Money Marketing
2 July 2008

0.9% Dip in house prices

3 Jul 2008

House prices fell by 0.9 per cent in June, taking them 6.3 per cent lower than at the same time last year, according to Nationwide. Prices are still 4 per cent higher than two years ago.

A shaw thing

3 Jul 2008

Annie Shaw is a freelance financial journalistThe week started with a quick snifter with the journalists' group my husband calls "the witches' coven", that I have been admonished for calling "the agony aunts" (not all are female) and which is in fact a group of senior freelance journalists, many, but not all, of whom are newspaper consumer champions, who like to chew the fat and put the world to rights once a month.

Adviser Fund Index Outward bound

3 Jul 2008

Panellists continued to show their ruthless streak during the latest Adviser Fund Index rebalancing, as they cut the number of funds in the Cautious index to under 100.

Aegon adds bare trust to offshore range

3 Jul 2008

Aegon Scottish Equitable is to add a bare discounted gift trust to its offshore range.

Aegon Scottish Equitable adds 5 illnesses to CI policy

4 Jul 2008

Aegon Scottish Equitable will be adding five more illnesses to its critical illness policy, taking the number of conditions covered to 36.

Andy Milburn joins Munich Re

7 Jul 2008

Andy Milburn has joined Munich Re as its new head of marketing for its UK Life branch business.

Australian firm plans UK platform

3 Jul 2008

Australian financial services firm Macquarie hopes to launch a UK platform by the new year. It is targeting financial planners with long-term service-based propositions rather than transactional business models.

Bank's liquidity scheme disappoints

3 Jul 2008

New Star chief economist Simon Ward says UK interbank data reveals the disappointing impact of the 50bn special liquidity scheme. Bank of England figures show interbank lending fell by 23m in April and May.

Barclays selects commodities

3 Jul 2008

Barclays Wealth has brought out the second issue of the commodities select plan, a capital-protected bond linked to a weighted basket of commodities.

Battle of the benefits

4 Jul 2008

Cash plans are taking on traditional private medical insurance in the workplace arena. Sam Barrett says both corners are taking points off each other.

Bond funds take half of inflows as investors stay cautious

3 Jul 2008

The Investment Management Association says net retail sales fell markedly in May, with over half going into bond funds.

Bridging Loans secures credit extension

3 Jul 2008

Bridging Loans has secured an extension to its lines of credit from UK banks.

Broker Talkback

3 Jul 2008

Brought to account

3 Jul 2008

It is more than two months since the deadline for HM Revenue & Customs to decide whether to accept declarations by offshore bank account holders under the offshore disclosure facility.

Bupa maps world of treatments

4 Jul 2008

Caesarean sections and CT scans represent the most common procedures in most global regions, but there is a difference in treatments around the world according to data from Bupa International.

Casper Rock joins Architas as deputy CIO

2 Jul 2008

Axa has confirmed the appointment of Casper Rock as deputy chief investment officer of new multi-manager platform Architas.

Conforto acquires The McCroddan Partnership

2 Jul 2008

Conforto Financial Management has acquired Hertfordshire-based IFA firm, The McCroddan Partnership, for an undisclosed sum.

Cowdery puts off consolidation plan after B&B rejection

3 Jul 2008

Clive Cowdery's Resolution will return to the market in September with plans to buy mortgage assets from investment and retail banks after it failed to secure a big shareholding in Bradford & Bingley.

Darling increases savings protection

3 Jul 2008

Chancellor Alistair Darling has proposed raising the compensation limit for savers with deposits in failed banks from £35,000 to £50,000 but a Treasury consultation paper stops short of recommending pre-funding for the Financial Services Compensation Scheme.

Davy rules out flotation for SimplyBiz

3 Jul 2008

SimplyBiz chairman Ken Davy says the company has no plans for a stockmarket flotation.

Departures continue at Origen as three more quit firm

3 Jul 2008

Origen has lost another trio of staff members, including its head of annuities Nick Flynn.

