Money Marketing
24 February 1999

  • Aberdeen high income trust in new ordinary share offer

    1 Mar 1999

    The Aberdeen High Income Trust has announced the issue of 20,600,000 new ordinary shares and the placing of 750,000 shares of debenture stock.

  • ABI says implementation of Commission report would boost insurance market

    2 Mar 1999

    The implementation of the report on long term care will boost ltc by making policies much cheaper, according to the ABI.

  • ACA calls for pension tax freeze in budget

    26 Feb 1999

    The Association of Consulting Actuaries is calling on the Government to freeze pension taxation in the forthcoming Budget on March 9 because it claims taxes first need simplifying.

  • BGI launches third Tep fund

    1 Mar 1999

    Barclays Global Investors is launching the BGI Endowment Fund III which will trade in with-profit endowment assurance policies.

  • Birmingham Midshires chief calls for Budget help for savers

    25 Feb 1999

    Birmingham Midshires chief executive Ian Kerr is calling on the Government to deliver a tax boost in next month's Budget.Kerr is calling for the Chancellor to extend to expected 10 per cent cut in tax rates to savers.He says: "Savers felt the brunt of falling rates in recent months, with returns falling by almost a third since the start of November."

  • Brewin Dolphin hits at PIA over broker funds

    26 Feb 1999

    Brewin Dolphin Asset Management is fighting the corner for broker funds.The stockbroker is hitting back after the PIA attacked broker funds for under performing.Divisional director Andrew Benson says: "It is unfortunate the PIA have tried to tar all broker funds with the same brush. All the broker pension funds run by Brewin Dolphin have outperformed the life company managed funds, the Micropal benchmarks and the CAPS Median."

  • Canada Life cuts premiums for term assurance products

    1 Mar 1999

    Canada Life has cut its term rates by up to 21 per cent with effect from next March.

  • CGU announces 40 per cent drop in pre-tax profits

    25 Feb 1999

    CGU's pre-tax profit in 1998 dropped by almost 40 per cent to £768m from £1,238m in 1997.Its the loss was due to merger integration costs of £260m and extreme global weather conditions which increased claims provisions to £350m.Life premium income increased to £6,952m from £6,366m and general premium income increased to £8,772m from £8,719m.Its full year divined grew 8 per cent to 35.15p.

  • Cheltenham & Gloucester cut savings rates

    24 Feb 1999

    Cheltenham & Gloucester Channel Islands is reducing the interest rates on all its investment accounts by 0.5 per cent.

  • Egg revamps online banking service

    25 Feb 1999

    Egg is revamping the online service it provides its customers.The service will provide customers with up-to-date information about their savings accounts and will allow them to transfer money to and from other accounts.The site has had 300,000 visitors since its launch in mid October.

  • F&C Pacific Investment Trust appoints non-executive director

    25 Feb 1999

    Foreign & Colonial Pacific Investment Trust has appointed Kevin Jones as an independent non-executive director.Jones is a former principal with McKinsey & Co Tokyo. He also has had extensive dealings with Western and indigenous companies in the Far East.

  • Flight hits at Lisa despite advocating US 401k plans

    1 Mar 1999

    Howard Flight MP has slammed Government plans for the Lifelong Individual Savings Account despite his avowed support for similar US 401k pension plans.

  • Government sources say recommendations cost too much

    2 Mar 1999

    Government and Treasury sources were briefing lobby journalists that the Royal Commission report will cost too much to implement.Secretary of State for Health Frank Dobson called for a debate on the issue but no firm commitment for action was given.The Tory opposition accused the Government of action.

  • Government sources say recommendations cost too much

    2 Mar 1999

    Government and Treasury sources were yesterday briefing lobby journalists that the Royal Commission Long Term Care recommendations will cost too much to implement.Secretary of State for Health Frank Dobson called for a debate on the issue but no firm commitment for action was given.The Opposition accused the Government of dithering, although the Government insisted it needed time to consider the report.

  • Halifax launches advertising campaign for Isas

    25 Feb 1999

    Halifax is spending £1.8m on a television advertising campaign to promote its range of tax free savings products.

  • Investor Intelligence signs up Henderson Investors

    24 Feb 1999

    Investor Intelligence has signed up Henderson Investors in its bid to attract high net worth investors through a new wealth management service.

  • Leeds & Holbeck wages war against carpetbaggers

    1 Mar 1999

    Leeds &Holbeck is hoping to kill-off carpetbaggers by making new investors sign over any windfall payments to charity.

  • Long Term Care Royal Commission announces findings today

    1 Mar 1999

    The Royal Commission on Long Term Care will announce its findings this afternoon.

  • Mercer warns that state second pension will force redesign of company schemes

    26 Feb 1999

    William M Mercer says that employers will have to redesign their company pension schemes if the Government's state second pension scheme goes ahead.

