Money Marketing
15 August 2007

  • All just a guessing game

    17 Aug 2007

    I know I’ve said it before, but this really doesn’t feel like summer yet – in more ways than one. The inconsistent weather seems to be echoing the state of the markets, and the financial services sector is suffering the ripple effect.

  • Loan broking firm buys network

    16 Aug 2007

    Mortgage Broking Services has acquired Professional Mortgage Partnerships Network, which will create a combined network of more than 400 mortgage advisers.

  • Sants star speaker for Aifa dinner

    16 Aug 2007

    New FSA chief executive Hector Sants will be the main speaker at the Aifa annual dinner at Drapers Hall on November 21.

  • 20 firms now signed to Nucleus

    20 Aug 2007

    Nucleus Financial Group has signed up another seven IFA firms to its adviser-owned wrap platform, bringing the number of firms with stakes in the business to 20. Since launching in December 2006 with seven founding firms, Nucleus has recently signed up the following seven companies - Trinity Financial Planning, Marshall Wooldridge, FA Watts Investment Managers, Planned Futures, Arch Financial Planning, Bradbury Hamilton and Beardmore & Co.

  • A shaw thing

    16 Aug 2007

    Sam Shaw is a reporter on Money Marketing

  • A third of FSA enforcement staff to leave due to move to principles

    16 Aug 2007

    Nearly a third of the staff in the FSA’s enforcement division are to leave this year either through redundancy or being moved to another department, with new blood on its way.

  • Abbey warns of transfer restrictions on Isas

    21 Aug 2007

    Four of the five “best buys” Isa accounts do not allow transfers in and one in five ISAs does not allow transfers in according to Abbey.

  • ABI demands Government increases investment in flood defences

    21 Aug 2007

    The Association of British Insurers has criticised the Government's investment in flood defences in a letter to Environment Secretary Hilary Benn.

  • ABN AMRO puts its money on growth stocks

    21 Aug 2007

    Growth stocks look set to benefit from short-term investor caution and a European slowdown in the medium term, says ABN AMRO.

  • Acceptable risk

    16 Aug 2007

    Martin Archer, legal and claims director at PI insurer Collegiate Management Services, rebuffs FSA criticism of risk assessment carried out by the PI industry and says insurers are not in business to police IFAs

  • A-Day still shining for Aegon

    16 Aug 2007

    Aegon UK says it is continuing to see the benefits of A-Day come through in its pension sales.

  • Allianz announces wellbeing conference

    20 Aug 2007

    Allianz Insurance is holding a wellbeing conference to discuss what wellbeing encompasses, why it is important and how businesses can tackle it effectively.

  • Amber Homeloans enhances unlimited adverse product but increases rates on self-cert and near prime ranges

    20 Aug 2007

    Amber Homeloans enhances its unlimited adverse product range but increases rates on self-cert, near-prime and buy-to-let product ranges.

  • Annuities reach four-year high

    16 Aug 2007

    Annuity rates have reached their highest level for four years but further rises depend on movements in bond yields, says Annuity Direct managing director Stuart Bayliss.

  • Assureweb adds Cirencester cover

    16 Aug 2007

    Assureweb is offering Cirencester Friendly's fully flexible income plan in its protection range.

  • Axa fears life firms writing cheques to win new business

    16 Aug 2007

    Axa says it is increasingly concerned that life companies are "just writing cheques to each other" to win new business.

  • Axe and Aegon see big boost to offshore sales

    16 Aug 2007

    Wider investment choice and tax planning opportunities are being cited for rising offshore sales in the first half of 2007.

  • Bank backlash

    16 Aug 2007

    While the row over the retail distribution review rumbles on, I want to turn this week to another subject - bank charges.

  • Bank of England makes emergency loan to unidentified firm

    21 Aug 2007

    The Bank of England says it has made an emergency loan of £314m to a mystery organisation through its standing lending facility.

  • Battle ahead over IHT

    20 Aug 2007

    It looks like we will be returning to more traditional political battle lines for economic policy with the Conservatives to offer cuts to IHT, regulation and other taxes in the run up to the next election.

  • Bee says personal accounts should adhere to TCF

    20 Aug 2007

    Scottish Life head of pensions strategy Steve Bee says the Government should adhere to the principle of Treating Customers Fairly when distributing its proposed system of Personal Accounts through the process of auto-enrolment.

  • Beware of currency volatility, warns HiFX

    17 Aug 2007

    Currency brokers HiFX are urging international property investors and people planning to emigrate overseas to act now to protect themselves against currency volatility.

