Money Marketing
17 September 2003

  • 'Code of conduct is needed to combat misselling'

    18 Sep 2003

    Money Marketing's misselling campaign has split advisers over the need for a clear definition of misselling. Many believe a definition is a necessity for financial services to be secure in the future but some IFAs believe the answer could lie more in business practices and codes of conduct. IFA R-M Associates director Alistair MacDougall says when dealing with client complaints, missell-ing is easy to identify when you see it. He considers that most misselling cases either ...

  • 'Feds' software' gathers evidence

    18 Sep 2003

    The company that designed investigative software for the FBI is launching an IT package for the UK financial services market that aims to help companies analyse rival firms. The FSA and the Serious Fraud Office already use i2 Software to map their investigations into companies and individuals. The company produces software for 20,000 users in 2,000 organisations which include most international, federal and national intelligence and law enforcement organisations. It has redeveloped ...

  • 'Quitting networks could get IFAs better PI deal'

    18 Sep 2003

    IFAs could be getting a better deal on their professional indemnity insurance by quitting their networks, according to support services providers and brokers. Support services provider Threesixty believes firms which rushed into networks when PI premiums escalated last October could be paying higher premiums now than similar sized companies which remained independent. Trade bodies Sofa and Aifa believe the latest round of renewals has seen a marginal easing of the PI problem but ...

  • A change of lifestyle

    18 Sep 2003

    I think this is the most important document on life insurance underwriting in the last 10 years." That is the verdict of Pinkfinance.com editor Chris Morgan on the forthcoming ABI consultation paper, which will reconsider the questions that insurers ask about a policyholder's sexual history, orientation and HIV status. Morgan is helping to represent the gay community in the negotiations surrounding the finalisation of the document, ahead of publication this autumn. Morgan ...

  • A dedicated follower of fashion

    18 Sep 2003

    IFA Hazlems Financial will be offering free financial advice to designers and visitors at the London Designers' Exhibition, which is part of London Fashion Week. Every exhibitor will get a welcome pack from Hazlems Financial inviting them to arrange a free initial consultation with an adviser specialising in the fashion sector. This is the second time that Hazlems has supported London Fashion Week and sponsored the exhibition, which runs from September 20-24 at The Duke of York's ...

  • A run for their money

    18 Sep 2003

    Bitter acrimony surrounds events chronicled in last week's Diary page, in which Ben "Biffer" Yearsley of Hargreaves Lansdown mocked colleague Tom "Flailing" McPhail for finishing behind him in the Bristol half-marathon. Always a man to take defeat square on the chin, McPhail decided to contact the Diary this week to suggest that, as his pregnant girl-friend had beaten Yearsley, he, as the co-creator of said unborn baby, had actually bested his HL nemesis. Yearsley responded ...

  • A turning point for listed IFAs

    18 Sep 2003

    Those famously troubled listed IFAs may be about to turn the corner, according to one the most outspoken analysts on the sector Durlacher. The analyst believes that a combination of improving stockmarkets and cost-cutting measures mark a turning point. This is great news for almost everyone involved in financial services. The companies' respective managements have struggled recently to convince sceptical but profitable IFAs that their new distribution models could cut the mustard. If ...

  • Abbey targets remortgage customers with discount rate

    23 Sep 2003

    Abbey National will be targeting its 25,000 remortgage customers this week with its Flexible Plus mortgage which offers a three month variable discounted rate of 2.99 per cent.After the three month period, customers will see their rate increase to 4.25 per cent and will track the Bank of England base rate plus 0.75 per cent. The Flexible Plus mortgage will be available to up to 90 per cent Loan To Value with a maximum credit limit of £250,000.Abbey ...

  • ABI says providers should not pay for Revenue blunders

    18 Sep 2003

    The ABI has gone into battle for product providers in a bid to ensure they do not have to pick up the tab for admin costs incurred as the Inland Revenue works to put right its blunders on age-related rebates. It is welcoming the Revenue's proposal to calculate investor redress for the errors on a case-by-case basis but rejects the suggestion that the costs of identifying losses should be met by providers, believing that the Revenue should cover the cost. Product providers now ...

  • Absolutely fabulous?

    18 Sep 2003

    The fund management industry has long relied on funds benchmarked against indices, with groups promoting the products generating the best relative returns. But this index-plus approach seems to be changing as a growing band of investment houses launch aggressive, concentrated funds which, at best, pay scant regard to index or stock weightings. Gartmore, Merrill Lynch, Fidelity, JP Morgan Fleming, Threadneedle and Schroders, among others, all now boast focus or dynamic funds, many of ...

  • AITC says splits fund will help hardest-hit investors

    18 Sep 2003

    The AITC says its foundation fund should ease the financial hardship being suffered by the hardest-hit victims of collapsed split-capital investment trusts despite raising far less than expected. It says fewer people than feared are suffering acute financial pain as a result of failed splits, giving it hope that the fund, which is believed to have raised just one-fifth of its target of £10m, will cover all applications for help. However, the AITC refuses to disclose how many ...

  • All change as HBOS tops table

    18 Sep 2003

    HBOS has knocked Nationwide off the top of the PressWatch financial products table last month with 213 mentions in the national press. Nationwide slipped into second place despite praise for its campaign for clarity in the credit card industry while Northern Rock moved into third place from fifth last month. August also saw Legal & General jump into fourth place from 10th, Norwich Union shoot up to fifth from 15th, Fidelity move into sixth from 14th and Prudential climb to ...

  • AMP demerger plans delayed

    17 Sep 2003

    AMP has revealed its demerger plans are to be set back by a few weeks as it needs time to incorporate the FSA's new realistic solvency requirements into the demerger explanatory memorandum.

  • ARs to get free share options in Network Data float

    18 Sep 2003

    Mortgage group Network Data is planning to float on the London Stock Exchange between September 2004 and May 2005. It says the flotation will enable it to raise capital to develop its mortgage network for smaller intermediaries. All its appointed representatives will be able to share in its market capitalisation. They will earn free share options for every mortgage they place through the network. Shares are only available to full members who must be ARs at the date of flotation. The ...

  • B&B acquire Aitchison & Colegrave

    22 Sep 2003

    Bradford & Bingley has today announced the acquisition of Scottish IFA Aitchison & Colegrave as part of its strategy to increase its mid to high net worth business. The IFA is to be rebranded Charcol Aitchison & Colgrave and current management will remain with the business. One of Scotland's leading IFAs, Aitchison & Colegrave has four offices across Scotland with 20 advisers. Its turnover to July 2002 was £4.1m with £2.5m in net assets. The acquisition ...

  • B&B acquires Aitchison & Colegrave

    22 Sep 2003

    Bradford & Bingley has today announced the acquisition of Scottish IFA Aitchison & Colegrave as part of its strategy to increase its mid to high net worth business. The IFA is to be rebranded Charcol Aitchison & Colgrave and current management will remain with the business. One of Scotland's leading IFAs, Aitchison & Colegrave has four offices across Scotland with 20 advisers. Its turnover to July 2002 was £4.1m with £2.5m in net assets. The ...

  • B&B buy Aitchison & Colgrave

    22 Sep 2003

    Bradford & Bingley has today announced the acquisition of Scottish IFA Aitchison & Colegrave as part of its strategy to increase its mid to high net worth business. The IFA is to be rebranded Charcol Aitchison & Colgrave and current management will remain with the business. One of Scotland's leading IFAs, Aitchison & Colegrave has four offices across Scotland with 20 advisers. Its turnover to July 2002 was £4.1m with £2.5m in net assets. The acquisition ...

  • B&B signs multi-manager deal with Skandia

    18 Sep 2003

    Bradford & Bingley has signed Skandia Investment Management as a multi-manager supplier to add to its deal with Axa. The move gives access to fund groups such as Threadneedle, Fidelity and Liontrust. The Axa select funds and Skandia actively managed funds will be available through B&B's independent wealth advisory services which include the Marketplace at Bradford & Bingley, Charcol and Charcol Holden Meehan. Skandia actively managed funds involved in the deal include ...

