Money Marketing
17 August 2005

  • GE Life enhanced annuities rise 1%

    18 Aug 2005

    Intelliflo will be the biggest software provider for the IFA sector within three years, claims chief executive Nick Eatock.The company is among the five biggest software providers for the IFA market, doubling user numbers from 2,000 to 4,000 since the management buyout from former parent Millfield in January, and Eatock says the firm's use of "net-native" technology, which focuses on use in conjunction with the internet, will see it overtaking rivals.Eatock says Intelliflo is ...

  • Howard takes over chair for panel

    18 Aug 2005

    John Howard is to take over as chairman of the financial services consumer panel from October, replacing Ann Foster who has been chair since 2003. Howard is a journalist, broadcaster and solicitor. He has been a member of the panel for four years.

  • 1St buys back Misys' share of business

    18 Aug 2005

    1st, the technology provider for 11,000 advisers, has bought back the 28.6 per cent share of its business owned by Misys for an undisclosed fee.The deal continues Misys' retreat from the IFA arena after last month's provider buyback of the company's 60 per cent stake in Assureweb and the appointment of Lexicon Partners to assist with the sale of Sesame in the next 12-18 months.Sesame commercial director Charles Bryant has resigned from the board of 1st as part of the deal. Bryant ...

  • A body of work

    18 Aug 2005

    How long have we been discussing a single body for advisers? Yet some people seem to be unaware of this and the fact that the Personal Finance Society is that body.

  • A single-minded approach

    18 Aug 2005

    Like the rest of the world, I watched in horror as news of the London bombings unfolded on July 7.

  • A structured solution

    18 Aug 2005

    Structured Solutions GroupEarly Bonus Plan III

  • Abbey - Two Year Fixed Rate

    22 Aug 2005

    AbbeyTwo Year Fixed Rate

  • A-Day detail delays hit IFAs' preparations

    18 Aug 2005

    The Government is keeping IFAs waiting for vital information designed to help them prepare for A-Day because of "publishing difficulties".Revenue & Customs has failed to publish its Registered Pension Schemes Manual, the document that will contain detailed tax and technical information on pensions for firms and consumers, by its end of July deadline.Revenue & Customs says the delay was caused by difficulties in its publishing process and preparation of new reg- ulations but ...

  • Adviser numbers leap at pi

    17 Aug 2005

    National IFA group pi financial has seen the number of advisers in its regional collective increase from 18 to just less than 100 in 18 months, now servicing 14,000 clients. Formed out of pi financial dixon sutcliffe, the firm says its localised structure has created its success.

  • Advisers unprepared for MER

    23 Aug 2005

    38 per cent of advisers have done nothing to prepare for the FSAs new mandatory electronic reporting regime, according to research from technology firm 1st.The survey also shows 13 per cent of firms have not even heard of online reporting which has been in place since July 1, although the first deadline for submissions has been put back from August 11 to September 9.1st surveyed 200 advisers about how prepared they where for the new regime. 46 per cent of advisers have started ...

  • Aegon recovers in Q2

    18 Aug 2005

    Aegon's life and pension sales bounced back strongly in the second quarter of 2005.Sales in Q1 took a hit as the impact of commission cuts on certain pension product lines took effect but Q2 sales were 22 per cent higher than in the same period of 2004.UK earnings rose by 40 per cent in the first half to 67m from 40.2m on an IFRS basis. However, half-year life and pension sales were down by 4 per cent to 321m from 333m on an APE basis.The group was buoyed by strong growth ...

  • Alliance & Leicester International - Capital Guaranteed Maximum Growth Bond

    22 Aug 2005

    Alliance & Leicester InternationalCapital Guaranteed Maximum Growth Bond

  • Assureweb in new links

    18 Aug 2005

    Assureweb is claiming that new links with four product providers' websites will treble its new business transactions in the next year.The portal now links to the extranet sites of Prudential, Scottish Equitable, Standard Life and Scottish Pro- vident in addition to Nor- wich Union, Scottish Widows, Friends Provident and Legal & General.Assureweb director of product marketing Stephen Wynne-Jones says a lack of co-operation between portals and extranets has resulted in a failure ...

  • B&W relies on Income & growth duo

    21 Aug 2005

    Bristol & WestGuaranteed Income and Growth GEB

  • Bank of England terror cash alert

    18 Aug 2005

    The Bank of England is alerting IFAs and product providers to be vigilant against the movement of terrorist funds in the wake of the London bombings.It has asked the Personal Finance Society to alert members to financial sanctions against terrorist groups such as Al-Qa'ida and regimes including Zimbabwe, Sudan and the ousted Taliban government in Afghanistan.Legislation prohibits firms from making available funds or economic resources to any individual listed by the Uni-ted ...

  • 'Beware trap of higher tax-free cash'

    18 Aug 2005

    Tax-free cash lump sums should not be the automatic choice of workers in final-salary schemes, says Standard Life's John Lawson.Scheme members risk slashing their pension income because commutation rates, which determine how much cash they get for each pound of pension given up, have not moved to reflect falling annuity rates.The problem is most prevalent in private sector schemes but even the police scheme has a 13:1 commutation rate for 60-year-olds, with members taking tax-free ...

  • BPF warning on Sipp perils

    18 Aug 2005

    The British Property Federation is warning IFAs to improve their expertise on property ahead of residential property being allowed into self-inv- ested personal pensions from A-Day next year.Property investment into Sipps is high profile, with many investors considering buying multiple residential properties for putting into a Sipp.The BPF says there is an education gap to be filled, not only for IFAs but also the general public. It believes the general public does not have ...

