Money Marketing
21 April 2004

  • 'FSA underestimating move for direct rule'

    22 Apr 2004

    The Mortgage Code Compliance Board believes that the FSA could be significantly underestimating the number of mortgage brokers applying for direct authorisation. MCCB head of communications Brad Baker says the feedback he has had from the board's 12,000 members indicates that the FSA will get far more than the estimated 7,000 applicants. A recent seminar organised by the MCCB to help members adapt to the changes that mortgage regulation will bring to their businesses ...

  • 'One in 10 loans are for four times salary'

    22 Apr 2004

    One in 10 borrowers are taking out a loan which is four times their salary or more, according to latest figures from the Liberal Democrats. The LibDems say that during February, 10 per cent of people taking out a new homeloan borrowed between four and six times their income. But the Council of Mortgage Lenders says one in 20 borrowers has a loan of five times income or more and one in 50 is borrowing more than seven times their income. LibDem chief Treasury spokesman ...

  • A consumer's view

    22 Apr 2004

    BBC Radio 4's Money Box programme has cast a searchlight on the workings of the Financial Ombudsman Service and questioned whether members of the public are getting a fair service. In particular, it looked at the FOS staff bonus scheme, which rewards case workers for settling disputes quickly. The ombudsman has defended the system and maintains that it is not unreasonable to link pay to performance. But the BBC is not the only organisation to question what is going on at the ...

  • Abbey - Reward Mortgage

    21 Apr 2004

    Type: Tracker mortgageTracker term:Lifetime of loanTracker rate: 1.24% above Bank of England base ratePayable rate: 5.24%Minimum loan: £6,000Maximum loan: Up to 95% of valuaiton subject to a maximum of £1mIncome multiples: Up to three times principle income plus second or 2.5 times jointConditions: 1% cashback every two yearsArrangement fee: NoneRedemption fee: NoneIntroducer

  • Aifa brands Skills Council vague and inadequate

    22 Apr 2004

    Norwich Union says Legal & General has a better risk capital margin ratio for its with-profits fund because it uses different assumptions and does not mean that its fund is stronger. NU says L&G's risk capital margin coverage ratio - a measure of how well a life office can deal with sudden falls in the markets - has been boosted by including shareholder capital which is not ringfenced for the exclusive benefit of the fund. NU says comparisons between life offices ...

  • Annuity edge

    22 Apr 2004

    With a savings gap of £27bn in the UK, the current generation of working-age people are not making proper provision for their retirement, particularly woman. The ABI's pensions and savings index shows that 46 per cent of working women are not saving enough for their retirement. Demographic projections reveal a serious problem for most developed countries. Mortality tables show that people are living longer and making greater claims on pension funds but birth rates are ...

  • Annuity edge

    22 Apr 2004

    My first lesson in sexual equality took place in 1968 when, as a young trainee with Guardian, I came across my first branch manager. He had a simple approach to talking to staff and all were called by their surname, regardless of sex. A man ahead of his time, perhaps. I had a classical insurance training. One of the first principles I was taught was that a person pays to the common insurance fund according to the risk they represent and that underwriters have developed a number ...

  • Axa rolls out extranet site for IFAs

    27 Apr 2004

    AXA has launched a new intermediary website allowing intermediaries to access real time valuations, get quotes and submit applications for AXA life and pension products. The site has been streamlined to have fewer pages and more functionality, and now includes the Unipass system, which provides secure internet access for IFAs, and has simplified the registration process. The digital certificate, launched by standards body Origo, replaces the need for multiple user IDs and ...

  • B&B in link-up with Standard to distribute Sigma range

    22 Apr 2004

    Bradford & Bingley is to become the main distributor of Standard Life's Sigma fund range under a new agreement which the life office hopes will help it win a bigger slice of the mutual fund market. B&B's advisers will buy through Sigma any funds on its recommended panel which also appear on Standard's platform, currently affecting 17 funds. The deal is based on Standard adding more overlapping funds over time, allowing B&B to benefit from Standard's formidable ...

  • B&CE aims to build on stakeholder

    22 Apr 2004

    Employee benefits and stakeholder pension provider B&CE is aiming to increase presentations to employees. The firm's research shows that 82 per cent of construction employers support the idea of more pension presentations to persuade individuals to increase contributions to the industry's EasyBuild stakeholder scheme. The B&CE scheme is the UK's most popular stakeholder scheme, with 280,000 members from 7,000 employers. B&CE's research ...

  • Bananas Inc - Buy-to-Let Cashback Mortgage

    21 Apr 2004

    Type: Buy-to let tracker mortgageTracker term: Three yearsTracker rate: 0.8% above Bank of England base ratePayable rate: 4.8%Minimum loan: £25,000Maximum loan: Up to 85% of valuation subject to a maximum of £300,000Income multiples: Monthly rental income must be at least 130% of monthly mortgage repaymentsConditions: £650 cashbackArrangement fee: £395Redemption ...

  • Band aid for Pru PR

    22 Apr 2004

    Talk about wild boys. During a press trip with Prudential to a Duran Duran concert at the Wembley Arena last week, Pru PR Rick Lay displayed some serious holes in his fanhood qualifications for attending the concert. Confirming that he had indeed been a fan of the 80s wonder band for many a year, he was asked what he thought of Rio. "Oh he's always been my favourite member of the band," came the response. Hmmmm.

  • Bankhall buys NU loan club and boosts brokers by 7,000

    22 Apr 2004

    FSA chairman Callum McCarthy has spoken out against the EU gender directive, saying it is likely to hinder the development of an efficient insurance market. McCarthy has lined up with the financial services industry which opposes the equal treatment directive. He says the directive "runs counter to good sense" and is likely to increase the overall cost for women buying insurance cover. The directive will prohibit the use of gender as a factor in the calculation of premiums ...

  • Banks falling down on direct marketing

    22 Apr 2004

    Banks are among the worst businesses for mounting shortterm direct-marketing campaigns, according to a survey by Group 1 Software. The technology firm examined how well various business sectors dealt with data collection, analysis and campaign management, physical generation of segmented campaigns and call centre query handling. Along with retail, the banking sector scored lowest on its ability to use data to identify what products a consumer is likely to buy. Group 1 ...

  • BBN moves into equity release

    22 Apr 2004

    Berkeley Berry Birch subsidiary Berry Birch & Noble is setting up a specialist equity-release division. It has recruited seven advisers and wants at least one equity-release specialist in each of its 13 UK offices by the end of this year. Heading the operation will be manager Brian Thornley, who previously worked in the field of equity release at Stalwart and then at GE Life after it took over the equity-release specialist insurer. BBN will advise on the entire range ...

  • Bill for common law couples will change industry

    22 Apr 2004

    The Civil Partnership Bill launched last month will have wide-ranging implications for the financial services industry, says Nunwood Consulting. The bill will change the nature of financial products and will also alter the relationship between samesex couples and financial providers Nunwood says. The consultancy has set up a major research project to consider what impact that the bill, which has not yet been allotted definitive Parliamentary time, will have on the industry. It ...

