Money Marketing
14 April 2004

  • 'Don't view WP as a generic product'

    15 Apr 2004

    Prudential chief executive Mark Wood has challenged IFAs to stop regarding with-profits as a generic product. Wood said that advisers had a crucial role to play in distinguishing with-profits products on grounds of free asset ratios, the total return of the fund, the asset mix operated and the effectiveness with which asset allocation is taken to the protection of the policyholder. He said: "The adviser has a crucial role in selecting the strong player from the weak player. ...

  • 'Policyholders missing out on equity upturn'

    15 Apr 2004

    A Buckinghamshire IFA has hit out at life offices for failing to give with-profits policyholders the opportunity to benefit from the upswing in the equity markets. The Finance Clinic director Jonathan Grace believes that companies should have acted faster to reinvest in equities at the end of the downturn. Grace considers that many with-profits funds have been left in fixed-interest-type investments because they are closed to new business and that the companies have abandoned ...

  • £14m injection for BBNFS liabilities

    15 Apr 2004

    Berkeley Berry Birch has been forced to pump £14m into Berry Birch & Noble Financial Services to meet its misselling liabilities. BBB chairman and chief executive Cliff Lockyer says an agreement had been reached with the FSA to cover any pension review liabilities - which reached £8.4m in total - in the reverse takeover of BBNFS. But Lockyer says he did not foresee the extent of mortgage endowment misselling and other historical claims which have proved ...

  • 80% of loan advisers set to quit before regulation

    15 Apr 2004

    Eighty per cent of IFAs and mortgage brokers are considering leaving or will leave the mortgage market when regulation starts in October, according to a survey carried out by mortgage intermediary firm Cartel. Chief executive Carl Wright says he expects the volume of mortgage transactions in the UK to fall over the next 12 months as brokers start to leave the market. He predicts that a big percentage of the estimated 36,500 mortgage brokers will not complete their applications ...

  • Abbey - 15-Year Fixed Rate

    19 Apr 2004

    Type: Fixed-rate mortgageFixed term: Until June 2, 2019Fixed rate: 5.74%Minimum loan: £6,000Maximum loan: Up to 95% of valuation subject to a maximum of £250,000, up to 90% of valuation subject to a maximum of £1mIncome multiples: Three times principal income plus second or 2.5 times jointArrangement fee: £199Redemption fee: 365 days' interest until June 2, 2019Introducer's ...

  • Abbey launches IFA publication

    20 Apr 2004

    Abbey for Intermediaries has launched the first issue of Investment News, a bi-monthly publication for IFAs with features on the market.The launch issue includes an article on structured products, looking at why guaranteed investments are so important to IFAs' businesses in the context of falling unit trust and with-profits sales. It also includes an investment market report on what is happening in the global equity and bond markets, and a feature on the benefits of investing ...

  • Abbey offers online service for SMEs

    20 Apr 2004

    Abbey is launching a new online service to help small business customers. The 'product finder' will offer individual financial advice with a list of financial recommendations tailored to his or her specific business needs.

  • AIFA's view

    15 Apr 2004

    It was about halfway through the Money Marketing awards - probably the award for best bus shelter advertising campaign by a protection provider - that a thought struck me. Whenever you get depressed with the acronyms and jargon in this great industry of ours, remember there is always someone worse off than yourself. You could be an educationalist. Having read the Financial Services Skills Council's consultation paper, my head swims with NQFs, QCAs - or CCEAs in Northern Ireland ...

  • AMI slams MCCB over pressure on renewals

    15 Apr 2004

    The Association of Mortgage Intermediaries has hit out at the Mortgage Code Comp-liance Board for stepping up its renewal operations while mortgage brokers are trying to finish their applications for the FSA. The FSA takes responsibility for mortgage regulation on October 31 and this is the final MCCB renewal period for brokers. MCCB renewals were due to close on March 31, the same deadline as FSA early registration for direct authorisation. However, as the April 30 deadline ...

  • B&CE tells employees - pay into your pension

    19 Apr 2004

    B&CE, the construction industry's employee benefits provider, has announced it intends to try and motivate employees to increase their contributions to Easybuild, its stakeholder pension scheme.While the scheme is the UK's largest, few employees make any contributions and matching ones made by employers range from £2.51 to £7.50 a week. These will increase to £10 a week from the end of June.Research carried out by the provider reveals that 82 per ...

  • Bagger demands Standard windfalls for maturing plans

    15 Apr 2004

    Members of Standard Life with with-profits policies which are due to mature before the demutualisation of the company are arguing that they should still get windfall payouts. Former Standard Life carpetbagger David Stone-banks says one member who has been a policyholder for 24 years and whose policy is due to mature soon has put his case to Standard finance director John Hylands, believing he has as much right to benefit from demutualisation as someone who has taken out a policy ...

  • Bank urged to boost cross-selling

    15 Apr 2004

    Standard Life wants Standard Life Bank to cross-sell within the group. Chief executive Anne Gunther says as the subsidiaries of Standard Life have come of age and have a strong group of products which work well together, it is logical to create links between the products, for example, a customer who has a flexible mortgage from Standard Life Bank and a policy from Standard Life Healthcare. If the customer needs to pay an excess, Gunther says they could use the cash reserve ...

  • Bankhall buys NU's mortgage club

    19 Apr 2004

    Bankhall has announced the acquisition of Norwich Union's mortgage club, with the sale expected to be completed by May, 2004.Currently the fourth biggest club in the UK with 35 member lenders and 7,000 intermediaries signed up to it, NUMC joins Bankhall only months after the support services provider acquired Prudential's much larger mortgage club.Sources close to the deal say that while no money has changed hands, it makes sense given NU's strong relationship ...

  • BBB chief Lockyer says he has saved the industry millions

    15 Apr 2004

    Berkeley Berry Birch was forced to dump the liabilities of its subsidiary because another round of misselling claims would have brought down the whole group, says chairman and chief executive Cliff Lockyer. Defending BBB's controversial decision to leave the liabilities of Berry Birch & Noble Financial Services in a wound-up company, Lockyer says that the action has protected consumers and saved other IFAs and life companies millions. BBB says it was taken by surprise ...

  • Be the talk of the town

    15 Apr 2004

    If intermediaries are going to introduce seminars as part of their marketing strategy, they will need to make a few small but important changes to their marketing mix. The good news is that these changes can produce new income streams in their own right. One of the most important points about seminar selling is that your presentation should not seek to sell anything except you and your expertise. Once clients have bought you as a person, they will buy your service. One ...

  • Billy the kidder

    15 Apr 2004

    Filing expenses is always a stressful experience and never more so than for ABI press officer Emma Quantrill who suffered from the surreptitious prurience of her cabbie. Getting out of a cab from the House of Commons to the ABI's City HQ, Emma shoved her receipt into her purse, where it remained until she filled in her expenses claim. Expecting to see £15 written across the receipt, Emma was shocked to see the words "Billy Big B£$!ocks". What does one do? ...

