Money Marketing
19 October 2005

  • '13 Methodologies are bad luck for income protection sector'

    20 Oct 2005

    Income protection policies could be flouting the principles of the FSA's treating customers fairly initiative, claims a report by Defaqto.The report, IPI in the UK, says consumer detriment caused by complexities and inconsistencies in policy terms and conditions is being compounded by providers seeking a competitive advantage over each other at the expense of providing tangible benefits.Defaqto found that providers use 13 different methodologies for calculating the maximum insurable ...

  • 70 Sesame firms set for a legal battle over NDF

    20 Oct 2005

    A group of 70 Sesame member firms is discussing a legal action to recover a total of up to £2m deducted by the network to compensate NDF bond victims.The network members have contacted Midlands law firm Financial Services Legal to examine the validity of Sesame placing responsibility for NDF bonds on advisers, even though the product was on its own recommended list, trading as DBS in 1999.The firms - with an average £30,000 claim each - are planning to challenge Sesame's practice ...

  • A meeting of retail minds

    20 Oct 2005

    The chairman of the new Retail Financial Services Forum says it probably could not have existed five or 10 years ago.

  • A solid structure

    20 Oct 2005

    Helen Monks says despite the notoriety of precipice bonds, structured products are booming

  • A tale of two cities

    20 Oct 2005

    From Blackpool to Brighton and back to Blackpool, there was change of leadership in the sea air

  • Aberdeen VCT aims for C-share issue

    21 Oct 2005

    The board of directors of Aberdeens VCT want to do a C-share issue aiming for 15m, reducing its total expense ratio. Shareholders will be invited to approve the new issue at an EGM and a further announcement will be made in due course. The VCT holds a mix of private equity and Aim stocks and is managed by Bill Nixon and Judith MacKenzie.

  • Advantage designs sourcing tool for non-conforming deals

    20 Oct 2005

    A unique online trading platform is being launched by Advantage Home Loans for non-conforming mortgage searches and selection.The system, understood to be a first in branded and packaged mortgage arranging, takes the information from a decision-in-principle request and provides the broker with an evaluation table of product matches to select from.The system, named e:valuate, allows brokers to convert the enquiry into a completion by moving the data into a key facts illustration. ...

  • Advisers looking to emerging markets

    20 Oct 2005

    Growing confidence in the strength of the equity market recovery is leading many advisers to favour more aggressive asset classes over gilts and bonds.Investment in emerging markets, excluding China, is the biggest growth area of adviser interest, with the frequency of recommendation almost doubling since Oct-ober 1, 2004 from 5 per cent to 9 per cent, according to research commissioned by Lincoln Financial Group.UK equity income is still the most popular asset class among IFAs ...

  • Aegon in Positive share buyout deal

    20 Oct 2005

    More than 500 Positive Solutions partners will receive 50,000 in January 2006 as the IFA pays out on its Prophitshare scheme 18 months early.Aegon will buy the rem- aining 40 per cent shareholding in the IFA from Positive Solutions staff, directors and IFA partners by next February. The deal, which will see Aegon pay 40p a share for the stake, gives the company a paper value of 163m which it says makes it the most valuable distribution company in the UK.For the 25 IFA partners ...

  • An alternative after A-Day

    20 Oct 2005

    Income drawdown is a term used to describe what people do instead of buying an annuity. It is a relatively recent development in the pension world which enables us to think about pensions in two phases - where people are piling their money away for the future, and where they access their pension savings and start spending them.

  • Ashley Law and Park Row choose Selestia

    19 Oct 2005

    Selestia has been signed up as the preferred fund supermarket for advisory firms Park Row and Ashley Law. These tie-ups follow hot on the heels of Simply Biz selecting Selestia. The platform is also set to add a further 30 funds to its range at the end of the month.

  • B&B launches guaranteed combi bond

    25 Oct 2005

    Bradford & Bingley is launching a guranteed combi bond tracking the performance of the stock exchange but not investing in it - so the capital is secure.

  • Back from the dead

    20 Oct 2005

    Sesame product manager for life, pensions and investments Phil Hull says that after having been all but written off in recent years, the time has come for medium-risk investors to look again at with-profits

  • Bancassurers pose the biggest threat to IFAs

    20 Oct 2005

    Bancassurers are the biggest threat to IFAs' market shares due to their strong brand presence despite selling simple products, according to a report by Datamonitor.The research company predicts that in the next five years, both distribution channels will grow their single and regular-premium new business by an average of 4 per cent but the big retail networks of UK bancassurers, with their well-known brands and big client bases, makes them the only real threat to IFAs' market share.Bancassurers

  • Barclays joins forces with Signet Capital

    20 Oct 2005

    Investment bank Barclays Capital has teamed up with hedge funds specialist Signet Capital Management to offer a capital-protected bond providing exposure to a multi-manager, multi-strategy hedge fund portfolio.Signet Capital Management is the UK arm of the Signet Group, a European company established in 1993 to advise and manage hedge fund portfolios. The Signet global hedge fund bond has a minimum investment of $50,000 and is linked to a fund of 30 hedge funds created and managed ...

  • Barry Norris and Oliver Russ

    20 Oct 2005

    Matt Davis discovers how a bullish former gossip columnist and a bearish ex-policeman ended up as the dynamic duo behind Britannic's highly successful Argonaut boutique

  • Beaumont in a spin over hard landing

    20 Oct 2005

    Mortgages plc's Peter Beaumont (left) will have second thoughts next time he hitches a lift with the chief executive.Flying back in Trevor Pothecary's helicopter, the two had to make an unscheduled landing due to poor weather conditions.Thinking they had landed in an air field, they were suddenly accosted by security guards - they were in the middle of a high-speed motor racing track where new cars were being tested under tight security. They finally made it back to London by ...

  • Beeston quits as Millfield board member

    20 Oct 2005

    Millfield founding director Bryan Beeston is resigning his board position following the closure and sale of the firm's international and non-core businesses earlier this year.The restructure led to the group sales director role, which Beeston held since last November, becoming redundant. Beeston took over the role from Keith Carby when he left the firm. As a result of the shrinking role, Beeston decided it was appropriate to step down from the board.Beeston, who gained 516,000 ...

  • Big giants, little fairness

    20 Oct 2005

    Most supermarkets are too preoccupied with price to treat their customers fairly

  • Bolton and team in profit vow

    20 Oct 2005

    Michael Bolton and the four directors who left HBOS with him will forgo profit in the first five years of their new venture to secure mortgage market share.Bolton et al will be ready to launch a lender specialising in sub-prime, self-cert and buy to let next year, with significant backing from Oakwood Group, Money Marketing understands.The new lender is also bel-ieved to be aiming to lend a minimum of 1bn in the first year of its inception and says it will obliterate ...

