Money Marketing
26 February 2003

  • 'If a 100/0 fund replaced the 90/10 fund, there would be concern about where capital strength was coming from'

    27 Feb 2003

    Life offices have had their feathers ruffled by suggestions that Sandler's with-profits proposals - which would see funds ringfenced to prevent them being used to cross-subsidise other business areas - could become mandatory. Prudential UK chief executive Mark Wood accepts that the suggestion will have people looking at the Pru but says this is merely because it has the biggest with-profits fund in the UK. Its fund was last valued at around £70bn and its orphan estate was ...

  • 'Soft landing' for house prices

    27 Feb 2003

    The housing market is heading for a soft landing rather than a crash but the slowdown is spreading out from London to the South-East and East Anglia, according to research by website Rightmove.co.uk. The areas which have previously seen the strongest surges in house prices - London, South-East and East Anglia - now have the smallest increases over the year to February at 18.3 per cent, 19.5 per cent and 21.1 per cent respectively, while the bigger rises over the year are in the West ...

  • 'Teps can provide extra funds for retirement'

    27 Feb 2003

    Nearly half of the people in the UK who have retired before 65 wish they had made greater financial provision, according to a survey for traded endowment provider Policy Portfolio. The research, carried out by Taylor Nelson Sofres for Policy Portfolio, questioned 1,004 adults and found that 47 per cent of those already retired before 65 regret not making extra provision. The figures also reveal that only 9 per cent who had retired under 65 described themselves as "very secure" ...

  • £100k cost as Revenue thwarts early retirer

    27 Feb 2003

    The legislation behind the Government's Pensions Green paper looks set to claim its first victim, with a 41-year-old man prevented from taking pension benefits at 50 despite having the funding. The Department for Work and Pensions' plans to raise the minimum age for taking retirement benefits from 50 to 55 in 2010 will result in former human resources officer Mike Bagley losing up to £20,000 a year. Bagley, who was made redundant in August 2002, paid his severance payment ...

  • £1m threshold on self-cert deals

    27 Feb 2003

    Lender Irish Permanent is relaunching its self-certification let-to-buy product, setting a £1m threshold on borrowing. Under the new loan, self-employed borrowers are able to remortgage their existing property up to the value of £500,000 through self-certification so it can then be let. They will then be allowed to borrow a further £500,000 loan towards a second property being bought as their main residence. The new £1m limit replaces the £500,000 ...

  • 77% of advisers not looking to multi-tie

    27 Feb 2003

    Most IFAs are not considering multi-tying following the abolition of polarisation. The State of the IFA Nation poll found that 77 per cent of advisers would not consider multi-tying their business despite FSA proposals allowing firms to split their business between tied and independent. More than half of the 23 per cent who claimed they would seek multi-ties said that this would only cover part of their business. This group of advisers were pessimistic about their future in ...

  • A consumer's view

    27 Feb 2003

    Unless the stockmarket perks up, which seems highly unlikely all the time that war with Iraq overshadows the investment scene, fund managers and IFAs are going to have a tricky time trying to sell stocks and shares Isas in the run-up to April 5. A recent survey by JP Morgan Fleming reveals that investor confidence has dropped to its lowest point since the terror attacks of September 11, 2001. In January 2003, the JP Morgan Fleming Investor Confidence index stood at 42 points compared ...

  • Abbey Nat's variable tracker

    27 Feb 2003

    Abbey National is unveiling a new mortgage range that includes a three-year stepped variable tracker available exclusively through intermediaries. The stepped variable tracker starts at 0.76 per cent below Bank of England base rate for year one, giving a headline rate of 2.99 per cent, followed by base rate plus 0.24 per cent in year two and 1.04 per cent above base rate in year three. The loan then reverts to Abbey's standard variable rate, currently 5.79 per cent. The product ...

  • Abbey National restructures as it loses nearly £1bn

    26 Feb 2003

    Abbey National has described its 2002 results as "extremely unsatisfactory" as it turns its back on recent expansions to concentrate on direct and intermediary retail financial services.The company says it has lost £984m before tax, due to problems with its life companies and wholesale banking divisions.

  • Advice is being gripped in a vice

    27 Feb 2003

    The advice process is being put through the mangle and may never be the same again. This year's State of the IFA Nation poll demonstrates a massive jump in IFAs reluctant to offer advice not only on split-capital investment trusts but also on investment trusts as a whole. Many advisers do not trust the sector and neither do their clients. Pressure is also coming from PI insurers not to be involved in sales of these products, which restricts the scope of advice. Perhaps this ...

  • All wrapped up

    27 Feb 2003

    Wrap accounts have received much publicity in recent months but there is confusion about what precisely is meant by wraps and what the customer proposition actually is. In simple terms, a wrap account is not a product or an investment in itself. Instead, it is a system for administering a portfolio of products from a number of providers. The first wrap accounts emerged in the US in 1975 after the deregulation of the securities brokerage industry, when firms were allowed to set their ...

  • AMP review could see Ample being sold off

    27 Feb 2003

    AMP is believed to be seeking buyers for fund supermarket Ample as part of an overhaul of its UK business which has seen the scrapping of Pearl's 700-strong salesforce. Ample, which was launched by AMP in June 2001 and then merged with Interactive Investor, was put up for review last December after the Australian giant conducted a wide-ranging investigation into its UK subsidiaries. AMP classified Ample as a contemporary rather than mature company, which meant it was under review ...

  • Andrew Fay

    27 Feb 2003

    It is not a common sight in financial services these days but Cavanagh Group's chief executive Andrew Fay is rubbing his hands in anticipation at the prospects for the rest of this year. Fee-based IFA Cavanagh Group turned in startling end-of-year results. Issued on the same day that technology giant Misys announced job cuts and apologies for its banking sector, Cavanagh's management declared that turnover had nearly doubled to almost £3.5m from £1.8m the previous ...

  • Aviva Funds International - Privilege Portfolio European Property Fund

    27 Feb 2003

    Thursday, 27 February 2003Type: SicavAim: Growth by investing in stocks of European property management companiesMinimum investment: Lump sum Euro 3,000Place of registration: LuxemburgInvestment split: 100% in stocks of European property management companiesCharges: Initial up to 5%, annual 1.5%Commission: Subject to negotiationTel: 00352 40 28 20 240

  • Bamford blasts FSA as his PI cost soars

    27 Feb 2003

    Sofa chairman and Informed Choice director Nick Bamford is blaming the FSA for the PI insurance crisis. He has finally secured PI cover but his premium has soared to £28,875 from £7,950 last year and from just £2,750 in February 2001. The excess has risen to £15,000 per case from £10,000 last year despite no claims against his firm in eight years of trading. Bamford says poor FSA regulation of products such as splits means small IFAs are paying a high ...