Drawdown is favoured strategy for IFAs' funds

3 Jul 2008

Over half of IFAs intend to go into income withdrawal with their entire pension savings, according to Skandia research.

DWP looks at amending pensions law to allow greater risk sharing

4 Jul 2008

The Department for Work and Pensions has launched a consultation on whether the Government should amend pensions law to allow greater risk sharing between the employer and the individual.

European Pensions Management launches Sipp with no AMC

4 Jul 2008

European Pensions Management has launched its no annual charge Funds Sipp.

Fidelity's flagship steers new course

3 Jul 2008

After undergoing a period of significant underperformance, Fidelity head of IFA channel Peter Hicks believes that the firm's flagship UK range has seen the light at the end of the tunnel.

Fortis finally arrives

8 Jul 2008

While it was probably the protection industry's worst kept secret, Fortis has finally launched its UK life insurance business this week.

Free-range finances

3 Jul 2008

I have a great deal of my financial wealth with an insurance company, consisting of an investment bond, unit trusts and an Isa, as well as close to £100,000 of my pension fund. However, I am becoming increasingly concerned about the performance of this company. Can I trust it when it tells me that I should take the long view and that my investments are safe with it?

Friends unlocks property fund

3 Jul 2008

Providers are cautious about re-opening their property funds to redemptions despite lower volatility in the sector.

FSA announces CfD disclosure regime

2 Jul 2008

The FSA will implement a general disclosure regime for long contracts for difference positions, with a 3 per cent disclosure threshold.

Generation gain

3 Jul 2008

IFAs like to think of themselves as the natural place for a consumer to turn for advice but research from Zurich suggests that the reality is vastly different. In a survey conducted by YouGov, only 16 per cent of consumers said they had an adviser. A further 27 per cent said they had previously had an adviser but not presently and 57 per cent said they had never taken financial advice.

Govt to provide £270m for 5,000 more homes

2 Jul 2008

The Government has announced it will be providing a further £270m through the Housing Corporation to deliver an additional 3,800 homes for social rent and 1,500 shared ownership homes over the next three years.

Hedge funds fall short

7 Jul 2008

It seems the uproar from the hedge fund industry over the FSA's new rules on shorting was somewhat justified, with many struggling to get their disclosures right.

HNW investors refocus on films

3 Jul 2008

Films are attracting increasing investor interest in the economic downturn, says wealth management firm Route Group.

Households now 15% worse off, says E&Y

4 Jul 2008

The average UK household is now 15 per cent worse off than it was five years ago, according to Ernst & Young’s Annual Discretionary Income Study.

IFA issues caution on Kilminster's house

3 Jul 2008

An ex-Kilminster IFA is issuing a caution to the Land Registry regarding Kilminster founder Malcolm Kil-minster's house over fears that he may not return to the country.

Industry takes hit to profitability

3 Jul 2008

Profitability in the UK financial services industry has declined at a record pace and business volumes have fallen at the fastest rate in 17 years, according to a PricewaterhouseCoopers survey.

Integrity banks on Nordic region

3 Jul 2008

Investment boutique Integrity Asset Management believes that yields on equities in the financials sector are better value than convertibles.

Investors miss out on emerging growth

3 Jul 2008

UK investors are potentially missing out on growth because they have not allocated enough of their assets to emerging markets, says Fidelity International.

John Charcol cuts 69 jobs and closes offices

3 Jul 2008

John Charcol has axed 69 of its 276-strong workforce and closed three UK offices as part of a restructure which has seen its directors pump further money into the firm.

Landlord associations to merge

8 Jul 2008

The National Landlords Association and the National Federation of Residential Landlords have announced they will be merging.

Leadpoint expands leads service

3 Jul 2008

Leadpoint has launched a protection leads service, including personal life cover and mortgage protection, to add to its mortgage, loan, PMI and debt management offerings.

