Money Marketing
20 January 1999

  • Autif shows IFAs taking 45 per cent of retail sales

    26 Jan 1999

    Sales of investment products by IFAs rose by 28 per cent in 1998 to £9.5bn according to the Association of Unit Trusts and Investment Funds.This figure represents 45 per cent of all financial retail sales for 1998.Company salesforces completed £6bn of business in 1998. This is a 30 per cent rise from 1997 and takes its total share of the market to 29 per cent.Institutions invested a net £3.7bn in 1998 matching their totals for both 1995 and 1996.

  • Barclays offers free gazumping protection

    25 Jan 1999

    Barclays is offering free home protection plans to mortgage applicants in case they are gazumped in the process of buying a house.

  • Barclays reissues Guaranteed Stock Market Bond

    25 Jan 1999

    Barclays is launching the second issue of its Guaranteed Stock Market Bond which it says could bring savers a 60 per cent return.

  • BCWA offers PMI discounts up to 20 per cent

    26 Jan 1999

    BCWA Healthcare is offering discount packages to entice companies buy its PMI insurance.It will offer a 20 per cent discount in the first year, 10 per cent in the second and 5 per cent in the third.Its newly launched a website has been visited by 1,200 IFAs in eight weeks.Sales and marketing director Philip Fowles says: "These are very attractive discounts on quality products. IFAs and companies will both benefit from commission and full back-up marketing support."

  • Britannia Building Society rejects Hardern motion

    20 Jan 1999

    Britannia Building Society has rejected carpetbagger Michael Hardern's conversion resolution.It says the resolution breaks a 25-year-old ruling preventing individuals interfering with the directors' right to manage the affairs of the society.But Hardern will be allowed to stand for election to the board at the AGM on April 29.

  • Burke Ford aims to fill health insurance gap in teachers' pension scheme

    20 Jan 1999

    Burke Ford Healthcare is launching an income protection plan that has been developed exclusively for employees in further and higher education.

  • Cazalet predicts 10 per cent mortgage market share for Standard Life

    22 Jan 1999

    Standard Life Bank and Prudential's Egg could dominate the mortgage market in 1999, according to insurance analyst Ned Cazalet.

  • CGU with-profits bonuses follow downward trend

    20 Jan 1999

    CGU Life have announced its annual bonuses and maturity payouts for with-profit life and pensions policies with the downward trend continuing.

  • Close Brothers Development VCT raises required £3m

    21 Jan 1999

    The Close Brothers Development VCT launched in December 1999 has raised its minimum subscription of £3m. It believes it is on course to raise £15m.Managing director Patrick Reeve says: "The launch of our Development VCT was timed to assist investors with potential CGT liabilities dating back as far as 27th January 1998."IFA introductory commission is 2.5 per cent.

  • CML figures show average mortgage rate in November was 6.81 per cent

    22 Jan 1999

    The average rate of interest being charged on loans for house purchase and remortgages during November 1998 was 6.81 per cent.

  • Commons motion backs building societies

    26 Jan 1999

    A Commons motion backing the building societies against the carpetbaggers and calling for a Government review of regulations has received the support of 54 MPs.The early day motion, put down by all party building society group chairman Andrew Love warns that building societies "cannot compete on a level playing field" because of the disruption.

  • Editor leaves International Money Marketing

    21 Jan 1999

    International Money Marketing is losing its editor to investment research and marketing consultancy Forsyth Partners.Richard Newell is leaving the paper after eight years of service to become director of editorial & media development.International Money Marketing is the sister publication of Money Marketing.

  • Greig Middleton hires two fund managers

    20 Jan 1999

    Greig Middleton is looking to recruit two investment managers ahead of the launch of a series of expansion plans.The firm wants to recruit a specialist manager for investment trusts and a manger to handle equity-based portfolios.

  • Halifax launches range of fixed and capped mortgages

    26 Jan 1999

    Halifax is launching a range of fixed, discounted and capped-rate products.

  • Jupiter tops discount Pep chart for 1998

    25 Jan 1999

    Jupiter has topped PepDirect's 1998 discounted Pep sale figures for the second consecutive year.