  • Brief encounter

    18 Aug 2005

    James Salmon follows the progress of Aifa's Stakes in the Ground initiative to protect IFAs against retrospective regulatory action

  • Burgess wins 120k commission clash

    18 Aug 2005

    Protection broker Burgesses has won a court battle to get 120,000 in unpaid commission from Belfast insurance broker Campbell Hunter Consultants.Campbell Hunter Consultants managing director Alan Vance was judged to have failed to pay Burgesses managing director Simon Burgess commission for introducing a 5m a year life insurance policy which was issued to the Royal Ulster Constabulary. He was ordered to pay Burgesses 128,830 to cover outstanding commission and accrued interest as ...

  • Cann claims IFAs missing menu chances

    18 Aug 2005

    IFAs are wasting the opportunities presented by the menu, according to the Institute of Financial Planning.Chief executive Nick Cann says that despite general antipathy to the document, most advisers are missing the chance to use the menu to outline the benefit of their services. He says the menu needs a serious overhaul and welcomes the autumn review, when a fairer representation of market averages is expected to be introduced.The IFP has been working closely with the FSA on ...

  • Caring for the parents

    23 Aug 2005

    Western Provident AssociationParent Care

  • CHL launches into sub-prime with Mortgages plc

    19 Aug 2005

    Capital Home Loans is launching into the sub-prime sector by launching a distribution agreement with Mortgages plc.

  • CIS signs single-tie deal

    18 Aug 2005

    Norwich Union has signed a single-tie deal with Co-operative Insurance Society, whose 2,200 advisers will sell NU products exclusively.In a phased roll-out from the first quarter of 2006, NU will provide a personal pension, unit-linked bond, guaranteed acceptance plan and suite of inheritance tax-planning products for CIS.The products will be CIS-branded and further lines are likely to be added. CIS will continue to offer its own stakeholder pension and platinum with-profits ...

  • Close threatens to quit Murray VCTs as row continues with rebel shareholder

    18 Aug 2005

    Close Venture Management says it will resign as manager of the three Murray VCTs if campaigner Charles Clark wins his campaign to remove the boards and appoint his chosen directors.Both Close and Clark have written to shareholders in the venture capital trusts ahead of their September EGMs, where voting will take place on the opposing proposals.The boards sacked Aberdeen Asset Management as manager of the VCTs and appointed Close, which aims to merge the three portfolios subject ...

  • Correspondent's Week

    18 Aug 2005

    This week Simon Hildrey, freelance financial journalist

  • David Sherman

    18 Aug 2005

    Sam Shaw finds that the 71-year-old marketing manager at Close Brothers Investment has developed a language of his own during his years in financial services but is still striving hard to ensure the intricacies of property funds and VCTs are not lost in translation for high-net-worth clients

  • Dring leaving Standard Life Bank

    18 Aug 2005

    Head of intermediary development Alan Dring is to leave Standard Life Bank to pursue new opportunities. The position he leaves is under review and no replacement has been appointed.

  • Dring leaving Standard Life Bank

    17 Aug 2005

    Head of intermediary development Alan Dring is set to leave Standard Life Bank to pursue new opportunities. He, along with sales and marketing director David Macmillan, has been implementing a phased programme of change culminating in the launch of an integrated sales structure. His position is under review.Macmillan says: "Alan has been a valuable member of the team and has been integral in building the Bank as a successful and profitable business."

  • Driven round the bend

    18 Aug 2005

    Afinancial journalist can always tell when it is summer. It isn't just that newspaper pagination falls off the face of a cliff or that everyone goes on holiday and any query takes twice as long to get a reply from a somnolent press office.

  • DTI confirms changes to UK company law exempting split -caps

    19 Aug 2005

    The DTI confirms the Government is making changes to UK company law from October 1 protecting investors from new accounting standards threatening to hit their incomes.

  • Dumb and dumber

    18 Aug 2005

    I have a confession to make and would be grateful if readers would keep it a secret from my employer and my wife. As someone who has been reputed to know a reasonable amount (for a journalist) about personal finance, the information contained here could be highly damaging to that reputation.

  • Experts believe tape beats BMI

    18 Aug 2005

    Waist size is a better measurement than body mass index for assessing individuals' risk, meaning that tape measures could replace weighing scales, say medical and reinsurance industry professionals.Protection specialist Lifesearch believes protection application forms could soon be asking for waist measurement, with providers applying automatic loadings for customers with bigger waist sizes.The current trend is for providers to apply automatic loadings at a BMI of around 33 ...

  • Fed up and more rises on the way

    18 Aug 2005

    The US Federal Reserve's to lift interest rates, in stark contrast to the Bank of England's cutting strategy, has not surprised industry experts.Last week, the Fed increased rates by 0.25 per cent for the 10th consecutive time to 3.5 per cent.F&C head of strategy Paul Niven says the market expects increases of 0.25 per cent at each of the three next meetings before the end of the year, resulting in a rate of 4.25 per cent. Niven says: "Comments from Greenspan and upward surprises ...

