Money Marketing
13 February 2002

  • 'Banks and societies the worst on pension advice'

    14 Feb 2002

    Stakeholder advice varies greatly between different distribution channels, with bank and building society advisers giving the worst advice, according to undercover research by the Cons-umers' Association. Four mystery shoppers from Which? visited 38 advi-sers and discovered that while the majority recommended the appropriate product, given the circumstances, the quality and amount of advice varied. The best advice came from 13 IFAs, who looked at customers' attitude towards ...

  • 'Equitable regulator' Roberts on the move to new FSA job

    14 Feb 2002

    The regulator most closely linked to the Equitable Life debacle, Martin Roberts, is moving to a part-time position advising the FSA on the international aspects of insurance regulation. FSA insurance firms division director Roberts will be replaced by Lloyd's of London director of regulation David Gittings. Roberts, 55, is one of the few constants in the Equitable saga, having been in charge of the insurance industry as far back as 1989. He was responsible for insurance regulation ...

  • 'Ideal time to invest in Asia'

    14 Feb 2002

    Asia is the place to invest for anyone looking for long-term benefits, according to Govett Investments. The company believes the Asian market has hit bottom and now is the ideal time to put money in to reap benefits from the upward climb. A report from Asian chief investment officer and manager of its Asia Pacific fund Christian Dangerfield says the Far East stockmarkets rebounded sharply in the last quarter of 2001 led by strong performance in Taiwan and Korea. He says the ...

  • 'Most stakeholders are just shells to meet Govt's rules'

    14 Feb 2002

    The vast majority of group stakeholder plans have been set up as shell schemes to satisfy Government requirements, according to consultants Towers Perrin. Of the employers surveyed, 41 per cent had set up stakeholder with no contributions. Only 11 per cent were contributing to GPP or stakeholder schemes, 9 per cent defined-benefit schemes and 22 per cent had done nothing. Towers Perrin head of financial planning Robert Ivey said the average employer contribution for a stakeholder ...

  • 88% want one set of designatory letters to end public's confusion

    14 Feb 2002

    IFAs are overwhelmingly in favour of introducing one set of designatory letters for the industry, according to the State of the IFA Nation poll of Money Marketing readers. The poll of IFAs, conducted in conjunction with Virgin One, shows that 88 per cent would like to see the regulator come up with one all-encompassing standard, which would end consumer confusion. The findings come as responses to the FSA's discussion paper on the exam process are due in at the end of ...

  • A consumer's view

    14 Feb 2002

    The repercussions of the ombudsman's decisions on dual pricing of mortgages rumble on. There is concern that his decisions on individual complaints are having far-reaching effects that are not necessarily in consumers' long-term best interests. The upshot could be less choice for homebuyers. The complaints about dual pricing against Halifax, Nationwide and Abbey National were all different. But the upshot is that lenders are likely to come to the conclusion that they cannot price ...

  • ABN Amro - Premier Funds Service

    14 Feb 2002

    Thursday 14 February, 2002.Aim: Income or growth depending on investment strategy. Choice of balanced, capital growth, conservative, international or ethical strategies.Minimum investment: Lump sum £10,000.Investment split: Choice of balanced, capital growth, conservative, international or ethical strategies.Income facility: Yes.Charges: Initial 4 per cent, annual 1.25 per cent.Commission: Initial 3 per cent, renewal 0.5 per cent.Tel: ...

  • ABN Amro takes hassle out of choice

    19 Feb 2002

    ABN Amro has aimed its portfolio management service at investors who want investment choice but who do not want to do the choosing themselves.

  • Accountants and ABI in plea to DWP over stakeholder rules

    14 Feb 2002

    Top accountancy firms along with the ABI are calling on the Department for Work and Pensions to amend stakeholder regulations or face a potential string of resignations from reporting accountants. Under stakeholder rules, each scheme must have an appointed reporting accountant. But an accountancy firm cannot take up the position if any of its employees hold a stakeholder plan with that provider. This was designed to keep the reporting accountant independent of the scheme. But the ...

  • Accredit to the industry

    14 Feb 2002

    Having worked in various compliance roles (for Scottish Widows, Scottish Equitable and, most recently, Misys IFA Services), my view of compliance is that it should aim to improve organisations - not hold them back. This is especially true when compliance becomes less about achieving minimum standards and more about best practice. However, it was not until I sacrificed working for a familiar name to join a new organisation - the PPIAB - that I realised how progressive compliance ...

  • Alpha Isa aiming for the top

    14 Feb 2002

    Lazard Asset Management is packaging two of its flagship funds inside the Lazard alpha Isa. The Isa aims to achieve capital growth through two funds, Lazard UK alpha and Lazard European alpha. Investments can be made in either of the funds or a combination. The Lazard UK alpha fund invests in 40 to 50 UK stocks. The Lazard European alpha fund invests in 45 to 50 stocks. Both funds follow a bottom-up approach to stockpicking which assesses individual stocks rather than stockmarket ...

  • Annuity private member bill reaches committee stage

    13 Feb 2002

    Conservative MP David Curry's private member annuity reform bill will have its committee stage on February 14, where it will be debated and amendments raised by MPs from all parties.

  • Annuity reform 'based on wrong assumptions'

    14 Feb 2002

    IFAs are raising concerns that the Government is basing its proposals for annuity reform on unrealistic assumptions of what they charge a typical income-drawdown client. The Government has published a series of proposals including the use of decision trees, the creation of limited-period annuities and allowing the transfer of annuities between providers. It believes that enabling pensioners to take out a series of limited period annuities rather than using drawdown will lower costs ...

  • BM Solutions

    14 Feb 2002

    Halifax's specialist intermediary lender BM Solutions is starting its spring campaign with a new visual identity. The BM Solutions brand is exclusively for intermediaries while the consumer brand is Birmingham Midshires. The new images are red and white with minimal text and simple graphics designed to stand out in the specialist lender marketplace. The www.bm-solutions.co.uk website is solely for intermediaries and includes up-to-date information on its range of self-certification, ...

  • Bond for the risk-averse

    14 Feb 2002

    London Pacific Assurance is offering a guaranteed investment bond targeted at risk-averse investors looking for capital security and a high level of income. The single-premium offshore bond guarantees a 5 per cent minimum income in the first year with 3 per cent in subsequent years. Minimum investment is £5,000. For investors who do not require life insurance, the product is also available in a capital redemption format. The income can be taken on a monthly, quarterly ...

