Money Marketing
24 May 2006

  • 100% Return pledged regardless of markets

    25 May 2006

    Dawnay Day Quantum is set to offer a Japan-focused structured investment product on May 30, which guarantees 100 per cent return on investment after six years regardless of the Japanese stockmarket's performance.The firm says its protected Japan multiplier provides geared upside exposure to Japan's Topix investment index, with full capital protection and no currency risk.If Topix, which tracks around 1,500 companies, rises by at least 30 per cent over three years, investors ...

  • 200 is magic for Bedlam

    25 May 2006

    Bedlam Asset Management has brought out the Bedlam 200 fund, which aims to provide income and growth from a portfolio investing 50 per cent in UK equities and the remainder overseas.

  • Abbey - Two Year Tracker Mortgage

    25 May 2006

    AbbeyTwo Year Tracker Mortgage

  • Aberdeen Asset Management -Aberdeen Ethical Engagement UK Fund

    25 May 2006

    Aberdeen Asset ManagementAberdeen Ethical Engagement UK Fund

  • Aberdeen engages in ethics

    25 May 2006

    Aberdeen has brought out the ethical engagement UK fund, an Oeic that will invest in companies that are improving their ethical behaviour.

  • ABI welcomes white paper on pension reform

    25 May 2006

    The ABI broadly welcomes today's white paper on pensions but says more dialogue is needed on consumers' needs and expectations.

  • Advisers accused of making IHT plans too complicated

    25 May 2006

    Advisers are overcomplicating inheritance tax planning for clients to earn higher commission, claims a Brentwood IFA.Unizone principal Richard Prudence says media publicity on IHT planning is prompting advisers to recommend trusts more frequently than is necessary. He says IHT planning needs to go back to basics.Prudence says the media have given extensive coverage to IHT planning since the Chancellor reformed trust taxation in the Budget.He says: "Wills are so often overlooked ...

  • Affordable housing is shrinking by 165 homes per day says Premier Guarantee

    24 May 2006

    The affordable housing crisis is worsening by 165 homes per day, accordingto new analysis of the housebuilding sector by Premier Guarantee.

  • Aifa urges FSA to use leeway over directive

    25 May 2006

    Aifa is urging the FSA to avoid imposing Mifid requirements on IFA firms.The regulator is telling companies to exploit opportunities presented by the Mifid directive, such as cheaper passporting of services throughout the European Union.But at a London conference last week, FSA managing director Hector Sants said firms should not underestimate the costs of reviewing systems and adapting them to Mifid. He said the benefits of the directive in terms of enhanced consumer protection ...

  • AIG set for move into bulk annuities

    24 May 2006

    AIG is understood to be entering into the bulk annuities market in the UK. The US insurer will be launching with the technical support of outsourcing firm Higham Group. AIG has been linked with the possible acquisition of Prudential, one of the largest suppliers of bulk annuities in the UK.

  • AIG set for move into bulk annuities

    25 May 2006

    US firm AIG is understood to be entering into the bulk annuity market in the UK. The firm will be launching with the technical support of outsourcing firm Higham Group. AIG has been linked with the possible acquisition of Prudential, one of the biggest suppliers of bulk annuities in the UK.

  • AMI fears lender regime will kill off independents

    25 May 2006

    Concerns growing that FSA plans could force lenders to shun mortgage intermediaries

  • Anniversary waltz

    25 May 2006

    Measuring the extent of the Chancellor's attack on trusts in this year's Budget

  • Axe for 0.3% NPSS charge

    25 May 2006

    Government set to relent to give product providers key role in admin of a national pension savings scheme

  • B&B scraps panel for specialist focus

    25 May 2006

    Brokers critical as Bradford & Bingley moves back to DSF operation

  • Balls unsure about future of advice

    25 May 2006

    New Treasury Economic Secretary Ed Balls told the Treasury select committee this week that he is unsure about the future of basic advice and that changes are needed to ensure a better balance between simplicity and regulation.

  • Balls unsure about future of advice

    24 May 2006

    New Treasury economic secretary Ed Balls told the Treasury select committee this week he is unsure about the future of basic advice and that changes are needed to ensure better balance between simplicity and regulation.

  • Barclays launches free anti-fraud initiative

    25 May 2006

    Barclays is launching an online anti-fraud initiative offering free anti-virus software free of charge to its customers.

  • Barclays launches new corporate pensions and benefits service

    30 May 2006

    Barclays has launched its new Corporate Pensions and Benefits Service aimed at the larger business banking segment.

  • Barings appoints new head of sterling fixed income

    30 May 2006

    Baring Asset Management has appointed Kevin Lorkins as its new head of sterling fixed income.

  • Bolton says bull market is over

    24 May 2006

    Fidelity's influential special sits fund manager Anthony Bolton says that the current bull market has run its course.

  • 'Bosses face increased scrutiny by regulator'

    25 May 2006

    The FSA fine imposed on former Millfield chief executive Paul Tebbutt could herald a wider clampdown on senior managers by the regulator's enforcement division, says a specialist financial law firm.TLT Solicitors head of financial services regulation Philip Ryley says the FSA's transition to principle-based regulation and its treating customers Fairly regime are leading to an increased focus on senior managers' responsibility.Tebbutt was fined 35,000 by the FSA last month for ...

  • Boulger slams flexible loan claims

    25 May 2006

    John Charcol senior technical director Ray Boulger says some lenders are misusing the word flexible to lure customers into buying lifetime mortgages.Boulger criticises Prudential for calling its lifetime mortgage flexible when he says it is a drawdown product. He says it is a market problem, not just confined to Pru, and it would help borrowers if a definition of drawdown was established to prevent confusion.Equity Release Advisory Service head Stuart Wilson called on Safe Home ...

