Money Marketing
12 June 2002

  • 'Asia poised for equity revival'

    13 Jun 2002

    Dresdner RCM Global Investors is predicting that Asian markets are set for recovery within the next three years. The fund management firm believes that Korea, Taiwan and Hong Kong will lead the Asian markets in future growth. Dresdner's Oriental assets fund manager Stuart Winchester says strong companies are now emerging in the area after a number of turbulent economic years. Winchester says consumer spending is picking up in these regions, along with real ...

  • 'Depolarisation to boost supermarts'

    13 Jun 2002

    Cofunds is reporting sales of more than £500m since its launch 18 months ago and claims support for fund supermarkets will increase further after depolarisation. Research carried out among 6,500 IFAs registered with Cofunds found that RIs are looking for independent and diverse fund supermarkets that will allow them to consolidate clients' funds. It found that 97 per cent of IFAs are more likely to use a fund supermarket than they were a year ago and 68 per cent ...

  • 'IFAs must do FSA job and punish worst WP funds'

    13 Jun 2002

    Reforming with-profits will depend on IFAs rather than the FSA punishing the worst providers, according to Consumers' Association senior policy adviser Mick McAteer. Speaking at a with-profits seminar hosted by Standard Life in London this week, McAteer said it would be up to IFAs to finish the job of reforming with-profits which was started but left unfinished by the FSA. He criticised the FSA for doing nothing to help the 10 million people trapped in with-profits policies. McAteer&#

  • 'Slashing protection rates is a competitive illusion'

    13 Jun 2002

    Aegon Individual Protection has slammed rivals which slash product rates to boost short-term market share, claiming these tactics are a competitive illusion which sell IFAs short. Managing director Janet Wyles says companies in the protection market which regularly reprice their ranges to gain a competitive advantage are failing to provide IFAs with relevant products which meet the needs of their clients. She says relatively simple gimmick-free products should be seen ...

  • 'US won't fall into a double-dip recession'

    13 Jun 2002

    The US economy is unlikely to fall back into a double-dip successive recession predicts Govett's US opportunities fund manager Gil Knight. The US slipped into recession in March last year but returned to growth in the fourth quarter last year and, following GDP growth of 5.8 per cent for the first quarter of this year, Knight says it is extremely unlikely that America will slide back into recession. Knight says he is confident of economic recovery in the US, although ...

  • £2bn merger for Artemis and ABN Amro

    13 Jun 2002

    ABN Amro has moved to stem the tide of investors flooding out of its UK funds by merging with Artemis Investment Management to create a group with £2bn under management. In a deal which will see the ABN brand disappear from the UK retail market, the Dutch-owned fund manager is taking a 58 per cent stake in Artemis and relinquishing the running of its funds to the boutique's team of fund managers. The merged company will be branded under the Artemis banner and ...

  • 1,400 pass Maq in April

    13 Jun 2002

    About 1,400 people achieved the CII's mortgage advice qualification in the April sitting of the exam, bringing the total number who have passed to 7,214. Of the 2,537 candidates sitting the exam in April, 1,454 were successful, giving a pass rate of 57.3 per cent. Mortgage advisers must reach the minimum qualification standard by the Mortgage Code Compliance Board's deadline of December 31. Maq, which is held in conjunction with the Financial Planning Certificate, ...

  • 500,000 C&G borrowers may get compensation

    13 Jun 2002

    Up to half of Cheltenham & Gloucester's one million customers could be in line for compensation after the Financial Ombudsman's ruling against its dual-pricing strategy. The adjudication this week criticised the Lloyds TSB subsidiary for applying its higher standard variable rate of 7.25 per cent to some customers although its lower C&G variable rate of 6.35 per cent was available between April and September last year. Around 500,000 borrowers on discount, tracker ...

  • A consuming opportunity

    13 Jun 2002

    I was surprised and delighted to see the major initiative launched by the Consumers' Association which actually might take the advice market forward. Oh dear, I am aware that many of you will now have stopped reading. I have used the dreaded CA words. The CA's Advice for Life campaign makes the usual overtures towards the intended CA audiences but its conclusions should be read carefully by anyone who wants to see a future for an independent sector as you can be ...

  • Abbey extending Inscape to IFAs

    13 Jun 2002

    Abbey National is looking at opening up its wealth management service Inscape and fund supermarket FundsCentre to IFAs. Inscape was set up in November 2000 for people with more than £50,000 to invest, offering a multi-manager portfolio service and tax and other financial planning at 12 regi-onal advice centres. Abbey is considering whether to make Inscape available to intermediaries either through a fund or as a full stand-alone service. Inscape multi-manager funds may also ...

  • ABI banks on reviews as it struggles with annuity tree

    13 Jun 2002

    The ABI is believed to be facing an uphill struggle to develop a manageable decision tree for annuities because of the multitude of options currently available. It is working on a standard model for annuity purchase but is believed to be banking on simplification from the Pickering and Inland Revenue reviews to help streamline the outcome. The ABI has set up a special working party to look at standardising annuities. The Treasury gave its tacit backing to a standard approach ...

  • Accountants' clients want IFA services, says portal

    13 Jun 2002

    IFAs could boost their turnover by filling in gaps left by accountants, according to research from small business advice portal Clearlybusiness.

  • Actuaries urge for DB pension scheme alternatives

    17 Jun 2002

    Actuaries are urging employers to consider alternative defined benefit pension scheme designs that allow employees and employers to share investment risks.

  • Aegon will target IFAs in bonds campaign

    13 Jun 2002

    Aegon Asset Management is aiming to raise its profile with IFAs and consumers and is offering a discount on all its income funds to coincide with joining fund supermarket FundsNetwork. A new campaign, Aegon for Bonds, will highlight the firm's expertise in the corporate bonds sector. It starts with ads in the trade press and, for the first time, the consumer press. The campaign focuses on its extra income, optimum income and SRI income retail funds. Aegon is offering ...

  • Ale and hearty

    13 Jun 2002

    My partner and I are tenants of a public house. Over the last 18 months, we have put a lot of effort into turning the place around. We have relatively little income left over each month. Our bank, with which we have an overdraft, has recommended that we both save £100 a month in a stakeholder pension. Should we do this? It certainly makes sense to save for the future. It also makes sense to pay today's bills and to have some money to enjoy yourself as well. It is all ...