  • Bank to the future

    18 Sep 2003

    It is always difficult to imagine the future. According to the Junior Encyclopaedia that I pored over in my childhood, by the year 2000 I was supposed to be flying to work in my own private helicopter and eating a lunch made up of a handful of brightly coloured nutrient-packed capsules. In fact, of course, I fly my private helicopter over to have lunch in posh restaurants like The Ivy, along with everyone else in agency life. Still, in an industry in which there are so many pressures ...

  • Bankhall loses third compliance manager

    18 Sep 2003

    IFA support services group Bankhall has lost another member of its senior management team. Compliance director David Badley has resigned after a few months in the role. He was part of a top tier of management leading a 130-strong compliance team. Badley is the third compliance director to leave the 5,000-adviser group within 12 months. He follows David Bratessani and Ross McArthur who were both working as compliance directors within different divisions. Bankhall Investment ...

  • Bankhall moves into investment management

    18 Sep 2003

    Bankhall has recruited former Foreign & Colonial head of IFA operations Jamie Farquhar to set up an investment management facility. Farquhar joins Bankhall after 16 years with F&C to head new arm Bankhall Investment Solutions. He says one of his first moves will be to improve online asset allocation and management tools as well as research and analysis facilities through portal IFA Engine. The group, which has 5,000 members, has allocated £10m to improve overall ...

  • Big depolarisation gap on theory and practice

    18 Sep 2003

    There is a vast gap between theory and practice when it comes to industry views on depolarisation, according to research from financial services marketing agency CCHM. An in-depth qualitative survey of 16 directors and managing directors of some of the industry's top manufacturers and distributors reveals that the industry's actions are not matching up with its theories. CCHM chairman Lucian Camp says there was no surprise that respondents believed depolarisation would lead ...

  • Biggest fall in house prices for 18 months

    18 Sep 2003

    House prices have fallen for the first time since January and have seen the biggest reductions for 18 months, according to housing tracker Rightmove in its latest house price index figures. It says asking prices overall fell by 0.6 per cent in August. House prices in London fell by 2.8 per cent and the average home in London is now worth less than it was a year ago. The biggest price falls were seen in the North, where they dropped by 3.5 per cent, and in Wales, which saw a reduction ...

  • Brain and Exchange strike up an alliance

    18 Sep 2003

    Mortgage Brain and The Exchange have formed a strategic alliance which they say brings together the two leading point-of-sale and trading platforms in the life and pension and mortgage markets. The agreement means that The Exchange's 18,000 users will have access to Mortgage Brain's mortgage sourcing and electronic trading service while Mortgage Brain's 18,000 users will be able to access The Exchange's quotation and new business services. Client and quotation information ...

  • Britannic eyes LTC market

    18 Sep 2003

    Britannic Retirement Solutions says it is considering launching into the long-term care insurance market but would not do so until the market picks up. Corporate development director Bob Bullivant says the market is currently only worth around £70m, which compares badly with the annuity market which is worth closer to £7bn and the equity release market, potentially worth £5bn. ABI statistics reported in last week's Money Marketing show that pre-funded LTC policies ...

  • Britannic Money rebranded Mortgage Trust

    19 Sep 2003

    Britannic Money is to be rebranded Mortgage Trust on September 29th, following its acquisition by Paragon Group in June this year. It will operate exclusively in the buy to let sector, focusing on small landlords building property portfolios. It will be intermediary focused. Its new range will include a 2-year discounted rate at 4.40%, a 3-year discounted rate at 4.64% and a 1-year fixed rate at 4.69% (fixed until 31/12/04).Group director of mortgages John Heron says: "The new ...

  • Brokers spell out tie-in dangers on cheap fixes

    18 Sep 2003

    Brokers have criticised lenders offering cheap fixed-rate mortgages with extended tie-ins, saying the products should come with a severe health warning. The industry is concerned that, with all indications pointing towards a rise in interest rates, borrowers who take out a short-term fix with repayment penalties will be hit with a hefty increase in monthly payments once their deal reverts to a standard variable rate. Two of the firms cited by brokers are Portman Building Society ...

  • Can we trust life companies?

    18 Sep 2003

    Reading Dave Harris' lengthy narrative on how Prudential effectively stole away a client from him, I am reminded that such treatment, although shameful, is not particularly out of step with the general attitude of most life companies these days. To them, IFAs are just one more source of business but not one to be accorded any special respect or priority. The only life companies in which we IFAs can place any trust at all are those who accept business from IFAs only and from no other ...

  • Channel Islands' plan to offer captive PI for £3k

    18 Sep 2003

    Cambridge-based IFA Group 300 is setting up a professional indemnity insurance scheme based in the Channel Islands. The captive scheme will be offered to 200 firms initially - Group 300 members and a restricted number of firms which do not belong to the network. The company is aiming for FSA regulation in January. Appointed representatives will pay a £3,000 flat fee and directly regulated firms will pay £6,000. All the firms covered will be using Group 300 online compliance ...

  • Charcol offers federal reserve tracker mortgage based on lower US rates

    18 Sep 2003

    Charcol is offering an initial fixed rate of 2.25 per cent on its federal reserve tracker mortgage until the end of March. The loan is a fix and track mortgage based on the lower US short term interest rates.

  • Clerical Medical issues CGT guide

    17 Sep 2003

    Clerical Medical has produced a guide to capital gains tax taper relief. It targets IFAs to help them identify and understand the CGT rules for clients selling their business.

  • Clerical picks protected path to diversify funds

    18 Sep 2003

    Clerical Medical is looking to move into the protected fund market next year in a bid to diversify its funds and provide more options for investors burnt by the recent downturn and who want an alternative to with-profits. Wealth creation marketing manager Adrian Smith says it is too early to give details of its plans as it is a "work in progress" but says Clerical is looking at its mutual fund range and believes there are good opportunities for offering protected funds within the Oeic ...

  • Correspondent's week

    18 Sep 2003

    It was an indifferent week to be an insurance correspondent but a great week to be English, a sentiment I can write without fear of my virulently Irish mother stumbling accidentally across a copy of Money Marketing. While unusual doses of sporting glory contributed, with the English seeing off the French, South Africans, Mace-donians, and, um, Litchten-steinians, the real reason for my rush of patriotic fervour was David Blaine. On my way to and from work this week, I have walked ...

  • Critical rethink

    18 Sep 2003

    Rarely in the protection market has a product achieved the sales momentum and appeal to customers, distributors and life offices in the way that critical-illness cover has. But a recent report from Mercer Oliver Wyman claims that the sector has hit problems and needs product innovations in design and marketing. The 1990s saw double-digit growth for critical sales but it now faces a key challenge with reinsurers unwilling to take on risk over concerns that they might be hit by huge ...

  • Destini buys stake in Bloomsbury and may increase holding

    18 Sep 2003

    IFA consolidator Destini Financial Services has taken a minority stake in feebased IFA Bloomsbury Financial Planning. The deal struck between the consolidator and Sofa director Jason Butler's company of seven RIs is for an undisclosed amount in cash and shares. It is a two-part deal that leaves Destini with the option to buy a bigger chunk of Bloomsbury at a later stage. Destini has bought six firms since its October 2002 launch, most recently snapping up Bridgeman Firth Associates ...

  • Dick Turpin

    18 Sep 2003

    W hen your name instantly conjures up images of pistol-wielding men in masks, a career spent trying to persuade people to part with their money - voluntarily, that is - seems somehow apposite. But that it not to say that Artemis managing director Dick Turpin, one of the City's most affable slickers, indulges in a secret passion for highway robbery. For one thing, he is too honest and, perhaps more pertinently, he does not have the time. After a hectic 12 months overseeing the merger ...

