Money Marketing
23 April 2003

  • 'Govt savings push has had reverse effect'

    24 Apr 2003

    The Government's attempts to convince the nation to save have had the reverse effect and created a negative attitude to saving, according to research from IFA Promotion. Only a third of adults surveyed believe the Government has made them more inclined to save for the future while 43 per cent say they are less inclined to save. Forty-seven per cent of people on lower incomes said the Government has made them less likely to save and 19 per cent said that Government initiatives ...

  • 'IFAs caught in FSA and FOS rules trap'

    24 Apr 2003

    The Financial Ombudsman Service rules in favour of private investors far too often, according to Apcims. Speaking at an IFA conference in Geneva, chief executive Angela Knight said the FOS often forces advisers to pay compensation even though the adviser has acted legitimately, sensibly and ethically. She said there was no longer a level playing field in the UK and expressed concern that advisers were being caught between FSA and FOS rules.

  • 'IFAs caught in FSA and FOS rules trap'

    23 Apr 2003

  • 'IFAs not aware of new flexible working rules'

    24 Apr 2003

    IFAs are unaware of the recent introduction of flexible working regulations for families and how it affects them, according to a survey by employment law specialists Peninsula. Over half of IFAs were unaware that the legislation was being introduced and did not know how it would affect them or how to comply. It also found that 83 per cent believed that the legislation would create unnecessary paperwork for employers and only 32 per cent thought that it would increase employee productivity. Sma

  • 'IFAs will lose market share to bancassurers'

    24 Apr 2003

    Product providers are predicting that IFAs will lose market share to bancassurers over the next five years, according to a survey of delegates at the Institute of Economic Affairs' life assurance conference. The poll of high-level life industry executives, consultants and FSA representatives shows that 87 per cent predict a marked increase in the market share of bancassurers while 66 per cent foresee a reduction in IFA market share. Only 21 per cent expected IFAs to retain market ...

  • 'Low inflation will hit homeowners in the long term'

    24 Apr 2003

    Today's generation of homeowners could find themselves paying four times as much of their income into their mortgage as their parents because of the low inflation rate, claims Egg. The online lender says low inflation means that homeowners will not enjoy the same erosion of the real value of their mortgage debt that their parents did. Egg says homeowners finishing 25-year mortgages in 2002 faced payments equal to just 2 per cent of their monthly income due to the benefits of ...

  • 'Too few divorcees use pension splitting'

    24 Apr 2003

    A new pension underclass is developing because divorcees are not taking advantage of pension-splitting legislation, warns national IFA Inter-Alliance subsidiary Professional Alliance. More than 300,000 divorces have taken place since the regulations came into effect in December 2000 but fewer than 1 per cent of these have resulted in pension-sharing orders, according to figures from the Lord Chancellor's Department. Traditionally, judges awarded other matrimonial assets such ...

  • 'Use salary sacrifice to cut NI bill'

    24 Apr 2003

    Legal & General is advising employers to take advantage of salary sacrifice to reduce their firm's and employees' National Insurance bill. A 1 per cent increase in NI contributions will add an extra £1,000 to an employer's NI bill for every £100,000 of payroll. But L&G says by simply reviewing the way pay is structured, both employers and employees can turn the NI increases to their own advantage. It says employees can forego a pay rise and have the amount ...

  • 'Use salary sacrifice to cut NI bill'

    23 Apr 2003

  • A consumer's view

    24 Apr 2003

    Two FSA initiatives look set to make life even tougher for beleaguered IFAs - in particular pension specialists and stockbrokers. Since April 6, all employers and other providers which run money-purchase pension schemes are obliged to produce annual pension statements showing how much pension each individual member or policyholder will get on retirement. These statements will be a nasty shock to many employees, as well as those making their own pension provision through personal ...

  • A question of compensation

    24 Apr 2003

    Two articles recently caught my eye - Nick Bamford in the April 3 issue and Keith Popplewell in April 10. I have settled a handful of so-called pension misselling claims, two of which are really sticking in my throat - £2,400 for an ex Rolls Royce employeee and £35,000 for an ex BTR (now Invensys) employee. It is reported that the pensions funds of Rolls Royce have a shortfall of more than £1bn and Invensys a "large shortfall". As Nick Bamford suggests and ...

  • Abbey helps smooth the way for first-timers

    24 Apr 2003

    Abbey National has helped to publish a Rough Guide to getting a foot on the property ladder. The Rough Guide to Buying Your First Home warns first-time buyers about the pitfalls of the housebuying process. It covers everything from planning finances to dealing with estate agents and solicitors. Abbey says Easter typically heralds the start of the homebuying season and it will give a free guide to any first-time buyer who completes an initial interview with one of its mortgage advisers. The ...

  • Aberdeen 'unlikely' to face wave of split-cap court cases

    24 Apr 2003

    The real estate opportunities investment trust's decision to seek damages from former manager Aberdeen Asset Management is unlikely to spark a wave of legal action, according to analysts Credit Lyonnais. The trust warned earlier this month that it intended to recover a large proportion of losses totalling £165m and would refuse to pay outstanding management fees to AAM, which it blames for exposing its portfolio so heavily to moribund split-caps. The action, which could ...

  • Accounting for advice

    24 Apr 2003

    I am the senior partner in a firm of chartered accountants. In the past we have provided independent financial advice to our clients through a subsidiary IFA firm. The costs of this have significantly outweighed the profits produced. We are considering using the services of a local IFA but what are the advantages of doing this and what should we be looking for from the IFA? You are probably in a similar position to other accountancy firms across the country which are considering ...

  • Advisers demand rebroking redress

    24 Apr 2003

    IFAs are demanding that the Prudential pay compensation for the time they will have to spend rebroking criticalillness policies following the life off-ice's decision to remove guarantees and raise premiums on new and pipeline business. Advisers say they face rebroking dozens and, in some cases, hundreds of policies and they plan to send invoices to the company for the costs of their time. They say not only should the Pru pay for the time they will have to spend but the fact ...

  • Artemis- Aim VCT

    29 Apr 2003

    Artemis- Artemis Aim VCT Aim: Growth by investing initially in five Artemis unit trusts, then in companies listed on Aim, Ofex and unquoted companies Opening-closing date: February 27 2003-June 30, 2003 Charges: Initial 5%, annual 2% Commission: Initial 3% Tel: 020 7367 5606

  • Artemis aims for extra £2m

    25 Apr 2003

    Noble & Company is promoting a £2m top-up share issue for the Artemis Alternative investment market (Aim) VCT. This VCT was established in February 2001 and has raised £41m so far. Over £20m of that has been invested in more than 40 companies that operate in different industries. The money raised through this C share issue will initially be invested in five Artemis unit trusts - UK smaller companies, UK growth, income, new enterprises and UK special ...

