Money Marketing
15 June 2005

  • Investment view

    16 Jun 2005

    It worries me when so many diverse and independent organisations appear to be singing from the same hymn sheet

  • A bungle bundle of post

    16 Jun 2005

    Pencap director Neil Townley got a postbag full of problems and blunders from product providers.His morning's post included a policy document from Legal & General which omitted the trust under which the policy is to be issued, a Scottish Equitable letter about a pension scheme which was renamed six months ago which referred to its old name and a Norwich Union illustration showing neither charges nor commission.It also contained a Clerical Medical apology for failing to collect ...

  • A consumer's View

    16 Jun 2005

    It is difficult to think of one financial scandal that the FSA has prev-ented with its millions of pages of rules

  • A more professional footing for buy to let

    16 Jun 2005

    Figures from Halifax showing that the annual increase in house prices has slowed to the same rate as retail price inflation mean that novice investors are less likely to be att- racted to buy to let.

  • Aaron vows to fight on against the regulators

    16 Jun 2005

    Banned IFA David Aaron has published a wide-ranging criticism of the way that regulators dealt with claims brought against his firm for precipice bond misselling.

  • ABI chief wants Euro legislation review

    15 Jun 2005

    ABI director Stephen Haddrill has called for a review of existing legislation by member state national regulators to identify and address current barriers to an efficient insurance market. Speaking at the European Parliament, Haddrill said member states were guilty of putting up barriers such as tax policies that actively discouraged the cross-border transfer of savings, that were stopping insurance policyholders from getting the full benefit of insurance.

  • ABI wants to put a spanner in 'Euro sausage machine'

    16 Jun 2005

    The ABI is calling for an end to the EU's "legislative sausage machine" churning out more red tape for UK financial services firms.At a briefing, ABI head of EU and international affairs Hugh Savill said the Government and the UK financial services industry had finally realised the damage caused by "gold-plating".He said he hoped the Insurance Mediation Directive, introduced this year, would prove to be the last example of gold-plating and said he was confident of a legislative ...

  • After court battle and Blair blast - knighthoods for L&G and FSA chiefs

    16 Jun 2005

    ...

  • Aifa could go with the tied

    16 Jun 2005

    Aifa is seriously considering widening the net of its membership and allowing tied advisers to join the body, says new director general Chris Cummings.Cummings says it is too early to speculate on whether Aifa would change its name or develop a new structure if tied advisers join. Aifa has a sub-group - the Association of Mortgage Intermediaries - which has its own board and team but Cummings will not be drawn on whether another such sub-group would be dev- eloped for tied advisers.In ...

  • Alliance & Leicester - Remortgage Exclusive: Two Year Flexible Base Rate Tracker

    21 Jun 2005

    Alliance & LeicesterRemortgage Exclusive: Two Year Flexible Base Rate Tracker

  • Another BBB firm goes into liquidation

    16 Jun 2005

    A second Berkeley Berry Birch subsidiary has gone into liquidation with up to 700 creditors set to lose money and facing clawback on commission they never received.BBB said last week that Direct Protect Limited, a non-regulated network, had entered into a creditors' voluntary liquidation due to new regulatory requirements introduced in January.Kroll senior administrator Ian Ainsworth, who is dealing with the liquidation, says there are up to 700 creditors although he could not ...

  • Another level

    16 Jun 2005

    Park Row Corporate & Private Clients director Peter Sprung explains the firm's approach to educating advisers and how striking a blance bet- ween work and personal needs is reaping benefits

  • Arc sets up European property fund and Sipp deal

    16 Jun 2005

    Arc Fund Management is offering a European property fund which will include exposure to residential pro-perty and emerging Europe.Initial charge is 6.5 per cent and annual 2.5 per cent. The fund is aiming for an annual 8 per cent return.Arc has also launched a Sipp, being administered by Pension Associates Lim-ited, so investors can use the pension wrapper's 50 per cent gearing allowance from next April.The firm will use Savills as independent valuers and the fund is being ...

  • Artemis runs with changing face of bond market

    20 Jun 2005

    Artemis Investment ManagementStrategic Bond Fund

  • Baillie says graduates are drawn to work culture

    16 Jun 2005

    Edinburgh fund manager Baillie Gifford believes a distinctive work culture and the opp-ortunity to own a stake in a business continue to attract the best graduates.The firm recruits six graduates a year onto its trainee scheme, with just over two- thirds of its senior partners coming through this channel. Most become investment partners within 12 years although it is common for trainees to progress more quickly.In the first three weeks, all trainees attend an inten- sive course ...

  • Be on the crest of a wave

    16 Jun 2005

    Six lucky competition winners, together with their guests, are being offered the chance to enjoy a day's sailing on the Skandia yacht.Australian Grant Wharington's 98ft Skandia Super Maxi is one of the fastest and most celebrated yachts in the world. It won most major races in the Far East and Australia during 2003 and 2004, including line honours in the 2003 Sydney to Hobart race.The yacht has had a multi-million-pound refit, making it faster than ever, and will begin the next ...

  • Bedlam tells 'churn and burners' not to invest in new Europe fund

    16 Jun 2005

    Bedlam Asset Management hopes its new Europe fund will attract interest from fund of fund managers who have a long-term view rather than a "churn and burn" attitude.The company believes the Dublin-based fund differs from its peers because it covers emerging Europe as well as the more developed Western regions.Fund manager Julian Pendock claims that other European funds which use benchmark indices are quasi-trackers because they all hold the same stocks.Pendock and co-manager ...

  • BM Solutions clashes with rivals over business claims

    16 Jun 2005

    BM Solutions claims it has increased business by 20 per cent since launching its new range last month.BM Solutions & Halifax Intermediaries managing dir-ector Michael Bolton is predicting that the surge in applications following the launch of a new sub-prime range and extra-light and near-prime categories will push its market share beyond its existing 20 per cent of the sub-prime market, causing smaller and mid-sized players to consolidate.But Mortgages plc sales and marketing ...

