Money Marketing
25 September 2002

  • 'Moaners prevent move toward professionalism'

    26 Sep 2002

    IFAs should make a stand against the Victor Meldrews of the industry and follow the example set by the Americans and Australians to establish a new professional model, says Institute of Financial Planning president Simon Williamson. Speaking at the annual IFP conference in Telford last week, Williamson criticised IFAs he referred to as moaners who want to be part of a new profession but refuse to take further qualifications. Pointing to advances made in Australia, where over the ...

  • 'Pensions will beat the performance of buy to let and Isas'

    26 Sep 2002

    Pensions remain the best retirement savings vehicle and will outperform long-term saving in an Isa or property, Legal & General pensions strategy manager Adrian Boulding argued at last week's Pensions in Crisis conference in London. Taking a swipe at the buy-to-let market, Boulding told the conference that tax relief on pensions coupled with historic long-term returns on equities make them a better retirement vehicle than property or straightforward Isas. Scottish Equitable ...

  • 'Safe haven could bring regulation by watchdog'

    26 Sep 2002

    The safe-haven products recommended by the Sandler review could lead to conduct of business rules being determined by Financial Ombudsman rulings, warns the FSA. At the Distribution Strategies Post-Sandler conference in London last week, FSA head of polarisation review David Severn said if the regulation of the sales process is stripped away, as Sandler proposes, there is a danger of rules being created by subsequent complaints to the ombudsman - a situation that both the FSA and the ...

  • 'Stamp out this tax on pensions'

    26 Sep 2002

    The Government is cutting pensions by £8,000 per person through stamp duty on share transactions, says the National Association of Pension Funds. At a conference hosted by the London Stock Exchange this week, NAPF chairman Christine Farnish warned that people in defined-contribution schemes are paying an average of £90 a year in stamp duty. LSE chairman Don Cruickshank attacked the Treasury for failing to respond to calls for the abolition of the tax, which he claims ...

  • 'Tied must reveal costs'

    26 Sep 2002

    The FSA must force tied and multi-tied agents to disclose distribution costs to prevent them claiming they give free advice, says Clerical Medical. Pensions strategy manager Nigel Stammers says failure to disclose distribution costs in the tied sectors would go against CP121's basic principle of transparency. He says the FSA will have to work out a clear definition of what counts as a cost of distribution including indirect benefits such as IT systems support, marketing support ...

  • £20m promotion for 'plan from the Pru'

    26 Sep 2002

    Prudential is spending£20m to promote its "plan from the Pru", which marks a change in strategy for the firm, diversifying from its core business of with-profits and annuities. The return to a virtual "man from the Pru", first revealed by Money Marketing four weeks ago, means the company is offering basic financial planning information on the internet and phone, with links to IFAs or direct advisers, backed by huge promotion activity including a TV campaign. The life office ...

  • A less FAR-sighted approach

    26 Sep 2002

    In the current economic climate, policyholders and financial advisers are understandably concerned about the future viability of life insurance companies. Since insurers' FSA returns for 2001 were made publicly available, many press articles have championed free-asset ratios as indicators of financial strength. However, in an issues paper on regulatory reporting published by the FSA last November as part of its with-profits review, the regulator warned that a meaningful comparison ...

  • A matter of trust

    26 Sep 2002

    Lorna Bourke now seems to understand that contributions to a pension scheme, be they occupational, personal or stakeholder, could be a total waste of money (Money Marketing, September 12). If the emerging benefits are below the future equivalent of the minimum income guarantee, then no added value to the pensioner will be present despite his or her contributions. The choice that all clients, advisers and journalists have is what do we distrust more - the fortunes of the market ...

  • Abbey may put First National on market

    27 Sep 2002

    Abbey National's statement that it is looking at selling off non-core assets as part of a strategic review has led to speculation that it has put its specialist mortgage lending and consumer finance division, First National, on the market. The bank says it will not comment on speculation but it is thought that disposing of First National would be a way to focus on its core retail business. 

  • Aberdeen and Schroders announce fund manager losses

    25 Sep 2002

    Fund managers Aberdeen and Schroders have announced a number of fund managers leaving on their US and UK desks.

  • Achieve 93% 'compulsion' automatically

    26 Sep 2002

    The Pickering report proposes that an employer should be allowed to make it a condition of employment that a new employee joins the pension scheme. It also notes that both the CBI and TUC have indicated support for such change. This is powerful backing. The proposal depends on immediate vesting and extension of concurrency above £30,000 so there is a lot of water to flow under the bridge before it is clear whether this can become law. On top of this, there is the time that it ...

  • Actuary warning on pension transfers

    27 Sep 2002

    Too much emphasis is being placed on critical yield and not enough on other factors, leading to IFAs failing to recommend pension transfers when they should, says actuarial firm Mark Lloyd & Co. The firm says the potential for current low stockmarket values to rise and funding deficits in final salary schemes means switching is more attractive than many IFAs think. 

  • AMP appoints Mohl as new chief executive

    1 Oct 2002

    AMP has moved quickly to appoint Andrew Mohl as chief executive officer after Paul Batchelor was forced to step down after difficulties with its UK operations and the capital strength of the Pearl with-profits fund. Mohl was immediately made acting chief executive and his contract will be subject to shareholder approval. Chairman Stan Wallis is due to step down following the appointment of Mohl.

  • Are pension lump sums in tax peril?

    26 Sep 2002

    Industry experts warn that any move by the Inland Revenue to phase out tax-free cash on pensions would destroy the population's incentive to save and could be politically disastrous. The reaction from IFAs and providers was sparked by comments from Retirement Income Reform Campaign director Oonagh McDonald at last week's Pensions in Crisis Conference in London. McDonald warned that the Revenue is looking at ways to phase out tax-free cash. The Revenue's head of savings ...

  • Are we taking verification too far?

    26 Sep 2002

    Are we going too far with client verification? I have just had a call from Norwich Union with regard to an application for term insurance that I submitted to them recently. The quote and application form were downloaded from my website and I have never spoken or seen the client. They sent in an original bank statement to satisfy the new ABI rules for verification purposes using regulation eight and this was duly completed on the appropriate form and sent to NU. I have today ...

  • Axa claims raising pension age would motivate savers

    26 Sep 2002

    Raising the pension age would be welcomed by the public and lead to increased pension saving by individuals, claims Axa Sun Life head of pensions marketing Steve Folkard. Speaking at the Pensions in Crisis conference, Folkard argued that people would save more for retirement to avoid working beyond 65. The life office conducted research to see how the public would respond to the proposal raised by Alan Pickering and the Institute for Public Policy Research that the state pension ...

