Money Marketing
15 October 2003

  • ƈ% price cap would be act of economic illiteracy'

    16 Oct 2003

    If the Treasury raises the 1 per cent price cap to 2 per cent, it will be an act of economic illiteracy creating widespread misselling, the Consumers' Association has claimed. CA senior policy adviser Mick McAteer says the Treasury should not raise the cap above 1 per cent as it would "artificially prop up" the industry. His rationale is that with current Government estimates of pension returns sitting at 6.5 per cent, this would leave only a net ret-urn of 4.5 per cent after ...

  • 'Annuity rates harder to predict'

    16 Oct 2003

    A uniform rise in annuity rates fuelled by an increase in Government lending is failing to materialise so choosing the date to buy an annuity is becoming increasingly difficult, warns The Annuity Bureau. With the Government expected to increase the supply of long-dated gilts to resolve its spending overshoot, annuity rates would normally rise, says the specialist at-retirement IFA. But managing director Peter Quinton says life offices are responding to the market conditions in ...

  • 'Branding chance missed'

    16 Oct 2003

    The public are confused by the offerings from the IFA sector now even before depolarisation occurs, delegates were told by marketing agency CCHM. During the session, branding was seen as a missed opportunity by the IFA sector and delegates were told that there were significant benefits to be gained through branding. However, a lack of money in the sector would hamper any progress that could be made. However, CCHM chairman Lucian Camp said the biggest barrier to branding is the lack ...

  • 29% would avoid pension saving due to means test

    16 Oct 2003

    More than a quarter of people believe there is no point in saving for retirement if means testing will reduce their state benefits. The effect of means testing would deter 29 per cent of people from saving for retirement and push them towards products other than pensions, according to ABI research seen by Money Marketing. Thirty per cent say the issue is irrelevant because the Government will have changed the rules by the time they retire. Only 6 per cent of those surveyed ...

  • A candid view of performance

    16 Oct 2003

    On Thursday, September 25, I stood up in front of 500 IFAs in London at the first of a series of roadshows taking place across the country introducing our new wrap service and multi-manager funds. The timing of that event was significant, coming less than 24 hours after the relaunch of the entire Abbey business. I wanted to put myself in front of as many intermediaries as I could as quickly as I could to hear for myself what they thought about Abbey, what issues they saw for us ...

  • Abbey - Multi Manager Funds - Cautious Fund

    16 Oct 2003

    Type: Oeic fund of fundsAim: Income and growth by investing in bond funds and equity fundsMinimum investment: Lump sum £500, monthly £25 Investment split: UK fixed interest 80%, UK equity 10%, US equity 3.34%, Europe exc UK equity 3.33%, Japan equity 1.33% Pacific Basin equity 2%, Isa link: YesPep transfers: YesCharges: Initial 4.5%, annual 1.15%Special offer: Initial charge reduced to 3% on Pep & Isa transfers ...

  • Abbey - Multi Manager Funds - Equity Fund

    17 Oct 2003

    Type: Oeic fund of fundsAim: Growth by investing globally in equity fundsMinimum investment: Lump sum £500, monthly £25 Investment split: UK equity 50%, US equity 16.66%, Europe exc UK equity 16.66%, Japan equity 6.66%, Pacific Basin equity 10%Isa link: YesPep transfers: YesCharges: Initial 4.5%, annual 1.15%Special offer: Initial charge reduced to 3% on Pep & Isa transfers Offer period: Until April 5, 2004Commission: ...

  • Abbey - Multi Manager Funds - Growth Fund

    17 Oct 2003

    Type: Oeic fund of fundsAim: Growth by investing globally in equity fundsMinimum investment: Lump sum £500, monthly £25 Investment split: UK equity 37.5%, UK fixed interest 25%, US equity 12.5%, Europe exc UK equity 12.5%, Pacific Basin equity 7.5%, Japan equity 5%Isa link: YesPep transfers: YesCharges: Initial 4.5%, annual 1.15%Special offer: Initial charge reduced to 3% on Pep & Isa transfers Offer period: ...

  • Abbey - Multi Manager Funds - Balanced Fund

    16 Oct 2003

    Type: Oeic fund of fundsAim: Income and growth by investing globally in bond funds and equity fundsMinimum investment: Lump sum £500, monthly £25 Investment split: UK fixed interest 45%, UK equity 27.5%, US equity 9.17%, Europe exc UK equity 9.17%, Japan equity 3.66%, Pacific Basin equity 5.5%, Isa link: YesPep transfers: YesCharges: Initial 4.5%, annual 1.15%Special offer: Initial charge reduced to 3% on Pep ...

  • Abbey - Multi Manager Funds - Bond Monthly Income

    15 Oct 2003

    Type: Oeic fund of fundsAim: Income by investing in bond fundsMinimum investment: Lump sum £500, monthly £25Investment split: 100% in bond fundsIsa link: YesPep transfers: YesCharges: Initial 3.5%, annual 0.85%Special offer: Initial charge reduced to 3% on Pep & Isa transfers Offer period: Until April 5, 2004Commission: Initial 3%, 0.25% renewalTel: 0845 984 5845

  • Abbey chief Arnold invites brokers to talks on service

    16 Oct 2003

    Abbey chief executive Luqman Arnold has responded to complaints from top mortgage brokers that the bank's service is not up to scratch with an invitation to discuss the issues raised with him in person. Last week, Money Marketing featured a letter sent to Arnold by mortgage brokers, challenging him to improve Abbey's image with intermediaries and to provide real competition to HBOS. Arnold has written to the brokers inviting them to a round table to air their views. He ...

  • Abbey ties up wrap service

    20 Oct 2003

    ABBEYWRAP SERVICEType: Wrap accountAim: Income and growth by investing in choice of Wrap Sipp, Wrap mini stocks & shares Isa, Wrap mini cash Isa, Wrap Tessa only Isa, Wrap Pep or Wrap Investment PortfolioMinimum investment £100,000Investment split: Client's choice of collective investments, stocks & shares, bonds, gilts, second-hand endowment policies, cashIncome facility: YesCharges: Minimum £600 a year, ...

  • Advice for all pledge by Severn

    16 Oct 2003

    FSA head of retail projects David Severn has pledged to make financial advice available to all, not just those that can pay an up-front fee for it. Speaking at a discuss-ion on the future of IFAs in the UK, hosted by fee-based IFA True Financial planning and marketing firm CCHM, Severn set out the FSA's stall on the long-running debate over how advice should be paid for. Fee-based IFA True Financial director John Baxter and professional body the Institute of Financial Planning ...

  • Adviser Forum works with providers on technology

    16 Oct 2003

    Leading IFA groups are working with providers to improve the way their businesses work using technology. The group of 13 IFAs and 12 providers are negotiating the best ways to develop automated commission processing and e-delivery of client information in the future. The IFAs signed up to Adviser Forum, including Bankhall, Bradford & Bingley, Inter-Alliance, Sesame and most recently Millfield, represent around 70 per cent of IFA distribution by business volume. Members ...

