Money Marketing
11 January 2006

  • British youth hope to live abroad, says UCB

    12 Jan 2006

    Most of the UKs youth believe they will own their own home, buying their first property between the ages of 25 and 30, according to UCB Home Loans.

  • ABI urges Cameron to rethink PMI tax relief

    12 Jan 2006

    The Association of British Insurers is calling on Tory leader David Cameron to recognise the value of tax incentives in private medical insurance after he described the approach as "flawed".In his first speech on the NHS, Cameron firmly ruled out the patient passport policy of subsidising private care and ex-Prime Minister Margaret Thatcher's idea of PMI tax relief for practical and philosophical reasons.He told the King's Fund health thinktank in London that neither policy ...

  • Absolute beginnings

    12 Jan 2006

    There are so many different approaches to managing absolute return funds, which makes advice vital

  • Advisers must justify charges

    12 Jan 2006

    I was interested to read Nick Bamford's comments on fees versus commission (Money Marketing, December 15.) The fact that IFAs have traditionally earned their income from commission on the products they sell has left some people with the perception that IFA services are free of charge. However, with many IFAs now moving towards a fee-based system, this begs the question, will savers sacrifice good advice to avoid paying up-front? High earners and individuals with significant liquid ...

  • Aifa sees cash fall with shift to block fees

    12 Jan 2006

    Aifa has suffered a loss in revenue since its restructure despite managing to retain the vast majority of its members.It says it has had minimal fallout from its decision to admit whole of market firms last October despite the early loss of Barclays and is negotiating new contracts with firms.But it says an increase in block memberships, with more advisers gaining free membership of the trade body by joining networks or parent organisations which pay one block fee, means there ...

  • Anger as Zurich fails to honour guarantee

    12 Jan 2006

    Complaint filed to FOS after Zurich claims FSA guidance overrides its guarantee to customers

  • Arc shapes up with VCT

    12 Jan 2006

    Enterprise investment scheme specialist Arc Fund Management is looking to raise up to 10m to increase the investment opportunities within the Arc growth company venture capital trust.

  • Bankhall denies sale claims

    12 Jan 2006

    Bankhall says it will not be sold off by Skandia in 2006, contrary to speculation in MM's January 5 issue.

  • Bankhall running training series

    12 Jan 2006

    Bankhall is running a series of training courses covering compliance best practice, treating customers fairly, supervisory skills, anti-money-laundering and principles for general insurance.

  • Bankhall running training series

    11 Jan 2006

    Bankhall is running a series of training courses covering compliance best practice, treating customers fairly, supervisory skills, anti-money laundering and principles for general insurance.

  • Bankhall switches PI providers

    12 Jan 2006

    Bankhall is switching professional indemnity provider from NCG to PYV although advisers will not be forced to change.It says it reviewed its PI requirements following the closure of network Investment Strategies Limited and changes to its business strategy.Bankhall chief executive Peter Mann says although there is no obligation, he expects a high proportion of members to switch their policies because the firm has used its scale to negotiate discounted rates.Mann says a due-diligence ...

  • Barclays eyes equity release

    12 Jan 2006

    Barclays is considering a move into equity release which could push the sector into the mainstream.HBOS is also looking at equity release although it has no imminent plans to enter the market.Norwich Union has revealed it is acting as a consultant to a number of its distribution partners, which include Barclays, that are keen to enter the market. This has raised speculation that Barclays might white-label or distribute NU's equity-release product.Several industry commentators ...

  • Baronsmead set to launch Aim VCT

    13 Jan 2006

    Baronsmead is to launch its first Aim-foucsed VCT to be managed by David Thorp and Henrietta Marsh and marketed by F&C.

  • BBB share deal aims to ease refinancing

    12 Jan 2006

    Berkeley Berry Birch shareholders have voted in favour of the group devaluing its equity from its flotation price in a bid to attract investor interest for the ailing group.The group needs to reduce its 11m capital adequacy shortfall and hopes that this measure, along with its new management team and the understanding that private investment is being lined up, will rescue the firm.At an extraordinary general meeting this week, shareholders passed BBB's plans to sub-divide existing ...