  • B&B buys loan portfolio from GMAC-RFC

    27 Sep 2002

  • Basel faulty

    26 Sep 2002

    Poor old CML, quite the hot shots when it comes to European regulation, but not quite so worldly wise when it comes to the football politics of Glasgow. At a recent conference in the city the trade body had a banner making reference to that fascinating international banking standards agreement - Basel 2. How was the poor CML to know that they were also nailing their colours to the wrong mast, Basel's footballers having recently dispatched Glasgow Celtic from the European Champions ...

  • Batchelor out as AMP pumps cash into Pearl

    26 Sep 2002

    AMP group chief executive Paul Batchelor has resigned following the publication of a prospectus aimed at raising money from Australian investors which disclosed the precarious state of the Pearl with-profits fund. The move, announced following a board meeting in London on Tuesday, will also see group chairman Stan Wallis step down when a replacement is found for Batchelor, who has held the post since 1999. The resignations follow AMP's admission that subsidiary Pearl is in breach ...

  • Britannic Money launches four new buy-to-let mortgages

    1 Oct 2002

  • Britannic Retirement Solutions calls for full regulation of equity release

    25 Sep 2002

    Britannic Retirement Solutions is calling for FSA plans for regulation of the equity release market to extend to cash reversion schemes.

  • Britannic wants cash reversion regulated

    27 Sep 2002

    Britannic Retirement Solutions is calling for FSA proposals for regulation of the equity release market to be extended to cash reversion schemes. The FSA is regulating mortgage-based equity release schemes from 2004 but Britannic says consumers will only feel secure going into equity release if the whole of the sector is regulated. 

  • Buoyant mood in market

    26 Sep 2002

    In Future Mortgages' quarterly survey of 500 top mortgage brokers, we were delighted to record a high level of confidence among intermediaries. Mortgage business is increasing, with 76 per cent reporting a rise over the past three months and only 7 per cent experiencing a fall. Although the number who have seen a rise in business has fallen from 86 per cent in the July survey, the results are heartening nevertheless. The confidence that this increase in business brings can be ...

  • CA calls for non-political body to set pension policies

    26 Sep 2002

    The Consumers' Association is calling for a non-political body to be set up, responsible for pension policy in the UK, citing failure by the Government to address the growing pension crisis. CA senior policy adviser Mick McAteer issued the call for a new body which would depoliticise pensions at the Liberal Democrat Conference in Brigh- ton this week. At a fringe meeting sponsored by the ABI and thinktank the Centre for Policy Reform, McAteer said the Financial Futures Commission ...

  • CA launches endowment campaign

    25 Sep 2002

  • Cable presses Labour over Penrose

    25 Sep 2002

    Liberal Democrat trade and industry spokesman Vincent Cable is demanding to know when the Government plans to publish the Penrose Inquiry into the Equitable Life debacle. He says it is apparent the Government is trying to push the whole matter under the rug as it has been more than a year and a half since the inquiry was announced. Cable says he plans to pursue the matter by tabling questions and attempting to secure a debate when Parliament reconvenes in October. 

  • Chelsea offers fixed rate bond

    27 Sep 2002

    Chelsea Building Society is launching a new fixed rate bond paying 4.2 per cent until July 6 2004. After July 7 the Chelsea Net Bond, will have an interest rate of at least 0.2 per cent above the rate applying to the building society's Instant Option at that time. Interest payments will be made annually on September 1 from 2003 and can be added to the bond or transferred to another account. 

  • CIS cuts with-profits payouts by 5 per cent

    25 Sep 2002

    CIS is cutting payouts on with-profits by 5 per cent after announcing an interim bonus declaration. The cuts follow a 15 per cent cut announced at its scheduled annual declaration in April. The company blames falling stockmarkets but claims consumers are still benefiting from smoothing.

  • Clerical in stake return

    26 Sep 2002

    Clerical Medical is set to make a return to the group stakeholder market on the back of the systems it bought from Equitable Life last year. The company had been forced into a retreat from the market in August last year following a backlog at its admin centre in Bristol. The company said it hoped to return to the market in early 2001 but commentators speculated that it would never return. Speaking to Money Marketing, HBOS chief executive of life and investments Phil Hodkinson says ...

  • CML forecasts lending will slow down in 2003 BM calls for full disclosure of sub-prime charges

    26 Sep 2002

    Specialist lender BM Solutions is calling on sub-prime packagers to disclose charges fully to consumers as the mortgage industry prepares itself for regulation in 2004. Even though packagers have been excluded from the regulatory umbrella, BM says it expects all the companies it does business with to act as if they are regulated and offer a fair deal to consumers. It is offering a "seal of approval" to the 12 packagers on its sub-prime packaging panel to meet its criteria for treating ...

  • Correspondent's week

    26 Sep 2002

    Due diligence - two words that have come to signify months of intensive work following the signing of heads of agreement to merge the businesses of ABN Amro and Artemis. Most of the preparation work has been completed but, as we approach the final furlong, the critical approvals from the FSA are still awaited. Until those approvals are received, the series of closing meetings cannot take place and the merger cannot complete. This is the prospect for the week as Monday dawns. It ...

  • Davy says small IFAs to be post-polar winners

    26 Sep 2002

    Small IFAs are set to be the long-term winners in a depolarised world, succeeding where national firms and networks fail, according to former DBS chairman Ken Davy. Local IFA firms will be able to capitalise on the relationships they have built up with clients and offer tailored services to fit their needs, Davy told the Distribution Strategies Post-Sandler conference in London last week. He said because of the sheer size and diversity of their clients, nationals and networks will ...

  • DBS drops court case over £8k pension review bill

    26 Sep 2002

    DBS has dropped its court case against former network member Peter Lawrence over an alleged £8,000 pension review bill owed to the Misys-owned network. Lawrence, who left the network in 1993, entered into a legal battle with DBS after claiming that, under the terms of his contract, he was not liable for the charges. Just two days before the case was due to start, DBS agreed to drop the proceedings and to pay Lawrence's costs. However, because the case was settled before ...

  • DBS wins gagging order in legal battle

    26 Sep 2002

    DBS has issued a gagging order against former DBS network member Evan Owen ahead of a legal battle believed to be over negative comments made about the network to the press this year. The injunction follows a preliminary High Court hearing on September 4 in London in DBS Financial Management. Money Marketing understands that the action against Jones, a former client of Owen's, has been dropped. The case is expected to be heard later in the year. Evan Owen was unable ...