  • Branded for life

    14 Feb 2002

    The polarisation debate rolls on, over (if we are to believe the pundits) the supine bodies of consumers and IFAs. With the mega corps set to be in charge of product distribution to all but a select and wealthy few, what will Howard Davies' "significant liberalisation package" mean for product provider brands? Will they need to tool up their business-to-business salesforces or their consumer marketing efforts? Will they need to abandon their brands and focus on making better ...

  • Britannia BS members to share £53m

    19 Feb 2002

    Britannia Building Society members are sharing £53m through the group's bonus scheme which returns a share of annual profits to customers.

  • Britannia International - International Blue Chip Bond

    19 Feb 2002

    Tuesday, February 19, 2002 Type: Guaranteed offshore high interest account Aim: Growth linked to 12 blue chip company stocks Minimum investment: Lump sum £10,000, £5,000 for existing Britannia customers Place of registration: Isle of Man Investment split: 100% linked to 12 blue chip company stocks Guarantee: Capital returned in full at end of term regardless of performance of underlying investments Yield: ...

  • Call for FSA to lighten regulation

    14 Feb 2002

    The FSA should introduce lighter regulation on some products for life offices with Raising Standards accreditation or face the public abandoning the industry, says CIS. General manager (life and compliance) Mike Fairbairn says the FSA should slacken rules on certain products and exempt accredited firms. Without some form of cre-dit rating for firms based on the Raising Standards initiative, Fairbairn says a wedge could be driven between the industry and consumers. He says: "We ...

  • Can't get no satisfaction?

    14 Feb 2002

    In a one-to-one environment, we seek a solution for every type of consumer and market it exhaustively - and we have never had it so tough. It has been a year of bad publicity, the stockmarket is weak and we are challenged by people changing their entire investment strategy. With the poor performance of Isas, investors are seeking someone to blame. Technology creates new demands and customer attitudes are transformed. Where does all this lead the financial adviser? To a re-examination ...

  • Cavalier approach won't win war on CP121

    14 Feb 2002

    Since the publication of CP121, I have read the document at least three times. On each reading, there are more questions but no more answers. There are two possible reactions to this and IFAs are split between the two (and a few others for good measure). There is the Cavalier approach and there is the Roundhead approach. The Cavaliers want a full-frontal assault on the big picture. The Roundheads want to attack the detail in the belief that this will undermine the shaky foundations ...

  • Chelsea Building Society - 2 Year Fixed Rate Bond (11th Issue)

    14 Feb 2002

    Thursday 14 February, 2002.Type: High interest account.Minimum-maximum investment: £1,000-£500,000.Interest rate: 5 per cent.Term: Until May 4, 2004.Offer period: Until further notice.Withdrawal penalties: 60 days' loss of interest.Tel: 01242 283593.

  • Clarity begins at home

    14 Feb 2002

    The Government wants more people to benefit from saving. New policies aimed at ensuring that all people, including those on low-incomes can build a financial asset have been proposed. This is to be welcomed but, as any financial adviser knows, savings decisions need to be placed in a broad context. The Government has recognised the need for strong incentives for low-income people. But so far, insufficient emphasis has been placed on the disincentives to save. There are important disincentives ..

  • Clerical bonuses cut by up to 20%

    14 Feb 2002

    Clerical Medical is the latest life office to slash reversionary and terminal bonuses on its with-profits policies, with cuts of up to 20 per cent. Blaming market conditions, Clerical has cut bonuses on its life and flexible bond policies to 4 per cent from 5 per cent. On pension plans with an annual management charge of 1 per cent, bonuses are cut to 4.5 per cent from 5.5 per cent. Bonuses on pension plans with an AMC of 0.5 per cent have dropped to 5 per cent from 6 per cent. The ...

  • Commission slur by Equitable brings angry response by IFAs

    14 Feb 2002

    IFAs have slammed Equitable Life for claiming in a national newspaper advertisement and in letters to with-profits policyholders that the only reason they are being advised to quit the troubled life office is so advisers can earn commission. In the ad and letters, Equitable says policyholders should "seriously question" the wisdom of independent advice recommending switching to another provider because IFAs gain income by brokering such deals. IFAs have reacted furiously, saying ...

  • Compliance burden is 'causing market to stagnate'

    14 Feb 2002

    Leading lawyers are warn-ing that the UK financial services market is stagnating under increasing compliance burdens and senior management fears over the future of regulation. London law firm Osb-orne Clarke says com-panies are putting flotation plans on hold amid prospects of the new regulatory system following N2 being scrapped in 2005 when the planned European integrated fin-ancial services market is set to be introduced. It says if an integrated market is established, there ...

  • Corporate responsibility

    14 Feb 2002

    Corporate affairs is the preserve of regulated - some might say over-regulated - industries. No self-respecting energy, transport or telecommunications giant will feel competent to operate without a corporate affairs department - and now it seems that is becoming the norm for the financial services sector. So, what is corporate aff-airs? It is fair to say it is a moveable feast which changes acc-ording to the need of the organisation. It is a dynamic function which helps a company ...

  • Coventry customers star in TLC campaign

    14 Feb 2002

    Coventry Building Society, the UK's fifth-biggest society, is bringing a new look to all its promotional material this month. Created by Coventry's new advertising and communications agency, London-based Teamspirit, the campaign is intended to build on its "TLC not PLC" slogan to emphasise the society's continued commitment to mutuality. Coventry says research shows customers like and understand this slogan. For the first time, Coventry says it is using real customers ...

  • CSFB bonds with Titans

    19 Feb 2002

    Credit Suisse First Boston has established the global titans income or protected growth plan 2, a guaranteed equity bond that is linked to the Dow Jones global titans index for five years.

  • Daniel enters the lions' den

    14 Feb 2002

    While much of the national press was getting excited by the FSA's talk of a probe into split-cap investment trusts last week, AITC director general Daniel Godfrey's speech delivered at the same conference appeared to go unnoticed. This was certainly unfortunate for Godfrey as his words, urging members to accept responsibility for troubles in the split-cap sector, were arguably some of the most courageous and provocative in all his time at the trade body. In contrast, FSA ...

  • Dazed and confused?

    14 Feb 2002

    A long time ago, an advertising executive developed a conference presentation party piece to explain how advertising works. Without warning, he would lob a tennis ball to a member of the audience. The chosen individual would catch it. Then he would throw half a dozen tennis balls all at once towards the same person - who, almost always, would fail to catch any of them. "This," he would explain, "is how advertising works. If you deliver a simple, single-min-ded proposition, people get ...