  • BM Solutions appoints new London account manager

    23 Apr 2004

    BM Solutions has appointed Helen McGrigor as key account manager for central London.Prior to joining the UK's biggest specialist lender, Helen spent six years at Bradford & Bingley subsidiary Mortgage Express. She has also worked in senior sales roles for Yorkshire Building Society and Bank of Scotland respectively.McGrigor will be the first point of contact for BM Solutions' major accounts based in the heart of London.BM Solutions Alan Cleary head of sales ...

  • Bond aid

    22 Apr 2004

    The corporate bond market performed very well in 2003, benefiting from improved global economic prospects, improved cashflows and balance sheet prudence as companies reduced their debt burdens. However, sentiment towards the market took a knock over the first quarter of 2004 as the economic recovery slowed and investors feared that corporate bond spreads - the yield advantage over governments - had tightened too fast. The prospect of rising interest rates in the UK and abroad ...

  • Brokers hit out at C&G stance on laundering

    22 Apr 2004

    Brokers are expressing frustration at the strict interpret-ation of the money-laundering requirements adopted by Lloyds TSB subsidiary Cheltenham & Gloucester. They say C&G has started demanding much more in terms of proof of identification from prospective borrowers. Brokers say that, previously, if there was a slight discrepancy between the spelling of a name on an application and proof of ID or the electoral roll, C&G was willing to adopt a common-sense ...

  • BuildStore mortgages eases flow for property renovators

    22 Apr 2004

    Specialist mortgage provider BuildStore is offering a new loan which is designed for people renovating properties.It says the loan will help borrowers get over initial cashflow problems.Lenders will normally only release money for property improvements once work has been finished and inspected by a valuer.The BuildStore home improvement mortgage will offer borrowers up to 95 per cent of the property value through Skipton Building Society and Lloyds TSB Scotland ...

  • Burn retires at Mortgage Watchdog

    22 Apr 2004

    Former Mortgage Code Compliance Board compliance officer Monty Burn - the self-styled fighter of the good fight - is retiring as chairman of broker Mortgage Watchdog. Burn says he has taken Mortgage Watchdog as far as he can on limited resources and believes it now needs to form an alliance with a mortgage packager, have an injection of funds or both. He is selling the Mortgage Watchdog brand name along with the website. He is considering other job options for himself ...

  • Buy-to-let yields spring upwards, claims Paragon

    22 Apr 2004

    Buy-to-let yields have stopped their downward slide of the last six months with a significant upturn in April, according to Paragon Mortgages. Its buy-to-let index claims that yields rose to 7.22 per cent from 7.12 per cent, which would represent a major shift for a single month. Paragon attributes the boost to landlords achieving higher rents, on average making a 6 per cent gain against a 4.5 per cent rise in property values as demand grew for rented accommodation. The ...

  • Cementing relationships

    22 Apr 2004

    Since the Budget, just one big idea seems to have gripped the minds of those interested in financial services public policy - property investment funds. Chancellor Gordon Brown announced the start of a consultation which looks like being inundated with respondents. This process, which was started by the Barker review into the supply of housing, offers a new opportunity for retail and institutional investors and looks set to be a major investment theme in coming months. There ...

  • Charcol relaunches Fed loan at 2.99%

    21 Apr 2004

    Charcol is relaunching its federal reserve tracker mortgage. The mortgage is based on the lower US short term interest rates. The IFA says it will offer the product at an initial rate of 2.99 per cent until the end of September, after which the mortgage will track the US dollar three month Libor plus a margin of 1.25 per cent for ten years from that date.

  • Churchill Investments announces senior appointment

    27 Apr 2004

    IFA Churchill Investments has announced the appointment of Warren Perry as head of research replacing investment director Malcolm Weightman who is retiring after 30 years in the industry. Perry was previously senior investment director from 1994 to 2002 at Whitechurch Securities and then managing director at Lindsay Welbeck. Churchill Investments managing director, Jamie Ware, has welcomed his arrival citing his experience in the IFA sector as the company prepares for depolarisation. ...

  • Citigroup - Protected Growth Plan

    23 Apr 2004

    Type: Guaranteed equity bondAim: Growth linked to the performance of the FTSE 100 indexMinimum-maximum investment:£5,000-no maximum, sa £3,000-£7,000Term: Six yearsGuarantee: Original capital returned in full plus a minimum of 22% growth regardless of performance of indexReturn: Between 22% and 50% growth at end of termClosing date: June 4, 2004, May 21, 2004 Isa and Pep transfersCommission: ...

  • CML launches online regulation training

    26 Apr 2004

    The Council of Mortgage Lenders has launched an online regulation training package to familiarise both lenders and brokers with the new FSA regulations to be implemented this October.The package is designed to help lenders and intermediaries train for a variety of roles and also aims to support students in understanding the FSA's rules.The web-based programme, produced in conjunction with Absolute Training Ltd, offers several modules. Those currently in development ...

  • Confidence tricksters

    22 Apr 2004

    I refer to John McFall's piece on March 25. I shall leave making comments on his main points to others, nor will I query his qualification, suitability or experience in financial matters, but will take issue with two particular words - restoring confidence. He refers to this principle no less than five times in his short piece and is by no means the only perpetrator using this particular phrase. More than any other, it is these two words that drive me frantic and to distraction. ...

  • Consolidate to accumulate

    22 Apr 2004

    After a period of relative inertia, consolidation among IFAs has started to gather pace. Retail fund distributor The Money Portal, parent of Willis Owen, HCF, the Isa and With-Profits Bond Shops and Bates Investment Services, is set to embark on an acquisition spree that could see it snap up nine firms within 12 months. Whether it achieves this target remains to be seen but, for the first time in more than a year, it will not be the only major broker firm on the acquisition trail. ...

  • Correspondent's week

    22 Apr 2004

    Short weeks are a pain in the proverbial. I got back after the Easter break only to find that Guardian readers still read the paper even while on holiday and that they have filled up my email in-box with lots of comments, suggestions and general observations. The first thing I do is thank them for their insightful contributions and set about editing the week's Personal Effects column which is, rather handily, made up of reader comments. As is the case with short weeks, ...

  • Credit Suisse on Target

    26 Apr 2004

    CREDIT SUISSETARGET RETURN FUNDType: Oeic Aim: Income and growth by investing globally in fixed-interest securities Minimum investment: Lump sum £5,000 Investment split: 22% government bonds, 16% investment-grade short-term bonds, 13% investment-grade bonds, 7% high-yield bonds, 7% emerging debt, 6% convertibles, 28% cash, 1% central Europe Isa link: No Pep transfers: No Charges: Initial 4.25%, annual ...