  • Fidelity moves in young guns to run funds

    18 Aug 2005

    Fidelity is making a number of changes to its equity portfolio management teams in what it says is a development drive for its younger managers.Mark Hodges moves on to his first retail fund portfolio after 10 years running institutional equities while Sanjeev Shah is picking up one of the firm's biggest pan-European equities funds.Shah has managed the £264m Fidelity UK aggressive fund since October 2002 and takes control of the Luxemburg-domiciled £1.24bn European aggressive ...

  • Fofs make onshore bond debut on Selestia platform

    18 Aug 2005

    Selestia has signed up T Bailey Asset Management's two funds of funds to the platform.

  • Framlington set for fund merger

    18 Aug 2005

    Framlington is to merge its 18m New Leaders and 30m managed portfolio funds into its 49m managed growth fund under chief investment officer Jeremy Lodwick.The New Leaders fund was launched five years ago to invest in the new world economy by investing in seven business sectors - healthcare, leisure, financial services, internet, technology, media and telecoms.Framlington says the fund's mandate is too narrow to succeed in the current environment and a less specialised fund will ...

  • Friendly gets £5m go-ahead

    18 Aug 2005

    The Pension Annuity Friendly Society has been given the go-ahead to demutualise by its policyholders in a move that will secure a £5m war chest.The demutualisation, exclusively revealed in Money Marketing in June, will see Pafs rebranded as Partnership Assurance and pay out £6.2m in windfalls to 7,800 members who will get a minimum of £500 each.This capital, along with the £5m development funds and the transaction costs, is being provided by venture capitalist Phoenix Equity ...

  • FSA's mystery shopping reveals mortgage shock

    18 Aug 2005

    An FSA mystery shopping exercise found more than half of mortgage firms are still not complying with rules on the provision of disclosure documents, nine months after M-Day brought in regulation.Findings show a shocking 55 per cent of the 82 visits to 62 mortgage lenders and brokers found non-compliant behaviour.The mystery shopping exercise was undertaken to establish whether firms were providing two key documents required by regulation to inform customers about the type of ...

  • Gartmore appoints new senior investment manager

    23 Aug 2005

    Gartmore appoints Jayne Stevlingson as a new senior investment manager, to be based in Philidelphia.

  • 'Gay couples need advice'

    18 Aug 2005

    Gay couples should seek financial and legal advice before entering a same-sex marriage, says Clerical Medical.Once the Civil Partnerships Act comes into effect in December, giving legal recognition of gay relationships, the insurer advises couples to consider will planning, inheritance tax, capital gains tax, transfers of assets, tax planning for life and business purposes and pensions.Of particular consideration are the ramifications of separation when assets have to be divided, ...

  • GE Life enhanced annuities rise 1 per cent

    17 Aug 2005

    GE Life has increased its enhanced aunnuity rates by 1 per cent across the board. The firm says that according to ABI-sponsored Watson Wyatt research, 40 per cent of annuitants would benefit from buying an enhanced contract but only 5 per cent of invididuals take up their open market option.

  • Govt sets out three-pronged strategy for affordable homes

    18 Aug 2005

    The Government has outlined details of its flagship HomeBuy scheme designed to enable 100,000 people to find their own home by 2010.The proposals draw on feedback from key stakeholders, including social tenants, buyers and housing providers to a recent consultation paper.Under the proposals, which will come into force from April next year, there will be three HomeBuy products, all using equity sharing to make housing more affordable.Social HomeBuy will enable tenants to ...

  • HBOS focuses on introducers

    18 Aug 2005

    HBOS is bringing together all of its intermediary and partnership businesses into one area and reshuffling its management team across its business-to-business division.Intermediary business from the retail and investment and insurance division will be combined to strengthen the relationship with all introducers.Birmingham Midshires managing director Nigel Stockton is being given a wider role within the HBOS group , becoming managing director of intermediary mortgages. He will ...

  • Hedge of darkness

    18 Aug 2005

    Hedge funds have traditionally been the preserve of the very wealthy but a recent move by the FSA to con- sult on whether they should be made available to retail investors has resurrected a long-standing debate.

  • Home on the range

    18 Aug 2005

    Last week's Money Marketing ran a story on the executive changes made at Bankhall and it seems an apposite time to give some contextual background to these changes. I would like to look at three core subject areas namely, rationale behind the changes, short term initiatives and longer- term strategy.

  • Howard takes over chair for panel

    17 Aug 2005

    John Howard is to take over as chairman of the Financial Services Consumer Panel from October, replacing Ann Foster who has been chair since 2003. Howard is a journalist, broadcaster and qualified solicitor. He has been a member of the panel for four years.

  • IFAs deserve more reward for higher risk

    18 Aug 2005

    We were interested in the follow-up article last week to our original Comment, Dirty deeds on the IoM in the July 14 edition of Money Marketing, looking at the exposure of IFAs to the increased risks connected with the offshore market and non-regulated funds. This is especially relevant in the light of the collapse of the Shepherds' funds, which were based in the Isle of Man.We feel that some comments in the follow-up article missed the point.The key point we are making is simple. ...

  • IFAs say Govt won't close gap

    18 Aug 2005

    Eighty-two per cent of IFAs believe the Government will have little or no impact in closing the 27bn savings gap, according to research from Winterthur Life.The research, conducted at the firm's roadshows, reveals that 67 per cent say the Government will have little impact in closing the gap, while 15 per cent say it will have no impact.When asked what would make the biggest inroads to closing the gap, 50 per cent say compulsion, 22 per cent say consumer confidence in the pension ...

