Money Marketing
12 September 2001

  • ྒ% missing out on net opportunities'

    13 Sep 2001

    Financial services companies are not making the most of the internet, according to research from the Institute of Financial Services. At the Unisys global financial industry conference in Nice last week, the IFS revealed that 86 per cent of companies questioned in a survey had not made the most of online opportunities. It pointed particularly to account aggregation services which allow customers to access current accounts, mortgages, pensions and investments from one site with ...

  • 'E-commerce emphasis will shift to IFAs'

    13 Sep 2001

    Life companies'-commerce strategies have failed to deliver, forcing a change of direction that will see insurers targeting IFAs rather than con- sumers, according to a major report published today. The report, by management and IT consultants Cap Gemini Ernst & Young, reveals product providers will have to focus resources on driving IFAs towards their online channels in an attempt to get market advantage through cost reductions that they failed to achieve through business-to-consumer ...

  • 'Gateway may work against other products'

    13 Sep 2001

    The Government's planned savings gateway for low-earners could lead to misbuying unless it is integrated with other savings products, according to pension experts. They fear that unless the Government decides to link the gateway explicitly with products such as stakeholder, the new account is at risk of competing against the Government's other initiatives. Plans for an account which will see the Government matching every pound saved by individuals before the assets ...

  • 'Outsource to survive'

    13 Sep 2001

    Life offices will have to wake up to the need to outsource parts of their business to survive the chan- ging market, warns former Abbey Life managing director Chris Evans. Speaking at the Unisys conference last week, Evans based his comments on the experience of Abbey Life which outsourced all its admin to Unisys following its closure to new business in 2000. Evans, who is taking a gap year after leaving Abbey, believes the environment of low margins and increasing customer ...

  • 'Small firms lagging on review'

    13 Sep 2001

    Small IFAs are under fire from the FSA for lagging behind in completing phase two pension review cases. It says good progress has been made but, with just under a year to the deadline, some smaller firms are slipping behind. The FSA's quarterly update shows two-thirds of consumers have had their cases completed and £3.3bn in redress has been paid.

  • A CONSUMER'S VIEW

    13 Sep 2001

    As the problems of guaranteed annuities mount, the disaster threatens to demolish the Government's entire strategy on pensions and long-term savings. Royal & Sun Alliance is the latest life company to admit that its guaranteed annuity liabilities are threatening to make the company insolvent. If another life company effectively goes to the wall, what will this do for investors' confidence in stakeholder pensions? Who will want to invest in any form of pension when the Government ...

  • Access is the best revenge

    13 Sep 2001

    IFAs can build on their traditional competencies and compete with the increased competition in the financial advice arena by utilising modern account aggregation. Aggregation is one of the latest trends in online financial services. It offers consumers a single point of access to all their online accounts. It also gives IFAs the opportunity to extend financial advice to span the complete spectrum of a client's financial affairs. To that end, IFAs should be the winners ...

  • AMP appoints head of acquisitions

    13 Sep 2001

    AMP has chosen director of finance Philip Moore to be head of mergers and acquisitions, with the role of researching global opportunities for expanding the business. He will be responsible for the execution of all major acquisitions and disposals of assets.Moore will retain his responsibilities as corporate director of finance, a position he has held since September 2000. He was previously finance director and actuary at NPI.

  • Arla calls on Government to overhaul housing benefits system

    17 Sep 2001

    The Association of Residential Letting Agents is calling on the Government to overhaul the housing benefit system to help landlords raise standards in the rental market.

  • Asian markets volatile ahead of New York opening

    17 Sep 2001

    The Nikkei 225 index closed down 5.05 per cent at 9504 today, a 17 year low, as markets showed nervousness ahead of today's opening of the New York Stock Exchange.

  • B&W tracks holy trinity

    14 Sep 2001

    Bristol & West has introduced the guaranteed equity bond individual savings account (Isa) which tracks the performance of three stockmarket indices.

  • Bank of England cuts rate to 4.75 per cent

    18 Sep 2001

    The Bank of England has cut interest rates by 0.25 per cent to 4.75 per cent, following yesterday's 0.5 per cent cuts by the US Federal Reserve and the European Central Bank.The cut was made desite inflation rising 0.4 per cent last month to 2.6 per cent, just above the Government's target rate of 2.5 per cent.

  • Battle of the brands

    13 Sep 2001

    Last month saw Dresdner RCM lose its fourth UK equities fund manager in just over a year, as Derek Lygo left for First State Investments. Do you believe Dresdner is a sinking ship or will it recover from its troubles of the last year? Michael Both: To lose two UK equities fund managers is unfortunate but mislaying four in such a short space of time indicates carelessness. Any big global fund manager should be reviewing its strategy regularly, deciding where and how to ...

  • Book a bench seat

    13 Sep 2001

    Last week I started to look at the Sandler consultative document which I suggested could and will revolutionise the way in which financial advisers give investment advice to clients and are remunerated for that advice. Although, on the face of it, this document is at this stage only for consultation purposes, there seems little doubt from my conversations with "the congnoscenti" that it is already destined to form a blueprint for the financial services profession. This ...

  • Brian Duffin

    13 Sep 2001

    Born: January 20, 1955, Enniskillen, Co Fermanagh. Lives: Edinburgh, with wife Joan and three sons. Education/qualifications: St Katherine's College, Cambridge (BA Hons maths), member of Faculty of Actuaries. Career: 1976 joined Scottish Life as actuarial trainee, 1983 made investment manager, 1988 general manager (marketing), 1995 general manager (administration), 1996 director of Scottish Life International Holdings, 1996 director of Scottish Life and subsidiaries, ...

  • Bristol & West - 5 Year GEB Isa

    12 Sep 2001

    Wednesday, 12 September 2001. Type: Guaranteed Isa. Aim: Growth linked to the performance of the FTSE 100, Eurostoxx 50 and Nikkei 225 indices. Minimum-maximum investment: £3,000 mini cash Isa, £3,000-£9,000 Tessa only Isa. Investment choice: Mini cash Isa, Tessa only Isa. Term: Five years. Guarantee: Capital returned in full regardless of the performance of the indices. Return: 70 per cent of the ...

  • Bristol & West - 6 Year GEB Isa

    12 Sep 2001

    Wednesday, 12 September 2001. Type: Guaranteed Isa. Aim: Growth linked to the performance of the FTSE 100, Eurostoxx 50 and Nikkei 225 indices. Minimum-maximum investment: £3,000 mini cash Isa, £3,000-£9,000 Tessa only Isa. Investment choice: Mini cash Isa, Tessa only Isa. Term: Six years. Guarantee: Capital returned in full regardless of the performance of the indices. Return: 80 per cent of the growth ...