  • DC schemes could be next target for unions, says leader

    26 Sep 2002

    Union strike action over defined-benefit schemes could spill over to companies running defined-contribution schemes, warns giant civil service union Unison. Head of pensions Glyn Jenkins told delegates that poor returns on defined-contribution schemes will lead to increased wage claims. In a warning to employers not to underestimate the pitfalls of cheaper money-purchase schemes, Jenkins argued that poor performance by defined-contribution schemes will be apparent to employees ...

  • Derbyshire moulds Norwich bond in its own image

    30 Sep 2002

    Derbyshire Building Society has established a combination product that consists of a high-interest account and a unit-linked bond.The Derbyshire dual bond places 30 per cent of investors' capital into the high-interest account element, which is fixed at 7 per cent gross for one year. The remaining 70 per cent of capital will go into the Derbyshire portfolio plan, which is a branded version of Norwich Union's portfolio bond.The bond offers four funds, Norwich Union ...

  • Don't make small guys the fall guys

    26 Sep 2002

    None of us can dodge the professional indemnity issue. We have all seen or will see a huge increase in premiums. That said, I do feel that DBS has handled the problem badly and is unduly penalising the smaller IFA. It has increased its monthly fee for a sole trader from £200 to £330.70 and this will apply whether the IFA has a turnover of £40,000 or £100,000 a year. I feel that this is most unfair. Who ever heard of the small guys subsidising the big guys? ...

  • Down to business

    26 Sep 2002

    A Money Marketing report on the recent consultative document on corporation tax reform referred to an ensuing analysis of the proposals by yours truly. Well, here it comes. I am going to concentrate on the issues that are, in my opinion, of greatest interest to financial advisers and product providers. What's it all about? (Before answering this, you should know how hard it was for me not to put "Alfie" after that question.) The Inland Revenue has announced that it is seeking ...

  • Down to business

    26 Sep 2002

    I am a Dutch national who has been resident in the UK for the past 25 years and is now within six years of retirement age. Having built up substantial pension fund assets in the UK, I am concerned about the currency risks I face. Should I return to the Netherlands at retirement? During our recent discussion, you raised the highly relevant issue of Britain's ultimate membership of the European common currency. As you know, the euro formally came into existence on January 1, ...

  • Dual carriageway

    26 Sep 2002

    Abbey National, the last of the five big lenders to face action over dual-rate loans, could be facing payouts of more than £10m to 15,000 borrowers. But it could be worse, Abbey has followed the HSBC and Cheltenham & Gloucester path in opting to pay out only to customers who made complaints while the rate was available rather than compensating everyone. Maybe it's because life's complicated enough for Abbey that it has decided to take this route. But by withdrawing ...

  • DWS targets Europe

    25 Sep 2002

    Deutsche Asset Management, which is rebranding as DWS Investments, has introduced the DWS European opportunities fund.

  • Euro rules posing a threat to UK banks

    26 Sep 2002

    Smaller UK banks face being snapped up by bigger players in Europe because of new capital adequacy requirements, according to UK lenders. The Basel Accords, or Basel II, set to be finalised at the end of next year and implemented in 2007, may cut the level of funds that organisations have to hold, based on their risk rating. At a recent briefing on Basel, Britannia Building Society warned that "converted societies may be snap-ped up by overseas predators" using the released capital ...

  • FSA launches overhaul of life insurance industry

    1 Oct 2002

    The FSA is today publishing the report that sets out its proposals for the complete overhaul of the insurance industry.

  • FSA probes top insurers on equities

    25 Sep 2002

    The FSA is writing to the country's top 20 insurers to ask them what plans they have in place to deal with plummeting equity markets. An FSA spokeswoman says the information gathering exercise is only what should be expected of a prudent regulator given the current market conditions.  

  • FundsNetwork adds planning tool

    25 Sep 2002

    FundsNetwork is adding a planning tool to its platform designed to help IFAs with asset allocation, growth modeling and risk assessment. The portfolio planner allows IFAs to tailor asset allocation strategies to their own investment views and then select a combination of filtering criteria to choose a fund. Features to assist IFAs giving face-to-face advice such as bespoke key features documents and personalised portfolio recommendation reports are also available. 

  • Gartmore - Alphagen Volantis Fund

    26 Sep 2002

    Thursday, September 26, 2002Type: Hedge fundAim: Growth by investing in UK smaller companiesMinimum investment: Lump sum $100,000, Euros 100,000 or £75,000Place of registration: Cayman IslandsInvestment split: 100% in UK smaller companiesIsa link: NoCharges: Annual 1.5%Commission: NoneTel: 0800 212433

  • Good cause for optimism

    26 Sep 2002

    IFAs could have a clear-cut choice between remaining independent and multi-tying, according to the latest FSA utterances. The regulator is minded to get rid of the "authorised adviser" category which had been expected to include those commission-charging IFAs seeking to advise on the whole market. The crucial detail, which the FSA says allows it to do away with this category,is some unspecified amendments to or replacement of defined payment. David Severn, who heads the review, ...

  • Grail or trail?

    26 Sep 2002

    Britannic Money's decision to introduce trail commission as a way of reducing churning could kickstart other lenders into similar action but the industry remains undecided over whether this will really address the problem or stir up a whole set of new ones. The current account mortgage lender hopes trail fees will build broker and customer loyalty and go some way towards stopping brokers swapping clients from product to product. Future Mortgages head of marketing and sales Brian ...

  • Guns and roses for VCT

    26 Sep 2002

    Close Venture Management is issuing a C-share class on behalf of the Close Brothers Development venture capital trust in a bid to raise £20m of new funding. The VCT, which was set up in January 1999 and has raised £14.8m to date, invests in smaller unquoted companies such as military vehicle manufacturer Automotive Technik and garden centre management firm Q Gardens Company. Close wants to broaden its current investment portfolio with the issue. There is no minimum ...

  • Hargreaves Lansdown sets up mortgage arm

    26 Sep 2002

    Hargreaves Lansdown is moving into the mortgage market, saying it is confident that it can offer better deals than are currently available in the UK. In a move to diversify from its core investment and pension business, it is mailing 400,000 clients with details and is recruiting 10 specialist advisers to join the new division, Hargreaves Lansdown Mortgages. The firm says it has met major lenders, including Halifax, Nationwide and Abbey, for talks on negotiating exclusive house ...

