Money Marketing
24 April 2002

  • 'Bridging savings gap could spark recession'

    25 Apr 2002

    Influential thinktank the Institute for Public Policy Research has rubbished the ABI's claims of a £27bn savings gap, saying the research ignores the effect of taking that amount of money out of the economy each year. Writing in this week's Money Marketing, IPPR senior economist Peter Robinson says the savings gap identified by consultancy Oliver Wyman & Company in research for the ABI does not hold water bec-ause removing that kind of money would push the economy ...

  • A consumer's view

    25 Apr 2002

    Now that we have had time to digest the implications of the Budget, there must be many who are questioning the whole thrust of Chancellor Gordon Brown's attempt to redistribute wealth. Is it really necessary to give people benefits when they have an income of £58,000 a year? While millions of pensioners still have to struggle on incomes as low as the minimum income guarantee - £100 a week for a single person or £154 a week for a couple - relatively well-off families ...

  • ABI wants local councils to refer business to LTC firms

    25 Apr 2002

    The ABI is in discussions with the Government over a new long-term care product which would see local authorities act as an introducer to pensioners on behalf of a licensed LTC insurer. ABI head of health Richard Walsh says the scheme would see local authorities referring business to an insurer they had signed a contract with. Walsh has reassured IFAs that they would not be eliminated from the sch-eme because the number of factors involved in LTC funding decisions would still leave ...

  • ABI warning about defined payment

    30 Apr 2002

    The ABI has warned the introduction of the defined payment system could lead to a decrease in the number of IFAs.

  • ABN roadshows to push service

    25 Apr 2002

    ABN Amro is presenting its new premier fund service to IFAs and investors in a series of 12 roadshows across the country. The roadshows will start in Edinburgh on May 17 and finish in Exeter on June 13. Other venues include Leeds, London, Glasgow and Manchester. ABN Amro says its funds of funds Premier service is designed to eliminate the uncertainty of fund selection in a market with 150 management companies running over 2,000 authorised funds. The service offers investors ...

  • Aifa slams defined payment system

    29 Apr 2002

    Aifa is calling for a fundamental rethink of the FSA's defined payment system proposals set out in CP121.The body has branded the defined payment system as impractical, bureaucratic and likely to lead to a significant reduction in the number of IFAs.Aifa is proposing a "menu" option where IFAs would inform clients up front about product options and the cost of remuneration to reassure consumers there is no bias. 

  • Allow commission based IFAs says LIA

    30 Apr 2002

    The LIA believes the defined payment system should be replaced by a menu based option allowing consumers choice as to how they pay their adviser.It fears the introduction of the DPS will force IFAs to migrate out of the sector to become multi-tied which will damage consumers.The professional body believes IFAs should be able to continue to do be remunerated off of commission as long as their clients are aware of the arrangement.

  • APMM appoints new chairman

    24 Apr 2002

    The Association of Policy Market Makers has appointed Brian Goldstein as its chairman succeeding Paul Sands. Goldstein is managing director of Tep market making firm Policy Portfolio. The APMM has also elected 1st Policy Company managing director Douglas Conn as vice chairman, Policy Plus sales and marketing director David Carrington as honororary secretary and John Heller of Neville James as Treasurer. 

  • Are IFA entrepreneurs sold on goodwill boost?

    25 Apr 2002

    In this year's Budget statement, Chancellor Gordon Brown said: "The small firms of today are the big firms of the future." Brown was describing his plans for liberalising taxation for entrepreneurs - increasing capital gains tax taper relief, trimming corporation tax on small companies and simplifying the VAT regime. But he could easily have been talking about the IFA sector, as his CGT changes and the abolition of stamp duty on goodwill could accelerate consolidation in the ...

  • Attorney-general takes bulls by the horns

    25 Apr 2002

    The decision by New York's attorney-general to investigate the practices of Merrill Lynch has raised the question of trust between investors and the investment bank analysts who advise them. Eliot Spitzer's accusation - that Merrill analysts recommended moribund dotcom companies to boost investment banking work - has left some investors wondering if they were given sound advice or merely used to bump up the analysts' bonuses. If reports from across the Atlantic are accurate, ...

  • Award for excellence

    25 Apr 2002

    Having experienced the worst year on record of dreadful service by product providers, we have decided to establish an award to an individual working for a product provider that has provided The Ethical Partnership with a service of excellence, integrity and application to duty. This will be an annual award based upon the previous year's service from an individual, not a product provider (that would be impossible). The award will be a specially selected mixed case of organic ...

  • Bank denounces depolarisation as providers go on the attack

    25 Apr 2002

    The FSA proposals for depolarisation are coming under attack from some of the biggest providers once tipped to benefit most from the new regime. In its response to CP121, Lloyds TSB criticises the proposals, saying they will lead to consolidation into a few stronger brands, decreased competition and customer detriment. It says: "We see the distinction between IFAs and AFAs as a key area for customer confusion. The move away from widespread availability of independent advice that ...

  • Bankhall supports status quo on DPS

    29 Apr 2002

    Bankhall has branded the FSA's defined payment system as pointless and confusing in its formal response to the FSA's consultation paper on polarisation.The IFA services provider argues there is little need to change the way IFAs operate and that the current commission disclosure regime introduced in 1995 means consumers are made aware of the cost for advising on and arranging the sale of packaged products. 

  • Berkeley Alexander simplifies cover for mortgage payments

    25 Apr 2002

    Protection provider Berkeley Alexander is offering a new mortgage payment protection product which it claims has a range of incentives for brokers and policyholders such as free cover and concise documentation. It says the application process for FreeSafe is simple as no medical is required and cover is available irrespective of gender, occupation or employment status as it includes contract workers and the self-employed. Benefits for policyholders include no initial exclusion ...

  • Big three dominate sourcing

    25 Apr 2002

    Almost 80 per cent of intermediaries use Mortgage Brain, IF Online or Mortgage 2000 sourcing software, according to new research from non- conforming lender Future Mortgages. It questioned 300 brokers last month and found 28 per cent use Mortgage Brain to source quotes, 27 per cent use IF Online and 24 per cent use Mortgage 2000. Mortgage Link was on 16 per cent while all others accounted for 5 per cent. The survey also asked intermediaries what they wanted lenders to offer ...

  • Bloomer reveals bank link talks

    25 Apr 2002

    Prudential says it is in talks with banks to set up formal bancassurance links in preparation for life after polarisation. Speaking at a presentation marking Pru's first quarter results last week in London, chief executive Jonathan Bloomer sparked speculation over the possible identities of these partners by claiming it was in discussions with a number of banks. He claimed the company's financial strength and product range put it in a strong position if multi-ties came about. Pru ...

