Money Marketing
12 October 2005

  • Platform introduces electronic ID

    13 Oct 2005

    Platform Home Loans is offering an electronic identification facility on its online decision tool to end lengthy procedures for mortgage applicants.

  • 1m private healthcare campaign backed by PMI providers

    17 Oct 2005

    Six leading private hospital and health insurance companies have joined forces to champion the benefits of private healthcare with a national campaign.

  • 25M target for Rathbones VCT

    13 Oct 2005

    Rathbones is aiming to raise 25m by next April with the launch of its Pennine Aim VCT 6 which offers investors the chance to exit after three years.Over the three years to September 8, 2008, the VCT int- ends to invest at least 70 per cent of its funds predomin- antly in Aim-quoted firms. The rest will be invested in government stock, and investors of 5,000 or more can choose to take this portion as a tax-free cash return of 30p per 1 invested after three years. The rest of their ...

  • 79 per cent want simpler pension system

    12 Oct 2005

    Seventy-nine per cent of the public want the state pension system simplified and would prefer a single pension with S2P abolished according to Axa research.

  • 79% Want simpler pension system

    13 Oct 2005

    Seventy-nine per cent of the public want the state pension system simplified and would prefer a single pension with S2P abolished, according to Axa research.

  • A lotta bottle

    13 Oct 2005

    What can you do with a nebuchadnezzar? Money Marketing's conscience was pricked by stories of a New York hedge fund manager spending 36,000 in a Kensington hotel last week. Apparently, he had just been paid a bonus for sealing a 3m deal and decided to buy 851 cocktails and clear the place of Cristal champagne.We were tempted to moralise on the decadence of all this but are still sitting on a bottle of champagne bigger than a three-year-old child donated by benefactor Friends Provident ...

  • ABI publishes new Basic Advice guidance

    18 Oct 2005

    The ABI has published new guidance for consumers and insurers about the Basic Advice sales regime for stakeholder products.The literature is in two parts with the first aimed at consumers and the second designed to help insurers better understand and interpret FSA regulation in this area.It was published to complement the FSAs recently published frequently asked questions on basic advice, improve consumer knowledge and confidence in basic advice and grow a shared understanding ...

  • Accusations are unfair

    13 Oct 2005

    I write in response to a letter from Julian Stevens of WDS IFAs (MM, September 29) about the transfer by Lazards of Pep and Isa investors to FundsNetwork. We are sorry that Mr Stevens feels that the re-verification of former Lazards Pep investors for money-laundering purposes on their transfer to FundsNetwork is unnecessary. The need for verification arises because of the nature of Pep and Isa investments, which require a plan manager. In this case, FundsNetwork's admin company ...

  • Advisers opting for ScotLife fee choice

    13 Oct 2005

    Over three-quarters of advisers recommending Scottish Life pensions are now using the firm's financial adviser's fee option, underlining the shift away from remuneration based on annual charges, says the company.ScotLife introduced the financial adviser's fee in May 2003. It gives advisers the option of taking their remuneration from the client's pension fund, which is claimed to be is more tax-efficient as fees are paid from gross earnings.Sales director Jim Smith says the ...

  • Afford ability

    13 Oct 2005

    Alliance & Leicester head of intermediary mortgages Mehrdad Yousefi says the traditional earnings' multiple approach no longer fits the mortgage market

  • Aifa calls for an end to FSCS costs based on past

    13 Oct 2005

    Aifa is waiting for the FSA's imminent discussion paper on the Financial Services Compensation Scheme, saying the levy is "out of kilter" with the rest of the industry.The FSCS needs a complete review that Aifa hopes will be be opened up by the discussion paper which is expected this month or early November, says Aifa director general Chris Cummings. He criticises the system and is calling for the industry to ringfence costs of the past, introducing a pay-as-you-go scheme.Cummings ...

  • Apcims members in menu dilemma

    13 Oct 2005

    Apcims members face the decision of dealing with the complexities of the menu or relinquishing their independent status after the four-month depolarisation waiver granted by the FSA ended last week.The organisation had been lobbying for a change to the regime governing its member firms, claiming the comp- lexities of breaking down trail commissions to offer a rebate on the fee option were too demanding.The FSA offered a four-month waiver, from June, to allow consultation between ...

  • Back our campaign for protection advice

    13 Oct 2005

    Money Marketing is launching a No Advice - No Protection campaign which aims to ensure that customers buying protection products without advice are aware that their choice is limited and their chance of redress is signed away.The campaign reflects concerns among high-profile protection IFAs that consumers making non-advised buys are not informed in pre-sales literature or at point of sale that they lose the protection of the Financial Ombudsman Service in the event that they buy ...

  • Barclays launches repositioning campaign

    18 Oct 2005

    Barclays is repositioning its brand through its most extensive advertising campaign to date.

  • Beeston resigns from Millfield board

    17 Oct 2005

    Millfield group sales director Bryan Beeston has resigned his board position from the group as it plans to focus wholly on the UK market.Beeston is planning to launch a new venture within the group, maintaining his association with the firm.A founding member of Millfield, he will stand down from December 31, 2005, aiming for a smooth transfer of responsibility.

  • Bell tolls for wasting assets

    13 Oct 2005

    AJ Bell says it will not accept any assets in its Sipp after sA-Day which are classed as "wasting assets" by the Revenue , ruling out wine, classic cars or racehorses.

  • Bell tolls for wasting assets

    12 Oct 2005

    AJ Bell says it will not accept any assets in its Sipp after A-Day which are classed as "wasting assets" by the Revenue, ruling out wine, classic cars and racehorses.

