Money Marketing
2 November 2005

  • Bupa sets date for online protection

    3 Nov 2005

    Bupa Individual Protection is looking at a December launch of its online protection proposition to 26 intermediaries.

  • 6.5 Million workers have no pension

    3 Nov 2005

    A third of full-time workers are still not contributing to a pension, despite increased publicity on the woeful state of pension provision.Research conducted by B&CE Benefit Schemes, the not-for-profit stakeholder provider to the construction industry, shows that 37 per cent of full-time workers - 6.5 million people - are not contributing to a pension plan.The report, which surveyed 688 people in full-time work, undermines the belief that lack of trust in pension schemes is ...

  • 9% Increase in households' average disposable wealth

    3 Nov 2005

    UK households' average disposable wealth has risen by 9 per cent since last year, according to marketing database specialist KDB.The firm says the average disposable wealth was 38,909 in September compared with 35,824 in September 2004.KDB defines disposable wealth as liquid assets which consumers can readily call on. There are three components among the data - household equity that can be genuinely released, stocks and shares that are not part of a formal pension plan and cash ...

  • A fighting chance

    3 Nov 2005

    Abbey's three-year strategic plan will plunge it into risker markets and see it take on the likes of HBOS but, asks Andrea Tryphonides, will it win??

  • A fly swotter

    3 Nov 2005

    Protection was essential at Goodwood last week as Direct Life & Pensions top brass took a team of journalists to fly helicopters, planes and fast cars.A charity race day in support of Flying Scholarships for the Disabled saw a reporter from a downmarket rival scoring full marks in the helicopter flying section, showing an adeptness with the joystick that can only be gained by hours of practice.But the honours went to DL&P petrolhead Mike Davies who swept aside more than 60 rank ...

  • A history lesson

    3 Nov 2005

    In the first of a series examining how depolarisation could change the financial services market, The Strategy Works managing director Michael Herson looks at the rapidly changing background to the new regulations

  • A milestone after M-Day

    3 Nov 2005

    One year on from mortgage regulation, the panic has subsided and it appears that the industry has pretty much got on with things, exchanging its MCCB hat for an FSA one.

  • A&L offers 10% on savings account

    3 Nov 2005

    Alliance & Leicester has laun-ched a regular savings account paying 10 per cent a year.The premier regular saver product will be available for customers opening either an A&L premier or premier direct current account and will be available until November 30.There are fixed monthly payments of between 10 and 250. At the end of 12 months, the balance, including interest, will be paid into the customer's current account.The aim is to encourage people to save a fixed amount each ...

  • Absolutely fabulous?

    3 Nov 2005

    Rising demand for absolute return funds has raised concerns among some industry commentators that they may not live up to their hype, says Nicola York

  • Action plan to the rescue

    3 Nov 2005

    Employers with occupational schemes have a new tool to help solve A-Day issues

  • Advisers go with the Sipp and multi-manager flow

    3 Nov 2005

    Traditional pension product sales are waning, with almost three-quarters of all inflows into pensions after A-Day set to flow into Sipps and multi-manager pensions, according to Skandia.The firm says only 26 per cent of new pension business will be invested in traditional life office pensions - pensions offering only the insurance firm's funds - after next April.Skandia's survey of 500 advisers reveals that 35.5 per cent say the most likely route for their clients' money after ...

  • Allianz Global Bric building in UK

    3 Nov 2005

    Allianz Global Investors is planning to launch a UK version of its German emerging markets Bric fund. The German version invests in Brazil, Russia, India and China and has raised 57m since launch this year.

  • AMI calls for probe into cost of loan regulation

    3 Nov 2005

    The Association of Mortgage Intermediaries has pitched into the debate on the cost of mortgage regulation, demanding that the FSA carries out a thorough assessment of the regulatory impact on the market.Director Chris Cummings makes his comments in a Council of Mortgage Lenders' report which puts the one- off cost of mortgage regulation at well over double the FSA's original estimates.Before statutory regulation came in, the FSA estimated that one-off set-up costs would total ...

  • Angels have wings clipped

    3 Nov 2005

    Changes to the tax reliefs offered to investors in film partnerships have caused concern and confusion

  • Annuities could save IHT

    3 Nov 2005

    Changes in pension legislation mean annuities could be the best way to pass wealth to beneficiaries says Canada Life.From A-Day, pensioners will no longer be required to purchase an annuity at 75 if they opt for alternatively secured pension.A tax-efficient way to pass on pension fund assets is by purchasing an annuity and gifting the income to a beneficiary through a trust. If this income is considered to be outside of what is required to maintain their standard of living, ...

  • Axa appoints life, pensions and investments marketing director

    4 Nov 2005

    Axa has appointed Graham Harvey as the new marketing director of its life assurance, pensions and investments business in the UK.

  • Bank of Scotland Mortgages appoints Charles Haresnape as md

    8 Nov 2005

    Charles Haresnape has been appointed as managing director Bank of Scotland Mortgages.

  • Barclays & Woolwich - Two Year Fixed Rate Remortgage

    8 Nov 2005

    Barclays & WoolwichTwo Year Fixed Rate Remortgage

  • Barclays quits Aifa

    3 Nov 2005

    Barclays has responded to Aifa's decision to exclude multi-ties by terminating its membership, leaving its Sedgwick and Gerrard Financial Planning IFAs unrepresented.Some commentators believe the move, which comes as the bank launches a multi-million-pound TV ad campaign to promote its new multi-tie proposition, Select Choice, marks a clear shift away from whole of market and independent advice.But Barclays says the decision was made purely on a commercial basis and says it ...

  • BDS links up with overseas specialist Mortgages4You

    8 Nov 2005

    BDS announces a new service for mortgage brokers through a partnership with overseas mortgage specialist Mortgages 4 You.

