Money Marketing
18 January 2006

  • 750K endowment fine for Guardian slammed as 'too lenient'

    19 Jan 2006

    Aegon-owned Guardian Assurance and Guardian Linked Life Assurance have been fined 750,000 by the FSA after it found serious flaws in their mortgage endowment complaint-handling procedures.The fine is the second- biggest imposed by the FSA over endowment complaints. Abbey was fined 800,000 last May while Allied Dun- bar received a 725,000 fine in March 2004.But market commentat- ors believe that the latest fine does not reflect the severity of the offence. Consumer lobbyist Which? ...

  • A charter for confusion

    19 Jan 2006

    Mr R Bullivant, Chartered Insurance Institute In the PFS Newsletter, you have asked for feedback from members. Thank you for your letter of October 2005 inviting me to apply for the chartered financial planner title. This should be a moment when I should be proud to do just that but I feel compelled to write to you to express my disappointment and disgust at the way CII/PFS has conducted itself in bringing about and choosing the name of this title and its pretence at what ...

  • ABI ready with release gudelines

    18 Jan 2006

    The Association of British Insurers is set to publish best practice recommendations on equity release.

  • ABI ready with release guidelines

    19 Jan 2006

    The ABI is set to publish best practice recommendations on equity release.

  • Action on attraction

    19 Jan 2006

    How Scottish Widows bank has re-evaluated its recruitment process

  • Action plan for FSA

    19 Jan 2006

    Regulator must play a greater role if it is to reduce the scope for misselling

  • Adapt and thrive

    19 Jan 2006

    We really need to put the priority on developing products and services

  • AITC aids members on discount control

    19 Jan 2006

    The Association of Investment Trust Companies is offering IFAs training to help them understand discount control mechanisms after a rash of corporate activity in the sector last year.Around 60 per cent of the AITC's members have introduced discount control mechanisms to ward off arbitrageurs, with the majority doing so over the last 12 months. The aim of the training course is to help IFAs understand how discount control mechanisms work and the possible income tax implications of ...

  • AITC says pension deficits could affect growth prospects

    20 Jan 2006

    73 per cent of investment trust fund managers say company growth prospects will be affected if companies are forced to pay off their pension deficits over the next ten years.

  • Alliance appoints new head of business development

    18 Jan 2006

    Alliance Trust Savings has appointed Ian Dawson as head of business development to promote its full range of pensions andinvestment plans to professional advisers.

  • Antic a-day

    19 Jan 2006

    Winterthur Life pensions strategy manager Mike Morrison previews some of the retirement options being made available as a result of the pension changes in April and concludes that some simplification might be in order

  • 'Approach companies like a secondhand car'

    19 Jan 2006

    Investors should be wary of blue-chip companies wooing analysts who overlook discrepancies in their accounts because their businesses are fashionable, says New Star UK alpha manager Tim Steer.Steer hit out at a string of poor analyst recommendations in recent years in a presentation to New Star's top retail brokers and intermediaries.He said fund managers should beware of trend investing and look under the bonnet of firms as carefully as they might at secondhand cars advertising ...

  • Arc Fund Management - Arc Growth Company VCT

    20 Jan 2006

    Arc Fund ManagementArc Growth Company VCT

  • Back in the running

    19 Jan 2006

    Ian McKennaL ast year, this column looked at the lead that the majority of life and pension providers have achieved in e-commerce services compared with most of their peers in the fund management industry.

  • Barclays MD Greenshields to retire in April

    20 Jan 2006

    Barclays UK Wealth Solutions and Wealth Management managing director Ray Greenshields has announced he will retire in April.

  • Baxter to lead MLP push

    19 Jan 2006

    Advocate of fee-based advice joins German giant to build UK wealth management business

  • BBB disposes of Private Insurance Portfolio Division

    19 Jan 2006

    Berkeley Berry Birch has disposed of the client bank of its insurance subsidiarys Private Insurance Portfolio division for 275,000.

  • BBB given 6 weeks to find capital before FSA shutdown

    18 Jan 2006

    Berkeley Berry Birch has been given six weeks to plug the 11m capital adequacy deficits of two of its subsidiaries before the FSA shuts them down after dropping its appeal to the Financial Services and Markets Tribunal.

  • BDS doubles size of appointed rep network

    19 Jan 2006

    BDS Mortgages has doubled the size of its appointed representative network in the past month, with the promise of further additions over the course of the year.The mortgage intermed- iary has seen its membership rise from 25 to 51, which the firm attributes to the influence of network manager Bob Hope who, since joining BDS in November, has been promoting the network to intermediaries.BDS predicts that doub- ling its base will lead to an increase of 25 per cent in packaged business ...

  • Big names could revive release

    19 Jan 2006

    High-street lenders are set to boost equity-release confidence, says Guy Anker

  • Bling it on

    19 Jan 2006

    The metal gurus are predicting the gold price could double, says Matt Davis

  • BM urges free credit-check

    19 Jan 2006

    BM Solutions wants the mortgage market to follow Asda's example of paying for rejected applicants to check their credit history.The HBOS-owned lender claims the move could help generate customer loyalty and help the fight against identity theft and fraud, as customers can view all mortgage, loan and credit card applications made in their name.Brokers believe that any initiative in the intermediary market could only be carried out by packagers at present because of Data Protection ...

  • Brener joins Abbey as compliance director

    19 Jan 2006

    Former PIA regulator Alan Brener has joined Abbey as its new compliance director.Brener, who moved to Abbey last week from Royal Bank of Scotland, came in for criticism from the FSA's appeals tribunal for the quality of his evidence during its review of the handling of Legal & General's endowment misselling case last year.He was head of field monitoring at the PIA when it conducted supervisory visits at L&G 10 years ago. During the financial services and markets tribunal review ...

