Money Marketing
14 June 2006

  • 300 Loan advisers take up new IFS certificate

    15 Jun 2006

    The Institute of Financial Services has had registrations from 300 advisers for its recently launched Certificate in Commercial Mortgages.The CeCM is a single-module qualification which started two months ago and is a joint venture between the IFS and the National Association of Commercial Finance Brokers.It follows the same format of the Cemap qualification and costs 120, which includes both the learning materials and exam. It can also be taken as a module as part of the advanced ...

  • 40% of IFAs now using wrap, says Threesixty

    15 Jun 2006

    Threesixty services says 41 per cent of IFAs are now using wraps compared with 32 per cent a year ago.

  • A fistful of fund sectors

    15 Jun 2006

    With over 2,000 authorised units trusts in the UK, the IMA's classifications mostly do a good job

  • A parlous state

    15 Jun 2006

    Turner's proposals do not go far enough to solve the UK's pension problems

  • Abbey habit

    15 Jun 2006

    For anyone contemplating a career at Abbey, the Diary has some handy tips for recognising the real bosses in the business, that is, the bankers from Santander.Look for chaps with dark grey suits, white shirts and red ties, quite good looking but a bit short. Apparently, they all look like this, which probably does not not make for much sartorial variety at board meetings but perhaps they have a nice bunch of flowers or bowl of fruit to brighten things up.If any Abbey staff have ...

  • Abbey makes Hay its wrap brand

    15 Jun 2006

    Abbey is to bring its wrap offering under the James Hay brand as part of a major overhaul to improve its adviser proposition following the sale of its life businesses to Resolution.Abbey insurance and asset management director of sales and marketing Ignacio Izquierdo says there will be significant investment in the wrap, including development of flexible investment wrappers for the intermediary wealth management market.The business will be relaunched this autumn as James Hay, ...

  • ABI updates Statement of Best Practice on Pension Transfers

    16 Jun 2006

    The ABI has updated its Statement of Best Practice on Pension Transfers, which has been amended to take into account changes to the pension tax regime post A-Day. The main objective of the statement is to ensure a quick, clear and smooth pension transfer process for consumers, financial advisers and pension providers.But the project to improve pension transfers is at this stage a medium-term one. Further improvements to the transfer process should be made in the future.

  • ACMH acquire TCA

    20 Jun 2006

    Absolute Capital Management Holdings have announced the acquisition of TCA Group, a Cayman Islands company.

  • Advisers alerted as Revenue looks to close SSAS loophole

    15 Jun 2006

    The exposure of a loophole in SSAS rules which could enable people to pass on pension assets to family members while avoiding inheritance tax is set to be closed by the Revenue.Self-invested personal pension and small self-administered scheme experts said highlighting the loophole has prompted the Revenue to act.It is believed that Standard Life head of pension policy John Lawson was first to promote SSASs as a means of avoiding IHT after A-Day. He pointed out how IHT could ...

  • Advisers wary of risks in best ideas fund

    15 Jun 2006

    Leading IFAs have voiced reservations over the risk profile of Skandia Investment Management's global best ideas fund as it goes ahead with its high-profile launch this week.Bestinvest business development manager Justin Modray says: "It is an interesting concept but a lot of these managers already have big funds to run. It could be a mismatch of styles and ideas and its risk profile could be high."Worldwide Financial Planning managing director Peter McGahan has concerns over ...

  • Aifa wants review of watchdog's subjectivity

    15 Jun 2006

    Aifa is calling for a forthcoming independent review of the Financial Ombudsman Service to cover scrutiny of its processes and the subjectivity of its decision-making.The FOS is set to commission a review of its resources and effectiveness in the coming months and at the Pims conference last week, Aifa director general Chris Cummings said the research should be broadened to assess its decision-making procedures.He said the number of complaints being taken to the ombudsman against ...

  • As young as you feel

    15 Jun 2006

    Some of you may remember the Panini football stickerbooks from your childhood years. Well, it seems that some of you have started collecting them again.Phil "not quite as young as he used to be" Young, a partner at Threesixty, has been obsessively collecting Panini's World Cup stickers with about 16 of his mates.Everyone needs a hobby but Young admits that he has been walking into newsagents in Greater Manchester looking for the stickers, only to find that one of his mates has ...

  • Axa enters into cash deal for Winterthur

    14 Jun 2006

    Axa has entered into a definitive agreement with Credit Suisse Group to acquire Winterthur outright for Euro 7.9bn.

  • Axa holds talks on buying Winterthur

    15 Jun 2006

    Axa is believed to be in talks with Credit Suisse about the acquisition of its insurance arm Winterthur and has two weeks exclusivity to study Winterthur's books.

  • Axa takes protection account to whole of market

    20 Jun 2006

    Axa is making its protection account available to the whole of the market from June 19.

  • B&B says rivals will snap up its brokers

    15 Jun 2006

    Firm accepts that some of its 300 salesforce may go after closing down broker operation

  • Banks to use Mifid to opt out of menu

    15 Jun 2006

    Cummings warns that move could make advisers look uncompetitive

  • Barclays Capital offers online trading for structured products

    14 Jun 2006

    Barclays Capital is now offering online trading for equity structured notes through its Barx for Investor Solutions platform.

  • Barnard in critical rescue on a train

    15 Jun 2006

    The inventor of critical-illness insurance Professor Marius Barnard leapt into action to save a man's life while on his way to a Sesame training session.Pioneering heart surgeon Barnard and Scottish Widows head of protection development Johnny Timpson were travelling by train to a critical-illness seminar in Scotland when a call went out for a doctor's assistance. Another passenger, who was a nurse, had found a man collapsed due to a suspected heart attack and thought he was dead ...

  • BM Solutions proc fee deal on self-cert

    15 Jun 2006

    BM Solutions is extending its credit repair retention pilot on sub-prime products to also include self-certification. It now offers a proc fee incentive for brokers whose self-cert clients remortgage at the end of their term.

  • Bolton's eventual UK special sits successor remains unknown

    20 Jun 2006

    The eventual successor to Anthony Bolton on the UK special situations fund remains unknown.Fidelity today revealed further details of the 6.5bn fund's proposed split into UK and global mandates in September. Bolton will run both until the end of 2006 before passing global special situations onto Fidelity analyst Jorma Korhoren. Bolton will continue to run the UK mandate until the end of 2007 but his replacement remains unknown.Fidelity has also revealed it is to ask shareholders ...

