Money Marketing
15 February 2006

  • 44 per cent of IFAs unsure where to invest VCT money

    21 Feb 2006

    44 per cent of IFAs are undecided which VCT to choose for their clients money says research by Northern Venture Managers.

  • 92 per cent of IFAs think boutiques are best

    20 Feb 2006

    92 per cent of IFAs attending the Unique Boutique conferences this month felt boutique fund managers offer additional advantages over traditional houses in the way they manage money.

  • A new isa age

    16 Feb 2006

    Nicola York says there is optimism that Isa fund sales will finally start to bounce back this year

  • Aberdeen Asset Managers Private Equity - Aberdeen Growth Opportunities VCT - C Share Issue

    16 Feb 2006

    Aberdeen Asset Managers Private EquityAberdeen Growth Opportunities VCT - C Share Issue

  • ABI moves to clarify selling of medical protection

    16 Feb 2006

    The Association of british Insurers is taking action to reduce confusion for advisers and consumers when buying protection products.Members will have tighter guidelines on their critical-0illness, income protection and private medical insurance application forms, with cle- arer warnings about the lik- ely consequences of failing to disclose pre-existing medical conditions.The ABI working party on critical illness is updating its CI insurance consultation and has issued final ...

  • ABI refuses to set charge

    16 Feb 2006

    Ultimately, the ABI has decided that financial advice is not needed in a national pension model

  • Advice in a vice

    16 Feb 2006

    Sonia Speedy examines the complicated nature of with-profits investments, which is being blamed for the lack of ongoing advice to policyholders and has led to the announcement of a new investigation by the FSA

  • Advisers show fund skills

    16 Feb 2006

    Adviser Fund Index editor James Teasdale sets out the aims of a new series of performance indices

  • Aifa backs body for equity-release brokers

    16 Feb 2006

    Aifa is supporting moves to create an umbrella body for equity-release brokers.Deputy director-general Fay Goddard says groups could be established within Aifa and the Association of Mortgage Intermediaries to promote education on equity release and build confidence in the product.Aifa is also understood to be putting together proposals to create a list of qualified advisers to help consumers find a suitable broker. It is conducting a survey to identify how many advisers are ...

  • Aifa reveals equity release plans

    21 Feb 2006

    The Association of Independent Financial Advisers has revealed plans to help members understand equity release.

  • Aifa sets out pension views

    16 Feb 2006

    Aifa is launching a series of publications designed to provide unbiased guidance on current issues, information gaps and industry concerns for advisers.The first publication in the Viewpoint series, sponsored by James Hay, is Member-Direc- ted Pensions After A-Day. The publication provides guidance to IFAs on the business opportunities for Sipps and SSASs after A-Day and on the main tax rules, permitted investments and changing regula- tory environment.Other topics which will ...

  • Aifa supports career funding

    16 Feb 2006

    Aifa is backing two initiatives run by Careers London to help to fund training and qualifications and to help graduates from ethnic minorities and disadvantaged communities get employment in financial services in London.

  • Aifa supports career funding

    15 Feb 2006

    Aifa is backing two initiatives run by Careers London. The first helps employers and those already working in the financial services sector to fund training and qualifications. The second helps graduates from ethnic minorities and disadvantaged communities gain employment within the financial services sector in London.

  • All Share may axe investment trusts

    15 Feb 2006

    The FTSE Group is considering excluding investment trusts from the All Share index in a move that analysts Close Wins say risks widening trust discounts as trackers are forced to sell out. There are 121 investment trusts in the index.

  • All Share may axe investment trusts

    16 Feb 2006

    The FTSE Group is considering excluding investment trusts from the All Share index in a move that analyst Close Wins says risks widening trust discounts as trackers are forced to sell. There are 121 investment trusts in the index.

  • Analysts recommend managed accounts to reduce hedge risk

    16 Feb 2006

    Fund of hedge fund mana- gers can significantly reduce risk within their holdings by investing on a segregated or managed account basis, according to the Edhec Risk and Asset Management Research Centre.

  • Annuity alert

    16 Feb 2006

    Annuities Just Retirement chief executive Mike Fuller says the challenge for the industry is to change the public's perceptions about annuities and make them under-stand the effects of increasing longevity and the benefits of shopping around providers to get a better deal

  • Artemis is IFAs' choice for special sits switch

    16 Feb 2006

    Some people have made up their minds and already identified potential alternatives'

  • As easy as A B C

    16 Feb 2006

    Three additions to the AFI will help everyday investors understand indices

  • Auto-enrolling will pose risks of misselling

    16 Feb 2006

    A leading employment lawyer has warned of the poss- ible misselling risks of auto-enrolling employees into the national pension savings scheme, telling employers to "cross their fingers".Speaking at the Work Foundation conference in London last week, McGrigors Solicitors partner Duncan Buchanan said it would be sensible for employers to engage with third parties when giving pension advice to avoid future misselling liabilities. He is also concerned that if state benefits are not ...

  • Axa receives five-star accolade from Defaqto

    21 Feb 2006

    Axa has been awarded five stars by Defaqto for its range of protection products on income income protection and two of its three critical illness products.

  • Axa says streamlining portability is paramount

    16 Feb 2006

    Axa says employers and regulators need to address the complexities of portability issues surrounding the nat- ional pension savings scheme if it is to be successful.Head of pensions and savings policy Steve Folkard questioned the Work Foundation Pensions Conference in London last week about how the NPSS model would deal with portability issue.Folkard said there will be four types of people coming into the scheme - those with no pension, those with an existing NPSS-style account, ...