  • Building society advances increase over 100m in 2005

    20 Oct 2005

    Building society gross advances increased from 4.02bn in September 2004 to 4.15bn in September 2005, according to figures from the Building Societies Association.

  • Changing face of Ucits

    20 Oct 2005

    Investors could see more choice, greater flexibility, reduced charging structures and transparency

  • Chelsea Building Society extends L&G relationship

    21 Oct 2005

    Chelsea Building Society expands its relationship with Legal & General and adopts its single point of sale protection system.Chelsea will now sell life assurance as well as general insurance products to customers.The building society will be offering term assurance, critical illness cover, ASU, income protection for mortgage cover and household insurance.

  • CII in exam link-up with City & Guilds

    20 Oct 2005

    Multiple-choice exams can be taken through City & Guilds' online facility

  • Civil service

    20 Oct 2005

    Nicola York says insurers are responding to the Civil Partnership Act by changing their policy towards gay applicants for life cover

  • Clerical Medical updates its taxation guide

    21 Oct 2005

    Clerical Medical is updating its ‘taxation of life policies’ guide'.

  • Client services chief for Cofunds

    20 Oct 2005

    Cofunds head of sales Mark Campbell is leaving and the firm has hired Stephen Mohan as director of client services and admin. Mohan will report to chief executive Charlie Eppinger and work with Andy Creak, who is promoted to MD.

  • Coming to a stage near you...

    20 Oct 2005

    Seico Insurance Consultants IFA Robert Starr has penned a musical biopic of would-be regicide Guy Fawkes' life, Remember! Remember.Starr has been writing songs in between being an independent insurance adv-iser and running a business of 18 staff with almost 8,000 clients.Having started in insurance at the age of 16, the 36-year-old IFA formerly worked for Allied Dunbar as a tied agent before setting up his own general insurance brokerage in 1990. He has performed on the stage ...

  • Correspondent's week

    20 Oct 2005

    This week by Liz Phillips, freelance journalist

  • Coventry rejigs site for loan introducers

    20 Oct 2005

    Coventry Building Society is relaunching its website to incorporate a range of online services for mortgage introducers.Introducers will now be able to access a credit-scored application in principle for the client as well as comp- lete a key facts illustration and make mortgage applications online.The updated site offers personal case-tracking for introducers, along with a procuration-fee tracking facility.Introducers will be able to input data without having to rekey and ...

  • Davidson joining Baigrie Davies

    20 Oct 2005

    High-profile adviser Amanda Davidson is joining Baigrie Davies & Co as a director following her departure from John Scott and Partners in August.Davidson made it clear that she was seeking to join a smaller firm as she did not enjoy the change in culture when Holden Meehan was taken over by Bradford & Bingley, then bought by JS&P in 2004.She will be joining directors Tom Baigrie and Arthur Davies in November as a director with responsibilities for providing advice to clients, ...

  • Derbyshire IoM links with CMI, Axa IM and Royal Skandia

    20 Oct 2005

    The Derbyshire (Isle of Man) is now offering its best buy, base rate tracker through the panels of Axa IoM, Clerical Medical International and Royal Skandia.The panels of collective redemption bonds will include the Derbyshire product, which was introduced nearly five years ago.It is currently paying 4.50 per cent.

  • Deutsche fund set to name new manager

    20 Oct 2005

    The board of the 120m Deutsche equity income trust is expected to announce a new manager as it unveils its results today.The board started seeking a new manager in Septem- ber following the takeover of DWS by Aberdeen, when manager Graham Ashby decided to leave.Since then, it has worked with broker Dresdner to assemble a field of likely contenders.The beauty parade is now understood to have been completed, with Jupiter, Merrill Lynch, Invesco, Henderson and Standard Life ...

  • Deutsche trust chooses Standard Life

    20 Oct 2005

    The Board of the 107m Deutsche Equity Income Trust has chosen Standard Life Investments to run the money.The move follows the takeover of DWS by Aberdeen and ends several weeks of speculation.

  • Director changes at Preferred Mortgages

    25 Oct 2005

    Preferred Mortgages appoints director of sales and marketing and director of operations with immediate affect.John Webster, joint managing director, has decided to leave the company to pursue other opportunities while joint managing director George Patellis is leaving to return to America.Head of sales Roger Taylor becomes director of sales and marketing and chief operating officer Nigel Ingram becomes director of operations.

  • Disaster appeal opens

    20 Oct 2005

    Hinckley & Rugby Building Society has launched an appeal fund to raise vital support for victims of the Asian earthquake.The society opened the fund on local radio station Rugby FM and is allowing contributions to be made at its branches in Leicestershire and Warwickshire.Chief executive Barry Hunt says: "The humanitarian crisis in Pakistan and Kashmir has personally touched the lives of many local people living in the communities we serve."

  • Doomsday for networks?

    20 Oct 2005

    Nicola York discovers that opinion in the industry is divided on whether mortgage networks have a future

  • Edward Jones takes on 26 advisers and wants more

    20 Oct 2005

    Edward Jones recruited 26 new advisers in September as part of its push to double numbers over the next two years.The whole-of-market firm aims to have more than 250 investment representatives by 2007 after starting its campaign in mid-August.It says 12 of the new entrants have moved from existing positions in the financial services industry, with the rest being newcomers to the sector.New advisers go through a 23-week programme for those without financial ser-vices experience ...

  • Electra sets up Kingsway VCT

    19 Oct 2005

    Electra Partners has launched the Electra Kingsway VCT 3, aiming at 40m for investment in 30 generalist Aim companies over the next three years. The initial charge is 5.5 per cent and management fees are 1.5 per cent in year one, 2 per cent in year two and 2.5 per cent from year three onwards.

  • Electra sets up Kingsway VCT 3

    20 Oct 2005

    Electra Partners has launched the Electra Kingsway VCT 3, aiming at 40m for investment in 30 generalist Aim companies in the next three years. Initial charge is 5.5 per cent and management fees are 1.5 per cent in year one, 2 per cent in year two and 2.5 per cent from year three onwards.

  • Elms warns that Aifa arm will confuse clients

    20 Oct 2005

    IFAP chief executive David Elms is warning Aifa that the inclusion of protection specialists in its new arm for whole of market advisers could confuse customers.He says protection specialists which do not offer investment products should not call themselves financial advisers and argues their inclusion in its new arm, the Asso- ciation of Financial Advisers, will confuse customers. He says Aifa needs to clarify its definition of a financial advi- ser before establishing the AFA.Aifa ...

  • Enough is enough

    20 Oct 2005

    I recently sent the following letter to Sesame in response to a complaint case, concerning a structured product, where it never advised me of the outcome and made a decision before reference to the FOS. I would be interested to hear from any current or former Sesame members who might be interested in forming an action group to fight our corner. The letter read: "I am completely dismayed to note that you have seemingly upheld a complaint which you initially rejected, and since ...