  • Beware of IP in disguise, warns Carr

    13 Oct 2005

    Providers selling MPPI and ASU must stop disguising their products as income protection products, say advisers backing Money Marketing's No Advice, No Protection campaign.Lifesearch senior technical adviser Kevin Carr says customers are often being led to believe they are buying IP, which provides a partial income replacement for time off work due to long-term illness or disability, when in fact they are buying ASU, which provides a sum for a limited period only.The Association ...

  • Blair necessities

    13 Oct 2005

    Pensions and party politics have never been comfortable bedfellows. Pensions, by their very nature, need long-term solutions whereas the governing party can never see beyond the next election.

  • Brokers ignore lender cascade system advice

    13 Oct 2005

    Mortgage brokers are ignoring recommendations of cascade underwriting systems and offering clients worse deals that pay higher fees, according to Platform Home Loans.Brokers are making app-lications for clients as sub-prime candidates but are ignoring products highligh- ted by the lender's cascade system which offer better deals.Platform expressed its concerns at a treating customers fairly seminar, hosted by the FSA last week. John Charcol senior technical manager Ray Boulger ...

  • Buckles and Hay back-end battle

    13 Oct 2005

    National IFA Buckles is warning potential Sipp investors to check for "back-end charges" when selecting a Sipp provider.The Rhyl-based advisory firm is currently locked in a war of words with James Hay over the layer of charges the Abbey-owned pensions administr-ator is levying on the transfer of Buckles' own staff Sipp.James Hay charges 1,250 plus VAT and disbursements on property transfers as well as a 550 admin charge which rises to 900 if the client wants to use their own ...

  • Campaign to protect public

    13 Oct 2005

    Money Marketing is launching a No Advice, No Protection campaign to promote consumer understanding of advised and non-advised sales in the protection industry.The campaign has been launched in response to industry calls for help for consumers in understanding they have no redress to the ombudsman and an FSA-enforced pre-sale customer warning for direct sales.We ask the FSA to enforce a pre-sales procedure, whe-ther it is a tickbox or signed form, to make sure consumers understand ...

  • Can small caps stay ahead?

    13 Oct 2005

    Small-cap funds have shown stunning performance over recent years but Nicola York discovers some analysts believe that the sector has hit its peak

  • Chadborn warning of 'cheapest is best' trend

    13 Oct 2005

    The purchase of protection products online or through banks, building societies or supermarkets does not guarantee access to appropriate products or policies due to limited choice.The Money Marketing campaign aims to ensure a level playing field by insisting direct-to-consumer providers give adequate information to better equip potential custo- mers with this knowledge.In protection, most advisers would agree it is provable at the outset that one solution is clearly of more ...

  • Check the long-playing record

    13 Oct 2005

    Skandia pension marketing manager Billy Mackay says some product structures are simply not being built for the long term

  • Cinderella paraplanner will be going to the ball

    13 Oct 2005

    The Women's IFA Group is turning the spotlight on the often overlooked paraplanning profession.Seen by many as the Cinderella role in financial serv-ices, Origen director of research and development Tony Lanning says paraplanners play a crucial role at the organisation and argues that a separ-ate category for the sector is deserved.He says female paraplanners make up 40 to 50 per cent of those in Origen's Chancery Lane office and this figure is not unusual for the industry. ...

  • CIS calls for increase in CTF eligibility

    18 Oct 2005

    The Co-operative Insurance Society is calling for child trust funds to be made available to children falling outside the date of eligibility for the vouchers.

  • Clerical triples bond trail cash

    13 Oct 2005

    Clerical Medical has tripled trail commission available to IFAs in its new investment bond which combines its income and growth products.The company says the dec- ision to raise trail payments on its product is in line with the menu of charges' system and is designed to put the adviser in control.Trail can be increased from 0.5 per cent to 1.4 per cent or 0.2 per cent of trail for every 1 per cent initial commission that is relinquished from the maximum 7 per cent available.The ...

  • Cofunds offers 200 funds for bond

    12 Oct 2005

    Cofunds will offer advisers access to over 200 funds from 40 managers in its onshore investment bond, being launched with Legal & General at the end of this year.

  • Collins reaches out to Europe

    12 Oct 2005

    Collins Stewart is expanding its absolute return and absolute return plus hedge funds to include European retail markets.

  • Collins reaches out to Europe

    13 Oct 2005

    Collins Stewart is expanding its absolute return and absolute return plus hedge funds to include European retail markets.

  • Conference gets technical

    13 Oct 2005

    We have recently seen a big upsurge in those attending regional Personal Finance Society meetings, compared with former LIA or Sofa meetings.

  • Consumer concern

    13 Oct 2005

    Irarely respond to Nic Cicutti's column, not least because I do not wish to encourage him, but I cannot allow him to rewrite the past with such disregard for the facts. In a recent column, he suggested that the IFA Association had acted against the consumer interest during its opposition to the pension review and this had caused the reorganisation of IFA representation.

  • Consumers need protection of advice

    13 Oct 2005

    If a consumer takes out a mortgage or a loan they are advised in no uncertain terms that their home is at risk if they fail to keep up repayments. A sound piece of advice.

  • Correspondent's week

    13 Oct 2005

    This week by The Times' deputy personal finance editor Antonia Senior Despite the reservations of those of us addicted to print, the online side is becoming crucial.

  • Doctor's orders

    13 Oct 2005

    Once in a while, it is possible for a high official to hit the nail on the head.