  • Bankhall and 1st Software in marketing deal

    28 Apr 2003

    Bankhall has signed a deal with 1st Software that will give its 2,500 member firms up to 20 per cent off the software house's Adviser Office system.

  • Baring Asset Management - Baring Asia Hedge Select Fund

    23 Apr 2003

    Wednesday, 23 April 2003 Type: Hedge fund of fundsAim: Growth by investing in hedge fundsMinimum investment: $100,000Place of registration: DublinInvestment split: 100% in hedge fundsCharges: Initial up to 3%, annual 1.5%Commission: Initial up to 3%Tel: 020 7214 1900

  • Baring looks to Asia

    23 Apr 2003

    Baring Asset Management has established a fund of hedge funds that focuses on the Asia Pacific region. The Baring Asia hedge select fund builds aims to provide returns of 7 per cent above three-month US treasury bills. It will invest in a portfolio of between 10 and 20 hedge funds, covering a range of risk profiles and Asia Pacific regions, including Australia and India. The fund has a bias towards long and short equity because this is the strategy ...

  • BBC Moneybox reveals failings on basic advice

    24 Apr 2003

    BBC Radio has gone undercover to investigate the standards of financial advice offered to clients by independent and tied financial advisers. "The Price of Advice", produced by Radio 4's Moneybox team, is aired this week and highlights how many advisers fail to provide basic advice. Researchers and reporters went undercover, taping interviews with 10 tied advisers and eight IFAs in a mystery shopper exercise. The BBC then brought in a panel to assess the advisers' performance. There ...

  • Boost for Bupa PMI commission

    24 Apr 2003

    Bupa is increasing commission to intermediaries selling private medical insurance to small employers, with new business generating 14 per cent commission and 5 per cent for renewals. The improved rates are payable from May. The decision to increase commission follows feedback from intermediaries who had been unhappy with Bupa's previous flat-rate structure which did not increase commission as premium prices rose with inflation. Bupa says it pays out about £2.2m a week ...

  • Britannia sets up offset mortgage

    24 Apr 2003

    Britannia Building Society is rolling out its new offset mortgage throughout its branch network. The Savings Mortgage was launched via the society's website and call centre last month. The loan tracks the Bank of England base rate plus 0.85 per cent for the life of the product. It is fully flexible and includes no admin, valuation or arrangement fees.

  • Britannia sets up offset mortgage

    23 Apr 2003

    Britannia is rolling out its new Offset mortgage to throughout its branch network. The Savings Mortgage was launched via Britannia’s website and call centre last month. The loan tracks the Bank of England base rate plus 0.85 per cent for the life of the product. It is fully flexible, and includes no administration, valuation or arrangement fees. 

  • Brown sugar

    24 Apr 2003

    Despite all the predictions, this year's showpiece from Chancellor Gordon Brown was surprisingly upbeat. He insisted that the UK is well prepared to weather the economic storm and take advantage of any upturn in the international outlook. He even managed a few fiscal jokes. When tackling the thorny topic of raising the level of public-sector borrowing, instead of trying to give the new figures and move on, the Chancellor restated his golden rule that debt should not exceed 40 per ...

  • Bull fight

    24 Apr 2003

    With the UK in the fourth year of the bear market, most fund managers remain distinctly gloomy, cursing poor investor sentiment and anaemic corporate earnings' growth. But some investment managers believe the recent rally in mid-March and subsequent flurry of company activity mark the beginning of a bull market. JO Hambro UK growth manager Mark Costar, a highly regarded fund manager with an impressive track record at previous employer Clerical Medical, insists the upturn shows that ...

  • CA publishes finances in retirement guide

    29 Apr 2003

    The Consumers' Association has published the latest in a series of investment guides, this one aimed at retired consumers who may not have looked at the state of their finances in awhile.

  • Carpetbagger Tanner defeated in Portman board vote

    28 Apr 2003

    Carpetbagger Tim Tanner has been unsuccessful in his latest bid to win a place around the Portman Building Society board table as he was defeated at the society's AGM last week.

  • CII accreditation for Widows' training

    24 Apr 2003

    Scottish Widows' Advanced Financial Planning Certificate training and development services has achieved accreditation from the Chartered Insurance Institute. The company believes thatits success is owed to the address of three key standards relating to transparency, quality and member benefit. CII director general Dr Sandy Scott says: "Scottish Widows is leading the way in proactively addressing competency issues through the accreditation of its training programme. I hope others ...

  • CII accreditation for Widows' training

    23 Apr 2003

  • City Financial closed after Which? hunt

    24 Apr 2003

    The FSA's fine on Lincoln Financial Services comes two-and-a-half years after it offloaded its subsidiary, City Financial Planning. In October 2000, the Consumers' Association published an article in Which? magazine accusing CFPL of not making its tied status clear when meeting clients. This sparked a PIA review, which led to last week's £485,000 fine. Lincoln conducted an initial review of 5,000 savings plans sold between September 1998 and August 2000. It then ...

  • Clerical restores its rugby pride

    24 Apr 2003

    Congratulations to Clerical Medical's rugby heroes for breaking a 38-year hoodoo in the Preece Cup and giving Axa Sun Life a thorough shoeing in the final. This little known yet prestigious trophy is the life office rugby competition that has been going since 1920. Clerical Medical absolutely creamed the mighty Axa Sun Life team 67-0.Dear, oh dear. Apparently, Axa Sun Life's poor form follows the loss of two players to the England rugby team - England stars Neil Back ...

  • Commission deal from Standard Life

    24 Apr 2003

    Our new rep from Standard Life (late of Royal & Sun Alliance) came to see us last month. He wanted to bang his drum about how Standard Life have tinkered around with their personal pension contract so that they can now pay us in commission just over half what they did prior to stakeholder. On new cases, that is - always the holy grail of the life company rep. But, I asked, what about the many personal pension policies we wrote with Standard Life back in the 1990s, on which ...

  • Consifa set for Aim market as part of acquisitions plan

    24 Apr 2003

    IFA group Consifa is planning to list on the alternative investment market in the last quarter of this year after completing the first stage of an ambitious acquisitions programme. The 25 RI firm is fundraising to generate £5m towards its first wave of its acquisitions. It is aiming to close deals with six IFAs before September that will form the first part of its purchasing programme. The turnover size of target IFA acquisitions ranges between £5m and £500,000. The ...

  • Consultancy Onevoice aims high

    24 Apr 2003

    Bates Investment Services chairman Graham Bates and former Mail on Sunday journalist Gaynor Pengelly have set up a communications consultancy representing financial services companies and captains of industry. Onevoice, which has the financial backing of Bates, will be run by managing director Pengelly and former BIS senior adviser Kerry Nelson, who becomes director of financial services. Bates will become non-executive chairman. Onevoice is seeking only a small pool of high-profile ...

