Money Marketing
2 June 2004

  • 'Loss of key people was turning point'

    3 Jun 2004

    The loss of key personalities such as DBS founder and chairman Ken Davy and former chief executive Nick Ansell has hampered Sesame as it has struggled to find a stable period, says the Durlacher report. Davy, widely known as the father of IFA networks, parted ways with Sesame in April 2002 and has since founded a rival network Simply Biz. Simply Biz has now reached 600 RIs, with many coming from Sesame. Ansell, who left later the same year in August 2002, was ...

  • 'Property no substitute for pensions'

    3 Jun 2004

    Property is not a substitute for pensions for the vast majority of the population, according to a research paper by the Pensions Policy Institute. Only 10 per cent of UK homes are worth more than £330,000, the level needed for equity release to provide an income of £100 a week, says the report. The PPI research claims that today's average levels of pension savings - at around 7-8 per cent of salary - will only be enough to fund a two-thirds of final-salary ...

  • 'Sesame value plunges to £80m'

    3 Jun 2004

    The loss of advisers to national IFAs and low-cost providers means that Sesame is now worth no more than £80m, according to a report by analyst Durlacher. The report predicts that strains on parent Misys' corporate strategy could force a sale of Sesame for a fifth of the £400m that the network business was initially valued at. Durlacher says Sesame's offering was most suited to the 1990s when most of the large direct salesforces were closed and joining ...

  • 'Trivial change to squeeze annuities'

    3 Jun 2004

    Sofa managing director Bob Bullivant says the annuity market will shrink by more than a quarter to £5bn from its current level of £7bn when pension simplification takes effect in April 2006. He says the sector will be squeezed at the top and bottom, with the raising of the trivial commutation limit cutting out thousands of small funds while alternatively secured income will become an alternative for bigger funds. People with funds up to £15,000 will ...

  • A consumer's view

    3 Jun 2004

    The recent rule change by the FSA regarding mortgage-linked endowments must prompt the question - has regulation and the compensation culture gone too far? The rule change positively encourages individuals to complain of misselling and it is arguable that a much more sensible solution to the problem would be simply to ban the imposition of a time limit for making a complaint or link it to the maturity date of the mortgage when any potential losses materialise. After all, ...

  • ABI outlines 10 point pensions plan

    8 Jun 2004

    The ABI is proposing a series of amendments to the Pensions Bill in a briefing paper to Peers in the House of Lords which it hopes will encourage more people to put money aside for their retirement.The trade body is hoping its proposals will help clarify how long it will take for the Pension Protection Fund to get started and when the risk-based levy will be fully implemented. It hopes changes will enhance the requirements on the new pensions regulator to consult on its ...

  • Advisers fail in mystery shop

    3 Jun 2004

    Only one of 39 advisers gave appropriate advice to mystery shoppers from Which? magazine posing as first-time buyers looking for protection alongside their mortgage. While 11 advisers recommended the appropriate type of cover to fit the profile of the researchers - income protection - just one advised a sufficient amount of cover. Of 30 advisers who offered one or a combination of protection products, 25 recommended critical-illness cover but only three explained what ...

  • Aegon 'in talks to buy Scottish IFA'

    3 Jun 2004

    Aegon is rumoured to be in talks with Bradford & Bingley to buy Charcol Aitchison & Colegrave. B&B put its three IFA businesses - Charcol, Charcol Aitchison & Colegrave and Charcol Holden Meehan - up for sale last month along with its estate-agency arm. The move followed a strategic review after chief executive Christopher Rodrigues quit in March. Money Marketing revealed last week that a management buyout could be on the cards for mortgage IFA ...

  • Alliance & Leicester - 10 Year Base Rate Tracker - Standard Package

    2 Jun 2004

    Type: Tracker mortgageTracker term: 10 yearsTracker rate: 0.99% above Bank of England base ratePayable rate: 5.24%Minimum loan: £25,000Maximum loan: Up to 95% of valuation subject to a maximum of £250,000, up to 90% of valuation subject to a maximum of £500,000, up to 85% of valuation subject to a maximum of £1mIncome multiples: Up to 95% of valuation - three times principal income plus ...

  • Alliance & Leicester makes tracks

    4 Jun 2004

    ALLIANCE & LEICESTER10 Year Base Rate Tracker - Standard PackageType:Tracker mortgageTracker term: 10 yearsTracker rate: 0.99% above Bank of England base ratePayable rate: 5.24%Minimum loan: £25,000Maximum loan: Up to 95% of valuation subject to a maximum of £250,000, up to 90% of valuation subject to a maximum of £500,000, up to 85% of valuation subject to a maximum of £1mIncome ...

  • AMI calling for code of practice on buy to let

    3 Jun 2004

    The Association of Mortgage Intermediaries is keen to work with the Association of Residential Letting Agents to put in place a code of practice for the buy-to-let market. The AMI believes a code of practice would bolster confidence in the buy-to-let sector, which will not be regulated by the FSA when mortgages come under its remit in October this year because it is seen as a commercial area. But the AMI says the problem with initiating a code would be finding an organisation ...

  • An Exclusive move

    8 Jun 2004

    EXCLUSIVE CONNECTIONSNext Move TrackerType: Tracker mortgageTracker term: Lifetime of loanTracker rate: 1.35% above Bank of England base ratePayable rate: 5.6%Minimum loan: £25,001Maximum loan: Up to 85% of valuation subject to a maximum of £500,000, up to 80% of valuation subject to a maximum of £800.000, up to 75% of valuation subject to a maximum of £1mIncome multiples: ...

  • Analyst sees a bright future for WP bonds

    3 Jun 2004

    Despite bad publicity surrounding with-profits bonds, a report from Datamonitor predicts a bright future for the products. However, the firm says the future of the with-profits market is in the hands of IFAs and urges them to recommend the products. Datamonitor forecasts sales to increase by 15 per cent annually to £560m by 2008 from £277m this year as customers and IFAs regain confidence in the long-term benefits of with-profits products. Financial ...

  • Bankhall builds technology platform to pass the portals

    3 Jun 2004

    IFA support services provider Bankhall is working with parent group Skandia to design a multi-provider technology platform after depolarisation. Bankhall is thought to be in negotiations with a number of providers to sign up to its platform ahead of its launch but will not disclose who these are yet. Its plans are to develop an offering allowing its advisers to do everything online from one central hub accessing quotes, applications, underwriting and commission all through ...

  • Bankhall takes over lead

    3 Jun 2004

    Sesame has been surpassed by long-time rival Bankhall in terms of number of RIs. Durlacher says Bankhall passed Sesame last year, reaching 7,400 members if Point One, its non-regulated network, is included. This compares with Sesame's total of 6,400 if both its regulated and non-regulated businesses are included. It says there is still a huge gap to the third-biggest IFA group with Tenet on 2,500 members. Inter-Alliance is fourth with 1,100 RIs, followed by ...

