Money Marketing
18 August 2004

  • '£40k college costs in 2022'

    19 Aug 2004

    The cost of sending a child to university for three years could reach 41,200 by the time today’ babies reach 18, says The Children’ Mutual.It is offering a free guide to parents on saving for university fees. Chief executive David White says 40 per cent of today’ undergraduates have not had any financial provision made for their higher education.It is estimated that one year of university currently costs 8,584 or 10,186 in London, including living expenses.

  • 'Start saving earlier to avoid student debt'

    19 Aug 2004

    Edinburgh Fund Managers says soaring levels of student debt means parents should start investing earlier for university fees. The firm points to statistics from the Department of Education showing that the average debt of students leaving university last year was £9,000. Its InvestIT for Children product offers a choice of nine investment trusts. Minimum investment is £20 a month or a £150 lump sum. There is a trust facility which can help protect a child's ...

  • A great adventure for Close

    24 Aug 2004

    CLOSE VENTURE MANAGEMENTClose Income & Growth VCTType: Venture capital trustAim: Income and growth by investing in unquoted companiesMinimum investment: Lump sum £1,000Closing date: April 4, 2005Charges: Initial 5.5%, annual 2.5%Commission: Initial 2.5%, renewal 0.25%Tel: 020 7422 7830The Close income and growth VCT is a venture capital trust that invests in property-based firms ...

  • A welcome return

    19 Aug 2004

    A new player has emerged phoenix-like from the ashes of the Britannic Retirement Solutions management team. Just Retirement, led by former BRS and Stalwart chief Mike Fuller will seek to provide a range of impaired-life annuities and equity release for the at-retirement market. The closure of BRS was mourned by IFAs at the time so, no doubt, IFAs will be very pleased to see the new operation. Money Marketing wishes the new company and, of course, all its competitors ...

  • ABI calls for FSA product summary

    19 Aug 2004

    The ABI has responded to a call by the Treasury select committee for the industry to create simplified product information by saying it should be drafted by the FSA and not providers. The committee's report into restoring confidence in long-term savings challenges the industry to come up with a simple summary box outlining the basic characteristics of a product to be used alongside a risk indicator. Raising Standards director Martin Shaw says the ABI is looking at ...

  • Actuaries say Treasury has got its sums wrong on stakeholder

    19 Aug 2004

    The new stakeholder proposals from the Government are based on unrealistic and overly optimistic assumptions,says actuarial consultancy Tillinghast. The firm says the persistency, penetration and volume assumptions used by the Treasury to illustrate potential profitability margins for providers for stakeholder are unrealistic. It estimates that the anticipated minimum premiums for providers to break even will be significantly higher than the Treasury's analysis suggests, ...

  • A-Day to remember

    19 Aug 2004

    With all the talk of pension simplification and its effect on approved (soon to be called registered) pension schemes, I thought it might be worth a look at the often overlooked world of unapproved schemes (soon to be called employerfinanced retirement benefit schemes) and how they will be affected by the changes from April 2006. Before looking at the proposals, it is worth reminding ourselves of the current position for unapproved schemes. As I have said on many occasions, ...

  • Aegon takes 9.9% stake in Tenet

    19 Aug 2004

    Aegon UK is buying a 9.9 per cent stake in 2,500-RI Tenet Group. Ten million new shares have been issued by Leeds-based Tenet for cash from Aegon. Aegon has also bought some of the share holding formerly held by Aberdeen Murray Johnstone Private Equity. AMJPE, the venture capitalist responsible for the Tenet management buyout in 2000, sees its stake in Tenet reduced from around 40 per cent to 35 per cent. Tenet denies that the deal will give Aegon automatic membership ...

  • Aifa fears over reprojection dates

    19 Aug 2004

    Aifa says it is concerned that product providers will not be able to produce reprojection letters which comply with the ABI's new mortgage endowment code by September, which could lead to problems for IFAs. The ABI requires standard reprojection letters to feature a new warning box with extra information about how and when to complain, drawing customers' attention clearly to the need to act to deal with any shortfall, as well as providing details of how to contact an IFA. All ...

  • Alpha to Omega's Rowe quits after boardroom bust-up

    19 Aug 2004

    The founder of Alpha to Omega has left the network after less than two years as a director of the company after boardroom disagreements over business strategy. Founder Terence Rowe left the firm after he suppor-ted a plan to buy out Alpha to Omega's majority shareholder. His plan was not backed by chief executive Stewart Wooles and the rest of the board, making his position at the company untenable, according to Money Marketing sources. Rowe is believed to ...

  • Amex adds Sipp to wrap

    19 Aug 2004

    American Express Financial Services Europe is offering a self-invested personal pension as part of its new wrap account for financial advisers. The Sipp will be administered by third-party administrator Capita, which bought PPML in May and subsequently created Capita PPML as its new dedicated Sipp arm. Amex first launched its wrap account, called Adviser Service, in March. Adviser Service offers a multi-asset, multi capability platform based wrap account which IFAs can ...

  • Analysts believe base rate could be set to peak at 5%

    19 Aug 2004

    City analysts are predicting the Bank of England will indicate that rates will peak at or around 5 per cent this week despite calls from economists to use interest rates to give consumers a short sharp shock. Last week, bank governor Mervyn King told the City he now believes that both price and activity measures in the housing market indicate property price inflation may be starting to ease. The bank's projection is for a sharp slowdown in house price inflation. Deloitte ...

  • Assureweb chief's tech warning for advisers

    19 Aug 2004

    Advisers will miss out on commission if they fail to adopt electronic trading, warns Assureweb head of transactional delivery Stephen Wynne Jones. Wynne Jones says advisers which do not use technology will find that their profit margins are hit as providers increasingly demand online applications to counter the pressure of price caps. Assureweb estimates that the IFA sector could save £71m a year by carrying out business electronically and says its free service makes it even ...

  • B&B launch Double Guarantee Bond

    24 Aug 2004

    Bradford & Bingley is launching a 6-month fixed rate savings bond paying 5 per cent a year. The Double Guarantee bond matures in March 2005 after which it transfers into B&B's Premium Saver instant savings account that pays 3.8 per cent a year. The minimum and maximum investments are £2,000 and £100,000 respectively. Bradford & Bingley head of savings product development Antony Lupton says: "The double guarantee bond has been very popular with savers previously, ...

  • Basket case

    19 Aug 2004

    This modern concept of a pension fund being seen as a basket of present and future liabilities is bunkum. It is a basket of assets which should be managed in a sensible manner with a background view to the liability. Most funds can take a long-term view and this demands a good dose of equities. Equities represent enterprise and economic growth - just the ingredients demanded for pensions. To concentrate on fixed-interest bonds is daft, especially when interest rates have been ...

