains confident over the housing market, defying speculation that house prices will no longer rise.The Woolwich, Barclay's mortgage arm, believe that this gradual rise in confidence shows a housing market crash is unlikely, despite talk earlier this year.Though confidence has risen, the figures still suggest house price inflation will slow down gradually.Factors that will lead to this slowdown include the record high amount of personal debt, ultimately ...

  • Correspondent's week

    11 Sep 2003

    After possibly the worst seven days I can remember as a Newcastle fan I couldn't wait for this week to get started. My first mistake was to take my wife's car for my trip from Leeds via Newcastle to Scotland. No point in putting all those miles on my own car. On my way to Fife, the brakes lock and my wife's car goes into a spin. The RAC man professes his amazement that I did not hear anything before the spin as one of the back brakes had seized. Car will be out of action for ...

  • Coventry Building Society - Self Cert 1.06% Discount

    10 Sep 2003

    Type: Discounted-rate self-certification mortgage Discount: 1.06% Discounted term: Until August 31, 2006 Payable rate: 4.48% Minimum loan: £1,500 or 5% of purchase price Maximum loan: Up to 85% of valuation subject to a maximum of £350,000 Income multiples: Up to 3.5 times principal income plus second or 2.75 times joint. Arrangement fee: £295 Redemption fee: Six months' interest until August 31, ...

  • Dampier renews attack

    11 Sep 2003

    Hargreaves Lansdown head of research Mark Dampier has again criticised Millfield Group chief executive Paul Tebbutt. Tebbutt was put under the spotlight last week when Dam-pier urged him and Invesco Perpetual to justify star manager Neil Woodford's decision to invest more than £10m in the loss-making company. Invesco chief executive Mike Webb argued that Millfield is a turn-round investment while Tebbutt said Dampier should consider research from Durlacher predicting that ...

  • Definition will end the compensation culture

    11 Sep 2003

    I have been extremely concerned about the whole subject of misselling since 1998 and the events following September 11 and the current PI crisis have intensified matters to a point where I wrote to Money Marketing last week asking that we try to act as practitioners to address this issue. I thought that it may be helpful if I wrote to expand on why I feel a definition of misselling is well overdue. I was a graduate entrant to insurance in 1985 and for the first 10 years of my career, ...

  • Don't use client money to prop up loss-making IFAs

    11 Sep 2003

    With regard to the article headlined, Master Adviser drops Invesco for Millfield investment (Money Marketing, August 28), I fully concur with Douglas Brodie's concerns regarding the investment decision by Invesco to plough £10.5m into Millfield. Insurance companies and investment houses using their own money to buy out or prop up parts of their distribution network is one thing but using client money under the guise of rational investment management should attract close scrutiny. As ...

  • Drag hunt

    11 Sep 2003

    Keith Popplewell's article did not specifically limit the comments to pension funds and endowment policies (Money Marketing, August 28). If Mr Popplewell was also referring to with-profits capital investment bonds, he should be taking into account the potential heavy drag on future returns resulting from regular withdrawals and death benefits being paid without the application of a market value adjustment. This factor could be as significant as asset allocation, especially in ...

  • DWP ads aim to push pension credit message home

    11 Sep 2003

    The Government is running a new advertising campaign aimed at increasing uptake of the new pension credit. The ads feature elderly people enjoying activities such as gardening. The Department for Work and Pensions is mailing every pensioner household and and is running TV and press ads for a year to urge people to pick up the pension credit, which comes into effect from October 6. The pension credit guar-antees everyone aged 60 and over an income of at least £102.10 and ...

  • DWS focuses on homegrown funds

    16 Sep 2003

    DWS Investments has designed an Oeic fund of funds that invests only in DWS funds. The DWS managed distribution fund will initially invest 50 per cent in equities and 50 per cent in bonds. However, it has the flexibility to invest between 40 per cent and 60 per cent in each asset class as market conditions change. Jonathan Arthur, who currently runs the DWS managed portfolio fund, will manage the new fund. Although his existing fund is also a fund of funds, it focuses ...

  • Elderly client is stranded by AMP

    11 Sep 2003

    AMP Pearl has left an elderly client stranded after stopping door-to-door collection of premiums for industrial branch policies. Ogilvie Robbie, 77, from Birkhill, near Dundee, took out a whole of life policy in 1990, paying £65 a year. The collection service was suspended in April this year and paying premiums for Robbie, a former farm worker who does not have a car, phone or bank account, has become impossible. Adviser Kenneth Nicholl says Robbie has paid in around £900 ...

  • Employees want greater benefit choice - Gissings survey

    16 Sep 2003

    Employees want far greater choice over the benefits they are offered by employers according to a survey by employee benefits consultant Gissings.The research shows 88 per cent of respondents want flexibility to decide which benefits they receive but only 30 per cent currently have any choice.Twenty per cent of respondents would opt out of holiday entitlement if they could receive cash instead but nobody receiving an employer-paid pension would trade it in for cash.Gissings ...

  • Erica Harper of Zurich

    11 Sep 2003

    Erica Harper of Zurich must be wondering where her weekly dose of press cuttings got to last week. The Diary was delighted to receive press cuttings about Zurich on our fax but we don't think they were intended for us. Could Consolidated Communications possibly have made a mistake? The Diary is only sorry that it wasn't a slightly more interesting fax.

  • Finding the focus on misselling

    11 Sep 2003

    Definitions of misselling have started to flow in from IFAs and consultants as Money Marketing's campaign gets into its stride. Adam Samuel Training and Consulting principal Adam Samuel believes there is an infinite number of combinations, fact situations, products and services with which advisers become involved and says the activity required of the adviser will inevitably be different. Samuel says: "Unless you expect the FSA to be able to stipulate precisely what is required ...