  • Beware BTL

    3 Jun 2004

    Not before time, the decision has been taken to regulate home-reversion equity-release schemes. But what of the other areas of the mortgage market where there are no plans to regulate, such as the booming buy-to-let sector as well as second-charge homeloans? The Government has heeded warnings that with lifetime mortgage plans coming under FSA scrutiny with other mortgages in October, leaving home reversion outside regulation would have encouraged unscrupulous people to deal only ...

  • Bristol & West goes for new term

    8 Jun 2004

    Bristol & West has brought out issue 12 of its Balanced FTSE GEB, a guaranteed equity bond with a seven-year term.The product is divided into two elements to provide a combination of income and growth.. Up to half of investors' capital goes into a 12-month fixed-rate savings account which pays 8 per cent gross. The rest of the capital is placed into a guaranteed equity bond to provide growth of 90 per cent of the rise in the FTSE 100 index. There will be a full capital ...

  • Broadband growth is great news for brokers says BM Solutions

    4 Jun 2004

    BM Solutions has welcomed news that broadband is growing at a phenomenal pace.More than 85 per cent of BM Solutions brokers now submit business via BM Solutions Online.Brokers can now secure a cast-iron decision in around a minute and the time it takes to submit a case has been reduced by the many features on offer including product matching, intelligent application forms and case tracking.

  • Broker Talkback

    3 Jun 2004

    Do you think the ABI is an appropriate body to be doing mystery shopping of IFAs? "I am surprised it is the ABI doing this. It is not in their remit. One has to ask what is their motive?" Malcolm Grigory, Broadstone IFA "I don't know. The ABI is using a separate consultancy so it will be fairly independent anyway." Thomas Dickson,Dickson Lishman Prince "I would rather people did not waste our time but I understand there have to be checks. I am not sure whether ...

  • Bupa is pulling out of the pre-funded LTC sector

    3 Jun 2004

    Bupa is withdrawing from the pre-funded long-term care market following a strategic review despite claiming just six months ago, after pulling out of immediate needs, that it remained committed to it. New cover will not be accepted from June 11, although pre-funded policyholders and applications for its Futurecare range of products received before the cut-off date will not be affected by the move. Its decision leaves Skandia as the sole remaining provider of pre-funded ...

  • Bureau moving into income protection

    3 Jun 2004

    The Special Risks Bureau is extending its business to include income protection and impaired annuities from June and September respectively. SRB, known for sourcing complex life and health policies since October 2003, will establish an income protection panel and a generic application form. These will be accessible to its 350 IFA member practices and a number of networks. SRB expects most future enquiries to be occupationally rather than medically involved. It ...

  • C&G and Lloyds TSB team up for offset mortgages

    3 Jun 2004

    Cheltenham & Gloucester and its parent firm Lloyds TSB are offering an offset mortgage, combining a C&G mortgage with a current account from Lloyds TSB. The mortgage, savings and current accounts remain separate but the balances are offset to reduce the interest due on the mortgage. Customers carry on banking in exactly the same way. A family and friends option allows parents or close friends to offset the savings that they have with Lloyds TSB or C&G against ...

  • CA picks charity director as new chief

    2 Jun 2004

    The Consumers' Association has announced the appointment of Peter Vicary-Smith as its new chief executive. Vicary-Smith has been commercial director at Cancer Research UK since 2002 and was previously director of fundraising and communications at Imperial Cancer Research Fund. He will join the CA at the end of August. His appointment comes after the death in January of Sheila McKechnie who headed up the CA for nine years.

  • Can narrow gauge put trusts back on track?

    3 Jun 2004

    The AITC is changing the way it calculates net asset values in a move which will narrow the discounts of dozens of investment trusts. From the end of June, NAVs will take into account debt at fair value, essentially meaning that NAVs will be based on current market price rather than the final repayment value. Analysts say the effect will be twofold. First, the NAVs of trusts with high debt will see their - often wide - discounts narrow to a more realistic level as the impact of ...

  • Chartwell launches new website

    3 Jun 2004

    Chartwell Investment is launching a new website . The site designed with Plum Digital media will include commonly used products, Chartwell services, a fund supermarket and free guides on a range of topics.

  • Cherrypicking data is banned

    2 Jun 2004

    Financial firms will no longer be allowed to use cherry-picked data about historical fund performance in advertisements under new rules introduced by the FSA this week. Under the new rules past performance data can only be used if it is accompanied by a table of standardised data setting out discrete annual returns for up to five years. No past performance figures are to be allowed where less than 12 months data is available.

  • Clerical's PI plan is thwarted by EU directive

    3 Jun 2004

    Clerical Medical's plan to offer a professional indemnity insurance solution to IFAs has been torpedoed by the EU directive that outlaws self-insurance. The company had been in talks with the FSA over an intermediary PI proposal based on IFAs self-insuring but now says that the European insurance mediation directive coming in next January means the project has been put on hold indefinitely. Last November, Money Marketing reported that Clerical was looking at ways to ...

  • Commentary The big change

    3 Jun 2004

    Since the birth of financial services, the control of product manufacture and distribution has been in the hands of insurance companies. This system has been successful but it is unusual in most industries for the product manufacturer to control both manufacture and distribution of its products and this is where the metamorphosis in financial service distribution is happening. The economic and social benefit to our society and the role of the adviser is not always readily ...

  • Consumer Credit regulation could be expensive for all

    8 Jun 2004

    Datamonitor is warning one of the effects of the overhaul of the UK's consumer credit laws could be higher cost of credit and greater difficulty in obtaining credit for those consumers with adverse credit histories.It says a tight implementation schedule, lack of adequate preparation, fears of increased bureaucracy and cost of compliance present a major worry for the credit industry, and could even end up driving smaller specialist lenders out of business all together, leaving ...

  • Consumers' Association pressing for return of maximum commission deal

    3 Jun 2004

    The Consumers' Association wants to see the reintroduction of the maximum commission agreement. The MCA was abandoned in 1988 after the Office of Fair Trading ruled it was significantly anti-competitive but CA senior policy adviser Mick McAteer believes there needs to be some sort of control on charges to get the industry to move away from commission. He claims that many life companies would like to move away from commission-driven models but are unwilling to be the ...

  • Correspondent's week

    3 Jun 2004

    One of the joys of working for a Sunday newspaper is that Mondays tend to be quiet in the office. It is a good time to catch up on important things such as planning future features and replying to readers' letters. Rachel, Jeff's PA, interrupts proceedings but fortunately she is more interested in talking about ER, the OC (Orange County) and BB (Big Brother) than the FSA, ABI or AITC. At 11am, there is a deluge of phone calls. When I joined Financial Mail, I expected ...