  • DWS investment club will cover global markets

    18 Sep 2003

    DWS Investments has set up a club which will provide members with immediate details on breaking news affecting global markets. Services include commentary from experts such as global chief economist Steven Bell, events featuring specialist speakers as well as discussion groups tackling topical issues. Investment club members will have access to specialist briefings on areas such as investment, management and business issues as well as social outings and other functions. The club ...

  • DWS Investments - Corporate Bond Fuud

    18 Sep 2003

    Type: Oeic Aim: Income and growth by investing globally in investment grade corporate bondsMinimum investment: Lump sum £1,000, monthly £25Investment split: US 50%, Europe 20%, Japan 10%, others 20%Isa link: YesPep transfers: YesCharges: Initial 4%, annual 1%, Isa initial 3.25%, Pep transfers initial 3%Commission: Subject to negotiationTel: 0800 917 0005

  • DWS Investments - Managed Distribution Fund

    17 Sep 2003

    DWS INVESTMENTSDWS Managed Distribution FundType: Oeic fund of fundsAim: Income and growth by investing in a portfolio of DWS fundsMinimum investment: Lump sum £1,000, monthly £25Investment split: Bonds 50%, equities 50%Isa link: YesPep transfers: YesCharges: Initial 4.25%, annual 1.25%, Isa initial 3.25%, Pep transfers initial 3%Commission: Subject to negotiationTel: 0800 917 0005

  • Edinburgh Partners rules out retail funds

    18 Sep 2003

    Edinburgh Partners has dashed IFA hopes that it intends to launch retail funds after confirming that its initial three portfolios will only be available to institutions. The company, set up by former Scottish Widows Investment Partnership chief investment officer Sandy Nairn and head of UK equities Graham Campbell, will offer only investment trusts to retail investors. with the first trust due by 2004. Campbell says it is too early to give details of the trust other than it will ...

  • EFG Private Bank - New Capital Total Return Bond Fund

    17 Sep 2003

    Type: UcitsAim: Growth and income by investing in fixed-interest securitiesMinimum investment: Lump sum £3,500, $5,000, euros 5,000Place of registration: DublinInvestment split: 100% in fixed-interest securitiesCharges: Initial subject to negotiation, annual 1%Commission: Subject to negotiationTel: 0207 872 3700

  • Egg cuts Invesco funds in Oeic shift

    18 Sep 2003

    Online provider Egg is removing over half of its range of Invesco Perpetual funds from the platform due to the company's decision to convert its range of unit trusts to Oeics. Egg, currently undergoing a product refocus, says its costs of conversion - up to £12,000 per fund - are prohibitively high, given the small number of investors in some of the funds. It estimates that, on average, there are fewer than 50 Egg customers in each of the 16 funds, with some containing just ...

  • End of an era

    18 Sep 2003

    It is the end of an era this week as FSA chairman and chief executive Sir Howard Davies says goodbye to the regulator he has steered from its inception. The colourful and often outspoken Davies leaves behind many memorable moments, recently promising there would be no retrospective misselling reviews and divulging that he is not a fan of price caps. Respected and feared by IFAs in equal measure, Davies brought more change to the industry in his tenure than many had seen in their ...

  • Equitable report is put back again

    18 Sep 2003

    Questions surrounding the demise of Equitable Life will remain unanswered for longer following further delays in the release of the Penrose report. Inquiry secretary Hugh Burns says the report will be ready "very soon" but will not be finalised by the end of summer as was announced last November. He says the report is being finalised, with a process of "Maxwellisation" taking place, where those criticised in the report are given a chance to respond. He says this is expected to take ...

  • Euro group aims to boost cross-border mortgages

    18 Sep 2003

    The European Commission has set up a forum group on mortgage credit to help open up the European cross-border mortgage market. The group is consulting on how to make it easy for homebuyers to choose mortgage products from lenders anywhere in the EU. Its two tasks are to identify the main obstacles to the functioning of a genuine European credit market and to draw up political recommendations for the EC on the best ways to achieve this. The group is made up of 20 experts from ...

  • Firms must act fast on WP rules, says FSA

    23 Sep 2003

    It is critical that companies begin immediately implementing the FSA's new with-profits reforms, according to FSA director of insurance firms division David Strachan. Speaking at the Insurance Reporting and Regulation conference in London this week, Strachan said an immediate priority for firms should be to consider the FSA's Principles and Practices of Financial Management requirements. The rules stipulate that boards and senior management must make the ultimate ...

  • FSA criticised over annuities policy

    22 Sep 2003

    The Financial Services Authority has been accused of failing to encourage more people to shop around for better annuity rates. Figures from the association of British Insurers show more people this year bought annuities from their existing provider than they did last year. However the FSA set up rules last year requiring pension providers to tell customers about the open market option., which provides consumers with the right to buy annuities from any provider. The FSA believes three ...

  • FSA launches roadshows for mortgage and general insurance

    17 Sep 2003

    The FSA is running a series of roadshows for general insurance and mortgage intermediaries. The FSA intends the series of half-day regional seminars to explain prudential requirements for the new regulatory framework, how the appointed representatives regime will be extended, and its consultation on the future reporting requirements. The roadshows take place on 1st October in London, 3rd October in Manchester, 8th October in Birmingham, 10th October in Bristol, 14th October in Glasgow ...

  • FSA waters down trust proposals

    23 Sep 2003

    The FSA has watered down its proposed rules for investment trusts after consulting with the industry. Subject to annual re-election, fund managers will be able to sit on trust boards, trusts will be able to invest in funds of funds in much the same way as before while proposed rules forcing trusts to disclose their portfolios have been amended. The initial plans, announced in January, were aimed at pre-empting another 'magic circle' but were seen as overly ...

  • FTSE rally to last through the autumn says SVM

    23 Sep 2003

    SVM Asset Management believes there is a growing belief in the market that the recent rally in the FTSE could sustain itself throughout autumn.Since the start of year the FTSE has experienced an 8 per cent rise with the FSTE All Share increasing by 10.5 per cent and the FTSE 250 up 26 per cent.SVM head of Retail Sales Mark Noble says: "In normal conditions FTSE stocks would command a premium as they have a better liquidity, but in today's market ...

  • Future shape

    18 Sep 2003

    What benefits do you expect to see in new-style critical-illness insurance? Robertson: The critical-illness market is still in a state of flux and I think it will continue that way into 2004, certainly in terms of pricing and the level of guarantees. Nowadays, the competition to have the longest list of illnesses seems to have drawn to a close but there will always be scope for other product changes. It would not surprise me to see an increase in the number of providers offering ...

  • Gartmore set for private equity firm

    18 Sep 2003

    Gartmore is setting up a private equity business early next year following a strategic review of the investment market which will see it move towards specialist fund management. The operation will be hea-ded by Gartmore veteran Peter Gale with help from Nick Shaw, who becomes deputy managing director after joining this month from Shell, where he helped manage its £11bn pension services. The business - due to be branded Gartmore Private Equity - will be run as a stand-alone ...

  • Get the hump

    18 Sep 2003

    It was Midnight at the Oasis but no one was singing this camel to bed. It was more a case of one hump or two last week at the Polhill Moroccan party at the Kensington Roof Gardens where a bucking bronco-style camel was the star of the evening.Some refused to ride, muttering “bucking dromedary”, but others including the intrepid MM reporters gave it a go. PRs, including soon to be 60 industry veteran Terry Hepplewehite, hacks and industry gurus alike hitched up their trousers, ...

  • GMAC launch third through lending product

    17 Sep 2003

    GMAC-RFC and Market Harborough Building Society have today announced their third through lending product. The product is marketed by GMAC-RFC and Market Harborough Building Society acquires the mortgage assets the day after completion. The new product is called The Stepped Lifetime Discount Mortgage and is to be marketed through intermediaries on a semi-exclusive basis. The product's rate is 2.99 per cent for the first year. A discount of 1.50 per cent is offered in the second year, ...