  • IN Partnership set for merger

    18 Aug 2005

    IN Partnership forecasts mass amalgamation of smaller networks and says it is seeking a merger itself by the end of this year.The network, which has 500 registered individuals and over 200 firms as appointed representatives, says smaller networks cannot remain profit- able if they do not improve economies of scale.Chief executive Kevin McDonagh says two reasons for IN Partnership seeking amalgamation are a depolarised industry and increasing regulatory costs.McDonagh is ...

  • Intelliflo goes net-native to boost users

    18 Aug 2005

    Intelliflo will be the biggest software provider for the IFA sector within three years, claims chief executive Nick Eatock.

  • Investec appoints London sales director

    22 Aug 2005

    Invested has appointed John Tevenan from DWS as London sales director. Tevenan will focus on City and West End intermediaries and wealth managers. He also becomes a director of Investec. Tevenan was head of discretionary sales at DWS since 1999 focusing on London and the Channel Islands.

  • Investment View: Wombling free?

    18 Aug 2005

    No sooner had I suggested that Japan might be worthy of re-examination as a country in which to invest, than prime minister Koizumi called a general election. Typical. The uncertainty created demands a wait and see policy, at least for the time being.

  • Is there a future for fund firms?

    18 Aug 2005

    Two weeks ago, I was talking to the head of commercial development at a major IFA firm about the ways in which the market has changed in the last few years.

  • Jupiter opens staff fund to public

    17 Aug 2005

    Jupiter is to open its staff investment funds to the public under the name Merlin Balanced, aligning it with its three other Merlin vehicles managed by John Chatfeild Roberts. The 41m Jupiter Neptune fund, as it has been historically known, houses money paid to Jupiter employees following the take-over of the group by Commerzbank.

  • Jupiter opens staff fund to public

    18 Aug 2005

    Jupiter is to open its staff investment funds to the public under the name Merlin Balanced, aligning it with its three other Merlin vehicles which are managed by John Chatfeild-Roberts.

  • Key opens the market

    18 Aug 2005

    Nicola York finds that the affordable housing sector is thriving despite media confusion about covenant conditions

  • Knotty problem

    18 Aug 2005

    Indecision is not a qual- ity expected of major league fund managers. So it was with surprise that the Diary learned that North Investment Partners supremo John Husselbee was tying himself in knots over a photocall for the launch of the fund of funds boutique.Apparently, Husselbee has around 150 ties, including a couple of bespoke numbers, and had to whittle the pile down to 10 for the press pics.Ever dapper and fervently opposed to the open-necked shirt culture of boutiques, ...

  • Lenders shunning HomeBuy scheme

    18 Aug 2005

    Some of the country's biggest lenders are refusing to take part in the Government's flagship HomeBuy scheme for affordable housing and there are doubts over whether trials will be ready for April 2006.Abbey believes the volumes likely to be involved do not warrant the cost of developing systems and Alliance & Leicester has decided not to take part and has attended only one meeting with the Council of Mortgage Lenders.The scheme has also been criticised by advisers, with John ...

  • Lenders start to cut rates

    18 Aug 2005

    Mortgage rates have been cut by two major high street lenders following the 0.25 per cent fall in bank base rate.Alliance & Leicester and Nationwide are cutting rates on a selection of mortgages.A&L is reducing its standard variable mortgage rate by 0.25 per cent to 6.59 per cent, equivalent to a 7 per cent APR.The rate is effective from August 15 for new borrowers and from September 2 for existing borrowers.A&L mortgage products tracking the Bank of England base rate ...

  • Lifesearch chief takes Baigrie role

    17 Aug 2005

    LifeSearch has promoted Brian Wilson to sales director after seven years with the company, succeeding Tom Baigrie.

  • Low volatility stifles funds of hedge funds

    18 Aug 2005

    Lower levels of volatility in equity markets hit returns for fund of hedge fund managers in the first half of the year.

  • Market Harboro' in advice deal with Skipton

    18 Aug 2005

    Market Harborough Building Society's 55,000 customers are to get access to whole of market advice through a deal with mutually owned Skipton Financial Services.MHBS customers will get acc-ess to general investment and ret- irement planning, inheritance tax planning, will writing and estate planning from Skipton's 120 whole of market advisers.The relationship has come out of Mutual One, a joint venture between eight societies to help smaller mutuals. Skipton is the biggest shareholder ...

  • Mortgage View: Dangers of second charge

    18 Aug 2005

    As the anniversary of mortgage regulation approaches, what is next on the FSA's agenda?

  • Multi-management View: Fine in theory but does MPT really work?

    18 Aug 2005

    Portfolio diversification is becoming more difficult. Historically, one would have balanced a holding of UK shares with some in the US, Europe and so on, the theory being that when UK shares slumped, the loss would be offset by a gain in the overseas element of the portfolio.

  • Network offering HNW pension leads

    18 Aug 2005

    James White, co-founder of Investor Intelligence and Mortgage Intelligence, is setting up a national marketing network for IFAs giving pension advice to high-net-worth clients.White will be chief executive role of the The Pension Consultancy launch is expec- ted by late October, which depends on the successful recruitment of IFAs.He is in the process of recruiting the 100 advisers required to service leads generated by planned national marketing initiatives planned. They will ...