  • Credit card helps fund college fees

    3 Jun 2004

    Affinity marketing group iPledge is in talks with IFA networks over the distribution of a credit card that puts a 0.8 per cent cash rebate into a savings account to pay for children's university fees. iPledge is promising cash to IFAs who distribute the Lloyds TSB Accucard credit card, which has a 15.9 per cent variable headline interest rate. Rebated funds are channelled into a Bank of Scotland deposit account administered by Children's Mutual, which pays 4.07 ...

  • Cuts to continue as Marlborough Stirling refocuses

    3 Jun 2004

    Marlborough Stirling is closing its loss-making businesses and cutting its staff by 5 per cent. At the company's annual general meeting last week, chief executive Mike O'Leary, who took over in March, also identified areas for further cost savings. Chairman Huw Evans is to retire as soon as a suitable replacement has been found. Evans said the group's three distinct but complementary businesses, life and pensions, mortgages and The Exchange, offer the ...

  • Douglas Gardner

    3 Jun 2004

    Thomson's group chief executive Douglas Gardner is not a man who takes negativity lightly and nay-sayers are one of his pet hates. "If you're going to take a can't-do attitude with me, then you had better have a very good reason for it," he says, showing his disdain for an attitude he believes has done a lot of harm to the industry he has worked in for the past 22 years. The conversation at present is concerned with regulationdodging - setting up or altering your financial ...

  • Driving force of with-profits

    3 Jun 2004

    I recently followed a plumber driving erratically, with his mobile phone number proudly displayed on the van. I rang him from my hands-free phone, commenting that if my driving was as appalling as his I would not want people to have my phone number. I was reminded of this incident when I read Philip Milton's letter (Money Marketing, May 6) in which he grossly over-simplifies the endowment matter and demonstrates a remarkable lack of knowledge. Just possibly, it was ...

  • Dunstan Thomas launches annuities tool

    4 Jun 2004

    Pensions software specialist, Dunstan Thomas, is launching a tool designed to help annuities providers to offer bespoke, enhanced annuity rates based on the health or lifestyle of policyholders. Dunstan Thomas chairman Chris Read says based on Office of National Statistics research around one third of the entire population could be shopping around for an enhanced annuity.

  • Events calendar

    3 Jun 2004

    I want to make it clear that I am not and have never been against ethical funds as long as clients fully understand the risks involved in investing in such a specialist area. I just prefer not to recommend these funds and would not invest in them personally. When a client asks me for an ethical fund, I always ask them to define ethical. What may be ethical to one person may not be ethical to another. I find that most clients tend not to look in any great detail at the ...

  • Events calendar

    3 Jun 2004

    If the financial services sector has ever been at the forefront of social development, it may be in the area of socially responsible investment. Attitudes that were undoubtedly niche and perhaps even a bit veggie during the early years of the Thatcher Government are now positively mainstream. Public attitudes have changed in so many ways over the period. While some of this may have gone too far and resulted in the ultimately damaging litigious society of 2004, there is far greater ...

  • Exclusive Connections - Next Move Tracker

    3 Jun 2004

    Type: Tracker mortgageTracker term: Lifetime of loanTracker rate: 1.35% above Bank of England base ratePayable rate: 6.5%Minimum loan: £25,001Maximum loan: Up to 85% of valuation subject to a maximum of £500,000, up to 80% of valuation subject to a maximum of £800.000, up to 75% of valuation subject to a maximum of £1mIncome multiples: Up to 3.5 times principal income plus second ...

  • Family Assurance is set to sell its life and pensions business

    8 Jun 2004

    Family Assurance is to sell its with-profits life and pensions business to concentrate on core savings, following a strategic review.A total of 23,500 policies worth £260m in funds under management is scheduled to transfer to the life and pensions provider Reliance Mutual Insurance Society, subject to approval by Family Assurance's members at the next AGM and confirmation by the FSA.Family Assurance chief executive John Reeve says: "Following a strategic review, ...

  • Friends raises CI rates

    3 Jun 2004

    Friends Provident is increasing its critical-illness insurance rates. Guaranteed rates rise by between 5 and 8 per cent, depending on terms. Reviewable rates go up by between 8 and 14 per cent. The company claims that the changes had to be made as other life offices have moved to raise critical rates. Head of protection marketing Peter Hamilton says the difference between Friends and its competitors has been too great. He says: "The reshaping of rates ...

  • FSA aiming to boost consumer capability

    3 Jun 2004

    The FSA has set out a major national strategy for improving financial capability. The financial capability steering group, which was set up by the FSA to look into ways of improving financial capability, has identified seven key areas - schools, young adults, work, families, retirement, borrowing and advice - that will be developed and implemented by seven working groups. The FSA is also planning to carry out a national benchmark study which will measure consumer confidence ...

  • FSA authorises more mortgage and GI firms

    4 Jun 2004

    The FSA has announced that by the 31st May it had received 17,586 registrations from the mortgage and general insurance sectors to obtain an application pack and 10,515 applications for authorisation. 6,484 registrations were from the mortgage sector, 5,810 from the primary insurance market and 5,292 from the secondary insurance market.Also, by the end of 31 May, 2,314 letters had been sent to applicant firms indicating that the FSA was minded to authorise them to carry out mortgage ...

  • FSA consults on sales regime for Child Trust Funds

    8 Jun 2004

    The FSA has set out its proposals for the sales regime for Child Trust Funds to ensure that consumers have what they need to make properly informed decisions.Firms offering CTFs will need to be authorised, have in place adequate systems and resources and will need to adopt appropriate levels of consumer protection.All children born on or after September 1 2002 qualify for a CTF and will receive a government contribution of £250 with which to open the fund.The ...

  • FSA halts split-cap talks

    3 Jun 2004

    The FSA has broken off discussions over split-cap compensation after providers offered a fraction of the amount it sought. The FSA, which began preliminary talks with 21 providers three months ago, believes £350m represents an acceptable sum of compensation for the thousands of investors in collapsed split-caps. But providers yet to enter its mediation process - believed to represent the bulk of the 21 - offered only £120m through broker Collins Stewart. They ...

  • FSA opening up to IFAs with regional surgeries

    3 Jun 2004

    The FSA is going on the road in its first series of regional visits to IFAs which it hopes will make it appear more approachable. First port of call is Gloucestershire, where six members of the FSA team will answer queries from IFAs. IFAs will be able to book 45-minute surgeries to discuss issues. The FSA's first venture into the provinces will also include drop-in visits to a dozen or so firms in Gloucestershire. If the trip proves successful,the FSA will be making ...

  • FSA puts IFAs on the map

    3 Jun 2004

    So the FSA is hitting the road, travelling the country to "meet and greet" as many IFAs as it can muster to convince the advising community that it is easy to do business with. The charm offensive starts down in sunny Gloucester in two weeks time,must be seen as a welcome move by the regulator. Hopefully, the FSA will not be stepping in any puddles right to its middle. Indeed, anything which will help to dispel the (rather justifiable) image of an ivory-tower-dwelling body with ...