  • Black marks for Bright Grey's admin backlog

    15 Apr 2004

    Bright Grey has seen the first blemish on its reputation as advisers complain of delays in getting policies on risk. Many IFAs refused to be named in their criticism because of their liking for the company and appreciation of the fact that it has come clean early by warning IFAs in advance of the delays but current standards have been described by some as "atrocious". Some believe the firm has become a victim of its own success after priding itself on high service standards. Bright ...

  • Boom at the top

    15 Apr 2004

    How much time do you spend with clients who do not remunerate you for the time you spend with them? We all want to deliver top-quality customer service, as we are, after all, a people business. Many of you will have built up your businesses through providing your clients with the advice and guidance they have needed over the years. You will have benefited from referrals from satisfied customers recommending friends and family and building up the size of your client bank. A big ...

  • Bupa appoints new non-exec director

    16 Apr 2004

    Bupa has appointed a new non-executive director with Robert Walther taking up the role from May 1.Walther, 60, is currently chairman of the Fleming Claverhouse, Fidelity European Values and a non-executive director of Nationwide Building Society.He is also a previous chief executive of Clerical Medical Investment Group and a member of the Halifax executive committee.Bupa chairman Bryan Sanderson says: "We are delighted to welcome a non-executive director of Mr Walther's ...

  • Bupa boosting group income protection deal

    15 Apr 2004

    Bupa has upgraded its group income protection product with changes including improved free cover levels, simplified and higher maximum benefits, improved advance underwriting and increased non-medical limits. Maximum free cover levels will now be £65,000 for schemes with 10-99 lives, £75,000 for schemes of 100-299 lives and £90,000 for 300 or more. The maximum benefit formula will be 75 per cent of salary minus the state single person's long-term incapacity ...

  • CA wants review to address shortfalls

    15 Apr 2004

    The Consumers' Association wants a Higgs-style report on with-profits, which it says would sort out the issue of compensation for failing policies. CA senior policy researcher Mick McAteer questioned at the MM round table debate on with-profits whether with-profits are suitable for the "middle mass market" of ordinary savers rather than the well-off or people with stable lives. He said the CA supports the concept of with-profits but with-profits faces a massive task ...

  • Cable urges probe on mortgage cover

    14 Apr 2004

    Liberal Democrat chief Treasury spokesman Vincent Cable is calling on the Government to toughen up on lenders selling payment protection insurance. Cable wants to see the Office of Fair Trading conduct a full-scale review into the PPI market. Cable has condemned big banks and a number of small brokers for taking advantage of weak rules, which do not require disclosure of commissions.

  • Can policies survive the change of regulation?

    15 Apr 2004

    IFAs have questioned whether with-profits policies can survive changes in the regulatory regime. Thomson's Group head of research Andrew Miles doubts whether the black box which he says with-profits depends on can be sustained in the light of the regulatory demands for transparency. The IFA believes there is still a need for WP products because there remains a consumer demand, with Miles arguing that products such as constant proportion portfolio insurance remain little ...

  • Capita in timely launch

    15 Apr 2004

    CAPITA FINANCIAL MANAGERSRising Income PlanType: OeicAim: Income and growth by investing in UK corporate bonds and equitiesMinimum investment: Lump sum £1,000Investment split: 64% in UK corporate bonds, 36% in UK equitiesIsa link: YesPep transfers: YesCharges: Initial 5.25%, annual 1.5%Commission: Initial up to 3%Tel: 0117 910 7900The Rising Income Plan ...

  • Changing face of Standard Life

    15 Apr 2004

    Earlier this year, Standard Life announced a strategic review of the way the company accesses and uses capital. This decision was influenced by a number of factors, such as fundamental changes to the nature of our business, changing market dynamics and new regulation. The strategic review is now well advanced and the conclusions reached in a number of important areas were announced last week. Certain management actions have already been taken to strengthen our capital ...

  • Charlotte Square Fof puts on vest

    14 Apr 2004

    Investment boutique Charlotte Square has launched a fund of funds that invests only in portfolios in which the manager has placed substantial amount of his or her own money. The vested interest performance fund invests in around 10 unit trusts, Oeics and hedge funds in which the manager has placed a seven figure sum. Scottish Life International, which is marketing the fund, is hosting IFA seminars at football grounds across the UK over the coming weeks.

  • Chelsea the next target for Money Portal

    15 Apr 2004

    Discount broker Chelsea Financial Services is likely to be among the next acquisition targets for fast-growing fund distributor The Money Portal once it secures a further tranche of funding. TMP, which last year acquired Willis Owen, HCF, the Isa and With-Profits Bond Shops and Bates Investment Services, has a wish-list of nine firms. The list is believed to feature Chelsea Financial Services, the UK's oldest discount broker. Chelsea Financial Services has confirmed ...

  • CII and BIBA team up for training programme

    16 Apr 2004

    The CII British Insurance Brokers' Association are teaming up to provide a regional training programme for members of both organisations and the wider industry.A series of 13 training courses ranging from 'Appraisal Interviewing' to 'Business Interruption' are being held at locations around the UK from April 29 to June 25. The courses will cover all levels of experience from introductory and intermediate to advanced level. CII and BIBA members qualify for ...

  • Close Bros release deal for estate planning

    15 Apr 2004

    Close Brothers is to set up a wealth management equity-release product with Isle of Man Assurance. The product is designed to help people to manage their estates for tax purposes and is described by a source as an equity-release/estate management product. It is being launched with the backing of Equity Release Services, which has designed the product and will take responsibility for its administration. Close Brothers and Isle of Man Assurance join recent market ...

  • Compensation scheme defaults 16 companies

    15 Apr 2004

    The Financial Services Compensation Scheme has declared 16 firms in default and is encouraging consumers who may have lost money with these firms to get in touch. The Eastern region firms declared in default are Aldreds Financial Services in Great Yarmouth, Andrew Peat Financial Consultants (UK) of St Neots and CMB (Mortgage & Finance Services) in Sandy. The firms in the North are Lyndhurst Associates (Hanley) and Vital Financial Services (in liquidation) of Manchester. The ...

  • Competing products set to take over

    15 Apr 2004

    Fund managers are adamant that mutual funds are better suited to most investors, arguing they can deliver tailored asset allocations which with-profits cannot. They say mutual funds are stealing massive market share from with-profits products and will continue to do so. Investec joint managing director Andy Sowerby argued at the Money Marketing round table debate on with-profits that most with-profits products have been disingenuously marketed as a homogeneous asset class ...

  • Completing the e-equation

    15 Apr 2004

    In the early days of IT, it was claimed that technology would make IFAs redundant. We can now see just what an effect new technology has had on the way our industry operates. The only real barrier to the wholesale adoption of new technology is inertia. Many simple and complex tasks that were traditionally paper-based - in an industry that prided itself on the amount of paper it could consume - are now routinely performed electronically. Database management has switched ...

  • Correspondents week

    15 Apr 2004

    Its Wednesday and I start as usual, turning on the computer at about 8am and checking for new viruses and Windows updates. Make a cup of tea and read the Independent. Get into work room at 9.30am and start scrabbling around frantically doing four pieces at once and steaming mad at being let down on stats. What do you do when you send emails, leave messages and they do not get back? You go elsewhere. Spend the day getting info from others and had to cancel lunch at Artemis. Terrorist ...