  • Correspondent's week

    24 Apr 2003

    The week in the run-up to the launch of any business was bound to be fraught. But the Bright Grey team, having been individually selected for its positive can-do attitude, was ready to take the challenge, whatever the week had in store. Or was it? Launch minus seven days and we are almost there. The once frighteningly big number of tasks on the launch project plans are being ticked off fast. The day started as any other with a jumpstart. No, not some ritual torture but a 15-minute ...

  • Court rejects claim against Widows over admin delays

    24 Apr 2003

    A court has rejected an adviser's claim against Scottish Widows over administration delays on the basis product providers are not responsible to IFAs for negligence if advisers are not placing business with them. The decision has left the adviser calling for an IFAs' ombudsman to decide on compensation for losses caused by provider bungles. Hampshire IFA Procrown Investments took Widows to court for £1,400 for 16 hours additional work caused by the IFA having to chase ...

  • Craig criticises pensions response

    24 Apr 2003

    Scottish Equitable pensions development manager Margaret Craig has hit out at the negative tone of responses to the Government's Pensions Green Paper, claiming the industry is becoming too bogged down in the detail and losing sight of the end goal. Craig was a member of the Pickering review team, whose report published last July led to the Green Paper. She says the proposals outlined would lead to a significant reduction in the complexity of the pension landscape and could persuade ...

  • Cummings to head trade body for mortgage advisers

    24 Apr 2003

    Former Sun Bank marketing director Chris Cummings has been appointed director of the new trade association for mortgage advisers. Cummings, 35, will be responsible for setting up and running the Association of Mortgage Intermediaries, which launched this week with the aim of becoming the voice of mortgage advisers with the Government and regulators. He is the first member of staff to be appointed. The AMI is a division of Aifa. Cummings will report to Aifa director general Paul ...

  • Decision time

    24 Apr 2003

    Selling general insurance products such as household cover, income protection and non-regulated life policies alongside mortgages has now become an important source of additional income for many financial intermediaries. Historically, advisers who have been active in this market have been subject to a relatively light regulatory regime. The FSA proposals for the future shape of the regulatory framework which advisers will have to abide by from January 2005 were laid out in December ...

  • Diggle 'moves on' from influential Revenue role

    24 Apr 2003

    Mystery surrounds the future of influential Inland Revenue civil servant Paula Diggle after it was confirmed she has left her position as head of savings and investment policy. Industry sources claim she may have left the Revenue altogether while a Revenue spokeswoman would only say she has "moved on to other work" but would not say whether this meant leaving the department or the civil service. Sources say they have been told by civil servants that a replacement will be appointed ...

  • Downing Corporate Finance - Downing Nurseries

    23 Apr 2003

    Wednesday, 23 April 2003 Aim: Growth by investing in 10-15 private day nurseriesMinimum investment: Lump sum £2,500Opening/closing date: April 4, 2003-May 30, 2003 Charges: ImplicitCommission: Initial 2.5%Tel: 020 7411 4700

  • Dream approach to attracting high-net-worth clients

    24 Apr 2003

    Private bank Coutts & Co is rerunning its dream team advertising campaign targeting high-net-worth individuals in the UK. The campaign, which first ran in September 2001, features a series of dream teams in a variety of fields, including ballet, psychiatry, and private investigation to illustrate the financial expertise that is available to investors with Coutts. The campaign has been developed by advertising agency M&C Saatchi and has featured in The Economist, Harpers ...

  • Equity fund invests in recycling firms

    23 Apr 2003

  • Experts say A-day will spark mass move to drawdown

    24 Apr 2003

    The new Inland Revenue pension legislation will kick off a surge in income-drawdown business as investors hitting the lifetime limit move to avoid punitive tax charges, pension gurus are predicting. Scottish Equitable pensions development director Stewart Ritchie and Scottish Life head of pensions strategy Steve Bee both foresee a mass move to income drawdown at A-day as individuals with funds of £1.4m take benefits to avoid a 60 per cent tax levy for breaking the indexed limit. A ...

  • Extra rooms can add 11% to house prices

    24 Apr 2003

    Adding a decent-sized bedroom or bathroom to a property can lift its value by up to 11 per cent, according to Nationwide's What Adds Value? study. Nationwide says salaries and interest rates are the drivers of house prices at a national level but it says many other factors are important in influencing values. It lists additional bedrooms and bathrooms, garages and central heating as profitable options. Nationwide estimates that adding a 140 sq ft bedroom to a two-bedroom property ...

  • Failings in FSA split-caps consultation

    23 Apr 2003

  • Fewer people have the will to help charity

    24 Apr 2003

    As worries grow over the pension crisis and the cost of funding long-term care, research shows that fewer people are donating money to charity in their will. In a survey carried out by Mori on behalf of charitable body, Remember A Charity, 48 of per cent of people said they would not consider making bequests to charity in their will compared with 39 per cent last September. Remember A Charity is a collective of 105 charities working to increase legacy income by encouraging financial ...

  • FSA stance on PI cover problems

    24 Apr 2003

    The April 17 issue of Money Marketing included an article entitled, Kenmir claims PI crisis will root out "bad IFAs". Immediately after publication, the FSA received calls from readers who were concerned that we had changed our stance in relation to firms who are having problems obtaining PI cover. This is not the case. I have said publicly on many occasions that the FSA is willing to work with IFAs who want to comply with our regulations but we reserve the right to take formal ...

  • Gerrard sponsors a glimpse of paradise

    24 Apr 2003

    Wealth management firm Gerrard is sponsoring Paradise, the National Gallery touring exhibition in Newcastle upon Tyne. The exhibition opened its current run on April 12 and will continue until June 29 at the Laing Gallery. It has previously run in Bristol and has work from various artists including Constable, Corot, Gauguin, Monet, Rothko and Poussin. The exhibition is divided between Eden, A Perfect World and A Personal Paradise and features 21 works, with 15 from the National ...

  • Gone with the wind-up

    24 Apr 2003

    In my last article, I started to discuss recent developments which are setting the scene for what is going to prove to be the great pension issue of this decade - the closing and winding-up of defined-benefit pension schemes. I noted, in particular, the examples of scheme closures at ASW (where the scheme wound up as a result of the financial collapse of the company) and Maersk (where the scheme was wound up by a financially sound company simply to bring to an end its future funding ...

  • Graham takes over as IFAP chairman

    24 Apr 2003

    IFAP has announced its new chairman is to be former Scottish Widows brand and network development director David Graham. The move, which is effective immediately, sees Graham come out of his short-lived retirement to take over from Roy Nicolson, who was temporarily filling the role during the recruitment process. Graham, 56, retired from Widows last year after a 37-year career with the provider. Throughout his time at Widows he worked closely with IFAs in a variety of roles. Nicolson ...