  • Headdon gets 6 year FSA ban

    3 Jun 2004

    Former Equitable Life chief executive and appointed actuary Chris Headdon has been banned by the FSA from holding senior roles in financial services companies until May 2010.Headdon's ban stems from a failure to disclose to the FSA a side-letter to an agreement with the Irish European Reinsurance Company that allowed for the cancellation of an £800m reinsurance treaty.Cancellation of the deal with Ireco would have significantly weakened Equitable's balance sheet.FSA ...

  • House price inflation still at a high level, says the Halifax

    8 Jun 2004

    House prices increased by 2.2 per cent in May, taking the average UK house price to £157,849, according to the Halifax.The Halifax monthly house price index reports that the market has remained strong in the north and house price inflation has picked up in the south of England following a slowdown in 2003.Difficulties facing first time buyers and higher interest rates are expected to exert downward pressure on house price inflation later in the year and in 2005.Halifax ...

  • IFA firms take an early lead in mortgage authorisation

    3 Jun 2004

    The Association of Mortgage Intermediaries is calling for a "level playing field" between IFA networks which are already regulated and those coming into the market in the run-up to M-Day. Director Chris Cummings says he is concerned about what will happen if IFA networks get their minded to authorise letters before mortgage networks, saying it puts them at an unfair advantage in the race to sign up members. The AMI is also urging brokers not to delay choosing a network. Cummings

  • Independent view

    3 Jun 2004

    Advising on socially-responsible investment is an area of expertise that Charcol Holden Meehan has prided itself on for many years. It was about 16 years ago that the firm started to research SRI. Interestingly, this was as a result of clients asking if their money could be invested ethically. They had received unit statements detailing their investments and, when clients looked at the list of the shares, they were horrified to find that they were supporting companies whose activities ...

  • Insight integrates equity teams

    2 Jun 2004

    Insight has announced it is in merging its Asian, Japanese and US equity capabilities into one integrated equity team, headed by David Marchant. The equity capability will be split into four units - UK, European, international equities and research.

  • Inter-Alliance and Millfield in merger talks

    7 Jun 2004

    The boards of Inter-Alliance and Millfield Group have announced they are in discussions which "may or may not" lead to a merger.The two companies told the Stock Exchange this morning that discussions were making good progress and that shareholders would be advised of developments at the appropriate time.

  • Investment

    3 Jun 2004

    RAJ HALLEN Investment director,Premier Fund Managers Following a volatile week, there was some calm, consolidation and then a pick-up in most markets last week after strong earnings data, some good macro news and a fall in crude oil prices. In the US, Wall Street rallied strongly on Thursday, with investors cheering the news that crude oil prices had dipped below $40 a barrel amid indications that Opec was considering a substantial rise in output. Macro news was generally ...

  • Investment view

    3 Jun 2004

    May was a month I would rather forget, spent in a haze of pain, drugs and hospital ceilings. The lacklustre markets of the past few weeks would have been a preferable experience. Make no mistake, though, recent articles from the pen of yours truly have been genuine. I was able to organise my absence with sufficient notice to cover a number of topics that had been bubbling at the back of my mind. True, my comments will have been a little less timely but should still carry a message for ...

  • Isis Aim VCT gets another bite of the cherry

    4 Jun 2004

    Isis Asset Management is raising up to £4m to top up its Aim VCT 2.The objective of Aim VCT2 is to provide tax-efficient growth and an attractive dividend stream for investors. It was established in 2000 and has raised over £42m since launch. It invests mainly in companies listed on the Alternative investment market, with a smaller percentage going into companies set to list on Aim in the next 18 months.The portfolio currently contains around 88 holdings and ...

  • It ain't half hot, Mom

    3 Jun 2004

    Much is written these days on manager of managers funds but it would not be surprising if many potential investors are not entirely clear about the difference between manager of managers funds and funds of funds. Basically, it seems to me that it is all about the structure. Under a fund of funds, the fund in which the client invests and receives shares or units itself invests in other retail funds. Sometimes these are funds of the lead fund provider (often known as fettered funds) ...

  • JPMF looks for bids for FundsHub

    3 Jun 2004

    JP Morgan Fleming is believed to be seeking buyers for distribution platform design company FundsHub two years after acquiring Investia's majority stake in the business. According to well-placed sources, JPMF, which bought FundsHub from Investia in February 2002, is looking to offload the firm after struggling to get it off the ground commercially in the UK and Europe. It is believed that JPMF was seeking additional funding for the firm several months ago but has now decided ...

  • Julian Gibbs

    3 Jun 2004

    The investment trust market is complicated but can be very profitable. The best answer is to invest in an actively managed fund of investment trusts managed by a top performing manager which also invests in international trusts. The one I like best is the Iimia accelerated fund managed by Nick Greenwood, who formerly ran a similar fund at Christows. It was ranked first in the offshore global equity sector for the period he ran the fund from 1997-2002. His new fund has ...

  • Jupiter turns away from fund performance fees

    3 Jun 2004

    Jupiter says it is highly unlikely to apply performance fees to its existing funds after its IFA research unearthed fears about complexity and also revealed widespread contentment with the existing arrangements. The company broke ranks with the rest of the industry in February when it said it would poll its key distribution partners about the opportunities presented by the FSA's liberalisation of fund regulation. Chief among these was the prospect of performance-related fees, ...

  • Keydata Investments- Extra Income Plan Issue 9

    4 Jun 2004

    Type: Capital-protected bondAim:Income or growth linked to the performance of the FTSE 100 index or the Dow Jones Eurostoxx 50 indexMinimum-maximum investment: £5,000-no maximum, Isa £7,000Term: Five yearsReturn:Dow Jones Eurostoxx 50 option - 7% gross income a year, 1.71% gross income a quarter or 38% growth at end of termFTSE 100 option - 6% gross income a year, 1.45% gross income a month or 33% growth at end ...

  • Leeds & Holbeck - 20 Year Fixed Rate

    2 Jun 2004

    Type: Fixed-rate mortgageFixed term:Until September 1, 2024Fixed rate: 5.99%Minimum loan: £25,000Maximum loan: Up to 90% of valuation subject to a maximum of £300,000, up to 85% of valuation subject to a maximum of £400,000, up to 80% of valuation subject to a maximum of £500,000Income multiples: Up to 90% of valuation - up to 3.5 times principal income plus second or three times joint, up to 80% ...

  • Legal & General slashes rates for online business

    3 Jun 2004

    Legal & General is slashing life and critical-illness cover rates for online business, emphasising that brokers will have to become more active in the e-protection market. Its reduction in rates for online submission reflects its e-philosophy. A couple aged 35 next birthday applying for a £150,000 joint level term policy over 25 years would pay £16.98 in monthly premiums for paper submission compared with a premium of £16.31 for electronic submission. The ...