  • Bates builds up fund manager video library

    19 Aug 2004

    Bates Investment Services is setting up a fund manager video library for its investment advisers. The service, which has been built by Asset.tv, will provide web-based video interviews with managers of the funds which have been selected for the Bates approved fund list directly to Bates' adviser team. Bates research analysts will also select high-profile funds and carry out manager interviews which will then be broadcast on Bates' consumer-facing website. Schroder ...

  • BBA announces July lending figures

    20 Aug 2004

    Total sterling lending to the UK private sector rose 1.1 per cent to £1,015.6bn in July from £1,004bn in June according to data gathered by the British Bankers' Association. The £5.7bn rise for July is lower than the June figure of £6.4bn but close to the monthly average of £5.8bn. The July statistics show net lending to individuals rose by £6,470mn and lending to financial firms rose by £305mn. Lending to real estate showed the weakest ...

  • Berkeley Morgan to take a simple focus after return to profit

    19 Aug 2004

    Berkeley Morgan Group has bounced back into profit and says its future plans lie in stakeholder products and moving away from promoting providers' brands. Chairman Jon Pardoe says the group has recovered from an extremely poor 2002, making a profit of £1.3m for the year ending April 30 after a loss of £1m the previous year. Revenues increased by 11 per cent from £14m to £16m. The network took the decision to reduce its cost base, specifically by ...

  • BM bids for adverse remortgage business

    19 Aug 2004

    BM Solutions is introducing a new remortgage package across its entire adv- erse product range. The firm hopes to encourage adverse customers to remortgage away from expensive deals, and is offering free legal services and £250 cashback All products in the range have no overhanging charges. The range includes a tracker mortgage at Bank of England base rate plus 1.84 per cent, a three-year stepped tracker and a good payment step product which BM says gives clients ...

  • BM Solutions - 2 Year Fixed Buy-to-Let

    18 Aug 2004

    Type: Fixed-rate buy-to-let mortgageFixed term: Until November 1, 2006Fixed rate: 5.85%Minimum loan: £25,001Maximum loan: Up to 85% of valuation subject to a maximum of £1m, up to 75% of valuation subject to a maximum of £2.5mIncome multiples: Up to 3.25 times principal income plus second or 2.75 times joint. Rental income must be at least 125% of mortgage repaymentsArrangement fee: £599Redemption ...

  • Bradford & Bingley to axe MarketPlace

    19 Aug 2004

    Bradford & Bingley is scrapping IFA brand The MarketPlace as part of its strategic review. Chief executive Steven Crawshaw said in May that B&B would no longer offer a whole-of-market proposition as it was not worth the cost or the logistical problems and MarketPlace advisers would be moved to a multi-tie offering. Doubts have been raised as to how consumers will know that a B&B-branded branch will offer more than just B&B products but B&B says The ...

  • Bubbly loses its fizz

    19 Aug 2004

    I will retire later this year when I reach 65 and have heard that through the use of stakeholder pensions I could get a guaranteed return of nearly 10 per cent on my money with apparently no strings attached. Such a level of interest sounds very attractive as at present I am getting less than half of that from my building society deposit account but what is the catch? This arrangement is becoming a heavily marketed scheme. But while it is suitable for some people, you are right ...

  • Canada Life puts IHT plans on hold as it waits for asset clarity

    19 Aug 2004

    Canada Life has suspended promotion of its inheritance tax schemes until the Treasury clarifies its definition of settled property in the Finance Act legislation regarding pre-owned asset tax. The company warns that despite assurances to the contrary from the Treasury, the wording in the Bill could leave several life ins-urance policies exposed to Poat if the individual retains an interest in the trust assets. The firm will be relaunching four of its estate planning products ...

  • Cater Allen adding downloads to website

    19 Aug 2004

    Abbey subsidiary Cater Allen Private Bank is improving its website for IFAs and clients. IFAs will now be able to download application forms and product information. Customers using the site can press an instant help button to receive an immediate call back if they require one-to-one assistance. The website has been redesigned as part of the bank's plan to integrate and improve all its systems. It will launch internet banking for customers in the first quarter ...

  • Cazalet says Wesleyan and NFU are tops for with-profits

    19 Aug 2004

    Wesleyan and NFU Mutual have been rated as having the strongest with-profits funds, with a score of 10 out of 10 from Cazalet Consulting. In a set of preliminary ratings issued by Cazalet, Liverpool Victoria scores nine for its unitised with-profits and conventional with-profits. Prudential, Legal & Gen-eral and Ecclesiastical all score eight. Scottish Widows, Royal London CGNU Life/Commercial Union, CIS, Axa Sun Life and Clerical Medical all get seven and ...

  • Chesnara blames new endowment rules for losses

    19 Aug 2004

    Chesnara, the life office which was demerged from Countrywide in May, has reported first-half losses of £4.9m after inc-reasing mortgage endowment compensation provisions from £11.75m to £16.6m. The firm says its results took a hit when it was required to reserve for extra losses to take into account new FSA rules about reprojection letters. The regulator published new requirements for the time-barring of complaints from endowment policyholders on the day ...

  • Clarity is key point for new pension trust firm

    19 Aug 2004

    London-based structured tax firm Global Wealth Management is launching a new trust company concentrating on the international pension market. GWM believes its Global Wealth Management Trust Company, based in Jersey, is a world first as all of the day to day running of the trust is sub-contracted out to counter-parties with six month renewable contracts. The six month contracts mean it is easy to replace counter-parties if, for example, they are found to be taking implicit ...

  • Clerical cuts new track

    19 Aug 2004

    Clerical Medical has built up an investment track record in the life and pensions markets and is keen to allow IFAs access to this through a range of five Oeic funds. The funds are managed by Insight Investments, the asset management arm of the HBOS Group, of which Clerical Medical is a part.One of the funds, the FTSE 100 tracker fund, aims for growth by tracking the performance of the UK stockmarket via the FTSE 100 index. Stocks will be chosen to fully replicate the performance ...

  • Clerical Medical - International Managed Fund

    24 Aug 2004

    Type: OeicAim: Growth by investing globally in equities and cashMinimum investment: Lump sum £10,000, monthly £400, Isa lump sum £3,000, monthly £200Investment split: 47.2% US, 19.9% Europe, 11.9% Japan, 9% UK, 7.3% Pacific, 4.7% cashIsa link: YesPep transfers: YesCharges: Initial 4%, annual 1%Commission: Initial 3%, 0.5% renewal,Isa/Pep transfers 0.5% initial, ...

  • Clerical Medical - Balanced Managed Fund

    24 Aug 2004

    Type: OeicAim: Growth by investing globally in equities, fixed interest and cashMinimum investment: Lump sum £10,000, monthly £400, Isa lump sum £3,000, monthly £200Investment split: 56.6% UK, 13.6% US, 5.7% Europe, 3.2% Japan, 3.2% Pacific, 12.7% fixed interest, 5% cashIsa link: YesPep transfers: YesCharges: Initial 4%, annual 1%Commission: Initial 3%, 0.5% renewal, ...