  • Adviser websites offered integration with Cofunds

    16 Oct 2003

    Online solutions builder Screen Pages has teamed up with Cofunds to offer IFAs fully branded and integrated use of the Cofunds service on their websites. IFAs will be able to take advantage of some of the products and services offered by Cofunds, including instant client valuations as well as buy and top-up functionality. Also available will be integration with client information from back-office or online databases, branding, risk analysis, charting and fund performance tracking. Screen ...

  • Advisers urged to act early over PI

    16 Oct 2003

    As the PI renewal season app-roaches, PI specialist firm IFA Mentor is warning IFAs to act early and is offering its services as a troubleshooter. IFA Mentor says October, November and December is typically the busy time for PI cover renewal and warns that poor planning can result in poor results. Managing director Trevor Newham says because PI brokers and underwriters will be inundated with firms looking for cover, IFAs need to act well in advance of renewal deadlines rather than ...

  • Aifa's view

    16 Oct 2003

    Does anyone out there still remember the dawn of regulation in 1988? P-Day? A-Day? At the risk of appearing to enter my anecdotage, I must admit I have some hazy memories from my (junior) desk at the DTI. Clearest among them is a recollection of the queues outside Hartsmere House on the day by which applications for authorisation were to be received. Some brokers (as they then were) had left it to the last minute to find out what they had to do and some were less than happy to find ...

  • Axa bond offering protection choice

    16 Oct 2003

    Axa is offering an FTSE-linked investment bond with a choice of capital protection. The Active Protector bond gives access to four funds providing exposure to the FTSE 100 index. Clients can select whether to invest in a 70 or 80 per cent capital-protected fund. Axa invests part of the funds in cash to provide protection. If there is a fall in the value of the index, the cash element is increased. If the index rises, the cash exposure is reduced, allowing greater exposure to the ...

  • Bad loss for Goodwin

    16 Oct 2003

    Last week, I looked at the private residence and its importance in all kinds of financial planning, especially given the significant increases in value that we have seen. Inheritance tax involving the private residence has hit the headlines in the shape of the Lady Ingram case and, more recently, the Eversden case, both of which sought to facilitate IHT reduction while retaining access to the private residence. Avoiding the gift with reservation rules while achieving IHT saving ...

  • Be a winner in New York prize draw

    16 Oct 2003

    It's up to you! The winner of our Sterling Protected Profits Funds competition will be jetting off to the city that never sleeps. On arrival at JFK, you and your partner will be whisked away by limousine to a top New York hotel where you will be staying for the next three nights. Your time in New York will be your own. You can soak up the culture or shop until you drop in retail heaven. If you want to be a part of it, all you have to do is answer three questions about the Protected ...

  • Big increase in sales of impaired life annuities

    16 Oct 2003

    The proportion of impaired life annuities purchased under the open-market option has increased by 50 per cent in the last two years, according to research from consulting firm Watson Wyatt. In the first half of 2003, sales of impaired life annuities accounted for 27 per cent of Omo annuity purchases, up from 18 per cent in 2001 and 21 per cent in 2002. Watson Wyatt says trend will result in downward pressure on annuity rates for standard or healthy lives. Senior consultant ...

  • Breaking boundaries with the Patients' Passport

    16 Oct 2003

    Conservative proposals to financially compensate people who "unburden" themselves from the NHS by taking out private medical insurance have been applauded by IFAs. The proposals - part of a radical overhaul of the NHS, dubbed The Patients' Passport - have sparkled widespread debate since they were announced by Shadow health secretary Liam Fox at the party conference last week. The Tories claim they will cut hospital waiting lists and give people the choice of where to be treated ...

  • BSA chief Goodfellow in call for review of watchdog

    16 Oct 2003

    Building Societies Association chairman John Goodfellow is calling for the Financial Ombudsman Service to be reviewed by the Treasury alongside the FSA, saying it is offering "uncontrolled compensation" to consumers over endowments. Goodfellow says lenders want to see the FOS and its function analysed because its rulings have an increasingly significant impact on the way that regulation is enforced throughout the industry. He says the FOS' handling of mortgage endowment complaints ...

  • Cable in misselling warning

    16 Oct 2003

    The new Liberal Democrat chief Treasury spokesman Vincent Cable is warning that the industry "could be heading for very difficult times" if the problem of misselling is not add-ressed by the FSA. A reshuffle by party leader Charles Kennedy sees Matthew Taylor moved to Parliamentary chairman and Cable taking the leading economic role. Cable has a three-pronged plan of attack for his new role that will involve tackling taxation, challenging Government spending, which includes plans ...

  • Case for a halfway house on regulation

    16 Oct 2003

    Should decisions about key facts, features or for that matter any other key items in sales documents be left to a voluntary regime rather than the FSA? A call to this effect has been made by the Pensions Protection Investments Accreditation Board, the body which overseas the ABI's Raising Standards initiative. It wants industry leaders to take advantage of the delay to CP170 to make a renewed case for self-regulation. The board believes Raising Standards goes a long way to addressing ...

  • Cash plans to the fore

    16 Oct 2003

    Last month, Datamonitor issued an annual report on the UK health insurance market. The report showed that over the past five years (1997/-2002), the number of private medical insurance individual policyholders has declined. Datamonitor att-ribute this decline to premium rises as insurers struggle to achieve profitability. In contrast, the number of lives covered by cash plans increased by nearly 10 per cent in 2002 so the total number of people covered now exceeds seven million. But ...

  • Clarke's shoes

    16 Oct 2003

    The Diary must apologise to Kenneth Clarke for treading on his toes. While milling around the Conservative party conference centre in Blackpool, the former Chancellor ran into a bewildered MM reporter, who trod all over his trademark Hush Puppies. As the week went on, Clarke made it clear he also had no qualms about treading on the toes of party members, tackling issues as wide-ranging as the Department of Trade & Industry's fate to joining the euro. Hot on the heels of ...

  • Clear Cut aims to take big loan market share

    16 Oct 2003

    National mortgage adviser Clear Cut Mortgages launched this week and hopes to capture a substantial percentage of the UK broking market. The company is independent and fee-free. Based in Cheltenham, it offers advice over the phone but has an agreement with Zurich Advice Network to offer face-to-face advice at customers' homes. Founded and funded by former Winterthur director Robin Tinsley and former St James's Place Capital founder and director John Newman, the company has ...

  • Clerical Medical launches IFA corporate business guide

    17 Oct 2003

    Clerical Medical is posting a guide for IFAs on its website to help advisers increase the amount of corporate business they transact. It includes details of websites for gathering company information, ideas for increasing business through accountants and solicitors and ideas of important questions to ask as part of, or in addition to, a company fact find.

  • Collaborate to cut costs

    16 Oct 2003

    At no time in history has it been more important to remove costs from all parts of our industry. Today we stand on the brink of a new age: the economic models that have worked for the last 50 years are now obsolete. Generations of consumers have been betrayed by politicians, both left and right, yet it is the personal finance industry advisers and providers that the consumers hold responsible for the value of their savings. In an era of declining investment returns there are hundreds ...