  • Aon Consulting - The Aon Sipp

    14 Jun 2002

    Friday, 14 June 2002 Type: Full SippMinimum investment: £1Investment choice: All Inland Revenue permitted investmentsAdministrator: Aon ConsultingCharges: Initial £500, annual £500Commission: Subject to negotiationTel: 020 8970 4614

  • Beating the tax trap

    13 Jun 2002

    Through careful planning involving a discounted gift scheme and an EIS reinvestment relief portfolio service, it is possible for wealthy, older clients to escape the IHT/CGT trap. Many of you will be familiar with the problems faced by a client holding an asset or assets which have appreciated substantially in value and which the client wants to dispose of for IHT purposes. If the client merely assigns the assets into trust or to an individual, this will be a disposal ...

  • BIA sets up support firm

    13 Jun 2002

    Berkeley Independent Advisers is setting up an IFA support services arm for firms which do not want to pay for its set menu of network services. Berkeley Support Services will offer the flexibility to choose services while remaining directly authorised. It has held talks with 15 firms interested in signing up, with the biggest having a turnover of £4.2m. BSS says only a limited number of organisations offer support services and firms do not want to pay ...

  • Brokers opt for Cemap over Maq

    13 Jun 2002

    Only 10 per cent of brokers want to take the mortgage advice qualification while 25 per cent prefer the rival Cemap exam, says specialist lender Sun Bank. Most of the 100 brokers questioned who had a preference on which exam to take to meet the MCCB's minimum qualification standard chose the Institute of Financial Services' Cemap bridge paper for its flexibility. Brokers prefer the IFS paper because of its multiple-choice format compared with the Chartered Insurance ...

  • Charcol foresees move to longer-term mortgages

    13 Jun 2002

    A move towards Japanese-style longer mortgage terms could be on its way as affordability becomes a increasing problem in the UK, according to broker Charcol. Charcol is predicting a change in borrowing culture as people try to cope with the trend of house prices rising in excess of earnings. It is warning that if this continues, the only way that repayments can remain affordable is by paying loans back over longer terms of up to 50 years. In Japan, it says sky-high ...

  • Close unit trust mimics VCT

    14 Jun 2002

    Close Venture Management, the venture capital trust division of Close Brothers, has established an offshore unit trust that invests mainly in property within the hotel, care home and residential sectors.The healthcare and leisure property trust was designed in conjunction with Close Property investment. It aims to provide income of 7.5 per cent a year and capital growth of 2.5 per cent a year and will co-invest alongside the Close Brothers VCT.This VCT was established in ...

  • Come up with something useful, Darling

    13 Jun 2002

    "So you see, Alistair, it really was a toss-up between ditching you and ditching Steve Byers for ministerial incompetence. Fortunately for you, Steve lost the toss because the consequences of his failures have been more immediate, more serious and more high profile. But I want you to know I am hardly impressed with your achievements to date at the DWP." "Prime minister?" "Well, just look at the state of private pension provision in this country, Alistair. It is a chaotic shambles ...

  • Crisis for mortgages as admin backlog grows

    13 Jun 2002

    Mainstream lenders are being criticised by mortgage brokers for poor service levels and underestimating the buoyancy of the housing market alongside their specialist counterparts. Broker franchise Mortgageforce warns that the situation is even worse than last summer when specialist lenders struggled to cope with demand because mainstream lenders are now creaking under growing volumes. Its franchisees say Woolwich, Abbey National and GMAC-RFC, which has said it is working ...

  • DB plans labelled elitist by pension minister

    13 Jun 2002

    A Government minister has labelled defined-benefit schemes as the pension for middle-class, better-educated white men. Speaking in a debate in the House of Lords, Department for Work and Pensions under secretary Baroness Hollis said: "Defined-benefit schemes reward those who have high salary progression and long job tenure. Middle-class, better-educated white men do well out of such schemes. Defined-contribution schemes benefit other people more effectively." Hollis's ...

  • Don't be a glutton for punishment by the taxman

    13 Jun 2002

    The biggest single contributor to needless tax payments comes from poor inheritance tax planning. According to IFAP estimates, £1.017bn will find its way to the taxman this year because families have left themselves exposed to needless liabilities. For IFAs, these unnecessary IHT payments must represent a waste of a potentially lucrative business opportunity. But while the failure of IFAs to ensure they incorporate IHT planning as a central tenet of their advisory service ...

  • Don't go round in review circles

    13 Jun 2002

    When Lord Reith invented the BBC, he said that it was there to "inform, educate and entertain". He probably said it in Latin and he probably had a different definition of entertainment from Ant and Dec. This column tries to do the same thing but this month I am going heavy on the information so we can plot out all the goodies which await us up to the end of the year. It is a bit like Waiting for Godot. We know there are all these reviews and reports waiting in the ...

  • Don't put down defined benefits

    13 Jun 2002

    Defined contribution has become the politically correct pension. Baroness Hollis of the Department for Work and Pensions has described the defined-benefit pension as the pension for white middle-class men, coming close to calling it a fat cat pension. Hollis' comments bring a dangerous dimension to the debate about pensions. Company pensions are this country's great pension success story. The fact that many are funded means the UK's books balance on a national ...

  • Eastern promise

    13 Jun 2002

    Has anyone heard Japan and Korea mentioned lately? No, not the World Cup. I mean the change in the performance of those two countries' stockmarkets. A few commentators, almost as bruised and battered by their financial experiences, are looking to Japan for non-footballing glories - signs that a global investment recovery may be close. I cannot imagine that there is a single adviser reading this who has not at some time in 2002 had an awkward review meeting ...

  • Eddie George says rising house prices unsustainable

    13 Jun 2002

    The governor of England Eddie George said the boom in UK house prices is "unsustainably strong" when questioned today by the Treasury select committee.Backed by members of the Monetary Policy Committee George said: "We do not believe the current rate of house price growth is sustainable but it is a factor driving consumer spending."

  • Exchange picks portal manager

    13 Jun 2002

    The Exchange has appointed Ian Noble as portal operations manager as part of a restructuring that sees its core operations move to Cheltenham. Noble will have responsibilities for its portal Exweb's activities and his team will be moved to parent company Marlborough Stirling's head office in Cheltenham. He has 22 years experience in financial services and joins The Exchange from life office Lincoln where he was IFA account manager for London. He managed a project ...

  • Exeter Investment Group - European Fund

    13 Jun 2002

    Friday, June 13, 2002 Type: Unit trust Aim: Growth by investing in Europe Minimum investment: Lump sum £1,000, monthly £40 Investment split: Financials 29%, healthcare 11%, technology 14%, energy 13%, media, luxury goods and telecoms 13%, primary industries 20% Isa link: Yes Pep transfers: Yes Charges: Initial 5%, annual 1.25% Special offer: Initial charge reduced to 3.5% Offer period: Until July ...