  • Depolarisation is good news

    14 Feb 2002

    It is sad to see that the announcement of depolarisation has left so many people in a state of confusion. People think the end of the world has arrived and are defending the indefensible. There is no need to panic - depolarisation is good news and IFAs should all welcome it. Let us take a look into the future. There is no polarisation anymore. Multi-ties are the order of the day. The old-style compliance networks (OSCNs) are dead in the water. They have nothing to offer except ...

  • Do you want to gain a loss?

    14 Feb 2002

    Many IFAs have clients who are expatriates with existing offshore insurance bonds. Most of these clients will eventually return to the UK and, I hope, will look to the IFA for suitable advice on what action to take before returning to these shores. Looking at just the bond alone, what actions should they consider? Clearly, one choice is to cash in the policy before returning to the UK. In this way the client realises the chargeable event gain while non-resident and not subject to UK ...

  • Domestic science

    14 Feb 2002

    Predicting the future is always a tricky business, never more so than when looking at the Japanese market and economy, which is struggling with deflation, rising unemployment, insolvent banks, sliding corporate confidence and now recession. The effect of September 11 on the Japanese market has mirrored that on Wall Street as the Nikkei tends to rise and fall with the main US indices. The Japanese market, like the US market, has recovered to a certain extent but the influential ...

  • Dresdner RCM reflects gilt trip

    13 Feb 2002

    Dresdner RCM has introduced the gilt-to-equity Isa, which offers two ways to invest.

  • Euro vision

    14 Feb 2002

    The exceptional measures taken to stimulate world economic activity and boost business and consumer confidence following September 11 are beginning to have the desired effect. Not only are there increasingly clear signs that the downward momentum in global growth has faded, but there is also growing evidence of improvement. Within the pan-European region, the UK stands out as the economy that has been most resilient in the face of an adverse economic background worldwide, largely due ...

  • Fidelity and Henderson join Selestia with better deal

    14 Feb 2002

    Fidelity and Henderson became the latest providers to sign up to Selestia this week as the platform agreed to improve its terms. The two fund firms had opted not to sign up to Selestia at launch as they were unhappy with the charging structure. Those providers which initially joined the platform get no front-end charge and only 50 per cent of the annual fee on all business received through Selestia. The move is expected to spark a further round of charge negotiations for Selestia ...

  • Field warns low earners to avoid scheme

    14 Feb 2002

    The failure of stakeholder to penetrate the Government's target market of lower earners is to be welcomed while confusion over state provision persists, says former welfare reform minister Frank Field. Speaking at a Towers Perrin pensions conference in London last week, Labour MP Field said until the Government sorts out what it will and will not pay for in state retirement benefits, lower earners should stay away from stakeholder schemes. Field said: "The advice to most of ...

  • Fight every inch on CP121 detail

    14 Feb 2002

    In the immortal words of Corporal Jones, the message to IFAs at the moment should be "Don't panic." CP121 could have been much worse. The good news is that it does at least leave the fate of IFAs and their businesses in their own hands. There is a way for IFAs who want to retain the title independent to do so admittedly with some pain involved and in a manner that makes the FSA appear unnecessarily vindictive. For those who wish to become authorised, they may remain relatively unfettered ...

  • Focus system to speed up Skandia bond applications

    14 Feb 2002

    IFAs using Skandia's extra-net can complete investment bond applications electronically following the implementation of a system from Focus Solutions. The Goal technology system allows product providers to offer intermediaries and consumers online applications without needing additional software. It will go live to 8,000 registered IFAs in March. Skandia is the first provider to use the technology on its extranet but already uses the system to capture new business applications ...

  • Former Canada Life marketing man joins outsourcing outfit

    19 Feb 2002

    Financial services marketing firm The Outsourced Marketing Department is appointing David Almond as consultant.

  • Former Friends Prov man on AssureSoft board

    13 Feb 2002

    Former Friends Provident deputy managing director, life and pensions Tony Griffiths has been appointed to the board of AssureSoft as a non-executive director.Griffiths, who recently retired from Friends Prov, will represent Norwich Union, Scottish Widows and his former employer, who together took a 40 per cent stake in AssureSoft last month.

  • Friends gains Standards accreditation

    13 Feb 2002

    Friends Provident has become the latest company to gain accreditation under the Pensions Protection Investments Accreditation Board's Raising Standards scheme.

  • FSA tells firms to be more open on WP

    13 Feb 2002

    The FSA has published the fourth issues paper in its review of the with-profits industry.

  • FSA tells firms to be more open on WP

    13 Feb 2002

    The FSA has issued a warning to consumers over Isa guides, telling them to make sure they "take them with a pinch of salt."

  • Gerald Gregory

    14 Feb 2002

    Lives: On the edge of the Peak District in Derbyshire. Born: Buckinghamshire. Career: Graduated from Nottingham University in 1976 with a degree in economics and joined Lloyds and Scottish Financial to go on the road selling financial products. Took on a sales role at General Guarantee before moving to Girobank, later joining its Treasury department. Joined Britannia Building Society in April 1989 as treasurer, then became head of lending in 1993, director of mutuality and ...

  • GNI guarantees hedge return

    15 Feb 2002

    GNI Fund Management, a subsidiary of Old Mutual, has followed up its two GNI global strategies funds with GNI global strategies, a capital guaranteed offshore fund that invests in hedge fund strategies and futures.

  • Good prognosis for US recovery

    14 Feb 2002

    The massive monetary stimulus of 2001 and possibly another fiscal boost in 2002 should be enough to ensure the US sees an economic recovery in the second half of this year. The greater question concerns whether an economic rebound is already discounted in equity valuations. A great deal of bad news was absorbed by the US equity market in 2001 - an economic downturn, the tragedy of September 11 and high-profile corporate failure in the shape of Enron. We expect better returns this ...

  • Government should spend £56m on pf schooling

    19 Feb 2002

    FSA chairman Howard Davies is recommending the Government spend £56m on new teaching materials for personal finance education and schemes to involve school children with local business. Davies was asked by the Treasury to carry out the independent review of enterprise and education. It says the time is right for the promotion of financial and economic literacy in schools and has been welcocmed by Chancellor Gordon Brown. 

  • Govt given thumbs down

    14 Feb 2002

    IFAs have delivered a resounding vote of no confidence to the Government, with more than 80 per cent saying its handling of financial services has been poor in the past four years. Eighty-three per cent of the 280 respondents in the Money Marketing/Virgin One Stateof the IFA Nation survey say the Government's running of the financial sector has been poor or not very good. Just 2 per cent believe the Government has done either a very good or good job over the past few years, ...

