Money Marketing
17 July 2002

  • ཋ% of trusts set to pay out nothing'

    18 Jul 2002

    One-third of split-cap investment trusts stand to lose everything or offer only minimal returns, AITC director general Daniel Godfrey told the Treasury select committee last week. Testifying before the committee on the same day as Aberdeen chief executive Martin Gilbert and FSA managing director John Tiner, Godfrey estimated that as many as 20 out of 136 trusts will not return anything to investors. He said 20 will offer reduced returns and another 20 will probably recover despite ...

  • 'A step closer to offering public simpler products' - Torquil Clark

    18 Jul 2002

    Torquil Clark has welcomed Sandler's positive vision, rec-ognising the benefits for consumers and the industry but advises caution on certain aspects of the review. The IFA says the review takes the industry a step closer to offering simpler products for consumers but it describes British consumers' knowledge of financial services as distressingly low. It says there is an urgent need for additional resources for consumer education. It warns that the idea of unqualified individuals ...

  • 'May be win/win situation but not without some pain' - CIS

    18 Jul 2002

    CIS claims Sandler's proposals could provide a win/win situation for the industry and consumers but not without some pain for the industry. It says that although the name with-profits may be dead going forward, the concept of a smoothed performance is still very strong and has a role to play in the future of the market. General manager (mar- keting) Martin Clarke says: "In recognising the validity of many arguments expressed by consumer groups, we have already taken significant ...

  • 'No fast bucks to be made in buy-to-let market'

    18 Jul 2002

    Buy to let is not the "fast buck" market many borrowers think it is and new landlords must research the market properly before making a purchase, warns UCB Home Loans. According to the lender, the buy-to-let market grew by a massive 62 per cent last year, with 184,900 buy-to-let mortgages outstanding at the end of December 2001. Of these, more than 41,000 were taken out in the last six months of the year. UCB says many of these loans were taken out by amateur landlords looking ...

  • 'Pensions Act to stop another Maxwell'

    18 Jul 2002

    Scrapping all pension legislation and replacing it with a single simplified Pensions Act will reduce the chance of the industry being hit by another Maxwell-type scandal, according to Pickering. Calling for a proportionate regulatory framework, Pickering indicated that he sees today's procedures for regulating pensions as too expensive to adviser, providers and ultimately consumers. Pickering says he wants a future single Pensions Act based on general principles of reasonableness ...

  • 'Proposals risk being idealistic' - Selestia

    18 Jul 2002

    Sandler's focus on asset all-ocation and transparency has been welcomed by Sel-estia but it warns that other aspects of the recommendations do not go far enough or risk being idealistic. Managing director Brett Williams says: "The assertion that simplifying products will prevent them being missold perpetuates rather than resolves much that is wrong with the industry and its obsession with product when what really matters is the underlying investment.' Selestia also fears ...

  • 'Public has more savvy than Sandler thinks' - Fidelity

    18 Jul 2002

    Fidelity Investments bel-ieves that in a climate of stockmarket uncertainty, Ron Sandler's recommendations aimed at improving the savings habits of UK investors could prove counterproductive. The fund manager challenges Sandler's assumption that active investment management cannot add value in a liquid and well-researched market and points out that consumers have more savvy than Sandler assumes. Managing director Richard Wastcoat says: "This Government has consistently sought ...

  • 'Regulation of GPPs needs to be tidied up'

    18 Jul 2002

    Many IFAs do not have sufficient specialism to deal with corporate pensions and there is a need to tidy up the regulation of group personal pensions, according to the Pickering report. Pickering is also calling for a "new kind of regulator" to police the way that IFAs deal with occupational pensions and the way that group personal pension schemes are treated. His report raises the question of whether G60 should become mandatory for IFAs working in these areas. While some IFAs ...

  • 'Significant step in addressing savings gap' - Standard Life

    18 Jul 2002

    Standard Life group chief executive Iain Lumsden says the report "represents a significant step forward in addressing the savings gap". Coupled with the proposals in the forthcoming Pickering report and the Inland Revenue review, Standard says it recognises the opportunity that Sandler's recommendations represent for greater simplification of the savings market. Plans for improved consumer education are seen as key to closing the savings gap through increased awareness of financial ...

  • 'Style investing is an outdated trend'

    18 Jul 2002

    Style investing is no longer the key to better performance, according to Merrill Lynch Investment Managers. The fund firm believes the potential for superior investment performance by backing one style against another is coming to an end. It says the best way to make investments is through choosing the correct sector and stock. The firm's research reveals that styles change over time. It says technology now represents the biggest share of the growth markets while the value markets ...

  • 'With-profits firms will secure their future' - Save and Invest

    18 Jul 2002

    With-profits providers will rise to the challenge of the Sandler review and secure themselves a future, claims Save and Invest. The with-profits product has received a battering from critics recently but Save and Invest remains confident that the product will weather the storm of the Sandler and Pickering reports. Save and Invest managing director Jeffrey Deans says: "While remaining committed to the concept of with-profits products, we recognise the need for greater transparency ...

  • 1% cap fears over new plans - Friends Provident

    18 Jul 2002

    Friends Provident supports Sandler's proposals to introduce a set of simple regulated products but says experience of stakeholder pensions suggests that a 1 per cent cap may restrict the take-up of new stakeholder products. It stresses that consideration should be given to the effect these proposals may have on the availability of independent advice in the future and welcome Sandler's recognition that fees based on product sales are important in not discouraging consumers from ...

  • A common misconception

    18 Jul 2002

    The lead letter from George Thorpe last week seemed to share what is a common misconception about compliance and it hinted at a reason, perhaps applicable in his own case "if little new business is being introduced". Far from being a leech on the underbelly of a fat juicy carcass, the role of the compliance officer is to assist principals of an IFA business to successfully reconcile the needs of customers with the consumer-protective discipline imposed by our regulators. Hence the ...

  • A consumer's view

    18 Jul 2002

    The Sandler and Pickering reports have been greeted with more or less universal acclaim - and rightly so. They are full of good common sense and, the sooner the basic proposals for simplification of both pensions and other savings products are implemented, the better. But in many respects they are both trying to solve a problem that largely does not exist. A pension black hole looms and the Government is trying to persuade us all to save more towards our retirement. But if Tony Blair ...

  • A Far-sighted view

    18 Jul 2002

    Following the publication of the 2001 FSA returns, we can now take the most up-to-date look possible at the published financial strength of the major UK with-profits companies. The recent turmoil in worldwide equity markets has given rise to much media comment on the solvency and financial strength of these companies. It is important to consider the latest information in a careful and reasoned manner and avoid jumping to premature conclusions. Over 2001, the UK equity market produced ...