  • GMAC Star shines wider

    18 Sep 2003

    GMAC Residential Funding has widened the range of its Star product to cover all sectors - buy to let, mainstream and non-conforming. The product does not require income details and attracts self-cert borrowers. In the first six months of this year, GMAC saw a 69 per cent rise on last year and believes this is largely due to its competitive rates and no income details. It considers believes the product is suitable for employed as well as self-employed, with loans up to 90 per cent ...

  • Govt is behind on time but ahead on price with index

    18 Sep 2003

    The Government has launched a new house price index in a bid to end confusion over the state of the housing market but a month behind other surveys. The index is based on data from around 50 mortgage lenders and reflects house prices at completion in contrast with the Nationwide and Halifax indices which reflect approval prices. The new index says the average house price in July was £156,273, up from £153,605 in June and £138,042 a year ago. This is much higher ...

  • Have a gift trust in your armoury

    18 Sep 2003

    For this week's article, I would like to pick up on the theme covered by Colin Jelley in this column on August 7 concerning inheritance tax planning for clients following the Inland Revenue's announcement on June 20 which heralded the demise of planning using the so-called spousal interest trust route. Colin highlighted the benefits of planning using a discounted gift trust, the underlying product for which would be a capital redemption policy, and there is no doubt that this ...

  • Help the Aged director general calls for an end to pension means testing

    22 Sep 2003

    Help The Aged director general Michael Lake calls for means testing for pensioners to be scrapped because it discriminates against the 20 per cent of pensioners "living in real poverty". He also wants the state pension raised to a level accessible for more of the elderly.The call came today at the Liberal Democrat's annual conference in Brighton.

  • Hurst sets up PR firm for the mortgage market

    18 Sep 2003

    Former Future Mortgages communications manager Richard Hurst is setting up on his own to offer PR and communications support. He is aiming his services at the newer or medium-sized players in the mortgage market. He intends to work on a contract basis and promises to raise his clients' profile significantly. Hurst will advise on all aspects of public relations including helping firms to recruit and train an internal PR officer. He left Future in August and his previous jobs ...

  • IFA accountants boost services at Three Sixty

    17 Sep 2003

    Cheshire-based IFA accountancy specialists Personal Tax Partnership has joined support services group Three Sixty. Personal Tax Partnership, Laura Chuck and Sheila Huxley, provide accountancy, audit and tax planning services to directly authorised IFAs and network members.

  • IFA stocks to take a turn for the better

    18 Sep 2003

    Quoted financial services distributors have generally been a disaster for investors over the last year. Share prices have fallen on average by 40 per cent but Inter-Alliance is down by 90 per cent. The listed Kingsbridge Holdings looks likely to disintegrate into a shell. Only two firms have survived reasonably intact. The share price of St James's Place, a product provider with a tied distribution tier, is down by only 13 per cent. Prestbury, which was floated in late 2002, ...

  • IFAs most trusted on pensions - YouGov survey

    22 Sep 2003

    More people trust IFAs than any other source of information when it comes to pensions, according to research by YouGov for Standard Life.When asked who they would trust to provide accurate and reliable information about pensions advice, 41 per cent preferred IFAs, with 24 per cent mentioning banks & building societies, 21 per cent citing employers and 20 per cent preferring pension providers.Standard Life marketing director Martin Slater says: "The survey ...

  • IFAs must develop T&C say trade bodies

    23 Sep 2003

    Industry trade bodies and regulators have joined together in a plea to practitioners to continue their training & competence regimes over the continuing period of ambiguity.Speaking together at this year's Money Marketing Live in Manchester, representatives of Aifa, the FSA, MCCB, the Financial Services Skills Council and the Institute of Financial Planning responded to industry concerns that it was not worth making commitments to training and exams until ...

  • Independent view

    18 Sep 2003

    The other week I received a call from a recruitment consultant which most of you will know is a euphemism for a 21-year-old Essex girl with the gift of the gab, almost certainly blonde and probably straight out of college if indeed she went to college. I imagine she had many attributes, most of which would not be necessary or relevant in supplying first-class potential employees for Hargreaves Lansdown. I do tend to take most of my calls and I always announce myself as "Peter Hargreaves". ...

  • Inside edge

    18 Sep 2003

    Few issues are as emotive as Europe, throwing up images of referendums and, if some people are to be believed, a super-state, with bureaucrats in Brussels taking control. With so much scaremongering and debate over what a European constitution would mean to people's everyday lives, it appears that this is one political hot potato no one wants to touch. So, for the Anglomaniacs among you, I have some difficult news - Europe is not only coming, it is in fact already here and exerting ...

  • Insight presents the right attitude

    22 Sep 2003

    Insight Investments has designed the Insight investment growth plan, which has two options catering for different attitudes to risk.The accelerated growth option gives investors ten times the growth in the index up to a maximum of 50 per cent. For example, if the index rises by 5 per cent, investors will come away with 50 per cent growth and will still get 50 per cent growth if the index rises by 35 per cent. However, if the index has grown by more than 50 per cent during the term, ...

  • Insurers need to work to meet expectations says CII's Homer

    19 Sep 2003

    Professionals in the insurance and financial services industry need to work twice as hard as they already are at meeting customer expectations if they are going to survive in the current market, according to Chartered Insurance Institute president Andy Homer.In his opening speech at the institute's national conference being held at the Queen Elizabeth II Conference Centre in London, Homer said the main issues facing the market are increasing regulation, stock market viability, ...

  • Invesco Perpetual advises drip feeding investments

    17 Sep 2003

    Investors looking at getting back into the stockmarket yet keen to reduce their exposure to risk should consider drip feeding through a regular savings plan advises Invesco Perpetual.To reinforce the message, the fund house has produced a pocket guide to Isas and is making it widely available to IFAs and investors. Invesco UK head of distribution Mike Webb says: "Drip feeding can limit exposure to risk and in this way investors do not have to worry about negative market ...

  • Investment analysis

    18 Sep 2003

    Most of the world's major stockmarkets paused for breath last week as another set of disappointing US employment numbers and nervousness ahead of the second anniversary of the terrorist attacks on New York and Washington gave investors an excuse to bank some healthy profits. Having risen for five consecutive weeks, which had taken the index to a 14-month high, the Dow ended 0.3 per cent lower. The Nasdaq also retreated from its recent 18-month high, with the index giving up 0.3 ...

  • Investment view

    18 Sep 2003

    It was inevitable that Ned Cazalet would come up with something controversial when he spoke at our riverside party for IFAs last week. Ned was entertaining and his tone was just right for a light-hearted evening with a hint of seriousness. The intention was to entertain but to deliver a thought-provoking message for the independent advice community at the same time. The theme should not be so much about investment but more about the issues that we all face and where guidance is appreciated, ...

  • Isis launches IFA portfolio service

    23 Sep 2003

    Isis Asset Management is launching a portfolio service targeted at IFAs seeking to consolidate their clients' portfolios within a single wrapper.The wrapper, which launches on November 1, will give access to two funds of funds run by Richard Philbin - the multi-manager growth and multi-manager balanced funds. Both have been in the top quartile since September 2001.There is also a level of investor protection - if the investor dies and the value is ...

  • Jackman calls on IFP to help demarcate financial planning and advice

    18 Sep 2003

    Skills Council for Financial Services chief executive David Jackman has enlisted the help of the Institutte of Financial Planning to assist him in defining the marketplace. Speaking at the Institute of Financial Planning annual conference in Telford today Jackman said it was essential to have a clear demarcation between planning and advice in order to help develop ISO standards for the industry.To help define the marketplace, Jackman has asked IFP members to provide him with ...