  • Bank of Ireland merges Chase de Vere and MX

    27 Feb 2003

    Bank of Ireland is merging its UK IFA firms - Chase de Vere Investments and MX Financial Solutions - and axing up to 350 staff, blaming the difficult investment climate. From June, the two firms will be marketed under the Chase de Vere Investments brand but BoI will not say how many of its 280 RIs - 110 at Chase de Vere and 170 at MX - will go as it has just started a 90-day consultation on the £95m rationalisation programme. Most of the job cuts could be from areas of overlap ...

  • Base case

    27 Feb 2003

    What impact will the cut in the Bank of England base rate from 4 per cent to 3.75 per cent have on the housing market? Saxton: The housing market is underpinned by very strong fundamentals - high employment levels, very good affordability and low interest rates. These strong pillars are unaffected by the decision to cut interest rates and the outlook remains very favourable. Davies: By itself, the 0.25 per cent base rate reduction, together with the associated reduction in longer-term ...

  • Base instincts

    27 Feb 2003

    The No S*!@ Sherlock award for earth-shattering news this week has to go to Yorkshire Bank. What journalist could resist a press release bearing the headline, Yorkshire offset still tracks Bank of England base rate? The Diary applauds Yorkshire's decision to pass on all 0.25 per cent of the recent rate cut but the society's headline is up there with newsprint classics such as "Something went wrong in jet crash, expert says", "British left waffles on Falklands Isles" or "Small ...

  • Bee says refund investors hit by pension credit

    27 Feb 2003

    The Inland Revenue should allow pension investors whose funds are hit by the pension credit at retirement to be refunded, otherwise pension saving will be sidelined by Isas, warns Scottish Life. Head of pensions strategy Steve Bee says rebating funds hit by means testing would stop pensions from losing out to Isas and remove any potential for misselling. He says his proposal would allow the Government to resolve the problem of misselling and misbuying of pensions by people likely ...

  • BoS scheme aims to cut teenager crime in Glasgow

    27 Feb 2003

    Bank of Scotland is setting up a Scottish version of the Midnight League football initiative aimed at tackling crime in disadvantaged areas, following on from a similar scheme established by fellow HBOS company Birmingham Midshires. The Midnight League was set up by Midshires in 2000 to combat crime and social exclusion in Wolverhampton by offering football training for young people between the ages of 16 and 21 from high crime areas. BoS aims to mirror this initiative in deprived ...

  • Britannia offers fee-free mortgages

    27 Feb 2003

    Britannia is revamping its mortgage book with a range of fee-free and fixed-rate loans. As part of its range of fee-free loans, it is offering a two-year fixed rate at 3.99 per cent, a five-year fix at 4.54 per cent and a 10-year fix at 4.99 per cent. All are available up to 90 per cent loan to value. The two-year loan has a redemption penalty of 180 days' interest during the term, the five-year has a 240-day interest penalty within the term and the 10-year fix has a 360-day ...

  • Britons hiding cash from partners

    4 Mar 2003

    Britons are hiding £6 billion from their partners, with 61 per cent of people admiting to hoarding cash from partners,according to a new study from Abbey National's internet bank Cahoot.Reasons for the hidden cash are not always sinister and range from personal treats such as clothes and nights out to emergencies including job loss and divorce. Women are more likely to keep a secret stash than men with 69 per cent of women hiding funds from their partner compared to 53 ...

  • Building society lending up 27%

    27 Feb 2003

    Building society lending is continuing to grow, with gross advances up 27 per cent to £3.3bn in January from £2.1bn last January, according to the Building Societies Association. Net advances, representing total mortgage balances outstanding, grew 134 per cent to £1.3bn in January 2003 from £569m in January 2002. Approvals of loans agreed but not yet made grew 36 per cent to £3bn in January 2003 from £2.2bn in January 2002 but were substantially ...

  • By the buy

    27 Feb 2003

    With the recent drop in bank base rate from 4 per cent to 3.75 per cent, mortgages are potentially more attractive in value-for-money terms than they have been for some time. However, given the current level of house prices and a degree of market uncertainty over the Bank of England's decision, the issue is far from clear-cut. The matter where mortgage experts seem least sure of the best option is when advising first-time buyers. Extremely competitive rates provide an attractive ...

  • Cazalet says with-profits have now become bond funds

    27 Feb 2003

    Life analyst Ned Cazalet is warning that with-profits funds have effectively become bond funds and that projection rates used in the sale of pensions and with-profits bonds are going to have to come down as a result. He says current projection rates of 6 per cent for with-profits bonds and 7 per cent for pensions should be trimmed by 1 per cent. Cazalet has also attacked the returns offered by these products, claiming that once charges have been removed, savers would be better ...

  • Correspondent's week

    27 Feb 2003

    After seven educational years of investment research at Misys IFA Services watching tumbleweed, compliance directives and broker consultants blow across the flat, treeless fields of Oxfordshire, it is time to pack my trunk, say goodbye to the circus and park my hide in a corner of Jupiter World HQ. Arriving at the London office, I clear Customs, pass through numerous security checks and am delighted to get a desk, a phone, a PC and, best of all, a cheery welcome. The last time I found ...

  • Ditch firms with final-salary plans

    27 Feb 2003

    It now seems that some eminent fund managers are expecting a continuing bear market for the foreseeable future. One of the constraints to company profits is the growing liability to pension funds.I absolutely agree with this prognosis but wonder at why managers do not institute the obvious solution. Insist that companies in which they have major holdings ditch these shareholder-damaging schemes and look for investment opportunities in those companies that either never had or no ...

  • Don't panic

    27 Feb 2003

    The prevailing mood of gloom caused by the Iraq crisis has meant that, despite the improved valuations on offer after three years of falling prices, few investors have been tempted back into equity markets. Many are adopting a wait-and-see strategy. Is this sensible? Sentiment is a powerful mover of markets but fundamental factors such as valuation and growth always reassert themselves in the longer term following extreme surges in emotion. The market correction following the tech ...

  • Don't wait for the Green light

    27 Feb 2003

    I understand the Government has issued a Green Paper on pensions. Is there anything in it that should change our mind with regards to the proposed transfer of my wife and myself from our self-administered pension scheme to a self-invested personal pension? The situation today is that, after a great deal of reorganising, we have agreed to reallocate surplus funds from yourself to your wife, being a member of the pension scheme. We now have Inland Revenue approval to transfer you ...

  • Euro threat to tax-free cash from pension

    27 Feb 2003

    The ABI is warning that the tax-free lump sum on occupational pensions could be scrapped under the latest proposals from the European Parliament. The latest version of its occupational pensions directive would require all benefits from an occupational pension fund to be converted to income. The amendment was passed by MEPs on the economic and monetary policy committee last week. The directive, which aims to allow cross-border company pension schemes within the European Union, is ...