  • Conference edge

    16 Oct 2003

    Before going to Bournemouth and speaking at the NAPF fringe meeting, I thought that I would get up to date with where the NAPF is coming from these days. I could not think of a better way of doing this than having a good read of its 2003 yearbook. Well, I am glad I did. It is not often I read something that really makes me think these days but the yearbook did. For a start, the number of people of working age in the UK is now 36 million and the number of people employed is about 25 ...

  • Conference edge

    16 Oct 2003

    The best way to take the pulse of each political party conference is to look at the size of the fringe which accompanies each event. The political fringes work in the same way as the Edinburgh fringe festival, that is, they take over from the main event. The difference is that there are fewer jugglers outside the Labour party conference and not many Australian backpackers build the Conservative party conference into their itinerary. This year's fringes varied in size hugely. There ...

  • Confidence calls

    16 Oct 2003

    Edward Bonham Carter was among several speakers at last week's IMA conference who railed against the huge numbers of funds which clutter the retail market. Responding to the question: "How can the funds industry win back the confidence of investors?", Jupiter's joint chief executive suggested the FSA should relax the rules surrounding mergers in order to slash the spiralling fund count. There are more than 1,800 unit trusts in the UK, few of which register on IFAs' radar ...

  • Correspondent's week

    16 Oct 2003

    Monday mornings always start with a mild panic. What will we put on the front page of Jobs & Money for the coming weekend? What will I say to the designer who appears mid-morning and asks what image I want for this Saturday? Perhaps those PRs and corporate folk who ring up and ask for our advance features list imagine we plan these things months in advance. If only. The morning involves a scramble through the other personal finance sections from the weekend's press. Blast ...

  • Decision trees are a waste of time and money

    16 Oct 2003

    Much has been written about decision trees as a method for the common man or woman to determine whether or not a stakeholder pension plan is the right vehicle through which to save for retirement. I was recently given a copy of the FSA decision tree booklet by a client and read it with interest. First, there are 17 pages of it, more than enough to put off the average working man totally unfamiliar with and bewildered by the whole subject of pensions. One has to wonder what the average ...

  • Delay masks a deeper concern

    16 Oct 2003

    The recent statement by the FSA that the CP170 changes would be put on hold until next spring must have been a relief for providers across the UK already groaning under the weight of other new regulatory changes. But the announcement of delay masks a deeper concern felt by many that clarifying pre-sales documentation does not get to the heart of the problem. In short, bigger numbers of people will not choose to prepare for their retirement just because their policies' key facts ...

  • Digest

    16 Oct 2003

    The reputation of MM reporters as being lightning fast, with an electric charge running through their veins, was reaffirmed at a visit to Norwich Union in York last week. The reporter spent an enlightening day meeting contacts but was alarmed to find something electric pass between her and those she met whenever they shook hands, causing them to jump back in fright and hair to stand on end. Such are the perils of the static electricity-inducing nylon carpets at NUHQ. However, ...

  • Employers could get tax breaks for promoting financial advice

    16 Oct 2003

    Tax breaks for employers offering financial advice to employees are high on the Conservatives' agenda for pension reform. Shadow work & pensions secretary David Willetts has unveiled plans to shake up the pension regime and redirect £11bn of rebates from contracted-out pensions. The plan is a two-pronged attack on means-tested benefits that will include measures to encourage employers to support company schemes. The party is launching a consultation process to ...

  • Equitable wins right to continue case against former directors

    20 Oct 2003

    Equitable Life has been given the green light to sue nine former non-executive directors of the company for £3.3bn after the High Court threw out a request by the directors to reject the case. The former directors' case was based on their belief that Equitable's claim had no real prospect of success. This case and that against the society's former auditors Ernst & Young is expected to start in April 2005.Equitable Life chairman Vanni Treves says: "We are pleased, ...

  • Estate agents in warning on housing packs

    16 Oct 2003

    Most estate agents believe the Government's piloting of home information packs has been totally inadequate. Eighty-nine per cent of National Association of Estate Agents members who responded to a survey said the piloting of the packs so far has been inadequate. Fifty-eight per cent of these called for the packs to be dropped while 42 per cent want them to be repiloted. This supports findings from the housing, planning, local government and the regions committee on the draft ...

  • Exeter Friendly Society launches PMI plan for Malta

    15 Oct 2003

    Exeter Friendly Society is launching a new private medical insurance policy designed specifically for residents of Malta. Exeter will judge contribution rates payable based on the joining age.

  • Fee Based Advice consultancy service

    20 Oct 2003

    Fee Based Advice is launching a new services for members. FBA Consulting will offer advisers guidelines, advice and practical support on business structuring, developing a fee based offering, charging structures, understanding costs, practice promotion and information technology selection on a one to one basis.

  • Fidelity - Multi-Manager Income Portfolio

    21 Oct 2003

    Type: Oeic fund of fundsAim: Income and growth by investing in UK equity funds and bond fundsMinimum investment: Lump sum £1,000, monthly £50Investment split: Equity funds 55%, bond funds 45%Isa link: YesPep transfers: YesCharges: Initial 3.25%, annual 1%Special offer: Initial charge reduced to 3% on lump sum investmentsOffer period: Until November 30, 2003Commission: Initial 3%, renewal 0.5%Tel: ...

  • Fidelity makes debut in unfettered Fof market

    16 Oct 2003

    Fidelity enters the unfettered multi-manager arena this week with the launch of two funds of funds investing in UK and overseas portfolios seeking growth and income. Run by wealthbuilder fund manager Richard Skelt, the multimanager growth and multimanager income portfolios have been two years in testing and represent the group's first foray into the external Fof market. The growth fund, listed in the active managed sector, will be benchmarked against both the FTSE All Share ...

  • Fidelity parades its fund of funds

    16 Oct 2003

    Fidelity has finally unveiled its multi-manager fund of funds after two years spent preparing and testing pilot portfolios.Richard Skelt will manage both the Fidelity multi-manager growth portfolio and Fidelity multi-manager income portfolio. Skelt and his team already run the Fidelity wealthbuilder, moneybuilder global and wealthbuilder target funds.Fidelity multi-manager income portfolio is designed mainly for income although there will be some potential for capital growth. ...

  • FSA could levy advisers for consumer education

    16 Oct 2003

    The FSA is considering levying the financial services industry to help pay for the next stage of its consumer education strategy. IFAs have rejected the suggestion that they should be forced to pay for FSA initiatives, arguing that they already pay enough towards shouldering their share of the cost of regulation. New FSA chief executive John Tiner announced the formation of an advisory group which will consult on the cost of implementing the next stage of the regulator's education ...

  • FSA expands consumer education role

    20 Oct 2003

    The FSA is expanding its consumer education role beginning with the creation of a steering group charged with setting the agenda for the regulator's activities.The group will look at how best to develop and implement a nationwide strategy for the financial education of consumers.It aims to provide information and generic advice needed for making financial decisions. The steering group will be made up of representatives of trade bodies, the industry and consumer organisations ...