  • Flexible loan could be turned into equity release

    11 Sep 2003

    Equity-release lenders are looking at a new form of product that develops from a flexible mortgage to become a lifetime mortgage, according to Prudential national mortgage club manager John Malone. He says the equity-release market is moving towards a new product built around a flexible mortgage. He says the product will enable a 60year-old borrower who is having problems paying off a flexible mortgage to amortise the debt and take out an equity-release mortgage with the same lender. Malone ...

  • Fly in the alphabet soup

    11 Sep 2003

    I have recently met with two financial advisers and am trying to decide which one to do business with. Both have an impressive array of letters after their name although they are not the same. Can you tell me what qualifications an adviser should have and the main designations used in the industry? All financial advisers are required to achieve at least a basic level of qualification before they are allowed to advise clients. The basic qualification is achieved by successfully ...

  • Friends Prov International release new offer

    12 Sep 2003

    Friends Provident International has launched another international savings plan offer which it says gives investors access to better returns for their money. Until 31 December 2003, the life office will increase the standard allocation on many regular contributions. As an example, Friends says an investor contributing £250pm for a 21-year term would receive an extra allocation of 40 per cent in addition to a standard allocation rate of 102.5 per cent, which gives a total allocation ...

  • Friends Prov International special offer on savings plan

    15 Sep 2003

    Friends Provident International is offering a special offer on its savings plan.Available until December 31 the offer increases the standard allocation on many regular contributions.This means an investor putting in £250 a month for 21 years would receive an extra allocation of 40 per cent on top of the standard allocation of 102.5 per cent. A contribution of £100 a month over 18 years will get an extra allocation of 30 per cent.

  • FSA announces new reporting structure for financial services

    12 Sep 2003

    The FSA has released an outline of the streamlined approach it is to be taking to reporting requirements for firms in the financial services industry. FSA chief operating officer Paul Boyle says the regulator inherited a multiplicity of different and inconsistent reporting formats from its predecessors and is proposing to move to an integrated and harmonised framework which will replace all other reporting forms and exploit the potential of electronic reporting. The first implementation ...

  • FSA probes providers over endowment compensation

    11 Sep 2003

    It is believed that t he FSA is re-investigating some providers which have missold mortgage endowments because it does not think they are treating consumer complaints properly. The news comes as a warning to providers which may be dragging their feet when it comes to awarding compensation to policyholders. With many of the current mortgage endowment investigations coming to a close, it seems that there are still concerns at the FSA that even though companies have had rulings against ...

  • FSA slashes PI requirements for loan and general brokers

    11 Sep 2003

    Mortgage and general insurance brokers have seen their professional indemnity insurance requirements dramatically reduced under proposals from the FSA as part of its plans for regulation of the two markets published this week. Previous proposals would have required mortgage and insurance intermediaries to hold cover equivalent to three times annual income but the FSA's latest policy statement says firms must have minimum limits of indemnity of just 10 per cent of annual income. Capital ...

  • Gallagher quits Legg Mason

    11 Sep 2003

    Keiran Gallagher, chief investment officer and European growth fund manager at Legg Mason Investments, has resigned from the group to explore the possibility of setting up an investment boutique. Gallagher, who could also team up with a specialist money manager, is staying on to ensure a smooth handover process although his fund will be taken over by Jeremy Knight, manager of the continental European equity fund. The news comes as Legg Mason launches a global opportunities bond ...

  • Gartmore forms alliance with Aspect Capital

    16 Sep 2003

    Gartmore is forming an alliance with leading hedge fund company Aspect Capital. The agreement will focus on joint development and distribution of alternative investment products.

  • Gartmore strikes hedge fund deal

    15 Sep 2003

    Gartmore has established a strategic alliance with hedge fund manager Aspect Capital which will see the joint development and distribution of alternative investment products.The partnership will seek to develop products in different geographies, focusing on Aspect's managed futures strategies. Initial opportunities include Japan and the UK.Gartmore chief executive Glyn Jones says: "We believe in the benefits of managed futures and are keen to offer such products to our ...

  • Gasparro leaves Schroders in shake-up

    11 Sep 2003

    Schroders head of investment products David Gasparro is leaving the group as part of a wide-ranging corporate shake-up involving the appointment of three new heads of desks. Gasparro is leaving to pursue other interests after 11 years with Schroders, which is splitting his role to reflect its shift in strategy towards distribution. Respective responsibility for product development and investment will be assumed by global head of marketing Robert Higginbotham and head of investment ...

  • GMAC joins Inter-Alliance panel

    12 Sep 2003

    GMAC-RFC has joined Inter-Alliance's lending panel. Inter-Alliance's mortgage club now has over 45 lenders available to its members.Inter-Alliance mortgage development director says: "We are looking ahead to the changing market next year and ensuring that Inter-Alliance, with its huge national distribution, becomes a major attraction as mortgage advisers seek a company to work closely with. The addition of GMAC Residential Funding will enable us to continue our attitude of ...

  • Government about-face on Child Trusts

    15 Sep 2003

    Pressure from the investment industry has resulted in a U-turn in Government policy on its Child Trust Fund initiative. A Treasury paper to be published later this month will reveal the funds will be equity-based instead of cash-based. The paper will also call on fund managers to establish stakeholder-compliant funds for parents not wanting to make investment decisions themselves. However the industry only sees this as a partial victory as no more than 60 per cent of a fund will be ...