  • Norwich Union prepares to contract in direct customers

    22 Aug 2005

    Norwich Union is set to automatically contract its direct customers back in to the state second pension.The insurer is writing to its direct customer base this week, advising them that unless informed to the contrary it will immediately contract them back in.NU first wrote to disintermediated customers last Autumn strongly recommending they take this step, but low response rates has prompted the firm to take action.Details of IFA Promotion are enclosed in the letter to assist ...

  • Not such smooth operators

    18 Aug 2005

    Dianne Hayter's Viewpoint seems to be entirely from her own perspective.My observations of her supposed successes measure in percentage influence rather than actual achievements.Perhaps she should return to her medically-based heritage because if she really thinks that "mystery shopping" and "the removal of the smoothed investment product" from a range of products the quality of Sandler's are two great achievements, along with the others that she lists, she is blind to the realities ...

  • Nothing ventured

    18 Aug 2005

    A long-time client once had a great opportunity to get a new business off the ground through selling part of the firm to a venture capital outfit. Like most relationships, it started well but soon there were problems as he found himself with competition from within.

  • NU warns firms face squeeze in run-up to A-Day

    18 Aug 2005

    Norwich Union is warning that increasingly strong competition in the life and pension market will threaten margins in the run up to A-Day.Worldwide profits for the company rose by 21 per cent in the first half of this year compared with the same time last year. Almost two-thirds of group profits now come from overseas markets and NU says UK profits are likely to reduce further as a percentage of its business.Group operating profits were 1.32bn in the first half compared with ...

  • Oceanic Asset Management - ACDS Australian Natural Resources Fund

    23 Aug 2005

    Oceanic Asset ManagementACDS Australian Natural Resources Fund

  • Oceanic sails with Austrlian resources

    17 Aug 2005

    Investment boutique Oceanic Asset Management has established an Oeic for the UK market which invests mainly in Australian natural resources stocks.

  • Och aye the new trust rules

    18 Aug 2005

    The subject of trustee investments has crossed the mind of many an adviser over the years. Especially for those seeking to do business with other professional advisers, working in this market seems like a classic case for effective collaboration. And it is, but it is not easy.

  • Old Mutual Asset Managers - Old Mutual Prosper 80

    17 Aug 2005

    Old Mutual Asset ManagersOld Mutual Prosper 80

  • Openwork move to cut loan panel

    18 Aug 2005

    Openwork will slash its mortgage panel in the new year, with lenders retained on the basis of feedback from its advisers.The network currently uses a panel of 38 and is expected to cut this by more than a quarter but it will still market its mortgage proposition as whole of market, albeit on a product rather than provider basis.Openwork has set up an internal mortgage advisory panel initially comprising 250 of its advisers who will complete a quarterly questionnaire rating service ...

  • Origen offers free advice to victims of London bombings

    18 Aug 2005

    Origen is offering a free fin-ancial advice support ser- vice to victims of the London bombings of July 7 and their dependants.Victims' personal and family circumstances will be assessed on income, debt, assets and any likely payment from insurance companies or other agencies, resulting in a report and action plan provided by the national IFA.Coordinated by the Department for Culture, Media and Sport disaster response unit, the service will provide advice through a face-to-face ...

  • Park Row recruits two more ex-Wentworth advisers from Origen

    18 Aug 2005

    Park Row has recruited two more ex-Wentworth Rose advisers from Origen with the firm's top-performing and longest-standing advisers.Jim Humphrey and David Fishman both joined Park Row Corporate & Private Clients from Origen this month.Humphrey joined Wentworth Rose in 1998 and was its consistently best performer while Fishman, with Wentworth Rose since 1981, was its long-est-serving IFA.Park Row says five of its 47 advisers have come from Wentworth Rose/Origen due to the ...

  • Parlour games in the divorce courts

    18 Aug 2005

    The court will take into account all the assets of a married couple when deal- ing with their divorce. We can consider each of them in turn and then return to them collectively.

  • Party, not property for new generation

    18 Aug 2005

    A new breed of 18 to 34 year olds would rather safeguard their lifestyles than commit to to a mortgage according to research by GMAC-RFC.The "partying over property" generation may partly explain the drop in first-time buyers, with figures from the Office of National Statistics saying they now make up 28 per cent of the overall market.In the survey of 1,126 non-homeowners aged between 18 and 34, 68 per cent say they prefer to rent because it allows them to maintain contact with ...

  • Pearl puts on equity weight

    18 Aug 2005

    Pearl Assurance is nearly doubling the proportion of equ- ity and property investment in its with-profits policyhol- der fund from 25 to 45 per cent.The change is aimed at improving longer-term performance and Pearl says it is unlikely to affect its bonuses in the short term. Pearl, acquired in April by Life Company Investor Group, says the move follows a detailed analysis of the assets and liabilities of its with-profits fund.Intelligent Pensions technical director David Trenner ...

  • Pension group bid to boost standards

    18 Aug 2005

    The joint pensions standards group has launched an initiative designed to boost standards in the operation of occupational pension schemes.The group is chaired by Jardine Lloyd Thompson's John Reeve of the Raising Standards of Pensions Administration campaign. Its member communications team, set up to raise the standards has set out models of good and best practice after researching documents used by a range of schemes. Examples are available on the RSPA website.The initiative ...

  • Personal bankruptcies rocket

    18 Aug 2005

    Personal bankruptcies in England and Wales have leapt by 75 per cent to their highest levels in three years, according to credit-rating agency Experian.It says there were 480 new bankruptcies in June 2005 compared with 275 in the same month in 2003.This increase brings the total in the first half of this year to 2,496 - 513 more than in the same period in 2004 and 906 higher than in 2003.As well as the impact on individuals' credit scores, people declaring themselves bankrupt ...

