Money Marketing
16 January 2002

  • 'Business as usual for discount brokers'

    17 Jan 2002

    Discount brokers say it will be business as usual in the post-polarisation era despite the FSA's proposals to ban IFAs from using direct-offer financial promotions. Hargreaves Lansdown head of research Mark Dampier says under the new rules, discount brokers will simply need to change their status to "distributor", form ties with every provider and carry on as before. HCF Partnership partner Richard Craven says the only effect on his firm will be the need to print new stationery, ...

  • 'Ninety per cent of IFA firms will take the multi-tied route'

    17 Jan 2002

    FSA plans to limit commission could force up to 90 per cent of IFA firms to become multi-tied, with Bankhall and Tenet Group saying they will offer a multitied option. Some advisers believe that in the worst-case scenario, just 10 per cent of firms will operate on a fee basis while the rest multi-tie, allowing them to continue to get commission. The FSA consultation paper warns that abolition of polarisation will see "a reduced IFA sector" and a growth of multi-ties as advisers ...

  • 'Treasury is pulling the strings'

    17 Jan 2002

    IFAs and trade bodies say the FSA is buckling under to Treasury demands, with the plans to scrap polarisation set by the Government. Others accuse the FSA board of overriding the views of its officials working on the review, including head of conduct of business David Severn, by ignoring his indications last October that polarisation was likely to stay and multi-ties were not a favoured option. Those pointing to a split between the FSA board and officials refer to Severn's comments ...

  • ...but IFAs with best advice panels beat the accusations

    17 Jan 2002

    IFAs using best advice panels are both independent and free from commission bias, according to new research commissioned by the FSA for the polarisation review. The report by Cap Gemini Ernst & Young last summer exonerates panels from accusations of already being multi-tied, finding selection processes to be robust, subject to regular reviews and uncorrelated with commission levels. The survey covered 100 IFAs from 21 firms, incorporating panel and non-panel users. It says ...

  • 7% yield offered on Swip property fund

    17 Jan 2002

    Scottish Widows Investment Partnership is to offer a property fund next month, offering investors a gross yield of 7 per cent a year. The UK balanced property trust will be an investment trust listed on the London Stock Exchange. The offer period is set to run from February 11 to March 20. Swip is looking to raise £150m from the offer and shares will be sold on a first come first served basis. The fund is to be targeted primarily at Isa and selfinvested personal pension ...

  • 80 per cent of IFAs ready for depolarisation, says Fidelity survey

    18 Jan 2002

    Four out of five IFAs have already made preliminary plans for the post-polarisation era, according to a new survey from Fidelity.

  • A CONSUMER's VIEW

    17 Jan 2002

    The introduction of euro coins and notes has been the headline story since the beginning of the year. But why is it that the financial services industry has failed to provide the euro product that customers want? Most of the high-street banks are offering euro deposit accounts although some have a minimum investment of £5,000. A few have euro-denominated credit cards attached. But when the euro was first introduced as a unit of account and traded electronically in 1999, the one ...

  • A season for stakeholder

    17 Jan 2002

    Stakeholder's first birthday arrives at the end of the Isa season, which could be a slower season this year. Some advisers believe we might see a stakeholder season with people taking advantage of the tax allowance offered by the new pension. Roger Sanders Associates principal Roger Sanders says he will be surprised if there is not a stakeholder season comparable with the traditional rush for Isas. "I think we will see stakeholder being sold as a second kind of Isa. There is ...

  • Aberdeen axes six fund managers

    17 Jan 2002

    Aberdeen Asset Management is making six fund management staff, including head of UK equities John Thornton, redundant in a strategic review of its operations. The reshuffle sees Thornton, manager of its flagship blue-chip UK fund, and head of UK equities, as the highest-profile casualty. Also leaving is former head of equity income and manager of the Murray Income Trust Doug Thomson. IFAs say something had to be done at Aberdeen, given the poor performance of its UK funds in ...

  • ABI calls for simpler annuity reforms

    17 Jan 2002

    The ABI claim current annuity reform proposals are beneficial to only a small number of people and it says simpler reforms are needed. In a paper entitled, Reforming Annuities: Big Bang or Softly, Softly?, the ABI considers the current and future role of annuities in providing retirement income. It has looked at whether current alternatives put forward will keep pensioners off means-tested benefits and provide flexibility for everyone. It found that the proposed reforms, such ...

  • ABI expands media relations team

    21 Jan 2002

    The ABI is expanding its press team. with the appointment of two new members.Emma Grainge joins from Marks & Spencer Financial Services and Leonie Edwards from Gavin Anderson & Company.Both will work alongside assistant media relations manager Malcolm Tarling and report to head of media and political affairs Alan Leaman. 

  • Active times for Legg Mason

    18 Jan 2002

    Legg Mason Investors has established the UK active income Isa, which invests in the Legg Mason UK income and Monthly income unit trusts.

  • Aifa wants a coalition to fight back

    17 Jan 2002

    Aifa is calling on the industry and the Consumers' Association to form a coalition to sort out what it is calling the chaos created by the FSA's proposals for change. Aifa director general Paul Smee says Aifa, the ABI, IFA Promotion and the LIA must unite to tackle the FSA on its radical plans. LIA public affairs director John Ellis says he gives his backing to a coalition challenge which he hopes will bring about significant changes to the proposed regime. But the ABI ...

  • All-party MPs attack plan to axe polarisation

    17 Jan 2002

    Government backbenchers and the Opposition have attacked the FSA's plans to scrap polarisation, warning it will restrict independent advice to the rich and reduce the viability of IFA sector. The Conservatives say the possibility of misselling would be greatly increased and that IFAs could effectively disappear. Labour backbencher and member of the Treasury select committee Jim Cousins says sophisticated advisers will not be damaged by the changes but the majority of consumers ...

  • Any payment method suits me

    17 Jan 2002

    As an adviser who charges fees and takes commission (invar-iably partially rebated), I really do not care how I am paid as long as it is sufficient (in my view) for the work undertaken. I get irritated by providers manipulating their charging and remuneration structures to suit those who are coy about how much they earn. Exit penalties to suit networks? Buying business with enhanced rates for volume - network pressure? However, if fees were to become the norm, what about VAT? I am ...

  • Aon in final-salary warning

    17 Jan 2002

    More companies are set to ditch final-salary schemes because of changes to the pension accounting regulations, warns leading actuary and pension consultant Aon Consulting. It claims the new reporting standard FRS17 will make pension costs in company accounts more volatile, so final-salary schemes will be less attractive. The new standard specifies how companies must report the cost of providing pensions and other post-retirement benefits such as healthcare and will be fully operational ...

  • Bankhall seminar aims to draw DBS members

    17 Jan 2002

    Bankhall is holding a marketing seminar for disgruntled members from rival DBS network offering them financial incentives if they switch en bloc. Many members are up in arms about how they are being treated by DBS following the network's increase in fees before Christmas. Bankhall aims to exploit this, claiming it sees this as an opportunity to recruit new members to its Investment Strategies network by offering group discounts. It will not put a figure on the incentives ...

