Money Marketing
15 September 2004

  • '£8bn in underperforming funds'

    16 Sep 2004

    Hargreaves Lansdown has highlighted underperform-ance of Scottish Equitable pension funds in a wide-ranging review of the sector. The report, Income-reducing Pension Funds, covers managed and UK equity funds. It reveals that two Scottish Equitable funds - the UK equities pension fund and the mixed pension fund - measured over one, three, five and 10 years were both third or fourth-quartile performers consistently. The two funds total over £8bn, with the ...

  • 'Clarity is key for mortgages'

    16 Sep 2004

    A debate by figures across the financial services industry on making informed decisions about mortgages has found that education and clarity of information are key to consumers' financial capabilities. The meeting on Thursday last week, hosted by Treasury select committee chairman John McFall, MP, in the House of Commons, promoted clear standard of information on financial products for consumers. GMAC-RFC chairman Stephen Knight said the key features document is one ...

  • 'CML is out of touch with mortgage brokers'

    16 Sep 2004

    The Council of Mortgage Lenders lacks understanding of mortgage intermediaries, says a broker at London adviser Alexander Hall. Alexander Hall chief operating officer Andy Pratt accuses the CML of failing to understand the role of the intermediary, accusing it of focusing on lenders and consumers without considering distribution. Pratt says the CML has been disappointing in its advice for intermediaries in the lead-up to mortgage regulation. It recently rejected a voluntary ...

  • 'Professional connections are at risk'

    16 Sep 2004

    IFA firms will burn their bridges with professional businesses if they opt to become multi-ties, a network boss has warned. SimplyBiz managing director Ian Thorneycroft told IFAs at the Sway conference in Monaco last week that they would lose partnerships and deals with lawyers, accountants and other professional trades if they become multi-tied. When depolarisation begins next year, advisers will have the choice of being independent with a fee option, operating as a ...

  • 'Workers face £50k shortfalls'

    16 Sep 2004

    The average British worker with a pension plan needs to save an extra £50,000 to ensure a comfortable retirement, according to market analyst Datamonitor's latest report. The figures reveal that if workers fail to save this extra £50,000, the average shortfall in their retirement income will be £4,000 a year. The extra sum of £50,000 would equate to the average individual getting two-thirds of their working salary once they are retired. UK workers ...

  • 630 IFA firms miss the FSA's fees deadline

    16 Sep 2004

    Over 600 IFA firms, including some of the industry's biggest companies, have failed to pay all their FSA fees on time and risk enforcement action. The deadline for the payment of a combination of Financial Services Compensation Scheme, FOS and FSA fees passed last week on September 9, with 16 per cent of firms invoiced not paying,representing 630 out of a total of 3,821 firms although some have paid part of their fees. FSA managing director David Kenmir says he is ...

  • Abacus urges brokers to act now on M-Day

    16 Sep 2004

    Specialist branded lender Abacus Permanent is contacting around 10,000 brokers to urge them to start compliant processing now to reduce delays after M-Day. Abacus, formed in 2002 by Mortgage 2000 directors, says brokers should start entering all additional compliance information wherever possible. Head of sales Marc Tur-ner Turner says: "It is imp-ortant that brokers are as ready as possible to provide the additional information from now. This will help to reduce delays ...

  • Abbey for Intermediaries - Growth Options Plan 2

    17 Sep 2004

    Type: Guaranteed equity bondAim; Growth linked to the performance of the FTSE 100 indexMinimum-maximum investment: £3,000-£1m, Isa £7,000Term: Six yearsReturn: Option 1 - 100% growth in the index capped at 56% at end of term, option 2 ᆰ% of original investment at end of termGuarantee: Option 1 - Original capital returned in full regardless of performance of index plus 28% growth if index rises ...

  • AITC in bid to put investment trusts firmly on exam syllabus

    16 Sep 2004

    The Association of Investment Trust Companies is starting a campaign to raise the profile of investment trusts in industry exams. It is in negotiations with exam-setters such as the Chartered Insurance Institute and the Securities Institute. The AITC is concerned that many advisers are qualified in several sectors but are advising on investment trusts with no knowledge of the sector. Last week, the Financial Services Skills Council set up its pilot scheme testing ...

  • Alliance & Leicester - Two Year Discounted Rate Standard Package

    15 Sep 2004

    Type: Discounted-rate mortgageDiscounted term: Two yearsDiscount: 2.4%Payable rate:4.44%Minimum loan: £15,000Maximum loan: Up to 95% of valuation subject to a maximum of £250,000Income multiples: Up to 95% of valuation - up to 3.3 times principal income plus second or 2.75 times joint, up to 85% of valuation - up to 3.6 times principal income plus second or three times joint, up to 75 % of valuation ...

  • AMI move for lenders to subsidise advisers when regulation starts

    16 Sep 2004

    The Association of Mortgage Intermediaries plans to ask lenders to help subsidise mortgage intermediaries' payments to the Financial Services Compensation Scheme when they are regulated. AMI director Chris Cummings says he is keen to establish a voluntary arrangement which would see lenders subsidising mortgage intermediaries' payment of the levy. The levy paid by IFAs is currently subsidised by product providers through Pass although this subsidy is due to come ...

  • Anger grows as providers stand firm on levy aid

    16 Sep 2004

    Anger is mounting among over the end of the product provider subsidy of the Financial Services Compensation Scheme levy through Pass. It was recently revealed that providers are unlikely to continue the subsidy at the close of this year but IFAs say it should continue as it is the providers' products which cause compensation claims. Master Adviser managing director Doug Brodie says providers can easily see if a product is being sold indiscriminately by brokers but ...

  • Bank of Ireland fined for doing the right thing

    16 Sep 2004

    I have just read about the £375,000 fine that Bank of Ireland has incurred as a result of bringing to the notice of the FSA and police a "suspicious' set of transactions. While I agree whole-heartedly with the money-laundering procedures and the whole point behind them, I feel the size of the fine is excessive. Someone at Bank of Ireland made errors and someone discovered those errors and did the right thing. Presumably, these errors have resulted in a tightening ...

  • Big is better, says Isis

    17 Sep 2004

    The manager of Baronsmead VCTs says that greater size can give a trust an advantage.David Thorp believes that larger portfolios can become more diversified and hence reduce risk. He also thinks that larger VCTS are able to absorb fixed costs to the benefit of investors.A share issue for Baronsmead VCT 2, which is part of Isis Asset Management, is seeking to add an additional £20m to the trust, which will be £60m when fully subscribed.Thorp says: "In the longer term ...