  • Coventry caps it up

    14 Apr 2004

    COVENTRY BUILDING SOCIETYFlexx Capped MortgageType: Flexible capped-rate tracker mortgageTracker rate: 0.85% above Bank of England base ratePayable rate: 4.85%Capped term: Until December 31, 2009Capped rate: 5.99%Minimum loan: £1Maximum loan: Up to 95% of valuation subject to a maximum of £500,000Income multiples: Dependent on loan to valuation and salary bandFlexible ...

  • Credit Suisse Asset Management - Target Return Fund

    14 Apr 2004

    Type:OeicAim: Income and growth by investing globally in fixed-interest securitiesMinimum investment: Lump sum £5,000Investment split: 22% government bonds, 16% investment-grade short-term bonds, 13% investment-grade bonds, 7% high-yield bonds, 7% emerging debt, 6% convertibles, 28% cash, 1% central EuropeIsa link: NoPep transfers: NoCharges:Initial 4.25%, annual 1.25%Commission:Initial 3%, ...

  • Credit Suisse sets target for returns

    15 Apr 2004

    Credit Suisse Asset Management is offering a fund investing in a wide selection of global fixed-income opportunities with a new investment concept it calls "target return". First revealed in Money Marketing in February, the fund addresses investors' needs for a product that targets a certain level of positive return within a strict risk control framework. The fund is an onshore version of the firm's Luxemburg-domiciled target return fund and uses the expertise of ...

  • Criticism focus is on WP rather than cash destroyers

    15 Apr 2004

    With-profits policies have come in for much greater scrutiny and criticism than other types of product that have wiped out investors' savings, according to Liverpool Victoria's head of distribution Rye Mills. Mills said that products such as split-capital investment trusts and structured products have not had the same scrutiny despite the fact that many investors had lost their entire investment. While accepting that with-profits policies would not form as much ...

  • CSAM sets sights on target

    14 Apr 2004

    Credit Suisse Asset Management has introduced the target return fund which invests in a range of fixed income assets, including government and corporate bonds, emerging European debt and convertibles.The target return concept was piloted on an institutional mandated fund established in August 2000. The name of the new fund, which takes advantage of the Ucits III rules of mixed asset classes, refers to its explicit performance target of 2.5 per cent above the six-month Libor in ...

  • Deeds of miscontent

    15 Apr 2004

    In this year's Budget, it was made clear that where a person uses a deed of variation to give up an interest in an asset under a will but continues to enjoy a benefit from what has been given up, this will not trigger the proposed income tax charge under the pre-owned assets rule. That the tax penalties on pre-owned assets will not be applied is particularly gratifying in light of the fact that the charge is an income tax charge and, for general income tax and capital gains ...

  • Direct Line defends price-based life cover campaign

    15 Apr 2004

    Direct Line is defending itself against allegations that it is selling inadequate critical-illness cover alongside life insurance. Protection specialist Lifesearch hit out against Direct Line last week, accusing it of selling CI cover on price alone and using TV advertising to encourage consumers to replace older policies. Lifesearch claims that Direct Line is misleading consumers by failing to explain the implication of buying a CI product based on reviewable rates. But ...

  • Exchange adds quotes to cover special risks

    15 Apr 2004

    The Exchange is adding a special risks section to portal ExWeb to offer intermediaries protection business quotes. The special risks centre will provide intermediaries with guidance on what constitutes a special risk and help them get the best rate for clients through a special underwriting process. The Exchange's research shows that 62 per cent of the 500 IFAs it surveyed through ExWeb can identify clients as being "non-standard risk" before they give a quotation. The ...

  • Exchange in CII online link

    14 Apr 2004

    The Exchange has teamed up with the CII to offer online compliance and competency solutions to advisers. The Exchange will give advisers access to the CII's online training and competency systems ed.LEARN and ASSESS through its ExWeb portal. The ed.LEARN system gives advisers studying for CII exams additional revision material and ASSESS offers training and assessment tools to keep staff up to date with regulatory and legislative changes.

  • Ex-DBS chief Ansell joins Prestbury

    20 Apr 2004

    Former DBS chief executive Nick Ansell has joined non-regulated financial services firm Prestbury Holding as strategic development director. Ansell, who stepped down from DBS following parent Misys IFA services' integration of the firm into a single management and support structure in August 2002, will focus on the development of Prestbury's IFA arm and new business development. Ansell, 43, co-founded IFA Network and has been a member of the Aifa council and the FSA Training Advisory ...

  • Fears grow that Sandler will come under RU64

    15 Apr 2004

    Insurers say they are increasingly worried that the FSA intends to apply the RU64 requirements to Sandler-style products, a "significant disincentive" which would require IFAs to justify every non-Sandler product recommendation. Members of the ABI's regulation and distribution committee are concerned that despite FSA assurances that RU64 would not be in the Sandler sales regime, nothing has yet appeared in writing stating this. The FSA says details on how, if at all, ...

  • Feeling tyred and emotional

    15 Apr 2004

    A primed and ready MM reporter sporting pens and notebooks in every pocket found herself foiled as she tried to reach the Standard Life annual general meeting in Edinburgh on Tuesday. After reaching the airport in plenty of time to allow for every possible eventuality, the flight was then delayed for 40 minutes, which was no sweat for a well-prepared journalist. After finally being installed on the flight and ready for take-off, said reporter, still in a reasonably relaxed ...

  • Finance Bill blocks trivial commutation loophole

    15 Apr 2004

    The Finance Bill has blocked a loophole in the new pension rules which let investors make a quick financial gain at retirement. The bill, published last week, has removed the opportunity for people to take out a single pension policy at the level of the trivial commutation limit the day before they retire and withdraw it the next day, netting £1,500. The loophole meant individuals getting income tax grossed up on the money going in and getting 25 per cent of the ...

  • Forecasts for 2004 are raised as markets rebound

    15 Apr 2004

    Rightmove was the most upbeat of the house price indices in March, showing a 2.9 per cent increase compared with 2.1 per cent in February. It says annual house price inflation rose to 11.9 per cent in March from 10 per cent in February, putting the average asking price at £179,570. Commercial director Miles Shipside says: "All the indices are seeing the same thing. The market has rebounded with a vengeance this year and for the moment there is no sign of it abating. ...

  • FSA clears Equitable's Ranson

    15 Apr 2004

    The FSA has announced it will not pursue any action against former Equitable Life chief executive and appointed actuary Roy Ranson on the grounds that at the age of 73 he is unlikely to return to the financial services market.It has also denied that it wants to ban Ranson's successor as appointed actuary and eventual chief executive Chris Headdon from financial services for life, despite reports that this is the case.Ranson was identified as a key figure in Equitable's ...