  • Govt has overestimated risk of drawdown, says Skandia

    14 Feb 2002

    Skandia claims the probability of outliving the flow of income from drawdown products is very low and says fear is standing in the way of fundamental annuity reform. Its research found that, for a pensioner aged 60 with a fund of £100,000 taking income that matches 80 per cent of an open-market annuity, there is a 0 per cent chance of running out of income before death. If a pensioner takes 100 per cent of what they would get from an open-market annuity, the chance of running ...

  • Govt's recipe for annuities fails to satisfy the appetite

    14 Feb 2002

    Major pension annuity reform such as the abolition of the requirement to purchase an annuity by age 75 is missing from the Government's long-awaited annuity consultation paper published last week. Instead, the industry has been asked to consider proposals for limited-period and transferable annuities. Under the Government's proposals, pensioners could buy a temporary annuity with some of their pension pot. They would be free to choose the period and level of the annuity, ...

  • Holloway says CP121 could spell the end for friendly

    14 Feb 2002

    Holloway Friendly Society says it is facing extinction if the FSA's proposals for commission agreements are adopted. The friendly says its biggest product, its income protection plan aimed at low-income tradespeople, could be blown away under the proposals to stop IFAs getting straightforward commission. Holloway says sales will be hit as low-income self-employed workers are unlikely to pay fees. Ninety-five per cent of the sales are through IFAs, who are paid by commission. Holloway's ...

  • Home & Capital Trust takes positive approach over age discrimination

    14 Feb 2002

    Equity-release company Home & Capital Trust has been praised by the Department for Work and Pensions' Age Positive campaign for promoting employment rights for people aged over 50. The Bedford-based company says it is one of a handful of firms selected as a "champion" by Age Positive, which tackles age discrimination in the work-place. It sets out best practice guidelines for recruitment, training and development, promotion, redundancy and retirement. Home & Capital ...

  • HSBC goes for performance

    19 Feb 2002

    HSBC - Performance Plus IsaType: Capital protected Tessa only IsaAim: Growth linked to the FTSE 100 indexMinimum-maximum investment: £3,000-£9,000Investment choice: 100 per cent linked to FTSE 100 indexTerm: Five yearsGuarantee: Capital returned in full at end of termReturn: Up to 50% at end of termCatmarked: NoClosing date: Until further noticeCharges: ImplicitCommission: Initial 2%Tel: ...

  • IFAP service will aid deaf and blind

    14 Feb 2002

    Deaf and blind consumers will be able to access independent financial advice through a new service from IFA Promotion. It will produce consumer literature, including brochures and guides, in Braille, audiotape or large-print format. IFAP has also set up a freefone mini-com number for deaf people to communicate directly. The mini-com service enables deaf people to send written text messages to IFAP and get text replies. Chief executive David Elms says: "This will enable people ...

  • IFAs must deal with inheritance

    14 Feb 2002

    I cannot believe the comment I read in Money Marketing (January 31) which was attributed to Philip Rose in the news item "ScotEq criticises IFAs over trust plans". If it is not the responsibility of every financial adviser - whatever they are called - to take into account the passing of money and the question of inheritance, what is our job? The most important job of any adviser is to ensure that funds are available in the right hands at the right time - i.e. when someone dies, ...

  • Imla proposes new trade body to speak for all

    14 Feb 2002

    The Intermediary Mortgage Lenders' Association is proposing a new mortgage trade body representing all parts of the industry. Imla says it does not have the resources and infrastructure to set up and run an intermediary trade body but is keen to assist its development. It believes there is a gap to be filled as the industry evolves on the way to FSA regulation. Brokers and lenders have given the proposals a cautious thumbs-up but they want assurance that it would be impartial, ...

  • Independent view

    14 Feb 2002

    Let me illustrate why compliance regulations are not working by sharing with you a real account of what can go wrong. If this starts to sound like sour grapes, forgive me - it is not meant to. However, when I overheard two people at a party discussing their finances and imminent retirements with deep cynicism, I could not help but feel the whole system was not achieving the consumer protection we all long for. The story starts with my usual scouring of the weekend financial press. ...

  • Inside edge

    14 Feb 2002

    Regulation of mortgage advice and William Young winning Pop Idol share one similarity. I voted for both but did not really believe either would happen. The Treasury about-turn on regulation was undoubtedly a significant change for the industry. Although the majority of the market was opposed to lender responsibility and monitoring, and in favour of regulating mortgage advice, very few believed the Treasury would actually change its stance. Could the opinion of mortgage professionals ...

  • Investment analysis

    14 Feb 2002

    Recent positive economic news from the US and Europe was ignored as the ripple effects from Enron's collapse continued to be felt last week. It meant another tough five days for global markets as investors also focused on the latest rogue trader scandal from Allied Irish Bank. The FTSE World index lost 2 per cent. In the US, market sentiment was again driven by a sense of unease and scepticism over corporate accounting practices. General Electric, the world's biggest company, ...

  • Investment switch as half of IFAs cut pension focus

    14 Feb 2002

    Nearly half of IFAs have reduced their pension focus as a result of falling margins from stakeholder, according to Money Marketing and Virgin One's State of the IFA Nation survey. IFAs also fear the kitemark on stakeholder will lead to widespread misbuying as people will rely on the Government's stamp of approval when making their pension arrangements. The poll of 280 IFAs found that 48 per cent of IFAs have done less pension business following the introduction of stakeholder. The ...

  • Investment update

    14 Feb 2002

    Witan investment trust is waiving the 1 per cent dealing charge on all Pep and Isa transfers and all new Isa business until April 5, so investors will only pay 0.5 per cent stamp duty when buying shares. Annual charge is 1.25 per cent. Initial commission is up to 3 per cent, with trail of 0.5 per cent on Pep and Isa business. Jupiter is offering a 1 per cent discount on all lump-sum investments into its distribution fund, launched last week. The discount, which will run until ...

  • Investment view

    14 Feb 2002

    Markets have had plenty to contend with. Certainly no one could accuse recent weeks of being boring. Enronitis has become the latest disease to grip investors. Nigh on 20 years of progress in the Japanese market were consigned to history when the Nikkei Dow fell below the Dow Jones Industrial Average for the first time in 18 years. And, as we paused for breath, it turned out that the Nick Leeson fan club was alive and well living in Baltimore. More of the Allied Irish Bank's US ...