  • Growth in jobs fuels house rise

    11 Sep 2003

    House prices remained buoyant in August, increasing by 1.3 per cent following a fall of 1.4 per cent in July according to the Halifax house price index. The annual rate of house inflation stands at 19.1 per cent, pushing the national average price of a home up to £133,908. Mortgage payments for a typical new borrower are 14.5 per cent of gross income, the lowest proportion seen since the early 1980s. Halifax chief economist Martin Ellis says the increased number of homes ...

  • GSAM awarded £30m Skandia mandate

    16 Sep 2003

    Goldman Sachs Asset Management has been handed a £30m sub-advisory mandate to run a sterling corporate bond fund for Skandia Investment Management. GSAM will run the investment grade bond segment of SIM's bond income fund which, like its stablemates, will be split between fund of funds and segregated mandates. SIM has also chosen GSAM's £687.5m global high yield portfolio for inclusion in the Fof element of the fund.

  • Home improvements building up

    11 Sep 2003

    NATIONWIDE: NEW FORECAST OF 13% RISE House prices continued to rise in August, up by 1.1 per cent, putting the average house price at £129,258, according to Nationwide's monthly review of the housing market. This continues a rising trend of a 1 per cent increase in July and a 0.9 per cent rise in June. Group economist Alex Bannister says: "Although house price growth is set to slow, the current strength in the market is likely to be sustained for a number of months ...

  • IFAP warns government to recognise existing adviser qualifications

    12 Sep 2003

    IFA Promotion is warning the government not to ignore existing adviser qualifications when the new exam framework for financial intermediaries is brought in by the Skills Council for Financial Services.

  • Igroup set to take GE name in rebrand

    11 Sep 2003

    Igroup is looking ahead to a possible rebrand using parent GE's brand name in a bid to strengthen its position in the market. Head of communications Bob Sturges says igroup is looking at its opt-ions with a view to rebranding using the GE name within 18 months. He says indications from brokers show they would be keen to see a rebrand but no firm decision has been made. Brokers say that although igroup has cleaned up its act, it reputation has been damaged in the past and ...

  • Independent view

    11 Sep 2003

    The FSA recently published consultation paper 193 on the proposed rules for PI insurance. It does seem at times that the FSA is capable of issuing a greater number of documents than we can reasonably expect the England cricket team to score in an innings. When you think that it is less than two years since N2 - the date that the FSA took over as super-regulator of financial services - it is a phenomenal number of consultation papers. Is it any wonder that the whole industry is suffering ...

  • Investment view

    11 Sep 2003

    Orders to US factories hit a two-year high in July while last week's American Institute for Supply Management's index of service sector activity delivered its highest reading in six years. All this good news is supporting the market but still enough concerns emerge each week to remind investors that they should not hope for too much this year. At the forefront of economic news delivering mixed signals last week were the announcements from the European Central Bank and our ...

  • Investors ignore effect of inflation

    11 Sep 2003

    Many savers fail to get the best rate of return because they do not take into account tax and inflation, says National Savings & Investments. Its research shows that while most people acknowledge that £1,000 buys less than it did a decade ago, 74 per cent of savers do not consider inflation, currently 3.1 per cent, when thinking about their savings while 59 per cent ignore their tax status. The most financially aware are those aged between 55 and 64 who are looking to ...

  • James Hay produces first in series of SSAS guides

    11 Sep 2003

    James Hay Consultancy has published a guide for investors who want to buy commercial property through a small self-administered scheme. The guide is the first in a series of informative aids that the consultancy plans to produce to support advisers involved in the SSAS market. Director David Seaton says buying property through an SSAS is tax-efficient, can inject cash into a company and build up a substantial retirement fund. The guide includes a case study to illustrate this. Seaton ...

  • Julian Gibbs

    11 Sep 2003

    Most world stockmarkets are still a long way off their peaks. The Japanese Nikkei 225 is over 70 per cent off, the Nasdaq is over 60 per cent off, the FTSE Ebloc 300 and German Dax are 50 per cent off while most other markets are between 30 and 50 per cent off their previous highs. With the US economy and most other world economies beginning to recover, it is a sensible time to speculate to accumulate. By this, I mean investing in well run unit trusts where the managers can buy and ...

  • Laundering lesson for IFAs on CD-Rom

    11 Sep 2003

    The FSA is offering a CD-Rom to help IFAs understand the implications of money laundering and the role they can play in its prevention. The regulator has produced 5,000 copies of the CD-Rom and is distributing it free to IFAs nationwide. The FSA says it has gone beyond the traditional forms of instruction to provide IFAs with more user-friendly training through video case studies and practical examples. This is first time that the FSA has used fully interactive media to educate ...

  • Lawyer extends referral service

    11 Sep 2003

    Peninsula, the employment law consultancy, is to extend its referral-based service to all IFAs following a successful trial period. Five hundred IFAs active in the corporate market have joined in partnership with Peninsula over the seven-month trial period. The relationship involves IFAs referring corporate clients who may need from legal advice to Peninsula. Peninsula shares the fee on a successful referral with the IFA. Head of corporate development Russell Guest says ...

  • Left unanswered

    11 Sep 2003

    Yet again I was fascinated in the reply to my letter from the chief executive of the Millfield Group in terms of his company. First, who cares how many companies are invested in the group? It still does not answer my question. Second, the chief executive uses a third party to suggest that his company will make a profit next year. Doesn't he know himself? At least Neil Woodford has explained to me why he has invested in the company and why he believes it might make a profit next ...

