Money Marketing
22 June 2005

  • Investment view

    23 Jun 2005

    Takeover talk has certainly helped a market that was beginning to flag as the summer sporting season got in flow

  • 300K clawback costs hit BBB

    23 Jun 2005

    Berkeley Berry Birch says it has suffered as much as advisers counting the cost of lost commission and clawback payments after the liquidation of subsidiary Direct Protect Limited.BBB marketing director Carey Shakespeare says it is one of the biggest creditors of DPL because it was left to pay the majority of the 300,000 clawback from providers on behalf of advisers who "fled" DPL and cannot be found. Shakespeare says advisers joining DPL signed legally binding documents saying ...

  • A&L in the fix

    24 Jun 2005

    Alliance & LeicesterTwo Year Fixed Rate Mortgage

  • A2O plans multi-tie protection network

    23 Jun 2005

    Alpha to Omega is planning to introduce a multi-tie panel of between four and six providers for protection products.The network, with more than 30 firms and about 90 RIs, has been in early talks with some members and says the initial feedback has been positive.A2O expects the panel to consist of between four and six providers but is not willing to confirm which providers are in the frame at this stage.It is understood that the network is likely to be running by next year, ...

  • ABI creates benchmark for public confidence

    23 Jun 2005

    The ABI is creating a benchmark to measure customer satisfaction in the life and pension industry.The move is the first initiative to follow from chairman Richard Harvey's five-point action plan in March to boost consumer confidence.Participating companies will commission an annual phone study of 750 customers, seeking views on issues such as quality of products, quality of written communication, how well companies handle new sales, complaints, claims and general perceptions ...

  • Aim hitting the 10-year target

    23 Jun 2005

    The alternative investment market is 10 years old and fund managers and IFAs are predicting continued success although they sound a note of caution over resources firms.Since its launch in 1995, over 1,300 companies have been admitted to Aim and over 11bn has been raised.F&C Aim growth fund manager Catherine Stanley says the market has been a huge success. In its first year in 1995, a total of 121 companies listed, rising to 1,197 in 2005. She says the characteristics of the ...

  • ALIL offers 150% of FTSE growth

    23 Jun 2005

    Alliance & Leicester International has introduced a limited-issue capital-guaranteed bond offering 150 per cent of the growth in the FTSE 100 index over five-and-a-half years.The bond will mature after three years if the FTSE grows by 30 per cent or more during this period.ALIL says the maximum growth bond is aimed at short- to medium-term investors looking for greater growth potential without risking their initial capital.Customers can invest between 5,000 and 1m. Cash ...

  • Any portal in a storm

    23 Jun 2005

    Speculation over two groups of product providers bidding for Assureweb and The Exchange has led to questions surrounding the motives behind the bid as well as worries over loss of independence and whether the different providers will be able to work together.

  • Application angle

    23 Jun 2005

    More and more protection business is being written electronically but I believe it is appropriate to question how much of that business is being established in this way for the right reason.

  • Aussie mortgage firm Bluestone in UK move

    23 Jun 2005

    Australian specialist lender Bluestone Mortgages is looking to enter the UK lifetime mortgage market by the third quarter of this year.The company has opened talks with several mortgage firms. It is understood that Origen and John Charcol have been approached and a meeting has taken place with Premier Mortgage Services managing director John Malone.It is understood that Mike Penn, formerly of Barclays and Woolwich mortgage intermediary business has been appointed as Bluestone ...

  • Bankhall slices through second-tier managers

    23 Jun 2005

    Bankhall has slashed its second-tier management team in a restructure.Senior members of staff including director of operations and company secretary Jeff Tate, director of financial planning services Jackie Ison and director of provider management Jonathan White have been made redundant.Mike Buckley, following his redundancy, co-purchased Bankhall Client Services and Independent Mortgages Direct and is heading these firms with Gordon Covell, as reported in Money Marketing.Tate, ...

  • Barclays multi-tie fails the menu test

    23 Jun 2005

    Barclays' new multi-tie proposition is failing to produce payment menus for its customers.Equal Partners managing director Vivian Starkey asked her husband William to book an appointment with a financial adviser at a branch in the City. Mr Starkey said the adviser was "oblivious" to the existence of the menu when he asked for one and he left empty-handed. But when Mrs Starkey visited Halifax and Abbey branches, she was given a menu or sent one the next day.Money Marketing ...

  • BM loan condition is just a new cross- selling technique

    23 Jun 2005

    Be warned. We have noticed that BM has introduced a special condition on its formal mortgage offer to our client for an application placed with the lender. The special condition states that the client should attend a meeting with Alexander Heath Consulting to ensure that they understand how their mortgage works. The cost of this meeting will be covered by BM. It is important that you keep this appointment, it is stated in the terms. This paragraph forms part of the special terms ...