  • Beating the IHT challenge

    3 Nov 2005

    Taxation There are a number of different ways to lower IHT bills while avoiding the Poat, says Simon Hildrey

  • Big Ben clocks on

    3 Nov 2005

    Last week was a little bumpy for markets but, buoyed by a positive reaction to the appointment of Ben Benanke as Alan Greenspan's replacement, shares got off to a better start this week. Enthusiasm faded fast, however, with bulls and bears fighting for dominance as the week progressed. It paints a confusing picture for investors.

  • Blunkett resigns as Work and Pensions Secretary

    2 Nov 2005

    David Blunkett has resigned as Work and Pensions Secretary after breaking the ministerial code of conduct by taking a directorship of DNA Bioscience before May's election, without consulting an independent body which advises on these matters.Blunkett was due to address the Work and Pensions select committee today but this meeting has been cancelled. There is no news of a replacement.

  • Britannic Argonaut fund takes 100m in six months

    7 Nov 2005

    Britannic Asset Management's Argonaut European alpha fund has taken 100m in under six months. The Oeic, managed by Barry Norris and Oliver Russ, was launched in May 2005 and has been supported by a number of multi-managers including New Star's Mark Harris.The fund is a high-conviction portfolio targeting a high return. 1000 invested at inception was worth 1179 on October 31, 2005 against the IMA's Europe ex-UK sector average of 1121.

  • Bumps in the fee way

    3 Nov 2005

    Compliance expert Adam Samuel says the road to fee-based advice has many hazards

  • Bupa looks to January for full protection launch

    2 Nov 2005

    Bupa Individual Protection will be looking at an early December launch of its protection proposition with online capabilities to 26 soft partners. A full launch follows in the first week of January. Phase one will concentrate on critical illness and life while phase two will introduce the expert underwriting system with further protection products.

  • Bureau calls for standard annuity application form

    3 Nov 2005

    A standardised annuity application form would speed up processes and improve inc-omes for pensioners, according to the Annuity Bureau.It says advisers should be able to easily set up an annuity for their clients with two or three months notice but the variation of process by different providers is causing delays.Managing director Andy Oliver says "It is a case of having to decide whether it is better to let your client take a lesser annuity rate or to advise them to start the ...

  • Carby heads new Tenet IFA venture

    3 Nov 2005

    The Tenet Group launched a new IFA this week called Foster Denovo and headed by exec- utive chairman Keith Carby.Foster Denovo - foster mea-ning to nurture and de novo meaning new and better - will transfer Capital Planning adv-isers producing more than 100,000 a year.The firm intends to grow organically and says it will not be conducting any recruitment drive, wanting to remain exclusively the domain of high- producing IFAs.Capital Planning has 109 RIS with an average turnover ...

  • CII scheme 'puts advisers in control of own development'

    3 Nov 2005

    A new continuing professional development scheme from the CII will revolutionise the way competence is maintained and raise the bar of professional standards, says the institute.The CII says the new CPD scheme will apply to all qualified members of the institute and represents the next step in a drive for higher standards in the industry.It says the scheme builds on its revised code of ethics and conduct and sets down the principles that members should follow in the course of ...

  • CML says regulation adding up to 1,000 to buying costs

    3 Nov 2005

    Regulation can add up to 1,000 to the cost of buying a house and is undermining Government plans to extend home ownership, says the Council of Mortgage Lenders.According to the CML's pre-Budget submission, M-Day is just one of several regulatory initiatives adding to the burden on lenders and their customers, leading to the cost of buying a home increasing to between 500 and 1,000.M-Day and the FSA's plans to impose significant fur- ther demands on firms, with lenders facing ...

  • Cofunds says L&G deal may delay break-even

    3 Nov 2005

    Cofunds says the cost of new business after launching new products with L&G could delay its break-even date although losses of 16m last year were in line with predictions.This year, the platform has seen assets under management increase by 1.8bn from 3.5bn to 5.3bn. The loss for the 12 months to December is down from 23m in 2003. It plans to launch life and pension products by the end of 2006.In February, it emerged that the cost of systems to support the addition of bond and ...

  • Collins Stewart merges two focus funds

    3 Nov 2005

    Collins Stewart Fund Management believes its Dublin-based continental Europe focus fund will be more attractive to fund of fund managers after its merger with the Guernsey-domiciled European equity focus fund.

  • Commission hike boosts NU pension sales by 22%

    3 Nov 2005

    Norwich Union saw individual pension sales grow by 22 per cent quarter on quarter after it boosted commission in July.The company admits it has sacrificed some margin to maintain market share because of aggressive pricing from competitors on stakeholder and personal pensions.Chief executive Gary Withers says he was uncomfortable raising commission in July after slashing it the previous November but in the longer term he expects a reversion to more sustainable pricing levels.He ...

  • Correspondent's week

    3 Nov 2005

    This week by Daily Telegraph investment columnist Tom StevensonIt seemed like a good idea at the time - going freelance. No more dreary Sundays in the office struggling to follow up someone else's story or sitting around just being there when your work was long done - the curse of presenteeism.

  • Day of the mifid

    3 Nov 2005

    Regulation A monstrous piece of legislation is lumbering towards us, says Standard Life group compliance director Phil Hay

  • Delay reaction

    3 Nov 2005

    Nicola York discovers the industry's reaction to Axa's call for a year's delay to the Sipp extensions

  • Directive line

    3 Nov 2005

    Our panel of experts give their views of all aspects of the EU Savings Tax Directive

  • Down to basics

    3 Nov 2005

    In last week's MM, you reported Which?'s criticisms of the ABI's consumer guidance on basic advice, specifically their assertion that our guidance does not include sufficient reference to consumers' right of recourse to the FOS. In fact, the ABI guidance makes it clear that consumers who buy products under basic advice are still protected by the FOS and that those who are dissatisfied with the service they have received can complain to their adviser and the FOS. The guidance also ...

  • 'Equitable bill to top 40m'

    3 Nov 2005

    Equitable Life's legal bill is likely to top 40m - 10m more than the society has publicly stated, according to the Equitable Members' Action Group.The company's entire legal challenge - which previously included a 3.7bn claim against former auditor Ernst & Young and a 1bn claim against 11 former directors - is now reduced to bickering over who pays the legal costs of nine former directors after this week dropping its claim against former chief execu- tive Roy Ranson.Emag chairman ...