  • FSA launches new online assistance for IFAs

    20 Oct 2003

    The FSA has launched a new website specifically for small investment firms. The site aims to help IFAs understand how the FSA regulates firms with less than 26 financial advisers.The site can be accessed on the front page of the FSA website www.fsa.gov.uk by clicking on the box entitled 'Investment Firms'. The FSA says it has plans to build on what is there and to update the pages as and when required.

  • Fund firms fear Cofunds is looking to raise fees

    16 Oct 2003

    Fund groups fear Cofunds' investigation into how they handle registration fees could be a precursor to the supermarket seeking ways to boost its revenue through additional charges. Cofunds has contacted its fund manager clients to discover whether they charge registration fees - essentially admin costs - as a percentage of the value of their funds or on a per client basis. It says it wants to discover how aggregation on to supermarkets affects the way that companies cope with ...

  • Game, offset and match

    16 Oct 2003

    Having recently divorced, I am left with a house worth around £280,000, a mortgage of £90,000 and £30,000 in the bank, which is my rainy-day money. I do not know what the future holds and may draw on it in the future for holidays, replacing my car, incidentals or emergencies. I do not really want to take risks with my capital but am conscious that I may have to if I want to overcome the effects of inflation. I am a higher-rate taxpayer and the best return I can realistically ..

  • Gerrard in rugby deal

    16 Oct 2003

    The Professional Rugby Association has announced a twoyear partnership with private client wealth manager Gerrard to provide investment management advice to its players. Under the partnership, Gerrard will also manage the funds of the newly created charity the PRA Benevolent Fund, which will ensure that players who have to retire from the sport due to injury or illness get financial support. Both parties to the deal will be working to create bespoke products for players. Gerrard ...

  • Growing Key aims to unlock equity release potential

    16 Oct 2003

    Rapid growth in the equity release market means that specialist adviser Key Retirement Solutions is looking to double its advisers to 70 in the next year and increase turnover by 50 per cent to around £6.7m. Key is also interested in acquiring small specialist IFAs. Managing director Colin Taylor says this has proved difficult so far as there are very few IFAs specialising in equity release. Taylor expects the equity release market to double in size over the next two years. ...

  • Home reversion plans can be misleading - Key

    20 Oct 2003

    Equity release specialist Key Retirement Solutions has warned against home reversion plans from companies that rely on small investors to finance their schemes. Key says it will no longer sell plans from these companies as it believes many provide misleading offers and poor value to customers.Managing director Colin Taylor says: "Many of these companies selling reversion plans have poor sales practices such as enticing customers with strong offers which they later drop when they ...

  • HSBC links with Paris firm in bid to boost protected plans

    16 Oct 2003

    HSBC Asset Management is handing over the design of its structured products to Paris-based sister company Sinopia in a bid to offer a more innovative range of protected plans. The first product under the tie-up will be an open-ended plan with an Oeic structure offering a maximum downside risk of just 10 per cent with a moving floor which will ratchet up if the net asset value rises over set periods. There is daily liquidity so investors can exit the plan, which launches next month, ...

  • Ian Muirhead: Put plans into practice

    16 Oct 2003

    In the second article of a series on how IFAs can build up professional business connections, Ian Muirhead of Solicitors for Independent Financial Advice explains how law firms are organised. To be able to work with solicitors, it is helpful to know how law firms are organised. Most solicitors' practices are organised as partnerships and are therefore properly referred to as firms rather than companies. Solicitors' practices are permitted to incorporate as limited ...

  • IFA attacks NU over MVR on with-profits plan

    16 Oct 2003

    An IFA has criticised Norwich Union for applying a market value reduction on a with-profits investment taken at normal retirement date. Intelligent Pensions technical manager David Trenner, who did not originally place the business, says NU should not accept funds knowing that an MVR will apply if benefits are taken at the stated retirement date. But NU says the conditions were in the product's policy document and that it has to have the right to place an MVR on short-term money ...

  • IFA profile: Lifeboat Financial

    16 Oct 2003

    Someone from a decade ago casting his eye casually around the IFA market these days might be a little surprised to find so many figures from the "old enemy" Allied Dunbar in the thick of things in the IFA market. Lifeboat Financial is one of those groups, led by chief executive David Kitchen, a former director of a top three Dunbar practice. The group is making an impact in IFA circles building a 120-strong IFA practice but perhaps its best-kept sec-ret is its non-reg side, with 1,500 ...

  • IFAs cautious over AMP deal

    16 Oct 2003

    IFAs remain unconvinced that policyholders will be protected from possible uncertainties surrounding AMP's proposed demerger following the FSA's decision to give the Australian insurer a conditional go-ahead. The FSA gave its approval last week but warned it can still pull the plug if any new information comes to light. It has pledged to continue monitoring the situation closely. The deal struck involves AMP agreeing to commit an extra £34m capital to the £157m ...

  • Independent view

    16 Oct 2003

    Hallelujah, I cried! At last, a regulatory decision had gone the way of common sense and in the EU, no less. All praise to Theresa Villiers, Tory MEP and economic spokeswoman, who successfully forced through her amendments preventing the execution-only system from being destroyed by the investment services directive although unfortunately it may not be the final hurdle. The threat remains that brokers will be required to carry out suitability tests on all new clients and provide guidance ...

  • Insurers told to look at risk from client perspective

    16 Oct 2003

    Insurers must analyse the risk profile of products from customers' perspective if they want to avoid misselling fines such as the one slapped on Lloyds TSB, says human resources consultant Watson Wyatt. It says providers risk penalties such as the £2m FSA fine and £98m compensation that Lloyds TSB has been asked to pay for misselling its extra income and growth plan. Watson Wyatt says pointing out risks in product literature is not enough. The Lloyds TSB product ...

  • Investment analysis

    16 Oct 2003

    Global equity markets enjoyed another solid week as investors remained upbeat about the prospects for the world economy following the release of the latest batch of generally positive data. Over the week, the FTSE World index gained a further 1.4 per cent, taking its rise since the start of the year to 21.1 per cent. The index has now jumped 36 per cent from the near seven-year lows of October 2002. In the US, a further set of encouraging unemployment numbers helped all the major ...

  • Investment view

    16 Oct 2003

    It was with much interest that I read the French had launched a pre-funded State pension scheme. Given the somewhat reactionary nature of some French Governments and the very vocal opposition which emerged recently to a planned reduction in the role played by the welfare state across the Channel, I would have thought such a move would have been a long way down their list of priorities. But it is up and running and already worth several billion euros - not sufficient, it is true, but then ...

  • Investors growing wary of UK growth prospects

    16 Oct 2003

    Investors are feeling less confident about the prospects for the UK market after two months of growth. The Ample investment sentiment barometer for September dropped to 61.5 from 63.3 in June, which Ample says is the result of investors reining in their recent enthusiasm for the UK market. It says the next few months will show whether this is just a blip or the beginning of a downhill slide in sentiment. The barometer is based on a survey of 1,400 registered Ample users, who ...