  • Aberdeen doesn't flinch as MPs vent fury over split-caps

    18 Jul 2002

    Aberdeen Asset Management enduring a grilling from the Treasury select committee last week over split-cap investment trusts, with MPs branding the firm's marketing "the unacceptable face of capitalism". In his testimony before the Parliamentary committee, Aberdeen chief executive Martin Gilbert was unrepentant about the performance of the sector, saying stockmarket falls were behind the collapse. Despite accusations from MPs of all parties that fund firms had at worst knowingly ...

  • Aberdeen suspends two more splits

    19 Jul 2002

    Aberdeen Asset Managers was forced to suspend trading in two more of its split cap investment trusts yesterday.

  • ABI deputy chair appointed to FSCS board

    22 Jul 2002

    The Financial Services Compensation Scheme has announced it is appointed two new non-executive directors to its board.

  • Advisers' warning to Pickering on axing indexation

    18 Jul 2002

    IFAs are warning that the removal of indexation on pensions, as recommended by the Pickering review, would have seen consumers miss out on a 76 per cent increase over the last 15 years. Under Pickering's proposals, employers would no lon-ger be obliged to index pensions against inflation, leading IFAs to warn it that will downgrade pensions in the eyes of the public. Research by Hargreaves Lansdown reveals that a pension pot worth £10,000 in 1987 would now be worth £76,000 ...

  • Aegon issues profit warning

    22 Jul 2002

    The downturn in world stockmarkets has prompted Dutch insurance giant Aegon to issue a warning that its profits will be 30-35 per cent lower than last year.

  • Bankhall's charity effort

    18 Jul 2002

    A signed David Beckham England shirt, 10 entertainers, 59 product providers and nearly 800 guests at Bankhall's third annual awards helped take the amount the IFA has raised for children's charities to over £200,000 in the last three years. The charities to benefit this year are Cancer & Leukemia in Childhood and Francis House, a hospice for the Rainbow family trust. The awards were hosted by comedian Dominic Holland, who was joined on the podium by Lloyd Scott - who ...

  • Bee's stinging attack on Pickering 'failure'

    18 Jul 2002

    Leading pension expert Steve Bee has branded Alan Pickering's pension review a failure for surrendering simplification to the Inland Revenue. In a stinging attack on the review, Scottish Life head of pensions strategy Bee claims plans to sell safe haven products without advice will decriminalise misselling. But Pickering has hit back, arguing that he was only char-ged with addressing bureaucracy in the Department for Work and Pensions-regulated pensions environment and that ...

  • Birmingham Midshires - Guaranteed Five Year Trigger Account

    23 Jul 2002

    Tuesday, July 23, 2002 Type: Guaranteed equity bond Aim: Growth linked to the FTSE 100 index Minimum-maximum investment: £1,000-£500,000 Term: Five years Guarantee: Capital returned in full at end of term regardless of movement in index Return: Up to 42% growth Closing date: September 30, 2002 Commission: None Tel: 01902 302832

  • Bridging the gap

    18 Jul 2002

    The ABI proposals 1: Streamlined regulation for safe harbour products to cut the costs of advice and distribution. 2: Simpler private pension legislation which will encourage employers to offer and maintain pensions and encourage individuals to join schemes. 3: Wider availability of advice, including generic advice tools which can help people assess their need to save, and advice provided via the workplace. 4: A sustained Government education and awareness campaign which ...

  • Bristol & West - Escalator Bond

    22 Jul 2002

    Monday, July 22, 2002 Type: High interest account Minimum-maximum investment: £1,000-£1m Interest rates: Annual interest 4.5% gross a year in year one, 4.8% in year two, 5.75% in year three. Monthly interest 4.4% gross a year in year one, 4.7% in year two, 5.6% in year three Term: Three years Offer period: Until further notice Withdrawal penalties: No withdrawals permitted during term Tel: 0808 1811111

  • Britannia merging niche brands Verso and PHL

    18 Jul 2002

    Britannia Building Society is merging its two specialist intermediary lenders - niche brand Verso and sub-prime brand Platform Home Loans. The new operation, yet to be named, will be run by Platform's management team. Britannia says it aims to recoup the £1m costs of the move within two years and will create a full service lender for intermediaries offering prime, light-adverse, non-conforming, self-certification and buy-to-let products. The merger is set to be complete ...

  • Britannia pays Man U savers £100,000 in bonuses

    23 Jul 2002

    Britannia Building Society is giving £100,000 worth of bonus payments to Manchester United savers to celebrate their qualification to the Champions League competition.As part of the partnership between the mutual and the football club, Man U savers will receive an extra 1 per cent gross interest on their accounts in August and September.The Man U savers account offers "Premier League" interest rates, instant access to savers and an account can ...

  • Britannic gives up on finding a buyer

    17 Jul 2002

    Britannic Group has accepted defeat in finding a buyer for the business as a whole blaming current market conditions.

  • Brown commits extra £1.4bn to housing

    18 Jul 2002

    The Government has pledged to increase spending on housing by £1.4bn to £4.7bn in 2005 to tackle problems over supply and affordability although advisers say it may not have much impact on the overall market. It says much of the increase is to deal with the severe difficulties in London and the South-east. This area will get additional investment in affordable housing for rent. In this week's spending review, Chancellor Gordon Brown also said there will be reforms ...

  • C&G extends enhanced intermediary payments

    23 Jul 2002

    Cheltenham & Gloucester is extending its improved intermediary incentives until October 31 rather than withdrawing them at the end of this month as was planned. Registered intermediaries will continue to receive £1,000 on completion of each case they introduce with a value of £250,000 or more and which has a loan to value of 80 per cent or lower. It will also make payments of £500 on completion ...

  • Call for less red tape and cheaper pensions

    18 Jul 2002

    Removing layers of red tape, rationalising the number of products on the market and making pensions cheaper for employers are at the centre of Alan Pickering's regulatory overhaul. Pickering hopes his plans to remove the obligation for employers to offer spouse benefits and to link benefits to inflation will cut the cost of offering final-salary schemes. His proposals include a return to the pre-1988 position, where employers can make employees join their company schemes as ...

  • Call to align all the reviews - Prudential

    18 Jul 2002

    Prudential is calling for the Government to work with regulators and the industry to align all current reviews into a single package of measures in its response to Sandler. The life office, which says it supports the aims of the review, believes that simplification of financial services is key to closing the UK savings gap and endorses proposals for a new simplified sales process as a way of encouraging people to save. Prudential also welcomes the fact Sandler recognises the value ...