Lenders becoming strict on interest-only applications

8 Jul 2008

Lenders are failing to approve interest-only mortgage applications, according to analysis from mform.co.uk

Lighthouse says FSA being too shy on TCF demands

3 Jul 2008

The FSA is "too shy" of giving advisers clear instructions on what it wants to see them doing, say Lighthouse chiefs Malcolm Streatfield and Allan Rosengren.

'Loan brokers in RDR denial'

3 Jul 2008

Mortgage brokers are in denial about the retail distribution review and its likely extension to the sector, according to Tenet group distribution and development director Keith Richards.

Looking good

3 Jul 2008

In another life, this column could have been called My Disastrous Insurance Company Admin Hell or My Ugly Bank Relationship but it is called My Beautiful Wrap and with good reason.

LV= throws mortgage and lifestyle in protection mix

3 Jul 2008

LV=Mortgage & Lifestyle Protection

Money Guidance pathfinder scheme to launch in the North

7 Jul 2008

The Government has unveiled the £12m roll out of the Money Guidance pathfinder programme in the North of England as part of its Financial Capability Action Plan.

Mortgage approvals down by 28%

3 Jul 2008

Mortgage approvals fell by 28 per cent in May, according to the Bank of England. Only 42,000 approvals were recorded, down by 64 per cent from 12 months ago. It is the lowest figure since the Bank began reporting the data in 1993.

Mortgage Next - Kensington Mortgages Two-Year Tracker

3 Jul 2008

Mortgage NextKensington Mortgages Two-Year Tracker

Multi-ties leave us guessing on their next RDR moves

3 Jul 2008

We may be in the midst of a phoney war as far as regulation is concerned.

Nationwide cuts fixed rate and tracker deals

4 Jul 2008

Nationwide Building Society is cutting the price of some of its fixed rate and tracker mortgage deals by up to 0.27 per cent.

NatWest is accused of reneging on BTL loans

3 Jul 2008

An adviser has hit out at NatWest, saying it reneged on nearly 100 buy-to-let mortgages despite promising to honour applications.

New Star appoints head of alternatives

2 Jul 2008

New Star has announced the appointment of Donald Pepper as head of alternative investment.

Non-doms flee UK for better benefits

3 Jul 2008

Wealthy non-doms are fleeing the country for better tax benefits, says a leading worldwide tax planner.

Northern Rock launches new mortgage range

7 Jul 2008

Northern Rock has launched a new mortgage range in a bid to retain its presence in the UK mortgage market.

Novia poaches Selestia sales manager

7 Jul 2008

Novia has poached Selestia national sales manager Paul Boston to be its director of sales.

NU top in Alexander Forbes' table of annuity rates

8 Jul 2008

Norwich Union has come top for level annuities in Alexander Forbes Annuity Bureau’s table of the most competitive rates.

Omnis Investments launches trio of multi-manager funds

7 Jul 2008

Omnis Investments has opened for business with the launch of three multi-manager funds.

Online PPI sellers flouting FSA rules, says British Insurance

8 Jul 2008

Many online sellers of payment protection insurance have failed to comply with the FSA’s new eligibility requirements by the 6 July deadline, according to British Insurance.

Orbit exodus to JLT continues

4 Jul 2008

The exodus of staff from Orbit Benefits has continued with at least four more employees following former chief executive Jim Carlton and other senior managers to JLT Benefit Solutions. Anita Williams, Michelle Winger, Steve Fidgeon and Sanje Sukla have now resigned from Orbit and will be joining JLT Benefit Solutions at the end of their notice periods. This brings to 11 the number of staff departing the intermediary which is now part of Axa-owned Thinc.

Pensioners hit by 36 per cent inflation in past decade

7 Jul 2008

Pensioners have seen inflation of 36 per cent over the past ten years which is faster thatn the increase in retail price inflation.