  • Life offices offer to pay PI premium for place on panels

    3 Jun 2004

    Standard Life, Legal & General and other big product providers are understood to be offering to pay IFAs' professional indemnity insurance in order to be on their multitie panels. Money Marketing understands that some providers are putting together additional business services to offer IFAs as a sweetener to encourage them to take the provider on to their multi-tie proposition or panel. These additional services include PI insurance and technology, which can now be funded ...

  • Lifesearch looks for surge in electronic applications

    3 Jun 2004

    Protection intermediary Lifesearch expects to increase its electronically submitted applications to 90 per cent in a move its says will allow it to deal with half of its weekly protection applications within a quarter of an hour. LifeSearch arranges insurance for around 400 families each week, with half covered in the same day without additional underwriting requirements. Seventy per cent of applications are currently online. It hopes to be able to provide life cover ...

  • Liontrust may close funds to new money

    3 Jun 2004

    Liontrust is set to slam the door on new investment into its existing funds after admitting that rocketing inflows could seriously impede their performance within a matter of months. Chairman Ellen Winser told shareholders last week that the fast-rising boutique's four investment processes can cope with £6bn before the chances of further outperformance are dramatically diminished. Given that Liontrust's assets under management shot up by 96 per cent to more than £5bn ...

  • Lockyer wants explanation from Standard's Crombie on 'cynical' BBB comment

    3 Jun 2004

    Berkeley Berry Birch chairman Clifford Lockyer is writing to Standard Life chief executive Sandy Crombie asking him to explain comments attributed to him in which he referred to "cynical" practices by BBB. Crombie, testifying before the Treasury select committee last week, criticised BBB's move to wind up its subsidiary company Berry Birch & Noble Financial Services, thereby ringfencing any potential liabilities, saying "these cynical practices are to be condemned". Lockyer ...

  • Lords look at gender directive

    2 Jun 2004

    A sub-committee of the Lords European Union committee, is carrying out a short focused enquiry into the proposed gender directive from the EU on equal treatment between men and women in supply of goods and services. Social and consumer affairs sub committee G is looking at the implications of the directive for insurance, pensions and annuities. Treasury Financial Secretary Ruth Kelly will appear before the committee on June 16.

  • Mackie's blind ambition

    3 Jun 2004

    The prospect of an IFA strapped and blindfolded to a high-speed vehicle hurtling into the never-never may make some chortle but MR Financial Services director Andrew Mackie is doing just that to beat the blindfolded land speed world record - currently at 144.7mph - and raise money for charity British Blind Sport. Mackie, more used to carousing in his Ford Mondeo around Preston, is asking for corporate sponsors who, for a small sum, could have their name emblazoned across the Formula ...

  • MEP wants FSA trumpets silenced

    3 Jun 2004

    The Treasury and the FSA have been singing each other's praises over ach-ievements in Europe for far too long, says Liberal Dem-ocrat MEP Chris Huhne. The representative for the South-east region says he thinks there is far too much trumpet-blowing from the regulator and the Government. Huhne says that in terms of implementing regulations, of the group of countries working towards a single market, the UK is in a middle position behind Finland and Denmark. He ...

  • Myners moves in at M&S

    2 Jun 2004

    Former Gartmore chairman and the Treasury's favourite reviewer Paul Myners has been named as the interim chairman of Marks & Spencer following a board shake-up which sees chief executive Richard Holmes also replaced. Myners, who already sits on the retailer's board as a non-executive director, now becomes a key member of its so-called 'dream-team,' alongside new chief executive Stuart Rose, which is preparing to resist the take-over ambitions of Arcadia owner Philip Green.

  • Mystery shop till you drop

    3 Jun 2004

    IFAs are to be subjected to another round of mystery shopping to examine the role that commission plays in selling long-term savings products. The difference is that this time it is not the FSA conducting the research but the ABI, which hopes the project will help build greater public confidence in the long-term savings industry. Head of regulation and strategy Francis McGee says: "Our investigation will be in to the sorts of criticism that will not go away, in particular, relating ...

  • Nationwide offers new 2 year bond at 6 per cent

    7 Jun 2004

    Nationwide Building Society is launching a new two-year fixed rate bond, paying 6.00 per cent gross per annum to reward its long-term members. The members' Summer Bond offers one of the most competitive savings rate for a lump sum of up to £5,000. A member who invests £5,000 in the Summer Bond will have received more than £600 interest when the bond matures in June 2006.

  • Networks will keep their VAT exemption

    3 Jun 2004

    Your recent headlines concerning the possibility of VAT being imposed upon network services do not deal with the origins of the VAT exemption and why this exemption is unlikely to be successfully challenged by HM Customs and Excise. The legislation concerning VAT and the provision of insurance services is complex but, by way of brief summary, the relevant UK legislation is the VAT Act of 1994 which was based upon the European Union sixth directive. The sixth directive ...

  • New chief executive for the Financial Services Skills Council

    3 Jun 2004

    The Financial Services Skills Council has appointed Teresa Sayers as its new chief executive.Sayers has been working as managing director for the FSSC since 2003 and was instrumental in the council being awarded its license from the government.The FSSC is now licensed to work in partnership with employers and trade unions to provide strategic leadership for training, education and skills development for the financial services sector.Sayers says: "I am delighted ...

  • New head of market pricing at Clerical Medical

    8 Jun 2004

    Clerical Medical has announced Richard Tomlinson as its new head of market pricing.He will lead a team of actuaries responsible for the product pricing of Clerical Medical's brand in the UK.Tomlinson was previously the international pricing actuary for Clerical Medical and prior to that was employed by Natwest Life Assurance.Tomlinson says: "I am looking forward to the challenges and opportunities which the UK market will present to me."

  • New Northern UK head for Cavanagh

    4 Jun 2004

    Cavanagh Group is appointing Peter Young as sales manager of the company's northern region.Young - who is a past Sofa award-winning adviser - joins Cavanagh from Momentum as it is absorbed into Aegon's amalgamated IFA operation Origen.Young will be responsible for the Scottish and North of England areas and is briefed to expand Cavanagh's solicitor and accountancy connections.Cavanagh head of sales and marketing Charles Gillespie says: "We are keen to recruit ...

  • New Star marries hedge fund family

    2 Jun 2004

    New Star Asset Management has established a fettered fund of hedge funds that invests in an actively managed portfolio of New Star hedge funds.The New Star managed hedge fund is an open-ended Bermuda-based fund that aims for a return in the region of 10 to 15 per cent a year. The fund is designed to deliver equity-like returns with bond-like risk but will not be correlated to the assets. It will be managed by Gregor Logan, New Star's deputy chief investment officer and co-head ...