  • Bristol & West - 4.39% Two Year Fixed Rate

    18 Jan 2006

    Bristol & West4.39% Two Year Fixed Rate

  • Britannia launches new FTB product

    19 Jan 2006

    Britannia is launching a new three-year fixed rate for first-time buyers offering 4.99 per cent initially.

  • Britannia's rule

    19 Jan 2006

    Whenever we decide to expand our network and open a branch in a new town, we have time to use a values-based process to recruit and train staff in the relevant cultural and procedural aspects of the society. But when two businesses merge, the challenges are much greater. One day, staff are working to the strategy of one employer and the next, it is a different employer with different values products and systems calling the shots.Two of the building blocks underpinning Britannia's ...

  • Brokers look for rate reductions

    19 Jan 2006

    There is growing speculation that interest rates will fall despite the monetary policy committee's decision last week to keep bank base rate at 4.5 per cent for the fifth consecutive month.Some commentators believe there is an compelling argument that rates should be lowered.Rates were last reduced in August 2005 by 25 basis points from 4.75 per cent.John Charcol technical director Ray Boulger says he firmly believes there will be a change in the near future.He says: ...

  • Burrows starts annuity service for IFAs

    19 Jan 2006

    William Burrows Annuities is offering an annuity and drawdown information service for financial advisers.The free online facility will be based on William Burrows' well known consumer website and will feature market commentary and comparative annuity rate tables.Burrows says he will email advisers to update them of any rate changes and in the longer term is looking to add a range of training packages to the site at williamburrowspro.com.He is writing a range of articles ...

  • Can you bend the rules by being big?'

    19 Jan 2006

    I question the validity of the regulator's threshold conditions when hundreds of small IFAs endure significant personal inconvenience to meet the capital adequacy require-ments at all times, yet the industry's biggest organi-sations continue to trade unabated and inadequate. I question an enforcement system that judges its penalty on the ability of the culprit to endure it. I am certain the FSA has its reasons for allowing firms to trade out of their position (consumer protection ...

  • Capita fills service gap with Webline takeover

    19 Jan 2006

    Outsourcing giant Capita has bought adviser portal Webline and expects to launch a complete straight-through processing service for IFAs by the middle of the year.The move, revealed by Money Marketing in December, comes quickly after Cap- ita's acquisition of back-office software provider Quay in November and a 300m deal to act as an outsourcing partner to Zurich.Capita managing director Steve Parkinson says the deal fills the remaining service holes in the company's proposition ...

  • Capita's journey to the outsource

    19 Jan 2006

    Outsourcing and technology company Capita has moved from almost no presence in financial services a few years ago to a very significant position.

  • Charcol seeks sub-prime slice

    19 Jan 2006

    Managing director Peter Barrett says after breaking free from B&B and regrouping, the firm is setting new goals

  • Cheap but not cheerful

    19 Jan 2006

    Recommending critical-illness cover on the basis of price means that clients are missing out on some useful features and benefits, says CBK principal Peter Chadborn

  • Check the small print

    19 Jan 2006

    VCTs offer attractive benefits but it is essential to be aware of the risks of investing in small unquoted companies

  • Chief executive Marr steps down at Origen

    19 Jan 2006

    Origen chief executive Gareth Marr has resigned from the Aegon-owned IFA firm after recent health problems.The move comes as Origen confirms it will be integrating the Positive Solutions' platform into its business.Marr has been in financial services for 30 years and will remain with the firm in the short term on a consultancy basis. He oversaw the integration of the five Aegon IFA businesses that formed Origen. The integration of PosSol technology into the business is the next ...

  • Chrysalis VCT aims for 25m with antiques fund

    20 Jan 2006

    Chrysalis VCT is aiming to raise 25m in two share classes, one of which will invest in art and antiques businesses.

  • CML hits out at government tax policies

    24 Jan 2006

    Home-owners are over 10bn a year worse off than in 1994 because of the Governments tax policies, says the CML.

  • CML reveals record lending figures

    20 Jan 2006

    Gross mortgage lending in December was the strongest on record, according to figures from the Council of Mortgage Lenders.

  • Code comfort

    19 Jan 2006

    The history of conformity to codes of conduct is gener-ally not a good one. I well remember the struggles that the OFT had with codes for a variety of industries. The conclusion reached a few years ago was that, to a large extent, the work was wasted because, once the code was approved, there was insufficient application within the industries or firms concerned.

  • Commercial success

    19 Jan 2006

    One of the successes of 2005 was the New Star property unit trust. This is a highly suitable investment for trustees and those investors wanting an above-average secure income as well as the prospect of some capital appreciation. It is also ideal for elderly investors who want a comparatively high and rising income.

  • 'Consumer information needed to end confusion over multi-ties'

    19 Jan 2006

    A comprehensive public list of multi-tie operators with full details of their panel relationships is urgently needed to stem consumer confusion, says a specialist management consultancy.Impact Plus principal consultant Guy van Koetsveld says the industry cannot wait for the FSA's 2007 depolarisation review as multi-tie arrangements are clouded in misunderstanding and risk treating customers unfairly.He says the information in the list should include whether multi-tie relationships ...

  • Consumers get help on contracting out

    19 Jan 2006

    Aifa has launched a website to help consumers find advice on contracting out.

  • Consumers get help on contracting out

    18 Jan 2006

    Aifa has launched a website to help consumers find advice on contracting out. The website lists by region IFA firms which are willing to discuss the pros and cons of contracting out and gives advice to consumers currently without an adviser.

  • Correspondent's week

    19 Jan 2006

    This week by freelance finance writer Sarah Modlock.