  • HBOS investment operation launches today

    30 Sep 2002

    Insight Investment, the asset manager of HBOS, has today launched a new retail investment operation offering nine new funds and 14 revamped funds.

  • HBOS investment operation launches today

    30 Sep 2002

    Insight Investment, the asset manager of HBOS, has today launched a new retail investment operation offering nine new funds and 14 revamped funds.

  • How surveys seek signs of subsidence

    26 Sep 2002

    When it comes to predicting the future of the property market, two distinct camps are emerging. Some sources say there are no signs of an imminent crash while other reports herald the end of the house-price boom. HSBC economist John Butler says many new reports and surveys on the property market should be taken with a pinch of salt. He believes the most reliable sources are the Nationwide and Halifax, Bank of England and Office of the Deputy Prime Minister because they have a good ...

  • IFAP offers guide to exams

    26 Sep 2002

    IFA Promotion is offering a free guide to qualifications. It says professionalism is under the regulator's spotlight and many IFAs will want to enhance their qualifications. The guide, sponsored by National Savings & Investments, gives detailed information on 22 qualifications that IFAs can get from nine exam bodies. Subjects include pensions, investments and mortgages. The exam bodies involved are the CII, the Chartered Institute of Bankers in Scotland, the Institute ...

  • IFAs say firm's brand strength will attract a buyer

    26 Sep 2002

    IFAs say they are confident about Swiss Life UK's position in the market and its ability to find a buyer. They say because of its strong brand name and the size of its book, Swiss Life Group should have no difficulty in finding a company interested in its UK operation. IFAs point to Scottish Widows, AMP, HBOS or HSBC as potential suitors because none of them currently has a protection arm. The other name consistently raised is Royal London's new protection business Bright ...

  • Income deal on ScotMut property fund

    27 Sep 2002

    Scottish Mutual is launching a commercial property plan investing in the Westbury Property Fund which aims to generate income of 7 per cent a year. The minimum investment in the 10-year plan is £75,000 or £7,000 in an Isa wrapper. Initial commission is 4 per cent, with 0.5 per cent trail. The plan has a limited offer period from October 14 to December 13, 2002. 

  • Independent view

    26 Sep 2002

    Have a look at the following email sent to me by one of our more vocal clients. I had just sent him his firm's stakeholder pension designation certificate and got the following in return when I hinted we might try to encourage membership. Please believe me when I say this is word for word as he sent it. "Thanks for your letter received this morning confirming that Scottish Widows have logged our stakeholder pension scheme in their records. "We do have the ScotWids poster ...

  • Inside Edge

    26 Sep 2002

    Is it possible to break the cycle where investors invest at the top of the market and not at the bottom? The principal reasons for the tendency of private investors to invest at the top of the market rather than the bottom are a combination of confidence, self-fulfilling prophecy and weight of promotion. When consumers see that prices have risen substantially, they feel more inclined to invest, in the expectation that what happened last year will be repeated this year. This ...

  • Insuring Trevor to pay Paul

    26 Sep 2002

    In this series of articles, I have been examining the process by which a limited company might be assessed for the possible need for a share purchase arrangement, that is, a strategy by which a deceased shareholder's shares pass to the desired beneficiaries with appropriate payment. In the last article, having identified the need for such an arrangement for a mythical company - Owl Sewerage Services - we moved on to the valuation of shareholdings and considered the need, or otherwise, ...

  • Investment analysis

    26 Sep 2002

    With continued uncertainty surrounding the Iraqi situation, a batch of profit warnings and mixed economic data, it was little surprise that investors made a hasty retreat out of global equities last week, sending the FTSE world index down by 4.7 per cent In the US, Tuesday saw industrial production figures which showed a fall of 0.3 per cent in August - the first monthly drop this year - against expectations of a small rise. Further bad news followed throughout the week, including ...

  • Investment view

    26 Sep 2002

    So much for a peace dividend. The news that Saddam Hussein was prepared to allow the weapons inspectors in created an initial feeling of euphoria. Briefly. So brief it might easily have passed you by without you even noticing. By Wednesday, the market was back in freefall. Life is not easy in the investment world at present. There was one contra-cyclical indicator - personal to me - that gave some cause for hope. One of the most level-headed and consistently optimistic investors I ...

  • Is bond business really a cause for complaint?

    26 Sep 2002

    The FSA is so concerned about the potential impact of thousands of structured products maturing this year that it is has written to providers asking them to detail past sales. Although speculation had been mounting that many index-linked bonds would fail to return investors' capital at maturity, by making such an unusual request the regulator has confirmed it fears there is a real danger of yet another misselling scandal. But if this does turn out to be the case, the "fallout" ...

  • Julian Gibbs

    26 Sep 2002

    Most fund management groups launch funds when the market is too high. For example, in the specialist sector, 222 funds have been launched since January 1999, mainly technology funds. But this year only three funds have been launched. The latest offering is from Theadneedle, which has introduced its first equity fund in three years, the global healthcare fund, at what I believe is the right time. It was launched on July 15 and is already showing a profit well ahead of its benchmark. I ...

  • Just the ticket...

    26 Sep 2002

    Scottish Life is entering the second year of its exclusive sponsorship of SKY's pay-per-view Premiership football channel Premiership Plus. To build on the partnership, Scottish Life has teamed up with Money Marketing to offer IFAs some fantastic prizes in our fantasy football game: 1st Prize - A top-of-the-range home-entertainment system, including 36" widescreen TV, DVD and video player plus a pair of season tickets to your favourite Premiership Club for the 2003/04 season. Mont

  • Lilley calling for compulsory opting-out from S2P

    26 Sep 2002

    Forcing workers to opt out of the state second pension and compelling them to save is the only way to increase retirement saving, says former Tory Social Security Secretary Peter Lilley MP. In a presentation to the conference in London last week, Lilley told delegates the 1 per cent charge cap has removed the incentive for life companies to distribute retirement products. Lilley argued that if employees are forced to switch their state second pension contributions into employee-based ...

  • MCCB admits only 60% will hit exam deadline

    26 Sep 2002

    The Mortgage Code Compliance Board has revealed that just 50,000 of the 84,000 advisers registered will qualify by its December 31 exam deadline. The MCCB believes this figure is sufficient to protect the public. But broker franchise Mortgageforce warns there could be consumer detriment if it is mainly independent brokers who are forced out rather than those working for banks and building societies. It also points to the danger of unqualified brokers switching to advise on buy ...

