Money Marketing
17 February 1999

  • AITC predicting boom for fund managers

    18 Feb 1999

    Government plans for a life-long individual savings account could herald a boom for UK fund managers, according to the Association Investment Trust Companies.

  • Autif says last quarter of last Pep season off to 'flying start'

    22 Feb 1999

    The Association of Unit Trusts and Investment Funds says that the final quarter of the last ever Pep season has got off to a flying start.Total gross Pep sales are up 14 per cent up to £302.9m in January from £266.5m for last year. Pep sales through intermediaries make up 33 per cent of sales in January up from 27 per cent on the previous year.These figures bring the total Pep funds under management to just under £50bn.

  • Axa hits out at Government pensions policy

    22 Feb 1999

    Axa Sun Life has made an unprecedented attack on the Government's pensions and savings policies.

  • Baillie Gifford launches life office

    23 Feb 1999

    Baillie Gifford is launching a life office to capitalise on the move to defined contribution schemes in the pensions market.

  • Baker Tilly buys Caswell & Co

    17 Feb 1999

    Baker Tilly Financial Services has acquired Oxted based IFA Caswell & Co. The acquisition will be merged into the existing BTFS team strengthening the company's 10 offices.

  • Canada Life new business up nearly 50 per cent

    22 Feb 1999

    Canada Life's new business figures have increased by almost 50 per cent.The new business figures excluding unit trust and Pep business were up 47.3 per cent on the previous year.The life office says that individual protection business was up almost 50 per cent.The launch of two high income bonds also helped to boost the figures. Single premium investment business increased 236 per cent. In this area IFA-sourced business increased over seven fold on 1997.

  • Clerical Medical enjoys record figures in 1998

    19 Feb 1999

    Clerical Medical the IFA channel of Halifax increased its new business by 64 per cent to £2.7bn.

  • EFM's Java Trust shows 32.2 per cent fall in 1998

    23 Feb 1999

    Edinburgh Fund Managers' Edinburgh Java Trust, which invests in Indonesia, has issued preliminary results for last year showing a decline of 32.2 per cent.This compares with a decline in the benchmark index the Jardine Nusantara Index of 34.1 per cent.The fund manager says the vast majority of the fall is a result of weakness against sterling.It also believes that the outlook for Indonesia remains uncertain.

  • Frasier Smith in drive to win business with lawyers and accountants

    17 Feb 1999

    Fraser Smith has appointed William Rykens-Weir as head of practice development in a drive to expand the company's business with legal and accountancy firms.

  • FSTC launches Isa training for IFAs

    19 Feb 1999

    The Financial Services Training College is launching a ISA training course for IFAs.The new course, which is only the second in the country, meets the heavy demand for training on ISA investments. IFAs can chose between a one day or weekend training course followed by a one-hour multiple choice exam at the FSTC training centre at Wyboston, in Cambridgeshire.The cost of the course is £220.00 which includes tuition, exam fees and certification.

  • Guernsey sees funds under management recover in Q4 of 1998

    23 Feb 1999

    Funds under management in Guernsey picked up in the last quarter of 1998 following falls in the second and third quarter.In the last quarter, the value of assets under management increased by just under £1bn, an increase of 6.6 per cent to reach £15.7bn.The total number of funds reached 393. Guernsey says that 33 other fund applications are in the pipeline.

  • Halifax announces business figures for 1998

    18 Feb 1999

    Halifax's mortgage lending increased 18 per cent to a record £14.2bn in 1998.

  • Hewitt signals end of name and shame list for phase one

    17 Feb 1999

    Treasury economic secretary Patricia Hewitt has announced the end of the monthly name and shame list for phase one of the pensions review.

  • ICS allows claims against nine more firms

    17 Feb 1999

    The Investors Compensation Scheme is allowing customers of 9 former investment firms to lodge formal applications for compensation.The firms are WJH Dovey Insurance Brokers in Dudley, Staunton Group in Marlow, Solicitors Estate Agency in Paisley, RC Parish in Gloucester, Puttick Pensions & Financial Services in Devon, Broadway Business Services in West Sussex, Banner Assurance Services in Surrey, The Hallmark Consultancy in Solihull and Independent Financial Development in London.

  • Lambeth launches affinity account with QPR

    19 Feb 1999

    Lambeth Building Society has teamed up with Queen's Park Rangers to launch a savings account targeted at the football club's supporters.

  • Leeds & Holbeck post 36 per cent record new business

    17 Feb 1999

    Leeds & Holbeck's mortgage lending increased by a record 36 per cent to £538m in 1998.Its savings balance rose £278m to £2.46bn and its total assets increased by 9.8 per cent to £3.12bn.Pre-tax profit increased by 26 per cent to £24.1m.

  • Martin Currie launches simple Isa

    18 Feb 1999

    Martin Currie has opted for a simple approach for its opening Isa product and will offer a stocks and shares maxi-Isa only.

  • Mercury changes name of high yield fund

    18 Feb 1999

    Mercury Asset Management is boosting the yield of its High Yield Bond Fund and changing the fund's name to the Mercury High Income Bond Fund.