Personal accounts will never break even, says Cazalet

4 Jul 2008

Ned Cazalet, the life industry consultant has launched a stinging attack on the personal accounts project, predicting it will fail to break even and will give a considerable number of scheme members negative returns, without even taking into account means-testing.

Personal trait

3 Jul 2008

The wheels of legislation grind slowly on the Pensions Bill. This proposed legislation - setting out employer pension responsibilities - has reached the committee stage in the House of Lords.

Point of no returns

3 Jul 2008

An advantage of working from home is that no one is looking at you as you work away, an advantage when you end up spilling a bowl of muesli all over your keyboard and trousers as I did when I read that Prudential would not be returning any of its £8.7bn inherited estate to policyholders and shareholders.

Positive response

3 Jul 2008

I remember real problems such as fuel prices increasing by 300 per cent overnight in the early Seventies, the three-day week, the Winter of Discontent, the very real and more serious terrorist threat of the IRA, negative equity, house price falls of 40 per cent, etc, etc. By comparison, today's "problems" are very minor.

Positive Solutions to pay advisers' Diploma costs

4 Jul 2008

Positive Solutions has pledged to foot the bill for its advisers to reach the Chartered Insurance Institute’s Diploma level.

Proc fees may be replaced by fees for advice, says IMLA

2 Jul 2008

Intermediary remuneration may become more based on fees for advice than procuration fees in the future, the Intermediary Mortgage Lenders Association has said.

Protected rights move could spark acquisitions

3 Jul 2008

Rule changes allowing protected rights' cash to be invested in Sipps may push insurers on to the acquisition trail, says Hargreaves Lansdown.

Questions over NU estate as Pru keeps orphan cash

3 Jul 2008

Prudential's decision not to carry out a reattribution of its £8.7bn with-profits fund surplus could make it easier for Norwich Union to follow suit, say advisers.

RBS Intermediary Partners - First Active Two Year Fixed Remortgage

4 Jul 2008

RBS Intermediary PartnersFirst Active Two Year Fixed Remortgage

'RDR will drive consolidation'

3 Jul 2008

Consolidation is set to accelerate in the intermediary sector this year as the retail distribution review shakes out the weaker performers, predicts Cavanagh group director Simon Redgrove.

Relief map

3 Jul 2008

A little while back, I wrote about the new entrepreneurs' relief for capital gains tax. Most people will by now be aware that entrepreneurs' relief is the replacement for business assets taper relief.

Retirement is part of the process

4 Jul 2008

The burgeoning at-retirement space is becoming increasingly viable for corporate advisers says John Greenwood

Rising inflation to add £56bn to liabilities

4 Jul 2008

Soaring inflation expectations will pile an estimated £56 billion to value of liabilities of aggregated schemes of FTSE100, according to Redington Partners.

Salary Sacrifice – Old dog, new trick?

4 Jul 2008

Salary sacrifice has been around for a long time now. And apart from a loss in confidence after the removal of the Home Computer Initiative scheme in 2006, it appears to be becoming more popular.

Schroders adds Middle East analyst

3 Jul 2008

Schroders has appointed Maha Soueissy as Middle East equity analyst. Soueissy joins from SHUAA Capital and will be based in the Dubai office.

SHIP says BoE statistics have been misread

7 Jul 2008

Equity release trade body Safe Home Income Plans has issued a statement in order to clarify statistics published by the Bank of England last week.

Skandia scraps Selestia brand

3 Jul 2008

Skandia is to axe the Selestia brand and develop the platform into a full wealth management wrap under the banner Skandia Investment Solutions.

Steer hunter

3 Jul 2008

We all make mistakes in fund selection. One of my worst was putting Tim Steer's New Star UK Alpha fund on hold a few years ago.

Tailored communications are certain to improve membership take-up in preparation for 2012

4 Jul 2008

Employers will have some changed responsibilities under pensions reform and for some who already offer their workforce a pension scheme, its going to mean a much higher membership take-up. Gradually increasing the take-up now can help to ease their cashflow, and reduce their communication and education responsibilities come 2012.