  • Borne in the USA

    25 Apr 2002

    The US is often accused, sometimes rightly, of leading the world in financial matters. It has blazed a trail by embracing direct equity investment, showing an increased propensity to invest in mutual funds and indicating a generally higher perception of investment risk. The US consumer is also far more willing to pay directly for financial advice through fees rather than commission. But if the US is leading the way in many areas of finance, it is doing so largely without calling its ...

  • Britannia goes after eight

    24 Apr 2002

    Britannia International has introduced the eighth issue of its five-year guaranteed equity bond, which is linked to the FTSE 100 index.

  • Britannia International - 5 Year Guaranteed Capital Equity Bond (Issue 8)

    29 Apr 2002

    Monday, April 29, 2002Type: Guaranteed equity bondAim: Growth linked to the performance of the FTSE 100 indexMinimum investment: Lump sum £1,000Place of registration: Isle of ManInvestment split: 100% linked to the performance of the FTSE 100 indexGuarantee: Capital returned in full regardless of the performance of the indexYield: Up to 38.25% gross after five yearsIsa link: NoCharges: NoneCommission: ...

  • Britannia wins CRM award

    26 Apr 2002

  • CA says CP121 represents FSA failure

    25 Apr 2002

    Consumers' Association director general Sheila McKechnie is warning the FSA it will have failed in its statutory objective to protect consumers if it pushes through with its polarisation reforms. The CA is calling for all advisers other than IFAs to be called salespeople so consumers do not confuse them with a professional who is acting in their best interests. Speaking to Money Marketing, McKechnie says if the CA had interpreted the Charles River Associates' research into ...

  • Cahoot - 3 Year Index Linked Guaranteed Return Account

    24 Apr 2002

    Wednesday, April 24, 2002 Type: Guaranteed equity bond Aim: Growth linked to the FTSE 100 Minimum-maximum investment: £500-£250,000 Term: Three years Guarantee: Capital returned in full along with 12% at end of term regardless of movement in index Return: Up to 50% of growth in the FTSE 100 Interest rate: 4.1% gross a year Closing date: Until further notice Commission: None Contact: www.cahoot.com

  • Ceta secures deals for members as it links with BOS

    25 Apr 2002

    Non-regulated network Central Electronic Trading Association has negotiated deals with the Bank of Scotland on a range of financial products for its 3,000 members, including IFAs and mortgage brokers. The deals have been negotiated through network panel lender Zurich Bank which has a partnership agreement with Bank of Scotland. Ceta's members and their clients will get preferential rates on offset mortgages for small businesses, free business banking and finance for vehicles ...

  • Charter IT retains £80m in assets

    24 Apr 2002

    Dresdner RCM Global Investors' Charter European Investment trust has retained £80m of assets at its relaunch following a defeated hostile bid from Henderson. The trust, now restructured as the Charter Pan-European trust, lost most of its institutional investors after the Henderson bid but managed to hold on to around half of its private investors. It will now pay off its bank debts and concentrate on a portfolio of European equities. 

  • CII's Scott to chair global insurance group

    29 Apr 2002

    CII director general Dr Sandy Scott has been elected as chairman of the Institute for Global Insurance Education, a not for profit group concerned with training of insurance professionals worldwide.

  • CIS claims victory as Stelios flies out

    25 Apr 2002

    CIS is claiming the resignation of Easyjet chairman Stelios Haji-Ioannou as a victory for shareholder activism, saying it shows pension trustee legislation is unnecessary. Following the Myners rep-ort, the Government has suggested that pension trustees as well as fund managers should be legally bound to intervene in the running of companies they invest in. Haji-Ioannou stepped down as chairman of Easyjet last week after shareholder CIS voiced concerns over the lack of independent ...

  • Citibank bonds with US index

    30 Apr 2002

    Citibank has designed an offshore guaranteed equity bond that is linked to the S&P 500 index during a three-year term.

  • Clients deserve much better

    25 Apr 2002

    In just one week I have been alarmed by several instances of a complete lack of customer service from life offices and a mortgage lender as follows: Chase up telephone calls to Clerical Medical in relation to specific stakeholder information resulted in the telephone clerk at the call handling company admitting that it can take up to 15 weeks to get a reply. A request to Legal & General for a client specific illustration for a £20,000 lump-sum investment resulted in Isa ...

  • CML chief warns of gaps in regulation

    25 Apr 2002

    Council of Mortgage Lenders chairman Andrew Pople is calling for the Government to establish a single regulator for a coherent approach to mortgage regulation. Speaking at the CML annual lunch in London last week, Pople said there is a potential danger of a gap being created by the FSA regulating first-charge mortgages while the Office of Fair Trading oversees second-charge secured loans. OFT director general John Vickers, speaking at the lunch, said: "The Government has decided ...

  • Confidence in housing market near 1997 peak

    25 Apr 2002

    Intermediaries' confidence in the mortgage market reached its highest level in the first quarter of this year since its peak in 1997, says specialist lender Paragon Mortgages. The Paragon financial adviser confidence tracking index gives a rating of 121.7 for the first three months of 2002, up from an all-time low of 99 in the same period of 2000 and only slightly below the 123.9 peak five years ago. Paragon says this upward trend is set to continue into the spring quarter. The ...

  • DBS chief Davy stepping down

    25 Apr 2002

    DBS founder and chairman Ken Davy is stepping down after 20 years with the company. Davy pioneered the IFA network concept and for two decades he has been one of the industry's highest-profile figures. He is leaving the comp-any of his own accord at the age of 60. DBS was bought by Misys in June 2001, with the deal netting Davy around £7m. Davy set up DBS in 1983, turning it into the biggest IFA network in the UK, servicing more than 1,700 member firms with a total ...

  • Divide and rule on 'consultation'

    25 Apr 2002

    The Orwellian plot line that is the CP121 consultation continues apace as organisations and businesses great and small make their submissions. Entering the debate with an appropriately political sense of timing, comes the Office of Fair Trading, with director general John Vickers endorsing the FSA plans. The OFT started the ball rolling in the first place but it has intervened again to back CP121 in all its detail, including defined payment. Money Marketing would argue that defined ...

  • EFM appoints chief investment officer

    24 Apr 2002

    Edinburgh Fund Managers has appointed Anne Richards as chief investment officer. She will join in the summer from Merrill Lynch Investment Managers, where she was managing director of its Alpha UK equity management team. Before Merrill, Richards worked at Alliance Capital and J P Morgan, gaining 10 years experience in fund management. 