  • 'Ethical investors are burying their heads over oil and China'

    3 Nov 2005

    Ethical investors are burying their heads in the sand when it comes to investing in oil and China, says Ecclesiastical Insurance Group.Manager of the firm's 50m ethically screened Amity fund Sue Round says it will take a decision on whether to inv- est in oil by the first quarter of 2006 and the firm is also keen to open up the debate on whether to invest in China, having taken stakes in two Chinese stocks.Round believes that many ethical funds have suffered poor performance ...

  • F&C calls off outsourcing deal

    3 Nov 2005

    F&C will not be outsourcing former Isis operations to Mellon despite agreeing in principle a year ago. The firms failed to agree on contracts.

  • Falcon picks ex-Gartmore chief for wrap venture

    3 Nov 2005

    Falcon Group has hired former Gartmore, M&G and Fidelity chief Piers Denne to lead its technology proposition with a view to setting up a new platform or wrap facility.Denne joins as business development manager and will carry out a three to four month review to decide the best solution for the national IFA.Falcon Group chief executive Allan Rosengren says one possible way forward would be to white-label an established provider's wrap.Various approaches have already been ...

  • Fee fears

    3 Nov 2005

    The equity markets have tumbled in recent weeks. No one would necessarily blame the way fund managers are remunerated. It is driven by oil prices, fears about inflation and global uncertainty.

  • Feeling conned

    3 Nov 2005

    There seem to have become a popular facility provided by some life companies, presumably to give the impression that they have established a dedicated support division for the members of certain networks. In the case of Legal & General, though, this is not quite the case. We recently discovered that, in fact, L&G has just one team that deals with enquiries from all members of all the networks. Our phone numbers are programmed into their system so that when we call, the name ...

  • Fidelity cuts cost of online share deals

    3 Nov 2005

    Fidelity International is cutting the cost of online share trading from 13.50 to 9 a trade, regardless of size or frequency.The ShareNetwork service allows investors to deal in all stocks listed on the main market of the London Stock Exchange, including investment trusts. Investors must open an account at a charge of 5 a month.ShareNetwork members receive free personal membership of Crest, the online share registration and settlement service, whereas investors are usually offered ...

  • Financial Express revamps online fund analysis service

    3 Nov 2005

    Financial Express has relaunched Trustnet Adviser, its fund research and analysis service, with extra tools anda new look.FE says the free online service for advisers has been updated to meet the changing needs of the depolar- ised market.New tools include portfolio scanner, which allows advisers to analyse a port- folio of funds and view its underlying composition.Another tool, multi-plot charting, enables advisers to compare several investments on one chart.Other tools ...

  • Focus in partnership with Dashboard

    7 Nov 2005

    Focus Business Solutions has announced a new strategic partnership with Dashboard Software to deliver 'best of breed' technology solutions to mortgage brokers and packagers.The partnership offers brokers, packagers and lenders an instant compliant KFIs service, a new fully integrated 'out of the box' lender back-office and intermediary extranet solution and an electronic mortgage application document library.Focus director of mortgage solutions Manjit Rana says: Working with Dashboard ...

  • Framlington's second Aim VCT seeking 35m

    3 Nov 2005

    Framlington is looking to raise 35m with the launch of its second Aim VCT.Brian Watson, who runs the firm's first Aim VCT, which raised 24.6m in 2004/05 after being launched last December, will be lead manager.Watson will be supported by the UK team, which inclu- des Roger Whiteoak, Nigel Thomas, Richard Peirson and George Luckraft.Watson has over 27 years investment experience, focusing on smaller companies, and has been investing in Aim companies since the market opened ...

  • Friends leads on protection processing

    3 Nov 2005

    Norwich Union comes bottom of 10 providers in a Life Policies Direct life insurance and critical-illness cover underwriting table while Friends Provident has a commanding lead.The findings, which assess the average time that it takes product providers to issue acceptance terms for an app- lication show that NU took 40 days to underwrite, compared with the fastest firm in the survey, Friends Provident, which took only 11 days.LPD managing director Jason King puts NU's slow pace ...

  • FSA calls for urgent action to rectify poor selling practices of PPI

    4 Nov 2005

    The FSA is calling on firms to take urgent action to ensure the selling of PPI is in line with its regulatory requirements.

  • FSA details review plans for mortgage and GI regimes

    7 Nov 2005

    The FSA has set out further details of the post-implementation reviews of the mortgage and general insurance regimes.

  • FSA rethinks pension guide

    3 Nov 2005

    The FSA has updated its guidance to employers operating stakeholder or group per- sonal pensions in light of rec-ent legislative changes.The guide explains to emp-loyers what they can do to help their staff understand the pension scheme they are offering. Employers which meet certain conditions set out in the guide are now able to promote their pension scheme to employees without authorisation from the FSA or otherwise breaching the Fin- ancial Services and Market Act 2000.This ...

  • FSA's PPI investigation shows shocking but unsurprising results says Which?

    7 Nov 2005

    Which? says that the recent PPI investigation carried out by the FSA is shocking but unsurprising.

  • Fund chief says time is right for growth in Asia

    3 Nov 2005

    Asia is ending a period of consolidation and the time is right for a sustained period of growth, says Waverton Asia Pacific manager Alan Gibbs.Between 1975 and 1990, Asia went through a sustained growth phase but the region's markets have since been consolidating. Gibbs thinks many of the factors which drove growth have now returned, with those driving consolidation now receding.Gibbs was speaking at the launch of his fund, to be managed by JO Hambro Investment Management. The ...

  • Furness links up with Mortgage plc on non-conforming deal

    2 Nov 2005

    Furness Building Society is launching into the non-conforming mortgage market with a distribution agreement with Mortgages plc. Furness will market the entire Mortgages plc product range to intermediaries using jointly branded marketing and promotional material. A specialist team has also been set up within the Furness Direct operation.