  • Banks cash in with multi-ties

    17 Jan 2002

    High-street banks will clean up in the new proposed regime after successfully leaning on the Government to open up the market to multi-ties, according to IFAs. IFAs accuse the banks of leaning on the FSA and the Government to get their own way with depolarisation. They say the lobbying campaign for depolarisation from the high-street banks has been stronger than that for polarisation and the merits of the IFA channel. IFAs also believe organisations with distributing power ...

  • BBA's Rawlins in MPI role for OFT

    17 Jan 2002

    The OFT has reshuffled its directors, with British Bankers' Association director Chris Rawlins becoming a director in its markets and policy initiatives (MPI) division. Rawlins will play a key role in the OFT's working relations with business, including the financial services community, Government and consumer organisations, both at the national and international levels. He will also be responsible for the watchdog's call centre and lead in preparing the OFT's role ...

  • Beale Dobie in drive for new Tep gearing service

    17 Jan 2002

    Traded endowment policy market-maker Beale Dobie is offering a guide to its new service which enables investors to use a Tep as security to gear investments. The Beale Dobie Tep gearing plan offers loans that are secured against a Tep. It allow investors to borrow up to 90 per cent of the surrender value of their policy, which can then be used to invest in additional policies. The service comes with a free guide explaining the benefits of gearing and where to obtain a loan. The ...

  • Bidding war fear over better than best rule

    17 Jan 2002

    The FSA's scrapping of the better than best rule will spark a bidding war among providers desperate to ensure they are not left behind in the dash for distribution, claim IFAs. The FSA says it abolished the rule, which effectively limited provider investment in adviser firms to 10 per cent, so commission-based IFAs wanting to retain their independent status could access more capital to finance the transition to fees. But advisers claim the move will simply "sow the seeds of ...

  • Boston fund firm makes UK debut

    17 Jan 2002

    MFS International UK, a subsidiary of Boston-based fund management firm MFS Investment Management, is making its debut in the UK retail market with a UK equity fund. The fund is one of three Oeics introduced as the company expands across Europe. It will consist of a portfolio of 20 to 35 UK stocks selected by a team of eight analysts. Headed by Anthony Kingsley, the team manages the Luxemburg-based European equity fund for MFS. With the UK equity fund, each analyst will cover two ...

  • Breakfast with Popplewell

    22 Jan 2002

    Money Marketing's IFA personality of the year Keith Popplewell is appearing on Channel 4's Big Breakfast programme every day this week.To catch the cheeky IFA columnist, tune into Channel 4 between 7am and 9am each morning.Popplewell, with his wife and two children, make up Big Breakfast's family of the week, and will be appearing regularly throughout the show.Highlights of the week so far include Popplewell dressed as a pantomime dame.

  • Bricks and mortar boards loan from Chelsea

    17 Jan 2002

    Chelsea Building Society is targeting its new buy-to-let loan at landlords looking to rent property to students. Previous buy-to-let products from the society excluded properties purchased as student accommodation. The student buy-to-let loan is based on the society's standard variable rate plus 0.25 per cent, giving a current rate of 5.94 per cent. There is an additional 0.75 per cent discount for the first 12 months. An early repayment fee of 2 per cent of the amount repaid ...

  • Britannic Group chief exec resigns

    16 Jan 2002

    Britannic Group chief executive Danny O'Neil has resigned with effect from today, a position he has held since May last year.He says he has decided to leave for personal reasons, but will remain a consultant to the group and will become a non-executive deputy chairman of Britannic Asset Management.Group chairman Harold Cottam will fill the chief exec's role until a replacement is found.  

  • Campaign highlights £1.1bn fines paid to Revenue

    17 Jan 2002

    UK taxpayers will hand over £1.1bn to the taxman in fines this year as a result of late or miscalculated tax returns, according to research by IFA Promotion. It is urging IFAs to contact their clients to help put their finances in order ahead of the January 31 deadline for submitting tax returns. IFAP says that since self-assessment was introduced in 1997, there has been a steady rise in the number of late returns, with 971,000 deadline defaulters last year. The upward ...

  • Cap Gemini warns of recreating system flaws

    17 Jan 2002

    A consultant at the heart of the FSA's polarisation rev-iew has hit out at the pla-nned regime, saying it could have significant adv-erse impact on both consumers and the industry. Cap Gemini Ernst & Young vice-president Shaun Crawford says the proposals are in danger of recreating many of the present flaws in the system and there are significant barriers to turning the FSA's ideas into reality. His firm was commissioned by the FSA as part of the polarisation review to look ...

  • Consumers face charter for chaos

    17 Jan 2002

    Consumers face a bewildering choice of up to five different types of financial adviser under FSA proposals to depolarise the market, say the Consumers' Association and IFAs. The CA has criticised the proposals, saying they will confuse consumers and give the high-street banks a stranglehold on distribution. The FSA envisages direct salesforces selling their own or multiple providers' products, multi-tied "distributor firms" advising on a range of providers, independent advisers ...

  • David Bailey turns his lens on Scottish Widows

    17 Jan 2002

    Scottish Widows is screening new TV ads this week directed and produced by veteran photographer David Bailey. Filmed around a lighthouse and featuring the customary widow, the ad will be shown at peak viewing times until the end of January and then from February 17 for four weeks. By the end of its run, Widows claims the ad - which it says is meant to symbolise security, trust, quality and the prospect of a bright future for its customers - will have been seen by 40 million adults. Brand ...

  • Disclosure upheaval would aim to clarify adviser classification

    17 Jan 2002

    A radical overhaul of the disclosure regime is being called for by the FSA, including scrapping post-sale confirmation letters, which it claims would save the IFA sector over £37m. The FSA makes recommendations in its consultation paper which it claims will "enhance" disclosure and ensure clients know what type of adviser they are dealing with. It says consumers should be aware of advisers' qualifications and the range of choice in the advice market to make them more likely ...

  • Editorial: Put yourself and consumers first

    17 Jan 2002

    The FSA's spin-doctored announcement on the axing of polarisation has as its heading: "Consumers put first in proposed reform of financial advice". This is simply not true. A more accurate heading would be "Consumers put last as overwhelming demand for IFAs ignored". The lunatics have taken over the asylum but most IFAs realised that long ago. The changes will confound consumers, with possibly five or six levels of adviser. Better than best is not reformed, it is dumped ...

  • Equitable rescue to cost members £30m

    17 Jan 2002

    Equitable Life chairman Vanni Treves has admitted the society's compromise scheme will end up costing its members more than £30m in legal, actuarial and marketing fees. At a policyholders' meeting last Friday, Treves said the scheme had already racked up bills of £15m and would eventually cost members more than double that amount. He admitted the cost was "extremely high" but said he thought the £30 cost to each of the one million members affected by the ...