  • England and Brazil turn on the class

    25 Apr 2002

    Although England's 4-0 hammering of Paraguay in the recent round of friendly internationals suggested that Sven-Goran Eriksson's team can turn on the class when required, there were some resounding notes struck by other World Cup contenders. Most notable was the performance of Brazil. They may have managed only a 1-1 draw with Portugal but they reached a vein of form that has long been missing. This lead to some rather feisty predictions from left back Roberto Carlos. He says: ...

  • Equitable must review cut decision says consultancy

    24 Apr 2002

    The Equitable Life Board must review its decision to slash the value of pension policies which are approaching maturity as policyholders will need retirement income sooner rather than later says consulting actuary Punter Southall & CO.

  • Experts fear NI rise will kill off stakeholder compulsion

    25 Apr 2002

    Chancellor Gordon Brown's rise in National Insurance contributions could make stakeholder compulsion a non-starter, according to pension experts. They believe the chances of making stakeholder compulsory have plummeted now that NICs have been raised by 1 per cent for both employers and employees as they think many will see pension compulsion as a tax too far. NICs had been mooted as the method for bringing in compulsion but now that the NI rise has been earmarked for the NHS, ...

  • Extra special

    25 Apr 2002

    These are interesting times for IFAs everywhere. The conclusion of the consultation period for CP121 is less than a month away. It is likely that, within a year, many IFAs will have migrated to RI status within distributor firms. In the last three months, we have read a lot in Money Marketing about what this could mean for IFAs but what about providers? I believe that the impending change in structure creates real opportunities for providers to push ahead with their internet-based ...

  • Falcon spreads its wings after 43% profit rise

    25 Apr 2002

    Bristol-based IFA Falcon Group increased profits by 43 per cent to £341,000 in 2001 from £238,000 the previous year and boosted turnover by 55 per cent to £6.85m from £4.42m. The IFA firm increased the number of its RIs by 40 to over 100, advising on assets of over £500m held by more than 50,000 individual and corporate clients. Falcon plans to float on the Alternative Investment Market later this year if market conditions are favourable, with a view ...

  • Field annuity bill wants clients told of all rates

    25 Apr 2002

    Labour MP Frank Field has tabled a bill which aims to force annuity providers to supply policyholders with competitors' rates when buying an annuity. It comes as the Government continues to hold highlevel talks with industry exp-erts about extending access and advice to annuities. The Treasury last week held a meeting with 25 industry figures, including representatives from IFAs, providers, consultancies, thinktanks and unions, where ideas such as a one-size-fits-all product ...

  • Fiona Price gives her view on staff changes

    25 Apr 2002

    I have not been moved to write a letter to Money Marketing before. Indeed, in the 20 years I have been a member of the IFA community, I have held the paper in high regard and co-operated on many articles. Now, however, I am appalled and saddened by what I can only call your trigger-happy reporting of advisers who have left my company. I appreciate your job is reporting news but this is not newsworthy. I doubt you would be equally quick to report when we take people on. Running ...

  • Flying pigs carry Zurich message

    25 Apr 2002

    Zurich Financial Services is aiming to build its brand with an ad campaign using the slogan "We do things you would not believe", using the image of flying pigs. The TV ads feature a farmer clearing a runway for pigs to run down before flying off, with a voiceover outlining the benefits of Zurich's products. The campaign, the brainchild of ad agency Joshua, aims to reverse the way in which financial services ads have been "bereft of charm". It is employing humour and drawing ...

  • Focus change on tied sector cautions Skandia

    30 Apr 2002

    Skandia is telling the FSA to focus its proposals on reforming the tied sector where consumer choice is unreasonably limited but adopt a lighter touch for IFAs.

  • Framlington World Cup challenge

    25 Apr 2002

    Once again, it is all change at the top, with John Bram-well's HL Reserves surging up the table from seventh last week and snatching the top spot from Mark Timmons' Marked Card. Second place is held by last month's overall winner Brian Rooney and Steve Hawes moves from fifth to third.

  • Friendly future for fees

    25 Apr 2002

    "Use it or lose it" is a phrase we have all heard - and probably uttered ourselves. It is one that rang out loud as the tax year drew to a close. Adults were encouraged to make the most of their tax allowances such as Isas, and parents, in particular, to use stakeholder pensions for children, to put a little more of their money out of the taxman's reach. This is all very sensible but when the phrase starts to sound in favour of stakeholder pensions for children, are we in danger ...

  • Friends Ivory & Sime snaps up R&SA's fund manager

    30 Apr 2002

    Friends Ivory & Sime has announced its intention to purchase the UK fund management arm of Royal & Sun Alliance for £240m.

  • FSA bans director over £1m missing from funds

    25 Apr 2002

    The FSA has banned the sole director of a Sunderland IFA firm from working in the ind-ustry again after up to £1m went missing from funds he held on behalf of clients. The FSA says that over a 10-year period, Richard Vin-cent Matkin, the owner and director of Albion Manage ment Services, of 19 Olive Street, Sunderland, consistently misled clients as to the value of their investments, which resulted in there being insufficient funds to meet recorded asset values. On November ...

  • FSA consults on pension projections

    26 Apr 2002

    The FSA has opened its consultation on changes to pension projections to take into account the introduction of the Government’s combined benefit statements.

  • FSA, Treasury and Bank of England launch joint website

    29 Apr 2002

    The FSA, Bank of England and Treasury have launched a joint website providing information on continuity in financial services in the event of an industry wide or local emergency.

  • Give annuities a lifeline by easing the rules

    25 Apr 2002

    Annuities - there, that's caught your attention. Nothing like a mention of annuities to get the pulse racing. The Government certainly wishes this were the case. An official mentioned to me the desire of ministers to get people interested in this subject. I started humming the theme tune from Mission Impossible. But the intrinsic dullness of the subject should not blind us to its importance. Too many of those in retirement are depriving themselves of much needed income by accepting ...

  • Health warning for pensions in NI rise

    25 Apr 2002

    The Chancellor's hike in National Insurance contributions may be good news for the NHS but the knock-on effects could mean an unwelcome blow for pension savings. Many in the industry see a certain irony in the Government's plans to improve a health service that will increase longevity having the consequence of damaging the ability of people to save for their longer and healthy lives. Axa head of pensions marketing Steve Folkard says: "Through an improved health service, we ...