  • Credit crackdown

    19 Jan 2006

    Marketing and ad agencies must be brought into line to stop debt misery

  • Credit Suisse multi-manager extends 4 per cent discount for Isa season

    19 Jan 2006

    Credit Suisse is extending its 4 per cent discount on multi-manager funds until the end of Isa season on April 5, 2006.

  • Cripps becomes Heartwood

    18 Jan 2006

    Investment and wealth management firm Cripps Portfolio has rebranded as Heartwood Wealth Management following the acquisition of the firm by the management and staff at the end of 2005.

  • Cripps becomes Heartwood

    19 Jan 2006

    Cripps Portfolio has rebranded as Heartwood Wealth Management.

  • Danny Cox

    19 Jan 2006

    Hargreaves Lansdown's head of financial intermediaries started out in the fruit and veg business but now he is enthusiastically intent on growing and nurturing a quality crop of advisers for the entrepreneurial company. Interview by Nicola York.

  • Darts for darts' sake

    19 Jan 2006

    Chelsea Financial Services managing director Darius McDermott has another weapon in his deadly public relations arsenal - he can play darts. And really, really well.McDermott was in best form last week, soundly beating MM news editor James "I beat Andy Fordham" Phillipps and investment reporter Matt Davis after pretending he was just an average player.The Diary welcomes challengers - we need the practice. l ABN Amro's young turks aboard the imaginatively named yacht ABN Amro ...

  • Dead reckoning

    19 Jan 2006

    Rentokil has extermin- ated its final-salary scheme and other schemes are lining up on the taxiway to avoid interference from our newest regulator.

  • Delay to regulating chasers

    19 Jan 2006

    The House of Lords has delayed unveiling the new regulatory regime for claim management firms in a bid to strengthen the Compensation Bill.In a meeting of the grand committee this week Lord Hunt of Wirral moved to close any loopholes. He firmed up the need for transitional arrangements to regulate claim management firms with immediate effect once the Compensation Bill is passed.The Claims Standards Council, the voluntary watchdog for the sector, is widely tipped to become the ...

  • Deutsche unveils lending arm

    24 Jan 2006

    Deutsche Bank has announced its new mortgage lending arm to launch later this year will be called db mortgages.

  • Downing VCT takes cautious approach

    19 Jan 2006

    Downing is introducing a further two venture capital trusts before the April deadline, including a protected product aimed at more cautious investors.It hopes to attract 40m for the Downing VCT4 and Protected 5 VCT.The Protected 5 VCT will be more cautiously managed and focus on capital preservation, with wind-up expected in around five years.Fifty per cent will be invested across a range of sectors including pubs, children's nurser- ies, garden centres and health clubs, ...

  • Employees get consultation rights on pension changes

    19 Jan 2006

    Members need to understand their scheme and the effect that changes will have on it and their future pensions'

  • European Parliament set to probe FSA's role in Equitable Life debacle

    19 Jan 2006

    The European Parliament is to investigate the Equitable Life debacle.It is setting up a committee with a draft mandate to assess whether the FSA consistently failed to protect policyholders and whether the European Commission properly monitored the application of EU legislation by the UK Government.Treasury officials could be called to give evidence on their role in the Equitable debacle and the "alleged contraventions or maladministration in the implemen-tation of Community ...

  • Exchange announces roadshows

    24 Jan 2006

    The Exchange has announced a number of roadshows aimed at showing existing subscribers how they can maximise the value of its service.The events will take place in Southampton, Chelmsford, Manchester, Cheltenham, Newcastle on Tyne and Bristol in February and March.They will last two and a half hours with delegates having the opportunity to share business practises, see the benefits of remodelling processes to support electronic trading and learn about the additional support available ...

  • Exchange launches new Advisernet

    24 Jan 2006

    The Exchange has launched a new version of its web building solution for advisers, Advisernet, offering additional functions and features.The new Advisernet provides users of the portals Exweb service with a bespoke website including the ability to customise each page, unlimited extra pages, on screen editing of content and full compliance audit trail.The Exchange says Advisernet is also Disabilities and Discriminations Act compliant, allowing advisers to offer a service that can ...

  • Fidelity International - Fidelity MultiManager Equity income Portfolio

    24 Jan 2006

    Fidelity InternationalFidelity MultiManager Equity income Portfolio

  • Fidelity International - Fidelity MultiManager Special Situations Portfolio

    24 Jan 2006

    Fidelity InternationalFidelity MultiManager Special Situations Portfolio

  • First Active - Two Year Buy-to-Let Fixed Rate

    20 Jan 2006

    First ActiveTwo Year Buy-to-Let Fixed Rate

  • Fishy tale

    19 Jan 2006

    All is not well with IFA Defence Union chief Evan Owen's fishy double act, Splish and Splash.The duo (pictured below), rescued a few weeks ago from a school pond, are being terrorised by two new additions to the FSA basher's fishtank, Fluffy and Fishy.Although they do not sound very frightening, the ferocity of Fishy's bullying has caused his more diminutive counterparts to turn white with fear.

  • FOS proposes major reform as costs soar

    19 Jan 2006

    Advisers asked for views as cost is set to rise to 4.6m

  • FSA sets out A-Day details for public

    19 Jan 2006

    The FSA is offering A-Day information on its website to help consumers understand the changes to pension arrangements from April 6.

  • FSA sets out A-Day details for public

    18 Jan 2006

    The FSA is offering A-Day information on its website to help consumers understand the changes to pension arrangements from April 6.

  • FSSC urges IFA firms to back special diplomas

    19 Jan 2006

    New initiative is aimed at 14-19-year-olds as big number of employees reach retirement age

  • Fund manager leaving Templeton

    18 Jan 2006

    Franklin Templeton growth fund manager Ken Cox is understood to be leaving the firm due to ill health. Cox has run the 144m fund since 2001 and returned 63 per cent in the three years to January 2005.