  • Broker calls for FSA fines over exit fees

    15 Jun 2006

    The FSA should fine mortgage lenders that increase the exit fee for borrowers during a contract term, says The Mortgage Practitioner sole trader Danny Lovey.He says he is outraged at the high cost of exit fees and points out that the average cost of processing a mortgage is less than 150 and it only takes a few minutes to cancel an account.But he says firms such as Alliance & Leicester charge an exit fee of up to 295.A&L recently decided to fix its charge so it does not ...

  • BSA upbeat on mortgage growth

    20 Jun 2006

    The Building Societies Associations has revealed that lending in May was the highest on record.

  • Call for PPI sellers to sit exams

    15 Jun 2006

    Broker British Insurance has called for bank and build- ing society staff selling protection insurance to face formal exams.The broker argues that this is the only way to drive up standards and meet many of the Office of Fair Trading's recent concerns about how the products are sold.In a letter to Money Marketing this week, BBI director Sara-Ann Burgess argues that PPI sellers should have to sit exams validated and approved by the Financial Services Skills council.She says: ...

  • Callaghan pledges future with Gartmore

    16 Jun 2006

    Tim Callaghan has committed his long term future Gartmore following the unveiling of the company's new ownership structure.

  • Campbell urges NAPF to spin out its story

    15 Jun 2006

    Former Labour spin doctor Alistair Campbell says the National Association of Pension Funds needs to improve its communication skills to ensure its voice is heard in the pension debate.Campbell says the NAPF has come up with some good ideas to reform the market, such as its Pensions Force initiative to provide greater education, but he had never heard of many of them until doing research for his speech, which closed the NAPF conference last week.He said: "The NAPF has some interesting ...

  • Canada Life launches with profits tool

    15 Jun 2006

    Canada Life has launched a with profits analysis system served and designed by DecisionsDecisions and Barrie & Hibbert.The provider will use DecisionsDecisions’ stochastic projection technology and Barrie & Hibbert’s financial modelling tools.Canada Life says the initiative will support advisers involved in with profit bond reviews and is in keeping with the FSA’s Treating Customers Fairly obligations.Canada Life marketing director John Pyburn says: “This tool helps support ...

  • Cann predicts return of home salesforces

    15 Jun 2006

    The man from the Pru could soon be knocking on doors again, says Institute of Financial Planning chief executive Nick Cann.At last week's PIMS conference on the emergence of new adviser business models, Cann predicted that life offices such as Prudential, Axa, Standard Life and Co-op could revert to using door-to-door direct salesforces.He said they would not focus on product sales alone, which tarnished their reputation in the past, but would provide advice for clients with ...

  • Capita buys fund administration business

    16 Jun 2006

    Capita has acquired the investment fund administration businesses of Sinclair Henderson from iimia Investment Group for up to 12m.Subject to FSA approval, the FTSE 100 firm will acquire Sinclair Henderson, Sinclair Henderson Fund Administration and ACD Services from iimia for an initial 10.5m plus up to another 1.5m depending on targets.The move means Capita will have combined fund assets under administration of 25bn. It adds around 40 open ended funds to the 300 already administered ...

  • 'Chasers could set up as charities to avoid regulation'

    15 Jun 2006

    Claim-chasers could establish themselves as charities to escape impending regulation if rules are not tightened, warns the Claims Standards Council.At the second reading of the Compensation Bill in the House of Lords, set to usher in statutory regulation for the claims management sector, Government spokesman for constitutional affairs Baroness Ashton announced plans to exempt charitable organisations which provide claim advice.The Claims Standards Council says this could lead ...

  • Churning at the FSA

    15 Jun 2006

    I could not agree more with Julian Stevens' letter (Money Marketing, June 8). The self-righteous posturing of the FSA on such matters as treating customers fairly is so galling. How dare it try to tell us that we should "put customers at the heart of our business" and that firms which do not will find others are at a "competitive advantage"? As Julian says, if we had not been treating customers fairly over the years, we would not now be in business. Will the FSA bring out rules ...

  • CII sets up executive club for high-fliers

    15 Jun 2006

    The Chartered Insurance Institute is setting up an executive club for high-fliers in the life and pension industry.The Future Leaders Programme is aimed at supporting the retention and dev-elopment of talent among middle to higher management staff.Supported by Accenture, the programme is designed to provide new skills and insights into the industry. It will include a programme of workshops and communications and will focus both on key issues facing financial services specifically ...

  • CML is backing packagers

    15 Jun 2006

    The Council of Mortgage Lenders has entered the debate on the future of packagers by throwing its weight behind the embattled distributors.The CML says packagers have a significant role to play in the market but warns that they face stiff competition from other distribution channels.Spokesman Christopher Dean says: "If packagers continue to meet the demands of the industry, there is no reason why they should not be with us for another 10 years or longer."The latest debate ...

  • CML reveals mortgage lending record

    20 Jun 2006

    Gross mortgage lending reached 28.7 billion last month, making it the strongest May figure on record according to data from the Council of Mortgage Lenders.

  • Compounding interest

    15 Jun 2006

    The overriding financial advice is usually to pay off debts before starting to save but, Gregor Watt reports, could young people actually be better off by borrowing money to invest in a pension??

  • 'Contracting out will be dead by next year'

    15 Jun 2006

    Contracting out for occupational pension scheme members could be removed as early as next year, says Scottish Life head of pension strategy Steve Bee.Speaking at the PIMS conference, Bee said this could leave a 29bn hole in occupational schemes each year.He said the new rebate levels announced for 2007 effectively mean that final-salary occupational schemes are unlikely to stay contracted out.The drop in maximum age-related rebates from 10.4 per cent to 7.1 per cent means ...

  • Correspondent's week

    15 Jun 2006

    This week by Guardian Money deputy editor Philip Inman

  • Coventry set for sub-prime move

    15 Jun 2006

    Coventry Building Society has confirmed it will enter the sub-prime market this summer, focusing on the light adverse end. The offering will be mainly distributed via intermediaries.