  • Doel and team join F&C

    13 Oct 2005

    F&C has recruited former DWS UK opportunities manager Phil Doel and four of his equity team following the purchase of DWS by Aberdeen.Doel is joined by former head of Deutsche UK equities Peter Lees, and team members Luke Newman, Makis Kaketsis and Michael Ulrich. They will join F&C next month and F&C plans to launch a suite of new UK equity funds, including a version of Doel's 25-stock fund, shortly afterwards. Doel's fund has been top quartile since launch at DWS where he has ...

  • Equitable drops lost sale claim

    17 Oct 2005

    Equitable Life has dropped its lost sale claim against 11 of the society's former directors in an attempt to speed up the case and cut costs. The society is continuing its other claims against the former directors and therefore cannot make additional comment. Equitable Life chief executive Charles Thomson says: "We have taken the pragmatic decision to withdraw the lost sale claim. This will speed up the process and reduce overall costs.

  • Equitable drops two more cases

    13 Oct 2005

    Equitable Life has dropped another two cases against former directors. Former non-executive David Wilson and executive director Roger Bowley face multi-million pound legal bills.

  • Equitable drops two more cases

    12 Oct 2005

    Equitable Life has dropped another two cases against former directors. Former non-executive David Wilson and executive director Roger Bowley face multi-million pound legal bills.

  • Exchange teams up with Just Retirement for release trading

    13 Oct 2005

    The Exchange and Just Retirement have set up a strategic partnership offering IFAs a year's free access to the portal's equity-release trading platform.The deal gives 10,000 subscribers to The Exchange's Exweb product 12 month's free access to the platform, on a first come, first served basis.It says each adviser will save more than 200, with a potential to save the IFA commu- nity 2m. The portal claims that the service is the industry's only equity-release tra- ding platform.The ...

  • F&C backs Euro private equity

    13 Oct 2005

    F&C Asset Management is encouraging investors to consider private equity and says they should banish fears that the bubble is about to burst.Manager of F&C private equity trust Hamish Mair says the best opportunities lie in the European mid-market arena, with enterprise values of between euro 50m and 500m, as the majority of interest is being aimed at the top end of the market which is oversaturated.Mair has confidence in the UK as the most evolved private equity market in Eur- ...

  • Female loan advisers to the fore

    13 Oct 2005

    Female mortgage advisers are making a mark on the industry, especially within phone-based advice environments.As the Women's Financial Adviser Group collates its nominations for best female mortgage broker, firms such as Purely Mortgages and London & Country are seeing the benefits of having female advisers.Purely Mortgages chief executive Mark Chilton says: "Over half of our adv- isers are women and, alm- ost without fail, they are the most successful. They are particularly ...

  • Financials figure out candidates

    13 Oct 2005

    The five-way leadership fight overshadowed all other events at the Conservative conference in Blackpool, leaving the financial services community to contemplate the economic credentials of the contenders.Former Chancellor Ken Clarke stands out with his experience as Chancellor from 1993 to 1997. Clarke's campaign has focused on attacking Chan- cellor Gordon Brown's econ- omic record, especially on pensions and regulation.In a speech in September, Clarke said his priority would ...

  • Float speculation as Magian Mutual struggles to bring in new business

    13 Oct 2005

    Magian Mutual is refusing to deny rumours it is on the brink of demutualisation.Sources say the mutual, which formed when PI Direct acquired professional indemnity insurance provider Magian Underwriting Agency in 2003, is looking to demutualise. Magian underwriting director Glyn Morris refuses to confirm or deny the rumours but admits the firm is having difficulties competing for new business because of the 16 per cent admission charge that firms looking to join the mut- sual are ...

  • Former Zurich boss to make a comeback

    13 Oct 2005

    Retired Zurich and Allied Dunbar chief executive Sandy Leitch is set for a dramatic return to the financial ser- vices industry, with the launch of a multi-tie proposition, say industry sources.A source close to Lord Leitch says he claimed to have just secured 30m backing to go ahead with the venture.The details of the proposition, including the names of the stakeholders and panel members, are unknown but sources say Leitch has teamed up with several of his ex- colleagues at ...

  • FSA could face probe by National Audit Office

    13 Oct 2005

    The chairman of the Parliamentary committee responsible for scrutinising Government expenditure would like to see the FSA brought within the National Audit Office's remit, Money Marketing understands.A well placed industry source says chairman of the public accounts committee Edward Leigh, Tory MP for Gainsborough, is mooting plans to ext- end the power of the NAO to assess whether the FSA is value for money.The NAO was set up to keep tabs on the spending of central Government, ...

  • FSA plans to regulate property club arena

    13 Oct 2005

    FSA fears that inexperienced investors will be taken in by slick property investment clubs has prompted it to consult on regulating the sector.The move is in response to widespread media and industry speculation over the sort of businesses that will appear from next April when residential property investment is allowed in pensions.The Royal Institute of Chartered Surveyors is warning that investors may attempt to get involved with property clubs when they realise they do not ...

  • Great Scott

    13 Oct 2005

    Sedgwick IFC's Scott Maddock-Ellis has been busy raising cash for his local cancer hospital's Velindre Appeal through the year, with the firm matching his funding.So far he has completed the Big Black Mountains Challenge, the Three Peaks Challenge and the Swansea Bay 10k run, raising well over 10,000.