  • Ireland WP marketing crackdown to hit SMI

    14 Feb 2002

    Scottish Mutual International is facing a clampdown on its offshore with-profits marketing following proposals to tighten up the selling process for firms based in Ireland. The Society of Actuaries in Ireland is understood to have written to members tell-ing them not to sign off marketing material for with-profits policies that rely on promoting headline rates. The letter is believed to say that the practice creates unreasonable expectations in consumers and says companies must ...

  • It shouldn't happen to a let

    14 Feb 2002

    The growth of the buy-to-let market has been phenomenal. During the first six months of 2001, 50,000 people took out a buy-to-let mortgage. Anecdotal evidence suggests this trend has continued and that the events of September 11 simply strengthened views that property is one of the safer options available to investors. Psychologically, people like owning a tangible asset, especially one which is capable of producing an annual return of between 8 and 10 per cent. But recently news ...

  • Julian Gibbs

    14 Feb 2002

    Despite interest rates being at their lowest for more than 40 years, the highly popular NDF extra income & growth plan series has been able to revert to an income of 10 per cent a year after a brief fall to 9 per cent a year on a previous plan. I did not think we would see this 10 per cent return again for a long time. The downside risk is very low as the Eurostoxx 50 index would have to show a fall of more than 20 per cent during the investment period and fail to recover before ...

  • L&G helps IFAs target pensions

    14 Feb 2002

    Legal & General is reminding IFAs to take advantage of opportunities in the single-premium individual pension market before the end of the tax year. Its sales campaign is designed to help IFAs target the new markets for children, non-working spouses and concurrent pensions for those in occupational pension schemes earning less than £30,000 a year. It also aims to help IFAs write transfer business. L&G is backing the campaign with a Wealth Generation sales pack featuring ...

  • L&G reminder to IFAs over single premium market

    19 Feb 2002

    Legal & General is reminding IFAs to take advantage of new business opportunities in the individual pensions single premium market before the end of the tax year. It says single premium business applies to key pension areas, such as transfers, pensions for children and non-working spouses and concurrent pensions. It has developed a ‘Wealth Generation’ sales pack of marketing material designed to help IFAs target these market segments.  

  • Lion Trust recruits head of distribution

    13 Feb 2002

    Liontrust has appointed Mickey Morrissey as its new head of distribution. In his new role, Morrissey will be responsible for third party distribution, and will report to joint chief executive Nigel Legge. Previously he worked at Merrill Lynch Investment Managers in a similar capacity. He will join Liontrust on May 7. 

  • Low-inflation outlook favours bonds

    14 Feb 2002

    The general outlook for investment-grade corporate bonds still looks attractive this year. However, this is subject to two caveats. First, the chief reason why bonds look a sound investment is the absence of any threat from inflation. Inflation is the bond market's worst enemy. What a high-quality bond should offer is a reliable stream of income and the repayment of your capital when the bond matures. However, if investors begin to think the real value of future cashflows will be ...

  • Major stake in FundsHub for JP Morgan

    14 Feb 2002

    JP Morgan has acquired a majority holding in third party fund supermarket technology and operations provider FundsHub from founding firm Investia. JP Morgan is understood to be acquiring a 85 per cent share in the company for between US$10-$15m (£7.1m to £10.5m), with FundsHub's management team taking the remaining 15 per cent. Both owners intend to inject more capital into the provider, launched in April 2000 in a joint venture by Investia and JP Morgan. Although ...

  • Man looks to the future

    18 Feb 2002

    Man Investment Products has introduced a fund of managed futures and hedge funds constructed as a Bermuda-based capital guaranteed bond.

  • Mandate with destiny

    14 Feb 2002

    In the past few months, we have seen incredible change and consolidation among the leading IFA portal players, with Assureweb now part of Misys and Exchange FS integrated into Marlborough Stirling. At the same time, rival offerings from Synaptic, Bankhall (IFA Engine) and Webline all appear to be making significant inroads into a market previously dominated by one leading player. With many of these technology players linked to or owned by powerful IFA distribution channels, much ...

  • Marlborough Stirling appoints director to integrate Exchange FS

    18 Feb 2002

    Marlborough Stirling is appointing Gavin Norwood as director of integration and consultancy services to manage the integration of Exchange FS into the group.

  • Misys inks In India

    14 Feb 2002

    Misys is to outsource key elements of its compliance processing, including fact-finds, to India, claiming it will cut costs and improve admin efficiency for IFAs. It says it wants to shift many of its UK operating functions to India in a bid to lower the cost of compliance for members. The move is likely to cover Misys' fact-find monitoring, applications and transaction processing and will aim to ensure that members are paid commission on time.

  • Mortgage borrowers turn to advice

    14 Feb 2002

    Mortgage borrowers are increasingly seeking quality advice when looking for a homeloan, according to research by the Mortgage Code Compliance Board. The regulator says more and more borrowers are ignoring low headline rates and the brand names of lenders when shopping for a mortgage and instead seeking the services of a quality broker or IFA. The MCCB says the shift towards advice has come as borrowers realise the cheapest deals are not always the most suitable. Its survey found ...

  • Most IFAs back Aifa on CP121 tactics

    14 Feb 2002

    Aifa's declaration this week that its battle tactics on CP121 will be to concentrate on detail rather than on the main principle of polarisation has split IFA opinion. Some have condemned the tactics, claiming Aifa should focus on attacking the proposals on principle, but most seem to concede that a more pragmatic app-roach should be adopted. In a show of hands, a minority of IFAs at the Money Marketing IFA UK conference in Brighton last week wanted to fight for polarisation ...

  • NDF Administration - Extra Income and Growth Plan 10

    18 Feb 2002

    Monday, February 18, 2002. Type: Guaranteed equity bond Aim: Growth and income linked to the Eurostoxx 50 index Minimum-maximum investment: £10,000-£1m, Isa minimum £7,000 Term: Three years and two months Guarantee: Capital returned in full at end of term provided index does not fall by more than 20% Return: 10% a year or 33% at end of term Closing date: April 5, 2002 Commission: Initial 3% Tel: ...

  • NDF reaches 10th plan

    15 Feb 2002

    NDF Administration has unveiled the ninth tranche of its extra income and growth plan, which is linked to the performance of the Eurostoxx 50 index over a term of three years and two months.

  • NFU Mutual appoints new managing director

    18 Feb 2002

    NFU Mutual has appointed Ian Geden as managing director. Geden - who is a director of Mutuo, an organisation which campaigns for a better understanding of the benefits of mutuality - steps up from general manager, a position he has held for 3 years. He succeeds Andrew Young, who has retired after 37 years with the society.