  • Clerical Medical - Distribution Fund

    23 Aug 2004

    Type: OeicAim: Income and growth by investing in UK equities, fixed interest securities and cashMinimum investment: Lump sum £10,000, monthly £400, Isa lump sum £3,000, monthly £200Investment split: 50% UK equities, 25% fixed interest, 15% UK index-linked, 10% cashIsa link: YesPep transfers: YesCharges: Initial 4%, annual 1%Commission: Initial 3%, 0.5% renewal, ...

  • Clerical Medical - Income Fund

    23 Aug 2004

    Type: OeicAim: Income and growth by investing in corporate bonds and cashMinimum investment: Lump sum £10,000, monthly £400, Isa lump sum £3,000, monthly £200Investment split: 97% corporate bonds, 3% cashIsa link: YesPep transfers: YesCharges: Initial 4%, annual 1%Commission: Initial 3%, 0.5% renewal, Isa/Pep transfers initial 0.5%, renewal 0.5%Contact: ...

  • Clerical Medical enters Oeic market

    18 Aug 2004

    Clerical Medical is expanding its investment management expertise into the Oeic and Isa market with the introduction of a range of five Oeic funds.One of the funds, the Clerical Medical distribution fund, uses the same management team, investment approach and benchmark asset allocation as the unit-linked life fund of the same name. The aim of the fund is the provide a growing level of income with capital stability and long-term growth. It will invest in a portfolio of UK equities, ...

  • Clerical targets IFAs with offset commercial loan

    19 Aug 2004

    Clerical Medical is launching an offset commercial mortgage to the IFA market and says it could enter the dom-estic mortgage market in the future. The Smartfinance offset mortgage from Bank of Scot-land will be offered through Advice Matters' intermediary support programme. The mortgage is available at between Bank of England base rate plus 1.5 per cent and base rate plus 2.5 per cent depending on the loan to value, which is available up to 75 per cent. Standard commission ...

  • Close Fund Management and Man Investments announce new hedge fund

    18 Aug 2004

    Close Fund Management and Man Investments are launching their second multi-strategy hedge fund product this Autumn.The two companies say the aim of the Close Man Guaranteed Hedge Fund II is to give absolute returns in rising, falling and volatile markets, which they say will enhance the risk/return profile of a traditional investment portfolio.Close Fund Management managing director Marc Gordon says: "Many investors are looking to their IFAs for new solutions for their ...

  • Committed to IFAs

    19 Aug 2004

    In response to the letter headlined, A promotional blunder (Money Marketing, August 8), IFAP has no plans to offer a service that promotes multi-tied advice. IFAP remains committed to promoting independent advice in a depolarised world and will continue encouraging increasing numbers of people to take advice from our member IFAs. David Elms Chief executive,IFAP, London

  • Compass sets course for the B2B mortgage sector

    19 Aug 2004

    Compass Finance is entering the mortgage broker-to-broker market and hopes to package as much as £60m through its B2B channel this year. Compass is aiming to capture a slice of the sector after M-Day, when unregulated introducers will be looking to refer leads to third parties which are regulated to offer advice. Introducers will be able to get regular updates and will track their referrals online. Compass says it will pay extra commission depending on the levels ...

  • Direct Line pull out of mortgage market until M-day

    23 Aug 2004

    Royal Bank of Scotland subsidiary Direct Line is the first lender to pull out of the mortgage market temporarily in the run up to mortgage regulation. The FSA requires lenders to lay out 'key facts information' uniformly so that easy comparisons between lenders can be made. This will come into effect on M-day (October 31) and the firm says its current computer system cannot cope with the demand.Direct Line PR manager Lesley Ferguson says: "It seemed unfair for a customer ...

  • Don't dam the stream

    19 Aug 2004

    So now it is trail commission. I wondered what the next "scandal" might be and, having seen the headlines in the money sections of the national press along the lines of how greedy advisers rip off customers by £140m a year, the waiting is over Let me first say that if customers are effectively being charged by trail commission and their advisers are doing nothing for them, this is a practice that should be looked into. However, the brush that tars us all has once again been ...

  • Dual deal for Charcol firms unites top IFAs

    19 Aug 2004

    John Scott & Partners is bringing together several of the country's highest-profile IFAs with the purchase of Bradford & Bingley subsidiaries Charcol Holden Meehan and Charcol Aitchison & Colegrave . The deal will see CHM director Amanda Davidson and CA&C chief executive Brian Aitchison joining forces with Charcol Online founder Toby Strauss, who is now John Scott chief executive, and colleagues Patrick Connolly and Ian Millward, both well known investment commentators. ...

  • Ex-BRS team makes a return with Just Retirement start-up

    19 Aug 2004

    The former Britannic Retirement Solutions team has re-emerged with the launch of a specialist at-retirement pro-vider called Just Retirement. The firm will focus on products for the at-retirement market, offering enhanced pension annuities and equityrelease schemes. It will offer annuity rates which take acc-ount both of postcode and health. A long-term care product may be offered later. Chief executive Mike Ful-ler, the man generally credited with inventing enhanced ...

  • Farrow's view

    19 Aug 2004

    Is it just me or are the months getting shorter? It certainly seems that way. I am sure there used to be a time when housing data was published just once or twice a month. But having a housing report-free week today is a bit like having a Sven and Nancy-free week - nigh on impossible. (As I type, another housing survey entitled Boom Times Are Over drops into my inbox). Not a week goes by without some bank, building society or analyst publishing house price figures. What ...

  • Federal excess

    19 Aug 2004

    As I sit here reading Best Advice (Money Marketing, August 5) it reminds me that many IFAs are innocently overlooking significant US tax problems when advising clients who work, live or own property in the US. If an individual spends most of the year in the US, they will inevitably become tax resident there. Broadly speaking, an individual becomes resident in the US for tax purposes on spending 183 days there in a single calendar year or if the current year days plus one-third ...

  • Freedom adds Mortgage Promotions to distributor panel

    23 Aug 2004

    Freedom Finance is adding Mortgage Promotions to its panel of distributors, which includes Mortgage Force, Mortgage Next and Pink Home Loans.Freedom says the scrapping of traditional restrictive income multiples in favour of a more sensible affordability calculation has proved popular with brokers. The firm says the other key features of its product range are individual underwriting of all cases, interest rates which track Bank of England base rate, self-cert available up to 90 ...

  • Friends cuts critical cover rates

    19 Aug 2004

    Friends Provident is cutting premiums on critical-illness insurance. Many premiums are falling by up to 3.6 per cent but in a small number of cases premiums stay the same or rise slightly. A 20-year-old non-smoking male will now pay £26.98 a month for cover of £150,000 over a 20-year term, down from £28.76 previously, while the premium for a 30-year-old non-smoking male stays the same at £36.66. A 20-year-old smoking male will pay £38.70, ...