  • Phoenix and the Ashes

    18 Aug 2005

    With the Ashes in mid-flow, it seems timely that Phoenix, the PR boutique set up by former Quill Communications partner Gordon Puckey three months ago, has signed up Aussie Lauren Stewart from Schroders.Stewart's flight to Phoenix gives Puckey an excellent opportunity for a bit of rare Aussie-baiting should Freddie and co continue to deliver.l Leeds & Holbeck Building Society is supporting the Disasters Emergency Committee's Niger Crisis Appeal by setting up an account into ...

  • Picking with-profits winners

    18 Aug 2005

    It must be remembered that, like stockmarkets, with-profits goes in cycles. I believe that investments in the right with-profits bonds - those with a high proportion of their underlying investments in equities and commercial property - will do well over the next few years, especially where the provider has a high, realistic free-asset ratio and good investment management.

  • Portman as good as it gets

    22 Aug 2005

    Portman Building SocietyFive Year Fixed

  • Practical help

    18 Aug 2005

    Congratulations to Origen for sensitively responding to the London bombings of July 7 by offering free financial advice services for victims of the attacks, inviting them to gain help following the devastation.

  • Premier acquires Solus from KBL

    17 Aug 2005

    Premier Asset Management is to acquire the 63m Solus Eastern Enterprise Fund from KBL for an expected 1.91m.The assets will transfer to the Premier Eastern enterprise fund, a sub fund of Premier Funds. The 1.91m consideration is broadly equivalent to 3 per cent of the NAV of the fund, and will comprise an initial consideration in cash equal to 1.5 per cent of NAV. The new fund will be managed at Premier by Richard Muckart, chief investment officer and head of Asian equities.

  • Product Innovations boosts dollar returns

    19 Aug 2005

    Structured product provider Product Innovations has teamed up with Abbey International to established the Opus Diversifier Dollar Capital Bond, a guaranteed equity bond aimed at high-net-worth investors.

  • 'Property developers use Sipps as sales tools'

    18 Aug 2005

    The FSA should be concerned that non-regulated property developers are using the tax advantages of pensions as sales tools, according to financial services marketing experts.Teamspirit retirement consultant Jo Smith says Galli- ard Homes is just one prop- erty developer using Sipps to advertise property as carrying a 40 per cent discount through a pension despite being an unregulated business.Galliard has been marketing a 149,995 property as having an "effective price" of 89,995.Syndaxi ...

  • Property fund aims at IHT planning

    18 Aug 2005

    Strutt & Parker Real Estate Financial Services has set up a property development fund which is eligible for IHT business property relief. It has a minimum investment of 250,000 and is not subject to IHT upon the death of the investor. It aims to deliver returns of between 10 and 15 per cent a year.

  • Property fund aims at IHT planning

    17 Aug 2005

    Strutt & Parker Real Estate Financial Services has launched a property development fund fully eligible for IHT business property relief. The product has a minimum investment of 250,000 and is not subject to IHT upon the death of the investor. It is aiming to deliver returns of between 10 and 15 per cent a year.

  • RBS seals 0.9bn stake in Bank of China

    19 Aug 2005

    Royal Bank of Scotland and Bank of China have established an exclusive strategic partnership after 18 months of negotiations.

  • Regulator taped IFA during visit

    18 Aug 2005

    While I was a partner of Berkeley Wodehouse Associates, the FSA chose to visit in a thoroughly high- handed manner relating to an ongoing pension enquiry when such matters were at their height.The FSA demanded a private room, had their own recorder and refused us the same privilege. They did not even permit us to have any legal representation, while asking questions in a manner that is best described as formidably confrontational.The FSA must start to act in accordance with ...

  • Retail recruits bring insight to marketing

    18 Aug 2005

    Financial services is seeing an influx of marketers from retail backgrounds, breathing fresh air into the stagnant world of increasingly regulated financial advertising, according to industry experts.Headhunting firm Hunter-Miller Executive Search draws parallels to a similar trend in the grocery sector 10 years ago when that industry also moved from pure product selling to consumer insight-based product development.But cchm:ping chairman Lucian Camp says there is as much traffic ...

  • Revenue and rethink on Peps and Isas

    17 Aug 2005

    HM Revenue & Customs has changed its policy regarding monies incorrectly removed from Peps and Isas after lobbying from the Pep and Isa Managers Association. Managers who make these errors can now reinstate the money as long as they gain clearance from the HMRC audit unit beforehand. Previously this was only allowed in specifically defined circumstances.

  • Revenue warning offshore investors

    18 Aug 2005

    Revenue and Customs has written to hundreds of offshore clients warning them against attempted tax evasion and pointing to IFAs' responsib- ilities.The letters, sent out to 500 clients, say offshore customers should review their tax situ-ations carefully before sub- mitting their self-assessment tax forms.The recipients of the letters have 30 days to confirm the accuracy of their tax returns and have been told that any amendments received within that time will be dealt with ...

  • Reverse the risk

    18 Aug 2005

    It was good to see Simply Biz making the point in these columns recently that IFAs waste a day a week dealing with product providers' poor admin.