  • Bristol & West goes for the triple index approach

    18 Sep 2001

    Bristol & West has added to its range of products with the introduction of the six-year guaranteed equity bond (GEB) Isa.

  • Bristol Contrib Welfare appoints 2 marketing chiefs

    18 Sep 2001

    Bristol Contributory Welfare Association Healthcare has made two senior level appointments in its marketing department.Howard Hughes joins as sales and marketing manager after 15 years with Bupa where he was marketing and development manager for dental cover.Andrea Bridgeman is going to BCWA to take charge of day to day marketing activity from Clerical Medical International where she was a senior marketing executive. 

  • Buffett to hold shares to avert panic

    17 Sep 2001

    US investment guru Warren Buffett says he will not be selling shares when the New York Stock Exchange reopens today after the terrorist attacks.

  • Buyback to the front

    13 Sep 2001

    O ver the past couple of years, many investment trusts have taken powers to buy back their own shares and increasingly they are using these powers. Using cash on their balance sheet to buy them, these shares are then cancelled, thus reducing the number of shares in issue. Assuming the shares are bought at a discount, this action results in an uplift in the net asset value per share. With the number of shares in issue falling, and the laws of supply and demand, this should ...

  • C&G axes dual rates after FOS ruling

    13 Sep 2001

    Cheltenham & Gloucester has ditched its dual variable rate policy after the Financial Ombudsman Service's ruling against Halifax. It says it may reverse its decision if other cases do not follow the same pattern.

  • C&G ditches dual rate

    12 Sep 2001

    Cheltenham & Gloucester has ditched its dual variable rate policy over fears that the Financial Ombudsman Service’s ruling against Halifax could cost it millions of pounds. C&G says it has made the move in order to buffer itself against the aftershocks of the ombudsman service’s decision that a Halifax borrower should have been allowed to pay its lowest variable rate. It says it may reverse its decision if other cases pending with the FOS do not follow the same pattern.

  • Charls Schwab Europe announces new chief exec

    17 Sep 2001

    Online stockbroker Charles Schwab Europe has announced the appointment of Craig Walling as its new chief executive.

  • CIS offers to act as guinea pig for Saltr

    13 Sep 2001

    CIS is offering to be a case study for product providers which are wary of the ABI's Raising Standards initiative. The life office is urging providers to sign up for the accreditation mark, believing it is the industry's last opportunity for self-regulation before changes are forced on it by the Sandler and FSA reviews. CIS is one of the few providers going for early Saltr accreditation and is willing to be seen as an example to others. It says it will open its ...

  • Clerical applies MVA on with-profits fund

    13 Sep 2001

    Clerical Medical has imposed a market value adjuster of 7.5 per cent on encashments of more than £50,000 from its with-profits fund. It is blaming continuing stockmarket falls, saying the trigger point for an MVA review was breached some time ago. The MVA will apply to the excess over £50,000 on withdrawals from its with-profits bonds and some pension products. Clerical has not previously applied an MVA and will keep its application under review.

  • Compass pointing income protection plan at employees

    13 Sep 2001

    Critical-illness specialist Compass Underwriting is offering an income protection plan covering full-time employees against unemployment, injury and sickness. The plan, which is also open to the self-employed, company directors and shareholders, is available on a fixed five-year term or monthly renewable basis. It carries an initial unemployment exclusion period of 60 days, followed by a further 30 days excess, after which it can pay up to £2,500 a month tax-free ...

  • Compensation scheme finalised

    13 Sep 2001

    The final rules for the Financial Services Compensation Scheme, due to come into effect on December 1, have been finalised. IFAs will have their own category, which will not include the cost of redress for the pension review. If an IFA firm goes into default, the rest of the IFAs will share the cost of compensating investors or paying liabilities. A voluntary arrangement with providers sees them pay 85 per cent of the levy. IFAs will pay a fee for costs of running the scheme, ...

  • Coutts picks dream team ads

    13 Sep 2001

    Coutts & Co is running its first major advertising campaign this month to raise the profile of its investment management services. The £5m campaign is targeting existing and new clients through a series of ads in business and consumer publications read by high-net-worth individuals. Developed by agency M&C Saatchi, the ads are intended to highlight Coutts' strategy of offering access to top investment managers through its multi-manager investment programmes. The ...

  • Dent to steer flagship trust

    13 Sep 2001

    Fund manager Friends Ivory & Sime has appointed Julie Dent as manager of its flagship British assets investment trust. She will take over the management of the fund from John Stubbs, 58, who is to retire after running the fund since June 1995. Dent has been with Friends Ivory & Sime since 1986. Since 1998, she has been director of global equities and previously spent six years as head of Japanese equities. The British assets trust is in the global growth and income trust ...

  • Duncan-Smith announces Shadow Cabinet

    17 Sep 2001

    Conservative Party leader Iain Duncan-Smith has unveiled his shadow cabinet, with Michael Howard as Shadow Chancellor.David Willetts is the new Shadow Secretary for Work and Pensions, rising star John Bercow becomes Shadow Chief Secretary to the Treasury and John Whittingdale is the new Shadow Trade and Industry Secretary.Further positions are expected to be announced shortly. 

  • EAxa retreats on selling rival plans

    13 Sep 2001

    Axa has shelved plans to sell competitors' products with the aid of online advice on its proposed new website. The-commerce project, known internally as eAxa, stirred IFA concern that it could pave the way for an online multi-tie, when Money Marketing revealed the life office's plans in January. The website was initially to sell life and pension products from Axa Sun Life, Axa Assurance and PPP Healthcare. It was also going to feature Woolwich's Open Plan account ...

  • Equitable announces MVA up to 10 per cent

    13 Sep 2001

    Equitable Life has upped its market value adjuster to 10 per cent from 7.5 per cent, following the market turmoil after the barrage of terrorist attacks on the US.

  • Equitable deal out this week

    17 Sep 2001

    Equitable Life’s compromise scheme to settle its guaranteed annuity liabilities will be published on Thursday.

  • Equitable lawyers divided on size of misselling liability

    18 Sep 2001

    Equitable Life’s legal advisers are split on the size of potential mis-selling claims the life office could face from policyholders.

  • Ethical issues: Ranked below performance

    13 Sep 2001

    Ethical investors believe a fund manager's track record is more important than their investment strategy, according to a survey. Research by online fund information source TrustNet shows the top three reasons for investing in an ethical fund relate to the performance and cost to the investor. The ethical investment strategy was ranked only fourth by the 1,750 users who took part in the survey, with brand or provider name considered least important. Sales and ...