  • BNP Paribas Asset Management - Parvest Asian Convertible Bond

    15 Jun 2005

    BNP Paribas Asset ManagementParvest Asian Convertible Bond

  • BNP Paribas Asset Management - Parvest Emerging Markets Bond

    16 Jun 2005

    BNP Paribas Asset ManagementParvest Emerging Markets Bond

  • BNP Paribas Asset Management - Parvest World Resources

    16 Jun 2005

    BNP Paribas Asset ManagementParvest World Resources

  • BNP Paribas Asset Management -Parvest World Prestige -

    17 Jun 2005

    BNP Paribas Asset ManagementParvest World Prestige

  • Boost for MAB estate agency adviser links

    16 Jun 2005

    Mortgage Advice Bureau has increased its number of advisers following the me- rger of one of its estate agent partners Newton, Derry & Moore with rival Fallowell & Partners.MAB currently has advisers in each of Newton's six offices and the merger, ren-amed Newton Fallowell, will give it exposure to another eight branches across six counties.This takes MAB's total number of estate agency business partners to over 50 across the UK, with over 250 branch-based advisers.Newton ...

  • Bring me Sunshine

    16 Jun 2005

    IFAs are being offered the chance to play golf at Wentworth in Surrey to raise money for the Variety Club to provide coaches for handicapped and underprivileged children.Since its inception in 1998, this event has funded 43 Sunshine Coaches. This will be the fifth time that the tournament has been held at Wentworth.Many industry organisations have already entered a team this year, including the AITC, DWS, F&C and Lloyds TSB. Informa- tion is available on 020 7537 7489.

  • Bristol & West - Guaranteed Income and Growth GEB

    20 Jun 2005

    Bristol & WestGuaranteed Income & Growth GEB

  • Chadney retires and relinquishes share in company

    16 Jun 2005

    Tom Chadney has retired from Chadney Bulgin and has given up his 51 per cent share.Partners Bruce Bulgin and David Thomas, along with seven colleagues, have a majority share in the business with nine partners having smaller amounts of the equity.There will be no name change but the firm aims to expand. There are 36 advisers with a recruitment strategy to hire four more this year. Recruitment will primarily be focused on mortgage and general insurance advisers with around 70 ...

  • Christows recruits Brewin brokers for Brum

    16 Jun 2005

    Private client stockbroker Christows is opening an off-ice in Birmingham after recruiting six brokers from Brewin Dolphin Securities.The six brokers will join Christows in the coming months and will provide port- folio management for high-net-worth clients, pension funds, charities and tax-efficient investment portfolios.The advisers are Martin Lord, Adrian Quin, Mark Northover, Ian Moseley, Nick Jones and Simon Long.Christows currently manages 675m and is aim- ing for funds ...

  • Citibank gets set for UK multi-tie

    16 Jun 2005

    US banking giant Citibank is to launch a best of breed multi-tie proposition in the UK later this year although it is unable to confirm its panel selection.Citibank, the consumer and corporate banking arm of Citigroup, the world's biggest bank, is set to take advantage of the UK's new depolarisation regime. It is understood that the panel selection has yet to be agreed although some pro-viders are in place.The move comes just a few months after 2,000 of subsidiary firm Citisolutions' ...

  • Close Property Investment - Capital Appreciation Trust, Active Commercial Estates Trust , Healthcare & Leisure Property Fund, Business Centre Properties

    17 Jun 2005

    Close Property InvestmentCapital Appreciation Trust, Active Commercial Estates Trust , Healthcare & Leisure Property Fund, Business Centre Properties

  • Cost of servicing a mortgage is still affordable says Woolwich

    21 Jun 2005

    The cost of servicing a mortgage has stabilised for most according to the Woolwich's new monthly mortgage affordability research.

  • Coulson in court with Zurich

    15 Jun 2005

    Home of Choice managing director Richard Coulson will come face to face with former employer Zurich at the High Court this week. Zurich is seeking clarification on whether Coulson was still in its employment while he began to promote his network Home of Choice, which launches on July 1. Coulson argues he was made redundant after his role ceased to exist within Zurich's Openwork structure.

  • Critical alliance

    16 Jun 2005

    It seems that the world of protection is almost as incestuous as journalism.One of the founding fathers of the critical-illness concept, Dr Marius Barnard, did a UK tour recently to promote the benefits of cover.The Diary has learned that Dr Barnard and his brother Christiaan were apparently taught at medical school in South Africa by the father of LifeSearch managing director Tom Baigrie.

  • Critical cover pioneer sees move to staging

    16 Jun 2005

    Within 10 years, all critical-illness policies will be assessed on severity of condition or reviewed on exercise and health, predicts one of the product's architects.Dr Marius Barnard, the South African heart surgeon who was among the first to develop critical-illness products, has criticised the UK protection industry for its lack of innovation.Barnard says the UK urg-ently needs a new generation of products which work on staging - sliding-scale payouts based not just on whether ...

  • Cummings pressing for more FSA accountability

    16 Jun 2005

    The FSA needs to be accoun-table to IFAs to allow a more effective relationship to be established, says Aifa.Newly appointed director general Chris Cummings last week pledged to take on the FSA and improve communications to members in his talk on board the Oriana.With the recent introduction of the payment menu, Cummings believes the FSA should be conducting an ana- lysis with advisers to test whether the menu is working.He said the FSA's current plan is to test the menu ...

  • Curran questions wrap commitment

    16 Jun 2005

    1st Software executive chairman Rory Curran has questioned the long-term commitment of some wrap providers in the market.Curran stressed the usefulness of platforms in cutting administration costs and sees an increase in the pace of growth of wrap and fund supermarkets, with two or three front-runners surging ahead.But he also asked how long other providers would be able to stay in the market and continue to throw money at these projects.He said wrap platforms would be unwise ...

  • David Dalton - Brown

    16 Jun 2005

    FundsNetwork's executive director launched his career as a torpedo engineer and now he is aiming to make an impact by steaming into the wrap market

  • Debt deal to open up Africa

    16 Jun 2005

    The G8 debt deal could open up African countries as emerging markets for foreign investment, says emerging markets guru Mark Mobius.Mobius, who manages the £1.05bn Franklin Templeton emerging markets investment trust and Oeic, says the announcement on debt relief will have an impact on Africa's investment potential, particularly if conditionality is attached to the debt relief.Conditionality comes in paragraph two of the G8 statement and is designed to encourage countries to ...