  • Carnaby EIS finances Spivs

    22 Jul 2002

    Carnaby Productions is aiming to raise up to £5m through an enterprise investment scheme (EIS) to finance Spivs, a comedy film set in London's East End.

  • Cautious welcome from Misys members

    18 Jul 2002

    "It's early days but I would hope some of the funds raised from flotation would be pumped back into the business and help ease the large burden of fees on members. Perhaps they could use the extra money to introduce a cap on fees."DBS member Best Advice senior financial consultant Anthony Moss

  • Chef serves up hot potato

    18 Jul 2002

    Norwich Union had cause to reach for the Rennies after treating journalists to a meal at Antony Worrall Thompson's exclusive West London restaurant Notting Grill. First, the doyen of TV chefs disclosed to the assembled diners that his pension was with rival provider Scottish Equitable. Then, ominously, after a couple of beers, he also announced that he was looking to stand as an MP to pursue annuity reform after he saw his grandmother's retirement pot go up in smoke when she died.

  • Clerical takes stake in Assureweb

    18 Jul 2002

    Clerical Medical is joining Norwich Union, Friends Provident and Scottish Widows as the fourth product provider to take a stake in Misys' Assureweb portal. Clerical is paying £3.9m for a 6 per cent share of the providers' combined 40 per cent stake and up-front membership fees. NU is understood to remain the biggest provider shareholder following the deal although the total provider shareholding remains at 40 per cent. NU, Friends and Widows together paid £9.2m ...

  • Concerns at lack of advice - Winterthur Life

    18 Jul 2002

    Winterthur Life welcomes the key points in the Sandler report but has expresses concern over proposals to promote products without advice. It says having actively supported the conceptof IFAs charging fees for advice, it has given the thumbs up to separating payment for financial advice from payment for a product sale. The firm also endorses the importance that Sandler gives to consumer education, adding that this should be a prime consideration for the future. Winterthur's ...

  • Correspondent's week

    18 Jul 2002

    It is going to be a busy week. Sandler, Pickering, budgets for 2003, a major advertising review, opening in France, new plans for Germany, new fund managers, new fund launch. Oh, and the market is collapsing. Remember Marshal Foch. "My centre is giving way. My right is retreating. Situation excellent. I am attacking." Monday morning brings the usual round of various catch-up and progress meetings. Meanwhile, we are issuing two press releases - one on the launch of our new global ...

  • Customer neglect

    18 Jul 2002

    I read with interest D Budge's open letter to Legal & General last week. He has hit the nail on the head although sadly the situation is by no means confined to Legal & General. Most of the large insurers are only too happy to put vast resources into new business generation but neglect the customers that have saved with them for decades. These longer-standing customers are usually dealt with by out-of-date systems (sometimes paper-based) in departments with up to 50 working-day ...

  • Death of UBS retail sales chief Simon Goodge

    18 Jul 2002

    The investment industry has paid tribute to Simon Goodge, the head of retail sales at UBS Asset Management, who has died in a road accident. Goodge, who was killed while riding his motorcyle to work on July 5, has been praised by colleagues for his optimism, commitment and enthusiasm for his job, qualities they say made him a tremendous person to work alongside. In a joint statement, they say: "He created a great sense of loyalty and affection in those around him and as a motivator ...

  • Disappointment over Isas - Virgin Money

    18 Jul 2002

    Virgin Money is disappointed that Sandler has failed to include Isas in his list of core simplified products set out in his review into long-term and medium-term savings. Virgin Money also wanted to see Sandler take steps to extend a 1 per cent charging limit across the entire Isa range. It also accused Sandler of missing an opportunity to kill off with-profits policies. The company, which lost a high-profile bet with active fund manager SG Asset Management when its tracker ...

  • Enterprise Investment Schemes - Spivs

    23 Jul 2002

    Tuesday, 23 July 2002 Aim: Growth by investing in a film called SpivsMinimum investment: Lump sum £2,000Opening/closing dates: June 5, 2002/August 31, 2002Charges: ImplicitCommission: Initial 3%Tel: 020 8758 8430

  • Exclusive - Misys to offload IFA networks

    18 Jul 2002

    Misys will offload its IFA businesses as a separate entity within two years, and is expanding its operations to build value ahead of the sale.

  • Fears that cutting 5% rule would prompt fire sale

    18 Jul 2002

    The distribution of orphan assets and restructuring of with-profits together with the proposed removal of the 5 per cent rule could spark a fire sale and attract carpetbaggers, say IFAs and providers. They say Sandler's proposals will lead to an influx into with-profits funds from carpetbaggers and those investors looking to take advantage of the current tax regime. Sandler's review has already led Norwich Union to ann-ounce that it would reattribute its orphan assets, valued ...

  • Ferguson plays below his handicap

    18 Jul 2002

    The Diary is no golfer (more like a gofer) but was still impressed by Abacus director David Ferguson's achievement last week at the Craigielaw Golf Club's summer meeting. Despite having been on a 14-hour bender (not involving many white wine spritzers, MM suspects), David won with rounds of 66 and 70. But even more impressive was the fact that the man he beat into second place was Aegon group finance director Otto Thoresen (67 and 74), who was no doubt left wondering how he lost ...

  • Fidelity International awarded EIT contract

    19 Jul 2002

    Fidelity Investments International has been awarded the contract to manage the assets of the £1.1bn Edinburgh Investment Trust.Fidelity beat off rivals including Baillie Gifford to be awarded management of the trust, which was previously run by Edinburgh Fund Managers.The change will not affect the trust's status as a Scottish registered company. Its annual general meeting and most of its board meetings will continue to be held in Edinburgh.

  • Fidelity's Bolton steps down from European fund

    23 Jul 2002

    It is believed Fidelity star fund manager Anthony Bolton is stepping down from one of the three funds he manages for the world's largest fund manager. Bolton will stop running the European Growth Fund for Fidelity but will continue to manage his two UK funds.

  • Field of dreams

    18 Jul 2002

    Do you agree with the Sandler recommendations to level the pensions playing field by changing the tax regime for non-life companies? Ritchie: Conceptually, I support a level playing field in this and other areas. However, the IPA has always added more, and, in my view, unnecessary, complexity to the pension field. Both Pickering and Sandler are stressing that simplification is key going forward. Further developing and complicating the IPA rules are in conflict with this higher aim. Stammers: ...