  • Bland on Mortgages

    16 Sep 2004

    While sitting here deciding what to write, I recall the phone-ins on Soccer AM when it would list around five topics that you were not allowed to discuss. I feel that is probably where I should begin. There is absolutely no chance that this is going to be about M-Day as I am sure that somebody interesting is going to beat me to it. Neither will I be mentioning lenders' variable rates. I think I have had my money's worth on that topic. Nor will I enter into the world ...

  • Blowing in the wind

    16 Sep 2004

    Renewable energy is all about looking to the future. Solar panels, wind farms, low carbon power cells are all energy sources designed to save the planet for future generations. But, experts say anyone interested in investing in alternative sources of energy will also have to look to the future for returns. Fund managers and investment advisers say a repricing of renewable energy stocks has finally occurred and that the market is ready to grow. They are encouraged to remain ...

  • Boycott firms over servicing

    16 Sep 2004

    As an IFA who chooses to offer both ongoing service and remuneration options to my clients, (either by fees or by level/fund-based commission), the debate about servicing commission came as a bit of a surprise until I remembered that we still have companies in our midst which always treat servicing commission as an ongoing reward to the person who originally sold (or mis-sold) the product. Stand up, please, Skandia and Isis. Both companies insist on continuing to pay what should ...

  • Bright Grey underwriter Johnson in move to L&G

    16 Sep 2004

    Bright Grey chief underwriter Stuart Johnson is leaving the firm to join Legal & General. Johnson will be leaving Edinburgh-based Bright Grey in November so he can move south to be closer to his family. He is regarded as the driving force behind Bright Grey's underwriting team. Since March 2003, the team has grown from four to 32 and continues to expand. Johnson was behind the publication earlier this year of a Bright Grey underwriting guide for advisers ...

  • Broker uncovers LTC error by PPP

    16 Sep 2004

    Axa subsidiary PPP Lifetime Care has been inc-orrectly calculating the annual indexation on an immediate funding long-term care policy. Cooper Johnston Associates director Peter Cooper wrote to PPP after discovering the error which resul-ted in a benefit payment to his client being reduced by about £150 after four years of contributions. PPP has paid the client £250 compensation but Cooper says he has not been told whether other policies are affected. PPP ...

  • Central Sipp offers access to holiday rental sector

    16 Sep 2004

    Central Tax and Trustee Planning is offering a bespoke Sipp which it claims will offer greater flexibility in permitted assets than any other provider. The Midlands firm, which is the sister comp-any of IFA Central Financial Planning, has developed the Sipp so that other IFA firms can market it and use it as a bespoke service for clients. It offers clients access to overseas and UK residential property markets and the overseas holiday rental sector. The initial fee is ...

  • Clerical Medical plan nicely turned out

    16 Sep 2004

    CLERICAL MEDICALRetirement Options PlanType: Income drawdown plan Minimum investment: £100,000 Minimum age:50 Investment choice: 21 Clerical Medical funds,14 external funds from Newton, Schroders and UBS, balanced, cautious and defensive fund collections Options: Self-investment, phased retirement Allocation rates: 95%-100% Charges: Annual up to 1. 8%, annual 1.25%-1.6% for external funds, ...

  • Close Fund Management - Close Man Guaranteed Hedge Fund

    20 Sep 2004

    Type: Capital-protected fund of hedge fundsAim: Growth linked to the performance of a portfolio of hedge fundsMinimum investment: Lump sum £10,000Investment split: 100% in hedge fundsPlace of registration: GuernseyTerm: Eight years and six monthsReturn: 11%-13% growth a yearGuarantee: Original capital returned in full at end of term regardless of performance of underlying investmentsCharges: ...

  • Collegiate says waiver firms should opt for high excess

    16 Sep 2004

    Collegiate says IFAs whose professional indemnity insurance waivers expire in January 2005 will find it easier to get PI cover if they accept a sizeable self-insured excess. The PI firm says this will not pose a problem for adv-isers with waivers in place as they will have already put fairly significant amounts of capital aside to satisfy FSA waiver conditions. Collegiate says insurers seem keen to help on this basis and points out that a high self-insured excess should ...

  • Commentary - unchained melody

    16 Sep 2004

    Norwich and Peterborough Building Society has a reputation for innovation and being first to market with customer-focused propositions, from its best-buy Gold current account and award-winning internet banking service to its latest offset mortgage which allows customers to link both current and saving accounts to their loan. The society prides itself on the wide range of products and services it provides. Possibly its boldest move came last October when it broke its tied status ...

  • Correspondent's View

    16 Sep 2004

    The week starts with what will probably be the last really hot weekend of the year so naturally I am booked in for a 10-hour session in the office on Sunday tracing various corporate PRs on their mobiles to knock down/stand up/ref-use to comment on Sunday paper stories. It is not something to tell your grandchildren about but someone's gotta get Monday's paper out. Happily, the European Competition Commissioner Mario Monti shoots his mouth off, prematurely welcoming ...

  • Coventry Building Society - 4.99% Capped Rate

    16 Sep 2004

    Type: Capped rate tracker mortgageCapped term: Until December 31, 2006Capped rate: 4.99%Tracker term: Lifetime of loanTracker rate: 0.69% above Bank of England base ratePayable rate: 4.99%Minimum loan: £1,500Maximum loan: Up to 9%% of valuation subject to a maximum of £200,000, up to 85% of valuation subject to a maximum of £300,000, up to 75% of valuation subject to a maximum ...

  • Data laws can hold us back

    16 Sep 2004

    Data protection exists to protect the client's interests but are we reaching a point in the protection industry where it is in danger of becoming an over-zealous practice? Before making a recommendation to a client, an adviser raises the issue of underwriting - health, hobbies and occupation - to see if there are any circumstances to be taken into account. The client mentions a couple of perceived minor health issues, say, mild hypertension and diet-controlled diabetes. The ...

  • Desktop delivery

    16 Sep 2004

    The advent of mortgage and general insurance regulation is forcing dramatic change on those sectors. From October 31 this year and January 14 next year, mortgage and general insurance practitioners respectively will have to document how they have followed specific processes as they advise clients. Two weeks ago, I had the opportunity to look at how Sesame will be using technology to enable its members not only to meet the obligations of the new regime but also to operate more ...

  • Did pride come before David Aaron's fall?

    16 Sep 2004

    Bruce Love's obituary to the once glittering career of bon viveur David Aaron should be a salutary lesson to other firms with big, mass-mailable client banks. While the PIA issued no guidelines specific to the marketing of Scarps, the issue of suitable risk warnings in promotional literature has been with us for many years. How can something as fundamental as this have been overlooked by a company of such respected and long established pedigree as David M. Aaron? The ...