  • Half of firms say clearing final- salary deficits will take 11 years

    13 Oct 2005

    Almost half of UK companies expect it to take more than 11 years to remove their final- salary pension deficits, according to the Association of Consulting Actuaries.The ACA's 2005 pension trends survey found that 89 per cent of defined-benefit sch-emes are in deficit, which equ-ates to a shortfall of 130bn. Although 27 per cent of firms paid lump sums into their schemes to try and reduce their deficits last year, 44 per cent still expect shortfalls to plague them for at least 11 ...

  • Henderson appoints European manager

    17 Oct 2005

    Henderson has appointed Paul Casson to its European team from SVM Asset Management.Casson ran SVMs Continental Europe fund and will report to head of European equities at Henderson, Stephen Peak.

  • Higgs made A&L chairman

    13 Oct 2005

    Corporate governance rev- iewer Sir Derek Higgs has been appointed Alliance & Leicester chairman and will take up the role on October 28.Higgs will relinquish his roles as deputy chairman of British Land and non-executive director of Allied Irish Bank and Egg to focus on his new position at A&L. He will replace current chairman John Wind-eler, who announced at the firm's AGM in May that he would resign on October 27. Windeler has been a director of A&L since 1995 and chairman since ...

  • IFA facing 16k bill for 1990 FSAVC sale

    13 Oct 2005

    Aegon is restructuring its business in a move that will shift its focus from product lines to distribution channels and bring forward the review of the Scottish Equitable brand.The firm is creating two new businesses - Aegon Individual and Aegon Corporate.Aegon Individual will bring together the group's individual pension team, its onshore and offshore life businesses and individual protection business and will be run by Peter Dornan as director.Aegon Corporate will comprise ...

  • IFAP chief questions size of whole-of-market sector

    13 Oct 2005

    IFA Promotion chief executive David Elms has cast doubt over the size of the whole-of-market adviser sector following Aifa's decision to set up a new arm to accommodate Wom firms.Aifa says the arm, called the Association of Financial Advisers, will enable whole-of-market firms to join the trade body without being accused by the FSA of posing as independent by claiming membership of Aifa to their clients.But Elms says IFAP's latest audit of its members failed to uncover any whole-of-market ...

  • IFAP's media message tops the 7m mark

    13 Oct 2005

    IFA Promotion says its annual press coverage has been valued at over 7m, with each adult having 29 opportunities to see its sponsor messages.In the 16 years since IFAP launched, the organisation says it has increased its media value by 60 per cent, judging by figures from June 2004 to May 2005, as calculated by independent media company Panarc International.The top messages delivered during that period were the need for financial planning and the importance of gett- ing independent ...

  • IFAs trounce the multi-ties

    13 Oct 2005

    The vast majority of adviser business is being transacted on an independent basis since depolarisation, with less than 2 per cent through multi-ties, according to Aifa research.The Aifa/NMG IFA census survey polled 362 member firms in August and found 72 per cent of investment transactions, 69 per cent of protection and 69 per cent of mortgages took place using inde- pendent advice.It reveals that 27 per cent of investment transactions were carried out on a whole of market basis, ...

  • IFS says Pensions Commission got its income figures wrong

    13 Oct 2005

    The number of people facing inadequate income in retirement could be about 30 per cent lower than the estimates from the Pensions Commission, according to the Institute for Fiscal Studies.The IFS research claims that the commission's figures of between 38 per cent and 43 per cent risk inadequate incomes, is an overestimation. Its own survey of people aged between 50 and state retirement age found 10 per cent run this risk, using benchmarks set by the commission.The IFS says ...

  • Innovative venture

    13 Oct 2005

    It is always refreshing to see something different and innovative. I think Stephen Edwards and Walid Fakhry, managers of the Core VCTs, have done that.Last year they launched their first VCT raising almost 11m. Not bad. This was partly due to the competitive nature of last year's market and their different VCT structure.The Core II and III VCTs follow the same pattern as last year. Edwards and Fakhry will invest in later stage, mainly MBO deals. What is different is the number ...

  • Investment View: Home truths about Sipps

    13 Oct 2005

    It is that time of year when I take myself off to my annual pilgrimage in the West Country.

  • Isis UK Select Trust replaces Mitchell

    14 Oct 2005

    The board of Isis UK Select Trust has appointed Jamie Hooper to replace Derek Mitchell as the fund manager.Hooper has worked along Mitchell for two years, his appointment follows Mitchell's departure from F&C following the arrival of five of DWS' former UK team.

  • Joseph wins last- minute reprieve

    13 Oct 2005

    IFA John Joseph has secured a stay of execution on an FSA deadline that would have closed his business this week.The October 10 deadline has been lifted while the ombudsman decides whether it can re-examine new evidence submitted by Joseph in the case which relates to a Standard Life mortgage endowment policy.Joseph, of John Joseph Financial Services, has refused to pay a former client 1,204 compensation until she signs a letter promising to pay him any windfall she receives ...

  • JPMF is planning emerging merger

    12 Oct 2005

    JP Morgan Fleming is planning to merge its emerging markets investment trust with F&C's emerging markets investment trust. Over ten years, the F&C trust has returned 101.60 on a 100 investment while the JPMF trust has returned 176.80.

  • Keydata VCT in C-share issue after early success

    13 Oct 2005

    Keydata is hoping to raise 25m from a C-share issue of its Aim venture capital trust managed by Giles Hargreave.Sixteen investments have been made from the original subscription of 14.3m at a cost of 4.13m and the value of the investments has risen by an average 32 per cent, creating an extra 1.8m in value. The net asset value has climbed from 95p to 103p.The VCT has recruited an additional analyst in Richard Hallett from Singer & Friedlander and Keydata is hoping to capitalise ...