  • Financial marketers show more confidence

    18 Jul 2002

    Confidence among senior financial marketers has soared since the end of last year, according to research carried out by the Financial Services Forum's Financial Marketing Confidence index. The index, based on research among the FS Forum's 200 members, asks for their personal views, rather than official targets, of how a com-pany's marketing activity could change over the next three months. Results show that compared with three months ago, 60 per cent of senior financial ...

  • Flight attacks Labour's 'garbage' attitude to IFAs

    18 Jul 2002

    The Government must stop attacking IFAs for reasons of political expedience and publicly recognise that they provide the majority of financial advice in the UK, says Conservative shadow paymaster general Howard Flight. In a harsh criticism of what he calls the Government's "garbage" attitude towards IFAs, Flight says it is easier for the Treasury to bash IFAs than appreciate the role they play. Flight says the Sandler report is the latest example of this with his comments about ...

  • Floated shares in Misys network business could go to existing shareholders

    18 Jul 2002

    Misys could offload its interest in its IFA networks entirely in a flotation bound to cause a scramble for stakes by product providers.

  • Flotation 'makes sense' says BBB

    18 Jul 2002

    Floating its IFA business as a separate entity was always going to make sense for Misys, says competitor Berkeley Berry Birch.

  • Friendly fire, not a shootout

    18 Jul 2002

    It would be a hard-hearted commentator who could find nothing of value in a 220-page report; it would be a complacent one who failed to find something to criticise. I found the Sandler report a "Leone" - containing the good, the bad and the ugly. Let's start with the good. I reckon IFAs should feel good about quite a few of Sandler's recommendations. Sandler has had his go at defining the cost of advice. He does it more flexibly, more in tune with current market practice ...

  • FSA issues ultimatum to investment trust market

    18 Jul 2002

    The AITC and fund managers have six months to sort out the investment trust industry or risk facing FSA action, managing director John Tiner has warned. The regulator says it could force trust managers to disclose more of their holdings which it says would reveal smaller investments such as the cross-holdings among split-caps. Currently, investment trust managers must make public any holdings accounting for 3 per cent or more of the trust. The warning came last week as Tiner ...

  • Fund firms 'must release more data to boost share prices'

    18 Jul 2002

    Accountants PricewaterhouseCoopers is urging fund management groups to disclose more information about their businesses to reassure nervous investors and boost share valuations. In a study published this week, PwC found that around half of fund managers in North America, Europe and the Asia-Pacific region believe their shares are underpriced, implying that analysts made a mistake when they valued them. But PwC says investment houses often fail to disclose information which could ...

  • Gartmore - Gartmore SICAV European Bond Fund

    17 Jul 2002

    Wednesday, July 17, 2002 Type: Sicav Aim: Growth by investing in bonds issued by well-known and established global corporations Minimum investment: Lump sum £2,500 Place of registration: Luxemburg Investment split: 100% in bonds issued by well-known and established global corporations Isa link: No Charges: Initial 3%, annual 1% Commission: None Tel: 0800 212433

  • Gartmore - Gartmore SICAV European Corporate Bond Fund

    17 Jul 2002

    Wednesday, July 17, 2002 Type: Sicav Aim: Growth by investing in high-grade European corporate bonds Minimum investment: Lump sum £2,500 Place of registration: Luxemburg Investment split: 100% in high-grade European corporate bonds Isa link: No Charges: Initial 3%, annual 1% Commission: None Tel: 0800 212433

  • Gartmore adds bond funds to Sicav

    18 Jul 2002

    Gartmore has added two European bond funds to its Sicav, bringing the number of funds in the range up to eight.

  • Gartmore mixes government bonds and corporates

    19 Jul 2002

    Gartmore has added the Gartmore Sicav European bond fund to its offshore fund range.

  • GE Life - Simplified Sipp

    17 Jul 2002

    Wednesday, 17 July 2002 Type: Hybrid SippMinimum investment: Lump sum £100,000Investment choice: GE Life's 26 funds, any unit trust, Oeic, trustee investment plansAdministrator: GE LifeCharges: Annual £100Allocation rates: 100%Commission: Initial up to 6%, renewal up to 1%Tel: 01462 447002

  • GE Life - Simplified Sipp

    17 Jul 2002

    Wednesday, 17 July 2002 Type: Hybrid SippMinimum investment: £100,000Investment choice: GE Life's 26 funds, any unit trust, Oeic, trustee investment plansAdministrator: GE LifeCharges: Annual £100Allocation rates: 100%Commission: Initial up to 6%, renewal up to 1%Tel: 01462 447002

  • Grave implications

    18 Jul 2002

    It is an obvious truism that, with the exception of sole proprietors, every business is owned by at least two people although not necessarily in equal proportions. Yet the owners of only relatively few of these businesses have ever given serious thought to what might happen when one or more of the owners dies. Financial planners have helped many businesses to not only identify the potential problems which might occur but to determine and install strategies which can help overcome some ...

  • Harley quits as Abbey chief executive

    19 Jul 2002

    Abbey National chief executive Ian Harley has quit his role with immediate effect.The troubled group's chairman Lord Burns will fill the position until a successor is appointed.Lord Burns says: "Ian has made a tremendous contribution to Abbey National's success during his 25 years with the business. Recently he has led the company at a time of unprecedented difficulties and initiated significant management and organisational changes to address these issues."

  • IFA calls for help to fund Gambian girl's surgery

    18 Jul 2002

    A Devon-based IFA aims to raise £10,000 to fly a seven-year-old Gambian girl to the UK for major plastic surgery after she suffered third-degree burns in an accident last year. Castellan Asset Management director David Goss met Fatou Ceesay when he visited her village in The Gambia last November. Six months earlier, Ceesay was badly burnt after a fire in her village but received only basic treatment for her wounds. Goss has found two Exeter-based plastic surgeons willing ...

  • IFAs threaten to leave network

    18 Jul 2002

    Misys IFA network members are expressing concerns that its flotation plans could see their own margins squeezed further, prompting them to reconsider network membership.Some substantial IFA firms are understood to be considering leaving the network in response to the announcement. They warn providers could invest directly in network firms, taking Misys out of the loop. 

  • IMA launching sector monitor

    18 Jul 2002

    The Investment Management Association is this week launching a monitoring system aimed at helping investors to make easier and more effective comparisons between funds. Designed by fund information company Lipper, the system will monitor the portfolios of 2,000 funds classified by the IMA and will switch any that consistently fail to meet the terms of their definitions into more appropriate sectors. Funds that refuse to supply full data and those not marketed to retail investors ...