  • Julian Gibbs

    18 Sep 2003

    There are three excellent new growth plans being launched, which should show better returns than tracker funds and with a much higher measure of safety. One, from Key Data, is a six-year plan which offers five times any rise in the FTSE 100 index, subject to a maximum investment return of 60 per cent plus an extra 12 per cent bonus, should the FTSE 100 Index rise by 60 per cent or more above its start level. This would give an average potential return of 9.5 per cent a year, with the ...

  • Just £14m for M&G Fof launch

    18 Sep 2003

    The M&G Cazenove fund of funds operation, developed to challenge major rivals, has taken less than £15m since its launch in February despite a £1m advertising blitz. The joint venture's portfolios - growth, UK growth, balanced managed and cautious managed - have raised just £14m. Credit Suisse's Fof raised more than £40m in its first eight months two years ago. Credit Suisse managing director Ian Chimes says: "Although there is a lot of multi-manager ...

  • Key Facts too much of a burden says Widows

    23 Sep 2003

    The new FSA disclosure regime in CP170 will lead to an excessive focus on cost at the expense of performance and other product features, warns Scottish Widows head of marketing Ian Naismith. Speaking at Money Marketing Live in Manchester today Naismith said the proposed key facts documents, which will replace key features documents, will not allow any illustration of a return the consumer may get.He also questioned the logic of the FSA issuing new regulations which have used ...

  • Koralis Picture - Film Fund One

    23 Sep 2003

    Film Fund OneType: Enterprise investment schemeAim: Growth by investing in a minimum of three low-budget feature filmsMinimum investment: Lump sum £1,000Opening/closing date: October 3, 2003/until further noticeCharges: Initial 6.5%, annual 2.5%Commission: Initial up to 5%Contact: www.koralispictures.com

  • LCP calls for new actuarial approach for closed DB schemes

    19 Sep 2003

    A new actuarial approach is required for closed defined benefit schemes because the approach used for open schemes is not suitable, say pensions professionals.A poll of employers, pension managers and trustees by Lane Clark & Peacock showed concerns that the full buyout requirement on wind up announced on June 11 means pensions professionals must treat pension liabilities with extreme care.LCP says schemes should adopt a cash flow based investment strategy that adjusts ...

  • Leeds & Holbeck - Buy to Let Fixed

    19 Sep 2003

    Type: Fixed rate buy-to-let mortgageFixed term: Until December 1, 2006Fixed rate: 4.99%Minimum loan: £25,000Maximum loan: Up to 75% of valuation subject to a maximum of £500,000Income multiples: Up to 3.25 times principal income plus second, 2.5 times joint, or rental income must be at least 130% per cent of monthly mortgage paymentConditions: Up to 10% capital repayments allowed each year without penaltyRedemption fee: ...

  • Leeds & Holbeck - Buy to Let Fixed

    19 Sep 2003

    Type: Fixed rate buy-to-let mortgageFixed term: Until December 1, 2006Fixed rate: 4.99%Minimum loan: £25,000Maximum loan: Up to 75% of valuation subject to a maximum of £500,000Income multiples: Up to 3.25 times principal income plus second, 2.5 times joint, or rental income must be at least 130% per cent of monthly mortgage paymentConditions: Up to 10% capital repayments allowed each year without penaltyRedemption fee: Six ...

  • Lib Dem MEP calls for an end to 'irresponsible lending'

    22 Sep 2003

    Opening the Liberal Democrats party conference today in Brighton MEP Diana Wallis leader of the UK Liberal Democrats in the European parliament called for an end to Labour and Conservative "blocking" of European legislation like the Consumer Credit Directive "that would get to grips with irresponsible lending".

  • Lib Dem trade & industry spokesman calls for DTI to be scrapped

    23 Sep 2003

    Liberal Democrat trade & industry spokesman Vince Cable wants the Department of Trade & Industry to be scrapped. Cable has announced party plans to scrap the department and replace it with a Department for the Consumer that would bring together the principal consumer protection agencies, including the Office of Fair Trading.

  • Lib Dems call for more accurate assessment of employer liability insurance

    23 Sep 2003

    Liberal Democrat small business spokesman Brian Cotter is calling for premiums for employer liability insurance to be based on more accurate risk assessments which take into account employer efforts to minimise risks to their employees.Cotter said: "Small businesses are being strangled by the higher premiums. Insurers' fear of having to fork out for potential claims is feeding the culture of escalating insurance costs. This cycle is unsustainable."

  • Life offices still face tough time despite market boost

    18 Sep 2003

    Rating agency Fitch is warning against complacency and over-confidence in the UK life insurance sector despite the recent lift in equity markets and it is maintaining its negative outlook for the sector. Fitch says there are still "significant challenges and difficulties ahead", with consolidation meaning that the weaker and "less well positioned" players will continue to drop out. It says Aviva, Legal & General, Prudential and Standard Life will emerge as the top four but ...

  • Listed IFAs are set for lift-off, says Durlacher

    18 Sep 2003

    The market has turned for listed IFAs, with sales set to grow towards the end of the year, according to exclusive research from investment bank Durlacher. Durlacher analyst David Pannell, the author of the report, says even though most IFA firms have been significantly loss-making, with share prices of publicly listed companies falling on average by 40 per cent in the last year, there are positive signs ahead. He points to Inter-Alliance, Millfield, Berkeley Berry Birch and Lighthouse ...

  • Live wires in Manchester

    18 Sep 2003

    There is still time to register for Money Marketing Live, phone our 24-hour hotline on 0870 2467762 or visit our website at www.moneymarketinglive.co.uk Next week will see the biggest financial services event ever held in the North-west. Money Marketing Live in Manchester will give intermediaries the opportunity to discuss some of the key issues they face in the industry. With so much uncertainty in the market and the pressure mounting to offer the latest products, it is essential ...

  • M&G's Bond ambition

    18 Sep 2003

    As another Isa season is fast approaching, so is an important anniversary which M&G does not want anyone to forget. October 16 marks the fifth anniversary of the M&G high-yield corporate bond fund and the company wants to give you the opportunity to join in the celebration. It is offering two luxury weekends for two people in Mayfair's exclusive Bond Street. M&G launched the first unit trust in 1931 and has continued its innovation over the past 70 years. As ...

  • Market failure an opportunity for financial planners Urquhart Stewart tells IFP annual conference

    18 Sep 2003

    The marketplace is rife with failure, incompetence and ignorance and this has provided financial planners with a key opportunity to increase business, Seven director Justin Urquhart Stewart has argued at this year's Institute of Financial Planning annual conference in Telford today.He believes an innate loss of trust and confidence in the Government, regulators, the markets, banks and providers has meant there is a growing demand for planning and improved investment management ...

  • Marlborough Stirling launches offshore admin subsidiary

    17 Sep 2003

    Marlborough Stirling has announced the launch of Marlborough Stirling Association, a subsidiary which it says offers outsourced administration services for the life and investment sectors. MS says the new firm will allow life offices to reduce costs and overcome recruitment difficulties. It will target offshore financial clients and will help them undertake administration using its software, or outsource software development and administration.Commercial director Richard ...

  • Matrix Money Management - Foresight Technology VCT

    22 Sep 2003

    Type: Venture capital trustAim: Growth by investing in unquoted technology-based companiesMinimum investment: Lump sum £2,500Opening/closing date: September 22, 2003/ March 31 for 2003/2004 tax year, April 30, 2004 for 2004/2005 tax year Charges: Initial 5.5%, annual 2%Commission: Initial 2.25%, renewal 0.375%Tel 020 7292 0825

  • Matrix sponsore Foresight top-up

    23 Sep 2003

    Matrix Money Management is sponsoring a top-up share issue for the Foresight technology venture capital trust.The directors of the VCT, which was established in 1997, aim to raise up to £3.5m to make further investments in information technology, communications and technology-based manufacturing companies. This could mean a second round of investing in companies already in the portfolio or the addition of other companies to spread investment risks and administration costs. ...