  • BNP Paribas Asset Management - Parvest Australia

    24 Jun 2005

    BNP Paribas Asset ManagementParvest Australia

  • BNP Paribas Asset Management - Parvest Europe Financials

    23 Jun 2005

    BNP Paribas Asset ManagementParvest Europe Financials

  • BNP Paribas Asset Management - Parvest Italy

    23 Jun 2005

    BNP Paribas Asset ManagementParvest Italy

  • BNP Paribas Asset Management - Parvest Latin America

    24 Jun 2005

    BNP Paribas Asset ManagementParvest Latin America

  • Bonus of contention

    23 Jun 2005

    I work in a job where I receive big bonuses. I pay income tax at 40 per cent and want to look at routes of minimising this. Some- one has mentioned venture capital trusts.

  • Brain storm as Origo moves into mortgages

    23 Jun 2005

    Mortgage Brain has warned Origo that there is no point in reinventing the wheel after the life and pension standards body revealed its intention to enter the mortgage market.Mortgage Brain chief executive Mark Lofthouse says the firm's Mortgage Trading Exchange already has mortgage standards in place, with 20 lenders signed and a further 12 in the process.He cast doubt on whether Origo's Unipass security certificate system is required in the mortgage market as the MTE already ...

  • BTL market dominated by professional property investors says Charcol.

    28 Jun 2005

    The buy-to-let market is dominated by professional property investors with 95 per cent of buy-to-let stock owned by professional property investors - defined as those holding 10 or more properties.

  • Carry-forward deal from NU on MVR-free dates

    23 Jun 2005

    Norwich Union is introducing a new carry-forward guarantee on its exist- ing with-profits bonds where an MVR-free anni-versary exists.This means that policyholders who decide not to cash in their policy on an MVR-free anniversary can still take advantage of this guarantee at a later date.NU says it also intends to start writing to with-profits bond policyholders three months before any MVR-free anniversary. Out of NU's 500,000 with-profit bonds, around 50 per cent have an MVR ...

  • Cheltenham & Gloucester - Two Year Premium Fixed Rate Mortgage

    27 Jun 2005

    Cheltenham & GloucesterTwo Year Premium Fixed Rate Mortgage

  • China's biggest oil firm could bid for US giant

    23 Jun 2005

    Chinese companies are tipped to make their presence felt on global markets with news that its biggest oil company, Cnooc, may bid $20bn in cash for Unocal - the eighth-big-gest oil company in the US.The move could see it beat US oil giant Chevron which is also bidding for the firm.Seven Investment Man-agement marketing director Justin Urquhart Stewart bel-ieves this proposed move could signal the start of a period where China starts moving beyond its borders to buy profit-producing ...

  • 'City fund firms could go offshore'

    23 Jun 2005

    London's fund management industry could move offshore within 20 years, according to a report commissioned by the IMA.Speaking at the IMA conference, professor of finance at the London Business School Julian Franks said the inc-reased sub-contracting of back- office and admin work means fund management firms could become lean enough to move where the business environment is better value.He said: "I would seriously worry about the mobility of this industry. It is not about London, ...

  • Clerical offering higher returns for corporate clients

    23 Jun 2005

    Clerical Medical is introducing a service to IFAs to manage their corporate clients' money through new Bank of Scotland deposit accounts.Using the guaranteed fixed deposit account and corporate bonus account, advisers can offer access to the two deposit accounts which have interest rates which have more competitive than the big four banks, according to Clerical Medical.The guaranteed fixed deposit account offers a fixed interest rate at the outset and guaranteed for the whole ...

  • Cofunds chief Dyer quits in shock move

    23 Jun 2005

    Cofunds chief executive Stuart Dyer has quit in a surprise move which sees him replaced by chairman Charlie Eppinger.Eppinger is chief executive of IFDS, the fund admin business, which has a 24 per cent stake in the supermarket. He becomes executive chairman at IFDS to concentrate on his new job. Threadneedle deputy chairman and member of the Cofunds board Alan Ainsworth will become non-executive chairman, replacing Eppinger.Under Dyer, Cofunds has seen Legal & General buy a ...

  • Cowan leaves as NAB takes reins at MLC and Pivotal

    23 Jun 2005

    National Australia Bank has taken control of MLC and Pivotal, with the businesses joining National Australia Group's third-party distribution unit.Current head of MLC and Pivotal John Cowan is leaving after being brought in three years ago to create Pivotal and run MLC manager of manager distribution. Day-to-day management of MLC and Pivotal will pass to Peter Smith who has been working alongside Cowan for the past year.The MLC and Pivotal team will stay as a separate business ...

  • Credit Suisse changes managers on smaller companies fund

    28 Jun 2005

    Credit Suisse Asset Management has appointed Stuart Harris as manager of its smaller companies fund to start on July 1.Harris will take over from Crispin Finn who remains as number two on the fund in addition to managing the firm's mid 250 and alpha growth funds.