  • Hollands retains top spot in pundits chart

    25 Apr 2002

    BestInvest deputy managing director Jason Hollands has consolidated his position as top of the pundits in March according to PressWatch Financial Products' monthly analysis of the national press. Hollands maintained top spot with 60 mentions, some way ahead of second placed Hargreaves Lansdown head of research Mark Dampier with 37. They are followed by London & Country Mortgages broker David Hollingworth and Charcol senior technical manager Ray Boulger with 35 and 34 mentions ...

  • HSBC - Pep Plus

    29 Apr 2002

    Monday, April 29, 2002 Type: Dublin based closed ended fund for Pep maturities Aim: Growth by investing in HSBC UK equity growth 7 Minimum investment: Lump sum £3,000 Investment split: 100% in HSBC UK equity growth 7 Yield: 70% of growth in FTSE 100 Charges: Initial 5.25%, annual 0.75% Commission: Initial 3% Tel: 0800 181890

  • IFAs are now play for spec sits funds

    25 Apr 2002

    IFA firms are now seen as a special investment situation by fund managers such as Merrill Lynch which has taken a 3.2 per cent stake in Inter-Alliance. The alpha specialist situations fund took the stake the day after Evolution Group's investment in Inter-Alliance returned a £13m profit in seven weeks. Evolution gave Inter-Alliance a convertible loan that it turned into a 22 per cent stake in the company last week. CP121 and the possible relaxation of the better than best ...

  • IFAs attack Gartmore's refusal on zero payouts

    25 Apr 2002

    IFAs have slammed the split-cap Gartmore monthly income trust for refusing to redeem zero shareholders in full on the due date despite having the money to do so. Gartmore admitted last week that it intends to pay zero customers just 78.4 per cent of their holdings at the end of the month although more than three-quarters of shareholders voted for full redemption earlier this year. Blaming difficult market conditions and illiquidity in geared ordinary and income shares, Gartmore ...

  • IFAs confident of survival after depolarisation

    25 Apr 2002

    More than 80 per cent of IFAs believe they will survive in a depolarised world but fear high-street banks will be the biggest winners to the detriment of consumers, according to a survey from Axa. The survey, part of the provider's quarterly IFA issues research, found that 83 per cent are confident they would survive the shake-up but only 9 per cent of IFAs would opt to become exclusively fee-based in a depolarised regime. Fifty-five per cent of respondents say that their businesses ...

  • IFAs facing a challenge in income protection sector

    25 Apr 2002

    Income protection sales sho-wed a "disappointing" 3 per cent rise last year, a further indication that providers are failing to penetrate the market, claims reinsurer GE Frankona. In its survey of the IP market in 2001, GE Frankona says the overall growth in the market was fuelled by sales of budget-style products which offer less coverage and charge lower premiums. Budget sales, which are often linked to mortgages, increased by 25 per cent to 35,168 from 28,066 in 2000 while sales ...

  • IFS switches on electronic exams to beat deadline

    25 Apr 2002

    The Institute of Financial Services is warning that time is running out for mortgage advisers who have failed to obtain the Mortgage Code Compliance Board minimum standard qualification. It says with only eight months to go before the regulatory cut-off date of December 31, up to 20,000 advisers have still failed to take the Certificate in Mortgage Advice and Practice and are running out of time to do traditional paper based-exams. To help advisers, the IFS has made all its papers ...

  • Independent View - Steve Buttercase

    25 Apr 2002

    If you are settling down to read this in a packed office, please pause for a moment, glance around at your colleagues and, for the purpose of this brief experiment, place them into one of two categories. Category one is "predominantly a salesperson" and category two is "predominantly an adviser". In the red corner is "the salesperson". He or she is most easily recognised by their appearance but also, generally, by their attitude as they vocalise endlessly on the merits of being a self-starter, .

  • Inland Revenue publishes offshore consultation

    24 Apr 2002

    The Inland Revenue has published its root and branch consultation paper into the offshore funds industry. It says the regime has not altered since its introduction in 1984 since when tax rules have changed considerably. The Government says while UK residents should pay tax on their offshore investments as they do on onshore, it recognises the industry’s role in the UK economy. 

  • Inside edge: Robert Clifford

    25 Apr 2002

    I have a problem with rate tarts because they threaten the mortgage pricing model. As unpopular as the fact may be, new product pricing has for decades fundamentally relied upon consumer inertia. These tarts might just screw things up for us. Imagine, then, how insulted I felt when the general manager of a well-known building society recently accused me of being a tart and, worse still, a rate tart. He was somewhat surprised that, for my new mortgage, I was deliberately staying loyal. "I ...

  • Institute of Actuaries calls for pensions deferral

    24 Apr 2002

    People should be able to defer pension contributions while they are committed to raising children and paying off their mortgages, according to the Institute of Actuaries. It says many people could be driven into debt by saving too soon and pensions need to accommodate "cash rich" and "cash poor" periods. A study by the Institute found people should save in their 20s for when they may have a family and to save for a pension once their children have left home.  

  • Intent on doing away with IFAs

    25 Apr 2002

    Referring to the research documents in my response to CP121, I found the respondents represented around 0.003 per cent of the population and I wondered how such far-reaching conclusions could be arrived at from such a small sample. The biggest group was 1,905, the other five ranging from 20 to 60, the latter referred to as a "relatively large number". I have a business to run and a living to make as an IFA and I must get on with it for as long as I am able. I am not prepared to spend ...

  • Investment view

    25 Apr 2002

    Budgets are not what they used to be. It is not just that the speech itself contains little other than brief mentions of the major issues, with all the real meat being left to the press releases, but dramatic gestures by Chancellors seem to be a thing of the past, too. True, upping the funding for the National Heath Service on the scale planned is pretty dramatic while increasing National Insurance contributions by 1 per cent on both sides is hardly mealy-mouthed. But the reality is ...

  • It's a New World for West Brom

    25 Apr 2002

    The phrase "New World" may not immediately spring to mind on the mention of West Bromwich Building Society but it is on a drive to drop its image of a traditional, regional lender. Last month, the mutual made the surprise move of buying the Commonwealth Bank of Australia's New World UK residential mortgage portfolio of flexible and buy-to-let products, which are sold mainly through intermediaries. West Brom has assets of £3.5bn and is the UK's ninth-biggest building ...

  • Julian Gibbs on 'Headlinemoney.co.uk'

    25 Apr 2002

    For product providers and IFAs, Headlinemoney is an essential tool in that journalists are able to access all the latest press releases by particular subjects, including information about the companies issuing the press releases and press contacts. Already, I and other journalists have found this service to be a great help as well as a basic working tool. By searching for specific keywords, such as wealth management, unit trusts and even car loans, all the latest information comes ...