  • Fy T&G pulls out of Oeics

    19 Aug 2004

    Teather & Greenwood is leaving the Oeic market because it has not attained a critical mass of funds under management. The company is merging its Oeic assets with those of stockbroker Walker Crips. Assets from its £3m equity growth, £3m UK smaller companies and sub-£1m UK equity income vehicles will be merged into Walker Crips' range. T&G will concentrate on institutional stockbroking but will continue to operate its private-client execution-only ...

  • Gartmore appoints head of pooled products

    24 Aug 2004

    Gartmore is appointing former JP Morgan Fleming European product development vice president Kevin Scollan as head of pooled products.Scollan will be starting the newly created position on September 6 and will be responsible for enhancement of product strategies within the UK and Europe market place.Gartmore head of commercial development David Middleton says: "Our ambition is to take advantage of our strong market position to increase our share of business in a number of ...

  • GMAC-RFC aims to lead with new self-cert range

    19 Aug 2004

    GMAC-RFC is aiming to become the market leader in self-certification mortgages with a new range of products. It says it is extending its range while other lenders are withdrawing or making their products less competitive. HBOS subsidiary The Mortgage Business, which has been a significant player in the self-cert market, recently closed to new business. GMAC has introduced an online automated decision system, which it says has increased capacity by 30 per cent and says ...

  • Hargreaves Lansdown adding life and pension fund facility to library

    19 Aug 2004

    FundsLibrary, the online database created by Hargreaves Lansdown, is adding a life and pension fund fac-ility in addition to the online index of mutual funds. The life and pension facility is being developed by a working group consisting of Axa, Friends Provident, Legal & General, Norwich Union, Standard Life and the ABI. FundsLibrary is set to be launched at the end of Q3/Q4 and the life and pension platform is expected to be ready early next year. Managing ...

  • Honey for the bear market

    19 Aug 2004

    I went to Speakers' Corner in Hyde Park in London on Sunday afternoon, which has always been one of my summer addictions. It will give a new angle on finance, I told myself, as I escaped family duties for a few hours. Tony, a professional stand-up comic and anarchist was standing on his ladder, and persuading him to give his investment philosophy was not difficult. "Making money out of money - just parasitic" he roared. "Use your cash to enjoy for yourself or give it to a beggar. ...

  • IFA asset-strippers are banned for life

    19 Aug 2004

    The FSA has banned for life two IFAs who stripped assets from their business before completing their pension misselling review and dumping liabilities. Kettering-based firm Townsend Rayner Associates former directors John Townsend and Ernest Rayner have been banned after selling their company's assets to IFG Financial Services, leaving the shell with insufficient funds to cover pension review liabilities. The FSA wants the case to stand as a warning to other firms, ...

  • IFA enthusiasm on wraps

    19 Aug 2004

    Ninety per cent of IFAs are aware of wrap accounts and want to introduce the concept to clients, says consultancy CWC Research. Its survey of 100 IFA firms shows investment IFAs already use supermarkets for 75 per cent of appropriate business and 95 per cent of IFAs believe wraps will grow considerably. It says 45 per cent see wrap as totally relevant to their business with another 45 per cent considering wrap as partially relevant. Seventy-five per cent will migrate ...

  • IFAs cast doubt on profitability of stakeholder

    18 Aug 2004

    Sixty per cent of IFAs believe the new stakeholder products will not have much of an impact on their business and 50 per cent to do not intend to sell them according to a report by market research company Datamonitor . A third of IFAs said they would need premiums of at least £200 per month to make stakeholder products worthwhile, while generally banks and insurance companies say £50 to £150 a month is enough.

  • IFAs cast doubt on profitability of stakeholder

    18 Aug 2004

    Sixty per cent of IFAs believe the new stakeholder products will not have much of an impact on their business and 50 per cent to do not intend to sell them according to a report by market research company Datamonitor . A third of IFAs said they would need premiums of at least £200 per month to make stakeholder products worthwhile, while generally banks and insurance companies say £50 to £150 a month is enough.

  • IFAs cast doubt on profitability of stakeholder

    18 Aug 2004

    Sixty per cent of IFAs believe the new stakeholder products will not have much of an impact on their business and 50 per cent to do not intend to sell them according to a report by market research company Datamonitor . A third of IFAs said they would need premiums of at least £200 per month to make stakeholder products worthwhile, while generally banks and insurance companies say £50 to £150 a month is enough.

  • IFAs cast doubt on profitability of stakeholder

    18 Aug 2004

    Sixty per cent of IFAs believe the new stakeholder products will not have much of an impact on their business and 50 per cent to do not intend to sell them according to a report by market research company Datamonitor . A third of IFAs said they would need premiums of at least £200 per month to make stakeholder products worthwhile, while generally banks and insurance companies say £50 to £150 a month is enough.

  • IFAs cast doubt on profitability of stakeholder

    18 Aug 2004

    Sixty per cent of IFAs believe the new stakeholder products will not have much of an impact on their business and 50 per cent to do not intend to sell them according to a report by market research company Datamonitor . A third of IFAs said they would need premiums of at least £200 per month to make stakeholder products worthwhile, while generally banks and insurance companies say £50 to £150 a month is enough.

  • IFAs do not trust pension safety net

    19 Aug 2004

    Building confidence in the pension protection fund will be an uphill struggle, warns Scottish Equitable. Eighty per cent of advi-sers questioned in a ScotEq survey doubted that the PPF will achieve its aim of providing a safety net for final-salary scheme members. Forty-six per cent thought the Government should compensate members who had lost benefits. ScotEq believes confidence in the PPF is low because of the delay in introducing the risk-based levy, coupled ...

  • IFAs hit hard as providers pay just 20% of FSCS levy

    19 Aug 2004

    Product providers are paying only 20 per cent of the Financial Services Compensation Scheme levy rather than 85 per cent last year because huge increases in the levy have been met by IFAs. Aifa negotiated a fixed voluntary subsidisation of the FSCS by providers in 2002, when providers agreed to contribute a set figure to the scheme for three years. This amounted to 85 per cent of the levy required for investment firms last year - around £6.7m out of a total levy ...

  • IFAs say their net use will soar in five years

    19 Aug 2004

    IFAs expect to use the internet much more in their daily business over the next five years. Seventy-six per cent of 300 advisers questioned by Sesame predicted a growth in internet use while 30 per cent thought there will be a major increase. Sesame has teamed up with Mori to launch a quarterly survey of advisers. Ninety per cent of advisers say they conduct their daily business face to face with clients but only 56 per cent use the net for day-to-day business. Just ...

  • Iimia now trading on Aim

    18 Aug 2004

    Financial services group Iimia Investment Group has begun trading on Aim, following its merger last month with the Exeter Investment Group. The combined business will have four divisions; third party administration, fund management, financial planning and private client investment management. The newly formed group has £500m of combined funds under management and £3bn in funds under administration.