Tax and figures

3 Jul 2008

Offshore insurance bonds offer a number of potential tax advantages. These include the fact that capital growth within offshore bonds is virtually free of tax, policyholders can switch between funds within bonds without triggering a capital gains tax liability, bonds can be assigned to lower-rate taxpayers and the policyholder can decide when to cash them in and thus when they face their tax liability.

TCF takes your breath away

3 Jul 2008

Treating customers fairly are three little words that may leave some advisers perfectly relaxed while others grind their teeth.

The CII launches podcasts on TCF

4 Jul 2008

The CII has launched a series of podcasts on treating customers fairly aiming to offer a simple guide to the regulation for advisers and insurers.

The history men

3 Jul 2008

Conferences seem to be playing an increasingly important role in my life. Perhaps it is the pervasive uncertainty that is persuading fund groups to maintain a highly visible presence in the IFA market. The good news, from my perspective, is that fund managers appear just as confused as me. Even more important is the degree of disagreement that exists over likely outcomes. It reinforces my view that this market is as hard to second guess as it has ever been. Inflation, the credit crunch ...

The other side of tracking

4 Jul 2008

Passive management is growing in popularity, yet the risk profile of trackers can vary enormously. Paul Farrow investigates

The RDR debate

3 Jul 2008

The FSA's original retail distribution review discussion paper was a step in the right direction. The FSA focused, rightly, on adviser remuneration and raising professional standards.

The sun also rises

3 Jul 2008

Every time a New Year tipster suggests Japan as their favourite market for recovery, it is with the accompanying rationale: "Because it has been so bad for so long, surely this year is its turn?"

Three-quarters of large employers want to offer financial education and planning assistance

4 Jul 2008

Employers want to take a greater role in helping employees with their personal financial planning, according to a survey conducted by consultants Watson Wyatt.

Trading places

4 Jul 2008

With commodity prices grabbing the headlines, the public will have a growing appetite for exchange traded funds. Sonia Speedy says high earners should not be too adventurous

Treasury appeal in tribunal clash

3 Jul 2008

The Treasury is appealing to the High Court over the Information Tribunal's decision to force it to disclose if it sought legal opinion on whether the Financial Services and Markets Bill complied with human rights law.

UBS to break even in Q2 results

4 Jul 2008

UBS says it has no need to raise new equity as it stated today that its results for the second quarter ending June 30 will be at or slightly below break even.

UK P&I Club seeks to raise £50m through hybrid capital

7 Jul 2008

UK Protection and Indemnity Club has unveiled its plans to launch its first hybrid capital calling of £50m.

Unum to underwrite heart attacks for group income protection

4 Jul 2008

Employees who have had heart attacks may be covered under group income protection plans in what Unum has described as a groundbreaking change to its medical underwriting approach.

Valuable lessons

3 Jul 2008

Speaking at the Investment Management Association's annual dinner last month, IMA Chairman Robert Jenkins told the investment management industry and its guests that even though the credit crunch was not | yet over, it was not too soon for all those caught up in it to learn a few lessons.

'VCTs lower targets to pull in fees'

3 Jul 2008

Hargreaves Lansdown investment manager Ben Yearsley claims a number of venture capital trusts are reducing the levels at which performance fees kick in to make them more achievable.

Welfare reform prompts Canada Life updates

4 Jul 2008

Canada Life Group Insurance has updated its group income protection products ahead of the introduction of welfare reform legislation.

Woolwich warns on fast-track abuse

3 Jul 2008

Woolwich is warning that it will take action against mortgage intermediaries who abuse its fast-track process. The lender says it will not hesitate to provide details to the FSA for investigation where necessary.

WPA squares up to NHS on drugs

4 Jul 2008

WPA is threatening judicial review proceedings against the National Health Service if its refuses to administer cancer drugs it has bought for clients of its private medical insurance.