Money Marketing
13 January 1999

  • Abbey launches lower rate mortgages

    19 Jan 1999

    Abbey National is launching a mortgage range with lower rates on 20 January in response to the falling base rates.It is cutting some capped and fixed rates by up to 0.95 per cent. The offer is open to new or existing customers who are moving or remortgaging.Abbey National retail product manager Ambrose McGinn says: "We have reviewed our mortgage range to reflect present market conditions."

  • Aberdeen Prolific Unit Trust Managers offer last Pep and first ISA

    19 Jan 1999

    Aberdeen Prolific Unit Trust Managers is offering a last Pep and first ISA discount of up to 1.5 per cent on the ISA for people investing the full £6,000 in a 1998/99 Pep and £7,000 in a 1999/2000 maxi ISA. There is a choice of 15 Pep funds and 25 ISA funds and the offer runs until February 26.

  • AFPC pass rate on the increase

    14 Jan 1999

    The Chartered Insurance Institute says 431 advisers passed its Advanced Financial Planning Certificate at the October examination session.

  • Aon creates operations director post in new approach to customer services

    14 Jan 1999

    Aon Consulting is promoting its Sheffield Office pensions director Mark Smith to the newly created position of operations director.He will be responsible for developing a team of senior operations and project managers who will focus on customer services. Aon chief executive Ron Amy says: "Mark has shown outstanding abilities in his present post and I know he will have a major impact across our whole UK business as operations director."

  • Aon teams up with Hammond Suddards for pension seminars

    13 Jan 1999

    Aon Consulting is joining forces with its sister company Aon Risk Services and law firm Hammond Suddards to present three seminars examining pensions and investment issues.The topics to be covered include financial planning for executives, investment considerations in a falling market and how to identify and resolve pension disputes.The two hour long seminars start at 6pm and will be held in Reading on January 28, Harrow February 4 and London February 11.

  • Axa Sun Life new business up 4 per cent in 1998

    18 Jan 1999

    AXA Sun Life saw a 4 per cent rise in new business in 1998 totalling £458.9 m despite an 8 per cent fall in sales of new regular premiums.

  • Barclays Capital predicts further rate cuts

    13 Jan 1999

    Barclays Capital is predicting that the Bank of England's Monetary Policy Committee will cut interest rates by at least 0.25 per cent in February.Barclays says that the economy is growing at an annual rate that is 0.5 per cent lower than the MPC predicted in November.It says this figure suggests a rate cut in February to allow the Inflation Report to show RPIX inflation at the target rate in the medium term.

  • Barclays Global Investors launches third Tep fund

    19 Jan 1999

    Barclays Global Investors is launching a traded endowment policy investment trust which is aiming to raise £30m.BGIEF III will buy Teps that will mature between 2009 and 2013. The mid February launch will comprise a placing and offer for subscription which will close in early March.Minimum investment is £2,000. IFA commission is 2 per cent.

  • Barclays launches fixed rates without redemption penalties

    15 Jan 1999

    Barclays is launching a range of fixed-rate mortgages that have no redemption penalties and offer further fixed-rates at the end of their terms.

  • Cater Allen appoints new UK sales and marketing manager

    19 Jan 1999

    Abbey National subsidiary Cater Allen Bank has appointed Gisele Michael as new UK sales and marketing manager.She will assist IFAs and intermediaries in the UK with their clients' international banking needs.Cater Allen managing director David Robbie says: "We are delighted to welcome Gisele to the group. We have long felt the need to have a senior person in the UK who would enable us to respond to and monitor the needs of UK based advisers more effectively."

  • Churchill launches guide to SIPPs

    18 Jan 1999

    Somerset-based IFA Churchill Investments is publishing a guide to buying a Self Invested Personal Pension.The guide will urge consumers to consider SIPPs on grounds of investment freedom, control of money, low charges, tax savings and flexibility."A Practical Guide to Self Invested Personal Pensions" is available by calling Churchill Investments (01934 844 444).

  • Equity analysts say industry unprepared for euro costs

    13 Jan 1999

    UK equity analysts are warning that in the short term some industries face substantial costs and damage to their margins because of the euro.

  • Exeter posts record profits

    14 Jan 1999

    Exeter Investment Group's pre-tax profits for 1998 increased by 34.8 per cent to a record £1.62m last year. Earnings per share rose to 11.52p from 8.48p.The directors have recommended a final net dividend of 4.5p per ordinary share. This increases the total dividend for the year by 48 per cent to 6.5p per ordinary share from 4.4p last year.The fund manager says it attracted £65m of new investment in 1998 primarily through the launch of a closed-end fund.

  • Friends Ivory & Sime buys L&M asset management divisions

    19 Jan 1999

    Friends Ivory & Sime, a subsidiary of Friends' Provident life office is buying the two asset management subsidiaries of the London and Manchester Group in a deal worth £40m.