  • Delivery of shame all round from pension providers

    16 Jun 2005

    In today's post, I received:(1) A policy document from Legal & General which makes no mention of the trust under which this policy is to be issued (not the first time).(2) A letter from Scottish Equitable about a pension scheme under its old name (scheme renamed six months ago).(3) An illustration from Norwich Union which showed neither charges nor commission. On telephoning them I was told I had to take this up with Commissions Department who, after 19 minutes holding on, still were ...

  • Disparate housewives

    16 Jun 2005

    Zurich protection development manager Gerry Warner says protection products offer the flexibility to cover a wide range of female lifestyles and accommodate changing needs

  • 'Don't ignore debt'

    16 Jun 2005

    Advisers with debt problems should not ignore the situation, warns a debt collection agency.Liverpool-based CBC International commercial director Roy Caligari says advisers should have no reservations about dealing with reputable debt collection agencies, as they will endeavour to work with the adviser to find a workable solution that satisfies all parties.He says: "Due to our long association with the industry, we have an appreciation of such matters as pipeline business, renewal ...

  • Don't jump the gun on annuities, says Melvin

    16 Jun 2005

    Selling annuities before A-Day when clients could get better deals if they delay could prove to be a misselling scandal, warns Pension Transfer Solutions managing director Carl Melvin.Melvin says it is inevitable that many commission-only advisers anxious not to forfeit commission will fail to give clients the option of deferring buying an annuity until after the extra tax-free benefits of A-Day kick in.Many consumers will be entitled to more tax-free cash if they defer taking ...

  • Duffy on Mortgages

    16 Jun 2005

    This is meant to be the quiet season. Yet, as on TV, within the industry there is no shortage of celebrities behaving oddly.

  • DWP announces increase in Pension Credit

    21 Jun 2005

    The DWP has released figures showing 65,000 more individuals started receiving Pension Credit in the first quarter of this year.It says there are now nearly 3.29m people, or 2.7m households, receiving the credit.Pensions Minister Stephen Timms says: "Pension Credit is an immediate and effective way of getting money to the least well off. The additional money has helped this Government lift nearly 2m pensioners out of absolute poverty reducing the scandal of pensioner poverty by ...

  • Edward Jones in big recruitment drive

    16 Jun 2005

    Edward Jones is launching a major recruitment campaign as part of its plans for growth in the UK and its "almost unlimited need" for new advisers.The firm says the move comes after a market assessment showing it was the right time for the expansion of its advisory team. Head of recruiting Andy Greenberg says he is looking for advisers who thrive on working independently, understand the importance of dealing with clients face to face and put customer interests first.Greenberg ...

  • Equitable Life trial continues as Tritton inquiry completes today

    20 Jun 2005

    The Equitable Life trial against its former auditors, Ernst & Young, continues, with the cross examination of Alan Tritton to complete today.Following non-executive director Tritton, former non-executive director Peter Sedgwick and former chairman John Sclater are expected to give evidence throughout the rest of this week. Peter Davis, former non-executive director may start giving evidence towards the end of the week.

  • Equity-release experts' charges are outrageous

    16 Jun 2005

    Well done, Lorna, in highlighting the blindingly obvious in respect of the FSA report on equity release. I fear that the misdeeds of many will continue until significant compensation claims force PI insurers to force brokers to either not offer advice or put their act in order. Since the FSA report, we have had dozen of calls from distressed elderly home- owners who are now gravely concerned by their situation. I was only surprised that the figure of 70 per cent was that low. ...

  • F&C appoints new head of UK small companies

    21 Jun 2005

    F&C has appointed Catherine Stanley as new head of UK smaller companies.Stanley succeeds Sandy Fleming, who is leaving F&C after almost 12 years with the company. The team consists of four fund managers operating from offices in London and Edinburgh managing institutional portfolios, a retail Oeic and two investment trust mandates.

  • F&C appoints new head of UK smaller companies

    21 Jun 2005

    F&C has appointed Catherine Stanley as Head of UK Smaller Companies. She succeeds Sandy Fleming, who is retiring from F&C at the end of July after being at the company for twelve years.

  • Fe4 and Skills Council want CFP to be part of apprenticeship

    16 Jun 2005

    Financial training, education and information company Fe4 is working with the Skills Council to try to make the Certificate of Financial Planning part of the national apprenticeship programme.If the move is successful, it would mean that the financial services apprenticeship schemes which Fe4 are advocating could be free if the candidate is under 25 and does not already hold a degree.The firm is promoting the idea of advanced apprenticeships aimed at 16-24- year-olds or any ...

  • Few advisers have faith in TCF initiative

    16 Jun 2005

    Only 12 per cent of advisers think the FSA's treating customers fairly initiative will restore consumer faith in the industry, according to a PIMS poll by Watson Wyatt.The consultancy firm used interactive handsets during a presentation on TCF to 100 advisers.Only 42 per cent of advisers believe TCF can give them a competitive advantage.Asked whether TCF requires a cultural change in their firm, 41 per cent say moderate change, 37 per cent minimal change and 12 per cent ...

  • Fiasco on the way for pension term policies

    16 Jun 2005

    By Sam ShawA-Day will set off a major misselling fiasco on pension term insurance, claims Scottish Widows market director (protection) Nick Kirwan.He says Icob is a regulatory barrier for protection advisers which will prevent them being able to offer what might be the best protection advice.Kirwan says PTA is closer to protection than pensions and it should be protection experts selling it but they are stopped by flawed regulation.PTA, which Kirwan says should be called ...

  • 'Firm became a sitting duck'

    16 Jun 2005

    David Aaron has attacked the FSA and the Financial Omb-udsman Service over what he believes was collaborative action against his collapsed firm at the time it was being investigated and believes the FSA consistently ignored crucial evidence.He has broken his silence, alleging that the FSA and the FOS were timing operations against David M Aaron (Personal Financial Planners) in the period leading up to the landslide of complaints found against him just after he rec-eived the FSA's ...

  • Firms link to offer marketing courses

    16 Jun 2005

    Small to medium-sized IFAs can take part in a DIY marketing course through collaboration between Quay Software Solutions and The Outsourced Marketing Department.The two Hertfordshire firms will deliver one-day cour-ses entitled, Effective and Practical Marketing for Financial Intermediaries, aimed at the principals of small to medium- sized IFA firms.Delegates can get help with effective and practical marketing skills which enable them to develop their own marketing plans and ...