  • Legg Mason - Global Opportunities Bond Fund

    12 Sep 2003

    Type: Offshore Oeic Aim: Growth by investing in global fixed income securities Minimum investment: $10,000 Place of registration: Dublin Investment split: 65.87% international sovereign debt, 18.31% treasuries, 6.29% corporate bonds, 6.21% cash, 3.32% mortgage-backed securities Charges: Initial 5%, annual 1.1% Commission: Subject to negotiation Tel: 020 7070 7444

  • Life offices are lagging on fund performance

    11 Sep 2003

    Most life company mutual funds are still languishing in the third or fourth quartile. Figures from Standard & Poor's reveal that most funds run by life companies or their subsidiaries are lying in the bottom half of fund tables despite concerted efforts to reverse underperformance. Aegon has eight of its 13 funds in the fourth quartile and three in the third quartile over the past three years. Axa has 14 out of 19 funds in the third or fourth quartile while Isis, formerly ...

  • Lifeboat to unite four divisions in one brand and license advisers by product

    11 Sep 2003

    Midlands-based Lifeboat Financial Group is bringing its four divisions into one single adviser division and will license its advisers by product area. The group is amalgamating the four divisions into Lifeboat Financial so it can trade under one brand name and bring its mortgage and general insurance brokers over to the regulated environment. The group has 114 RIs in its A la Carte network and with Start IFA but it wants to build the total to 500 by the end of the year, bringing ...

  • Liverpool Victoria extends 2 per cent extra allocation offer

    12 Sep 2003

  • Long fixes have appeal to public

    11 Sep 2003

    Consumers find the idea of long-term fixed-rate mortgages attractive, according to London & Country. Its financial survey shows that 63 per cent of consumers like the idea of long-term fixed-rate mortgages, indicating there could be a market for Chancellor Gordon Brown's aim of encouraging long-term deals. However, 37 per cent do not like the thought of taking out a long-term fixed deal, with 33 per cent of that group citing the level of interest rate, 31 per cent pointing ...

  • Lowest rental returns seen in London - ARLA

    16 Sep 2003

    Houses outside central London and the south east provided the highest rental returns at 5.9 per cent in the three months to August, according to the Association of Residential Letting Agents latest quarterly survey. Houses in the south east saw returns of 5.2 per cent while central London saw returns of 4.8 per cent.Chairman John Crossley says: "This latest survey continues to show buy to let opportunities for the private investor. And it shows clearly that potential investor landlords ...

  • Luckraft won't play FTSE with the index

    11 Sep 2003

    Framlington star fund manager George Luckraft believes that stockmarkets will grow by between 3 to 4 per cent over the coming months but will continue to favour stockpickers. Luckraft, manager of the equity income and high-income funds, expects most firms to perform moderately well but suggests the lack of company pricing power will continue for the foreseeable future. Although running yields have fallen, Luckraft says capital has come back up and points out that most dividend ...

  • Managers divided on rally run

    11 Sep 2003

    Investment trust managers remain cautious over the sustainability of the recent market rally. Association of Investment Trust Companies' statistics show that the UK growth and smaller companies sectors are up by 1 and 7 per cent respectively over the last six months. In the last two months, the AITC says UK smaller companies have outperformed the UK growth sector over a one-year period for the first time since September 2002. But Keystone investment trust manager Mike Barnett ...

  • Martin Currie gets hot on China trail

    15 Sep 2003

    Martin Currie Investments has expanded its Luxemburg-based Sicav range with the introduction of four new funds, including the Martin Currie GF greater China fund.The GF greater China fund will be managed by Chris Ruffle and is a mirror of Martin Currie's US-registered China fund inc. Ruffle has 15 years' investment experience and is based in Shanghai. A team of five investment managers and research analysts will assist him.All the members of the China investment team, ...

  • Martin Currie Investments - Martin Currie GF Greater China Fund

    15 Sep 2003

    Type: SicavAim: Growth by investing in Chinese equitiesMinimum investment: Lump sum $5,000Place of registration: LuxemburgInvestment split: Information technology 22.3%, industrials 19%, consumer discretionary 14.4%, materials 10.4%, utilities 8.1%, consumer staples 7.6%, financials 5.1%, telecommunications 3.7%, energy 2.9%, heakthcare 2.9%, real estate 0.3% cash 3.3%Charges: Initial 5%, annual 1.5%Commission: Initial 3%, renewal 0.5%Tel: ...

  • Martin Currie Investments - Martin Currie GF International Growth Fund

    16 Sep 2003

    Type: Sicav Aim: Growth by investing in global equities Minimum investment: Lump sum $5,000 Place of registration: Luxemburg Investment split: Financials 24.1%, consumer discretionary 15.3%, information technology 13.8%, industrials 10.4%, healthcare 10%, telecommunication services 8.7%, consumer staples 6.6%, materials 6.2%, utilities 4.8%, cash 0.1% Charges: Initial 5%, annual 1.5% Commission: Initial 3%, renewal 0.5% Tel: ...

  • Martin Currie Investments - Martin Currie GF Pan European Fund

    16 Sep 2003

    Type: Sicav Aim: Growth by investing in European equities excluding the UK Minimum investment: Lump sum $5,000 Place of registration: Luxemburg Investment split: Financials 26.1%, cyclical services 20.3%, non-cyclical consumer goods 15.9%, cyclical consumer goods 12.4% information technology 6.2% general industrials 5.4%, non-cyclical services 5.4%, basic industries 5.3%, resources 2.5%, cash 0.5% Charges: Initial 5%, annual 1.5% Commission: ...