  • Euroland rate cut of 0.5 per cent

    17 Sep 2001

    The US Federal Reserve has made a 0.5 per cent cut in interest rates to 3 per cent minutes before the opening of the New York Stock Exchange.The cut, the Fed's eighth this year, had been anticipated by some analysts, and is aimed at securing investor confidence to avoid panic selling.The Bank of England Monetary Policy Committee next meets on October 3, when a UK cut will be considered.

  • European star Powe quits Invesco Perpetual

    12 Sep 2001

    Invesco Perpetual star European manager Rory Powe has quit the firm to manage an independent hedge fund.

  • F&C modifies with-profits concept

    13 Sep 2001

    Foreign & Colonial is introducing a new breed of with-profits fund promising no cross-subsidy and a clear and transparent charging structure. The F&C with-prospects fund, which is set for launch next month subject to FSA approval, will be contained within an Oeic structure and will invest 60 per cent in global equities and 40 per cent in fixed interest. The fund's bonus rate, or prospect rate as F&C has renamed it, will be based solely on the expected investment performance ...

  • Face-to-face demand is still growing

    13 Sep 2001

    The demand for face-to-face financial advice is set to grow and is not threatened by technology, says global financial services industry thinktank, the Global Futures Forum. The forum, set up by technology giant Unisys to look at how businesses can benefit by modelling the future five to 10 years ahead, comprises academics and businesspeople. Its first quarterly findings show the demand for advice and consultation is set to grow. It believes "consultation and advice ...

  • Financial industry comes to terms with terror

    12 Sep 2001

    The US Federal Reserve has confirmed it is ready to supply liquidity to the banking system, as the financial industry struggled to deal with the aftermath of Tuesday's terrorist assault on New York and Washington.

  • Firms urged to enter for Queen's Awards

    13 Sep 2001

    The DTI has embarked on a drive to encourage financial services firms to enter the Queen's Awards for Enterprise. It says while the industry accounts for a third of UK exports, only seven of the 102 applications for the awards have come from financial services firms. International Financial Services London chairman Lord Levene is writing to 100 of his members urging them to apply. A spokesman for the Queen's Awards Office says financial services companies tend to remain ...

  • First class mail

    13 Sep 2001

    John Stones Some IFAs have never used direct marketing, relying instead on the snowball effect of accumulated personal referrals. Others, however, have had recourse to direct marketing, either to bring in new clients or target existing customers with new business. Misys head of marketing Andrew Bedford says an IFA who wants to carry out an effective direct mailing needs to sit down and carefully consider what they want to achieve. In particular, he suggests the IFA should ...

  • Freedom fighters

    13 Sep 2001

    Last week's article concerned a report by Barclays Bank on the number of over-50s starting their own business. The good news for advisers is that the owners of small businesses are likely to be just the sort of people who will truly value advice - even more so, perhaps, where the owner is of relatively advanced years Before looking at some of the key issues on which advice might be required, it is worth considering one factor which may persuade many over-50s to start their own business. ...

  • Friends mix the risks

    17 Sep 2001

    Friends Provident has introduced the investment portfolio bond, a unit-linked bond providing access to a range of unit-linked funds and four ready-made portfolios.

  • Friends Provident - Investment Portfolio Bond

    17 Sep 2001

    Monday, 17 September 2001. Type: Unit linked bond. Aim: Growth or income by investing in a choice of four portfolio's, cautious, balanced, managed, ethical or a choice of 10 out of 16 unit linked funds. Minimum investment: £5,000. Fund links: Managed, property, investment trust portfolio, UK index tracking, Index linked, Pacific basin, stewardship managed, fund of funds, overseas equity, UK equity, fixed interest, North American, ...

  • FSA relaxes reserve rule

    13 Sep 2001

    The FSA is throwing a lifeline to providers to stop them being forced into selling equities to meet statutory reserves. One of the FSA's regulatory resilience tests which aims to ensure life offices have reserves to cover the possibility of a sharp stockmarket fall has been temporarily dropped. The FSA says the scenario the test covers is no longer likely and it was concerned the tests could trigger unnecessary short-term equity sales. Companies may be forced ...

  • FSCS rules finalised

    12 Sep 2001

  • FSCS rules finalised

    12 Sep 2001

  • Fund firms reassuring investors over safety of zeros

    13 Sep 2001

    Leading fund managers are fighting back against speculation that the split-capital investment trust industry is in danger of spiralling out of control. Last week, Framlington wrote to its IFA clients to reassure investors in its recently launched absolute growth fund, which invests in zero-dividend prefer- ence shares, that they should not be alarmed by negative media coverage. Gartmore has also come out fighting for the splitcap market, urging investors to remember that ...

  • Fund firms want more supermarket start-ups

    13 Sep 2001

    Fund managers are calling for more IFA fund supermarkets, claiming that providers and intermediaries would benefit from more competition. Fidelity's FundsNetwork and Cofunds have dominated the IFA fund supermarket race, with only Skandia providing serious competition. While the direct market has been saturated with new entrants, Legal & General and Norwich Union are the only providers to have any plans to break into the IFA supermarket arena. But both of the ...

  • Gartmore in packed VCT market

    13 Sep 2001

    Gartmore is to relaunch into the venture capital trust market this autumn despite warnings from industry pundits that the market is saturated. Details of the new Gartmore fund are yet to be finalised although it is expected to be managed by UK & Irish smaller companies fund manager Gervais Williams. The fund manager originally entered the market in April 1996 with the launch of the Gartmore VCT. Nine other companies have already announced intentions to launch ...

  • Genesis cuts mortgage rates

    17 Sep 2001

    Genesis Home Loans has reduced the rates for all its Freedom non-conforming mortgage products by 0.5 per cent.

  • Gray sets goal for fans to play at Highbury

    13 Sep 2001

    Sky Sports presenter and ex-professional footballer Andy Gray is urging financial firms to enter a team in a five-a-side football tournament to raise money for a children's charity. The competition, Going for Goals, takes place on October 28 at Arsenal's Highbury stadium and will help raise funds for The Children's Society, a charity which helps vulnerable children and young people across the UK. The charity, which has been running the tournament for the past ...

  • Hargreaves tells investors to sell after US terror attacks

    17 Sep 2001

    Hargreaves Lansdown is advising investors to increase liquidity in their portfolios following the attacks on the US last week.

  • Henderson tunes in to commercial radio

    13 Sep 2001

    Henderson Private Capital, the private equity arm of Henderson Global Investors, has invested £12m in Mega Radio Holdings of Germany. The investment is the fourth made by Henderson's European fund, Henderson European Partners 1, and the first made by the fund in Germany. Mega Radio will operate the first national commercial radio network in Germany. Its subsidiaries have licences in six German states, reaching 80 per cent of the population with its broadcasting. The ...