  • MGM Assurance expands IFA sales team

    2 Mar 1999

    MGM Assurance is expanding its IFA sales support team as part of a drive to increase its presence in the IFA market. The support team will provide quotation and enquiry handling, retirement planning reports and centralised administration. The mutual is also undergoing a rebranding and is running an advertising campaign focusing on its image.

  • Mortgage 2000 calls for apr to be scrapped

    1 Mar 1999

    Mortgage 2000 is calling on the industry to abolish the use of annual percentage rate as a method of product comparisons.

  • NU's healthcare product gives choice between private and NHS

    26 Feb 1999

    Norwich Union Healthcare is launching a private medical insurance scheme that will allow people to choose between private and NHS treatment.

  • Prudential's sales force vote to end commission-based pay

    2 Mar 1999

    Prudential's 3,000-strong salesforce has voted in favour of scrapping commission-based pay. The life office will introduce the new pay scheme, dubbed Pay 2000, in April. The scheme means 60 per cent of salesmen's salaries will come from basic pay and 40 per cent from variable earnings based on sales performance and quality of service.

  • R&SA International launches three new mirror funds

    24 Feb 1999

    Royal & SunAlliance International Financial Services has launched two Euro-denominated mirror funds and one TEP mirror fund.

  • Royal Bank of Scotland launches 4 year fix

    25 Feb 1999

    The Royal Bank of Scotland is launching a range of mortgages aimed at borrowers who want to remortgage without moving house.

  • Royal Commission on Long Term Care backs free nursing care with means-tested hotel costs

    2 Mar 1999

    The Royal Commission on Long Term Care has backed free nursing care for the elderly. Commission chair Sir Stewart Sutherland says that the Commission wants the Government to pay for free nursing care from central funds.

  • Royal Commission set to report next week

    24 Feb 1999

    The Royal Commission on Long Term Care will publish its long-awaited report on Monday next week.Commission chairman Sir Stewart Sutherland will launch the report at the London offices of health service thinktank The King's Fund.Health Secretary Frank Dobson will make a statement in the House of Commons just prior to Sutherland's announcement.Since the New Year, there has been feverish speculation in the media about a split in the commission.

  • Scottish Provident International launches special offer

    1 Mar 1999

    Scottish Provident International is launching a special offer on its award-winning regular premium plans Momentum and Quantum.

  • Skipton reduces variable rate for mortgages

    24 Feb 1999

    Skipton Building Society is reducing its variable mortgage rate to 6.89 per cent.Its 3-Year discount mortgage offers a rate of 3.89 per cent in the first year for loans up to 75 per cent of value and 4.89 per cent for loans up to 95 per cent LTV.Sales and marketing director Alan Scotter says: "As a mutual building society committed to our members it is great we can pass on the benefits of a falling interest rate market to our borrowers."

  • Staffordshire sees mortgage advances grow to £191.2m

    24 Feb 1999

    Staffordshire Building Society saw gross mortgage advances in 1998 increase to £191.2m.Total assets increased to £1,287m while the balance on share accounts increased 6.6 per cent. The group's reserves increased by £6.47m to almost £100m.Chief Executive Keith Page says: "The concept that mutual businesses cannot thrive and prosper in today's challenging world is just not true."

  • Standard Life Investments sees retail business up 115 per cent

    25 Feb 1999

    Standard Life Investment increased its new retail investment business by a record 115 per cent in 1998.It took more than £50m of new money in the first quarter after its launch in November 1998.Its lump sum contributions increased by 131 per cent to £49m.SLI chief executive Sandie Crombie says: "Based on these figures for the first quarter it is very clear the launch of SLI as a separate subsidiary has been very well received in the market."

  • Standard Life reveals mini and maxi ISA plans

    2 Mar 1999

    Standard Life is to offer mini and maxi ISAs. Both cash and stocks and share components will be offered in Cat and non-Cat standard options. The cash ISA will be available through Standard Life Bank.

  • Surrey firms successfully appeals PIA suspension

    2 Mar 1999

    The PIA has revoked an intervention notice banning a Surrey firm from carrying out investment business after a successful appeal to the Membership and Disciplinary Tribunal. Millers Financial Services of 345 Whitehorse Road, Croydon, Surrey was suspended on February 24 1998 the after the PIA said "it appeared that it had ceased to be fit and proper".

  • Two commissioners publish dissenting report

    2 Mar 1999

    Two members of the Royal Commission on Long Term Care have published a dissenting note from the main report. They do not want to split the costs of nursing and hotel costs. They say that splitting the two components will simply see the taxpayer paying for better off pensioners. Oxfam chairman Joel Joffe and The Economist public policy editor David Lipsey argue that the Government should look for ways to help people to stay in their homes.

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