  • Fund manager leaving Templeton

    19 Jan 2006

    Franklin Templeton growth fund manager Ken Cox is understood to be leaving the firm due to ill health. Cox has run the 144m fund since 2001 and returned 63 per cent in the three years to January.

  • Fund managers have mixed outlook for UK

    19 Jan 2006

    New Star trio tell investment IFAs that disagreements can be healthy for performance

  • Fund-rating deal for Financial Express

    19 Jan 2006

    Financial Express has set up its own fund rating service, Crown Ratings. It uses a blend of quantitative and qualitative analytical screens, including measuring a portfolio's volatility, consistency and returns against its benchmark.

  • Fund-rating deal for Financial Express

    18 Jan 2006

    Financial Express has set up its own fund ratings service, Crown Ratings. It uses a blend of quantitative and qualitative analytical screens, including measuring a portfolios volatility, consistency and returns against its benchmark.

  • FundsNetwork widening choice of property funds

    19 Jan 2006

    FundsNetwork has expanded its range of Isa-eligible property funds following changes in the rules to allow non-Ucits retail schemes to qualify.Investors now have access to the Norwich property, Schroders global property securities, New Star property and Standard Life select property funds.The Aberdeen property share, Fidelity global property, Skandia global property securities and Skandia property funds are already available through the platform.FundsNetwork has also added ...

  • Gautier leaves Fidelity growth

    19 Jan 2006

    Fidelity's UK growth manager Frederic Gautier is leaving and will be replaced by analyst Carlos Moreno.

  • Gautier leaves Fidelity growth

    18 Jan 2006

    Fidelitys UK growth manager Frederic Gautier is leaving and will be replaced by analyst Carlos Moreno.

  • Goodall joins 1st board

    20 Jan 2006

    Adviser software provider 1st has announced sales and marketing director Richard Goodall has joined its board.Goodall joined the firm in June and was previously a manager at Zurich Financial Services and national sales manager at Axa Sun Life as well as spending 10 years at national IFA Sedgwick Independent Financial Consultants.1st managing director Mik Cons says: Richard, having come from the adviser side rather than from a technology background, provides an additional perspective ...

  • Govt predicted to reject NPSS and reform state pension

    19 Jan 2006

    Several leading industry experts expect the Government to reject Lord Turner's National Pensions Savings Scheme and focus on reforming the state pension system.Fabian Society research director Richard Brooks says a huge new entity which embodies automatic enrolment at a national level is too big a task and the Government would be reluctant to manage it.He also claims Chancellor Gordon Brown's pride would prevent him implementing such sweeping changes, for which the Pensions ...

  • Hamilton promoted to Gartmore global equities product specialist

    20 Jan 2006

    Gartmore has promoted Paul Hamilton to the new position of product specialist - global equities.

  • Hargreaves wants to double advisers

    19 Jan 2006

    Firm looking for 50 IFAs as direct marketing campaigns boost business

  • Hips could eat up the PI

    19 Jan 2006

    Advisers who offer home information packs could be exposed to liabilities due to insufficient professional indemnity cover, warns PYV chief executive Neil Pointon.Pointon says brokers offering Hips to clients to secure new business will not be covered for mistakes in the packs by their existing PI policy.He says: "If advisers do get involved with Hips, then standard policies will not cover them for the actions of a poorly trained home inspector."Any mistakes in the pack, ...

  • Hot Topix

    19 Jan 2006

    Corporate restructuring and an improving domestic economy provide a solid backdrop for Japanese equities

  • HSBC investments makes two hires from Axa MM to its multimanager team

    24 Jan 2006

    HSBC Investments has appointed James Hughes and Nicholas Pothier as head of its UK multi-manager range and portfolio manager on the range respectively.

  • Huge surge in women registering for Cergi

    19 Jan 2006

    The Institute of Financial Services has seen a massive surge in the numbers of women registering for its general insurance qualification.The IFS says almost 2,000 registrations have been received from women for the single-module qualification, representing about 40 per cent of the total number of candidates.Cergi is a self-study qualification, with one module and one exam.The UK financial services market has seen a growing number of female advisers joining although men still ...

  • IFAP survey paints bleak picture of singletons' security

    19 Jan 2006

    One in ten UK singletons are out of control of their finances while over half of UK adults refuse to cut back on spending to save more for retirement, says new research from IFA Promotions.

  • IFS in A-Day warning for mortgage firms

    19 Jan 2006

    The Institute of Financial Services has warned mortgage professionals against ignoring the significance of A-Day and warning of compliance problems for those who are not prepared.Head of faculty financial regulation Mark Roberts says the run-up to April has focused on the effect on pension specialists but it could leave mortgage and other finance professionals in trouble.He says the IFS is updating all its regulatory qualifica- tions, including its certificate in mortgage advice ...

  • IMA sets out process principles

    19 Jan 2006

    The IMA has published six fund processing principles, including encouraging electronic messaging for communication between fund managers and financial institutions.

  • IMA sets out process principles

    18 Jan 2006

    The IMA has published six fund processing principles including encouraging electronic messaging for communication between fund managers and client-side financial institutions.

  • Investment View: Bulls tilt the balance

    19 Jan 2006

    What conclusion should we be drawing from the events in the high street as last year drew to a close? The fact that both Next and Marks & Spencer were able to report a more cheering festive season is remarkable. Popular wisdom had it that they took business from each other but it seems that Christmas present-buying still takes people into these shops.