  • Bank urged to cut base rate in spring

    16 Feb 2006

    The Bank of England monetary policy committee is facing renewed calls to cut interest rates after it held rates at 4.5 per cent for the seventh consecutive month.The MPC has not lowered rates since the 0.25 per cent drop in August 2005 and many people in the mortgage market want to see a reduction in the spring.A Royal Institution of Chartered Surveyors' spokesman says: "The Bank of England should examine the need for a springtime interest rate cut. A recent increase in unemployment ...

  • Barclays - Guaranteed FTSE Tax-Free Account

    20 Feb 2006

    BarclaysGuaranteed FTSE Tax-Free Account

  • Big Mac

    16 Feb 2006

    Glasgow Investment Managers is a highly successful investment trust group based in Scotland whose income trust has outperformed the FTSE All Share index over one, three, five and 10 years.

  • Blackrock and MLIM trillion dollar merger goes through

    17 Feb 2006

    BlackRock and MLIM have agreed to merge to create one of the world's largest investment management firms with $1 trillion under management.

  • Boulger wants FSA crackdown on lenders selling inappropriate PPI

    16 Feb 2006

    John Charcol senior technical director Ray Boulger is lobbying the FSA to force lenders which have sold inappropriate payment protection insurance to meet genuine claims from borrowers.He believes that action by the regulator is needed to ensure that lenders only sell PPI to suitable borrowers in an effort to prevent further market abuses.Boulger has presented his proposal to FSA chairman Callum McCarthy and has also urged the regulator to ensure that mortgage and loan providers ...

  • Boutiques battle over key drivers

    16 Feb 2006

    Fund managers differ over role of emerging markets

  • Bradshaw quits Abbey

    16 Feb 2006

    Paul Bradshaw has left Abbey after just eight months, with Javier Maldonado taking over as chief executive of life insurance and asset management.Abbey says it was always the intention for Bradshaw to leave the company after conducting a strategic review of life and pension business.Maldonado, who managed the integration of Abbey with Banco Santander, says Abbey chief executive Francisco Gomez-Roldan will be taking an increased interest in the UK life and pension business.Bradshaw's ...

  • Bright Grey seminars on menu

    16 Feb 2006

    Bright Grey is running a series of seminars to help IFAs use its menu product, extranet and Helping Hand adviser tools.

  • Bright Grey seminars on menu

    15 Feb 2006

    Bright Grey is running a series of seminars to help IFAs to use its menu product, extranet and Helping Hand adviser tools.

  • Bristol & West - Minimum Return Bond

    20 Feb 2006

    Bristol & WestMinimum Return Bond

  • Business buoyed by Fof sales surge

    16 Feb 2006

    Fund sales hit a five-year high in the last quarter of 2005, with fund of funds seeing a massive surge.Figures from the Investment Management Asso- ciation show that total net retail sales in the final quarter were 3.2bn, with 627m into funds of funds. The total is the highest since 2001, which saw net retail sales plunge from 3.3bn in the second quarter to just 1.4bn by the fourth.Over the whole year of 2005, net retail sales of Fofs were 2.27bn compared with just 732m in 2001.The ...

  • Claim and counter-claim

    16 Feb 2006

    Endowment Justice director Marianne Fitzjohn says that claim management firms came out if the vacuum for consumer legal services with life insurance companies trying to discourage compensation claims

  • Claim-chaser targeting WP and splits' business

    16 Feb 2006

    A claim-chaser which sends out mock chequebooks to generate referral business is now offering instant eligibility tests to with-profits and split-cap customers.Brunel Franklin has set up a website which allows consumers to check whether they have been missold an investment bond by taking a "free, no-obligation, 30-second test".The firm has been criticised by IFAs for using high-pressure sales tactics, which include sending customers a "chequebook" to encourage friends and relatives ...

  • Clinging on to the overhang

    16 Feb 2006

    Amanda Newman looks at the strange continuing presence of extended tie-in mortgage deals

  • Clown jewels

    16 Feb 2006

    Yorkshire Building Society is bringing smiles to the faces of hundreds of children after raising over 77,000 for two national charities in its seventh annual Christmas appeal.A series of activies were held to raise the money, which is being handed over to the Princess Royal Trust for Carers and the Children's Trust.The donation to the Children's Trust will enable the Theodora Clown Doctors (right) to work in its rehabili- tation centre for one year. The doctors are fully qualified ...

  • CML criticised over loan training plan

    16 Feb 2006

    Advice still needed for loans from housing groups and local authorities'

  • CML reports record lending figures for January

    20 Feb 2006

    The Council of Mortgage Lenders says Januarys 23bn of total lending represented the highest January on record.

  • Cofunds' charges on L&G bond

    16 Feb 2006

    I am writing to correct the impression given by a recent article in Money Marketing concerning the insurance bond that we have launched with Legal & General. The article implied that funds within the new investment bond cost significantly more than unwrapped funds. Not so. In the editorial, you ask your readers how to justify the difference between the costs of funds wrapped inside an investment bond and the costs of funds held directly. In the case of the Cofunds' platform, ...

  • Collett leaves Thinc Destini after management reshuffle

    16 Feb 2006

    Destini founder David Collett has left the combined Thinc Destini group following a management rejig.Collett, who was executive deputy chairman at Thinc Destini, has left to pursue other interests and develop his non-executive portfolio.Thinc Destini has recruited former Tenet investment adviser services division managing director Nick Kelly as commercial director responsible for its network and general insurance propositions.Gregg Taylor, formerly chief marketing officer, ...

  • Communication centre

    16 Feb 2006

    One of the great communicators was Sir Bernard Ingham the press secretary to Mrs Thatcher, the title of his autobiog-raphy, Don't Shoot The Messenger, pressed home the fact that responsibility for communication rests with the originator and not the deliverer.