  • Everyone's a winner

    27 Feb 2003

    The Diary was taken aback on receiving a video of West Midlands mortgage broker Black & White's Christmas party and approached a viewing with some trepidation. A set from Wolverhampton soul diva Beverley Knight unsurprisingly outshone boozed-up mortgage broker karaoke versions of American Pie, My Guy and Wonderwall but most of the video consisted of scores of brokers standing on a podium and receiving awards. The reason for this is that all the company's brokers are winners ...

  • Fidelity is number one choice for fund firm

    27 Feb 2003

    Fidelity is the first choice in fund firms for IFAs as a partner in a multi-tie. In response to the question in the State of the IFA Nation poll, which four companies would be your multi-tie choices, Fidelity leads the way with 44 per cent and Invesco Perpetual came second with 20 per cent. Jupiter, New Star and Skandia came joint third with 15 per cent each. However, of the 215 advisers surveyed, 30 per cent were unable to make a choice over which provider they would choose ...

  • Film, camera, inaction

    27 Feb 2003

    Cater Barnard is the latest financial services group to try to lure investors into a tax-efficient film partnership. More ambitious than most, it is seeking £50m to set up a vehicle to fund UK films with the support of entertainment financier Comerica Entertainment Group. The partnership has impressive backing. Around 20 of the UK's leading filmmakers, including David Parfitt, the producer of box-office hits Shakespeare in Love and The Madness of King George, are offering ...

  • Framlington offers discount on fund amid hopes for strong health sector

    27 Feb 2003

    Framlington is offering Isa investors a 1 per cent discount on its health fund because it believes the fundamentals for investing in the healthcare sector look good. The Framlington health fund invests in four sectors - biotechnology, drugs and drug delivery, medical services and medical devices. Framlington says the medical devices sector will benefit from the launch of new heart and hip replacement products while healthcare services could receive a boost from well-managed, investor-owned ...

  • FSA is way off the mark in estimating cost of key facts

    27 Feb 2003

    Another thumping read (all 276 pages of consultation paper 170) from the FSA will have arrived on the desks of most compliance directors across the country by now. As Money Marketing reported in its February 13 edition, the proposals look set to cost the industry £110m but I suspect I am not alone in believing the actual costs will be much, much more and at a time when the industry can ill afford it. The key facts example used in CP170 shows a very straightforward pension contract. ...

  • FSA must take action to settle the PI crisis

    27 Feb 2003

    Last week, Money Marketing reported on the difficulty we have had in obtaining renewal cover on our PI insurance -not an unusual occurrence for the small to medium-sized IFA in the current climate. I am pleased to report that we have now obtained cover and it will come as no surprise to any IFA that the premium required is very much higher than last year. In fact, we have calculated that the cost of our cover has risen by 10.5 times in the last 24 months. Why is that? The FSA would ...

  • FSA urged to stop stalling standards

    27 Feb 2003

    ABI accreditation scheme Raising Standards is attacking the FSA's consultation on point of disclosure, saying it should be encouraging companies to join its scheme rather than impose an over-prescriptive regime. In its response to CP170, Pensions Protection Investments Accreditation Board chief executive John Cox says the FSA should encourage more brands to come forward rather than stalling the momentum. The PPIAB oversees Raising Standards. FSA managing director John Tiner ...

  • FSA wants income bond performance updates

    27 Feb 2003

    High-income bond providers are to be forced by the FSA to provide annual performance updates to consumers. The move comes after the regulator had highlighted high-income bonds as an area of serious concern last December. The move is relatively unusual for the FSA and follows turbulence in markets which has seen some investors lose all their capital in bond investments. The only other products currently requiring regular updates are endowments and pensions. The FSA says ...

  • Funds to help numeracy

    27 Feb 2003

    Clerical Medical is donating over £10,000 to a school project that aims to help children's numeracy and encourage an interest in finance. The project is run through after-school maths clubs for first years in secondary schools in the South West. The scheme is part of the Education Extra project, a charity that helps teachers, teaching assistants, volunteers and parents to run the clubs. Five Bristol schools have been invited to take part in the scheme, which will cater ...

  • Future Mortgages lightens up self-cert market

    27 Feb 2003

    Future Mortgages is aiming to move away from specialist sub-prime lending to what it considers to be the more mainstream self-certification market. It is launching a new self-cert product for borrowers who have only one minor credit blip. The self-certification lite mortgage is available at up to 85 per cent loan to value and brokers can choose between a Libor-linked rate of 5.8 per cent or 1.25 per cent discount until March 2004, giving a rate of 4.55 per cent. Future will ...

  • Guide to insurance services for disabled

    27 Feb 2003

    The ABI is expanding its guide to the Disability Discrimination Act 1995 to cover general insurance including income protection policies. The guide is aimed at helping claims, customer service and underwriting staff understand the Act's requirements and provide better service. The ABI estimates that 8.5 million people meet the definition of disability under the Act which comes into effect next year. Previous guidance published in September 2001 covered only life and disability ...

  • Hanover Life RE appoints new managing director

    4 Mar 2003

    Reinsurer Hanover Life Re has announced the appointment of David Brand as its new managing director effective from this week. Brand has been a member of senior management of the reinsurer for a decade most recently as deputy managing director.He takes over from Peter Savill, who has been MD since 1983 and is retiring although still retaining some links with Hanover on a consultancy basis and as non-executive chairman of UK subsidiary Hanover Services.

  • HBOS bolsters Clerical with £500m injection

    27 Feb 2003

    Clerical Medical has had a cash injection of £500m from parent HBOS to improve its financial strength and investment flexibility after investment losses sustained last year. The company has declared a free-asset ratio before allocation of the new capital of 7.1 per cent excluding future profits compared with a FAR of 11.5 per cent at the end of 2001. HBOS says Clerical Medical has seen a "favourable" shift away from with-profits during 2002 and that sales to IFAs fell by ...

  • Housing market hit by threat of war with Iraq

    27 Feb 2003

    The property market is stuck in price stagnation as supply rises and the threat of war with Iraq deters people from moving, according to the Hometrack survey. Its February report on house price inflation shows that the London market remains flat, with the average house price sticking at £233,200 for the fourth month running. Ten London boroughs reported a fall in average prices in February. In Islington, the average value fell by 0.5 per cent to £263,493 from £264,817 ...