  • Eastender no match for pundits

    22 Apr 2004

    After-dinner speakers at football matches are usually a low-rent assortment of booze-addled ex-players and past-it comedians but the hospitality organisers at the recent Champions League clash between Arsenal and Chelsea at Highbury decided to buck this trend with the frankly bizarre decision to employ Janine from Eastenders as a pre-game pundit. After being introduced by Stewpot from Grange Hill, Janine - still chewing on the remnants of her meal - addressed the audience in the ...

  • Edinburgh Partners - European Opportunities Fund

    27 Apr 2004

    Type: OeicAim: Growth by investing in Europe excluding the UKMinimum investment: Lump sum euros 10,000Investment split: 100% in European equities excluding the UKPlace of registration: DublinCharges: Initial up to 5%, annual 1.25%Commission: Subject to negotiationTel: 0131 270 5570

  • Edinburgh Partners - UK Opportunities Fund

    27 Apr 2004

    Type: OeicAim: Growth by investing in UK companiesMinimum investment: Lump sum £10,000Investment split: 100% in UK equities Place of registration: DublinCharges: Initial up to 5%, annual 1.25%Commission: Subject to negotiationTel: 0131 270 5570

  • Equitable QC moved policies before House of Lords judgment

    26 Apr 2004

    The barrister representing Equitable Life policyholders in the House of Lords case over guarantees moved £700,000 of his own policies days before the judgment, according to media reports.Jonathan Sumption QC moved the funds a week before the court decision although he did keep one non-pension policy with the stricken life insurer.

  • Equitable won't sue Govt

    22 Apr 2004

    Equitable Life has ruled out suing the Government for regulatory failures after legal advice that it has no realistic claim. Law firm Herbert Smith has told the firm it has "no realistic claims against the regulators" and that any claim by policyholders would be "complex, lengthy and costly". The Serious Fraud Office is understood to be dropping a plan to prosecute some former Equitable directors and managers for fraudulent trading due to a lack of evidence. The ...

  • Exchange adds research facilities to Exweb portal

    22 Apr 2004

    The Exchange has relaunched its Exweb portal in a bid to bring it more in line with IFAs' requirements on researching, quoting and buying products electronically. The new look is based on feedback from IFAs. Part of the redesign includes the creation of a new research centre, which provides a single access point to a range of research services. The new services include revised product databanks covering a wider product range, an enhanced annuity quote service that ...

  • Ex-member claims that Sesame's bad timing cost it £15k

    22 Apr 2004

    A former Sesame member says incorrect advice from the network is costing it £10,000 in unnecessary FSA fees. Burton Investment Services says it wound down its practice in March 2004 rather than December 2003 after advice from a Sesame senior account manager which told them that was when the FSA's charging year would end. But it has since been sent a £10,000 bill for FSA registration charges for 2004 and has now found out it should have wound up the business ...

  • Ex-ZAN marketing chief poised to head revamped advice firm

    22 Apr 2004

    Former Zurich Advice Network marketing director Kevin Ronaldson has been tipped to become the chief executive of the new-look Zurich UK advice operation once plans for its management structure have been finalised. Ronaldson, along with Zan finance director Steve Colsell, is heading the steering group designing the structure of Zan, which is expected to be completed within a month. An industry source has told Money Marketing that Ronaldson is set to be the new chief executive, ...

  • Fidelity offering £50 per account to consolidate on FundsNetwork

    22 Apr 2004

    Fidelity is upping the ante in the fund supermarket battle for assets by offering IFAs and their clients financial incentives for re-registering investments on its platform FundsNetwork. In a move that the group says is designed to offset some of the costs of consolidation, Fidelity will pay IFAs £50 and their clients £25 for each application made, with spousal applications treated separately. The offer, the first of its kind, will initially run from May 3 until June ...

  • Fixed rate bond from Nationwide

    26 Apr 2004

    Nationwide is launching a new two year fixed rate bond paying 4.90 per cent gross or monthly interest equalling 4.75 per cent gross a year.The building society is also launching a three year fixed rate bond paying 5.10 per cent gross per year or monthly interest of 4.95 gross.Both bonds are available to new and existing customers and can be opened at any branch with a minimum investment of £1.

  • Forbes to help firms face up to pension changes

    22 Apr 2004

    Alexander Forbes Financial Services has set up a fully integrated client sales, service and administration team to deal with advice issues in the run-up to A-Day for pensions. The new structure combines all of Alexander Forbes' services, including sales, customer services, actuarial, group and executive consulting, into client-focused teams. The firm says the teams will service the needs of companies and senior executives in the two years up to the adoption of the ...

  • Forsyth Partners - Forsyth European Bond Fund

    26 Apr 2004

    Type: Oeic fund of fundsAim: Growth by investing in open-ended fixed-income funds investing mainly in EuropeMinimum investment: Lump sum euros 10,000Investment split: 100% open-ended fixed-interest fundsPlace of registration: DublinCharges: Initial 1%, annual 2%Commission: Subject to negotiationTel: 020 8649 9440

  • Forsyth Partners - Forsyth United Kingdom Fund

    26 Apr 2004

    Type: Oeic fund of fundsAim: Growth by investing in open-ended UK equity fundsMinimum investment: Lump sum £5,000Investment split: 100% open-ended UK equity fundsPlace of registration: DublinCharges: Initial 1%, annual 2%Commission: Subject to negotiationTel: 020 8649 9440

  • FSA checks up on loan applications

    22 Apr 2004

    The FSA is requiring many mortgage brokers applying for direct authorisation to prove they have the senior management controls or T&C they have claimed on their applications six months before regulation starts. AMI director Chris Cummings says he has had a significant number of calls from members which have been approached. He says this has "taken a few people by surprise" as the systems need to be in place before October 31 but there is no obligation to have the ...

  • FSA expects flood of applications

    21 Apr 2004

    The FSA is anticipating a surge in applications for mortgage and general insurance regulation ahead of its 30 April deadline With little more than a week to go, FSA is expecting another peak in application levels. Applications have to be submitted at this time for a firm to be certain the FSA can process it by 31 October -- M-Day.The FSA says firms in both mortgage and general insurance sectors are actively identifying their choices such as seeking authorisation or to become ...

  • FSA says Ranson too old to pursue

    22 Apr 2004

    Former Equitable Life appointed actuary and chief executive Roy Ranson is to be let off the hook by the FSA for his role in the insurer's downfall because of his age. The FSA, which, contrary to reports, has denied it wants to ban Ranson's successor as appointed actuary and eventual chief executive Chris Headdon from financial services for life, believes that it would be an inefficient use of its resources to pursue Ranson, aged 73, as he is unlikely to return to the financial ...

  • FSA says the independent sector must face up to its obligations

    22 Apr 2004

    The FSA has issued a warning that while it wants to work with IFAs, this can only be achieved by a change of attitude within the independent sector. In a letter to a sole trader, FSA managing director and former IFA supremo David Kenmir says there is no benefit in continuing dialogue with IFAs if they seek to blame the FSA and the Financial Ombudsman Service for the sector's ills. The letter, which was sent in response to a complaint from IFA website ifabonus, says ...