  • Breakdown of trust

    12 Jan 2006

    Govt concerns over tax losses are threatening to jeopardise pension reforms

  • Britannic launches new Argonaut fund

    13 Jan 2006

    Britannic Asset Management has launched the Britannic Argonaut European income fund, the second fund to be managed by Argonaut Capital.The new fund, managed by Oliver Russ, will have the same investment approach as the European alpha fund. It is looking to provide income in excess of the yield available from the MSCI Europe ex-UK index, investing in a portfolio of 30 to 50 stocks.Britannic Asset Management sales and marketing director Jonathan Polin says: The introduction of another ...

  • Britannic opens Cartesian boutique

    11 Jan 2006

    Britannic Asset Management has set up the Cartesian boutique run by the former SVM managers David Stevenson and Andrew Kelly. Its UK opportunities fund will hold 30 to 60 high-conviction stocks with a bias to mid-and small caps.

  • Butterfield Bank urges professional advisers to prepare for A-Day

    16 Jan 2006

    Butterfield Private Bank is urging professional advisers to prepare for A-Day and has published a guide to help them prepare for the changes in April.

  • Can the show go on?

    12 Jan 2006

    Matt Davis asks whether Japan and emerging markets will continue to deliver

  • Capita acquires Webline

    13 Jan 2006

    Outsourcing giant Capita has announced the acquisition of adviser portal Webline for an undisclosed fee

  • CII plans to shut its DB plan due to 8m deficit

    12 Jan 2006

    The Chartered Insurance Institute is set to close its final-salary pension scheme to existing members after calculating its scheme has an 8m deficit.The move follows FTSE 100 firm Rentokil closing its final-salary scheme to existing members to curb its pension liabilities. The Co-operative is also switching its final-salary scheme to an average-salary system.The CII is proposing to move to a defined-contribution scheme offering up to 20 per cent salaries. It closed its defined-benefit ...

  • CII reveals rapid take up of Chartered status

    13 Jan 2006

    Industry support for the CIIs new Chartered Financial Planner title has been overwhelming with 539 people being awarded the title within the first month of its availability.At the end of November the CII wrote to 880 members who met the qualifications criteria and invited them to apply for the new title. To date over 61 per cent have submitted an application, exceeding the CIIs initial take-up expectations.An inaugural graduation ceremony will be held on March 2nd to recognise ...

  • Citizens Advice aiming to extend free service

    11 Jan 2006

    Citizens Advice is looking for IFAs to provide free generic financial advice to people on low and middle incomes. It hopes to build on last year's pilot scheme.

  • Claim rogues face 'nuclear' response

    12 Jan 2006

    Standards Council chief pledges onslaught on 'scandalous marketing'

  • Close Bros ponders mortgage move

    12 Jan 2006

    Close Brothers could confirm a launch into the mortgage lending market by the end of January after completing an internal review.

  • Close Bros ponders mortgage move

    11 Jan 2006

    Close Brothers could confirm a launch into the mortgage lending market by the end of January after completing an internal review.

  • Close Brothers Investment - Close High Income Properties D Share issue

    12 Jan 2006

    Close Brothers InvestmentClose High Income Properties D Share issue

  • Clydesdale IM business acquired by Tilney

    17 Jan 2006

    Tilney Investment Management is taking on the management of Clydesdale Banks discretionary investment management business.

  • Co-op opens GI division

    17 Jan 2006

    Co-operative Financial Services this week announced the creation of CIS General Insurance, insuring all new and renewing CIS motor, home and commercial products.

  • Correspondent's week

    12 Jan 2006

    This week by former editor of Money Marketing and managing director of himself, Steve McDowell

  • Cover stories

    12 Jan 2006

    Nicola York finds that regulation has largely failed to boost public confidence because consumers have not yet got the message.

  • Cripps rebrands as Heartwood

    16 Jan 2006

    Wealth management company Cripps Portfolio is rebranding itself Heartwood Wealth Management.

  • Critical barrage for Big V plan

    12 Jan 2006

    Advisers have criticised Virgin Money's cancer-only protection product, The Big V, for being more expensive and having less coverage than many critical-illness policies.There are concerns that clients could switch out of CI cover or life policies and be worse off. The product is administered by Scottish Widows and features three stages of cancer cover - early, intermediate and advanced - and will be sold directly online and by phone. It pays out 10, 25 or 100 per cent of sum assured ...

