Money Marketing
14 September 2005

  • A charter for the future

    15 Sep 2005

    Chartered financial planner status is finally a reality after the Privy Council confirmed the title can now be granted.After four years of campaigning for the move, the Chartered Insurance Institute deputy director general Bob Bullivant says the qualification puts financial advice on the same professional footing as accountants and legal professionals. He describes chartered status as the most significant breakthrough in financial services in his career.Personal Finance Society ...

  • A clear picture

    15 Sep 2005

    Our panel of experts look at the implications of selling PTA under Icob and Cob rules and the ABI's proposed changes to CI

  • A new approach on HIV

    15 Sep 2005

    ABI statement of best practice Aegon head of underwriting & claims Matt Rann outlines imminent changes to applications

  • A passion for protection

    15 Sep 2005

    Do you agree that arranging proper insurance against disaster should be the cornerstone of any financial plan for a family or individual not wealthy enough to self-insure? Can you tell from all the ads that insurance generally is clearly a profitable game to be in?

  • A shore thing

    15 Sep 2005

    Many clients, particularly unsophisticated investors, are nervous about investing offshore, believing it is the province of the super-rich or is inherently unsafe.

  • A very special sit

    15 Sep 2005

    In all our deliberations about special situations, the most successful UK investment fund of the past 25 years, our primary objective has been as clear as it has been constant - how might we best serve the interests of the existing 250,000 shareholders and create the optimum conditions to continue its long-term performance.

  • Abbey - Two Year Tracker Mortgage

    19 Sep 2005

    AbbeyTwo Year Tracker Mortgage

  • Abbey For Intermediaries/Knight Frank - Residential Property Plan

    14 Sep 2005

    Abbey For Intermediaries/Knight FrankResidential Property Plan

  • Abbey for Intermediaries/Knight Frank harness residential growth

    19 Sep 2005

    Abbey for Intermediaries/Knight FrankResidential Property Plan

  • A-Day boost for autumn jobs market

    15 Sep 2005

    The autumn jobs market may be unexpectedly buoyant following a very quiet sum- mer in the run-up to A-day, according to recruitment consultants.Consultants are seeing dem-and from schemes, investment managers and IFAs, with much of this due to A-Day but in the context of renewed market confidence across the board.IPS Financial Services director Andrew Gartside says: "We are busy and that is partly a direct result of the work of schemes and advisers for A-Day. "There is a lot ...

  • Ascentric wraps up funding

    15 Sep 2005

    Keydata is offering the second tranche of its secure income bond with 7.5 per cent annual income for five years by investing in life policies.The bond offers income without stockmarket exposure and features a full capital return. It is a closed-ended product using traded life policies as an asset class with a five-year term.Keydata says the first issue was successful because issuers of the insurance contracts must have a minimum Standard & Poor's A rating and because advisers ...

  • Axa looks for staff to fill London posts

    15 Sep 2005

    Axa is recruiting new staff in London in a bid to beef-up its public relations operation.The firm is looking for three new members for its communications team, with two staff - a PR manager and executive assistant - sought for its general insurance arm in London as well as a corporate communications assistant to work at group level in the capital. Axa Life has also just appoin-ted a new PR officer at its Bristol office.The corporate communications post has been created to support ...

  • Axa offers advisers 25 funds in wealth launch

    15 Sep 2005

    Axa has launched its wealth management proposition to IFAs, giving them access to a further 25 funds alongside a lower pricing of its prem- ium select bond.Axa Life is offering a selection of funds from its world fund range, funds managed by Axa Rosenberg and its existing range of funds.Axa versions of Morley and New Star's property funds are also offered as well as eight new Framlington products, including the biotech fund managed by Gareth Powell.The funds will initially ...

  • Barclays picks Assureweb

    15 Sep 2005

    Barclays has selected Assur-eweb as the portal to be used by its 800 financial planning advisers who previously used The Exchange.It is the second-biggest deal from the portal since it was bought by five providers in July. It says a number of deals are also in the pipeline.Assureweb will provide a comparative quotation and client-specific illustrations service to Barclays' advisers and allow them to submit new business applications online.The deal will offer a new sales ...

  • Baronsmead cs an opportunity

    14 Sep 2005

    Isis Equity PartnersBaronsmead 3 VCT C Share Issue

  • Berkeley offers MPPI holiday waiver to young borrowers

    15 Sep 2005

    Berkeley Alexander is cutting the cost of mortgage payment protection insurance for younger people in a new product offering a three-month payment waiver.Mortgage Lifeline introduces age-banding and an initial three-month payment holiday, reducing premiums for young policyholders.Berkeley Alexander claims that 85 per cent of people taking out an mortgage payment protection insurance policy are under 45 and says it could save a 30-year-old up to 40 per cent in premiums for 500 ...

  • BMA drops Wesleyan multi-tie for an IFA

    15 Sep 2005

    The BMA's 135,000 doctor and medical student members will have access to AWD under the brand of BMA Services.The three-year relationship with Wesleyan hit difficulties in February when it failed to tell BMA members it would no longer be offering whole- of- market advice in its selec-ted range. Wesleyan caused a furore when it claimed it could not call itself independent because it did not charge fees but did not mention it no longer offers whole-of- market advice.Wesleyan concedes ...

  • Bolt-off fund

    15 Sep 2005

    What with Fidelity having decided to take the machete to its special situations fund, the industry is awash with rumours concerning who will step into Anthony Bolton's shoes and what new name the portfolio is to be blessed with.The following titles have been suggested to the Diary: Fidelity Situations Vacant Fund, Fidelity Not So Special Sits Fund, Fidelity's Past Performance may well not be a Guide to Future Returns Special Sits Fund and Fidelity Wherefore Art Thou Anthony Fund. ...

  • Bolton Wanderers

    15 Sep 2005

    Fidelity has given investors and advisers returning from their summer holidays a lot to think about by announcing it is to split Anthony Bolton's giant special situations fund next year.

  • Borrowers in running for 2012 Olympic cash bonus

    15 Sep 2005

    British success in the 2012 London Olympics could bring a cash bonus for mortgage borrowers.Chase de Vere Mortgage Management's Olympic Bonus mortgage will pay cash of 0.45 per cent of the initial loan amount if the British team win more than 16 gold medals.If the team win more than 20 gold medals, the bonus increases to 0.75 per cent of the loan amount.The mortgage is fixed at 4.54 per cent for seven years and allows borrowers to overpay up to 10 per cent of the loan amount ...