  • Greenwood to run iimia fund of investment trusts

    24 Apr 2003

    Investment manager iimia is launching a fund of investment trusts aimed at generating absolute returns through investing in trusts listed in the UK but invested in businesses worldwide. The accelerated fund will be run by Nick Greenwood, formerly head of investment trusts at Christows, who will invest in trusts he believes have been unjustly dragged down to undeserved levels of discount due to the splitcapital trust crisis. It will be benchmarked to the FTSE investment companies ...

  • Heard the one about the actuary?

    24 Apr 2003

    What's the difference between an IFA and an actuary? There are no jokes about IFAs. A quick search of the worldwide web barely reveals a single IFA joke yet the actuarial profession seems to revel in its own humorous potential. Perhaps if the IFA sector wants to be taken seriously as a profession it needs its own culture of IFA jokes. You, the IFA reader, no doubt, do hear IFA jokes. The Diary would love to hear them at the usual email address. In the meantime, here are some ...

  • Hedge fund launch from New Star

    23 Apr 2003

  • Homeowners Friendly Society - Better Start Child Savings Plan

    28 Apr 2003

    Monday, 28 April 2003 Type: Unit linked bondAim: Growth by investing in choice of three fundsMinimum investment: Monthly £10, annually £110Fund links: Choice of State Street Global Advisers UK equity index, State Street Global Advisers FTSE4Good, better start depositAllocation rates: 100%Charges: Annual 1%Switches: Three free switches a year, thereafter subject to negotiationCommission: NoneTel: 0500 848261

  • Homeowners' child savings plan meets Sandler criteria

    24 Apr 2003

    Homeowners Friendly Society is offering a children's savings plan it says meets Ron Sandler's recommendations for simple low-cost products. The friendly society says its Better Start child savings plan is aimed at giving people of all income levels the chance to save for their children and follows recent independent research by Homeowners. The research shows that while 79 per cent of parents and 50 per cent of grandparents say they save for their children/grandchildren, 48 ...

  • IFA launches Sipps with property deal

    24 Apr 2003

    IFA Central Financial Planning is offering a new service aimed at giving its pension customers access to commercial property investment through their pension fund. The Property Through Pensions service is aimed at business owners seeking to buy their own business premises and private investors who are looking for exposure to commercial property as an alternative pension investment to equities. Property Through Pensions allows investment in a property free of capital gains tax, ...

  • IFA says Pru admin crisis hitting pensions

    24 Apr 2003

    The crisis appears to be growing at the Prudential, with reports emerging that the admin problems are extending beyond protection to its pension business as well. One IFA claims that one of her advisers was told the life office has diverted its pension admin staff to sort out the protection problems, leaving them unable to provide projection figures for a pension case. Moira Kennedy of Alpha Financial Services said the adviser was told they could not have this information because ...

  • IFAs adamant they prefer independence to multi-ties

    24 Apr 2003

    IFAs are overwhelmingly in favour of staying independent and have strongly rejected multi-tying in a survey by Axa. Its research shows that 82 per cent of IFAs want to remain independent and only 18 per cent would opt to multi-tie in a depolarised industry. The vote echoes research commissioned by Money Marketing over the last two months. Axa questioned 100 advisers in March about the impact of CP166 on their businesses. Although 94 per cent said they anticipate fundamental ...

  • IFAs diversifying into general business to replace lost sales

    24 Apr 2003

    Sofa is reporting a big increase in IFAs diversifying into general insurance and protection products, as advisers try to make up for the drop in revenue in traditional business areas. It says the lack of appetite among the public for investments is motivating more IFAs to move into product areas such as protection and private medical insurance, motor, household. Sofa managing director Brian Lawless says while the increase is difficult to quantify, conversations with IFAs have shown ...

  • IFAs outraged as Pru supersedes CI commitment

    24 Apr 2003

    Just seven days before last week's controversial decision by the Prudential to raise its critical-illness rates for new and pipeline business, it pledged to meet previous premium commitments on applications. But this promise, made on April 7, has been superseded by its latest decision which applies across the board to all pipeline business regardless of when it was written. IFAs claim this latest bombshell will affect the lion's share of applications as, of the start of April, ...

  • IMA is seeking to emulate ABI on PR strategy

    24 Apr 2003

    The Investment Management Association is seeking members' help to establish a more coherent PR strategy to redress what it sees as an imbalance between its press coverage and that of the ABI. The IMA recently hosted a forum with a number of leading fund managers to discuss ways in which it could boost its profile, particularly in relation to its insurance counterpart, which it believes receives more comprehensive coverage. Senior IMA figures, including chief executive Dick Saunders, ...

  • In a fix?

    24 Apr 2003

    A toothless attempt to investigate the long-term fixed-rate mortgage market was one of the rare scraps thrown to the financial services industry in this year's Budget. Gordon Brown announced what the mortgage industry has known for years - that the uptake of fixed-rate mortgages is much lower in the UK than in many other European countries or in the US. In a Budget which largely ignored most problems facing financial services, he admitted this was one of the reasons for the ...

  • Independent view

    24 Apr 2003

    We have been through a tough time - not only us but also our clients. It is bizarre to be conducting meetings with clients where losses are showing over the last few years and tell them that actually they have done quite well. This may well be the case if the funds chosen for them have performed well against their peer groups. There are many funds that have done this where fund managers have managed to produce creditable returns in a difficult investment climate. However, in absolute ...

  • Inside edge

    24 Apr 2003

    Everyone is talking about simplification in financial services and how important this is to get more people saving. Nothing can be more true than in the pension arena where, frankly, far too many people are saving little or nothing and many face the prospect of a miserable retirement. The Pension Green Paper is intended to sweep away complexity and get people pouring money into saving for their retirement. Well, there are a number of suggestions and recommendations that will undoubtedly ...

  • Insight to rename Rothschild fund range

    24 Apr 2003

    Insight Investment is rebranding most of the funds it bought last year from Rothschild Asset Management. The £61m deal, which was struck in December, stipulated that the Five Arrows and Rothschild names would be dropped after a certain period had elapsed. The names will therefore be replaced with Insight branding on May 1. The change will affect most of RAM's onshore and offshore funds and its multi-manager business, one of the main reasons Insight bought the company. ...

  • Investment analysis

    24 Apr 2003

    With the first quarter of this year over, world stockmarkets have focused on heightened geopolitical tensions in the Middle East and in the Korean peninsula while weak economic and corporate data also weighed on investor confidence during what was a volatile first quarter. Military action in Iraq saw markets rally strongly, But the euphoria gave way to pessimism and the bulk of the relief rally gains were given back. The quarter saw the benchmark FTSE World index fall by 3.4 per cent. ...