  • Biotech manager Powell joining Polar Capital

    16 Aug 2007

    Axa Framlington biotechnology fund manager Gareth Powell has left the firm to join Polar Capital.

  • Bouncing bonds

    16 Aug 2007

    Continued turbulence in bond markets has sent Pru rushing for shelter while investors appear to be abandoning the sector as better opportunities become available in cash. Yet Chris Salih says not all fund managers are so bearish and some are beginning to see reasonable value in the asset class

  • Bounty hunters

    16 Aug 2007

    Considering some of the arguments raised in the Arctic Systems case

  • British Insurance homeloan cover

    16 Aug 2007

    British Insurance is offering a new mortgage payment protection insurance product underwritten by Norwich Union and distributed by Paymentshield.

  • Broker talkback

    16 Aug 2007

    Are you considering selling your business to avoid the impact of the RDR?

  • Burdett and Potter start Thames River voyage

    15 Aug 2007

    Multi-manager starlets Gary Potter and Robert Burdett have joined Thames River after completing their six-month gardening leaves at Credit Suisse.

  • Burns-Anderson launches adviser profit calculator

    21 Aug 2007

    Burns-Anderson has launched an adviser profit calculator, designed to determine advisers’ contribution to firm’s income and overall profitability.

  • Burnside quits Standard to head e-business at NU

    16 Aug 2007

    Standard Life has lost two senior members of its e-commerce team including e-commerce manager Billy Burnside.

  • C&G creates new £99 upfront fee

    20 Aug 2007

    Cheltenham & Gloucester will be introducing a £99 upfront fee for mortgage applications from August 23.The lender was one of the first to scrap its £225 exit fee prior to the FSA’s July 31 deadline.Once the £99 has been paid it will be valid for 12 months so the borrower will not be charged it again if their first application does not complete.Mortgage commentators predicted that lenders would look to replace the lost income from scrapping exit charges with new fees and charges.

  • C&G puts focus on 100% loans

    16 Aug 2007

    Cheltenham & Gloucester is set to focus on developing its 100 per cent and buy-to-let propositions after announcing last week that it will be moving broker support to a centralised location.

  • Captain of industry

    16 Aug 2007

    Anand Associates managing director Bhupinder Anand has been named captain of the practice management focus sessions at the 2008 Million Dollar Round Table annual meeting in Toronto.

  • Clerical rectifies 28,000 incorrect with-profit bonuses

    17 Aug 2007

    Clerical Medical has admitted bonuses paid on encashed policies and future bonus calculations on 28,000 with-profits policies were incorrect and has announced measures to refund policyholders.

  • CML reports record lending in July

    20 Aug 2007

    Gross mortgage lending reached its highest ever figure for July last month, totalling £34.4bn, says the Council of Mortgage Lenders.

  • Concern over qualifications

    16 Aug 2007

    I read with interest the article in last week's Money Marketing relating to the requirement for Scottish Equitable to pay "compensation" in connection with inappropriate pension advice given in the presence of one of its staff. I could find no mention of whether the independent adviser or, indeed, the Scottish Equitable employee held the G60.

  • Credit ratings agencies under European Commission investigation

    16 Aug 2007

    The European Commission is investigating credit ratings agencies’ slow reaction to the US sub-prime mortgage crises with Moody’s and S&P issuing statements saying they will cooperate.

  • Credit Suisse gets merger go-ahead

    16 Aug 2007

    Credit Suisse has won share-holder approval to consoli-date its multi-manager fund range. The European, North American and Japan-ese multi-manager funds will be merged into its international portfolio and the Asia Pacific fund into emerging markets .

  • CSAM fills UK equity income void with Ashby

    16 Aug 2007

    Credit Suisse has hired Sarasin Chiswell’s Graham Ashby to take on the group’s £1.25bn equity income fund range.

  • Dances with wolves

    16 Aug 2007

    Back from the US via Canada, I tackle the mountain of paper that awaits me. Not the mail - my team are too efficient for that. I am talking about the weekly and monthly trade papers.

  • db committed to sub-prime lending

    16 Aug 2007

    I write in response to the article headlined, Crunch time for sub-prime sector, published on August 9 and the various follow-up articles published online. I would like to take the opportunity to set the record straight on a number of points.

  • DB Mortgages to increase sub-prime rates by 1 per cent

    17 Aug 2007

    DB Mortgages says it will be increasing rates on its sub-prime products by 1 per cent when it relaunches its range on August 20.