  • Mendelsohn top before ousting

    26 Sep 2002

    Industry pundit of the month is Charcol senior technical manager Ray Boulger with 28 mentions, according to PressWatch's analysis of the national press. Another mortgage specialist, London & Country Mortgages mortgage adviser David Hollingworth, is second with 24 mentions. They are followed by Hargreaves Lansdown head of research Mark Dampier and Chartwell Investment director Patrick Connolly. The tables are turned when it comes to company coverage, with Hargreaves Lansdown ...

  • Merrill Lynch Investment Management - Growth & Income II (5 Year Term)

    30 Sep 2002

    Monday, September 30 2002 Type: Capital protected bondAim: Growth or income linked to the performance of FTSE 100 index Minimum investment: £7,000Place of registration: DublinInvestment split: 100% linked to performance of FTSE 100 indexGuarantee: Capital returned in full provided the index does not fall by more than 40% Yield: Up to 140% growth at end of term or 7% gross a year income Isa link: YesCharges: ...

  • Merrill Lynch Investment Management - Growth & Income II (7 Year Term)

    30 Sep 2002

    Monday, September 30 2002 Type: Capital protected bondAim: Growth or income linked to the performance of FTSE 100 index Minimum investment: £7,000Place of registration: DublinInvestment split: 100% linked to performance of FTSE 100 indexGuarantee: Capital returned in full provided the index does not fall by more than 40% Yield: Up to 165% growth at end of term or 8% gross a year income Isa link: YesCharges: ...

  • Misys cuts line to call charge cash

    26 Sep 2002

    Misys has stopped taking a slice of revenue from telephone calls made to national-rate 0870 lines at DBS's head office and Assureweb following questions about the practice from Money Marketing. The mega-network says the contract with BT was set up by DBS prior to its acquisition over a year ago. Misys has pledged to donate to charity the £5,000 made on calls made to the national rate numbers, which includes DBS main switchboard and Assure-web's helplines, since the ...

  • Moore's code

    26 Sep 2002

    Two recent stories have created an interesting situation for independent financial advisers and their clients. First came rumours that the Treasury has been looking at the possibility of removing or phasing out the gen- erous concession which allows pension savers to take up to one-third of their accumulated pension fund as tax-free cash at retirement. The figure is around 25 per cent if they are personal pension savers as opposed to holders of the old retirement annuity contracts. This ...

  • N&P waits for ruling on Tessa pricing

    27 Sep 2002

    Norwich & Peterborough says it is still waiting for the High Court's judgement on the judicial review it is seeking against the Financial Ombudsman's ruling on its Tessa pricing. It had hoped for a decision last week but the High Court reserved its judgement indefinitely without providing a reason. The complaint against N&P concerns a customer unhappy about mini cash Isa holders being paid more interest than he was receiving on his Tessa select account. N&P says it ...

  • Narrow margin

    26 Sep 2002

    The headline on Money Marketing's report on the recent KPMG building society review and indeed the opening sentence stating that building societies' "margins are narrowing as competitive pressures increase" could have given your readers the wrong impression. In fact, societies actively and deliberately manage down their margins to deliver better benefits to members, which is, of course, why it pays to be with a mutual. The Building Societies' Association confidently expects ...

  • NCC's Bradley to take over as FSA consumer director

    26 Sep 2002

    National Consumer Council director Anna Bradley, a supporter of depolarisation, will replace Christine Farnish as FSA director of consumer affairs. The FSA made three new appointments last week, including director of insurance firms and head of deposit-takers. The top consumer job at the regulator has been vacant since Farnish resigned in June to join the National Association of Pension Funds as chief executive. Bradley, who joins the regulator at the end of the year, has headed ...

  • New pensions trustee qualification

    25 Sep 2002

    The Pensions Management Institute has launched a new qualification aimed at advisers working with pension scheme trustees. The Financial Adviser Certificate in Trustee Pensions Knowledge demonstrates an understanding of trustees legal responsibilities and a good working knowledge of pension management, actuarial and investment issues.  

  • No penalty on tracker loan

    26 Sep 2002

    The MarketPlace at Bradford & Bingley is offering a two-year tracker mortgage with the backing of lender Mortgage Express. Minimum loan is £75,000 and maximum is £300,000. Loan to value is 95 per cent and any mortgage over 75 per cent LTV will have an annual loan to value calculation. If the LTV falls below 75 per cent, the borrower's overall interest rate will fall by 0.25 per cent. This arrangement is downwards only, so once the borrower has the new rate, it ...

  • Northern Rock Lowers Rates

    1 Oct 2002

    Northern Rock has lowered its rates for fixed and capped mortgages.The range of new products launched by the bank offers reductions of up to 0.7 per cent compared to the range launched at the end of August.Northern Rock's standard two year fixed rate mortgage is available from 1.99 per cent a year with flexible fixed rate mortgages from 3.99 per cent and flexible capped mortgages from 4.59 per cent.

  • Norwich Union - Prosper Bond

    1 Oct 2002

    Tuesday, 1 October 2002 Type: Guaranteed income bondMinimum-maximum investment: £5,000-no maximumTerm: Four yearsGuarantee: Capital returned in full providing index does not fall by more than 20% over the termReturn: 6% net a year paid monthly, annually or at end of termClosing date: November 13, 2002Commission: NoneTel: 0845 9444800

  • NU moves into structured bond arena

    26 Sep 2002

    Norwich Union is entering the structured product market with a four-year monthly or annual income bond linked to the DJ Eurostoxx 50 index of leading European companies. The Prosper bond, which opens for investment this week, guarantees an annual income of 6 per cent paid monthly, annually or as a lump sum on the day before maturity based on the initial investment. Capital will be repaid in full as long as the Eurostoxx 50 does not fall by more than 20 per cent from its level on ...

  • NU rethinks with-profits bond strategy

    26 Sep 2002

    Norwich Union says it is looking to diversify away from with-profits bonds in the medium term because of poor sales of the product across the industry. Anecdotal evidence is mounting of a shift away from with-profits bonds following publicity surrounding market value adjusters and bonus cuts. NU is unwilling to disclose information about sales, saying they are commercially sensitive. But confidential ABI figures seen by Money Marketing in April revealed NU as the market leader ...

  • On the Severn day of Christmas...

    26 Sep 2002

    I have always considered that confidence flows from belief. As a child, I recall deciding that my belief in Santa was misplaced as my father was never to be seen when Santa was around. I later found that my suspicions were justified. Last week, I went to a London conference to listen to Ron Sandler explain the rationale behind his recommendations. Those IFAs of a nervous disposition were best not to attend as he indicated that, in his opinion, the public believe that advice is free ...