  • FSA urged to charge per RI fees - Aifa

    27 Apr 2004

    The FSA should levy regulatory fees on IFA firms depending on how many advisers sit within them as opposed to how much income is generated according to Aifa.In its response to the regulator's consultation on fees and fees policy, the trade body says whichever way fees are levied, the same amount of money will be generated.It says its member firms prefer the per RI approach as it is simpler to administrate. The FSA would have an easier time of it as well, says Aifa, as ...

  • GMAC-RFC scraps 25-year fixed rate loan after just two months

    22 Apr 2004

    Lender GMAC-RFC is dropping its 25-year fixed rate mortgage product after just two months on the market, blaming a lack of interest from borrowers. GMAC-RFC offered the loan at 5.49 per cent but, despite an enthusiastic launch, marketing director Jeff Knight says the product just did not pick up enough interest. The company says swap rates moving upwards finally persuaded it to abandon the product rather than reprice it. GMAC's departure leaves Leeds & ...

  • Govett funds to be merged into Gartmore

    27 Apr 2004

    Gartmore is proposing to merge the majority of Gartmore Govett funds into Gartmore UK retail funds after its acquisition of the fund manager from Allied Irish Banks last November.Gartmore head of UK retail Paul Feeney says: "Since the acquisition last year we have been clear about our intentions to merge a number of the Gartmore Govett funds into similar Gartmore funds. "Combining funds with similar objectives enables the fund manager to adopt a more focused and efficient ...

  • Group 300 focuses on personality traits to select advisers

    22 Apr 2004

    IFA business Group 300 is developing its own set of psychometric tests and profiling software to recruit advisers. Group 300 has decided to move away from traditional methods of graduate recruiting and employ US analysts to look at the personality traits and capabilities that make the best advisers. Chief executive Chris Batten says its research is concentrated specifically on firms that have strong reputations in areas such as customer service companies like Virgin Atlantic ...

  • Growing concern over pensions

    22 Apr 2004

    I have heard that the FSA has fined an IFA for promoting early encashment of pensions. Does this mean that I am betterleaving my pension account intact until a later age rather than take benefits now? Your pensions are personal pensions and, certainly, in days gone by, it was taken as read that pension funds were best left as late as possible to provide a higher pension. This was because pension funds provided tax-free growth and annuity rates improved with the age of the policyholder. ...

  • Hartlepool leads housing hotspots

    22 Apr 2004

    The UK's top 10 property hotspots over the last 12 months are all outside the South, with places such as Hartlepool, Darlington and Swansea topping the rises. Hartlepool recorded the biggest price increase, up by 59 per cent, followed by Darlington at 58 per cent, Swansea at 55 per cent and Blackburn, 51 per cent. There has been a slowdown in the South, with house price inflation in London falling to 9 per cent in quarter one from 19 per cent in the same period of ...

  • Heath says protection regime will spark exodus

    22 Apr 2004

    Consultant Garry Heath says the onset of FSA regulation of protection intermediaries will bring a wide range of potential problems affecting brokers, providers and the ombudsman. In a speech at an industry conference, Developing Next Generation Protection & Health Insurance Products, in London this week, Heath issues a stark warning, telling the industry to prepare itself for several unforeseen consequences of FSA regulation. He says the protection market is dominated ...

  • Heritable takes a chance

    27 Apr 2004

    HERITABLE BANKSelf-Cert Three-Year FixedType: Fixed-rate self-certification mortgageFixed term: Until March 1, 2007Fixed rate: 5.99%Minimum loan:£25,001Maximum loan: Up to 75% of valuation subject to a maximum of £400,000, up to 70% of valuation subject to a maximum of £500,000Income multiples: Based on affordability calculation and credit scoreArrangement fee: 0.5% of loan ...

  • Home Fees Agency sets up own equity-release plan

    22 Apr 2004

    The Nursing Home Fees Agency is offering its own equity-release service in response to demand. It says the new NHFA Lifetime Mortgages service means it can offer younger clients and possibly their relatives the ability to stay in their homes or improve the quality of their lives by drawing down income or capital from their properties. Advice will cover the impact that releasing equity may have on eligibility for state benefits and identifying the most appropriate scheme ...

  • How bonds beat equities

    22 Apr 2004

    Conventional wisdom states that the best route to long-term capital gains comes though the stockmarket but is this still the case? The definitive guide to asset returns in the UK, the Barclays' gilt-equity study, gives the returns over annual periods for equities and gilts. It is clear to see from these returns that, over a reasonable period of time - five years at a minimum - that equities do, for the most part, outperform gilts. However, gilts are not the ...

  • How can the Govt criticise firms for endowment sales when it missold Isa's?

    22 Apr 2004

    I thought you might like to see this letter, which I asked my MP to forward to the chairman of the Treasury select committee. I have yet to receive a reply. To the Rt Hon Eric Forth, MP, re: the Treasury select committee report into endowment policies. I would be most grateful if you would ask the chairman of the Treasury select committee, John McFall, MP, for his responses to the following important questions. •Did the committee consider the fact that people ...

  • Hypnotherapy

    22 Apr 2004

    Journalists and consultants found themselves inexplicably drawn to a room in the Centre-point building in London a couple of weeks ago while on their way to a Pricewaterhouse-Coopers briefing. After wandering through various meeting rooms and floors, they found a gathering of people and settled back to listen to the presentation. It was only when a man started quite literally to monkey around the room that the reporters realised they might be in the wrong place. But many ...

  • IFA offering VIP advice service for monthly fee

    22 Apr 2004

    IFA Warwick Financial Services is offering a VIP service for clients with a monthly fee. The move is part of plans for the firm to move to a fee-based structure. Warwick will offer the service for £12 a month for single membership and £15 a month for joint membership. The service will be open to anyone who wants ongoing financial advice without paying standard hourly fees. The IFA says it will probably expand its services for its VIP clients to include ...

  • Ifap launches tax savings campaign

    27 Apr 2004

    Ifap has launched TaxAction 2004 - a campaign to increase awareness of the amount of wasted tax throughout the UK, which it says is around £128m.The campaign aims to show how careful tax planning means that couples could save money by transferring their assets to low or non-taxpaying spouses. It says the amount of couples failing to do so has risen since 2003 by 47 per cent.According to the research, the average deposit held by individuals in the UK is £10,602. ...

  • IFAs say online valuations are priority for e-business

    22 Apr 2004

    Most advisers believe online valuations are the most important e-business development for their business according to 1st Software's latest research. It polled 400 advisers online, with results showing that 81 per cent point to online valuations as the most vital e-business development to help their businesses. The results reveal that a large number of advisers are using online services, with 40 per cent saying they use online quotations and product literature in addition ...