  • Jupiter urges investors to consider income funds

    25 Apr 2002

    Jupiter is urging income-seeking savers to consider broadening investment options as interest rates are at their lowest level for almost four decades. Despite recent poor performance in stockmarkets, income funds compare favourably to building societies for income and capital growth. Over the last 10 years, Jupiter says an investor in its income trust would have seen their annual income rise from £51 to £128 per £1,000 of original holding. Interest on each £1,000 ...

  • L&G strikes fourth time

    24 Apr 2002

    Legal & General is targeting cautious investors with the fourth issue of protected portfolio, a capital protected Isa that is linked to 30 of the biggest companies in the UK.

  • Law firm warns that gap-filling could breach insurance rules

    25 Apr 2002

    Life offices with tied salesforces could be breaching insurance company regulations by selling other insurers' products in a depolarised world, warns City law firm Norton Rose. According to rules in the Interim Prudential Sourcebook, which replaced the Insurance Companies Act, life offices are only allowed to "conduct business relating to their or of an auxiliary nature to their own products". Norton Rose says this means that companies are prevented from marketing or selling a rival's ...

  • Lawless replaces Scott as Sofa MD

    25 Apr 2002

    Sofa is appointing retiring Axa Sun Life senior tax consultant Brian Lawless as managing director, replacing Dr Sandy Scott, who will continue in his role as director general of the CII. Lawless, who has been on the board of Sofa for four years, will aim to improve Sofa's communication strategy and raise the body's profile. He will be responsible for increasing membership and technical interpretation of the FSA's reviews. Lawless leaves Axa Sun Life at the end of this ...

  • Legal & General - Protected Portfolio IV

    24 Apr 2002

    Wednesday, April 24, 2002 Type: Guaranteed equity bond Aim: Growth by investing in 30 stocks from companies in the FTSE 200 Minimum-maximum investment: £1,000-no maximum, Isa £7,000 Term: Five years Guarantee: Capital returned in full at end of term regardless of performance of underlying investments Return: Capital returned in full along with up to 100 per cent of the average growth of the companies Closing ...

  • Meddling where it is not needed

    25 Apr 2002

    If ever there was a regulator intent on meddling with things which are neither broken nor in need of fixing, then surely it must be the FSA. I refer, of course, to the latest unhealthy and unwarranted interest being shown in Pep and Isa transfers, not to mention the continuing obsession with the validity of past performance. Here is a simple scenario. Mr Joe Ordinary comes to see me because he thinks his Pep with Garbage Life in their UK (lack of) growth fund is not doing very ...

  • Merrill steps up

    24 Apr 2002

    Merrill Lynch has introduced the FTSE 100 stepped growth & income investment, a capital protected bond offering a choice of income at 8 per cent a year or growth of 70 per cent after seven years.

  • Mind the gap

    25 Apr 2002

    Big numbers are always striking and there are few things more striking than the claim that a £27bn gap exists between what people need to be putting aside for retirement and what is actually being saved in the UK. This claim by the ABI has become a familiar feature of the landscape. It is important, therefore, to understand why the whole concept of a national "savings gap" might potentially be highly misleading. It is relatively easy for most of us to understand the idea ...

  • Misys supports abolition of polarisation

    29 Apr 2002

    Misys supports the complete abolition of polarisation but is warning the FSA that the defied payment system is unworkable and impossible to police.It warns CP121 will restrict access to financial products rather than accomplishing its stated objective of opening the market up to consumers.  

  • Mortgage lending hits £16bn high as price spiral continues

    25 Apr 2002

    Mortgage lending reached a record level of £16.6bn, in March, up from £13.3bn the previous month, according to the latest figures from the Council of Mortgage Lenders. Building Society Association gross advances were also buoyant, rising by 28 per cent to £2.7bn last month from £2.1bn in February. Net advances by mutuals increased to £682m in March from £568m in the previous month. The CML says the strong rise in loans for house purchase ...

  • Mushens to leave M&G

    24 Apr 2002

    M&G director of sales and marketing opportunities Jeffrey Mushens has left the company after 15 years to explore new horizons. Mushens, who intends to take the next few months off, will not be replaced by M&G. As a result UK retail chief executive Gary Shaughnessy assumes responsibility for governmental and regulatory issues, while managing director Phil Wagstaff takes over investment trusts.  

  • National set to expand

    25 Apr 2002

    Non-standard correspondent lender National Guarantee has appointed Frank Eve Consulting to review its business and marketing strategy to help take its expansion plans forward. The Birmingham-based lender says it wants to develop its share of the correspondent lending market using the consultancy's knowledge of the industry. It is trying to increase its share of the broker and IFA distribution channel and recently launched a preferred intermediary scheme offering a range of training ...

  • New head of business development for Marlborough Stirling Mortgages Services

    26 Apr 2002

    Marlborough Stirling Mortgage Services is appointing John Auburn as head of business development, responsible for the expansion of the company's client base.

  • New head of commercial lending at Leeds & Holbeck

    29 Apr 2002

    Leeds & Holbeck Building Society is appointing Ian Garrett as head of commercial lending.

  • New IFA sales manager for Jupiter

    24 Apr 2002

    Jupiter has appointed Simon Hynes as nationals and networks sales manager, a role created as part of its IFA support team expansion plans. Hynes joins from Foreign & Colonial, where he was regional sales manager responsible for new business development through intermediaries in the South-east. The move follows Jupiter's appointment of two broker liason executives and a dedicated Sipp salesperson over the past six months. 

  • New non-exec director at Chelsea Building Society

    29 Apr 2002

    Chelsea Building Society has announced the appointment of a new non-executive director. Jean Irvine, who is currently a non-executive board adviser within the Ministry of Defence and a member of the British Computer Society, joined the Society following her approval by the FSA last week. Until 2001, Irvine worked in a variety of senior roles at Consignia including programme director, group personnel strategy director and information technology director.  

  • New Star - European Leaders Fund

    29 Apr 2002

    Monday, 29 April 2002Type: OeicAim: Growth by investing in European companiesMinimum investment: Lump sum £1,000, monthly £100Investment split: France 24.74%, Spain 14.03%, Germany 13.64%, Italy 9.49%, Holland 9.44%, Switzerland 7.57%, Sweden 6.09%, Finland 5.55%, Belgium 5.49%, Denmark 2.91%, Cash 1.05%Isa link: YesPep transfers: YesCharges: Initial 5.25%, annual 1.5%Commission: Initial 3%, renewal 0.5%Tel: ...