  • Events Diary

    16 Sep 2004

    September 23 Ifs Lecture Bradford 01227 818 662 September 28 Money Marketing Live Advisertech G-Mex, Manchester 0870 246 7762 www.moneymarketing live.co.uk www.advisertech.co.uk September 29October 1 The UK Insurance & Financial Services Conference 2004 Birmingham www.conference.cii.co.uk October 6-7 IFP Forum for Success Leicestershire 0117 945 2470 October 6 Ifs Lecture, Maidstone 01227 818 662 October ...

  • Ex-LIA presidents in secret summit

    16 Sep 2004

    A secret crisis meeting took place on Tuesday between the LIA and former presidents who are unhappy with details of the merger with Sofa. Past presidents at the meeting at the RAC Club in London were Andy Bedford, Gavin Tisshaw, Peter Sprung, Len Warwick, Mike Bousfield, Tony Gordon, Christine Leach, Mike Clarke and Brendan Glennon. Money Marketing understands that issues raised by the former presidents ranged from dissatisfaction with the loss of designatory letters ...

  • Farrow's view

    16 Sep 2004

    I doubt there were too many tears shed when it emerged that David M Aaron had been banned by the FSA for misselling precipice bonds. The personal finance press gets a great deal of criticism from the financial services industry for over-egging stories and scaremongering but on the subject of precipice bonds I think we can say we got it right. National newspapers have been awash with warnings about these risky products for several years now. Unfortunately, the warnings ...

  • Feathers fly over turkey roasting

    16 Sep 2004

    LIA director general Mark Ommanney has hit back at former LIA chief executive Jeff Travis who said that LIA members voting for the merger are like turkeys voting for Christmas. Ommanney says a merger would lead to the LIA being part of a stronger more unified voice for advisers. He believes it would allow advisers to make their voices heard at a crucial time. He says LIA advisers are professional advisers with independence of thought and action. Ommanney says a professional ...

  • Feeling the punch

    16 Sep 2004

    Increasingly, I find myself wondering how on earth we ever get any business done.If it isn't regulatory hurdles that disrupt the previously smooth flow of business, then it is product providers tying themselves up in knots as they strive to demonstrate super-compliance with the afore-mentioned hurdle-makers. Do you need an answer to a quick question about why some paperwork has not arrived? Try phoning and working your way through a multiple-choice button-punching session if ...

  • Fidelity FundsNetwork exceeds £3bn.

    20 Sep 2004

    UK funds supermarket Fidelity FundsNetwork has exceeded £3bn since launch.The UK's first fund supermarket for investors and advisers was launched in 2000 and has seen sales grow by 60 per cent this year.The site has taken an average of £6.8m in business every day.Fidelity UK mutual funds managing director Richard Wastcoat says: "Fund supermarket platforms are now firmly established in the mainstream of the UK industry, having enjoyed the a rate of adoption by ...

  • First president would be in office for two years

    16 Sep 2004

    The board of the proposed Personal Finance Society would be comprised of eight member directors and six non-member directors. It would initially appoint for up to a two-year term a member-facing president who would also be appointed to the CII council. Subsequently, the president would serve for one year. The board would also elect two vice-presidents, with one becoming president when the incumbent's term ends. Chairman of the board would be Bob Bullivant, currently ...

  • Friends Provident International counts the capital

    17 Sep 2004

    Friends Provident International has established an offshore capital-protected bond that could mature in year three of its full investment term of five years and six months.The capital plus account, which is available to investors with at least the £25,000 minimum, is linked to the FTSE 100 index through the capital plus fund. If, after three years, the index has risen by at least 30 per cent, the product matures early. In this case investors will get 30 per cent growth plus ...

  • Friends' axe falls on 700 appointed reps

    16 Sep 2004

    Friends Provident is shutting down its appointed representative sales business, blaming the increasing cost of regulation for the move. The division of 700 firms which sell Friends' investments and pension products will close from December 10. Around half of these firms are expected to seek IFA status. Friends is steering advisers who want to become directly authorised IFA firms in the direction of IFA groups Bankhall and Millfield Partnership. Head of single ...

  • FSA fires opening salvo in tribunal over L&G appeal

    16 Sep 2004

    Legal & General's appeal against a £1.1m FSA fine for misselling opened this week with the regulator launching a salvo against the firm. The FSA accused L&G of a catalogue of failings in selling endowments and ignoring warnings. The regulator claims that L&G kept insufficient documents on sales, turned a blind eye to warnings and refused to co-operate. L&G is appealing at a Financial Services and Markets Act tribunal over a fine for misselling ...

  • FSA starts authorisations but many still wait for MTA

    16 Sep 2004

    The FSA has started to grant some mortgage and IFA networks full authorisation while others have yet to see a minded to authorise letter, with M-Day just six weeks away. Trustguard Credit Services, Purely Mortgages, Prestbury Holdings and Professional Mortgage Partnerships have received their grant of permission under the Financial Services and Markets Act 2000, with full authorisation for post M-Day operations. The FSA says MTA letters have been issued to 79 firms wanting ...

  • FSA's law head Minghella is new FSCS chief

    16 Sep 2004

    The Financial Services Compensation Scheme has appointed the FSA's head of enforcement law Loretta Minghella as its new chief executive. Minghella was once a defence lawyer for white-collar crime cases and now runs the FSA department responsible for legislative change covering enforcement and strategic legal matters in addition to policy issues arising from overseas regulators. She takes over at the FSCS from acting chief executive Ron Devlin at a time of dramatic ...

  • Fundsnetwork hits £3bn mark

    16 Sep 2004

    Fidelity's fund supermarket Fundsnetwork sales have passed the £3bn mark for funds under management. The supermarket was launched to IFAs and the public in June 2000. It says it has seen sales growth of more than 60 per cent this year taking an average of £6.8m in business each working day. The supermarket says both new business and re-registration of investors' existing assets have contributed equally to what it calls the acceleration in sales this year. ...

  • Furbs past the post

    16 Sep 2004

    In this week's consideration of unapproved schemes under the new pension tax regime, I would like to look at the post-A-Day position for existing Furbs. Two key questions for those with these schemes are: •Whether to make further contributions and •Whether to leave benefits in the scheme or, if possible, to remove them. Broadly speaking, under proposed transitional provisions, the current tax regime will be maintained. Provided contributions into the ...