  • Norwich & Peterborough fixed Spanish mortgage

    15 Feb 2002

    Norwich & Peterborough fixed rate on Spanish properties

  • Now Gartmore pulls out of VCT market after premier fund fails

    14 Feb 2002

    Gartmore became the second provider in a week to withdraw its venture capital trust, blaming difficult market conditions. The Gartmore premier VCT, which was aiming to reach £25m, has raised just £850,000 since its launch in October. Investors' money is being returned this week. The withdrawal ends Gart-more's second unsuccessful outing into the VCT market in less than six years. Its last VCT, launched in 1996, is managed by Elderstreet after Gartmore resigned ...

  • NU allows online term assurance

    19 Feb 2002

    Norwich Union is launching a new service to allow IFAs to submit term assurance online. NU says the service can process applications from start to finish in around 15 minutes. It is available through its extranet site at www.norwich-union.co.uk/ifa. The move comes after NU's research found that 41 per cent of IFAs believe it takes between one and three weeks for a term assurance application to be processed online. 

  • Online service for mortgage intermediaries

    19 Feb 2002

    A new online service for mortgage intermediaries is being launched by 121 Legals, a network of solicitors, giving them access to a panel of legal professionals and conveyancing quotes.

  • Outside edge

    14 Feb 2002

    I have long argued the case for the full regulation of mortgage advice and prophesied this will lead to a significant consolidation within the world of mortgage distribution. Well now regulation is coming in full and we have the added bonus of the revised outlook for multi-ties. The obvious implication is that the industry will reform in a similar pattern to the mainstream of financial services where the advent of regulation empowered the development of the networks as consolidators ...

  • Pension fee offer from Scottish Life

    18 Feb 2002

    Scottish Life is waiving its fee for single premiums or transfers of £10,000 and on contributions of £100 or more a month into personal pension plans until April 5.Scottish Life product marketing manager for individual pensions John Joe McGinley says: "Considering our flexible commission options, our internal and external fund range and Royal London's with profits performance, we think it is easy for IFAs to recommend Scottish Life."

  • Pension review chief slams Whitehall and Opra

    14 Feb 2002

    Head of the pensions simplification review Alan Pickering has made a scathing attack on the Government, saying it had taken an "Alice in Wonder-land" approach to pension legislation. At the Royal Institute of International Affairs European Pensions conference on Monday, he said the Department for Work and Pensions and the Treasury "do not communicate except with megaphones". Pickering also attacked pensions regulator Opra. He said: "We want a regulator with a brain rather than ...

  • Pensioners turn to crime to ease financial worries

    14 Feb 2002

    Thousands of pensioners are considering turning to crime to combat financial hardship, according to a report from Prudential. The company's quarterly survey of people in retirement has found a high number of pensioners admit to contemplating crime to bolster incomes which are often less than £10,000 a year. Prudential claims that more than 100,000 retired people have committed crime or claim they are tempted to do so. As supporting evidence, it points to Home Office statistics ...

  • Pink Home Loans BTL discount through Legal & General Bank

    15 Feb 2002

    Pink Home Loans BTL discount through Legal & General Bank

  • Pink Home Loans BTL tracker through Birmingham Mids

    15 Feb 2002

    Pink Home Loans BTL tracker through Birmingham Mids

  • Pink Home Loans discount through Bristol & West

    15 Feb 2002

    Pink Home Loans discount through Bristol & West

  • Power to the people

    14 Feb 2002

    Financial services managers and heads of IFA firms can sharpen their people management skills at an LIA conference in London later this month. The Manage to Manage conference will help managers to increase the effectiveness of their staff, improve business through effective account management and motivate and enhance performance through appraisals. Sessions will cover recruitment in a transitional environment, coaching and developing potential and managing individual development. Speakers ...

  • Product matters

    14 Feb 2002

    Mid-cap fund management is an area where there is not a great deal of specialism. Perhaps the most famous is Andy Brough at Schroders. However, entering the fray is a group which is quietly building a very creditable track record in many areas -Old Mutual. OM is taking a slightly different approach than other funds. It is using two lead managers, Ashton Bradbury and Richard Moore. Ashton needs little introduction. His excellent small-cap record definitely speaks for itself. Richard ...

  • Providers and client poaching

    14 Feb 2002

    I recently remortgaged with the Alliance & Leicester.I was surprised to receive a subsequent invitation from them to effect ASU cover (or mortgage protection cover, as they termed it). This was sent despite my signing a declaration acknowledging that it had been offered but that I wished to decline. I rang the general manager of Insurance Services whose name appeared on the letter and protested that "no means no". He justified it by saying that people very often did not understand ...

  • Providers split over handling of Serps

    14 Feb 2002

    Pension providers are divided over how to tackle the confusion surrounding whe-ther to contract in or out of Serps, with some contacting customers suggesting that they review their previous decisions. The issue has arisen following the introduction of lower contracting out rebates from April, which will make the benefits of leaving Serps more difficult to judge. Royal & Sun Alliance has written to all its customers alerting them to the possibility of contracting back in, suggesting ...

  • Pru will help IFAs adapt to survive

    14 Feb 2002

    Prudential's analysis of the outcomes of CP121 are decidedly different from those expressed by others in headlinegrabbing soundbites. We have a passionate belief that the independent sector will survive, albeit in an evolved form. Our position is clear. Prudential believes that the IFA community wants to remain substantially independent. The ambition we have is to work with IFAs to help them make the right decisions in the new world. We will not be concentrating our energy trying ...

  • Return of MCA would be welcomed

    14 Feb 2002

    The return of the maximum commission agreement would be seen as a welcome step by nearly half of IFAs, according to Money Marketing and Virgin One's State of the IFA Nation poll. The Office of Fair Trading decided in 1988 that the maximum commission agreement was "significantly anti-competitive" but the Sandler review has asked if there is a case for regulatory intervention in setting commission levels, which is a move welcomed by many IFAs. Forty-six per cent of the 280 IFAs ...

  • Scarborough BS suspends FD

    13 Feb 2002

    Scarborough Building Society suspended its finance director Gerald Waterworth on February 8 and launched a police investigation into the use of funds totalling.£103,000 from an external bank account held by the society.

  • ScotLife pension push uses football analogy

    14 Feb 2002

    Scottish Life is setting up a marketing campaign that asks clients to see themselves as the chairman of their favourite football team as a way of understanding how they should deal with their pension. As chairman, clients appoint an IFA as their "manager" and are asked to pass on responsibility for recommending decisions, substitutions and transfers to their "manager". Clients are asked to look at the key areas of their pension, including performance, fund choice, service and charges. The ...