  • Britannia cuts its SVR by 0.25%

    19 Sep 2005

    Britannia building society is cutting its standard variable rate by 25 basis points.The rate, reduced from October 1, will drop from 6.35 per cent to 6.10 per cent, and will be available for new and existing borrowers.Britannia managing director of member business Tim Franklin says: "The reduction will result in savings for our members. Britannia already has a competitive SVR and this latest cut will ensure that our products continue to offer long term value."

  • Broken promise

    15 Sep 2005

    Peter Legg (Money Marketing, last week) brought back memories of my schooldays trying to cram the poetry of Alexander Pope."A little learning is a dangerous thing; drink deep or taste not the Pierian spring: there shallow draughts intoxicate the brain, and drinking largely sobers us again."Peter forecasts the end of standard tax avoidance options, including poten-tially exempt transfers, and then advocates trusts as "the perfect, flexible solution for estate planning". If the ...

  • BTL set for wave of Sipp sales

    15 Sep 2005

    Two-thirds of buy-to-let mortgage intermediaries believe allowing residential property in Sipps will boost the market, according to Mortgage Trust.Its September BTL intermediary forecast shows 65 per cent expect A-Day to strengthen the sector, leading to an average uplift in business volumes of 10.6 per cent. But 35 per cent believe the potential effect has been exaggerated.The research polls a selection of specialist mortgage lender's brokers each month, shows 71 per cent expect ...

  • CA calls for investigation into PPI

    14 Sep 2005

    Citizens Advice is calling on the Office of Fair Trading to launch an investigation into payment protection insurance, which it says is at best bad value and at worst missold to vulnerable people. Citizens Advice is making a super compaint, which means legally, the OFT has to respond within 90 days.

  • Cartel before the horse

    15 Sep 2005

    I refer to the self-imposed total limit of 500,000 per individual for critical illness (across all providers), most notably implemented by Norwich Union and L&G.This action has caused some major issues for some of my clients and has undoubtedly cost both protagonists serious business at the top end of the scale.Thankfully, other providers have broken ranks and raised their levels to a more realistic 1m. Most likely, NU and L&G will retaliate and come grovelling back to the marketplace ...

  • Caught in a half-Nelson

    15 Sep 2005

    Poor Charlie Ansdell at PR agency Polhill. After his great great great great grandad suffered the indignity of featuring as Napoleon's assistant in last week's Diary Ansdell has been inundated with anti-French emails.Ansdell insists he is not related to anyone on the French side but his great great great great grandad was Nelson's assistant rather than Napoleon's right-hand man. Zut alors! The Diary is sorry for any possible misunderstanding.

  • Charter marks a major milestone

    15 Sep 2005

    The IFA sector has been placed on a par with accountants and lawyers with chartered status granted by the Privy Council, says the Chartered Insurance Institute.The CII is hailing the news that it can now award the title of Chartered Financial Planner as possibly the industry's most significant milestone ever. It says the new qualification will act not only as a target for individual advisers but should also be seen as a coup for the industry as it is now on an equal footing with ...

  • Charter takes flight

    15 Sep 2005

    If you had to choose someone to value your house, where would you go? I would be making a beeline for a surveyor from the Royal Institution of Chartered Surveyors.

  • Citizens Advice wants OFT to probe payment protection

    15 Sep 2005

    Citizens Advice is calling on the Office of Fair Trading to investigate payment protection insurance, claiming it is bad value.The consumer organisation says the product, which produces annual revenues in excess of 5bn, is often highly expensive and excludes many of the most common situations that lead to debt problems.It claims that banks, mortgage firms and credit card companies often sell the cover just to boost profits.Direct Life & Pensions sales and marketing director ...

  • Clarke attacks 'staggeringly expensive' FSA

    15 Sep 2005

    Tory leadership candidate Ken Clarke has attacked the FSA, questioning whether the regulator has its costs under control.In a speech to Cass Business School in London, former Chancellor Clarke said there was increasing hostility in the City to the "staggeringly expensive" costs that the FSA creates for the industry.He said this mood has deepened over the last couple of years as the costs and implications of regulation have become more apparent.Clarke also raised concerns ...

  • Classic chooses The Exchange

    16 Sep 2005

    The Exchange has been selected by Classic Network Solutions to support its mortgage advisers in the sale of protection products.Classic currently has 50 advisers but expects this number to double in the next six months through expansion.Classic managing director Tony Corrigan says: "We have chosen The Exchange because they provide the highest quality IT solution for our brokers, in line with our company philosophy, of an innovative, low cost, low intervention IT mortgage Network."The ...

  • Clerical support success

    15 Sep 2005

    Clerical Medical claims it has helped over 2,000 advisers since January when it launched its Advice matters IFA support programme.The firm has run strategic seminars on areas such as professional indemnity insurance, A-Day, achieving growth and profitability and HR issues.The programme of adviser support includes a PI consultancy, business critical - looking at key industry developments, financial engineering - helping IFAs facing issues such as business restructuring, insurance ...

  • Clients opting for remuneration mix

    15 Sep 2005

    The survey by the Essex firm is based on questionnaires from 210 clients and shows an overwhelming bias towards a combination of fees and commission, with 72.5 per cent saying it is their favoured option of remuneration.Only 4.5 per cent prefer a fee-only option while 23 per cent prefer commission only.Forty-nine per cent say they would not be tempted to use a financial services website and 36 per cent say they would only consider it on the recommendation of their IFA.Seventeen ...

  • Cofunds hits 5bn marks

    14 Sep 2005

    Cofunds has passed the 5bn mark in assets under administration, representing a 40 per cent increase in assets on the platform in the first 8 months of the year. The platform started 2005 with 3.5bn and its life and pensions tie-up with Legal & General is set to go live towards the end of the year.

  • Cofunds passes the £5bn mark

    15 Sep 2005

    Cofunds has passed the £5bn mark in assets under administration, representing a 40 per cent increase in assets in the first eight months of the year. Cofunds started the year with £3.5bn and its life and pension tie-up with Legal & General is set to go live towards the end of the year.