  • Equitable former directors win costs

    19 Oct 2005

    Equitable Life faces paying the legal costs of its 11 former directors after dropping its 1bn lost sale claim against them. Equitable will have to pay the costs incurred by the directors in defending this part of the claim against them, but the Society continues to pursue the directors for 700m on a negligence claim.

  • 'EU regulation in need of updating'

    20 Oct 2005

    Chancellor Gordon Brown has called for the modernisation of European financial services regulation to relieve the burden on industry and initiate a single European market.In a pamphlet heavily critical of the EU's social system, the Chancellor says financial services is a priority area where capital and high-skilled jobs are at risk if the regulatory environment is not modernised and new methods of reducing the burden of regulation must be explored.He says a risk-based approach ...

  • Fee or free?

    20 Oct 2005

    Mortgage fees have been a regular topic of discussion over the last year or so, from the rapid rise in exit fees to the steady creep of arrangement fees. There has been a trend for arrangement fees to lift gradually from what seemed an industry standard of around 300 to a point where 499 or more has become commonplace.Northern Rock charges a standard 695 across its range while Abbey offers loans with a 699 fee. But perhaps the prime example is the rec- ent launch of BM Solutions' ...

  • Female IFA champion to map out TV career

    20 Oct 2005

    Fiona Price has left Thinc Destini to concentrate on launching a television career.She says she has several opportunities to present business programmes that she is hoping to get off the ground.Price says she joined Des- tini as head of communications only to oversee the merger of Thinc and Destini groups which was completed in July this year. The group has appointed an external PR firm to deal with media enquiries.Her IFA firm Fiona Price & Partners - established in 1988 ...

  • Fidelity ShareNetwork cuts costs of online trading

    25 Oct 2005

    Fidelity International is slashing the cost of its online trading through ShareNetwork, which is being opened up to non-Fidelity clients.Costs for online trades will be cut from 13.50 to 9, regardless of size or frequency of transaction.Investors who join ShareNetwork will also receive full personal membership of Crest, the online share registration and settlement service for 5 a month.

  • Flexibility is the key

    20 Oct 2005

    You just cannot help being impressed by the quality of some of the candidates that we have interviewed recently. I am not just talking about qualifications and experience but their attitude and commitment to building a career in the financial services industry. It is a shame there are not more of them.A shortage of good quality candidates is not a new problem to our industry. What is surprising is the number of clients that you speak to that have been without a key member of their ...

  • Former Jupiter manager to run Artemis hedge fund

    20 Oct 2005

    Former Jupiter income manager William Littlewood, who left the firm due to exhaustion in 2000, is to join Artemis to run a global hedge fund.Littlewood will run a glo- bal long/short hedge fund to be launched next January, consisting of UK equities, US large caps, currencies, government bonds and with some commodity exposure.The fund will be aimed at institutional investors and is expected to have a minimum investment of 100,000.Littlewood resigned from running the Jupiter ...

  • Friends gives its name to new Isa

    19 Oct 2005

    Friends Provident has designed a new Isa called the Friends Isa, with no initial charge and an AMC of 1.25 per cent.

  • FSA is flawed over customer controlled functions, says CII

    24 Oct 2005

    The Chartered Insurance Institute is criticising the FSA for its proposals in CP 05/10 to remove customer controlled functions from the regulatory regime.

  • Gearing up for A-Day

    20 Oct 2005

    Our panel look at the issues leading up to simplification, the industry's preparations and any foreseeable problems after A-Day

  • General Motors seeks GMAC partner

    19 Oct 2005

    General Motors announces it is seeking a strategic partner to buy a controlling interest of more than 50 per cent of GMAC. Following leading comments from a Standard & Poor's analyst, a sale would secure a more favourable investment grade rating for GN and renew its access to low-cost funding.

  • General Motors seeks GMAC partner

    20 Oct 2005

    General Motors is seeking a strategic partner to take 50 per cent of its 100 per cent interest in GMAC. The announcement follows comments from a Standard & Poor's analyst that a sale would secure a more favourable investment grade rating for GM and renew its access to low-cost funding.

  • Giving it 110 per cent

    20 Oct 2005

    Ever-present discount brokerage Chelsea Financial Services appeared a little over-zealous on their VCT web-page last week. The Chelsea VCT portfolio consisted of 20 per cent stakes in four VCTs, and 10 per cent stakes in three more. We're not sure if this is what's meant by going the extra mile or providing added value

  • Goy Harris launches risk-graded wrapper

    20 Oct 2005

    A top-down asset-allocation process will be applied to all eight portfolios

  • Greenspan sees successor in Ben Bernanke

    25 Oct 2005

    The most powerful man in the world today - Alan Greenspan - receives a successor, according to F&C Asset Management.

  • Guaranteed to be safer than gilts

    20 Oct 2005

    The new Threadneedle Absolute Return Bond fund looks set to give a return of about 5.75 per cent a year tax free through Isas and Sipps and is likely to prove a much lower risk than gilts.

  • Hales in chartered planners warning

    20 Oct 2005

    Chartered Insurance Institute president Peter Hales expects around 800 advisers to qual-ify as chartered financial planners in the next two years.But he warns it will take time for the chartered status to gain currency among consumers.Hales says around 800 advisers are in a position to gain the chartered status.A recent Money Marketing survey found that advisers are split on whether they were going for chartered status. Much of this is to do with the average age of advisers, ...

  • Handbags at dawn

    20 Oct 2005

    Now that's what we like to see: the bosses of three of the industry's leading IFA and potential multi-tie firms having a pop at each other and descending to some of the most appalling name-calling ever seen in the pages of Money Marketing.

  • Harrison quits Credit Suisse for Threadneedle

    24 Oct 2005

    Credit Suisse income manager Leigh Harrison has quit the firm and is rumoured to be joining Threadneedle.Harrison took over running of the fund from top-performer Bill Mott, while Threadneedle suffered the departure of UK equity manager Graham Kitchen to Henderson earlier this year. Threadneedle are expected to announce the signing at noon today.

  • Harrison says multi-ties would collapse without provider cash

    20 Oct 2005

    Positive Solutions has attacked provider investment in multi-ties and networks, saying many organisations receiving funding would collapse without it.Speaking last week at Positive Solutions' annual partner forum in Newport, Wales, chief executive David Harrison said networks need investment by providers to maintain capital adequacy and would collapse if this money was pulled out.Harrison also slammed multi-ties for offering a "best of deal" agreement rather than a "best of ...