  • Gartmore - Gartmore Portfolio Global High Alpha Fund

    15 Sep 2004

    Type: Oeic multi-manager fund of fundsAim: Growth by investing in global equity fundsMinimum investment: Lump sum £1,000, monthly £50Investment split: 100% in global equity fundsIsa link: YesPep transfers: YesCharges: Initial 5%, annual 1.5% for first 12 months, thereafter annual 1-1.75% performance feeSpecial offer: Initial charge reduced to 3%Offer period: Until ...

  • General issues are the order of the day

    16 Sep 2004

    With general insurance regulation coming in early next year, this month's Money Marketing Live in Manchester will see the introduction of a new arena dedicated to the issues that advisers face. The General Insurance Arena, supported by the Chartered Insurance Institute will be held at the G-Mex, Manchester on Tuesday, September 28. Consisting of presentations and case studies, it will provide practitioners with critical insight on how to ensure the future prosperity ...

  • Genesis finds solution to fee problem for ARs

    16 Sep 2004

    Mortgage network Genesis says it is the first network to come up with a solution to planned FSA rules which require any mortgage appointed representatives calling themselves independent to offer a fee option. Genesis has previously highlighted a problem where its says most brokers had assumed that any procuration fee rebated to the client would relate to the net fee but regulations required the gross procuration fee to be rebated. Head of compliance Frank Thurlby says: ...

  • GMAC RFC - Buy-to-Let Tracker

    16 Sep 2004

    Type: Buy-to-let tracker mortgageTracker term: Lifetime of loanTracker rate: Up to 85% of valuation - 1.39% above Bank of England base rate, up to 75% of valuation - 0..99% above base ratePayable rate: Up to 85% of valuation - 6.14%, up to 75% of valuation - 5.74%Minimum loan: £25,001Maximum loan: Up to 85% of valuation subject to a maximum of £300,000, up to 75% of valuation subject to a maximum ...

  • Goose pimples

    16 Sep 2004

    Well, that's that then. If I understand it correctly, Nick Bamford - Sofa's chairman, no less - is against the merger of Sofa and the LIA. Or at least not for it. (Money Marketing, August 26). It would seem by implication that so is Money Marketing. What is sauce for the goose must be sauce for the gander. So let Money Marketing as well as Sofa and the LIA provide freedom of choice, diversity and, dare one say it, even differing viewpoints. As far as representation ...

  • HBOS decides against Abbey bid

    15 Sep 2004

    HBOS has announced it has decided not to proceed with an offer for Abbey.Further to the announcement on August 2 in respect of a potential combination with Abbey, HBOS analysis has concluded the shareholder value inherent in its existing prospects is superior to that achievable through a combination.

  • Heir today

    16 Sep 2004

    Do individuals do enough to protect themselves against inheritance tax? Are intermediaries doing enough to encourage them to do so and what are the best options? Bennett: Market statistics have shown the number of people leaving an estate which qualifies for inheritance tax has risen by fivefold over the past two years to around two million. This represents a significant opportunity for intermediaries to provide addedvalue services to their customers in the form of inheritance ...

  • Hogarth says Sandler offers chance for new recruits to gain experience

    16 Sep 2004

    IFAs should use depolarisation as a chance to recruit fresh blood into the business, says Bankhall joint chief executive Paul Hogarth. He told the Sway conference in Monaco last week that depolarisation will present the perfect chance for new advisers to be recruited. He believes new business models being presented by the change could help the industry to open to graduates. Hogarth suggests that firms should have two arms to their business - an IFA and a multi-tied ...

  • Homeowners could save £8.1bn a year - Clear Cut

    15 Sep 2004

    The average UK homeowner could save £66.75 a month by switching from their current mortgage to a better product, according to research from Clear Cut Mortgages.Clear Cut says this would reduce the average UK annual household repayment from £5,167 to £4,366 on an average outstanding mortgage balance of £63,250. This would equate to cutting national mortgage repayments by £8.1 billion a year, or 16 per cent of total repayments.Sales and ...

  • IFA marketing after multi-ties

    16 Sep 2004

    The infamous D-Day is almost upon us and I expect to see increasing consumer confusion once the doors of depolarisation open. Given the number of people already unsure about the type of financial advice they receive, the onset of multi-ties will surely stir the confusion pot even more. Depolarisation is going to be both a challenge and an opportunity for IFAs. Precisely how many will relinquish their independent status for multi-ties next year remains to be seen but it is likely ...

  • Independent view

    16 Sep 2004

    Some recent letters in this publication have had a musical thread running through them and I shall continue in that vein, being reminded as I am of the mid-1970s song Pick up the Pieces by the Average White Band. Sufficiently popular at that time to reach Number 1 in the US charts and for me to play on hospital radio, the title is now relevant to consumers in the post-depolarisation environment. The breaking up of the present structures will take us back to the 1970s in terms ...

  • Insinger in multi-manager index call

    16 Sep 2004

    Investment bank and multi-manager Insinger de Beaufort has called for multi-manager performance to be measured by its own index so that funds of funds can be truly compared. Speaking at the Sway conference in Monte Carlo last week, director Peter Fitzgerald said IFAs are subjected to undue risk and are unable to make inf-ormed decisions for their clients because funds of funds and manager of managers are presently able to avoid direct comparisons. He has called on Standard ...

  • Investment view

    16 Sep 2004

    Even though economic data is leading us to believe that global economy growth might be slowing, share prices have been picking up in this country. The resurgence in investment activity is tentative but the signs are a little more comforting. It is too early to say we are about to break out of the trading range that has hemmed us in for the best part of a year but it is encouraging that buyers are returning when the news elsewhere is so downbeat. August was a poor month for the ...

  • Isis urges IFAs to adapt advice to suit clients

    16 Sep 2004

    IFAs should be wary of dropping their less profitable clients and should develop new business models to cater for them, according to Isis Asset Management. It is telling intermediaries that they need to adapt their advice and charges and the way they do business with different clients. It says advisers should resist the trend among firms to review and cut their client base to focus on core highprofit customers as that client bank can be repositioned to receive a lower ...

  • Julian Gibbs

    16 Sep 2004

    The new Nvesta secure multi-tracker plan is a much better product than conventional tracker funds in that it is capital-protected and offers a return of 110 per cent of the rise in the FTSE 100, S&P 500 and Nikkei 225 indices in equal proportions, with the returns being uncapped, unlike many other capital-protected products. It is a six-year product, with the final index levels being defined as the average of the monthly closings in the final year. With markets much ...