  • Credit Suisse ethical Fof switches sector

    23 Jun 2005

    Credit Suisse has moved the ethical fund of funds it bought from Artemis from the UK all companies to the IMA's specialist sector.

  • E-commerce experiences show 'good, bad and ugly'

    23 Jun 2005

    Significant variations in the quality of online services are preventing advisers from fully adopting e-commerce, according to one of the industry's biggest collaborative research studies.The Adviser E-Enquiry research project is led by technology suppliers 1st, with support from Prudential, Scottish Widows, Standard Life, Webline and IBM. It aims to promote the essential role of e-commerce among the adviser community while pointing out flaws to help the ind- ustry face up to the ...

  • Euro commissioner is backing calls for an end to gold-plating

    23 Jun 2005

    IFAs and trade bodies have praised the pragmatic approach towards regulation adop- ted by European commissioner for internal markets and services Charlie McCreevy.The commissioner's calls for an end to gold-plating and a thorough cost-benefit analysis before new legislation is proposed, contained in the financial services action plan 2005-2010, have been welcomed.ABI spokesman Alan Leaman applauds McCreevy's pledge to scrap poor legislation which fails to benefit the market ...

  • F&C moves into private equity

    23 Jun 2005

    F&C is entering the private equity fund of funds market by buying Martin Currie's private equity business unit.The deal, carried out for an undisclosed sum, will see a team of three managers led by Hamish Mair relocate to F&C's Edinburgh office.The board of Martin Currie's capital return trust, currently managed by Mair's team, has transferred the investment mandate to F&C.The board of the Discovery trust, managed by F&C, has issued proposals for a vol-untary liquidation ...

  • Final proof that FSA has lost touch with principles

    23 Jun 2005

    Regarding your article headlined, FSA tells Blair to show evidence, I was one of those who supported the concept of the FSA with its five guiding principles before it was set up. However, its challenge to Tony Blair must be final proof that it has totally lost touch with what it is trying to do. There cannot be an IFA in the country who has not got files full of hundreds of letters and emails from the FSA proving beyond doubt not only that it has no interest in assisting either ...

  • Forsyth FoF goes everywhere

    28 Jun 2005

    Forsyth PartnersForsyth Managed Cautious Fund

  • Forsyth tailoring funds to risk and reward

    23 Jun 2005

    Forsyth Partners has brought out three Bermuda-based fund of funds and a fund of hedge funds because it believes a third generation of fund managers is moving away from conventional fund offerings.

  • FSA launches innovation fund

    28 Jun 2005

    The FSA is launching a 100,000 innovation fund in a bid to encourage voluntary and community sector organisations to think of projects to help people become more financially aware.

  • FSA moves to shake up hedge fund protection

    23 Jun 2005

    The FSA says it will not allow retail consumers easy access to hedge funds without considering the appropriate level of protection.Speaking at the Investment Management Association's conference on the asset management industry in London last week, FSA asset management sector leader Dan Waters said he does not want to see retail investors exposed to the risk of hedge funds without proper industry consultation.The FSA is this week publishing a series of discussion papers on hedge ...

  • FSA must present IFAs in better light

    23 Jun 2005

    Bearing in mind that too few people are saving enough either for their old age or for other reasons, the FSA could help by providing consumers with less information which gives the impression that IFAs are not to be trusted. The whole ethos of the FSA seems to be, watch your backs and shop around. An IFA is unlikely to do you any good. It does not say this in so many words but the tenor of the liter-ature gives this impression. It is time it adopted a more pos-itive stance to ...

  • FSA urged to change pension cover rules

    23 Jun 2005

    FSA rules should be amended to allow specialist protection advisers to sell pension term insurance which is currently restricted to regulated investment advisers, says Scottish Widows protection expert Nick Kirwan.Kirwan believes the regulatory framework denies clients access to protection.Pension term insurance, could provide huge tax ben- efits for clients after A-Day.Kirwan believes the regulator is aware of the issues presented by A-Day and its impact on Icob advisers ...

  • Hargreaves Landsdown and John Charcol in strategic alliance

    22 Jun 2005

    Hargreaves Lansdown have formed a strategic alliance.

  • Harris on Mortgages

    23 Jun 2005

    A client who is in the process of remortgaging recently asked me whether she should opt for a fixed or variable rate. What she was really asking me was what was going to happen to interest rates.

  • Heritable Bank - Fixed Rate With No Extended Lock In

    27 Jun 2005

    Heritable BankFixed Rate With No Extended Lock In

  • Howard Flight

    23 Jun 2005

    Controversially sacked by Michael Howard during the general election campaign, the Tories' best-known and respected financial expert is aiming to be back in politics soon

  • Ice bound

    23 Jun 2005

    Leeds & Holbeck Building Society senior-level PA Mandy Haxby is planning the holiday of a lifetime after winning an internal award valued at 1,500.The money will be put towards a holiday in Iceland for Mandy and her husband.She has worked at the society for over 20 years and was nominated for the Excellence in Action award by her colleagues.Mandy was always been fascinated by Iceland and plans to take in all it has to offer, including whale watching, bathing in the Blue ...

