Money Marketing
25 January 2006

  • 1,000 Complaints a month for Sesame

    26 Jan 2006

    Company claims the cost of managing deluge of cases will be 4m this year

  • 62% Of advisers say scrap fees for innocent firms

    26 Jan 2006

    Nearly two-thirds of advisers want to scrap case fees for firms found innocent of complaints and are prepared to pay more if found guilty, according to a Money Marketing poll.The survey gauged advisers' views on two alternative funding proposals which were rec-ently tabled by the Financial Ombudsman Service.The FOS is asking firms whether they would prefer a new model to replace the current funding system which imposes a levy and charges a £360 case fee for firms after an allotted ...

  • 'Aberdeen won't bid for Gartmore'

    26 Jan 2006

    Aberdeen Asset Management has ruled itself out of the race to buy Gartmore, with managing director of Asia Hugh Young saying the firm has its hands full with integrating Deutsche.Young, who is on the Aberdeen board, told Money Marketing that rumours linking the firm to Gartmore, valued by analysts at 600m, overlook its 265m acquisition of Deutsche Asset Management's UK arm.AAM is integrating Deutsche's institutional business, closing down retail brand DWS and consolidating the ...

  • ABI vows it will meet deadline for NPSS alternative

    26 Jan 2006

    The ABI has scuppered rumours that it is pulling out of pensions minister Stephen Timms' challenge to propose an industry alternative to the national pension savings scheme.Timms challenged the industry to put forward a viable alternative to the 0.3 per cent management fee scheme proposed by the Pensions Commission but ABI members agree that any arrangement will be hard pressed to please smaller insurance companies which may feel that they are being squeezed out of the picture.Head ...

  • Accord Mortgages - Prime 100% 3 Year Fixed Fee Assist

    27 Jan 2006

    Accord MortgagesPrime 100% 3 Year Fixed Fee Assist

  • Action on protection

    26 Jan 2006

    Clients are in urgent need of pension protection advice as A-Day looms

  • Ad spend soars for Isa season

    26 Jan 2006

    Several leading fund managers are increasing their advertising spending this year in anticipation of a bumper Isa season with improved inv- estor sentiment.Artemis has raised its first-quarter spend to 2.3m from 1.3m last year, with 500 branded taxis on London's streets, ads at London mainline rail stations and South-east commuter stations.Invesco Perpetual sales and marketing director Rick White says the firm has seen clear evidence investor sentiment is improving steadily ...

  • AMI appoints associate director

    30 Jan 2006

    The Association of Mortgage Intermediaries has today announced the appointment of Rob Griffiths as associate director.

  • AMI outlines Hip fears

    25 Jan 2006

    The Association of Mortgage Intermediaries is concerned that Home Information Packs may harm the sector.

  • AMI recruits latest member

    27 Jan 2006

    Rooftop Mortgages is the latest lender to join the Association of Mortgage Intermediaries as an associate member.

  • Barclays International - Global GEB 2: Three Year

    31 Jan 2006

    Barclays InternationalGlobal GEB 2 - Three Year

  • Base values

    26 Jan 2006

    Interest rates Mortgage Express chief economist Peter Charles argues that with interest rates at historically low levels and nothing on the horizon that is likely to change the picture, prospective buyers do not have to rush into making a deal.

  • 'Big firms jumping on boutique bandwagon'

    26 Jan 2006

    Boutique multi-manager Williams de Broe has hit out at bigger groups that have jumped on the bandwagons.

  • Bite the bullet

    26 Jan 2006

    Last week's turmoil in Japan could offer a buying opportunity, says Matt Davis

  • BM gives Asda credit for checks

    26 Jan 2006

    BM Solutions is calling on the mortgage market to follow Asda's example of paying for rejected credit card applicants to have their credit history checked.The HBOS-owned lender claims the move could help generate customer loyalty and can also aid the fight against identity theft and fraud given customers can view all mortgage, loan and credit card applications made in their name.Several brokers welcome the sentiment but believe any initiative in the intermediary market could ...

  • Boulger predicts axe for packs

    26 Jan 2006

    Home information packs are likely to be scrapped if they are not introduced by the Government's target date of June, says John Charcol senior technical director Ray Boulger.Boulger says he doubts that Hips will be launched by the Government on time and also questions whether there will be enough home condition inspectors for a successful trial this year.He believes that any delay is likely to mean the death knell for the controversial scheme, given that any implementation would ...

  • Breeding Capital - Breeding Capital EIS

    25 Jan 2006

    Breeding CapitalBreeding Capital EIS

  • Britannic transfers first tranche of F&C funds

    26 Jan 2006

    Britannic Asset Management has successfully completed the transfer of the first tranche of Phoenix funds from F&C Asset Management, bringing its total assets under management to 30bn.

  • Bullivant to lead IP Task Force

    30 Jan 2006

    Personal Finance Society chairman Bob Bullivant will facilitate and chair the Income Protection Task Force, jointly set up by Le Beau Visage and CWC Research.

  • Cable calls for backdating lifetime rules

    26 Jan 2006

    LibDem Shadow Chancellor Vince Cable has called for home-reversion regulation to be backdated to M-Day or at the very least the point at which the legislation reached Parliament.Cable is is calling on the Government to rush through the regulations to avoid a gap in consumer protection.Regulation is scheduled to come into force in 2007 and Treasury Financial Secretary John Healey said this timetable, which includes a 12-week Treasury consultation and six months for the FSA to ...