  • DB Mortgages withdraws self-cert and first time buyer sub-prime mortgages

    15 Aug 2007

    DB mortgages is withdrawing the self-cert option and will not longer accept first time buyers on its sub-prime mortgages from August 20.

  • Dedicated sales teams planned for RBSIP brands

    16 Aug 2007

    Royal Bank of Scotland Intermediary Partners may look at creating separate salesforces for each of its brands next year but stresses it needs to put the right technology and processes in place first.

  • Defaqto urges providers to close income protection gap

    20 Aug 2007

    Provider apathy is the biggest threat to the development of the income protection market and behind the current sales slump, according to Defaqto.

  • Deng heads Baring HK China fund

    16 Aug 2007

    Agnes Deng is to take over as lead manager on the Baring Hong Kong China fund. She joins from Standard Life Investments. Adrian Au is also joining the team as co-manager on Barings' China absolute return fund.

  • Deutsch courage

    16 Aug 2007

    German chancellor Angela Merkel has put the country back on the road to long-term economic growth

  • Emerging markets will bounce back, says F&C

    21 Aug 2007

    Stock markets across the emerging economies have not escaped the recent global equity market turmoil but the outlook for economic growth remains strong, according to F&C.

  • Employers concerned at effects of age legislation

    16 Aug 2007

    Half of employers believe that anti-age discrimination legislation makes employee benefits such as life cover, income protection and private medical insurance less sustainable in the future.

  • End the confusion

    16 Aug 2007

    A universal method of disclosure is needed to inform investors properly

  • Energy level

    16 Aug 2007

    With most major governments concentrating on encouraging the reduction of carbon emissions, an investment in renew-able energy companies is sensible.

  • Equity markets will remain volatile, says Henderson Global Investors

    20 Aug 2007

    Equity markets will remain volatile in the short-term but could end the year higher, according to Henderson Global Investors.

  • Exit makes re-entry

    16 Aug 2007

    Will Henley reports that after the controversial intervention of the FSA, mortgage exit fees are starting to resurface in a different guise

  • F&C launches its mutual funds range in Austria

    20 Aug 2007

    F&C has announced the introduction of its mutual funds range into the Austrian market, with a total of 16 funds registered for distribution.

  • Fidelity warns investors with assets in cash to choose wisely

    20 Aug 2007

    Fidelity is warning investors with assets in cash to ensure that their fund suits their risk profile, saying investors who want security for their capital must choose carefully.

  • Fine art gets brush-off as search widens for investments

    16 Aug 2007

    Prudential aims to increase its with-profits funds' exposure to alternative investments but has given Brazilian forestry the chop and fine art the brush-off.

  • First Actuarial calls for Govt to review transfer value regs

    16 Aug 2007

    First Actuarial has called for the Government to look again at its draft regulations on the calculation of transfer values from final salary pension schemes.

  • First National caps 1st mortgage range of products at 95 per cent

    17 Aug 2007

    GE Money Home Lending has taken the decision to cap its First National 1st mortgage range of products at 95 per cent LTV as a result of the turbulent market conditions.

  • FNW adds free online switching

    15 Aug 2007

    Fidelity FundsNetwork has added an online switching service for the FundsNetwork Sipp, onshore bond and international bond clients.

  • Fof mixture

    16 Aug 2007

    A number of factors have led to the growing popularity of funds of funds including a long bear market, a dying with-profits industry, increased FSA regulation and greater fund complexity as well as high fund manager turnover, none of which show signs of abating. A more recent addition to this list has been the increased interest in multi-assets and the benefits of non-correlation within funds.

  • Franklin Templeton launches three Sicav funds

    17 Aug 2007

    Franklin Templeton Investments has announced the launch of three new Sicav funds within its Luxembourg-domiciled Franklin Templeton investment funds range.

  • Friends says Resolution deal still on as sales rise

    16 Aug 2007

    Friends Provident insists its £8.4bn merger plans with Resolution are still on track although it admits it will consider any deal that offers better value to its shareholders.

  • FSA drops FSCS wholesale plan

    16 Aug 2007

    Personal Touch Financial Services is offering two-way integration between its back-office system Toolbox and Assureweb's portal for its protection advisers.

  • FSA told to name 12 firms in endowment blunders

    16 Aug 2007

    The FSA is to be forced to name and shame the 12 endowment mortgage providers which misused Lautro projections in setting premiums, meaning consumers were given unrealistically high maturity figures.