  • Henderson widens fixed interest with income Isa

    13 Sep 2001

    Henderson is extending its institutional fixed-interest expertise to the retail market with a new Isa and Pep transfer wrapper to be launched next week. The Henderson managed income Isa/Pep will open on September 19 and will bring together a portfolio of the fund manager's best-performing institutional corporate and high-yield bond funds. Although the wrapper will consist predominantly of fixed-interest holdings, it may contain a small holding from either of the company's ...

  • Hollands calls for funds to stay open despite crisis

    12 Sep 2001

    IFA BestInvest has called on fund managers not directly affected by yesterday’s attrocities to keep funds open and not suspend trading.

  • Hounded by the Baskervilles

    13 Sep 2001

    Continuing interest in the legend of super-sleuth Sherlock Holmes is by no means a bad thing unless you work in an office based on the site of his home at 221B Baker Street, London. Such is the fate of Abbey National senior media relations manager Gug Kyriacou, who has to field dozens of calls a day from inquisitive Japanese callers asking to speak to Holmes. Apparently, things have got so bad that Gug spends half his day reeling off fascinating facts and figures about ...

  • HSBC aims for 10% return with hedge offering

    13 Sep 2001

    HSBC is to offer a new global fund of hedge funds to the retail market from next month through its international banking division, HSBC Republic. The HSBC global absolute fund will be a closed-end Guernsey-incorporated fund listed on the London Stock Exchange and targeted at IFAs and their clients. Shares are available in either dollars or sterling. The fund, which will close to subscriptions on October 18, will invest in around 20 to 30 hedge funds worldwide ...

  • IFA helps employers beat stake deadline

    13 Sep 2001

    Midlands IFA Roberts Clark has been holding emergency stakeholder workshops to help employers designate a provider before the October 8 deadline. The IFA, which set up in practice last year and has two RIs, has seen an average of 30 employers attending its sessions and has designated around 25 schemes per workshop. The sessions were organised through links with local business groups. The employers see a presentation about stakeholder, followed by detailed information ...

  • IFAP publishes survival guide

    13 Sep 2001

    IFA Promotion is releasing a free guide to help consumers survive an economic downturn, which includes cost-cutting tips and a list of "recession-friendly" financial products. The guide suggests that savers take out unemployment and mortgage payment protection insurance to safeguard mortgage payments in the event of job loss or illness. It says remortgaging may be a way to raise much-needed spare cash and flexible loans often allow payment holidays throughout the term. But ...

  • IFAs advising investors not to panic

    13 Sep 2001

    IFAs are advising clients not to panic despite the uncertainty that surrounds the financial world as the New York Stock Exchange remains closed, possibly until Monday.

  • IFAs slam fund managers for suspending trading in wake of New York explosions

    12 Sep 2001

    Fund managers are being slammed for their decision to suspend trading in response to the market uncertainty cr eated by yesterday's terrorist attacks on the New York financial district.

  • IFonline sets up single solution for lenders

    13 Sep 2001

    Electronic trading platform IFonline is setting up a data management system which it claims will dramatically ease the compliance burden of lenders after mortgage regulation comes into force next year. It says the system, which is due to be launched in late October, is designed to give greater control to lenders which are concerned that admin blunders by third parties under statutory regulation could leave them facing claims of non-compliance by the FSA. If successful, ...

  • Independent view

    13 Sep 2001

    We have all seen clients become more savvy when it comes to their finances. Their expectations have resulted in the multi-channel complexities we see today. But what role does the internet play and will the service ever meet client demands? Multi-channel deployment is not completely new but added features are moving at a fast rate. As clients' time becomes more precious, what could be better than a web-based solution detailing in one place all their assets and liabilities? ...

  • Inora offers 10.75% on high-income plan

    13 Sep 2001

    Dublin based life office Inora Life is launching the second of its income plans, only two weeks after the FSA issued a consumer warning about the risks associated with high-income style products. The dynamic income fund 2, which launches on October 1 and closes on November 16, has a minimum investment of £6,000. It offers 10.75 per cent annual income or 33.75 per cent growth over three years. It is linked to 25 global stocks selected on the Dow Jones Global ...

  • Inside Edge

    13 Sep 2001

    Over the last few weeks, I have been meeting with our major life company partners to review business achievements and to discuss matters for the next year with our commercial director and head of research. These have been open and frank business meetings and it is good to see we all have matching weaknesses and threats as well as strengths and opportunities. The Sandler report and the with-profits review are two of the major issues that suppliers and distributors need to address ...

  • Investment firms suspend trading following attack

    12 Sep 2001

    Tens of UK investment firms have suspended trading across their entire fund ranges, following the terrorist attacks in the US on Tuesday.Fidelity’s FundsNetwork said it was suspending trading on its platform until US markets reopened. While Cofunds said it would continue to trade a limited number of funds.IFAs are advised to contact firms individually to ascertain whether trading will continue.

  • Investment view

    13 Sep 2001

    I have a colleague who uses charts extensively in determining market timing. He has not been an encouraging companion of late. His view is that the UK stockmarket will continue its slide, perhaps falling to as low as 4,800. That will mark the end of the bear market, in his view, and from then on everything will be sweetness and light. You know the old adage - just when you think things cannot get any worse, they do. Last week was a bit like that. The value of Marconi shares fell ...

  • Joint-life bond could solve the annuity problem

    13 Sep 2001

    Although I did not hear it myself, I was interested to hear about a programme on Radio 4 which discussed the issue of compulsory annuity purchase by the age of 75 for holders of personal pension funds. Several retired people expressed the view that if they had realised how very tightly restricted their options would be at retirement they would never have embarked on a personal pension. What kind of message does this send out to younger listeners whom the Government claims ...

  • Julian Gibbs

    13 Sep 2001

    High-income products have come under increasing scrutiny following warnings from the FSA over the true levels of risk and high-profile examples of products falling through their protection barriers early in the term. The FSA is to be applauded for its stance. The attitude towards risk is one of the first questions that needs to be answered by every client and should form the basis for all investment advice. High-income products have been criticised for being difficult ...

  • Leeds & Holbeck - 2 Year Fixed

    13 Sep 2001

    Thursday, 13 September 2001.

  • Lenders tear into FSA's 'confusing' proposals for mortgage regulation

    13 Sep 2001

    FSA proposals for mortgage regulation will be slammed as anti-competitive, ineffective and likely to stifle innovation in consultation responses sent to the regulator this week. Several major lenders say their responses to the FSA's consultation document - due in this week - rip apart the proposals as being a backward step for the market and virtually impossible to implement and enforce. The news comes as senior mortgage figures predict the vast majority of the regulator's ...