  • Commercial property on the up

    15 Sep 2005

    The UK commercial property investment market is in robust health and with the exception of some sectors of the retail market, such as high-street shops, the outlook is good.

  • Correspondent's week

    15 Sep 2005

    This week Robert Watts, economics correspondent at The Sunday Telegraph

  • Coventry Building Society - Flexx Fixed Buy-To-Let

    19 Sep 2005

    Coventry Building SocietyFlexx Fixed Buy-To-Let

  • Credit where credit is due

    15 Sep 2005

    There are some events in life which make us realise how precious our existence is and appreciate our lifestyles. Some even remind us of the immense value that we provide in the financial-advice profession, more than any other except, perhaps, the medical sector.

  • Dalton in retail debut with India fund

    15 Sep 2005

    Dalton Strategic Partnership is to offer an India fund next year as part of a new strategy to attract retail money.The company, which was set up in 2002 by a number of former Mercury Asset Management fund managers led by Andrew Dalton, quadrup- led assets under management to 400m in the first eight months of this year.Its five long-only funds are all in the top quartile since inception.The firm - which is looking to recruit a head of retail sales - has so far accessed the ...

  • Debate, not diatribe

    15 Sep 2005

    In my last article I charted the history of the debate over creating a single professional body for financial advisers.

  • Dollar deal for Asia currencies

    15 Sep 2005

    SG Hambros is offering a capital-guaranteed structured product linked to the performance of Asian currencies against the US dollar.The 12-month USD propulsive certificate offers investors 110 per cent of any appreciation of selected Asian currencies against the dollar over that period, with capital guaranteed if the product is held to maturity.The basket is equally weigh- ted of Singapore dollar, Korean won, Taiwan dollar, Chinese yuan, Hong Kong dollar and Indian rupee.Chief ...

  • Don't rush to fill posts

    15 Sep 2005

    I happen to be very glad that our consultants have enjoyed their holidays as already it looks like it is shaping up to be a very busy autumn.The sheer number of positions available is encouraging and anyone whose career is in a rut should shop around to enhance their prospects.In addition, there is also a definite trend among those in the financial sector to pay more attention to work/life balance issues and we are seeing more and more candidates for whom reducing commuting ...

  • Dual carriageway

    15 Sep 2005

    It is with increasing regularity that we are reminded of the importance to HM Revenue & Customs of the substance of tax planning arrangements as opposed to concentrating solely on the form.

  • DWS closes Ratebuster fund

    19 Sep 2005

    DWS is closing its popular Ratebuster fund just six months after launch. The fund, which sold over 60m in its first launch period in March, has been pulled after Aberdeen decided it did not fit with its plans for DWS, its deal for which completes on September 30. Investors wanting to pull out of the fund will be able to do so between October 10 and October 13, otherwise they will have to wait until April 10 2006.

  • Earls joins FSSC board

    14 Sep 2005

    Trade Union Amicus research section head John Earls is joining the Financial Services Skills Council board. Earls will join other directors of banks, buildings societies and representatives of trade unions and HM Treasury, sitting alongside chair David Prosser.

  • Earls joins skills council

    15 Sep 2005

    Gartmore says it is considering flotation but has played down rumours that a move is imminent. US insurer Nationwide bought Gartmore from NatWest in 2000 and is believed to be looking for an exit to realise its 1bn investment.

  • Egg to set aside spending money

    15 Sep 2005

    Egg is offering what it claims to be the UK's first dedicated spending account.Monthly spending money - after outgoings - is taken from their account and placed into an Egg money account which pays 4 per cent gross variable interest on balances from 1 to 99,999 and 1 per cent cashback on purchases guaranteed until 2007. The account has a variable borrowing rate of 6.9 per cent APR. Customers can define how much income they need to reserve for outgoings. Accountholders can keep track ...

  • Emag takes case to Euro parliament

    15 Sep 2005

    Openwork is offering a second tranche of its FTSE-linked structured product with Newcastle BS. It will have a five-year term and offers a capital guarantee.

  • Equal Partners adding IFAs as business grows

    15 Sep 2005

    London IFA Equal Partners is looking to recruit two more IFAs due to rapid client growth.It wants to encourage women into the firm and it is seeing a lot of referrals bringing in female clients.Managing director Vivienne Starkey believes women should not be set apart from men in the adviser community but understands that women often prefer to deal with female advisers.Director Kevin Tooze says the firm is seeing a large amount of business being written in pensions and divorce, ...

  • F&C appoints new director in equities research

    16 Sep 2005

    F&C Asset Management is recruiting Jennifer Byron to its UK equities team as associate director, equity research. Byron will focus on consumer staples such as beverages, food producers & processors, and tobacco.She joins from Bank of Ireland Asset Management where she was European equity manager.Byron will now report to F&C head of pan-European equities Richard Wilson.

  • Fat weighs heavily on life expectancy

    15 Sep 2005

    The Government's estimates of improving mortality could be wrong due to trends in obesity, says a leading academic.Professor Olshanky told the Actuarial Profession's Ageing Population Conference in Oxford last week that child obesity is a threat which will have a negative effect on life expectancy. The steady rise in life expectancy during the past two centuries may soon come to an end.The overweight trend brings uncertainty over forecasts of future life expectancy which could ...

  • Fidelity's split decision poses IFA challenge

    15 Sep 2005

    Everybody accepts that Fidelity had to do something. Anthony Bolton could not have continued to manage the special situations fund for ever.

  • Financial Express kicks off charity soccer tournament

    15 Sep 2005

    Financial Express is gearing up for its second Soccer Sixes event to raise money for charity.This year's tournament will be in aid of the National Society for the Prevention of Cruelty to Children.The previous tournament raised more than 10,000 for the Breast Cancer Campaign and was won by financial information provider Telekurs.Financial Express is inviting teams of both sexes to enter the tournament, which takes place at Finsbury Leisure Centre in North London on October ...

  • Friends Intl bond link-up with Selestia

    15 Sep 2005

    Friends Provident Internat-ional is teaming up with Selestia fund supermarket to allow IFAs access to Selestia's fund platform via the FPI reserve bond.The portfolio bond, written from of the Isle of Man, is a single-premium intern- ational bond which aims to meet the needs of investors looking for flexibility and asset choice.There are two versions - personalised assets, which allows investment into fully personalised assets and collective investments, restricting investment ...