  • Equity-release code is more important than ever, says King

    17 Jan 2002

    The delay in bringing mortgages under the regulatory wing of the FSA has highlighted the importance of the code used to maintain standards in the equity-release market, according to its trade body. The newly appointed chairman of Safe Home Income Plans, Jon King, says the Ship code is more important than ever after the delay to statutory mortgage regulation following the Government's announcement of its intention to regulate mortgage advice. The two key principles of the code, ...

  • Equity-release firm aims for over-60s

    17 Jan 2002

    A new equity release company, Crown Equity Release, is launched this month. The aim is to help homeowners aged over 60 to release locked-up value from their property to supplement their retirement income. The firm is targeting IFAs as it believes clients should be given unbiased advice on how equity release can fit into their savings and investments. Commission is 1 per cent to 1.5 per cent of the money received by the client. Crown Equity Release, based in London and operating ...

  • Exchange FS director defects to MIFAS

    18 Jan 2002

    Misys IFA Services has poached Andrew Oliver from Exchange FS to become its Head of Marketing.

  • Fee switch favours multi-ties

    17 Jan 2002

    IFAs will have to charge fees agreed with clients in advance instead of being paid commission if they wish to remain "independent" under the FSA's proposals. But multi-tied advisers will not be subject to these rules, which IFAs say are unfair and anti-competitive. To eradicate commission bias, the FSA says independent advisers will have to use a defined payment system agreed in advance with the client. This can be a fixed total charge, a retai-ner fee, an hourly rate or an ...

  • Fidelity triples its Isa

    18 Jan 2002

    Fidelity Investments has unveiled the triple 2002 Isa, which offers three Fidelity funds within a tax-free wrapper.

  • First State fund buys British

    22 Jan 2002

    First State Investments has established the British mid-cap fund, an Oeic that aims for capital growth by investing in medium-sized companies within the UK.

  • First State Investments - British Mid-Cap Fund

    18 Jan 2002

    Friday 18 January, 2002Type: Oeic.Aim: Growth by investing in medium-sized UK companies.Minimum investment: Lump sum £1,000, monthly £50.Investment split: 100 per cent invested in medium-sized UK companies.Isa link: Yes.Pep transfer: Yes.Charges: Initial 4 per cent, annual 1.4 per cent.Special offer: Initial charge reduced to 3.5 per cent.Offer period: Until April 5, 2002.Commission: Initial ...

  • Framlington biotech fund adds Isa link

    17 Jan 2002

    Framlington has made its biotech fund available for Isas, just two months after it said the fund would not be Isa-able because many investors would not understand the risk. The biotech fund, which was launched in November, is managed by star Framlington health manager Antony Milford. However, unlike Framlington Health, which has less than 40 per cent in the biotech sector, the new fund invests solely in biotech and carries much greater risk. At the biotech fund's launch, Framlington ...

  • Framlington Isas its biotech fund

    17 Jan 2002

    Framlington has established the Framlington biotech Isa, a unit-trust based Isa that invests in the company's recently introduced biotech fund.

  • Free guide helps less experienced investors take Aim

    17 Jan 2002

    Close Fund Management has produced a free guide to highlight investment opportunities in the Alternative Investment Market. The guide, aimed at advisers and investors who have previously avoided the Aim market, explains how the performance of smaller companies can be assisted by a listing on Aim. It describes the growth of Aim over the last six years and explains the tax benefits available to those who invest in Aim stocks. Aim investments have beneficial capital gains ...

  • Friends, NU and Widows buying 40 per cent Assuresoft stake

    22 Jan 2002

    Friends Provident, Norwich Union and Scottish Widows have taken a combined forty per cent share in Misys-owned IFA electronic portal Assuresoft.

  • FSA claims trees take place of IFAs

    17 Jan 2002

    The FSA admits the 1 per cent cap is damaging the IFA channel by cutting income and driving advice out of the market. It says the cap for stakeholder and Cat standards "is leading to a squeeze on revenue in cash terms per sale" for IFAs. This follows the decline in direct salesforces, "consumer demand for independent advice" and the "need for advice, increased by greater product differentiation". The FSA says "many IFA businesses are growing weaker as revenues are squeezed ...

  • FSA is charging in where it should not tread

    17 Jan 2002

    Let's get this into perspective. The IFA domination of the market for long-term savings and pensions has not been caused by polarisation. It has developed because of the qualities and services offered by independent advisers. Equally, changes to polarisation do not erode those qualities. The FSA research is worth a look - not least because it affirms rather than contradicts the research which Aifa and IFA Promotion mounted recently through Advice First. Why do consumers go to ...

  • FSA U-turn axes polarisation

    17 Jan 2002

    The FSA has admitted to a policy U-turn which will see polarisation ditched in favour of a new system of tiered advice including multi-ties, gap filling and limits on how IFAs are remunerated. FSA head of conduct of business David Severn, who is heading the review, has admitted that the regulator changed its mind since its open meeting in October when it appeared to be backing away from wholesale reform of the polarisation regime. The proposals will see the introduction of five ...

  • Gartmore chases income

    16 Jan 2002

    Gartmore has unveiled the Gartmore monthly income fund, a unit trust that aims to produce income of 7.5 per cent a year.

  • Gartmore Investment Management - Monthly Income Fund

    16 Jan 2002

    Wednesday 16 January, 2002Type: Unit trust.Aim: Income by investing in high-yield bonds, investment-grade bonds.Minimum investment: Lump sum £1,000, monthly £50.Investment split: High-yield bonds 70 per cent, investment-grade bonds 30 per cent.Yield: 7.5 per cent gross.Isa link: Yes.Pep transfers: Yes.Charges: Initial 1.5 per cent, annual 1.25 per cent.Special offer: Unit price £1.Offer ...

  • Gartmore launches fixed income fund

    18 Jan 2002

    Gartmore is launching a new fixed income fund investing in bonds and other securities and focusing on capital security.