  • MBO for Berkeley Berry Birch's nursery Network

    18 Sep 2003

    Berkeley Berry Birch's nursery network Alpha to Omega has been bought from its parent group in a management buyout deal. The directors of the Alpha to Omega network have purchased shares from the Berkeley Berry Birch group as an initial consideration for an undisclosed sum. The 18-firm network becomes an associated partner of BBB which will continue to provide its back office systems and a limited range of other services. The network was launched in October last year following ...

  • MCCB finds protection gap on loans

    18 Sep 2003

    The Mortgage Code Compliance Board has highlighted a gap in consumer protection if the Financial Ombudsman Service is not authorised to rule on complaints relating to mortgages purchased before FSA regulation starts next October. Chairman Colin Harris says the current position is that, post-regulation, consumers with mortgage complaints will be able to turn to the FOS. However, those who take out mortgages before statutory regulation starts will not be covered once the MCCB hands over ...

  • Mind the gap

    18 Sep 2003

    The need that most of us have to increase savings in order to close the much-publicised gap is well known. The need for many of us to work longer than we originally planned if the gap can't be closed sufficiently to enable us to live as we would wish in our dotage (assuming that we are not prepared to get by on less than we would like) is not hard to understand, although many will fail to consider this seriously until only a short time from retirement. It is, after all, very easy to ...

  • MLIM wins Abbey mandate

    17 Sep 2003

    Merrill Lynch Investment Managers has been awarded a sterling fixed income mandate from Abbey National for its multi-manager funds.MLIM's 18-strong fixed income team already manages £14bn.Head of UK third party business Michael Jones says: "Abbey National's multi-manager products offer some the best funds across the board and to win this mandate is a reflection of the quality of our fixed income team."

  • Morgan Stanley fills three-year income gap

    19 Sep 2003

    Morgan Stanley's latest addition to the structured product market is a capital-protected bond, which provides annual income over a three-year term. The FTSE 100 income plan provides a single option of 6.5 per cent income a year but the degree of capital protection is dependent on the performance of the index. Investors will get their original capital returned only if the index never falls by more than 30 per cent at any point during the term. When calculating the returns, the ...

  • Mortgage Next backs ARs and authorised brokers

    18 Sep 2003

    Mortgage Next will be offering support both to directly authorised brokers and to those who opt for appointed representative status under mortgage regulation next October. It will feature a menu of services, including compliance, training, product sourcing, marketing and auditing to brokers who become directly regulated. ARs will get full regulatory support, access to a panel of mortgage lenders, a source for related products such as general insurance, commercial and secured personal ...

  • Mortgage offer for Barclays and Woolwich current account customers

    17 Sep 2003

    Mortgage offer for Barclays and Woolwich current account customers Barclays and Woolwich are offering their current account holders a mortgage rate of 3.29 per cent, a 2.25 per cent discount for two years before reverting to the current standard variable rate - currently 5.54 per cent.The offer comes with no application fee, early repayment penalty or mortgage indemnity premium and is available for advances up to 95 per cent loan to value.Woolwich head of mortgages Andy ...

  • New qualifications launched at CII conference

    19 Sep 2003

    The Chartered Insurance Institute has launched a new qualifications framework for the UK insurance and financial services industry.Following on from industry consultation, the framework incorporates existing subjects and includes three levels of qualification - the Certificate in Insurance, Diploma in Insurance and the Advanced Diploma in Insurance.Students will work towards a set number of credits rather than having to pass a number of exams and can choose from an initial ...

  • NS&I sees sales surge

    18 Sep 2003

    National Savings and Investments increased sales of its products by 9 per cent to £11.2bn in the year to March 2003, up from £10.3bn the previous year.The Government-backed savings and investments provider saw sales of Premium Bonds rise to £4.75bn over 2002/2003 and have seen monthly sales soar since then with £1.1bn sold in May 2003.NS&I chief executive Alan Cook says: "Our growth during the past year has been driven largely by a flight to safety ...

  • Omo sapiens?

    18 Sep 2003

    No one disputes that it is a good idea but opinions vary on how and whether the FSA's open market option regulations should be given more teeth after recently released ABI statistics show take-up has actually slid backwards since the rules came into play. The ABI insists that not too much should be read into the statistics, which show a drop of 7 per cent in people taking out the Omo since the implementation of the rules last September. Take-up moved steadily downward to 31.2 per ...

  • On the tiles

    18 Sep 2003

    The Diary would have thought that stints at Bristol & West, IFonline and Future Mortgages would have taught Richard Hurst exactly what's what when it comes to property development. However, the former communications manager is no Laurence Llewelyn-Bowen. The Diary hears he managed to pull his ceiling down when trying to remove "some ugly ceiling tiles". Hurst says: "Half the ceiling came down but there was only one tile left so I thought I might as well pull it off. Then the ...

  • Out of context

    18 Sep 2003

    •Your colleague will talk to me, I did the jitterbug with him last night." - Polhill PR Despina Constantinides. •"I've never seen anything like it, not in 40 years in financial services." - MM columnist Julian Gibbs on hearing that the bar was shut during speeches at a recent Polhill party. •"I don't think I've gone without a drink for seven days since I became a journalist 12 years ago." - Penrose PR Claire Burston. •"You don't have to take ...

  • Outside edge

    18 Sep 2003

    While the actions of the FSA tend to concentrate the minds of IFAs and legislators alike, there is a far wider source of potential regulation sitting in Brussels. The danger for IFAs is the chasm between the way financial services are retailed in continental Europe and the current UK market. Typically, the wholesalers control the retailing of financial products in most of Europe and the independence that retailers can demonstrate is very limited. This is not only caused by the traditional ...

  • Parents have plans to top up CTF funds

    18 Sep 2003

    The majority of parents with children eligible for Government funding assistance through the child trust fund say they plan to top up the cash for their children. Research from The Children's Mutual reveals that 79 per cent say they plan to make additional contributions to the funds when the initiative is likely to start on April 6, 2005 but 92 per cent want more information about the CTF. TCM believes the introduction of the CTF will mark an important turning point in the future ...

  • Pension saving warning for women - Altmann

    23 Sep 2003

    The majority of women should not save in pensions even if there is an employer contribution, says independent consultant Dr Ros Altmann,

  • Pensions simplification not the answer says Bamford

    19 Sep 2003

    Sofa chairman Nick Bamford believes pension simplification is not the answer and will only add another layer of complexity on top of what is already there.Speaking at the Chartered Insurance Institute conference in London, Bamford said that while simplification sounds good and is a positive goal, he does not believe it will work as Britons are not saving enough simply because they do not have the money to. He believes tax incentives or compulsion are the only ways to entice ...

  • Pensions still the best option for retirement income - L&G

    19 Sep 2003

    Legal & General says pensions are still the best investment option for long term pension funding. It believes that while residential property prices have risen over the past ten years, over the next ten years equities will be the better performing asset class. It expects equities to provide a return for investors of around five to six per cent per annum in the future, but it is only looking at an average property price increase of around 2.25 per cent per annum.Director, Pensions ...

  • PMM loan introducer deal

    18 Sep 2003

    Premier Mortgage Management is offering IFAs a "third option" before mortgage regulation starts in October 2004. The company is marketing IFAs with the concept of becoming a PMM introducer as an alternative to direct authorisation with the FSA or indirect authorisation via a principal. PMM says it a simple, cost-effective, more financially attractive option, with the cost of direct authorisation estimated at £5,000 a year via associated fees. It says the introducer option ...

  • Product matters - Catalyst sports fund

    18 Sep 2003

    The Catalyst sports fund is another novel business opportunity from the specialist investment firm - niche marketers of small company investment opportunities, particularly using the Government tax breaks of the enterprise investment scheme. The idea is to raise £600,000 to support sportspeople at the start of their careers when they need the money to focus full-time. In return for a fixed income for, say, three years, the fund benefits from their earnings. Selection of talent ...