  • Independent view

    19 Aug 2004

    I'm not sure if I dare but I feel compelled to criticise, in the nicest and most positive way I can, Ruth Kelly's commentary piece headlined Why the cap fits in Money Marketing of July 15. The reason I feel able to is that the item seemed to be aimed at a generic audience rather than one sector in particular. You can be sure that none of the life offices will challenge a single syllable - at least not in writing, it will be the usual grumbling in private. The first ...

  • Investment analysis

    19 Aug 2004

    DAVID HAMBIDGE Investment director,Premier Fund Managers World equity markets continued to drift lower last week, with a further rise in oil prices, continued unrest in Iraq and cautious trading statements from a number of high-profile technology companies undermining investor confidence. By Friday's close, the FTSE World index had fallen by 0.4 per cent, leaving it 3.3 per cent lower since the start of the year. In the UK, the FTSE 100 fell by 0.8 per cent in spite of ...

  • Investment view

    19 Aug 2004

    Should investors be concerned about the rise in the price of oil? Those with a long memory will recall the devastating effect that the fourfold increase in the price of this most essential of commodities had in 1973/74 following the Yom Kippur war. True, this was just one of a number of unfortunate occurrences that in the end unseated the Heath administration in this country but the resultant bear market would have given the new millennium's dotcom crash a run for its money. Buoyant ...

  • Julian Gibbs

    19 Aug 2004

    There are four investment management groups which have two or more funds among the top 20 most consistent outperformers over the past three years. At the top of the tree comes Jupiter, led by its undervalued assets trust run by Edward Bonham Carter, Merlin growth and Merlin worldwide portfolio. Schroders has the most consistent fund of all, Japan alpha plus, as well as the UK mid 250 trust. Fidelity's special situations managed by the amazing Anthony Bolton and European ...

  • Kensington Mortgages in deal with packagers

    19 Aug 2004

    The Professional Mortgage Packagers' Association has signed a distribution deal with Kensington Mortgages. PMPA packagers, which include Amity, Atom, BDS Mort-gage Desk, Complete Mortgage and Loan Services and Trust-guard, will get wider access to Kensington Mortgages' range, including discounted headline rates from 4.15 per cent, fixed rates from 4.6 per cent and 90 per cent loan to value for self-cert remortgages with rates from 5.45 per cent. PMPA operations ...

  • L&G ends Network Data deal

    19 Aug 2004

    A row between Legal & General and Network Data has led to L&G ending its business relationship with the mortgage network. L&G says it is no longer dealing with Network Data because of the low quality of business it says the network has been submitting. But Network Data says the termination of the rel-ationship is a reaction to its L&G-IT campaign and says L&G is unable to differentiate between being a product provider on one hand and a network on the ...

  • Leeds & Holbeck launches combination mortgage

    18 Aug 2004

    Leeds & Holbeck Building Society is launching a combination mortgage offering a 1.75 per cent discount from its SVR for the first two years, giving an initial rate of 4.99 per cent, followed by a capped rate of 5.75 per cent until November 2009.L&H says the loan is is unique in the marketplace. It has no up-front fees and allows up to 10 per cent capital repayments each year. It is available up to 95 per cent loan to value, with no higher lending fee up to 90 per cent.Corporate ...

  • Legal & General - Capital Protection Plus 6

    20 Aug 2004

    Type: Guaranteed equity bondAim: Growth linked to the performance of the FTSE 100 indexMinimum-maximum investment:£500-no maximum, Isa £7,000Term: Six yearsReturn: The greater of 26% of original investment or 50% growth in indexGuarantee: Original capital returned in full along with 26% growth at end of termClosing date: October 22, 2004Commission: Initial 3%Tel: 020 7335 5132

  • Let's get down to business

    19 Aug 2004

    My background is not in mainstream financial services. Over the last three decades, I have built many businesses in different sectors around the world, including petrochemicals, automotives, IT, training and health insurance. So it was interesting to come in to the personal finance sector, observe the differences and similarities to other businesses and spot the gap in the market in which the seeds of Destini have been sown. In the process of buying 20 IFA firms to date, I have ...

  • LIA and Sofa name proposed non-exec directors

    18 Aug 2004

    The LIA and SOFA have confirmed who will become non-executive board members if the two organisations merge as proposed. Robert Reid, Brian Steeples, Gill Cardy and Carole Nicholls will represent Sofa as non-executive directors while the LIA will be represented by David Batchelor, Karl Snowden, Caroline Banks and Peter Williams and from CII; Dr Alexander Scott and Peter Martin. The next step in the proposed merger will be the EGMs on October 13 for the LIA and October 15 for Sofa.

  • Lifeboat looks for a rescue

    19 Aug 2004

    It is never good to see a business falter or fail. Lifeboat Financial Group, the Telford group of IFAs and brokers has gone into administration. The news will no doubt send a few shivers across the marketplace. Presumably, the management of some medium or large adviser companies out there know that they are close to or have come close to such a state in the past.We can only hope that their numbers are few. At the time of Money Marketing going to press, the administrators ...

  • Loans to Newcastle in £25m release deal with Hodge

    19 Aug 2004

    Newcastle Building Society is buying £25m worth of equity-release mortgages from a Cardiff specialist. The deal between Newcastle and Julian Hodge Bank subsidiary Hodge Equity Release will significantly boost the society's presence in equity release. The mortgages will be transferred to Newcastle's book and administered by Hodge. The funding that Hodge gets from the Newcastle deal will be used to finance new business and for administration of existing loans. ...

  • Luton leads league of Friends

    19 Aug 2004

    This year, Friends Provident and Isis Asset Management are celebrating the 20th anniversary of the launch of the first retail ethical investment funds in the UK -the Stewardship funds - by joining forces with Money Marketing to offer IFAs the opportunity to win a fantastic holiday to Morocco plus many other prizes. The results for July are now in. Congratulations to Margaret Belford, the winner of the month's hamper of organic produce. Margaret's fund, Luton 143, increased ...

  • M2-mortgage club appoints Northern Ireland's Progressive Building Society

    18 Aug 2004

    Northern Ireland's Progressive Building Society is to be the 51st lender to join Mortgage 2000 Mortgage Club's lender panel. M2-mortgage club says although Progressive only lend on properties in Northern Ireland, any UK mortgage intermediary with a customer buying or re-mortgaging there is able to access their services.M2-mortgage club national sales manager Alan Collinson says: "With the recent appointment of the Dunfermline Building Society in Scotland, the Principality ...