  • Genesis Home Loans 1-year buy-to-let fixed

    16 Jan 2002

    Genesis Home Loans, buy to let fixedFixed term: one years Fixed rate: 3.25%Minimum loan: £40,000Maximum loan: £300,000Income multiples: 3.25 +1, 2.75 x jointArrangement fee: 1%Redemption fee: 6 months interest at SVR during fixed periodConditions: rental income must be 130% the SVRIntroducer's fee: refer to packagerTel: 01832 275 044

  • Genesis Home Loans 2-year discount

    16 Jan 2002

    Genesis Home Loans, discounted mortgageDiscounted term: 2 yearsDiscount: 1.25%Payable rate: 4.75%Minimum loan: £40,000Maximum loan: £250,000Income multiples: 3.25 +1, 2.75 x jointArrangement fee: £325Redemption fee: 6 months interest at SVR during discount periodConditions: max 80% LTV for first time buyersIntroducer's fee: refer to packagerTel: 01832 275 044

  • Genesis Home Loans 2-year fixed

    16 Jan 2002

    Genesis Home Loans, fixed mortgageFixed term: two yearsFixed rate: 4.99%Minimum loan: £40,000Maximum loan: £250,000Income multiples: 3.25 + 1, 2.75 x jointArrangement fee: £325Redemption fee: 6 months interest at SVR until 3/3/05Conditions: no MIG, maximum LTV 102% first time buyersIntroducer's fee: refer to packagerTel: 01832 275 044

  • Genesis Home Loans 2-year fixed

    16 Jan 2002

    Genesis Home Loans, fixed rate mortgageFixed term: 2 yearsFixed rate: 5.45%Minimum loan: £25,001Maximum loan: £250,000 - up to 90% LTVIncome multiples: 3.25 +1 , 2.75 x jointArrangement fee: £325Redemption fee: 6 months interest at SVR during fixed periodConditions: max 80% LTV first time buyersIntroducer's fee: refer to packagerTel: 01832 275 044

  • Genesis Home Loans 2-year fixed

    16 Jan 2002

    Genesis Home Loans, fixed rate mortgageFixed term: 2 yearsFixed rate: 5.99%Minimum loan: £40,000Maximum loan: £250,000 - up to 90% LTVIncome multiples: 3.25 +1 , 2.75 x jointArrangement fee: £325Redemption fee: 6 months interest at SVR during fixed periodConditions: max 80% LTV first time buyersIntroducer's fee: refer to packagerTel: 01832 275 044

  • Genesis Home Loans 3-year buy-to-let fixed

    16 Jan 2002

    Genesis Home Loans, buy to let fixedFixed term: three years Fixed rate: 6.49%Minimum loan: £40,000Maximum loan: £300,000Income multiples: 3.25 +1, 2.75 x jointArrangement fee: £325Redemption fee: 6 months interest at SVR during fixed periodConditions: rental income must be 130% the SVRIntroducer's fee: refer to packagerTel: 01832 275 044

  • Genesis Home Loans 3-year discount

    16 Jan 2002

    Genesis Home Loans, buy to let discountDiscounted term: 2 yearsDiscount: 1.25%Payable rate: 4.5%Minimum loan: £40,000Maximum loan: £300,000Income multiples: 3.25 + 1, 2.75 x jointArrangement fee: £325Redemption fee: 6 months interest at SVR for 3 yearsConditions: rental income must be 130% SVRIntroducer's fee: refer to packagerTel: 01832 275 044

  • Genesis Home Loans 3-year discount

    16 Jan 2002

    Genesis Home Loans, discounted mortgageDiscounted term: 3 yearsDiscount: 1.01%Payable rate: 4.99%Minimum loan: £40,000Maximum loan: £250,000Income multiples: 3.25 + 1, 2.75 x jointArrangement fee: £325Redemption fee: 6 months interest at SVR during discount periodConditions: no MIG, maximum LTV 102% for first time buyersIntroducer's fee: refer to packagerTel: 01832 275 044

  • Genesis Home Loans 3-year fixed

    16 Jan 2002

    Genesis Home Loans, fixed rate mortgageFixed term: three yearsFixed rate: 6.24%Minimum loan: £40,000Maximum loan: £250,000Income multiples: 3.25 +1, 2.75 x jointArrangement fee: £325Redemption fee: 6 months interest at SVR during fixed periodConditions: no MIG, maxiumu LTV 102% first time buyersIntroducer's fee: refer to packagerTel: 01832 275 044

  • Get work in your sights

    17 Jan 2002

    The number of consumers who are financially ill-prepared for the future is growing. Initiatives such as decision trees have done nothing to stop this downward spiral in financial self-provision. It is clear from research that most consumers have little inclination to seek out financial information off their own back. But when they do want help, what they would value is financial advice they can trust. This would involve ready access to personal financial information in the format that ...

  • Goodfellows - Mortgage Safety Net

    21 Jan 2002

    Monday, January 21, 2002. Type: Accident, sickness and unemployment insurance. Maximum benefit: 65 per cent of monthly income or £1,500, whichever is lower. Benefit payment term: 12 months. Deferred period: None. Premium: £3.95 per £100. Commission: Initial 15 per cent. Tel: 01376 347369.

  • Govt interference means IFAs are now a dying breed

    17 Jan 2002

    I have been in the financial services industry for 37 years, mostly as an employed IFA but since January 1996 as a partner in a provincial IFA in Kidderminster. I feel that I can no longer contain my anger and frustration as to how Governments of all political colours have interfered with our business over the years, particularly in the area of occupational and personal pensions. In the 1960s, smaller employers copied bigger firms in establishing final-salary schemes, as employees ...

  • GPPs raising the stakes?

    17 Jan 2002

    Nigel Stammers, pensions strategy manager, Clerical Medical Martin Clarke, general manager(marketing), CIS Martin Birks, asset accumulation leader, RSA I s the FSA right to raise concerns over the sales of GPPs which have continued to flourish since the launch of stakeholder? Nigel Stammers: It is not surprising that the FSA wants to understand why this is happening but it would be premature to raise concerns. Most good quality GPPs now offer stakeholder price ...

  • Halifax service to target market for retirement advice

    17 Jan 2002

    Halifax is set to launch an annuity advisory service over the coming months in a bid to make its mark in the expanding retirement planning market. The bank is in negotiations to construct a panel of major annuity providers but says it is too early to comment on whether the service will be a multi-tied or IFA operation. The news comes a year after Halifax sparked an ongoing union dispute following its decision to shut down its IFA arm, forcing advisers to become part of its tied ...

  • Home on the range

    17 Jan 2002

    Schroders is giving access to a broad range of UK companies within its UK select Isa. The Isa will invest 50 per cent in the Schroder UK equity fund, 30 per cent in the Schroder UK mid-250 fund and 20 per cent in the Schroder UK smaller companies fund. The UK equity fund invests in big, well-established companies in sectors such as banking, oil and gas, telecommunications and general retailing. Examples of holdings include GlaxoSmithKline, Shell and Vodafone. The UK mid-250 fund aims ...

  • IFAs snub Investlife bond

    17 Jan 2002

    IFAs have criticised Investlife's high-income bond, saying they will not recommend it as returns are linked to the worst performing of eight stockmarket sectors. Investlife's premier income and growth bond is being marketed as ideal for risk-averse investors as its capital return is linked to eight Dow Jones Europe Stoxx sectors. But IFAs say this claim is misleading as the bond is only linked to the worst-performing sector of the eight. They say this risk factor is increased ...

  • IFAs urged to emphasise the benefits of advice to women

    17 Jan 2002

    Men are more likely to seek financial advice than women so IFAs should put greater emphasis on targeting women, according to a new survey from Sun Bank. It found that men are 50 per cent more likely to visit an IFA when sorting out their finances whereas women are more likely to go straight to their existing bank or building society for advice. Sun Bank says this means women are losing out on the ability to tailor their portfolio from different providers and get the best savings ...