  • 'Firms paying over the odds for sub-standard advisers'

    16 Jun 2005

    Some bigger IFA firms are being forced to pay over the odds for sub-standard advisers as a skills crisis threatens to push them into bankruptcy, according to AWD chief executive Douglas Gardner.Gardner says there is a fundamental problem with the supply of good advisers and this is creating cost problems. His firm has been in competition with other firms so desperate to rec- ruit that they are paying above the economic rate.Gardner argues that paying so much for advisers, particularly ...

  • Forecast of five million Sipps in 15 years

    16 Jun 2005

    There will be over five million Sipps by 2020, Suffolk Life managing director Henry Catchpole told PIMS delegates.He said responsibility for pensions and health will forced on to individuals, with Sipps being the vehicle for this responsibility.He said it is probable that the product will have changed its name by then and perhaps evolved into something more like US 401(k) plans but the principle will remain.Catchpole sees the market splitting into two, with commodity Sipps, ...

  • FOS could allow more fee-free cases

    16 Jun 2005

    The Financial Ombudsman Service is seriously considering raising the number of fee-free cases for IFAs after pressure from trade bodies.Aifa director general Chris Cummings told PIMS UK 2005 last week he was confident that a rise in the number of cases would be announced in the near future. Although unable to say exactly how many more cases IFAs would get, the figure is believed to be between three and five a year.Cummings has proposed to the Financial Ombudsman Service that ...

  • Four IFA groups link to set up consortium

    16 Jun 2005

    Falcon Group, Independent Financial Services (UK), Financial Synergies and pi finan- cial are creating an alliance called IFA Consortium, which will link their services and client databases.IFA Consortium, which launched last week at the PIMS conference on the Oriana, aims to combine the four members' influences over a spread of private and corporate clients and through national distribution.There will be no changes to the internal structure of the four member groups, which ...

  • Frenkel breakaway team starts fee-based advice firm

    16 Jun 2005

    Six IFA employees of Manchester firm Frenkel Topp- ing have formed a breakaway group called Nestor Partnership offering purely fee-based advice.Frenkel Topping had eleven advisers before the decision by the six who say they have left because they were unhappy with working in a commission-based environment.The new firm got FSA app-roval on June 6 and aims to offer a comprehensive range of fee-based IFA services, specialising in personal injury compensation awards.Specialisms ...

  • FSA handbooks for small firms

    15 Jun 2005

    The FSA is publishing a new series of sector-specific handbooks of its rules and guidance for small firms. The handbooks will cover around 70 per cent of the FSAs regulated firms and are targeted at smaller firms such as insurance brokers, IFAs and friendly societies. They are available on the FSA handbook website, and will appear on the monthly CD-ROM, provided free to authorised firms.

  • FSA is in the firing line

    16 Jun 2005

    It has been a confusing couple of months for the FSA. An appeals tribunal reveals problems with the FSA's investigation and enforcement procedures when challenged by a big insurer.

  • Fund manager warns of Asian short-term storms

    16 Jun 2005

    This could be the time to pull out of Asia as the markets will be most sensitive to any fall in confidence this summer, claims Iimia Investment Trust co-manager Daniel Lockyer.He is reducing the exposure of his trust to Asian markets, for example, by reducing the holding in the Invesco Asia investment trust from around 10 per cent to 7 per cent of the 25m portfolio and says he expects other fund managers to adopt similarly cautious stances over the summer.Lockyer says: "My outlook ...

  • Fund or fee - friend or foe?

    16 Jun 2005

    The debate over how best to remunerate advisers has a particular resonance right now. Depolarisation is a reality and the menu is live.

  • Gadd leaves Morley

    15 Jun 2005

    Alan Gadd has left Morley and is thought to be taking a couple of months out of the fund management industry. He was managing director for Morleys UK and European retail business and responsible for its strategic development and management of corporate marketing and the companys third party sales.

  • High anxiety over low-key PFS

    16 Jun 2005

    On my return from holiday, I was encouraged to see responses to my letter relating to Personal Finance Society members' contrib- utions and assets. Despite a lot of information being helpfully supplied by John Ellis and Yvonne Goodwin about what is now described officially as the CAB project, I would again comment that this matter seems to have been very low-key and neither myself nor my ex-colleagues from the Herts and Beds LIA committee plus a couple of well informed IFAs who ...

  • Higher TERs do not deter Fofs from offshore funds

    16 Jun 2005

    Fund of fund managers say they are committed to offshore investments despite research showing the average total expense ratio on offshore funds is higher than UK-domiciled funds.An analysis of fund charges by Lipper subsidiary Fitzrovia found the average total expense ratio is 2.08 per cent for offshore funds and 1.81 per cent for UK-domiciled funds.But Fof managers such as New Star and Credit Suisse claim they are not deterred from investing offshore as they regard TERs of ...

  • Homing in on US property

    16 Jun 2005

    Sicav US Property FundType: SicavAim: Income and growth by investing in US property company sharesMinimum investment: Lump sum 5,000Investment split: 100% in US property company sharesPlace of registration: LuxemburgCharges: Initial up to 5.75%, annual 1.4%Commission: Subject to negotiationTel: 020 7425 8701The fund aims for income and growth by investing in US property companies, mainly in real estate investment trusts which invest the majority of their assets directly ...

  • IFA Jobs View

    16 Jun 2005

    Positive Solutions has a track record of rec-ruiting from the entire industry and we believe that this policy has helped build a real diversification into our organisation, closely following our brand ideal of Altogether Individual.In the past year, we have recruited heavily from the IFA market, a result that I believe points at several factors. The first of these is the cost of running a directly regulated practice. Many directly regulated IFAs, when conducting a cost analysis, ...

  • IFAs urged to set out customised menus

    16 Jun 2005

    IFAs are missing out on a major opportunity to use the payment menu to differentiate their service to customers, says Informed Choice managing director Nick Bamford.He says all the menus he has seen so far fail to tailor section two of the document which allows IFAs to describe their services in their own language.Instead, he says, firms are sticking to the FSA's standard wording which merely outlines to the client the free initial discussion and the basic advisory function ...