  • HSBC sells Fof range via branches

    27 Feb 2003

    HSBC is offering three funds of funds through its high-street branch network. It claims to be the first high-street bank to offer a fund of funds service to customers. The funds will be rolled out to IFAs in early spring. The three options available are growth, income and global growth. The bank says the funds of funds are designed to spread risk in an unpredictable economic environment, with each investing in between 15 and 20 funds. The growth option will aim to provide ...

  • IFAs accuse CA of double standards on endowments

    27 Feb 2003

    IFAs are accusing the Consumers' Association of double standards with its endowment misselling campaign by ignoring its own advice which supported the products in its Which? publication dating back to 1988. Last September, the CA and Which? launched an endowment action campaign claiming that up to five million consumers with an endowment mortgage had been missold and encouraging them to complain as they could be missing out on compensation. Many in the industry believe this ...

  • IFAs back mutual PI and with-profits

    27 Feb 2003

    An overwhelming 80 per cent of IFAs support the idea of a mutual fund to solve the professional indemnity insurance crisis, according to a survey conducted for Money Marketing by The Exchange. The support for a mutual scheme comes despite the fact that the FSA and trade bodies such as Aifa say it is unlikely to come to fruition over concerns for funding and criteria for joining. The survey found that 39 per cent of advisers have yet to gain a mortgage qualification, as required ...

  • IFAs expect further falls in annuity rates

    27 Feb 2003

    Many IFAs are expecting annuity rates to fall over the next 12 months, with 80 per cent expecting a 2.5 per cent drop, according to Key Retirement Solutions. A survey of 50 IFAs showed that 15 per cent were even more pessimistic, predicting annuity rates would fall by 5 per cent or more while just 5 per cent of advisers expected rates to stay the same. KRS says falling annuity rates and rising house prices mean retired homeowners should look to access income through the huge wealth ...

  • IFAs to get more say on training as Jackman sets up skills council

    27 Feb 2003

    FSA head of industry standards David Jackman is leaving the regulator to head a new industry body to be responsible for financial education and ethics. The move will see Jackman retain the regulator's examination review and a third of his current team. Jackman is officially on a six-month secondment from the FSA but few expect him to return after he becomes chief executive of the new Financial Services Skills Council this week. The new body, which will be jointly funded by the ...

  • IFAs want ABI to end endowment blackout

    27 Feb 2003

    IFAs are calling for the revision of ABI guidelines that mean Royal & Sun Alliance can leave its endowment policyholders in the dark about shortfalls until their policies mature. In one case, a client with IFA M2 Financial, now retired, only found out he had a shortfall when he received his maturity letter, leaving him with£10,000 debt to his mortgage company. R&SA had previously told him, as part of phase one of the endowment review in June 2000, that it was in surplus. ...

  • In the interim

    27 Feb 2003

    There are times when a financial services business will need expert assistance from outside to make the most of a short-term opportunity or cope with an unexpected crisis. Here are just a few examples. A major acquisition by a national IFA firm or the merger of two networks will cause tremendous upheaval for all concerned. With the right kind of support from outside, the businesses should be better equipped to create a more effective whole, reducing the risk of staff and member firm defections .

  • Independent view

    27 Feb 2003

    One of my favourite Tommy Cooper gags has considerable resonance with the prevailing mood among investors as we limp towards the height of the Isa season. It tells of a motorist in East Anglia who pulls over to ask a local for directions to Norwich. "I wouldn't start from here," is the reply. The point of this aside is that the entire fund management and IFA industries are now almost pathologically bereft of optimism. The weight of a previously mythical three-year bear market has ...

  • Inside edge

    27 Feb 2003

    Will there be a mortgage downturn and what are the implications? Much like house price movements, shifts in mortgage volumes need to be considered in perspective. Some London properties have seen a 15 per cent drop in value recently but have benefited from an increase of 30 per cent during the last 12 months. So have prices dropped by 15 per cent or have they risen by 15 per cent? Mortgage volumes have risen steeply over recent years, so any reduction in lending volumes this year should ...

  • Investment analysis

    27 Feb 2003

    Most of the world's major equity markets put in a respectable performance last week, with the FTSE World index gaining 1.3 per cent in spite of extreme nervousness over further terrorist attacks and concerns over the Iraqi situation. It turned out to be a highly positive week for UK blue-chip stocks, with the FTSE 100 recouping much of its recent lost ground with a rise of 3.2 per cent. Leading the winners' list was Capita group whose shares leaped by over 20 per cent on the ...

  • Investment view

    27 Feb 2003

    What is an investment process? I know what you are thinking. If someone in the investment business needs to ask that particular question, should they really be managing money? Perhaps what I really mean is what do you understand by an investment process? It is, after all, a term that is increasingly common. Clearly, it means different things to different people. What prompted me to reflect on the meaning of an investment process was an internal seminar designed to explain how the output ...

  • J O Hambro appoints managing director

    4 Mar 2003

    J O Hambro Capital Management has appointed Andreas Lehmann as managing director.Lehmann, who was previously a managing director with Merrill Lynch Investment Managers, will take responsibility for sales, marketing and product strategy.Chief executive Nichola Pease says: "Andreas brings first class sales experience and knowledge of both European and internationals markets. "In addition to growing our existing fund range, Andreas will be looking to develop products ...

  • Julian Gibbs

    27 Feb 2003

    An exciting new protection policy called Accelerator has been introduced by the Pensions Annuity Friendly Society. Pafs is backed by the Bank of Scotland and 95 per cent of risks are reinsured by one of the leading international reinsurance companies. Pafs is not invested in equities so its financial strength is undoubted. The Accelerator policy will be a huge help to IFAs as Pafs will quote a binding premium to clients whose lives are impaired, without the need to write off for ...

  • Leeds & Holbeck guarantees capital on Tessa account linked to FTSE100

    27 Feb 2003

    Leeds & Holbeck Building Society is launching a new account for Tessas and Toisas, offering 100 per cent capital security and minimum return of 10 per cent tax-free at the end of the six-year term. The secure growth account will be available on a first-come, first-served basis to savers with funds from a maturing or matured Tessa, or by transferring funds from an existing Tessa-Isa account. The account tracks the growth of the FTSE 100 index over the term subject to a maximum ...

  • Legal & General bond grows and protects

    2 Mar 2003

    Legal & General has established the index growth and protection plan, a guaranteed equity bond that is linked to the FTSE 100 index for a term of five and a half years.The bond guarantees the return of all the original capital at the end of the term regardless of the performance of the index. Investors also receive 70 per cent of any growth in the FTSE 100 during the term, but this operates as a participation rate. For example, if the FTSE 100 index increases by 50 per cent, the ...