  • IFA says watchdog is ignoring 'fraud'

    23 Jun 2005

    An IFA who believes he fell victim to a fraudulent endowment complaint says the Financial Ombudsman Service is turning a blind eye to fraud while compounding the problem by still charging case fees.Croydon IFA Mortgage Life and Pensions managing director Paolo Standerwick had to pay a 360 case fee and spent 10 hours defending a case which he claims was plagued with inconsistencies.He says the failure of the police, the FSA and the FOS to take this case further means IFAs have ...

  • IFAP focuses on mortgage sector

    23 Jun 2005

    IFA Promotion is introducing a search facility focusing on mortgage IFAs to ensure consumers are receiving independent advice for investment and insurance products as well as mortgages.A website www.impartial. co.uk - is addressing the fact that borrowers take out one or more insurance or investment products alongside a mortgage, sometimes under the misapprehension that all the advice being given is independent.IFAP is concerned that there is not a distinction between a mortgage ...

  • In or out of Africa?

    23 Jun 2005

    The G8 debt deal to help Africa means the continent could be opened up again for foreign investment and things may have changed since the last wave of investment there.

  • Independent View

    23 Jun 2005

    The FOS is in need of an urgent crash course judging by its response to a comp-laint against an IFA

  • Industry improving rates for FTBs, according to Moneyfacts

    27 Jun 2005

    Trends are showing a range of cheaper fixed rate deals for first-time buyers according to research by Moneyfacts.

  • Industry Sectors: Life

    23 Jun 2005

    Annie ShawAlasdair Buchanan - Head of communications, Scottish LifeBen Gunn - Cheif executive, Friends Provident

  • Investment entrepreneur Fry retires after 44 years

    23 Jun 2005

    Investment entrepreneur Charles Fry is retiring after 44 years in the industry.He is leaving Pinder Fry & Benjamin, the company he started in 1998 after selling his fund firm Johnson Fry to Legg Mason for 42m. Pinder Fry & Benjamin, in which Fry is a 30 per cent shareholder, has raised over 1bn for a variety of high-net-worth investment products such as VCTs, film partnerships and property partnerships.Since forming a partnership with Michael Johnson in 1969 to provide mortgage ...

  • Investors pay penalty for soccer selection

    23 Jun 2005

    The Dow Jones Stoxx football index shows investors in football clubs have mostly taken a kicking since its launch in 1991.The index lists 29 football clubs listed for trading on European stock exchanges comprising teams from seven countries. Since launch to this month, the index is down by 3.41 per cent compared with a rise in the Dow Jones Global 1800 index of 133 per cent.Manchester United was removed this week to be replaced by Turkish team Trabzonspor Stortif Yatirm after ...

  • It's Simply grand with 1,000 firms in two years

    23 Jun 2005

    SimplyBiz has signed its 1,000th member firm after two years in business, claiming it is the UK's fastest-growing IFA service company.Hammond McNulty Wealth Management IFA Mark Pedley's application hit the milestone figure.SimplyBiz says its success is down to its simplicity of offering, quality of service and its lifetime guarantee of a maximum charge of 2.5 per cent for core services.The internet-based firm focuses on the one- to four-person practice, offering compliance ...

  • Julian Gibbs

    23 Jun 2005

    Crispin Odey's Opus fund is an excellent medium-term performer. In fact, over the three years since he took over the man-agement of the fund, its performance is up by 61 per cent against the next best fund in the sector which is up by only 35.8 per cent while the average global equity fund is down by 6.5 per cent over the period.The worst-performing fund, Aegon worldwide tactical, is down by 25.6 per cent. (All stats to April 1). How has he achieved this excellent performance? Mainly ...

  • Knight Frank shuts property fund early

    23 Jun 2005

    Knight Frank Corporate Finance has closed its first property fund for retail investors a month early after it raised well over the minimum subscription.The Access fund was launched in conjunction with the Antler Group, with an advertised closure date of June 29.Knight Frank says closing the fund early will protect investors' returns and prevent performance being diluted by raising too much additional equity.Chairman Robert Hannington says: "Although we have had to close ...

  • Leeds & Holbeck appoints insurance experts

    24 Jun 2005

    Nigel Wray and David Hovell have joined Leeds & Holbeck to develop comprehensive house insurance cover for customers of the building society.

  • Legg Mason and Citigroup swap business

    27 Jun 2005

    Legg Mason has swapped its broker-dealer business for Citigroups US asset management business in a 2m deal.