  • Correspondent's week

    16 Feb 2006

    This week by Annie Shaw, editor, retail markets, for compliance portal website Compliance Online

  • Coventry Building Society - Self Cert 5.1% Fixed to 31 05 08

    16 Feb 2006

    Coventry Building SocietySelf Cert 5.1% Fixed to 31 05 08

  • 'Cuts won't hit Abbey service'

    16 Feb 2006

    Abbey insists that its intermediary arm will not be harmed despite 2,000 jobs being slashed throughout the firm.Spanish parent company Banco Santander revealed the new job losses on top of 4,000 axed last year.Spokeswoman Stephanie Barrett says: "The cuts will affect Abbey throughout the UK but we do not expect to see any impact on service levels so intermediary and direct customers will not be harmed. None of the job losses will be customer- facing and will all be back-office ...

  • Cutting my teeth

    16 Feb 2006

    II was rather surprised to be asked to do this as I cannot say my career is what you could call beautiful - largely accident rather than design.I do not know anyone whose childhood ambition was a career in financial services, I am no different. Introduced to the stage at the tender age of three, when I started dance lessons, my rather lofty ambition was to be a film star.Alas, career direction in 1970's Scotland was somewhat narrow and when I hit secondary school, I was guided ...

  • Davis's Discounts

    16 Feb 2006

    Jupiter boosts Merlin commissionJupiter is increasing commission from 3 per cent to 4.25 per cent on its four Merlin fund of funds, European opportunities, income, high-income, undervalued assets and financial opportunities funds until April 30. The company is also offering a 1.75 per cent discount on its initial charges of between 5 and 5.5 per cent for clients who invest directly.Free deals from Henderson Henderson Global Investors is offering free dealing on its investment ...

  • DB code of practice comes into effect

    16 Feb 2006

    The Pensions Regulator's code of practice on funding DB pension schemes comes into effect this week. It provides guidance on meeting requirements on scheme funding legislation and sets out standards of conduct and practice expected from trustees.

  • DB code of practice comes into effect

    15 Feb 2006

    The Pensions Regulators code of practice on funding defined benefit pension schemes comes into effect this week. The code provides guidance on meeting the requirements on scheme funding legislation and sets out the standards of conduct and practice expected from trustees.

  • Decline and fall of FSA's plain English

    16 Feb 2006

    In the February 2 edition of Money Marketing, it seems that the FSA is convinced that advisers are locked in a spiral of decline. There may be some truth in this but when you look at some of the big organisations that are, frankly, insolvent, one marvels at how they can manage to continue trading. Overall, what seems to be missing from the FSA's risk assessment is a plain English translation. As usual, the regulator does not seem to be able to say anything in plain and simple terms. ...

  • 'Direct sellers risk a debacle'

    16 Feb 2006

    Some direct mortgage sellers could be risking storing up misselling claims in future if they cut advice out of the chain.A number of brokers have sounded the alarm along with Standard Life Bank.Direct Line recently launched a direct service where advice is cut out of the chain. SLB is set to follow suit later this year but is wary of not cutting advice out completely to ensure it remains compliant.Head of marketing Andrew Boddie says: "You have to be able to support the ...

  • Doff the cap

    16 Feb 2006

    Cost should not be the priority in drawing up a workable pension scheme for the UK

  • Dual attack over costings

    16 Feb 2006

    NAPF sets out scheme using super-trusts while IMA calls for independently run default fund

  • Dual control could drive up costs

    16 Feb 2006

    Mortgage brokers and lenders are being threatened with expensive dual regulation under proposed changes to the Consumer Credit Act.The Council of Mortgage Lenders has talks planned over with the Department of Trade and Industry in a bid to stave off threats to the mortgage market. The Association of Mortgage Intermediaries is also lobbying the DTI.AMI director general Chris Cummings says: "We need regulatory clarity. We are looking closely at this because there is also the threat ...

  • DWP keeping the lid on protected rights

    16 Feb 2006

    Regulations will allow insurance company funds without an investment element to continue to hold protected rights but trust-based Sipps will be restricted to holding non-protected rights only.The Government acknowledged views that Sipps are not necessarily high-risk vehicles but said that a higher standard of prudential regulations should apply to contracted-out personal pension schemes.Many asset management firms say insurance companies have been given a monopoly. The position ...

  • Exeter Friendly draws up bespoke medical cover

    16 Feb 2006

    Exeter Friendly Society is setting up a medical insurance plan that enables customers to tailor the package to meet their individual needs.The GoPrivate Health plan consists of a compulsory core benefit package and four options offering a choice of medical cover. The core plan, GoEssentials, is designed to cover short-term illnesses, injuries and conditions that respond well to treatment, such as a hernia operations.GoEssentials offers private patient care in over 300 hospitals ...

  • F&C hires Andrew Lake as high yield bond director

    16 Feb 2006

    F&C Asset Management has hired Andrew Lake as director of high yield bonds.

  • Facing outwards

    16 Feb 2006

    When the Personal Finance Society was created 12 months ago, we set the commencement of a consumer briefing programme as an objective for the end of 2005.

  • Fidelity International - Global Property Fund

    15 Feb 2006

    Fidelity InternationalGlobal Property Fund

  • Florida mortgage firm moving into UK with broker-only set-up

    16 Feb 2006

    The UK mortgage market is bracing itself for another new entrant this year with Florida-based Bayview Financial lining up a May launch.The US lender and prop- erty investment firm is aiming to set up an intermed- iary-only business from scratch rather than through an acquisition.Bayview's entry follows hot on the heels of Deutsche Bank's now confirmed lending proposition and US investment bank Morgan Stanley's purchase of Advantage Home Loans in December to mark its entry into ...