  • Lenders fail to pass on base rate cut

    27 Feb 2003

    Mortgage broker London & Country says lenders are short-changing borrowers by not passing on the full 0.25 per cent Bank of England base rate cut which was announced more than two weeks. The base rate was cut to 3.75 per cent from 4 per cent on February 6 but L&C says many borrowers still do not know how much, if any, of the benefit will be passed on by their lender in cuts to the standard variable rate. None of the top five lenders has passed on the full cut. Using Council ...

  • Less than £2m for Fidelity global focus fund

    27 Feb 2003

    Fidelity's global focus fund, which was launched to bolster the giant fund firm's Isa campaign, has taken under £2m since it opened in a blaze of publicity last month. In what is being seen as a sign of worsening investor sentiment, it is understood that the fund has raised just over £1.5m since launching on January 14 - far less than the £10m that Fidelity was believed to be expecting for the launch of the fund. The lack of investor interest has come as ...

  • Man Investments - Man AP Unison

    28 Feb 2003

    Type: Capital guaranteed bond Aim: Growth by investing in arbitrage. managed futures, directional, equity hedge and long/short equity hedge fund strategies Minimum investment: Lump sum $50,000, euros 50,000 Guarantee: Capital returned in full at end of term regardless of performance of underlying investments Place of registration: Bermuda Investment split: 100% in arbitrage. managed futures, directional, equity hedge and long/short equity hedge ...

  • Means to a trend

    27 Feb 2003

    In the last couple of articles, I have looked at trends in male and female life expectancy over the last few decades and highlighted the implications of the significant increases we have seen. I considered the impact these trends could have on the demand from clients for conventional annuities or flexible retirement income options such as drawdown. Before considering other implications of life expectancy trends, however, and with particular relevance to the imminent introduction ...

  • Moody's looks at downgrading Scottish Mutual and Scottish Provident

    3 Mar 2003

    Moody's is reviewing its ratings of Scottish Mutual and Scottish Provident with the possibility of downgrading them. The announcement by the ratings agency follows it decision to review parent company Abbey National also for a possible downgrade.Moody's says it believes support from the parent company could be reduced and that ScotMut and ScotProv has suffered along with other life companies as a result of the harsh investment climate.Both life subsidiaries currently ...

  • Morgan Stanley - Morgan Stanley FTSE Optimiser

    28 Feb 2003

    Friday, 28 February 2003Type: Guaranteed equity bondAim: Income or growth linked to the performance of FTSE 100 indexMinimum-maximum investment: Lump sum £5,000-£1m, £7,000 IsaTerm: Five years three monthsGuarantee: Options 1 and 3 - Original capital returned in full regardless of performance in index. Options 2 and 4 - Original capital returned in full provided index does not fall by more than 40%Return: Option 1 - 3% income ...

  • Mutual trends

    27 Feb 2003

    Mortgages plc is not shy about describing itself as "punching well above its weight" and being able to take on the likes of GMAC-RFC, the biggest operator in the non-conforming sector. Launched in 1998 and aiming at borrowers who fall outside mainstream lending criteria, Mortgages plc says it keeps its profile high and increases its volumes of business through a range of initiatives to break into new parts of the market, like its recent creation of Mutual Co-operative. This involves ...

  • N&P reduces rates on fixed mortgages

    27 Feb 2003

    Norwich & Peterborough Building Society is reducing the rates on its range of fixed-rate mortgages following the 0.25 per cent cut in the Bank of England base rate at the beginning of February. N&P says it now offers its lowest-ever five-year fixed rate at 4.48 per cent on loans up to 90 per cent loan to value and 4.68 per cent up to 95 per cent LTV, down from 4.79 per cent and 4.99 per cent previously. The redemption penalties are 5 per cent in the first three years, 4 ...

  • National Savings goes for growth

    3 Mar 2003

    National Savings and Investments has introduced the fourth issue of its guaranteed equity bond.The bond is linked to the FTSE 100 index for a five-year term and offers 100 per cent capital protection, whatever happens to the index during that period. If the index increases by up to 60 per cent, investors get all this growth. But if the index increases by more than that, any growth for investors is capped at 60 per cent.To calculate the final return, the average daily closing ...

  • New 2-year fixed loan from GMAC-RFC

    4 Mar 2003

    Lender GMAC-RFC has launched a new two year fixed mortgage with an interest rate of just 3.55 per cent on loans up to 90 per cent loan to value.On mortgages up to 95 per cent LTV, the interest rate is set at 3.75 per cent.Minimum loan is £25,001 while the maximum is £750,000 under the new arrangements. The rate is fixed until May 1, 2005 on the product which is available for purchase or remortgaging. GMAC-RFC head of product development Peter Stimson says: ...

  • New Govt agency to clamp down on crime barons

    27 Feb 2003

    A new Government agency launches this week with the power to confiscate or tax cash and property where the owner cannot prove they were gained by legitimate means. The Assets Recovery Agency gets its powers through the Proceeds of Crime Act that this week also brings in a duty on IFAs to report suspected evidence of money laundering or face five years in jail. The agency will target crime barons where the police believe no criminal prosecution is possible. The body estimates ...

  • New hope

    27 Feb 2003

    We are told at every turn that there are no more young people coming into the business, that we oldies are all there is and we are going to die soon. I have been lucky enough to be running a series of sales training workshops aimed at new advisers. These have been (mainly) bright young people enthusiastic about making the transition from administrative and support roles into client-facing positions. Some have financial services degrees and many are studying for the AFPC. It is ...

  • New Star distributes income

    28 Feb 2003

    NEW STAR INVESTMENT FUNDSMANAGED DISTRIBUTION FUNDType: Oeic Aim: Income by investing in bonds and equities Minimum investment: Lump sum £1,000, monthly £100 Investment split: Bonds 65%, equities 35% Isa link: Yes Pep transfers: Yes Yield: 5% net a year Charges: Initial 5%, annual 1.25% Commission: Initial 3%, renewal 0.5% Tel: 0845 6088702The panel: Mike Gilbey, Managing director, ...

  • Norwich Union - Prosper (Growth) Bond Issue 5

    28 Feb 2003

    Friday, 28 February 2003 Type: Guaranteed equity bond Aim: Growth linked to the performance of the FTSE 100 index Minimum-maximum investment: £3,500-no maximum Term: Five years Guarantee: Capital returned in full regardless of the performance of the index Return: Up to 57.5% net growth at end of term Closing date: March 28, 2003 Special offer: Early investment bonus paid on a daily basis at a rate of 3% net a yearOffer ...

  • NU and Standard top IFAs' list of multi-tied partners

    27 Feb 2003

    Norwich Union and Standard Life top the table as IFAs' preferred partners in a multi-tie, according to this year's Money Marketing/One Account State of the IFA Nation. The results show that 43 per cent of the 215 advisers surveyed would put NU in their top four provider choices followed by 41 per cent who would choose Standard Life. Skandia was the third most popular company with 17 per cent followed by Legal & General on15 per cent. But Standard Life beats NU as ...