  • Imla appoints Tony Ward as new chairman

    18 Jan 2002

    The Intermediate Mortgage Lenders Association has appointed Britannic Money chief executive Tony Ward as its new chairman.He takes over from Paragon Mortgages managing director John Heron who becomes vice chairman.Ward says: "Imla will continue to play a vital role in ensuring there is meaningful debate on the format of mortgage regulation and other government measures, which will impact on our market and the role of the intermediary."

  • Immediate AIPs for brokers from Virgin One

    18 Jan 2002

  • Independent view

    17 Jan 2002

    The Treasury's announcement that mortgages are to be regulated is great news for the industry as well as the consumer. Charcol and other established IFAs and mortgage advisers which already practise strong compliance processes and which believe in the value that advice adds will warmly embrace the move. Those mortgage advisers cutting corners are arguably one of the only groups which may be adversely affected. But in an industry where self-regulation has been the norm, they will ...

  • Inside Edge - Steve Bee

    17 Jan 2002

    It now seems to be an accepted fact that our pension legislation needs to be simplified if it is to be of any earthly use to anyone. Everyone these days seems to think we have over-egged it a tad on the complexity pedal. I suppose I should say this simplification bandwagon is very welcome, even if it has been a long time coming. I do not think it is too late in the day but I would have preferred to have seen steps being taken 15 years ago before it got to this stage. Still... Just ...

  • Investec enters high yield market

    22 Jan 2002

    Investec Asset Management has introduced the Investec monthly high income fund, its first high yielding corporate bond fund for UK investors.

  • Is this the dawning of the age of 'star' underwriters?

    17 Jan 2002

    Protection policies allow clients to indemnify themselves and/or their beneficiaries against some, if not all, of the financial implications of death, illness and/or serious illness. At the same time, it is critical for product providers to ensure that premiums are set commensurate to the risk that individual customers present. Underwriting is the tool used by product providers to ensure that, as far as possible, the company's experience reflects the assumptions used by actuaries ...

  • Isis zero worships

    18 Jan 2002

    FRIENDS IVORY & SIMEISIS PROGRESSIVE GROWTH TRUSTType: Oeic.Aim: Growth by investing in zero-dividend preference shares.Minimum investment: Lump sum £1,000, monthly £50.Investment split: 100 per cent in zero-dividend preference shares.Yield: 7.5 per cent.Isa link: Yes.Pep transfers: Yes.Charges: Initial 4.75 per cent, annual 1 per cent.Commission: Initial 3 per cent, renewal 0.5 per cent.Tel: ...

  • It's the punters who will pay

    17 Jan 2002

    The FSA's contribution to chaos and the obliteration of the world's forests has continued undaunted. What is our regulator up to? As Howard Davies has already had to accept a cut in bonuses for the failings of the FSA under his stewardship, he seems to be determined to recoup this loss and more by engineering his own demise. A golden goodbye, the likes of which we have already witnessed in our perceived cash-rich industry, is bound to be on the cards for this visionary yesterday's ...

  • Julian Gibbs

    17 Jan 2002

    Very often, last year's worst performing sectors become this year's winners. The worst performer in 2001 was technology, with the average unit trust being down by 47 per cent at the beginning of December. European technology shares were particularly badly hit. While technology shares will continue to remain volatile, there are now some bargains which the best fund managers should be able to pick. Aberdeen European technology fell by 54 per cent over the last year but I believe ...

  • Leeds & Holbeck 2-year discount

    16 Jan 2002

    Leeds & Holbeck Building Society, discounted mortgage

  • Legal & General - Term Savings Account - Issue 9

    22 Jan 2002

    Tuesday, January 22, 2002.Type: High interest account.Minimum-maximum investment: £2,500-£1m.Interest rates: £2,500-£4,999 4.5 per cent gross a year, £5,000-£9,999 4.6 per cent gross a year, £10,000 plus 4.7 per cent gross a year.Term: 12 months.Offer period: Until further notice.Withdrawal penalties: No withdrawals permitted during term.Tel: 0870 5600608.

  • LeggMason Investors adds to sales team

    18 Jan 2002

    LeggMason Investors has appointed Patricia Thompson to join its UK sales team.

  • Life offices face the critics over bonus rate cuts

    17 Jan 2002

    Scottish Widows' decision to slash its bonus rates by more than a third has raised the question of whether other life offices will have to reduce bonuses as drastically as they prepare to announce their decisions over the coming weeks. Widows claims the cuts merely highlight the extent to which the global slowdown has hit investment returns and it claims that others will follow. Norwich Union, which is due to make its bonus announcement this week, is the next office to be widely ...

  • Lincoln looks to small and mid caps

    17 Jan 2002

    Lincoln Unit Trust Managers has established the UK equity growth trust, a unit trust which invests in a portfolio of between 50 and 100 small and mid cap stocks in the UK.

  • Lincoln trust seeks growth outside FTSE

    17 Jan 2002

    Lincoln Unit Trust Managers is expanding its investment fund range with a new UK equity growth trust. The opportunities trust aims to invest in between 50 and 100 smalland mid-cap stocks. Lincoln hopes the fund will benefit from a potential upturn in the UK market over the coming year. Similar to 10 of Lincoln's 12 existing unit trusts, the opportunities trust will be managed by Goldman Sachs Asset Management. Lincoln was the first provider to allow UK retail investors access ...

  • Lloyds TSB wins by head in the popularity stakes

    17 Jan 2002

    Lloyds TSB is the most popular bank in the UK due to its flexibility on customers' financial needs, according to research by ICM for software services provider CMG. The survey, which interviewed over 1,000 adults across the UK, shows 18 per cent of people think Lloyds TSB has the best image although the big four banks' scores were all very close, indicating that consumers have difficulty in distinguishing between banks. Barclays Bank was most popular with the 18 to25 age ...

  • Make income protection work

    17 Jan 2002

    The board of my firm has decided to increase the benefits package we offer to senior employees and feel some form of sickness insurance would be most useful, both to the company and to the employees themselves. How do you suggest we should proceed? We are a firm of accountants and the scheme would initially be offered to 20 members of staff. Obviously, I would need a great deal of further information to advise you properly but, based on the above, my initial recommendations would ...

  • Marsden Building Society 10-year fixed

    16 Jan 2002

    Marsden Building Society, fixed rate mortgageFixed term: 10 yearsFixed rate: 5.69%Minimum loan: £30,000Maximum loan: N/AIncome multiples: 3 +1 or 2.5 x jointArrangement fee: £295Redemption fee: 5,5,5,5,5,5, 4,3,2,1% of outstanding balanceConditions: noneIntroducer's fee: Tel: 01282 440 500

  • Membership of networks set to nosedive, says FSA

    17 Jan 2002

    Network membership will plummet under FSA depolarisation proposals, with many RIs leaving to become directly authorised multi-tied advisers and remaining IFAs spurning their services, the regulator has claimed. IFAs are also predicting an exodus of network members back to the tied sector if the proposals are implemented. In its consultation paper, the FSA says networks may choose to link with what it calls a "host provider" to become its "multi-tied arm" but this will create the ...