  • New Star shines on European leaders

    29 Apr 2002

    New Star has introduced the European leaders fund, an Oeic that invests in Europe excluding the UK.The fund was originally an institutional fund from World Invest, a company which was taken over by New Star. It was transferred across to the retail business because New Star's existing European growth fund focuses only on small and mid caps, leaving a gap in the product range for a large cap fund. European leaders invests in large caps that the fund manager views as market leaders ...

  • Norwich Union - Managed High Income Fund

    25 Apr 2002

    Thursday, April 25, 2002 Type: Oeic Aim: Income by investing in global corporate bonds Minimum investment: Lump sum £1,000, monthly £50. Isa lump sum £500, monthly £50 Investment split: UK investment grade 40%, US high yield 35%, European high yield 15%, emerging markets 10% Yield: 7.35% gross a year Isa link: Yes Pep transfers: Yes Charges: Initial 4%, annual 1.25% Special offer: ...

  • Norwich Union - World Leaders Fund

    25 Apr 2002

    Thursday, April 25, 2002 Type: Oeic Aim: Growth by investing in global equities Minimum investment: Lump sum £1,000, monthly £50. Isa lump sum £500, monthly £50 Investment split: US 40%, UK 20%, Europe 30%, Japan 7%, other 3% Isa link: Yes Pep transfers: Yes Charges: Initial 5.25%, annual 1.5% Special offer: Initial charge reduced to 4.25% Offer period: Until June 30, 2002 Commission: ...

  • Norwich Union bond fund expands range

    29 Apr 2002

    Norwich Union is expanding its retail fund range with the managed high income fund, an Oeic that invests mainly in corporate bonds.

  • Norwich Union solves group PMI riddle

    30 Apr 2002

    Norwich Union Healthcare has designed a group private medical insurance (PMI) plan for companies with between 50 and 100 employees.

  • Norwich Union tunes its theme

    26 Apr 2002

    Norwich Union is raising its retail investment profile with the world leaders fund, an Oeic that aims for capital growth by investing globally in a portfolio of around 60 global stocks.

  • Now FSA swoops with split-cap probe for IFAs

    25 Apr 2002

    The FSA is investigating whether IFAs missold split-caps in a series of on-site checks as part of its wider research into the reasons behind the sector's problems. Following weeks of inquiry into the role of the"magic circle" of providers in the crisis, the FSA has switched focus to IFAs to see if there is any substance to claims that investors were missold policies by advisers. The move comes as the Financial Ombudsman Service says it is receiving a "trickle" of complaints ...

  • NU and Friends Prov take 20 per cent of Tenet Group

    29 Apr 2002

    Norwich Union and FriendsProvident are each taking a 10 per cent equity stake in the Tenet Group. In the transaction, both life companies have each invested £9.5m made up of shares and loans in the group which owns networks M& E and Interdependence.

  • NU calls for soft loans to IFAs

    29 Apr 2002

    Norwich Union has broadly welcomed the FSA's CP121 proposals but sounded a note of caution saying it is essential that a substantial IFA sector is maintained.

  • NU leads bond league as industry WP sales rocket

    25 Apr 2002

    Norwich Union has overtaken Prudential in the with-profits stakes as total industry bond sales soared to £15.2bn in 2001, buoyed by falling stockmarkets. According to confidential ABI figures, the combined with-profits sales of NU at £3.1bn and Pru at £2.2bn eclipse IFA sales of Peps and Isa, which, according to the IMA, totalled £4.3bn for 2001. The upsurge in sales comes despite the background of adverse publicity over with-profits from the Consumers' ...

  • Old Mutual fund moves sector

    30 Apr 2002

    The Old Mutual Hallmark Growth Portfolio fund, previously known as the OM Gerrard Hallmark Growth Portfolio fund, is moving from the balanced managed to active managed sector to allow more investment in equities. The balanced managed sector only allows a maximum of 85 per cent equity exposure. The Gerrard Hallmark Growth and Gerrard Hallmark Income Portfolio funds are now taking on the Old Mutual brand.

  • On target for a comfortable retirement

    25 Apr 2002

    When an employer switches from defined benefit to money purchase, why do the employees rarely seem to object to the usual reduction in employer commitment that accompanies the change? There are several possible reasons. Perhaps the most obvious one is that often the existing employees are unaffected by the change. It is only new employees who go into the money-purchase arrangement and it was part of their joining package. Even where existing employees have to join the new money-purchase ...

  • Online mortgage sales 'negligible', says CML

    25 Apr 2002

    Fewer people than expected are using the internet to take out a mortgage and the number of online applications is low, according to the Council of Mortgage Lenders. But the CML predicts this could change with the advent of secure electronic signatures which allow the entire sales process to be completed online. The CML's research, carried out this month with KPMG, found that while the internet is popular with consumers for gathering information and comparing products, the number ...

  • Outside Edge: Mark Chilton

    25 Apr 2002

    Mortgage churning stands little or no hope of every going away. The angry debate between certain lenders and the broking community will continue. The two factions have no real common ground to reach consensus as their interests are completely polarised. Twenty years ago, a pricing cartel existed among lenders with attractive margins being retained on a purely vanilla variable-rate product. This encouraged more capital into the lending market supported by the advent of securitisation. The ...

  • Pension reform coming this summer says consultancy

    24 Apr 2002

    Employee benefit consultants Buck Consultants says the Budget’s lack of action to address the savings gap is a sign real reform in pensions is on its way this summer.

  • Point One widens range

    25 Apr 2002

    Bankhall's non-regulated network Point One is expanding its range of services to include healthcare. Point One, which provides support for mortgage, general insurance and non-regulated life products, has negotiated deals on income protection, private medical insurance and group risk schemes from a panel of providers comprising Bupa, Norwich Union Healthcare, Unum, Swiss Life, PPP and Standard Life Healthcare. It has also added Scottish Widows to its list of core protection providers ...

  • Proc and a hard place

    25 Apr 2002

    Do you think Cheltenham & Gloucester's move to increase its IFA procuration fees will help increase its intermediary business? Court: Increasing procuration fees will inevitably have an impact although one would hope the products and service on offer compared with the rest of the market would remain the primary defining factors. Aitken: It is clear that intermediaries must place cases where the product offers the best terms and conditions. As with any specialist lending ...

  • Product Matters

    25 Apr 2002

    Threadneedle is clearly hoping to attract a broader investment audience for its property unit trust by relocating the former Sackville Property Unit Trust offshore to Jersey. It is hoping the fund will appeal to IFAs, as witnessed by the minimum investment subscription of £25,000 for IFA clients, with £250,000 required from direct investors. Threadneedle's property fund has consistently performed well when compared with peer group competition.The annual charge of ...