  • It's a family affair

    19 Jan 2006

    Running a family business can raise other recruitment challenges

  • Just 10 weeks to go but Revenue still won't give details

    19 Jan 2006

    Mayday over A-Day as the Treasury admits 'there is no timetable available'

  • Landman retires from Thames

    19 Jan 2006

    Thames River Capital co-head of emerging market equities Rory Landman is retiring from fund management in his late 40s.Landman built his reputation as head of emerging markets at Barings, working alongside head of emerging Europe Martin Taylor. The pair moved to Thames River in 2001 to build its emerging markets team.The team runs three funds - Eastern European, global emer-ging markets and the 430m Nevsky long/short hedge fund.TRC sales director Edward Morse says: "Rory ...

  • Larger than life

    19 Jan 2006

    There has been media speculation in the last few days that Prudential and Aviva, Norwich Union's parent firm, explored a merger back in 2004.

  • 'Last-chance saloon' for the cowboy claim firms

    19 Jan 2006

    The Claims Standards Council has given hope to IFAs buckling under the weight of endowment complaints by promising to launch a “nuclear” attack on rogue claim management firms.<

  • Law Commission looks at life law

    19 Jan 2006

    The Law Commission is calling for a review of insurance contract law, specifically on life insurance issues around non-disclosure and civil partnership laws.

  • Law Commission looks at life law

    18 Jan 2006

    The Law Commission is calling for a review of insurance contract law, specifically on life insurance issues around non-disclosure and civil partnership laws.

  • Leeds and Mercantile Building Societies announce merger

    19 Jan 2006

    Leeds and Mercantile Building Societies announce a merger expected to take place on August 1 2006.

  • Liontrust chips in with large-cap fund

    19 Jan 2006

    Liontrust has soft-launched a concentrated large-cap fund to capitalise on what it believes are the most favourable market conditions for blue chips in five years.The Liontrust MMV fund, so-called because of its launch at the end of 2005, was rolled out without any fanfare to enable it to build up a track record before the group decides whether to market it to the wider IFA market.The portfolio, managed by Liontrust first large-cap fund manager Bill Pattisson, was introduced ...

  • Low-cost MPPI claims savings

    19 Jan 2006

    British Insurance is offering low-cost mortgage payment protection insurance which it claims could save customers up to 32 per cent.

  • Low-cost MPPI claims statistics

    18 Jan 2006

    British Insurance is offering low-cost mortgage payment protection insurance product which it claims could save customers up to 32 per cent on their premiums.

  • Maltin joins Rathbones

    18 Jan 2006

    Rathbones has appointed James Maltin as an investment director to manage its private client portfolios.

  • Maltin joins Rathbones

    19 Jan 2006

    Rathbones has appointed James Maltin as investment director to manage private client portfolios.

  • MI says life companies don't understand protected rights

    19 Jan 2006

    It is not the Government's response which is muddled but companies being unable to comprehend the regulation'

  • Midas touch on investment trust

    23 Jan 2006

    Liverpool-based Midas Capital Partners is raising 20- 35m in C shares for the Midas income & growth trust, the investment trust mandate it took over from Aberdeen last August.

  • Millfield loses star duo to Tenet's IFA

    19 Jan 2006

    Millfield Partnership has lost its two top-performing advisers to newly established Tenet IFA Foster Denovo.Tenet claims that the two teams led by Paul Clarke and Darren Laverty were the top- producing Millfield IFAs in 2004 and 2005, with both achieving a turnover of over 1m in each year. Both are on target for generating over 1m of business in 2006, according to Foster Denovo chief executive Keith Carby.But Millfield chief executive Paul Tebbutt says he is unconcerned, pointing ...

  • Morgan Stanley opens access to specialist funds

    19 Jan 2006

    Morgan Stanley Investment Management is targeting multi-managers with a new US Sicav and 26 other funds it is making available to UK investors through the creation of distributor share classes.

  • Mortgage Express restructures sales team

    18 Jan 2006

    Mortgage Express has announced a restructure of its sales team. The four-strong senior team will now be split in two to create separate units for key account management and business development management.Claire Ridgewell and Tony Vivash will take on responsibility for managing business development in the South and the North respectively, while two new key account managers - Louisa Sedgwick and Mark Collar will oversee Mortgage Express relationship with its key accounts.

  • Mortgage Next offers 99 valuation deal

    19 Jan 2006

    Mortgage Next Network and Mortgage Next Partners are offering 99 valuation deals on all packaged cases submitted before March 31.The deal applies on all properties valued up to 450,000.Mortgage Next's existing free valuation schemes with both Mortgages plc and Kensington will remain but the offer will not apply to Mortgage Trust applications.Mortgage Next is also offering a loyalty scheme for its directly authorised brokers, Passport, which includes air miles, access to ...

  • Mortgage View: The year of enforcement

    19 Jan 2006

    If 2005 was the year of regulation, then 2006 will surely be the year of enforcement. Let us hope so. Initially opposed to mortgage regulation, I still maintain that the MCCB was doing a perfectly good job. The endowment misselling phenomenon wrought regulatory overkill, wherein the then regulator's own culpability on unrealistic illustrative growth rates went unaccounted for.

  • Move to aid senior execs with pre-retirement plan

    19 Jan 2006

    Park Row is teaming up with Ashridge Business College to develop a pre-retirement planning programme for senior business executives.The retirement planning courses will include prepar-atory advice on financial, health, dietary, lifestyle and relationship matters.The courses are being marketing directly to human res-ources professionals and the pensions trustees of FTSE 250 companies. Experts from Park Row and Ashridge will be running the seminars.The two-day course will ...

  • MPPI sales fell in 2005

    24 Jan 2006

    Three-quarters of intermediaries saw falling MPPI sales in the second half of last year, according to Paymentshield.