  • Independent View

    18 Jul 2002

    Almost a decade ago, I had a rather heated discussion with a colleague about the problems inherent in corporate America and my concerns over accountants taking over the world - then it was the big six but now there are five, soon to be four or perhaps three. My fears have been vindicated, with the WorldCom scandal being just the latest and biggest in a spate of corporate collapses involving greed on a grand scale. There is the temptation to sit back smugly, say "I told you so" and ...

  • Inside Edge

    18 Jul 2002

    Like me, you are probably a bit fed up reading about the proposed changes to polarisation as announced in CP121. But you have to admit that it is one of the key issues facing us all. There is one area, however, that seems to have received surprisingly limited coverage - the proposed change in the rules governing provider investment in IFAs. There were two relevant proposals in CP121: •Removal of the rules currently limiting investment by providers in IFA firms to 9.99 per cent. • ...

  • Inter-Alliance buys HST

    18 Jul 2002

    National IFA giant Inter-Alliance is paying £12m for network and IFA group HST Financial, boosting its RIs to 1,300. Norwich Union and Friends Provident are pumping £10m into Inter-Alliance, half of which will go towards funding the deal. HST Financial chief executive Phil Lockyer will remain in control of operations at HST. Its Host IFA, Sage network and Trinon non-regulated mortgage network brands will continue for the present. HST brings 300 RIs to Inter-Alliance, ...

  • Inter-Alliance software offered to the market

    23 Jul 2002

    Inter-Alliance subsidiary Intelliflo is rolling out the national IFA's desktop software solution to the IFA market.

  • Invesco Perpetual beefs up UK sales force

    22 Jul 2002

    Fund manager Invesco Perpetual has announced it is expanding its UK sales team with the appointment of Kevin Mordrick, who joins from Alliance Capital International.

  • Investment view

    18 Jul 2002

    Capitulation is a word that is receiving a significant airing in financial circles just now. According to the Oxford English Dictionary, it means, among other things, the action of surrendering on stipulated terms. If anyone knows what the stipulated terms are for capitulation in this market, I would be grateful if they would share that information with me. The last few weeks have been far from pleasant for most investment professionals. Giving the "C" word such a high profile is an indication .

  • Investors needed for comedy film

    18 Jul 2002

    Film production company Cowboys and Indians plc is aiming to raise £3.5m for a new comedy drama through an enterprise investment scheme. The company already has American-based sales agent Bauer Martinez Studios interested in handling the worldwide distribution of the film. The company also hopes that casting actors from Bollywood will boost the film's commercial potential even further and has hired two Bollywood consultants to advise on a suitable "Indian release" version. Early ...

  • Ivan Martin - exclusive interview

    18 Jul 2002

    In an exclusive interview with Money Marketing, Misys banking and securities division chief executive Ivan Martin says:

  • Julian Gibbs

    18 Jul 2002

    At the time of writing, the Sandler report has only been out for an hour, so I have not read it thoroughly. My first impression is, however, that if these proposals are implemented in full, the financial services industry in this country will contract to such an extent that it will be difficult for people to get proper advice and competition will be much reduced. There is certainly a place for tracker funds and, on the whole, they have performed above average over a period over five ...

  • Jupiter and Duffield reach deal on £90m IT

    18 Jul 2002

    A last-ditch attempt by Jupiter and John Duffield to avert a court battle has succeeded, with both parties agreeing a settlement over the reconstruction of New Star Investment Trust. The agreement splits NSIT into two funds and allows shareholders to choose between staying with NSIT or switching to Jupiter's new Neptune unit trust. The deal was reached just days before the case was due to be heard in the High Court. Legal proceedings were bought by Jupiter after it became embroiled ...

  • Kensington takes direct route with TML buy

    18 Jul 2002

    Sub-prime lender Kensington Group is buying direct-toconsumer non-conforming specialist The Mortgage Lender for £15m to diversify its distribution. Kensington says it will have three distribution channels - intermediaries through packagers, partnerships with national chains such as Prudential Mortgage Services and to the public through TML. Southampton-based TML, set up in 2000, employs 139 people. It generated revenues of £6.7m last year and made a profit of £1.3m ...

  • Liable for loss

    18 Jul 2002

    The whole point of having professional indemnity insurance is to cover against advice-based risks. The policies require claims to be "notified" in the relevant policy year. The biggest test to the whole pension review debacle has yet to be applied. The simple fact is that having investigated the way in which networks handled pension review leads me to the simple conclusion that questions need to be answered. I base this on a real-life situation which I believe will span the whole ...

  • Loan service targets non-specialist IFAs

    18 Jul 2002

    Mortgage broker Belvins Franks Group is offering a loan-placing service for IFAs which do not specialise in mortgages. Just A Mortgage offers IFAs up to a quarter of the procuration fee for loans placed through the service. It aims to provide IFA clients with advice from authorised consultants. IFAs will also be offered exclusive mortgage deals and a website-based mortgage search and information service that they can add to their own website. According to Just A Mortgage, the ...

  • Look at World Leaders with Norwich Union

    19 Jul 2002

    Norwich Union - World Leaders FundType: Oeic Aim: Growth by investing in global equities Minimum investment: Lump sum £1,000, monthly £50, Isa lump sum £500, monthly £50 Investment split: US 40%, UK 20%, Europe 30%, Japan 7%, other 3% Isa link: Yes Pep transfers: Yes Charges: Initial 5.25%, annual 1.5% Commission: Initial 3%, renewal 0.5% Tel: 0845 6072439Broker panel: -Iain ...

  • Lowering the Tone

    18 Jul 2002

    The Diary often receives requests for pictures of network executives in bed and this week is happy to oblige, thanks to a nasty clash at Rod Stewart's private football pitch. Fleet-of-foot midfield maestro and Bankhall director Tony Murrell's silky skills proved too much for the opposing defence, who decided that, if you can't play the ball, play the man. Our Tone ended up with a nasty broken leg, requiring a bone graft from the hip, and will be on crutches for weeks. ...

  • Mark Wood

    18 Jul 2002

    Given his position at the helm of Prudential's £70bn with-profits fund, there is a sweet irony in Prudential UK's chief executive Mark Wood having a father who produced paper for the printing of bank notes. Under Wood, the Pru has undergone a radical reorientation in the last year, from a company whose closure of its direct salesforce removed one of the cornerstones of British identity and social history to a company that essentially focuses on higher-net-margin business ...

  • Market welcomes contracting-out moves

    18 Jul 2002

    Industry figures have welcomed Pickering's proposals for changes to the rules for contracting out which propose a break in the link between contracted out rights and other rights. Pickering is proposing a simpler evaluation of contracted-out benefits and no requirement to provide limited price indexation or survivors' benefits as a precondition for contracting out. He wants to liberalise the choice on the types of vehicles and forms of benefit that must be bought with protected ...