  • Pru pension sales plummet

    25 Apr 2002

    Prudential is paying the price of cutting out commission on regular-premium pensions, seeing sales of individual policies plummet by 43 per cent through IFAs in the first quarter of this year. The company stopped offering initial commission on its former Scottish Amicable-branded regular-premium pensions products in August last year. Intermediary sales of individual pensions, which include group personal pensions, fell by 43 per cent to £12m from £21m on an equivalent ...

  • R&SA adds three funds to Lifestyle bond

    26 Apr 2002

    Royal & Sun Alliance UK Life is adding three corporate bond funds to its Lifestyle investment bond.The funds - the high income, extra income and maximum income - will be offered from May 1 and give IFAs the ability to select the individual funds or mix together a blend of the three.To mark the launch, R&SA is offering an additional 1 per cent allocation on all investments into the Lifestyle bond until July 31. 

  • Revamp for ScotEq's protection

    25 Apr 2002

    Scottish Equitable Employee Benefits is relaunching the look of its protection menu after finding IFAs wanted a more modern marketing approach. The flexible benefits package was first launched in November 1999 and comprises a set of group risk benefits targeted at employers with workforces between 50 and 500 employees. IFAs have access to a self-select menu of benefits, for a fixed cost, comprising combinations of income protection, critical illness and life cover. Until now ...

  • RJ Temple calls for distinction between multi-tie and whole of market adviser

    29 Apr 2002

    A clear distinction between an intermediary advising on the whole of the market and a multi-tied adviser is the key to a level playing field for financial services, according to RJ Temple.In the firm's response to the FSA's CP121 RJ Temple argues it is more important for consumers to understand the difference between whole of market and tied advice than whether an adviser is paid by commission or fees

  • Ron Bullen

    25 Apr 2002

    Lives: Beachely, Near Chepstow Born: September 23, 1939 in Heywood,Lancashire Age: 62 Education and qualifications: Apprenticeship, technical colleges in Kent and Lancashire, chartered engineer Career to date: Engineering then management position in the paper industry Career ambition: "Don't know that I really had one…" Life ambition: "Again, don't think I have one." Likes: Intellectual challenge, variety, squash, travelling Dislikes: "Gross injustice ...

  • Rooker says sorry to Treasury

    25 Apr 2002

    Former pensions minister Lord Rooker has apologised to the Treasury after he accused it of being "penny pinchers" and wrecking every good idea he has seen during his five years as a minister. He has since been told to apologise by Home Secretary David Blunkett, which he did in a letter to the Chancellor. In a debate in the House of Lords last week, Rooker said the Treasury has been guilty of spiking ideas due to its narrow, short-term view. Rooker was pensions minister from ...

  • Row over Hamilton's Pru bond deal

    25 Apr 2002

    Hamilton Life and Prudential have come under fire over an agreement in which IFA clients with maturing investment bonds are being offered Pru bonds instead of being referred back to their adviser. IFAs are angry that, as their clients' bonds mature, Hamilton Life is not referring them back to adviser but is writing to bondholders enclosing a Prudence bond application. The industry practice is for providers to contact the advisers six weeks before policies mature. Hamilton ...

  • Sandler will criticise FSA regs says Sunday Telegraph

    29 Apr 2002

    Ron Sandler will conclude the cost of complying with complex FSA rules is a significant deterrent to saving through pensions, Isas and unit trusts according to the Sunday Telegraph.

  • Sarasin gets health conscious

    24 Apr 2002

    SARASINSARASIN GLOBAL HEALTH FUNDType: OeicAim: Growth by investing in pharmaceuticals, biotechnology and medical technology companiesMinimum investment: Lump sum £1,000, monthly £100Investment split: Pharmaceuticals 40%, biotechnology 30%, medical technology 30%Isa link: YesPep transfers: YesCharges: Initial 5%, annual 1.5%Commission: Initial 3 %Tel: 020 7246 0430Suitability to market 6.0Investme

  • Scottish Life closes IFA branch offices

    26 Apr 2002

    Scottish Life is closing eight of its 18 IFA sales branches with the loss of 12 jobs. It is blaming the cost constraints of the 1 per cent world for the move which will see the closure of its branches in Edinburgh , Liverpool, Newcastle, Nottingham, Southampton, Harrow, Maidstone and Brighton.It says technological advances mean local branches are not as necessary as before and is writing to IFAs to inform them of the new arrangements.

  • Scottish Life takes stance against defined payment

    29 Apr 2002

    Royal London and its marketing division Scottish Life are taking a stance against the FSA's view that an IFA must use a defined payment system to be classed as independent.The group's response to CP 121, Reforming Polarisation, says it is market choice and a best value and suitable product that characterise independence, not the method of payment.

  • Scottish Widows Bank Revision Round-up

    25 Apr 2002

    The amount of study time that should be allowed for depends on the individual but as a guide the Institute of Financial Services suggests spending 50-60 hours studying. However, each student should decide for themselves how much study time, including revision, they actually require. A study period of about 8-10 weeks is sufficient for most people. One very basic way of working out how long you require for studying is to take the number of pages to be studied in the IFS study manual, ...

  • Selestia selector picks out trusts

    25 Apr 2002

    Fund supermarket Selestia says it is making trusts easier and more accessible for IFAs with a trust service offering a range of solutions to estate and tax planning problems. The company has added a trust selector to its online investment service, offering availability to trusts for collective investments to IFAs' clients. The service features access to four draft trust deeds - absolute trust, accumulation and maintenance trust, flexible trust and a will trust. Absolute ...

  • Shaky grasp of reality

    25 Apr 2002

    According to Jeremy Newbegin (Money Marketing, April 11), "an IFA can still continue to offer financial advice to the poor - they just do not charge these clients as much, off-setting commission against the smaller fee". Not if CP121 is implemented in its current form they don't. If Mr Newbegin worked in an area of real social deprivation rather than the cloud cuckoo land of so-called "ethical" investment, he might grasp how arrogant and out of touch his remarks are. Philip ...

  • Sofa only professional body to welcome CP121

    29 Apr 2002

    Sofa has welcomed many of the FSA's ideas for shaking up the polarisation regime. The professional body is the only one of the five representing IFAs to so far publicly view CP121 as a positive move.In its response, it says as long as the necessary structures are in place to ensure the different tiers of advice have adequate qualifications, there is no problem with compelling IFAs to work off a fee basis.  