  • Critical questions on cancer cover

    12 Jan 2006

    Scottish Widows' decision to supply Virgin Money's directly sold cancer cover has provoked the ire of many advisers.

  • Crystal clear

    12 Jan 2006

    Before I conclude my recent series of articles looking at expected returns from the main asset classes, I would like to develop a little further the projections for equities on which my last article mostly concentrated.

  • Deloitte gets task to draw up ABI response to Adair's NPSS

    12 Jan 2006

    The ABI has hired Deloitte to construct the industry's response to the Government's National Pensions Savings Scheme challenge, the same accountants the Department for Work and Pensions used to cost the scheme.ABI spokeswoman Lucy Butler says the firm has been hired to validate proposals formulated by its members as they look to put forward an industry alternative to Turner's NPSS with charges comparable to his 0.3 per cent demands.But advisers and industry commentators have ...

  • Downing Corporate Finance - Downing Protected VCT IV and V

    12 Jan 2006

    Downing Corporate FinanceDowning Protected VCT IV and V

  • Duty calls

    12 Jan 2006

    Some press officers deliver way above and beyond the call of duty.On one particular occasion over Christmas, a very long lunch morphed into an even longer session of drinking tomfoolery.But at 5am, what is any PR worth their salt going to do but offer to share their hotel bed? When the two gentlemen eventually retired to the bedroom, it was decided that the optimum sleeping position would be the traditional head-to-toe, with a towel separating them.Sharing the bed proved ...

  • Equity-release firms hit back at Which?

    12 Jan 2006

    Equity-release providers have hit back after their products came under fire from Which? claims of being too expensive and misleadingly advertised.Which? claims that most customers would be better off downsizing or borrowing from their family, as it says lifetime mortgages and home-reversion plans have high costs.But leading industry figures insist that the research is out of date and fails to take into account that prices and interest rates have fallen over the past few months.Norwich ...

  • European Parliament looking to probe UK regulator on Equitable Life

    13 Jan 2006

    The European Parliament has reached an agreement to begin drafting a decision to set up a committee to look into the case of British insurance company Equitable Life.

  • F&C softly softly into special sits

    12 Jan 2006

    F&C has soft-launched special situations and mid-cap funds alongside the UK opportunities fund it set up for Phil Doel following his arrival from DWS last November.New head of UK equities Peter Lees is running the F&C UK mid cap fund while Makis Kaketsis, manager of the F&C UK prime fund is also running the special situations fund for the firm. Both funds hold between 30 and 50 stocks and launched on December 30 with 34m seed money each.The funds have 5 per cent initial fees ...

  • Fidelity sets up special sits Fof

    12 Jan 2006

    Firm moves to stop rivals luring investors away from Bolton fund

  • Final straw for the Co-op

    12 Jan 2006

    Years ago, in my home town, if you wanted to buy a left-wing paper on a Saturday morning, you would find a few people shouting nasty slogans about Margaret Thatcher outside the Co-op.

  • Financial Express launches new ratings service

    16 Jan 2006

    Financial Express has launched a new Crown Ratings service for funds offering a quantitative system to use alongside other qualitative services and manager ratings.Crown Ratings cover UK authorised unit trusts and Oeics, offshore funds and life and pension funds. It is based on quantitative historical performance measures with funds rated by returns against benchmark, volatility and consistency within relevant peer groups or sectors.The lowest rated funds in a sector carry a single ...

  • FSA praised for proc fee decision

    12 Jan 2006

    The Association of Mortgage Intermediaries welcomes the FSA's decision to allow rebated proc fees from fee-based mortgage advice to fall outside its client-money rules temporarily. It will apply until a long-term solution is found.

  • FSA praised for proc fee decision

    11 Jan 2006

    The Association of Mortgage Intermediaries welcomes the FSAs decision to allow rebated proc fees from fee-based mortgage advice to fall outside its client money rules. It will apply until a long-term solution is found.

  • FTSE beats property for first time in five years

    12 Jan 2006

    House-price inflation slumps to single digits following 2004's increase of nearly 13 per cent

  • Gareth Marr steps down as ceo of Origen

    16 Jan 2006

    Gareth Marr is stepping down as chief executive officer of Origen.Having recovered from cancer last year and re-evaluating his personal priorities, Marr has decided to leave the Aegon-owned IFA.Origen was formed last year from the merger of five IFA businesses of which Marr's A & B consulting was one.