  • FTB numbers fall to 35,600

    16 Aug 2007

    The number of first-time buyers in June fell to 35,600 compared with 39,800 in June last year, according to the Council of Mortgage Lenders. FTB income multiples hit a new high of 3.37 times average income.

  • FTSE makes minor recovery

    17 Aug 2007

    The FTSE clawed its way back over 5900 this morning on the back of US speculation that the Federal Reserve is to cut interest rates following heavy losses in the past few days.

  • Fund managers praise the Fed's rate cut

    17 Aug 2007

    Fund managers have praised the Federal Reserve’s decision to cut the rate at which it lends money to banks from 6.25 per cent to 5.75 per cent.

  • FundsNetwork launches online switching service

    15 Aug 2007

    Fidelity FundsNetwork has launched an online switching service for its SIPP, onshore investment bond and international bond.

  • Fundsnetwork warning over HMRC methodology on DGTs

    21 Aug 2007

    Fidelity FundsNetwork is urging IFAs to ensure their trust providers are adopting the new Her Majesty's Revenue & Customs methodology for discounted gift trust rates.

  • Get in control for re-reg

    16 Aug 2007

    The ability of wrap providers to carry out platform to platform re-registration or, in many cases, the lack of it, has long been one of the most contentious issues in the market.

  • GMAC-RFC no longer accepting unlimited adverse as it increases rates by 0.75 per cent

    21 Aug 2007

    GMAC-RFC has made changes to its product range including withdrawing its unlimited adverse business product just days after it last re-priced.

  • Grandads saving cash for kids

    16 Aug 2007

    The Scottish Investment Trust says 36 per cent of grandfathers put money aside for their grandchildren compared with 29 per cent of grandmothers.

  • Guernsey brings in ID laws for cash transfers

    16 Aug 2007

    Regulation has been passed in the Guernsey parliament that will require all funds being wired in from offshore accounts to be accompanied by comprehensive information identifying the sender.

  • Hey advisers, leave those Sipps alone

    16 Aug 2007

    Following last week’s debate about so-called “pseudo” Sipps operating in the market, a couple of people have jumped to their defence.

  • Higgins leaving HBOS in shake-up

    16 Aug 2007

    HBOS retail chief executive Benny Higgins is leaving the bank as part of a management restructure just weeks after the group saw a dive in its first-half profits.

  • High transaction costs in offshore property market

    17 Aug 2007

    The Global Property Guide has released a report warning investors of the high transaction costs involved in investing in offshore property.

  • HIPs to be rolled out to three bedroom houses on September 10

    17 Aug 2007

    Home Information Packs will be rolled out to three bedroom properties from September 10, the government has confirmed today.

  • HMRC increases interest on late tax payments

    20 Aug 2007

    Saffery Champness is advising taxpayers to submit their tax on time after HMRC announced it has increased the interest charged on late payments by as much as 1 per cent.

  • Improvements on the Way

    16 Aug 2007

    The performance of the Way Group's multi-manager range is improving after a poor 2006 that saw three of its funds languish in the fourth quarter.

  • In the out door

    16 Aug 2007

    It was interesting to note the varied response by lenders in answer to the FSA's requirement for them to have reviewed the fairness of their exit fees by July 31.

  • India's economic growth rate boom

    15 Aug 2007

    India’s economic growth rate hit 7 per cent per annum over the last five years, earning it a place among the fastest growing economies in the world, according to Halifax.

  • Infinity mortgages postpones market re-entry

    20 Aug 2007

    Investec-backed Infinity Mortgages has postponed the launch of its new product range, suspended offer production and announced it is unable to commit to funding applications not offered.

  • Inflation drops to 1.9% in July

    16 Aug 2007

    CPI inflation has dropped to 1.9 per cent in July, down from 2.4 per cent in June, according to the Office of National Statistics. Assetz plc chief executive Stuart Law is accusing the Bank of England of misleading and misguiding the industry by saying that inflationary pressures are a present danger in order to justify rapid increases in interest rates.

  • Insight to merge three funds into two

    21 Aug 2007

    Insight Investment is proposing several fund mergers, subject to regulatory approval.

  • Investec announces new portfolio manager

    21 Aug 2007

    Investec Asset Management has announced the appointment of Richard Benson as a portfolio manager in its currency management team.

  • Investors should look to funds of hedge funds, says S&P

    16 Aug 2007

    Funds of hedge funds are a good proposition for investors looking for long-term investment returns without excessive risk, according to Standard & Poor's Fund Services.