  • iimia appoints Tierney as director of regional sales

    16 Jun 2005

    iimia Investment Group has appointed John Tierney as director of regional sales.

  • In the Works

    16 Jun 2005

    Adviser remuneration: GoodOverall 7/10Three Year Fixed Buy-To-Let 4.85%Type: Fixed-rate buy-to-let mortgageFixed term: Three yearsFixed rate: 4.85%Minimum loan: 25,001Maximum loan: Up to 85% of valuation subject to a maximum of 350,000, up to 80% of valuation subject to a max- imum of 500,000, up to 75% of valuation subject to maximum of 750,000, up to 70% of valuation subject to a maximum of 1m, up to 65% of valuation subject to a maximum of 1mIncome multiples: Rental income ...

  • Independent View

    16 Jun 2005

    Having provided costs and service clarity, we must persude the public to use us, which is where the FSA comes in john winful

  • Industry approaches third phase of 'bull market', predicts Scott

    20 Jun 2005

    The industry is entering the third phase of a bull market, according to Lipper Citywire UK equity income fund manager of the year Ted Scott.

  • Is the joke on us?

    16 Jun 2005

    In common with everyone else, presumably, I am now giving my clients seven sheets of paper (IDD, menu, terms of business) before they even get a four- or five-page mortgage key facts document plus heaven knows how many pages of quotations and key features followed by reasons why letters and application forms. I cannot for the life of me imagine how the FSA expects clients to read, let alone understand, all this verbiage. The whole thing is bizarre. I wonder whether the FSA is having ...

  • Isle of Shuna flexes mussels

    17 Jun 2005

    Isle of Shuna is an enterprise investment scheme which invests in the harvesting and marketing of fresh Scottish mussels.

  • Julian Gibbs

    16 Jun 2005

    I have always been a great admirer of Carl Stick of Rathbones. I like both his special situations trust and his income trust.Rathbone income, in particular, is likely to continue to do well in this difficult market. In the five years since Stick has been running the fund, it is up by over 70 per cent and is second in its sector. Over three years, it is up by 27.7 per cent and is sixth in its sector.Stick is a long-term investor and prefers stocks where there is likely to be ...

  • KFIs scuppering shared owner plan, says Knight

    16 Jun 2005

    The Government's shared ownership propositions are currently unworkable with today's key facts illustrations, according to GMAC-RFC executive chairman Stephen Knight.He believes that the FSA has been restrictive and lacks imagination in a way that will inhibit lender capacity and ability to sign up to the scheme.Knight made his comments to MPs and industry figures at a round table on first time buyers at the House of Commons. He fears that it would be almost imppossible to make ...

  • 'Lack of WP data is making asset allocation harder'

    16 Jun 2005

    With-profits investments are complicating clients' asset allocations because of a lack of information on how asset mixes within funds have changed in recent years, says The Hartford.In a survey of IFAs by the insurer, 93 per cent said they review client portfolios annu- ally and 21 per cent every six months to ensure the asset mix matches the client's risk profile.But The Hartford points out that average equity levels in with-profits funds have fallen from 67 per cent in 2000 ...

  • LatAm focus for Parvest fund

    20 Jun 2005

    The Parvest Latin America fund is one of 60 funds recently registered for distributor status in the UK.The fund aims for growth by investing in equities and equity-related securities of countries in Latin America. This includes Brazil, Chile, Argentina and Mexico, with some exposure to the US.

  • LibDem fears on Sipp tax avoidance have no foundation

    16 Jun 2005

    I write regarding the claims of a tidal wave of tax avoidance on way with changes to Sipps. Liberal Democrat Treasury spokesman Lord Oakeshott, feels advisers will wrongly lead clients down the path of putting residential property in Sipps. How many financial advisers does Lord Oakeshott know? Just because the rules on Sipp assets are changing, which will allow residential property to be held by a Sipp, why does he think that financial advisers, particularly those who remain independent, ...

  • London IFAs beating loan advisers in salary stakes

    16 Jun 2005

    A London-based experienced IFA typically earns half as much again as a fully qualified mortgage consultant, according to recruitment firm Hays.Paraplanners in the cap- ital, far from being the poor relations, also typically earn more than their mortgage consultant counterparts and around the same as experienced tied consultants, the research, provided by Hays Financial Services for Money Marketing, found.Salaries (before commission) across the different career paths vary ...

  • Luxury item

    16 Jun 2005

    BNP Paribas Asset Management has registered 60 of its Luxemburg-based Sicav funds in the UK, providing UK investors with access to these funds for the first time.One of the funds is BNP Paribas World Prestige, which aims for growth by investing globally in companies involved in the luxury goods and leisure industries. Examples of holdings include L'Oreal, Nike, Toys 'R' Us and the Marriot International hotel group.The fund was established in September 2000 and is benchmarked ...

  • M&G raises product charges to 1.5%

    16 Jun 2005

    M&G is believed to be increasing charges on its products from 1 per cent to 1.5 per cent, reigniting fee controversy in the industry.

  • Maughan tipped to head up Morgan Stanley

    20 Jun 2005

    Sir Deryck Maughan is rumoured to be the favourite candidate to take over at Morgan Stanley, following Philip Purcell's resignation announcement last week.Maughan, Briton who was at the centre of the Salomon Brothers restructuring as it amid the scandals of the 1990s.He is understood to be available and interested in the role. Other candidates in the frame include head of Barclays Capital Bob Diamond, and former head of the US arm of Royal Bank of Scotland Larry Fink.

  • Montpelier buys MTM to boost tax services

    16 Jun 2005

    Global IFA firm Montpelier has acquired tax consultancy MTM Group in a move to provide advisory and tax planning services in 10 countries.The expanded business will keep the Montpelier name but will be split into Montpelier Financial Services and Montpelier Taxation Services - borne out of MTM.Montpelier chief exe-cutive David Yelloly re-mains in charge of the group but MTM proprietor Watkin Gittins joins the board as chairman. Gittins will also be chief executive of Montpelier ...