  • Friends ready to raise pension commission

    15 Sep 2005

    Friends Provident is set to introduce an alternative charging structure on its personal and group pension products, subject to the removal of the RU64 rule.Advisers can take a fund-based commission plus a percentage of the premium agreed with the client up to a maximum yet to be set by Friends Provident which it says will be in single figures. The company says this will overcome the problem of front-loading charges on the pension.The charging structure will sit alongside its ...

  • FSA appoints head of hedge fund unit

    20 Sep 2005

    The FSA has appointed Andrew Shrimpton as the head of its new unit set up to supervise 25 hedge funds that have a high impact in financial markets. Shrimpton, who is currently manager of the FSA's asset management sector, will lead a team of six and will start work at the end of October. The FSA declined to reveal the name of the 25 funds.

  • FSA attacked over 'flawed' T&C plans

    15 Sep 2005

    The FSA's proposals for cutting back on training and comp-etency is flawed, says the Securities & Investment Institute, which argues that long-term damage will occur if exams in the wholesale sector are removed.The regulator's recent T&C proposal, CP 05/10, sets out to reduce costs and bureaucracy while focusing on retail consumers but the SII says it will only achieve a short-term fin-ancial gain.CP 05/10 plans to cut back the approved persons regime, which requires individuals ...

  • FSA bans Young & Ridgeway IFA for breach of AP principle

    16 Sep 2005

    The FSA has banned Young Ridgway & Associates former director Idris Nagaty from trading.

  • FSCS declares 43 firms in default

    14 Sep 2005

    The FSCS has declared 43 firms in default. The list of firms, available on the FSCS website at www.fscs.org.uk , includes Worcester based John Coverdale Associates, Stafford-based P D C Insurance Services and Kent-based Alder Broker Group.

  • GAD to recommend NI rebate level

    15 Sep 2005

    The Government Actuary's Department is this month due to recommend the National Insurance rebate level for those who contract out of the state second pension. GAD recommends the rebate level every five years and the FSA says it must increase by 40-50 per cent - around 3bn - if it is to remain an attractive option.

  • Gartmore ponders flotation

    14 Sep 2005

    Gartmore says it is considering flotation but has played down rumours that a move is imminent. Control of the company has moved from the UK to the US over the last year with the removal of UK chief executive Glyn Jones. US insurer Nationwide, which bought Gartmore from NatWest in 2000, is believed to be looking for an exit to realise its 1bn investment.

  • Govt is set to give Reits green light

    15 Sep 2005

    The Government has given its strongest indication yet that it will give real estate investment trusts the go-ahead in the autumn's pre-Budget report.In his first newspaper interview since taking on the role in May, Treasury Economic Secretary Ivan Lewis says he is personally committed to making rapid progress in this area and is "very hopeful" that Reits will be included in the pre-Budget report.The comments come after industry speculation of delay to legislation because of ...

  • Graduates urged to move into finance

    15 Sep 2005

    Financial services should be regarded as attractive for graduates as law, accountancy and management consultancy, says Millfield chief executive Paul Tebbutt.Despite a lack of appren-ticeship schemes in the industry, Tebbutt says that graduates should consider the sec- tor as a fast track to a lucra- tive career.Millfield says an average adviser makes 70,000 net turnover a year, whereas training in a legal practice to reach that stage would take about seven years of training, ...

  • Halifax in poaching row

    15 Sep 2005

    Halifax has been accused of trying to poach clients by financial adviser Keith Miles.The Monmouthshire Financial Services sole trader has accused Halifax of "thinking it is above the law" because it continued to contact his clients after being told not to do so.The Burns-Anderson member says he submitted online mortgage applications for clients who were then contac-ted by Halifax general insurance services even though he had not granted them permission to do so.Miles says ...

  • Hamptons and Towry Law in deal to build on Sipp changes

    15 Sep 2005

    Hamptons International Mortgages and Towry Law are in talks over an introducer relationship that will see the two firms exchanging mortgage and Sipp-inspired business.In a move described as an equal partnership between the two firms, the deal, which is expected to be finalised in the next few weeks, aims to capitalise on Sipp investment in residential properties.Towry Law says it decided to seek a partner after realising it was unable to get critical mass in the mortgage sector ...

  • Happy hour for sipps?

    15 Sep 2005

    When two men in a pub can effectively decide to sell their own Sipp is it time for regulation? James Phillipps finds the industry divided.

  • Have a heart

    15 Sep 2005

    More Than PR manager Alison McCulloch and a friend recently raised 1,400 for the British Heart Foundation by hosting a charity curry night over in London's heart of Eastern cuisine, Brick Lane. But it's not all fun and Madras.The girls are also training their socks off for the New York Marathon, taking place on November 6. Anyone wanting to help the girls towards their target of 2,500 each for the British Heart Foundation, should visit: www.bhf.org.uk/sponsor/ alisonmcculloch/

  • House to house enquiry for Pink

    16 Sep 2005

    Pink Home LoansThe Mortgage Business House To House

  • Industry criticises 4m stakeholder drive

    15 Sep 2005

    Scottish Life head of pension strategy Steve Bee criticises the amount that the Government is spending to promote stakeholder when he says it is unsuitable for millions of people.Bee says it is crucial to get the public to save more but claims it is foolish to pretend that pouring money into this sort of venture will improve provision among those with low incomes.Hargreaves Lansdown head of pensions research Tom McPhail says the move will not make enough of a difference to justify ...

  • Informed Choice in first financial advice podcast

    15 Sep 2005

    Informed Choice claims it is the first IFA to offer a weekly internet broadcast on personal finance topics for its clients.The IFA made its first 10-minute podcast on September 8. It is planning to include visual presentations in the future.Podcasting is a way of making audio and video broad- casts via the internet. Users can download MP3 files to listen to on their PCs or other equipment such as iPods. Clients can download the sound files from the Informed Choice website or ...

  • Invesment View: Crude awakening

    15 Sep 2005

    If you are seeking justification for the continued buoyant state of the stockmarket, look no further than the rising level of M&A activity. A trawl through last week’s financial pages would have found mentions of a potential bid for Scottish Power from Eon, a further chapter in the saga over Old Mutual’s long mooted acquisition of Skandia, Deutsche Poste casting its eyes over the books of Exel and even a deck-clearing exercise by Euronext as it looks at a possible offer for our ...