  • Express went off the tracks with buy-to-let mortgage application

    13 Jun 2002

    Specialist lender Mortgage Express makes its debut in Bungle Busters with what it puts down to a "human error" processing an application from an IFA. Peter Cooke from Warwickshire IFA Howell Cooke Financial Services says he spoke to a Mortgage Express call centre representative who told him they could accept an application for a buy-to-let mortgage on a property being converted into nine dwellings. But he says six weeks after the call, while Mortgage Express was processing ...

  • Firms wanted for dragon boat charity challenge

    13 Jun 2002

    Cancer Research UK is calling for financial services firms to take part in its fund-raising Dragon Boat Challenge on July 20. It says as well as generating money for the charity, companies can learn from the team-building experience of the event which attracts 2,000 spectators and participants. Thirty teams will race along the Thames at Henley, with three teams making it to the grand final. Companies pay £3,800 for a crew to take part. The 2001 Dragon Boat ...

  • Five firms sign threeyear Assureweb deals

    13 Jun 2002

    Five more product providers have cemented their commitment to Assureweb by signing three-year deals with the IFA portal. Axa, Clerical Medical, Scottish Mutual, Britannic Retirement Solutions and Swiss Life have all signed three-year contracts for unspecified sums instead of their usual 12-month deals. Norwich Union, Scottish Widows and Friends Provident took a 40 per cent stake in the portal in January in a £26m deal. Assureweb owner Assuresoft says it ...

  • Five go on an adventure

    13 Jun 2002

    Over the last two decades - blips aside - investors have enjoyed good returns from stockmarket investments. An investment of £1,000 would have grown to over £14,000 today, an increase of over 1,300 per cent. Over the last five years, the story is rather different, with small gains turning into increasingly worsening losses. If investors want to reverse the trend and again experience healthy profits, a more rigorous approach to stock selection is required. Smaller ...

  • Friends to build up offshore with two R&SA buys

    13 Jun 2002

    Friends Provident has bought two of Royal & Sun Alliance's offshore businesses in a deal worth £133m, giving it the ability to sell offshore bonds to UK-based investors. The deal includes Isle of Man-based R&SA International Financial Services and Luxemburg-based Sicav provider R&SA Investment Management. Friends has an international arm in Guernsey that sells to overseas investors but the R&SA Isle of Man deal allows it to sell multi-currency offshore bonds ...

  • FSA consumer body calls for Government to fund advice service

    14 Jun 2002

    The Financial Services Consumer Panel is calling on the industry and Government to fund a central advice service to point lower income earners to safe haven products. The Panel is telling the Government and the FSA that only a centrally funded free financial planning service can offer financial advice to all. It wants the cost of the free central service to be split between Government, which would benefit from the reduction of the savings gap, and the industry, which would see savings ...

  • Generalists could face delegating investment business

    13 Jun 2002

    General practitioner IFAs may be pressed in to referring their investment business to manager of manager firms as a result of the Sandler review, according to influential analyst Ned Cazalet. Cazalet, principal of Cazalet Financial Consulting, says the Sandler team is getting industry feedback suggesting that generalist IFAs do not have the time or resources to monitor on a weekly basis the myriad investment funds, processes and risk management of all the different companies. He ...

  • Go Ecotec with ISIS

    12 Jun 2002

    ISIS Friends Ivory & Sime - ISIS Ecotec FundType: Oeic Aim: Growth by investing in environmental technology companies Minimum investment: Lump sum £1,000, monthly £50 Investment split: 100% environmental technology companies Isa link: Yes Pep transfers: Yes Charges: Initial 4.75%, annual 1.5% Commission: Initial 3%, renewal 0.5% Tel: 08457 992299 Broker Panel: -Michael Both - Proprietor, ...

  • Goodwill hunting

    13 Jun 2002

    How much is that network in the window? I cannot remember the rest of the words of the song and I doubt that the author was thinking of a post-CP121 world when it was penned. But spring sale fever is here. The networks, the nationals and the big regional practices are preening themselves in anticipation of a free-for-all as the need for distribution grips providers. CP121 is, in my opinion, a done deal. Some tidying will be done around the margins but fundamentally ...

  • Green tech funds find favour

    13 Jun 2002

    The majority of investors believe environmental technology funds will match or outperform other sector-specific funds, according to research by Friends Ivory & Sime investment arm Isis. The survey of 635 investors, by MarketMinder, found 70 per cent thought an environmental technology fund would do no worse than other sector-specific funds. The Isis Ecotec fund invests 40 per cent in North America, 40 per cent in Europe and 20 per cent across the rest of the world. It ...

  • Hedge your bets

    13 Jun 2002

    Not so long ago, the mere mention of hedge funds to some investment professionals would have provoked an immediate and negative reaction. In much the same way that the derivatives industry became stigmatised by the events surrounding Nick Leeson in 1995, hedge funds' reputation originated from the exploits of the big global macro funds, such as George Soros' flagship Quantum fund, which stood accused of destabilising currency markets. As a consequence, both derivatives and ...

  • Help for ASU claimants

    13 Jun 2002

    General insurance network Ceta is enhancing its ASU policy and warning that the cheapest policies are not necessarily the best. The broker is offering added-value features to help claimants get back to work. Provided in association with Quantum Consulting Group, these include a telephone advisory service, assistance with CV writing and registration on a job vacancy database which can match applications to as many as 70,000 jobs. The policy provides those who cannot work ...

  • High hopes, low success rates

    13 Jun 2002

    Most national brands have moved a significant part of their focus to the high-net-worth sector in recent years and, consequently, have some variant of a wealth management model. Probably hundreds of millions of pounds have been invested in a myriad of initiatives, yet most of us would be hard-pressed to identify more than one or two beacons of success. We do, however, know that a number of IFAs have made good progress in this area. Let us face it, this is a growing market ...

  • Hiscox launches holiday home insurance

    12 Jun 2002

    Hiscox Direct has launched holiday insurance enable people to get cover for their properties abroad without having to go for an foreign company or a policy written in a foreign language. Because of the length of time many properties are vacant many UK companies refuse to provide cover for holiday homes abroad. Benefits of the Hiscox policy include a 24-hour help line and emergency travel expenses.

  • House prices In May rise by record 4.2%

    13 Jun 2002

    House prices are still rising at an astonishing rate, with Halifax's monthly index showing prices rose by 4.2 per cent in May, the biggest monthly rise on record. Prices have rocketed by 18.5 per cent in the past year, with the average house price at £107,152 compared with £102,808 in April this year and £90,382 in May 2001. The 4.2 per cent monthly rise compares with a 0.7 per cent growth in prices between April to May. Halifax says house ...