  • Independent view

    22 Apr 2004

    Have we lost the hearts and minds of our clients when we talk about pensions? The public's perception of pensions and providers is at a very low ebb. I see more clients about buy-to-let mortgages in connection with retirement provision than about pensions. Is there any way that we can get back their confidence and enthuse the pension industry with some energy? The problem is that pensions have been made too complicated. After all, a pension is nothing more than a form of saving ...

  • Industry players voice sellers' packs worries to MPs

    26 Apr 2004

    Property industry experts from the National Association of Estate Agents, the Consumers Association and the Council of Mortgage Lenders have met with MPs at a parliamentary briefing to voice their concerns about the implementation of sellers' packs. CML spokesman Alex Solomon said many aspects of the proposed legislation remained unresolved such as the length of time a pack will remain valid and establishing insurance for home inspectors.

  • Interlink Premier firms win court delay

    22 Apr 2004

    Former Interlink Premier Network members have gained a court adjournment they hope will prevent their former network hanging on to their renewal commission. Members have asked the court for more time to prepare for the hearing which will decide whether the renewal commission from providers belongs to the members. Interlink ceased trading on March 18 following 12 months of financial difficulties, leaving many of the188 members owed backdated commission. Some members say ...

  • Investec manages the situation

    22 Apr 2004

    INVESTEC ASSET MANAGEMENTInvestec Managed Distribution FundType: Oeic Aim: Income and growth by investing in fixed-income securities and UK equitiesMinimum investment: Lump sum £1,000, monthly £100 Investment split: At least 60% fixed-income securities, remainder in UK equitiesIsa link: Yes Pep transfers: Yes Yield: 4.75% Charges: Initial 4.5%, annual 1.25% Commission: ...

  • Investment analysis

    22 Apr 2004

    World equity markets put in a mixed performance last week and while the latest economic data was generally positive, investors took this to mean that US interest rates would rise sooner than had originally anticipated. By Friday's close the FTSE World index had fallen by 0.9 per cent in dollar terms. In the UK, large-cap stocks made solid progress as the dollar-earners returned to favour following a rise in the value of the green back. By the end of the week the FTSE 100 had ...

  • Investment view

    22 Apr 2004

    The American reporting season is now well under way. It never ceases to amaze me how swiftly those Yanks produce their figures. So far, all the evidence supports a strengthening economic picture Stateside. Indeed, investment giant Merrill Lynch reported record earnings while the world's leading chip-maker Intel was able to disclose a near doubling in quarterly profits. Why then did the market receive these figures in less than adulatory fashion? Part of the problem is perceived ...

  • Is mortgage industry ready for crossover to regulation?

    22 Apr 2004

    Mortgage brokers have less than two weeks to return their completed application forms for FSA regulation but concern is growing that many are not ready for the transition. Regulation of mortgage business will begin on October 31. There will be no grandfathering or six-month run-in period as has happened in other sectors. Mortgage Code Compliance Board head of communications Brad Baker thinks the FSA may have underestimated the number of brokers applying to be directly ...

  • ISA sales up 21 per cent over March 2003

    26 Apr 2004

    Net ISA sales in March were more than double February's level at £496 million -- 21 per cent higher than March 2003, the latest figures from the Investment Management Association have shown.Additionally, net ISA sales April 1 to April 5 were £247 million, which bought net ISA sales for the 2003/04 tax year to £3.6 billion compared to £4.1 billion for 2002/03.Once more advisers were overall the most popular channel for distribution with 67 per ...

  • Japan equity funds have best month in five years

    22 Apr 2004

    The Building Societies' Association says it intends to fight Treasury proposals to force societies and banks to hand over unclaimed assets to charities. The BSA says it has a found a clause in the legislation which exempts societies from the measures included in the Chancellor's last Budget. The Treasury gave banks and societies until November to reunite unclaimed assets with savers before redistributing the unclaimed cash to charities. But the BSA says ...

  • John Cowan

    22 Apr 2004

    Depolarisation is just the beginning of a massive realignment in the way that financial advisers do business, says Pivotal head John Cowan. He is looking ahead to how a depolarised world should be reflected in structuring the investment platform wing of the National Australia Bank where he took the reins two years ago. It is a stance that makes a distinction from mainstream thought in the industry which sees depolarisation dividing advisers into tied, multi-tied and independent. ...

  • Julian Gibbs

    22 Apr 2004

    An unsung hero is Alec Foster, manager of the Hiscox insurance portfolio unit trust, because of his investment performance as well as his stockpicking acumen. He has managed to outperform the insurance sector benchmark and the FTSE All Share index by substantial margins since the fund was launched in late 1998. Since then, the fund has risen by around 40 per cent, the benchmark by around 10 per cent but the All Share index has fallen by about 5 per cent over the period. Foster ...

  • Kenmir broaches IFA issues

    22 Apr 2004

    FSA managing director David Kenmir and a group of IFAs will discuss the big issues facing the intermediary sector at a Money Marketing round table discussion next week. Eight IFA firms will use the session to tell the FSA what the real problems facing their businesses are and how the regulatory framework could be changed to improve things. In turn Kenmir will take the opportunity to tell firms what is expected from them and where he thinks they could do better. The ...

  • Landlords extend property portfolios - Paragon research

    23 Apr 2004

    The proportion of landlords extending their portfolios rose sharply to 42 per cent this quarter from 37 per cent the previous quarter but the number of those buying their first investment property fell from 30 per cent to 27 per cent according to figures from Paragon Mortgages.Mortgages arranged by brokers and mortgage advisers fell slightly to 25 per cent from 27 per cent over the period.Paragon Mortgages managing director John Heron says: "The typical landlord is becoming ...

  • LCP concern over priority rule changes

    21 Apr 2004

    Lane Clark & Peacock says the Department for Work and Pensions's priority order plans, while welcome, will have to be changed when the Pension Protection Fund comes in in 2005.Under the rule change retired pensioners will lose priority over non-retired members for indexation of their pensions.Lane Clark & Peacock senior partner Martin Slack says: "We are concerned that the priority order will need to change again when the new Pension Protection Fund is introduced from ...

  • Lockyer's claims of generosity are beyond belief

    22 Apr 2004

    On the front page of Money Marketing of April 15, I read with astonishment and mounting disbelief the words of Cliff Lockyer about the closing down of Berry Birch & Noble Financial Services. He says: "We have acted not just responsibly but, I think, amazingly generously. We have saved IFAs and the insurance companies millions." In the article on page two, he also says: "We are sitting ducks when it comes to complaints. When we open up the file, we often find there is nothing ...

  • London Scottish new team moves into sub-prime

    22 Apr 2004

    London Scottish Mortgages has appointed a new management team ahead of a planned relaunch of the operation next month as a nationwide sub-prime lender rather than a packager. The sub-prime mortgage specialist subsidiary of London Scottish Bank will become a lender with a wide range of products covering residential and commercial customers. The new team will be led by Kevin Cooke who takes the role of head of secure lending. Martin Coates will be responsible for ...