  • Is green growth the new greed?

    16 Aug 2007

    The amount of investor money in ethical funds has grown by almost a third in the past year, according to the Investment Management Association.

  • It's in the mix

    16 Aug 2007

    Many people forget that retirement planning does not just revolve around pension schemes

  • James Hay adds Norwich Union and Capita funds to its wrap

    21 Aug 2007

    James Hay has added four Norwich Union funds and two Capita funds to its wrap platform bringing the total number of funds available to 1,246 from 54 different providers.

  • John Jory

    16 Aug 2007

    The former Allied Dunbar director has spent the last 10 years helping construction workers lay down firm foundations for their retirement with pension provider B&CE. Having built up one of the most successful stakeholder pensions in the industry, he is unconvinced that personal accounts will prove a better product and is concerned at how lack of education has left the public fearful that pension saving could actually harm their prospects in retirement. Interview by Will Henley

  • Johnson set to quit PosSol early to join True Potential

    16 Aug 2007

    Positive Solutions chief executive Neil Johnson is to step down in the next few weeks, with former Barclays Financial Planning managing director Jim Reeve tipped as the favourite to replace him.

  • Jonathan Cornell named as new Hamptons managing director

    20 Aug 2007

    Hamptons International Mortgages has confirmed that technical director Jonathan Cornell will be the new managing director of its mortgages division with immediate effect.

  • Just cause for a service rethink

    16 Aug 2007

    Sam Shaw on how Just Retirement has topped the Sesame service index and is giving some of the big providers a lesson in standards

  • Just when you thought it was safe to go back in the pension water

    16 Aug 2007

    There seems to be some concern within the pension community that a species of pseudo-Sipp has been spotted off the coast of Cornwall, pretending to be a real Sipp.

  • Kensington issues guarantee to brokers that it will not pull out of adverse market

    20 Aug 2007

    Kensington has issued a guarantee to brokers that it has no plans to pull out of the adverse mortgage market after Investec-backed Infinity announced today that the launch of its new product range has been postponed.

  • Kensington latest lender to reprice adverse core range

    16 Aug 2007

    Kensington has become the latest lender to announce that it is repricing its adverse core range despite denying last week that it would follow other lender’s moves.

  • L&G is offering advisers tips on business protection

    15 Aug 2007

    Legal & General is offering advisers tips on how to generate new leads for business protection.

  • LCP warns of impact of credit crunch on DB schemes

    16 Aug 2007

    Lane Clark & Peacock has warned that the credit crunch may damage defined benefit schemes by damaging scheme sponsors’ access to credit.

  • Lenders add longer fixes

    16 Aug 2007

    Mortgage lenders are continuing to jump on the 25-year fixed-rate bandwagon following the Government's call for more choice of long-term fixed rates.

  • Level crossing

    16 Aug 2007

    The Revenue has confirmed the tax position of scheme pensions

  • LV= recruits managers for intermediary division

    16 Aug 2007

    LV= has bolstered its intermediary division, recruiting Chris Hopkinson from MetLife as head of national accounts and appointing several new key account managers.

  • Meyrick resigns from JO Hambro

    20 Aug 2007

    JO Hambro Capital Management UK sales director Richard Meyrick has resigned to pursue other interests.

  • MM targeting offshore arena

    16 Aug 2007

    Money Marketing is launching a monthly supplement covering the offshore savings and investment market.

  • Montpelier buys London IFA Principia

    16 Aug 2007

    Montpelier Group has bought London IFA Principia Consulting in a move that will increase its RI numbers by a third.

  • More players on the field

    16 Aug 2007

    There is no denying the success of fund of fund and manager of manager structures, from groups with long-standing offerings such as Jupiter, New Star, Cazenove, Fidelity and Credit Suisse, to relative newcomers such as North, Resolution and Thames River. Some groups have chosen to try a single fund formation using the same approach, such as Skandia's best ideas funds, or there is even the example of Norwich Union outsourcing UK funds to Schroders and JP Morgan.

  • Mott highlights August opportunities

    15 Aug 2007

    PSigma equity income manager Bill Mott believes that there is still some deep value in the markets despite their “traumatised state” in the midst of recent market volatility.

  • Newcastle Building Society launches offset product with Praxis

    20 Aug 2007

    Newcastle Building Society has linked up with Praxis in order to launch into the sub-prime market with an offset mortgage for the near prime market.