  • Kelly moves from Treasury to become Milburn's aide

    16 Sep 2004

    Treasury Financial Secretary Ruth Kelly has been chosen as Alan Milburn's chief aide in the run-up to the next general election. Kelly's work at the Treasury has gained favour with both Chancellor Gordon Brown and Prime Minister Tony Blair and her move to her new role will be seen as a great loss by Brown's supporters. Kelly was instrumental in bringing Ron Sandler's proposals for a suite of price-cap-ped products sold under a lighter-touch sales regime to ...

  • Keydata backing Polish privatisations

    16 Sep 2004

    Keydata is urging IFAs to back privatised Polish companies through an investment scheme which gives customers exposure to privatised firms about to float on the country's stock exchange. The firm will launch the Polish Privatisation Service in October and says another 16 privatisation opportunities are in the pipeline. The launch coincides with Keydata's new venture capital trust. Research from Keydata shows that privatised Polish firms have seen a 20 per cent growth ...

  • Kitchen demands to know where Lifeboat cash went

    16 Sep 2004

    Lifeboat's former chairman David Kitchen is demanding an explanation of what happened to the £3m funding facility which the IFA and nonregulated network rec-eived in February. Kitchen is asking Life-boat's directors to explain what went wrong since a facility to draw down £3m in funding was secured in February when the board was promising sales of £30m and a profit of £1m by March 2005. In a letter to Money Marketing, Kitchen says £2m of ...

  • Lack of 20/20 vision on charges

    16 Sep 2004

    I noticed recently that a fund company was increasing the annual management charge on some of its funds from 1.25 per cent to 1.5 per cent. Being an IFA, I realised (after some time) that this was a 20 per cent increase in costs. Why is it (here comes a rhetorical question) that people such as the members of the Treasury select committee do not question that sort of increase but would like to reduce our earnings at every level and opportunity? Some might say ...

  • LIA's view

    16 Sep 2004

    Last week, comments were due to be submitted to the FSA on the issue of the basic advice regime for stakeholder products. This is hardly a new subject and many words have been expended in trying to deal with the Treasury's intention to introduce simplified products. Reading between the lines, one might perhaps conclude that the FSA is not totally happy with having to invent a middle way between information only and full advice. Such an approach is fraught with difficulty. Those ...

  • Lockyer and FSCS clash

    16 Sep 2004

    A row has broken out between Berkeley Berry Birch group chairman Cliff Lockyer and the Financial Services Compensation Scheme over the calculation of potential redress against the collapsed Berry Birch & Noble Financial Services.Lockyer has accused the FSCS of “crass stupidity” when calculating potential redress because he disagrees with its assessment of potential claims.The FSCS says it expects to pay out around £2m in claims for BBNFS, calculating that ...

  • Mail website switches from IFAP to Sofa

    16 Sep 2004

    IFA Promotion will no longer get referrals from Mail newspapers' website www.this ismoney.co.uk because owner Associated News and Media wants to make referrals to advisers with a minimum AFPC qualification. Sofa has taken the contract from IFAP and is offering members access to referrals for a fee. In a letter to Sofa members seen by Money Marketing, Sofa says: "Following ANM's decision to develop a financial health-check on the site, it was persuaded that it would ...

  • Man gets Close again

    20 Sep 2004

    Close Fund Management and Man Investments have teamed up for a second time to offer the Close Man Guaranteed Hedge Fund II.This capital-protected fund of hedge funds is available to investors with a minimum of £10,000 and aims to provide a return of between 11 per cent and 13 per cent a year during the investment term of eight years and six months. Capital will be returned at the end of the term regardless of the performance of the underlying investments.The fund ...

  • Marlborough chases micro caps

    16 Sep 2004

    Marlborough Fund Managers has created a unit trust that focuses on companies with a market capitalisation of less than £50m.The Marlborough UK micro cap fund aims for income and growth and will be managed by Giles Hargreave, who currently runs the Marlborough special situations and Marlborough UK leading companies funds. He will be assisted Guy Feld, an analyst who joined the team last March from Teather & Greenwood and George Finlay, who has worked with Hargreave for over ...

  • Merger details are spelt out as chiefs urge yes vote

    16 Sep 2004

    LIA president David Batchelor and Sofa chairman Nick Bamford have written to their 25,000 members to reveal details about the proposed merger between the two bodies and urge a Yes vote. The new body, which will be known as the Personal Finance Society, will have a single structure of designations, eliminating the LIA's (dip) award and Sofa's FPC (see table). Individual consideration will be given to those with other exam passes. It believes this will make it easier ...

  • MERGER EDGE: Bob Bullivant

    16 Sep 2004

    In the 14 years since its inception, Sofa has carved out a well deserved reputation for high standards and competence. Around half of our 10,000 members are FPC-qualified while the other 5,000 have passed the higher AFPC exam, qualifying them for the designatory letters MSFA, ASFA or FSFA. Of course many of the FPC-qualified people are also studying for the AFPC and are on their way to higher qualifications. Central to our thoughts throughout the merger process has been ...

  • MERGER EDGE: Mark Ommaney

    16 Sep 2004

    I am glad that the details of the proposed merger have now been mailed to LIA and Sofa members so that we can debate the specifics of the plan. We have been pleased to see an energetic discussion developing in the press over the past few weeks but the fact is that, with the fine detail missing, some of the assumptions have been well wide of the mark. I was a little surprised to see someone suggesting that an LIA vote for the merger would be like turkeys voting for Christmas. First, ...

  • Model behaviour

    16 Sep 2004

    As the industry bids farewell to Paul Smee, all eyes will turn to the succession.Rather than look at who it should be, perhaps we should consider what type of person is appropriate. We have two models. One is Paul Smee, assured diplomat and lobbyist, who was very skilful at negotiating with the regulator and probably to a lesser extent with the Treasury. He could at times use some strong language but he chose the timing carefully. He is credited with some significant ...

  • Mortgage Next alert on client call rules

    16 Sep 2004

    Mortgage Next believes many brokers are unaware of FSA regulations on banning unsolicited real-time promotions and has published a guide on what action needs to be taken by mortgage brokers before M-Day. The guide to managing client relationships is being offered free to all mortgage brokers. It provides helpful advice about the FSA rules and a draft letter which can be sent by brokers to their clients with a set of revised terms of business. Mortgage Next believes many ...

  • MPs fear that Treasury has shelved Miles' plans

    16 Sep 2004

    MPs are raising concerns that Professor David Miles' report on the mortgage market has been shelved by the Treasury. Labour MP Andrew Love has asked the Chancellor in written Parliamentary questions what action he is proposing to improve the working of the UK mortgage market following the Miles' report. Miles' Treasury-sponsored review was published in March and set out proposals to boost the long-term fixed-rate market. Financial Secretary to the Treasury ...