  • FSA fines Euro bank for laundering lapses

    15 Apr 2004

    The FSA has fined Raiffeisen Zentralbank Osterreich's London branch £150,000 for breaches of the money laundering rules. It is the first time the FSA has fined a UK branch of a European bank for falling foul of the money laundering regulations. The FSA found that RZB London failed to act promptly to update its anti-money laundering and compliance manual. The manual did not include sufficient assistance to enable staff to comply with identification requirements ...

  • FTSE 100 firms double pension cash

    14 Apr 2004

    FTSE 100 companies paid almost twice as much into their pensions schemes in 2003 than in the previous year, according to Watson Wyatt. On average, contributions into defined benefit schemes rose 95 per cent, in stark contrast to 2002 when contributions "barely covered" the cost of new accruals. In 2003, employers not only covered accruals but put almost a similar amount again into boosting pension security, the consultancy says.

  • Fund firm calls for portfolio reviews

    15 Apr 2004

    Investors do not review the mix of assets in their investment portfolios often enough, with nearly a quarter never reassessing their holdings, according to research from JP Morgan Fleming Asset Management. The fund firm surveyed 1,620 private investors between January and February this year and found that 23 per cent of never reviewed the mix of assets in their portfolio and 56 per cent had only checked their mix once in the past year. When asked what would prompt a review ...

  • Get a better view of the offshore world

    15 Apr 2004

    This year's Money Marketing Live will, for the first time, include a specialist arena for intermediaries who specialise in international finance. The future of offshore centres will be one of the key issues discussed in the International Money Marketing arena. The event, taking place at London's Olympia on May 6, is aimed at providing financial intermediaries with critical insight into the European and international investment business. Isle of Man Finance ...

  • GMAC-RFC drops 25 year fix

    19 Apr 2004

    Lender GMAC-RFC is dropping its 5.59 per cent 25 year fixed rate mortgage blaming a lack of interest in the long term fixed market.GMAC-RFC head of marketing services Jeff Knight says the company decided to market-test the product to see whether there was enough appetite for long term fixes in the market. Following little interest the lender has decided to withdraw the product from its range.

  • Good timing A good mix How to gain on life

    15 Apr 2004

    Wouldn't it be great if you could avoid income and capital gains tax on your investment gains? Well, that is exactly what you can achieve with some relatively simple planning using life insurance policies. The current level of Government spending has forced the Chancellor to increase the tax yield. This has led the financial services industry back towards the focus that was pervasive in the 1970s. This is that tax planning is a key part of the advice process and an area where ...

  • Happy returns

    15 Apr 2004

    With the advent of mortgage regulation, general insurance regulation and depolarisation, even the most dedicated compliance officer could probably be excused for allowing the FSA's proposal for electronic reporting to slip down their priority list in recent months. This may be understandable but it may yet turn out to be a painful oversight if plans are not now being put in place to meet the responsibilities announced in two policy statements published on March 31. The ...

  • Hard-nosed homebuyers can drive down costs

    15 Apr 2004

    One-third of homebuyers are managing to negotiate up to 15 per cent off asking prices, according to the Woolwich's annual Cost of Moving survey. Woolwich says Londoners are faring the best, with half of buyers saving significant sums off the vendor's asking price, up to £37,500 some scenarios. Estate agents' fees for property sales vary significantly between the North and the South, with people in the South paying over £6,000 compared with £4,700 ...

  • HL warns of investor confusion over new Libor funds

    15 Apr 2004

    Hargreaves Lansdown says the imminent launch of a raft of funds with Libor-based returns is likely to confuse investors already baffled by the large number of products in the market. Credit Suisse Asset Management is offering an onshore version of its Luxemburg-domiciled target return fund which aims for a return of six-month GBP Libor plus 2.5 per cent. HL believes other groups will follow suit but with products with very different aims and styles which will boost demand ...

  • IFA clashes with watchdog over 'frivolous' claims

    15 Apr 2004

    A Devon IFA claims the Financial Ombudsman Service uses unfair criteria to decide whether a complaint against an IFA is frivolous or vexatious. Philip G Milton & Co managing director Philip Milton has been the subject of three complaints to the FOS, which have either been withdrawn or rejected because there was no case to answer. But he has still had to pay a fee of £360 for each case. One case was dismissed because the complainant had miscalculated the amount ...

  • Independent view

    15 Apr 2004

    I am not sure if this will blow any vestiges of credibility that I might have about claiming to be young any more, but I sometimes listen to Radio 4. On a Saturday morning from 9am-10am, there is a slot called Home Truths presented by the still-dead-cool John Peel. It is an hour's worth of witty anecdotes of, dare I say, "middle-class" home life. Like most of the BBC's output, you can go back and listen at your leisure online. If you have got time, go and have a ...

  • Investment

    15 Apr 2004

    It was a mixed quarter for world equity markets, with excellent returns in Japan and Asia but slighly disappointing performance of the UK, US and European markets. By the end of the quarter, the FTSE World index had risen 0.6 per cent in sterling terms. In the UK, the FTSE 100 rose to its highest level in 18 months in January and economic data showed unemployment had fallen to its lowest level for 28 years. As a whole, the UK economy grew at its fastest rate in four years during ...

  • Investment edge

    15 Apr 2004

    "Perhaps the most significant review of UK collective investment schemes that has ever taken place," is how one leading law firm described the FSA's consultation on a new set of rules governing collective investment schemes. The review has been completed and the new rules are now published as the CIS Sourcebook - A New Approach. This bland title understates the impact of the new rules, equivalent to saying that JK Rowling has sold a few books. There are 348 pages of ...

  • Investment edge

    15 Apr 2004

    Out of all the ideas that are thought up every day, some are crazier than others. Most disappear without a trace while some develop sufficient momentum to live a short while. Others acquire the necessary oxygen to merit attention. These become the items on our "to do" lists. They clog up our electronic mailboxes, tie us up in meetings and make the financial services industry what it is. We all share a similar fate of having to address a welter of information borne out of endless ...

  • Investment view

    15 Apr 2004

    I am becoming increasingly concerned over what may happen to the property market - and not just in this country. Real estate values are rising in many areas. Wealth is being created for those already on the property ladder. For those not so fortunate, access is becoming more difficult. Perhaps of even greater importance, the inexorable march of property values in this country is fuelling a debt explosion that may have dire economic consequences. Abroad, the fashion to ...

  • John Joseph on Protection

    15 Apr 2004

    For my band of devout followers, the first critical-illness conference was almost a 100 per cent success, with 46 out of 47 attendees giving it excellent reviews. There was one unhappy person who was not impressed as he could not hear all that was going on - and the bit that he did hear, he had heard before. I have decided to repeat the conference on June 2 and, once again, it will be an all-day training and advice-orientated day. This time, I am limiting the attendees to 40, ...

  • Journey to the core for Threadneedle

    15 Apr 2004

    Threadneedle's new retail chief David Gasparro says he wants the group to establish a bigger presence in the core UK equity sector following the launch of its limited issue and Mid 250 funds. Gasparro, who joined Threadneedle as head of retail in March, is seeking greater visibility for the group's high alpha funds, which have performed impressively since last year, but have not attracted the attention he would like. He hopes that this will change once the funds ...