  • io its off to work Gregory goes

    15 Oct 2003

    IO UNIT TRUST MANAGERS UK Income & Growth Fund Type: Unit trust Aim: Income and growth by investing in UK companies Minimum investment: Lump sum £1,500 Investment split: 100% in UK companies Isa link: Yes Pep transfers: YesCharges: Initial 5%, annual 1.2% in first year, thereafter 0.9-1.5% Commission: Initial 3%, renewal 0.4-0.65% Special offer: Initial charge reduced to 4% Offer period: Until ...

  • Julian Gibbs

    16 Oct 2003

    Many IFAs will welcome the return of Tim Gregory, former top income fund manager at Gartmore, who is going to manage a new UK income and growth fund on behalf of io unit trust managers, a subsidiary of the big South African insurance company Sanlam. Gregory is one of the few quality income fund managers. His stock-picking skills, combined with his ability to assess economic factors, should give the competition a good run for its money. He has won many awards for the performance ...

  • LibDems appeal to Blair to drop £1.4m lifetime pensions limit

    16 Oct 2003

    The Liberal Democrats are calling on the Prime Minister to drop the £1.4m lifetime limit on pension saving because it would create a tax rate of 60 per cent for thousands of people. LibDem Treasury and pensions spokesman Lord Oakeshott has written a letter to Tony Blair, calling on him to admit that the Treasury was wrong when it predicted the lifetime limit would punish just 5,000 people. Oakeshott says the Government is guilty of double standards by objecting to the LibDem's ...

  • Liv Vic 2 per cent extra allocation offer soon to end

    21 Oct 2003

    Liverpool Victoria's extra 2 per cent allocation offer on its with-profits growth bond has less than two weeks to run, finishing on October 31.At the end of June Liverpool Victoria introduced product enhancements on the bond including improved trail commission opportunities for advisers and a money back guarantee on the policy's 10th anniversary, as well as the removal of early exit charges on death.The bond has a minimum investment of £10,00 and a maximum of ...

  • Lords' case may have PI implication

    16 Oct 2003

    Lloyds TSB has taken an internal dispute over which part of the group should pay its £100m pension misselling liability to the House of Lords. Legal experts say the Lords' ruling could make it easier for PI insurers to avoid paying out in future but they think most pension misselling cases will be unaffected as they are already settled. In the case of Lloyds TSB • Lloyds Bank Group Insurance, the Lords ruled that claims for pension misselling should not be ...

  • M&G recovery fund upgraded by S&P

    17 Oct 2003

    Standard & Poor's has upgraded Tom Dobell's M&G recovery fund to AA in its latest review of the UK Growth sector. The fund invests in a diversified range of companies that are out of favour or in difficulty, or whose future prospects M&G feel are not fully recognised by the market. M&G fund manager Tom Dobell says: "The M&G recovery fund is a special fund, with an enormous amount of goodwill towards it from many shareholders who have made huge capital gains over the ...

  • Mark Lofthouse on Online Mortgages

    16 Oct 2003

    Mortgage introducers have certainly embraced online mortgages over recent years. In fact, over half a million mortgages will be completed online this year alone across Europe, according to Forrester Research. It is the UK mortgage market that has stolen the march from our European counterparts, having accounted for twice as many internet mortgages than second place Germany. Most major UK lenders now offer electronic or online solutions for mortgage submission both direct and via ...

  • Marketplace at B&B sets up two-year stepped loan

    16 Oct 2003

    The MarketPlace at Bradford & Bingley is offering an exclusive two-year stepped discount mortgage with a starting rate of 2.04 per cent. The product has a 3.5 per cent discount from The Marketplace's standard variable rate (currently 5.54 per cent), giving a rate of 2.04 per cent until December 1, 2004. This is followed by a 1 per cent discount in the second year, giving a current rate of 4.54 per cent. The MarketPlace says this gives the product an average pay rate of 3.29 ...

  • MCCB launches seminars to prepare for 'mortgage day'

    17 Oct 2003

    The Mortgage Code Compliance Board has launched a series of seminars that will offer practical help to firms preparing for 'mortgage day'. The seminars will focus on practical implementation of the new FSA rules.Compliance director Richard Fox says: "Based on our wide experience of compliance issues and in running successful Mortgage Code related training events we anticipate a strong demand for the seminars, so I would advise firms to act quickly in reserving the places ...

  • MEP warns over 'dire effects' of directive vote

    16 Oct 2003

    The UK has lost a key vote at the EU Council of Ministers that could threaten the future of execution-only business and the Sandler suite of products. MEP Theresa Villiers believes that the move by the council to obstruct the amendments she proposed to the investment services directive could have dire effects for the financial services sector in the UK. Speaking at the Conservative party conference in Blackpool last week, she said the result could see the cost of execution-only ...

  • Morley appoint new CFO

    21 Oct 2003

    Morley Fund Management has appointed a new chief financial officer, subject to regulatory approval. David Watson joins the company and will be appointed to the Morley board. Watson was most recently group finance director of M&G Group, joining M&G as finance director in 1994.At Morley, Watson's role will include responsibility for the finance team as well as the compliance, business risk and legal functions. Morley chief executive Keith Jones says: "We are delighted ...

  • Mortgage Express launches lifetime mortgage

    21 Oct 2003

    Mortgage Express today launched an equity release mortgage for the first time. The new product has a fixed rate of 6.74 per cent. Loan to value starts at 25 per cent (aged 60) and increases by 1 per cent each year up to a maximum of 55 per cent.The loan is portable to another property, and further advances are available after the first year following completion of the initial advance. There is a drawdown facility up to the maximum loan to value allowed, in the first year, ...

  • Most workers will retire on less than 40 % earnings - JP Morgan Fleming

    20 Oct 2003

    Over half of UK workers will have a retirement income of less than £8,600 according to research by JP Morgan Fleming. The survey shows 53 per cent of workers can expect less than £8,600 in today's money, less than 40 per cent of their salary when they reach retirement. JP Morgan Fleming says people in work will have to increase their saving by an average £280 a month to achieve a retirement income of 50 per cent of their final salary.JP Morgan Fleming ...

  • Multi team finalised at Insight

    16 Oct 2003

    Insight says recruitment for its multi-manager fund management team is complete after two final appointments. Eugen Fostiak has been appointed deputy director of strategy and portfolio construction and Francois Zagame has been made deputy director of fund and manager selection. Fostiak will report to Ana Cukic-Munro, director of strategy and portfolio construction, while Zagame will report to director of fund and manager selection Patrick Armstrong. He currently works for UBS ...

  • Nationwide introduces rate guarantee on internet savings account

    21 Oct 2003

    Nationwide Building Society is guaranteeing that the interest payable in its e-Savings internet savings account will match or better the Bank of England base rate until 31 March 2005.Nationwide is also raising of the maximum investment limit from £50,000 to £2 million. The curret interest rate is 3.5 per cent, the same as the Bank of Engand base rate.Nationwide marketing director Steve Clode says: "These changes will allow savers to invest more than ever and ...