  • Northern Rock sees its shares hit a three-year low

    16 Aug 2007

    The UK’s third biggest lender Northern Rock has seen its shares hit a three-year low during trading yesterday, another sign of the liquidity crunch hitting the UK mortgage market.

  • NS&I products to be sold through WHSmith

    21 Aug 2007

    National Savings and Investments has teamed up with WHSmith to market its premium bonds and savings in 400 of its high street stores.

  • NU is first firm to apply CI condition retrospectively

    16 Aug 2007

    Norwich Union has become the first insurer to apply a new critical-illness condition to all its existing policies retrospectively.

  • NU set to cut pension charges as sales slide

    16 Aug 2007

    Norwich Union has seen individual pension sales slump following a repricing last year and admits it may have to cut its charges if it wants to maintain market share.

  • Off the beaten track

    16 Aug 2007

    Last week saw some fairly wild swings in share prices and other financial instruments. There were gyrations in financial instruments I had not even heard of. Such is the complexity of modern investment life that unless you make an effort to keep abreast of develop-ments in markets, products and indices, you can find yourself significantly out of touch.

  • Out of step

    16 Aug 2007

    The Diary had the pleasure of spending the evening as a flapper girl at BM Solutions' splendid 1920s-themed ball recently.On the lookout to see who could be persuaded to get on the dancefloor. Robert Sterling managing director Kevin Duffy was happy to shake a few moves but the Diary can most definitely say that the dancing was as far off from a Charleston as you can get.

  • Pensions Office facing unfair dismissal claims

    16 Aug 2007

    The Pensions Office director keith Popplewell could be facing claims for unfair dismissal from former employees who allege they were forced to quit because he cut their hours and closed the office.

  • Pioneer announces autumn seminars

    15 Aug 2007

    Pioneer Friendly Society has announced a series of training and development seminars for brokers across the UK this autumn.

  • Plea to reveal all annuity rates

    16 Aug 2007

    Standard Life is calling for the FSA to order all annuity providers to publish their rates and says firms that do not make their rates publicly available are not treating customers fairly.

  • Pointon in specie transfer deal

    16 Aug 2007

    Pointon York Sipp Solutions is to allow in specie comm-ercial property transfers into its Sipp.

  • Positive Lending joins Association of Finance Brokers

    15 Aug 2007

    Positive Lending has joined the Association of Finance Brokers.

  • PPF consults over levy plans

    16 Aug 2007

    The Pension Protection Fund has published a consultation document setting out how it intends to calculate its levy .

  • Premier fails to get MBO backing

    16 Aug 2007

    Premier Asset Management has failed to secure sufficient shareholder backing for its planned MBO.

  • Private investors top City pros says Capita

    20 Aug 2007

    Private investors were better prepared for the correction in the UK stock markets in the second half of July and the beginning of August than professionals, according to Capita.

  • Propertyfinder.com publishes August index

    15 Aug 2007

    Propertyfinder.com’s August index has found that 83 per cent of home buyers and sellers currently expect house prices to rise over the next twelve months, by an average of 5 per cent.

  • Protection business slumps in price war

    16 Aug 2007

    Highclere Financial Services partner Alan Lakey is concerned over the slump in protection sales in the first half of this year.

  • Protection 'heading towards daily pricing' as competition hots up

    16 Aug 2007

    Protection providers adjusted prices more times in July than in the entire second half of 2006, raising concerns that the industry is heading towards daily pricing.

  • Providers vow to bounce back

    16 Aug 2007

    Money Marketing asks providers to justify their service levels and explain what improvements may be planned for the future.

  • Pru hedges £4bn bond exposure

    16 Aug 2007

    Prudential has hedged the corporate bond exposure within its £73bn with-pro-fits fund amid concerns about the impact of private equity on the markets.

  • PYV predicts PI rate increase looming

    15 Aug 2007

    PYV is predicting the professional indemnity insurance market is about to hit the bottom of the cycle.

  • RAM raiding micro caps

    16 Aug 2007

    Fund management luminaries have recently been espousing the benefits of mega-cap companies and pointing out that they have never been so cheap.

  • Recent market drop won't affect pension funds, says NAPF

    17 Aug 2007

    Britain’s pension funds dropped by £27bn to create a £15bn deficit after the latest stock market dive.

  • Record high for consumer satisfaction of IFA service

    16 Aug 2007

    Almost 90 per cent of consumers are satisfied with IFAs' service after a meeting, says research by Consensus.

  • Rent a wrap talks for Prudential

    16 Aug 2007

    Prudential is in discussions with technology and administration providers about renting a third-party wrap.