  • Hipwell share tipping trial starts

    19 Oct 2005

    The trial of former Mirror share tipping columnist James Hipwell has started. He has been charged by the DTI, along with trader Terrance Shepherd, of breaking the Financial Services Act by allegedly tipping shares in companies where they owned stock.

  • Hipwell share tipping trial starts

    20 Oct 2005

    The trial of former Mirror share tipping columnist James Hipwell has started. He has been charged by the DTI, along with trader Terrance Shepherd, of breaking the Financial Services Act by allegedly tipping shares in firms where they owned stock.

  • Hitting the Target

    20 Oct 2005

    While Japan shows signs of a recovery, the Bank of England is still concerned about wage pressure

  • Homer's odyssey

    20 Oct 2005

    The adventures of The Simpsons have parallels with the pension industry

  • IFA average age has fallen by 18 months

    20 Oct 2005

    IFAs are getting younger, with their average age coming down by 18 months, according to Aifa director general Chris Cummings.Cummings says although this is a move in the right direction, he accepts that the industry is unlikely to ever see the average age of IFAs as twenty-something because as an adv-ice industry, the majority of people feel comfortable with some level of life experience.He says the gradual reduction in the age of IFAs is a result of the big number of mortgage ...

  • IFA Sonalike loses credit licence

    24 Oct 2005

    An IFA with offices in London and Manchester has lost his credit licence, guilty of housing benefit fraud.

  • IFA workshops sowing the seeds of podcasting

    20 Oct 2005

    IFA Informed Choice is teaming up with marketing and business development firm Broker Exchange to run free podcasting workshops for IFAs and product providers.Podcasting is a way of publishing audio broadcasts via the internet through MP3 files, which users can listen to using PCs and i-Pods.Informed Choice has seen a 370 per cent increase in visits to its website since launching its weekly personal finance podcast, which has 5,000 subscribers, in September.It will share ...

  • IFS offering module for alternative loans

    20 Oct 2005

    The Institute of Financial Services has opened its alternative residential lending module for registration.The ARL module forms part of the advanced CeMap qualification and will better enable advisers to give specialist adv-ice across a number of alter-native products.The course covers sub-prime mortgages, the right-to-buy market, self-build mortgages, equity release, borrowing to buy foreign property along with the key features of BTL borrowing and buying property as an investment ...

  • In a fluster over cluster section 32s

    20 Oct 2005

    It is only fair that I respond to some of the points John Lawson has made, otherwise people will think that I am actually accepting what he is saying. I take issue with the comment that protecting tax-free cash is not a valid reason to transfer funds out of a perfectly good executive pension plan. Most EPPs do not allow self-investment or, indeed, income drawdown and certainly are not in a position to offer phasing because, even if they have rarely been set up as a series of ...

  • In the nao's sights

    20 Oct 2005

    Calls for an independent body to monitor the FSA gathered momentum last week amid reports that the chairman of the influential parliamentary committee responsible for keeping tabs on Government expenditure has turned its attention to the regulator's spending habits.

  • Infinity Mortgages gains its independence

    20 Oct 2005

    Infinity Mortgages finds independence as it announces its first mortgage completion under its sole brand.

  • IntelliFlo launches solo product

    24 Oct 2005

    IntelliFlo has launched a low-cost self-service version of its Intelligent Office system for individual advisers.The product, Intelligent Office Solo, is priced at 75 a month and the software provider says it will offer single IFAs the same features available to larger companies through its Intelligent Office.net system.IntelliFlo chief executive Nick Eatock says: "One of the great features of Intelligent Office is that being internet-based it can be used by any business from multi-national ...

  • Investec's Oeic range set to meet Ucits 3

    20 Oct 2005

    Investec is converting its entire Oeic range of 24 funds to comply with Ucits 3 regulations and will complete the task by December.The firm will use the new flexibility to market its range across Europe following similar moves by Threadneedle and JP Morgan Asset Man- agement. All fund providers must convert their funds to comply with Ucits 3 by February 2007.Several individual fund launches such as the New Star cautious fund of funds and the JPM absolute return fund have made ...

  • Investment View: The spirit of inflation

    20 Oct 2005

    Is inflation really returning to haunt us? That this element of the economic mix is moving up the agenda for the MPC's discussions was clear from Bank of England Governor Mervyn King's comments last week. No longer are ever-cheaper imported goods holding down our cost of living. Even those items unaffected by dearer oil are costing more. Moreover, service industry inflation is also on the up. That, indeed, is a worrying development.

  • James Hay will offer drawdown on SSASs

    20 Oct 2005

    James Hay will offer an income drawdown facility to its SSAS book from A-Day to both new and existing clients.Scheme members will be able to take income through either unsecured or alternatively secured routes or rec- eive income drawdown via scheme pensions and annuity purchase.Phasing of retirement income options will also be offered after April 5 next year. The new rules will apply to all schemes established on or after A-Day. Existing James Hay clients with occupational ...

  • JO Hambro appoints Elvey to US equities team

    19 Oct 2005

    JO Hambro has appointed Goron Elvey to its US equity team. Elvey previously managed the US and European mandates for British Steel Pension Fund and before that ran European assets at Nomura. The firm plans to launch a second US equity fund next year to be managed by Elvey, following the recruitment this month of American growth manager Nick Roe-Ely. It has also appointed Alan Gibbs and David Gibbs as directors.

  • Joseph attacks FOS 'probability factor'

    20 Oct 2005

    The Financial Ombudsman Service is at risk of awarding compensation "on the basis of a probability", according to embittered IFA John Joseph.The FOS has come under attack from Joseph, the IFA who is caught up in a compensation row with a client to whom he sold a Standard Life mortgage endowment policy.Although the Ombudsman agrees he made it clear there was no guarantee the client's mortgage would be paid off when the endowment mat- ured, it found that he had mis-sold the product ...

  • Jupiter European Special Sits bags S&P rating

    24 Oct 2005

    Jupiter European Special Situations fund has been rated A (New) by Standard & Poor's.The fund's rating has been under review since former manager Leon Howard-Spink left the group in July to join Schroders.He was succeeded by his deputy Cedric De Fonclare who also uses a non-benchmark constrained bottom-up approach with a focus on mid caps.

  • Jupiter fears risk of nano backlash

    20 Oct 2005

    Nanotechnology is at risk of suffering a popular backlash akin to that suffered by gen- etic engineering, according to Jupiter's socially responsible investment team.Jupiter says nanotechnol-ogy is being developed in a regulatory vacuum despite concerns over the direct physical and long-term indirect risks associated with it.Nanotechnology involves the exploitation of materials at the scale of individual atoms and molecules to create improved products. A human hair, for example, ...