  • Julian Gibbs

    15 Apr 2004

    New Star looks to have another winner with its excellent property unit trust. The fund is run by two top managers, Andrew Hicks of Capital Counties, who is responsible for direct investments in commercial property, and Robin White of Liberty International Asset Management, who manages the property share portfolio. The fund has attracted large amounts of mainly institutional investment and has now reached £180m. Commercial property has been a fairly dull investment over the ...

  • Keydata Investments - Extra Income Plan 8

    16 Apr 2004

    Type: Capital-protected bondAim:Income or growth linked to the performance of the Dow Jones Eurostoxx 50 IndexMinimum-maximum investment: £5,000-no maximum,Isa £7,000Term: Five yearsReturn: 6% income a year, 1.46% income a quarter or 33% growth at end of termGuarantee: Original capital returned in full provided the index does not fall by more than 30% and returns to its starting valueClosing date: ...

  • L&G data reveals most claims from people under 40

    15 Apr 2004

    Legal & General has released its critical-illness cover claims' data for 2002 in a move welcomed by intermediaries who want to see more openness from providers. The statistics show that in 2002 L&G paid out £39.7m in critical-illness claims, with the average payment £65,500. There were 664 claims, with 370 cancer-related and 73 heart attack. Other conditions, including angioplasty and Alzheimer's, totalled 50. Six out of 10 male claimants ...

  • L&G puts on a show of strength

    15 Apr 2004

    Legal & General has published details of its realistic balance sheet revealing a risk capital margin covered nearly five times by its capital. The realistic balance sheet for 2003 shows total assets of £18.6bn and liabilities of £17.6bn, leaving a with-profits estate of more than £1bn. Its total risk capital margin is £960m, leaving an excess over the RCM of £70m. Guarantees and option costs account for only 5 per cent of asset shares and L&G has ...

  • L&G rolls out latest structured product offering

    20 Apr 2004

    Legal & General has issued its latest structured product offering, designed to pay 100 per cent of any capital growth in the FTSE 100 over its fixed term of five and a half years.Maturing on December 23, 2009, the index growth and protection plan 2 offers capital protection as long as the investment is held for the entire term. It is aimed at cautious investors who want to benefit from the growth of equities but don't want their savings exposed to the full vagaries of ...

  • Lee Birkett

    15 Apr 2004

    Speed has always been a passion for Lee Birkett, the chief executive of online network Prestbury Holdings, which deals with non-regulated business. Having loved fast cars and motorcycles from an early age, he has only been able to indulge his passion from his armchair since founding Prestbury around 10 years ago. Recently, however, Birkett - at 32, one of the youngest chief executives of a plc in the financial services industry - has signed up to race Porsches after gaining his ...

  • LIA warning on exams

    15 Apr 2004

    The LIA is warning that a proposed review of financial advisers' exams could result in a drop in standards. Head of public affairs John Ellis thinks the introduction of the new regime will create the temptation for authorised firms to seek out easier options. The Financial Services Skills Council is proposing a range of modular exams from which employers can select according to the roles of staff. Ellis says the one strength of the current system, in which ...

  • M&G homes in on commercial property

    20 Apr 2004

    M&GM&G PROPERTY FUNDType: Unit trust Aim: Income and growth by investing in UK commercial property Minimum investment: Lump sum £1,000 Investment split: 45% retail, 31% industrial, 9% retail warehouse, 15% offices Place of registration:Guernsey Charges: Initial 5%, annual 1.25% Commission: Initial 3%, renewal 0.5% Tel: 01245 215707The M&G Property Fund is a Guernsey-domiciled ...

  • Many a slip twixt pup and zip

    15 Apr 2004

    Hello, everybody! Welcome to the Rainbow house, it's time to play with Zippy, Bungle, George and Geoffrey. IFAs who, like the Diary, spent most of their formative years in front of a TV, will be intrigued to learn of Intelligent Finance's connection to the cult series. IF's new ad campaign uses the talents of a puppeteer who started his career as Zippy, the frog-like character who got zipped up if he was a bit too gobby. But why, the young viewer would often ponder, didn't ...

  • McCarthy hits out at EU gender directive

    19 Apr 2004

    FSA chairman Callum McCarthy has today spoken out against an EU directive on equal treatment of men and women, saying it is likely to hinder the development of an efficient insurance market.McCarthy has stood behind the industry, which has long rallied against the directive, saying the equal treatment directive "runs counter to good sense" and is likely increase the overall cost for consumers of buying insurance cover.The directive will prohibit the use of gender as a factor ...

  • Men more likely to be impulsive shoppers - Clerical Medical

    14 Apr 2004

    Men are more likely to succumb to impulse buys on shopping sprees and lie to their partners about it according to the latest survey from Clerical Medical. The research reveals that 62per cent of men surveyed said they would lie about their latest purchases. But women are more extravagant and will only feel guilty about lying if they spend more than £25.

  • Merger decision within a month

    15 Apr 2004

    A decision on whether the proposed merger of Inter-Alliance and Berkeley Berry Birch will go ahead is expected within a month, according to BBB chairman and chief executive Cliff Lockyer. BBB says the delay in the decision whether to proceed with the merger has not been caused by dealings with the FSA over the winding-up of Berry Birch & Noble Financial Services. When the merger was announced in January, the two companies said a decision would be made by March. The ...

  • Mortgages plc gets set for move on prime market

    15 Apr 2004

    Sub-prime lender Mortgages plc is looking to move into the market for prime mortgages in the latter half of the year. The company currently does some near-prime lending through the Mutual Collective, a collection of building societies which buy new asset classes from Mortgages plc on pre-agreed terms. It also offers buy-to-let and right-to-buy products as well as adverse credit and self-certification mortgages. Mortgages plc is pres-ently busy integrating a number ...

  • Network search

    15 Apr 2004

    The future success of smaller intermediaries is less about direct regulation or becoming appointed representatives than with getting the right support to use their entrepreneurial skills effectively. By January 2005, the sale of almost every retail financial product will be regulated by the FSA. This means that thousands of mortgage and general insurance intermediaries must choose between direct regulation or becoming an appointed representative of a network. At the end ...

  • New firm in dispute with L&G over transfer of commission

    15 Apr 2004

    A Plymouth IFA has been in dispute with L egal & General over its refusal to transfer renewal commission to his new firm even though he is continuing to service the clients. Wealth Management (Plymouth) principal Alan Leigh set up his own firm, bringing his clients with him, when his former employer sold the goodwill in the business to a new partnership. L&G has accepted the transfer of servicing rights to their policies but refused to transfer renewal and servicing ...

  • New secure structured product from SLI

    19 Apr 2004

    Scottish Life International is launching a structured product that invests in a combination of tax-efficient insurance funds which provide between 100% and 95% capital protection every three months.A profit rate is calculated at the beginning of each quarter, indicating the proportion of any growth in the UK FTSE 100 stock market from which the investor will benefit each quarter.Called the safe combination bond, the product has a minimum investment of £15,000.SLI ...