  • Martin Currie Investments - Martin Currie GF UK Growth Fund

    15 Sep 2003

    Type: Sicav Aim: Growth by investing in UK equities Minimum investment: Lump sum $5,000 Place of registration: Luxemburg Investment split: Financials 27.6, resources 22%, non-cyclical services 12.1%, non-cyclical consumer goods 11.6%, cyclical services 6.6%, basic industries 4.3%, general industrials 3.9%, utilities 3%, cyclical consumer goods 2.3%, information technology 2.1%, cash 4.5% Charges: Initial 5%, annual 1.5% Commission: ...

  • MCCB publishes Annual Report for 2003

    12 Sep 2003

    The Mortgage Code Compliance Board has published its annual report for 2003. The report shows that 60,000 individuals have passed an accredited examination, now compulsory for mortgage advisers. It also shows that MCCB's annual income is approximately £4.7m, primarily levied from fees on lender and intermediary registered firms. Sixty per cent of the MCCB's annual expenditure is attributed to compliance monitoring and enforcement, 30 per cent to registration services and 10 ...

  • New changes to insolvency

    16 Sep 2003

    New insolvency rules came into effect this week which make it easier for companies to go into insolvency. The Enterprise Act's insolvency section now lets company directors put their firms into administration without entering the court system. It also sets more rigid limitations on how much time companies are able to spend in administration. Additionally, the UK tax authority will have to step in line with other creditors as it is no longer automatically first in line for repayment.

  • New manager for ISIS Pacific Growth Fund

    16 Sep 2003

    ISIS Asset Management have appointed Mark Williams as the lead manager on its Pacific Growth Fund.

  • New Star putting a hold on buys after EFM deal

    11 Sep 2003

    New Star's purchase of Edinburgh Fund Managers' retail funds and multi-manager business brings chairman John Duffield's buying spree to an end for the foreseeable future. New Star head of retail sales Mark Skinner says the 24 funds which the firm has bought from Aberdeen Asset Management, including 10 funds of funds, are the final piece in the jigsaw for its retail business. The funds, which total around £840m, bump up its retail assets under management to £4.2bn ...

  • North London PMI adviser joins forces with The PrivateHealth Partnership

    12 Sep 2003

  • NU adds health manager to group medical package

    11 Sep 2003

    Norwich Union Healthcare has added its personal health manager package to its group personal medical insurance in a bid to redefine health insurance and help employers save money in absence costs. The personal health manager includes an online symptom assessment for employees to assess medical problems and get advice, a health planner to advise on long-term well-being, a medical encyclopaedia, waiting-list guide and 24-hour access to GP and stress counselling helplines. NUHC says ...

  • NU pays out £27m in CI claims

    11 Sep 2003

    Norwich Union paid out £26.9m in critical-illness claims last year, with 63 per cent of all claims for cancer and 13 per cent for heart attacks, according to its second annual CI report. The report has prompted intermediaries to call for other insurers to join NU and Scottish Provident in releasing detail figures because it helps them make the case for the need for clients to get cover. The report, the second from NU, shows that the average claimant was aged 40 and received ...

  • Offshore IFAs boosted by professional business rise

    11 Sep 2003

    Offshore IFAs have seen a 55 per cent increase in enquiries and referrals from professionals such as lawyers and accountants this year compared with last. Research from Axa Isle of Man shows that 27 per cent of offshore IFAs have received referrals from lawyers and accountants. Forty-eight per cent of offshore IFAs put the increase down to improved marketing and communications by their firms to professional companies. Eighteen per cent say it is a result of the growth in the number ...

  • Omo take-up slides after FSA disclosure

    11 Sep 2003

    The Government's initiative to open up the annuity market has been undermined by figures from the ABI which reveal the Omo take-up has fallen in the last 12 months. Last September, the FSA implemented new rules on the open market option, requiring product providers to inform clients of their right to shop around for an annuity, inclu-ding sending out a fact- sheet detailing what consumers should take into account when buying an annuity and how to get the best deal. But the latest ...

  • On the threshold of retirement

    11 Sep 2003

    PERSONAL PENSIONS AND STAKEHOLDER Tax relief on contributions The Finance Act 2000 introduced a new taxation regime for personal pensions (including the new stakeholder pensions). Most of the changes were effective from April 2001. This regime does not cover retirement annuity contracts. Under Government proposals, this new tax regime is likely to be replaced with a radcally different structure. The earliest date at which the new structure is likely to be introduced is April ...

  • Open and shut case?

    11 Sep 2003

    The open market option requirements do not seem to be working as intended. Perversely, there appears to have been a drop in people shopping around for the best annuity in the last 12 months. This is not good for consumers and therefore not a good thing for the industry. In theory, a requirement to tell consumers about their options should have brought about change. Perhaps we need to check how the requirement is being implemented in practice.

  • Out of context

    11 Sep 2003

    •"Three people over dinner last night told me that I didn't look like Shrek." - Bankhall's Peter Mann. •"I'm sure I was Shep in a previous life." - Abbey National for Intermediaries' senior key relationship manager Lawrence Gilgallon discusses a pilgrimage to the Blue Peter garden. •"There is definitely fish in that icecream." - Abbey National for Intermediaries' senior key relationship manager Lawrence Gilgallon strikes again. •"Old Smee's ...

  • Outside edge

    11 Sep 2003

    How can the life offices make sure that they stay part of the distribution chain? Anybody who has had any experience of strategy planning has heard the story about how the US railroads went bust because they believed they were in the railroad business when in fact they were in the transportation business. This ancient and apocryphal story came to mind when Money Marketing asked me to write this week about "How can life offices make sure they stay part of the distribution chain?" The ...