  • Gartmore strives for first-class honours

    3 Nov 2005

    With its fledgling range of multi-manager funds, the firm wants to throw off its image as a second-quartile performer, says Matt Davis

  • Get ready for the new bond

    3 Nov 2005

    IFAs need to be prepared for a new generation of with-profits products

  • Give Francis a chance, says Chartwell

    3 Nov 2005

    Errol Francis deserves a chance to prove himself on Credit Suisse's equity income fund following the departure of manager Leigh Harrison, says IFA Chartwell.Investment manager Ryan Hughes says the outspoken opinions of several industry commentators that investors should move their money are unfair. He says Francis's record on the UK growth and income fund at Credit Suisse has been strong, with the fund lying at 31st out of 171 in the sector since he took over in April 2004.His ...

  • Gummer backs Massow in plea to the regulator

    3 Nov 2005

    Aifa chairman John Gummer is to take Ivan Massow's plight to the FSA, claiming that the case exposes fundamental flaws in a claim process that ignores a historic understanding of cases.The Conservative MP for Suffolk Coastal considers that Massow's situation highlights the "thoroughly reprehensible" way that life offices treated gay men in the early 1990s, which should still be clear in people's minds, and meaning that Massow's advice route was the only one available at the time.Gummer ...

  • Hall makes As while the sun shines

    3 Nov 2005

    Very few fund managers have been awarded an AAA rating by Standard & Poor's, Citywire and Forsyth-OBSR. Mark Hall achieved this recently when S&P upgraded him from AA to AAA and named him the top FTSE All-Share fund manager over the past year.

  • Hamptons firms-up deal with Towry Law

    2 Nov 2005

    Hamptons International Mortgages has finally signed on the dotted line with Towry Law, securing an exclusive two-year introducer agreement. Hamptons will be taking on the Towry Law mortgage services staff in mid-November. The deal is estimated to be worth around 200m a year in fresh loan volume. Towry Law currently has around 150 IFAs.Hamptons managing director Kevin Duffy says: "This is a deal which has meaningful benefits for all the participants. I will be disappointed if by this ...

  • Happier returns

    3 Nov 2005

    I, like many directly regulated IFAs, may have recently had to complete electronically The Retail Mediation Activities Return and returned it, by a predetermined date, online to the FSA. I share the views of many of my IFA colleagues that the task was indeed daunting and caused some of us sleepless nights. However, I would like to place on record the assistance and support offered to me by the FSA and some of its individual members of staff. With this said and in view ...

  • HBoS Financial Services appoints new marketing and distribution director

    2 Nov 2005

    HBoS Financial Services has appointed Paul McNamara as marketing and distribution director.

  • Height of fashion

    3 Nov 2005

    Former IFA Promotion chief exec Ann-Marie Martyn will be celebrating her 40th birthday climbing a few mighty mountains in the Himalayas for a month.In between worrying about the lack of wine bars and hairdressers she will be raising money for a local Nepali charity called the Help Nepal Network with a fashion show at Parklands Quendon Hall hosted by www.amilliondollars.co.uk on November 6.

  • Hutton new Work and Pensions Secretary

    2 Nov 2005

    John Hutton has been confirmed as the new Secretary of State for Work and Pensions, taking over from David Blunkett who resigned this morning.Hutton joined the Cabinet in May as Cabinet Office minister and was previously junior Health minister.He is seen as a Blairite who will look to push forward the Prime Ministers third term reforms in incapacity benefit and pensions.

  • Hutton new Work and Pensions Secretary

    2 Nov 2005

    John Hutton has been confirmed as the new Secretary of State for Work and Pensions, taking over from David Blunkett who resigned this morning.Hutton joined the Cabinet in May as Cabinet Office minister and was previously junior Health minister.He is seen as a Blairite who will look to push forward the Prime Ministers third term reforms in incapacity benefit and pensions.Hutton is the forth person to take on the role in little over a year, after Andrew Smith resigned in September ...

  • IMA calls for common disclosure regime

    2 Nov 2005

    The IMA says the FSA should adopt a common disclosure regime covering all products available to retail investors, in response to the regulators recent discussion paper on a wider range of retail investment products. While the IMA does not think hedge funds should be marketed directly to the public it says other routes providing diversification of risk should be explored.

  • IMA wants common disclosure regime

    3 Nov 2005

    The IMA says the FSA should adopt a common disclosure regime covering all products available to retail investors.

  • Index suffers as hedge funds bank the profits

    3 Nov 2005

    Performance fees knocked October's uncertain markets as hedge fund managers took profits to safeguard their bonuses says Iimia CIO Nick Greenwood.Greenwood, who runs Iimia's fund of investment trusts, says that many hedge fund managers have year-ends in October while others were tempted to bank profits four-fifths of the way thr- ough the calendar year with markets entering a period of uncertainty after having been through a bull run.The FTSE fell from 5,515 at the beginning ...

  • Industry concern over Blunkett's resignation

    2 Nov 2005

    The Government must move quickly to find a replacement for David Blunkett as secretary of state for Work and Pensions in order to maintain industry confidence in pension reform.Industry commentators are dismayed at the timing of Blunketts resignation, coming less than a month before the Pensions Commission is due to present its second and final report.Scottish Life group head of communications Alasdair Buchanan says the timing of Blunketts resignation is incredible, especially ...

  • Investment trust discounts narrow to 10 year lows

    8 Nov 2005

    Investment trust discounts have narrowed to their lowest levels in over a decade, according to the AITC.Average discounts have fallen to 7.4 per cent, as of 30 September, compared to a longer term trend level of around 11 per cent.While strong equity markets over the past two years have contributed markedly to this, the AITC says several investment trust providers have also introduced discount management processes, such as automated share buyback programmes to be proactive in driving ...