  • Investment view

    24 Apr 2003

    I returned from my holiday to find an altogether better tone to the stockmarket. It might not last but it is a pleasant reminder that share prices can go up as well as down. The news on the economic front has certainly been rather mixed recently. Consumer sales appear to be stalling. In a way, this is not surprising. March was pretty much taken up with the war in the Middle East - hardly the background against which you wish to be seen to be spending for Britain. Also, Easter is late this ...

  • James Hay offers more to IFAs online

    23 Apr 2003

  • Julian Gibbs

    24 Apr 2003

    Close Brothers is almost always in the lead for innovative products. It has just produced the property investment portfolio, which I believe is an excellent alternative to with-profits bonds. It avoids office property and property in London. There are two portfolios, a growth portfolio and an income portfolio, both of which invest in a number of Close Brothers' existing commercial property funds. The growth portfolio will have a target annual growth rate of 7.5 per cent and ...

  • Keydata offers two versions of structured growth plan

    24 Apr 2003

    Keydata is rolling out two new versions of its dynamic growth structured product to offer investors different levels of geared returns from growth in the FTSE 100. The enhanced growth option, which is being targeted at more bullish investors, offers double the rise in the FTSE 100 to a maximum investment return of 100 per cent at the end of its five-and-a-half-year lifespan. The accelerated growth option offers seven times the growth of the FTSE to a maximum of 70 per cent over ...

  • Lane Clark & Peacock name former BT md as chairman

    28 Apr 2003

    Consulting actuaries Lane Clark & Peacock has announced the appointment of former BT group managing director Michael Hepher as chairman and independent director.

  • Latest protected plan launched by L&G

    28 Apr 2003

    Legal and General is to continue its Capital Protected Investment Series with the launch of the protected index plan 3, available from April 28.

  • Latin American trusts dance to different beat

    24 Apr 2003

    The Investment Management Association is set to scrap the Latin America sector two years after its launch following a dramatic slump in the number of funds investing principally in the region. In what will be the third move of its kind in around a year, the IMA plans to close the sector as the number of funds it contains have halved since launch to seven - short of the 10 it requires to support a stand-alone sector. The IMA has abolished the global equity & bond and global ...

  • Lender benders

    24 Apr 2003

    Just a few years ago, the mortgage lending parameters seemed clear cut. Mainstream lenders accommodated uncomplicated borrowers with a standard source of income while the sub-prime lenders dealt with the problem cases who had a poor credit history and did not conform to any stereotypical template. However, the dynamics of 21st Century life have spurred a transformation in business approach, causing the hitherto black-and-white mortgage lending landscape to converge into shades of grey. One ...

  • Life office free asset ratios fall but sector secure says report

    28 Apr 2003

    Life office free asset ratios fell 2 per cent to 5 per cent from 7 per cent in 2002 leaving two to three companies feeling significant pressure on their margins according to research from consultancy Mercer Oliver Wyman.

  • Lincoln fined £485k for misselling savings plans

    24 Apr 2003

    Lincoln Assurance has been fined £485,000 for misselling practices at its former direct salesforce, City Financial Partners, three years ago. Despite having disposed of the now defunct City Financial in October 2000, Lincoln has been penalised for misselling savings plans to consumers between 1998 and 2000. The provider has already set aside £8.8m compensation for 5,000 out of 28,000 investors who were found to have been victims of misselling when their cases were reviewed. ...

  • Live wires plug into the pension problem

    24 Apr 2003

    IFAs advising on pensions are facing a critical time. Many industry commentators feel the Government's Pensions Green Paper does not go far enough towards fixing the problems in the market or providing a stable framework for the future. At the Money Marketing Live conference at London's Olympia on May 13, ABI head of pensions and savings Joanne Segars will speak on the impact that the present Government proposals could have and will outline the measures that should be taken to ...

  • Long-term lookout

    24 Apr 2003

    What impact do you believe the Chancellor's proposals for long-term fixed-rate mortgages will have on the mortgage market as a whole? Aitken: Even if the issues around funding long-term fixed rates can be satisfactorily resolved, I wonder if they will sell in any great number. I suspect that borrowers may be very wary of tying into a long-term deal, especially as most of them have just woken up to the fact that they can switch lenders comparatively painlessly now that redemption ...

  • M&G exercises caution

    23 Apr 2003

    M&G INVESTMENTS CAUTIOUS MANAGED PORTFOLIO Type: Oeic Aim: Income and growth by investing in equities and fixed-interest securities Minimum investment: Lump sum £1,000, monthly £100 Investment split: Equities 50%, fixed interest 50% Isa link: Yes Pep transfers: Yes Charges: Initial 4%, annual 1.5% Commission: Initial 3%, renewal 0.5% Tel: 0800 3283191 The panel: Gary Bottriell, ...

  • MGM and L&G unveil similar bonds

    29 Apr 2003

    MGM Assurance and Legal & General have both unveiled guaranteed equity bonds that are linked to the FTSE 100 index for a term of five years and six months.Both bonds return investors' capital in full regardless of the index performance, provided they are held until maturity.Legal & General's protected index plan invests in the index through a Dublin-listed company called Legal & General UK Capital Growth III.Investors receive all the average growth in the ...

  • MGM plan offers 110% guarantee

    24 Apr 2003

    MGM Assurance is offering a structured product which guarantees the return of 110 per cent of the initial investment after its five-and-a-half-year lifespan. The growth assured bond, which starts on June 30, will pay on maturity the greater of 110 per cent of the initial investment or 45 per cent growth in the value of the FTSE 100. There is no breach level which could affect the return and no upside limit. Due to the guarantee, 85 per cent of the capital will be invested in a ...

  • Miller quits Exeter Fund Managers

    29 Apr 2003

    Geoff Miller, portfolio manager at Exeter Fund Managers, has quit the group after four years. Miller, who joined the company in 1999 from Brewin Dolphin, ran the Exeter financials and equity growth & income investment trusts. He also ran the equity income unit trust, which has fallen nearly 50 per cent since he took the reins in 1999. He is believed to be moving back to London.

  • Movers benefit from lower estate agent fees

    24 Apr 2003

    The cost of moving house has fallen to a 10-year low and could dip even more as a slowdown in the market forces estate agents to compete on charges, says the Woolwich. The lender's annual survey shows the average cost of moving from a £150,000 home to a £200,000 home has fallen by 25 per cent to £5,523 today from £7,378 in 1993. The cost of moving from a £150,000 house varies from £4,785 in the North-west to £6,249 in Greater London ...

  • NatWest's 'lowest fix for 20 years'

    24 Apr 2003

    NatWest is offering two new fixed-rate mortgages aimed at new and existing borrowers. Its two-year loan is set at 3.99 per cent and the five-year rate is 4.69 per cent. The booking fee for both is £295. There are no tie-ins beyond the fixed-rate period and no legal or valuation fees. Loans are available up to 95 per cent loan to value. The redemption penalty for the two-year loan is 2 per cent in the first year and 1 per cent in the second. For the five-year loan, the ...