  • Called to the bar

    26 Jan 2006

    The Diary hears a shocking rumour that cannot possibly be true from Edinburgh where Scottish Widows is said to have become so embarrassed with the drinking exploits of its staff in Edinburgh that it is to open its own private bar to keep its marauding troops away from the public.The company has been granted a licence for its Morrison Street building, with a local paper quoting a councillor suggesting that there would be less bar trouble locally without the "very rowdy staff" from ...

  • Chasers disappearing with payouts

    26 Jan 2006

    The financial services industry has been hit by a plague of ambulance-chasers which are running off with advisers' compensation payouts to customers.The claims management sector's voluntary watchdog, the Claims Standards Council, says it has been inundated with complaints about claim management firms which enter the market and then disap- pear with their customers' compensation.CSC policy director Andy Wigmore says rogue firms get their customers to sign contracts entrusting ...

  • Chrysalis aims for thwarted Sipp investors with art VCT

    26 Jan 2006

    Boutique fund manager Chrysalis is launching what it claims is the first venture capital trust investing in antiques and art businesses.The company, led by chairman Robert Drummond, is looking to raise a total of 25m by April in its venture capital trust E-share class offer and will be targeting self-invested personal pension investors who are disappointed that they cannot hold antiques and art in their pensions after Chancellor Gordon Brown's pre-Budget statement U-turn on residential ...

  • CII recruits to lead specialist teams

    26 Jan 2006

    The Chartered Insurance Institute is setting up special- ist teams for life and pensions and general insurance in a move aimed at a more focused approach.It says it wants to increase its presence in the life and pension sector and is set to launch a faculty of life and pensions. It is also develop- ing products and services for the banking and building society markets.Steve Jenkins has joined the CII in the new role of business development director to lead the life and pension ...

  • Civil rights

    26 Jan 2006

    My partner and I want to ensure our financial arrangements are in order as we are about to have a child. As we are both female, I am aware that we need to be more organised than other couples, especially should anything happen to either of us.

  • Claim council hit by threats and break-in

    26 Jan 2006

    The watchdog policing claim- chasers has come under siege with a string of reprisal attacks and death threats.The Claims Standards Council, which has vowed to rid the scandal-hit sector of abuses ahead of regulation this year, says its staff have suffered physical and verbal abuse, including death threats, and its headquarters have been burgled.Policy director Andy Wigmore, who will resign from his post at the AGM this week, was punched in the face after a conference last year, ...

  • CML announces reshuffle

    26 Jan 2006

    The Council of Mortgage Lenders has announced the appointment of Jon Pain as chairman for 2006.

  • CML reveals regulation boost for brokers

    27 Jan 2006

    Borrowers are just as likely to consult a mortgage intermediary now as they were before regulation, according to the CML.

  • CML urges Government action over Hips

    31 Jan 2006

    A report published today by the Council of Mortgage Lenders expresses serious concerns that home information packs may not be implemented on time.

  • Cofunds appoints head of strategic development and marketing

    26 Jan 2006

    Cofunds has appointed Anthony Wolfe from BNP Paribas as head of strategic development and marketing.

  • Commodity chest

    26 Jan 2006

    Commodities have seen huge rises, driven by demand from countries such as China and India

  • Compliance firm adds division

    25 Jan 2006

    The Consulting Consortium, a compliance consultancy group, has launched a new outsourcing division in Bradford. Outsourcing compliance services from TCC have been available exclusively to selected TCC clients in recent months, and now the company is launching the division formally to the UK market.

  • Compliance firm adds division

    26 Jan 2006

    The Consulting Consortium, a compliance group, has set up a new outsourc-ing division in Bradford.

  • Correspondent's week

    26 Jan 2006

    This week by freelance personal finance journalist Dido Sandler

  • Crazy frog

    26 Jan 2006

    The Pensions Commission should take a lesson from a Far Eastern allegory

  • Deadlock over HomeBuy

    26 Jan 2006

    Government scheme has enormous potential but minister refuses to relent on subsidies and tough regulations

  • Deferrals offer opportunities

    26 Jan 2006

    Over half of people willing to postpone state pension

  • Deficit rockets in three weeks

    26 Jan 2006

    Pension scheme liabilities soar as gilt yields plummet

  • Degrees of separation

    26 Jan 2006

    James Salmon reports on the PFS's drive to bring young graduates into the financial advice business

  • Deutsche names lending arm

    25 Jan 2006

    Deutsche Bank has announced its mortgage lending arm to launch later this year will be called db mortgages (Deutsche are using lower case). It also confirmed the quartet poached from The Mortgage Business, headed by Bill Dudgeon, are now in place. The lender will offer sub prime, buy to let and self certification mortgages.

  • Deutsche names lending arm

    26 Jan 2006

    Deutsche Bank's mortgage lending arm, which is launching later this year, will be called db mortgages. The lender will offer sub-prime, buy-to-let and self-certification mortgages.

  • Direct Line launches mortgage service

    30 Jan 2006

    Direct Line has launched a package combining mortgages, home insurance and home emergency cover in a three-in-one online and telephone deal.

  • Downing heads North

    26 Jan 2006

    Downing Corporate FinanceNorthern Venture Trust C-Share Issue

  • DSP appoints new partner

    31 Jan 2006

    Dalton Strategic Partnership has appointed Rupert Caldecott as a partner to promote its specialist funds and balanced investment programme.