  • Gareth Marr steps down as ceo of Origen

    17 Jan 2006

    Gareth Marr is stepping down as chief executive of Origen with immediate effect.

  • Going for gold

    12 Jan 2006

    Merrill Lynch gold and general fund manager Graham Birch believes that the gold price will continue to rise although he also quite rightly thinks that there is much more money to be made by investing in shares in gold mining companies rather than the precious metal itself.

  • Guardian rocked by FSA endowment fine

    12 Jan 2006

    The regulator has slapped a 750,000 fine on Guardian Assurance and Guardian Linked Life Assurance for serious systemic flaws in its mortgage endowment complaints handling procedures.

  • Happy medium

    12 Jan 2006

    Medium-sized companies put in a remarkable performance last year and the prospects remain good

  • Holding a candle to Roman

    12 Jan 2006

    Another milestone for Ken Davy this week as the Simplybiz boss is compared with Roman Abramovich in a Daily Mail sports column.Although admitting the Huddersfield Town owner has a little less than 7.5bn in the bank, the "Roman of the North" is praised for stepping in to take the club out of administration in 2003. It also mentions Davy's target for Huddersfield to become a top 30 team by 2008. This could be beyond even Davy's legendary talents."I was wearing elf ears."Syndaxi's ...

  • Holding back the years...

    12 Jan 2006

    Adair Turner will be looking worried if we all share the longevity genes of the Sherman family.Close IM's 71-year old marketing manager David Sherman revealed recently that his mother was the Face of Brighton & Hove back in 1901 and lived to the ripe old age of 99.Sherman's auntie also reached 100 and he shows no signs of slowing, even after 50 years in financial services.

  • Hornby set to get HBOS back on track

    12 Jan 2006

    Andy Hornby's move to the HBOS hot seat is expected to stem the flow of high-profile departures.Chief operating officer Hornby takes over as chief executive on July 31 replacing current incumbent James Crosby and it is hoped that he can inject some exuberance into the role.HBOS has been rocked over recent months by a number of senior figures quitting subsidiaries of the financial serv- ices giant.Most notably, Michael Bolton jumped ship from BM Solutions in October to join ...

  • How C&G saved Christmas for client

    12 Jan 2006

    Picture the scene - a cold Wednesday afternoon 10 days before Christmas. I received a phone call from a slightly anxious client for whom I had arranged a mortgage some three months earlier against their then unencumbered property. The conversation went something like this: "Mr Holloway, I exchanged contracts on the sale of my present home three days ago, with completion set for two days time. On the same date, I exchanged contracts on my new property and completion is in three ...

  • HSBC Bank International - European Giants Growth Fund - CSGF January 2006

    16 Jan 2006

    HSBC BAnk InternationalEuropean Giants Growth Fund - CSGF January 2006

  • HSBC Bank International - Japan Opportunity Fund - CSGF January 2006

    13 Jan 2006

    HSBC Bank InternationalJapan Opportunity Fund

  • HSBC investments appoints UK chief investment officer

    17 Jan 2006

    HSBC Investments has appointed Roger Noddings as chief investment officer of its UK business.

  • If wishes were houses

    12 Jan 2006

    I have made ade the usual New Year's resolutions of daily visits to the gym and no alcohol in January and February. However, when it comes to the mortgage industry, I have a much longer wish list of things I would like to see happen in 2006.

  • Ingenious Venture - Ingenious Music VCT 2

    11 Jan 2006

    INGENIOUS VENTURESIngenious Music VCT 2

  • Ingenious Ventures - Ingenious Music VCT 2

    16 Jan 2006

    Ingenious VenturesIngenious Music VCT 2

  • Interest rates held again

    12 Jan 2006

    The Bank of England’s Monetary Policy Committee has held interest rates at 4.5 per cent for the fifth month running.SmartNewHomes.com managing director David Bexon says unless interest rates are cut in the early part of 2006 the market will return to inactivity and stagnation. Bexon says: “Mixed reports of consumer spending levels over Christmas and into the New Year have done little to bolster confidence in the country’s economy and many homebuyers will be awaiting further reassurance ...