  • Cup runneth over

    15 Jun 2006

    Skerritt Consultants head of investments Andrew Merricks has come runner-up in BBC Radio 5 Live's World Cup anthem competition with his group, White Van Banned.Their song, Better Than U, includes the immortal lines: "We burn in the sun, mad cows in a bun and we lead the world in sleaze." It won its semi-final with 71 per cent of the vote but Embrace's Danny MacNamara did not not choose the song as his favourite - which has got to be a ringing endorsement. You can download it at www.betterthanu.c

  • Currency converters

    15 Jun 2006

    SG Hambros chief investment office Andrew Popper explains the workings of the currency markets and how they can be traded

  • Dashboard launches integration with Place-Me Sourcing System

    19 Jun 2006

    Mortgage software provider Dashboard has teamed up with Pheonix CPU to launch its integration with Place-Me software.The addition of Place Me adds an extra option for mortgage intermediaries when sourcing sub prime, buy to let and second charge loans to Dashboard.The service will be available to all Dashboard Life and Dashboard Software when they subscribe to Place Me.

  • Defining moment

    15 Jun 2006

    Should I stay or should I go is not only a famous song but a decision I had to make in 1991 after 18 months of failure at the start of my career in financial services. I had been a management consultant with a reasonable income but I gave it all up to become a financial adviser.Like most, I did not choose this career but was lured into it with many promises of what I would achieve. In the first year, my income dropped to one-tenth of my previous year as a consultant.I was a ...

  • Denham warns on missing link

    15 Jun 2006

    Treasury officials are repor-ted to be concerned that 2012 may be overly optimistic, with the Pensions White Paper stressing that its objectives are subject to affordability and fiscal position. Commentators predict that the restoration of the link with earnings could hinge on the Government's spending review next summer.But speaking at the Nat- ional Association of Pension Funds' annual conference in London last week, Labour backbencher Denham dismissed Treasury fears and said ...

  • Discretionary trusts are better part of IHT planning

    15 Jun 2006

    Inheritance tax Quality advisers can prove their worth in the complex new trust tax regime, says Zurich UK protection development manager Gerry Warner

  • Don't advise on opting out, says Denham

    15 Jun 2006

    Tony Blair's first pensions minister John Denham has urged the Government to discourage provision of advice for employees on whether to opt out of a personal accounts scheme.Responding to concerns at the NAPF conference last week that the scheme's lack of compulsion will mean many low to medium-earners will choose to opt out, Denham said: "If we try to offer individual advice on the relative merits of opting in or out, we will have the highest number of opt-outs. We must foster ...

  • Edmans quits Aegon to be an independent consultant

    15 Jun 2006

    Aegon director of corporate development Laurie Edmans is leaving the firm to take on an independent consultancy role.His responsibilities will be taken over by head of corporate affairs Francis McGee.McGee, who joined Aegon last July from the ABI, had worked with Edmans on the firm's public affairs strategy and its response to the Turner report.Edmans will be working with a number of clients in his new role, including Aegon, and will be focusing on financial capability and ...

  • Fair play for IFAs

    15 Jun 2006

    Open letter to FSA director (contact, revenue and information management) Graeme Ashley-Fenn For IFAs and insurance brokers, the FSCS is a totally illogical and punitive financial imposition because they cannot pass on the cost of levies to the point of sale - unlike product providers, which factor these costs into product/premium pricing. For IFAs and insurance brokers, FSCS levies come straight off the bottom line, diminishing the incomes they need to support their families. ...

  • Farnish plea to break pledges

    15 Jun 2006

    National Association of Pension Funds chief executive Christine Farnish has urged the Government to allow companies to renege on past pension promises.At the NAPF annual conference last week, Farnish warned that forcing employers to honour all their pension promises would cause severe economic disruption and was not in the national interest.She drew from research on pensions conducted by Oxford University professor Gordon Clark, which concluded that firms, as evolving entities, ...

  • Fidelity to reveal special sits details

    15 Jun 2006

    Fidelity will announce the full details of its special situations fund split next week, including who will take on the first half of the split and the full mandate of the sec-ond half of the fund which Anthony Bolton will take on.Advisers are waiting to discover who will be man- ager of the second half of the split and who will succeed Bolton when he steps down in 18 months.Clancy's Financial Planning proprietor Jim Clancy warns that while Fidelity has overseen smooth manager ...

  • Fidelity unveils new special situations manager and mandate

    20 Jun 2006

    Fidelity has revealed that Jorma Korhonen will take over one half of its 6.5bn special situations fund from January 2007.

  • Fixed expression

    15 Jun 2006

    There are a lot of opportunities for investors to make money from fixed-income assets

  • Flexi pensions on the halfway line

    15 Jun 2006

    Retirement specialists set up firm offering unsecured products with guarantees

  • Founder Robinson quits Bright Grey

    15 Jun 2006

    Bright Grey founding chief executive David Robinson has unexpectedly quit the firm.Royal London group chief executive Mike Yardley will lead Bright Grey's executive team while a replacement is sought. Product director Roger Edwards is on secondment with Scottish Life for the next few months working on the development of a new investment product for the sister company.The executive team includes deputy chief executive Tracey Ashworth-Davies, distribution director Andy Peters, ...

  • Four more providers join Webline PTA service

    19 Jun 2006

    Webline has announced four new providers are now live on its Pension Term Assurance service.Norwich Union, Scottish Provident, Standard Life and BUPA have joined the four other providers already on the service.The portal has also introduced a new online analysis engine aimed at helping advisers get the best deal for clients across the full range of protection related policies on the market.The Multi-Policy Analysis Tool allows users to compare different types of policies from ...

  • Friends' international arm extends reach

    15 Jun 2006

    Friends Provident International is set to extend its life and pension business into three new countries.It plans to open a branch office in Singapore in September. Over half of its business comes from Asia and it plans to launch a portfolio bond for high-net-worth clients.It is also set to sell personal pension products into the German market for the first time. This follows a change in legislation in Germany which has seen the government reduce state benefits in favour of better ...

  • Friends looks to set up wrap

    15 Jun 2006

    Friends Provident is in talks with technology suppliers with the aim of setting up its own wrap. The firm says no final decision has been made but any model would look to build on the firm's strong e-commerce brand.