  • Multi-manager view

    16 Sep 2004

    Just how many coffee shops can exist on one high street? Five years ago, coffee shops were considered a luxury option by many shoppers but now they seem to be on every street corner. Pardon the analogy but this seems to be exactly what is happening in the world of multi-manager. Just how many operations can survive over the long term is a matter for debate. After all, there are only so many ways you can grind a coffee bean and make it taste different with flavourings and milk. It is consumers ..

  • Networks start to receive part 4 full authorisation from FSA

    17 Sep 2004

    The following networks have received their part IV, full authorisation from the FSA in readiness for mortgage and general insurance regulation:BDS Mortgage GroupCartelComplete Mortgage & Loan ServicesGenesisLifelink ServicesMGM Home FinanceMortgage NextMortgage PlcPlatformPrestbury HoldingsProfessional Mortgage Partnerships NetworkTrustguard

  • New minister Johnson set for shifts in policy

    16 Sep 2004

    Tony Blair ally Alan Johnson is to replace Andrew Smith as Work and Pensions Secretary. The Hull West and Hessle MP is a former Trotskyite trade union leader turned Blairite. He is moving from the Department for Education and Skills where he was higher education minister. He took a determined stance in backing university top-up fees. His new role will see him in charge of the social security budget and he is expected to oversee the Pensions Bill. Pundits are tipping him ...

  • No compelling arguments

    16 Sep 2004

    The issue of compulsion and pensions has just received another airing with the publication of research from the ABI into public attitudes to compulsion based on sampling a representative cross-section of the population. The ABI's research shows that support for compulsion is mixed and heavily qualified. Seventy per cent of people earning over £40,000 a year would support compulsion at or below their current level of contribution. Only one in four people want compulsion ...

  • NU adds 21 funds to pension Range

    16 Sep 2004

    Norwich Union is enhancing its pension offering with access to 21 new pension investment funds. It will be offering three new funds - corporate bond, managed high income and world leaders - 14 external funds from fund managers Fidelity, Investec, Newton and Schroders, three unfettered fund of funds, with US specialist Investment Manager Services acting as portfolio adviser, and a UK dynamic fund from Merrill Lynch. The funds will be available through corporate pension ...

  • Old Mutual Asset Management - Old Mutual Global Dynamic Fund

    21 Sep 2004

    Type:Oeic fund of fundsAim:Growth by investing in a portfolio of Old Mutual unit trusts and hedge funds, and externally managed property fundsMinimum investment:euros 125,000Investment split:40% equity unit trusts, 6% bond unit trusts, 40% alternative strategies, 14% cashPlace of registration:DublinCharges:Annual 0.75%,performance fee 10%Commission:Subject to negotiation

  • Old Mutual offers sophisticated return

    20 Sep 2004

    OLD MUTUAL ASSET MANAGEMENTOld Mutual Global Dynamic FundType: Oeic fund of fundsAim: Growth by investing in a portfolio of Old Mutual unit trusts and hedge funds, and externally managed property fundsMinimum investment: euros 125,000Investment split: 40% equity unit trusts, 6% bond unit trusts, 40% alternative strategies, 14% cashPlace of registration: DublinCharges: Annual 0.75%, performance fee 10%Commission: ...

  • Otto Thoresen

    16 Sep 2004

    Otto Thoresen's career has come full circle. A marketing man at heart, Thoresen started his career in 1978 at Scottish Equitable as a marketing manager. He left only to return in 1994 and will now take the role of chief executive on David Henderson's retirement in March 2005. He had serious reservations about returning. "I asked to see the chairman of Aegon UK before agreeing to come back and, surprisingly, he agreed. I found the message of decentralisation wasn't spin, ...

  • Out of context

    16 Sep 2004

    •"I'm learning how to do my job better - give me a call tomorrow and I'll be an expert." - IFP chief executive Nick Cann attending a customer services conference. •"At least you didn't all get to see my pants." - Sway's Tabitha Wood is sent sprawling in her evening dress after she trips over a kerb. •"All of a sudden, you've woken up with a kebab lying next to you and there are not even any kebab shops in Monte Carlo." - Graham Hoover of ...

  • Personal Finance Society fails to grip imagination

    16 Sep 2004

    The Personal Finance Society, the name of the planned merger of Sofa and the LIA, has met with a lukewarm response. CH Financial adviser Geoff Boyd, a member of Sofa, believes he will be voting for the merger in October. He says: "It does not matter what they call themselves. I want to know what they can do for me and whether they can increase awareness among consumers." Paul Duckworth Financial Services Adviser consultant Paul Duckworth, a Sofa member, has no objections ...

  • Platinum Capital Management - Platinum Premier Fund

    21 Sep 2004

    Type: Hedge fund Aim: Growth by investing long and short in UK, US and European government securitiesMinimum investment: $100,000, £60,000, euros 100,000Investment split: 40% US, 30% UK, 30% EuropePlace of registration: Cayman IslandsCharges: Annual 1.5%, performance fee 10%Commission: Subject to negotiationTel: 020 7887 6110

  • Platinum joins premier league

    21 Sep 2004

    Platinum Capital Management has established a hedge fund that will invest in UK, US and European government securities using a long/short strategy.The Platinum premier fund aims to produce absolute returns of between 10 and 18 per cent, with low volatility, in all market conditions. It will have what Platinum calls a short-term interest rate arbitrage overlay to hedge and enhance returns. In practice this refers to a form of futures trading. The fund's traders will be looking ...

  • PMI is in good health

    16 Sep 2004

    The group PMI market continues to outpace the individual market. This pattern is only set to continue as more affordable ways develop for employers to provide the benefit to employees. The IFA's share of this market has grown considerably over the years -another pattern that is set to continue. Recent figures from Laing & Buisson show the number of people covered by PMI or non-insured medical expenses schemes as 7.6 million or 12.8 per cent of the population at the end ...

  • Product Matters

    16 Sep 2004

    Following hot on the heels of this column two weeks ago when I talked about the Baronsmead VCT, I thought I would follow up with another quality generalist VCT. It is quite a difficult year for choosing a generalist VCT as many of those looking to raise money are ones that I consider to be quality managers. Northern Venture Managers would certainly rank alongside the best generalist VCT managers. Tim Levett and his team have proved themselves astute businessmen by ...

  • Red letter data for the industry

    16 Sep 2004

    The use of data systems to provide market intelligence, such as the Touchstone databases offered by Workload Financial Solutions, will become increasingly important in the mortgage market after M-Day. Information on what competitors are doing and who is transacting the most business in which areas will be crucial to businesses that want to come out on top once the dust has settled on mortgage regulation. Workload's Touchstone databases are already widely used across ...