  • 'Keep incentive sweet'

    20 Oct 2005

    Without sweet equity in co-investment schemes, VCT managers lack an incentive to perform, says a VCT manager planning to offer a co-investment deal to his team.Northern Venture Management investment director Tim Levett has hit back at criticism of such deals, which allow VCT managers to invest in companies where their funds are invested.His four VCTs, as well as the company's investment trust, are likely to go with a co-investment strategy later this year. Levett says critics ...

  • Kensington Mortgages launches branded lending proposition with Pavillion

    24 Oct 2005

    Kensington Mortgages is teaming up with Pavillion Securities as part of their branded lending proposition.

  • Leeds launches first Euro mortgage

    20 Oct 2005

    Leeds Building Society is responding to the increase in properties being purchased abroad by launching its first ever Euro mortgage.

  • Leia cake

    20 Oct 2005

    After several steins at the Billingsgate Bierfest, Norwich Union PR Rob Pell got in touch with his feminine side (but managed to avoid going to the dark side) with the aid of an MM hack. The pair created a rather fetching headdress ?a Princess Leia, using only a pair of pretzels and some wire-filled blonde plaits. Blue Peter would have been very proud. Or should that be Blauer Peter?

  • Leitch confirms multi-tie project

    24 Oct 2005

    Former Zurich and Allied Dunbar chief executive Lord Sandy Leitch has confirmed he is setting up a multi-tie financial services distribution business, called Intrinsic, with well-known industry colleagues. Former Zurich Advice Network marketing director Kevin Donaldson will head up the firm as CEO.A spokesman for the venture says the move, first reported in Money Marketing, is still in its early planning stages.

  • Lessons in regulation

    20 Oct 2005

    IFS head of faculty financial regulation Mark Roberts looks back on the FSA's first year of regulating mortgages and finds that there is a renewed vigour for learning among firms

  • Making contact

    20 Oct 2005

    Employment-consulting firm Aaron Clarke Group managing director Ian Hopwood says communicating with staff and understanding their personal motivations is key to keeping employees rather than thinking that pay is the real motivator

  • Mazars changes name and hunts for RIs

    20 Oct 2005

    Mazars is celebrating its new financial year with a new name - Mazars Financial Planning.The UK IFA subsidiary of international accountants, formerly known as Mazars Financial Services, completed its financial year with 480m in assets under influence and says it will significantly expand its national IFA operation over the next 12 months.It plans to increase its registered individual numbers from 20 to over 25 by the end of the year by recruiting financial planners, paraplanners, ...

  • Mentor health

    20 Oct 2005

    Openwork commercial devel-opment director Jon Hopper says it is commonly accepted that new blood is needed in the industry and managers must be trained to again take up the mentoring role

  • MEX appoints Tim Sturley as head of mortgage distribution

    20 Oct 2005

    Tim Sturley has been appointed head of mortgage distribution at Mortgage Express. Sturley, currently head of business development, is replacing Cammy Amaira who is leaving Mortgage Express after 29 years working with the Bradford & Bingley Group.

  • Midas link to Skandia platform boosts distribution among IFAs

    20 Oct 2005

    Hybrid multi-manager Midas Capital has boosted its distribution among IFAs with a link to the Skandia platform.

  • Mifid deadline too tight, says Tiner

    20 Oct 2005

    John Tiner has continued the FSA's assault on EU regulation, declaring Mifid a lesson that must never be repeated and voicing concern about the tight deadline for the directive's implementation.Speaking at the Apcims conference recently, the FSA chief executive said firms are still unaware of the full effects of the directive, with the April 2007 deadline looming.This deadline has already been extended a year, with Tiner among those critical of the original date as not giving ...

  • Model behaviour

    20 Oct 2005

    Using asset allocation theories to put together a portfolio is about making sure you don't put all your eggs in one basket

  • Mortgage refusal

    20 Oct 2005

    I was reading the best advice column by Sarah Calvert: She's leaving home (MM, 13 October) and noticed a serious error in the advice given. In the column it is advised that the parents could take out a buy-to-let loan on a property for their daughter to live in. Under the new rules, this is not allowed. Guidance on this can be found in PERG 4.4.8G. I feel that I need to bring this to your notice because it could give advisers the wrong idea and subsequently mean mortgages are refused. ...

  • Mortgage View: Paying the regulation price

    20 Oct 2005

    A year on from M-Day it seems appropriate to assess the impact of statutory mortgage regulation. To do this, one needs to consider where we were prior to October 31, 2004, what principle improvements statutory regulation was designed to achieve and whether this has been done at an acceptable cost. Many comments about regulation overlook the groundwork achieved by the voluntary regime of the Mortgage Code Compliance Board (MCCB).

  • Multi-manager View: Moms the word

    20 Oct 2005

    About a year ago, in answer to a question from an IFA at a conference as to what we did, I explained that T Bailey was exclusively funds of funds. "Oh", she said, "Fofs? We use manager of managers (Moms) because they research funds, whereas Fofs just pick them".

  • 'Mutuals have potential to steal a march on listed companies'

    20 Oct 2005

    Mutuals' share of the market has declined threefold over the past 20 years but the outlook remains rosy as they continue to enjoy lower net expenses than listed firms.Mutuals' share of assets has fallen from a 20-year peak of 50.5 per cent in 1985 to just 16.8 per cent in 2005. During this period, there were several major demutualisations, including Norwich Union, Friends Provident and Scottish Widows, and the potential demutualisation of Standard Life would further reduce this ...

  • New Star float to make millionaires of 40 staff

    20 Oct 2005

    New Star Asset Management is to float on the Alternative Investment Market on November 11 with a predicted value of between 600m and 700m, making millionaires of more than 40 staff.New Star says it expects its directors and employees to sell 5 per cent of their shares, amounting to 3 per cent of the firm's share capital or between 17m and 21m.Founder and chairman John Duffield will not be selling any of his stock. He owns 17 per cent of New Star, worth between 102m and 119m.All ...

  • NU is moving its Sipp admin back in-house

    20 Oct 2005

    Norwich Union is relaunching its Sipp, group and personal pension ranges in the New Year in a move that will see the insurer take its Sipp administration back in-house.From A-Day, NU's personal, group personal and Sipp ranges will be run under the same scheme rules so clients will be able to convert their personal or group scheme into a Sipp or group Sipp by signing a form. This will enable anyone who might want a Sipp at a later date to convert their personal pension without having ...

  • NU reviews term assurance rates

    25 Oct 2005

    Norwich Union is reviewing premium rates on term assurance products.

  • Openwork's mentoring drive

    20 Oct 2005

    Openwork has put its first stream of sales managers through a mentor training programme in an attempt to better initiate new recruits.The 2,200-strong multi-tie network recently finished training 150 of its sales managers in a mentoring training scheme as part of its Flying Start training programme which is designed to equip them with the necessary skills to incorporate new recruits into their firms.The programme will take recruits through the whole advice process, from doing ...