  • Scottish Friendly secures growth

    15 Feb 2002

    SCOTTISH FRIENDLY ASSURANCEGROWTH & SECURITY BONDType: With-profits bond. Aim: Growth.Minimum investment: Lump sum £3,000.Bonus rate: 5.25 per cent. Allocation rates: £3,000 - £9,999 95 per cent, £10,000 and above 96 per cent. Charges: Implicit. Options: 2.5 per cent bonus on 10th anniversary. Commission: Initial 5.25 per cent. Tel: 0800 834428.The panel: Keith Lewis, Proprietor, ...

  • Select income from Scottish Life

    14 Feb 2002

    Scottish Life International's select income and growth bonus bond is a stockmarket-linked offshore bond that can be tailored towards individual attitudes to risk. The bond has a term of three years and two months and is linked to three indices - the FTSE 100, S&P 500 and Eurostoxx 50. Two options are offered - opportunity or cautious. Opportunity offers annual income of 11 per cent, quarterly income of 2.65 per cent or growth of 35 per cent at the end of the term. Cautious ...

  • Sipp into something more comfortable

    14 Feb 2002

    I have a self-invested personal pension with an independent provider. There is only around £200,000 in it, of which £140,000 is invested for income with a stockbroker, £50,000 is in an insurance company's investment fund and the rest is in cash. I am being charged by all these and am not at all happy with the investment advice I receive from my other investment manager. I am drawing down £15,000 a year income. What options do I have? My starting position ...

  • Split trusts may quit AITC

    14 Feb 2002

    The AITC has been accused of unfairly distancing itself from the split-cap investment trust sector. The backlash follows director general Daniel Godfrey's speech at the AITC directors' conference in London last week, where he told the splits industry to admit it had made mistakes in the past five years and said the trade body would not "act as an apologist for bad practice". Christows head of investment trusts Nick Greenwood says Godfrey's words had come too late and appeared ...

  • Standard Life kicks off premier SSAS

    15 Feb 2002

    Standard Life has introduced the premier small self-administered scheme (SSAS), which is part of Standard Life's single charged occupational pension range.

  • Standard Sipp gives choice on payment

    14 Feb 2002

    Standard Life is overhauling its Sipp contract with a new commission structure and eight new fund links. The new fund links are Deutsche Asset Management managed portfolio, Newton managed fund, Gartmore selected European, Threadneedle American select growth, Fidelity South-east Asia, Fidelity special situations as well as Standard Life global selector and UK smaller companies. The new commission structure will allow IFAs to stipulate in more detail how much initial commission they ...

  • Star pickers for Old Mutual mid-cap fund

    14 Feb 2002

    Old Mutual Asset Management has picked two of its highest-profile managers to run its new UK mid-cap unit trust. The OM UK select mid-cap trust will be managed jointly by its head of UK equities desk Ashton Bradbury and Richard Moore. Both are renowned stockpickers. Bradbury is currently res-ponsible for Omam's UK select smaller companies fund while Moore is the manager of the UK growth fund. Omam believes the UK mid-cap market has excellent investment opportunities and ...

  • Stop single approach to boost Isas

    14 Feb 2002

    All the signs are that this will be the worst Isa season on record. Estimates vary from a drop of 25 per cent to as high as 75 per cent from last year's season. Given that last year was much lower than the one before, the picture just keeps getting blacker and blacker. Although it is early days and much of the evidence is anecdotal, all the indicators are bad. Consumer spending is booming, and providers have already slashed their Isa advertising budgets. What is the cause? The ...

  • Stroud and Swindon five-year fixed rate

    19 Feb 2002

    Stroud and Swindon five-year fixed rate

  • Surge in number of hits on Teps website

    14 Feb 2002

    Endowment policy purchaser Surrenda-link says its website generated four times as many enquiries in the last six months of last year as in the same period of 2001. The firm puts the increase down to growing awareness of the sector, especially since the FSA started its review of endowments in 2000. Between July and December 2001, it recorded 231,555 hits compared with just under 60,000 in the period in 2000. The website, at www surrendalink.co.uk, contains information on Teps ...

  • Take a global focus

    14 Feb 2002

    As the global economic recovery begins to pick up and the outlook for equities looks more positive, there is an opportunity to capitalise on the upturn via a new breed of global stockpicking funds. These invest in a limited number of stocks with the aim of achieving superior performance. After first looking briefly at the reasons behind the launch of global stockpicking funds, I shall turn to the factors that distinguish concentrated funds from conventional diversified funds and the ...

  • Talkback

    14 Feb 2002

    Do the Government's annuity reform proposals go far enough? "No. The compulsory threshold should be removed altogether. People with a pension fund should be allowed to do what they want with it." Alan Northeast, Northeast & Thakrar "No. I can see where the FSA is coming from but it does not change the fact that it is the client's money." Paul Duckworth,Paul Duckworth IFA "No. The FSA has not addressed the key issues, like the age limit for compulsory annuity ...

  • The choice facing the networks

    14 Feb 2002

    Will depolarisation kill networks? This is going to be one murder investigation that is not going to be too hard to solve. The simple fact of the current market is that the network sector relies on commission override. There are some operations that are fixed-fee operations but still very few. The clear steer on which way networks will go has already been given with most saying they are "keeping their options open". In other words, that they are going to enter into negotiations ...

  • The regulatory treadmill

    14 Feb 2002

    Roger Anderson's article (Money Marketing, January 24) prompts the thought how did we get where we are and how do we untie the knot? The FSA was originally sold on the basis that heavy regulation would engender consumer confidence and bring about increased business flow as markets became cleaner Recent evidence suggests the result is just the opposite. Far from London attracting new investment, less stringently regulated centres like Bermuda collect the capital. When Roger ...

  • The war of independence

    14 Feb 2002

    As the dust from the FSA's recommendation that polarisation be scrapped settles, so the recriminations start. The leadership of field marshals - or even director generals - comes under close scrutiny as the IFAs' D-day approaches. Given the pressure of the tight timetables under which the FSA is trying to rush fundamental market changes in, it is only natural that battle tactics are being questioned, even if outright rebellion and mutiny remain unlikely. At the recent Money ...

  • Tilney sponsors Melrose Sevens for a second year

    14 Feb 2002

    Tilney Investments is continuing its sponsorship of the Melrose Sevens rugby tournament being played for the 112th year in the Scottish borders town of Melrose. This is the second year Tilney has sponsored the tournament, which takes place on April 13 and sees teams from as far away as Japan, Uruguay and the US taking part. Also lined up are the Barbarians, the current champions and holders of the Ladies Centenary Cup. Tilney will be also present a new trophy - the "Tilney ...