  • Regulation Reminders

    16 Sep 2004

    Over the next few weeks, those nice people at Money Marketing have asked me to put together a checklist of things mortgage intermediaries need to have in place as regulation is introduced. A kind of "Did I turn the gas off and lock the back door?" view of everything that a firm new to regulation must have in place. Each firm has a different starting point but the FSA's rules mean that the issues addressed are the same. To start with, an issue faced by all ...

  • Richard Verdin on Protection

    16 Sep 2004

    If you have ever put the words "multi-tie" into an anagram tool you will have discovered among other things that it is an anagram for et umi lit which, for those of you not fortunate enough to have received a grammar school education, is a well used Latin phrase, the literal translation of which is "stitch me up". Actually et umi lit isn't Latin at all, I made it up, but the fact that around 50 per cent of you thought something along the lines of "hah, serves them right" illustrates ...

  • Ritchie sends three wishes for new deal

    16 Sep 2004

    Pension guru Stewart Ritchie has sent the new Work and Pensions Secretary Alan Johnson his three wishes for pension reform. Scottish Equitable director of pensions development Ritchie has also offered the new minister the goodwill of the pension industry as he starts in his new role. The first wish is unity of purpose between the Department for Work and Pensions, the Treasury and the FSA. He says the current lack of joined-up thinking creates unnecessary barriers to pensions ...

  • Rutland makes the running

    16 Sep 2004

    This year, Friends Provident and Isis Asset Management are celebrating the 20th anniversary of the launch of the first retail ethical investment funds in the UK - the Stewardship funds - by joining forces with Money Marketing to offer IFAs the opportunity to win a fantastic holiday to Morocco plus many other prizes. The results for August are now in. Congratulations to Peter Anderson, the winner of this month's hamper of organic produce. Peter's fund, Rutland, increased ...

  • Santander plans back-office boost

    16 Sep 2004

    Banco Santander Central Hispano has written to IFAs who sell Abbey products to tell them how their business relationship will develop if its takeover bid goes ahead. The letter, signed by Santander executive vice-president Juan Rodríguez Inciarte says: "Our aim is to drive business in all of our channels, maximising business through Abbey's existing brand in the intermediary market, Abbey for Intermediaries and increasing branch-based business volumes." The letter ...

  • Schroders - Schroder S&P High Alpha Portfolio

    20 Sep 2004

    Type: Unit trust multi-manager fund of fundsAim: Growth by investing in a portfolio of 12-15 fundsMinimum investment: Lump sum £1,000Investment split: 47.3% UK equities, 14.8% Europe ex UK, 9.3% Japan, 9% alternatives, 7.8% Asia ex Japan, 5.8% emerging markets, 5.2% Us, 1% cashIsa link: YesPep transfers: YesCharges:Initial 5.25%, annual 1.5%Commission: Initial 3%, renewal 0.5%Tel: ...

  • Schroders - Schroder S&P Strategic Balanced Portfolio

    17 Sep 2004

    Type: Unit trust multi-manager fund of fundsAim: Growth by investing in a portfolio of 12-15 fundsMinimum investment: Lump sum £1,000Investment split: 54.7% Uk equities, 10.5% Europe ex UK, 10% sterling bonds, 6.6% Japan, 5.3% Asia ex Japan, 3.5% US, 3.3% emerging markets, 6.1% cashIsa link: YesPep transfers: YesCharges: Initial 5.25%, annual 1.5%Tel: 0800 718777

  • Schroders is planning to add more funds in Standard & Poor's link

    16 Sep 2004

    Schroders intends to add further funds to the Ucits III-compliant multi-manager fund range it has developed with fund research and rating agency Standard & Poor's. The alliance between the companies has already brought two new funds to the UK market following similar jointly branded launches in Asia and Luxemburg. The Schroder S&P high alpha fund is an aggressively managed fund which aims to outperform the Lipper active managed sector by 3 per cent a year after ...

  • ScotLife Mortgages facing the axe

    16 Sep 2004

    Royal London is planning to close Scottish Life Mort-gages following a review of its operations. No timeframe has yet been outlined for the proposed closure and talks are still to be held with employees but it is expected to affect 10 staff. Royal London head of corporate affairs Gareth Evans says SLM is not getting the volume of business needed to continue keeping the operation open. After a review of SLM at the end of last year, Royal London gave the firm six ...

  • Secondhand US policies set for UK

    16 Sep 2004

    A new asset class investing in secondhand US whole-of-life policies could be a replacement for with profits funds, says a US provider. Secured Assurance Marketing is launching the UK's first sterling share class for traded life policies which it claims will bring at least around an 8 per cent return each year. SAM has exclusive UK distribution rights in a partnership with the Assured Fund, the fund of traded life policies. The firm argues that policies have ...

  • Society bids to raise standards

    16 Sep 2004

    The Chartered Insurance Institute is setting up the Society for Mortgage Professionals in its effort to raise professional standards across the financial services industry. The society will link the CII's existing mortgage-related examinations and the online competency tool mortgage Assess along with additional support through semin-ars, workshops and guidance notes. Richard Fox, the current compliance officer at the MCCB, will become the society's chief executive ...

  • SPML launches new prime plus range

    21 Sep 2004

    Southern Pacific Mortgage is launching a new prime plus range together with fixed and discounted offers.The aim of the prime plus range is to offer a range of products for all customer credit profiles ranging from non-conforming to mainstream. Prime plus is available up to 85 per cent loan to value, and features a two year fixed rate option from 5.19 per cent and stepped discount options from 4.9 per cent from June 1 2006. Enhanced income multiples are also available which apply ...

  • Strategy quartet for Gartmore

    16 Sep 2004

    Gartmore has unveiled its four long-awaited multi-manager funds. It has taken nine months developing its multi-manager portfolio since taking on the former Insight fund of funds team. The portfolio, which is managed by Bambos Hambi and Marcus Brookes, will have two new core managed funds and two high-alpha funds. Gartmore will also be launching a portfolio service including a regular withdrawal service, Isa conversion facility and online valuation, which will ...

  • Survey claims advisers are turning to whole of market

    16 Sep 2004

    Almost two out of three IFAs want to be able to offer all funds to clients at the expense of multi-manager propositions.Independent research demonstrates the challenge posed to multi-manager as wrap accounts develop.Statistics from CWC Research show that 64 per cent of advisers are looking for all funds to be covered by a wrap account as part of an holistic advice package. This is at the expense of multi-manager funds although advisers are keen to see a best-of-breed ...