  • New structured product from SLI

    20 Apr 2004

    Scottish Life International is launching a structured product that invests in a combination of tax-efficient insurance funds which provide between 100% and 95% capital protection every three months.A profit rate is calculated at the beginning of each quarter, indicating the proportion of any growth in the UK FTSE 100 stock market from which the investor will benefit each quarter.Called the safe combination bond, the product has a minimum investment of £15,000.SLI ...

  • Obesity will not weigh on all premiums

    15 Apr 2004

    Protection IFAs believe rapidly rising obesity in the UK will affect prices for obese people on all health insurance policies that involve underwriting but is unlikely to push up costs for everyone in the near future. The comments follow reinsurer Swiss Re's call for the life insurance industry to tackle the issues associated with increases in obesity by ensuring that the related risks are accurately assessed and rated and that consumers are char-ged an appropriate premium ...

  • Online valuations highest priority for advisers poll shows

    16 Apr 2004

    Online valuations is the most vital e-business development to help IFAs in their business according to a poll for 1st Software.In a survey of over 400 advisers 81 per cent said online valuations was the most important, with 40 per cent of firms saying they also used online valuations and e-submission services.Origo managing director Paul Pettitt says: "These results are encouraging - the launch of new standards-based e-commerce services is the result of a number of years' ...

  • Out of context

    15 Apr 2004

    •"I'll never be too high and important to speak to you." - FSA press officer Rob McIvor about his promotion to head of media and web communications at the regulator. •"Maybe I will occupy my time writing a mortgage murder mystery." - London & Country's David Hollingworth ponders how he will amuse himself during jury duty •"We swing all ways at Mortgages plc". - Sales and marketing director Peter Beaumont. •"I thought I would have to take ...

  • Pegrum to leave Insight for Cazenove

    14 Apr 2004

    Star manager Neil Pegrum is leaving Insight Investments just over a year after he joined, departing to Cazenove which is relaunching its UK focus fund for him to run. Pegrum arrived at Insight from M&G in January last year, taking control of its UK dynamic and UK discretionary funds. He will be replaced with immediate effect by Andy Cawker, his deputy fund manager on both funds, who will run them as an interim measure until a permanent replacement is found. Insight ...

  • Pension fund for Shariah laws

    14 Apr 2004

    HSBC has launched a pension fund designed to meet the requirements of Shariah law that does not hold shares in companies primarily involved in alcohol production or distribution, gambling, pornography, pork and tobacco products. The fund, which HSBC says is aimed at the UK's 2m Muslims, is only available for occupational schemes.

  • Portman Building Society - Three-Year Fixed Rate

    16 Apr 2004

    Type: Fixed rate mortgageFixed term: Until June 1, 2007Fixed rate 4.99%Minimum loan: £15,500Maximum loan: Up to 95% of valuation subject to a maximum of £250,000, up to 90% of valuation subject to a maximum of £400,000, up to 85% of valuation subject to a maximum of £500,000, up to 75% of valuation subject to a maximum of £1mIncome multiples: Up to 3.5 times principal income plus second ...

  • Principal Global Investors- US High Yield Fund

    15 Apr 2004

    Type: UcitsAim: Growth by investing in high-yield US bondsMinimum investment: Lump sum £10,000Investment split: 100% in high-yield US bondsPlace of registration: DublinCharges: Initial up to 5%, annual 1%Commission:Initial up to 5%, renewal subject to negotiationTel: 020 7710 0220

  • Product matters

    15 Apr 2004

    The new Ucits III rules are likely to see a new raft of products which can take advantage of the extra investment opportunities. One such fund is the new target return fund from Credit Suisse. This is a fixed-interest fund which uses a "multi-strategy" approach to try and obtain Libor plus 2 per cent. These fixed-interest assets include cash, investment-grade, high-yield, emerging market debt, government bonds, money market and European debt. Although this fund ...

  • Pru chief challenges HL stance

    15 Apr 2004

    Prudential UK chief executive Mark Wood has castigated IFA Hargreaves Lansdown, describing its decision not to offer with-profits bonds as a "dereliction of duty". Wood made the charge in the Money Marketing with-profits debate recently in response to criticism of with-profits and the Pru's own offering. Earlier in the debate, Hargreaves Lansdown head of pensions research Tom McPhail had said that he feels the company's decision to stop recommending with-profits ...

  • PWC says Government tax simplification has created six regimes

    15 Apr 2004

    The Government's tax simplification project has produced six different regimes rather than one, says PricewaterhouseCoopers. The financial services consultancy says last week's Finance Bill creates six sub-divisions - pensions in UK-registered schemes, employer-financed retirement benefit schemes, overseas recognised schemes, overseas unrecognised schemes, section 615 schemes and corresponding accepting schemes. But Sipp specialist AJ Bell says the bill should be ...

  • Questions on strength and trust

    15 Apr 2004

    The Abacus consultancy director David Ferguson questioned the stated cost of smoothing, which Pru chief executive Mark Wood admitted is around a 0.75 per cent annual management charge. Ferguson queried where the fund's capital for new investment and offers such as extra allocations came from. He said, with returns under pressure, costs such as this would be difficult to sustain. He also asked Wood how it was possible to trust the management of with-profits, given the ...

  • Rate held but rises forecast

    15 Apr 2004

    The Bank of England monetary policy committee's decision to leave the base rate unchanged at 4 per cent caught out a good number of economists last week but most expect to see a rise next month. Market commentators such as Charcol senior technical adviser Ray Boulger believe the base rate will rise by 0.25 per cent in May to coincide with the publication of the MPC's quarterly inflation report. Royal Bank of Scotland chief UK economist Geoffrey Dicks predicts that ...

  • Recruiter is missing the human touch

    15 Apr 2004

    On reading the article on the front page of the April 1 edition of Money Marketing, headlined, Agencies are braced for the big rise in job seekers, I was shocked by the recruiter's comments. Before becoming a recruitment consultant with Resolve Professional Appointments, I held the position of broker consultant and I am fully aware of what it is like to apply for your own job every few years. I can assure you that no one who has come through the other side of this ...

  • Recruiting campaign

    15 Apr 2004

    Standard Life is believed to be considering replacing finance director John Hylands as it moves to position itself for demutualisation. It refuses to comment on the claim but reports suggest that while a decision has not been made to rep-lace Hylands, feelers have been put out to see whether replacements are available. Standard has confirmed that it has employed headhunters to recruit new chief executives for the UK life and pension business and Standard Life Investments. A ...

  • Review process is a farce

    15 Apr 2004

    I was very pleased to read Robin Hunter's letter (Money Marketing, March 25). We have a number of clients in very similar situations as the example given in this letter. We also have clients who are only 50-60 per cent of the way through their 25-year policy term. They receive a brief letter based on the principle laid down, as I understand it, by the FSA regarding three levels of assumed growth. As Mr Hunter has highlighted, the method of conducting the review has ...