  • Just what the doctor ordered

    3 Nov 2005

    All the signs are that the biotechnology sector is in the best shape it has ever been

  • Law Soc blasts Hips

    2 Nov 2005

    Home Information Packs have come under fire from the Law Society following the move by the Government to publish draft regulations this week. The Society is concerned the Government still has not set up appropriate certification arrangements to regulate and control the production of the reports and the people who produce them.

  • Lighthouse brings in new group rebranding

    3 Nov 2005

    IFA brands RJ Temple and Berkeley Wodehouse will disappear this week as Lighthouse implements its group rebrand.The new names will be Lighthouse Xpress - the appointed representative network which has 350 registered individuals, Lighthouse Temple - the national IFA with 150 RIs and Lighthouse Corporate - its partnership arm.The group is launching a new IFA - Lighthouse Wealth - based at the City of London branch which will specialise in high-net-worth clients.All four arms ...

  • Lighthouse buys Carrwood Barker for 3.3m

    7 Nov 2005

    Lighthouse has announced the acquisition of Carrwood Barker, an IFA and sipp administration group for 3.3m.The firm is based in Manchester and Milton Keynes and is made up of 40 advisers based in chartered accountants throughout the UK. Lighthouse has also announced plans to raise around 3m in new ordinary shares from institutional and other investors, to fund the acquisition.A shareholder circular will be posted today, including notice of an Extraordinary General Meeting to ...

  • Liverpool Vic offers triple choice with WP bond

    3 Nov 2005

    Liverpool Victoria is revamping its with-profits product range to offer a bond with a range of asset-allocation models and the option of a five-year capital guarantee.Investors in the All-in-1 investment bond can choose between growth, balanced or cautious strategies, with the option of a five-year guarantee which is charged to the fund's annual fee.Investments in the new bond will go into the 4.7bn Liverpool Victoria with-profits fund rather than into separate ring-fenced pots.Returns ...

  • Make your mind up time

    3 Nov 2005

    I refer to Robert Reid's letter in Money Marketing on October 20. I am sure that all professional advisers, having now heard both sides of the argument, are capable of making up their own minds whether their clients should stay put, transfer now or transfer after A-Day. Or as Robert so ably points out, transfer now to an S32 and again to another S32 after A-Day. I reject Robert's accusation that I "flog products". John Lawson Head of pensions policy, Standard Life, Edinburgh

  • Malta seeks new way for pensions

    3 Nov 2005

    The difficulties of funding state pension schemes and the need to encourage people to save is a global phenomenon with no one size fits all answer, says Maltese prime minister Dr Lawrence Gonzi.Speaking at a seminar hos- ted by Aberdeen Asset Management in Malta last week, Gonzi said the country had consulted the World Bank, the IMF and a host of independent experts in building its proposals, which it hopes to push through this year.The main problem is cutting costs. Malta has ...

  • Mid-cap stocks reach record levels

    8 Nov 2005

    London's FTSE 250 mid-cap index has broken 8000 for the first time as takeover speculation continues to dominate the market. The news comes after mid-caps fell out of favour earlier this year, with investment analysts largely favouring large-cap stocks for the first time following a strong run in the 250.

  • Mixed response as Bernanke named Greenspan successor

    3 Nov 2005

    The appointment of President Bush's top economic adviser Ben Bernanke to succeed Alan Greenspan as US federal reserve chairman has sparked a mixed response from the investment community.As bond markets in the US weakened and equities strengthened on the announcement, Baring Asset Management warned that Bernanke's reign could bring further volatility to US inflation. Director of fixed income Toby Nangle says the appointment has reinforced Baring's negative view of the dollar, after ...

  • Moneynet and Lifesearch add warnings

    3 Nov 2005

    Moneynet and Lifesearch have responded to the Money Marketing protection campaign by adding pre-sales health warnings to their websites.The warnings, the central aim of the No Advice, No Protection campaign, alert consumers to the hazards of buying protection products on an execution-only basis.They also point out that buying protection policies on a direct basis limits rights to consumer protection if it turns out that the policy bought is inappropriate to the individual's ...

  • More parents make savings

    3 Nov 2005

    More parents are saving for their children, research by Mintel has found.Seventy-two per cent of parents with children aged up to 14 are putting aside money for their children. Forty-five per cent or 5.7 million are saving at least once a month, up by nearly one million since 2003.The research found that around 6 per cent of grandparents - or 2.7 million - are saving regularly for their grandchildren but there are still around 3.5 million parents who save rarely or not at all ...

  • MortgageStream launches case management software to PMS members

    8 Nov 2005

    MortgageStream has launched an exclusive branded version of its case management software to Premier Mortgage Service members on an exclusive basis.

  • Network adds trust to contracts

    3 Nov 2005

    Whitechurch is introducing a declaration of trust to all contracts to protect members against commission losses if the network ever goes bust.It stresses the clause has been introduced in response to IFA concerns over the networks which went into liquidation last year owing members commission and not because it is any danger of going under itself.Revised member contracts include a trust arrangement allowing the receiver to deduct funds only as set out in the membership agreement ...

  • Networks will stab you in the back

    3 Nov 2005

    Money Marketing last week contained four separate articles which were connected by a central theme. Ivan Massow's experience with Sesame over compen-sation for endowment selling should serve as a warning to all advisers that a network, like many life offices, will gladly stab you in the back. The nature of the network beast is that it is self-serving and motivated by profit first, second and third. Tom Kean's observations provided an excellent riposte to the burgeoning hordes ...

  • New members of CML confirmed

    8 Nov 2005

    Oakwood Homeloans and Just Retirement have become members of the Council of Mortgage Lenders.Rightmove.co.uk has joined as an associate of the council.

  • New Star grows Exeter funds by up to 84%

    3 Nov 2005

    New Star's five funds of investment trusts have returned between 45 and 84 per cent in the two years since it bought the funds from Exeter.