  • Bright Grey to sell PTA only via advisers

    25 May 2006

    Bright Grey has launched its pension term assurance with single-life plans on level, decreasing and increasing terms.The product will only be available through IFAs.Products director Roger Edwards says: "We have designed our plan to be very flexible and it can be used to mix mortgage and individual and family protection. Cover increase options are available for mortgage, marriage and childbirth. We believe people should seek advice when it comes to protection so it will only ...

  • Broker highlights overseas mortgage market problems

    25 May 2006

    Brokers and lenders have come in for criticism for profiteering and failing to give proper advice on overseas mortgage applications.Overseas specialist broker Conti Financial Services managing director Simon Conn says some providers are guilty of serious abuses by advising consumers to remortgage and use the cash to buy abroad rather than take out a separate mortgage. He says some firms are even doubling as the estate agent to sell the property abroad with the money from the remortgage.He ...

  • Building society chiefs want voluntary Hips

    25 May 2006

    More than three-quarters of building society chief executives believe home information packs will have a negative impact and should be made voluntary, according to the Building Societies Association.The cost of producing a Hip is estimated to be as high as 1,000 and failure to produce a Hip will result in a fine.The BSA says that building society bosses believe Hips will add costs without any benefits and the number of properties for sale will reduce dramatically, creating a ...

  • 'Cameron uninformed on Hips'

    25 May 2006

    The Association of Home Inf-ormation Packs has attacked Tory leader David Cameron, describing his stance on Hips as an example of the "uninformed" comment circulating in Westminster.Speaking at the Mortgage Business Expo in Manchester last week, Ahips deputy director general Paul Broadhead said Cameron's suggestion that Hips should be scrapped because of the damage they will do to first-time buyers was the least valid of any argument against the scheme.Broadhead said he had ...

  • Catalyst calls to ARM

    25 May 2006

    Catalyst Investment Group has introduced a Dublin-based bond that invests in an asset-backed portfolio underpinned by US life policies. This product differs from similar products available to UK investors in the way it is securitised and set up through a trust to reduce risks.

  • Chain reaction

    25 May 2006

    Manufacturers and distributors need to realise that the balance of power in the supply chain has shifted, says Gareth Marr

  • Chancing their arms

    25 May 2006

    Guy Anker on the trend for societies to create separate brands for intermediaries

  • Chelsea Building Society -Three Year Fees Assisted Fixed Rate Mortgage

    25 May 2006

    Chelsea Building SocietyThree Year Fees Assisted Fixed Rate Mortgage

  • CI is irrelevant to today's conditions, says Cowman

    25 May 2006

    Critical-illness cover is stuck in the past and innovation is needed to ensure products are relevant to consumers, says Prudential head of protection Paul Cowman.He says medical advances have brought the need to revamp the product as definitions drawn up 20 years ago no longer relate to today.Pru is introducing a product at the end of May that is expected to take the form of a combined critical-illness and income-protection policy paying out in stages.Cowman says the market ...

  • CII fear that FOS changes will not protect innocent firms

    30 May 2006

    The CII has raised fears that ten free cases from the Financial Ombudsman Service will not be enough to protect innocent firms.The FOS has tabled 10 options following persistent lobbying to scrap the current system where firms have to pay a case fee if they receive more than two complaints, regardless of whether or not the complaints are upheld.Aifa is backing Option H, which would allow firms 10 free cases a year. A flat annual fee of about £230 would be levied on all firms while ...

  • Class seminars from Canada Life

    25 May 2006

    Canada Life is running a series of group insurance seminars between June 6 and July 6, covering its interent-based e-business portal Class

  • Class seminars from Canada Life

    24 May 2006

    Canada Life is running a series of group insurance seminars between June 6 and July 6 2006 covering its internet-based e-business portal CLASS. Advisers can learn about its absence management and employee assistance programmes.

  • Close breaks new ground

    26 May 2006

    Close Fund Management has brought out a special situations fund that differs from similar funds through its focus on UK smaller companies.

  • Commercial breaks

    25 May 2006

    Commercial finance Philip Scott examines the growing interest in the commercial finance sector

  • Consultants brought in to boost Hip training

    25 May 2006

    The Department for Communities and Local Government has hired consultants to shake up home inspector exams to ensure that enough people pass by next June, Money Marketing understands.The move follows industry concerns that not enough home inspectors will be trained in time for a full rollout in June 2007.The Government estimates around 7,000 inspectors will be needed. There are 4,000 training for the diploma, with different timeframes for qualification depending on experience, ...

  • Correspondent's week

    25 May 2006

    This week by freelance personal finance journalist Stephen Ellis

  • Countrywide Mortgage Centres becomes member of PMPA

    30 May 2006

    Countrywide Mortgage Centres has become a member of The Professional Mortgage Packagers Alliance.

  • Credit Agricole looking at takeover bid for A&L

    25 May 2006

    French bank Credit Agricole has confirmed it is considering a takeover bid for Alliance & Leicester.The move has been welcomed by brokers, who believe A&L needs investment so it can challenge HBOS at the top of the mortgage market.CA says it is at the early stages of evaluating a possible takeover. Abbey owner Banco Santander was mooted as a possible suitor for A&L.CA says: "We are assessing A&L, among others. Credit Agricole has not made any proposal to A&L and there is ...

  • Customers volunteer offshore bank details in Revenue crackdown

    25 May 2006

    Hundreds of people have voluntarily handed over details of their offshore bank accounts to the Revenue after it began a clampdown on tax avoidance.Investors were moved to act after the Revenue won a legal case forcing Barclays to hand over details of clients' offshore bank accounts.The Revenue is cracking down on offshore accounts amid concerns that they are being used as tax avoidance tools and says several hundred people have already volunteered details of their holdings.Barclays ...