  • HSBC Bank International assembles team of funds

    12 Jun 2002

    HSBC Bank International has introduced a fund of funds that can be tailored to suit different risk profiles.

  • If the split-cap fits, invest in it

    13 Jun 2002

    The split-capital investment trust crisis has almost crippled what was once considered to be one of the best-value, safest sectors in the industry. With horror stories coming out regularly of zero shareholders losing up to 95 per cent of their investment in less than a year, only the implosion of the endowment market in the 1990s comes close to rivalling splits' ignominious fall from grace. But, as with some mortgage brokers in the endowment market, there is a growing ...

  • IFAs can get client data via Friends extranet

    13 Jun 2002

    Friends Provident has introduced a new extranet service to provide IFAs with online access to customers' life and pension policy details. The service will give estimated maturity and death benefit values, as well as current and projected surrender values. Policy details such as the type of policy, level of cover, assignments and premium payments are available via the extranet. IFAs can also check unit holdings and values. Individual passwords will be given ...

  • IMA warns of threat to execution-only business

    13 Jun 2002

    The EU's investment services directive threatens to block execution-only business, claims the Investment Management Association in its response to the current round of consultation on the directive. In a letter to the EU's internal market directorate general, the trade body says compelling fund managers to query a potential investor's financial situation before undertaking a transaction jeopardises execution-only business. But the IMA has welcomed proposals to ...

  • IN Partnership appoints Inter-Alliance investment specialist

    14 Jun 2002

    IFA network In Partnership is appointing Skandia Life founder Malcolm Wanless as director of investment and estate planning. Wanless, who has worked in financial services for 28 years, joins In Partnership from Inter-Alliance where he was group investment specialist.

  • Independent view

    13 Jun 2002

    At the end of May, I got a copy of a very brief document prepared for the IMA by Deloitte and Touche. The first table gave information which might just have been worth the vast cost that was probably involved in the document's preparation. The table indicated the major strategic issues that the inv-estment groups and some life companies had identified. It is not unreasonable to expect in bear markets that self-preservation comes to the fore. I was, therefore, not surprised ...

  • Individual pension sales up but IFAs lose market share

    13 Jun 2002

    Individual pension sales leapt by 22 per cent during the first quarter of this year compared with the same period in 2001 but IFAs' market share has tumbled, according to the ABI. Individual pension sales rose to £885m from £722m on an equivalent premium income basis but IFAs' share of the market fell to to 76 per cent from 80 per cent, with an increase in direct sales. Group business premiums, including pensions and protection policies such as critical-illness ...

  • Inside edge: Peter Hales

    13 Jun 2002

    Norwich Union's strategy is a simple one. We are totally committed to the IFA sector but we recognise that it is generally undercapitalised and undergoing significant change. We firmly believe that by making selective investments in IFAs, we can help the independent sector prosper. More specifically, the investments which we have made over the last year have been aimed to stimulate growth of the IFA sector, fund development of distribution and, importantly in today's ...

  • Invesco warning to review portfolios

    13 Jun 2002

    Invesco Perpetual believes investors are not reviewing their portfolios often enough and says IFAs should encourage their clients to look again at their investments. It says too many people take out their Isa allowance at the last minute without taking into account how it fits in with their overall portfolio. The company believes that leaving it to annual check-ups to see how the investment is performing may be too late to meet changing investment objectives. Invesco ...

  • Investment view

    13 Jun 2002

    So the 5,000 level on the FTSE 100 Index turned out not to be a barrier after all. The relentless sideways movement of the market was finally broken on the downside. Whether this is a brief excursion into the murky territory reached in the aftermath of last September's terrorist attacks, it is difficult to say but the significance of breaching this lower limit is leading chartists to warn of worse to come. As is so often the case, London is simply following the lead of our ...

  • Investors confident of market rise but expect returns to show decline

    13 Jun 2002

    Investment confidence is rising, with almost half of UK investors expecting the stockmarket to climb in the next 12 months, says Threadneedle. Its annual survey of 2,000 investors found 49 per cent believe the stockmarket will rise in the next year compared with 32 per cent in 2001 and 40 per cent in 2000. Over the medium term, there has been a increase in investors expecting positive returns, with 57 per cent anticipating a rise in the stockmarket over the next three ...

  • Irish Life offers currency choice

    13 Jun 2002

    Irish Life International has established an offshore guaranteed equity bond that is linked to the Dow Jones Global Titans index.The eighth issue of the secured growth bond enables investors to choose a currency denomination from sterling, dollars or euros and the level of final returns will depend on which currency is chosen. Sterling versions offer a return of 75 per cent of the average growth in the index, while the return for the other currency denominations is 60 per cent of ...

  • Isle of plenty

    13 Jun 2002

    Axa Isle of Man has teamed up with Liberty Ermitage to offer an offshore unit-linked bond that invests in a fund of hedge funds. The defensive bond invests in the Liberty Ermitage asset selection fund which is a global multi-manager portfolio of 22 hedge funds. The fund can be geared by up to 10 per cent and aims for low volatility with low correlation to equities. The hedge funds that are considered will use a range of market-neutral arbitrage strategies, including merger ...

  • Janet Wyles

    13 Jun 2002

    When you describe an actuary as funny, normal people would assume you mean funny peculiar not funny,ha, ha. The anorak-averse breed of actuary being a rare species indeed, some might even argue a myth. But Aegon Individual Protection managing director Janet Wyles succeeds where many have failed dismally. She can boast an impressive ability to number-crunch with a sense of humour which does not rely on Christmas crackers for its inspiration. At only 38, Wyles has an impressive ...

  • Joke that's no laughing matter

    13 Jun 2002

    I never knew MM was a comic paper. How I laughed at the idea of a product provider dismissing IFA management and systems as a joke. From my perspective, this description fits most product providers that knock on my door. Essentially, IFAs are a cottage industry and the last time we saw huge organisations such as Scottish Widows devour a similar industry was buying estate agents. Apart from the banks, few if any of those purchases paid off. If the banks made the estate ...

  • Julian Gibbs

    13 Jun 2002

    The recent rise in price in gold from a low of around $252 an ounce to over $320 at the present time is due to a number of factors. First, most investors have been disappointed by the recent performance of shares and are seeking an alternative investment. Second, political uncertainty throughout the world means there is a higher demand and, third, production has been falling in some areas. However, investing in gold bars or coins is not the best way of making money. It is far ...

  • Legal & General urges Smith to speed reform

    13 Jun 2002

    Legal & General has written to Andrew Smith, the new Secretary of State for Work and Pensions, outlining the steps it feels he needs to take in order to complete the reform of pension policy. The company hopes that Smith will act quickly to push through reform. It has put forward a four-point plan, including greater incentives to individuals to save through pensions, cutting out red tape for employers which are often required to deal with the admin of pension schemes, ...