  • Sowerby and Aird replace MacLeod at Investec

    25 Apr 2002

    Investec Asset Management has appointed Andy Sowerby and David Aird as joint managing directors of its UK and European fund management business after the sudden departure of former MD Jamie MacLeod. Sowerby, who was previously marketing director, and Aird, former UK and European sales director, take up the new roles with immediate effect. They will share responsibility for the development of the company's UK and European retail funds business reporting to chief executive Hendrik ...

  • Standard Life - Self-Invested Personal Pension

    26 Apr 2002

    Friday, April 26, 2002Type: Hybrid SippMinimum investment: Lump sum £10,000 income drawdownInvestment choice: Corporate sterling, long corporate bond, corporate structured, corporate property, corporate UK fixed interest, corporate inked linked, corporate protection, corporate managed, corporate ethical, corporate stock exchange, corporate UK equity select, corporate overseas, corporate UK equity, corporate European, corporate North American, ...

  • Standard Life revamps Sipp

    30 Apr 2002

    Standard Life has ditched its self-invested personal pension (Sipp) in favour of a Sipp that has external fund links and a more flexible commission structure.

  • Standard warns against undermining IFAs

    30 Apr 2002

    Standard Life is focussing it response with an attack on the defined payment system and warning that undermining the IFA sector will not help consumers.

  • Talkback

    25 Apr 2002

    "No. I think the process has been less than transparent and people who stayed with them have done worst." Selwyn Davies, Selwyn Davies IFA "No. They refused to use IFAs and, quite frankly, we would never have recommended their products anyway. They have not been doing a good job with the mess they have put their policyholders in."Michael Allen, Diamond Financial Consultants "No. They have not been very up front about the latest increase in the MVA. I do not think they ...

  • Term of endearment

    25 Apr 2002

    It is no great surprise that the market for endowment mortgages has well and truly collapsed. Sixty-eight per cent of all new mortgages are now being taken out on a repayment basis, with 19 per cent being interest-only or supported by a Pep or pension policy. Only 13 per cent of new mortgages are supported by endowment policies and this number is expected to continue to decline. Why are these statistics no great surprise? The removal of tax relief on endowments was the first nail in ...

  • The power and the story

    25 Apr 2002

    Politicians and regulators dominate retail financial services, according to the UK's first-ever Top 100 Power and Influence list. The list, compiled by Money Marketing's panel of experts, reveals Chancellor Gordon Brown is the most powerful individual. FSA chief executive and chairman Howard Davies, Treas-ury long-term savings review head Ron Sandler and Dep-artment for Work and Pens-ions Secretary Alistair Darling complete the state's hold on the power list. The list ...

  • The route to qualification

    25 Apr 2002

    To give you some background, I am one of three partners, with a collective 45 years experience, who came together from different firms 18 months ago to set up Grosvenor Financial Consultants. We call ourselves general practitioners although one partner specialises in investment and particularly venture capital trusts. The other is heavily involved in self-invested pension plans. My own speciality is dealing with doctors and dentists, which I have done since coming into the industry ...

  • Thy will be done

    25 Apr 2002

    A client is aware that his family will be liable for a fairly substantial inheritance tax liability when he and his wife pass away. The client does not require access to all of the value of their estate. How can he achieve a solution whereby the amount of tax actually paid could be mitigated and ensure that his financial assets are held in a more efficient manner? The client is married and aged 78. His wife is 76. Time is marching on for them as their health is not what it once ...

  • Too many funds on supermarts

    25 Apr 2002

    Up to 70 per cent of funds offered on fund supermarkets are never bought by private investors, according to Egg. It believes the majority of funds on many direct supermarkets are superfluous to investors' requirements and are ignored in favour of the most straightforward products. Egg claims exhaustive lists of unit trust and Oeics are a waste of time as they are not understood by many investors. The only instances in which Egg believes such ranges of funds are necessary ...

  • UCB adjusts self-cert loans

    30 Apr 2002

    UCB Home Loans has announced changes to its range of self-cert range mortgages replacing its discounted rates with tracker rates and adjusting fixed rates.

  • Unsettled forecast

    25 Apr 2002

    In my last article, I started to look at the use of target benefit projections in giving financial planning advice, particularly investment portfolio advice, inside and outside of pension contracts. I discussed the projection of a required income level using either price or wage inflation and posed the question: "What is the likelihood that the rate of price or wage increase we originally decide upon will materialise exactly over the next 20 years?" Having determined the rate at the ...

  • UnumProvident offers the elixia of life

    25 Apr 2002

    UnumProvident Elixia 123Product detailsType: Individual critical illness cover Minimum premium/cover: £10 a month/no minimum Maximum cover: £2m Illnesses covered: Category one - cancer - invasive and life threatening, chronic emphysema, Creutzfeldt Jacob's Disease, heart attack - major, kidney failure, liver failure, major organ transplant, stroke - severe, terminal illness caused by any condition in category two ...

  • VAT among the pigeons

    25 Apr 2002

    Continuing this week with the much misunderstood subject of VAT and financial services, I would like to delve into the murky waters of introducer commission. Last week, I examined the rules for exemption from VAT in respect of intermediary services in connection with financial services products such as insurance and collectives. As I said, the rules on exemption are driven by the nature of the supply and not the character of the payment. Despite this, however, it is probably true ...

  • Why CP121 is no laughing matter

    25 Apr 2002

    One of my favourite Morecambe & Wise shows involved conductor Andre Previn, where Eric Morecambe was the pianist. I was reminded of this as I finished my response to CP121. On this occasion, the FSA has eagerly embraced new technology by allowing submissions using a form on its website. This is all very well but it does lead to a lack of expression and the discouragement of ideas out of left field or in raising relevant issues not covered by the questions or CP121 itself. It ...

  • Winterthur boost for Sipps

    25 Apr 2002

    Winterthur Life is to hit the road with post-polarisation advice for IFAs to promote Sipps. The theme of the shows will be "realising the full potential of Sipps in a depolarised world - opportunities for growing highvalue business". The focus will be on depolarisation, the investment limits of Sipps, how to capture a share of the market and how to use the flexibility in the pension to meet clients' changing needs. The roadshows will take place during May in 12 locations ...

  • Wooff takes manager prize

    25 Apr 2002

    Week eight of the challenge and it is Manager of the Month time once more. The game month is run over a four-week period, hence prize being awarded in mid-April. Congratulations to Peter Wooff, whose team, Horraces Heroes, won him the prize with an overall gain of 0.43 per cent. Peter will get a crate of beer and football shirt. However, Peter is only at position 114 in the overall game, so he has a long way to go if he is to win the main prize of the Lay-z-Boy Chandler chair and ...

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