  • Is sub-prime suspect?

    15 Sep 2005

    Most of us have watched in horror at the situation in New Orleans and the time it took for the relief effort following Hurricane Katrina. That would never happen in the UK, we may think. But would it?

  • It's cold outside

    15 Sep 2005

    Afew years ago, I met a veteran of the Spanish civil war who knew a lot about the state second pension - then called the state earnings-related pension scheme.

  • Jon King

    15 Sep 2005

    Defeat is not a word that comes easily to Ship chairman and managing director of Hodge Equity Release, who is determined to see the release market reach 5bn in the next five to 10 years, says Nicola York

  • Jupiter is Unipass favourite

    15 Sep 2005

    Jupiter is the fund firm that most advisers want to use the Unipass security certificate to conduct transactions with, says Origo.Research by the industry standards body shows that 53 per cent of advisers would like to use Unipass standards with Jupiter, followed by Fidelity (13 per cent), Gartmore (9 per cent), Invesco (8 per cent) and New Star (6 per cent).Cheltenham & Gloucester was most in demand for mortgages (18 per cent), followed by Halifax (14 per cent), Nationwide ...

  • Kenmir steps down from intermediary role at FSA

    15 Sep 2005

    David Kenmir is stepping down as head of the FSA's ret- ail intermediaries sector.The role will be taken on by the regulator's small firms division.Kenmir has been in charge of the retail intermediaries sector team since it was set up 18 months ago but is relinquishing control as it expands to include mortgage and gen- eral insurance advisers.He will remain managing director of regulatory serv- ices and will still be invol- ved in adviser regulation through responsibilities ...

  • Keydata 7.5% income from life policies

    15 Sep 2005

    Keydata is offering the second tranche of its secure income bond with 7.5 per cent annual income for five years by investing in life policies.

  • Land of the rising income

    15 Sep 2005

    Japan and income are two words not often used in the same sentence. This is hardly surprising given that, for the past 15 years, Japanese equities have been in a state of turmoil. As a measure of the extent of Japan's derating, the Topix is still 55 per cent below its peak at the end of 1989.

  • Leeds loses the Holbeck

    15 Sep 2005

    Leeds & Holbeck Building Soc- iety is changing to its new name as Leeds Building Soc- iety this week.Chief executive Ian Ward is overseeing the new brand and there are plans for expansion.An advertising campaign is starting this week.Ward emphasises that Leeds will remain an independent building society. Its half-yearly results are due on September 26. Last year, it delivered 15 per cent growth in assets to 6.1bn and profits of 42m.Ward says: "The current name is long ...

  • Legal & General - Accelerated Growth Investment Plan 4

    15 Sep 2005

    Legal & GeneralAccelerated Growth Investment Plan 4

  • Legal & General - Protected Capital and Growth Plan 6

    15 Sep 2005

    Legal & GeneralProtected Capital and Growth Plan 6

  • Lewis says industry needs young blood

    15 Sep 2005

    Treasury economic secretary Ivan Lewis has challenged the financial services industry to produce a strategy to attract young people to be IFAs.Lewis says the industry must ask, "How are we going to sed-uce young people to become IFAs?" and seriously look at what is being offered to new entrants in financial services.He says he is keen to get involved in any future projects and wants to sit down with the industry to discuss a skills strategy to meet future challenges such as ...

  • Life offices' alarm at pension IHT threat

    15 Sep 2005

    Revenue & Customs' proposals to apply IHT to pensions would mean hundreds of thousands of retired people would have to alter their exis-ting arrangements, warns Scottish Equitable pensions development director Stew- art Ritchie.Ritchie says if the proposals go through unchanged, this will add to the anticipated pre-A-Day logjam as advisers struggle to position their clients' pension arrangements.ScotEq, along with Standard Life and several other insurers, is forcefully lobbying ...

  • 'Losing home is biggest fear in old age'

    15 Sep 2005

    Half of people are seriously concerned that they could lose their home in old age, according to a global study by HSBC.The survey found that people's fear of losing their home (cited by 49 per cent of respondents) is an even greater concern than outliving their spouse (36 per cent) or even dying (30 per cent).The Future of Retirement report warns that current levels of financial preparation for retirement are poor in the UK. Only 22 per cent of peo- ple approaching retirement ...

  • Man Investments - Man IP 200

    16 Sep 2005

    Man InvestmentsMan-IP 220

  • Matrix aims for 20m with VCT3

    15 Sep 2005

    Matrix is launching an income and growth VCT 3 and is marketing a packaged share offer for the Foresight 3&4 VCTs which it promotes.The firm is aiming to raise 20m in the new income and growth VCT managed by Mat-rix Private Equity Partners. The VCT will be similar to the original Matrix income and growth VCT which closed in June.The income stream will invest in yield-bearing instruments such as loan stock or preference shares while the capital growth stream will invest in companies ...

  • Mazars merges its two brands

    15 Sep 2005

    Mazars' two brands - Mazars Financial Services and Russell Financial Services - are to be merged under the single brand of Mazars Financial Planning.The firm says it will expand its national IFA operation over the next 12 months and increase its total of registered individual numbers from 20 to more than 25 by the end of this year.The company has 18 offices throughout the UK and also plans to recruit financial planners, paraplanners, admin staff and specialist fund and research ...

  • Meet the offshore challenge

    15 Sep 2005

    This month's Money Marketing Live in Manchester will once again feature an arena dedicated to the future of offshore finance.Taking place at the G-Mex centre in Manchester on September 27, the International Money Marketing Arena will provide financial intermediaries with an insight into the international invest- ment industry.In the seminar programme, offshore wraps and wealth management will be considered by Irvine Baxter, head of international sales and development at Axa ...

  • Midas funds added to Selestia platform

    15 Sep 2005

    Midas Capital's CF Midas balanced income and balanced growth funds have been added to the Selestia platform.

  • Morgan Stanley Quilter launches three new portfolios

    19 Sep 2005

    Morgan Stanley Quilter is launching three new portfolios within its managed portfolio service. The three new portfolios are adventurous, distribution, and cautious, adding to the firm's growth, balanced and income portfolios. Morgan Stanley Quilter managing director Stephen Vakil says the firm has seen increased demand for both more aggressive and more cautious portfolios.Charges are 1.35 per cent per annum with no additional fees. Income can be taken on a monthly basis.