  • Mark Chilton on mortgages

    22 Apr 2004

    It is reckoned that you hit the wall in a marathon after 22 miles. How appropriate that something concerning mortgage practitioners hits their desks on the 22nd and many hit their own personal wall. I am referring to this month's deadline for applications to ensure FSA approval for Mortgage Day. Anecdotal evidence suggests that, given a handicapped finish, the mortgage team is running ahead of the insurance mob and that independent brokers are at the head of the group. Many ...

  • Millfield raises £3.6m for working capital

    21 Apr 2004

    National IFA Millfield Group has raised £3.6m from City investors, underwritten by brokers Collins Stewart to provide working capital. A trading update from the firm said it had grown its advisers numbers by 25 to 625 in the six months to March 31, 2004, although 90 RIs left during that period.The firm says average business levels for the remaining advisers have increased to £100,000 from £85,000 over the year to March 31, 2003.

  • Mortgage 2000 - Platform Buy-To-Let Lifetime Tracker

    22 Apr 2004

    Type: Buy-to-let tracker mortgageTracker term: Lifetime of loanTracker rate:0.99% above Bank of England base ratePayable rate: 4.99%Minimum loan: £25,001Maximum loan: Up to 85% of valuation subject to a maximum of £300,000, up to 75% of valuation subject to a maximum of £500,000Income multiples: Rental income must be at least 130% of mortgage repaymentsArrangement fee: £395Redemption

  • MPC member warns base rate may top 5 per cent

    26 Apr 2004

    UK interest rates will have to rise and the current low inflation 1.1 per cent figure will not stop the Bank of England raising revealed a member of the Monetary Policy Committee in a Sunday Times interview.MPC member Paul Tucker said the neutral level of rates was probably in the 5 - 5.5 per cent range.

  • Newcastle bond combines fixed interest with equities

    22 Apr 2004

    Newcastle Building Society is offering a guaranteed bond that combines investment in global blue-chip stocks and fixed interest. Sixty-seven per cent of the guaranteed blue-chip bond is linked to the performance of 20 global blue-chip stocks over five years while the remainder is placed in a two-year account paying a fixed rate of 6 per cent gross. Investors are guaranteed the full return of their initial capital. The maximum return on the equity-based portion ...

  • Now Goldman Sachs gives warning of property crash

    22 Apr 2004

    House prices could fall much as 15 per cent if interest rates continue to rise, according to a senior economist at investment bank Goldman Sachs. European economist Ben Broadbent says the housing market is vulnerable to a fall because it is overvalued, with prices likely to experience a 10-15 per cent drop over two years. The Bank of England is expected to raise base rate next month although Broadbent says he is unsure what impact a major fall would have on the economy. The ...

  • NU in the middle for life strength

    22 Apr 2004

    The FSA's new realistic reporting regime shows that Norwich Union's average risk capital margin coverage for its with-profits business is 2.63 - around the middle of life office figures. Norwich Union says that under the new rules it has total assets of £4.3bn in excess of its liabilities across its CGNU Life, Culac and NUL&P funds. The capital margin coverage figure is the factor by which a life office's assets exceed its potential risk in the event ...

  • NU looks at guarantee charge to boost equity backing ratio

    22 Apr 2004

    Norwich Union is considering bringing in a charge for guarantees on its NU life & pensions with-profits fund to allow it to increase its equity backing ratio and avoid closing it. NU says it expects a number of life offices to follow suit as the only serious way to increase equity exposure under the new FSA realistic reporting regime. In January, Standard Life introduced charges from 0.25 per cent to 0.75 per cent across existing and future business on its with-profits ...

  • NU says strength comparisons are misleading Govt move to change wind-up priority

    22 Apr 2004

    The Government says its decision to change the priority order on pension wind-ups will help to ensure that pension savers do not lose all their entitlements if their scheme goes bust. Under pressure from backbenchers calling for compensation for 60,000 wind-up victims, the Government has said it will bring in laws to ensure that pension scheme assets are spread more fairly. Existing rules can leave members of wound up schemes still of working age with very little while ...

  • Octopus Asset Management - Eclipse

    23 Apr 2004

    Type: Venture capital trustAim: Growth and income by investing in unquoted and Aim-listed companiesMinimum investment: Lump sum £3,000Closing date: September 30, 2004Charges: Initial 5%, annual 2.25%Commission: Initial 2.25%, renewal 0.375%Tel: 0800 619 7977

  • Out of context

    22 Apr 2004

    •"I have to save the world, I'm Penrose, McFall and King Arthur all rolled into one." - Alan Steel Asset Management director Alan Steel. •"If I was any better at writing, I'd be a journalist." - Chelsea Financial Services managing director Darius McDermott on filing a column in record time. •"I'm very good at saying yes when it doesn't require me to do anything." - ABI PR Emma Quantrill. •"Isn't that a foreign handbag designer?" ...

  • Outsource outlook

    22 Apr 2004

    Over the last four years, there has been a lot of activity in the outsourcing arena for life and pensions. Companies such as Abbey Life, Barclays and Royal & Sun Alliance have all signed contracts focused mainly on the management of closed life books, where companies faced a rising unit cost as the in-force book decayed. With the growth in the market, there has been a parallel growth in the number of companies, including UISL, Marlborough Stirling, Liberata, EDS and ...

  • Pegrum to get dual fund role

    22 Apr 2004

    Star UK fund manager Neil Pegrum, who last week left Insight Investment after less than 18 months, is set to manage both a hedge fund and a long-only portfolio for his new employer Cazenove Fund Management. Pegrum, who had spent 15 years at M&G, is due to run a focus fund for Cazenove when he joins in July, similar to the £60m high alpha UK dynamic portfolio he managed at Insight. The multi-cap Cazenove fund, which the firm is designing for him, will hold between 25 and ...

  • Points of interest

    22 Apr 2004

    Mrs Watkins (W) died on December 12, 1999. Her house consisted of two flats - a ground-floor flat which was let and a first-floor flat in which she had lived with her husband (H). Her will included a gift of her house to her trustees on trust for sale, with directions that H might live in the house and use it as his principal private residence and have the use of the household goods so long as he wished, provided he paid all outgoings and kept the house and goods insured to the ...

  • Product matters

    22 Apr 2004

    Co-operative Bank deserves a pat on the back for its sensibly structured 10-year fixed-rate mortgage. Whatever your view of Professor Miles' findings and thesis, there can be no argument against allaying clients' affordability fears and, for some, the certainty of holding today's payments where they are, is absolutely paramount, particularly for those clients who are borrowing at or near their income maximum, a fixed-rate product is worth its weight in gold. A ...