  • LIA in deal with My Money Adviser

    18 Sep 2001

    The LIA is teaming up with My Money Adviser to offer its 25,000 members discounted access to a web developing facility.

  • Lifestyle pension option from L&G

    12 Sep 2001

    Legal & General is offering a new pension lifestyle option the Global Equity Index / Index Linked Gilt Lifestyle.

  • Liz Walkington

    13 Sep 2001

    Direct mailing is an activity many IFAs may shy away from. It seems to contradict the ethos of personal, face-to-face advice which is the essence of the IFA's role. In an organisation such as ours, where there is considerable direct-mail activity as well as a big fieldforce of advisers, the two may seem to be in conflict. However, in today's competitive environment, IFAs need to consider all channels.They need to look at the synergy between different channels, which can ...

  • Markets rocked by US blasts

    12 Sep 2001

    A barrage of terrorist attacks in the US sent the world's stockmarkets into freefall on Tuesday and raised fears of a global recession.

  • MEP attacks tax havens

    13 Sep 2001

    A leading member of the European Parliament is calling for offshore tax havens such as the Channel Islands and the Isle of Man to be abolished in the drive towards a single financial services market. German MEP Christa Randzio-Plath, who chairs the European monetary affairs committee which has responsibility for the single financial services market within the EU, says it is unfair that such tax havens exist. She wants EU tax rates brought in line. Such a move would have ...

  • Millfield deal doubles RIs

    13 Sep 2001

    Millfield Group is acquiring North of England IFA Heritage in a deal which will see its RIs double to 270 from 135. Millfield will pay between £630,000 and £10m for Heritage, depending on it meeting undisclosed turnover targets. Aim-listed Millfield says the acquisition enables it to operate as a fully national IFA, with Heritage adding12 offices and four satellite offices, including Scotland and Northern Ireland, to its predominantly South of England-based ...

  • Minister rules out 'reform for rich'

    13 Sep 2001

    Pensions minister Ian McCartney has ruled out annuity reform because he believes it would benefit only the very wealthy. At a fringe meeting at the annual TUC conference in Brighton this week, he said he had not seen any evidence that relaxing annuity rules would benefit the average pensioner. Answering a question from the floor, McCartney said: "Some of the arguments being pressed on the Government are valuable only to the very wealthy. I would resist such a change. ...

  • Momentum posts £1m profit after MBO

    13 Sep 2001

    Momentum Financial Services made £1.1m profit on a turnover of £15.5m in its first year of trading since its management buyout from Aon Consulting in August 2000. Momentum, which now has 100 RIs in nine UK offices, has targeted companies by offering an independent financial healthcheck as an employee benefit.

  • Nationwide 'most popular' flexible lender

    13 Sep 2001

    Nationwide claims it has become the UK's most popular flexible mortgage lender with around 800,000 borrowers having access to a range of flexible features on their loans. The most popular option, according to the society, is the ability to overpay, with 10 per cent of those eligible making overpayments.

  • Networks sideline GE plan amid capital fears

    13 Sep 2001

    Leading networks have struck the latest GE Life high-income plan off their approved lists after the recent FSA warning questioning the suitability of some high-income products. Misys and Tenet Group, with a combined 5,700 RIs, say they will not allow their advisers to recommend GE Life's high income & growth plan VI. Under the product terms and conditions, if the Dow Jones Euro Stoxx 50 index more than halved by the end of the plan's three-year term, investors with ...

  • No sign of riches from stakeholder

    13 Sep 2001

    I recently read an article in Money Marketing by Lorna Bourke, stating that some companies were paying thousands of pounds commission for stakeholder. Maybe I am on a different planet to Ms Bourke but, as you will see from the attached quotation for one of my clients, the commission is £126.36. Prior to April, it would have been £187.20 - a reduction of £60.84. I do not consider that this is exorbitant for looking after a customer until their ...

  • Northern Rock offers five-year buy-to-let

    17 Sep 2001

    Northern Rock has introduced a five-year fixed-rate buy-to-let mortgage for loans of up to 75 per cent of valuation.

  • NYSE falls 7 per cent on first day of trading after disaster

    18 Sep 2001

    The New York Stock Exchange closed down 7 per cent yesterday after a day of record trading, as rate cuts on both sides of the Atlantic failed to shore up markets.The NYSE fall of 684 points, to 8,920, was the biggest fall in the Exchange's history, but is dwarfed by the 22 per cent fall on October 19, 1987. European markets responded positively, with the FTSE closing up 3 per cent at 4,898, France's CAC up 2.7 per cent and Germany's DAX closing up 2.9 per cent.

  • NYSE may not open until Monday

    13 Sep 2001

    The New York Stock Exchange will stay closed for trading today and may not open until Monday as the damage to its trading capabilities is assessed.

  • NYSE to open on Monday as world markets wait

    14 Sep 2001

    The New York Stock Exchange and Nasdaq will recommence trading at 9.30am Monday New York time in a session that will set the lead for the rest of the world's markets which have seen low volumes of trading since Tuesday's attack on the financial district of New York.

  • Old Trafford: Home fixture

    13 Sep 2001

    Mortgage Next is running a series of broker roadshows at Premiership football grounds throughout September and October. The roadshows, which take in 12 clubs, will offer brokers the chance to speak to lenders on Mortgage Next's panel about products available through the network. At each location there will be representatives from seven of the 19 panel lenders, who will release details of a number of loans planned for release through the network. The roadshows ...

  • Once again, who can beat WP?

    13 Sep 2001

    Brian Newbould's offering entitled, Rough on the smoothing (Money Marketing, August 30) is infantile. I would once again ask the question "Who can beat the returns on with-profits?" Certainly, regular-premium contracts have no long-term equal. I have been around 30 year, I have sold policies and I have seen them mature. I have taken the Consumers' Association and the press to task on more than one occasion over those 30 years and have yet to find anyone who will ...

  • Only one confused on IFA-client link is Ron Sandler

    13 Sep 2001

    I am not sure if Ron Sandler is related to Sir Mark Weinberg but they certainly sing from a similar hymn sheet. The legal relationship of an IFA and his client has been clearly established in the past by the courts. An IFA represents both his or her client, who pays for the services via commission or fees - which one is irrelevant. The IFA also represents the insurance company with which the business is placed, in so much that he completes and issues insurance ...

  • Orbitex set for move into UK retail sales

    13 Sep 2001

    Institutional fund manager Orbitex is to launch into the UK IFA market this autumn following calls from IFAs to open its top-performing fund to retail investors. US-owned Orbitex is to offer an Oeic next month, with the first sub-fund expected to be a managed product run by global chief investment officer Robin Geffen. The new fund, which is still subject to regulatory approval, will be similar to, although not a clone of, Orbitex's pooled pension exempt balanced fund ...