  • Legal threat from class actions on split-caps

    13 Jun 2002

    A thirst among investors for class actions in the wake of the controversy surrounding split-capital trusts could cost the industry dear, warns City law firm Eversheds. The warning comes as some law firms have been soliciting groups of people with similar claims to take action against fund managers and IFAs over claims of high gearing, cross-investments among funds and misleading marketing material. Eversheds believes the FSA will not welcome a move towards increased use ...

  • Lenders offering poor protection products, claims broker

    17 Jun 2002

    Mortgage borrowers do not have an adequate savings safety net and are being exploited by lender selling poor-value protection products according to broker, Goodfellows.Goodfellows managing director Simon Burgess says: "The lenders continue to offer increased and inappropriate finance to already overburdened borrowers, combined with in-house protection products that offer poor value."

  • Lenders want Boateng to flood cash into defences

    13 Jun 2002

    The Council of Mortgage Lenders is calling on the new chief secretary to the Treasury Paul Boateng to increase spending on flood defences, in line with the Government's own recommendations. It wants Boateng to approve spending of up to £140m on flood defences, as recommended in the Government's National Appraisal of Assets at Risk carried out last year for the Department of the Environment, Food and Rural Affairs. The CML says it is making the request after ...

  • Making contacts

    13 Jun 2002

    A number of recent studies suggest that over half of IFA firms do not have, or at least do not actively use, a back-office system. I have already written on a number of occasions this year about why I believe it is essential that firms begin to take advantage of the benefits that storing client information electronically can offer them. Fortunately, there appears to be no shortage of organisations aiming to help advisers achieve this, the latest entrant to the arena being Synaptic ...

  • Martin Currie poaches R&SA income manager

    13 Jun 2002

    Martin Currie has poached Royal & Sun Alliance UK income manager David Berry to boost its UK growth and income products.

  • Mortgage Intelligence launches personal loan service

    18 Jun 2002

  • Mortgageforce offers cash subsidies for exam revision

    14 Jun 2002

    National franchising operation Mortgageforce is offering £100,000 of cash subsidies to help 1,000 brokers fund their exam revision and sittings to increase the number of advisers meeting the MCCB's qualification deadline. It is also extending its training support programme to brokers not in its franchise. It will pay £360 per non-member broker towards monthly tutor support and a minimum contribution of £50 for the basic 1.5 day Cemap course.  

  • Multiple choice

    13 Jun 2002

    Cazenove Investment Fund Management has introduced a portfolio management service that provides access to four multimanager funds of funds. The universal portfolio management service contains the Cazenove universal UK growth portfolio, universal balanced portfolio,universal growth portfolio and universal international portfolio (ex UK) funds. When selecting funds for each portfolio, the fund team will analyse the investment process of the funds they are considering. They ...

  • Neville James offers Tep choice

    18 Jun 2002

    Neville James has introduced a portfolio management service that deals with traded endowment policies (Teps). This enables IFAs to choose how much input they have and how much administration work to do.

  • New Star Investment Funds - Income or Protected Growth Plan

    13 Jun 2002

    Thursday, 13 June 2002Type: Guaranteed equity bondAim: Income or growth linked to the performance of 50 individual sharesMinimum-maximum investment: £7,000-No maximumTerm: Five yearsGuarantee: Annual income option 50% - 100% capital returned at end of term, quarterly income option 55% - 100% capital returned at end of term, growth option capital returned in full at end of termReturn: Annual income option 10% gross a year, quarterly ...

  • New Star plan has income or growth with protection

    13 Jun 2002

    New Star is teaming up with Credit Suisse First Boston to set up a structured product offering investors high income or growth with a degree of capital protection. The New Star income or protected capital plan is a five-year product offering returns linked to the performance of stocks in the Dow Jones Global Titans index of 50 individual global large-cap stocks. It has two income options. The first is an annual option with fixed income of 10 per cent and 50-100 per cent ...

  • Northern Rock Guernsey - Offshore Advantage Bond Issue 2

    17 Jun 2002

    Monday, June 17 2002Type: Offshore high interest accountAim: Growth linked to the performance of the FTSE 100 indexMinimum investment: Lump sum £10,000Place of registration: GuernseyInvestment split: 100% linked to the performance of the FTSE 100 indexIsa link: NoYield: Rate A 3% gross a year, rate B 7% gross a yearCharges: NoneCommission: NoneTel: 01481 718121

  • Northern Rock Guernsey - Offshore Fifty Fifty Issue 8

    18 Jun 2002

    Tuesday, June 18 2002Type: Offshore guaranteed equity bond and high interest accountGUARANTEED EQUITY BONDAim: Growth linked to FTSE 100 indexMinimum-maximum investment: £5,000-£2.5mTerm: Five yearsGuarantee: Original capital returned in full at end of termReturn: Up to 75% of growth in the FTSE 100 index over termClosing date: July 9, 2002HIGH INTEREST ACCOUNTMinimum-maximum investment: £5,000-£2.5m

  • NU in talks with Revenue over money back annuity

    14 Jun 2002

    Norwich Union is in talks with the Inland Revenue to get approval for a money back annuity that will pay out capital after death in the form of income. NU will guarantee the full original value of the annuity pot and will pay the outstanding balance to the annuitant's estate on death as taxable income. It believes by paying the outstanding sum as income, the product does not fall foul of current Revenue rules and is expecting to get the go ahead to launch soon. 

  • OFT launches inquiry into estate agency market

    14 Jun 2002

    The Office of Fair Trading has launched an inquiry into the estate agency market in England and Wales to investigate whether fees offer value for money, the effectiveness of competition and consumer protection. It will examine why the Ombudsman for Estate Agents received 5,500 customer complaints last year, an increase of 25 per cent from 2000, and why trading standards offices got 5,000 complaints about selling techniques. Concerns about gazumping being used to drive up house prices ...

  • On Commons ground...

    13 Jun 2002

    In a recent poll commissioned by BB Radio 4 to find the most despised profession,MPs and Government ministers topped the hate list. Despite this, Robin Cook,in the past few weeks in a submission to the committee on standards in public life, contended that MPs should be permitted to continue self-regulation. Apart from the sleaze, accepting donations from dubious sources, cash for questions and substance being subordinate to style and spin, you are forced to concede that ...

  • Online optimism as traders predict a market upturn

    13 Jun 2002

    Online traders expect the equity market to bounce back, predicting an average return of 7.1 per cent on equities in 2002, according to research from broker Self Trade's optimism report. The research, from 1,000 responses to an email survey conducted last March, showed that online traders were optimistic about the outlook for equities over the next 12 months with 45 per cent describing themselves as bullish, compared to 8 per cent bearish. Online traders were classified ...