  • 'FSA is in quandary on Mifid'

    15 Jun 2006

    The FSA has acknowledged that it is facing problems in deciding how the Mifid directive will be applied to the adviser community.Small firms director Stephen Bland told PIMS dele- gates last week that as only some advisers will be dir- ectly affected by Mifid, the FSA could look at amending the new regime for this group. This raises concerns about creating an unlevel playing field.However, if the FSA applies the regime across the board, Bland said it could face criticism of ...

  • FSA rejects time-bar challenge by chaser

    15 Jun 2006

    The FSA has refused to back down to a legal letter from claims-chaser Brunel Franklin challenging the legitimacy of time bars for endowment complaints. The regulator says time bars are valid and reasonable. Brunel Franklin says it is speaking to its lawyers about its next step.

  • FSA rejects time-bar challenge by chaser

    14 Jun 2006

    The FSA has refused to back down to a legal letter from claims-chaser Brunel Franklin challenging the legitimacy of time bars for endowment complaints. The regulator says time bars are valid and reasonable. Bruncel Franklin says it is speaking to its lawyers about its next step.

  • FSA slams lenders' exit fees

    16 Jun 2006

    The Financial Services Authority has called on lenders to review their mortgage exit fees, following the completion of its initial investigation.

  • FSA to update investment reporting requirements

    15 Jun 2006

    The FSA is planning to update its reporting requirements for investment firms.The regulator opened a consultation last week with the aim of producing new integrated regulatory reporting requirements. The new rules will not apply to brokers in the mortgage, general insurance and life sectors.The FSA says the aim of the review is to ensure the quality of information given is maintained. It says it has used the introduction of the capital requirements directive and markets in financial ...

  • GE Money sets target for onsite underwriters

    15 Jun 2006

    GE Money Home Lending says it is continuing to increase the number of onsite underwriters it has with packagers to meet its target of 30 by the end of the year.The move is part of the firm's plan to increase its number of branded lend- ing partnerships with dist-ributors.GE brand First National recently announced a partnership with All Types of Mortgages as a channel to sell First National products."That will include the presence of an onsite underwriter and follows similar ...

  • Generation gap

    15 Jun 2006

    Iam sure that it will come as no surprise that a recruitment consultant feels that there is a lack of high-quality advisers in the market at present. In fact, if you have been involved in recruiting for a new adviser over the past couple of years, I am sure you will agree with me.We could assume why this is so but the facts are there for everyone to see. As an industry, I feel financial services has shot itself in the foot. If you are an experienced IFA with five, 10, 15 years or ...

  • GHC seeks new deals after clinching BFM

    15 Jun 2006

    Stockbroker and investment manager Goy Harris Cartwright remains on the acquisition trail following its takeover of Coventry-based multi-manager Berkeley Fund Managers.

  • Goldman Sachs set for move into mortgages

    15 Jun 2006

    Investment bank Goldman Sachs could be set for a move into the UK mortgage market.Money Marketing understands that Goldman Sachs is headhunting staff to build a mortgage operation although it is not clear whether any push would be direct or through the intermediary channel.The firm already securit- ises loans via its Whitehall brand and bought a stake in GMAC's US commercial mortgage arm earlier this year.Goldman Sachs would be the latest in a long line of investment banks ...

  • 'Govt must put more focus on advice to aid pension reform'

    15 Jun 2006

    The Resolution Foundation has called on the Government to consider the role of advice in supporting pension reform.In its response to the Government's White Paper, the Foundation says there needs to be a stronger focus on the role of impartial advice in helping people, particularly those on low incomes, to understand their pension choices.The Government is considering a communications and information package that will accompany its pension reforms. But experts at a seminar held ...

  • Halfway house

    15 Jun 2006

    Nicola York looks at whether IFAs can move away from up-front commission to a hybird model of remuneration.

  • Hip contents revealed by Government

    15 Jun 2006

    The Government has unveiled the detailed contents of Home Information Packs.

  • Hutton wants more Turner-style reviews

    15 Jun 2006

    The Government can be held to account by an independent body'

  • Ian Chimes resigns from Credit Suisse Asset Management

    20 Jun 2006

    Credit Suisse Asset Management managing director Ian Chimes has resigned from his post. Money Marketing understands that Chimes will remain at CSAM until the end of the month. He follows the resignation of retail sales director Mark Thomas who is leaving Credit Suisse UK for River & Mercantile as a partner and managing director of its retail business.

  • IFAs claim FSCS annuity panel is too limited

    15 Jun 2006

    IFAs have accused the Financial Services Compensation Scheme of flouting the principles of independent advice by offering pension review claimants a limited panel of advisers through which to buy annuities.Money Marketing has learned that claimants awarded compensation by the FSCS are instructed to buy benefits lost through poor advice through one of three adviser firms, including Hargreaves Lansdown. The FSCS replaces income lost by policyholders from contracting out of occupational ...

  • IFAs to fail to capitalise on overseas property business

    15 Jun 2006

    Pink Home Loans managing director Tony Jones believes brokers are missing opportunities in the overseas property market.He says brokers are failing to pick up associated business such as arranging foreign currency exchange and earning referral fees from solicitors.

  • Insinger extends renewal to all IFAs

    15 Jun 2006

    Insinger de Beaufort is offering IFAs 0.75 per cent renewal commission on investments into its multi-manager funds.

  • Insurer Royal & Sun Alliance is set to axe 1,550 jobs

    19 Jun 2006

    Insurer Royal & Sun Alliance has announced plans to axe 1,000 jobs in the UK by June 2008.

  • Interest fate

    15 Jun 2006

    Guy Anker reports as interest-only loans start to attract claim-chasers

  • Investment View: Watershed

    15 Jun 2006

    This year, I returned to PIMS after an absence of some years. When I last walked its decks, we were in the grip of a savage bear market. The timing this year seems remarkable, given the difficulties faced in recent weeks.

  • Jail for man who swindled firms out of 250,000

    15 Jun 2006

    A man has been jailed for three-and-a-half years after he posed as a financial adviser and "company doctor" and swindled two small businesses out of 250,000.Michael Brandon admitted deception when he appeared before Peterborough Crown Court. He has also been banned from being a company director for 15 years. His business partner, solicitor Simon Rutledge, also admitted deception and was sentenced to 240 hours community work.The court heard that Brandon approached the direc- ...