  • End the gilt complex for annuities

    26 Jan 2006

    Peter Amott's article on the black holes of final-salary schemes is mildly interesting but fails to ask the funda-mental question as to why these black holes have become such a problem in recent times. Sponsoring employers have managed to cope with the fact that the values of their underlying assets inevitably wax and wane from time to time. What has happened in recent times to have transformed such schemes into such an intolerable albatross around the necks of company balance sheets? ...

  • Er: a suitable case for treatment?

    26 Jan 2006

    Our panel look at business prospects, RBS's restructure, non-conforming newcomers and concerns over the equity-release market

  • Fidelity FundsNetwork appoints insured propositions head

    26 Jan 2006

    Fidelity FundsNetwork has appointed Nic Burton as head of insured propositions.In his most recent role at Scottish Widows he managed the savings and investment products for the UK IFA market, as well as structured and guaranteed products through the bancassurance channel at Lloyds TSB.Burton will report to head of FundsNetwork David Dalton-Brown. He will have management responsibilities for FundsNetworks range of insured propositions, the recently launched onshore bond and planned ...

  • FSA probes advice on cashing in WP

    26 Jan 2006

    The FSA is running an investigation into the with-profits sector amid fears that advisers are not knowledgeable enough to advise clients on whether to cash in policies.The regulator says it has received anecdotal evidence of poor advice and a failure to move beyond the dogma that open funds are good, closed funds are bad. It adds that some firms are reluctant to advise customers to leave a with-profits fund because they could be accused of churning.The concerns were first raised ...

  • FSA to streamline anti-money laundering rules

    30 Jan 2006

    The FSA is planning to streamline its anti-money laundering requirements as it simplifies the FSA Handbook in March.

  • FSCS set to pay back 42m surplus

    26 Jan 2006

    The Financial Services Compensation Scheme is to refund 42m to firms in the general insurance contribution group, partly due lower than anticipated compensation in the sector. It says it is unlikely to raise the levy in 2006/07.

  • FSCS set to pay back 42m surplus

    25 Jan 2006

    The FSCS is set to refund a surplus of 42m to relevant firms in the general insurance contribution group before the end of the financial year 2005/6. This is partly a result of lower than anticipated compensation payments in the sector. It is also unlikely to raise a levy in 2006/7.

  • Fund firms told they should consolidate ranges

    26 Jan 2006

    Fund management firms should look to consolidate their existing fund ranges before launching new prod-ucts, say two leading investment figures.Hargreaves Lansdown head of research Mark Dampier says firms often seem keener to attract new investors than service the needs of existing investors while Credit Suisse joint head of multi-manager Gary Potter warns that it is hard enough launching a single fund into the market, let alone multiple funds.The comments come at the same time ...

  • FundsNetwork appoints Nic Burton as head of insured propositions

    26 Jan 2006

    FundsNetwork has appointed Nic Burton from Scottish Widows as head of insured propositions.

  • FundsNetwork sharpens portfolio tools

    26 Jan 2006

    Fidelity FundsNetwork is making changes to its portfolio planning tools to enable advisers to create their own preferred funds' panels.Advisers can set up model portfolios covering different risk profiles that can be used across multiple clients.It is also adding a simplified method of building client portfolios that involve monthly contributions and withdrawals.Head of sales Rob Fisher says: "These latest enhancements are part of the continuous evolution of the platform."

  • Gaskin offers retirement plan for IFAs

    26 Jan 2006

    Mirror takes on client service and pays ongoing income

  • Gill Nott elected AITC deputy chairman

    30 Jan 2006

    The AITC has elected Gill Nott as deputy chairman joining deputy chairmen George Kershaw and Carol Ferguson.

  • Government to combine consumer bodies

    27 Jan 2006

    The Government is proposing combining its five consumer bodies in an intiative to improve consumer protection - the Financial Services Consumer Panel, National Consumer Council, Energywatch, Postwatch and Ofcom Consumer Panel.

  • Greg Kerr joins New Star from M&G

    30 Jan 2006

    New Star has appointed Greg Kerr from M&G to run the US equities in its family investment accounts and to work in its institutional team.

  • Hartford locks in gains on unit-linked bonds

    26 Jan 2006

    Hartford Life is offering inv-estors in its unit-linked investment bonds a guaranteed lock-in of gains in response to con- cerns about market volatility.The enhancements to the gold safetynet product mean that investors can lock in up to 10 per cent of their investment gains each year on the anniversary of taking the bond out.For example, if an investor's 100,000 bond delivers 15 per cent growth by its first anniversary, 10 per cent of the initial value can be locked in so the ...

  • HBOS shrugs off RBS lending challenge

    26 Jan 2006

    HBOS mortgage managing director Charles Haresnape is confident the firm will retain its position as the UK's biggest lender despite the anticipated push from RBS this year.Haresnape says the restructure at RBS is a sign that it is playing catch-up with HBOS.He says: "For anyone to rep-lace HBOS at the top, you would need to be a leader in different niches and RBS will need to introduce more niche areas."Brentchase mortgage specialist Michael Fitzgerald says: "HBOS has had ...

  • Head of mortgages and credit unions Andy Watson leaves FSA

    27 Jan 2006

    The FSA has confirmed the departure of head of mortgages and credit unions Andy Watson from the small firms division. Watson, best known as the FSAs spokesman throughout mortgage regulation and its subsequent investigations will be leaving on January 31. A replacement has yet to be announced. Watson was unavailable for comment.