  • National Grid Pension surplus - Court of Appeal reverses previous decision

    17 Feb 1999

    Our Bulletin dated 13 June 1997 reported on how National Grid and National Power won a legal test case when the High Court ruled they had acted legally in using pension fund surpluses for large-scale redundancy packages. This overruled the Pensions Ombudsman, Dr Julian Farrand's decision in January 1997 in which he upheld the complaint against National Grid and ordered it to pay monies owing to the fund.

  • National Mutual improves single contribution contract

    22 Feb 1999

    National Mutual has improved its single contribution contract to co-incide with the end of the tax year.

  • Nationwide increases heat in mortgage pricing war

    18 Feb 1999

    Nationwide is increasing the heat in the mortgage price war by slashing the rate on its fixed-rate mortgages by 0.9 per cent.

  • Norwich & Peterborough announces business figures

    19 Feb 1999

    The Norwich and Peterborough Building Society saw record levels of mortgage lending in 1998 totalling £350m up from £337m in 1997.

  • Pearl Assurance snubs Cat standard

    17 Feb 1999

    Pearl Assurance is snubbing the Government's Cat standard Isa plans because restriction on charges prevent it from factoring in the cost of advice.It does not plan to offer a cash Isa when its launches its mini and maxi savings products in April. It will offer an equity Isa called the Isa share account and a life Isa called the Isa bonus account.

  • PIA fines one more firm

    17 Feb 1999

    The Personal Investment Authority is fining South Cheshire Investment services £1,000.Disciplinary action is being taken because the firm has failed to meet the December 1997 deadline to complete 90 per cent of its most urgent cases as part of the review of personal pensions.

  • PIA works on stakeholder transition paper

    17 Feb 1999

    The PIA is set to issue a paper providing IFAs with guidelines on transfers to stakeholder. It will also help IFAs advise on pension arrangements in the period before stakeholder pensions are launched.The guidelines could be issued within the next month.PIA press officer Sarah Modlock says: "We are working on some guidelines for stakeholder pensions. But the timescale has not been finalised."

  • Pre-budget planning - Proceed with caution

    17 Feb 1999

    Having seen substantial reform to capital gains tax and corporation tax in the past two budgets the majority of the talk in the run up to this year's budget has focused on the potential for income tax reform and in particular (if not exclusively) the possible introduction of a 10% tax band, and how such a cut could be funded. The removal (once and for all) of mortgage interest relief seems to be a possibility.

  • Pre-budget rumours continue

    18 Feb 1999

    As we have noted with talk of a 10p tax rate comes talk of the end of mortgage interest relief. With this possibility comes scope to open up a very interesting debate with company directors and partners who have credit balance loan accounts or capital accounts i.e. their business owes them money!

  • Public still ignorant about flexible mortgages

    19 Feb 1999

    Over nine out of ten people are ignorant of the potential benefits of flexible mortgages according to a survey by The Mortgage Business.

  • Revival for mid-caps predicted

    19 Feb 1999

    Perpetual foresees an end to polarisation in the UK stockmarket as mid-cap shares return to favour.

  • Skipton cuts rate to 6.89 per cent

    23 Feb 1999

    Skipton has cut the rate on its variable rate mortgage to 6.89 per cent.This will bring the 3-year discount down to 3.89 per cent in the first year for loans up to 75 per cent LTV and 4.89 per cent for loans up to 95 per cent LTV.Borrowers can repay up to 10 per cent of the initial loan each year without incurring any penalty.

  • Skipton posts record 8 per cent profit rise

    23 Feb 1999

    Skipton has posted record results with pre-tax profits up 8 per cent to £40.1m.Group gross mortgage lending was up 22 per cent to £842.7m and assets increased 16 per cent to £4,377m. Skipton chief executive John Goodfellow says: "The market within which we operate is becoming ever more competitive and this is reflected in the Group's interest margin which has constantly narrowed throughout 1998."

  • Tories attack stealth taxes against pensioners

    23 Feb 1999

    The Tories have launched an attack on what it calls the Government's stealth taxes on pensioners.Shadow Chancellor Francis Maude has hit at the changes to corporation tax credits and the ending of tax relief on private health insurance in a document entitled 'Labour's stealth tax on pensioners."Maude says: "These mean spirited taxes on pensioners and people saving for their retirement are among the most dangerous stealth taxes of all."

  • Virgin launches new attack on active management

    22 Feb 1999

    Virgin Direct has slammed actively managed funds once again, this time using research it commissioned from the WM Company, to underline its case.

  • Virgin launches personal finance website

    18 Feb 1999

    Virgin Net is spending more than £50m on an internet site that will recommend financial products to users when they are buying condoms.

  • Welfare Reform and Pensions Bill to be debated this week

    22 Feb 1999

    The House of Commons will debate the Welfare Reform and Pensions Bill on Tuesday this week.The bill is expected to complete its passage through Parliament by July and its provisions will come into force from Autumn 2000.Under the bill, pensions sharing will be possible but not compulsory and it will still be possible to offset pension rights against other assets, or on retirement to pay maintenance from one former spouse to the other.

  • Woolwich in joint venture to cut mortgage costs

    19 Feb 1999

    Woolwich is teaming up with US home loan provider Countrywide Credit Insurers in a move which could see the bank slash the cost of its mortgages.

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