  • Our diary IFA passes Cemap with merit

    26 Sep 2002

    Charles Helfferich, the York-based IFA who has been writing a diary in Money Marketing of his progress towards achieving the Cemap bridge paper, has passed with merit. Helfferich, a partner with Grosvenor Financial Consultants, says Scottish Widows Bank helped him prepare for the exam, including a training session to introduce him to the Cemap syllabus and access to its email help facility to clarify any queries while studying. Although the Institute of Financial Services lets ...

  • Outside Edge

    26 Sep 2002

    The prospect of easy money never loses its appeal. The centuries are littered with examples of people taking punts on so-called certainties. Tulip bulbs, railway stock, mining shares, hi-tech companies, there is always something. The point is that if you spot the opportunity to buy in early to what at first may be mere fashion but then have the good fortune to watch it metamorphose into a craze, that turns swiftly into a passion before spiralling into market obsession but, and this ...

  • Phil Hodkinson

    26 Sep 2002

    Despite a first in maths from Cambridge and his actuarial training, HBOS chief executive of life and investments Phil Hodkinson says he did not really understand figures until he helped a headmistress to manage her school budget. Now that he looks after much more comfortably bolstered coffers at Clerical Medical, Halifax Financial Services, Esure, St James's Place and Insight Investment, he has not forgotten the lessons he learned in helping the school to balance its books. Hodkinson ...

  • Platform raises cash for kids' dream holidays

    26 Sep 2002

    Platform Home Loans has raised £3,000 for Dreamflights, the UK charity devoted to sending seriously ill children on a holiday of a lifetime to Orlando, Florida. The money was raised at Platform's annual golfing event, which was held in Le Touquet, France at the beginning of July and a cheque was presented last week. Players were asked to report each other's indiscretions and misdemeanours on the course. Fines were then levied against offenders for incidents including ...

  • Poor's enters Fof market in link-up with Schroders

    26 Sep 2002

    Ratings agency Standard & Poor's is entering the multi-manager market through an exclusive agreement with Schroders to offer IFAs and financial institutions a global funds of funds service. In a major departure from its core business, S&P is reass-essing funds that it has already rated to create a panel of recommended products for which Schroders will provide asset allocation, portfolio construction and performance measurement. The funds will be available to IFAs, banks ...

  • Predicting the future

    26 Sep 2002

    You did not make it clear that my letter, published in Money Marketing last week, was sent to you recently after being sent (but not published) in 1999. If, three years ago, a mere IFA could be predicting what has happened with stakeholder, why did none of the boards of the major pension offices not also predict the current situation, with companies withdrawing from the stakeholder market because of profit margins? Robin Hunter Hunter & Co, Streetly, Sutton Coldfield

  • Price of independence

    26 Sep 2002

    Offering financial advice was not an obvious career choice for Fiona Price who claims on graduating from university she was still relatively non-numerate and "scared" of figures despite a degree in psychology and an MBA. She was forced to overcome her fear of statistics when she "fell into the financial sector" but says she only ended up in London to pursue her career as a rower - she achieved her dream of competing in the Commonwealth Games in 1986. She says: "When I first came ...

  • Product matters

    26 Sep 2002

    The Axa capital-protected distribution bond is a seven-year product that aims, I suppose,to replace with-profits bonds, a market that Axa pulled out of during the summer. The first thing that I would question is the need over seven years to have a capital protection. Although not out of the realms of possibility, it is unlikely that you will lose money over this time period. Therefore, are you paying unnecessarily for a guarantee - it is easy to market guaranteed products in times ...

  • Professional Adviser Alliance will potentially get 15m new mortgage leads

    30 Sep 2002

  • Property plan from Scottish Mutual

    25 Sep 2002

    Scottish Mutual is launching a commercial property plan investing in the Westbury Property Fund aiming to generate income of 7 per cent a year. Minimum investment in the 10-year plan is £75,000 or £7,000 in an Isa wrapper. Initial commission is 4 per cent, with 0.5 per cent trail on the plan that has a limited offer period from October 14 to December 13, 2002.

  • Prudential shuts final salary scheme for employees

    26 Sep 2002

    Prudential is closing its final salary scheme to new members from next year in a bid to put a cap on spiralling pension costs.Unions have criticised the closure, but Prudential says the new scheme will benefit members who want greater job mobility.Prudential will allocate up to 12 per cent of basic pay for employees who pay in 6 per cent themselves into a defined contribution scheme.

  • Rat's the way to the do it

    26 Sep 2002

    One reads with disgust but total belief that the controlling Taliban have suggested that harassing IFAs is as easy as shooting rats in a barrel. Now, rats are very intelligent creatures and make wonderful pets. To be awarded the Order of Water Rats is the highest accolade that can be bestowed on those in showbusiness. Members of the Eighth Army wore the symbol of the desert rat with pride. So how about a motif of the barrel rat which all IFAs can put on their letterheads. Any ...

  • RBSI bond promotes currency choice

    27 Sep 2002

    Royal Bank of Scotland International has established a guaranteed equity bond that is available in sterling, dollar or euro currency denominations.

  • Redress the balance

    26 Sep 2002

    With all the problems rearing their heads about PI insurance, maybe the answer is to merge it with the compensation scheme. The FSA could then decide that as it is investors who have the protection, they should pay for it. An easy way to do this would be a levy on every pound invested (including deposit accounts) which I would guess needs to be far less than the 5 per cent IPT tax on general insurance premiums. A merger and funding such as this would prevent all the problems that ...

  • ScotLife goes back to Sky

    26 Sep 2002

    Scottish Life is sponsoring Sky TV's pay-per-view football channel Premiership Plus for the second year. Head of communications Alasdair Buchanan says: "As a business, we have benefited considerably from sports sponsorship, having been involved in a number of significant deals over the years. Our first year of sponsorship was a terrific success, with six million people viewing Premiership Plus games over the season."

  • Severn says FSA wants to drop plans for AFA

    26 Sep 2002

    The FSA would like to drop the Authorised Financial Adviser model and implement a payment system more palatable to the majority of IFAs, according to head of polarisation review David Severn. Speaking at the Distribution Strategies Post-Sandler conference in London last week, Severn said that if there was an alternative to the defined-payment system which would not result in a mass desertion from the IFA sector, then there would be no need for the AFA to exist. It is now more of ...