  • Man structure RMF style product

    23 Aug 2004

    Man Investment has introduced Man RMF Multi-Style Series 2, a capital-protected fund of hedge funds that is available in dollar and euro currencies.This product is designed to perform independently of bond and equity markets by investing in a range of hedge fund strategies such as equity hedge, even-driven, relative value and managed futures. It aims for a target return of between 13 per cent and 15 per cent a year and provides access to the asset allocation and risk management ...

  • Meet the experts

    19 Aug 2004

    Next month's Money Marketing Live will once again provide intermediaries with access to the leading experts from the investment fund management industry. Taking place at Manchester's G-Mex exhibition centre, the show brings together an unprecedented number of presentations, workshops and seminars. In the Fund Strategy arena, Grant Jaffrey-Smith, investment marketing manager at Abbey for Intermediaries, will open the day with a session on multi-manager. Delegates ...

  • MER march

    19 Aug 2004

    In a market that is often perceived to be old fashioned and slow to take up new technologies, the FSA took the upper hand in March when it confirmed its framework for inte- grated regulatory returns. For the first time, the FSA defined a technology that, alongside XML (eXtensible mark-up language), regulated firms must use to return their data - XBRL (eXtensible Busin- ess Reporting Language). Paper is just not an option in this case as data must be submitted ...

  • Midshires says sourcing firms are failing on facts

    19 Aug 2004

    Birmingham Midshires has written to mortrgage-sourcing firms criticising them for failing to find a way to provide compliant information to intermediaries. Director of mortgages Michael Bolton says he is particularly concerned about comments from sourcing systems that the accuracy of lenders' key facts illustrations from their own websites is the brokers' responsibility and not the lenders, calling this a clear attempt to persuade brokers away from lender websites. The ...

  • Millfield aims for multi-tie panel of five

    19 Aug 2004

    Millfield's multi-tie offering will be called Millfield Alliance and will have five providers. Chief executive Paul Tebbutt says work will start on developing Millfield's multi-tie proposition once the merger with Inter-Alliance is completed in mid-September. He says sharing information with Bankhall directors and looking at the US model has led him to the conclusion that five providers is the correct number for a multi-tie panel. Internal Millfield research ...

  • Multi-ties present a knotty problem

    19 Aug 2004

    The complexity of negotiations shaping the new multi-tie landscape has been brought into focus by Norwich Union's move to offer only protection products to Sesame but its whole product range to Bankhall. After NU chief executive Gary Withers revealed the company's two-pronged deal in last week's Money Marketing, NU head of media relations James Evans says negotiations are far from over. "What we announced was what we have signed and agreed on up to this point. That is ...

  • Nationwide - 5 Year Fixed Rate

    18 Aug 2004

    Type: Fixed-rate mortgageFixed term: Five yearsFixed rate: Up to 95% of valuation - 6.29%, up to 90% of valuation - 5.79%Minimum loan: £1Maximum loan: Up to 95% of valuation subject to a maximum of £200,000, up to 90% of valuation subject to a maximum of £300,000, up to 85% of valuation subject to a maximum of £400,000, up to 80% of valuation subject to a maximum of £700,000, up to 75% ...

  • New Star brings property fund in-house

    18 Aug 2004

    New Star UK Growth Fund has appointed Stephen Whittaker to run the group's property unit trust, bringing the management and administration in-house from Liberty International subsidiary Capital & Counties. Whittaker will run 20 per cent of the assets listed in property company shares while new recruits Roger Dosset and Ken Malone will oversee the rest of the portfolio.

  • NU axes EPP cash as end looms for executive plans

    19 Aug 2004

    Norwich Union is axing initial commission on its executive pension plan from this week in response to pension simplification. It is removing Lautro initial commission on the EPP from August 16 ahead of the distinction between executive and personal pensions disappearing. The company is making changes are being made to specific product types which likely to die out after A-Day but commission options on other products will remain. Head of pensions Iain Oli-ver ...

  • NU U-turn as it says it will time-bar complaints

    19 Aug 2004

    Norwich Union has made a U-turn on mortgage endowments, saying it will timebar complaints by the end of 2005. NU originally voiced its disapproval of time-barring at Treasury select committee meetings earlier this year. But chief actuary Mike Urmston now says a time-bar is the fairest approach to take. NU will write to its 1.1 million endowment policyholders about the time limit for claims although it will give 12 months' notice before a time-bar becomes applicable ...

  • Nvesta - Safety Net Income Plan 2

    20 Aug 2004

    Type: Capital-protected bondAim: Income linked to the performance of the FTSE 100 indexMinimum-maximum investment: £5,000-no maximum, Isa £7,000Term: Five yearsReturn: 5.6% a year net of basic rate taxGuarantee: Original capital returned in full provided index does not fall by more than 40% and fails to recover to at least its initial valueClosing date: September 24, 2004Commission: Initial ...

  • Nvesta gears up for security

    24 Aug 2004

    Nvesta has brought out the secure multi-tracker plan, a guaranteed equity bond linked to the performance of three stockmarket indices - the FTSE 100, S&P 500 and Nikkei 225.The bond has a term of six years and provides a full capital guarantee regardless of the performance of the indices. Investors will also receive 110 per cent of the average growth across the basket of indices.To calculate the returns, the closing level of each index is recorded on October 29, 2004 ...

  • One up for Healthsure

    20 Aug 2004

    HEALTHSUREHealthSure OneType: Group healthcare cash planMinimum group size: 10 Minimum premium: £1 a week single cover, £1.50 a week joint coverMinimum-maximum ages: 16-65 Maximum benefits: Full cost of dental treatment within 12 months up to £50, £100 or £180 depending on level of cover, full cost of optical care within 24 months up to £50,£100 or £150, full cost of ...

  • Open up the closed books

    19 Aug 2004

    The present FSA review of Treating Customers Fairly provides the regulator with a golden opportunity to enhance significantly the quality of service for financial consumers. Technologies now widely adopted in other industries make it viable to deliver high levels of information to investors quickly and at low cost. The FSA must take bold and visionary steps so consumers can recognise the financial product providers that are dealing with customers in an open and honest ...

  • Out of context

    19 Aug 2004

    •"I saw the names Chris and Corey together and imagined them going off to live in a log cabin." - Morley PR Monina Villaroman on the departures of MM's news editor and investment editor •"I'm just off to the office to do some work." - Purely Mortgages managing director Mark Chilton at 10pm. •"Since when did I worry about clothes? Don't worry though, I'll put some on." - Gordon McAra of Clerical Medical. •"I've just had my face painted ...

  • Paul Tebbutt

    19 Aug 2004

    The deal has finally been done after a failed attempt and several other potential suitors and now Millfield chief executive Paul Tebbutt is looking ahead after the merger with Keith Carby's Inter-Alliance to form the biggest IFA firm in the UK. Armed with £15m in loans from Axa Sun Life, Friends Provident, Prudential, Scottish Widows and Skandia Life, Tebbutt finalised the deal last week and immediately ran into fire from the press and IFA rivals for the way the deal was ...