  • Let it be

    23 Jun 2005

    The furore over property investment clubs does not mean that BTL needs regulating

  • Lib Dems call for buy to let regulation

    24 Jun 2005

    The Liberal Democrats have called for FSA regulation to be extended to the buy to let market.Libdem Shadow Chancellor Vince Cable says: "The scale of the buy to let mortgage market is vast with more and more people choosing to fund their retirement through investing in property. Given the scale of buy to let, it is questionable why the Government is focusing on small parts of the market, and does not consider buy-to-let mortgages worthy of the same protections.

  • LibDems call for 'politician-proof' pensions

    23 Jun 2005

    The Liberal Democrats have set out 10 key principles for pension reform, including the possibility of raising the state pension age after 2030.In a letter to Pension Commission chairman Adair Turner, the LibDems call for an end to means-testing and incentives for people to take out second pensions.But they oppose pension compulsion and are demanding no change to the state pension age before 2030.The party also says pensions need to be "politician-proof", which it believes ...

  • Lifequote deal to shield advisers

    23 Jun 2005

    Lifequote is issuing a protection adviser guarantee to guard intermediaries against claims by clients that they either contributed to or caused non-disclosure.The guarantee states Lifequote will provide full underwriting checks direct with the insured during a recorded phone conversation, removing the risk of accusations of coerced non-disclosure.Recording and storing interviews should guard advisers selling protection against an allegation that they negligently mis-advised ...

  • Loan plan adds in parents' income

    23 Jun 2005

    Mortgage Direct and Bank of Ireland have teamed up for a scheme that offers assistance for parents to help their children on to the property ladder.The 1st Start plan enables the potential buyer to borrow up to four times their highest-earning parent's salary, minus the parent's mortgage repayment plus their own salary, regardless of whether they have a deposit. Parents become guarantors.There is an option to borrow up to 100 per cent of propoerty valueBorrowers can get either ...

  • Mack likely to return to Morgan Stanley

    28 Jun 2005

    John Mack, former head of Morgan Stanley is a likely contender for the top role recently vacated by Philip Purcell, who resigned earlier this month.

  • Matrix reloads

    23 Jun 2005

    Matrix Ascension Plan 1 Top UpType: Capital-protected hedge fundAim: Growth linked to the performance of the Winton trading strategies fundMinimum investment: Lump sum 5,000Investment split: 100% linked to the performance of the Winton trading strategies fundPlace of registration: BermudaTerm: Six yearsReturn: 100% growth in the performance of the Winton trading strategies fund less initial chargeGuarantee: 96% of original capital returned at end of term regardless of performance ...

  • Midas puts faith in hybrid management

    23 Jun 2005

    Midas Capital believes its hybrid management style of direct investment and multi-management keeps down costs and gives its fund managers a better insight when constructing portfolios.

  • Misys appoints Lexicon Partners to assist in Sesame sale

    23 Jun 2005

    Misys confirms it has appointed Lexicon Partners to assist in the sale of Sesame.

  • Mortgage aiming to protect against negative equity

    23 Jun 2005

    John Charcol and Newcastle Building Society are offering a new triple protector mortgage which protects borrowers against negative equity for up to five years.The product has a fixed rate of 4.99 per cent until August 31, 2010. It features free accident, sickness and unemployment insurance on payments during the fixed-rate term for up to 12 months to a maximum monthly payment of 1,500.If, during the fixed-rate term, the mortgage is paid by the payment assistance policy for at ...

  • Mortgages plc set to sell Genesis in an MBO

    22 Jun 2005

    Mortgages plc is selling Genesis back to its original directors in a management buy-out for an undisclosed sum.

  • Nationwide - Two Year Tracker Without Reservation Fee

    28 Jun 2005

    NationwideTwo Year Tracker Without Reservation Fee

  • Nic Cicutti

    23 Jun 2005

    Igot a phone call the other week from two people I have known for a long time. They operate on the margins of the financial services industry, making money by acting as intermediaries between providers and consumers.

  • Non-life insurers expecting record results in 2005

    23 Jun 2005

    European non-life insurers can expect record results in 2005, and life business will see limited growth, according to Standard & Poor's.

  • Ombudsman's pension expertise is questioned

    23 Jun 2005

    An IFA is calling into question the expertise of the Financial Ombudsman Service after a case in which the watchdog cleared an IFA firm despite misleading information on its website.Anand Associates Managing director Bhupinder Anand took a case for a client in the belief they had been missold a Sipp.The client's previous IFA had failed to explain a pension fund would only ever return 25 per cent as a lump sum, with the balance as an annuity. The IFA's website claimed a "minimum" ...

  • Once in a lifetime

    23 Jun 2005

    I have been looking at the role that will trusts have to play in inheritance tax planning for those who want to retain full access to and control of the assets with which they want to plan.

  • Origen's Marr joins FSSC board

    27 Jun 2005

    Gareth Marr has joined the board of the Finanacial Services Skills Council with immediate effect.