  • No offence taken

    16 Oct 2003

    In a week that saw him in New York shooting Saturday Night Live and working on a sitcom with Whoopi Goldberg, the high point of Gladiator star Omid Djalili's week was surely his spot at the ABI media awards in London. The Iranian stand-up comic and actor is understood to have wanted to work with the master of ceremonies, Richard Whiteley of TV's Countdown, for some time. Djalili hit the collective funnybone with a description of his time at Feltham Young Offenders' Institute ...

  • NS&I sets up sixth guaranteed bond

    16 Oct 2003

    National Savings & Investments is offering a new guaranteed equity bond which it says offers 95 per cent of the upside of the markets and none of the downside. Available from October 14 to November 24, the bond is NS&I's sixth guaranteed equity bond but this the first time that it has been offered as a participation bond, meaning that it has no maximum limit on returns paying a proportion of the growth in an index. In this case, investors get a gross return equivalent ...

  • NU pledge to market suite if price cap is right

    16 Oct 2003

    Norwich Union is vowing to aggressively market the stakeholder suite of products if the Treasury gets the price cap right. Life and pensions sales and marketing director Peter Hales says if there is a reasonable move away from 1 per cent, NU will be able to offer extensive distribution of the products. It is currently carrying out a scenario analysis to see what price cap levels are acceptable. Hales says a 2 per cent cap, as rumoured to be the suggestion to the Treasury by B&W ...

  • NU warns advisers on equity-release rates

    16 Oct 2003

    Advisers should be wary of equity-release plans quoting interest rates which are convertible monthly as they are more expensive than they appear, according to Norwich Union. NU is concerned about the way that some providers present equity-release interest rates in their product literature, saying the literature does not always make clear to advisers whether the advertised interest rate is monthly, annual or a hybrid of the two. It says a monthly rate can look favourable but is ...

  • Nvesta comes before its reputation

    17 Oct 2003

    NVESTASecure TrackerType: Guaranteed equity bondAim: Growth linked to the performance of the FTSE 100 indexMinimum-maximum investment: £3,000-£2m, Isa £3,000-£7,000Term: Six yearsGuarantee: Original capital returned in full regardless of performance of FTSE 100 indexReturn: Up to !00% growth at end of termClosing date: November 7, 2003, Isa/Pep transfers October 31, 2003Commission: Initial 3%Tel:020 ...

  • On the non-critical list

    16 Oct 2003

    While private medical insurance policies do not generally cover chronic conditions such as Alzheimer's disease, they do cover critical illnesses, including cancer. But comprehensive cover is expensive, leading some IFAs to call for products which exclude critical-illness cover in order to get premiums down and avoid any crossover with CI insurance. This might appear to be the logical next step in a market which has increasingly moved away from a one-size-fits-all approach with ...

  • Out of context

    16 Oct 2003

    •"He is the Quentin Tarantino of financial services." - Mills again on Porter's success in getting the "f" word into the Financial Times without the use of asterixes. •"Welcome to McDonald's. Can I take your order? Oops, got it wrong." - IFA's teenage son, doubling as a receptionist, picks up the phone to MM reporter. •"I feel ragged like a tramp's blanket." - Hargreaves Lansdown's Tom McPhail reflects on the internal effects of an awards ceremony ...

  • Panacea or placebo?

    16 Oct 2003

    The case of Bedford pensioner Yvonne Watts, 72, who hoped to force the NHS to pay for her to be treated abroad, has placed more pressure on an already pushed health service. Watts failed to persuade the court to order the NHS to pay for a hip replacement operation she had in France after the High Court decided she had not suffered an undue delay. But the judge ruled in principle that other patients can go abroad for treatment and expect the NHS to pick up the tab. It is just these ...

  • Paragon accesses new funding market

    15 Oct 2003

    Paragon has completed a financing that totals US$1.2 billion backed by prime buy-to-let mortgages.This is the largest securitisation by Paragon to date and brings its total issuance to £8.3 billion through 41 public transactions.For the first time, Paragon has offered bonds in several currencies attracting new investors in the United States and Continental Europe. Demand was strong across all currencies and the transaction size was increased in an attempt to satisfy ...

  • Pink Home Loans - Parachute Mortgage

    20 Oct 2003

    Type: Menu-style impaired credit tracker mortgageTracker term: Life of loanTracker rate: Bank of England base rate plus 1%Payable rate: 4.5% subject to base rate loadingsMinimum loan: £25,001Maximum loan: Up to 85% of valuation subject to a maximum of £400,000, up to 75% of valuation subject to a maximum of £500,000Conditions: Base rate loadings- up to 2.5% added to base rate depending on amount borrowed, up to 0.75% ...

  • Platform raises £3500 for children's charity

    15 Oct 2003

    Platform, along with guest introducers, intermediaries and business partners, has raised £3,500 for donation to Children in Crisis.The money was raised at a series of golf events, with players being asked to report on eachother's indiscretions while playing their rounds. Donations were then made in the form of fines.Head of sales Jeremy Duncombe says: "We're delighted to donate this money to Children in Crisis to help protect and improve the lives of children ...

  • Platinum Wealth Management - Platinum Savings Programme

    20 Oct 2003

    Type: Hedge fund savings planAim: Growth by investing in a portfolio of hedge funds and funds of hedge fundsMinimum investment: £150 a month or £1,200 a yearMinimum term: 10 yearsInvestment split: Platinum allweather fund 35%, Platinum equity plus fund 30%, Platinum Washington fund 20%, Platinum Turnberry Fund 15%Place of registration: Cayman IslandsCharges: Annual 1%Commission: Subject to negotiationTel: ...

  • PPIAB wants new push for self-regulation

    16 Oct 2003

    The PPIAB is urging the insurance industry to pounce on what it describes as a "window of opportunity" to renew the push for a voluntary disclosure regime. The accreditation body for the Raising Standards initiative believes the environment is ripe for a renewed push, especially following the FSA's delay to CP170. PPIAB chairman Sir Michael Bett says the industry does not need a prescriptive box-ticking-style regime but one that causes a cultural change in companies in favour of ...

  • Product matters

    16 Oct 2003

    Does it take luck or nerve to launch a new fund in these markets? I am not sure although a global resources fund is probably a surer bet than, say, an Outer Mongolian healthcare fund at the current time. First State is about to launch a global resources fund and you may not know it but it has got considerable experience and expertise in this area, managing £364m at this time. The team of four managers has over 48 years' experience in the global resources sector and is led ...

  • Provider fears on small firms

    16 Oct 2003

    Representatives of product providers and the FSA have admitted their concerns over dealing with small IFAs in the future. The admission, at last week's True Financial Planning-sponsored round table discussion on the future of IFAs, comes at a time when many in the industry have similarly expressed concern about how small IFAs will be able to compete with bigger players. Scottish Widows intermediary & partnership director Robert Wylie said he believes most life companies ...