  • L&G is offering modular cancer cover in PMI plan

    15 Jun 2006

    Legal & General has revamped its protection range with a private medical insurance product which includes modular cancer cover for the first time.The product, to be called HealthCare Choices and for distribution through intermediaries only, offers nine modules for customers to choose from to protect themselves against specific illnesses or treatments.The product has four core modules, which cover cancer treatment, inpatient and daycare, full outpatient and selec-ted outpatient ...

  • L&G's Boulding points to three stages of retiring

    15 Jun 2006

    The financial services indus- try should break down retirement into three stages and move away from a reliance on annuities to fund pension provision, says Legal & General pensions strategy director Adrian Boulding.Speaking at the NAPF conference, Boulding said retirement has been seen simplistically as one period from a financial planning perspective for too long. He said as life expectancy continues to increase, so does the need to avoid a one-size-fits-all approach to pension ...

  • Leeds Building Society launches 4.99 per cent 10-year fixed rate mortgage

    19 Jun 2006

    Leeds Building Society has launched a new 10-year fixed rate mortgage at 4.99 per cent

  • Lloyds TSB Islamic services go nationwide, except in Scotland

    14 Jun 2006

    Lloyds TSB is launching its range of Islamic financial services across England and Wales, following a successful pilot.

  • Look to the future

    15 Jun 2006

    IFS head of faculty financial regulation Mark Roberts says professional goals and targets do not need to be set in stone but it makes sense to formulate a plan of where you would like to be in the long term

  • Midas touch

    15 Jun 2006

    The price of gold and gold mining shares has rocketed in recent times but fallen back slightly over the past month or so. I see this as a buying opportunity, particularly if buying through gold mining shares.

  • Millfield pursues placing strategy to avoid administration

    19 Jun 2006

    Millfield is pursuing the placing of new ordinary shares with existing shareholders and other investors to raise a substantial amount of equity capital in the hope of staving off administration.

  • Mobius puts India and China on the fast track

    15 Jun 2006

    India and China are on track to become a major part of the global economy despite recent corrections across emerging markets, says star fund man- ager Dr Mark Mobius.Speaking at Pims 2006, Franklin Templeton emerging markets fund manager Mob- ius said India is showing signs of benefits from increased globalisation while China continues to grow, supported by a government committed to reform and infrastructure development.Comparing the two markets, he said the Chinese government ...

  • More IFAs pass exams

    19 Jun 2006

    The pass rate for the Certificate for Financial Advisers has improved since candidates were given access to case study material prior to the exam. CeFA is the threshold qualification for financial advisers and the exam had previously been sat unseen. Now candidates sitting the forth module, Assessment of Investment Advice and Knowledge can view case study material before the exam and research possible scenarios for their answers.The Institute of Financial Services introduced the ...

  • Morgan Stanley Quilter provide automated SIPP valuation

    16 Jun 2006

    Morgan Stanley Quilter will now be providing automated valuations for Self Invested Personal Pension plans (SIPPs) after a change in valuation rules.The method of valuation, known as a quarter-up, has presented problems for SIPP administrators as to how to provide valuations quickly and without charge. The pension simplification rules for SIPPs recently changed the way that valuations are calculated and Morgan Stanley Quilter has built this into their new system.Morgan Stanley ...

  • Morgan Stanley resigns as Misys corporate broker

    16 Jun 2006

    Misys has confirmed that Morgan Stanley has resigned as its corporate broker with immediate effect. Misys will retain JPMorgan Cazenove as its sole corporate broker as it explores a management buyout.No bid has yet been made but it is understood that Morgan Stanley were in a position to advise the group if it decides to consider an offer and would therefore be conflicted as an adviser to a potential bidder.

  • Multi-manager View: All the very best

    15 Jun 2006

    If you were to ask what a typical investor wants from an investment manager, you might not be surprised if they demanded a portfolio consisting only of stocks that the manager would invest in themselves. In practice, this is not necessarily what investors are getting.

  • Multiple preoccupation

    15 Jun 2006

    Next month, new houses in multiple occupation legislation comes into effect and BTLs will fall into one of four categories:

  • New fees of life

    15 Jun 2006

    What makes someone a suitable candidate for a fee-based firm?

  • New life for Resolution with 3.5bn Abbey deal

    15 Jun 2006

    Resolution has bought Abbey's life businesses in a 3.6bn deal and almost doubled in size in its first move into the new life business market.Around 2.7 million policyholders in Scottish Provident, Scottish Mutual Assurance and Abbey National Life as well as two offshore busin-esses' closed life funds will switch to Resolution.Resolution Asset Management, formerly Britannic AM, will take over management of Abbey's 29bn of funds under management, taking its total funds to 62bn. ...

  • Olive branch for DB

    15 Jun 2006

    Could the fruit of the White Paper turn bitter for defined-benefit schemes?

  • Origen's Taylor in move to Pru

    14 Jun 2006

    Former Origen business development director Tudor Taylor has joined Prudential as head of intermediary business. Taylor replaces Francis Ghiloni.

  • Origen's Taylor in move to Pru

    15 Jun 2006

    Former Origen business development director Tudor Taylor has joined Prudential as head of intermediary business. Taylor replaces Francis Ghiloni.

  • Partnership Assurance launches care funding tool

    20 Jun 2006

    Specialist protection firm for impaired lives Partnership Assurance has launched a care funding analysis tool for IFAs.

  • Paternoster foresees surge in DB buyouts

    15 Jun 2006

    Paternoster chief executive Mark Wood believes a combination of key drivers is set to cause rapid growth in the number of annuity buyouts in the coming years.The head of the newly launched defined-benefit scheme buyout venture said at the NAPF conference that company directors are becoming increasingly preoccupied by the risks of their DB schemes.He said detaching DB schemes from companies' balance sheets immediately increases the firm's value and said DB buyouts have gained ...

  • People on the move

    15 Jun 2006

    InvestmentJupiter sales director Jon Brokenshire is set to leave the firm in September. The firm's director of asset management sales Tom Pearson will take on overall responsibility for the sales operation. Brokenshire has been with Jupiter for nine years and says he plans to take a break from the industry.

  • PFEG aims to bring finance to 1.8m pupils

    15 Jun 2006

    The Personal Finance Education Group is heading a five-year initiative called Learning Money Matters designed to help teachers provide financial capability education to 1.8 million secondary school pupils.The initiative is a key part of the FSA's seven-point programme - Financial Capability in the UK - Delivering Change, which was launched in March to improve financial capability in the UK.The PFEG says its education drive aims to reach 4,000 secondary schools and benefit 1.8 ...