  • Simply the test

    26 Sep 2002

    As expected, June turned out to be a hectic month, during which I took on 33 new clients. As if that was not enough, I was also trying to help out some very unfortunate Equitable Life members. Having received an updated syllabus for the Cemap bridge paper from the Institute of Financial Services, which was due to replace the one I had been working on with effect from the beginning of September, I decided to book my exam for the last possible day in August. Having chosen this particular ...

  • SIS wants IFAs for franchise deal in solicitors' offices

    26 Sep 2002

    IFA SIS Group is recruiting advisers to work in franchised financial advice departments which it is aiming to set up in the offices of accountants and solicitors to supplement their core businesses. The company wants around 30 advisers across the UK to work in branches of The Financial Planning Department, a franchise operation that it hopes professional companies will bolt on to their existing business to offer holistic financial advice. The franchise offers IT support, bespoke back-office ...

  • Skandia set to sell two 5% stakes in Bankhall

    26 Sep 2002

    Skandia is selling two 5 per cent stakes in Bankhall to rival product providers while looking at other acquisitions in the IFA sector. The life office is believed to have instructed a merchant bank to offer stakes in the IFA service company to other product providers. It paid £150m for 86 per cent of Bankhall last December. Skandia says it will retain a 75 per cent holding. Analysts believe that Skandia wants to dilute its stake before Misys soaks up market demand for ...

  • Skipton Building Society - 2 Year Fixed Rate Bond

    25 Sep 2002

    Wednesday, 25 September 2002Type: High interest accountMinimum-maximum investment: £1,000-£10,000Interest rate: 4.25% gross a yearTerm: Until September 30, 2004Offer period: Until further noticeWithdrawal penalties: No withdrawals permitted during termTel: 0800 446776

  • Skipton Stateside loan tracks Libor

    27 Sep 2002

    Skipton Building Society is launching a new US dollar Libor tracker loan, the Stateside Tracker Mortgage. It says the interest rate is benchmarked for the first five years against the three-month Libor rate, which is currently 1.80 per cent. On loans to value up to 85 per cent the rate will be 3.60 per cent at launch and on LTVs up to 95 per cent the rate will be 3.75 per cent.  

  • SLHC targeting mid-sized firms

    26 Sep 2002

    Standard Life Healthcare is offering medical insurance aimed at medium-sized companies after research found that six out of 10 people believe their employer should be responsible for employee healthcare. The UK's fourth-biggest PMI provider commissioned a telephone survey of over 2,000 adults. Sixty-one per cent thought employers should be responsible for healthcare while 81 per cent rated healthcare as an important employee benefit and 42 per cent rated it as very important. Companies ...

  • Software shows IFAs if bonds will return cash

    26 Sep 2002

    Software company Azarat is launching an online system next month allowing IFAs to see if their clients' structured products will return reduced capital at maturity. The system will provide IFAs with endowment-style red, amber and green status evaluation reports which show whether a structured product is likely to return capital or whether the index to which it is linked must grow to avoid a shortfall. If a bond has a red rating - meaning it has already breached its capital guarantee ...

  • Standard Life cuts bonus and imposes MVR

    30 Sep 2002

    Standard Life is cutting terminal bonus by ten per cent and imposing a market value adjuster of 10 per cent.

  • Standard Life lashes out at Cazalet claims

    26 Sep 2002

    Standard Life has launched a scathing attack on influential analyst Ned Cazalet, saying that he has refused to accept invitations to go through its books and that his analysis is wrong. Cazalet angrily rejects the claims, saying he has had repeated meetings with senior Standard figures this year, including group finance director John Hylands and group actuary Bob King and that the company, by its own admission, lost £9bn in reserves last year. Standard claims other analysts ...

  • Sub-prime minister

    26 Sep 2002

    Despite the move to sell directly to consumers with the recent purchase of The Mortgage Lender, sub-prime lender Kensington Mortgages is keen to emphasise its commitment to the intermediary market. Kensington says it currently deals with about 100 mortgage packagers, which account for about 95 per cent of its lending but believes the acquisition of specialist lender TML for£15m in July will allow it to diversify its distribution. Even with this diversification, it says around ...

  • Surprise at move to sell Swiss Life UK

    26 Sep 2002

    Protection giant Swiss Life UK has been put up for sale by parent company Swiss Life Group in a "surprise" move following a review of its corporate strategy. The group says it will focus on its core European life and pension businesses. All other niche businesses, including operations in Italy and Spain and Belgium, are to be sold off. The group says it is struggling because of turbulence in the markets and the losses run up by its Switzerland business due to guaranteed returns ...

  • Surprise package

    26 Sep 2002

    The raft of regulatory changes that are set to hit the mortgage market are going to hit brokers hard. As we all know, from the beginning of 2004, the FSA will demand that those who provide consumer advice will need to put in place exhaustive compliance procedures. For the large number of brokers that operate on a reasonably small scale, this is likely to herald a step-change in administrative burden - both in terms of time and money. The cost of putting in place the sort of ...

  • SVM Asset Management - Continental Europe Fund

    27 Sep 2002

    Friday, 27 September 2002Type: OeicAim: Growth by investing in European stocksMinimum investment: Lump sum £1,000Investment split: 100% in European stocksIsa link: YesPep transfers: YesCharges: Initial 5.25%, annual 1.5%Special offer: 1% discount on initial chargeOffer period: Until October 17, 2002Commission: Initial 3%, renewal 0.5%Tel: 0800 0199110

  • SVM Asset Management - UK Opportunities Fund

    30 Sep 2002

    Monday, 30 September 2002Type: OeicAim: Growth by investing in medium and smaller UK companiesMinimum investment: Lump sum £1,000Investment split: 100% in medium and smaller UK companies Isa link: YesPep transfers: YesCharges: Initial 5.25%, annual 1.5%Special offer: 1% discount on initial chargeOffer period: Until October 17, 2002Commission: Initial 3%, renewal 0.5%Tel: 0800 0199110

  • SVM Asset Management - UK100 Select Fund

    1 Oct 2002

    Tuesday, 1 October 2002Type: OeicAim: Growth by investing in large-cap companiesMinimum investment: Lump sum £1,000Investment split: 100% in large-cap companies Isa link: YesPep transfers: YesCharges: Initial 3.95%, annual 1.25%Special offer: 0.95% discount on initial chargeOffer period: Until October 17, 2002Commission: Initial 3%, renewal 0.5%Tel: 0800 0199110

  • SVM in retail fund drive

    1 Oct 2002

    SVM Asset Management, the rebranded name for Scottish Value Management, has established an onshore Oeic consisting of three funds.The company has traditionally focused on institutional funds and offshore products such as hedge funds. It now intends to establish a retail presence through the Oeic, which includes the UK 100 select fund.This fund aims to outperform the FTSE 100 tracker funds through active management of FTSE 100 stocks. The fund manager, Andrew Kelly, will ...