  • Fof mixture

    16 Feb 2006

    Last week's decision by Close Finsbury head of distribution Stuart Alexander to turn away fund of fund investors from the firm's 900,000 technology fund re-ignited the heated debate about the relationship between an increasingly powerful sector of the investment market and individual fund providers.

  • Footballers may have to foot higher tax bills at early retirement

    21 Feb 2006

    Footballers and other professionals with special retirement ages could face a hefty tax charge after pensions simplification kicks in, Standard Life has warned.

  • Forcing the issue

    16 Feb 2006

    The Government's admission that only one company out of the 70,000 employers who have failed to abide by the stakeholder regime has been prosecuted raises serious questions about how a potential NPSS would be policed and the costs of doing so.

  • Friends Provident accused of treating customers unfairly

    17 Feb 2006

    Friends Provident has been accused of failing to treat customers fairly by inappropriately bumping up insurance premiums.

  • FSA aids small firms with e-learning deal

    16 Feb 2006

    The FSA is setting up an e-lear-ning package for small firms to help them assess what financial resources are required for them to meet their regulatory requirements.The online course is des-igned for firms with little or no accounting knowledge and there are dedicated web pages containing newsletters, tips and further information on training and events.The FSA's has carried out a communications survey of small firms. It found that 90 per cent had received the FSA's emails in ...

  • FSA gives warning on Sipp suitability

    16 Feb 2006

    The FSA has warned IFAs about advising clients to take out Sipps when they do not require greater investment flexibility.In its latest life insurance newsletter, the regulator says there is potential for consumer detriment if customers who do not need additional flexibility are sold a Sipp in preference to a cheaper personal or stakeholder pension which may meet their needs better.FSA spokesman Robin Gordon-Walker says: "This is about suitability of advice. If a stakeholder ...

  • FSA ponders U-Turner over scrapping RU64

    16 Feb 2006

    Standard Life pension chief asks: 'Do the FSA expect us to sell nothing over the next few years?'

  • Fund sector creates 10% of graduate jobs in UK

    16 Feb 2006

    An expanding fund management sector created more than 10 per cent of all graduate jobs in the UK last year, according to a national survey produced by the Association of Graduate Recruiters.Investment banking and fund management produced the second-highest number of vacancies last year as bull markets increased sales and profitability. The sector was second only to accountancy, with 24.6 per cent of graduate positions. The banking and financial services sector ranked sixth with ...

  • Funds suffer from lack of equities

    16 Feb 2006

    What a splendid letter from Julian Stevens about with-profits and I agree absolutely with every word. I would like to just add my two penn'orth, which is that one of the reasons why with-profits funds are not recov- ering in many instances now is because they are so low on equities that even if the market doubled, the impact on the entire fund is insuffic- ient. For example, if there were 20 per cent in equities, a 30 per cent improvement in the market will only make a 6 per cent ...

  • Getting personal on loan regulation

    16 Feb 2006

    The eventual regulator of the claim-chaser sector will have supervisory powers where finance is provided by claim firms for the purpose of the claim. This is typically where expensive after-the-event insurance is sold with a loan provided to cover the cost.

  • Goodbye to all fat

    16 Feb 2006

    In the third of a series of articles, Sesame head of propositions and commercial development Alastair Conway looks at how advisers can respond to the squeeze on revenues by trimming the least profitable prospects out of their client bases

  • Group therapy

    16 Feb 2006

    IFA Consortium co-founder Tim Sutcliffe explains to Samantha Shaw the advantages of pooling knowledge and expertise

  • GSAM launches Bric portfolio

    17 Feb 2006

    Goldman Sachs Asset Management is launching a high conviction Bric fund to be managed by its global emerging markets equity team.

  • Gut reaction

    16 Feb 2006

    A look at the key issues facing the pension sector as they search for recruits

  • House prices rise for third month running

    16 Feb 2006

    House prices have risen for the third consecutive month, reports the latest housing market survey from the Royal Institution of Chartered Surveyors.Nine per cent more chartered surveyor estate agents confirmed a rise in prices than a fall for the thre...

  • Ibis Capital - Ibis Media VCT

    17 Feb 2006

    Ibis CapitalIbis Media VCT

  • Icon Asset Management - Icon Asset VCT

    17 Feb 2006

    Icon asset ManagementIcon Asset VCT

  • Imperfect pitch

    16 Feb 2006

    The debate surrounding the Turner report has plumbed new depths of political cynicism.

  • Increasing obesity leads ScotProv to update application forms

    16 Feb 2006

    Scottish Provident is redesigning its application forms amid growing concerns over non-disclosure of obesity.The insurer is putting more focus on accurate height and weight measurements. It says obesity is becoming a greater risk to health than smoking and affects more people. It increases the risks of raised cholesterol, high blood pressure, diabetes and heart disease.Head of individual protection Sue Wilkinson says applicants are risking non-disclosure if they guess their ...

  • Insurers wait for guidance on civil partnerships

    16 Feb 2006

    The ABI has still not provided guidance on how insurance companies should incorporate questions related to civil partnerships on application forms, two months after they gained legal recognition.Existing ABI guidelines say financial organisations must not query sexual orientation in their application forms but this guidance has yet to be updated.In December, the Government issued guidelines on how to address civil partnerships in questions regarding marital status on official ...