  • Heir trigger

    26 Jan 2006

    Equity release The Institute of Actuaries working party on equity release chairman Ged Hosty says the issue of inheritance tax is particularly important when considering equity-release schemes.

  • Hit the road, Jack

    26 Jan 2006

    I believe that we are at a crossroads in the IFA world, as we may well see some sensible changes in how the Financial Ombudsman Scheme charges, with no fee until the second or third complaint.

  • HSBC merges funds into 1bn portfolio

    26 Jan 2006

    HSBC Investments has mer- ged its three core UK equ- ity funds to create the 15th-biggest UK all companies portfolio.The company's 413m British fund, 157m household names fund and the 518m growth and income funds, which are all run by Bob Morris, are being merged to create a flagship 1.15bn growth and income fund.HSBC says the British and household names funds are not different enough from each other to warrant running them as separate mandates and it wants to benefit from a ...

  • Hughes heads HSBC multi team

    26 Jan 2006

    HSBC Investments has recruited James Hughes and Nicholas Pothier from Axa Investment Management for its multi-manager team. Hughes will head the team, with Pothier joining as a portfolio manager.

  • Hughes heads HSBC multi team

    25 Jan 2006

    HSBC Investments has poached James Hughes and Nicholas Pothier from Axa Investment Management to beef up it multi-manager team. Hughes will head the team with Pothier joining as a portfolio manager.

  • Hutton pledge on incapacity reforms

    25 Jan 2006

    The Government has published its Green Paper on incapacity reforms with Work and Pensions Secretary John Hutton telling the Commons he aims to reduce the number of new claimants, provide greater help to get people back into work and more support for the severely sick and disabled. The government will attempt to get a million claimants off the benefit and back into work over 10 years.

  • Hutton pledge on incapacity reforms

    26 Jan 2006

    The Government has published its Green Paper on incapacity reforms, with Work and Pensions Secretary John Hutton telling the Commons that he aims to get one million claimants off benefit and back to work over 10 years.

  • IFA accuses Bupa in critical claim clash

    26 Jan 2006

    A Sheffield IFA has accused Bupa of using delaying tactics over a critical-illness claim by demanding that exceptional conditions were met.Mint Financial adviser Richard Blackshaw submitted a 119,000 cancer-related claim which took Bupa three months to settle after the ins- urer repeatedly challenged the medical evidence put forward.The IFA says Bupa verbally rejected the claim last November but, when challenged, said it would reconsider if the client could provide more evidence ...

  • IFAP offers guide to key facts

    26 Jan 2006

    IFA Promotion has prod-uced a free factsheet to explain the key facts disclosure documents and what they mean to people seeking financial advice.

  • IFAP produces consumer guides to key facts

    25 Jan 2006

    IFA Promotion is issuing a factsheet through its website explaining key facts disclosure documents to consumers.

  • In the reality world

    26 Jan 2006

    Standard Life's latest strategy for ensuring that its demut-ualisation vote goes to plan involves pandering to the reality TV crowd.Apparently, these people are the 25-35-year-olds glued to the likes of Big Brother and X Factor and least likely to vote in this spring's SGM.The Diary is not sure if Standard will be approa-ching the likes of George Galloway or Dennis Rodman to wear the inevitable campaign T-shirts and, if so, whether it will be just as successful as dressing Sandy ...

  • Industry given chance to review FSA performance

    30 Jan 2006

    The Financial Services Practitioner Panel is preparing to launch the first stage of its 2006 survey of regulated firms to obtain an industry assessment of the performance of the FSA. The survey, which is carried out every two years, will be released later this year.

  • Ingenious wants to lower limit

    26 Jan 2006

    Ingenious Asset Management is looking to lower the min- imum investment on its multi-manager UK equity fund in a bid to attract more IFA business.

  • Insight adds trio for intermediary sales

    25 Jan 2006

    Insight has added Paul Dagger, John Humphries and Gareth McMaster to its intermediary sales team.

  • Insight adds trio for intermediary sales

    26 Jan 2006

    Insight has addedPaul Dagger, John Humphries and Gareth McMaster to its intermediary sales team.

  • Insight appoints Dellar from DWS as head of product development

    30 Jan 2006

    Insight Investment has appointed Paul Dellar as head of product development.

  • Investec Private Bank launches enhanced income product

    31 Jan 2006

    Investec Private Bank has launched an enhanced income product offering 4.25 per cent a year or more if the UK stock-market performs well.

  • Investment View: Hold firm on Japan wobble

    26 Jan 2006

    It was just my luck to be in a broadcasting studio immediately after the Japanese stockmarket was forced to close early due to sheer weight of selling orders. It was a first for the world's second-biggest stockmarket.

  • Jemma Barnard joins Henderson

    27 Jan 2006

    Henderson Global Investors has appointed Jenna Barnard as co-fund manager for the Henderson preference and bond fund and the Henderson strategic high yield bond fund.

  • John Chatfeild-Roberts

    26 Jan 2006

    Star fund managers are born, not made, believes Jupiter's master of multi-management. His new book, Fundology, explains how to identify the best managers but he fears that individual investors lack the courage to follow their convictions and are still stuck in the tracker mentality, says Matt Davis.

  • Jupiter launches redesigned website

    26 Jan 2006

    Jupiter Unit Trust Managers has launched its redesigned website at www.jupiteronline.co.uk.