  • Pru offshore fund offers 100% property investment

    22 Apr 2004

    Prudential is launching a Guernsey-domiciled property fund which it says differs from rivals as it invests 100 per cent in property and is available through the International Prudence bond. The company says the Prudential international M&G property fund gives investors a cost-effective means to gain exposure to the UK commercial property market and brings to 25 the number of fund link options within the International Prudence bond. The product is designed for investors ...

  • Pru wins Queen's Award for international business

    22 Apr 2004

    Prudential is one of four UK financial services companies to have their achievements acknowledged with a Queen's Award for Enterprise this year. Pru is the biggest business ever in monetary terms to win a Queen's Award, which it received in the international trade section for the growth it has achieved in overseas markets over the last three years. It has 23 operations in 12 countries, with 75 per cent of total earnings coming from its overseas operations. Earnings ...

  • Resilient offshore sales recovering

    22 Apr 2004

    Total offshore life sales fell by 18 per cent last year to £6.8bn APE from £8bn in 2002 according to figures from the Association of International Life Offices. Worldwide sales of singlepremium products totalled £4.5bn and regular-premium business was £2.40bn. But the Ailo says the underlying trend through the year is up, with figures for overall fourth quarter sales last year 15 per cent higher than in the first quarter of this year. It says ...

  • Restoring investor confidence

    22 Apr 2004

    Just over a year after the FTSE 100 was struggling to stay above 3,500, the markets have picked up and investor confidence is starting to grow. Some investors might be looking for a new home for the money they have been keeping on deposit. A traditional home for money formerly kept on deposit has been with-profits bonds. With-profits bonds offer investors a low to mediumrisk investment where they can to pool their money with others in a well diversified fund that contains equities, ...

  • Rose steps down after 15 years as Aegon takes over

    22 Apr 2004

    Aegon is buying the remaining 50 per cent stake in Wentworth Rose in a deal which sees founding director Philip Rose leave by mutual consent after 15 years with the firm. Aegon agreed an option to buy the remaining share when it bought half of Wentworth Rose in June 2002 for an undisclosed sum. Rose steps down as chairman at the end of the month and hands over full control to Tudor Taylor, who took over as chief executive in September 2003. Rose shares an undisclosed ...

  • Royal Liver and Axa vie to be first into protection

    22 Apr 2004

    Royal Liver and Axa are competing head to head to be the first to launch their protection propositions to IFAs, Money Marketing understands. The two companies are aiming to enter the protection market by the end of the year at the latest. They face competition from Prudential and Standard Life which are believed to be rejigging their protection offerings. MM revealed last November that Royal Liver was planning to "revolutionise" the IFA market with its push into ...

  • Saffron Walden appoints new chairman

    27 Apr 2004

    The Saffron Walden Herts & Essex Building Society has appointed Richard Herbert as its new chairman. Herbert joined the society's board in 2002 and is currently managing director of the Herbert Group in Haverhill. He will be taking over from David Hollest who stepped down after serving five years as chairman and 22 years as a director.Herbert says: "I am looking forward to continuing with and building on our policy of increasing the society's membership, strengthening ...

  • Savills swoops for Charcol top seller

    22 Apr 2004

    Savills is recruiting Charcol's top-earning consultant, its Cambridge branch director and the branch head of administration to set up an East Anglia office. Former branch director Neil Walker and highest-earning consultant Chris Galpin are understood to be leaving Charcol's Cambridge office and are set to join Savills within weeks. Charcol, which is in last-ditch talks to keep Galpin has also this month lost Holborn branch manager Paul Young to multi-channel distribution ...

  • Schroders top the wealth league in financial sector

    22 Apr 2004

    The Schroder family has maintained its position as the top retail financial services' presence in the 2004 Sunday Times Rich List of the 1,000 richest people in the UK. But Bruno Schroder and family dropped to 27th place from 24th last year even though their fortune increased to £1.15bn from £893m in 2003. Rothschild Asset Management chairman Sir Evelyn de Rothschild and family are in 66th place with £560m, up from 95th and £345m last year. Rothschild ...

  • ScotEq Intl rethink for portfolio fund charges

    22 Apr 2004

    Scottish Equitable International has brought in a new charging structure for its private client portfolio product aimed at increasing cost efficiency for IFAs. The private client portfolio is an offshore single-premium bond which provides access to a variety of internal funds and a wide range of externally managed pooled asset funds. The new "core and satellite" charging structure comes in response to research carried out by the company which reveals that many advisers ...

  • Scottish Friendly's WP fund best over five years

    21 Apr 2004

    Scottish Friendly's with-profits fund has posted the highest return over the past five years, according to a survey by Investment, Life & Pensions Moneyfacts.Based on a single premium of £25,000, Scottish Friendly's fund has returned £31,170, putting it ahead of Prudential and MGM Assurance, which returned £29,721 and £28,037 respectively. The worst performer was Axa, which reached only £22,093.

  • Scottish Life International - Safe Combination Bond

    22 Apr 2004

    Type: Capital-protected offshore bondAim: Growth by investing in Scottish Life International's Protected UK Index 100 and Protected UK Index 95 fundsMinimum investment: Lump sum £15,000Term: NoneInvestment split: 100% linked to the performance of Scottish Life International's Protected UK Index 100 and Protected UK Index 95 fundsReturn: Depends on quarterly growth of the underlying fundsPlace of registration: ...

  • Scottish Life says it has alternative to scrapping DB

    22 Apr 2004

    Scottish Life is urging companies and pension advisers to think carefully before abandoning defined-benefit schemes for defined contribution. The firm says it has an alternative that will offer the best of both worlds with the benefits of DC and DB schemes. The defined cash fund, which is part of the company's existing defined-benefit pension range allows advisers to offer companies a guaranteed benefit at retirement for employees while greatly reducing the financial ...

  • Sesame warns on admin burden

    22 Apr 2004

    Sesame is warning advisers that the introduction of further regulation by the FSA could pose a serious risk to holistic financial planning. The company believes the introduction of mortgage regulation and the increasing levels of paperwork will cause chaos for small firms. Advisers will have to complete different types of forms for different types of product sales. For designated investments, advisers must produce a suitability letter, for mortgages, the adviser will ...

  • Sold on solutions

    22 Apr 2004

    Fire a question at a top regulator, a chief executive or a leading IFA along the lines of can we stop misselling and the answer is almost always the same - it will impossible to stop it entirely. If he or she is a regulator, the respondent may wish that they could stop it or if they are a chief executive or an IFA, that others would stop doing it. But stopping misselling dead in its tracks never registers on the radar. Surely it is an admirable goal? It is arguable that ...

  • Stability in BTL as asset values hold the line

    22 Apr 2004

    The average capital asset value of houses and flats in the private rented sector remained stable during the first quarter of 2004, according to data from the Association of Residential Letting Agents. The Arla buy-to-let index remained at 100 for cash purposes of buy-to-let properties and 100.1 for property investment relying on a mortgage. The index, set up in September 2002, takes account of capital appreciation and includes yield, rent and void period data from almost ...