  • Interim results

    16 Feb 2006

    Aaron Clarke Group managing director Keith Page says interim managers can be a godsend for companies which are plan-ning a new venture or a merger or acquisition but their position in the set-up must be fully explained to avoid conflict with the existing workforce

  • Invesco climbs back to peak time

    16 Feb 2006

    Invesco Perpetual is changing its logo back to a mountain but has ruled out a full return to the Perpetual brand that was so successful in the 1990s.The Perpetual mountain logo was ditched after Invesco took over the firm in 2000.The new move is the result of a 10-month brand review which was carried out by market research company Synovate after the reincor- poration of Perpetual's mountain iconography into Invesco Perpetual's advertising last March. The company plans to introduce ...

  • Investment View: Variations on a theme

    16 Feb 2006

    In two weeks' time, the 2006 IFA Events Roadshow season kicks off. This year, the inaugural jamboree will take place in Glasgow at the Scottish Exhibition and Conference Centre. With the Isa selling season expected to prove more robust than for some time, I have high hopes that this year will see an excellent turn-out of advisers specialising in investments.

  • JO Hambro closes European funds and launches new fund

    20 Feb 2006

    JO Hambro Capital Management has capped its continental European and European funds run by Rod Marsden at a combined level of 500m.

  • JP Morgan backs bid idea for Pru

    15 Feb 2006

    Speculation over Aviva making a bid for Prudential mounted after investment banker JP Morgan said a merger of the two would be a logical move.

  • JP Morgan backs bid idea for Pru

    16 Feb 2006

    Speculation over Aviva making a bid for Prudential mounted after investment banker JP Morgan said a merger would be a logical move.

  • L&G moves into child savings

    17 Feb 2006

    Legal & General has extended its government stakeholder offering with a Child Trust Fund launch in partnership with Engage Mutual Assurance, that takes it into child savings for the first time.L&G aims to claim a share of the CTF market, estimated to be worth 1.8 billion by 2009/10 based solely on the value of the minimum 250 voucher that all children born on or after 1 September 2002 will receive from the Government. L&G CTF customers will have to pay a contribution rate of 5.

  • Life offices set for fight to win young IFAs

    16 Feb 2006

    Life companies may be forced to compete for young IFAs in the jobs market as the pool of experienced sales staff manning branch networks shrinks.The 2005 salary survey from Paul Harper Search and Selection points to difficulties for life companies needing to recruit sales staff, particularly at a senior level. The firm believes the trend is likely to bring increased demand for good young IFAs to join the life industry.It put the lack of qualified staff down to a failure to invest ...

  • LifeQuote set to cut Skipton costs by 30%

    16 Feb 2006

    Skipton says LifeQuote's intelligent protection software will cut its training and development costs by as much as 30 per cent.The building society says the platform has gone a long way to reducing costs, taking much of the onus off the society for training its advisers as the system is so user-friendly.Skipton says the majority of its protection training budget is spent on product knowledge, protection planning to meet a customer's needs and suitability letters, most of which ...

  • Lifetime offers new functionality

    20 Feb 2006

    Lifetime has added new functionalities to its platform including the ability to provide on-line illustrations across all products.The enhancements to The Bigger Picture include on-line pre-sale illustrations, post retirement details in order to offer income drawdown and linked viewing allowing advisers to group segments of clients into a consolidated view.Employer contributions into a Sipp can now be completed on-line and enhanced payment system and fund manger microsites are also ...

  • Lifetime will wrap retail hedge Fof

    16 Feb 2006

    Lifetime is planning to launch a retail fund of hedge funds service on its wrap platform within the next two months.The platform, which is owned by Norwich Union, says it is in final-stage discussions with a well-known provider to offer the investment service as an altern- ative to long-only funds.Lifetime director Mich- ael Short says the partner company already has FSA authorisation to provide the service direct to retail investors and the two companies are in the final stages ...

  • London pays top wages for account managers

    16 Feb 2006

    Average salaries in the capital are 75,744 but other regions are not far behind

  • Massow needs more time for court case

    16 Feb 2006

    Ex-IFA Ivan Massow has postponed his court case with Sesame, which was due to take place on February 20. He has asked to see all the Fimbra and PIA reports held by the network and details of any case that has gone against him and says he needs more time to scrutinise the paperwork.

  • Massow needs more time for court case

    15 Feb 2006

    Former IFA Ivan Massow has postponed his court case with Sesame, which was due to take place on 20 February. He has requested to see all the Fimbra and PIA reports held by the network and details of any case that has gone against him and says he needs more time to scrutinise the paperwork.

  • McCarthy admits having doubts over FSA risk profiling

    16 Feb 2006

    FSA chairman Sir Callum McCarthy has confessed to serious doubts about the regulator's risk-profiling of products.During a speech last week to the Financial Services Forum's corporate communications group, McCarthy expressed reservations about the analysis underpinning its differentiation between high-risk products and so-called lower-risk products which can be marketed direct to mass-market consumers.Under the current regime, direct selling of some high-risk products, such ...

  • Michael Warren

    16 Feb 2006

    HSBC Investments' managing director (sales and marketing) says there is a lack of clarity about what the firm stands for and his task is to build up its brand in the UK retail arena with the aid of a close-knit team around him from his days at DWS. Interview by Matt Davis

  • Misselling concerns over guaranteed insurability

    16 Feb 2006

    Advisers face difficulties in checking whether additional cover falls under new or old policy terms

  • Money Portal in supermart start-up

    16 Feb 2006

    The Money Portal is starting a fund supermarket in April and will look to migrate its 1.7bn assets under management on to the platform.The fund supermarket will initially offer best-of-breed funds chosen by TMP's in-house research company, Bates Investment Services, but plans to offer a much more comprehensive range in the future.TMP is planning to acquire more discount brokers this year following its acquisitions of Willis Owen and the Isa Shop in 2003, with a view to signing ...