  • NDF joins the cafe society

    24 Apr 2003

    NDF Administration has entered the protection market after stockmarket uncertainty dulled people's appetite for investment products. Its first offering, Home Protect, is a cafeteria-style protection package that brings together a range of products from other companies. Prudential has been chosen to provide term insurance, critical-illness cover and the sickness and accident element of mortgage payment protection insurance. The unemployment element of MPPI is provided by Hamiltons ...

  • Newcastle links bond to blue chips

    28 Apr 2003

    Newcastle Building Society's guaranteed blue-chip bond is a combination of a five-year guaranteed equity bond with a two-year fixed rate high-interest account. The guaranteed equity bond element is linked to the performance of 20 global blue-chip stocks, including McDonalds HSBC and Nokia. Investors must place 75 per cent of their capital in this element and the return of the original capital is guaranteed, regardless of the performance of the stocks. They will also get up ...

  • No place like home within a pension says T&G

    24 Apr 2003

    TEATHER & GREENWOOD PROPERTY INVESTMENT FOR PENSIONS Type: Exempt unit trust Aim: Growth by investing in London residential property Minimum investment: Lump sum £10,000 Investment split: 100% in London residential property Charges: Initial 7.5 - 11%, annual 1.7 - 4.8% Commission: Initial 2.5% Tel: 020 7426 9583 The panel: Martin Bamford, Consultant, Informed Choice, Jeremy Parrot, Managing ...

  • No place like home within pensions says T&G

    24 Apr 2003

    TEATHER & GREENWOOD PROPERTY INVESTMENT FOR PENSIONS Type: Exempt unit trust Aim: Growth by investing in London residential property Minimum investment: Lump sum £10,000 Investment split: 100% in London residential property Charges: Initial 7.5 - 11%, annual 1.7 - 4.8% Commission: Initial 2.5% Tel: 020 7426 9583 The panel: Martin Bamford, Consultant, Informed Choice, Jeremy Parrot, Managing ...

  • No safe harbour for IFAs as FSA 'fails' on misselling

    24 Apr 2003

    The publication of the FSA's long-awaited definition of misselling has been met with resounding criticism for failing to provide a safe harbour for IFAs. Trade bodies and IFAs have branded the attempt a failed opportunity which does not get to the nub of the issue. They also say the professional indemnity insurance market will not be affected by the definition. In its advice, published last week, which does not take the form of formal guidance, the FSA rejects the notion that ...

  • Norwich & Peterborough Building Society - Childrens' Loyalty Bond

    24 Apr 2003

    Thursday, 24 April 2003 Type: High interest accountMinimum-maximum investment: £1,000-£25,000Interest rates: 4.4% gross a yearTerm: Five yearsOffer period: Until further noticeWithdrawal penalties: 180 day's loss of interestTel: 0845 3002511

  • Norwich & Peterborough Building Society - Two Year Loyalty Bond

    24 Apr 2003

    Thursday, 24 April 2003Type: High interest accountMinimum-maximum investment: £1,000-£25,000Interest rates: 3.8% gross a year, 3.74% gross a monthTerm: Two yearsOffer period: Until further noticeWithdrawal penalties: 120 day's loss of interestTel: 0845 3002511

  • Out of context

    24 Apr 2003

    •"So let me get this straight. You want me to send this to you in a language you can actually read?" - Friends Provident spokesman Chris Bond to exasperated MM reporter. •"Perhaps Prudential should engage the Iraqi information minister." - Irate Torquil Clark managing director Don Clark rues the life company's decision to plug its protection pipeline. •"No. You must be joking but not for that reason but bec-ause I used to work for them." - Anonymous IFA in response ...

  • Outside edge

    24 Apr 2003

    Just because you're paranoid, it doesn't mean they're not out to get you. Conspiracy theories abound - not least the one that says how much it would suit the FSA if the current crisis in the professional indemnity insurance market drove lots of smaller IFAs out of business and forced the rest to be consolidated. Have you been consolidated recently? There are lots of folks out there who are keen to persuade you that it is the best thing to do and, in many ways, they could be ...

  • Permanent Health award

    24 Apr 2003

    Medical insurer the Permanent Health Company has won a Deloitte & Touche Indy 100 award for being one of the UK's fastest-growing businesses. The competition examined the growth rates of 6,100 middle-market companies with turnovers between £15m and £100m and ranked Permanent Health fourth. PHC won the award as its turnover more than doubled every year for the last four years. The competition was run jointly by professional services firm Deloitte & Touche ...

  • Pivotal adds four portfolios to Mom range

    24 Apr 2003

    Business solutions provider Pivotal is expanding its manager of managers investment platform by adding four port-folios to its UK funds. Pivotal, which was launched earlier this year by National Australia Bank Group, is offering four portfolios - diversified bond, cautious managed, growth portfolio and diversified share - run by Australian manager of manager platform MLC. The diversified share bond and cautious managed portfolios will seek medium to long-term capital growth by ...

  • Platinum Capital Management - Platinum All Weather Fund

    25 Apr 2003

    Friday, 25 April 2003 Type: Hedge fund Aim: Growth linked to the performance of the S&P 500 indexMinimum investment: Lump sum $100,000, euros 100,000Place of registration: Cayman IslandsInvestment split: 100% linked to the performance of the S&P 500 index Charges: Annual 1.2%Commission: Subject to negotiationTel: 020 7887 6110

  • Product matters

    24 Apr 2003

    the bright pink corporate colours, everything about Bright Grey, Royal London's new protection arm, dares to be different. It has launched a plan incorporating life, critical illness, income protection and premium protection, the latter two for both sickness and unemployment. Anyone receiving the business launch pack can be forgiven for dismissing it as tacky junk mail. But closer inspection shows a great deal of time has been spent in putting together a clear application ...

  • Property is still seen as safe haven

    24 Apr 2003

    Property is still the most popular refuge for the nation's savings despite a reduction in spending as a result of the Iraq war, says Yorkshire Bank in its latest housebuyers' survey. The survey found that one in 10 homeowners are now considering their spending much more carefully, with the current situation in the Middle East causing many to feel less secure over their jobs. Property is still leading the way as the safest place for saving, with one in six choosing to put ...

  • Providers 'profit from client inertia' on Serps

    24 Apr 2003

    Product providers are profiting from client inertia by leaving them with contracted-out protected rights from Serps on pre-stakeholder terms, says Millfield pension specialist Graham Duckett. He says AMP is keeping old clients on stand-alone contracted-out rebate pension terms that have a 5 per cent up front charge as well as a 96 per cent allocation rate. However, new clients will only face a 96 per cent allocation on the first £500 of their premium, with a 1 per cent charge ...