  • Latest Close VCT brings more relief

    13 Oct 2005

    The Close IHT Aim VCT has almost everything for investors. As well as the usual venture capital trust advantages, such as 40 per cent income tax relief and regular tax-free dividends and avoidance of capital gains tax, it also gives full protection against inheritance tax after five years. But most important of all, its investment management is superb.

  • Lime adds product comparison

    12 Oct 2005

    Tenet mortgage and general insurance arm Lime is introducing a new product comparison service called Infowise with Defaqto.

  • Liquid refreshment

    13 Oct 2005

    Chinese government share issue programme is designed to encourage foreign investment

  • m2 launches new deal with Norwich & Peterborough

    18 Oct 2005

    m2000 and Norwich & Peterborough Building Society have created a new product at 4.79 per cent fixed for five years.It offers 200 cashback for purchases or free legal fees for remortgage and a free valuation with no arrangement fee or booking fee. It is available at 90 per cent LTV and a minimum advance of 50,000.

  • 'Make distinction between misselling and misbuying'

    13 Oct 2005

    The FSA must be careful to separate clear misselling from poor buying that no amount of regulation can safeguard against, says Treasury select committee sub-committee chairman Michael Fallon.He told a Mastercard fringe event that a distinction must be drawn to avoid over- regulation impeding competition in fin- ancial services.The MP for Sevenoaks said the industry had to ensure when marketing is honest, making consumers aware of all the risks, and that a system of consumer ...

  • Malcolm on the muddle of pensions

    13 Oct 2005

    The Conservatives were wrong to ignore the issue of pensions at the last election, says Sir Malcolm Rifkind.The Shadow Secretary for Work and Pensions and Tory leadership candidate told a Scottish Widows/Age Concern conference event at the Tories' conference in Blackpool last week that the Government got away lightly with Conservatives failing to take advantage of a good pension manifesto and weak Labour pension policy.He said that Secretary for Work Pensions David Blunkett's ...

  • Manager merry-go-round is hitting fund of fund results

    13 Oct 2005

    All the mandates in Gartmore's Portfolio fund of fund range outperformed their sector averages in their first year but manager Bambos Hambi says the number of manager moves is making the job difficult.Only one in four managers has been in charge of their fund for four years or more and Hambi says the scale of moves has meant that he has had to double his fund turn-over over the past five years.Even the adage that it is safer to invest in boutiques because the managers are more ...

  • Market needs more tailored mortgages, says A&L

    17 Oct 2005

    The one size fits all approach to mortgage lending is no longer viable, says Alliance & Leicester.

  • MFS International UK - MFS Meridian Research Bond Fund

    12 Oct 2005

    MFS International UKMFS Meridian Research Bond Fund

  • Michael Bolton

    13 Oct 2005

    One of the mortgage industry's biggest figures has set of a wave of speculation about his next move after his defection from HBoS with a team of four to join private equity firm Oakwood. John Lappin looks at the career of a controversial character

  • Millfield gets commission clawback waiver

    13 Oct 2005

    Millfield has received an FSA waiver allowing it to show indemnity commission clawback in its accounts.The three-year waiver allows Millfield to include "a reasonable value for sums due from advisers and appointed representatives of the firm which arise in relation to indemnity clawback provisions".Millfield set aside 11.1m for lapsed indemnity commission payments to providers and is expecting 7.7m of that to be refunded by members, leaving a net lapse of 3.4m.However, following ...

  • Mind the gap

    13 Oct 2005

    Despite what we do as a business, I am under no illusion that tax, while important, is secondary to performance

  • Mortgage Next concludes strategic review with key appointments

    14 Oct 2005

    Mortgage Next has concluded a strategic review of its business resulting in some key changes.

  • Mortgage Trust hires Miller as south east BDM

    18 Oct 2005

    Mortgage Trust has appointed a new business development manager in Julian Miller.

  • Mortgage View: Senior service

    13 Oct 2005

    There has been plenty of movement on the job front in the past few weeks but what has made this activity particularly interesting is that those on the move have been senior figures of some calibre.

  • Mortgages plc takes new approach to underwriting

    13 Oct 2005

    Mortgages plc is taking an affordability-based approach to underwriting, with a focus on income and expenditure.The traditional form of using income multiples is being replaced as affordability calculations are often a more realistic basis on which to assess an applicant's abil- ity to repay a mortgage, according to the lender.It is also launching a bes-poke product range, with a two-year fixed-rate non-conforming product underwritten on an affordability basis.All products ...

  • Multi-manager view: For the good of funds

    13 Oct 2005

    I am angered by the debates regarding multi-manager investments. Providers seem to be portraying fund-of-fund propositions as better than manager-of-manager propositions and vice versa. We should all be trying to convert the unconverted IFAs into understanding the benefits of multi-manager propositions.

  • Multi-tie row erupts

    13 Oct 2005

    Aifa's decision to exclude multi-ties has sparked a bitter war of words between three of the UK's top advisers.Positive Solutions CEO David Harrison has slam- med Millfield and Thinc Destini bosses Paul Tebbutt and Simon Chamberlain for criticising the vote and for calling for one trade body.Harrison says the creation of one body would confuse customers and accuses his rivals of only setting up multi-tie services to chase higher commission because of their failure to post a ...