  • Kleinwort Benson - Protected Linked Deposit 1

    25 Jan 2006

    Kleinwort BensonProtected Linked Deposit I

  • Leeds set for merger with Mercantile

    26 Jan 2006

    Leeds and Mercantile building societies are set to merge to create a company with 7bn of assets under management.The new venture will use the Leeds Building Society brand and the aim is to complete the deal by August 1.The societies have combined assets of 7bn, with 6.7bn from Leeds, 69 branches and 1,000 staff. Current Leeds chief executive Ian Ward will become chief executive of the new soc- iety and Mercantile chief executive Gordon Robinson will become North- east director. ...

  • Let's put our house in order

    26 Jan 2006

    As we are subjected to more and more reality TV shows, how long will it be before members of the financial services industry are put in a house for 10 weeks to sort out some of the mess that exists?

  • Levy stress

    26 Jan 2006

    Last week, I found myself writing an article for the Sunday Herald, in Scotland, about the Financial Services Compensation Scheme.

  • LifeQuote feeds protection need

    26 Jan 2006

    Sam Shaw looks at LifeQuote's system which is offering a tailored approach

  • Liontrust Investment Funds - First Opportunities Fund

    31 Jan 2006

    Liontrust Investment FundsFirst Opportunities Fund

  • Midas C-share issue bids for up to £35m

    26 Jan 2006

    Fund-raising venture for hybrid multi-manager investment trust

  • Mortgage View: Building up to a flat market

    26 Jan 2006

    The Mortgage Works announced last month that it was pulling out of buy-to-let lending on new build flats, and flats less than one year old because the scale of builders' incentives was making valuations unreliable. It is are continuing to lend on residential new build flats and on newbuild BTL houses.

  • Multi-manager View: Keeping up with investment styles

    26 Jan 2006

    Advisers have one of the most difficult jobs in the whole industry. They need to spend time running their business and nurturing client relationships but they also need to spend a considerable amount of time thinking about investments.

  • Mutiny on the bounty

    26 Jan 2006

    It seems anomalous that a business insurance arrangement that lacks bounteous intent should be caught by the Poat rules

  • New life for Isas

    26 Jan 2006

    Changes to the tax system could help to revive investment business

  • New model army

    26 Jan 2006

    In the second of a series of articles, Sesame head of propositions and commercial development Alastair Conway gives his thoughts on the practical steps advisers can take to strengthen their client proposition.

  • Northern Bank and FSA in offshore sales dispute

    26 Jan 2006

    A dispute between the FSA and Northern Bank could deter firms from moving offshore to sell into the UK.Belfast-based Northern Bank has suspended mortgage sales into the UK from its Isle of Man arm while its lawyers and the regulator are locked in talks about whether the bank needs FSA authorisation for sales on the mainland.At present, it is not regul- ated by the City watchdog to sell mortgages from the Isle of Man in the UK although it is regulated by Isle of Man regulator ...

  • NPI tells clients to contract back in or find new provider

    26 Jan 2006

    NPI has told its 218,000 contracted-out personal pension policyholders that they must either contract back into the state second pension or find an alternative provider.Customers who want to stay contracted out are being urged to contact an adviser and have until the end of the tax year to find another pension provider. All other clients will be automatically contracted back in.Several providers have urged clients to contract back in but NPI is the first to ditch clients who ...

  • NU and Morgan linking up for UK growth fund

    26 Jan 2006

    Norwich Union and JP Morgan Asset Management are joining forces to launch a UK growth and value fund that aims to beat the index by 2.5 per cent a year after charges.NU is bypassing its in-house managers at Morley and will take 200m out of one of its Morley-run with-profits funds to seed the portfolio.The fund will launch on March 6 and will be managed by Chris Complin and Michael Barakos, managers of the JPM European strategic growth and value and JPM premier equity growth ...

  • NU gives pledge after payouts plummet

    26 Jan 2006

    Norwich Union is introducing a protected guarantee for new investors in its with-profits fund in a bid to revive public confidence in the asset class.Some advisers, while welcoming the news, say it comes too late for existing policyhol- der who were hit with further bad news in last week's bonus announcements.NU revealed that maturity values on its 25-year with-profits mortgage endowment policies fell from 54,130 to 48,889 on its Culac fund and from 47,087 to 45,338 on its Nulap ...

  • NU launches offshore investment bond

    30 Jan 2006

    Norwich Union has launched a new open architecture offshore investment bond offering over 1500 funds pre-approved by NU International.Premier Portfolio has been designed by NUs Dublin-based subsidiary and has a choice of charging structures. The provider says virtually any investment fund can be added to the bond.NU says the bond can also be used to reduce liabilities to inheritance tax when written under trust using its Estate Protection Plan solution.NUI chief executive Clive ...

  • Old Mutual's Skandia offer goes 'wholly unconditional'

    27 Jan 2006

    Old Mutual has declared its offer for Skandia as wholly unconditional remaining open until February 9, with final settlement expected by February 17 2006.

  • Oliver Page retires from the FSA

    25 Jan 2006

    Oliver Page retires from the FSA as director of major retail groups and financial stability sector leader Oliver Page.

  • On the starting grid

    26 Jan 2006

    In my last few articles, I have examined features of the major asset classes and predicted how they might perform in the future. I have paid particular attention to the volatility of the individual asset classes and their combined behaviour, noting the extent of their correlated performance.

  • Panel beaters

    26 Jan 2006

    Consultancy Impact Plus has called for much greater transparency for multi-tie deals to clear up consumer confusion.