  • Pink Home Loans- Mortgage Express Buy-to-Let 5.89% Fixed

    19 Aug 2004

    Type: Flexible fixed rate buy-to-let mortgageFixed term: Until September 3, 2007Fixed rate: 5.89%Minimum loan: £60,000Maximum loan: Up to 85% of valuation subject to a maximum of £300,000, up to 75% of valuation subject to a maximum of £500,000, up to 70% of valuation subject to a maximum of £1mIncome multiples: Rental income must be at least 130% of mortgage repaymentsConditions: Maximum ...

  • Pooled funds

    19 Aug 2004

    There may be some tightening of belts around the country at the moment due to interest rate rises but none will be as tightly pulled as Prince Andrew's. With his mansion at Sunninghill Park still unsold, he has been forced to take out a mortgage to meet the spiralling costs of the refurbishment of his new house. Despite his financial advisers' suggestions, he insisted on building his own swimming pool rather than share Windsor Castle's pool. Well, if Philip would just ...

  • Premier league of structured products

    19 Aug 2004

    Any investor reading the Sunday papers in the last 12 months has been bombarded with warnings about structured products so it is a relief to see at least some products bucking the trend and maturing early with positive returns. If the FTSE 100 stays above 4,206, Premier Fund Management's 10th limited edition structured product, launched last August, will mature and clients will get back their capital plus 8 per cent growth. It is the second in a suite of structured products ...

  • Premier picks Buckley for Euro role

    18 Aug 2004

    Premier Asset Management is appointing James Buckley as senior investment manager of European equities.Buckley joins from Solus Investment Partners, the retail management division of Brown Shipley, where he ran the European growth fund. Prior to that, he was a fund manager with HSBC private clients. Buckley will be responsible for the development of the equity products for the group.

  • Product Matters

    19 Aug 2004

    The recent announcement by GMAC to revisit its range of self-cert products is not a coincidence and neither should it be interpreted as a normal market development. It is clear that this is a very deliberate step to grab the market by the throat and clearly fill the void that other lenders have created by their effective withdrawal. GMAC has its much valued Star range which offers a sub 75 per cent LTV self declaration of affordability which has proved very successful ...

  • Pru cuts bond link with Abbey

    18 Aug 2004

    Prudential and Abbey have terminated a distribution agreement following disappointing sales. Prudential signed a four-year deal with Abbey in January 2003 to sell the Prudence bond through its 756-branch network.Prudential spokesman Steve Colton says the move will have minimal impact on the provider's with profits sales, as partnership sales represented 1 per cent of the £142m sales for 2004.

  • Rate rises bringing a boost for savings

    19 Aug 2004

    Consumers are beginning to save more vigorously in light of recent rises in the Bank of England base rate, according to research conducted for Alliance & Leicester's wealth tracker index. The figures show that consumers are planning to save £105 a month this quarter, an increase of nearly 20 per cent from £88 in the second quarter of this year. Consumers are planning to invest £28 per month, an increase of 50 per cent from the last quarter where ...

  • Recipe for disaster

    19 Aug 2004

    A City of London solicitor has written two books - The Boys' and The Girls' Guide to Wealth - in an effort to make financial management more accessible. The author has decided to approach the girls' guide with a dieting metaphor: "As with a diet, the more closely you follow the guidelines, the more money you will save." Well, Diary readers, if our experience of dieting is anything to go by, there will be a long period of saving followed by plenty of spending on pies before ...

  • Reid all about it

    19 Aug 2004

    It's the holiday season and my normal leisure reading has been replaced by the Treasury select committee's report, Restoring Confidence in Long-term Savings. The report pulls no punches and makes some important points but it loses the plot and comes out with gems such as "financial advisers who gain their rewards either from commission or fees. We recommend that the industry should explore alternative arrangements for advice based on the industry's duty of care to the ...

  • Release loans show slowdown

    19 Aug 2004

    Equity-release mortgage lending slowed in the first half of this year. Figures from the Council of Mortgage Lenders show that around 11,200 equity-release loans were made with a total value of around £517m, down from 13,240 loans worth a total of £597m in the second half of 2003. The figure remains above the 11,870 loans worth £504m made in the first half of last year. The CML says the slowdown reflects caution from lenders ahead of regulation ...

  • Release rises in North, falls in South

    18 Aug 2004

    Equity release IFA Key Retirement Solutions predicts equity release sales will reach £1.15bn by the end of 2004. It says the value of new equity release plans rose to £289m in Q2 from £270m in Q1, with sales growing very strongly in the north in the first half of the year, up by 34 per cent compared to a 24 per cent fall in the south east. Key says the average age of an equity release customer is 71 years, and the average equity taken is £44,675 on a property ...

  • Richard Verdin on protection

    19 Aug 2004

    As we look ahead to the regulation of non-investment pure protection products, what has the practitioner got to fear, if anything? I am sure the majority of IFAs who have been in the industry for five years or more will have at some point treated simple term products as if they were regulated. This is because providers categorised the products as regulated to adhere to Lautro rules. These rules were later adopted by the PIA for providers. Fimbra, on the other hand, did not treat ...

  • Spiralling costs and pressure force IFA merger

    19 Aug 2004

    IFA firm McMullen Insurance Brokers is merging with Heliting Financial Services after 40 years as an independent business. Managing director Chris McMullen says the move has been brought about by increasing pressure and costs enforced by the FSA The cost of professional indemnity insurance is the biggest single factor that forced McMullen to reassess the Bournemouth firm's position. McMullen was set up in 1964 as a family business focusing on life, pensions and investment ...

  • Standard severs its technical helplines

    19 Aug 2004

    Standard Life has pulled the pulled the plug on its pension technical helpline for IFAs. The phone support is being replaced by an electronic newsletter which will cover technical details. Standard says an e-newsletter is a more effective way of reaching IFAs. IFAs will still be able to raise technical matters in face-to-face meetings with Standard consultants. The company says despite this cutback, its overall service proposition means that it still communicates ...

  • Talkback

    19 Aug 2004

    "Yes. Flexibility and choice are always a good thing although there are certainly less speculative investment options." Rory Clayton, Manor House Financial Services "No. I think anything to do with pensions should be regarded as a long-term investment and not a shortterm gamble." Robert Cunningham, Murrell Asset Management "No. If the fund went into the red, it would be disastrous. There has been enough bad publicity for Sipps and I think it would be the straw ...

  • Technology Edge: Stephen Wynne Jones

    19 Aug 2004

    The future survival of financial adviser firms may well depend on the degree to which they embrace technology. Regulatory change, downward pressure on margins and poor stockmarket performance pose risks to adviser businesses. Not only can technology increase productivity and profits for advisers but it can also aid advisers in meeting ever-increasing regulatory demands. But where should an adv-iser turn to when considering how technology might support their business ...