  • Resolution's multi-manager boutique to be called Maia Capital

    20 Aug 2007

    Resolution Asset Management's multi-manager joint venture will launch in October under the name Maia Capital, after the Roman goddess of Spring and new beginnings.

  • Royal London and Royal Liver will not merge

    15 Aug 2007

    Royal London and Royal Liver have announced they will not merge after the Royal Liver board decided not to accept Royal London's offer in a meeting held yesterday and continued this morning.

  • Safety thirst

    16 Aug 2007

    The MSCI AC World index fell for a second consecutive month in July, down by 1.53 per cent in dollar terms, as the fallout from the US sub-prime mortgage crisis spread to lower-quality corporate debt, pushing yields higher.

  • Santander AM appoints new senior marketing manager

    15 Aug 2007

    Santander Asset Management UK has appointed Lucy McGurnaghan as senior marketing manager to its marketing and communications team.

  • ScotLife says the future is primary or professional

    16 Aug 2007

    Scottish Life says the recent trend of life companies buying distribution is part of a strategy aimed at creating a new breed of direct salesforces to try to dominate the advice market.

  • Scottish Legal Life turns Friendly

    20 Aug 2007

    Scottish Legal Life has confirmed plans to transfer its book of business to Scottish Friendly in a deal that will boost Scottish Friendly’s funds under management by approximately £200m.

  • Scottish Widows Bank launches key worker mortgage

    20 Aug 2007

    Scottish Widows Bank has launched a new key worker mortgage as a rival to the Government’s own Open Market Homebuy scheme.

  • 'Securitisations will be big test for UK lenders'

    16 Aug 2007

    Portman group development director Matthew Wyles claims the difficult trading conditions facing lenders will see a "major paradigm shift" in the UK mortgage market.

  • Shareholders R Us

    15 Aug 2007

    When Premier Asset Management chief executive Mike O’Shea spoke about the board’s decision to accept a £51.9m management buyout of the business he could hardly have envisaged the way events would have panned out over the next few weeks.

  • Shareholders R Us

    15 Aug 2007

    When Premier Asset Management chief executive Mike O’Shea spoke about the board’s decision to accept a £51.9m management buyout of the business he could hardly have envisaged the way events would have panned out over the next few weeks.

  • SIML launches emerging markets vehicle

    16 Aug 2007

    SIML has launched a global emerging markets equity fund in response to growing adviser demand.

  • Skandia challenges firms on net figures

    16 Aug 2007

    Skandia is calling on other life companies to publish their net sales figures, saying they are the key measure of the success of a product provider.

  • Split decisions

    16 Aug 2007

    Advisers should be worrying more about market segmentation than commission and fees

  • Starkey mulls legal action after Tooze letter

    16 Aug 2007

    Equal Partners has called in its solicitors in a bid to prevent former director Kevin Tooze moving its clients to his new firm Equity Partners.

  • 'Stop slamming Sipps'

    16 Aug 2007

    Hargreaves Lansdown head of pensions research Tom McPhail has criticised IFAs who are calling for Sipp providers to be more defined.

  • Student union

    16 Aug 2007

    It has recently been announced that the UK is enjoying the lowest level of unemployment for many years. The figure still exceeds 1.2 million and there are some of us around who can remember when a figure of one million caused a political storm. Perhaps today we must accept such figures and celebrate the fact that they are no higher.

  • Sub-prime rates to soar

    16 Aug 2007

    The cost of sub-prime mortgage borrowing looks set to rise and several lenders admit that rates will have to increase substantially.

  • Sub-prime time poses twin threat

    16 Aug 2007

    It has not been a fun couple of weeks for the sub-prime mortgage market or some global fund managers.

  • Sub-prime turmoil

    16 Aug 2007

    DB Mortgages' withdrawal of its sub-prime range has sent a shockwave through the market, with lenders looking at their books. By Tanya Powley

  • Suitors are lining up for Burns-Anderson

    16 Aug 2007

    Burns-Anderson is understood to have had several approa-ches for the business.

  • T Bailey mega move for growth fund

    16 Aug 2007

    T Bailey has increased exposure to FTSE 100 stocks within its growth fund of funds to its highest-ever level.

  • 'Tackle taboo of public sector pensions'

    16 Aug 2007

    The Government is being urged to address growing public resentment over gold-plated public sector pensions.