  • Morgan Stanley Investment Management - Sicav US Property Fund

    15 Jun 2005

    Morgan Stanley Investment ManagementSicav US Property Fund

  • Mortgage Next launches exclusive BTL mortgage

    17 Jun 2005

    Mortgage Next is launching an exclusive BTL mortgage funded by Mortgage Express for limited companies.

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

    20 Jun 2005

    Mortgage TrustMortgage Trust Mass Market Buy-to-Let 1 year Fixed Rate

  • Move into multi-manager as markets 'wallow like hippos'

    16 Jun 2005

    Jupiter says its multi-manager sales were very significantly up in the first quarter because of growing Sipp business and investor response to volatility.Like-for-like sales from January to the end of May were up by 72 per cent on last year.Jupiter says client reviews have led IFAs to shift money into what are perceived as safer hands, with markets wallowing about in no direction like a hippo, according to chief executive Edward Bonham Carter.Jupiter points to the performance ...

  • New Star Fofs wary on equity prices

    15 Jun 2005

    The New Star fund of funds team is running cash-heavy portfolios because of concerns over equity prices. It says the stockmarket rally is running out of momentum given the likely deterioration in earnings' growth. Mark Harris, head of the team, says it is being conservative in the short term and has raised large-cap exposure following a re-rating of small and mid-cap firms.

  • Nic Cicutti

    16 Jun 2005

    A good mate of mine called the other day. He wanted to know what to do about his mortgage.

  • 'Oath of integrity needed to stamp out misselling'

    16 Jun 2005

    Advisers should take the fin-ancial advice equivalent of the Hippocratic oath and be expelled from the industry by their peers if they missell to customers, Get Feedback corporate ethics adv-iser Roger Steare told PIMS delegates on board the Oriana last week.Steare told the FSA that treating customers fairly will only work if the words int- egrity and ethics are included in its glossary.He said he believed the principle-based approach of TCF is the way forward for regulation ...

  • Online Sipp aims to halve charges

    16 Jun 2005

    Sipp specialist AJ Bell is offering a packaged online Sipp product which enables residential property to be administered at a lower cost than in standard offerings.The self-invested personal pension, which will be available through AJ Bell's Sippdeal and Sippcentre brands, will be targeted at new entrants, the lower-end of the buy-to-let market and individuals with fewer properties, who are least likely to benefit from scale on their property in pension investments.The online ...

  • Outsource outbreak?

    16 Jun 2005

    Lazard's decision to outsource the admin of its Pep and Isa accounts to Fidel- ity FundsNetwork has raised eyebrows in the industry. Is the supermarket looking to complete its own sweep of the industry's Pep and Isa admin business?

  • Park Row launches academy as it sets qualifications goal

    16 Jun 2005

    Park Row has launched a virtual financial advice academy and aims to be the most qualified group of advisers in the UK in the next two years.Director Peter Sprung says he is fearful of a decreasingly qualified industry brought about by Sandler-style suites of products. He says the challenge is to open up financial advice to the mass market while maintaining standards.Sprung says there is a lack of desire among IFAs to take their certificate of financial planning and he says ...

  • Parvest for the world

    16 Jun 2005

    Overall 8/10Parvest World TechnologyType: SicavAim: Growth by investing globally in companies involved in technology and technology-related sectorsMinimum investment: One shareInvestment split: 52.86% US, 12.51% Taiwan, 10.14% France, 8.75% Japan, 4.5% Canada, 3.34% UK, 2.35% Israel, 5.55% otherPlace of registration: LuxemburgCharges: Initial up to 5%, annual 1.5%Commission: Initial up to 5%, renewal subject to negotiationTel: 020 7595 6466The Parvest world technology fund ...

  • Pension campaigners proposing Canadian-style scheme

    16 Jun 2005

    The Government should abolish compulsory annuity purchase and move toward a Canadian-style retirement income fund, says the Retirement Income Reform Campaign.Although the Pensions Act 2004 introduced alternatively secured pensions as an alternative to annuities from A-Day, the RIRC says the Government has not gone far enough.In its presentation to the Turner Commission, it proposes that individuals should be given the choice at, say, 69 of whether they want to buy an annuity ...

  • People on the move

    16 Jun 2005

    InvestmentCazenove has recruited Peter Harvey (right) from F&C's 140m institutional sterling corporate bond fund, with the aim of giving its bond team of five an alpha-driven culture. Cazenove says it wants to now launch an absolute return bond fund, with Harvey at the helm.Insight has hired a new head of retail IFA sales, Frank McGarry, and made Nigel Whittingham, its managing director of multi-manager and Stuart Alexander, director - global partners, redundant. ...

  • People on the move

    16 Jun 2005

    Life, pensions and othersThe Pensions Regulator has confirmed its executive director line-up with three new appointments to work alongside chairman David Norgorve and chief executive Tony Hobman. Charlie Massey joins as strategic development director in September from the DWP and June Mulroy and Mark Eade are confirmed as business delivery and business support directors respec- tively after both carrying out the job in an interim capacity since February.Gillian Nott ...

  • Percy stands down at SGAM

    15 Jun 2005

    SGAM chief executive and chairman Keith Percy is standing down as chief executive, following his 60th birthday. He will remain involved in the business as executive chairman. John Richards and Alex Buffet will succeed him as joint chief executive officers of Soci? G?rale Asset Management Holdings Limited. Richards and Buffet are currently CEOs of SGAM UKs regulated subsidiaries.

  • Performing arts

    16 Jun 2005

    In my last article, I started to discuss a client whose circumstances are fairly representative of a large number of people seeking up-to-date pension advice.

  • PI firm fails to curb the FOS

    16 Jun 2005

    The failure of a professional indemnity insurer to overturn a financial ombudsman ruling has raised fresh concerns that the watchdog is above the law.Freshfields Bruckhaus Deringer partner Simon Orton claims the high court ruling which found in favour of the FOS proves there is no way of challenging ombudsman decisions and highlights the need for an external appeal mechanism.The case involved two clients of IFG Financial Services who complained to the FOS after they were advised ...

  • PIMS Out of context

    16 Jun 2005

    . "If you are going to work late, do it bloody quietly." - Watson Wyatt senior consultant Mike Williams realises his cabin is next door to the MM newsroom.. "I've got this ship the wrong way round." - An IFA tries to find his way back to his cabin after a heavy night.. "I let him in to turn the bed down. Little did I know he was turning his own bed down." - Watson Wyatt's John Owen on the steward service.. "Do we have to hold hands?" - ...