  • Dalton chief relishes return to his roots

    25 May 2006

    Dalton Strategic Partnership new UK head of equity Glen Pratt says he is relishing the chance to return to his stockpicking roots by managing the firm's new high-conviction Melchior UK opportunities fund.Pratt says the fund will concentrate on 30-50 UK-listed small, mid and large-cap stocks that he thinks could return 25 per cent over a two-year period.The fund launches with $20m under management and Dalton will consider closing it once it reaches $500m.Pratt joined Dalton ...

  • 'DB liabilities are stifling shares'

    25 May 2006

    Thirty-six per cent of companies feel that the increasing cost of funding their defined-benefit pension scheme is adversely affecting their share price.In a survey by Aon Consulting of 115 of the UK's biggest DB schemes, 38 per cent were also concerned that their scheme deficits could cause their share price to dip in future.Fifty per cent thought the rising cost of funding their DB scheme was hampering their ability to compete in the market, rising to 58 per cent when asked ...

  • DB Mortgages sets up two-year fixes

    25 May 2006

    DB Mortgages is offering a series of two-year fixed rate mortgages as part of its pilot prior to full launch later this year. The rates range from 4.95 per cent on residential prime to 7.45 per cent on buy to let..

  • Different worlds

    25 May 2006

    A clash of civilisations took place in Manchester last week, with the Building Societies' Association parking its annual conference next door to the Mortgage Expo.Although the gatherings were within spitting distance, the short skip between events transported you across different worlds.Delegates entering the BSA were treated to a distinguished gentleman playing grand piano, a shoe-shine stand and somewhere to practise your putting.Meanwhile, the garish world of Mortgage ...

  • Don't panic

    25 May 2006

    When a correction takes place after a substantial rise in world stockmarkets, instead of panicking, it is a time to buy selectively as good shares go down with the overvalued ones.

  • Equity release is top topic for brokers

    25 May 2006

    A survey by the Institute of Financial Services reveals that brokers are asking more questions about equity-release training than any other subject.

  • Equity release is top topic for brokers

    24 May 2006

    A survey by the Institute of Financial Services reveals brokers are asking more questions about equity release training than any other subject.

  • 'Exclusions pose danger for IFAs'

    25 May 2006

    FSA called on to compel insurance policies to list all exclusions up-front

  • Exit pursued by regulator

    25 May 2006

    Fees Nicola York reports on the FSA threatening lenders with legal action in a row over shock rises in exit fees

  • FSA admits huge risks in principle-based regime

    25 May 2006

    The FSA says there are huge risks and barriers ahead for the industry and regulator before a principle-based approach is successfully implemented.Speaking at the Mortgage Expo, head of mortgages and credit unions Michael Lord said there was genuine concern from industry, consumer groups and the regulator about implementing the regime.But Lord said regulating through the 11 proposed principles rather than a prescriptive regime is the only sensible way forward to ensure appropriate ...

  • 'FSA not aiding advisers on WP'

    25 May 2006

    O&M Systems says the FSA is not providing enough specific guidance on with-profits pol-icies for IFAs and appears to be rejecting industry offers of assistance.O&M also disputes recent anecdotal evidence from the FSA that advisers have been deterred from offering reviews of with-profits policies due to a lack of understanding of the product and a fear of being accused of churning.Sales and marketing director Graham Miller says he wrote to the FSA in January 2005 offering to ...

  • FSA postpones decision on RU64

    25 May 2006

    The FSA board has decided today to delay its decision on the future of the RU64 rule.

  • FSA publishes CI review findings

    30 May 2006

    Firms selling critical illness insurance need to demonstrate a better understanding of the product and show they are treating customers fairly, says the FSA.

  • Gartmore is set for 500m deal

    25 May 2006

    US private equity firm to lock in Roger Guy and major fund managers

  • Get Hip to the opportunities

    25 May 2006

    I was interested to read the survey from the Association of Mortgage Intermediaries regarding intermediaries' views on home information packs. With 68 per cent of the AMI's members considering the impact of Hips on their business, it intrigued me how only 7 per cent are planning to produce Hips in-house while 46 per cent plan to white-label third-party packs. I believe mortgage intermediaries are underestimating the commercial potential surrounding Hips and should perhaps consider ...

  • Government reforms may lead to dumbing down in the work-place says Paternoster

    25 May 2006

    Paternoster, the new life assurance company, endorsed the three key elements of the government’s white paper on the future of pensions policy, announced today, but warned that companies may increasingly opt out of defined benefit pensions and switch to purely defined contribution schemes.

  • Grass is greener for Jupiter

    25 May 2006

    Jupiter has brought out a new environmental investment trust, the Jupiter Green investment trust.

  • HBOS hints that it could launch a sixth brand

    25 May 2006

    HBOS says it plans to keep all five of its mortgage brands and is hinting that it could set up a sixth brand.When asked by brokers at a conference for its top 20 intermediary partners this month whether any of its brands would be merged, the response was a firm no, with the company saying it wondered whether it had enough brands.Some brokers at the secret meeting also questioned the role of TMB, saying they did not understanding the difference between the packager-led brand ...

  • Hips branded "a load of old rubbish" by AMI chairman

    26 May 2006

    Home Information Packs have been slammed as rubbish by Tory MP and AMI chairman John Gummer.

  • HSBC Investments - Global Emerging Markets Equity Freestyle Fund

    25 May 2006

    HSBC InvestmentsGlobal Emerging Markets Equity Freestyle Fund

  • HSBC says 20% could save 3k with PTA

    25 May 2006

    HSBC has moved into pension term assurance and says at least 20 per cent of its existing standard policyholders could benefit by switching over.It is the first bank to launch into this sector and will initially offer products on level and decreasing term but only on a single-life plan basis. The product will offer free terminal-illness cover, accidental death benefit and interim life cover as standard.HSBC has included a mortgage guarantee on its MTR policy, which it says differentiates ...