  • Nearly half of over-55s would consider a lifetime mortgage says Pru

    18 Oct 2005

    Almost half of all people aged over 55 would consider a lifetime mortgage, according to research from Prudential.The provider says 44 per cent of those in this age bracket would consider the equity release product, compared to 18 per cent in 2004 and 9 per cent in 2003. When the question was asked to all age groups the figure is 48 per cent.The research also found 47 per cent of the population plan to use their home equity to help fund retirement, with 16 per cent saying it would ...

  • No laughing matter

    13 Oct 2005

    The death of one of this country's greatest comics, Ronnie Barker, made me think just how funny the whole distribution set-up in this market is.

  • Norwich Union cuts MVRs by 2%

    13 Oct 2005

    NU has cut its market value reductions by 2 per cent across its unitised with-profits policies. The changes apply to its CGNU, CULAC and NULAP funds.

  • Norwich Union offers protection promise

    18 Oct 2005

    Norwich Union launches a new protection promise for policyholders for term assurance and mortgage life insurance.

  • Not to be sniffed at

    13 Oct 2005

    Aberdeen Asset Manage- ment has contacted the Diary to say it is surprised to see that Fidelity has "kidnapped" its tracker dog. Fidelity has now introduced a bloodhound of its own, urging customers to "sniff out" its tracker product.

  • NU cuts MVRs by 2 per cent

    12 Oct 2005

    Norwich Union has cuts its market value reductions by 2 per cent across its unitised with-profits policies. The changes apply to its CGNU, CULAC and NULAP funds.

  • NU Healthcare buys firm for occupational sector expertise

    13 Oct 2005

    Norwich Union Healthcare has bought independent occu- pational healthcare prov- ider Private Health Care as part of its bid to become one of the biggest providers of employee benefit solutions in the UK.The acquisition will enable NU Healthcare to add a range of occupational health serv- ices, including pre-employ- ment assessments, mobile healthscreening and sickness absence management.NU says the takeover of one of the biggest providers in the UK for complementary employee ...

  • NU property buys hit a high

    13 Oct 2005

    The 1.8bn NU property trust bought 268m of new properties in the third quarter, the highest amount it has bought in the last 18 months.

  • NU property buys hit a high

    12 Oct 2005

    The 1.8bn NU property trust bought 268m of new properties in the third quarter, the highest amount it has bought in the last 18 months.

  • Ombudsman attacks claim chasers

    13 Oct 2005

    Financial Ombudsman Service chief ombudsman Walter Merricks has warned of the dangers of specialist claim firms generating unjustified complaints.In a recent speech Merricks stressed that most complaints handled by the ombudsman are real or perceived grievances but warned that claim specialist firms could encourage an unhealthy propensity among consumers to demand compensation for every perceived loss, overlooking the fact that there are always risks.Merricks criticised the ...

  • On the whole

    13 Oct 2005

    One of the inevitable consequences of depolarisation, or so we were all told, was that a sizeable proportion of the current market would inevitably move to a multi-tie relationship. It is reasonable to assume that anything between 20 and 25 per cent might take the multi-tie route at some future stage.

  • Openwork mentors the mentors

    12 Oct 2005

    Network Openwork has put 150 of its 2,200 members through a mentoring training programme to give them skills to mentor recruits.

  • Opportunities knock

    13 Oct 2005

    Ucits' directives hand retail investors chance to 'short' the market without resorting to hedge funds

  • Penalty shoot-out

    13 Oct 2005

    Truth or consequences could turn out to be a losing game for mortgage firms, says Pensions Associates Ltd business development director Richard Mattison, who urges companies to curb unbridled Sipp enthusiasm

  • Pfeg calls for cash to improve financial education

    18 Oct 2005

    The Personal Finance Edcuation Group is calling for additional funding to achieve greater financial capability in schools.

  • Platform introduces electronic id

    12 Oct 2005

    Platform Home Loans launches an electronic identification facility on its online decision tool to end lengthy documentary evidence procedures for mortgage applicants. The system will now automatically check the identity of the mortgage applicants rather than rely on hard copy documentation by the intermediary or solicitor.

  • Portman says taxpayers missing out on cash Isas

    13 Oct 2005

    Taxpayers could be missing out on over 3bn of interest by not maximising their cash Isas, says Portman Building Society.It says that only 11 per cent of the adult population have taken out a cash Isa this year.The society has calculated that with 30.5 million UK taxpayers, just over 17.5 per cent of taxpaying adults hold a cash Isa, meaning that 25 million are missing out on up to 3.8bn in tax-free interest based on the current instant access cash Isa buys of 5 per cent.Nearly ...

  • Positive attitude

    13 Oct 2005

    Positive Solutions has long been recognised as the leading IFA in the country when it comes to the use of technology

  • Property Platform picks PAL

    12 Oct 2005

    PAL has been appointed Sipp provider for The Property Platform, a specialist property developer active in the UK and Continental Europe.

  • Property Platform picks PAL

    13 Oct 2005

    PAL has been appointed Sipp provider for The Property Platform, a specialist property developer active in the UK and Continental Europe.

  • Pru takes axe to Wood

    17 Oct 2005

    Prudential UK and Europe chief executive Mark Wood is leaving the insurer in January to be replaced by Lloyd's of London boss Nick Prettejohn.Wood leaves the Pru board with immediate effect but will leaves the group at the end of January.Prettejohn, who has just announced his resignation from Lloyd's, will be tasked with leading Pru's planned expansion following its 1bn rights issue last year.Wood's future at Pru has been a source of near-constant speculation since Mark Tucker, ...