  • Outside edge

    13 Sep 2001

    I recently had the benefit of a discussion with a senior person at IBM who used an analogy to explain that sudden change often provokes more action than when it is gradual. It concerned a frog sitting in his cold-water pond who jumps out when boiling water is poured in but remains in his pool when the water is heated up gradually. For the last two years, we have seen a reduction in charges and the reaction of the IFA community has not been dissimilar to the frog with his water ...

  • Pearl fined £100k and will pay £340k compensation

    13 Sep 2001

    The life office and fund management arms of Pearl have been hit with a £100,000 fine by the FSA for failing to carry out customer orders on its share-exchange service Sharewise in a timely manner. Pearl Unit Trusts and Pearl Assurance have also been ordered to pay £345,854 in compensation to 1,617 customers and FSA costs of £18,343. The delays in carrying out customer orders were caused by late submission of documents to the head office by the Pearl ...

  • Pension experts recommend caution over annuity purchases

    13 Sep 2001

    Pension experts are warning pension savers to sit tight and carefully examine their options, before taking any investment decisions.

  • PIA suspends IFA Complete Financial Services

    14 Sep 2001

    The PIA has suspended the investment business of IFA Complete Financial Services of Hillside, Bishops Walk, Shirley Hills, Croydon because it has failed to comply with an award made against it by the Ombudsman. The award was made in August 2001, and the firm is contesting the decision made by the Ombudsman and has therefore failed to offer redress to the complainant. If the IFA pays the award, it can re-apply to the PIA for leave to resume investment business.

  • PIA suspends IFA over resource rules

    13 Sep 2001

    IFA Jacobs Insurance Brokers of Cavendish House, Cavendish Road, Highams Park, London, has been ordered by the PIA to cease conducting and soliciting investment business because it cannot meet the regulator's financial resources requirements. It is the eighth firm the PIA has suspended this year because it can no longer meet the requirements and the 53rd firm to be the subject of disciplinary action by the PIA.

  • Pink extends buy-to-let tie-in

    18 Sep 2001

    Pink Home Loans has designed a three-year fixed rate buy-to-let mortgage for loans of up to 85 per cent of valuation.

  • Polar bears need to cool the climate for a clear view

    13 Sep 2001

    The continuing bear market must be the biggest risk facing financial services firms but political and regulatory risk comes a close second and this supposedly under a business-friendly Government. To make matters worse, the bull market - fading into folk lore - provided a false comfort zone which has masked some of the problems faced by fund managers, life offices and advisers. The first risk makes the second all the more serious. Some of the gloomier commentators believe ...

  • Poor outlook for airline sector

    18 Sep 2001

    Shares in US airlines were hit in their first day of trading after last week's terrorist attacks, with Continental's shares closing down 49 per cent yesterday and American Airlines parent AMR down 39 per cent.

  • Possible rate cut if US terror assault results in downturn

    13 Sep 2001

    The Federal Reserve, the European Central Bank and the Bank of England have all indicated that interest rates will be cut if the terror assaults on the US push the world towards recession.

  • Premier takes trustee show on the road

    13 Sep 2001

    Premier Portfolio Managers is running a series of roadshows about recent Government changes to the Trustee Investment Act, which it says provide a solid business opportunity for IFAs. Due to the updates to the Act last year, trustees are now obliged to take a more active interest in the value of the trust. The fund manager says in the past many trustees have been content to simply put the assets in a savings account and forget about them until they are due to be paid out. It ...

  • Product Matters

    13 Sep 2001

    Northern Rock has introduced a new range of buy-to-let mortgages. It offers a choice of fixed-rate products and a variable-rate mortgage offering cashback of 2 or 3 per cent, which is unique to the market. Landlords who choose to borrow on Northern Rock's standard variable rate, currently 6.75 per cent, get 3 per cent cashback on up to 50 per cent loan to value and 2 per cent cashback between 50 and 75 per cent LTV. There is the added flexibility of capital repayments ...

  • Rate cuts will protect UK housing market if recession hits

    14 Sep 2001

    Interest rate cuts will protect the UK housing market from the impact of the terrorist attacks on New York’s World Trade Centre this week, say IFAs.

  • Regional Review: The North-West

    13 Sep 2001

    In the first in a series of regional reviews, Money Marketing will set the key UK regions into context in terms of giving advice. This week, the North-west and Greater Manchester come under the spotlight. Manchester, which is the commercial, financial, educational and cultural capital of the UK's biggest economic region outside London, plays host to more than 80 of the Financial Times Top 100 companies. There are around 2,399,781 economically active people employed ...

  • Researching questions

    13 Sep 2001

    Whether you conduct product research yourself or use a panel or software research engine, you need to have in place a documented process to justify client-specific product selection. This not only underlines your professional integrity but will help you meet the suitability of advice rules in the FSA's new Code of Business Sourcebook, outlined in my article last week. The starting point is to decide which factors need to be considered in your research and the order ...

  • Rothschild Asset Management - Five Arrows Monthly Income Fund

    13 Sep 2001

    Thursday, 13 September 2001.

  • Rothschild shoots corporate bond arrow

    17 Sep 2001

    Rothschild Asset Management is adding the monthly income fund to its range of five arrows global investment funds. This open-ended investment company is aimed at investors who are looking for high levels of income by investing in a portfolio of investment grade and non-investment grade bonds. At least 50 per cent of the portfolio will go into investment grade bonds. In terms of geographical weightings, UK corporate bonds are the dominant force, comprising of 43 per cent of the ...

  • Royal & SunAlliance Investments predicts world economy to plunge into recession

    13 Sep 2001

    Royal & SunAlliance Investments says it expects the global economy to be tipped into a recession in one of the first investment outlooks published since attack on the USA.

  • Sagitta - Salix

    18 Sep 2001

    Tuesday, 18 September 2001. Type: Offshore hedge fund. Aim: Growth by investing in healthcare stocks. Minimum investment: $100,000. Place of registration: Cayman Islands. Investment split: 100 per cent healthcare stocks. Isa link: No. Charges: Annual 1.25 per cent. Commission: None. Tel: 020 7543 1500.  

  • Sandler agrees to meet IFA delegates

    13 Sep 2001

    Ron Sandler has heeded IFA calls for a face-to-face meeting to discuss observations about IFAs made in the consultation paper which kicked off his review of the financial services market in July. The head of the Treasury-commissioned review has written and arranged to meet with 14 IFA firms which wrote an open letter to him through Money Marketing on August 9 asking for a meeting to discuss the IFA market. The IFAs involved say they are happy to be given the chance to ...