  • No blame, no gain

    3 Nov 2005

    I have said this before but I yield to no one in my admiration for Ros Altmann. Not only is she one of the most original thinkers around when it comes to analysing the future of retirement provision in the UK but she is also a dedicated campaigner - along with some journalists - on behalf of people left in the lurch by the wind-up of their occupational pension schemes over the past decade.

  • No exclusions from debate

    3 Nov 2005

    The article headlined, Thinktank calls for consensus to cut out ABI and TUC views, October 13, seemed to imply that the IPPR believes in cutting out the ABI and TUC from the pension debate. You cannot and should not exclude anyone from the debate. The IPPR had argued that any consensus on pensions was likely to include a rise in the state pension age and the end of NI rebates for contracting out. Therefore, it was unlikely to include either the TUC or the ABI. Ironically, since ...

  • Noble adds health VCT to range as it buys development specialist Sitka

    3 Nov 2005

    Noble Fund Managers has bought specialist development capital firm Sitka.The deal means that NFM now has three venture capital trusts under management, with an investment team of 16.Sitka's health fund VCT, run by Louis Nisbet and his team, will join NFM's VCT and income and growth VCT.The health fund VCT invests in UK-based healthcare companies which are looking to attract 500,000 to 1m or potentially bigger sums when it co-invests with other institutions. Particular areas ...

  • Non-conforming link-up for Furness

    3 Nov 2005

    Furness Building Society is moving into the non-conforming mortgage market with a distribution agreement with Mortgages plc. Furness will market the entire Mortgages plc product range to intermediaries using jointly branded marketing and promotional material.

  • NS&I begins in-store pilot with Tesco

    7 Nov 2005

    National Savings & Investments' brochures for premium bonds and savings products will be available in 50 Tesco stores from today.The pilot stores cover England, Scotland and Wales and will be rolled out across the retail giant's 450 nationwide stores if the scheme takes off.Brochures available include premium bonds information and information on NS&I capital protected investments and inflation-linked bonds. Consumers can invest through phone, web or postal means detailed in the ...

  • NU educates on release

    3 Nov 2005

    Norwich Union is running an education programme to improve adviser understanding of equity release.An NU poll has found that 78 per cent of advisers believe they will be writing more equity-release business in the next six months.Twenty-seven per cent believe house price rises have encouraged interest in equity release while 36 per cent say lower returns on other investments will see more consumers turning to this market.NU Equity Release group product development manager ...

  • NU updates PMI

    3 Nov 2005

    Norwich Union is updating its international private medical insurance product range a year after its launch.Global care and global care plus will now express benefits and premiums in pounds sterling, euros and US dollars.The five regions the product uses have been expanded to inc- lude countries previously in an area needing a higher level of cover such as the Indian subcontinent and southern and eastern Asia and the Far East.Chronic conditions and HIV aids cover have been ...

  • NU will pick an advocate to bid for 3.4bn orphan assets

    3 Nov 2005

    Norwich Union has stepped up its attempts to reattribute 3.4bn of orphan assets within two of its with-profits funds by moving to appoint a pol- icyholder advocate to look into the deal.The company says there is no clarity over who legally owns the orphan assets and it is looking at bringing a case to court in the next couple of years in a bid to establish legal ownership.This follows similar moves by Axa, Pearl and Britannia in recent years. The policyholder advocate, required ...

  • One to watch

    3 Nov 2005

    There have been a number of new property fund launches announced over the summer and two big names entering the arena are Skandia and Standard Life. I particularly like the look of the Standard Life Investments' product.Standard Life manages over 10bn in institutional property mandates and this is its first foray into mainstream retail property. I feel this is a serious alter-native to the established funds in the market.I like the make-up of the fund, particularly the 20 per ...

  • Paul Bradshaw

    3 Nov 2005

    Sam Shaw talks to Abbey's chief executive (insurance and asset management) who says working in Italy has given him a cynical view of the UK finance industry which he accuses of 'xenophobic arrogance'. He talks avidly about working with Mark Weinberg and Mike Wilson and forecasts a wrap explosion in a year's time.

  • Pensions Regulator says 130bn deficit could be paid off in 10 years

    3 Nov 2005

    The Pensions Regulator says UK plc's 130bn pension deficit could be paid off within 10 years with minimum disruption to the economy.It believes that up to 80 per cent of companies could realistically close their deficits without facing more than a 25 per cent reduction in their free cashflow.But the TPR's reliance on FRS 17 and benefit buyout costs to gauge funding requirements has been criticised because it uses actuarial discretion to calculate deficits.Watson Wyatt senior ...

  • PI firm Fabien collapses with debts of 700,000

    3 Nov 2005

    PI broker Fabien Risk Serv- ices has gone into liquidation and is under investigation by the FSA.The firm, whose client list included IFAs and an as yet unnamed adviser network, collapsed earlier this month with debts of over 700,000.Begbies Traynor has been appointed as liquidator fol-lowing a meeting between creditors and shareholders on October 19.Money Marketing understands that the investigation will address allegations against Fabien chairman Shane Garvey and other ...

  • Platform Home Loans - Two Year Fixed Special Self Cert Mortgage

    2 Nov 2005

    Platform Home LoansTwo Year Fixed Special Self Cert Mortgage

  • Pru adds 20 funds to bond choice

    3 Nov 2005

    Prudential has added 20 unit-linked funds to its existing International Prudence Bond range bringing the total number of funds available up to 45.Hamptons' introducer deal with Towry LawHamptons International Mortgages has finally signed a deal with Towry Law foran exclusive two-year introducer agreement. Hamptons will be taking on the Towry Law mortgage services staff in mid-November. The deal is estimated to be worth around 200m a year in new loan volume.Factsheets set the ...

  • Pru sees 18% fall in intermediary sales

    3 Nov 2005

    Prudential saw intermedia- ted sales fall by 18 per cent to 502m annual premium equivalent in the third quarter compared with 611m in the second quarter of 2005.But group chief executive Mark Tucker pledged 170m to fund new business acqui- sition in 2007.The insurer still has a 770m war chest from its 1bn rights issue but is holding fire over the next 12 months amid concern over pricing in the increasingly competitive annuity and protection markets.The outcome of Prudential's ...