  • Pearl recruits from FSA to focus on closed funds

    26 Jan 2006

    Pearl Group has recruited David Baker from the FSA to oversee closed fund policyholder issues.Baker joins in April as director of business transformation from the regulator, where he has been working on closed life funds since 2003.He worked on an FSA study on the impact of an ageing population on the UK financial services sector. Before joining the FSA, he worked for 10 years as an economist in internat- ional development.Baker will be focusing on the management of Pearl ...

  • Perils of PTA

    26 Jan 2006

    Nicola York says firms are getting ready to move into the pension term assurance sector but there are concerns about advice pitfalls.

  • Pilot makes soft landing

    26 Jan 2006

    A discretionary trust can potentially save a pension member's death benefits from suffering IHT

  • Plain accolade for IFAP guide

    25 Jan 2006

    IFA Promotion has been awarded a Plain English Campaign Award for its consumer guide Financial advice: The buzzword is independent. The guide, aimed to clear up any confusion surrounding financial advice after depolarisation, topped the 2005 Plain English category as one of the years clearest documents.

  • Plain accolade for IFAP guide

    26 Jan 2006

    IFA Promotion has been awarded a Plain English Campaign Award for its consumer guide, Financial Advice: The Buzzword is Independent.

  • Platform ticket

    26 Jan 2006

    Lender profile Guy Anker finds Platform eager to add to its online processing system and boost non-conforming business.

  • Product matters : A realistic Venture

    26 Jan 2006

    In what could turn out to be an even busier year than 2005 for the VCT industry, it is refreshing to see quality names launching and being realistic about the amount of money that they want to raise and invest.Aberdeen has launched its C-share issue this week for the existing Aberdeen growth opportunities VCT and aims to raise 15m.Bill Nixon heads the Aberdeen venture capital team. This VCT will be a mixture of unquoted and Aim investments, with the majority in unquoted companies.One ...

  • Product providers are warned of Mifid sales slump

    26 Jan 2006

    PricewaterhouseCoopers is warning product providers to expect a significant drop in sales in the final quarter next year as advisers str- uggle to comply with the European Union's Markets in Financial Instruments directive.PWC says providers should anticipate a slowdown in business similar to the interruption caused by the introduction of mortgage regu- lation last year.The European directive, which covers investment advice, comes into force in October 2007. There will be no ...

  • Pru adds trusts to build up defences against IHT

    26 Jan 2006

    Prudential is adding a further three trusts to its inheritance tax planning product suite and is arming advisers with revamped sales aids.An excluded property trust, lifetime nil-rate band trust and discounted gift trust are being launched by Pru to bring its range to a total of 16 trusts.The excluded property trust is aimed at people not currently UK-domiciled, ringfencing offshore investments from UK IHT if the client subsequently becomes UK-domiciled.The lifetime nil-rate ...

  • 'Pru lifetime cut does not go far enough'

    26 Jan 2006

    Prudential has been criticised for failing to lower its lifetime mortgage rate below the 6 per cent threshold.The firm cut the head- line rate on its equity-release product from 6.45 per cent to 6.02 per cent last week but many believe the reduction did not go far enough. GE Life says Pru is still behind it in the market, with GE offering a 5.89 per cent annual rate.GE equity-release product manager Simon Little says: "They are trying to catch up with us, given that their annual ...

  • Public say no to offshore call centres

    26 Jan 2006

    Over 80 per cent of people do not want their financial products serviced by an overseas call centre, according to research from Alliance and Leicester.

  • Public say no to offshore call centres

    25 Jan 2006

    Over 80 per cent of customers do not want their financial service products serviced by an overseas call centre, according to research from Alliance and Leicester. Worries about the safety of personal information and problems with communication are the chief concerns.

  • Putting Sipps to work

    26 Jan 2006

    Recommending a group Sipp after A-Day will require special considerations

  • Rebels with a cause

    26 Jan 2006

    Guy Anker looks at the disagreements which led to the founding of the AMPD

  • Regulation passes consumers by says CML

    27 Jan 2006

    Regulation has prompted little dramatic change in consumers perception of the mortgage industry according to the Council of Mortgage Lenders.

  • Regulator sets BBB deadline

    26 Jan 2006

    Company has until end of February to close capital gap

  • Regulator's income muddle Letter to the FSA

    26 Jan 2006

    If I were a member of your monitoring department and I found an IFA peddling a description of income withdrawal as below, I would take action against that firm for misleading investors. However this is taken from your own website. Please remove it or change it and provide us with an explanation of why you are misleading potential investors. The first sentence is wrong on two counts. This is the text: Income withdrawal "A contract with an insurance company where you take ...

  • Reining in the cowboy culture

    26 Jan 2006

    Are endowment-chasing firms operating in the Wild West of financial services? Some of the stories emerging from the the sector would suggest as much.

  • RLAM wins 145m Skandia IM fixed interest mandate

    27 Jan 2006

    RLAM has been selected by Skandia Investment Management to manage a segregated actively managed corporate bond portfolio of 145m.

  • Rockin' Robin

    26 Jan 2006

    I am a great admirer of Robin Geffen and believe he is the best global fund manager in the UK.