  • IFAs tip Stone as Fidelity special sits contender

    25 May 2006

    Some IFAs believe Colin Stone is a strong contender to take on half of Fidelity's special sits fund following its planned split next January.Stone, who runs Fidelity's 750m European opportunities fund, joins the list of possible candidates, including colleagues Tim McCarron, Sanjeev Shah and John Stavis, to take on half of the 6.25bn fund from Anthony Bolton.Last month, Fidelity UK managing director Richard Wastcoat wrote to shareholders, saying that Bolton's successor for half ...

  • IFAs told to sit tight amid trust turbulence

    25 May 2006

    As some providers launch new products and others fail to act, advisers are recommended to wait for Finance Act

  • Intelligent Finance- One Year Fixed Rate Offset

    25 May 2006

    Intelligent FinanceOne Year Fixed Rate Offset

  • Intelligent thinking

    25 May 2006

    In the past 18 months, Intelliflo has become one of the fastest-growing client management software providers in the adviser market.

  • 'Introduction of Hips is far from certain'

    25 May 2006

    The implementation of home information packs is delicately poised and it is far from certain that they will be introduced as planned, according to the CML.Speaking at the BSA conference, deputy director general Peter Williams raised the spectre of the Government's recent Sipp U-turn to warn delegates that Hip plans are still subject to the whims of Westminster.Williams said as more stakeholders plough money into Hips, it will be harder for the Government to backtrack. He said ...

  • Investment View: Ride the shockwave

    25 May 2006

    I was on holiday when the first shockwave hit the markets last week.

  • Is it a dead cert?

    25 May 2006

    Self-certification Nicola York looks at whether self-cert business will decline as firms bring in new affordability calculators

  • James Ridgewell

    25 May 2006

    New Star's UK special situations fund manager is a relative newcomer to the industry but his contrarian approach to stock selection has pushed the fund forward and prompted comparisons with Fidelity special sits superstar Anthony Bolton. Interview by Philip Scott.

  • Journey back to the core

    25 May 2006

    Bradford and Bingley revealed this week that it is to axe its mortgage panel of 18 firms and return to selling only its own-branded mortgage products.

  • Jupiter - Jupiter Green Investment Trust

    25 May 2006

    JupiterJupiter Green Investment Trust

  • Just the ticket

    25 May 2006

    Money Marketing has great sympathy for Lansons PR and uber Arsenal fan Joe Laing.Having got tickets at the last minute for the Champions League Final last week, the Lansoneer rushed to get the Eurostar in time to get to Paris for the match.After paying an obscene amount of money for his ticket, he managed to miss the train by two minutes, leaving him severely out of pocket and humour.After the defeat of his team, perhaps it was just as well that he was not stuckwith nowehere ...

  • Keeping it real

    25 May 2006

    With global economic growth set to continue, the outlook for real estate investment remains positive

  • Lambeth/Portman merger confirmed

    26 May 2006

    Lambeth Building Society has approved its merger with Portman Building Society.

  • Leaked letter reveals DWP pressure to retain RU64

    25 May 2006

    The Department for Work and Pensions is pressurising the FSA to retain the RU64 rules ahead of this week's White Paper which will set up the national pension savings scheme.The FSA was expected to abolish RU64, brought in to accompany stakeholder pensions, at a board meeting this week.In a letter to Work and Pensions Secretary John Hutton, leaked to the press this week, a departmental civil servant says: "We think the FSA board could be persuaded to delay a decision if intervention ...

  • LIfe cover gap static as IP divide widens

    25 May 2006

    Swiss Re's annual industry protection report reveals that the life insurance protection gap was static at 2.3 trillion in 2005/06 but the income protection gap grew to 170bn.

  • Life on the wedge

    25 May 2006

    Money Marketing's prowess prevailed once again in the company of sporting legends (in their own minds) New Star.The team, led by Guy "Watch your back, Tiger" de Blonay, demonstrated their skills at Soho's Urban Golf last week.Lesser mortals from other financial titles tried but did not quite come up to par. What actually happened is that the team comprising Guy and MM hack Sam Shaw alongside the recent Investment Writer of the Year and Ben "It's because I'm not wearing golf ...

  • Live cover gap static as IP divide widens

    24 May 2006

    Swiss Re’s annual industry protection report reveals that the life assurance protection gap remained static at £2.3 trillion in 2005/6 for the first time ever but the income protection gap grew to £170bn.

  • Lucky seven from Abbey

    25 May 2006

    AbbeySeven Year Fixed Rate

  • Manipulating pension sales

    25 May 2006

    I agree wholeheartedly with Ned Cazalet's claim that life companies are manipulating their new business reporting. The aim is, of course, to produce figures that they can trumpet to the industry as an indication of how big and strong and successful they are in the hope that this will engender confidence in the marketplace and hopefully some real new business. Nowhere can this more easily be done than with group pension schemes. For example, employee A leaves a company and ...

  • Many happy returns

    25 May 2006

    Credit Suisse Asset Management joint heads of multi-manager Gary Potter and Robert Burdett talk to Philip Scott about a decade of pioneering multi-manager investment

  • Martin Currie builds its resources

    25 May 2006

    Martin Currie has introduced a long-only global resources fund that will be run along similar lines to the long-only side of its long and short global resources fund.

  • Montpelier raises Millfield stake

    24 May 2006

    Montpelier has grown its shareholding of Millfield from 10 per cent to 14.76 per cent, making it the second largest shareholder behind Amvescap with 21.5 per cent.

  • Montpelier raises Millfield stake

    25 May 2006

    Montpelier has increased its shareholding in Millfield from 10 per cent to 14.76 per cent, making it the second-biggest shareholder behind Amvescap with 21.5 per cent.