  • L&G sees new business rise by 16 per cent

    22 Jan 1999

    Legal & General saw its new life and pensions business grow by 16 per cent to £341.6m from £294m on the back of strong single premium life business.

  • L&G's Boulding says stakeholder to be as simple as Peps

    21 Jan 1999

    The stakeholder pensions regime will be as simple as that for Peps according to Legal & General pensions strategy director Adrian Boulding.

  • L&G's new mortgage software gets 'thumbs up' from IFAs

    25 Jan 1999

    Legal & General's mortgage sourcing and financial services software package has been given a resounding thumbs-up from IFAs.Over 95 per cent of the 290 IFAs attending the first week of L&G's MortgageEvent road shows rated Mortgage Preference as an excellent product and said they would buy it.

  • Lazard issues European High Yield Bond Fund

    26 Jan 1999

    Lazard Asset Management is launching a European High Yield Bond Fund with a target gross yield of 10.7 per cent.

  • Lincoln offers 2 per cent discount on applications before January

    25 Jan 1999

    Lincoln Financial Group is offering a 2 per cent discount on Pep applications received before the end of this month.

  • LTC providers fear confusion will follow Royal Commission report

    20 Jan 1999

    Long Term Care providers fear that Royal Commission proposals are going to raise more questions than they answer.

  • Moneystore appoints Jane Arckless as head of finance

    25 Jan 1999

    Mortgage packager The Money Store has appointing Jane Arckless as its head of finance.Arckless was previously finance controller at Lombard Bank and has worked as a tax consultant for Mitsubishi Electric.She will report to managing director Larry Wodarski and be responsible for all activities in the accounting and financial planning departments.

  • Mortgage Power opens Middlesex office

    20 Jan 1999

    The Mortgage Power a nationwide network of mortgage brokers has opened its new offices in Middlesex. TMP provides packages for the Money Store, Capital Home Loans and Irish Permanent.

  • Nat Mut launches campaign advising IFAs on changed drawdown regulations

    25 Jan 1999

    National Mutual has launched a campaign to help IFAs remain compliant with PIA regulatory update 55 on drawdown which was issued last August.

  • Nationwide sponsors England football team

    26 Jan 1999

    Nationwide Building Society is sponsoring the England football team for the next four seasons.The deal will cost £8m in the first year but this figure will come under review for subsequent seasons.The Nationwide logo will feature on the England strip, while the society can incorporate the 'Three Lions' logo on advertising and marketing material.The deal also includes broadcasting rights and extensive coverage on advertising hoardings at home games.

  • Net mortgage advances in December fall to lowest in 1998

    22 Jan 1999

    The latest Building Societies Association figures shows gross mortgage advances falling to £1,487m in December 1998 from £1,622m in November.

  • NIRS II to cost £35m to £40m

    21 Jan 1999

    The Department of Social Security has announced that the compensation bill for delays to occupational and personal pensions providers caused by computer system NIRS II will reach between £35m and £40m.

  • Norwich and Peterborough launches final assault on Pep market

    21 Jan 1999

    Norwich and Peterborough Building Society is making a final assault on the Pep market by launching a General and Single Company Pep.Both products will have a minimum investment of £1,500 with no initial fee.Dealing charges are 1 per cent on the first £5,000 and 0.1 per cent on the excess above £5,000.

  • Norwich City gets £200,000 bonus from Norwich & Peterborough

    20 Jan 1999

    Norwich City Football Club is celebrating receiving a bonus payment from Norwich and Peterborough Building Society worth more than £200,000.The bonus represents 1 per cent of the average balance invested by Norwich City fans in the society's Canary Account during 1998.

  • Norwich Union cuts bonus rates but promises biggest ever payout

    22 Jan 1999

    Norwich Union says that 70,000 people will benefit from a record £1.25bn projected maturity payout but it has cut its annual bonus rates.

  • Pep sales hit £11bn record high in 1998

    26 Jan 1999

    Pep sales in 1998 increased by 18 per cent to a record £11bn according to the Association of Unit Trusts and Investment Funds.