  • New Star passes £2bn in retail sales

    4 Jun 2004

    New Star has attracted more than £2bn gross into its retail funds since launch in July 2001. The group's retail funds under management now stand at £4.7bn.Managing director Mark Skinner says: "To have attracted this sum of money during the past three years of difficult market conditions is a significant achievement for New Star and is testimony to the overwhelming support that we have received from intermediaries and their clients, who are strong supporters of truly ...

  • Opening time

    3 Jun 2004

    I was working with one of our IFAs last week who had a problem, or challenge, as we sometimes call it. He had been calling new customers to follow up on insurance quotes after his advice assessments where they had expressed an interest. One issue was why those quotes had been posted in the first place to clients on some occasions, the other was the key one - they were telling him they have not had time to look at the proposals or are not ready to make a decision. At this ...

  • Out of context

    3 Jun 2004

    •"Ooh he's got a bit of a Mr Lover Lover voice." - Polhill PR Despina Constantinides referring to Money Marketing assistant features editor Bruce Love. •"You are the Frasier Crane of Money Marketing" - Park Row PR Jo Smith pours her heart out to MM editor. •" But I really fancy Niles." - Smith rethinks her earlier comments. •"On October 31, I go to sleep in my Mortgage Code Compliance Board pyjamas and wake up in an FSA T-shirt." - A mortgage ...

  • Over half of IFAs want to retire

    3 Jun 2004

    Over half of IFAs (58 per cent) would retire if they could afford to, according to The One Account/ Money Marketing State of the IFA nation 2004 survey. The greatest threat to IFAs' businesses is identified as professional indemnity insurance at 27 per cent, closely followed by the FSA on 25 per cent. IFAs say they believe that the regulator is aggressively pushing the sector towards consolidation by the increasing burden of regulation and professional indemnity insurance. Ot

  • PIMS sets sail for it fifteenth birthday

    8 Jun 2004

    Retail financial services forum PIMS is celebrating its 15th birthday with an event aboard the luxury P&O cruise liner, the Oriana.The PIMS team will welcome more than 45 product and service providers from the financial services arena and 210 specially selected intermediary delegates for a comprehensive programme of core conference and exhibitor presentations, as well as key note speeches.PIMS project director Evie Owen says she wants intermediaries to open their minds ...

  • Pink launches subprime tracker

    7 Jun 2004

    Pink Home Loans has launched a new sub-prime product in association with BM Solutions that offers 95 per cent loan to value for borrowing of up to £150,000. The product tracks the base rate plus 2.69 per cent for two years, offering an initial pay rate of 6.94 per cent.Sales and marketing director David Copland says: "This product caters for the light adverse section of the sub-prime market and as the rate tracks base rate it offers greater transparency for the borrower. ...

  • PJB property is golden goose

    7 Jun 2004

    PINDER FRY & BENJAMINGold 9Type: Exempt unit trustAim: Growth by investing in a central London office rented by international accountancy firm Ernst & YoungMinimum investment: Lump sum £25,000Investment split: 100% in a commercial propertyPlace of registration: DublinClosing date: July 14, 2004Charges: Initial 4.96% Commission: Initial 1.75%Tel: 020 7291 7700Gold ...

  • Portal poised to crack Egg investment deal

    3 Jun 2004

    The Money Portal is understood to be on the brink of signing a deal to acquire the investment platform of online banking and financial services firm Egg. TMP, which is targeting nine firms for acquisition, is understood to want Egg's entire investment operation, including its fund supermarket and Isa and Pep centre, in a deal which would boost its quest for critical mass. It is not thought to be interested in Egg's banking side, which is expected to be sold off shortly to ...

  • Product Matters

    3 Jun 2004

    It is refreshing to be able to write about a Northern Rock two-year fixed rate as over the past month or so it has had a good few. It started with an extremely competitive rate and then for three consecutive weeks it repriced upwards each week by 10 basis points, resulting in huge volumes of applications. We have now had the same rate for almost three weeks(but currently under funds' warning), and Northern Rock should be back to its usual efficient service. The rate ...

  • Pru Intl to join antilaundering scheme

    3 Jun 2004

    Prudential International has agreed to sign up to the Association of International Life Offices' initiative to standardise anti-money laundering procedures across offshore jurisdictions. Last week, Money Marketing reported that Prudential International had said it was not yet ready to sign up to Ailo's campaign to create a level playing field for anti-money-laundering procedures but the provider now says it is on board. Pru International says it is satisfied that ...

  • Quote winner

    3 Jun 2004

    Since the introduction of basic computer technology into IFAs' offices, there are those who believe that technology delivers far less than it promises. This begs a very good question. If the experts claim they can make processes easier, faster, smaller or more foolproof, why do some advisers still seem reluctant to adopt them? Could it be that the technology providers are guilty of focusing too much on the bigger picture? There does seem to be an emphasis on providing ...

  • Revenue is wrong on Sipps, says Nat Savings

    3 Jun 2004

    National Savings and Investments has warned advisers that the current regulations relating to self-invested personal pensions do not allow pension schemes to invest in the NS&I guaranteed equity bond despite Inland Revenue advice to the contrary. Until advised otherwise by the Revenue, IFAs will not be able to buy future issues of National Savings bonds, including the current GEB8, through a Sipp wrapper. IFAs who require further information should contact their local ...

  • Riding out the market

    3 Jun 2004

    In my last article, I looked at aspects of portfolio plann- ing, including diversification, correlation, projecting investment returns and the measurement and use of volatility. In this and subsequent articles, I will concentrate on one part of portfolio planning - volatility - looking in turn at investment risk, the difference between average rates of return and volatility and, last, risk and reward. Average fund performance is only one aspect of investment risk, ...

  • Savills claims UK's biggest mortgage at £15.2m

    3 Jun 2004

    A £15.2m mortgage secured by Savills Private Finance is believed to be the biggest homeloan arranged in Britain. The businessman who took out the mortgage will have to pay £69,667 interest each month. However, repayments would rise to £82,000 if interest rates went up by 1 per cent by the end of the year, as predicted by the Council of Mortgage Lenders. The borrower has taken out a five-year base-rate tracker at 1.25 per cent above the Bank of England ...

  • Schroders appoints Custard

    8 Jun 2004

    Schroders has appointed Curt Custard as head of multi-asset solutions.Custard, who joins from Allianz Dresdner Asset Management, will take responsibility for strategic asset allocation for clients.He says: "This role provides an exciting opportunity to develop a full range of client focused multi-asset solutions using the extensive range of research and fund management resources at Schroders."

  • Scottish Equitable goes against the grain

    2 Jun 2004

    SCOTTISH EQUITABLEFlexible Pension PlanType: Individual personal pension with insured and self-invested optionsMinimum premium: Insured option - £20 a month, £200 a year, lump sum/transfers £2,500. Self-invested option - Lump sum £2,500 Minimum-maximum ages: 18-74 Fund links: Insured option - choice of 40 internally managed funds and 26 externally managed funds from Baillie Gifford, DWS, First State, ...