  • Mercantile Building Society discount

    16 Jan 2002

    Mercantile Building Society, discounted mortgageDiscounted term: 3 yearsDiscount: 1.65%Payable rate: 4.19%Minimum loan: Maximum loan:Income multiples: Arrangement fee: Redemption fee: discount and benefits reclaimedConditions: no tie in after discountIntroducer's fee:Tel: 0191 295 9500

  • Momentum teams up with PMI consultancy SPS Wellbeing

    21 Jan 2002

    Corporate IFA Momentum Financial Services is teaming up with private medical insurance consultancy SPS Wellbeing to expand its advice offering.The strategic partnership will enable Momentum, one of the UK's 20 largest IFAs, to offer specialist advice on health benefits as well as its core business of pensions, investment and tax.

  • MP says preserve orphan assets for members

    17 Jan 2002

    A Labour MP has challenged the Treasury to stop life offices striking deals allowing them to distribute more than 10 per cent of their orphan assets to shareholders. In a Parliamentary debate this week, Labour MP Barry Gardiner urged Treasury economic secretary Ruth Kelly to work with the FSA to ensure that life office policyholders always receive 90 per cent of the value of orphan assets. Gardiner said he wanted to avoid a repeat of the Axa Life controversy in December 2000, when ...

  • NDF recovery plan wipes away the tears

    21 Jan 2002

    NDF Administration has targeted the NDF recovery growth plan at investors who have had a miserable time on the stockmarket.

  • New appointments for FOS board

    21 Jan 2002

    The FSA has appointed five new non-executive members and reappointed four current members to the board of the Financial Ombudsman Service.

  • New Life for IFAs

    17 Jan 2002

    Few companies can claim to have been shortlisted for the Money Marketing award for best use of new media three years in a row. Scottish Life has exactly that distinction, having collected the full set of silver, gold and bronze awards in 1999, 2000 and 2001 respectively. As I mentioned at the end of last year, when looking at what I hoped could be achieved for IFA technology during 2002, Scottish Life is certainly one of the more advanced offices when it comes to the services offered ...

  • Newton - UK Opportunities Fund

    18 Jan 2002

    Friday 18 January, 2002Type: Oeic.Aim: Growth by investing in 40 to 50 UK companies.Minimum investment: Lump sum £1,000, monthly £50.Investment split: 100 per cent invested in 40 to 50 UK companies.Isa link: Yes.Pep transfer: Yes.Charges: Initial 4 per cent, annual 1.5 per cent.Special offer: Initial charge reduced to 3 per cent.Offer period: February 8, 2002.Commission: Initial 3 per cent, renewal ...

  • Newton chooses freedom

    21 Jan 2002

    Newton has unveiled the Newton UK opportunities fund, an Oeic that aims for growth by investing in a portfolio of between 40 and 50 UK stocks.

  • Octopus picks up on bioscience

    17 Jan 2002

    Summing up Burke says: "A number of major UK investment houses are currently extolling the virtues of smaller company unit and investment trusts. If they are right, successfully managed venture capital trusts should produce excellent potential terms for investors taking the plunge this season. Whether the potential converts to pounds remains to be seen but I am reasonably confident." Dilke-Wing says: "I cannot see there being widespread investor demand ...

  • Octopus picks up on bioscience

    17 Jan 2002

    When asked about the investment philosophy of the company Dilke-Wing says: "This is a complex area beyond the remit of most advisers, including me. You either buy into the biotech philosophy and accept the fact that you leave the stock selection to the specialists, or you view it as a sector that is too speculative to be of interest to all but a minority of clients." Burke calls the philosophy fine, but says that investments in this sector which concentrate ...

  • Octopus picks up on bioscience

    17 Jan 2002

    Octopus Asset Management Bioscience VCT Aim: Growth by investing in listed and unlisted bioscience companies. Minimum investment: Lump sum £3,000. Opening-closing date: October 15, 2001-April 5, 2002 for 2001/2002 tax year, April 12, 2002 for 2002/2003 tax year. Charges: Initial 5 per cent, annual 1.25 per cent. Commission: Initial 2.25 per cent, renewal 0.25-0.4 per cent for first four years. Tel: 0800 2792501. Broker ...

  • Old Mutual sails offshore

    17 Jan 2002

    Old Mutual has introduced an offshore fund that aims for capital growth by investing in smaller companies within the UK.

  • Online survey shows IFAs looking to stay independent

    21 Jan 2002

    Three quarters of IFAs say they expect to remain independent in the event of polarisation rules being abolished, according to an online survey.

  • Only 13% planning to remortgage

    17 Jan 2002

    Only 13 per cent of homeowners are planning to rem-ortgage this year, according to Legal & General's latest Moving Intentions survey. The survey says this figure is not as high as expected considering the historically low level of interest rates and presents an opportunity for IFAs to encourage borrowers to remortgage to save money on the cost of owning their home. L&G says current deals mean that borrowers could save significant amounts of money with a typical discount ...

  • Opas wants simpler streamlined pensions

    17 Jan 2002

    Pensions must be simplified to restore public confidence in saving for retirement, says pension advisory service Opas. Opas says there is a formidable number of pension options available and urges that the Government's simplification review headed by Alan Pickering should lead to a substantial reduction in the range and type of schemes. It also wants the rules on selling pension schemes to be changed. Opas would like to see a streamlining of legislation to promote more clarity ...

  • Outside edge - Nick Bamford

    17 Jan 2002

    Pension rules are complex, there is no doubt about it. This complexity may well be an important contributory factor to a lack of public interest in the subject. At least, a lack of interest until they realise that they may not receive as much retirement income as they need or expect. Who is to blame for this complexity? Partly it is the Government. The same Government that wishes to encourage people to take responsibility for their retirement income is also responsible for the generous ...

  • Ownership move by Brain sparks competition fears

    17 Jan 2002

    Mortgage Brain's move to hand its ownership to a limited number of lenders has stoked fears that it could restrict competition in the market. The platform, which is also set to announce its new chief executive in "days or weeks rather than months", says in two years the consortium of lenders will own 100 per cent of the business from its current level of 51 per cent. But Financial Technology Research Centre Director Ian McKenna warns that this will limit competition if Mortgage ...