  • MPs slam 'misleading' equity-release adverts

    19 Jan 2006

    Labour backbenchers have accused Norwich Union and other equity-release providers of misleading advertising and targeting an inappropriate market.In a Westminster debate this week, Labour MP and Treasury select committee member George Mudie used the example of an NU ad as evidence that products are being targeted at too young an audience. He said marketing does not explain the downsides such as high minimum withdrawals and high repayment values.Labour MP David Taylor also slammed ...

  • Multi-management: Open and shut case

    19 Jan 2006

    It was interesting to note the recent comments from some high-profile multi-managers that investment trusts are too troublesome to include within their portfolios.

  • Multiple metamorphosis

    19 Jan 2006

    GMAC-RFC executive chairman Stephen Knight has written a new book which sets out his vision for growth in the UK mortgage market. In this exclusive extract he relates, how his firm designed a revolutionary 25-year fixed-rate mortgage and dispels the myths surrounding the self-cert sector

  • Neptune has four funds first in the sector in 2005

    19 Jan 2006

    Neptune Investment Management finished 2005 with four funds ranked first in their sectors.

  • Noddings to lead HSB investments

    18 Jan 2006

    Roger Noddings is taking over as chief investment officer of HSBC Investments UK business. Noddings, previously CIO of HSBCs private client business, will have overall responsibility for all investment activities in the UK, heading the private client, multi-manager and liquidity investment teams.

  • Noddings to lead HSB Investments

    19 Jan 2006

    Roger Noddings is taking over as chief investment officer of HSBC Investments.

  • NU set to boost policy bonuses

    19 Jan 2006

    Most of NU's with-profits policyholders will see an increase in regular bonuses this year after the CGNU with-profits fund returned 17.7 per cent tax last year.

  • NU set to boost policy bonuses

    18 Jan 2006

    Most of NU's with-profits policyholders will see an increase in regular bonuses this year after the CGNU with-profits fund returned 17.7 per cent last year.

  • Nurs boost for Peps and Isas

    19 Jan 2006

    Changes to the Isa and Pep rules have opened up several new fund of funds products to investors looking for multi-manager exposure in the tax wrapper.

  • Old Mutual still holding out hope for Skandia deal

    19 Jan 2006

    Old Mutual has again extended the deadline for Skandia shareholders to accept its offer and believes it is building the momentum to carry the deal through.The South African insurer says 69.7 per cent of Skandia's shareholders have accepted the bid, which is 5.3 per cent short of the 75 per cent threshold it requires to take over the company.Old Mutual has extended the January 12 deadline until January 23 in an attempt to harness what it claims to be growing support.The company ...

  • Origen healthcare plan lets over-55s beat waiting lists

    19 Jan 2006

    Origen is introducing a healthcare product aimed at people over 55 and underwritten by Axa PPP.Retirement Essentials is designed to provide cover in treatment areas which have long NHS waiting lists and major impact on quality of life. The areas covered are heart and eye problems, joint replacement and inguinal hernia repair.Policyholders have two options. The first involves full medical underwriting and full healthcare cover, inclu- ding cover for two years on pre-existing ...

  • Paisley quits Dunedin trust

    19 Jan 2006

    Dunedin smaller companies investment trust manager Andrew Paisley has left Aberdeen Asset Management.

  • Paisley quits Dunedin trust

    18 Jan 2006

    Dunedin smaller companies investment trust manager Andrew Paisley has left Aberdeen Asset Management.

  • People on the move

    19 Jan 2006

    InvestmentTracy Watt has joined Axa Investment Managers as head of UK marketing. She will be responsible for the co-ordination and development of Axa IM's UK marketing strategy and the delivery of marketing support for the UK business. Watt joins Axa from Mellon Global Investments, where she has been marketing manager for four years.Troy Asset Management has appointed Ruth Keattch as head of research and investment director. Keattch was at DWS before it was ...

  • People on the move

    19 Jan 2006

    MortgagesMortgage Express managing director Tim Dawson is retiring on March 31. He leaves after 16 years at the lender and will not be replaced. The senior management team will instead report to parent company Bradford & Bingley lending director Chris Gillespie.HBOS is also set to undergo a change at the top after chief executive James Crosby's decision to quit the group. He will be replaced by chief operating office Andy Hornby on July 31.Until that time, ...

  • Personal effects

    19 Jan 2006

    Istarted my career at General Accident in York in 1968 in the annuities department before moving into what became more familiar sales roles and progressing to more senior management roles around the UK.Between 1990 and 1997, I held the position of assistant general manager of GA, creating the first true multi-channel sales and marketing operation in the UK. While in this job, I started what was to be the pivotal and most personally satisfying period of my career.Starting with ...

  • Pink looking to uncover bad practice in sub-prime market

    19 Jan 2006

    A campaign to root out poor sales practices in the sub-prime market will start this month.The initiative from Pink Home Loans will run throughout the year and aims to highlight where brokers are failing customers across the non-conforming market although the network says it will not name and shame offenders.Pink, which has plans to launch a suite of sub-prime products on the back of the campaign, says it will tip off the FSA about any offences it uncovers.It is finalising ...

  • Portman Building Society - Two Year Fixed Rate

    19 Jan 2006

    Portman Building SocietyTwo Year Fixed Rate

  • Prescient gains 1000th client

    24 Jan 2006

    IFA firm Prescient Financial Intelligence has just witnessed its 1000th client 16 months since its launch in August 2004.

  • Product matters: Playing the yield

    19 Jan 2006

    After their high-profile departure from Neptune last year, Barry Norris and Oliver Russ's first offerings from their new Britannic Argonaut boutique were always going to attract attention.Funds often attract fuss simply because of what has gone before. However, the two offerings from Norris and Russ deserve a look purely for their fundamentals.We like them both but are especially taken by Russ's European income fund.The fund will focus on Europe, excluding the UK, looking ...