  • More whitewash?

    25 May 2006

    It looks as if we could still be in for years more of argument over pensions

  • Mortgage View: Three's a crowd

    25 May 2006

    Much has been written of late about the alleged demise of the industry's Holy Trinity: packagers, networks and clubs. So as an intermediary business which has a limited interface with all three, I think Hamptons has a relevant opinion.

  • Mortgages plc to set up direct arm

    25 May 2006

    Mortgages plc will set up a direct arm this year as its parent Merrill Lynch looks to increase its UK mortgage market share. Mortgages plc says its product range will be the same as its intermediary offering.

  • Mortgages plc to set up direct arm

    24 May 2006

    Mortgages PLC will launch a direct arm later this year, as its parent Merrill Lynch looks to increase its UK mortgage market share. MPLC has yet to determine a brand name but says its product range will be the same as its intermediary offering.

  • Motoring on

    25 May 2006

    Lender profile Guy Anker finds GMAC-RFC is optimistic after the sell-off of a majority stake in its giant parent General Motors

  • MPs want the ABI to prove how its alternative scheme would cut costs

    25 May 2006

    The Treasury select committee has challenged the ABI to prove how its version of the NPSS would drive down costs rather than create more red tape.The committee's report on NPSS regulation says simplicity and near-universal suitability are the overriding factors in deciding who should run the scheme.It says the ABI's introduction of consumer choice means it must provide convincing evidence that it will bring down costs.MPs warn of the potential for market operators to exert ...

  • Multi-manager View: Out for the discount

    25 May 2006

    Given the market correction, multi-managers should make a tactical switch in direction and increase their exposure to closed-end funds. Historically, discounts have moved in line with sentiment within the London stockmarket so it is not surprising that they have widened since the market peaked on May 11.

  • N&P chief Bullock is new BSA chairman

    25 May 2006

    Norwich and Peterborough Building Society chief executive Matthew Bullock has been elected chairman of the Building Societies Association.He replaces Nationwide Building Society chief executive Philip Williamson, who has held the post for the past year.Before becoming chief executive of N&P in 1999, Bullock had a broad banking career.Yorkshire Building Society chief executive Ian Cornish has taken over as deputy chairman from Bullock for the year.Bullock says: "I look ...

  • National Savings And Investments - Guaranteed Equity Bond 11

    25 May 2006

    National Savings And InvestmentsGuaranteed Equity Bond 11

  • Nationwide looks at giant broker arm

    25 May 2006

    Nationwide is looking at creating a separate giant division for intermediary business.The UK's biggest building society is considering whether the move would be better than housing direct and intermediary business under the same roof.Last week, West Bromwich Building Society announced the creation of West Brom for Intermediaries, which will generate and process broker business. Yorkshire, Britannia, Derbyshire and Portman building societies have similar operations.Nationwide ...

  • Nationwide says big firms won't enter equity release for three years

    25 May 2006

    Nationwide is warning hat it might take another three years before the major lenders launch full-scale equity- release products.Chief executive Philip Williamson says he is concerned that Nationwide could become embroiled in a missell-ing scandal if it enters the market too soon.He fears that consumers could complain to the Financial Ombudsman Service that they did not understand the advice given and says the solution could be to insist that customers should get written confirmation ...

  • Nature of the beast

    25 May 2006

    How many pension scheme members understand the investment risks they are taking?

  • Nearly half of banks outsource DM

    25 May 2006

    Direct marketing is outsourced to third-party companies by 47 per cent of banks, according to research from data management specialist CDMS. The research looked at senior marketers in the top 1,000 firms.

  • Nearly half of banks outsource DM

    24 May 2006

    Direct marketing is outsourced to third party companies by 47 per cent of banks, according to research from data management specialists CDMS. The research looked at senior marketers in the top 1000 firms.

  • 'Networks lack control of ARs'

    25 May 2006

    The FSA has warned mortgage networks over the lack of app-ropriate controls in place to ensure that appointed representatives are conducting business properly.Speaking at Mortgage Expo, FSA head of mortgages and credit unions Michael Lord said the regulator had uncovered evidence of inappropriate behaviour concerning controls and will be making it a priority area for 2006/07.Lord said: "We have found mortgage networks who have not put controls in place to make sure ARs are being ...

  • Newcastle merges with rival as society consolidation continues

    25 May 2006

    Universal and Newcastle Building Societies will merge at the end of the year.

  • Norwich Union in dual pension term push

    25 May 2006

    Norwich Union is lining up a twin-pronged assault on the pension term assurance market with the launch of life insurance with tax relief and mortgage life insurance with tax relief plans.The policies will follow the same product designs as its level and decreasing term products while offering tax relief at the client's taxable rate.The plans will be offered only on a single-life basis with no options but guaranteed rep-lacement benefit cover option is available for those becoming ...

  • Not content with status quo support act

    25 May 2006

    News has just broken that the Association of British Insurers has come out against a review of the Financial Services Compensation Scheme, preferring instead to stick with the status quo. Not only that but, they are calling for a review of the amount of capital IFA firms are required to hold (and I don't think they mean less).

  • NS&I ad branded misleading

    25 May 2006

    Aire Valley IFA Malcolm Guy has called on the FSA to intervene over a National Savings & Investments advertising campaign which he claims is misleading.Guy says the ad's pledge that the NS&I guaranteed equity bond will "genuinely outperform any growth in the FTSE 100 index" should be removed.He says the final figure used in the bond's calculation is the average value of the index over the last six months and the word "genuinely" should not be used.Guy says: "You cannot use ...

  • NU expands pensions fund portfolio

    24 May 2006

    Norwich Union has added 18 funds to its personal and group pensions.