  • Royal London says realistic regime confirms its strength

    15 Apr 2004

    Royal London claims the new realistic reporting regime, which it says caused Standard Life's woes, has confirmed its own financial strength. The mutual says it has a realistic surplus of £1bn. This compares with Standard Life, whose annual results showed it has £4.6bn in surplus capital. Standard Life has £31bn in its with-profits fund and 2.2 million UK WP policyholders compared with Royal London which has £12bn in its WP fund and an estimated ...

  • Sainsbury's Bank set to check out of mortgages

    15 Apr 2004

    Sainsbury's Bank is believed to be pulling out of the mortgage market because of queries that have been raised over the portability of its fixed rates. Money Marketing understands Sainsbury's Bank has had issues with the regulator over its fixed rates, which are supposed to be portable although questions have been raised over this aspect. The bank says it has not yet made any decision on mortgages but as part of its strategy it continuously reviews all its products. ...

  • Scottish Widows - Guaranteed Investment Bond

    15 Apr 2004

    Type: Guaranteed equity bondAim: Growth linked to the performance of the FTSE 100 indexMinimum-maximum investment: £2,000-£100,000Term: Five yearsGuarantee: Original capital returned in full regardless of performance of indexReturn: Up to 75% growth at end of termClosing date: May 16, 2004Commission: Initial 3%Tel: 0845 600 8910

  • Singer & Friedlander -Model Portfolio Fund

    14 Apr 2004

    Type:OeicAim: Income and growth by investing globally in equities and fixed-interest securitiesMinimum investment: Lump sum £75, 000Investment split: 55% UK equity, 7.6% UK fixed interest, 7.4% European equity, 5.2% Far East, 5.1% US equity, 2.9% Japan, 5.1% rest of world, 2% UK gilts, 9.3% cashIsa link:YesPep transfers: YesCharges: Initial up to 4.5%, annual 1.25%Commission: Initial 3%, renewal ...

  • Skipton relaunch for equity-property bond

    15 Apr 2004

    Skipton Building Society is relaunching its guaranteed triple asset bond issue 2 that gives a return which is linked both to UK equity and residential property indices. The investment is in two linked bonds, with a third of the investment going into a one-year fixed-rate bond returning 8 per cent gross until July 9, 2005 when the bond matures. The other two-thirds goes into a five-year index linked bond which offers 75 per cent of the average positive growth of the FTSE ...

  • Slick Standard Lifers hauled over the carpet

    15 Apr 2004

    An illuminating moment at Standard Life's annual general meeting last week came as a disgruntled punter, when asked his name while calling for chief executive Sandy Crombie's head on a plate, responded: "You might remember me, you wrote back to me last year reassuring me about the company's mutual status." Flashes of policyholder anger such as this were frequent throughout the carefully controlled question and answer session but there was no sign of the complete indignation ...

  • Small cap covers the US

    15 Apr 2004

    Legg Mason Investments has brought out the Legg Mason US smaller companies fund, an Oeic aiming for growth by investing in US companies with a market cap of up to $2bn. The fund is managed by Royce & Associates, a New-York-based subsidiary of Legg Mason Investments. Royce & Associates already manages Legg Mason's Dublin-domiciled Royce US small cap equity fund but this fund was recently closed to new business. The new fund aims to have less than 15 per cent ...

  • Some indices too optimistic, say brokers

    15 Apr 2004

    Brokers say the housing market was very strong in March but are sceptical that prices rose by as much as 2.9 per cent, as suggested by Rightmove, which was the most optimistic index last month. But they also dismiss the 0.7 per cent increase recorded by Hometrack, which was the most pessimistic of the indices. London & Country mortgage specialist David Hollingworth says the market is still moving forward more strongly than anyone anticipated. He believes the fact that a number ...

  • Squirrel brings Mortgage Assess on board

    19 Apr 2004

    Mortgage network Squirrel Financial Management has announced it has joined forces with the CII/Sofa training facility Mortgage Assess making its online T&C service available to its members.It includes an assessment test so advisers can gain an indication of their current levels of knowledge and training modules so they can revise particular product areas.SFM director Ian Bascombe says: "Our advisers see the enormous value of the system and how simple it is to use. I am ...

  • St James's Place and Insight link for property fund

    15 Apr 2004

    St. James's Place has set up a commercial property fund as part of its portfolio of investment bond and pension funds. The fund will be managed by a team from Insight Investment led by property division managing director Duncan Owen. Its anticipated sector profile is 40 per cent retail, 30 per cent office, 10 per cent mixed retail and office and 20 per cent industrial. Owen, who oversees the management of more than £4.6bn of UK commercial and residential ...

  • Standard reveals target markets

    15 Apr 2004

    Standard Life says it wants to increase market share in mutual funds, protection and drawdown business. Writing in this week's Money Marketing, sales managing director Nathan Parn-aby says it intends to grow its presence in these markets in a bid to improve the "mix and profitability" of the business. He says it is important that its main life and pension business focuses on writing more profitable business and red-ucing cost and it will be repositioning itself in ...

  • Survey aiming to find top service providers

    15 Apr 2004

    An in-depth study of the intermediary sector is set to reveal which are the best networks and support service providers and why they give IFAs value for money. The survey from Henry Samuels Marketing Services, entitled, IFAs & Support Services, is designed to increase understanding of IFA needs for support services and which solutions meet these needs. In June, HSMS will interview a representative sample of intermediaries divided into directly regulated and network ...

  • SWIP launches UK opportunities fund

    19 Apr 2004

    Scottish Widows Investment Partnership is launching an aggressively run UK equity fund aimed at top-end discretionary investment managers, private client stockbrokers, private banks and institutional investors.Formerly the SWIP UK equity fund, it has been renamed the SWIP UK opportunities fund and is positioned to higher end of the risk/return spectrum. Minimum investment is £25,000.The fund is £38m in size and is run by a 12 strong team headed by SWIP investment ...

  • Talkback

    15 Apr 2004

    "Yes. I think IFAs want to simplify their lives with the complications of compliance and searching the market and so on. Many IFAs have their own panels anyway, so they would just be streamlining them." Pravin Bhatt, Bhatt & Associates "I don't know, I'm a small IFA and I'll be staying independent. I plough my own furrow." David Crawford,David Crawford "I do, but it won't happen immediately. I think it will take a while." Craig Watson, Hathaway ...

  • Tee up a bonus ball for Teps

    15 Apr 2004

    Everything we read tells us that withprofits is bad news - how do you answer that accusation? Don't believe everything you read. We have to look at with-profits performance, and the performance of any other investment, in the light of world investment conditions and the last few years have been bad news for every type of investor. Despite its recent recovery, the stockmarket has fallen by 35 per cent since its peak in 2000 and, yes, with-profits returns have fallen ...

  • The brighter side of Equitable Life

    15 Apr 2004

    Equitable Life is stabilising and looking at options to improve policyholders' fortunes, says chief executive Charles Thomson. In an interview with Money Marketing, Thomson says the strategic review announced as part of its full-year results will look at all the options says the company is prepared to restructure parts or all of the business to do so. Moving back into equities is one of those options. Thomson says: "It is about unlocking the constraints really rather ...