  • Morley appoints North American equities manager

    19 Sep 2005

    Morley has appointed Robert Graham-Brown as a fund manager to its North American equities team. He joins from Threadneedle where he was a US equity fund manager.Graham-Brown will join in October and report to head of North American Equities, Penny Kyle.

  • Mortgage 2000 appoints new head of corp comms

    16 Sep 2005

    Lynne Rees has been appointed as Mortgage 2000 head of corporate communications after six years with the company.

  • Mortgage Trust - Mortgage Trust Mass Market Buy-To-Let 1 Year Fixed Rate Mortgage

    20 Sep 2005

    Mortgage TrustMortgage Trust Mass Market Buy-To-Let 1 Year Fixed Rate Mortgage

  • Mortgage View: Weathering the climate change

    15 Sep 2005

    Most of us have watched in horror at the situation in New Orleans and the time it took for the relief effort following Hurricane Katrina. That would never happen in the UK, we may think. But would it?

  • Multi-manager View: Bulk versus boutique

    15 Sep 2005

    The polarisation of the fund management industry continues unabated. The middle ground is fast being vacated, as houses decide whether to opt for bulk and enjoy the benefits of greater distribution or alternatively follow the boutique route.

  • Murray income rises by 23%

    15 Sep 2005

    Net asset value of the Murray Income trust has risen 23.6 per cent this year, ahead of the FTSE All-Share which rose by18.7 per cent.

  • Murray income trust rises 23.6 per cent

    14 Sep 2005

    The NAV of the Murray Income trust has risen 23.6 per cent over the year, 4.9 per cent ahead of the FTSE all-share which rose 18.7 per cent. The trust proposes a final dividend of 5.65p, making a total dividend of 19.15p, an increase of 4.9 per cent on the previous year.

  • New operations manager at Pink

    20 Sep 2005

    Pink Home Loans appoints Janet Johnson as operations manager in its packaging department.

  • Norwich Union - Guaranteed Fund

    14 Sep 2005

    Norwich UnionGuaranteed Fund

  • NU chief points to value of actuary training

    15 Sep 2005

    Qualifying as an actuary prov-ided valuable insights into bringing investment products to market for Norwich Union head of investments product development Neil Davies.Davies joined NU's actuarial graduate scheme in 1990, with the early part of his career placing emphasis on professional exams. He benefited from secondments to valuation and special quotations departments as well as product development.His last role as a graduate was as a junior actuary in the pricing side of ...

  • NU reviews protection rates

    19 Sep 2005

    Norwich Union is reviewing premium rates on term assurance products with effect from September 19 2005.

  • Occupational therapy

    15 Sep 2005

    Jo Charlton talks to five people in the industry in their twenties and discovers what motivates them, their feelings about drawbacks and advantages of the industry and their plans for the future.

  • Old Mutual Asset Management - Prosper 80 Bond

    16 Sep 2005

    Old Mutual Asset ManagementProsper 80 Bond

  • On the run

    15 Sep 2005

    Ascentric managing director Hugo Thorman will also be running in this year's New York Marathon. He will be raising money for Great Ormond Street Hospital and will be combining training with work on the relaunch of the Funds Direct platform. To sponsor him visit: www.justgiving.com/ hugothorman.

  • Online training for pension trustees

    15 Sep 2005

    The Pensions Regulator is developing a free e-learning programme for pension trustees.The programme is available on the regulator's website and will form the basis of a voluntary qualification for trustees to be launched by the Pensions Management Institute in April.The first tranche will be available in January and will cover units one and two of the syllabus - the responsibility of trustees in relation to trust law and pension law. The rest of the programme will be rolled ...

  • Out of touch

    15 Sep 2005

    I notice that UK candidates for the chartered financial analyst exams did very well indeed. There is no doubt that this is an extremely rigorous and difficult exam requiring a huge amount of commitment from candidates.However, I would like to point out that the charter status has absolutely nothing to do with the UK Privy Council. This is a qualification and attribute entirely run from the US.As I have said so often in the past, it rather makes the CII's efforts in applying ...

  • People on the move

    15 Sep 2005

    InvestmentSpike Hughes is to take on overall responsibility for marketing at Skandia Investment Management. The announcement follows David Orr's announcement that he will leave the company to join Gartmore. The move means Rob Swan, Henderson's former head of marketing and research, and Frank Blighe, former head of UK marketing at Threadneedle, will take on increased responsibility.

  • People on the move

    15 Sep 2005

    AdviceJohn Scott & Partners chief executive Toby Strauss (right) is leaving the firm with immediate effect to pursue other entrepreneurial interests, making way for chairman Andrew Fisher to take over in the newly created role of executive chairman. Fisher was previously chief executive of Cox Insurance Holdings until earlier this year.

  • Pinball wizardry

    15 Sep 2005

    Excellent salary, good bonus, private office, multiple desks, personal assistant, secretary, generous pension, health insurance - oh yes and a company car. A perfect job - no, it is time to leave. There are more important things than the illusory trappings of corporate life. Now don't get me wrong - getting paid, and come to that, well paid, is extremely helpful - but is that really what gets you up before dawn and puts a spring in your step and allows you to sleep well at night? ...

  • Pink Home Loans - The Mortgage Business House to House: BBR + 0.89 until 28.2.07

    20 Sep 2005

    Pink Home LoansThe Mortgage Business House to House: BBR + 0.89 until 28.2.07

  • Product matters: Spanning the spectrum

    15 Sep 2005

    The vogue for launching total-return bond funds continues, with Threadneedle's absolute-return bond fund about to join the throng. The fund is a spin-off of the credit crescendo hedge fund run by head of fixed interest Robert Stirling.Having gained experience with that product, Threadneedle wanted to launch a UK-specific version. The fund will be launched under the Ucits III regime and aim for a return of 2 per cent above cash. It will invest between 20 and 25 per cent in non-fixed-interest ...

  • Property deal in partnership

    15 Sep 2005

    Ansar Housing is introducing an Islamic house purchase partnership contract.Under the property purchase agreement, which is claimed to be compliant with Sharia law, the company and client jointly purchase the property.Under a separate agreement, the buyer rents the property and, during the tenancy, the client can buy some or all of Ansar's property share at market value.On purchase of the final share of Ansar's stake in the property, the client owns the property outright.Clients ...