  • Purely to take on 50 advisers

    13 Oct 2005

    Purely Mortgages is embarking on a recruitment drive to add up to 50 new advisers to its sales team.Chief executive Mark Chilton says he wants to bring in around 50 Cemap qualified advisers as well as more administrators into the Fareham-based business.Chilton is holding a recruitment fair and hopes to hire and train new recruits in teams of 10.The move is a significant one for Purely which launched in June 2004 with 23 consultants. It has around 35 trained phone-based advisers.Purely ...

  • Refresher course

    13 Oct 2005

    Philip Scott talks to Schroder Mid 250 fund manager Andy Brough who has doubled investors' money over the past three years, massively outperforming the index which presents a constant challenge as the composition of the benchmark changes so frequently

  • Regulator responds with pension cover rule changes

    13 Oct 2005

    The FSA is proposing amendments to enable pension term assurance to be sold on a standalone basis under Icob as well as the full advice Cob rules.The proposals will add a level of security for consumers, providing enhanced protection when PTA is sold under Icob rules.The FSA is launching the consultation following a series of high-profile calls from IFAs and providers to make PTA more widely available to allow greater access to the tax benefits of this type of term assurance ...

  • Report slams income protection

    13 Oct 2005

    Income protection plans are failing customers and could be in breach of the principles of treating customers fairly, according to a Defaqto report.

  • Report slams income protection

    12 Oct 2005

    Income protection plans are failing customers and could be in breach of the principles of treating customers fairly, according to a Defaqto report. The report says the complexities and inconsistencies in policy terms and conditions from providers seeking competitive advantages are conflicting with consumer benefit.

  • Revenue to scrap second limit test

    13 Oct 2005

    The Revenue is set to axe the second lifetime allowance for people already in drawdown at A-Day, saving them massive tax charges.Under the Finance Act, those in drawdown face a first lifetime allowance test at A-Day and a second one when they convert this to an alternat- ively secured pension. So any pot close to the 1.5m limit would use up most of the allowance and even minimal fund growth by the time of the second test could result in a 55 per cent recovery tax charge hitting ...

  • Rolling with the punches

    13 Oct 2005

    Following the departure of head of specialist lending Michael Bolton along with four other directors to Oakwood Group, HBoS, one of the biggest financial insti-tutions in the UK, maintains that it is business as usual.

  • Rooftop Direct extends network tie-ups

    14 Oct 2005

    Rooftop Direct extends its network tie-ups with Burns Anderson and Mortgage Broking Services Limited deals.

  • Scot Eq links up with critical support

    12 Oct 2005

    Scottish Equitable is linking up with critical illness support firm Red Arc Assurance which will offer information and support at point of claim.

  • Seven Investment fund offers above bank rates of income

    13 Oct 2005

    Seven Investment Management is launching an income fund aiming to offer investors above bank rates of income, with capital preservation and an opportunity for growth.The firm, which launched its moderately cautious, balanced, moderately adventurous and adventurous funds in 2004, says it is responding to a market need for income.The fund aims to beat bank rates net of all charges, with the possibility of some capital growth from diversified exposure to equities and property.The ...

  • She's leaving home

    13 Oct 2005

    There are various options open to a couple who want to help their daughter gain her independence and find a new home

  • Skandia launches ethical fund

    13 Oct 2005

    Skandia Investment Management has established a multi-manager ethical fund which combines a fund of funds with a manager of managers' approach.

  • Special effects

    13 Oct 2005

    From Bolton to Brown, our panel discuss Fidelity splitting special sits and the Chancellor's oil tax

  • Spread of funds is top of list when choosing multi-manager products

    13 Oct 2005

    Fund selection expertise, ease of administration and increased regulation are the key reasons for choosing multi-manager products, according to a survey by Credit Suisse Asset Management.

  • Standard Life refutes rumours of float delay

    13 Oct 2005

    Standard Life has moved to scotch rumours that its demutualisation plans could be put on hold by FSA concerns over the insurer's endowment misselling liabilities.The Edinburgh-based firm is adamant the board will give the demutualisation plans the green light in October, ahead of a targeted July IPO, and stresses it does not expect the regulator to delay this.Standard spokesman Scott White says the insurer is in discussions with the FSA about all aspects of its business, with ...

  • Standard says the bull is running for equities

    13 Oct 2005

    Equities are back in a bull market, according to Standard Life Investments chief executive Keith Skeoch.He says a bull market is characterised by equities persistently performing better than bonds and cash.Skeoch says strong returns have been delivered against a background where equity markets have been subject to a number of potentially damaging shocks, such as natural disasters and terrorist attacks.Skeoch says: "Global equities have enjoyed a total return of 17 per cent ...

  • Straight from the Hip

    13 Oct 2005

    The article in the September 29 issue of Money Marketing, headlined, Pack disaster will hit the FTB market hard is misleading in a number of respects. Home inspectors will have to be fully qualified and belong to an approved certification body before they can provide home condition reports. Both buyers and sellers will be able to trust the report and will have redress against unsatisfactory work. The allegation that the packs could hit the first-time buyer because the cost ...

  • Supermarts snub the call for advice

    13 Oct 2005

    Supermarkets have declined to back an enforced pre-sales procedure that Money Marketing believe would better inform customers as to the limitations of buying pro- tection direct.Supermarkets say they are committed to clarity and all claim they make it clear in store leaflets, websites and phone conversations that customers are making choices without advice.Asda says it fully supports clarity and transparency in the industry but believes consumers already have the choice to seek ...