  • Investec backs conference

    11 Jan 2006

    Investec Private Bank is sponsoring the 2006 joint Pensions Management Institute and UK Society of Investment Professionals conference on January 26.

  • Investec backs conference

    12 Jan 2006

    Investec Private Bank is sponsoring the 2006 joint Pensions Management Institute and UK Society of Investment Professionals conference on January 26.

  • Ipswich Building Society - 2 Year Fixed Rate

    13 Jan 2006

    Ipswich Building Society2 Year Fixed Rate

  • Jonathan Polin

    12 Jan 2006

    After the launch of the Argonaut boutique proved such a success for Britannic Asset Management last year, it has now started a second venture, Cartesian, and has plans for more boutiques in 2006. But its director of sales and marketing tells Matt Davies that he is anxious to re-energise in-house performance.

  • Jupiter restructures unit trust sales team

    13 Jan 2006

    Jupiter Unit Trust Managers is launching a new sales team focussed on asset management clients.

  • Law unto themselves

    12 Jan 2006

    James Salmon's analysis (Money Marketing, January 5) was amusing on a number of fronts. The Financial Ombudsman Service spokesman is quoted using words implying that only the dimmest of adviser would not have pointed out to clients that proposed law is only that and there is always a possibility that things will turn out differently. Who can argue with that? Apparently, the normally very sensible Nick Bamford thinks the FOS and FSA need to instruct advisers on using a modicum ...

  • Lazard is top Isa manager

    12 Jan 2006

    Lazard was Morningstar's top-rated Isa fund manager in December while Neptune was the biggest riser, moving up 22 places to sixth after a strong year- end.Lazard Asset Management delivered the best performance across its Isa fund range to beat off more established players.Morningstar ranks groups according to the average rating for their Isa-qualifying funds. Groups must have five or more qualifying funds with minimum three-year track records.Rankings take into account the ...

  • Leeds criticised over 1.89% loan deal

    12 Jan 2006

    Leeds Building Society has been slammed by IFAs for marketing a mortgage to first-time buyers that sees monthly payments jump by almost 350 per cent after two years.Leeds says the 1.89 per cent headline rate is designed to help FTBs and young professionals get on the property ladder but it locks borrowers into its standard variable rate - currently 6.5 per cent - for four years after the fixed period. Redemption char- ges are levied in the first six years.The society says salary ...

  • Meet the challenge

    12 Jan 2006

    Many in the mortgage industry found 2005 a significant challenge, with lower volumes of business, new regulation and new processes making it ever harder to focus on delivering the quality of products and service that customers have come to expect.

  • MEX rejig as Dawson retires

    12 Jan 2006

    Tim Dawson is retiring after a 16-year stint at Mortgage Express, prompting a management reshuffle at the lender.Managing director Dawson is set to step down on March 31 but will not be replaced. Instead, the senior management team will report to parent company Bradford & Bingley lending director Chris Gillespie.Dawson, who joined MEX in 1990 and oversaw the sale to B&B in 1997, is credited with developing strong relationships with intermediaries and building the brand.Key ...

  • Midas and Hiscox in strategic partnership

    11 Jan 2006

    Midas Capital and Hiscox Investment Management are forming a strategic partnership with Midas managing the 25m Hiscox international growth fund while Hiscox takes a 6.5 per cent shareholding in Midas.

  • Millfield confident on closing cash gap

    11 Jan 2006

    Millfield has admitted a capital adequacy shortfall of 0.8m to the FSA and says it expects this to rise to 1.5m for late December. The board is confident it will eliminate this shortfall pointing out it has a cash balance of 8.1m.

  • Millfield confident on closing cash gap

    12 Jan 2006

    Millfield has admitted a capital adequacy shortfall of 0.8m to the FSA and says it expects this to rise to 1.5m for late December. The board is confident that it will eliminate the shortfall, pointing out it has a cash balance of 8.1m.

  • NAPF secures Govt cash for generic body

    12 Jan 2006

    The National Association of Pension Funds is setting up a generic advisory body, sponsored by the Government, to give general advice on retirement.The NAPF successfully secured funding from the Pensions Education Fund run by the Department for Work and Pensions.Pensions Force will be a not-for-profit organisation aiming to develop initiatives to engage with working people on retirement planning. Funding is secured until March 2008 and launch is expected in six months.The ...