  • NU brings CI premiums down in line with rivals

    27 Feb 2003

    Norwich Union is bringing critical-illness cover premiums into line with competitors only two months after its dramatic price increase. Rivals made smaller increases and some even cut premiums, leaving NU out in the cold after its 40 per cent rise in premiums. It says sales fell after it increased premiums. The U-turn means that combined term and CI premiums will fall by 19 per cent and mortgage term and CI premiums will come down by 13 per cent. NU also intends to cut standalone ...

  • Odey creates European twin

    26 Feb 2003

    Odey Asset Management has established the Odey Pan-European fund, a Ucits that invests in Europe for capital growth.The fund is identical to the Vitruvius European equity fund, a Sicav that is managed by Odey for the Italian market. The Pan-European fund invests in a portfolio of between 65 and 70 stocks across sectors and countries. Hugh Hendry, a partner at Odey, will manage the fund. Hendry joined Odey four years ago and previously worked at Baillie Gifford. At Odey, ...

  • Old Mutual Asset Managers - UK Large Cap Fund

    4 Mar 2003

    Tuesday, 4 March 2003Type: Hedge fundAim: Growth by investing in large cap UK companiesMinimum investment: Lump sum £100,000, euros 100,000, $100,000Place of registration: Cayman IslandsInvestment split: 100% in large cap UK companiesCharges: Annual 1.5%Commission: NoneTel: 0808 1002715

  • Ombudsman could open door to LTC cost redress

    27 Feb 2003

    A Health Service Ombudsman report has opened the door to possible compensation claims from elderly people forced to pay for their own long-term care costs unnecessarily. But LTC providers are warning that the report does not change the need to cover for future care costs. Providers point out that while the report calls for local health authorities to revisit cases where compensation may be due, it does "not open up any new ways of obtaining free long-term care". The report, ...

  • On the menu

    27 Feb 2003

    This year is just seven weeks old, yet there have already been five key consultations with a potentially significant impact on the future shape of retail financial services. At least two further, equally important papers are due out around April. Has there ever been an industry more reviewed and consulted upon? My purpose in raising this is not just to have a moan about our workload, it is to say that we must all resist the temptation to lie back and let the flood of proposals engulf ...

  • On the right road to clarity and low cost

    27 Feb 2003

    The Treasury's consultation on Sandler stakeholder products, which came out at the start of the month, gives us the opportunity to get a snapshot of where Government thinking is heading. A great deal has happened in the last few years. In 1998, the Treasury introduced Cat standards, largely the result of the drive of Paul Diggle at the Treasury. At the time, the proposals were revolutionary. They led to extensive debate on whether the UK should go down the road of product regulation ...

  • Out of context

    27 Feb 2003

    •"London, as you know, is a town in Canada." - AMP spokesman Stephen Hoffman brings an international perspective. •"We do have a computer in the office but it is steam-driven. As far as we are concerned, it is cutting-edge stuff." - Pensions & Investment Management principal Phil Moore. •"Out Of Context is the zenith of my career - Kilroy is the low point" - Hargreaves Lansdown pensions research manager Tom McPhail. •"While we are close readers of Money ...

  • Outside edge

    27 Feb 2003

    The pointers for the housing market for the next year are far from clear. Each week, conflicting evidence emerges about house prices and, to a lesser extent, volumes in the market. Although the two factors are inevitably linked, too little analysis is carried out into the real linkage, as it is not as simple as supply and demand. The reality, borne out by earlier downturns, is that when prices fall, the only movers are forced sellers of one form or another or those who are making a ...

  • Pack attack

    27 Feb 2003

    Seller's packs will be with us either in early 2005 or 2006. That is the commitment from the Government that was outlined in the Queen's Speech documents and which will be proved when the revised Homes Bill is reintroduced to Parliament in the next few weeks. After all the years of will they, won't they, we seem at last to be set for a firm piece of legislation and the Parliamentary time to get it into law. There will be rocks on the road - perhaps more of a boulder on ...

  • Painting by numbers

    27 Feb 2003

    Nearly all the major reviews last year referred to the need to increase consumer education on financial services products. Pensions have been singled out as an area where more needs to be done and recently we have seen two developments. The first is the publication of the feedback paper on the consultation carried out on point-of-sale pension projections (CP134) and the second is the pension calculator launched by the FSA and the ABI. Projections are part of the sales process and ...

  • Pensions and the self-employed

    27 Feb 2003

    The recent Pensions Green Paper has some interesting things to say about the self-employed. As with employed people, the self-employed can be subdivided into high-income people, for example, accountants and lawyers, who can broadly be relied upon to make provision for their own retirement, and lower-income people who can't. But there are two crucial differences between lowerincome employed and self-employed people. The self-employed have no employer to sponsor and help pay ...

  • Plane truth

    27 Feb 2003

    Prudential Premier Mortgage Services manager John Malone is not having much luck in the air these days. His recent trip to Spain fell foul of the Venezuelan factor when he was one of the millions stuck at Gatwick after a live grenade was discovered in luggage. Last week, flying back up to Scotland, Malone dozed off and woke up to find the sun shining in through the wrong side of the plane to be heading north. It turns out that a mechanical fault meant the pilot had turned the ...

  • Poll position

    27 Feb 2003

    Remortgaging continues to grow in popularity, according to our latest consumer survey. But while customers are increasingly prepared to change their lender, they prefer to make any new arrangements through traditional channels - the overwhelming majority of borrowers like a face-to-face meeting to arrange their mortgage. The continuing popularity of remortgaging is reinforced by the statistic showing that six in 10 have arranged their current mortgage within the last five years. A ...

  • Premier Asset Management - Premier Extra Income Plan

    3 Mar 2003

    Monday, 3 March 2003Type: Capital protected bond Aim: Income or growth linked to the performance of the Dow Jones Eurostoxx 50 index Minimum-maximum investment: £7,000-£1m Term: Five years Guarantee: Original capital returned in full provided the index does not fall by more than 30% and returns to at least its initial level Return: 7% income a year, 1.65% income quarterly or 38% growth at end of term Closing date: April ...

  • Product matters

    27 Feb 2003

    The structure of the Portman's new equity-release mortgage is nothing new. It fits the same roll-up type as other fixed-rate schemes which have been available for some time. But any new provider is to be welcomed, more so by the fact that it is a member of Safe Home Income Plans. As a specialist IFA, Key Retirement Solutions is disappointed that the scheme is currently unavailable to IFAs. We understand it is its intentions to allow IFAs access to the scheme in the future. Portman's ...