  • Moving story

    16 Feb 2006

    The importance of recruiting an adviser who matches your firm's ethos

  • Multi-manager View: Blending in

    16 Feb 2006

    Star manager styles are far from homogenous, which is why style-blending in multi-manager funds will maximise returns and smooth volatility.

  • NAPF wants rethink for DB liability

    16 Feb 2006

    The National Association of Pension Funds is calling on the work and pensions select committee to launch an inquiry into liability overhang as a way of saving defined-benefit schemes.Speaking at the Work Foundation Pensions Conference in London last week, NAPF pol- icy director Joanne Segars said the Government needs to be more inventive in its approach to scheme liabilities. Segars said the Government should investigate the state-buyback approach advocated by the Conservatives' ...

  • Nationwide in U-turn as it ponders equity release

    16 Feb 2006

    Nationwide is considering moving into equity release despite expressing reservations about the product less than a year ago.Chief executive Philip Williamson ruled out a push into the sector last May, saying: "I still have major reservations on equity release. The regu- lator has really got to get its head round the sales process."But the building society is now joining a growing list of high-street providers looking at equity release.HSBC has revealed that it is keeping ...

  • New Life launches three new equity release products

    20 Feb 2006

    New Life Mortgages is introducing two new equity release products that allow borrowers to release equity from investment properties or holiday homes.

  • 'NPSS heralds birth of new breed of adviser'

    16 Feb 2006

    Aegon chief suggests that generic advisers could make up 40% of a future advice sector

  • NPSS proposals carry too much risk for employees says ACA

    21 Feb 2006

    The NPSS proposals carry too much investment risk for consumers, particularly those that are on a lower pay scale according to the Association of Consulting Actuaries.

  • NU Sipp serviced by Lifetime

    16 Feb 2006

    Norwich Union has introduced its new Sipp with servicing by its wholly owned wrap platform subsidiary Lifetime. After April 6, investors will have access to commercial property funds admin-istered by Suffolk Life.

  • NU Sipp serviced by Lifetime

    15 Feb 2006

    Norwich Union has launched its new Sipp with servicing provided by its wholly owned wrap platform subsidiary Lifetime. After April 6 investors will have access to commercial property funds administered by Suffolk Life.

  • O'Flanagan leaves Unicorn Aim VCT

    15 Feb 2006

    Manager of the 33m Unicorn Aim VCT Sean OFlanagan is leaving the firm. He is contracted until the end of the tax year but this is not thought to have been renewed.

  • O'Flanagan leaves Unicorn Aim VCT

    16 Feb 2006

    Manager of the 33m Unicorn Aim VCT Sean O'Flanagan is leaving the firm. He is contracted until the end of the tax year but this is not thought to have been renewed.

  • Only 15 per cent of people know where their savings are

    15 Feb 2006

    Less than half of people know their overall financial worth and only 15 per cent know where their savings are invested, says new research from Standard Life.

  • Openwork kicks out staff after complaint

    16 Feb 2006

    Openwork has been rocked after a number of staff were thrown out of the net- work over allegations of malpractice.It terminated a number of advisers' contracts after lender BM Solutions was understood to have discovered that some staff at appointed representative Faber Callidus had been acting inappropriately and lodged an official complaint. Faber Callidus, one of Openwork's biggest mortgage networks, is not thought to have been implicated in any wrong-doings.BM Solutions and ...

  • Opposing charges

    16 Feb 2006

    Who would you put your trust in more out of a straight choice between Stephen Haddrill and Mick McAteer?

  • Panels fail to agree on caveat emptor

    16 Feb 2006

    The financial services consumer and practitioner panels are still at loggerheads over how to instil the caveat emptor principle in UK regulation.FSA chairman Sir Callum McCarthy told the Financial Services Forum's corporate communications group last week that despite reaching a consensus on firms' responsibilities to consumers, the panels have failed to reach agreement on the responsibilities of consumers when making investments.The practitioner panel wants to classify certain ...

  • Park life

    16 Feb 2006

    Helen Monks says firms are facing a succession crisis but are equally reticent about spending thousands on recruits if they then jump ship once they are fully trained. She looks at the recruitment strategies of two companies - Park Row and Hargreaves Lansdown

  • Pensions issues need most advice, says IFAP

    17 Feb 2006

    Pensions advice and retirement planning top the list of advice needs, according to the last quarterly report by IFA Promotion.

  • People on the move

    16 Feb 2006

    InvestmentAberdeen Asset Manage-ments' private equity division has appointed Craig Hopwood as senior invest-ment manager. He will focus entirely on new investment opportunities in its four core sectors. He previously worked at both HSBC and PricewaterhouseCoopers. Hopwood joins a national team although he will predominantly focus on deals across the North of England.

  • Poles apart

    16 Feb 2006

    The fledgling Polish finance industry is a reminder of our lost core values

  • Pop culture

    16 Feb 2006

    Some people have taste, others are woefully lacking. After two MM hacks criticised IFA CBK's telephone hold music, here was the response from principal Peter Chadborn:"Listen here, you two giggling schoolgirls, what is your problem with Dido?"Do you know how hard it is to select music that does not offend our more older, refined clients yet does not give our younger, hip clients licence to take the micky? Well, do you?"You MM girls, living life in the fast lane, who think ...