  • Outside edge: John Cowan

    13 Jun 2002

    I was at Celtic Manor a few weeks ago attending Money Marketing's G80 Conference held for IFAs and product providers to debate the impending changes to polarisation, CP121 and the future of the financial services industry. Perhaps it is an age thing but I could not help reflecting and contrasting the unfolding events with those of the late 1980s when, following the introduction of polarisation, we had an undignified scramble for distribution. Back then, product providers ...

  • Penalty knockout as football fund folds

    13 Jun 2002

    Singer & Friedlander has finally admitted defeat in its battle to keep its football fund running by switching investors to another fund and applying to have its shares delisted. Following an extraordinary annual meeting last month, S&F will amalgamate up to 85 per cent of the Dublin-based Oeic into its UK growth fund and delist the shares after a lack of demand and poor performance forced it to reassess its management position. Although IFAs see the move as embarrassing ...

  • Pension trustees given vote of confidence

    14 Jun 2002

    Pension trustees have been given a vote of confidence as competent handlers of pension funds in research from Watson Wyatt and Cranfield University School of Management. Despite 74 per cent of trustees having backgrounds unrelated to finance, the research found trustees make responsible decisions with pension funds. But the most training a trustee had received was just three days.  

  • PHL makes move into buy-to-let

    13 Jun 2002

    Pink Home Loans has set up a new range of mortgage deals, including two buy-to-let products, as well as fixed-rate, flexible and tracker deals. Its first buy-to-let mortgage is funded by Mortgage Express and has a rate of 1.99 per cent fixed until June 3, 2003. The second buy-to-let offering is a three-year stepped discount deal funded by Legal & General Bank. A discount of 1.25 per cent off the base rate of 5.74 per cent applies in the first year, making the rate 4.49 ...

  • Pickering wants OPP compulsion for staff

    13 Jun 2002

    Employers wanting to make membership of their group pension or stakeholder scheme a condition of employment would have to make contributions to the plan under proposals from the Pickering review. Alan Pickering's long awaited report has yet to be published but many of his plans have already emerged. The move to reintroduce the option for employers to make scheme membership compulsory has been welcomed by pension experts, who expect an employer contribution of 3 per ...

  • Premier Portfolio Managers - Natural Income Portfolio

    18 Jun 2002

    Tuesday, June 18, 2002 Aim: Income by investing in the Premier high income portfolio, Premier balanced portfolio and Premier UK blue chip portfolio Minimum investment: Lump sum £20,000 Investment split: Choice of Premier high income portfolio, Premier balanced portfolio and Premier UK blue chip portfolio Income facility: High income portfolio and balanced portfolio quarterly, UK blue chip portfolio twice a year Charges: Initial ...

  • Privates on parade

    13 Jun 2002

    Private equity can evoke dreams of finding the next Intel or Microsoft or images of fat cat bankers dressed in Armani suits, smoking expensive cigars and contemplating their next big deal. But private equity can make a useful contribution to any investment portfolio. Studies have shown that private equity returns do not correlate closely with returns from other asset classes, such as bonds and public equities, so having an allocation in private equity can help smooth out the returns ...

  • Product matters

    13 Jun 2002

    Quite why New Star feels the need to launch structured products on to a crowded market is beyond me at the present time. A firm that raises £800m in one year does not need the extra few million pounds that this sort of product raises. The income or protected capital plan is similar to many other structured products on the market. This one offers the choice of income or growth - 10 per cent annual income or a maximum of 55 per cent growth over the five-year ...

  • Property with potential

    13 Jun 2002

    The Threadneedle property unit trust is a Jersey-based fund that invests in UK commercial property. Considering the market suitability of the fund, Posner says: "It is an unclassified Jersey-based unit trust. It invests in an actively-managed portfolio of UK commercial property." Robinson says: "There is more competition than there was six months ago. It will fit in at the top end of the market. People are diversifying away from equities into property and bonds." Woodward ...

  • Protection warning over 50-year loans

    13 Jun 2002

    Proposals for 50-year mortgages been criticised by life companies. They say savings on 50-year loans would be minimal as protection policies would be very expensive if available at all for such terms. The concept was floated last week by Charcol, drawing comparisons with Japan where astronomical property prices led to mortgage terms of up to 100 years. Norwich Union claims the savings from such a loan are minimal. It says level term cover of £100,000, for ...

  • Providers should get their own houses in order

    13 Jun 2002

    I would like respond to the report in MM concerning the survey by Camp Chipperfield Hill Murray. One provider said: "What would you be paying for if you buy IFAs? The management? That's a joke. The systems? That's an even bigger joke" and another saying it is "like herding peacocks. They strut with their beautiful plumage saying 'aren't we beautiful' but they screech in the night." Many providers should first take a look at themselves. I have worked for ...

  • Quarter of SMEs to wind up final salary schemes

    14 Jun 2002

    A quarter of small medium sized businesses are planning to wind-up their final salary schemes in the next year, according to research by consulting actuaries Hazell Carr. Around 17 per cent said they intend to close their schemes to new members. While approxiamtely 65 per cent expect their contribution levels to rise at the next valuation date. Only 13 per cent said FRS17 threatened their final salary schemes. Stockmarket volatility, increasing costs and low investment returns were ...

  • Raising Standards companies increase market share

    17 Jun 2002

    The nine Raising Standards-accredited companies share of new business has risen 39 per cent compared to 33 per cent last year. According to the figures extracted from the ABI new business figures for Q1 2002, that figure rises to 41 per cent for the eight companies that distribute through IFAs. The ABI says that CIS, Norwich Union and Scottish Equitable are going to apply RS-style documentation to existing business.

  • Research shows the importance of fund analysis

    13 Jun 2002

    Credit Suisse is urging IFAs to be aware of the importance of picking investments as fund performance figures show how difficult finding a winner can be. Based on Lipper figures to the end of March, Credit Suisse says only one in 10 onshore unit trusts has had above-average performance for three consecutive years. The research also shows that almost two-thirds of unit trusts have had a change of manager in the past three years. Only 2 per cent of European and ...

  • Reyker targets Invesco Peps

    13 Jun 2002

    Reyker Securities is offering initial and trail commission to IFAs looking to switch Pep clients from Invesco Perpetual. The move follows Invesco Perpetual's decision to axe Pep accounts with direct shareholdings. Investors have the choice of selling their shares and switching into an Invesco fund, continuing to hold them outside a Pep wrapper or transferring them to another provider. Reyker is offering a £12.50 initial fee and 0.25 per cent trail commission ...