  • Sandler only needs to read the news

    13 Sep 2001

    If Ron Sandler needs any proof that recommendations of advisers may be influenced by commission he only needs to read your pages. The coverage of Scottish Amicable's decision to halt initial commission included the assertion that they had been "aggressively chasing market share by paying among the highest rates of commission". Andrew Bedford of Misys then helpfully explains that other companies "will keep paying commission and will lead the market and take the biggest ...

  • Schroders appoints Colback to global emerging markets fund

    18 Sep 2001

    Schroders has appointed Lucy Colback as the new manager of its Global Emerging Markets fund as the first step in an overhaul of the fund. Colback, who takes over from Giles Neville, will now restructure the fund under a more aggressive mandate, firstly trimming the number of stocks to 130 from 150. Colback has worked at Schroders since 1994, and has been part of the emerging markets team since 1996.

  • Scot Equ calls on pensions industry to keep up with social change

    17 Sep 2001

    Scottish Equitable is urging the pensions industry to keep up with social change such as issues surrounding the payment of pension death benefits to homosexual and common-law partners.

  • ScotLife marketing alerts firms over stakeholder date

    13 Sep 2001

    Scottish Life is embarking on a marketing campaign to help IFAs increase group pension business by targeting employers in the run-up to the October 8 stakeholder deadline. By then, employers with over five staff must have a stakeholder or suitable alternative pension scheme in place or risk a £50,000 fine. ScotLife says IFAs should see this deadline as an opportunity to provide pension advice to existing and potential clients. The campaign includes a range ...

  • ScotLife scoops rival's staff for protection bid

    13 Sep 2001

    Scottish Life has confirmed it is setting up a stand-alone protection business led by former Scottish Provident head of marketing and business development David Robinson. In a move first reported by Money Marketing, former ScotProv head of product marketing Roger Edwards is also joining the team in a similar role. Edwards was a key figure in ScotProv and his appointment will be seen as a major coup for ScotLife. Money Marketing revealed last month that ScotLife was starting ...

  • ScotProv cuts rates as protection war looms

    13 Sep 2001

    Scottish Provident has cut premiums as it prepares to fight off competition from Scottish Life's new protection business. The move comes after several key staff left ScotProv to join its new rival. ScotLife last week confirmed it is launching a standalone protection business, naming an executive team of six people, all former ScotProv employees. They include former ScotProv head of marketing and business development David Robinson and product marketing manager Roger ...

  • Scottish Life removes policy fee on regular premium plans

    14 Sep 2001

    Scottish Life has removed the policy fee for all new regular premium plans of £100 or more per month.

  • See a specialist

    13 Sep 2001

    The Sandler review has raised a few pertinent questions of the financial services industry. Of the many questions raised in the review two of the most controversial are: Is the current standard of advisers' knowledge about investment issues sufficient? How much attention is paid to investment strategy as opposed to selection of product and provider? Perhaps I can approach the questions slightly differently. How many financial advi-sers do you know that you ...

  • SG Life & Pensions kicks off with bond

    12 Sep 2001

    SG Life & Pensions, the new retail brand of Societe Generale, has started life by bringing in the SG Life international bond.

  • Shelter From Gain storms

    13 Sep 2001

    In today's climate of stockmarket uncertainty and low interest rates, many financial advisers and investors are wondering where they can invest to achieve competitive, low-risk, low-volatility returns. Traded endowment policies offer just that. The last few months have seen a tremendous surge of interest in Teps. The appeal of this type of investment is that competitive returns can be achieved in the medium term and risk is low because much of the investment is guaranteed by ...

  • Small IFAs under fire for pension review delays

    12 Sep 2001

    Small IFAs are under fire from the FSA for lagging behind in completing Phase 2 Pensions Review cases. While the regulator says good progress has been made, but with just under a year to the completion deadline, it's claimed some smaller firms are slipping behind. The FSA's quarterly update shows two thirds of consumers in phase 2 of the review have had their cases completed and £3.3bn in redress has been paid.  

  • SocGen targets wealthy clients

    13 Sep 2001

    French banking giant Societe Generale is introducing an offshore life and pension brand aimed at UK high-net-worth clients to be sold exclusively through IFAs. SG Life & Pensions will also offer access to a wealth management service with products from SocGen's private bank, Hambros. It will launch with three investment bonds run through Guernsey and Luxemburg. The SG Life International single-premium whole-of-life bond will be run through Guernsey, offering 94 funds ...

  • Stakeholder initiative delivers leads

    13 Sep 2001

    The Money Marketing stakeholder pension initiative, launched at the beginning of this week, is already delivering high-quality leads to top IFAs. Syndaxi Financial Planning director Robert Reid says: "This employer must have got the booklet and gone online straight away before selecting us. They are a health company which may set up a stakeholder or other pension scheme, having sold part of the company, leaving 26 people who do not currently have a pension arrangement." Reid is ...

  • Standard & Poor's Micropal Top 10s

    13 Sep 2001

    Fund returns have continued to fall over the summer, with the average unit trust now down by more than 20 per cent for the past year. Govett US Bear continues to top the tables, reflecting the poor performance of US equity markets. Corporate bond funds have been the best performers of the past 12 months, with five now inside the top 10. The corporate bond sector is now one of only four Autif sectors to have averaged a positive return over 12 months, the others being UK other bond, ...

  • Standard bank in buy-to-let push

    13 Sep 2001

    Standard Life Bank is launching an assault on the buy-to-let market with a range of loans it claims are priced as competitively as residential mortgages. In a move designed to appeal to investors concerned about stockmarket volatility, the bank is offering flexible buy-to-let loans with rates from 5.24 per cent, depending on the size of the deposit. Borrowers can take two payment holidays a year and may purchase up to five properties to a maximum combined value of £500,000.

  • Sun Bank bolsters support for IFAs

    13 Sep 2001

    Sun Bank is strengthening its business development team in what it believes are key areas before embarking on a nationwide sales drive to IFAs.The company is looking to appoint a series of business development managers to strengthen its relationships with IFAs in areas where it has a strong presence, such as the South-east.The move follows a decision by parent company Sun Life Financial of Canada to pull its 1,700-strong direct salesforce off the road in February. ...

  • Swiss Life appoints Hurd as personal finance director

    14 Sep 2001

    Swiss Life has announced the appointment of Brian Hurd as director of its personal finance business unit. Hurd, who comes from Norwich Union, will be responsible for the development of the provider's individual protection portfolio. Swiss Life says the appointment is a key hire in its drive to take the individual side of the company forward. 