  • Running costs increase by 5%

    18 Aug 2005

    The cost of owning and running a house rose by 5 per cent in 2003/04, according to Halifax's third annual review.Rising council tax bills accounted for a third of the rise.Annual housing costs, at 5,948, made up 23 per cent of total household spending by owner-occupiers and was a third higher than household spending on basic items such as food and drink, clothing, education and healthcare.Halifax says council tax will be one of the main factors driving increased housing ...

  • Scottish Life appoints head of marketing development

    22 Aug 2005

    Scottish Life has appointed Neil Lovatt to the newly created position of head of marketing development.Lovatt will report to group product development director Ewan Smith with responsibilities including investment marketing and development and e-service support and development.Lovatt says: "Im delighted to take on this challenging new role and am looking forward to helping develop and present the excellent services, products and risk management solutions which Scottish Life produces, ...

  • Scottish Widows Investment Partnership - Swip Sterling Bond Plus Fund

    23 Aug 2005

    Scottish Widows Investment PartnershipSwip Sterling Bond Plus Fund

  • Service charge

    18 Aug 2005

    Some IFAs are refusing to place business with product providers which do not deliver on service but Nicola York finds that some companies say they are improving their admin in a bid to regain brokers' confidence and business

  • Sesame sets out equity-release guide with wave of firms poised to move in

    18 Aug 2005

    Sesame is publishing an equ- ity-release booklet for members to give to clients with an expected wave of new providers moving into the market.The guide has been produced in response to mounting concerns about equity-release business which have been compounded by the FSA investigation in May.Equity Release Solutions, the referral service set up by Sesame, has produced the guide, which is aimed at advisers who want to deal with clients in this area but are either not authorised ...

  • Shopping outside the high street

    18 Aug 2005

    I cannot help feeling a bit of sympathy for the high-street retailer. Virtually every other sector is pumping out solid earnings, typically in line with or beating estimates, and confidence is riding high.

  • SII encourages youths working in financial services

    22 Aug 2005

    The Securities and Investment Institute is teaming with charity The Brokerage Citylink to raise the numbers of young inner city Londoners working in financial services.

  • Skandia writes down 86m goodwill against Bankhall

    22 Aug 2005

    Skandia has written down a further 86m in goodwill against loss-making Bankhall, prompting speculation it is preparing to sell the business.

  • Skipton launches double asset bond

    22 Aug 2005

    Skipton Building Society has established the double asset bond 2, a product which combines a FTSE-100 linked guaranteed equity bond with a one-year fixed-rate savings account.

  • Skipton launches new fixed rate mortgages

    22 Aug 2005

    Skipton Building Society is launching new 3-Year and 5-Year Fixed Rate Mortgages, with rates starting from 4.59 per cent.

  • Soft targets

    18 Aug 2005

    A report by the Council of Mortgage Lenders has sent a worrying shudder through those who have invested heavily in property rather than saving in more traditional vehicles such as pensions

  • Standard offers cash calculator

    17 Aug 2005

    Standard Life has added a tax free lump sum calculator to its adviserzone website as part of its countdown to simplification campaign.

  • Standard produces child finance guide

    19 Aug 2005

    Standard Life has produced a booklet for advisers to use with customers on finance for children. It looks at reasons for saving for a child's future including university costs and gives details of Standard Life's savings products that could be used. It can be used by advisers in consultations with clients or as part of mailings.

  • Standard won't hurry wrap

    18 Aug 2005

    Standard Life's wrap launch could be delayed until next year.Marketing director John Taylor says he hopes the project will be launched by December but at the latest ahead of Standard's demutualisation, which could be next summer.The wrap project was init- ially expected to launch in the second or third quarter of this year.Taylor says Standard wants to avoid rival wraps' strategy of phased entry into the market, which he says IFAs have not liked. He claims that Standard ...

  • Structured Solutions Group - Early Bonus Plan III

    18 Aug 2005

    Structured Solutions GroupEarly Bonus Plan III

  • Structured value

    18 Aug 2005

    German bank West LB which trades under the name Structured Solutions Group in the UK structured market, has started to increase its market share with good value products such as the latest offering, the early bonus plan three.

  • Supermart adds seven recently launched funds and chart tool

    18 Aug 2005

    FundsNetwork has added seven funds to its platform and has set up a market chronicle allowing advisers to chart fund performance over 75 years.The new funds are some of the higher-profile launches of the last six months. They are the Artemis strategic bond, managed by James Foster and Alex Ralph, Britannic Argonaut European alpha, run by Barry Norris and Oliver Russ, Credit Suisse Incubator run by Gary Potter and Robert Burdett, Neptune's Chinese and Russian funds, run by Robin ...

  • Survey the foundations of property

    18 Aug 2005

    The expertise of IFAs in the property market has been questioned by the British Property Federation.

  • T Bailey mines specialist funds for exposure to resources

    18 Aug 2005

    Multi-manager T Bailey Asset Management says it is keeping an eye on Oceanic Asset Management's new Australian resources fund although it prefers to access opportunities in the region through global resources funds.

  • Tales of the riverbank

    18 Aug 2005

    A day out on the Thames with Platform means Pimms all day long, with food and sun a' plenty. But once our vessel passed the Thames Barrier, the tranquility was replaced with a hum of concern as the shoreline took on the look of an industrial wasteland forgotten by time.The apocalyptic scene gave cause for concern. Were Platform's real motives to send a few hacks to "sleep with the fishes"? Thankfully, the only punishments dished out were hangovers and some sunburn.