  • Talkback

    16 Sep 2004

    Yes. I am concerned that he may have left because he felt there would no longer be a role for independent advice. Adrian Lewis,DC Parker Life & Pensions Yes. He was very impressive in the role and I think it will be hard to fill his shoes. Kevin Hanwell,Hanwell Financial Services No. I knew he was there but I didn't know him well enough to say I will miss him. Mike Berry,Focuswell.com Yes. He was very good at what he did and had plenty of common ...

  • The estate we're in

    16 Sep 2004

    The ease at which we all fall into the inheritance tax liability category is becoming only too obvious. House prices have risen dramatically over recent years. Gifting a house and still living in it may no longer qualify as a straightforward gift as even if the donor is paying a rent for the property it would be classified as a gift with reservation. The Finance Bill 2004 is clearly making it less attractive to embark on certain gifting plans and the new rules could mean someone could ...

  • The IFA's role on underwriting

    16 Sep 2004

    As the protection market becomes increasingly competitive, underwriting is gathering importance as a key differentiating factor for advisers when choosing a provider. A critical factor is the ease and speed with which the provider is able to underwrite their client's case. IFAs rate quality of service in the same league as competitive rates and commission. An integral part of the IFA service is the quality of the underwriting team and the service it provides. Many ...

  • The Smee legacy

    16 Sep 2004

    Aifa director general Paul Smee has been fighting the IFA corner for five years but will be leaving the organisation in December. Smee, who is joining the Association for Payment Clearing Services as chief executive, joined Aifa as director general when it was set up in 1999 primarily as an alternative to the IFA Association although it also amalgamated other IFA organisations such as the Large Networks Association. He has raised hackles in some quarters during his time ...

  • Thrive on technology

    16 Sep 2004

    The survival of financial advisory firms is likely to depend on the degree to which they embrace technology. Technology can increase productivity and profits for advisers and help advisers meet increasing regulatory demands. Advisers should use technology to help with the whole financial planning process,from the initial disclosure of services to fact-find, through sale and writing of the business to administration. The imminent regulation of mortgage and general ...

  • Timms returns as Financial Secretary

    16 Sep 2004

    East Hammersmith MP Stephen Timms is returning as Treasury Financial Secretary in place of Ruth Kelly. Timms held the role from 1999 to 2001, assu-ming responsibility for banking, financial services and insurance. He oversaw the introduction of the 1 per cent cap on pensions and regulation of the long-term care sector but refused to change the law to force life offices to disclose the market for traded end-owment policies to people looking to surrender their policies. He ...

  • Trade body is being set up for mutual insurance companies

    16 Sep 2004

    A trade body for mutual insurers is set to be launched this week. The new body, which is understood to be called the Association of Mutual Insurers, is believed to be headed by International Co-operative Mutual Insurance Federation chief executive Shaun Tarbuck. The launch comes as a cross-party group of MPs - the all-party group for building societies and financial mutuals, which includes Tory MP Howard Flight and Labour MP Andrew Love - investigate the future for mutuality. Th

  • Transitional arrangements from First Mortgage Options

    20 Sep 2004

    First Mortgage Options has announced details of its transitional arrangements available to mortgage brokers who want direct authorisation, but fail to receive their FSA authorisation by 31st October 2004.FMO's mortgage network Your Mortgage Options will allow mortgage brokers of any size to operate as authorised representatives on a rolling monthly contract until their authorisation is received from the FSA.Group managing director Alan Hill says: "Your Mortgage Options ...

  • Triple alliance boosts buyout value for IFAs

    16 Sep 2004

    Wealth management consultancy N-Able has launched a buyout package for IFAs in partnership with wrap provider Ample and Dutch manager of manager firm Insinger de Beaufort. The service, revealed at the Sway investment conference in Monaco last week, is part of a new investment outsourcing proposition from the three partner companies which is presently running as a "proof of concept" model and will be fully operational in early 2005. The service allows IFAs to put all their ...

  • Two-year tracker range from Yorkshire BS

    21 Sep 2004

    Yorkshire Building Society is today launching a range of two-year tracker mortgages with no early repayment charges.The new deals offer homeowners a tracker rate set at 0.25 per cent below the Bank of England base rate which currently stands at 4.5 per cent. Borrowers moving their mortgage will pay Bank of England base rate for two years. A second two-year tracker mortgage without any fees and offering a contribution to legal and valuation costs is also available at the base rate ...

  • VCT firms told to boost marketing and information to build business

    16 Sep 2004

    VCT providers have been told to sharpen up their act if they want the market to develop. KeyData Mark Owen says the companies marketing venture capital trusts have let clients down by not providing them with information. He believes that more professional marketing could see the industry progress and help bring more funds under management. The VCT market hit a peak in 2000/01 when £450m was invested but in the years since then the total has dropped to under ...

  • When cash is not king

    16 Sep 2004

    I have been invested 100 per cent in cash since setting up my income drawdown plan six years ago. I take about 50 per cent of the maximum pension. My wife who does not have any personal income. I also have two children who flew the nest many years ago. I am 71 and need some advice about altering investment strategy while taking minimal risk. I also need to know whether pension simplification may give me some other options. What would you advise? From the information ...

  • Woolwich races against FTSE

    15 Sep 2004

    Woolwich Plan Managers has established another issue of the accelerated growth plan, a capital protected bond that provides geared returns linked to the FTSE 100 index over a six-year term.The plan will provide 700 per cent growth in the index, capped at 70 per cent. This means investors will benefit fully from the geared returns if the index rises by up to 10 per cent. If it rises by more than 10 per cent investors will get the maximum return available under the plan but the ...

  • Workload signs lenders for broker revenue database

    16 Sep 2004

    Workload Financial Business Consultants - the firm which produces Touchstone databases - has signed up four mainstream mortgage lenders to share information on brokers' revenue streams and client profiles. Workload says it has signed up Halifax, Woolwich, Standard Life and Abbey to its service, with letters of accord signed with Northern Rock, Alliance & Leicester and Royal Bank of Scotland. About 12 other firms are interested in the proposition. Touchstone databases ...

  • Zip along to St Paul's

    16 Sep 2004

    Cauldron Consulting PR Jain Castiau is living the high life in the City for charity on September 16 and 17. The British Military Fitness is helping fundraisers whizz down a 200ft zipwire for charity. The wire runs from a 100ft tower attached to St Paul's Cathedral down into Queen's Head Passage by Paternoster Square. The majority of the cash raised goes to the Winfield Trust, a charity that helps victims of schizophrenia and other related mental illnesses. There ...

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