  • Standard boosts IFA marketing

    21 Apr 2004

    Standard Life has launched an improved marketing programme to IFAs. The web-based system, which runs on a six-month cycle, is comprised of integrated campaigns available free to IFAs, with the aim of targeting customers already receptive to Standard's services. Standard says the new service should slash its direct mailing costs by 86 per cent while increasing IFA registration.

  • SVM adds extra commission on funds

    27 Apr 2004

    SVM Asset Management has extended its commission for IFAs from 3 per cent to 5 per cent until September 30.Advisers will have the choice to either discount the initial charge to their clients or retain the commission. The increased commission within the SVM UK opportunities fund and its continental Europe fund is available to lump sum investors as a direct investment, through a Pep or an Isa transfer or on investments via platforms Cofunds and FundsNetwork.In the ...

  • Swip seeks opportunities after rethink on equities

    22 Apr 2004

    Building societies are pushing for an appeal process to challenge Financial Ombudsman Service decisions. Speaking in a BBC Radio 4 interview on the Money Box programme last week, Building Societies' Association director general Adrian Coles said society chief executives are pushing the Government for a change to the appeal process. The BSA wants a process that would allow an appeal against a decision if it could be proved that one complainant's case could apply ...

  • Talkback

    22 Apr 2004

    "Yes, if they are doing it correctly and not making any mistakes." Ian Smith, Thomas & Young Financial Services "No. It should be incumbent on them to treat all complaints quickly." Ray Greaves, Argyle Financial Group "Yes. I do not see why the ombudsman should not do this if it thinks that this will speed up its claims' process." Robin Graham, Robert Graham Financial "I do not know. I suppose if bonuses mean a speedier decision, then this is OK as long ...

  • That'll be the A-Day

    22 Apr 2004

    Wealth management is about maximising the financial potential and prosperity of everyone involved. For each individual, it is an entirely bespoke package. It is not designed for everyone, only those who understand the advantage of paying for individual advice. With this in mind, here are some ideas to get you started. As expected, Chancellor Gordon Brown confirmed in the Budget that the single pension tax regime will go ahead but there were several surprises. A-Day has ...

  • The benefits of becoming an IFA

    22 Apr 2004

    It takes courage to change and many advisers over the years have made the decision and never looked back, moving from being a company representative working for one company and selling products to becoming an IFA working for clients and selling advice. It is not easy but it is fulfilling and worth the effort. Company rep versus IFA Let us be clear about my position on tied agents versus IFAs. My simple conclusion is that a bad adviser is a bad adviser, no matter which ...

  • The LIA'S view

    22 Apr 2004

    I remember back in 1984, when I was an official in the DTI insurance division, my boss popping into my office and saying "I've just had the Inland Revenue on the phone and they are proposing to withdraw the tax relief on life assurance premiums. I told them it was all right. Did I say the right thing?" Of course in the Budget of that year, life assurance premium relief was withdrawn and I suppose the ground was laid for the charges of misselling of endowments. The problem we ...

  • Tilney Investment Management - Opal Tailored Solutions

    22 Apr 2004

    Type: Capital-guaranteed fund of hedge fundsAim: Income or growth linked to the performance of the Opal Optimum Master FundMinimum investment: Lump sum £10,000, Isa £5,000Term: Five years and one monthGuarantee: Secure income and secure growth options - Original capital returned in full regardless of performance of underlying fund, high income and high growth options- 80% of original capital returned regardless ...

  • TMB rate rise to stem business flow

    22 Apr 2004

    The Mortgage Business, one of the lenders in the HBOS group, is to raise its rates across its range of loans to slow business inflows. Details of the increases are not yet available but TMB, which deals exclusively through brokers, has confirmed it will be raising prices across its entire range from the end of April. The firm, which is split into three areas of business - flexible, buy to let and self-certification, says it has already hit targets for the first half of ...

  • VAT bombshell for network members

    22 Apr 2004

    IFA networks could face crippling tax bills if a ruling forcing small networks to charge members VAT on fees is extended across the financial services industry. Companies could be facing VAT bills adding up to several thousand pounds and there are fears that the policy change could be applied up to three years retrospectively. In a letter from HM Customs and Excise, seen by Money Marketing, one network has been told to pay Vat on the charges it levies members. The ...

  • VAT's not the way to do it

    22 Apr 2004

    IFAs which are members of networks may face being clobbered with a very nasty VAT bill. It appears that Customs & Excise is poised to force networks to charge its members VAT for the use of network services regardless of whether they take a percentage of commission or a fee. With the average annual fee on some estimates being £8,500, this is a substantial blow of nearly £1,500. The planned move is revealed in a letter to a network from Customs & ...

  • Virgin buys final 50 per cent of Virgin Money

    27 Apr 2004

    Virgin has purchased the remaining 50 per cent share in Virgin Money Group, paying £90m for the joint venture it set up with investment management group HHG.HHG, the listed company which comprises the UK businesses formerly owned by Australian giant AMP, will receive £50m now and two further instalments of £20m after 12 and 24 months for the product provider which offers stakeholder pensions, Isas and unit trusts, personal loans savings accounts and credit cards.

  • West Brom BS to offer free car with mortgage

    26 Apr 2004

    West Bromwich Building Society, in association with MG Rover, is offering new Rover 25 cars to customers who take out a 'Brum Brum' mortgage with the society.The bold marketing move move presents borrowers with a three-door, 1.1 Rover 25, with their Brum Brum mortgage of £90,000 or over. The product will be launched on April 27. The rate stands at 5.99 per cent variable. Other incentives to the loan include free loan protection insurance for six months, refund ...

  • Widows hits the road for IFAs

    26 Apr 2004

    Scottish Widows will be holding a series of IFA Roadshows throughout the UK during May and June 2004, entitled "Investing With Confidence." They are designed to provoke debate and provide positive contributions to the development of an IFA's business.The roadshows commence on May 7 in Glasgow and conclude on June 10 in Cardiff. The London stop on the show will be on May 20 at the Guild Hall in the City. Event Speakers include Scottish Widows Marketing Director ...

  • Win your own website and watch it being built live

    22 Apr 2004

    IFAPortals, in conjunction with Webline and Berkeley Alexander, are offering you the chance to win your own fully functional and interactive website. This offer is made to mark the launch of IFAPortals' revolutionary leading-edge website technology at Money Marketing Live on May 6 at London's Olympia. By simply going to www.ifaportals.co.uk and registering your details, you will be entered in a prize draw to win your own website which will be built live on the day ...

  • Young give up hope of buying homes- Yorkshire Bank

    27 Apr 2004

    Millions of young people are giving up on the idea of owning their own home according to the latest Yorkshire Bank research.Many first time buyers are prepared to offer over the odds for properties they do not like in areas the do not want to live in just to get on the property ladder according to the poll.

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