  • Halifax survey shows prices rising 1 per cent in Q4 of 1998

    15 Jan 1999

    House prices rose by 1 per cent in the fourth quarter of 1998 according to the latest Halifax House Price Index.This figure is slightly below the 1.3 per cent rise recorded in the previous quarter.Halifax says that over the year, house prices rose by 5.5 per cent which is close to the forecast made at the beginning of 1998.It also says the north/south divide is still evident with prices in the north falling and those in the south rising.

  • HMC launches new mortgage

    13 Jan 1999

    Household Mortgage Corporation is launching a three year fixed-rate mortgage at 5.5 per cent which will only be available through intermediaries.Customers are required to take HMC's Buildings Only Insurance for the duration of the fixed period to qualify for the 5.5 per cent rate. Customers making their own insurance arrangements will be offered a rate of 5.75 per cent.The minimum loan available is £50,000 and the procuration fee is 0.5 per cent.

  • Leeds & Holbeck appoints two area sales managers

    14 Jan 1999

    Leeds & Holbeck has recruited two area sales managers from AA Insurance.Nigel Phillips who has 21 years in field operations will be responsible for managing branches in the south west and Wales including Cardiff and Bristol.Simon Mullens will be sales manager for the south east including London.

  • Martin Currie recommends Middle Eastern stock markets

    18 Jan 1999

    Fund manager Martin Currie is still recommending emerging market investments particularly the Near and Middle East in 1999, despite the Brazilian crisis.

  • Mercer calls for Government to own up on cost of stakeholder

    18 Jan 1999

    Consultant William M Mercer has hit out at the stakeholder green paper warning that the inevitable result will be increased costs.

  • National Consumer Council slams 'Markets' bill

    14 Jan 1999

    The National Consumer Council has slammed the Financial Services and Markets Bill for reducing consumers' legal protection when they buy pensions and insurance products.

  • National Savings takes £1.06bn in November

    18 Jan 1999

    Sales of National Savings products totalled £1.06bn in November 1998. This brings the total invested in National Savings funds to £64.1bn, up £8.23bn on the beginning of the financial year. The most popular products held by the agency's 30 million customers are premium bonds, followed by income bonds and index-linked savings certificates.

  • Norwich Union gets approval for ISA range

    15 Jan 1999

    Norwich Union has been given the go-ahead from the PIA and Inland Revenue to sell both Cat-marked and non Cat-marked ISAs in April.The life office says it is aiming to offer an insurance ISA and a stocks and shares ISA.ISA project director Iain Wylie says: "We believe the depth of our range will prove attractive to all our customers. We intend to be a prominent player with an offering that will set us apart from our competitors."

  • OFT warns against regulatory costs falling on the vulnerable

    14 Jan 1999

    The OFT is calling for policy changes to stop the cost of financial services regulation impacting disproportionately on vulnerable consumers.

  • Old Mutual set for off-shore merger

    19 Jan 1999

    Old Mutual is reviewing its Isle of Man offshore business which could lead to its sale or merger into one of its other off-shore arms.The company is reviewing the structure of its off-shore companies following the closure of the Isle of Man life subsidiary to new business in September 1998.Old Mutual is also reviewing its £1bn UK life business which became a closed book in October last year. The arm is tipped to be sold-off this year.

  • ONS household survey shows falling occupational pension take-up

    14 Jan 1999

    The number of people with occupational or personal pensions dropped by 10 per cent between 1995 and 1996 according to the General Household Survey compiled by Office of National Statistics.

  • Pension and life premiums set to rise

    19 Jan 1999

    Pension and life insurance premiums are set to rise after the Faculty & Institute of Actuaries revamped mortality figures to reflect longer lifespans.Mortality rates, updated for the first time in 16 years, show men aged 30 can look forward to living to age 79 years and 3 months, up from 76 years for a 30-year-old man between 1975 and 78. Life offices say policyholders will need to make further contributions as a buffer against longer life.

  • Permanent appoints sales and marketing director

    14 Jan 1999

    Permanent Insurance is appointing Rod Macdonald as its sales & marketing manager.

  • Portman beats MPC rate cut

    13 Jan 1999

    Portman Building Society says it is striking a blow for mutuals by reducing its standard variable mortgage rate by 0.35 per cent to 7.25 per cent.

  • Pro-life fund tops ethical charts

    18 Jan 1999

    The first ethical unit trust in the UK to be based upon rigorous pro-life investment criteria has topped the list of ethical unit trusts according to Datastream.

  • Revenue to spend £1.2m on ISA promotion

    18 Jan 1999

    With the launch of the new ISA taking place in less than 3 months, the Inland Revenue has set aside £1.2m to fund a publicity campaign to raise awareness and increase the chances of success for this new investment vehicle.

  • Sun Life hit by withdrawal from market

    19 Jan 1999

    Axa Sun Life's decision to withdraw from the life and pensions market due to what it saw as unsustainable price competition is responsible for the 1998 profits dip, according to analysts.

  • Virgin issues 'Branson' booklet to promote ISAs

    19 Jan 1999

    Virgin Direct is launching a £5m educational campaign to promote greater awareness of tax free savings products.

  • Virgin launches Branson guide to tax free savings

    18 Jan 1999

    Virgin is launching a £5m educational campaign to extend public awareness of tax free savings products.

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