  • Projecting the future

    27 Feb 2003

    Operating at an adequate level of profitability is already a challenge for many product providers and IFAs. But with the industry going through a significant regulatory transformation, margins will undoubtedly be further threatened. In this increasingly complex environment, validating the potential for a business to deliver its financial goals requires ever more sophisticated financial analysis. Building models of businesses and overlaying potential future market scenarios is helpful ...

  • Prudential WP bonuses cut by up to 20%

    27 Feb 2003

    Prudential is reducing payouts on with-profits by up to 20 per cent and leaving some shorter-term polices without a terminal bonus. The company says the move is a result of the current state of the stockmarket, which it does not expect to pick up over the coming year. The cuts mean that an investment of £10,000 in a Pru with-profits bond five years ago will now be worth £12,280, down from £13,849 last year. A 25-year £50 a month endowment would now pay ...

  • Regulator is taking axe to small IFAs

    27 Feb 2003

    The FSA is slaughtering small IFAs with its professional indemnity axe and the rest of the industry just sits back. PI insurers are refusing new business, some have even halted renewal business and the remainder have withdrawn but the FSA still demands that IFAs obtain the unobtainable or stop trading immediately. If ever there was an infringement of human rights this is it. Does anyone but the IFA care? The FSA's own figures, as at January 27, show that an average of 24 per ...

  • Remortgage business rockets to 52%

    27 Feb 2003

    Remortgages now represent more than half of all new lending, according to figures for January from the Council of Mortgage Lenders. Of the total £18.6bn of advances made last month, £9.6bn or 52 per cent was advanced through remortgages, up from £7.6bn in December or 39 per cent and £5.6bn and 42 per cent in January 2002. Overall lending jumped 39 per cent in January 2002, when it stood at £13.4bn, although the figure was down by 4 per cent from December's ...

  • Retail investors pay £125m a year in unnecessary management fees says L & G

    3 Mar 2003

    UK retail investors are wasting up to £125 m a year by investing in 'closet trackers' says Legal & General.It says the initial and annual management fees of these funds result in under performance when compared with well-managed Index funds.

  • Rock around the proc

    27 Feb 2003

    Discount broker Hargreaves Lansdown is sending shockwaves through the homeloan business by offering procuration fee rebates. It is the key point of the company's drive to widen its mortgage offers with a national press campaign this month. Hargreaves Lansdown set up a mortgage arm last September to diversify from its investment and pension business but it has only been targeting its 400,000 client base. Now it is going out to the general public and offering to pay part of the ...

  • Sainsbury stocks up on Sandler

    27 Feb 2003

    Sainsbury's Bank is using the Sandler product proposals as a springboard to enter the investment market with the launch of two equity-based Isas. The bank, which is backed by the Bank of Scotland, says supermarkets are well placed to achieve Sandler's goals of reaching consumers who are not saving because they feel disconnected from the financial services industry. It predicts that "off-theshelf products are well positioned to take a significant share of the investment market ...

  • Sainsbury's Bank - Income Isa

    27 Feb 2003

    Thursday, 27 February 2003 Type: Oeic mini or maxi IsaAim: Income by investing in a corporate bond fundMinimum investment: Lump sum £500, monthly £50Maximum investment: £7,000Catmarked: NoInvestment choice: Halifax Investment Fund Managers Corporate Bond FundYield: 5.75% gross a yearCharges: Annual 1%Commission: NoneContact: www.sainsburysbank.co.uk

  • Sainsbury's Bank - Tracker Isa

    3 Mar 2003

    Monday, March 3, 2003 Type: Oeic mini or maxi IsaAim: Growth by investing in a tracker fundMinimum investment: Lump sum £500, monthly £50Maximum investment: £7,000Catmarked: YesInvestment choice: Halifax Investment Fund Managers UK FTSE 100 index tracker fundCharges: Annual 1%Commission: NoneContact: www.sainsburysbank.co.uk

  • Scot Prov pens deal with Inter Alliance

    3 Mar 2003

    Abbey National has signed a deal with Inter Alliance which will see its Scottish Provident mortgage club made available to the IFAs' 400 mortgage advisers.Inter Alliance advisers will now have access to The Mortgage Alliance's 21 lenders including Abbey National, Bristol & West, Halifax and Woolwich. They will also be provided with free access to the Trigold sourcing system. Abbey National for Intermediaries director, sales and marketing Ambrose McGinn says: "The Mortgage ...

  • ScotEq maps out house hotspots facing IHT trap

    27 Feb 2003

    High property prices have created hot spots in the UK where homebuyers face inheritance tax liability, says Scottish Equitable. Property owners in Greater London are most likely to have inheritance tax liability as the average house price is £232,830. IHT is levied on estates over £250,000. Others hotspots include Bath, where the average property price is £34,000 below the IHT threshold. A similar level of liability is a problem in Tunbridge Wells, where the average ...

  • Scottish Life International creates second bonus bond

    28 Feb 2003

    Scottish Life International has established the second issue of its protected bonus bond.The bond is linked to three stockmarket indices - the FTSE 100, S&P 500 and Eurostoxx 50. Investors' original capital is returned, along with minimum growth of 18 per cent, whatever happens to those indices during the term of six years and two months.The maximum growth potential is 54 per cent, which is made up of six annual payments of 9 per cent. To calculate the returns, the ...

  • Selestia and Hornbuckle Mitchell play happy families

    4 Mar 2003

    Selestia has entered the self-invested personal pension (Sipp) market in a joint initiative with Sipp provider and administrator Hornbuckle Mitchell.The product is a full Sipp that provides access to Selestia's fund platform and all investments allowed for Sipp investment under Inland Revenue rules, including commercial property. Selestia will be responsible for the investment funds side of the arrangement, while Hornbuckle Mitchell will deal with the other aspects, including ...

  • Selestia to offer EFM Fof range

    27 Feb 2003

    Fund supermarket Selestia is to offer Edinburgh Fund Managers' unfettered fund of funds range in a move it claims marks a first for multi-manager platforms. Selestia will offer the funds - the fund of funds portfolio, the monthly income portfolio, the managed growth portfolio account and the performance portfolio account - from this week. The funds, which boost the number of funds available through Selestia to more than 340, are among the best performing in their sectors over ...

  • Seller's packs could be delayed by looming conflict

    27 Feb 2003

    The threat of war with Iraq could delay the Government's timetable for seller's packs due to be reintroduced to Parliament in March under the Housing Bill, warns Legal & General. Director (housing marketing) Stephen Smith believes it will be difficult for the Government to meet its commitment in last November's Queen's Speech that the bill will be debated in this Parliamentary session. He argues that the UK legislative agenda in general could be affected as the ...