  • Millfield approves £16m share issue

    19 Jul 2002

    The board of Millfield Group has approved proposals announced last month for a £16m share issue and joint venture with AM Corporation of Australia.Revenue raised in the share issue will fund the group's IFA acquisition programme and the development with the Australian financial services provider of Lifetime Software Management, a portfolio management software tool. 

  • Misys IFA supremo to move to banking arm

    18 Jul 2002

    Misys's financial services head Ivan Martin is moving to head up the group's banking and securities division as part of a management reshuffle ahead of offloading its IFA networks.

  • Misys revenue jumps £130m

    18 Jul 2002

    Misys today announced their full year financial results showing that revenue grew to £447m from £314m last year.

  • Mortgage club deal from SML

    18 Jul 2002

    Scottish Life Mortgages is piloting a mortgage club with national mortgage intermediary Personal Touch Insurance which it then plans to roll out across the industry. SLM says it will compete head-on with its rivals Prudential Mortgage Service and Legal & General's mortgage club and claims it will have the edge of being the only life office with a packaging arm and a club. The pilot, being launched over the next few weeks, will offer PTI's national network of brokers, ...

  • Mortgage market confidence growing

    18 Jul 2002

    IFA confidence in the mortgage market rose sharply in the second quarter of this year, according to the latest Paragon Mortgages Financial Adviser Confidence Tracking Index. Business levels were up by 15 per cent over the previous quarter, representing the biggest single quarter-on-quarter increase since the index was launched nearly eight years ago. Remortgaging accounted for the biggest portion of business, totalling 42 per cent. However, the proportion of remortgages arranged ...

  • N&P appoints marketing man

    22 Jul 2002

    Norwich & Peterborough has announced an appointment to its board as Mike Hounsell joins the building society as marketing and sales director.

  • Naive view of free-asset ratios

    18 Jul 2002

    I find Patrick Connolly's article last week to be naive in the extreme. There is little doubt that the free-asset ratios of most insurance companies are now in single figures and vulnerable to further stockmarket decline. There is no doubt that reserves need to be replenished and that means poor bonuses over the next few years, whatever happens to share prices. It is laughable that Connolly considers Standard Life as one of the more solid investments because in June before ...

  • National Savings and Investments - Guaranteed Equity Bond Issue 2

    18 Jul 2002

    Thursday, July 18, 2002 Type: Guaranteed equity bond Aim: Growth linked to the FTSE 100 index Minimum-maximum investment: £2,000-£1m Term: Five years Guarantee: Capital returned in full at end of term regardless of movement in index Return: Up to 70% of growth in index Interest rate: 3.5% gross a year Closing date: August 28, 2002 Commission: None Tel: 0845 9645000

  • National Savings brings out second bond

    22 Jul 2002

    National Savings and Investments has introduced its second guaranteed equity bond.

  • NDF links to Eurostoxx for 11th time

    18 Jul 2002

    NDF Administration has established the 11th edition of its extra income and growth plan.

  • New firm to plug PR gap

    18 Jul 2002

    A new consultancy has been launched with the aim of plugging a gap in the public relations market by advising organisations on aligning their internal and external strategies. Joined Up Communications will focus on developing external strategic media relations for financial firms. It will combine this with advising firms on communicating with their staff, hence the "joined up" in the new consultancy's title. The firm has been formed by managing director Maria Darby with fellow ...

  • New Misys business 'could package products'

    18 Jul 2002

    The floated Misys IFA business could offer financial services products branded in its name.

  • New Star funds select opportunties

    19 Jul 2002

    NEW STAR INVESTMENT FUNDSSELECT OPPORTUNITIES FUNDType: Oeic Aim: Growth by investing in undervalued companies Minimum investment: Lump sum £5,000 Investment split: Small cap 60%, Aim stocks 30%, mid cap 7%, large cap 3% Isa link: YesPep transfers: YesCharges: Initial 5.25%, annual 1.5% Commission: Initial 3%, renewal 0.5% Tel: 0845 6088704The panel: Dawn Slater, Principal, Dawn Slater Associates, ...

  • Norwich Union slashes with-profits payouts

    23 Jul 2002

    Norwich Union is to slash payouts for with-profits by 5 per cent because of current market conditions. It will also cut reversionary bonuses by 0.5 per cent. The cuts will take effect from August 1. It says the stockmarket decreases of 25 per cent this year have seen the returns on its with-profits funds fall to minus 8.3 per cent. The company says the payouts still reflect smoothing and it is still committed to with-profits.

  • NU looks at active and passive WP

    18 Jul 2002

    Norwich Union is considering offering both actively and passively managed with-profits. Sandler proposes restrictions on investment risk for a vanilla stakeholder product, which would operate under the price cap, and says active fund management is expensive and ineffectual. Proposals include the ring-fencing of with-profits for safe haven products, which the ind-ustry says could lead to more companies offering different flavoured with-profits funds. NU says Sandler's proposals ...

  • NU offering FTSE-linked bond in wake of falls

    18 Jul 2002

    Norwich Union is targeting IFAs with a structured product linked to the FTSE 100 and guaranteeing a full return of capital after four years. The Prosper guaranteed capital bond is the second version of a product previously distributed through its tied agents. It is being launched to take advantage of the market being at its lowest level for many years. Growth is capped at 6.5 per cent every six months. If there is negative growth after four years, investors receive back their initial ...

  • Outside Edge

    18 Jul 2002

    House price inflation is peanuts. Insurance salesperson inflation is the new hot ticket. Five life companies have clubbed together with other investors to buy 18 per cent of a business (Millfield Partnership) that lost over £7m on a turnover of just over £20.5m last time around. The price appears to value each adviser at £251,462. Aviva says that it has spent £38m on such ventures so far. Aegon has not disclosed the price tag on the Wentworth Rose deal. There ...

  • Product matters

    18 Jul 2002

    AMP NPI's new range of single-charge individual and bulk S32 and S32A contracts alongside single-charge Cimps and group AVCs is a significant move to dominate the transfer and pension restructure market. The range can accommodate guaranteed minimum pensions and protected rights - a major advantage compared with some ranges. I also like its approach to breaking the link between the GMP and with-profits. Rather than accepting GMP based on relative size to the transfer and forcing ...