  • PIMS cocktail

    15 Jun 2006

    Any advisers hoping that this year's PIMS conference was a good way of escaping the long arm of the regulator were in for a nasty shock when news spread that John Tiner's personal yacht would be sailing past the Aurora on Friday evening with the man himself onboard. Luckily, the soulful sound of delegates belting out Karaoke classics was enough to drown out any attempt by the FSA chief executive to bark out the latest principle-based guidance over a megaphone.The Diary could not possibly ...

  • Platform enhances adverse criteria

    15 Jun 2006

    Lender seeking to maintain position

  • PMI elects two members for council

    15 Jun 2006

    The Pensions Management Institute has elected two new members to its council for the coming year.The Pensions Regulator scheme risk management actuary Wallace Law and Hew- itt business development consultant Martin Good have been elected to serve this year.Existing council members Susan Andrews of Pinsent Masons and Bob Richardson of EDF Energy have been re-elec-ted to serve a further term.Law, who formerly worked for the Government's Actuary Department, has been a Fellow ...

  • Private investors beat the professionals

    19 Jun 2006

    Private investors beat the professionals in April and May according to the latest data from Capita Registrars Private Investor Watch.

  • Probate priority

    15 Jun 2006

    David McMaster, managing director of Just Wills, says IFAs should rethink their strategy when a client dies and consider helping the client's family by turning to a specialist probate services firm

  • Product matters: Reverse gear

    15 Jun 2006

    Innovation in its true sense is exciting in the mortgage market but it becomes increasingly difficult to create a product that stands out in its sector.Retirement Plus has managed to achieve this feat in the creation of its equity-release product that has just been approved by Ship.The product could be termed a reverse reversion scheme, where a straight percentage is taken without any up-front discounting.With an option of protecting a percentage of the equity, this offers ...

  • Pru named worst CSR offender

    15 Jun 2006

    Pru has been named by the Corporate Social Responsibility Foundation as the worst offender out of the top 12 financial services firms in terms of CSR. Legal & General was the only company to allow an independent member to sit on its CSR committee.

  • Pru's barbed welcome for NU drawdown

    15 Jun 2006

    Prudential has welcomed Norwich Union's new drawdown product but claims it is less flexible than Pru's version.Pru head of sales for lifetime mortgages Jan Holt says the market needs more provid- ers to drive it forward but points out that NU limits the drawdown period to 10 years while Pru's product is unlimited.Holt says: "Norwich Union will be introducing limited flexibility into its offering. The Prudential lifetime mortgage offers unprecedented levels of flexibility and ...

  • PTA offers savings of up to 35 per cent

    14 Jun 2006

    PTA can create savings of up to 35 per cent over standard life cover, according to research by Moneyfacts.co.uk. The website looked at the average costs of premiums rather than the cheapest and found that savings ranged from 19 to 35 per cent.

  • 'PTA offers savings of up to 35%'

    15 Jun 2006

    PTA can create savings of up to 35 per cent over standard life cover, according to research by Moneyfacts.co.uk. The website looked at the average costs of premiums rather than the cheapest and found that savings ranged from 19-35 per cent.

  • Public and private healthcare to integrate

    16 Jun 2006

    Academics, economists and insurers have collectively predicted a shift to an integrated healthcare system in the UK that combines the resources of the public and private sectors.

  • Purnell faces FAS quiz

    15 Jun 2006

    The House of Commons work and pensions committee is to hold an evidence session on the Financial Assistance Scheme with pension reform minister James Purnell.The committee is welcoming written submissions on the operation of the scheme to date and on the Government's announcement in the pensions white paper that the scheme is to be extended. The deadline is 16 June ahead of the 28 June evidence session to be held in London.The cross-party committee of 11 is chaired by Labour ...

  • Pyrrhic victory

    15 Jun 2006

    The White Paper's proposals come at great cost to the ordinary worker

  • Quality assurance

    15 Jun 2006

    As the dust begins to settle around the fledgling pension term assurance market, a wide disparity between the quality of advice and levels of service offered by brokers selling this product has been noted by some in the market.

  • 'Quarter of IFAs will go bust if levy stays'

    15 Jun 2006

    Leading IFAs and network bosses have issued a last- ditch plea to persuade advisers to make their voices heard for a fairer funding structure for the Financial Services Compensation Scheme .With less than a week to go before the end of the consultation period on the FSCS funding, adviser firms are rushing to lodge their submissions for option B which would place advisers and providers in the same levy group according to product class.Hargreaves Lansdown managing director Peter ...

  • Rates hike for Norwich Union index-linked lifetime mortgage plans

    19 Jun 2006

    Norwich Union is raising the interest rates on its index-linked lifetime mortgage plans from June 19. The annual interest rates will be a minimum of 4.69 per cent or 4.9 per cent APR and maximum of 9.93 per cent or 10.2 per cent APR.

  • Redwood ploughs into the red tape

    15 Jun 2006

    Paul McMillan reports on Conservative MP John Redwood's mission to roll back regulation in financial services

  • 'Reforms cannot go through until 2012'

    15 Jun 2006

    The link between the basic state pension and earnings will be reinstated in 2012, at the same time as auto-enrolment into pension personal accounts, Work and Pensions Secretary John Hutton told the NAPF conference last week.He said that Lord Turner's pension report suggested the reforms could be implemented by 2010 but Hutton believes more time is needed because the changes are potentially the most radical since the Beveridge report on social security in 1943.Hutton said: "How ...

  • Regulated firms given chance to review FSA performance

    20 Jun 2006

    The Financial Services Practitioner Panel has launched the second stage of its 2006 survey of regulated firms to obtain an authoritative industry assessment of the performance of the FSA.

  • Retroactive

    15 Jun 2006

    The FSA says it will not apply retrospective rules to financial advisers. It has said this before but will it apply in practice? One wonders if some product lurking out there which does not do what it says on the tin is under strain because of the stuttering market.Advisers might be selling it with reasonable knowledge and risk warnings and the provider may be offering it in good faith. But some unexpected economic problem may be about to bring it down. At that stage, will the FSA ...