  • Pearl outsources admin to TCS in 486m deal

    20 Oct 2005

    Pearl group has outsourced its processing and administration to TCS in a 486m deal that will affect 950 of its employees.The news has been welcomed by advisers frustrated by Pearl's service standards.Of its 1,100 employees, 950 will remain in its Peterborough offices but will be employed by TCS in what it is calling a UK life and pension centre of excellence.Pearl currently runs 13 different IT systems which over the next four years will be moved onto one system to speed ...

  • People on the move

    20 Oct 2005

    InvestmentThe AITC has appointed Ian Sayers as deputy director general in a newly created role. Sayers joined the association in November 1998 as technical director and lobbied for investment trusts to be able to conduct share buybacks more easily in 1999. The AITC says the promotion recognises the contribution that Sayers has made to the investment trust industry and the AITC's increasing focus on technical and public affairs.Morningstar UK has promoted Joseph Grause Junior ...

  • People on the move

    20 Oct 2005

    MortgagesHBoS head of specialist lending Michael Bolton and Halifax director of intermediaries Alan Cleary departed with John Nixon, Rob Williams and Mark Smith for Oakwood Group this month.The Mortgage Business managing director Bill Dudgeon left for Deutsche Bank with Mark Bergin, David Parry and Paul Graham. Dudgeon is replaced by HBoS senior executive Nigel Payne. HBoS head of mortgage strategy Phil Jenks takes on Bolton's role. Cleary is replaced by Halifax head of ...

  • PFS launches affinity benefits scheme

    20 Oct 2005

    The Personal Finance Society has introduced an affinity benefits package for its members.The initial package has links with over 20 companies offering a range of services from legal and IT support to car rental and professional indemnity cover.The package can be viewed on the PFS website and contact can be made with the comanies through the links on the site.

  • PFS workshops will put focus on lifetime loans

    20 Oct 2005

    The Personal Finance Society will begin its fourth-quarter regional meeting programme across the country next month.The workshop sessions will focus on the issues surroun- ding lifetime mortgages that advisers need to convey to clients for a full assessment of client suitability. They will cover the issues of the yield gap between borrowing and investing, product types, lifetime mortgage versus reversion, cash versus drawdown, family involvement and state benefits.Workshop sessions ...

  • PI broker Fabien set to go into liquidation

    20 Oct 2005

    Professional indemnity insurance broker Fabien Risk Services has collapsed and is poised to go into liquidation.The firm, with offices at Lloyd's in London and in Essex, provides PI insurance for professions including financial advisers, estate agents, insurance brokers and accountants. Shareholders and creditors are understood to be meeting on October 19 to appoint a liquidator.The cause of Fabien's collapse is unclear but market sources claim there is a 0.5m hole in its accounts. ...

  • Poll reveals public want single system

    20 Oct 2005

    More than three-quarters of the public want the state pension system simplified and would favour the abolition of S2P to fund a more straight- forward, single benefit.Research from Axa reveals that 79 per cent of people questioned favour a single state unified pension and 54 per cent believe such a state pension should be available to all eligible citizens, regardless of how much they have paid in NI contributions.Head of pensions and savings policy Steve Folkard says there ...

  • Premier exceeds 1bn under management in BFS deal

    20 Oct 2005

    Premier Asset Management has bought investment boutique BFS using a combination of equities and cash.Under the terms of the deal, Premier will assume responsibility for managing BFS's investment trust and private client businesses.It paid a combination of 1.3 million Premier shares and cash of up to 221,400.At the end of August, BFS had 330m under management, including 248m in five investment trusts and 85m in its private client business.The deal will increase Premier's ...

  • Premier signs deal with Bright Grey

    21 Oct 2005

    Premier has signed Bright Grey to its protection panel, joining Scottish Provident, Norwich Union, Legal & General and Friends Provident.

  • Private-rented arena sees steady growth

    20 Oct 2005

    The private-rented sector is growing steadily, according to research from the Office of the Deputy Prime Minister.Provisional findings from the Survey of English Housing show that the proportion of households that are priv-ately rented has grown by 2 per cent since the turn of the century from 10 per cent to 12 per cent.The sector has expanded to meet growing tenant demand. The new figures are likely to show the private-rented sector reaching close to 2.5 million.The survey ...

  • Prize will bowl you over

    20 Oct 2005

    competition questionWhich current Ashes hero made a record 234 runs not out when he played in the National Under- 15s Championships in 1993?A: Nasser HussainB: Andrew FlintoffC: Marcus Trescothick Terms and conditionsThis competition is open to UK residents aged 18 or over1. Only one entry per person.2. This prize draw is not open to employees of Portman Building Society and their immediate families.3. No purchase is necessary.4. The closing date ...

  • Protection providers back our campaign for clarity

    20 Oct 2005

    IFAs and providers are backing Money Marketing's No Advice, No Protection campaign and increasing pressure on the FSA to address the issue of clarity for protection customers.Bright Grey, Swift Solutions, Scottish Provident, Skandia and SimplyBiz are some of the companies which have given clear support to the campaign for a health warning for execution-only customers, explaining that they will have no recourse to the ombudsman if they choose the wrong product. These companies are ...

  • Regulation could add 1,000 to the cost of buying a house, says CML

    25 Oct 2005

    Increasing regulatory issues could add between 500 and 1,000 to the cost of buying a house, according to Council of Mortgage Lenders, in its pre-Budget submission to the Treasury.M-Day is just one of many regulatory initiatives affecting lenders and increasing costs for their customers, says the CML.The new Basel II capital requirements and the proposal to introduce home information packs in 2007 are also having an effect.

  • Report puts 50m price tag on Sesame

    19 Oct 2005

    Misys could dispose of Sesame at almost any price and provide a boost to its stock, according to a Cazenove research report that suggests a price tag of around 50m for the network. Bridgewell Securities suggests a break up valuation of 40m. Misys itself was the subject to bid rumours last week.

  • Resolution launches advice Foundation for low earners

    24 Oct 2005

    The Resolution Foundation launches today, a not-for-profit organisation targeting basic rate taxpayers with low financial awareness.

  • Richard Jacobs in A-Day hours deal with staff

    20 Oct 2005

    The demands of pension simplification are leading specialist pensions firm Richard Jacobs Pension & Trustee Services to extend its office hours in the run-up to A-Day.Director Richard Jacobs has thrashed out a deal with his staff that will see them extend their working day from 9-5:30 to 8-6 through February, March and April.The team will work equivalent hours but these will be staggered so that half of the staff work the "early" shift and half work the "late" shift. Staff have ...