  • Portman Building Society - Two Year Fixed With Tracker

    17 Feb 2006

    Portman Building SocietyTwo-Year Fixed With Tracker

  • Positive test for FSA's Money Doctors plan

    16 Feb 2006

    The FSA is looking to roll out its Money Doctors advice service to students across the country following a successful pilot scheme at Roehampton University.The service, a key part of the FSA's financial capability initiative to help the public take more control of their finances, is designed to help students by providing generic advice on debt, budgeting and money management skills.It offers educational sessions to improve financial literacy, and surgeries where students can ...

  • Product matters: Stage is set for Edge VCT

    16 Feb 2006

    Edge Performance is one of the new breed of venture capital trusts that is aiming to give a lower-risk, tax-free return. There are many different ways of doing it - art, pop stars, property and so on - but Edge is investing in concert promotion companies.This sounds high risk but I don't think it is when looked at more closely. First, 30 per cent will be invested in gilts and fixed interest and, of the remaining 70 per cent, most will be invested in loan stock of the underlying ...

  • Pru extends back-office links

    20 Feb 2006

    Prudential has extended contract enquiry links with back office software providers making them available with Quay, Plum and IntelliFlo.

  • PTA pitfalls

    16 Feb 2006

    Pension term assurance Lifesearch head of protection strategy Kevin Carr says PTA arrangements can prove too complex for many consumers

  • Questions of interpretation surround Mifid

    16 Feb 2006

    James Salmon says there is uncertainty over how far the FSA can go in adapting Mifid to suit the UK

  • RBS looks at adding fifth brand

    16 Feb 2006

    Royal Bank of Scotland is considering adding a fifth brand to its intermediary arm in the same week it launched a four-pronged assault on the broker market.RBS is looking at new product areas for launches, with equity release and sub-prime being the most obvious gaps in its product range.Under the restructure, the RBS brand will offer standard mortgages, First Active will provide a remortgaging service, NatWest will concentrate on specialist lending and The One Account will ...

  • Rental health

    16 Feb 2006

    Pessimism over the future performance of commercial property appears to be premature

  • Sara is the alternative to NPSS says Pima

    17 Feb 2006

    A long term savings wrapper could address the problems of long term savings in the UK according to the Pep and Isa Managers’ Association.

  • Schroders boosts profit and buys fund of hedge funds

    21 Feb 2006

    Schroders profit from asset management rose 60 per cent in 2005 to 193.9m and the firm has secured funding to buy fund of hedge fund provider NewFinance Capital.

  • Schroders shifts emerging markets emphasis to Asia

    16 Feb 2006

    Schroders' multi-manager team is reducing its emerging markets exposure to Latin America and Eastern Europe as it believes they will be overtaken by Asia this year.

  • ScotEq brand stays in Aegon upgrade

    16 Feb 2006

    Aegon will keep the 175-year-old Scottish Equitable brand but is lining up a marketing drive to raise the profile of its parent group.Aegon chief executive Otto Thoresen has decided that Aegon's name will feature more prominently alongside ScotEq in a marketing campaign later this year.ScotEq was founded in 1831 and became part of the US-Dutch Aegon Group in 1994. One of Thoresen's first moves when he became chief executive of the UK arm in 2004 was to carry out a review of ...

  • ScotEq is first for Park Row panel

    15 Feb 2006

    Scottish Equitable is the first firm to join Park Row's multi-tie panel and will provide personal pensions and GPPs.

  • ScotEq is first for Park Row panel

    16 Feb 2006

    Scottish Equitable is the first firm to join Park Row's multi-tie panel and will provide personal pensions and GPPs.

  • Scottish Widows - Guaranteed Investment Bond

    21 Feb 2006

    Scottish WidowsGuaranteed Investment Bond

  • Sipp invests in residential property fund

    16 Feb 2006

    The Pensions Consultancy has introduced a Sipp offer- ing access to a residential property fund.It invests in buy-to- let properties as well as a syndicated commercial property fund.The Pensions Consultancy maintains that a Sipp can invest in residential property through a collective investment.The residential fund, City Living PCC, is quoted on the Channel Islands Stock Exch- ange and is run by property group Cluttons. The port- folio valuer is Alssop & Co and tax advice ...

  • Standard Life Investments - Dynamic Distribution Fund

    21 Feb 2006

    Standard Life InvestmentsDynamic Distribution Fund

  • State of the cart

    16 Feb 2006

    A client is puzzled by the difference between fund supermarkets and wraps

  • Steel workers get European backing

    15 Feb 2006

    Former employees of Allied Steel & Wire have won backing from the European Commission in a bid to recoup pension monies lost when the firm was declared insolvent. It is estimated that the Government could face a bill of up to 6bn in pension liabilities affecting 1,000 former ASW workers and 65,000 UK citizens.

  • Steel workers get European backing

    16 Feb 2006

    Former employees of Allied Steel & Wire have won backing from the European Commission in a bid to recoup pension monies lost when the firm was declared insolvent. It is estimated that the UK Government could face a bill of up to 6bn in pension liabilities affecting 1,000 ex-ASW workers and 65,000 UK citizens.

  • Stock pots

    16 Feb 2006

    The run-up to A-Day presents an opportunity for some client groups to add substantially to their pensions

  • Straight talking

    16 Feb 2006

    For as long as I have been writing about technology in this industry, it has been apparent that consolidation among software suppliers would be a major benefit for advisers. There can be no doubt that the sheer number of adviser system providers has diluted the quality being delivered.

  • Suspicious minds

    16 Feb 2006

    One of the key uncertainties for tax planners is just what is and is not acceptable to HMRC

  • Systems are creaking in A-Day run-up

    16 Feb 2006

    A-Day is rapidly approach- ing but many investors remain blissfully unaware that they need to act urgently to make the most of the single system that will replace the eight current regimes on April 6. Pension providers' administration systems are creaking under the volume of information regarding existing pension schemes that is being requested by advisors in the run-up to April 6. It is now taking up to six weeks for essential documentation to be processed. Without this paperwork, ...