  • The Exchange redesigns Exweb

    16 Apr 2004

    The Exchange has redesigned its Exweb portal to help advisers navigate the pages more easily. The new look and feel is based on feedback from IFAs. The site now includes a new section called the research centre, which provides intermediaries with a single access point to a comprehensive suite of research services.

  • The flexi factor

    15 Apr 2004

    In the last 12 months, there seems to have been no shortage of endowment policyholders entering the Tep market. Research by Surrenda-link reveals that a huge number of people in the UK are looking to cash in their policies. The APMM claims that 70 per cent of all endowment policies are sold or surrendered and estimates the potential size of the market at £1.2bn. The Tep market is evolving, with a move away from buying and selling individual Teps towards ...

  • The Isa season springs back

    15 Apr 2004

    The Isa season may be over but it was not, as many predicted, dead. Early indications from some of the leading providers show that sales have rocketed since last year's disaster, providing a much-needed fillip to what was increasingly being viewed as an irrelevance to most firms' businesses. It is far too early, however, to suggest that this is anything more than a brief resuscitation. Doubling or tripling sales is no mean feat but, when those sales barely registered on ...

  • The late show brings Isa boom

    15 Apr 2004

    The Isa season swung into gear late this year and brought big rises in business for many fund firms and brokers. The difficulty is that, with fund supermarkets exerting an ever tighter grip on sales, groups cannot tell what is Isa business and what is not. The figures are based partly on guesswork but they provide encouraging evidence that despite the Government stripping away tax benefits, Isas are still popular. Fidelity and Schroders are among the biggest beneficiaries ...

  • Tilney investment tailored to measure

    19 Apr 2004

    TILNEY INVESTMENT MANAGEMENTOpal Tailored SolutionsType: Capital-guaranteed fund of hedge fundsAim: Income or growth linked to the performance of the Opal Optimum Master FundMinimum-maximum investment: £10,000-no maximum, Isa £5,000Term: Five years and one monthGuarantee: Secure income and secure growth options - Original capital returned in full regardless of performance of underlying fund, high income ...

  • Unum first to lift HIV exclusion

    15 Apr 2004

    UnumProvident is removing the HIV/Aids exclusion on group income protection policies in a move it claims will make it unique in the marketplace. All new quotations will automatically include HIV/Aids cover while existing policyholders will have the cover included at their next rate review. The exclusion can only currently be lifted if clients pay an additional premium. Unum says the move reflects its progressive attitude towards protection, with the Disability Discrimination ...

  • Unwanted gift

    15 Apr 2004

    My wife and I have recently been blessed with our first grandchild and we want to make a monetary gift to the baby for her future. It is likely that a similar gift will be made each year on her birthday. We have been advised that one of the best options available is to make a £2,800 annual contribution on her behalf to a stakeholder pension and wondered whether you agree with this advice. Since their introduction in 2001, stakeholder pensions have proved most popular ...

  • US annuity giant Hartford to make debut in UK with bond

    15 Apr 2004

    The biggest annuity provider in the US is targeting a 2005 UK launch of a new single-premium unit-linked investment bond product. The Hartford - America's sixth-biggest life company - is planning to bring the product, which in the US and Japan it calls a "variable annuity", to the UK through IFAs. The group had assets of £123bn in 2003 and is the number one seller of retail annuities in the US. It is America's second-biggest provider in group life sales. The ...

  • Verity's view

    15 Apr 2004

    For anyone who knows how much the financial services sector dislikes regulation, there has been a strange phenomenon in the past few months - companies, lifelong enemies of the regulators, asking to be regulated. Stranger still, the people who would do the regulating are not only denying them their dearest wish, they are making them beg. There are at least three recent examples of this strange regulatory sado-masochism. First, there was the weird sight of the Council ...

  • Wales leads property price rises

    14 Apr 2004

    The 10 counties with the biggest house price gains over the past 12 months are all outside southern England, according to Halifax's regional index. Four are in Wales - Gwynedd, Dyfed, West and Mid-Glamorgan - while two - Dumfries & Galloway and the Highlands - are in Scotland. Three are in the North - County Durham, Cumbria and Cleveland - with North Humberside and the Humber making up the remainder. All saw house prices rise by at least 30 per cent.

  • Walker, Crips, Weddle, Beck - CF Walker Crips Equity Income Fund

    19 Apr 2004

    Type: Unit trustAim: Income and growth by investing mainly in UK equitiesMinimum investment: Lump sum £1,000Investment split: 15% transport, 9% insurance, 9% building materials/construction, 8% tobacco, 2% banks, 9% other financials, 5% mining, 4% food producers, 4% oil, 4% electricity, 3% property, 3% fixed interest, 2% aerospace, 2% banks, 2% water utilities, 2% telecoms, 2% gas distributors, 2% beverages, 2% electronic equipment, 1% engineering, ...

  • Walker, Crips, Weddle, Beck - CF Walker Crips Corporate Bond Fund

    20 Apr 2004

    Type: Unit trust:Aim: Income and growth by investing in UK corporate bonds and other fixed-interest securitiesMinimum investment: Lump sum £1,000Investment split: 100% in UK corporate bonds and other fixed interest securitiesIsa link: YesPep transfers: YesCharges:Initial 4%, annual 1%Commission: Initial 3%Tel: 020 7253 7502

  • Walker, Crips, Weddle, Beck - CF Walker Crips UK Growth Fund

    20 Apr 2004

    Type: Unit trustAim: Growth by investing in UK equitiesMinimum investment: Lump sum £1,000Investment split: 100% in UK equitiesIsa link: Yes Pep transfers: YesYield: 5.3%Charges: Initial 5%, annual 1.5%Commission: Initial 3%, renewal 0.5%Tel:020 7253 7502

  • Watchdog staff get bonuses to speed up cases

    15 Apr 2004

    The Financial Ombudsman Service has come under fire for offering its staff bonuses for completing cases quickly. In an interview with Radio 4 programme Money Box, chief financial ombudsman Walter Merricks confirmed that staff get a bonus if they meet and exceed targets for closing cases. He denies that this encourages a bonus culture but reveals that staff are paid extra as part of the remuneration and performance structure of the organisation. The programme ...

  • Widows reopens property funds to new investments

    15 Apr 2004

    Scottish Widows is reopening its unit-linked life and pension property funds to new investments from the end of April. The firm suspended investment into the funds when many retail investors started to allocate 100 per cent of investments to property, leading to unprecedented cashflow into property funds. It hoped the suspension would prevent the performance of the funds being compromised by a high cash weighting or by hasty property purchases. Since the suspension, Scottish ...

  • Will ABI projection plans end in tiers?

    15 Apr 2004

    The ABI is preparing to throw down the gauntlet to the FSA on disclosure and is developing proposals to overhaul the regulator's projections' regime. A source close to the ABI's projection and disclosure working group has revealed to Money Marketing details of the group's proposals, which it will submit to the FSA in June. The ABI plans a shift away from projection rates as consumers' main source of information on a product, with more focus on a tiered ...

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