  • Progress introduces improvements to its online underwriting processes

    20 Jun 2005

    Progress from Royal Liver is improving its online financial underwriting processes to allow larger levels of cover to be accepted.

  • Property funds keep FSA's Lord awake at night

    16 Jun 2005

    Property funds could be the next product to come under the regulator's spotlight, says FSA head of investment small firms division Michael Lord.He said he is being kept awake at night by the trend of client money being moved out of with-profits policies and into property funds without enough thought from advisers on whether this is the best course of action.Lord gave the example of the 61-year-old relative of an FSA colleague who was advised to move all her money out of a with-profits ...

  • Protection - where next?

    16 Jun 2005

    Completing applications online for protection has become an established part of the business process, bringing with it benefits for the client, adviser and provider. But technology has yet to be harnessed fully to imp-rove the speed at which proposals progress from initial application to live policy, in particular during underwriting.

  • Providers link up in bids for big two portals

    16 Jun 2005

    Two consortia of product providers are bidding to buy two of the financial services industry's biggest quotation portals, The Exchange and Assureweb.Existing Assureweb shareholders Norwich Union, Friends Provident, Clerical Medical, Scottish Widows and Aegon plus Standard Life and another provider are understood to be on the verge of buying Assureweb outright within the next few weeks.In a parallel development, The Exchange parent Vertex is believed to have turned down a 15m ...

  • Put to the test

    16 Jun 2005

    L ove exams or hate them (and, yes, there are some who enjoy taking exams), these days, they are embedded in the way of life of most societies.There may no longer be an 11-plus exam in the UK but it has been replaced by tests and exams at every stage of school life and beyond. From the controversial SATS tests in junior school through to GCSEs and the much-maligned A-levels and on into adult life with certificates, diplomas and degrees of all kinds, not to mention the dreaded driving ...

  • Rate expectations

    16 Jun 2005

    A shock could be in store for borrowers whose two-year fixed rates are shortly to expire, says Nicola York

  • Regulator's crack team leads battle against phoenix firms

    16 Jun 2005

    The FSA is monitoring over 150 IFA transfers of assets a month in its fight against phoenix firms.FSA head of investment small firms division Michael Lord told PIMS delegates that the regulator has an internal group of experts monitoring the situation. It aims to to uncover new ways in which firms are attempting to avoid their liabilities, with new scenarios cropping up every month.Reminding delegates of the regulator's recent decision to clamp down on phoenix firms, Lord said ...

  • Resolution still on buying trail after Britannic deal

    16 Jun 2005

    The merger of Britannic and Resolution will create the biggest closed life business in the UK, with six million policies and 35bn of assets under management.Resolution says the combined group will have double the assets of the next biggest player in the market.Although a reverse take-over by Resolution, the deal is being billed a "merger of equals" but Resolution shareholders will get 45 per cent of the equity and Britannic shareholders will get 55 per cent.The enlarged ...

  • Revenue determined to shut pension loophole

    16 Jun 2005

    HM Revenue & Customs is vowing to close a loophole allowing clients to take two lots of tax-free cash.The HMRC says it will shut the loophole that allows individuals moving to alternatively secured pensions from unsecured pensions at age 75 to avoid a second test against the lifetime limit.This had been flagged up previously by HMRC but it did not manage to get it into the Finance Act 2005. It says this will now be incorporated in the Finance Bill 2006.Standard Life marketing ...

  • Rights of access

    16 Jun 2005

    Since the introduction of the pre-owned assets tax, there has been an understandable focus on loan trusts and discounted gift trusts for those who require some continuing access to the funds or assets used in lifetime inheritance tax planning.

  • Roe-Ely moves to Hambro in fund soap opera

    16 Jun 2005

    Nick Roe-Elys move from Tilney to JO Hambro three months after resisting advances from Britannic is pure soap opera, says Hargreaves Lansdown head of research Mark Dampier.In February, Roe-Ely rebutted speculation that he was about to join Britannics fund management boutique, pledging to stay with Tilney because he had put in too much hard work to give it up now.Tilney marketing director Ian Beestin says Roe-Elys success at the Liv- erpool firm has helped raise its profile in ...

  • Sales lifeline

    16 Jun 2005

    Our panel of experts look at falling protection sales and if a new product is the answer, disclosing claim data and distribution channels

  • Savings grace

    16 Jun 2005

    Bristol & West has established the income and growth guaranteed equity bond which combines a guaranteed equity bond with a savings account.The product has a term of six years and allows investors to place up to half of their capital in one of two savings accounts to provide a monthly income.One of the accounts offers 0.5 per cent above the Bank of England base rate for the six-year term, giving a current payable rate of 5.25 per cent a month. The other account is a fixed-rate ...

  • Sink and swim

    16 Jun 2005

    Lynne has been reading about the new pension rules coming into force next April. She is 60 and intends to retire in the next few weeks.

  • Small is valuable for Morgan Stanley

    17 Jun 2005

    Morgan Stanley Investment ManagementSicav European Small Cap Value Fund

  • Standard and FSA should stick to their real jobs

    16 Jun 2005

    I write with regard to remarks made by Trevor Matthews, chief executive of Standard Life, over commission, which I feel are a slur on IFAs who have supported Standard Life over many decades, where I will say that some 90 per cent have used initial commission in one form or another. I also feel that it is somewhat galling for Standard Life to turn round at this juncture, recalling that Standard life itself, when teamed up with the Halifax, was paying the latter's "bucketfuls of commission" ...

  • Standard trust options aid IFAs on IHT

    16 Jun 2005

    Two new trust options from Standard Life aim to make inheritance tax planning easier for IFAs.The gift plan is designed for customers wanting to give money away tax-efficiently, with customers retaining control of gifted money by becoming a trustee. It offers customers the choice of a flexible or absolute trust set up by single or joint settlors. Additional gifts can be made to the plan at any time.The access and option plan gives customers access to their investments with the ...