  • Superwoman swoops to set up wealth firm

    13 Oct 2005

    A women-focused wealth management service is being launched by Bramdean chief executive Nicola Horlick.The Bramdiva service is aimed at high-net-worth woman investors. Horlick believes there is a gap in the market for this sector current market.The company will offer access to Bramdean's institutional managers and UBS's wealth-management service through a partnership deal, as well as a series of Bram- diva social and networking events around the UK.A quarter of the UK's ...

  • Sweet equities leave VCT investors with bitter taste

    13 Oct 2005

    VCT performance could be hit where funds' loans are supporting their managers' sweet equity investments, causing a conflict of interest, say experts.Sweet equity is the pers- onal investment that VCT fund managers are, as a perk, allowed to make in companies their funds are invested in.Tax Efficient Review head Martin Churchill says allowing VCT managers to benefit from sweet equity in highly geared deals uncouples the remuneration of VCT holders and their managers. Chelsea ...

  • Swip names 22 funds for new limit

    12 Oct 2005

    Swip has confirmed tthe 22 funds on which it is to reduce the min;imum investment to 1,000 from 25,000 as reported in Money Marketing last month.

  • Swip names 22 funds for new limit

    13 Oct 2005

    Swip has confirmed the 22 funds on which it is to reduce the minimum investment to 1,000 from 25,000, as reported in Money Marketing last month.

  • Taking stock of Turkey

    13 Oct 2005

    Last week's breakthrough in talks over Turkey's accession to the EU has thrown the country's investment potential into the spotlight.

  • TERs above 3% are 'scandalous'

    13 Oct 2005

    Multi-manager T Bailey has hit out at fund of fund managers which have audited total expense ratios above 3 per cent.

  • TERs for fears as Fofs face switch

    13 Oct 2005

    F&C head of communications Jason Hollands says: "This is wrong on a number of counts. No one is saying multi-manager funds are dirt-cheap investment vehicles but even if you have a very good IFA running single funds for you, most of us do not like spending the weekends reading advice letters from brokers and filling out switch forms. The cost issue is not cut and dried either as multi-managers get significant cost savings by investing in institutional shares."

  • The fifth element

    13 Oct 2005

    There is a new method of divorce practice called Collaborative Law.

  • The meaning of life planning

    13 Oct 2005

    Fee-based IFAs should be asking clients existential questions to build trust and boost the resale value of their businesses, says Life Planning Institute director George Kinder.Kinder, a Harvard-trained certified financial planner, has sold his financial planning practice in the US and is teaching life planning skills to IFAs in the US and the UK. His approach draws on Buddhist philosophy and emphasises the impact of a client's feelings in taking financial action.Kinder's approach ...

  • Thinktank calls for consensus to cut out ABI and TUC views

    13 Oct 2005

    The IPPR has urged the Government to strive for a "hard-edged" consensus, excluding the views of the TUC and ABI, to ensure a lasting pension agreement.IPPR senior economist Peter Robinson says the starting point for the Government is a battle with the TUC over state retirement age, with the TUC's viewpoint unrealistic.Robinson criticises the ABI over proposals for an increa- sed basic state pension, increased National Insurance rebates for contracting out and increased incentives ...

  • TMB appoints Kevin Wood as director of mortgage operations

    12 Oct 2005

    Kevin Wood is appointed director or mortgage operations at The Mortgage Business.

  • Trapped by wrong byline

    13 Oct 2005

    Last week, Money Marketing published a feature headlined, The with-profits trap on page 54. This article was incorrectly attributed to Axa PPP Healthcare head of distribution development Nye Jones. The correct author was Troy, French & Partners senior partner Peter French.

  • WFAG includes best tied and multi-tied awards

    13 Oct 2005

    The Women's Financial Adv-iser Group is broadening its remit to include tied and multi-tied advisers who will be separately rewarded in their own distinct categories.The WFAG awards, taking place in January next year, have been extended to include categories for the best female multi-tie adviser and best female tied adviser.Anyone wanting to enter for the awards or nominate a colleague must do so by October 17 through the WFG website at www.wfa-group.co.uk. The winners will ...

  • Why can't we tell clients the truth?

    13 Oct 2005

    Never let it be said that I set out to make friends in this profession. I speak my mind, which in many instances coincides with the thought process of most intelligent advisers but apparently not of those who occupy exalted positions of power and have never done a days work at the coalface. The latest bit of brilliance to be passed down to us is that we must not scaremonger our clients by stating such nasty things as that one in three people in the UK will have cancer. Although ...

  • Wom wasn't built in a day

    13 Oct 2005

    Aifa's scope of membership vote has finally been cast and counted and the financial services sector has yet another acronym to grapple with.

  • World cup to supply 2bn lift to economy

    12 Oct 2005

    The economy will get a 2bn boost if England reach the World Cup final next year, according to figures from NatWest credit cards and Mastercard.They forecast 24m England fans will spend 87.26 each if England go all the way next summer both through watching the game in pubs and at home with a take away.The figures show if England fail to progress past the group stages up to 897m will be spent.For the 50,000 fans expected to travel to Germany, the card providers have calculated ...

  • Wrong Sipp conclusion

    13 Oct 2005

    Roy Pearce of KMG Financial says in his letter (MM, October 6) re changing the name of Sipps: "Surely, the providers should be more concerned with making sure that their systems can cope with A-Day changes rather than this ridiculous suggestion.". Like so much of what appears in the financial press, I am afraid this is over-reaction, driven by inaccurate reporting in the original story. Sipps are not changing their name. The two industry bodies that represent providers of SSAS ...

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