  • Second Prestbury profit warning as sales slide

    3 Jun 2004

    Non-regulated network Prest-bury Holdings has issued its second profit warning of the year, forcing it to raise £500,000 to bolster its balance sheet ahead of FSA regulation. The Aim-listed company, which says it is preparing for a move towards FSA regulation for its mortgage and non-investment life businesses, raised the funds through a placing of £1m of convertible loan stock to Armadillo Investments. Prestbury, which has pled-ged to steer clear of ventures ...

  • Sector switch boosts zeros

    3 Jun 2004

    The newly created UK zeros sector should boost interest in funds which invest in the much criticised share class, according to Investec Asset Man- agement. Zeros, which were at the centre of the split-cap scandal, had until recently been lumped in the UK other bond sector, which contains a hotchpotch of virtually incomparable funds. But Investec says the new sector should highlight the ability of zeros to deliver "tax-efficient equity exposure at low risk". In particular, ...

  • Shaw thing

    3 Jun 2004

    The Diary has been waging a campaign against Express hackette Esther Shaw for the past few weeks after she took the Headline Money trade team award home for safekeeping while the editor went on drinking on the night of the awards. We print the latest email from Esther which details how MM's news editor now joins the editor in the hall of shame. "Judging by the messages in my inbox, I have been overwhelmed with support for my actions regarding your dear award. While I am feeling ...

  • Ship's home-reversion code 'does not include compensation scheme'

    3 Jun 2004

    Safe Home Income Plans' final draft for the voluntary regulation of home-reversion schemes is understood not to include financial compensation for complainants. Sources close to Ship say the complaints procedure for the new code will include the possibilities of fining the provider, suspending it or terminating its membership of the organisation but there will be no compensation scheme. Ship is also understood to be planning to introduce a standard letter, which consumers ...

  • Skandia makes a giant leap as multi-manager boosts business

    3 Jun 2004

    Skandia Investment Management has become the fastest-growing investment group in the UK, enjoying higher net retail sales than established giants such as Fidelity and Invesco Perpetual, according to a confidential report. The firm's total net retail sales hit £228m in the first quarter of this year, significantly ahead of Fidelity with £193m, Jupiter with £171m and Invesco Perpetual on £165m. Only Halifax, with £263m, had higher sales. Skandia ...

  • Skipton launches new mortgage range

    8 Jun 2004

    Skipton Building Society has launched a new range of mortgages which includes a flexible three year fixed rate mortgage at 5.69 per cent, a flexible three year capped rate mortgage at an initial rate of 4.99 per cent (capped at 5.75%) and a flexible base rate tracker at an initial rate of 4.50 per cent.All products are available at up to 95 per cent loan to value with free MIG up to 90 per cent. Early repayment charges, up to a maximum of five per cent of the original loan, apply ...

  • Sofa offers FPC aid as it moves toward professional status

    3 Jun 2004

    Sofa has agreed its strategic plan to the end of 2005 which it hopes will be the first step towards turning the advisory industry into a profession. The plan includes a review of Sofa's membership proposition for all members and it will also introduce a new category for those studying for the FPC exam, to be known as student membership. Sofa plans to offer a range of events such as study groups to support students. It will continue to work with the CII to get a chartered ...

  • Split-cap pioneer fights FSA

    2 Jun 2004

    Former Brewin Dolphin head of split caps David Thomas is appealing an FSA decision blocking his attempt to come out of retirement by refusing to authorise him. Thomas, said to have developed the modern split-cap structure, is appearing before the Financial Services & Markets Tribunal between June 22 and 25.

  • Standard Life appoints life & pensions and SLI chief executives

    3 Jun 2004

    Standard Life is appointing Trevor Matthews as chief executive of its life and pensions business and Keith Skeoch as chief executive of Standard Life Investments.Matthews joins the company on July 1 from Manulife in Japan where he is currently president and chief executive.Skeoch is currently chief investment officer at SLI and has been acting chief executive since Sandy Crombie was appointed Standard Life group chief executive in January.

  • Standard sales send equities into an outflow

    3 Jun 2004

    The realignment of Standard Life's giant with-profits fund, which brought a massive sell-off of equities, has left the investment industry with its first quarterly net outflow for almost 12 years. According to a confidential report, overall institutional repurchases of £2.2bn during the first quarter of this year outstripped net retail sales by £85.3m, leaving a net outflow for the first time since the third quarter of 1992. The report says the bulk of ...

  • Standard seeks direct route for shortfall cash

    3 Jun 2004

    Standard Life says it is working closely with the ABI and the Council of Mortgage Lenders to develop a process where endowment compensation is paid directly to the lender. The company says the discussions are still in the very early stages but it is keen to consider the issue in detail as it says that evidence has arisen to suggest that some consumers are not using the compensation they receive to lessen the shortfall in their endowment but for other purposes. Former ...

  • The age of equity release

    3 Jun 2004

    Are the risks associated with equity-release schemes fully understood by those selling the schemes? Equity-release products have a hangover from their reputation in the late 1980s. Potential customers are being reassured that the equity-release products being sold now are far better as they offer a "no negative equity" guarantee, giving the consumer the protection they desire. However, for any guarantee to be worthwhile, there must be a risk to the guarantor. The questions ...

  • There's Gold in them there offices

    3 Jun 2004

    Pinder Fry & Benjamin is targeting small self-administered schemes and self-invested personal pensions with the introduction of the Gold 9 exempt unit trust. This product invests in Becket House, a £76.9m office in London's Waterloo district that will be let to international accountancy firm Ernst & Young until 2026. The building was previously occupied by the Government, which means it will guarantee around 84 per cent of the current rent until 2014. The ...

  • Towry Law Intl to close in wake of legal threats

    3 Jun 2004

    Towry Law International is closing to new business following threats of legal action from offshore investors. Investors in Cyprus, the Middle East and Asia claim they were missold hedge funds and geared with-profits policies by the IFA. An action group in Cyprus, and a group in Hong Kong have started legal action against the firm. A small group of disgruntled UK investors is also believed to be seeking legal advice. Money Marketing revealed in May that Towry ...

  • Towry Law offers free Isa tax advice

    4 Jun 2004

    Towry Law is offering a free factsheet to help people understand the new tax rules surrounding Isas and Peps.The guide, "Isas - Peps Tax Changes", covers a range of issues to help clients understand Chancellor Gordon Brown's changes to tax rules. It also contains a table of scenarios to help consumers identify their circumstances and how the new rules will impact on them, along with an explanation of taxation rules.Towry Law product research manager Simon Farrant says: ...