  • Origo to deliver e-standards for mortgage industry

    23 Jun 2005

    Origo is planning to implement its e-commerce standards in the mortgage industry.The body, which already provides standards in life, pensions and investments, says it will develop plans in consultation with the industry.It has appointed Frank Eve Consulting to lead the project and representatives of the firm will meet industry figures over the next few months to try to secure sponsors for the project.Origo says the plan will then be rolled out over the next two to three ...

  • Out of context

    23 Jun 2005

    "Look out - beached whale." - Institute of Financial Planning chief executive Nick Cann takes his shirt off to sunbathe.

  • Paragon introduces five year fixed rate BTL mortgage product

    28 Jun 2005

    Paragon Mortgages today announces the launch of a 5.25 per cent 5 year fixed rate mortgage product.

  • Parvest finds Latin beat

    23 Jun 2005

    The Parvest Latin America fund is one of 60 funds recently registered for distributor status in the UK.The fund aims for growth by investing in equities and equity-related securities of countries in Latin America. This includes Brazil, Chile, Argentina and Mexico, with some exposure to the US.The fund is managed by Jacopo Valen- tino, who will identify companies that are undervalued relative to his view of their growth prospects. He will focus his attention on medium and large ...

  • Pension peach could be banana

    23 Jun 2005

    For those who sell financial protection, it may not immediately be clear what pension simplification has to do with protection sales. Actually, it means some big changes to the life insurance market.

  • Positive sets up portal to rival 'arcane' systems

    23 Jun 2005

    Positive Solutions is launching its own portal and wrap service with the aim of taking on the industry's big three portals.PS chief executive David Harrison says he is fed up with relying on "arcane" portals that lack direction and provide an incomplete service.The firm has previously worked with The Exchange and Webline but Harrison says the time is right to go it alone. It has developed a quotation and e-application engine which will initially be used for protection and critical-illness ...

  • Premier promotes early exit

    24 Jun 2005

    Premier Fund Managers has brought out the Pan-European Growth Plan - Limited Editions No 26.

  • Product matters

    23 Jun 2005

    Abbey has received a lot of attention recently in light of its takeover by Santander and also catching flak on the general level of service it has provided to the broker comm- unity.

  • Providers feel portal pressure

    23 Jun 2005

    Nothing gets providers more upset than when they feel their access to distribution is in jeopardy. This may be the reason for the flurry of activity around the portals which connect IFA businesses to insurers.

  • Pru should go back to the lab

    23 Jun 2005

    I have just caught up with the May 26 edition of Money Marketing and I have to say that the article headlined, Pru puts IFAs in lab to study behaviour, made my day. I will refrain from comm-enting on the validity of Prudential's laboratory experiments but cannot resist the comments made by director of service Steve Ferrari: "The experience centres allow us to prototype, pilot and accelerate further improvements that are designed to meet the business requirements of the adviser by ...

  • Pru strikes back in war of WP words

    23 Jun 2005

    Prudential has hit back at Hartford Life over with-profits asset allocation information.

  • Public must take responsibility

    23 Jun 2005

    Lorna Bourke argued for a free arbitration service "when something goes wrong and fast and adequate compensation if they have lost money". That phrase encapsulates the problem with regulation. The average consumer, unsurprisingly, sees some- thing going wrong and losing money as the same thing. They believe that regulation takes away all risk of ever making a bad decision. We must also take some of the blame. We proclaim the merits of getting advice and how it is worth paying ...

  • RBS group finance director to resign by end of year

    24 Jun 2005

    Fred Watt has announced his intention to leave the Royal Bank of Scotland group by the end of the year.

  • Robert Reid

    23 Jun 2005

    You may have read recently that a pension fund in deficit has been rescued by the Pension Protection Fund taking an equity stake in the company concerned.

  • Saunders clashes with ABI over pension role

    23 Jun 2005

    The IMA is at loggerheads with the ABI over the role of insurance firms in the pension market following remarks by IMA chief executive Richard Saunders.Speaking at the IMA conference, Saunders said it is a mystery to him why so much pension legislation has been couched in terms of insurance companies as the fund management industry is better geared up to provide the solution as part of a public/private pension partnership with the Government.Saunders said: "In fut-ure, there ...

  • Scot Life bolsters investment marketing team

    27 Jun 2005

  • ScotEq joins the Omo market

    23 Jun 2005

    Scottish Equitable is to join the open option annuity market with the launch of a new set of rates.The firm has previously only offered annuities to its own customers. The firm is offering a conveyancing service designed to save time by liaising with the ceding life office to speed up transfer of pension money. It will set up a customer service team to provide advisers access to support and expertise during the transfer process.Managing director, individual pensions and investments ...