  • Retrospective regime rejected

    15 Jun 2006

    FSA chief Bland says policy will not be changed by the move towards more principles-based regulation

  • Saga admits its equity-release guide is not clear on savings

    15 Jun 2006

    Saga has admitted that its equ-ity-release guide fails to give adequate advice about the suitability of the product.It concedes that the guide fails to make it clear that customers should run down their savings before taking out a lifetime mortgage but says it has scanned other providers' websites which also fail to advise consumers properly, suggesting that this is an industrywide problem.Saga's admission comes after it was criticised in The Actuary monthly magazine although ...

  • Schroders looks at global maximiser

    15 Jun 2006

    Schroders is looking at setting up a global version of its UK income maximiser fund next year.The fund would follow the UK version launched last December and would aim for an initial gross yield of up to 7 per cent through an actively managed portfolio of higher-yielding large cap stocks together with a covered call option overlay on the stocks to enhance the yield.In the UK version, the options are designed to underperform in a strong market but expected to outperform a flat, ...

  • ScotProv could come in from the cold

    15 Jun 2006

    Brokers feel that Scottish Provident could make a return to favour following its acquisition by Resolution.Once the darling of life and protection brokers, many advisers say ScotProv has fallen by the wayside since Banco Santander took over Abbey.CBK principal Peter Chadborn says ScotProv remains a very strong brand in the adviser market and if Resolution invests in the brand and improves service standards, brokers would support the firm.Lifesearch head of protection strategy ...

  • Scottish Widows introduces s32 income drawdown

    14 Jun 2006

    Scottish Widows has introduced an income drawdown facility to its section 32 individual buy out plan.

  • Second opinions

    15 Jun 2006

    Our panel give their views on the FSA's diagnosis of critical-illness insurance and consider ways to close the protection gap

  • Second win for network

    15 Jun 2006

    Interdependence tops adviser league rankings again

  • Select committee criticises EU on Mifid

    15 Jun 2006

    The Treasury select committee has criticised the European Commission for not carrying out a formal evaluation on the costs and benefits of Mifid and has voiced concerns that the directive will not be fully implemented in all other European countries.

  • Settling the score

    15 Jun 2006

    How is an exit charge calculated when premiums have been paid into a protection policy held on flexible trust?

  • Ship gets tough on advisers

    19 Jun 2006

    Safe Home Income Plans today announced that members will no longer accept business from advisers who do not hold a suitable lifetime mortgage qualification from August 2007.

  • SimplyBiz boosts profits to 2.25m

    15 Jun 2006

    SimplyBiz has made a profit of 2.25m in its third year of trading.The compliance support provider says it has improved results consistently after making a loss in its first year of 1.3m.In its second year, it moved into the black with profits of 100,000 in the year ending December 2004. Profits have now leapt to 2.25m, with turnover increasing by 108 per cent.SimplyBiz says the profits are largely the result of membership fees as it provides support services to 1,3000 member ...

  • Sipp firms set for consolidation

    15 Jun 2006

    Sipp regulation will herald a new age of consolidation in the pension market, predicts Suffolk Life director of sales and marketing John Moret.Speaking at the PIMS conference, Moret said smaller self-invested personal pension providers will be the first to have to consider their futures.He said: "With the impact of regulation, something is going to have to give. My belief is that there will be a rapid period of consolidation. For many, there will be problems, particular the ...

  • Skandia funds under management expected to double in five years

    20 Jun 2006

    A review of Skandia's growth potential by Old Mutual has exceeded initial expectations.

  • Spurious complaints win claims

    15 Jun 2006

    If a client misleads or withholds material information in any form of insurance application, then the plan is deemed invalid. Similarly, with endowment complaints, if a client is shown to be misleading in order to gain a pecuniary advantage, the claim should be summarily dismissed or any compensation awarded should be adjusted to reflect the dishonesty of the complaint. We have been receiving endowment complaints from professional firms and being given a standard list of accusations. ...

  • Stake points

    15 Jun 2006

    As a long-time supporter (and, it must be admitted, a fan) of Cofunds, I was a bit dismayed when I saw Legal & General swallow 25 per cent of it and thought that this did not augur well. The proof of the pudding has been delivered twice over, first with its bond offerings, with ridiculous early penalties and charging structures, more suitable for those who prefer to obscure what they take in commission than offer what I consider to be a square deal for the client. The second ...

  • Standard aims to head off exodus

    15 Jun 2006

    Standard Life has made the case for investors to remain in its with-profits fund after demutualisation following speculation that many IFAs will transfer clients.The company says its ownership structure and equity levels benefit clients. It also warns that a big outflow of money from with-profits funds will often trigger the use of market value reductions to ensure that all policyholders are treated as fairly as possible.It points out that it has ringfenced the fund, so it will ...

  • Standard Life cuts back share price range ahead of flotation

    15 Jun 2006

    Standard Life has cut its share price range for its flotation next month after sharp falls in equity markets in recent weeks.

  • Standard offers PTA deal in link-up with Barclays

    15 Jun 2006

    Standard Life has teamed up with Barclays Insurance Services Company to offer its pension term assurance product under the Barclays' brand.The deal is set to be in place for at least three years.Barclays will offer the PTA product through its B-Assured service. Since A-Day, PTA does not have to be linked to a pension to qualify for tax relief.Standard Life chief executive (life and pensions) UK and Europe Trevor Matthews says: "The venture with Barclays represents a significant ...

  • Standard Rethinks Broker Support

    14 Jun 2006

    Standard Life is ditching its regional broker support teams in favour of a centralised unit in a move that weill see eleven jobs cut. The switch to a centralised support function will see about 50 regional jobs lost but 39 new positions will be created.

  • Standard rethinks broker support

    15 Jun 2006

    Standard Life is ditching its regional broker support teams in favour of a centralised unit in a move that will see 11 jobs cut. The switch to a centralised support function will see about 50 regional jobs lost but 39 new positions will be created.

  • Standard to decide on share price

    15 Jun 2006

    The Standard Life board is meeting this week to discuss the launch price range for its shares ahead of flotation. Many commentators expect the firm to pare back its original 240p to 290p range.

  • Standard to decide on share price

    14 Jun 2006

    The Standard Life board is meeting this week to discuss the launch price range for its shares ahead of floatation. Many commentators expect the firm to pare back its original 240p to 290p range.