  • Nationwide - Lifetime Tracker With Reservation Fee

    17 Jan 2006

    NationwideLifetime Tracker With Reservation Fee

  • Neptune aims for 4% yield from global income fund

    12 Jan 2006

    Neptune Investment Management is set to introduce a global income fund in the last week of the Isa season to capitalise on growing investor interest in overseas income funds.The fund will be run by managing director and chief investment officer Robin Geffen and his team and will be weighted equally between 50 stocks across the US, Europe, Japan and the Far East.It aims for a starting yield of between 3.5 and 4 per cent and will pay dividends in September and March.Geffen ...

  • Now watchdog warns on A-Day

    12 Jan 2006

    FOS retreats on Sipp alert but says pension changes will bring complaints

  • NS&I predicts 2006 savings increase

    11 Jan 2006

    Saving levels are set to increase this year with 37 per cent intending to save more compared to 19 per cent saving less, according to National Savings & Investments.NS&I says savings intentions are strongest among the young, with 70 per cent of 16 to 24 year olds planning an increase in saving compared to 13 per cent predicting they will save less.NS&I senior savings strategist Dax Harkins says: “Our research indicates that people are more determined than ever to get a grip on ...

  • ODPM reveals increased house price inflation

    16 Jan 2006

    The pace of UK house price inflation has accelerated, according to Government figures out today.

  • Old Mutual and New Star head UK fund tables

    12 Jan 2006

    Old Mutual and New Star topped the tables in IFAs' favourite fund sectors last year, according to Lipper.Old Mutual's UK select mid-cap fund managed by Ashton Bradbury headed the UK all companies sector with a return of 31.6 per cent compared with a sector average of 22.4 per cent.JPM Asset Management was second with its UK dynamic fund managed by Ajay Gambhir, which returned 30.9 per cent.The UK equity income sector was topped by New Star's UK strategic income fund managed ...

  • Open season

    12 Jan 2006

    The Treasury must act soon to open up competition in the pension market

  • Optimism continues to rise in City

    12 Jan 2006

    The financial services sector is brimming with optimism for the year ahead, with 78 per cent of organisations expecting an increase in business, according to Smith & Williamson.The accountant says its research into FSA-regulated firms in the City of London shows business confidence rising for the third consecutive year, after 85 per cent of firms reported 2005 as a better year than 2004.On the back of this, 66 per cent of firms say they expect to pay bigger bonuses this year ...

  • Owen reins in Defence Union's aggressive approach

    12 Jan 2006

    The IFA Defence Union is looking to shed its militant tag with a rebrand and increased focus on training.Evan Owen plans to change the name to the IFA Defence and Development Union.Owen, who has consistently argued that the financial services regulatory regime violates EU human rights law, says he is looking to quash widespread misconceptions of him in the market.He says he will maintain his uncompromising stance against the FSA but will rein in the aggressive tone of his ...

  • PAL opens up SSAS clinic for A-Day

    12 Jan 2006

    Pensions Associates Limited is setting up an Ssas clinic for IFAs, employee benefit consultants and administrators to help them prepare for A-Day.The clinic will provide a review service for advisers and enable them to access the Aries Pension and Insurance Systems software package, which compares benefit entitlements and allowances before and after A-Day. Advisers can also cal- culate funding requirements for clients with Ssass or EPPs approaching the lifetime limit and get a bound ...

  • PFS and CII in threat to kick out phoenix firms

    12 Jan 2006

    The Chartered Insurance Institute and the Personal Finance Society are threatening to fine or expel any members involved in phoenixing.Society president Brian Steeples warns that any members involved in phoenixing will be reported immediately to the CII's disciplinary committee by the CII professional standards board. Firms found guilty of breaching the institute's code of ethics and conduct will face fines, suspen- sion and possible expulsion.It will also provide the FSA and ...

  • Praise for Sesame's dispute team

    12 Jan 2006

    Although I am not a total fan of Sesame, I wish to place on record the excellent way the network is handling the endowment complaint issue from my perspective. Like most time-served advisers, I do have some exposure to endowments and have indeed received a number of complaints from disaffected policyholders (I hesitate to refer to them as clients), driven in the main by our friends in the media. Although the Sesame dispute team has been a little slow in certain areas, it has ...