  • Tories keep up polarisation pressure

    13 Feb 2002

    The Conservatives are keeping the pressure on the Government over the FSA's proposed changes to polarisation, with shadow paymaster general Howard Flight tabling seven written questions in the House of Commons.

  • Treasure in the junk shop

    14 Feb 2002

    There is an old adage in the bond market that goes: "When we or our clients own a bond, it is high yield. When someone else owns it, it is junk." But despite the fact that the mere mention of the "J word" is still enough to send many IFAs running for cover, high-yield corporate bonds have come a long way since the explosive early days of the US junk bond market of the late 1980s and early 1990s. Of course, the major stockmarket correction at the start of the millennium has meant ...

  • Trolley wars

    14 Feb 2002

    Cofunds is set to unwind its exclusivity pact this year, allowing its four founders to join FundsNetwork and Fidelity to join Cofunds. With all the providers finally on all the platforms, which supermarket will you favour? Both: Based on my experience over the last year, Transact is my preferred route because not only does it offer the widest range of funds - basically unlimited - but it can act as a "hypermarket" for clients to consolidate other investments such as pensions (including ...

  • UK men keep savings secret from partners

    14 Feb 2002

    Men in the UK have secret savings amounting to £7.4bn which they are not telling their partners about, according to a new study from Virgin One. The survey was planned to coincide with the relaunch of Virgin's current account mortgage last month and arrived at that figure by multiplying £6,385, what it says is the average amount saved by an individual man, by 23,266,900, the adult male population. Virgin One says one in 20 men are keeping quiet about their savings ...

  • Up to 99 jobs may go at Inter-Alliance

    13 Feb 2002

    Inter-Alliance is conducting a formal review which could see up to 99 back office and compliance staff made redundant from its Wimbledon headquarters and West Byfleet offices according to sources close to the company.

  • Use 'lifestage' marketing to attract clients

    14 Feb 2002

    Market analyst Datamonitor says financial services companies should use what it calls "lifestage" marketing to help them stand out from competitors in a crowded market place. It says this differs from lifestyle marketing as it targets consumers around specific events rather than just how they live their life. According to Datamonitor, lifestage marketing can be used to combat the problem of decreasing customer loyalty. By understanding customers' needs and acknowledging their ...

  • Value-added facts

    14 Feb 2002

    In the wake of CP121, last week I started to look at key taxation issues underlying commission rebates, cashbacks and discounts. I started with a general overview of the taxation of commission received by IFAs and rebated to clients. Still maintaining a general outlook, we now need to consider the position of cashbacks and discounts for both the IFA and the client. A cashback received by an ordinary retail customer is not taxable. There will also be no tax implications for the ...

  • Verso/Mortgage Next BTL discount - 1.75%

    14 Feb 2002

    Verso/Mortgage Next discount buy-to-let

  • Wake up to change

    14 Feb 2002

    The history of the last 10 years has been one of continuous change for IFAs - and CP121 presages even more. Before rushing in headlong to take this on, now would be a good time for IFAs to pause and reflect on the nature of change and how best to survive it. We have managed a number of major change programmes for insurance companies and believe there are lessons to be learnt. The first principle of surviving change is to recognise that managing change, like any professional ...

  • Walking the tightrope

    14 Feb 2002

    After the terrible events of September 11, I felt the market had over-reacted to the economic consequences. I believed that we needed to increase the aggressiveness of our portfolios as the policy response by the authorities worldwide made a recovery from a "false economic low" much more likely. This was a tactical move, not a long-term strategic shift. During December, our income portfolios were repositioned some way back to our original defensive stance. It is possible that when ...

  • Wentworth Rose simplifies annuity application

    19 Feb 2002

    IFA Wentworth Rose is simplifying the application process for people seeking higher annuity payments by combining the medical questionnaires they need to complete.

  • Will second tier bring in new blood?

    14 Feb 2002

    One of the proposals in the FSA's depolarisation consultation paper 121 which has been met with varying deg-rees of favour around the industry is a second tier of adviser. This concept of financial adviser has many names and many definitions around the industry such as a generic adviser. Broadly, the response has been a positive one and the industry is keen to find out more details about what the FSA has in mind. In theory, the concept appears to make sense on two levels. One ...

  • Winners and losers as IFAs assess the press

    14 Feb 2002

    More than three-quarters of IFAs believe The Financial Times gives fair coverage to the financial services industry, according to the Money Marketing/Virgin One State of the IFA Nation poll. The survey sought the views of 280 advisers in December, with 76 per cent saying they think the FT represents their industry in a just way. However, only 45 per cent say the Daily Telegraph gives financial services even-handed coverage and just 27 per cent believe The Times takes a fair line. ...

  • You've never NAV it so good

    14 Feb 2002

    In my last few articles, I have been looking at the meaning of some of the more important aspects of information about share prices contained in the quality newspapers. I have tried to bring particular attention not only to the usefulness of this information, including the analytical formulae which can be derived from it but also to the limitations of these formulae in assessing individual shares as well as collective investments which hold these shares. This week, I will be extending ...

  • Your call is important to us…

    14 Feb 2002

    In those desolate wastelands where I spend my working day I have been held in phone queues near Swindon, London, Henley, Glasgow, Edinburgh and Sheffield. While trying to get through to a fellow human being employed by a product provider,I ponder many thoughts. Can the handset on my desk phone frazzle my brain as effectively as my mobile? What will be my punishment if frustration leads me to inflict telephone rage on the mystery shopper? I know this progress is the product ...

  • ZAN chief jubilant at CP121

    14 Feb 2002

    Zurich Advice Network distribution chief executive Keith Baldwin has crowed at a salesforce conference about depolarisation and a crisis of confidence among IFAs. In the company's internal newsletter covering its January conference, Baldwin says: "The key point is the endless debate about independence versus tied is at long last redundant. The status of an adviser is irrelevant - at long last, a truly level playing field." He also states: "There is nothing less than a crisis ...

  • Zurich moves into lending

    14 Feb 2002

    Zurich Financial Services is to become a mortgage lender with the launch of two products this month under its online Zurich Bank brand name. Initially the products will only be available through the Zurich Advice Network tied salesforce. The move is a joint venture with Bank of Scotland which will take a share of profit. Internet-based Zurich Bank was opened last month, offering savings and current accounts, mortgages and loans. Zurich spokeswoman Debi Isaac says: "We have ...

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