  • NU pilots execution-only protection

    25 May 2006

    Norwich Union is preparing to test the sale of protection products on an execution-only basis in a bid to boost sales.The trial period is expected to run initially with the NU direct salesforce throughout August and September.NU says it will consider selling through another white-labelled deal as its contract with Tesco Personal Finance on protection products came to an end in February.Head of distribution David Barral says the outcome of the test will determine the company's ...

  • Oakwood could use packagers

    25 May 2006

    The Oakwood Group is likely to use packagers despite Michael Bolton's outspoken criticism of the market.MBAC Consulting director Alan Cleary, who is expected to form part of Oakwood's senior team, anticipates that the new firm will use packagers to add value and help with distribution.Cleary says: "I would have thought that Oakwood will deal with selected groups of packagers to bring products to the market because a small part of the market still adds value."The news comes ...

  • Ombudsman insists he is not the consumer's champion

    25 May 2006

    The Financial Ombudsman Service is neither a champion for consumers nor an apologist for the industry, says chief ombudsman Walter Merricks.Writing in the May issue of Ombudsman News, Merricks describes the permanent identity crisis of his organisation and the difficulty of treading a path between consumer and industry perceptions.He stresses the impartiality of the ombudsman and says he has been left scratching his head by the radically different attitudes shown towards the ...

  • Online key to reducing rejected critical claims

    25 May 2006

    Online underwriting is the key to reducing the number of critical-illness cover claims rejected for non-disclosure, accor-ding to Direct Life & Pensions.The Financial Ombudsman Service's recently said that in many cases of non-disclosure on application forms for protection products, it was found that clients had disclosed information to their advisers but the information was inaccurately recorded.DLP, which launched its Intelligent Protection system through LifeQuote in January, ...

  • Packager alliance secures new blood

    30 May 2006

    The Professional Mortgage Packagers Alliance has announced its latest member, Countrywide Mortgage Centres.

  • Parents' oversight could deny children of windfalls

    25 May 2006

    Standard Life says thousands of children may miss out on windfall payments as their parents or grandparents have forgotten to validate their votes ahead of demutualisation.The windfalls relate to stakeholder pensions that have been taken out on behalf of children or grandchildren.Standard says 6,400 children are in line to receive entitlements in what is understood to be the first life office demutualisation to feature windfall payments for children.Up to 1.34 million shares ...

  • Park Row sets up Northampton branch with ex-Bates team

    30 May 2006

    Park Row has signed up five advisers from Bates Investment Services to set up its new Northampton branch.

  • Pensions still face perils

    25 May 2006

    With a White Paper on pensions to be issued this week, the Government is probably congratulating itself.

  • Pensions White Paper is published

    25 May 2006

    The pension reform White Paper has called for the basic state pension to be relinked to earnings, the abolition of the contracting out rebate for DC schemes and a choice of NPSS models.

  • Platform Home Loans - Buy To Let Three Year Tracker

    25 May 2006

    Platform Home LoansBuy To Let Three Year Tracker

  • Platinum Capital Management - Platinum Nordic Fund

    25 May 2006

    Platinum Capital ManagementPlatinum Nordic Fund

  • Policing policy

    25 May 2006

    Back in the mists of time, the original proposals for mortgage regulation envisaged lenders taking responsibility for brokers - a paper called CP98.

  • Portman Building Society - Two Year Discount Mortgage

    25 May 2006

    Portman Building SocietyTwo Year Discount Mortgage

  • Premier Fund Managers - Protected Growth Plan - Limited Editions No 31

    25 May 2006

    Premier Fund ManagersProtected Growth Plan - Limited Editions No 32

  • Principle approach will fail in retail sector, says Sergeant

    25 May 2006

    The FSA's principle-based regulation regime is unlikely to work in retail financial services, says former FSA managing director Carol Sergeant.Sergeant, who was John Tiner's main rival for the job of FSA chief executive and is now Lloyds TSB chief risk director, told the Building Societies' Association conference in Manchester last week that a prin-ciple-based approach will work in the "two consenting adults" wholesale market. But she warned it would not work when retail consumers ...

  • Private sector must be central to running of personal accounts scheme

    25 May 2006

    Norwich Union head of pension strategy Graham Vidler says private enterprise should be central to running any form of national pensions savings scheme.

  • Product matters: Star turns

    25 May 2006

    New Star has yet again proved itself to be ahead of its peers by launching an innovative product. The Tri-star unit trust offers a single fund structure approach, as opposed to a fund of funds, giving exposure to UK equities, bonds and commercial property. Aiming to achieve a combination of income and capital growth, this launch brings together the expertise of Stephen Whittaker, James Gledhill and Roger Dossett.Each of these managers are highly regarded stars in their sectors. ...

  • Property price rises forecast to beat inflation

    25 May 2006

    Building society bosses are predicting house price growth will continue to outstrip inflation, confounding forecasts from economists.A BSA survey reveals that the majority of society chief executives believe house price rises will run at 4-5 per cent this year.This is in marked contrast to price predictions published by the BSA in January, which showed that most experts in the wider mortgage industry were predicting an annual increase of just over 2 per cent.The vast majority ...

  • Raising awareness

    25 May 2006

    I Refer to Nick White's comments in Money Marketing last week, First, regarding borrowing, the whole point of the article was to raise the awareness level of advisers, not to serve as a technical master class. It was not my article anyway, being written by a Money Marketing journalist. Within the 200-word constraint imposed on the journalist, I thought that they made an excellent job of getting the main idea across. The 78,000 figure was used for simplicity. The Sunday Telegraph ...

  • RBS the latest to support Origo

    30 May 2006

    RBS Intermediary Partners has become the latest lender to join Origo’s mortgage e-standards initiative.It is the fifteenth lender to sign up to Origo’s move into the mortgage market aimed at increasing efficiency, improving lender e-commerce capabilities and getting rid of unnecessary manual business processes.Origo managing director Paul Pettitt says: “Our aim is to facilitate collaboration with all relevant parties and encourage the mortgage industry to work together to evolve ...