  • Purely Financial Group announces new strategic investor

    3 Nov 2005

    Purely Financial Group which trades as Purely Mortgages announces that Triandra Limited has made an investment for 50 per cent of the enlarged share capital of the company.

  • Repayment mortgages more than doubled in the last decade says SEH

    8 Nov 2005

    Repayment mortgages have more than doubled in the last decade according to a survey conducted by Survey of English Housing, published by the Office of the Deputy Prime Minister.

  • Research firm probes life prices

    3 Nov 2005

    Consumer Intelligence has investigated life insurance prices from advised and non-advised sales. Direct Life, Life Policies Direct, Lifesearch, Sainsbury's, Standard Life and Tesco Personal Finance have been mystery-shopped.

  • Retirement planning is top priority for UK consumers

    3 Nov 2005

    Retirement planning is the UK consumer's top priority for seeking financial advice but advisers have yet to see any rush ahead of A-Day, according to IFA Promotion.IFAP says the number of advice-seekers is largely in line with last year, indicating that A-Day frenzy has not yet hit consumers, but the appetite for independent advice has grown, which is encouraging.IFAP says in the 12 months to September 2005 it had handled 535,000 requests for local IFAs, a year-on-year increase ...

  • RICS says Sipp rush has been exaggerated

    3 Nov 2005

    Property Sipps are likely to boost regional hotspots but will have little impact on most of the market, claims a report from the Royal Institution of Chartered Surveyors.It forecasts a steady flow rather than a rush of property into Sipps. Up to 160,000 extra residential property purchases may be made over three years after A-Day, representing only a small fraction of the 4,500,000 total transactions across all asset classes forecast for that time.By analysing pension and savings ...

  • Rough justice?

    3 Nov 2005

    Ivan Massow's claims that Sesame has failed to back him adequatley over claims from gay clients have implications for the whole industry, say Paul McMillan.

  • S African manager warns of high alpha volatility

    3 Nov 2005

    South Africa-based multi-manager Investment Solutions is warning investors buying into concentrated high alpha funds to expect volatility through a lack of diversity.

  • Scandinavian shock as banks drive out IFAs

    3 Nov 2005

    UK IFAs should beware of the fate of their Scandinavian counterparts who have been wiped out after pressure from banks outlawed commission, warns Aifa chief Chris Cummings.The decision by the FSA's Swedish and Norwegian counterparts follows heavy lobbying from the region's powerful banking sector to force independent advisers to charge fees only and strip them of the commission option. Cummings says the move was precipitated by the EU's insurance mediation directive.The Norwegian ...

  • Scared? You should be

    3 Nov 2005

    The industry has an ethical duty to make clients aware of their mortality

  • Selestia adds funds to platform

    3 Nov 2005

    Selestia has added 25 funds and fund firm Williams de Broe to its platform, taking its total funds to 805.

  • Sesame returns to portal as Exchange backs Intrinsic

    3 Nov 2005

    Sesame has picked Assureweb to power its multi-tie, four months after the network broke ties with the portal after a provider buyout.The deal comes as the portal battle for new multi-tie contracts intensifies with The Exchange announcing it will supply all the technology behind Lord Leitch's Intrinsic project.Sesame commercial director Charles Bryant says its move reinforces Assureweb's position as portal of choice for the network and will ensure that advisers that are part ...

  • Shock and claw

    3 Nov 2005

    Money Marketing's investment reporter has learned better than to "give it the big lobster" over lunch.In J Sheeky's last week, he boldly ordered one of the luxury sea-beasts, grilled in a sauce of garlic butter.But the sauce proved to be proved a good lubricant. The claw crackers slipped and a the intrepid reporter was showered with lobster shrapnel.

  • Silencing the prophets

    3 Nov 2005

    It seems improbable that it is now a year since the FSA took over responsibility for regulation of mortgage selling.

  • Sipps get relative tax boost

    3 Nov 2005

    Grandparents will be able to buy a property within their Sipp, get 40 per cent tax rel- ief and let their grandchildren live there rent-free from A-Day.The Revenue slapped a benefit-in-kind charge on anyone who holds their residential property within a Sipp and lives in it to close off such abuses but the rules leave notable gaps for certain relatives.The benefit-in-kind charge - which is equivalent to the going market rent for the property - applies to the property owner, their ...

  • Split-cap offers before Xmas

    3 Nov 2005

    Fund Distribution Limited will make its first compensation offer to split-cap investors in December and says it will pay out within four weeks if claimants accept.Offers will be open for five weeks and claimants can reject an offer but would be inelig- ible for a second round of compensation next spring.FDL was set up last year to distribute 144m compen- sation from 21 firms following involvement in the splits' deb- acle. It expects to pay out the majority of the money in the ...

  • Standard Life launches ethical corporate bond fund

    7 Nov 2005

    Standard Life has launched an ethical corporate bond fund aimed at low risk ethical investors requiring an income.

  • Standard Life urges IFAs to underwrite discount gift trusts

    3 Nov 2005

    Standard Life is recommending that discounted gift trusts should be underwritten to prevent problems for the relatives of clients if they die early.The inheritance tax planning tool enables clients to invest money in a trust while taking an income.If the client dies within seven years, the discount - the cost of the income stream - is removed from the estate, reducing the overall IHT bill.National development specialist for estate planning Julie Hutchison warns that if clients ...

  • Stargate EIS funds come under fire

    3 Nov 2005

    Stargate Capital Management has come under fire for promoting two EIS funds as inv-esting in women-owned businesses and film but which only provide 28 per cent exposure to these investments.Stargate's Trapezia EIS is billed as an altruistic investment, investing in "women's intuition", while its MagicGate EIS is marketed as a "new vision for British film finance".Capital protection is opt-ional but Stargate managing director Paresh Shah says the company is budgeting for all ...