  • Seager takes FSA case to tribunal

    23 Jun 2005

    IFA Whitechurch Securities is taking the FSA to the Financial Services and Markets Tribunal to challenge an FSA order telling them to write to clients asking if they want a review of precipice bond sales.Last summer, sister company direct-mail operation Whitechurch Investment Services was told by the FSA to write to around 1,000 clients who had bought structured products, inviting them to seek a review. The sales dated from around five years ago.Chairman Kean Seager placed the ...

  • Sesame offers financial worksheets for schools

    23 Jun 2005

    Sesame has created a section for teachers on its Money Money Money educational website.The site, www.thatmoney book.co.uk, allows teachers to download classroom activities and worksheets, endorsed with a Personal Finance Education Group quality mark, to use in conjunction with its Money Money Money book.Schools can also submit a request for an IFA to visit to advise on financial matters.Pfeg business and resources manager Vola Parker says: "No one is taking financial education ...

  • Shell planned merger to raise UK exposure

    23 Jun 2005

    Shell's planned integration with Royal Dutch will reduce the exposure of tracker funds to UK growth by increasing concentration in the FTSE 100 and making it more defensive.Abbey head of client investment John Kelly says Shell's intention to list singly in the UK will raise the UK market's exposure to the new company, Royal Dutch Shell, by about 2.4 times, making BP and Shell account for 19 per cent of the FTSE 100 index.The concentration of the FTSE 100 is such that the top ...

  • Skipton Guernsey increases its interest rates

    24 Jun 2005

    Skipton Guernsey is increasing the rates on its international access plus and international 60 savings accounts, saying this is reflecting changing market conditions.

  • Special situation vacant

    23 Jun 2005

    Nicola York gauges industry opinion on who will succeed Fidelity special sits star Anthony Bolton when the stellar manager leaves

  • Standard says life advice must cover annualised rates

    23 Jun 2005

    Financial advisers should offer clients both annualised and monthly rates for life insurance to ensure they are giving best advice, says Standard Life protection marketing manager Peter Brutin.In many cases, he says annualised rates for life insurance can be cheaper than monthly rates although most clients end up choo- sing the monthly option.Brutin says as most life insurance is sold on the back of a mortgage with monthly mortgage payments, it seems only natural for the adviser ...

  • Stargate Capital Management - MagicGate Protected Film EIS

    22 Jun 2005

    Stargate Capital ManagementMagicGate Protected Film EIS Fund

  • Talkback

    23 Jun 2005

    Should Aifa allow multi-ties to become members?

  • The FAF alternative

    23 Jun 2005

    Is there a practical solution for IFAs as providers cut pension commission?

  • The PFS view

    23 Jun 2005

    A good deal of heat has already been generated by the ABI paper, Financial Advice: How Should We Pay For It?

  • The reel thing

    23 Jun 2005

    Stargate Capital Management has brought out a capital-protected enterprise investment scheme film fund to encourage investment in the film industry while addressing concerns about the potential risk to capital.The MagicGate capital-protected EIS film fund is essentially a number of discretionary managed portfolios investing 28 per cent of investor's money in a portfolio of film EISs and the remainder in an A-rated fixed-interest portfolio to provide a degree of capital protection. ...

  • Thesis appoints new managing director

    28 Jun 2005

    Thesis Asset Management has appointed Craig Knight as its new managing director. Knight was previously managing director of Bristol & West financial services and head of bank sales for wealth management at the National Australia bank. Thesis is owned by solicitor Thomas Eggar and has 850m under management. Knight is to conduct a strategic review of the business.

  • They think it's all over...

    23 Jun 2005

    The quick finish to last week's Twenty20 limited-overs' cricket match between England and Australia was not good news for everyone.Poor old Lansons PR Joe Laing had his best-laid plans confounded and had to hunt down transport for bosses from his clients, M&S Money, and a handful of national newspaper hacks who had attended the match in Southampton.Joe finally flagged down a cab. However, only half the guests were able to fit in. Should he take the hacks or the men who pay the ...

  • Tierney to lead iimia regional salesforce

    23 Jun 2005

    Iimia Investment Group has appointed John Tierney to head its regional salesforce.Tierney joins from Asset TV where he was responsible for launching the TV channel dedicated to the investment industry. Before that, he was head of retail at Dresdner RCM and was sales director of Perpetual for 11 years.He will be responsible for the promotion and sales of iimia's range of Oeics and investment services.Managing director of investment services Bruce McIntosh says: "We are delighted ...

  • Time for a more balanced view of Freemasonry

    23 Jun 2005

    We are disappointed that Money Marketing has chosen to publish more anti-Masonic innuendo. If individuals have been genuinely suspected of wrong-doing, we do not understand why appropriate steps have not been taken as, within our organisation, anyone suspected of using their membership to gain advantage would have been investigated and appropriate disciplinary action would have followed. Your material has caused a great deal of offence to our members who know what a force for ...