  • Sweet VCT takes second bite of the cherry

    26 Sep 2002

    Teather & Greenwood is issuing further shares in its Alternative investment market (Aim) venture capital trust (VCT).The company expects thus year's VCT season to be slow, so it is issuing C shares early in an attempt to raise a maximum of £10m. This VCT invests mainly in companies quoted on Aim that have above-average income and growth potential.Former Invesco Perpetual fund manager John Sweet is responsible for the VCT and he will look for opportunities within ...

  • Talkback

    26 Sep 2002

    "Yes. The products are too complicated for the man in the street to understand." Diane Mackintosh, Mackintosh Independent Financial Planning "No, I don't think so. If there was any reason to be concerned, then, yes, but I don't know what the concerns are based upon." John Whelan, EDJ Financial Planning "Any financial product requires monitoring but I think they go over the top in many things." Martin Viviani, Edinburgh Financial Solutions "Yes. We think these ...

  • Teather & Greenwood - AIM VCT

    25 Sep 2002

    Wednesday, September 25, 2002Aim: Growth by investing in Aim listed equitiesMinimum investment: Lump sum £3,000Opening-closing date: December 1, 2002 - until further noticeCharges: Initial 6.5%, annual up to 3.5%Commission: Initial 2.5%, renewal 0.25%Tel: 020 7426 3204

  • The flexible future

    26 Sep 2002

    With flexible mortgages becoming an ever more popular choice, it seems hardly surprising that most lenders offer a variation of one sort or the other for almost every kind of borrower. However, opinion in the market remains split. Some strongly advocate flexible mortgages while others believe that flexibility is a mere marketing gimmick and that actual usage is very low. Who is to be believed? Last month saw the publication of some useful research into flexible mortgages commissioned ...

  • The loan state

    26 Sep 2002

    Will the National Association of Mortgage Brokers and Advisers' move to build a strategic alliance with Aifa to enable it to become the main trade body for the mortgage industry? Saddleton: It is clearly a sensible idea to have a single trade body representing the views of the mortgage industry. A single body would reduce duplication, aid clarity and should provide a cost-effective solution to a long-standing issue. However, at this stage, we do not know the full extent of the "alliance" ...

  • The name's Bond - corporate bond...

    26 Sep 2002

    When you think of Aston Martin, you think of James Bond. When you think of bonds, you think of M&G, the biggest investor in corporate bonds in the UK. There are two big events coming very soon, the first is the relaunch of the M&G Spin-free Guide to Bonds. The second is the release of the latest James Bond film in November. The new film marks the 40th anniversary for Bond on the silver screen and is the first Bond film to have been produced since The World is Not Enough in ...

  • The right way for gateway

    26 Sep 2002

    Just when you thought the savings environment could not get more complex, the Government has launched a savings product. Earlier this month, five pilots of the saving gateway started taking people through their doors. They will be evaluated before the policy is rolled out nationally. Some may say that we need another savings policy like a hole in the head but the saving gateway is no ordinary policy. It breaks new ground in a number of ways. Although the five pilots are humble ...

  • The shock of the old for Pru poets

    26 Sep 2002

    In its research to devise a whole new kind of financial services advertising, Prudential took just about everybody else's ads and put them all together in one long sequence. The mind boggles - flying pigs landing on fishermen in braces, businessmen singing in toilets as elderly uncle advises nephew Henry to put his money in a basket-case life office because they don't pay commission, inanely babbling Hollywood actors doing their very worst and most obscure work in the service ...

  • To the Manor bond

    26 Sep 2002

    Guaranteed investment specialist Manor Park has established three guaranteed growth bonds which are linked to the performance of the FTSE 100 index. One of these bonds is the Manor Park guaranteed UK selected growth fund, which has a three-year term. It allows investors to choose the level of capital protection they want and the returns investors receive, depend upon the capital protection they have chosen. Investors get percentages of the average growth in the FTSE 100 index which ...

  • UK one of the fastest growing mortgage markets - CML

    25 Sep 2002

    Speaking at Eurocatalyst 2002 in Madrid this week, a new event for the European mortgage industry, CML director general Michael Coogan described the UK as one of the fastest growing markets in the world. He said reasons for this include voluntary regulation, promotion of sustainable homeownership, an emerging equity release market and a significant growth in buy-to-let. 

  • Watchdog warning on endowment calculations

    26 Sep 2002

    The Financial Ombudsman is warning that some firms are taking the wrong approach to calculating compensation on top-up mortgage endowments by offsetting “gains” in one policy against “losses” in another.In this month’ Ombudsman News, it says, in line with FSA guidance, firms must carry out an additional redress calculation for any top-up policies as they are usually in separate contracts, sometimes from different product providers.Although the ombudsman says it cannot provide ...

  • Wentworth deal for Equitable transfers

    27 Sep 2002

    Wentworth Rose has negotiated special terms with GE Life to offer a structured investment product aimed specifically at Equitable Life policyholders looking to transfer out. The product provides a capital guarantee through buying a share in a Dublin based GE company within a Sipp wrapper in which life office has waived the charges. The IFA says the capital guarantee together with the potential of 80 per cent of equity growth is suitable for savers taking Equitable's 20 per cent MVA ...

  • Why FSA must address the transfer issue

    26 Sep 2002

    I am writing with regard to a paper called To Switch Or Not To Switch, That Is The Question, by Isaac Alfon of the FSA's economics of financial regulation team. The article quite rightly addresses the question as to why the introduction of stakeholder pensions has done little to persuade investors to switch away from plans with punitive charges. This is in response to Isaac Alton's findings on behalf of the FSA that only 1 per cent of about four-five million personal pension ...

  • Wilson quits Dam to join Gartmore pan-European team

    26 Sep 2002

    Gartmore has appointed Richard Wilson as senior portfolio manager on its pan-European equities team. Wilson joins from Deutsche Asset Management, where he was managing director for global equities. Although he focused on the institutional side, he had retail experience as well. He has spent 14 years working as a fund manager for both DAM and HSBC Asset Management. The appointment takes effect on January 1, when Wilson joins the 31-strong Gartmore European team. Including himself, ...

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