  • Property boom set to continue

    18 Jul 2002

    The property boom looks set to continue, with the majority of buyers believing any rise in interest rates will be merely a temporary blip and will not temper the market, according to Yorkshire Bank. Its latest housebuyer survey reveals that almost two-thirds of homeowners believe the value of their property will rise in the next year, a 12 per cent increase over the last quarter. Buyers in East Anglia were the most confident, where almost three-quarters of people surveyed thought ...

  • Referrals will still be only to IFAs

    18 Jul 2002

    Professional introducers such as accountants, solicitors and trade unions would still be obliged to refer business only to IFAs if Sandler's vision of independence is accepted by the FSA. Sandler says the review team considered relaxing the regulations, which state that introducers may only refer business to IFAs, but decided against it. This means that IFAs who opt not to operate under Sandler's remuneration proposals would not only lose the independent and adviser labels ...

  • Revamp for Abbey Nat's brand stable

    18 Jul 2002

    Abbey National is set to stamp its name across its stable of companies in a revamp of its intermediary business ahead of the expected depolarisation of the market by the FSA. The rebranding exercise, to be rolled out internally later this month, will see existing brands such as Scottish Mutual appearing under the Abbey umbrella. The move mirrors internal reorganisation of the group's businesses by function rather than brand. The move will see ScotMut, Scottish Provident, Cater ...

  • Riders on the with-profits

    18 Jul 2002

    The pressure on with-profits products remains high, exacerbated by poor asset values. The recent change to the FSA's resilience test was a pragmatic move, given market falls, but it did highlight the current situation and the plight of weaker offices as their solvency came under pressure. The purpose of the resilience tests is to ensure that life offices are strong enough to withstand adverse investment market movements. In effect, the tests are an examination of "what if" scenarios. ...

  • Ron to the rescue?

    18 Jul 2002

    Unlikely as it seems, Ron Sandler may yet turn out to be IFAs' knight in shining armour - or at least their knight in tarnished armour as a result of his recommendations to the Treasury published last week. He appears to be advocating a remuneration system, which has been welcomed by many within the IFA community as a watering down of the FSA's ideas in CP121. Many IFAs are starting to see his proposals as just the ticket to dispel much of the gloom and doom which followed ...

  • RSAE builds on healthy living

    17 Jul 2002

    Royal & SunAlliance Eurolife has established the RSAE Framlington health fund, a mirror fund that invests in the Framlington International Portfolios health fund.

  • Sandler and Brown not living in the real world

    18 Jul 2002

    Once again, our industry has been afflicted with a well-meaning report from an intellectual who does not appear to understand the complexity of human nature. We are now told that what the industry needs is a new batch of low-cost products capped at 1 per cent which the consumer can understand and a miracle will occur. The consumer will break down our doors in the stampede to buy these products. Consumer inertia and apathy will be overcome at a stroke by these super new products, ...

  • Sandler launchpad for Asda's entry into market

    18 Jul 2002

    Supermarket giant Asda is planning to launch into the UK retail financial services market on the back of Ron Sandler's review. While not giving any details as to when it hopes to launch or with what products, the grocery chain says Sandler's recommendation of a "stakeholder" family of products has provided motivation to build a presence in the market. Asda will go head to head with rivals Tesco and Sainsbury which both have a financial services presence. Sandler told ...

  • Sandler on receiving end of industry fury

    18 Jul 2002

    The Sandler report has provoked a scathing backlash from an industry furious at accusations that active funds are overpriced and that IFAs lack investment knowledge. Coming at a time when falling stockmarkets and corporate accounting scandals are threatening the economy and battering investor confidence, the report has incensed those who claim Sandler has failed to understand how the industry works. Almost as soon as it was published, fund managers and IFAs - the former often reluctant ...

  • Scepticism on review's goals - Chartwell

    18 Jul 2002

    Chartwell Investment Management is sceptical about whether the Sandler review will achieve its goals of empowering consumers and encouraging people on low incomes to save. It says standardised products sold without advice overlook the fact that investors have diverse objectives and risk profiles and are more likely to attract sophisticated investors than low-income consumers with limited financial knowledge. Chartwell agrees with Sandler's point that many actively managed funds ...

  • ScotEq highlights 'protection gap'

    18 Jul 2002

    The UK population is exposing itself to a multi-billion-pound "protection gap", warns Scottish Equitable Protect. Although rising consumer credit figures indicate people have more financial commitments than ever before, only a minority have made any kind of provision against the risk of defaulting on repayments, says the protection specialist. Less than a quarter of the UK's 11 million mortgages are covered by protection policies, leaving 77.5 per cent of borrowers exposed should ...

  • ScotMut service has hedge fund link

    18 Jul 2002

    Scottish Mutual is teaming up with specialist fund manager Bucephale Group to launch a pension investment service with exposure to hedge funds. The Guaranteed Pension Investment offers trustees of all UK pension funds the ability to participate in a managed fund of hedge funds while offering full capital return at the end of the investment term. Scottish Mutual is targeting trustees of small self-administered schemes and self-invested personal pensions. Geneva-based Bucephale ...

  • Shiel rethink of Fidelity fund sparks concerns

    18 Jul 2002

    The new manager of Fidelity's £1.4bn American Fund Fergus Shiel, who replaced John Muresianu, is understood to be cutting holdings to between 100 and 150 from 400, fuelling IFA concerns about the changeover. Shiel took over the fund last month after star manager Muresianu resigned and began altering its stock composition and style in a way that IFA Hargreaves Lansdown is unsure will add value under current conditions. One of its main concerns is Shiel's intention to slash ...

  • Simple solution welcomed - IMA

    18 Jul 2002

    Sandler's focus on simplicity and transparency has been given the nod of approval by the Investment Management Association. Chief executive Richard Saunders says it has long advocated separating the cost of advice from the cost of the product and welcomes the improved adviser qualifications proposed in the review. Saunders also singles out the recommendation to level the playing field between life and mutual fund products, particularly in pensions with the individual pension ...

  • Slow process

    18 Jul 2002

    This week I received maturity papers from Friends Provident for a client's 25-year with-profits endowment policy. I dusted down the original file and as you would expect the plan had produced a good return - £21,759 as against the projected value of £12,710 from the original quotation. But perhaps more interesting was the case processing. The acceptance had been received within a week of the proposal being sent off back in 1977. For comparison purposes, I looked ...

  • Standard Life gives GPP a facelift

    19 Jul 2002

    Standard Life has given its group personal pension (GPP) a facelift to make it more flexible for policyholders.

  • Standard Life gives GPP a facelift

    19 Jul 2002

    Standard Life has designed personal pension flex, an individual personal pension that replaces the company’s existing individual personal pension.