  • Roll-up under review

    13 Jun 2002

    In reviewing the issues that will be discussed in connection with the newly-published consultation document on offshore funds, I started to look last week at some of the possibilities for a new system of taxation for offshore funds - one of a few developments on the horizon that could be relevant for those IFAs who advise on offshore investments or whose clientele include non-UK-resident and non-UK-domiciled clients. One possibility, albeit the least likely, is that there could ...

  • Ruling set to spark mega-mergers

    13 Jun 2002

    The floodgates could be opened to more consolidation in financial services following a ruling that the EU Comm-ission was wrong to block the merger between Airtours and First Choice. Last week's decision by the Court of First Instance comes as a slap in the face for EU internal markets commissioner Mario Monti and could pave the way for mega-mergers among UK financial services firms. The merger of the two UK holiday firms would have given them a market share of 34 ...

  • Schroders - Schroder UK Alpha Plus Fund

    18 Jun 2002

    Tuesday, June 18, 2002 Type: Unit trust Aim: Growth by investing in equity securities of UK companies Minimum investment: Lump sum £1,000, monthly £50 Investment split: 100% in equity securities of UK companies Isa link: Yes Pep transfers: Yes Charges: Initial 5.25%, annual 1.5%. Isa initial 3.25% Special offer: Initial charge reduced to 3.75%, 1.75% for Isas Offer period: Until July 5, 2002 Commission: ...

  • Scottish Mutual chief quits in Abbey National restructure

    13 Jun 2002

    Scottish Mutual chief executive Graham Pottinger is quitting the Abbey National group after a restructuring of its long-term savings and wealth management businesses. Abbey National is bringing all its intermediary businesses in to one group, ready for depolarisation. Pottinger will not be directly replaced. Abbey's life division finance director David Wallace will take over running the whole division as director of operations. The wealth management and long-term ...

  • Small firms hit hard by FSA ending monthly fee payments

    13 Jun 2002

    The FSA is telling IFAs they must pay regulatory fees in a single lump sum rather than in monthly instalments. Under the PIA, firms could pay their regulatory fees by monthly direct debit but the FSA says this would be too costly to administer. Small IFAs are shocked at the demand and complain that it will hit their cashflow. The FSA says the change has been aired in the consultation process that preceded N2 and that firms should have addressed the issue then. The ...

  • Standard Life moves into the offset sector

    13 Jun 2002

    Standard Life Bank is launching its first offset mortgage combining borrowers mortgage loan and savings. The freestyle offset product includes a mortgage and savings account but does not offer a credit card, current account or personal loan facility as Standard believes this may encourage debt or confuse borrowers. Offset mortgages calculate interest on the difference between the mortgage and savings rather than on the total loan on a daily basis. The lender ...

  • Standard would accept business fall as it bides its time on distribution

    13 Jun 2002

    Standard Life says it would rather take a dip in new business than rush into hasty decisions on distribution following depolarisation. Director of corporate affairs Gordon Arthur says there is no risk in its "wait and see" approach and claims other companies are being premature in taking stakes in IFAs before they know the details of the rules after polarisation. Standard points out that it is being approached by many IFAs and is on the overwhelming majority of IFA panels. Standard ...

  • State Street brings ETF experience to UK

    17 Jun 2002

    State Street Global Advisers, the investment management arm of US investment bank State Street, is offering the streetTRACKS MSCI Pan-Euro exchange traded fund (ETF) as part of its family of European ETFs.

  • State Street Global Advisers - StreetTRACKS MSCI Pan-euro

    13 Jun 2002

    Thursday, 13 June 2002Type: Exchange traded fundAim: Growth by tracking the MSCI Pan-Euro indexMinimum investment: Subject to negotiation with stockbrokerMaximum investment: NonePlace of registration: UKIsa link: YesPep transfers: YesCharges: Annual 0.5%Commission: NoneContact: www.ssga.com/uk

  • State Street Global Advisors - StreetTRACKS AEX Index

    12 Jun 2002

    Wednesday, 12 June 2002Type: Exchange traded fundAim: Growth by tracking the AEX indexMinimum investment: Subject to negotiation with stockbroker Maximum investment: NonePlace of registration: UKIsa link: YesPep transfers: YesCharges: Annual 0.3%Commission: NoneContact: www.ssga.com/uk

  • State Street Global Advisors - streetTRACKS Europe Energy ETF

    17 Jun 2002

    Monday, June 17, 2002 Type: Exchange traded fund Aim: Growth by tracking the MSCI Europe energy index Minimum investment: Subject to negotiation with stockbroker Maximum investment: No maximum Place of registration: UK Isa link: Yes Pep transfers: Yes Charges: Annual 0.5% Commission: None Contact: www.ssga.com/uk

  • State Street Global Advisors - streetTRACKS Europe Financials ETF

    17 Jun 2002

    Monday, June 17, 2002 Type: Exchange traded fund Aim: Growth by tracking the MSCI finance index Europe Minimum investment: Subject to negotiation with stockbroker Maximum investment: None Place of registration: UK Isa link: Yes Pep transfers: Yes Charges: Annual 0.5% Commission: None Contact: www.ssga.com/uk

  • State Street Global Advisors - StreetTRACKS MSCI Europe Consumer Discretionary

    17 Jun 2002

    Monday, 17 June 2002Type: Exchange traded fundAim: Growth by tracking the MSCI Europe Consumer Discretionary indexMinimum investment: Subject to negotiation with stockbroker Maximum investment: No maximumPlace of registration: UKIsa link: YesPep transfers: YesCharges: Annual 0.5%Commission: NoneContact: www.ssga.com/uk

  • State Street Global Advisors - StreetTRACKS MSCI Europe Consumer Staples

    17 Jun 2002

    Monday, 17 June 2002Type: Exchange traded fundAim: Growth by tracking the MSCI Europe Consumer Staples indexMinimum investment: Subject to negotiation with stockbroker Maximum investment: No maximumPlace of registration: UKIsa link: YesPep transfers: YesCharges: Annual 0.5%Commission: NoneContact: www.ssga.com/uk

  • Teather & Greenwood Investment Management - TGIM Ethical Fund

    14 Jun 2002

    Friday, 14 June 2002Type: OeicAim: Growth by investing in socially responsible UK equitiesMinimum investment: Lump sum £1,000, monthly £100Investment split: 100% in socially responsible UK equitiesIsa link: YesPep transfers: YesCharges: Initial 3%, annual 1.5%Special offer: No initial chargeOffer period: Until July 8, 2002 Commission: Subject to negotiationTel: 020 7426 9000

  • The FSA's endowment approach

    13 Jun 2002

    Thank you for your letter of 21 May. It raises a number of points, and in particular provides me with the opportunity to restate the overall approach which we have taken to endowment mortgages, and to explain the substantial body of work that has been, and is being, undertaken here. The overall FSA strategy as defined publicly in October 2000 has been: To ensure that consumers are well informed, are encouraged to complain where they are unhappy with the advice they were ...