  • Protection rates likely to rise in wake of hurricane

    15 Sep 2005

    Life and protection rates are likely to rise in the aftermath of Hurricane Katrina, says Scottish Widows marketing director, protection, Nick Kirwan.He predicts that rates will inevitably be raised in the UK as well as the US, as reinsurers face a massive hit on capital and a reduction in capacity.Other insurers say they may raise prices in line with increases.Two weeks after the hurricane devastated New Orleans and surrounding regions, Standard & Poor's has put 10 insurance ...

  • Pru fixes lifetime loan rate at 6.45%

    15 Sep 2005

    Prudential has set the fixed rate on its lifetime mortgage property value release plan at 6.45 per cent.The valuation fee is from 209 to 529 depending on property value but will be waived for customers submitting applications before March 31, 2006. Commission is either 400 or 1 per cent of the initial loan, whichever is greater.Pru is offering an online calculator which allows advisers to compare the benefits of flexible drawdown versus a single lump sum.The company claims ...

  • 'Quality of advice counts for little with providers'

    15 Sep 2005

    Only 35 per cent of providers value quality of advice offered by distributors as one of the top three criteria they look for when establishing strategic alliances, says Grant Thornton.The findings contrast with the 71 per cent of distributors who believe quality of advice will figure in this top three.Grant Thornton Financial Markets Group partner Ian Gorham says providers need to be careful when setting up business partnerships as the FSA is continuing to analyse the relationship ...

  • Relief roads

    15 Sep 2005

    Clerical Medical retirement planning manager Steve Meredith aims to steer employers and employees in the right direction over the relationship between pension contributions and tax relief after A-Day next year

  • Right people, right time

    15 Sep 2005

    The importance of effective recruitment should not be underestimated. Getting the right people into organisations brings success and strength - getting the wrong people can bring a heavy price. As such, recruitment should be given due care and attention, with businesses planning proactively around current and future requirements.At BM Solutions, human resources are an integral part of the management system and recruitment is given great importance. Our business is based around quality ...

  • RLAM plans absolute fund

    15 Sep 2005

    Royal London Asset Management plans to launch an absolute return bond fund aiming at Libor plus1 per cent in the second quarter of 2006.The fund is to be run by head of fixed interest Jon-athan Platt and his team. The RLAM income trust, which Platt runs with Sajiv Vaid, has ret-urned 40 per cent over the five years to September 5.The firm increased life and pension sales by 30 per cent to 115m in the first six months of 2005. Net business for the period was 450m but the majority ...

  • Route maps out market for top-earners

    15 Sep 2005

    London wealth manager The Route Group has completed a restructuring programme which will see it aiming at the top-earner market.Route has a team of four IFAs plus a mortgage, tax and property specialist and has introduced a tier of relationship managers. There is a support function of two research and development staff to assist its advisers in giving the best possible solutions to its clients.The firm, which is an appointed representative of 20Twenty, specialises in clients ...

  • ScotEq offers hybrid fund through bond

    15 Sep 2005

    Scottish Equitable is using a hybrid of passive and active management to increase diversification in its multi-manager-style universal balanced collection fund.

  • Shake-up of senior management at TMB as directors leave for Deutsche Bank

    19 Sep 2005

    Nigel Payne is assuming full responsibility as managing director of The Mortgage Business replacing current md Bill Dudgeon.

  • Small-cap manager quits firm

    15 Sep 2005

    US small-cap manager Rob- ert Graham Brown has left Threadneedle.Brown joined the company as a graduate trainee in 2001 and he has been managing the American smaller com- panies growth fund since early 2004. Threadneedle says it plans to recruit a replacement for Brown as soon as possible.The firm has appointed Samuel Morley to its US team from New York hedge fund manager Karsch Capital. He joins Threadneedle as an analyst and will support the US team's long-only and hedge portfolios, ...

  • Society blundered in cashback fiasco

    15 Sep 2005

    Loughborough Building Society has withdrawn a mortgage that could have cost it dearly with 10,000 cashbacks being offered to borrowers.The variable rate deal of 6.1 per cent offered 7 per cent cashback up to 10,000 with no early redemption charge on the mortgage.Customers with equity in their homes could haved remortgaged and repaid the entire amount almost immediately, making 10,000.Chief executive Stephen Peete says: "A mistake has been made and the product has been withdrawn. ...

  • St James's chief joins Sesame

    15 Sep 2005

    Sesame has appointed St James's Place mortgage marketing manager Paul Rignall as its mortgage product manager. Rignall replaces Andy Young, who left for TBMC in April.

  • St James's staff take the plunge

    15 Sep 2005

    St James's Place employees and clients have swum the English Channel and raised money for charity Hope & Homes for children.Two relay teams each made up of six staff and cli- ents of St James's Place star- ted their swim from Folkestone, Kent at 9.30 on Friday morning and got to Calais 12 hours later.The firm is hoping to raise 100,000 for orphaned and abandoned children in Kosovo.Partner John Greening, who organised the event, visited Sierra Leone last year to witness at ...

  • Standard surveys savings gender

    15 Sep 2005

    Older men are more likely to be saving and using an IFA than younger women, according to research by Standard Life.The survey of 1,500 people, conducted by Experian in July, shows that most 26-35-year-olds think there are better things to spend their money on than saving. But at the same time, more 26-35-year-olds intend to contribute more to their savings in the next 12 months than older investors.More men than women are saving, with 70 per cent of male respondents contributing ...

  • Stats the way I like it

    15 Sep 2005

    Marketing Prudential head of protection Paul Cowman says statistics still have a role in promotions when used responsibly

  • Sub-prime ministering

    15 Sep 2005

    It's sub-prime time again as an FSA probe claims to show compliance shortcomings by brokers. Nicola York investigates the controversy-hit sector

  • Swip predicts growing demand for office space

    15 Sep 2005

    Growth in the services industries, including financial serv- ices, will boost the office property sector over the next few years, says Scottish Widows Investment Partnership.Swip's latest commercial property outlook says the services industry will account for nearly 82 per cent of UK jobs by the end of the decade, up from 77 per cent five years ago.Property research manager Stewart Cowe says continued growth in the services sector will offset the decline in manufacturing and ...