  • Prudent course would be a U-turn

    24 Apr 2003

    The Pru needs to get a plan for itself that involves treating its customers properly. Financial services companies operate in an environment that is over-regulated and plagued by Government meddling while firms are expected to turn a profit from products that have a fundamental impact on people's lives. There are almost always good reasons to get insured, to save, regardless of the asset involved and to shop around for a mortgage. Things will inevitably go wrong and, in ...

  • Prudential has destroyed the trust of IFAs

    24 Apr 2003

    On March 9, we received a letter from David Turner, senior channel manager, protection, at Prudential advising us that their life and critical-illness premium rates were about to increase. In his letter, Mr Turner promised to "apply old rates to applications received at Prudential before March 10, 2003" and also to cases received after this date that were accompanied by "an illustration dated on or before March 9, 2003". However, on April 14, we received an astonishing email advising ...

  • Rate expectations

    24 Apr 2003

    Well, another Budget has come and gone. The early night we were expecting turned into a late night, with some relatively complex detail in the Budget notes and press releases on subject matter of (I suspect) very little interest to the world at large but of greater interest to the financial services industry in general and technical and marketing people specifically. One particular change that raised a few eyebrows was that notified in paragraph 11 of Rev BN 25: Life Insurance Companies. ...

  • Redefined benefits might be the answer

    24 Apr 2003

    Two Government initiatives involving pensions and employers are about to start their work. First is the Pensions Commission chaired by Adair Turner, which is charged with reviewing whether the voluntary regime for UK private pensions and long-term savings is on track and whether there is a case for moving beyond the voluntarist approach. In practice, this means some form of compulsion. The second initiative is the Employer Taskforce on Pensions, which Sir Peter Davis will chair. The ...

  • Remortgaging boosts March lending figures

    24 Apr 2003

    Total gross mortgage lending remained strong in March despite a fall in the amount lent for house purchases, according to the Council of Mortgage Lenders. The CML's monthly figures reveal that gross mortgage lending hit £19.3bn in March up from £17.6bn in February and £16.1bn at the same point last year. The boost was due mainly to remortgaging, which accounted for 50 per cent of all lending, totalling £9.6bn from £8.7bn in February. However, ...

  • Retiring IFAs auction client lists on website

    24 Apr 2003

    National IFA Positive Solutions is taking the innovative step of auctioning off the client lists of retiring IFAs on its intranet site. IFA John Stevens became the first of its RIs to make use of the service by selling his list of clients to the highest bidder following two weeks of bidding. By choosing the Relax option as part of their membership, retiring Positive Solutions IFAs continue to receive an income from their client base as long as the group receives fees relating to ...

  • Rightmove says confidence is growing in market

    24 Apr 2003

    Property website Rightmove claims its research shows that househunters are returning to the market. Rightmove says the last few weeks have seen the highest level of activity since the middle of last year, with traffic on its website up by 10 per cent to 52.5 million at the start of April from 47.5 million in January. However, the website's price index for April shows that annual house price inflation year on year has declined for the fourth month in a row to 17.8 per cent in ...

  • RIP the man from the Pru

    24 Apr 2003

    Arrogance, incompetence, unprofessionalism and administrative shambles have sunk to new depths with the email about the change of terms for Prudential protection sent out on April 14. In early February, we received an illustration for mortgage protection including critical illness and other benefits. Subsequently, it was decided to proceed with life insurance and critical illness only and a new illustration was requested in mid-February. A week later, it had not arrived and we ...

  • Rising confidence to bring boost for life and pensions

    24 Apr 2003

    An increase in activity for financial services providers is forecast over the next six months, according to the latest quarterly Financial Activity Bulletin. The bulletin, produced by Martin Hamblin GfK and John Gilbert Associates, links consumer confidence with their expected savings, investment and debt activities for the next six months. It shows an expected 3 per cent rise in savings and investment activity to 69 per cent from 66 per cent in December and a 1 per cent increase ...

  • RLPE recruits former Britannic chief exec

    28 Apr 2003

    Royal London Private Equity has appointed former Britannic chief executive Danny O'Neill to its advisory panel. O'Neill, who quit Britannic last year after just two months in the top job, will become one of five panel members advising RLPE on financial services deals. RLPE, which launched 18 months ago, is hoping to raise £150m for further deals over the next 12 months.

  • Royal London - Royal London Guaranteed Capital Account

    25 Apr 2003

    Friday, 25 April 2003 Type: Guaranteed equity bondAim: Growth linked to the performance of the FTSE 100, Nikkei 225, S&P 500, Swiss market indicesMinimum-maximum investment: Lump sum £2,500-£1m, monthly £20-£250Term: Five yearsGuarantee: Original capital returned in full regardless of performance in indicesReturn: Monthly investments - 70% of average growth in indices on 50% of the bond balance at end of term, lump ...

  • Royal London adds to kingdom of bonds

    24 Apr 2003

    Royal London has made its debut in the guaranteed equity bond market by offering a product that accepts monthly contributions. The Guaranteed capital account is linked to the average performance of four stockmarket indices - the FTSE 100, S&P 500, Nikkei 225 and the Swiss Market Index - over a five-year term. Capital is returned in full regardless of the performance of those indices. Lump sum investors with a minimum of £2,500 will get ...

  • ScotEq says IFAs should consider transfers for EPP clients

    24 Apr 2003

    IFAs should review the pension arrangements of their clients who have executive pension plans and consider transferring them to a personal pension, according to Scottish Equitable. The company says pensions have changed over the years and it believes that the time is now right for IFAs to review their clients with executive pension plan benefits and consider a move to a personal pension. ScotEq says that this is a good time for those in occupational pension schemes who may have ...

  • Scottish Life cuts WP payouts by up to 26%

    24 Apr 2003

    Scottish Life is slashing its with-profits bonus rates on life policies by up to 26 per cent, with final pension payouts also coming under the knife to the tune of up to 16 per cent. Scottish Life says the revisions, effective from April 14, are a continuation of the process of smoothing down payouts, reflecting the significant drop in worldwide stockmarkets over the past two to three years. A 25-year £50 a month endowment will now pay £62,347 compared with £84,259 ...

  • Scottish Life Mortgages launches virtual bank

    28 Apr 2003

    A virtual bank to help intermediaries generate alternative income streams has been launched by Scottish Life Mortgages.

  • Skandia Investment Management - Aggressive Fund

    29 Apr 2003

    Tuesday, 29 April 2003 Type: OeicAim: Growth by investing in global equities, bonds and cashMinimum investment: Lump sum £1,000, monthly £50Investment split: UK equities 60%, European equities 13%, US equities 9.5%, Japanese equities 6%, cash 4%, Far East equities 3.5%, UK gilts 1.5%, UK bonds 1.5%, international bonds 1%Isa link: YesPep transfers: YesCharges: Initial 5%, annual 1.25%Commission: Initial 3.5%, renewal ...