  • Ted Scott warns market has further to fall

    16 Aug 2007

    F&C income fund manager Ted Scott is warning that problems with the credit markets will spill over into the real economy meaning the UK stock market has further to fall.

  • The Darling of our office party

    16 Aug 2007

    When consulting some former Money Marketing stalwarts, the Diary was pleased to be told that the newish Chancellor Alistair Darling is the only person to have held such high office to have also attended the Money Marketing Christmas party, at the time held on the Hispaniola on the Thames.

  • The Royal wedding is off

    21 Aug 2007

    It is August and although it is still unseasonably miserable outside the protection industry has somewhat ground to a halt, which I hear is the norm at this time of year.

  • The storm will pass, says BlackRock

    21 Aug 2007

    Investors should not panic or react to short-term market swings, but rather wait and let the storm blow over, according to BlackRock.

  • The up and down lives of the sub-prime lenders

    17 Aug 2007

    It’s been another fun-filled week in mortgages with the effects of the US sub-prime mortgage market once again at the fore of the news. This week has seen a number of lenders confirm that they will be re-pricing their products as an effect of the volatile marketplace.

  • Thinc buys benefits company

    16 Aug 2007

    Thinc Group has bought human resources and employee benefits consultancy PIFC Consulting, marking its first move into the corporate benefits market.

  • Third best ideas fund from Skandia

    16 Aug 2007

    Skandia is to set up a third best ideas fund with an absolute return mandate. The new portfolio will use 10 external managers' top 10 stock picks and will also hold their favoured short positions.

  • Threadneedle to lose European select fund manager Cliff

    16 Aug 2007

    Threadneedle European select fund manager Philip Cliff is leaving the firm to start up his own boutique.

  • Tories plan to cut back regulation

    16 Aug 2007

    The Conservatives' economic competitiveness group looks set to advocate the removal of mortgage regulation as part of its radical report aimed at saving £14bn a year through deregulation.

  • Tory group calls for IHT to be scrapped

    17 Aug 2007

    The Conservatives’ Economic Competitiveness Group has called for inheritance tax to be scrapped on primary residences as well as urging cuts to stamp duty on shares.

  • Tory report calls for new “regulatory court” in radical shake up of FOS complaints process

    17 Aug 2007

    The Conservatives’ Economic Competitiveness Report has recommended a radical shake-up of the claims process for financial services including a new “regulatory court” for retail consumers and more focus on caveat emptor.

  • Underwriting by phone

    16 Aug 2007

    Legal & General has put over 25,000 protection applications on risk through its L&G Max underwriting service which captures information from a client over the phone on behalf of advisers and gives an underwriting decision at the end of the call.

  • Unum slams Defaqto's income protection report

    21 Aug 2007

    Unum has criticised Defaqto claiming its recent report on income protection skips over the hard work providers have been putting in to improve the product and boost sales.

  • Urch joins Fidelity to target institutions

    16 Aug 2007

    David Urch is to join Fidelity after announcing his decision to leave Scottish Widows Invest-ment Partnership last week. Urch will work in the group's new Edinburgh office from the start of 2008 and, along with Jonathan Cobb, will build a team of UK equity portfolio managers targeting the institutional market.

  • UX Mortgages latest lender to postpone new product range

    20 Aug 2007

    UX Mortgages has become the latest lender to announce that it has postponed the launch of its new product range due to continued turbulence in the global financial markets.

  • Victoria to increase sub-prime product rates by 2.5 per cent

    17 Aug 2007

    Non-conforming lender Victoria Mortgages is set to increase its sub-prime products by 2.5 per cent following its withdrawal from the market earlier this month.

  • Webline hits 100 million quotes

    21 Aug 2007

    Webline has reached its 100 millionth quote since it was launched in 2000.

  • When it comes to the crunch...

    16 Aug 2007

    In response to Malcolm Murray's letter (Money Marketing, August 2), I must call his assumptions into question.

  • Williams de Broe says this is a crash

    17 Aug 2007

    Williams de Broe says that the current market correction is fast becoming a crash.

  • Wind in the sales

    16 Aug 2007

    Standard's Sipp is carrying a valuable cargo but is it a sustainable trade?

  • Women 'carthorses' care for their clients

    16 Aug 2007

    Female IFAs are the "elegant carthorses" of the industry and are the caring face of advice.

  • Worst banking crisis in decades, says Blue Planet IM

    16 Aug 2007

    The financial markets are entering the worst banking crisis in decades and the stockmarket is set to fall by another 20 per cent, says Blue Planet Investment Management.

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