  • Portman and Yorkshire dismiss carpetbagger motions

    22 Jan 1999

    Portman and Yorkshire Building Societies have confirmed their determination to retain mutual status by kicking carpetbagger Michael Hardern's conversion proposals into touch.

  • Principality posts record £314m in new business

    26 Jan 1999

    The Principality Building Society took a record £314m mortgage business in 1998, an 11 per cent increase on 1997.

  • Pru posts small rise in business

    20 Jan 1999

    Prudential saw only slight growth in 1998 with group total new business up 1.89 per cent on 1997 to £1.19 bn.

  • Record 431 IFAs pass AFPC

    21 Jan 1999

    The number of IFAs who passed the Chartered Insurance Institute Advanced Planning Certificate hit a new high of 431 in October.About 52 per cent of IFAs who attempted the G60 pension paper passed the exam while 36 candidates successfully completed the Association of the Society of Financial Advisers requirement. Seven IFAs passed the Fellowship of Sofa requirements.

  • Revenue clarifies position on surpluses and MFR

    20 Jan 1999

    PSO Update No 50 issued on 21 December 1998 (received 14 January 1999)

  • Royal & SunAlliance announces range of cuts in with-profits products

    26 Jan 1999

    Royal & Sun Alliance has announced a cut in its bonus rates across its range of products in 1999.Bonus rates on unitised with-profits pensions have been cut to 6.5 per cent from 8 per cent.The annual bonus on conventional with-profits life products falls to 1.75 per cent from 2.75 per cent and on the sum assured to 4.25 per cent from 5.75 per cent.The with-profits bond annual rate falls to 5.5 per cent from 6.5 per cent.

  • Royal & SunAlliance launches SIPP and income drawdown product

    22 Jan 1999

    Royal & SunAlliance is launching its first self-invested personal pension and income drawdown product exclusively for IFAs.

  • Safeway promises cash Cat ISA for April

    21 Jan 1999

    Safeway has pledged to launch a Cat Standard Cash mini-ISA in April in partnership with Abbey National.Safeway customer development director Roger Partington says: "The popularity of the Safeway Direct Savings Account during 1998 has seen the Safeway/Abbey National partnership go from strength to strength. "Our high rate, 'no frills' approach has proved to be a winning formula and we have consistently met or exceeded the service standards we set during 1998."

  • Scot Am sees new business up 24 per cent on 1997

    20 Jan 1999

    Scottish Amicable's 1998 new business figures are up 24 per cent on the previous year.

  • Scot Prov's new business up 19 per cent

    22 Jan 1999

    Scottish Provident UK new business figures are up 19 per cent on 1997.

  • Scottish Friendly relaunches Growth and Security Bond for 1999

    25 Jan 1999

    Scottish Friendly Assurance is relaunching its Growth and Security bond for 1999. The bond was first introduced in February last year. It offers an initial investment of £2000, a flexible savings term and regularly withdrawals.The regular bonus rate for 1999 is 6.5 per cent a year. A loyalty bonus of 2.5 per cent extra units is available after 10 years.

  • Standard Life believed to have paid £30m on misselling

    21 Jan 1999

    Standard Life is believed to have spent £30m in compensation to more than 5,000 priority victims hit by the pensions misselling scandal.The Edinburgh-based life office faces further payouts to 15,000 people as part of the second phase of the pensions review. It admits these payouts are likely to drag out to past 2000.

  • United Assurance sees new business fall £4m in 1998

    25 Jan 1999

    United Assurance Group's new business for 1998 dropped to £40.2m from £44.2m in 1997.

  • Wilkinson launches Tep broking service for IFAs

    26 Jan 1999

    Former SEC managing director Alan Wilkinson has launched an IFA broking service for buying and selling Teps.North London-based Genesis Financial Services will aim to provide IFAs with best advice in the Tep marketplace.

  • Zurich life and pensions up 18 per cent

    22 Jan 1999

    Zurich Financial Services Group doubled its new single premium income pushing its overall new life and pensions up by 18 per cent to £435m in 1998 from £369m.

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