  • Reporting requirements

    25 May 2006

    These are turbulent times for some IFA companies and their advisers, with one business crashing in the last few months and others facing a financial crunch.

  • Restructure boosts ethical fund

    25 May 2006

    Credit Suisse Asset Management believes the recent restructure of its multi-manager ethical fund will enable it to benefit from the trend towards companies reinvesting for growth rather than paying dividends.

  • Retrenching tools

    25 May 2006

    A significant proportion of the gains made by all three Adviser Fund Indices in 2006 were wiped out following last week's correction in global equity markets.Over the week to May 17, the Aggressive AFI fell by 5.2 per cent, the Balanced AFI by 3.6 per cent and the Cautious AFI by 2.2 per cent. However, all three indices are still in positive territory this year despite the recent losses incurred.Most major global bourses recorded modest reductions in value, ranging from a 3.8 ...

  • Rights and wrongs

    25 May 2006

    Measures designed to prevent the abuse of personal information are not working

  • Ritchie set to head Faculty of Actuaries

    25 May 2006

    Scottish Equitable director of pension development Stewart Ritchie looks set to become president of the Faculty of Actuaries this year.With current president Harvie Brown coming to the end of his two-year term this year, the election is expected to take place at an ordinary general meeting at the end of June.Ritchie is vice-president of the faculty as well as a member of the Association of British Insurers' pensions committee and National Association of Pension Funds' benefits ...

  • Royal prerogative

    25 May 2006

    A radio phone-in on pensions provoked much response from listeners

  • Saddled with cowboys

    25 May 2006

    As most children of my era would admit, cowboys and indians was a common pastime and the landscape of Glasgow had to be mentally edited so that the sight of giant cactuses was in mind when not necessarily in the line of sight.

  • Safe and secure?

    25 May 2006

    Our panel of experts discuss secured loans, fraud and the role of Ship in equity release

  • Sandler joins Paternoster

    25 May 2006

    Ron Sandler has been signed up as chairman of closed life fund consolidator Paternoster.Sandler achieved widespread recognition for the review of savings he carried out for the Treasury in 2001. He is chairman of financial education charity PFEG and former chief executive of Lloyd's of London. He is also chairman of Computacenter, Kyte Group and Oxygen.Paternoster, led by chief executive Mark Wood, has also brought in former FSA chairman Sir Howard Davies, former Zurich chief ...

  • Sarasin paints technicolour picture

    25 May 2006

    Sarasin ChiswellSarasin GlobalSar IIID

  • Sarasin widens investment world

    25 May 2006

    Sarasin ChiswellSarasin EquiSar IIID

  • Scott the brave

    25 May 2006

    As F&C growth and income manager Ted Scott moves back into bonds, Matt Goodburn gauges the reaction from other fund managers.

  • Scottish Widows adds four property funds to range

    30 May 2006

    Scottish Widows Investment Partnership is adding four new property funds to its life and pensions 'investment solutions' range.

  • Service at its best

    25 May 2006

    The OFT should ask why there is no profit in doing the right thing for clients

  • 'Six million workers set to lose out under NPSS'

    25 May 2006

    Six million company pension scheme members face a cut in their benefits under the proposed national pension savings scheme.Research from Axa has found that 34 per cent of employers which contribute 3 per cent or more to a company scheme will consider reducing contributions to 3 per cent if the NPSS is introduced.Forty-nine per cent of employers say they will not cut pension contributions if an NPSS is introduced.In a separate study into employee attitudes to pensions, Axa ...

  • Skandia will seek firms' best ideas for 'ultimate fund'

    25 May 2006

    Skandia Investment Management is preparing a summer launch for a best ideas fund that it describes as the ultimate concept in multi-manager.

  • Speculation surrounds Synaptic

    25 May 2006

    Adviser software provider Synaptic denies it is up for sale despite industry speculation the firm has put itself on the market.Synaptic chief executive Selwyn Herring, who owns 10 per cent, says approaches have been made but he is not willing to sell although he cannot vouch for the intentions of venture capital firm New Media Spark which owns 38 per cent.Former Berkeley Berry Birch chairman and chief executive Cliff Lockyer, who owns 48 per cent of Synaptic, is thought to have ...

  • 'Support service firms will start to fade away'

    25 May 2006

    Clash as Ken Davy says Stanley Lovell is 'scare-mongering' over future of support companies

  • Swiss Re on neg watch until GEIS merger completes

    30 May 2006

    Swiss Re and its core operating companies will remain on Standard & Poor's CreditWatch with negative implications, where it was placed on November 18, 2005 following the plans to acquire GE Insurance Solutions.

  • Taking Aim but missing the point

    25 May 2006

    Success on Aim can depend on having the right culture as well as having good growth prospects. That means a willingness to accept change and be ready for outside scrutiny from an expanded base of stakeholders. In some instances, businesses are just not at the right stage of their development or have insufficient management skills for life as a publicly quoted company. With the fixed cost of a typical Aim float being about 300,000, shareholders and managers need to fully understand ...

  • The price of protection

    25 May 2006

    It should be understood that claims against an IFA are claims about bad advice, not bad products. If a product is faulty, the manufacturer coughs up. This applies throughout all industries. If a product recommended by an IFA later proves to be unsuitable for the client, then surely it is the advice of the representative of the IFA that is being called into question? How can the manufacturer be held liable if a product is incorrectly used? That is not to say that the protection ...

  • This week in Politics

    30 May 2006

    The Government White Paper finally saw the light of day this week confirming all the leaks about relinking the basic state pension with earnings, scrapping the contracting out rebate for DC schemes and a delay in choosing who will run the NPSS.