  • Rooftop Mortgages - Light Plus Status 5.89% Fixed for Two Years

    27 Jan 2006

    Rooftop MortgagesLight Plus Status 5.89% Fixed for 2 Years

  • Sainsbury's answers to our protection probe

    26 Jan 2006

    Q: Are you confident that your customers are aware that buying direct means they do not have access to the Financial Ombudsman Service and potential compensation if they take out the wrong sort of insurance?

  • Schroders picks Japan chief to replace Rose

    26 Jan 2006

    Schroders has appointed its third head of Japanese equities in three years after Andrew Rose stepped down from the role and returned to the UK.Rose has been replaced by Shogo Maeda but will cont- inue to run Schroders' flagship Tokyo fund from the firm's London offices. Rose returns for family reasons after taking over from Denis Clough in 2004.Over five years, the fund ret-urned 28.4 per cent against a sector average of 10.8 per cent but over one year, it is up by 27.9 per ...

  • ScotEq pays out 82% of CI claims

    26 Jan 2006

    Aegon has released its rejected claim statistics for the first time, showing that it paid out on 72 per cent of critical-illness claims overall last year.Across all product ranges, Aegon-owned Scottish Equitable Protect paid out on 82 per cent of claims in the year to September 30, with payouts tot-alling 22m.Of the 18 per cent of the claims that ScotEq declined, 83 per cent were rejected on non-disclosure grounds, with the remainder rejected because clients' illnesses did not ...

  • Select committee slams property Sipp U-turn

    26 Jan 2006

    The Treasury select committee has attacked the Government for the last-minute U-turn on property Sipps, saying that it had warned about the potential for abuse two years ago.The committee recommended the Treasury to assess the opportunities for abuse on the issue back in 2003. It says the reversal in December was an appropriate measure but late in the day and called on the Treasury department to review the episode.The report quotes Price- waterhouseCoopers tax partner John Whiting ...

  • Ship rejects MPs' claims over equity-release ads

    26 Jan 2006

    Safe Home Income Plans has hit back at Labour backbenchers' claims of flawed equity-release advertising, saying increased competition this year will boost product innovation.But trouble could be brewing, with a Ship member survey predicting that equity-release products could be aimed at younger people this year.Labour MPs have accused Norwich Union and other equity-release providers of target their ads at an audience which is too young for the products, without properly highlighting ...

  • Ship reveals 2005 equity release figures

    30 Jan 2006

    Ship has revealed an increase in home reversion business but a softening of lifetime mortgage sales.

  • Ship wants state scheme statement

    26 Jan 2006

    Safe Home Income Plan chairman Jon King has challenged the Government to provide greater clarity on its views on the future of the equity-release market.King's call comes after Money Marketing revealed last week that proposals are being drawn up by consu- mer group Which? to be presented to the Treasury for the establishment of a state-run equity-release scheme.MPs attacked "misleading" equity-release ads in Parliament last week and King wants the Government to say whether it ...

  • Simple PTA move for ScotEq Protect

    26 Jan 2006

    Scottish Equitable Protect is moving into the pension term assurance market with a simple life product.

  • Simple PTA move for ScotEq Protect

    25 Jan 2006

    Scottish Equitable Protect is launching into the pension term assurance market with its first product set to go live in April. ScotEq Protect says it will initially launch a simple life product but not use the PTA name so consumers do not mistake it for a pension product.

  • Standard Intl sets up first offshore bond

    26 Jan 2006

    Standard Life International is offering its first offshore bond.There is a choice of 46 funds from a range of companies. The bond is being marketed at clients looking either to move abroad, reduce IHT liabilities or seeking alternative pension provision. It will also be marketed alongside the firm's discounted gift plan as an IHT planning tool. Minimum lump sum is 20,000 or 50,000 if you select the combined option with the discounted gift plan.Standard is also releasing a corporate ...

  • Standard Life rebrands banking and health businesses

    30 Jan 2006

    Standard Life is rebranding its suite of retail products with its banking and healthcare businesses simply adopting the Standard Life logo.Standard Life Bank and Standard Life Healthcare will adopt the Standard Life brand currently used by the Life and Pensions business.The provider says Standard Life Investments will retain its individual logo as its customer base is distinct from the other three UK-based arms.Standard says the move follows research showing customers did not ...

  • Standard questions scheme admin role

    26 Jan 2006

    Product providers which do not take on the role of scheme administrators on their packaged pension products after A-Day must justify their annual management charges, says Standard Life head of pensions policy John Lawson.He says Scottish Equitable's decision not to assume the newly created roles of scheme administrator or authorised scheme practitioner means that clients will continue to pay the same charges for a reduced service.Scheme administrators face onerous reporting ...

  • Standard strength rating downgraded

    26 Jan 2006

    Standard Life's financial strength rating has been downgraded from A+ negative outlook to A stable by Standard & Poor's.

  • Standard strength rating downgraded

    25 Jan 2006

    Standard Life has had its financial strength rating adjusted from A+ negative outlook to A stable by Standard & Poors.

  • Stroud & Swindon - Discount 2.08% Buy-to-Let

    30 Jan 2006

    Stroud & SwindonDiscount 2.08% Buy-to-Let

  • Supermarkets shun questions over cover

    26 Jan 2006

    Sainsbury's responds to survey but no reply from Tesco, Asda and Boots after one month

  • Syndicate makes 17.4m offer for Savoy Asset Management

    26 Jan 2006

    Syndicate Asset Management has made a 17.4m offer for Savoy Asset Management.

  • Talking over turner

    26 Jan 2006

    Scottish Widows head of pensions market development Ian Naismith says there needs to be a national pension debate to discuss the Pensions Commission's proposals.