  • Pru plots business map

    19 Jan 2006

    Prudential UK is launching a consultancy service to help financial intermediary businesses develop, with a particular focus on assisting firms move away from over-reliance on front-end commission.PruConsulting is a free service aiming to help business owners map out a clear strat-egy to produce greater business efficiencies and develop profitable business models.Business consultancy director Jeremy Hackett has hired six management consultants, some of whom have been IFAs. They ...

  • Rathbone Income tops 'white list'

    23 Jan 2006

    Carl Stick's Rathbone income fund has topped Principal Investment Management's 'white list' of income funds.

  • Rebel packager group launches

    19 Jan 2006

    The Alliance of Mortgage Packagers and Distributors has today announced its formal launch, after its members broke from the Professional Mortgage Packagers Alliance.

  • Rebel packagers bidding to sign up PMPA members

    19 Jan 2006

    The rift between the Professional Mortgage Packagers Alliance and rebel packagers is set to widen after the splinter group said it wants to sign up more members.The embryonic Alliance of Mortgage Packagers and Distributors has issued an open invitation to the 10 remaining PMPA members after splitting from the body due to what it calls the conflicts of interest of the PMPA having a stake in Unity Home Loans.The AMPD, which will appoint a management team shortly, claims to have ...

  • Russian star says oil will slow but consumers grow

    19 Jan 2006

    Russian consumer stocks are set to boom but commodities are unlikely to repeat last year's doubling in value, says JP Morgan Fleming Russian securities investment trust manager Oleg Biryulyov.The trust rose by 103 per cent in 2005 but Biryulyov says many Russian funds benefited from pessimistic oil price predictions, which were exceeded by over 50 per cent on average.Biryulyov's fund is underweight in commodities and does not hold Gazprom, the stock linked to the Ukrainian gas ...

  • ScotEq branching out with IHT tree

    19 Jan 2006

    Scottish Equitable and Scottish Equitable International are offering a set of aids for adv- isers to help them determine inheritance tax liability.The information packs will contain a series of stages that advisers can use to establish their clients' needs and dev- elop a trust solution for the client's circumstances.Stage one will highlight if a client is in excess of the nil-rate band of 275,000 for 2005/06 while the second stage features questions which help to identify the ...

  • Sesame members reveal fears over selling businesses

    19 Jan 2006

    Thirty-six per cent of Sesame members fear they will not be able to sell their businesses when they retire.A survey of 1,200 advisers attending Sesame Learning meetings also found that while 63 per cent foresee a long- term future in financial services, 6 per cent want to leave the industry.The research shows that members prefer to grow their businesses organically rather than through acquisition, contrary to predictions that takeovers will become more prevalent in the industry.Only ...

  • SimplyBiz claims regulator has big-firm bias

    19 Jan 2006

    SimplyBiz has accused the FSA of being biased towards bigger adviser firms after what it calls the regulator's lenient approach to recent capital adequacy problems at Millfield and Berkeley Independent Advisers.It has written to the regulator asking why bigger firms enjoy preferential terms on minimum turnover. Compliance services manager Tim Grey says this is a worrying precedent that could serio- usly undermine the FSA.He says: "I question the validity of the regulator's threshold ...

  • Speculation centres on Amex wrap

    18 Jan 2006

    Amex refuses to comment on speculation that its wrap could face closure if a buyer is found for the platform. The Amex wrap has a range of 4000 funds and around 50m of assets under administration.

  • Speculation centres on Amex wrap

    19 Jan 2006

    Amex refuses to comment on speculation that its wrap could face closure if a buyer is be found for the platform. The Amex wrap has a range of 4000 funds and around 50m of assets under administration.

  • Standard hits the snail on the head

    19 Jan 2006

    Nice to see Standard Life's corporate responsibility manager Andrew Marshall-Roberts getting down and dirty for a good cause.The provider has set up a Treemail scheme which aims to replant a forest in the Scottish Highlands with a 100,000 donation to the Trees for Life charity.Standard has pledged to buy a seedling for each of the first 100,000 policyholders who supply their email address so that the company can communicate with them via email rather than wasting vast sums of ...

  • Standard Life International - International Bond

    23 Jan 2006

    Standard Life InternationalInternational Bond

  • Standard Life International breaks into offshore market

    18 Jan 2006

    Standard Life International has moved into the offshore investment market with the launch of an international bond.The bond will be sold and administered from the recently established offshore office based in Dublin and will be available to all UK residents and UK companies.Main features of the product include tax deferral and control available to the investor due to gross roll-up. There is a corporate version for small and medium sized companies looking for a tax efficient ...

  • Standard Life makes international bond debut

    20 Jan 2006

    Standard Life International has made its debut in the offshore bond market with the Standard Life International bond.

  • Sunny side up for Sipps

    19 Jan 2006

    Brown's U-turn on Sipps will prevent unwary investors from putting all their eggs in the property basket

  • Survey reveals support for auto-enrolment

    19 Jan 2006

    Consumers support auto- matic enrolment into pension schemes but are unhappy about raising the state retirement age, according to a survey by B&CE Benefit Schemes.The research was based on the Pension Commission's report and finds that only 21 per cent support raising the state retirement age, with 56 per cent against and 36 per cent of those strongly against.But 62 per cent are in favour of automatic enrolment into employers' schemes, with only 15 per cent against.Sixty-one ...

  • SWIP ditches head of international equities

    20 Jan 2006

    Scottish Widows Investment Partnership has sacked head of international equities Tim Scholefield, who oversaw funds worth 6.8bn.