  • Ride 'em, cowboys

    20 Oct 2005

    FSA guidance will not stop unscrupulous property clubs from roping in profits

  • Rivals flock to join firm

    20 Oct 2005

    Positive Solutions has seen an influx of new advisers from many of its competitors, with the bulk following founders David Harrison and Maurice Cotter from Zurich Advice Network.At its annual partner forum in Newport last week, Positive Solutions unveiled the previous companies of its 281 recruits who have joined within the last 12 months.ZAN, now Openwork, lost 62 advisers to Positive Solutions in the last year, the highest number of any of its rivals.Millfield lost 29 ...

  • Rock horror

    20 Oct 2005

    We hear the FSA is setting up a band to play at the Compliance Register awards next month at the Dorchester.A senior male member of the regulator will be on lead vocals backed up by two female FSAettes and a bunch of professional musos.The diary is happy to pass on sensible suggestions for the name of the band and any potential covers. Perhaps the camp classic I Will Survive, or The Smiths' Last Night I Dreamt That Somebody Loved Me, to entertain the masses.

  • Scot Eq Protect improves online underwriting service

    21 Oct 2005

    Scottish Equitable Protect has improved its online underwriting service to speed up the application process.

  • ScotEq adding critical support

    20 Oct 2005

    Scottish Equitable is linking up with Red Arc Assurance for practical information and emotional support at point of claim for clients with group critical-illness cover policies.It is the first provider to offer Red Arc services on group CI cover since Swiss Life closed to new business in August 2003.Aegon public relations manager Mark Locke says: "Offering this additional service is what customers say they want and what they need."Product marketing man-ager Christina Donaldson ...

  • ScotEq on the road with A-Day help

    20 Oct 2005

    Scottish Equitable is set to start its biggest series of adv- iser roadshows in the run-up to A-Day.The company has also dev-eloped an A-Day training package on CD-Rom which it is offering to advisers.The roadshows start in Glasgow on October 27 and will take place at 21 venues across the UK and finishing in Cardiff on December 7.Pensions development director Stewart Ritchie and pensions development manager Rachel Vahey will lead the sessions.The CD-Rom will be available ...

  • Scottish industry hit by fallout of top advisers

    20 Oct 2005

    Layoffs such as Standard Life's sacking of 300 staff mean there are more people than jobs'

  • Selling and advising

    20 Oct 2005

    In his enthusiasm to make his weekly column suitably thought provoking, Nic Cicutti betrays a sorry lack of understanding of what differentiates the multi-tied agent from the true IFA, regardless of how the latter is remunerated. Virtually none of the public either knows or cares about Aifa - it's just a trade body, on which IFAs rely to argue their causes and grievances to the regulator, and heaven knows we need such a body. Most clients have no interest in trade bodies or ...

  • Sipp investors look abroad for property

    20 Oct 2005

    Most people considering buying a second home because of A-Day changes allowing residential property in a Sipp are looking abroad, according to Teamspirit.The financial marketing specialist found that 71 per cent of those considering using their pension to buy prop- erty are looking at an overseas investment.The most popular country to buy such property is Spain, preferred by 33 per cent of respondents, followed by Portugal with 19 per cent, France with 17 per cent and Italy ...

  • Site at the end of the tunnel

    20 Oct 2005

    Financial Advisers have a reputation for technophobia, which may be true in some cases, but we must face the reality that with new waves of technology forever crashing upon the shores of our business and domestic lives, financial advisers are still thrashing around in the shallows trying to blow up their water wings.

  • Skandia hedges bets on multi-strategy launch

    20 Oct 2005

    Skandia Investment Management is set to launch a multi-strategy fund of hedge funds in the first half of 2006, in anticipation of possible FSA regulation of the asset class.Chief executive Jamie MacLeod says the firm has been doing due diligence on hedge funds since early 2005 with a view to launching the product. It is likely to recruit specialist hedge-fund staff should the move go ahead.Skandia IM was launched in March 2003 to provide a dedicated asset management business ...

  • Skandia service aims to cut down money transfer times

    20 Oct 2005

    Skandia is adding a pen- sion transfer service to its website amid concerns that other providers are taking 50 per cent longer than last year to transfer monies.Research by the firm reveals the number of days it takes to receive transfer monies from other providers into its section 32 contracts has increased from an average of 43 days in 2004 to 66 days in 2005 - an increase of 53 per cent.Skandia's online service will provide analysis reports for final-salary and money-purchase ...

  • 'Solution to pension crisis lies with advisers'

    20 Oct 2005

    Intermediaries are the answer to fixing every country's pensions crisis and providers need to recognise the fact, says Aegon chief executive and chairman Don Shepard.Speaking at the Positive Solutions annual partner forum last week, Shepard said the industry needed to back IFAs when it dealt with Government and the regulator if closing the pensions gap had any chance of succeeding.He says because pensions are sold and not bought, product providers, the Government and the regulator ...

  • Speculation ends as Pru chief Wood is set to leave

    20 Oct 2005

    Prudential UK and Europe chief executive Mark Wood is leaving the firm in January ending more than six months of speculation about his future.Wood's future at Pru has been a source of near constant conjecture since Mark Tucker, formerly head of the insurer's Asian operations, was prom-oted above him for the group chief executive role in March following the ousting of Jonathan Bloomer.Wood leaves the Pru board with immediate effect but will depart the group at the end of January. ...

  • Spiritual experience

    20 Oct 2005

    I can't help feeling the title suggests that from the day I was born to now, my career was mapped out before me. Nothing could be further from the truth. Rather, I arrived at my present job essentially by a series of accidents. As a young-ster, I wanted to be an archaeologist but somewhere I lost the enthusiasm.I read law at Kingston with the idea of becoming a solicitor but I hated the degree and compounded this by going to Guildford Law College. I left knowing it was not for me. ...

  • Standard calls for uniform IHT policy

    20 Oct 2005

    Standard Life is to push for an ABI campaign calling for a common approach to how discounted gift plans are set up.Currently, each insurer negotiates the discount it can offer on these IHT planning products individually with the Revenue, which can lead to varying rates in the market.Discounted gift plans are used by individuals wanting to shelter pots of money from IHT but still draw an income from them. The discount comes into play if the person dies within seven years of setting ...

  • Standard employee jailed over 28k embezzlement

    20 Oct 2005

    A Standard Life employee has been jailed for eight months after he admitted embezzling 28,000 from the insurer.Last month, Money Marketing reported on how Derek Main began moving commission due to paid to financial advisers into a personal account after joining the commission department in 1996.In December 2004, it became apparent that an unusual number of small transactions had been made, for as little as 200.Main, 46, from Dunfermline, was convicted at Edinburgh Sheriff ...