  • Pink Home Loans 3-year discount

    16 Jan 2002

    Pink Home Loans, discounted mortgage

  • Pink Home Loans 5-year buy-to-let fixed

    16 Jan 2002

    Pink Home Loans, buy to let fixed

  • Poleaxed as FSA opts for massive changes

    17 Jan 2002

    Over 13 years of polarisation is to be swept away following radical proposals from the FSA to overhaul distribution and advice completely. Multi-ties, or "distributor firms" will be introduced, directly authorised by the FSA they will be responsible for advice given rather than a lead provider which had been widely touted. The better than best rules will be lifted, as will rules limiting investment in IFA firms, which the FSA claims "will help maintain a robust independent sector ...

  • Positive Solutions warns removing polarisation risks mis-selling

    18 Jan 2002

     

  • Privilege Portfolio International - Global Balanced Fund

    18 Jan 2002

    Friday, January 18 2002.Type: Sicav.Aim: Growth by investing in global equities and global bonds.Minimum investment: $3,000.Place of registration: Luxemburg.Investment split: Global equities 64 per cent, global bonds 36 per cent.Isa link: No.Charges: Initial up to 6 per cent, annual 1.25 per cent.Commission: Subject to negotiation.Tel: 00 352 402820357.

  • Pro bono plan would raise image of advisers

    17 Jan 2002

    Proposals for IFAs to give free advice in Citizens' Advice Bureaux and a new lower level of generic adviser are set out in the FSA's polarisation paper. The regulator refers to plans to set up a pilot scheme for IFAs to offer pro bono generic advice. Aifa and the CAB have had extensive talks but the scheme has been held back by difficulty in finding an industry figure to head it. The regulator also outlines plans for a lower level of generic adviser offering a free financial ...

  • Product Matters - new ISA fund launches

    17 Jan 2002

    The Isa season has kicked off and the number of fund launches is increasing steadily. There is no particular theme this season and the launches span aggessive growth, fixed interest and equity income. So it is no easy task for marketing types to come up with a sure-fire way of raking in investors' cash. The only real thirst investors have is for income, which is not surprising against the background of pitiful deposit returns. Jupiter's new distribution fund is an interesting ...

  • Property prime time is over with 5% rise forecast

    17 Jan 2002

    Residential property will only increase in value by 5 per cent this year, almost two-thirds less than 2001's 14 per cent growth, says broker FPD Savills. Its latest research bulletin claims weaker economic growth, falling employment and slower increases in household income are acting as drags on house prices, but it predicts increases of 7 per cent in 2003. The threat of increased unemployment is the biggest risk to the housing market according to Savills. It says that unemployment ...

  • Pru charges into with-profits

    19 Jan 2002

    Prudential has designed a version of its prudence bond which has no initial charges and rewards investors who do make any withdrawals with an additional bonus of 0.25 per cent a year.

  • Put an end to the unfair pension annuity regime

    17 Jan 2002

    The Conservative Party has been committed for four years to end the compulsory purch-ase of annuities by 75 and to legislate on broadly the same terms as David Curry's Bill, for which I personally have campaigned since 1997. The Minister for Pensions is out of touch in describing this as a rich man's issue. Over 1.5 million people saving for their retirement in money-purchase pension schemes will benefit. The recent Winterthur survey found only 13 per cent of adults believe that ...

  • Regime has been under threat since inception

    17 Jan 2002

    The FSA's plans to scrap polarisation are just the latest attempt to dismantle the regulatory regime which has been under threat since its inception 14 years ago. The concept of polarisation first appeared in the statute books in 1986 as part of the Financial Services Act. It had been proposed by the Marketing of Investments Board Organisation Committee, consisting of civil servants and industry figures and chaired by Sir Mark Weinberg. Polarisation came into force in 1988. Even ...

  • Research claims to show bond commission bias...

    17 Jan 2002

    IFAs have shown significant evidence of commission bias when choosing between providers for with-profits and distribution bonds, according to an FSA report although it admits the markets is not riddled with bias. The research, by Charles River Associates in October last year, is published as part of consultation paper 121. It claims to reveal some evidence of product bias in the IFA market, with some advi-sers alleged to be inappropriately choosing unit-linked bonds over Isas. The ...

  • Rolling on to AFPC success

    17 Jan 2002

    There are now only 12 weeks to the next sitting of the Advanced Financial Planning Certificate examinations. If you are one of the many people who are planning on taking an exam in April (tables 1-3) then you will become either one of the 38 per cent or so of candidates who pass their exam or one of the 62 per cent who fail. Without a plan you are more likely than not to fail in achieving your objective of AFPC success. Whichever subject you intend to study, you should first get ...

  • Sandler: My task is to blend reviews

    17 Jan 2002

    Ron Sandler has welcomed the FSA's plans for polarisation, calling it an inevitable step forward but conceding that IFAs may be concerned about the prospects for change. In a speech at an ABI Conference in London this week entitled, The Savings Gap and the Sandler Review, he said IFAs will have serious questions to ask themselves about their future in deciding whe-ther to remain independent or succumb and go multi-tied. Sandler denied that the announcement makes his review superfluous, ...

  • Scottish Life is......

    17 Jan 2002

    Scottish Life is running a marketing campaign to illustrate the opportunities for IFAs in the individual and group pension sectors. The campaign, entitled Exploit the Marketing Opportunities Now, is intended to help IFAs maximise sales opportunities arising from group and individual pension sales, pension transfers, new solutions for existing group schemes, the deadline for carry-forward and carryback contributions and worksite marketing. The various market opportunities are addressed ...

  • Scottish Mutual backs FSA's big issue on with-profits disclosure

    17 Jan 2002

    The latest FSA with-profits issues paper is pushing at an open door, says Scottish Mutual. The life office says providers already accept there are big problems with consumer understanding and confidence about with-profits products. It says many of the proposals suggested in the FSA paper, Disclosure to Consumers, were originally raised by the ABI several months ago. The ABI has confirmed that it worked closely with the regulator in developing the disclosure proposals. Scot ...

  • Scottish Widows Investment Partnership - UK Balanced Property Trust

    16 Jan 2002

    Wednesday, January 16, 2002.Type: Investment trust maxi Isa.Aim: Income or growth by investing in a Guernsey based closed ended investment company.Minimum investment: Lump sum £7,000.Maximum investment: Lump sum £7,000.Catmarked: No.Investment split: 100 per cent in a Guernsey based closed ended investment company.Type of shares: Ordinary.Yield: 6.5 per cent gross a year.Charges: Initial 3 per cent, annual ...

  • Skipton bond gives minimum return of 22% over five years

    17 Jan 2002

    Skipton Building Society is offering a five-year guaranteed growth bond with minimum growth of 22 per cent and potential growth of up to 50 per cent. The bond tracks the FTSE 100, S&P 500 and Dow Jones Eurostoxx 50 indices. Growth of 22 per cent is guaranteed irrespective of changing financial or economic circumstances. Investors receive a return of 8 per cent for every year that all three indices increase on the previous 12 months and an additional 10 per cent bonus if all ...