  • Transatlantic manager Everly quitting CSAM

    3 Jun 2004

    Credit Suisse Asset Management's transatlantic fund manager Susan Everly will leave the group at the end of the year when she relocates her family from New York to Ohio. Everly, who has managed the £232m portfolio since April 2000, will remain with the company for around six months to ensure a smooth handover to her successor, veteran CSAM manager Hugh Neuburger. Neuburger, who is also based in New York, currently runs a core equity institutional fund benchmarked ...

  • Treasury widens field for child funds to societies after snub from providers

    3 Jun 2004

    The Government wants building societies and IFAs to offer child trust funds following a lack of interest in the schemes from product providers. Speaking in the House of Commons last week, Treasury Financial Secretary Ruth Kelly said the proposals have been modified to allow more providers in to the field. The final details of the regulatory regime mean that a group of around 13 building societies will now be able to run CTFs. Some of the smaller societies will still not ...

  • Trust types

    3 Jun 2004

    I wish to set up a trust for my two grandchildren but am not sure which type of trust to use. Could you please explain to me in simple terms the main types of trusts that I could consider and in what circumstances they would be used? The type of trust that would suit you best really depends on your precise objectives in terms of the level of control and flexibility you want to maintain. There are two main types of trust, namely, those under which your grandchildren would ...

  • Wake-up call for industry

    3 Jun 2004

    The key findings of research among consumers carried out by NOP for the FSA were that: ? Consumers generally find it difficult to compare financial companies or advisers, mainly because it is thought to be confusing ? Over 25 per cent of respondents were not aware of how firms are rewarded for selling products or services ? The majority of respondents thought that financial companies should tell consumers what they earn from a sale and at an early state, either ...

  • What is alternative to endowments?

    3 Jun 2004

    I was pleased to know that Philip Milton found my letter of April 29 interesting. The abject failure of a number of policies, not the vast majority, has a lot to do with a 20-year-plus consumerist-led attack on endowment insurance contracts by those who would wish to sell unitised contracts and thereby earn the obscene commission that Philip Milton refers to. They were, of course, the banks and building societies, once the Office of Fair Trading, through Gordon Borrie, ...

  • Why are IFAs taking blame?

    3 Jun 2004

    I enclose a copy of a letter received from Standard Life concerning one of its policies that we recommended in March 1990, for which we have now received a letter of complaint. One would think the life office would offer every possible assistance to the IFA.I am amazed at how little support is offered by some of the life offices although some are helpful. One does wonder if some of the original quotations did not have the necessary warnings re the maturity value not being guaranteed ...

  • Winterthur Life - Winterthur Elite

    8 Jun 2004

    Type: Unit-linked multi-manager fundAim: Growth by investing globally in equity fundsMinimum investment: Subject to the minimum for Winterthur's bond and pension productsInvestment split: 20% BGI US Equity Index/Gartmore USA Index (Life),12% Newton International Growth, 10% BGI European Equity Index/Gartmore Europe Index (Life), 9% Schroder Tokyo,7% Fidelity American, 7% Fidelity European,7% First State Asia Pacific Leaders, 7% Franklin ...

  • Winterthur Life - Winterthur Elite European Equity

    7 Jun 2004

    Type: Unit-linked multi-manager fundAim: Growth by investing in European equity funds excluding the UKMinimum investment: Subject to the minimum for Winterthur's bond and pension productsInvestment split: 30% BGI European equity Index/Gartmore Europe Index (Life), 20% Fidelity European, 20% Gartmore European Selected Opportunities, 15% Cazenove European, 15% JOCHM Continental EuropeanCharges: Initial £135, annual £85 ...

  • Winterthur Life - Winterthur Elite Global Equity

    8 Jun 2004

    Type: Unit-linked multi-manager fundAim: Growth by investing globally in equity fundsMinimum investment: Subject to the minimum for Winterthur's bond and pension productsInvestment split: 20% BGI US Equity Index/Gartmore USA Index (Life),12% Newton International Growth, 10% BGI European Equity Index/Gartmore Europe Index (Life), 9% Schroder Tokyo,7% Fidelity American, 7% Fidelity European, 7% First State Asia Pacific Leaders, 7% Franklin ...

  • Winterthur Life - Winterthur Elite North American Equity

    8 Jun 2004

    Type: Unit-linked multi-manager fundAim: Growth by investing in North American equity fundsMinimum investment: Subject to the minimum for Winterthur's bond and pension productsInvestment split: 30% BGI US Equity Index/Gartmore USA Index (Life), 20% Fidelity American, 20% Franklin US Equity, 15% Investec American, 15% MFS US GrowthCharges: Initial £135, annual £85 or lifetime charge £850Commission: ...

  • Winterthur Life - Winterthur Elite UK Equity

    7 Jun 2004

    Type: Unit-linked multi-manager fundAim: Growth by investing in UK equity fundsMinimum investment: Subject to the minimum for Winterthur's bond and pension productsInvestment split: 30% BGI All Share Tracker/Gartmore UK Index (Life), 10% Framlington UK Select Opportunities, 10% Gartmore UK Focus, 10% Invesco Perpetual High Income, 10% Jupiter Income, 10% Liontrust First Growth, 10% New Star UK Aggressive, 10% Schroder UK Alpha PlusCharges: ...

  • Winterthur takes sector approach

    7 Jun 2004

    Winterthur Life has added five sector multi-manager funds to its Elite range of unit-linked funds for bond and pension products.The funds are designed to free up IFAs' time by outsourcing fund selection to professional investment managers, allowing advisers to focus on allocating their clients' portfolios to different sectors.Winterthur Elite UK equity, Winterthur Elite European equity, Winterthur Elite North American equity, and Winterthur Elite global equity consist ...

  • Would fees bring trust?

    3 Jun 2004

    From the sublime to the ridiculous. I am an avid reader of Money Marketing but have never really read an article about the fees • commission debate that hits the nail on the head more accurately than Tom Kean's Independent View (Money Marketing, May 13). He asks why do people think that previously dishonest and income-hungry advisers will suddenly become any more trustworthy by charging fees ? He goes on to say how in years to come, the fraudulent adviser ...

  • Wrap firms warned that registration charges could cost them the market

    3 Jun 2004

    Extra charges on wrap platforms could threaten the development of existing propositions and see new entrants dominate the market, according to leading technology experts. Retail financial services consultancy Cydonia director Allan Greenshields says most of the companies building wrap platforms are looking at building re-registration charges into their initial costs. When an IFA puts a client's investments on to a wrap platform, they have to check which investments ...

  • Zurich revamps CII to attract singles market

    3 Jun 2004

    Zurich has responded to complacency in the singles market towards critical-illness cover by identifying opportunities for intermediaries and publishing a consumers' guide entitled, Independent, Single and Sorted. Zurich has set up a new version of CII plan lifestyle offering rates based on a pay-as-you-go system. Through Allied Dunbar, it is offering a non-smoking 30-year-old male with £100,000 cover over 25 years a monthly rate of £12.20. Zurich currently places ...

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