  • Outside edge

    11 Sep 2003

    With technology playing a greater part in all our lives, it is fair to argue that increasingly the expectations of our customers are being changed by its impact. Several years ago, we all accepted that to withdraw our money from the bank we had to queue. Most consumers now use cashpoints and many never enter a bank, choosing to deal via the phone or the internet. But while inroads have been made mainly in terms of new business processing, the uptake of e-commerce has had comparatively ...

  • Parents want more info on Child Trust Funds

    15 Sep 2003

    Parents want more information on the Government's child trust fund, research from the Children's Mutual has found. The research has found parents of the first eligible Child Trust Fund recipients plan to build on government allowance but are "crying out" for more information on the scheme. The research reveals 79 per cent of parents with children aged one and under are likely to top up Government offer to help their children for the future. It also shows 92 per cent of respondents ...

  • Pep or pet?

    11 Sep 2003

    According to the latest forecasts from life companies, depolarisation looks set to eliminate a certain type of adviser - the general practitioner. This is, of course, the species of adviser who deals with a wide range of products and with clients who do not come under sector which is being aimed at by the new Sandler suite but who are not at the top end of the advice food chain either - somewhere around the middle ground. Back in slightly less professional times, there were those ...

  • Peter Le Beau joins Special Risks Bureau board

    15 Sep 2003

  • Pink creates product manager role

    10 Sep 2003

    Pink Home Loans has appointed Nicola Ekin to the newly created position of product manager. Pink hopes the role will help to enhance the range of products it offers. Ekin will meet regularly with the lenders on Pink's panel to promote transparency and to ensure the products on offer remain competitive.Sales and marketing director David Copland says: "Nicola Ekin will be designing innovative new products in association with our lender partners so that we can offer competitive ...

  • Product matters

    11 Sep 2003

    DWS's move to launch a managed fund of funds and a fixed-interest fund shows that there are still some players who think the retail market can stand yet more choice. With many groups looking to contract their fund ranges, it is interesting to consider why DWS might want to issue two relatively mainstream funds. The answer is that DWS aims to be a top 10 player and everybody who wants to play in that division needs decent managed and corporate bond funds in their retail line-up. The ...

  • Pru blunder on releasing data

    11 Sep 2003

    I am sure that all IFAs reading Dave Harris's letter were as appalled as I was at the shoddy and unprofessional way that Prudential treated him (Money Marketing, September 4). I have been equally appalled at the attitude and unprofessional conduct of Prudential in that it has totally ignored the Data Protection Act and released comprehensive financial and personal details to us without our having any authority from the plan owner. The problem started when a mistake, for which ...

  • Pru goes on the road with with-profits show

    11 Sep 2003

    Should I Be Recommending With-profits to my Clients is the emphasis of a Prudential with-profits roadshow hitting the country from September 25. Eighteen seminars are to be held, beginning in Reading, with the aim of fully explaining how the Prudential manages its with-profits funds and giving advisers the chance to question the actuary and fund managers of the with-profits fund as well as offering advisers support in recommending with-profits. The Pru's stance on the market ...

  • Pru predicts equities to rise by 8% a year

    11 Sep 2003

    Prudential is predicting around 8 per cent growth on equities over the long term despite believing that the economy overall will be subdued. Director of portfolio management Martin Brookes believes that there will not be a concerted market recovery just yet but says equity valuations are more "soundly based" than they have been for some time following the major reduction in equity values in the 1990s. He says there is a general consensus in the marketplace that 8 per cent is "about ...

  • Push down on accelerator?

    11 Sep 2003

    Of particular interest in the latest consultation document on corporation tax reform are the provisions on reducing the differences in tax treatment of investment and trading companies, an accrual basis for taxing capital gains on chargeable assets held by companies and the bringing closer together of tax and accounting principles. This latter proposal in relation to capital acquisitions made by businesses would, at first sight, appear to signal the end of first year or other accelerated ...

  • Regulator looks at risk management

    11 Sep 2003

    The FSA is understood to have concerns about product providers' approaches to risk assessment. It is known to have concerns that many providers are too reactive to risk and should be implementing more proactive approaches to risk assessment such as risk modelling. Financial services consultants the Silent Partner believes providers need to focus on creating a better audit trail. Director Tom Williams says the curbing of risk is the highest priority for the industry and that ...

  • Rental incomes increase - Paragon Mortgages

    15 Sep 2003

    Buy to let rental incomes rose 3.30 per cent (£9,354) in August compared to £9,055 in July according to Paragon Mortgages monthly buy to let index. The index also reveals that after two months of modest falls yields have now stabilised at 7.57 per cent as a result of this rise in rental income, despite the fact landlords are now paying over 10 per cent more for a property than 3 months ago and 20 per cent more than a year ago. The average buy to let property now costs the landlord ..

  • RLAM appoints Jonathan Platt to the board

    10 Sep 2003

    Royal London Asset Management has appointed its head of fixed income Jonathan Platt to the board of directors.

  • Royal London announces Scottish Life mortgages shake-up

    12 Sep 2003

    Royal London has announced major changes for its mortgage subsidiary Scottish Life Mortgage designed to improve efficiency and service levels in anticipation of mortgage regulation in October.

  • Run into the ground

    11 Sep 2003

    Hargreaves Lansdown resident Hard Man Tom McPhail has been pipped to the post by Ben Yearsley. Both were competing in the Bristol half-marathon last weekend but despite rumours being spread by McPhail questioning Yearsley's fitness, the investment manager Yearsley stormed home in front. The Diary hears that McPhail didn't actually finish the race…too much DIY the day before, apparently.