  • Three-pronged approach for New Star cautious fund

    25 May 2006

    New Star Asset Management is offering what it believes to be the first cautious managed fund offering exposure to three asset classes within a non-fund of fund structure.The Tri-Star unit trust will invest in UK property, equities and bonds in roughly equal amounts and will be managed by joint deputy chief investment officer Gregor Logan.Logan is responsible for asset allocation, determining the appropriate weightings in UK equities, bonds and commercial propertyStephen Whittaker ...

  • Threesixty to host mortgage seminars

    24 May 2006

    Support service provider threesixty is hosting a series of mortgage seminars in June to discuss key issues, co-hosted by Abbey for Intermediaries.

  • Tories aim to show Sipp complexity

    24 May 2006

    The Tories have tabled amendments to the Finance Bill to change the definition of residential property in a Sipp to highlight the complexity of the new regime.

  • Tories aim to show Sipp complexity

    25 May 2006

    The Tories have tabled amendments to the Finance Bill to change the definition of residential property in a Sipp in a bid to highlight what they claim is the complexity of the new regime.

  • Traffic light system could help rate risk

    25 May 2006

    Retail Financial Services Group chairman Richard Lambert has called for a traffic light system for financial products.Former monetary policy committee member Lambert told the Building Societies' Association annual conference in Manchester last week that pressure must be put on the FSA to introduce a simple consumer risk warning system in conjunction with industry to regain consumer trust.Lambert, who steps down from his role as RFSG chairman in preparation for his new role as ...

  • Treasury plea to societies on equity release

    25 May 2006

    The Treasury has called for more building societies to offer equ-ity release as a way of helping the Government face long-term retirement challenges.Speaking at the BSA conference, Treasury director for financial services policy Clive Maxwell called on societies to offer new products such as equity release. He said: "Societies need to help us rise to the challenge of long-term demographic change in saving towards retirement. Marketing of equity release will play an important role."Few ...

  • Trigger points

    25 May 2006

    The Pensions Regulator head of strategy John Ashcroft explains the filter system that will be used to regulate defined-benefit scheme funding

  • TUC declares pension victory

    25 May 2006

    The TUC has declared victory ahead of the publication of todays pensions White Paper calling it the best opportunity to forge a new consensus the UK is ever likely to get.TUC general secretary Brendan Barber says all three of the TUCs campaign priorities look likely to be addressed- index linking the state pension to earnings, compulsory employer contributions and urgent help for women.He says the Government has handled the debate sensibly with genuine consultation and well-informed ...

  • Two-thirds of public confused by demutualisation

    25 May 2006

    Almost two-thirds of the UK population do not understand the rationale behind demutualisation and the negative effect this can have on investment performance, according to research by the Association of Mutual Insurers.Seventy per cent of the 1,013 adults surveyed are unable to give a satisfactory explanation of the differences between a mutual organisation and a public limited company.Over half of respondents are familiar with the term mutual in a business context but the results ...

  • Unconventional retirement

    25 May 2006

    What variations on a conventional annuity can a pension client choose between?

  • Whalley predicts ruling will boost offshore life products

    25 May 2006

    Offshore life products could see a surge in popularity after the Revenue put the squeeze on offshore bank accounts earlier this month, says Scottish Equitable International head of marketing Steven Whalley.He says after the Revenue forced Barclays to hand over details of customers' offshore bank accounts, many investors will look at offshore life products instead.Whalley says the legal ruling which allowed the Revenue to act does not have any direct implications for offshore ...

  • White paper forgets today's retirees says Alliance Trust Savings

    25 May 2006

    The white paper on pension reform does little for today's retirees according to Alliance Trust Savings.

  • Wickenden warns of IHT shock for trusts

    25 May 2006

    Money Marketing tax planning specialist Technical Connection director Tony Wickenden is warning of a trust tax shock.He says trust arrangements with historical transfers totalling 200,000 on a property valued at 300,000 at the 10-year anniversary could get a periodic inheritance tax bill of almost 13,000 following Budget changes.He calculates the periodic tax charge for an assumed case where a client has a transfer history of 120,000 accrued during the past seven years.If ...

  • Women and carers to benefit from reform

    25 May 2006

    A better deal for women and carers will underpin the Government's pension reform agenda, says Work and Pensions Secretary John Hutton.Speaking at a Fabian Society event, Hutton said the Pension White Paper will simplify the credit system to better reflect the way people contribute to society.Hutton said the Government will target women aged 45 or over who have not benefited from home responsibilities protection. Carers will benefit from an extension and simplification of the ...

  • Woolwich - Lifetime Value Tracker

    25 May 2006

    WoolwichLifetime Value Tracker

  • 'WP holders lose out on plc payouts'

    25 May 2006

    Figures from the Association of Mutual Insurers show that, when a mutual life insurer becomes a plc, holders of with-profits policies get an average payout of 14,000 less than if the organisation had remained mutual.

  • 'Wrap competition to cut bond charges'

    25 May 2006

    Defaqto says bond charges are set to reduce as the impact of competition from wrap providers increases. In its first review of the offshore and onshore bond market, Defaqto predicts that leading advisers will consider offshore bonds more seriously over the next few years as they are becoming an integral part of many wrap propositions.

  • Zurich are up to the Challenge

    25 May 2006

    "I've just opened the CML annual report and it smells lovely. It is not often any more that you get paper that smells that nice."FSA's Robin Gordon-Walker's excitement at receiving the document"Do you know anyone who does voicebox transplants in the UK?"Royal Liver's Andy Milburn after watching Liverpool win the FA Cup"Good news is you girls will live longer. Bad news is you will feel pretty crap about it."Winterthur Life's Mike Kellard on women's life expectancy"I can't ...

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