  • Tenet bid for Lifeboat hits the rocks

    20 Aug 2004

    The Tenet Group has called off plans to take over the Lifeboat Group following advanced discussions with the administrators. Tenet says it had hoped to make an announcement today regarding the purchase of Lifeboat Financial Advisers and Simply Assured Direct but was unable to agree terms with the administrators BDO Stoy Hayward in an acceptable timeframe. Tenet Group group commercial director Peter Lane says: "A precondition of the deal for Tenet had always been that Lifeboat ...

  • Tenet pledges commission payments after talks with Lifeboat on takeover

    19 Aug 2004

    IFA and mortgage broker operation Lifeboat is in advanced takeover talks with Tenet Group after being placed in administration. Tenet says if its bid is accepted by administrators BDO Stoy Hayward, intermediary commission earned will be guaranteed and pipeline business will proceed as normal. Lifeboat, which Money Marketing On-line revealed last week has gone into administration, grew rapidly from launch in 2000 to a turnover of £17m this year but it is understood ...

  • The 1.5% world is not enough

    19 Aug 2004

    When I read last week that the pension black hole of the FTSE 100 companies has reduced by £13bn, I should have been pleased and slightly relieved. I should have also been pleased to hear comments relating to developments in the Sandler products and child trust fund along the lines of "The 1 per cent world of stakeholder is dead - long live the 1.5 per cent Sandler world" and "A 50 per cent increase in revenues is a major improvement and will surely solve the problems created by stakeholder

  • Towry Law Intl offers payouts on hedge funds

    19 Aug 2004

    Offshore IFA Towry Law International is to make ex gratia payments to all its clients who placed money in two collapsed Hong Kong hedge funds. Although HHG-owned TLI is refusing to accept liability for the losses it has agreed to make payments to all TLI clients still invested in the Global Diversified Trading and Global Opportunities hedge funds at the time they were suspended in 2002. Around 750 investors are believed to have suffered losses from the funds marketed ...

  • Treasury select committee on the wrong trail

    19 Aug 2004

    As to be expected, those towering intellects in Parliament and particularly those in the Treasury select committee have yet again opened their mouths before their brains were fully engaged. Intermediaries have often waived some or all initial commission and taken trail commission instead to lessen the initial impact on the client. I am no lawyer but I would have thought there was some sort of contractual obligation, as commission has been disclosed and the product advised ...

  • TUC reveals wide gap in stakeholder cash

    19 Aug 2004

    A survey from the TUC reveals a wide gap between the average amounts paid into employees' and non-employees' stakeholder pensions and shows that only 2.6 per cent of the employed workforce are contributing to a stakeholder plan. The average for an emp-loyee's stakeholder is only £720 a year, including employee and employer contribution, while non-employees average nearly £2,000, boosting the overall average contribution to around £1,000. The TUC ...

  • Universal Provident throws a lifeline

    23 Aug 2004

    UNIVERSAL PROVIDENTLifeline PlusType: Two-year renewable term assurance with Living Care disability coverMinimum sum assured/premium: £1,000/£8.33Minimum term: Two yearsMinimum-maximum benefit: £1,000-£100,000Minimum-maximum ages: 18-74Cover provided: Life cover up to £100,000, index-linked disability benefit up to £5,000 a year upon failure of two ADLs, up to £10,000 ...

  • Users of The Exchange's Exweb portal exceed 100,000

    20 Aug 2004

    The Exchange has announced the process of over 100,000 new business transactions for IFAs via its Exweb portal and the firm says the figure demonstrates the popularity of the newly enhanced Exweb trading platform. The Exchange managing director David Child says: "Providers and intermediaries alike recognise that e-commerce is the most effective way to make the sales process more efficient and reduce costs and our aim is to ensure that Exweb offers the industry the capability to ...

  • Webline is first Ifap technology sponsor

    23 Aug 2004

    Intermediary portal Webline is joining product providers to become IFA Promotion's first technology sponsor.IFAP says the move is further evidence of growing industry confidence in a strong IFA sector post-depolarisation, following the recent additions of London Mortgage Company, GMAC and Mortgage Express to IFAP's list of sponsors.Webline managing director Paul Holland says: "We particularly support IFAP's efforts to encourage member firms to improve their own ...

  • West Bromwich Building Society - 2 Year Fixed Rate

    19 Aug 2004

    Type: Fixed-rate mortgageFixed term: Until September 30, 2006Fixed rate: 2.99%Minimum loan: £25,001Maximum loan: Up to 95% of valuation subject to a maximum of £500,000Income multiples: Up to 3.75 times principal income plus second or three times jointConditions: Six months' free mortgage payment protection insurance, free legal fees for remortgages, the society's buildings insurance is compulsoryArrangem

  • Why merge with direct salesmen's trade association?

    19 Aug 2004

    Why, why, why is Sofa considering linking with the LIA when it is so openly anti-IFA in its comments to the press and is clearly an organisation with its own agenda? Indeed, why would any professional standards body consider merging with what is seen as and appears to act as a trade association? Historically viewed by many as the direct salesmen's trade body, the LIA now seems to be seeking the badge of consumers' champion with its anti-IFA views regarding trail commission. There ...

  • Widows guaranteeing safe return with bond

    19 Aug 2004

    IFAs believe Scottish Widows is taking tentative steps back into the structured product market with its latest growth product. IFAs see the product as a move by Widows to re-establish its profile cautiously as a key structured product provider for intermediaries. It follows similar growth products from Norwich Union and HSBC. Lloyds was fined £1.9m last year for misselling Widows' extra income and growth plan to around 20,000 branch customers. The new ...

  • Women show less interest in their pensions

    19 Aug 2004

    Women are much less interested in finding out their future pension entitlement than men, according to Alexander Forbes Financial Services. It says only 18 per cent of visitors to its pension forecasting website www. retireontarget.com, launched in June, are women. The firm believes promotion of pension issues should be aimed specifically at women, who are less likely than men to have adequate provision. AFFS says most people visiting the site are over 30, with ...

  • Woolwich offers early riser

    20 Aug 2004

    The capital growth plan issue A18 from Woolwich Plan Managers is a capital-protected bond that is linked to the FTSE 100 index for a five-year term.The product provides a 100 per cent capital return regardless of the performance eof the FTSE 100 plus 100 per cent of the growth in the index.There is an early maturity option which can be selected at the outset. If this option is selected, the bond will mature after two years and six months if the index has risen by at least ...

  • WPA says network brokers don't know industry basics

    19 Aug 2004

    Western Provident Association says networks should do more to ensure that brokers understand the basics of the way their industry works before being allowed to give financial advice. Corporate business director Adrian Humphreys says the biggest networks are not ensuring that all their brokers and advisers fully understand areas such as professional indemnity, compliance issues and underwriting terms. He says "Any broker worth his or her salt should be able to comment ...

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