  • Professionalism is the key to quality

    18 Sep 2003

    Your campaign expresses the understandable frustration of IFAs about the lack of the definition of misselling. However, I wonder whether it is realistic to believe that a watertight definition can be devised which will effectively pin down the liabilities of IFAs in regard to complaints and PI insurance. The FSA have rejected the possibility of providing a "safe haven" and I have a great degree of sympathy with them on this. The "misselling" document published by the FSA does, ...

  • Protection deal on DDQ structured product

    18 Sep 2003

    Dawnay Day Quantum is offering a structured product linked to international investment-grade corporate bonds with an average BBB rating. DDQ, an offshoot of financial services group Dawnay Day, is seeking to tempt investors away from bond funds with the five-year product, which is targeting a 6.25 per cent yield it hopes will attract £50m. Managing director Mark Mathias has designed the product using derivatives, giving it a protection level covering the first 5.1 per cent ...

  • Protection sales boom for IFAs

    18 Sep 2003

    Protection business sales through IFAs have more than doubled since 2001. Scottish Provident head of marketing and product development Nick Kirwan says Q2 this year saw annual premiums through intermediaries hit a record £107m. The first quarter of 2001 saw just over £50m. Kirwan says: "The growth is driven by a host of factors, including house prices, intermediaries looking for alternative income streams and lighter-touch regulation." Lifesearch technical adviser ...

  • Put the focus on advice, not product sales

    18 Sep 2003

    The September 4 issue of Money Marketing featured a long letter from Dave Harris, an IFA, whingeing about a client allegedly pinched from him by the Pru. I am afraid I don't have much sympathy. I have little doubt that he gave excellent advice. The problem appears to be that the client did not value the advice enough to be bothered about whether Dave Harris was paid for it or not. Until advisers stop perpetuating the myth that financial advice is "free", this type of scenario ...

  • Put your clients first to succeed

    18 Sep 2003

    I can't help despairing over product providers, networks, and some IFAs as to whether they will ever learn the most important lesson of running a business - look after your clients and they will look after you. IFAs are continually criticised for poor advice but I suspect that this normally only tends to happen when the adviser forgets to look after the client and puts his or her own well-being first. Product providers are the most guilty in my opinion. Some examples are the ...

  • Record employment at heart of poverty fight - Smith

    19 Sep 2003

    The government's fifth annual poverty report shows employment has increased by 1.5m since 1997 to almost 28m workers.

  • Regulation biggest issue says CII poll

    19 Sep 2003

    Regulation is the most urgent issue facing the UK insurance industry as a whole according to an online poll carried out at the Chartered Insurance Institute conference currently being held in London.The poll of its members showed regulation was of most concern at 23 per cent, followed by the compensation culture at 12.3 per cent and technology and the Internet 12.1 per cent. Consumer trust and industry reputation was of concern to only 11.9 per cent and lack of professional and ...

  • Reshuffle at Insight

    18 Sep 2003

    Insight Investment Management has finished its restructuring programme after the acquisition of Rothschild Asset Management. The changes coincide with the departure of chief investment officer Michael Deakin who is retiring from Insight after 30 years with HBOS. Abdallah Nauphal will replace him and Alan Denholm has been appointed deputy chief investment officer. Nauphal will remain managing director of Insight's fixed-income business and Adrian Grey will support him as deputy ...

  • SA multi-manager aims to fill a gap in UK DB market

    18 Sep 2003

    South African multi-manager Investment Solutions has set up a multi-manager service in the UK aimed at companies which offer complex pension arrangements involving both defined-benefit and definedcontribution schemes. The company is offering a range of 30 asset class building blocks which combine actively managed and passive funds and says it is aiming at closing the gap in the UK market for products designed specifically for employers with mature or closed DB schemes. Investment ...

  • Scot Prov limits stand alone CI sum assured to £0.5m

    23 Sep 2003

    Scottish Provident is moving to limit its maximum sum assured on stand-alone critical illness to £0.5m.

  • Selestia link-up aids IFAs with tailored portfolios

    18 Sep 2003

    Fund supermarket Selestia is teaming up with Capital Planning UK in a joint initiative which will provide Selestia's advisers with a host of tailored portfolios and investment tools. The tie-up will allow advisers access to more than 90 bespoke Capital Planning-designed portfolios covering most risk profiles through Selestia's asset allocation model. All the portfolios, which offer income or growth, have at least an A rating from Forsyth OBSR - except the unrated property and ...

  • Self assessment mistakes will cost UK taxpayers £296m- IFAP

    18 Sep 2003

    Errors and mistakes on self-assessment tax returns will cost UK tax payers £269m this year according to IFA Promotion's latest research.

  • SFO may investigate Equitable Life

    22 Sep 2003

    The Serious Fraud Office is expected to be asked to look into the demise of Equitable Life. According to a report in the weekend press, this is expected to happen once Lord Penrose's inquiry is complete, due in the next few weeks. Policyholders are awaiting the report to establish whether there is any potential for compensation from the Government. The SFO has reportedly said it has not yet been asked to investigate, but would do so if a complaint was put before it.

  • Shepherds offers WP bond converter with 9.8% yield

    18 Sep 2003

    Shepherds Group is offering a with-profits bonds converter that it says will provide annual returns of 9.82 per cent. It says there are thousands of investors who need to draw an income but are stuck with a poorly performing with-profits bonds and are unable to make an exit because of a market value adjuster. Investors who surrender their with-profits bond to Shepherds will have the value of their policy guaranteed and then invested on their behalf in a wide range of investments ...

  • Skandia gets active

    18 Sep 2003

    Skandia's protected portfolio investment is a capital-protected bond linked to a basket of actively managed funds rather than a passive index. The bond has two investment options and is linked equally to four funds - Schroder UK Mid 250, Fidelity special situations, Invesco Perpetual corporate bond and the Norwich property trust. The maximum protection option provides a higher degree of capital protection but lower returns than the strategic growth option. Investors ...

  • Standards are set out for financial skills framework

    18 Sep 2003

    The National Learning and Skills Council and the Skills Council for financial services have released a new standards framework for financial services in a bid to develop work-based qualifications among financial advisers. The move comes as an attempt to take forward the exam review, which has been handed over to the Skills Council from the FSA. The project will see £650,000 of NLSC funds sunk into programmes focused on Level 3 qualifications, with more to come for Level 2 ...

  • Swap rate improvements boost fixed rate bonds - Bristol & West

    17 Sep 2003

    Recent improvements in forward swap rates have led to increases for many fixed rate savings bonds according to Bristol & West's latest figures.

  • Take the directive route to Europe

    18 Sep 2003

    Look, I am sorry - I know that few of you have much interest in the European Union. But someone has got to take an interest and that someone is me and it’ about time you shared in the experience. I will try to make it relevant so stop turning the pages, looking for Out of Context.The reason for bringing the subject up is that a lot of regulatory change starts in Brussels and then gets implemented here by the FSA. Many of the papers coming out of Canary Wharf in the next few months ...

  • Talkback

    18 Sep 2003

    "From our perspective, the initiative has been working but this obviously is not reflected in the figures but what more can they do?" Paul Newman, Perry Marshall Financial Services "Yes, they have got it quite muddled up - both IFAs and consumers are confused. The Government needs to think this out carefully and listen to IFAs' views." Sohan Jheeta, Personal Investment Planning Services "No, I do not think they should rethink the initiative. What is the benefit in going ...

  • The sum of redundancy

    18 Sep 2003

    I have been made redundant by my employer and they are paying me a lump sum in compensation. Will I pay tax on that money? I am a member of the firm's final-salary pension scheme and they have calculated a pension payable to me immediately, how can I be sure it is the correct amount? They say they have not reduced it for early payment what do they mean? I am sorry to hear you have been made redundant from your job. This affects different people in different ways. Remember, it is ...