  • Tom Baigrie on Protection

    23 Jun 2005

    Swiss Re's annual report on the protection market, Term Watch 2004, is a fascinating read. It charts a substantial decline in protection sales in 2004. Term sales fell by 17 per cent year on year, all critical-illness sales by 31 per cent, income protection by 25 per cent and even the tiny number of whole-of-life sales fell by 5 per cent. The learned authors put this failure down to the ending of rebroking as rates bottomed out and the mortgage boom ended. It seems our market depends ...

  • Tri Investments - European Residential Property Fund

    28 Jun 2005

    Tri InvestmentsEuropean Residential Property Fund

  • Tri Investments goes for safe European homes

    27 Jun 2005

    Boutique manager Tri Investments has brought out the European residential property fund in conjunction with Morley Fund Management and property consultant King Sturge.

  • True colours

    23 Jun 2005

    Previous research has painted a glowing picture on the use of e-commerce but a new study reveals that the real picture is patchier

  • Trustee cover boosted after legal concerns

    23 Jun 2005

    ACE European Group has bolstered its pension trustee liability insurance product after internal research revealed growing concerns among UK pension trustees following the 2004 Pensions Act.The survey showed that trustees were concerned about the risk with increasingly complex responsibilities on pensions, trust law, scheme funding and investments brought in by the act and finding their personal assets at risk or facing civil and criminal penalties.Almost half of the trustees ...

  • UCB Home Loans - Self Cert 2 Year Tracker

    22 Jun 2005

    UCB Home LoansSelf Cert 2 Year Tracker

  • UCB Home Loans making changes to its BTL and self-cert products

    28 Jun 2005

    UCB Home Loans is increasing its buy to let LTV to 85 per cent and its self-cert limit to 1m, effective from July 4. UCB Home Loans, Nationwides specialist lender, has increased the maximum BTL loan size from 400,000 to 600,000, and has upped its maximum self-cert loan size from 750,000 to 1m. The changes reflect increasing house prices seen across the UK since the maximum loan levels were last increased in October 2002.

  • UCB Home Loans ups the ante in BTL market

    28 Jun 2005

    UCB Home Loans, Nationwide's specialist lending arm, is upping its LTV limits and maximum loan sizes on BTL properties from July.The provider is increasing the maximum LTV on BTL properties from 80 per cent to 85 per cent enabling customers to borrow up to 350,000 at 85 per cent LTV.The maximum BTL loan size is being raised by 50 per cent from 400,000 to 600,000.Self-certification loan sizes are being upped from 750,000 to 1m.UCB says the move is in response to broker demand ...

  • Value added

    23 Jun 2005

    Many advisers have strong relationships with profess- ional introducers such as solicitor firms and to maintain those relationships it is essential advisers keep up to date with developments in the trust sector.Two important changes are contained in the Finance Act 2005. A new regime for trusts for vulnerable persons has been introduced with effect from April 6, 2004 and a standard rate band of 500 for trustees of discretionary trusts and accumulation and maintenance trusts has been ...

  • 'Value in structured products'

    23 Jun 2005

    Structured products could offer investors better value than traditional active fund managers because they can give broadly similar returns while also offering a capital guarantee, says Keydata.It compared a 20,000 investment in its UK protected growth plan 12 months ago, now worth 21,580, with an investment in the Axa distribution fund, now worth 21,880, the L&G balanced portfolio at 21,540, M&G's cautious managed portfolio at 21,920, Scottish Widows balanced portfolio at 21,700, ...

  • Verity's View

    23 Jun 2005

    "We call for legislation to req-uire employers who do not offer pensions for their employees to pay pension contributions into any stakeholder scheme nominated by an employee."

  • Wishful thinking

    23 Jun 2005

    Norwich Union Life chief executive Gary Withers has completed the Norwich half-marathon in a highly respectable time, just five minutes behind double Commonwealth gold medal winner David Moorcroft.The worthy recipient of Withers' efforts, to the tune of 3,000, is the wonderful Make-a-Wish foundation, which helps terminally-ill children to fulfill their dream.Gary says while the half-marathon was tough, he was pleased that he achieved it for such a worthwhile cause. He was pretty ...

  • Yorkshire launches three-year fixed rate deal for FTBs

    27 Jun 2005

    Yorkshire Bank launches a three-year fixed rate deal for first time buyers from 4.59 per cent.

  • Young, mortgage-free and single

    23 Jun 2005

    Many reports say that young people are desperately trying to get on the property ladder while juggling crippling student and credit card debts.

  • Zurich reschedules Coulson court case

    23 Jun 2005

    Zurich suddenly pulled out of a request for an interim declaration from a court last Tuesday just days before a judge was to hear the firm's case against former emp- loyee Richard Coulson.The change of heart came two days before Coulson was due to face his former employer, which is claiming that he was still in Zurich's employment when he began promoting his new network Home of Choice.As a result, both sides have agreed to a full hearing which is expected to go ahead later in ...

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