  • Strife on Mars

    3 Nov 2005

    Women are from Venus, men from Mars - discuss. No matter how you start this conversation, one of you will end up grumpy but one area where there will be no disagree-ment is women and pensions.

  • Survey 'reinforces view of Sipps as mainstream plan'

    3 Nov 2005

    Portfolio manager Brewin Dolphin claims one-third of people in the UK have already invested in self-invested personal pensions or are considering doing so.However, its research also reveals that over half of people are still oblivious to the existence of Sipps.Brewin Dolphin says its study reinforces market predictions that Sipps, once the preserve of high-net-worth clients, will become a mainstream product after A-Day.But despite growing popularity of Sipps, it says 54 ...

  • Tax adviser attacks HMRC for inflexible stance on annuities

    3 Nov 2005

    HM Revenue & Customs is being inflexible to the point of authoritarian by forcing people who reach 75 before A-Day to buy an annuity, says tax and business advis- ory group Vantis Financial Management.People whose 75th birthdays fall after A-Day on April 6, 2006 are not required to buy an annuity.Vantis poionts out that if an annuity is purchased and the holder dies, the entire pension fund is lost.People who do not purchase an annuity can, in some cases, pass the money ...

  • The best of wealth

    3 Nov 2005

    Butterfield Bank Guernsey managing director Robert Moore talks to Philip Scott about its plans to market itself to the globally defined intermediary market, maintain its client focus and the challenges that the bank faces

  • The meaning of lifetime

    3 Nov 2005

    Generating a detailed customer profile is crucial to pricing equity-release products but it must go hand in hand with regular cross- checking of loans throughout their lifetime, says Mortgage Express product development manager Roger Hillier

  • The multi-ties are coming...

    3 Nov 2005

    Respondents to the Aifa poll on including multi-ties in the trade body could never have imagined that their under-representative responses would ignite such fervour.The multi-tied provider of any financial product is to consumer benefit what low-budget airlines are to the Euro-traveller. The price may represent value for money but the destination is more often than not a B-list airport some distance from where you want to be and the performance and service is underwhelming.Multi-ties ...

  • The peas corps

    3 Nov 2005

    In my last article, I outlined some of the features of different classes of Government bonds and corporate bonds. I concentrated particularly on projections of investment returns from investment funds holding each of these classes, noting their performance in recent years and the sources of information which might guide our thoughts as to future trends.

  • The test of time

    3 Nov 2005

    Ivan Massow is being penalised for giving the best advice he could at the time

  • Thinking outside the box

    3 Nov 2005

    It is a bird? Is it a plane? No it's Brokerman!A Lancashire IFA has hired its very own Superman, Clark Kent, to rid the people of Preston of their financial worries. Morecambe-based Kent, 34, mustered all his super powers to land the job at Preston commercial insurance broker Taylor Patterson. Unfortunately when this Lancashire IFA comes out of the telephone box he remains a Lancashire IFA."I'm not a fat cat, I'm a chubby cat."Scottish Life head of pensions Steve Bee"I managed ...

  • Tory questions Govt on FSA malpractice and reform

    3 Nov 2005

    Tory backbencher Gregory Barker has tabled three written questions to Parliament about the the FSA, asking about future plans for reform, staff expenditure and malpractice.Treasury economic secretary Ivan Lewis said that apart from the complaint received by the Parliamentary Ombudsman alleging maladministration in respect of the prudential regulation of Equitable Life, there have been no issues regarding malpractice.He said the investigation of this complaint, covering regulation ...

  • US firm spreads the word

    3 Nov 2005

    American software firm Money Minders Software is to enter the UK market by the end of the year offering its financial planning spreadsheets product to IFAs.It says the product, which acts as an add-on to Microsoft Office or Excel, offers 153 Excel templates to handle almost any financial planning situation and produce client reports.MMS is trying out a test version of its software with UK advisers and believes there is good demand for the product.The product will cost 400 ...

  • Value of lifetime mortgages slips but reversions perform strongly says SHIP

    8 Nov 2005

    The value of lifetime mortgages slips but reversions perform strongly in a softening property market according to Safe Home Income Plans.

  • Variations on a joint tenancy theme

    3 Nov 2005

    The Revenue has stated that deeds of variation can be used to redirect automatic inheritances of joint assets

  • Vote keeps Clarke as Savoy chairman

    3 Nov 2005

    An EGM vote seeking to remove ex-Chancellor Ken Clarke as chairman and director of Savoy Asset Management was defeated.

  • Warning that 18-month PI risks EU breach

    3 Nov 2005

    IFAs taking out 18-month PI policies risk breaching EU rules on minimum insurance req-uirements, warns Collegiate managing director Tony Howe.Howe says an increasing number of brokers are offering 18-month policies to stop their competitors picking up clients on their renewal date.But he says these policies are rendered useless by the ann-ual 1.1m limit of indemnity required by EU directives.He says if at the end of one year there has been an erosion of cover below the LOI, ...

  • What a carry on!

    3 Nov 2005

    Invesco Perpetual is to sponsor Wales' four international matches at the Millennium Stadium in Cardiff in November.The Grand Slam winners play all three Southern hemisphere superpowers to kick off their 125th anniversary season.The deal even allowed marketing director Rick White to strut around the hallowed Welsh turf for a bit of shameless publicity.

  • Will your IHT away

    3 Nov 2005

    The Government may be clamping down on traditional planning but there are other ways to reduce IHT

  • Would you Adam and Eve it?

    3 Nov 2005

    Proposals for the introduction of a flat tax in the UK have had a mixed reception

  • Year one needs to brush up on regulation

    3 Nov 2005

    One year on from the regulation of the mortgage market, the FSA warns it will be getting tough by cracking down on those firms which have not yet come to terms with the new regime.In an interview with Money Marketing, looking back on the 12 months since M-Day, FSA head of mortgages and credit unions, small firms div-ision Andy Watson says some of the mystery-shopping exercises have been "disappointing" but the regulator will not take any blatant flouting of the rules lightly.The ...

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