  • The fund fair

    13 Jun 2002

    The Inland Revenue is allowing investors in Rathbone's special situations fund to switch without charge to Patrick Evershed's new select oppor- tunities fund at New Star. Considering the number of star manager moves at the moment, would you like to see this type of agreement reached between companies more often? Mike Owen: Yes, it would facilitate ease of transfer from one fund to another, allowing investors to follow the fund manager without being constrained by capital ...

  • The new industrial revolution

    13 Jun 2002

    The scale of infrastructure needed to support life and pension operations means many providers continue to endure systems and processes created for an industry very different to the one that exists today. Reductions in profit margins are finally laying bare the cost of antiquated information technology, outdated attitudes, bygone cultures and laborious processes. The life and pension sector is undergoing change of a scale similar to the industrial revolution. Never before ...

  • Threadneedle adds to fixed interest team

    17 Jun 2002

    Threadneedle Investments is further expanding the corporate bond section of its fixed interest team. Trudie Pearce, Paul Kirtley and Victoria Port have all been recently recruited and will start work with Threadneedle at various times in the next three months.

  • Three new two year products from B&W

    18 Jun 2002

    Bristol & West is introducing three new two year mortgage products with no extended tie-ins.

  • TMB in move to forge links with Urdu community

    13 Jun 2002

    The Mortgage Business is producing marketing information in Urdu as part of an initiative to help brokers build links with their local communities. Manchester broker Thom- son Finance was the first to test the idea after working with TMB business development manager Ray Ronan. It produced 500 flyers in Urdu promoting its specialist products such as self-employed and self-certification mortgages and buy-to-let loans. The initiative proved a success, with #2m in cases, ...

  • Toisa pledges to lock in index-linked return

    13 Jun 2002

    Key Data is offering a new Tessa-only Isa fund with a lock-in which guarantees investors at least a 5 per cent annual return. The fund tracks the FTSE 100 and guarantees if the index grows by 25 per cent at any time during the five-year investment period, that growth will be locked in. If the index fails to hit the 25 per cent mark, the inves-tor will receive the equivalent of any growth in the index. Investors will also get half of any further growth above the 25 per ...

  • Two-thirds of brokers say don't apply CP121 to loans

    13 Jun 2002

    Two-thirds of brokers are against the FSA's CP121 proposals being applied to mortgages and want a different regulatory regime from life, pensions and investment. A survey of 500 intermediaries last month by specialist lender Future Mortgages rev-eals that only 11 per cent are in favour of CP121 covering their business while 23 per cent are unsure. The Future 500 survey also shows that 36 per cent are concerned that the Treasury's mortgage regulation consultation ...

  • UBS establishes global optimal fund

    17 Jun 2002

    UBS Global Asset Management has introduced the global optimal fund as part of its foray into the UK retail market.

  • UBS Global Asset Management - UK Select Fund

    12 Jun 2002

    Wednesday, June 12, 2002 Type: Oeic Aim: Growth by investing in UK equities Minimum investment: Lump sum £1,000, monthly £50 Investment split: 100% in UK equities Isa link: Yes Pep transfers: Yes Charges: Annual 1.5% Commission: Initial 3%, renewal 0.5% Tel: 0800 5872111

  • UBS launches three new funds

    14 Jun 2002

    UBS Asset Management is launching the three funds which will spearhead its entry into the UK retail market on June 30. The funds - the UK select, global optimal and managed fund - will have a 1 per discount off the 4 per cent initial charge for the first two weeks from launch and an annual management charge of 1.5 per cent. Commission is 3 per cent. UBS intends to launch a further nine funds over the next three years.

  • Verity's view

    13 Jun 2002

    In the recent Cabinet reshuffle, the old Secretary of State for Work and Pensions Alistair Darling was welcomed in his new job at transport as "a safe pair of hands". Unfortunately, this hackneyed phrase is one of those which emerges from the political world on those rare occasions when the records of Cabinet ministers become worth discussing. Political correspondents tend to write up a politician's record in a terrible hurry on days like this. In many cases, they ...

  • Watchdog puts IFAs in PI predicament

    13 Jun 2002

    The Financial Services Ombudsman is asking IFAs to forego a legitimate defence to claims brought against them which could see them invalidating their professional indemnity cover. A recent court decision tightened the time limit for consumers bringing cases against IFAs but the ombudsman has requested that advisers let cases continue even though they could get them struck out as time-barred. IFAs have questioned whether it is appropriate for the ombudsman to request they ...

  • Web wonders

    13 Jun 2002

    Business agility - the ability to respond quickly to change and stay ahead of competitors - will be crucial for IFAs and service providers as they struggle to survive in a sector where products and services are being developed faster than ever and new regulations are constantly being imposed. However, research from BT suggests that one in 10 business leaders in financial services admit they are not agile enough to react to economic and market changes, including economic downturns ...

  • Where there's a will…

    13 Jun 2002

    What do Karl Marx and Keith Moon (former drummer with The Who) have in common? Yes, I know they are both dead but not only that - both died intestate. Marx, the philosopher and economist whose writings inspired generations of political activists, died in 1883 and left an estate of £250. While Moon, the outrageous performer who influenced a whole generation of baby boomers, who died in 1978, left an estate valued at £375,599. In Moon's case the excuse that ...

  • Why Europe-based IFA is a shore thing

    13 Jun 2002

    White vans weighed down with cheap booze from Calais have become a common sight in the UK. Now the regulatory style adopted by the FSA and its willingness to impose tougher rules - notably, the defined-payment system - than the rest of the EU has led to the suggestion that IFAs could set up on mainland Europe. Taking advantage of a more favourable regulatory climate, they could then market their services into the UK. Regulatory arbitrage - the spectre of the Calais-based ...

  • World Cup runneth over

    13 Jun 2002

    IFA John Townsend of Acumen Financial Services will be enjoying watching the World Cup on his new widescreen TV courtesy of Fidelity Investments' FundsNetwork. Townsend, pictured (far right) with Fidelity national accounts manager Paul Bayliss, was entered into a draw when he asked for information about FundsNetwork in response to a mailshot from the fund manager. About 15,000 leaflets were sent out to IFAs with the aim of getting advisers to use FundsNetwork business ...

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