  • Product matters

    12 Jan 2006

    Richard Skelt and his team at Fidelity are being given scope to use the full range of investment possibilities under the UK equity income and UK all companies sector rules when managing the new multi-manager equity income and multi-manager special situations funds. This means they will be able to invest up to 20 per cent outside UK equities.In the equity income fund, this extra flexibility might help control volatility, steady returns and provide higher levels of income. In the ...

  • Promotion commotion

    12 Jan 2006

    Guy Anker on the struggle by brokers to get to grips with promotion rules

  • Property better than shares, says UCB

    17 Jan 2006

    Mortgage brokers are saying people will benefit further by investing in property rather than in shares over the next five years but only just.

  • Protect clients' pensions from new tax

    12 Jan 2006

    IFAs must contact clients over transitional protection for their pension funds or risk them being hit with a big tax bill, warns Intelligent Pensions.The firm is writing to all of its clients to explain how A-Day will trigger an additional tax charge under the new pension simplification rules unless steps are taken before April.Consultancy Tillinghast predicts that 250,000 exec- utives are likely to be hit by the 55 per cent recovery charge after A-Day on pension assets that ...

  • Pru slashes lifetime mortgage rates

    16 Jan 2006

    Pru has slashed the interest rate on its flexible lifetime mortgage product offered through intermediaries

  • Rathbone IM appoints new investment director

    17 Jan 2006

    Rathbone IM has appointed James Maltin as an investment director responsible for managing private client portfolios.

  • Regulator focuses on release priorities

    11 Jan 2006

    The FSA has identified four key priority areas in a bid to improve the quality of equity release advice. It will carry out more mystery shopping this spring, will assist firms to meet regulatory requirements and will review lifetime mortgage advice and investment advice.

  • Regulator focuses on release priorities

    12 Jan 2006

    The FSA has identified key areas in a bid to improve the quality of equity-release advice. It will carry out mystery shopping this spring, assist firms to meet regulatory requirements and review lifetime mortgage and investment advice.

  • Resourceful equities

    12 Jan 2006

    Watching stories unfold over the holiday season had me wondering whether they might set the tone for the coming year.

  • Rights and wrongs

    12 Jan 2006

    After the disappoint-ment of Chancellor Gordon Brown changing his mind about allowing residential property into Sipps, it was almost heartening when the Department for Work and Pensions made a positive announcement about protected rights.

  • Ritchie warns of 'opt-out culture' from NPSS

    12 Jan 2006

    Employers could create an opt-out culture from the Pensions Commission's National Pensions Savings Scheme by offering pay rises to discourage employees from joining their pension schemes, warns Stewart Ritchie.Scottish Equitable's director of pensions development told an NAPF seminar that employers could offer as much as a 6.5 per cent pay rise as an incentive to employees to opt out.He said employers could claim that the employee's 5 per cent default contribution could instead ...

  • Scottish Life entering the group Sipp battleground

    12 Jan 2006

    Scottish Life is going head to head with Standard Life and Legal & General by introducing a group self-invested personal pension by A-Day.The product will act as a personal pension, with the extra flexibility of a Sipp kick-ing in when it is needed.Scottish Life says this means that directors with big pension pots can use the Sipp facilities immediately while employees with smaller funds will have the option later in their working lives.Head of pensions strategy Steve Bee ...

  • Shame is the spur

    12 Jan 2006

    Research shows that our new year's resolutions tend to be about becoming better people through gym memberships, less beer and fewer fags, more charitable giving and becoming more financially astute but it is interesting to look at one of the FSA's priorities for the new year.

  • Simply Biz picks up from rivals

    12 Jan 2006

    SimplyBiz has reached a a total of 1,200 member firms and 2,400 individual adv- isers in the three years since its launch.It says it has also seen increased numbers of new members joining from Bankhall over the latter months of last year since management changes at Bankhall.Managing director Ian Thorneycroft claims that firms joining from Bankhall say that service standards have been falling.In 2005, it says 34 per cent of members joined from dir- ectly regulated entities, ...