  • Take your partners

    16 Feb 2006

    Embracing the changing and fast-paced world of financial services has always been a challenge. The immense range of changes over the last two years must rank at an all-time level for recruitment companies in this sector.We are told that the pool of talent is ever shrinking in the financial services sector. We do not want to attract job-hoppers and yet some companies have still not embraced the fact that we must take steps to bring new blood into the industry. We know that this is ...

  • Talk of the town

    16 Feb 2006

    Zurich's Peter Hamilton is one dark horse. Apparently, while he was at Friends Provident, the protection guru had such a reputation for giving leaving speeches that colleagues from other departments would come to listen, just for entertainment value.Once, he even delivered a speech half in Italian, demonstrating the fruits of his night classes. And he does magic tricks.We love Peter. He da man.

  • The best intentions

    16 Feb 2006

    Statutory regulation has had some negative consequences for the industry

  • The churning point

    16 Feb 2006

    Our panel consider how the NPSS can operate without advice and say pension firms must stop the churn for long-term profitability

  • The hard facts

    16 Feb 2006

    IFS head of faculty financial regulation Mark Roberts on why clients need clarity in the run-up to A-Day

  • Threadneedle appoints senior manager

    20 Feb 2006

    Threadneedle Investments has appointed Tim Lord as a senior manager in its client relationship team. He will be responsible for managing relationships with a wide variety of Threadneedle's major institutional clients.After starting his career in retail business development in the consumer goods market, Lord moved into financial services as global marketing manager at Axas Paris office before moving to Deutsche Asset Management in 2001 as head of client review.

  • TMB 'ready to resist rival's raids on staff'

    16 Feb 2006

    The Mortgage Business says it is confident that its staff will resist further approaches from rival db mortgages.The former TMB quartet at the helm of db mortgages, the fledgling lending arm of Deutsche Bank, are expected to try to recruit more of TMB's staff in the coming months.But TMB managing director Nigel Payne claims he is prepared for db mortgages head Bill Dudgeon making new raids on his 200-strong workforce.Speculation is mounting that db mortgages, based only ...

  • Train of thought

    16 Feb 2006

    Nicola York talks to IFS president Bruce Carnegie-Brown about qualifications and the body's future goals

  • Turner adamant that 0.3% charge is realistic for NPSS

    16 Feb 2006

    Lord Turner has defended his National Pension Savings Scheme proposals, saying the success of the Swedish system is evidence that the scheme is workable in the UK.Speaking at a CBI confer- ence in Edinburgh last week , Turner said the proposed 0.3 per cent annual charge for the NPSS is realistic and accused critics of throwing red herrings into the debate.In the week that saw the Government consultation period on NPSS alternatives close, Turner said a report carried out on behalf ...

  • Vertex and Capita compete for sourcing firm Trigold

    16 Feb 2006

    Vertex and Capita are in separate discussions to buy Trigold, with the mortgage-sourcing system set to fetch up to 20m, Money Marketing understands.The outsourcing giants have recently made advances into the adviser market, with Capita buying Webline and Quay and Vertex buying The Exchange and 1st. Industry sources suggest the acquisition of Trigold would fill a hole in either company's proposition.The news has sparked speculation that if either Vertex or Capita does buy Trigold, ...

  • Vertex sets pace with 1st deal

    16 Feb 2006

    Deal could signal a sea-change in the way advisers do business and offer first genuine straight-through process'

  • Virgin Money accuses CBI of blocking pension reform

    20 Feb 2006

    Virgin Money has accused the CBI of adopting a policy of blocking pension reform and urges it to adopt a more positive approach to the pension crisis.

  • Watchdog adjudicators clash over jurisdiction

    16 Feb 2006

    Solicitor accuses FOS of 'gross lack of consistency and quality in decision-making'

  • 'Watchdog report accuses Govt'

    16 Feb 2006

    The Government misled Parliament and the public over pension fund administration and could be left with a 5bn bill for compensation, according to a leaked copy of the Parliamentary ombuds-man's report into whether Government maladmini-stration caused defined-benefit schemes to fail.

  • 'Watchdog report accuses Govt'

    15 Feb 2006

    The Government misled parliament and the public over pension fund administration and could be face a 5bn bill for compensation, according to a leaked copy of the parliamentary ombudsmans report into whether Government maladministration caused defined benefit schemes to fail.

  • Widows boosts bonuses, cuts MVRs

    15 Feb 2006

    Scottish Widows has raised regular bonus rates on its life policies from 0.5 per cent to 1 per cent while unitised with-profits pension policy bonuses have risen by 0.25 per cent to 1.75 per cent

  • Widows boosts bonuses, cuts MVRs

    16 Feb 2006

    Scottish Widows has raised regular bonus rates but payouts have fallen by up to 5 per cent. The firm has cut MVRs after investment returns of 16 per cent last year.

  • Woolwich - Openplan 10 Year Flexible Fixed Rate

    15 Feb 2006

    WoolwichOpenplan 10 Year Flexible Fixed Rate

  • Young people dream of early retirement

    16 Feb 2006

    Over half of people under 30 believe they will retire by 60 despite the likelihood of the retirement age being raised as high as 69.Research by Friends Provident reveals 38 per cent of people aged under 30 aim to give up work before they are 50, with a further 13 per cent believing they will have retired by 55 and 12 per cent by the age of 60.The survey also finds that three-quarters of over-50s believe they will be worse off once they retire compared with just 52 per cent of ...

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