  • Standard is standing by Aussie model

    20 Oct 2005

    Standard Life is continuing its backing for the Austra- lian model of pension compulsion by welcoming Australian senator Nick Sherry on a visit to the UK.The Australian shadow minister for superannuation and intergenerational finance is a strong advocate of compulsory pension saving and his visit to the UK, including a trip to 10 Downing Street, has been used to influence opinion.Standard Life supports the Australian model, if it is dec- ided that compulsion is nee- ded, although ...

  • Standard reveals payout deadline

    20 Oct 2005

    Standard Life has revealed the cut-off date for policyholder payouts after the board fin- ally gave the green light for demutualisation.Anyone with policies mat-uring before October 18 or taken out after March 31 2004 will not qualify for windfall shares if demutualisation goes ahead. Those whose policies mature between October 18 and the date of flotation are expected to receive a payout but this is subject to a member vote.Spokesman Scott White says while these individuals ...

  • Sterling Life now live on Webline

    21 Oct 2005

    Webline has announced Sterling Life is now live on its service, becoming the twentieth life and pensions provider on the portal.Webline users will have access to Sterling Lifes individual term assurance product with information and real-time premiums through the portals online comparative quotation services.Sterling Life managing director Nicholas Cooper says: "We are firmly committed to developing and marketing specialist products, based on innovative ideas and expertise which ...

  • Sub-prime abuse cascades

    20 Oct 2005

    Some lenders continue to ignore the recommendations of cascade underwriting systems and are offering their clients worse deals, writes Andrea Tryphonides

  • Survey hints at equity 'brain drain'

    20 Oct 2005

    Staff turnover among investment professionals in the UK equity sector has increased dramatically over the last 12 months, says multi-manager firm Investment Solutions.The firm's staff turnover survey shows that turnover has reached 62 per cent for UK equity investment professio- nals in the last three years, up from 45 per cent last year. The sector remained approximately the same size although with firms hiring a similar number of staff to replace those that left.The highest ...

  • Sustainable funds move by ABN

    20 Oct 2005

    ABN Amro Asset Manage-ment plans to launch several new sustainable investment funds to the European market. Its research shows that European sustainable assets will double by 2008.

  • Sustainable funds move by ABN

    19 Oct 2005

    ABN Amro Asset Management says it plans to launch several new sustainable investment funds to the European market. Its research shows European sustainable assets will double by 2008 and the firm says sustainable investment represents a lower risk investment option in the long term.

  • Sweet and sour?

    20 Oct 2005

    Matt Davis finds opinion divided on VCT managers' sweet equity deals

  • The brain event

    20 Oct 2005

    Working Voices managing director Nick Smallman on what distinguishes a high-performing IFA from an average IFA and how some neworks are challenging outmoded training methods

  • The law is an ASP

    20 Oct 2005

    Pension simplification has brought us a new version of the Chinese death by a thousand cuts. It works like this.

  • The learning curve on yields

    20 Oct 2005

    In this series of articles, I am examining the major asset classes and sectors with the aim of discussing and defining their potential roles in portfolio planning. In this article, I will look at fixed-interest funds, dividing my thoughts between funds holding government bonds and others holding corporate bonds.

  • The simple truth

    20 Oct 2005

    The unthinkable has become a reality - pensions are officially "sexy".

  • The true cost of TERs

    20 Oct 2005

    Much greater transparency is needed in relation to portfolio turnover

  • The wow factor

    20 Oct 2005

    Consultants need attitude, credibility and top-quartile interpersonal skills

  • Time someone did watch the watcher

    20 Oct 2005

    There is a clear accountability gap at the FSA. The super-regulator reports to the Treasury - its creator - and to committees such as the practitioner and consumer panels which have some influence but this is limited in scope. The FSA's senior staff are also periodically grilled by the Treasury select committee.

  • Tories look to bring back Flight

    20 Oct 2005

    The Conservative Party is looking to reinstate sacked deputy chairman and IFA champion Howard Flight.The party's 1922 Committee met earlier this month to discuss the circumstances surrounding Flight's ejection and has indicated an imminent ret-urn for the former MP. The committee agreed the need to reform the party constitution but a Tory spokesman denies Flight's sacking broke party rules.Flight says he would be keen to work for leadership front-runners David Davis or David ...

  • Turbocharging ahead

    20 Oct 2005

    Once we have established a healthy portfolio, a tax strategy can offer a welcome boost to our retirement fund

  • UK trust law could open overseas BTL door

    20 Oct 2005

    Four European countries leg-ally recognise English trust law potentially opening the door for some Continental buy to lets being held in Sipps.Italy, Malta, Luxembourg and the Netherlands are all signatories to the 1985 Hague Convention on laws applicable to trusts and on their recognition.The lack of recognition of trust law overseas is a major stumbling block that makes many providers loathe to accept overseas BTLs after A-Day.While key BTL markets France and Spain are ...

  • Willetts floats pension sale idea

    19 Oct 2005

    Shadow trade and industry spokesman David Willetts has floated the idea companies should be allowed to sell back employee pension liabilities to the Government, created when they contracted out of the state system, paying over the equivalent sum they received to reduce future costs.

  • Winterthur teaches IFAs art of referral

    20 Oct 2005

    Winterthur Life has launched an adviser education and connection service, Winterthur Chambers, to help build successful business relationships with professional firms.Winterthur Life has worked with IPD, a management and business development con- sultancy working exclusively with advisers, solicitors and accountants, to develop the programme to assist advisers in the building effective referral relationships.The service is designed to help advisers understand how accountants ...

  • Witan Pacific trust kicks into action

    20 Oct 2005

    Witan Pacific investment trust's switch to a multi-manager approach in May has paid early dividends, with the share price up by 13.3 per cent in six months.The trust is also up by 10.8 per cent on a net asset value basis in the six months to July 31. The discount narrowed by 2 per cent from 11.5 per cent to 9.5 per cent in the same period.Aberdeen Asset Managers and Nomura Asset Management were appointed joint managers of the portfolio in May. The trust stresses that it is early ...

  • World Cup spending could reach up to 2bn

    20 Oct 2005

    The economy will get a 2bn boost if England reach the World Cup final next year, according to NatWest credit cards and Mastercard.They forecast that 24 million England fans will spend 87.26 each if England go all the way next summer, both through watching the game in pubs and at home with a takeaway.The figures show up to 897m will be spent if England fail to progress past the group stages. It also shows even if England go out at this stage, spending will continue, with fans ...

  • Wringing the changes

    20 Oct 2005

    Having attended Money Marketing Live in Manchester, I am concerned that there is too much complacency in the advisory sector that has not been helped by leading figures within it.

  • Yorkshire appoints Turner as new non-exec director

    20 Oct 2005

    Yorkshire Building Society has appointed Simon Turner as new non-executive director.

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