  • S&P brings back IMA's categories

    11 Sep 2003

    Standard & Poor's is reinstating the IMA's sector classifications on all its investment products after the IMA expressed concern over the decision to ditch them for S&P's own. S&P said in July it was replacing the IMA's classifications on its Fund Expert broker tool and website with its newly created global investment fund sector classifications, which include funds domiciled outside the UK. It said they would improve clarity and help investors compare a more ...

  • Scottish Equitable International (Dublin) - Private Client Portfolio Capital Redemption Bond

    12 Sep 2003

    Type: Unit-linked bond Aim: Growth by investing in Scottish Equitable International funds and external Oeics or unit trusts from any mainstream fund manager Minimum investment: £75,000 Fund links: Choice of 26 Scottish Equitable International funds and external Oeics or unit trusts from any mainstream fund manager Options: Initial costing, five-year costing, ongoing costing Allocation rates: Initial costing option - 92.75%, five-year costing ...

  • Sesame sees no future for long-term care cover

    11 Sep 2003

    Sesame is predicting the demise of the long term care insurance market as sales have remained stagnant despite widespread predictions it was set to take off. Research manager Dale Tranter has carried out a review of the market and concluded that although the pension age continues to increase, the amount of LTC cover being sold is steadily decreasing. ABI statistics show prefunded LTC policies sold annually have dropped by nearly two-thirds over the last six years to 2,851 last ...

  • Simplicity Brings Opportunity

    11 Sep 2003

    The prospects for pension advisers are beginning to look more positive, especially for those involved in the design of occupational schemes and executive remuneration. That might seem an odd statement considering the current pensions scene - poor investment returns, employers abandoning defined-benefit schemes and the disappointing take-up of stakeholder pensions. The recent actions by some employers to reorganise their pension schemes, for example, switching from a defined-benefit ...

  • Skipton relaunches Stateside mortgage

    15 Sep 2003

    Skipton Building Society has relaunched its stateside tracker mortgage, which tracks the 3-month US dollar LIBOR rate plus 1.85 per cent for five years. This gives a current rate of 2.99 per cent. The mortgage is available at up to 95 per cent loan to value. It has an early redemption fee of 5 per cent until November 30th 2008.Head of media relations Jennifer Holloway says: "If history repeats itself, the US$ LIBOR rate will remain lower than the UK's base rate, which in turn ...

  • Smee says FSA is not against small IFAs

    11 Sep 2003

    Aifa director general Paul Smee says the FSA does not want to see the end of smaller IFAs. Smee told delegates at the Bankhall conference that he sees a wider remit for the regulator in future that will go alongside its much discussed lighter-touch regime. He pointed to CP193, the FSA's latest offering on resolving the professional indemnity crisis, as an example of this adjustment in its attitude tow ards smaller IFA firms. The paper suggests a move towards greater ...

  • Stephen Smith

    11 Sep 2003

    The advent of mortgage regulation under the auspices of the FSA is the greatest challenge facing the sector over the coming years, says Legal & General's director of housing marketing Stephen Smith. In the 25 years he has been in the industry, Smith believes this is the biggest shake-up the sector has seen but he fears that the FSA and intermediaries have underestimated the amount of work that will be involved in the changeover and is calling on intermediaries to do as much ...

  • Stock questions

    11 Sep 2003

    Invesco Perpetual and Millfield Group last week defended star fund manager Neil Woodford's decision to inject more than £10m into the loss-making national IFA after Misys member A week previously, both had lashed out - without explanation - at accusations by Misys member Master Adviser that Woodford's stockpick was a mistake. The reason they relented and put their reasons for stock selection was the intervention of Hargreaves Lansdown head of research Mark Dampier who, ...

  • Suite and sour

    11 Sep 2003

    The Government and the Consumers' Association are once more coming to blows over consumer protection in the financial services industry. The bone of contention is the amount of consumer protection that should be contained in the European Commission's investment services directive, presently in draft form and designed to be the most dominant piece of regulation for the investment sector of financial services across Europe. The CA claims the Treasury and the FSA are trying ...

  • Suite will hit Isas and trackers

    11 Sep 2003

    Scottish Equitable believes the Sandler suite could have a negative impact on investment products such as trackers and Isas. Under plans for a lightertouch advice regime, the existing stakeholder model will be subsumed into the suite and products offered alongside restricted to 60 per cent equity exposure. But Scottish Equitable director of business development and communications Ken Hogg said: "When Sandler is brought in, the full-blooded tracker will not be an acceptable option ...

  • Take me to your actuary

    11 Sep 2003

    It appears that Clerical Medical has been invaded by creatures from Outer Space, as an alarmed Money Marketing reporter discovered last week when she called the press office on Friday afternoon, only to be told by a giggling PR that there was an alien standing next to her desk. It turns out that the alien was a colleague celebrating her 40th birthday in a suit designed for a child aged seven to eight. The Diary wonders what she'll do for her 50th...

  • Talkback

    11 Sep 2003

    "No. Advice should be given based on the circumstances of the clients, not from kickbacks from providers." Simon Brougham, Charles Wakeling & Co "Yes. As long as the terms are competitive, then why not?" Chris Moxon, CW Moxon & Co "Yes, I think it would make for a better industry." Bob Brearley, First Mortgages "If they want to keep the business, then yes. They need to be proactive and at the moment they are getting business at one end and losing it at the other." Paul ...