  • Skipton Building Society - Bank Rate Protection Bond

    18 Jan 2002

    Friday, January 18, 2002. Type: Guaranteed growth bond. Minimum-maximum investment: £2,000-£1m. Term: Until April 14, 2004. Interest rate: 9.25 per cent less Royal Bank of Scotland base rate. Charges: None. Return: Capital returned in full along with 9.25 per cent less Royal Bank of Scotland base rate. Guarantee: Capital returned in full along with 4 per cent gross interest a year. Commission: None. Tel: ...

  • Stakes and pains

    17 Jan 2002

    I am an avid reader of Money Marketing but do not recall seeing any article concerning the peculiar stance adopted by Scottish Equitable on its existing personal pension book now that stakeholder is with us. Most major pension providers took a decision months before April 6 to convert the charging structure of their existing personal pension plans to stakeholder terms to prevent the admin headache of having to convert the majority of existing plans to stakeholder. For most investors, ...

  • Standard reprices to 1%

    17 Jan 2002

    Standard Life has repriced its entire pension book to 1 per cent and says it will be the only provider able to make the wholesale changeover. It repriced existing personal pension contracts to a single charge when stakeholder was introduced in April. It is now transferring all its occupational schemes to 1 per cent. Standard says it has the financial strength and the systems to make the move. It believes other providers will struggle to cope with the admin. Other providers ...

  • Take the exit

    17 Jan 2002

    "When Wall Street sneezes, the world catches a cold" is an expression we all have heard. It has certainly proved true in the past. But when it comes to positive developments, why are we so slow to catch up with what is happening in the US? Financial services history shows that we tend to be 10 years behind the US. A few years ago, the concept of paying an exit fee rather than an initial charge for an investment product was relatively unheard of in the UK. Yet such products have ...

  • Talkback

    17 Jan 2002

    Are life office cuts in with-profits bonus rates justified? "I think they probably are. The bonus rates have got to reflect the overall performance so I would have expected them to be lower." Gordon Walker, Sole trader "Yes. With the investment returns we have seen in the last few years, I do not see how they could maintain bonus rates." Colin Eyre Pygmalion Fund Managers "Yes, I think they are probably justified. They are a prudent action given the downturn in market ...

  • The Aussie example

    17 Jan 2002

    The Government has so far rejected introducing further compulsion into its pension policy. Instead, it has opted for the tactics of encouragement and incentive. There are clearly doubts over whether the current strategy will be successful - stakeholder pensions are not being bought by the target group and the pensions credit will be too complex to act as an incentive to save. New data from the ABI clearly shows that the take-up of stakeholder has been slow but it is too early to ...

  • Tony Murrell

    17 Jan 2002

    N ews of Skandia's £210m takeover bid for Lynx, the parent company of IFA support services group Bankhall, surprised the industry and sparked more speculation over the introduction of multi-ties. But Bankhall operations director Tony Murrell, celebrating his 25th year in financial services, is adamant that he, his employer and Skandia are firmly committed to independent financial advice and claims the deal will ensure that Bankhall IFAs hold on to their independent status. Without ...

  • Top-down approach for Morley fund

    17 Jan 2002

    Morley Fund Management is offering a global theme fund using top-down stock selection for a global portfolio of up to 70 high-quality stocks. The fund will be constructed according to major themes rather than built around a global benchmark. Michael Jennings will manage the fund. He joined Mor-ley last October from Sarasin Investment Management, where he also managed a global themed fund. He says national indices are now dominated by multinational companies, meaning it is no ...

  • Tory tactics push through bill for annuity reform

    17 Jan 2002

    The case for annuity reform received a strong endorsement last week when a private member's bill sailed through the House of Commons at its second reading. Conservative MP David Curry's Pensions Annuities (Amendment) Bill compels people to purchase an annuity by age 65 but only to the point that they are clear of the need for state benefits. They are then free to invest the rest of their pension pot as they wish. Using wily tactics, the Tories rallied their backbenchers on ...

  • Towry hit by exodus as two branches are closed

    17 Jan 2002

    National IFA Towry Law faces a further exodus of senior staff as closes it Leicester and Edinburgh branches. In the last three weeks, four branch managers at the London, Bristol, Leicester and Cambridge offices have resigned. Two senior managers and two consultants in the Bracknell head office have also left. Towry's discretionary fund management service has been suspended after the resignation of a key person. The director of Professional Connections, its business relationship ...

  • Treponin test tells the tale

    17 Jan 2002

    Advances in medical science change the way that we are affected by certain illnesses and the way we diagnose them. These advances in turn affect critical-illness cover. One example is the growing use of troponin tests to help diagnose heart attacks and other illnesses of the heart. The current heart attack definition used in critical-illness policies makes no mention of these latest diagnostic tests, which can leave a question mark over whether or not a heart attack claim is valid. This ...

  • Trying to make sense of all the changes

    17 Jan 2002

    Is it just me who is confused by the FSA proposals on polarisation and IFA commission? Now, Let's see if I have got this right. The FSA take over from the PIA and they decide that they want to make financial advice more accessible for the general public. They also want the cost of that advice to be more transparent for the consumer. So, first they take a look at an existing regime called polarisation, where tied advisers and independent financial advisers are clearly separated and ...

  • Two appointments at Standard Life Healthcare

    22 Jan 2002

    Standard Life Healthcare has announced two key promotions to its sales and IFA relations team.

  • UK chief leaves Gartmore

    17 Jan 2002

    Gartmore head of UK retail Michael Wrobel has left the firm as part of a top-level management restructure. Wrobel, who had been at Gartmore for seven years, will be replaced by NatWest Private Banking managing director Paul Feeney. Before working at NatWest, Feeney was global marketing director for the Coutts Group. Gartmore has appointed two more directors to join Feeney in leading its distribution business. Steen Steincke is the new head of global bancassurance business excluding ...

  • Wentworth Rose appoints two from Towry Law

    21 Jan 2002

    Wentworth Rose is appointing two senior sales managers from Towry Law as part of a plan to grow its RI ranks by 30 to around 100 by 2004. Former Towry Law director Rob Goldthorpe and senior sales manager Mike Baggaley will start at Wentworth Rose in February. Tudor Taylor will head up the firm's retirement counselling operation from the beginning of March.

  • What's it all about?

    17 Jan 2002

    Open letter to the FSA I think all these changes mean well but are a waste of time. You seem to be worried that banks and direct salesforces can only sell their own products and you want them to sell other products, too. Some banks were independent but stopped because they wanted more money and therefore started selling their highly profitable, anti-consumer products. Your proposals will allow them to sell more products which do not have to be best for the client but can ...

  • Winning post

    17 Jan 2002

    With the approach of the end of the tax year, many tax planners will quite likely be focused on actions that should be taken by their clients ahead of April 5. I will look at some of the more widely applicable of these in future articles. But it may be worth planners looking beyond April 5 and targeting the potentially substantial amounts that may be available for investment after that date. Why might such sums become available? Well, from April 6, 2002, disposals of business assets, ...

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