  • Skandia Investment Management - Balanced Fund

    29 Apr 2003

    Tuesday, 29 April 2003 Type: OeicAim: Growth by investing in global equities, bonds and cashMinimum investment: Lump sum £1,000, monthly £50Investment split: UK equities 55.5%, European equities 10%, US equities 7%, UK gilts 6.1%, UK bonds 5.9%, cash 5.5%, Japanese equities 5%, Far East equities 3%, international bonds 2.5%Isa link: YesPep transfers: YesCharges: Initial 5%, annual 1.25%Commission: Initial 3.5%, renewal ...

  • Skandia Investment Management - Cautious Fund

    28 Apr 2003

    Monday, 28 April 2003 Type: OeicAim: Growth by investing in global equities, bonds and cashMinimum investment: Lump sum £1,000, monthly £50Investment split: UK equities 38.7%, UK gilts 15.3%, UK bonds 14.7%, international bonds 12.5%, US equities 6.3%, European equities 4.7%, Japanese equities 3.7%, Far East equities 2.1%, cash 2%Isa link: YesPep transfers: YesCharges: Initial 5%, annual 1.25%Commission: Initial ...

  • Spending spree leaves homeowners lacking cover

    24 Apr 2003

    Homeowners are drastically under-insured as a result of a consumer spending boom, says a survey by Charcol Insurance Brokers. The survey reveals that over the last 12 months, 48 per cent of UK homeowners have bought major items for their homes. Despite this, 61 per cent have not reviewed their insurance cover over the same period. A further 32 per cent have not reviewed their contents cover for over two years while one in 10 has never reviewed their cover. Charcol says in its ...

  • Standard says new business will fall

    23 Apr 2003

  • Steve Pearson

    24 Apr 2003

    When Steve Pearson moved to IFA network DBS in 2002, it was a homecoming of sorts to new offices in West Yorkshire's Huddersfield, the town of his birth. Not ever having lived or worked there since the family had moved to Leeds when he was a child, Pearson found it a pleasant coincidence that his office lay two miles down the road from where he was born. He is now managing director at Misys Networks and firmly ensconced back home. Pearson is a perennial follower of county cricket ...

  • Talkback

    24 Apr 2003

    "No. I would be happy if this was the death knell for Prudential. It is taking arrogance to a whole new level in the industry." Henry Simpson, Simpson Financial Planning "No. I couldn't quite get my head around the fact that it has withdrawn guarantees on pipeline cases as well. It's unbelievable." Richard Mumford, M&M Financial Services "Yes. I have never actually used it in the past but it wouldn't stop me using it in the future because eventually everybody ...

  • Thunderdome Take the challenge

    24 Apr 2003

    Win an exclusive day for you and seven of your friends at the Johnny Herbert Rockingham Experience to celebrate GE Life's first anniversary. It is a year since GE Life and National Mutual joined forces to form an enhanced and enlarged GE Life group of companies. To celebrate its first anniversary, GE Life has teamed up with the Johnny Herbert Rockingham Experience to offer one lucky race enthusiast and seven team-mates the chance to compete in the Thunderdome challenge. You ...

  • Trust shattered

    24 Apr 2003

    IFAs rely on the good faith of insurance companies. The terms and conditions of many types of policy would allow an unscrupulous provider to reduce payouts if they so wished. However, we trust them, for instance, to treat with-profits policyholders fairly and to deal with income-protection claims reasonably. By reneging on the quoted premiums for protection business caught within their massive underwriting backlog, Prudential have dealt a massive blow to the trust that is necessary. They ...

  • US economy set for growth after Iraq war says Govett

    29 Apr 2003

    The end of hostilities in the Middle East should allow business and consumer spending to accelerate in the US, according to Govett US opportunities fund manager Gil Knight. He expects consumer confidence to improve as anxiety over world events lessens, and foresees real growth for the US economy in the latter half of 2003. GDP growth rate in the US is projected to be around 3.0-3.5 per cent for the full year, and Knight is counting on US shares improving accordingly.

  • Watson Wyatt appoints Crowther

    29 Apr 2003

    Watson Wyatt is appointing Jonathan Crowther as senior investment consultant. Crowther will commence work in May by joining one of the firm's Leeds-based pension fund consulting teams. Crowther is a qualified actuary and previously worked for General Accident in a variety of roles including pension design.

  • Will Pru rue the day?

    24 Apr 2003

    It could have been a blueprint for how to demonstrate to the marketplace that you are no longer interested in what it thinks of you. In one fell swoop, the Prudential has infuriated and disenfranchised virtually the entire IFA market, leading many to vow never to do business with it again. How did it manage so effectively to cut the ties with those that it relies on to distribute its products? Last week, it told IFAs of its intention not only to increase its critical-illness rates ...

  • Win a fantastic holiday in Canada

    24 Apr 2003

    Canada Life, as part of its centenary celebrations, is, together with Money Marketing, offering you the chance to enter this exclusive competition to win a fortnight's independent tour of Canada for two people. There are two tours on offer - the Great Parks of the West or the Great Parks of the East - the choice is yours. Great Parks of the West - 13 nights This is a two-week circular tour beginning in Vancouver and travelling east through the Okanagan Valley, the Glacier ...

  • Win a great trip to Canada

    24 Apr 2003

    Canada Life is teaming up with Money Marketing to offer readers a chance to win a fortnight's independent tour of Canada for two people. The lucky winner will be able to choose between two trips - the Great Parks of the West or the Great Parks of the East. The first tour takes in the national parks of Banff and Jasper, travelling from Vancouver through the Okanagan Valley and Glacier National Park before heading west through the Yellowhead Pass, Wells Gray Provincial Park and ...

  • Yorkshire hopes loans find Accord with IFAs

    24 Apr 2003

    Yorkshire Building Society has marked the launch of its intermediary lender arm, Accord Mortgages, with a range of products including a three-year stepped tracker and an offset loan. A fixed-rate loan at 3.85 per cent is available until July 31, 2005. It has a £350 arrangement fee and a redemption penalty of 3 per cent of the loan during the fixed period. A loan fixed at 4.25 per cent until July 31, 2005 has no arrangement fee and pays £500 to cover legal and valuation ...

  • Yorkshire targets teenage savers

    24 Apr 2003

    Yorkshire Building Society is targeting the teenage market with a savings account paying 3.89 per cent a year gross. The Freedom account is available to savers between the ages of 12 and 21 and can be opened with deposits of just £10 while the maximum is £500,000. A cash card will be provided to allow consumers immediate access to their money while parents will be allowed to set a limit on monthly withdrawals.

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