  • The black hole of final-salary schemes

    19 Jan 2006

    It seems to me that most people in the financial services industry and the Government fail to see how illogical final-salary pension schemes are in a capitalist society, as the liability is open-ended and, as such, cannot be justified in a prudent economy. Nic Cicutti in his column says that final-salary scheme employees contribute a third of a pension fund and only get 6 per cent of its assets. (Money Marketing, January 12). Although this is too much of a generalisation, knowing ...

  • The Mortgage Business - Multi Buy To Let Tracker 5.29%

    19 Jan 2006

    The Mortgage Business Multi Buy to Let Tracker 5.29%

  • The need for speed

    19 Jan 2006

    Last year saw tremendous change in the FS market, with depolarisation leading to significant growth in the HNW/wealth sector and increasing penetration into the market of some of the wrap providers.IFAs have been looking very closely at their range of services and how they interact with their clients, often having to re-invent themselves, not only as to where they are positioned in the market but how they will attract and service their clients.Numerous smaller IFAs and one-man ...

  • The return of equities

    19 Jan 2006

    Equities bounce back but tied agents continue to sell corporate bond funds

  • The ungrateful dread

    19 Jan 2006

    Sir Richard Branson has garnered millions of column inches in the media over the years, positive and negative in equal measure.

  • threesixty launches training faculty

    24 Jan 2006

    Threesixty services is launching a new financial services training faculty for IFAs.

  • Tilney takes over Clydesdale arm

    18 Jan 2006

    Tilney Investment Management has bought Clydesdale Banks discretionary investment management business for an undisclosed sum.

  • Tilney takes over Clydesdale arm

    19 Jan 2006

    Tilney Investment Management has bought Clydesdale Bank's discretionary investment management business.

  • Tories bidding to win back the City

    19 Jan 2006

    Paul McMillan finds Conservative vice-chairman Richard Spring leading a drive to get business backing the party

  • Treasury took no account of Sipp investors' plight

    19 Jan 2006

    The Treasury forced through the property Sipp U-turn without even considering the consequences for the financial services industry, says a Tory Shadow Treasury minister.Fareham MP Mark Hoban says Treasury Economic Secretary Ivan Lewis's admission that the Treasury made no estimates on the number of Sipp investors making off-plan purchases of residential property shows the Government's lack of thought about the implications of the last-minute change.Lewis was responding to two ...

  • UBS appoints head of UK retail marketing

    19 Jan 2006

    UBS has appointed Peter Beckett from Schroders as head of UK retail marketing.

  • Ulster Bank - Farming Growth Bond

    23 Jan 2006

    Ulstyer BankFarming Growth Bond

  • 'Unipass saves users 3,700'

    19 Jan 2006

    The vast majority of Unipass users say the digital certificates increase their daily product- ivity and make financial websites easier to use, according to Origo's annual survey.The research, involving almost 5,000 advisers, shows 78 per cent of users say it increases their daily productivity while 86 per cent agree that it makes financial websites easier to use.Other findings show 79 per cent believe Unipass reduces admin overheads and 61 per cent say they use online services ...

  • Virgin fails to win over critics of its Big V plan

    19 Jan 2006

    Provider faces claims that cancer plan 'plays right into hands of those campaigning for advice'

  • Watson Wyatt offers A-Day help to trustees

    19 Jan 2006

    Watson Wyatt has launched a new set of courses to help trus-tees cope with A-Day requirements. The courses are designed to supplement a free e-learning programme being developed by the Pensions Regulator which is due for roll-out this year.Watson Wyatt's learning programme includes training courses tailored to trustees' individual training requirements.The firm is also holding a series of forums on issues inc-luding firms' experiences so far of the new funding regime, handling ...

  • West Brom offers Shariah baby bond

    24 Jan 2006

    West Bromwich Building Society is offering a Shariah-compliant child trust fund in several of its Midlands branches.

  • When the Poat comes in

    19 Jan 2006

    How do the pre-owned assets tax rules apply to business insurance?

  • Which? draws up plans for state-run scheme

    19 Jan 2006

    Proposals for a state-run equity-release scheme are being drawn up by Which? for submission to the Government later this year.Which? is compiling a dossier outlining its plans, claiming that the market is failing to protect vulnerable customers.The consumer watchdog, which published a damning report on the market at the start of this month, is also lobbying MPs to gain cross-party support for its crusade against current practices.It has refused to rule out making a super-complaint ...

  • Widows to put direct clients back in S2P

    19 Jan 2006

    Scottish Widows is the latest life office to contract direct customers back into the state second pension automatically unless they choose otherwise.Widows has written to around 7,500 direct customers telling them that it will contract them back into S2P by the end of January unless they object. This follows similar moves by Prudential and Norwich Union.The customers are all over 50 and are expected by Scottish Widows to lose out financially if they remain con- tracted out.No ...

  • Williams de Broe predicts more use of ETFs to cut costs

    19 Jan 2006

    Multi-manager boutique Williams de Broe is predicting an increase in funds of funds that invest in exchange-traded funds as pressure increases on multi-managers to rein in costs.

  • Women's world

    19 Jan 2006

    This month, the Women's Financial Adviser Group present its 2005 Financial Adviser Women of the Year Awards, which are now into their fourth year.In explaining what the awards represent, the WFG is perhaps best placed to comment itself. It says: "The time had come for women in our sector to be noticed and to play a bigger role. Women bring something different to the profession with the special emphasis they place on holistic and client- centred work, training and qualifications ...

  • Woolwich - First Time Buyer Three Year Fixed Rate

    18 Jan 2006

    WoolwichFirst Time Buyer Three Year Fixed Rate

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