  • Third time lucky?

    18 Sep 2003

    I can't quite believe I am writing my third letter but here goes again. Millfield chief executive Paul Tebbutt yet again seems not to understand the question. I was not asking for a profit forecast merely whether he was going to make a profit at all. It is only through his company's closed period that he can't say anything but this ended in July. One of the roles of a chief executive must be to promote his company. On two occasions now, Money Marketing has given him an ...

  • Thomas taking lead role on Jupiter ecology

    18 Sep 2003

    Jupiter has appointed Charlie Thomas as the lead fund manager of the Jupiter ecology fund, its flagship socially responsible fund. Thomas joined Jupiter's Green Team in 2000 as an analyst in the environmental research unit and became an assistant fund manager. Before joining Jupiter, he worked as an environmental consultant for BP. In December 2002, Jupiter announced that Green Team head and fund manager Simon Baker was going part-time and spending more time on building up the ...

  • Thrift wins out over romance

    18 Sep 2003

    Being able to manage money makes people more attractive to the opposite sex than good dress sense or owning your own home, according to Halifax research. Ninety-one per cent rank a good personality as the most appealing characteristic in a potential partner, followed by 89 per cent who rate a good sense of humour highly. Skill with personal finances ranks alongside good looks and physical attractiveness at 65 per cent. A frugal attitude to money is admired but ostentatious displays ...

  • Touching database

    18 Sep 2003

    Comparing different products, their features and suitability to match a client's needs is one of the fundamental parts of the IFA process. It is no surprise then that during the last decade, some of the most successful software packages targeted at advisers have been those that automate the process of pulling together vast amounts of data on product details and enabling advisers to interrogate this data to identify the product most suitable for a client's needs. This market ...

  • Trade bodies' fears on FSA's reporting rules

    18 Sep 2003

    Trade bodies fear that new reporting procedures proposed by the FSA will add costs and mean an upheaval in business practices. CP198, published last week, outlines regulatory reporting proposals for financial services firms. In it, the FSA proposes a "streamlined approach to reporting requirements" which would mean that all intermediaries must file reports to the FSA electronically. The regulator says the proposals are not targeted specifically at IFAs but trade bodies such as the ...

  • Training is best defence against misselling

    18 Sep 2003

    Although no doubt well intentioned, I feel that the newly launched campaign for a definition of misselling is not going to bear any definitive results. You might as well try and define what is good. In all walks, there are concepts that, although well known and understood, are very difficult to define accurately as good, decent, honest, ethical. I think on this occasion it is a little unfair to expect the regulator to come up with the impossible. An undertaking from the regulator ...

  • UCB Home Loans - Self Cert - Flexible 3 Year Fixed

    23 Sep 2003

    Fixed term: Three yearsFixed rate: 5.09%Minimum loan: £25,001Maximum loan: Up to 85% of valuation subject to a maximum of £350,000, up to 75% of valuation subject to a maximum of £500,000, up to 65% of valuation subject to a maximum of £750,000Income multiples: Up to 3.25 times principal income plus second or 2.75 times jointFlexible features: Overpayments, underpayments, payment holidaysArrangement fee: £295Redemption ...

  • UCB HomeLoans - Buy to Let - 2 Year Fixed

    19 Sep 2003

    Type: Fixed-rate buy to let mortgageFixed rate: 4.89%Fixed term: Two yearsMinimum loan: £25,001Maximum loan: Up to 80% of valuation subject to a maximum of £300,000, up to 75% of valuation subject to a maximum of £400,000Income multiples: Up to 3.25 times principal income plus second, 2.75 times joint, or rental income must be at least 6.5 times monthly mortgagerepaymentsRedemption fee: Six months' interest in year ...

  • UK economy could face crisis says economist

    23 Sep 2003

    The UK economy, "currently buoyed-up" on consumer credit, could face a crisis if there was rise in interest rates in the next six months according to economist Dr. Rebecca Harding.Speaking at the Liberal Democrat Conference in Brighton last night, Harding, who is an adviser to the parliamentary Treasury Select Committee, said consumers have released too much money from the value of their properties to fund spending and that a hike in interest rate could cause "a similar slump" ...

  • Universal Building Society - Offset Mortgage Account

    18 Sep 2003

    Type: Offset tracker mortgageTracker term: Life of loanTracker rate: 0.5% above Bank of England base rateMinimum loan: £20,000Maximum loan: Up to 85% loan to valuation subject to a maximum of £350,000Income multiples: Up to 3 times principal income plus second or 2.5 times jointRedemption fee: NoneArrangement fee: £60Introducer's fee: 0.35% of original loan subject to a maximum of £400Tel: ...

  • US economic recovery to continue says CSAM

    23 Sep 2003

    The US economic recovery is firmly on course according to Credit Suisse Asset Management deputy chairman Robert Parker.Having enjoyed an increase of 5.6 per cent in retail sales when compared to the same period last year, the US economy is on course according to Parker. In addition consumer confidence increased in August and the "Baghdad Bounce" rise in confidence following the end of the War in Iraq has continued. With inflation having bottomed, Parker ...

  • Verity's view

    18 Sep 2003

    Not so long ago, if you read the personal finance sections of national newspapers and the consumer press, a naive member of the public could be forgiven for coming up with a valid and damning accusation against its writers. Are you really pro-posing to tell me all about personal finance or just about products that the personal finance industry wants to sell? Ask the majority of the public when they think about when they think about money and they most certainly will not tell you their ...

  • Virtual Net doubles RIs with deal for Eurosure

    18 Sep 2003

    Internet-based IFA Virtual Net has clinched a deal to buy IFA Eurosure Investment Services' 170 advisers. The acquisition will boost Virtual Net's membership to 320 RIs and comes after Eurosure decided not to renew its professional indemnity insurance. Eurosure, which is based in Boston, Lincolnshire, was an IFA firm for 25 years before relaunching as network EIS in 1994 and eventually expanding across the UK. The firm has experienced regulatory difficulties in the past, ...

  • Who is responsible for T&C regime?

    18 Sep 2003

    I have just reread my Independent View article (Money Marketing, September 14) and need to make some apologies. You will appreciate that it was written before the launch of the Skills Council for Financial Services. SCFS chief executive Professor David Jackman was very clear that they wish to raise standards and the new examination modules, I understand, will be above the current level of FPC and below that of AFPC. This is a good start although I do hope that eventually AFPC will ...

  • Wide disparity between best and worst closed WP funds

    18 Sep 2003

    There is a wide disparity among closed with-profits funds, with Prudential proving to be a top performer and AMP, Britannic and Equitable Life funds lagging behind the rest of the field, according to the latest report from consulting actuaries AKG. The UK Life Office Closed With-Profits Fund report, published last week, says that while being closed does not necessarily mean that a fund is bad, a significant number are weak and lacking in real performance potential and transparency. ...

  • Widows' Ross to be replaced by Lloyds TSB man

    23 Sep 2003

    Lloyds TSB has announced today that Scottish Widows chief executive Mike Ross is to leave the company after 40 years.Ross is being replaced by Archie Kane, who will also become the group executive director, insurance and investments from October 1.The shake-up comes after widespread rumours throughout the summer that Lloyds TSB was looking to offload Widows and that Ross would be replaced.Kane has been with Lloyds since its merger with TSB and had ...

  • Wild things

    18 Sep 2003

    The Wild Wild West is becoming a favourite theme among financial services companies. Not only has Halifax subjected poor Howard to more degradation, dressing him up as a sombrero-clad Mexican offering rewards for regular savers, but Bristol & West reportedly herded several unwilling hacks into its campaign against cowboy lenders and adverse credit mortgages last month and forced them to wear sheriff badges. If it is a case of the good the bad and the ugly, the Diary is not ...

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