  • Syndicate Asset seeks Aim listing

    15 Sep 2005

    Syndicate Asset Management - a strategic investment company seeking to build a fund management firm by consolidating smaller fund managers - is seeking an Aim listing after raising 33m in pre-IPO financing.

  • Syndicate seeks Aim listing

    14 Sep 2005

    Syndicate Asset Management is seeking an Aim listing having raised 33m at 60p per share in pre-IPO financing. It has also bought advice and asset management business Ashcourt Holdings for 12.9m, conditional on its admission to Aim. Ashcourt was started in 1994 as the asset management division of a firm of solicitors while Syndicate is a strategic investment company seeking to build a fund management firm by consolidating a number of smaller fund management businesses.

  • Tenet waives academy charge

    15 Sep 2005

    Tenet is waiving the 200 a month charge for members to join its training academy in a promotional offer to draw in new advisers.The network group says its training regime allows existing IFA firms to conduct new entrants training "on the job" without placing a financial burden on the firm.Sales and marketing director Keith Richards says some training schemes make the mistake of starting recruits as administrators and then moving them into a paraplanner role before they become ...

  • Tesco ditches NU for Direct Line

    15 Sep 2005

    Tesco Personal Finance has dropped its controversial link-up with Norwich Union as life and general insurance product provider, replacing it with Direct Line.In assessing the pitches of various providers, Tesco PF says NU was unable to provide the speed of processing and customer interfacing it requires to drive its business forward.NU attracted criticism from the IFA sector - in particular from Sesame - in 2003 for the Tesco deal which saw its customers offered cheaper rates ...

  • The Best of times...

    15 Sep 2005

    I remember watching George Best play at Patrick Thistle in a testimonial for Thistle stalwart Donnie Mackinnon.

  • The delegation game

    15 Sep 2005

    IFS head of faculty financial regulation Mark Roberts looks at the pressing need for supervisors in the finance industry to master the basic skills of man-agement and supervision

  • The message is starting to get through

    15 Sep 2005

    The recent news that Norwich Union had gone live with contract enquiry valuations via the Exchange's Exweb Gold service represents for many reasons a significant step forward for industry technology.

  • The not so somple truth on planning

    15 Sep 2005

    As a head of inheritance tax planning, I assume Peter Legg to be someone deeply immersed in the subject of IHT planning by the use of trusts so I will try to be circumspect in my comments on his letter in Money Marketing last week headlined, Trusts are the perfect solution.It seems to me somewhat questionable to advise on the use of trusts with the rider that they can be broken at any time, as if this is some sort of easy get-out clause if the settlor/s at some later date find themselves ...

  • Through client eyes

    15 Sep 2005

    Although there are a number of tools that can be used to assess potential candidates, the interview remains a central part of the process. Unfortunately, interviewers tend to put people into pigeonholes within a relatively short time. Psychologists have studied this effect and determined that most decisions are made within the first five to 10 minutes and the balance of the time is used to bolster this impression. First impressions tell us about things such as preparation and confidence ...

  • Treasury denies information plea

    15 Sep 2005

    The Treasury has turned down a freedom of inform-ation request by the IFA Defence Union to disclose the legal advice which prompted Chancellor Gordon Brown to declare the 1999 Financial Services and Markets Bill is compatible with the Human Rights Act 1998. The Treasury said public disclosure is not in the public interest as it would hamper Government decision-making.

  • Treasury minister wants to hear IFA grievances on FSA

    15 Sep 2005

    The Economic Secretary to the Treasury has challenged the financial services industry to provide evidence of any real, tangible and specific grievances that firms may with the FSA.In his first newspaper interview since taking up the pos- ition in May, Ivan Lewis says he wants to engage in an honest, grown-up dialogue with the industry to discuss any complaints it may have with the regulator.He says: "It is no good having general whinges, let us have some specific examples where ...

  • Treasury refuses FoI request

    14 Sep 2005

    The Treasury has refused a freedom of information request from the IFA Defence Union to publish a recent letter from Tony Blair to its chairman, Sir Callum McCarthy, claiming it could damage the relationship between the regulator and Government. Mr Blair was responding to an angry letter from the FSA chairman criticising his comments in May that the regulator was seen as hugely inhibiting of efficient business.

  • Tricks of the trades

    15 Sep 2005

    Money Marketing editor John lappin provides a valuable insight into the workings of trade papers and reveals how budding journalists can find a route into the industry

  • UK housing market commentary by RICS

    19 Sep 2005

    UK house price inflation is down to 4 per cent, its lowest since 1996, according to the OPDM.

  • VirtualNet waives 20k fee after row

    15 Sep 2005

    VirtualNet has been locked in a bitter dispute with a former member who is accusing the network of applying unfair charges to lock members in.MacArthur Denton Asset Managers threatened to take legal action against the online network when it was hit with a charge of just under 20,000 on resigning its membership.VirtualNet insists that the charge, which represents the firm's monthly membership fees from the date of its resignation to its anniversary of joining the network, is ...

  • Will your online process protect you from trial?

    15 Sep 2005

    In the past two to three years, many life companies have invested huge amounts of money and time building the technology and infrastructure for a fully automated end-to-end process for the acceptance of protection business. This has been a big win for IFAs who enhance business by writing more of their cases online with immediate acceptance.

  • Willetts joins Punter Southall

    15 Sep 2005

    Shadow Trade and Industry Secretary David Willetts has joined Punter Southall as senior policy adviser. Willetts was Shadow Work and Pen-sions Secretary before taking on the new post in May.

  • Witan donating two months' fees to baby charity

    15 Sep 2005

    Witan is to donate sharedealing charges on its share plan to a children's charity in October and November.

  • Woolwich Plan Managers releases next tranche on two products

    20 Sep 2005

    Woolwich Plan Managers is releasing the next tranche of its accelerated growth and capital plus plan tranches.

  • Workshops to push exam success rates

    15 Sep 2005

    Financial services training firm Professional Development Partnership is running a range of workshops to boost exam success rates.The workshops - to be held around the UK - run from October 4-13. Each workshop is designed to complement self-study and reinforce and consolidate learning. Delegates can participate in an interactive revision workshop.Subjects covered include UK financial regulation, eth- ics, investment and risk, pensions simplification, tax and trusts and personal ...

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