  • Standard Life replaces individual personal pension with flxxi plan

    17 Jul 2002

    Standard Life has designed personal pension flex, an individual personal pension that replaces the company’s existing individual personal pension.

  • Standard Life Sipp's in

    22 Jul 2002

    Summing up, Boylan says: "Where there is a case for drawdown with smaller funds, they will have to go elsewhere. Large funds will probably go to specialist administrators and pay the fees directly. This is a good offering for the £100,000 to £500,000 type of fund. Again, I should like to see discretionary portfolios on offer combined with a lifestyle option."

  • Standard Life Sipp's in

    22 Jul 2002

    Turning to the investment options available, Lewis says: "A wide choice of Standard Life funds, although the choice of external funds is quite narrow for this type of contract. Other companies such as Winterthur, Norwich Union and Skandia have a wider choice of funds."

  • Standard Life Sipp's in

    22 Jul 2002

    Standard Life - Sipp Type: Hybrid Sipp Minimum investment: Lump sum £10,000 income drawdown Investment choice: Corporate sterling, long corporate bond, corporate structured, corporate property, corporate UK fixed interest, corporate linked, corporate protection, corporate managed, corporate ethical, corporate stock exchange, corporate UK equity select, corporate overseas, corporate UK equity, corporate European, corporate North American, ...

  • Standard looks to take with-profits to China

    18 Jul 2002

    Standard Life is aiming to be the first British insurer to export with-profits to China after going into partnership with local life company Heng-An. The joint venture, with £100m in capital, will be on a 50/50 basis in accordance with the Chinese regulator. The licence being sought would allow the companies to operate in Tianjin, which has almost 10 million inhabitants and is close to Beijing. Standard hopes to be writing business by 2004. Standard Life finance director ...

  • Sum of the parts

    18 Jul 2002

    This week sees the continuation of our investigation into the wonderful yet often unexplored world of offshore funds, especially offshore roll-up funds. You will recall, I hope, that this series was sparked off by the commencement of consultation on the taxation of offshore funds. Understanding how funds are taxed currently is essential to understanding how any new system will work and the dynamics underlying the possible changes. As I have said before, the offshore roll-up fund would ...

  • Talkback

    18 Jul 2002

    "Yes. But thank goodness these are only proposals. There are some very sensible proposals but the terminology needs a sanity check. It doesn't seem workable that tied agents who may give very good advice can't be called advisers. I like the idea of remaining independent and want to be called an adviser so in theory Nightingale will remain independent and offer that service to its clients." Michael Lockyer Nightingale Associates "It is difficult to comment on what at this ...

  • To freeze or not to freeze?

    18 Jul 2002

    I left my employer in March this year. I was a member of the final-salary scheme. I have now joined a new employer who does not allow new employees to join its final-salary scheme. What do you suggest I should do with my frozen pension from the first scheme? First of all, you will not have a frozen pension, in the sense that it will actually grow in value over the coming years. For many years, the early leaver from such schemes has had their pension protected against at least ...

  • Top rating for new stakeholder plans - Hargreaves Lansdown

    18 Jul 2002

    Hargreaves Lansdown has come out largely in favour of the Sandler review, giving the various recommendations bet-ween one and three stars on its approval rating system. The new family of stakeholder products proposed by Sandler is given a top three star rating, with the IFA claiming to be a firm believer in stakeholder and the Cat-standard world. However, it questions whether safe products actually exist, arguing that while the wrapper may be safe, the underlying inv-estment always ...

  • Wesleyan Assurance - Guaranteed Growth Bond

    17 Jul 2002

    Wednesday, 17 July 2002Type: Guaranteed growth bondMinimum-maximum investment: £5,000-£500,000Term: Five yearsCharges: ImplicitReturn: Capital returned in full at end of term along with any bonusesGuarantee: 120% of amount invested returned at end of termCommission: NoneTel: 0800 0680680

  • West Brom and NU link arms for bond

    22 Jul 2002

    West Bromwich Building Society has teamed up with Norwich Union to offer the combined portfolio plus bond.

  • West Bromwich Building Society - Combined Portfolio Plus Bonus Bond

    19 Jul 2002

    Friday, July 19, 2002 Type: Combined high interest account and choice of Norwich Union unit-linked or with-profit bond HIGH INTEREST ACCOUNT Minimum-maximum investment: £1,250-£500,000 Interest rates: £1,250-£9,999 7.5%, £10,000-£24,999 8%, £25,000 and above 8.5% Term: One year Offer period: Until further notice Withdrawal penalties: No withdrawals permitted during term UNIT ...

  • What now for with-profits?

    18 Jul 2002

    With-profits is proving as difficult as Rasputin to kill off. The expected bombshell from Ron Sandler, which many had feared would kill off with-profits, failed to materialise and life companies are breathing a collective sigh of relief. While his report has plenty to say about with-profits - indeed they formed one of the original reasons for the review - smoothed investment vehicles will have a continued place, even if in an altered form and perhaps name. Speaking in the House ...

  • Wide hope of rally in markets

    18 Jul 2002

    Fund managers and IFAs widely expect the stockmarket to stage a comeback in the near future - although the bears fear it could plummet by another 20 per cent before it bottoms out. Despite the FTSE 100 plunging below the psychologically important 4,000 barrier this week, fund firms say there are signs the market could be close to a rally which they hope will turn around investor sentiment. Fidelity says accountancy scandals remain limited to the US and points out that share-selling ...

  • Will the FSA take heed of Sandler?

    18 Jul 2002

    So, Sandler, the consumer's friend, is triumphant, hailed by ministers while shame-faced Pickering, scourge of widows, trails in his wake disowned and unloved. A little dramatic but, in the intensely political world that financial services reviewers must operate, probably fair. Pickering's suggestions that companies be let off paying out to widows and that LPI is scrapped going forward erode the value of defined-benefit schemes. Its detachment from the Inland Revenue ...

  • You can lead savers to water but...

    18 Jul 2002

    In response to the Government report published this week, I would like to voice my opinions on its contents as follows. When our forbears wisely thought of maxims such as you can take a horse to water but you can't make it drink, they did so because they had an element of truth. It is high time Ron Sandler was reminded, albeit rather late in the day, of the above adage. The Government can have all the low-cost products they want. If people are not prepared to save, then there ...

  • Zurich moves Keogh from ZIFA to ZAN

    22 Jul 2002

    Zurich Financial Services has appointed Chris Keogh as financial planning director of Zurich Advice Network. He was previously distribution director of Zurich IFA Group. The appointment comes ahead of an announcement on the company’s distribution strategy in Autumn to take advantage of the current changes in the market.

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