  • Record mortgage lending in September - CML

    21 Oct 2003

    Gross mortgage lending reached £25.7 billion in September up from £23.7 billion in August, according to the latest figures from the Council of Mortgage Lenders. Thirty one per cent of loans for house purchase were taken out by first time buyers in September, up from August's low of 26 per cent but still lower than September 2002's figure of 28 per cent. The CML says total lending is now on course to reach £270 billion in 2003, compared to £219 billion in ...

  • Regulatory costs will price out smaller IFAs

    16 Oct 2003

    Never having put pen to paper in the past 20 years, during which time I have been running our practice, recent events have prompted me into action. Our industry, as we are all aware, has, over recent years, experienced an onslaught of legislation, regulation and compliance issues ostensibly for the benefit of our clients. They, however, feel there is little value in the continuing destruction of our rain forests and, in the main, little interest in the explanatory statistics we are ...

  • Retrospective compensation scheme needed - Webb

    21 Oct 2003

    The Government should set up a retrospective compensation scheme for workers who have lost their final salary pensions benefits because it is government legislation that caused their loss, says Liberal Democrat pensions spokesman Steve Webb.Speaking at the ABI - Money Marketing Saver Summit in London today, Webb also said the Department for Work and Pensions should admit it will have to stand behind the Pension Protection Fund as lender of last resort if it falls into deficit.Webb ...

  • Ruffer Investment Management - CF Ruffer Baker Steel Gold Fund

    21 Oct 2003

    Type: OeicAim: Growth by investing in gold and precious metal-related companiesMinimum investment: Lump sum £1,000Investment split: 100% gold and precious metal-related companiesCharges: Initial up to 5%, annual 1.85%Commission: Initial 3%, renewal 0.5%Tel: 020 7529 7936

  • Sarasin offers income and protection

    20 Oct 2003

    Sarasin has brought out a new issue of the Sarasin globalsar principal guaranteed note.This capital-protected fund invests entirely in the Sarasin CI globalsar sterling balanced fund, which is a Guernsey-based unit trust. The underlying fund has a 15-year track record and invests globally in a combination of equities, bonds and cash. Its objective is to achieve capital growth with lower risks than a pure equity fund. Current holdings include John Lewis, ...

  • Schroders makes Europe its playground

    15 Oct 2003

    Schroders has introduced the Schroder European alpha plus fund, a unit trust which uses a similar investment process to its UK alpha plus fund.The new fund will invest in a portfolio of between 40 and 80 European stocks excluding the UK. The fund manager, Adriaan de Mol van Otterloo, already manages Schroder WMF European equity, Schroder ISF Italian equity and Schroder ISF European active value fund.With the new fund, he will look for undervalued companies left behind by ...

  • Sesame set for NU clash over claims of Tesco favouritism

    16 Oct 2003

    Mega-network Sesame has pledged to fight the board of Norwich Union for a better deal for its members in response to their complaints over price favouritism towards Tesco Personal Finance. Sesame commercial director Martin Davis says since being made aware of concerns, he has approached NU "at board level", calling for an answer to members' complaints. He also says Sesame would not hesitate to drop a provider from its panel if members "completely fell out with it". Members ...

  • Skandia Investment Management- Bond Income Fund

    15 Oct 2003

    Type: Oeic fund of fundsAim: Income by investing in bond fundsMinimum investment: Lump sum £1,000, Isa/Pep transfers £10,000, monthly £50Investment split: Merrill Lynch corporate bond mandate 18%, Threadneedle High Yield Bond Fund 18%, Goldman Sachs sterling bond mandate 10%, BGI Sterling Bond Fund 18%, Goldman Sachs global high yield fund 18%, Fidelity moneybuilder high income fund 18%Isa link: YesPep transfers: ...

  • Split decision on multi-ties

    16 Oct 2003

    On the surface, support for sustaining independence would seem to be widespread throughout the IFA community - especially given the nomenclature. But in reality the industry is split over the independence of advisers and almost half see multi-tying as an option for their future post-depolarisation. A Money Marketing survey has revealed that only 51 per cent of IFAs are determined to stay independent after depolarisation. This is the largest survey ever on the depolarisation issue, ...

  • Stuart Louden

    16 Oct 2003

    Hargreaves Lansdown investment director Stuart Louden has mulled over many careers but, until now, pursued only one. After nine years as a fund manager with HL, the company he joined straight from university, he is constructing an investment operation he hopes will change the way the industry does business. The operation is HL's FundsLibrary, a database set to provide IFAs, stockbrokers, fund supermarkets and other financial services firms with compliant - and very comprehensive ...

  • Swift action needed for working scheme members - Willetts

    21 Oct 2003

    Conservative pensions spokesman David Willetts has called on the Department for Work and Pensions for swift action to deal with the problems caused for working scheme members by the existing priority order on scheme windup.Speaking at the ABI - Money Marketing Saver Summit in London today, Willetts said he accepted it was a Conservative policy - contained in the 1995 Pensions Act - that had contributed to what he described as "undefendable inequalities", but said it was now the ...

  • Talkback

    16 Oct 2003

    "Yes but, from my perspective, I am quite happy with The Exchange. As far as I'm concerned, it does the job and if it 'ain't broke don't fix it.' I don't think the move indicates any thing in particular." Wesley Haslett, Andrews Insurance Life & Pensions "No, I think The Exchange is still the number one quotation engine." Norma Fallows Norcrest Financial Services "Yes, Towry Law's decision will help to promote real competition in the industry which ...

  • Tensions at the interface

    16 Oct 2003

    Not many people get the chance to talk about pensions to civil servants and politicians on a regular basis. It can be very frustrating but it does give you the opportunity to understand a little about how and why things happen. On June 17, I attended a lecture given by the Prime Minister about the high-level objectives for the future. This might be loosely translated as the agenda for a third-term Labour government. It was all about service delivery, especially in health and education. I ...

  • Term rates rise at NU and LiverpoolVic

    16 Oct 2003

    Norwich Union and Liverpool Victoria will be raising term insurance rates from next week. NU's term rates, with no options, will increase by an average of 1.2 per cent while mortgage cover, with no options, will go up by 5 per cent. LiverpoolVic is increasing rates on level term insurance only by an average of 14 per cent for smokers and 3 per cent for non-smokers. Both companies say pipeline business is unaffected. NU head of protection product development Lawrence ...

  • This year's module

    16 Oct 2003

    The new examination system will have a profound impact on the shape of the financial advisory profession. The FPC has had more effect on the quality of financial advice than the rule-books of all three generations of regulators we have lived under. The industry has now had the opportunity to look at the shape of the proposed new examination system and it is generating some anxieties. We know little of the detail of the new system but we have been shown a picture - in fact several pictures ...

  • Thomson's seeks 100 IFAs in UK expansion

    16 Oct 2003

    National IFA Thomson's Group is planning to recruit 100 IFAs across the UK, backed by German parent company AWD. AWD has 5,000 advisers throughout Europe, with 250 based in 20 regional offices around the UK, but is looking to refocus distribution in the UK and boost numbers to at least 350 within six months. AWD bought Thomson's Group at the end of 2001 as part of a strategy to move more aggressively into the UK advice market. Most of Thomson's income is generated ...