  • Tax threat is facing foreign nationals

    18 Aug 2005

    Foreign domiciliaries living in the UK should consider immediate protective tax planning in anticipation of reforms in next year's Budget, warns barrister James Kessler.Kessler believes further measures to increase taxes on the 500,000 residents falling into this group will be introduced in the 2006 Budget to follow on from this year's Budget which abolished the bearer share scheme that benefited foreign domiciliaries.He says the next Budget could abolish the source-ceasing ...

  • Tenet firms want seat on board

    18 Aug 2005

    Major Tenet shareholders Standard Life, Norwich Union, Aegon and Friends Provid- ent are jointly recruiting an independent provider rep-resentative to sit on the network's board.The four companies have agreed a selection process and say they will announce an appointment within the next two months.Standard bought a 20 per cent stake in Tenet in July and at the same time the other three insurers all increased their holdings from 9.9 per cent to a similar level following the demise ...

  • The Derbyshire Building Society - Three Year Fixed Buy-To-Let

    19 Aug 2005

    The Derbyshire Building SocietyThree Year Fixed Buy-To-Let

  • UCB Home Loans - Self Cert Two Year Flexible Fixed Rate

    19 Aug 2005

    UCB Home LoansSelf Cert Two Year Flexible Fixed Rate

  • Understanding the live issues

    18 Aug 2005

    Pension advisers in the North will once again have the opportunity to hear from the experts on the future of the industry at this year's Money Marketing Live conference and exhibition.

  • Unit trust surge for Swip and Invesco

    18 Aug 2005

    Swip/Hill Samuel topped the chart with 424m in net retail sales followed by Invesco Perpetual which sold 298m net, thanks to strong sales of Neil Woodford's UK equity income funds. Newton's higher-income fund and New Star's property fund also sold strongly, achieving net retail sales of 245m and 224m respectively. Fidelity special situations, Artemis income, Norwich Union property and Jupiter's income fund were the strongest sellers for their firms.A Jupiter spokesman would not ...

  • Why does the FSA fear recording?

    18 Aug 2005

    The FSA does a field visit on an IFA in whose offices is a prominently displayed sign stating that conversations may be recorded.The regulator must surely be aware that IFAs hold it and its staff in rather less than the highest regard.Without specifically informing the FSA field officers, which was probably a little unwise, the IFA records the visit and takes it to the editor of a newspaper who is quite interested in what is on the tape.If the contents of the tape revealed ...

  • Widows gets back to basics for protection

    18 Aug 2005

    Scottish Widows is relaunching into protection with a back to basics critical-illness product that sees the firm offer- ing guaranteed rates for the first time.The CII product is stripped of special features and is only available with level decreasing cover, up to 25,000 of child cover and with an optional waiver of premium benefit.Market director (protection) Nick Kirwan says the Straight Talking CII product is designed to address the issue of customers having claims declined ...

  • Will A-Day guidance bring size of relief?

    18 Aug 2005

    As A-Day approaches, some very important tax issues are suddenly coming to the fore. The main thrust of this art- icle is to consider the deductibility of employer contributions to pension arrangements under the new regime.

  • Wilson moves into marketing role at New Star

    17 Aug 2005

    New Star has appointed Richard Wilson as UK retail marketing director, following the recent appointment of Phil Wagstaff as managing director of retail sales and marketing who starts on September 7th. Wilson has been with New Star since 2003 as director of investor communications.

  • Wilson moves into marketing role at New Star

    18 Aug 2005

    New Star has appointed Richard Wilson as UK retail marketing director, following the recent appointment of Phil Wagstaff as managing director of retail sales and marketing . Wilson has been with New Star since 2003 as director of investor communications.

  • Women's group opens to all types of adviser

    18 Aug 2005

    The Women's IFA Group is opening its membership to all types of adviser following depolarisation and changing its name to the women's financial adviser group.Wig has around 1,000 members but founder Fiona Price believes numbers could triple in five years as it brings whole of market, multi-tied, tied and mortgage advisers into the fold.Price believes that, following depolarisation, the organisation can be used as a forum for different sectors of the advisory community to discuss ...

  • Woolwich Plan Managers - Capital Growth Plan Issue 10

    18 Aug 2005

    Woolwich Plan ManagersCapital Growth Plan Issue 10

  • Woolwich Plan Managers - Capital Growth Plan Tax Free Account 2

    17 Aug 2005

    Woolwich Plan ManagersCapital Growth Plan Tax Free Account 2

  • World is Murray's high-yield oyster

    18 Aug 2005

    Murray international investment trust's strategy of increasingly looking worldwide for dividend growth has helped it outperform its benchmark.The trust had a net asset value total return of 9.4 per cent over the half year to June 30, beating the 7.6 per cent returned by its composite benchmark of 40 per cent FTSE World UK and 60 per cent FTSE World ex UK index.Manager Bruce Stout bel- ieves the underweight position in dollar-denominated assets has had a positive impact on performance. ...

  • Yorkshire steps in to help borrowers

    18 Aug 2005

    Yorkshire Building Society is offering the latest tranche of its limited issue stepped-rate mortgage but availability is restric- ted to existing borrowers.It has been launched to coincide with the end date of the society's low fixed-rate deals to help borrowers bridge the payment difference when moving from their fix.The mortgage will be charged at 3.99 per cent fixed for the first year and 4.69 fixed for the second year.The society says many borrowers have been paying ...

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