  • Simply ridiculous

    12 Jan 2006

    With less than three months to go until April 6, advisers still cannot give confident advice on pension planning

  • Skandia shareholders give the green light for Old Mutual takeover

    12 Jan 2006

    More than 70 per cent of Skandia shareholders have voted to accept Old Mutual’s proposed takeover offer, Money Marketing understands.Today was the final deadline for shareholders to decide whether to accept the South African insurer’s bid.Sources close to Skandia say the takeover is likely to take place over the next few months and at this stage it is likely that both of the firms’ intermediary platforms, Skandia and Selestia, will be retained with their current branding.

  • Smith & Williamson - British Country Inns

    11 Jan 2006

    Smith & WilliamsonBritish Country Inns

  • Sprung taking over as Park Row's chief with aim to double advisers

    12 Jan 2006

    Peter Sprung has taken the helm at Park Row and is pledging to more than double the firm's number of advisers within the next three years.He has been promoted to chief executive following the move to combine Park Row's adviser division with parent company's Royal Liver's salesforce to create Park Row, A Royal Liver Company.Sprung was head of Park Row Corporate and Private Clients and replaces Park Row chief executive and founder Tim Newman who is staying as a non-executive director.The ...

  • Standard Life sets up Dublin operation

    11 Jan 2006

    Standard Life has opened a Dublin office for its new offshore operation, Standard Life International.

  • Sterling Life appoints new BDM

    16 Jan 2006

    Sterling Life has appointed Gordon Westcott as its new business development manager.

  • Strong showing is foiled by growing pension liabilities

    12 Jan 2006

    The pension deficit faced by Britain's biggest 350 listed companies rose by 24 per cent to 93bn in 2005 despite strong returns from equity markets.Mercer Human Resource Consulting research found that FTSE 350 pension asset values rose by around 60bn to 422bn but liabilities grew at a similar rate.The average UK pension fund returned 18.2 per cent over the past year, according to Mellon Analytical Solutions, but this was not enough to reduce deficits as falling bond yields caused ...

  • Take the blame

    12 Jan 2006

    The pension review has been a disaster and the FSA should acknowledge that

  • Taking account

    12 Jan 2006

    The question of whether lawyers and accountants will allow referrals to multi-ties and whole of market advisers is one that is vexing intermediaries, lawyers and accountants.

  • Terminal diagnosis

    12 Jan 2006

    It is all over bar the shouting for private-sector final-salary schemes

  • That's entertainment

    12 Jan 2006

    How much did John Tiner and the FSA spend on staff entertaining in the year to June 2005? Exactly 182,062. (Freedom of Information Act request.) Don't you wish you worked for him rather than employing him, as you do now? Philip Martin Philip Martin Partnership, Mendlesham Green, Suffolk

  • Threesixty appoints Bankhall's Taylor

    11 Jan 2006

    Susan Taylor has joined IFA support service provider threesixty services as marketing manager from Bankhall.

  • TUC pledges action to save pension schemes

    11 Jan 2006

    The TUC has vowed to fight pension cuts by firms that can fund deficits, have taken extended contribution holidays or allow directors to continue with the same benefits.

  • Upping the anti

    12 Jan 2006

    2006 is likely to see the introduction of further anti-avoidance measures

  • Wade-Smith joins Virtual Net as sales manager

    13 Jan 2006

    Virtual Net has appointed David Wade-Smith as sales manager from January. He previously worked as a regional sales manager in the London and South East areas for NDF Administration.Wade-Smith has over 30 years experience in financial services with Axa, Towry Law, PPP Lifetime Care and NDF. He will report to head of marketing Andrew Bedford.

  • Wilson takes sales role at Henderson

    11 Jan 2006

    Mike Wilson is joining Henderson Global Investors from CIS as head of investment trust sales to discretionary managers.

  • Worthy of note

    12 Jan 2006

    Outgoing Sesame commercial director Charles Bryant has been revealing some of the secrets of his success to the Diary. The Rachel Stevens' groupie explains how he arranged his own hen night - just him and a group of tanked-up women.As the Bacardi Breezers flowed, the ladette talk got more filthy, with Bryant taking study notes on activities that would make Jordon blush. The man and his notes will be sorely missed.

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