  • Tied advisers top IFAs over fixed-interest fund sales

    16 Oct 2003

    Tied advisers sold on average three times as many fixed-interest funds compared with IFAs and direct investors over the last year, according to figures from Bestinvest. Based on IMA figures, the Bestinvest research shows that in the year to August, 69 per cent of funds sold by tied advisers were fixed interest and 31 per cent were equity based. Funds sold by IFAs were split 22 per cent in fixed interest and 78 per cent in equities while direct investors' funds were split 24 ...

  • Top firms increase share of pensions

    16 Oct 2003

    The top 10 pension providers accounted for 74 per cent of the pension market in 2002 while those outside the top 20 have seen their collective market share decline by more than half since 2000, according to research from Datamonitor. Standard Life claimed the largest share of a total pension market in 2002 of £4.8bn annual-premium income with 16.9 per cent market share, with Norwich Union in second place with 11.1 per cent. But Datamonitor expects NU's market share to ...

  • Tory savings plans flesh out lifetime package

    16 Oct 2003

    The Conservative Party is developing a range of savings policies in response to the Government's Sandler suite which it will unveil in six months. The series of proposals are believed to be a fleshing out of the framework of the lifetime package already outlined by Shadow work & pensions secretary David Willetts. The Conservatives want to replace Isas with a lifetime savings account designed to offer a cradle to grave savings plan to which the Government would also make contributions. The ...

  • Trinity holds key to IFA freedom

    16 Oct 2003

    IFAs want the freedom to run their own businesses while keeping providers at arm's length which is why Trinity has set up the first IFA co-operative, according to director Brian Collinson. Collinson believes the networks are not keeping pace with the rate of change but says he has found a viable and productive alternative to the network model. He suggests the old model was transitionary and suitable for IFAs looking for support to become regulated 10 years ago. He says advisers ...

  • Tulloch seeks bigger stocks for focused funds

    16 Oct 2003

    First State Investments is rolling out focused Asia and emerging markets funds for star manager Angus Tulloch while moving to curb investment into his existing portfolios. The Asia Pacific and global emerging markets leaders funds will be run in the same fashion as Tulloch's current portfolios but will invest only in mid to large-caps stocks with a market capitalisation of at least $1bn. The funds will hold around 30-60 stocks - far fewer than the 50-100 in the existing Asia ...

  • Two-brains Willetts rises above the squabbles

    16 Oct 2003

    While Iain Duncan Smith's walkabouts go largely unnoticed even among his own party these days, William Hague is greeted with rapturous admiration from old ladies and others under the impression that he is on a comeback tour. IDS would have done well to find allies among the multitude of blue rinses that flocked to Blackpool. But if he pauses to remove the knives from his back after the conference, he should probably reflect on those who stayed resolutely away from the leadership ...

  • Vantis buys Tolson to aid employee benefits

    16 Oct 2003

    Aim-listed Vantis Morgan Nevill is buying IFA Tolson Messenger Financial Services for an undisclosed sum in a deal that will boost its RI numbers to 14 from its current 10. Vantis Morgan Nevill is the IFA arm of Aim-listed Vantis plc, the accounting and business advisory group which has over 380 staff operating through 13 offices in the UK. Vantis Morgan Nevill wants Tolson Messenger's employee benefits expertise to facilitate the firm's transition from a traditional IFA ...

  • Verity's view

    16 Oct 2003

    Question: what do Iain Duncan Smith, David Willetts and Oliver Heald have in common with left-leaning Old Labour stalwarts such as Rodney Bickerstaffe, Jack Jones and John Edmonds? The answer, it now turns out, is pensions. Willetts's bold decision to make it Tory party policy to uprate the basic state pension in line with earnings has got to be one of the most audacious policy initiatives that the Tories have launched since they left government. First there is the strange new ...

  • Wesleyan Assurance carries out restructure

    15 Oct 2003

    Wesleyan Assurance Society is to carry out a restructure of its business to improve profitability and strengthen its financial position.Following a strategic review the society intends to "scale down" its direct sales force, developing other distribution channels such as email, telephone and Internet. Part of the sales force will be redeployed as the society expands in the medical market.Wesleyan intends to develop its medical sickness and BMA services and reduce its dependence ...

  • West Bromwich Building Society - All In 3.79%

    17 Oct 2003

    Type: Fixed-rate mortgage followed by discountFixed term: One yearFixed rate: 3.75%Discounted term: One yearDiscount: 1%Payable rate: 4.5%Minimum loan: £25,001Maximum loan: Up to 75% of valuation subject to a maximum of £500,000Income multiples: Up to 3.75 times principal income plus second or three times jointArrangement fee: £395Conditions: Compulsory buildings and contents insuranceRedemption ...

  • White-label deal for BoI and Post Office

    16 Oct 2003

    The Post Office is entering a joint venture deal with Bank of Ireland to white-label products, as revealed in Money Marketing two weeks ago. The 10-year deal will initially see the launch of Post Officebranded financial services products early in the New Year which will include savings accounts, mortgages and general insurance and could extend to Sandler suite products. The Post Office says Bank of Ireland staff could be used to sell in its branches. The Post Office has 17,000 ...

  • Wicks challenges employers to be clearer about pension packages

    21 Oct 2003

    Pensions minister Malcolm Wicks is challenging employers to promote pension packages to current and prospective employees, by including details of employer pension contributions in wage slips and provide pensions information in recruitment material. Speaking at today's ABI Saver Summit in London, Wicks urged industry to be clearer about pension packages saying the Department of Work and Pensions is leading by example, with all staff having employer pension contributions shown ...

  • Widows extends online service

    16 Oct 2003

    Scottish Widows has launched a new e-commerce service which means Assure-web users now have a one click link to its online protection service for term assurance and critical-illness cover. The service means app-lications can be made online and followed up by inter-active underwriting and proposal tracking from Assureweb to the Scottish Widows protection online site. Widows says the service provides immediate cover for 28 days for standard rate cases, faster paying of commission, ...

  • Willetts wants Act rethink to aid work pensions

    16 Oct 2003

    Shadow work & pensions secretary David Willetts is calling for the Financial Services and Markets Act to be amended so employers can promote their company pension schemes. The Tories want to see the promotions section of the Act changed because they say its restrictions have forced employers to stand by while employees have left good company schemes to join private plans. Employers can give information about their group and stakeholder schemes but they cannot promote them. Willetts ...

  • You're under arrest

    16 Oct 2003

    We all know that customers will try it on but this one takes your breath away. The Police Mutual Assurance Society received a call from an irate policeman claiming that, following a heart attack six months ago, he was clinically dead for two minutes. The caller was ringing to complain that PMAS would not pay out on his life insurance policy. Bemused PMAS member liaison manager Ian Dempster asked the caller to send in a death certificate and has not heard anything since. Perhaps ...

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