  • Talbot & Muir set up Sipp arm

    17 Sep 2001

    Nottingham based pension specialists and pensioneer trustee Talbot & Muir is establishing a separate company of TM Sipp Services aiming to provide IFAs with expert self invested personal pension administration.

  • Talkback

    13 Sep 2001

    Should the full findings of Lord Penrose's inquiry into Equitable Life be published? "Yes. We need to know exactly what went on so if other companies end up in the same boat, we will be forewarned." Glen Taylor,Poringland Insurance Consultants "I certainly think it should be. It ought to be in the public domain for everyone's benefit." John Westlake,Westlake Investment & Financial Planning Services "Yes. What also should be published are the minutes ...

  • The Daley Update

    13 Sep 2001

    ABN Amro is set to introduce a North American fund in the last quarter of the year. The fund will be managed by US fund manager Montag Caldwell, which the Dutch bank acquired this year. Credit Suisse Asset Management launches a new multi-manager Pep transfer and Isa offering today. Investors can choose any of CSAM's three new multi-manager funds - Constellation, Balanced Strategic and UK strategic. Minimum investment is £1,000 or £100 a month. Initial charge is ...

  • The final countdown

    13 Sep 2001

    I am the managing director of a family-owned business with some 25 employees. The business has been going for many years and in the early 1980s we set up a final-salary pension scheme for long-standing staff, including some family members. But the directors have become increasingly concerned about the burden on the company of maintaining the scheme. What are our options? It was once the case that final-salary schemes were the automatic scheme of choice for employers looking to ...

  • The Mortgage Operation - Fee Assisted Remortgage

    18 Sep 2001

    Tuesday, 18 September 2001.

  • TMB shows it cares

    18 Sep 2001

    The Mortgage Business has revamped its mortgage care accident, sickness and unemployment (ASU) mortgage protection plan. The plan offers three levels of cover — gold, silver and bronze — and each of these have different deferred periods. Bronze is the lowest level of cover and has a 45-day deferred period. Silver has a 30-day deferred period and gold is the highest level of cover with a 30-day period that is backdated to day one. Each ...

  • UCB adds to buy2let range

    18 Sep 2001

    UCB Home Loans, the specialist lending arm of Abbey National, is bolstering its range of buy-to-let products with the five-year fixed buy2let mortgage.

  • Unit trust suspensions lifted on Far East funds

    13 Sep 2001

    Fund managers are lifting suspensions on unit trusts that stopped trading yesterday as markets in the Far East reopen and Japanese trading returned to more normal levels. Stock markets in Mexico, Canada, Argentina and Equador remain closed, alongside US markets.

  • Universal Provident buys Medicus Family Care

    14 Sep 2001

    Health care insurance provider Universal Provident, part of the Berkeley Morgan Group, has bought UK and international medical insurance provider Medicus Family Care.

  • US interest rates cut by 0.5 per cent

    17 Sep 2001

    The US Federal Reserve has made a 0.5 per cent cut in interest rates to 3 per cent minutes before the opening of the New York Stock Exchange.The cut, the Fed's eighth this year, had been anticipated by some analysts, and is aimed at securing investor confidence to avoid panic selling.The Bank of England Monetary Policy Committee next meets on October 3, when a UK cut will be considered.

  • Venture scouts blaze the investment trail

    13 Sep 2001

    The venture capital industry appears to know something that everyone else does not. While most fund managers are still sitting on their hands and praying for the end of what has so far been an 18-month bear market, the VCT industry is about to try and raise more than £200m, despite investor sentiment being at its lowest level so far this year. If fund managers are struggling to persuade investors to put their money into equities at all, it would seem that persuading ...

  • Virgin goes on the road with Misys

    13 Sep 2001

    Virgin One is teaming up with Misys IFA Services to hold roadshows showing the benefits of holistic banking to the network's members. The current account and mortgage lender is also promoting the value of independent advice by mailing tens of thousands of customers to help them find an IFA in their area. Virgin, which has a network of alliances with IFAs, will pass all leads on to its selected intermediary partners. The roadshows will start in Edinburgh before ...

  • Watchdog putting the bite on lenders

    13 Sep 2001

    The Financial Ombudsman Service's ruling that Halifax should have made its lowest rate available to existing borrowers could result in some of the biggest lenders facing huge compensation claims. In a decision that the ombudsman admits is likely to have far-reaching implications for lenders with dual-pricing policies, Halifax will have to compensate a borrower it banned from switching to its lower variable rate reserved for new customers. The ruling, currently awaiting ...

  • Website offers professional links

    13 Sep 2001

    My Money Adviser is launching a website that allows IFAs to expand their internet presence through sites that share branding with professional partners such as lawyers and accountants. The MultiSite enables IFAs to co-brand ecommerce sites with third parties, allowing the IFAs partners to refer their clients to the adviser's site, giving access to My Money Adviser's usual ecommerce functions such as fund supermarkets, sharedealing services and life and critical illness products ...

  • What about effect on the customers?

    13 Sep 2001

    I see Ron Sandler has been joined by the Eurocrats at the Brussels Inquisition. Both seem ready to run a sword through any adviser paid by commission. However, the potential impact on the consumer would seem to have been overlooked. I am a self-employed IFA with a client bank of around 250 and growing. I work on a commission basis only. Around 40 of my clients are in what I would call the high-net-worth bracket. Let us call them the Mr and Mrs Topnotches. Over the years, ...

  • Whose strife is it, anyway?

    13 Sep 2001

    For many years, Ernst & Young Consulting's annual global survey on the use of technology in financial services has been an essential aid to anyone wanting to have a clear understanding of their own organisation's position relative to their peers in this important area. Relaunched under the Cap Gemini Ernst &Young banner as the Special Report of Financial Services, it is even more poignant this year as many organisations are questioning if the dotcom downturn means they can ...

  • Windfall plea fails

    13 Sep 2001

    The pension misselling windfall case will go unchallenged, setting a precedent that will cost the financial services sector £175m. In August, the High Court decided that windfalls could not be included in pension review calculations and the time for appeal of the decision has now passed. Collegiate, which had funded the case against pensioner Ronald Taber on behalf of Needler Financial Services, said the financial services sector had largely ignored its plea for cash to fund an ...

  • Zurich in Deutsche Bank talks but will keep Threadneedle

    14 Sep 2001

    Zurich has said that Threadneedle — its UK asset management arm — will remain part of the group desdpite confirming plans to sell the rest of its asset management businesses, its Zurich Scudder Investment arm, to Deutsche Bank.Zurich may also acquire several insurance subsidiaries of Deutsche Bank as part of the deal.

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