  • StarGate provides silver screen finish

    15 Jun 2005

    Stargate Capital Management has brought out a capital protected enterprise investment scheme film fund to encourage investment in the film industry while addressing concerns about the potential risk to capital.

  • Stewart Ritchie on pensions

    16 Jun 2005

    If everyone were compelled to join a particular pension, that would be a major simplification, but would it be a good thing, and is the government planning to make such a change?

  • Stock in trade

    16 Jun 2005

    When out on the road discussing Gartmore's multi-manager proposition with IFAs, I constantly meet with objections such as: "I don't need to use a multimanager product - I can select funds for my clients."

  • Stockmarket rise goes unnoticed by investors

    16 Jun 2005

    The rise in the UK stockmarket over the last two years has gone unnoticed by most retail investors, according to res-earch by Merrill Lynch Investment Managers.In the two years to April, the FTSE All-Share index rose by 27 per cent in capital terms and by 35 per cent with dividend income reinvested but 24 per cent of investors questioned by MLIM thought the market had fallen over this period, 22 per cent thought it was flat over the period and 10 per cent did not know which way ...

  • Talkback

    16 Jun 2005

    YES 63%NO 37%...

  • Tenet set to expand in GI and mortgages

    16 Jun 2005

    Tenet Group chief executive Simon Hudson said the group will continue to look at expanding general insurance and mortgages after seeing initial success since the acquisition of Premier Mortgages.The group, with 5,000 members, is taking about 3.5bn in mortgages a year and 3,000 general insurance proposals a month.Hudson says he will not rule out further acquisitions but says he has no fixed interest in the mortgage market as of yet. He says: "Mortgage clubs in particular have ...

  • Terms and conditions

    16 Jun 2005

    Six winners will each receive a hospitality day for themselves and their chosen guest.Skandia Life Assurance Company Limited is providing six prizes consisting of a day's hospitality on the yacht Skandia (or other yacht as notified) from 10.30am to 4.30pm on July 21, 2005, leaving from Ocean Village, Southampton, or such other start location as notified. Skandia will notify the winner of any such change.In the event that the Skandia is unavailable for the day's hospitality, ...

  • The future looks bright for income drawdown

    16 Jun 2005

    Post A-day changes will have a positive impact on the growth of drawdowns, says GE Life product design manager Ray Chinn

  • The pain of rejection

    16 Jun 2005

    How often do you read of individuals who have had their critical-illness claim turned down for not meeting the definition in the policy wording?

  • The SMPs view

    16 Jun 2005

    The Society of Mortgage Professionals has been created by the Chartered Insurance Institute to give a focus to professionals within the mortgage market.

  • The state of pay

    16 Jun 2005

    W hen talk of money turns to salary levels, the topic can prove uncomfortable, even for advisers used to discussing cash matters with their clients on a daily basis.But with competition for high-calibre consultants and support staff riding high, many advisers would do well to discover their true market worth by comparing their salaries with that of their contemporaries.With these themes in mind, Money Marketing commissioned global specialist recruitment and HR services company ...

  • Timms backs socially responsible investment

    20 Jun 2005

    Pensions Minister Stephen Timms has encouraged socially responsible investment in a speech to the TUC Stock Exchange conference.Timms said it was no longer necessary to equate these types of investment with poor returns and urged trustees to consider their benefits.He also told the conference that consultation would begin to achieve the move to 50 per cent member nominated trustees by 2009.Timms said: "It is not unreasonable to take the view that companies with responsible ...

  • 'Total return offers new investment solution'

    16 Jun 2005

    Total return is the new investment solution for UK investors, according to research published by JP Morgan Asset Management.The research showed that nine out of 10 IFAs have clients who would find a cash benchmark fund easier to understand than a fund benchmarked against the FTSE and that 65 per cent of investors would prefer a fund's performance to be compared with cash returns rather than equities.Three-quarters of IFAs would be most likely to recommend a total return prod-uct ...

  • Tri Investments launches new European property fund

    21 Jun 2005

    Tri Investments is launching a new European residential property fund this week, offering investors until June 24 to benefit from a 2 per cent discount.

  • TT and sympathy

    16 Jun 2005

    Scottish Life Inter- national's speed freak-cum-executive director Mike Crellin found himself watching this year's Isle of Man TT races from the sidelines following an injury.The Diary suspects, however, that the pain was as much emotional as physical, as Crellin had blasted round the famous course for each of the six previous years.His TT career stalled when his medical certificate was revoked due to injury last time he raced, leaving him a mere frustrated spectator this time ...

  • Vince Whitefoord

    16 Jun 2005

    The lights are going out in Euro Fantasyland and we have seen the unthinkable with the French and Dutch votes rejecting the new EU Constitution. What is happening to the European dream?

  • Widows puts protection on the menu

    16 Jun 2005

    Scottish Widows is developing a protection "acc-ount", offering a fully flexible wrapper containing the firm's range of protection products.The menu will offer the full gamut of protection products, including term insurance, accident sickness and unemployment, mortgage payment protection insurance, critical-ill- ness cover, income protec- tion, home, buildings and contents insurance.The product will launch by the third quarter next year and Widows says the initial response from ...

  • Widows warns that industry must break through savings mentality

    16 Jun 2005

    The Government and the industry must overcome flawed assumptions about pensions to close the sav- ing gap, according to Scottish Widows.Widows' research indicates that the industry is failing to get to grips with the real issues preventing people from saving.The research, which focuses on people aged bet-ween 30 and 64 and earning 10,000 or more a year, finds that only 55 per cent are on course for an acceptable level of retire- ment income.The report indicates that the ...

  • Winterthur sharpens Professional Edge

    16 Jun 2005

    Winterthur Life has broadened the business consultancy services it offers to advisers to incorporate online client questionnaires to better enable advisers to tailor their services to their customers.The firm is piloting the service, which will form part of its Professional Edge business consultancy services.The Professional Edge team will help advisers tailor questions to their client base, helping them find out more about the sort of service that their clients want, for example, ...

  • Workers backing compulsion

    15 Jun 2005

    Compulsory pension contribution is seen as the way forward by 80 per cent of UK workers, according to a survey by B&CE. The study of 912 UK workers interviewed during March found that 87 per cent said they would be happy to have pension contributions deducted from their salaries if their employer contributed the same amount.

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