  • Taxing time put in focus for pensions

    11 Sep 2003

    Intermediaries will have the chance to discuss the impact of the Inland Revenue's tax proposals on the financial services sector at Money Marketing Live in Manchester this month. Mike Brown, head of business development, Sipps division at Abbey National for Intermediaries, will look at the pension tax regime after April 2005 and warns that in the run-up to A-Day, advisers cannot afford to ignore section 32. He will explain the potential pitfalls for intermediaries advising controlling ...

  • The key to opening up equity release

    11 Sep 2003

    Product providers and advisers are scrambling to get on board the equity-release bandwagon as industry estimates point to a potential market size of £100bn. Leading mortgage broker London & Country revealed last week it is planning to set up an equity-release team while Hargreaves Lansdown set up an operation with a team of three the previous week and Zurich Advice Network has added Northern Rock's equity-release products to its panel. Further entrances are expected, ...

  • There are few

    11 Sep 2003

    There are few better ways of spending a Saturday afternoon than sitting in the stands at Twickenham, soaking up the sights and sounds of another convincing England rugby performance. Or so one would think, but obviously the great game is not for everybody. England •France, the last home match before the World Cup, a chance to send off the English lads with a mighty roar and what did the Diary spot in the stands, one poor (and presumably drunken) hack, sound asleep slumped ...

  • Think before you sign on dotted line

    11 Sep 2003

    Some sterling advice for IFAs has come from the FSA. The regulator has expressed concerns about advisers rushing into joining networks. Always glad to endorse the FSA when it gets it right, Money Marketing could not agree more. In fact, we will take it further and warn advisers to be very careful what they join, whether they are a support services outfit, a network, a franchise or for that matter a big bank. Where the contract involves anything more than what you are paid, holiday ...

  • Threadneedle Investments - Threadneedle UK Mid 250 Fund

    11 Sep 2003

    Type: Oeic Aim: Growth by investing in UK mid caps and small caps Minimum investment: Lump sum £2,000 Investment split: 100% in UK mid caps and small caps Isa link: No Pep transfers: No Charges: Initial 3.5%, annual 1.5% Commission: Initial 3%, renewal 0.5% Tel: 0800 068 4000

  • Tories win Euro reprieve for execution-only deals

    11 Sep 2003

    European Commission plans to make execution-only business prohibitively expensive have been defeated following a series of amendments being passed to the Investment Services Directive. Conservative economic affairs spokeswoman and MEP Theresa Villiers successfully pushed through the amendments - which she tabled - at an economic and monetary affairs committee meeting last week. As it stood, the ISD would have required brokers to conduct a suitability test on every new client and ...

  • UK workers expect to delay retirement - survey

    16 Sep 2003

    UK workers are coming to the realisation they will have to work longer than they originally wanted according to a new survey looking at people's attitudes towards pensions and retirement.The new survey, produced quarterly by the International Institute of Banking & Financial Services, shows that on average, people want to retire when they are 56 years old, but do not expect to until the age of 62.The survey shows that age has a significant impact on when people plan ...

  • Unipass setting access standard

    11 Sep 2003

    Technology standards body Origo says passwords and user names are becoming unnecessary for individual financial websites as the Unipass system becomes the standard for entering portals and providers' extranets. Friends Provident and Clerical Medical have just adopted Unipass. A total of 11 product providers and portals now accept Unipass. Origo says Friends and Clerical decided to use the system for entering portals due to its increasingly widespread use by the financial services ...

  • Virgin Money looks to be next for AMP sale

    11 Sep 2003

    Virgin Money looks likely to be the next of AMP's investments to come up for sale as the Australian insurer continues its bid to divest itself of its underperforming UK businesses. AMP chief executive Andrew Mohl has reportedly said he may consider selling off its 50 per cent stake in the Virgin Money Group. This follows on from the company's announcement in May that it intends to demerge its Australian and UK businesses. At that time, AMP said pension specialist NPI and fund ...

  • Warning of tax threat to buy to let

    11 Sep 2003

    Chancellor Gordon Brown may be forced to target the buy-to-let market to raise tax revenues to meet his economic forecasts, according to accountants Blick Rothenberg. It says a decision to reduce, disallow or restrict interest tax relief on buy-to-let property would mean private investors getting an extra tax bill in a move which Brown would hope would cool the housing market down. An example of an £80,000 loan on a property worth £100,000 at an interest rate of 5 per ...

  • Widows raises rates for term and reviewable CI

    11 Sep 2003

    Scottish Widows has raised its rates for term insurance and reviewable critical-illness by an average of 4.5 per cent. The company says the reason for the increase is that it could not get the reinsurance rates to keep premiums as they were. The minimum monthly premium for Widows' mortgage and business cover and level term insurance will rise from £4.50 to £6. The maximum sum assured rises from £1m to £5m less the sum insured of any other Lloyds TSB/ ...

  • Yorkshire Fund Managers invests in Monevate

    15 Sep 2003

    Yorkshire Fund Managers has invested an undisclosed sum in on-line life assurance specialist Monevate.

  • Zurich launches fourth guaranteed account

    12 Sep 2003

    Zurich has unveiled the fourth issue of the Zurich guaranteed account, a capital-protected bond that could mature earlier than its full term of five years and six months.The bond is linked to the FTSE 100 index and the original capital will be returned to investors whatever happens to the index. It will mature in year three, providing 30 per cent growth plus the original capital, if the index has risen by at least 30 per cent. Otherwise, it will run for the full five years and ...

Poll

Should the MPC have increased QE this week?

Current Issue

Advanced search