  • The Exchange integrates with Personal Touch

    27 Jan 2006

    Personal Touch has integrated its Toolbox back office and administration system with The Exchange, as part of a major business transformation.The network of 2000 advisers made the decision after switching its focus from portal development to distribution.It will introduce The Exchanges Exweb product to its advisers as well as establishing formal links with Mortgage Brain and Mortgage Trading Exchange.The Exchange managing director David Child says: Personal Touch has created ...

  • The statutory funding objective will make or break db schemes says NAPF

    31 Jan 2006

    The Pensions Regulators new statutory funding objective must be flexible and pragmatic enough to reflect the long term nature of pension scheme funding according to the National Association of Pension Funds .

  • Thinc Destini appoints Howard Flight

    30 Jan 2006

    Thinc Destini has appointed former shadow chief secretary to the Treasury Howard Flight as non executive director. Flight, who was also Special Envoy to the City of London and Tory deputy chairman before he was ousted by former leader Michael Howard, will become chairman of the groups remuneration committee. Flight is joint chairman of Investec Asset Management and director of a number of other companies.Nick Kelly, formerly divisional managing director of the Tenet Group, also ...

  • Throwing in the towel over Fidelity

    26 Jan 2006

    The following is a letter sent to me by Fidelity concerning an Oeic/unit trust application and my responseThank you for resending the enclosed application and cheque for 23,810.98 in reference to our letter of 16 December 2005. Unfortunately, contrary to our letter of December 16, 2005, we are unable to set up these accounts in the name of C Turner Solicitors. We are able to set up these accounts in the name of the trustees, however, we can only set up an account with a maximum ...

  • Top of the table

    26 Jan 2006

    Money Marketing maintained its fine sporting tradition at an industry event last week, teaming up with Skandia's Billy MacKay and Alex Jones to end up victorious in a table football match.In a scrappy 10-minute affair, the match finished 1-0, with MM scoring the vital goal, stabbing it skilfully into the bottom corner just seconds before the Grosvenor Hotel staff called time.Fidelity PR manager Sam Slator is now Sam Kubunavanua after marrying a Fijian army officer recently.Sam ...

  • Tory support for debt centres

    25 Jan 2006

    Conservative shadow trade and industry secretary Alan Duncan this week visited Blackfriars Advice Centre and Southwark Credit Union to show support for responsible borrowing and organisations set up to aid those with personal debt problems.

  • Tory support for debt centres

    26 Jan 2006

    Conservative Shadow Trade and Industry Secretary Alan Duncan this week visited Blackfriars Advice Centre and Southwark Credit Union to show support for responsible borrowing and organisations set up to aid those with personal debt problems.

  • Webline joins Bright Grey extranet

    25 Jan 2006

    Webline is the latest portal partner to link with Bright Grey on its extranet offering, giving IFAs using its services the opportunity to access the providers protection menu product.

  • Wesleyan launches with profits Isa

    31 Jan 2006

    The Wesleyan Assurance Society has launched a with profits Isa investing in its with profits fund.

  • West Brom offers Shariah CTF

    25 Jan 2006

    West Bromwich Building Society has launched a Shariah-compliant child trust fund in several of its Midlands branches. The Shariah baby bond will be invested in shares listed on the FTSE Global Islamic Index with management of the bond will be supervised by a Sharia advisory board of scholars.

  • West Brom offers Shariah CTF

    26 Jan 2006

    West Bromwich Building Society has set up a Shariah-compliant child trust fund. The baby bond will invest in shares on the FTSE Global Islamic index.

  • West Bromwich Building Society - FlexiMortgage 10 Year Fixed

    30 Jan 2006

    West Bromwich Building SocietyFlexiMortgage 10 Year Fixed

  • Whitechurch wins NDF appeal as FSA backs down

    26 Jan 2006

    Seager says he will fight for compensation from regulator after case costs firm 100,000

  • Wood setting up firm to buy final-salary schemes

    26 Jan 2006

    Outgoing Prudential UK sup- remo Mark Wood is seeking backing for a new venture that will buy up ailing final-salary pension schemes.Wood, who leaves the firm on February 1, is planning a venture to buy up to 50 funds from companies struggling to manage DB deficits. By running several together, Wood looks to benefit from economies of scale.Money Marketing understands that Wood already has a cluster of backers. He has been linked with corporate-finance specialist Hawkpoint Partners ...

  • Workers may strike over retirement age

    26 Jan 2006

    Unions representing 1.5 million local council workers are to ballot for strike action over plans to raise their retirement age from 60 to 65. These workers were excluded from DTI Secretary Alan Johnson's deal with other public sector workers.

  • Workers may strike over retirement age

    25 Jan 2006

    Unions representing 1.5m local council workers are to ballot for strike action over plans to raise their retirement age from 60 to 65. These workers were excluded from DTI secretary Alan Johnsons deal with other public sector workers and instead have to negotiate with the Office of the Deputy Prime Minister.

  • Yorkshire to launch new 10-year fixed rate mortgage

    27 Jan 2006

    Yorkshire Building Society is launching a new 10-year fixed rate mortgage at 4.69 per cent.

  • Zero hour as FSA chief gets tougher on enforcement

    26 Jan 2006

    New director of enforcement Margaret Cole brings in an era of zero tolerance and says fines need to be increased

Poll

Will Greece leave the euro?

Current Issue

Advanced search