  • Strength in numbers

    15 Jun 2006

    Advisers must act now to stop providers walking away from the FSCS levy

  • Tenet multi-tie boost as it sets up panel

    15 Jun 2006

    The panel comprises Friends Provident, Legal & General, Norwich Union, Prudential, Scottish Equitable and Standard Life. Axa was the only major life office to miss the cut.All six providers will offer investment, pension, protection and health products.The panel will be available to appointed representative and directly authorised advisers through network Interdependence and IFA Professional, Tenet's direct support service offering.The providers were selected on criteria ...

  • The corporate DNA

    15 Jun 2006

    Why employers must do more to hold onto their older workers

  • The long goodbye?

    15 Jun 2006

    Do the wider powers conveyed by Ucits 3 signal the demise of traditional long-only methods? Matt Goodburn reoports

  • The numbers game

    15 Jun 2006

    It comes as no great surprise that, a year into depolarisation, there is more confusion about the provision of financial advice than ever before.

  • This is no U-turn, says Jelley in call for consultation

    15 Jun 2006

    The Government's latest trust amendments do not represent a U-turn and the Budget proposals should be postponed to allow proper consultation, according to Skandia head of tax and financial planning Colin Jelley.He says a U-turn would be a substantial change in direction but the Government is still heading down the same road. He says the amendments are a small step in the right direction but do not go far enough to reduce the number of life policy trusts or wills that need to be ...

  • This week in Pensions

    14 Jun 2006

    Standard Life just cannot keep out of the headlines these days. This week, it is under pressure to scale back its valuation of its planned floatation.

  • This week in Politics

    19 Jun 2006

    Reports Tony Blair's Fundamental Spending Review, due next month, is to be watered down or possibly shelved could reopen debate about the future for pension and welfare reforms.

  • This week in Regulation

    20 Jun 2006

    Just when you thought it was safe to go back into the water the FSA announces another round of "disappointing" revelations about advisers. Speaking at the FSA Retail Intermediaries Sector Conference last week FSA chief executive John Tiner announced that the FSA had completed a survey of 100 random advisers - the results of which will be announced shortly.

  • Threesixty hosting A-Day seminars

    20 Jun 2006

    Service provider Threesixty is hosting a series of key issues seminars on A-Day in July.

  • Threesixty leads on support satisfaction

    15 Jun 2006

    Threesixty has been voted the best support service provider in the latest Henry Samuels Marketing Services adviser survey.The independent research firm interviewed a random sample of IFAs from each firm scoring them out of five marks in 14 key areas.Threesixty came out top with an average score of 3.71, ahead of SimplyBiz with 3.55 and Tenet's IFA Professional with 3.54. Positive Solutions came in next with a rating of 3.51 followed by Bankhall on 3. Millfield's recent problems ...

  • To B or not to B?

    15 Jun 2006

    Something strange is happening at the ABI and Aifa. Barely a week seems to pass without a comment or set of proposals that appears to put the insurers' body on a collision course with IFAs.

  • Tories bid to block IHT on life policies

    15 Jun 2006

    Finance Bill measures would see proceeds of life insurance hit by taxation

  • Trading standards will monitor claim-chasers

    15 Jun 2006

    The Department for Consti-tutional Affairs is to contract out the job of monitoring claim-chasers to a local auth-ority trading standards dep-artment.The DCA, named as the int-erim regulator last week, is inviting local authority departments to compete for the task of monitoring claim management firms throughout England and Wales on a fixed contract basis.The departments, which monitor firms in their catchment areas and enforce consumer protection legislation, have until July ...

  • Transparency is vital for wrap success

    15 Jun 2006

    Selestia says wraps will fail unless providers are fully transparent oncharging structures.At the Pims forum, Selestia marketing director Bill Vasilieff said wrap providers will only succeed if they can justify fees such as admin charges.Vasilieff said: "Transparency is the way forward. Any wrap providers that are unwilling to fully justify their charges will not succeed. It is the old world. To be successful you have to be transparent."His views were backed at the forum ...

  • Turn on the cetv

    15 Jun 2006

    In my last couple of articles I have been identifying and discussing current principles regarding the ways in which the values of the accrued pension benefits of each spouse are taken into account in divorce settlements.

  • Undermining trust in pensions

    15 Jun 2006

    Just because the public doesn't really understand something surely it doesn't justify not telling them the truth at least in a democracy.So let's try this for pensions. The Government rejected the Parliamentary Ombudsman's call for significant compensation payments for people misadvised by the Government about the stability of occupational schemes.We think this is wrong. By rubbishing the findings, it diminishes the public's belief in Parliamentary checks on Government. But ...

  • Up to 200 IT jobs may go at Skandia

    15 Jun 2006

    Up to 200 back-office IT jobs are on the line at Skandia following its takeover by Old Mutual, with the roles likely to be outsourced to South Africa, according to reports.

  • Vital signs

    15 Jun 2006

    PruHealth is pioneering a new approach to private medical insurance in this country with the focus on well-being rather than sickness, says the firm's sales director Dave Priestley

  • Walter Merricks

    15 Jun 2006

    IFAs may be surprised to hear the chief ombudsman declare that he has a largely positive relationship with the sector. He tells James Salmon that there are many misconceptions surrounding his role and says the industry should be proud to have created a body that deals with complaints efficiently and economically

  • What the papers say

    15 Jun 2006

    Helen Monks clears up the misconceptions and shows IFAs how they can raise their media profile

  • 'Who pays will be FSA test of the independent label'

    15 Jun 2006

    Advisers have been told that they will be banned from calling themselves "independent" if they get payment from the product provider rather than the client.At the PIMS conference last week, Transact head of sales and marketing Malcolm Murray told delegates that he believes the FSA will look to differentiate adviser business models in the next five years by allowing only those who get paid by clients to use the independent tag.Murray said: "The question is who is paying the adviser? ...

  • Whose liability is it anyway?

    15 Jun 2006

    In January, the Law Commission and Scottish Law Commission issued a paper inviting views on the scope of an enquiry into insurance contract law.

  • Windows of opportunity

    15 Jun 2006

    I have read a lot about the advantages of investing in property. I would not be able to buy a property to rent out so what are the options available to me and what do I need to be aware of?

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