  • Simply Biz Support firm struggles to get PI cover for members

    27 Feb 2003

    IFA support services group Simply Biz, which was launched by DBS founder Ken Davy in December last year, has been unable to find PI cover, stalling plans to offer cover to all member firms as part of the package. The situation means that eight firms cannot make the final jump to being full Simply Biz IFAs because they want to become directly regulated and would not have PI cover if they did so. Other firms out of the 140 members signed up and in the process of moving across may ...

  • Skandia Life - Protected MultiManager Plan

    26 Feb 2003

    Wednesday, 26 February 2003 Type: Capital protected mini or maxi IsaAim: Growth by investing in UK equities, UK bonds and commercial propertyMinimum-maximum investment: £3,000 - £7,000 for 2002/2003 and 2003/2004 tax years Investment choice: Schroder UK mid 250, Fidelity special situations, Invesco Perpetual corporate bond, Norwich property fundsTerm: six years three monthsGuarantee: Option 1 - Original capital returned in ...

  • Special sits tops Isa sales as cash funds show strength

    27 Feb 2003

    Cash funds are among the best-selling Isas this year along with growth and technology funds, which buck the trend towards equity income funds, according to Skandia. Overall, cash is the seventh most popular option for lump-sum and regular-premium Isa investors going through Skandia's fund supermarket multifundshop last month, with growth and tech funds also featuring in the top 10. Perennial favourite Fidelity's special situations fund is top of the list, with Jupiter's ...

  • Split probe shakes IFAs' faith in trusts

    27 Feb 2003

    The Treasury select committee split-cap inquiry has not only scared advisers from recommending split caps but has also weakened their confidence in the investment trust sector as a whole, according to latest research. The annual Money Marketing/One Account State of the IFA Nation poll reveals that 80 per cent of IFAs questioned said they were now less likely to recommend splits following the crisis. Confidence in the £50bn investment trust sector as a whole has also wavered ...

  • Standard of living down for retired couples, up for working households

    27 Feb 2003

    Retired couples have seen their standard of living fall for the second year in a row while the average working family and single pensioners are all better off, according to new research. The annual Britannic Asset Management Retired Income Monitor, published last week, shows retired couples have seen their weekly disposable income fall by 1 per cent to £346 from £350 last year. The research, carried out for BAM by Datamonitor, says when inflation is factored in, the standard ...

  • Stop treating PI as a social fund

    27 Feb 2003

    How, in Broker Talkback, could you possibly have 63 per cent think that "the FSA's plan to create a captive insurer of a PI cover can resolve the current PI crisis"? Look at the answers - "Let's just hope this works," "Yes, it has got to be worth a try," -and so it goes on. There is only one answer to the PI problem - stop treating insurance as a social fund. Nibbling around the edges of a problem has never ever solved it. The FSA and its forbears are culpable because ...

  • T&G tops up Aim VCT

    27 Feb 2003

    Teather & Greenwood (T&G) plans to raise up to £5m for its Alternative investment market (Aim) venture capital trust (VCT) by issuing C shares. The money raised through this top-up issue will initially be held in fixed-interest and will go into Aim companies when suitable opportunities are found. Approximately 25 per cent of the investment will remain in fixed interest at all times. The VCT has raised £3m since it was established in November 2001 and has invested ...

  • Take care of customers

    27 Feb 2003

    Few challenges facing financial institutions in the coming year are as significant -or as neglected - as improving meaningful interaction with customers. When the going gets tough, let us all batten down the hatches and hide - an understandable reaction from the financial services industry but short-sighted. Lead-generation initiatives are still rife but, as Gartner pointed out in its recent report, companies need to avoid the "major mistake" of focusing on customer acquisition. Investment ...

  • Talkback

    27 Feb 2003

    "It would only work on the assumption that clients are well informed but I don't think they are. Nine times out of 10, even the reasons-why letter goes over their head." Dennis Taylor, Dennis Taylor Financial Services "No. The majority of consumers know nothing about mortgages and there are a lot of products on the market. They need guidance." Frank Wampamba, Frank Wampamba "Yes. Consumers will always want to make savings so they will be attracted to the rebate."David ...

  • Taming the bear

    27 Feb 2003

    I certainly would not class myself as an investment specialist. I would, however, class myself as a concerned investor. Not an investor in a big way, I would add. No, an investor in a very ordinary and regular kind of way. Like many investors these days, I would probably class myself as cautious - but not excessively so. Given the demands of developing Technical Connection and delivering services to our understandably demanding clients, I spend very little time monitoring and actively ...

  • Tax break loss will deter Isa investors

    3 Mar 2003

    Almost half of investors who are aware of the imminent scrapping of the tax break on equity Isa dividends say they are less likely to invest in them as a result. Research by Isis has found that 45 per cent of investors who know the 10 per cent break will be abolished in April 2004 say the move will deter them from investing in the future.Isis is urging Chancellor Gordon Brown to scrap the plans in the Budget.

  • The pick of the PMI

    27 Feb 2003

    Over the last few years, menu-based flexible life and healthcare protection packages have won the hearts of IFAs and their clients. Advisers can mix and match various components to meet initial needs and then adjust them later to fit lifestyle changes. The good news is that similar flexibility is now available within the PMI field. An IFA can recommend a package of protection that is tailored to fit the current needs of an individual, a couple or a family group at the outset and then ...

  • Towry Law offering hybrid loan with fix and discount

    27 Feb 2003

    Towry Law Mortgage Services is offering an exclusive hybrid mortgage combining an initial fixed rate followed by a discount. The product has a one-year fix at 3.59 per cent followed by a 1 per cent discount off the standard variable rate - giving a current rate of 4.75 per cent - for the following year. The IFA refuses to name the lender which is behind the deal. There are no compulsory insurances and self-certification is allowed. The mortgage is available for up to 75 per ...

  • UBS Global Asset Management - UBS UK Smaller Companies

    26 Feb 2003

    Wednesday, 26 February 2003Type: OeicAim: Growth by investing in UK smaller companiesMinimum investment: Lump sum £1,000, monthly £50Investment split: 100% in UK smaller companiesIsa link: YesPep transfers: YesCharges: Initial 4%, annual 1.5%Commission: Initial 3%, renewal 0.5%Tel: 0800 587 2111

  • UCB reduces fixed rate mortgages

    3 Mar 2003

    CB Home Loans is launching a range of self-certification fixed rate mortgages with its lowest ever fixed rates. The lender is offering a 2-year fixed rate at 4.49 per cent, a 3-year fixed rate at 4.69 per cent and a 5-year fixed rate at 4.99 per cent. Redemption penalties for the 2-year mortgage are 6 months interest in year one and 5 months interest in year two. For the 3-year, penalties are 6 months interest in year one, 5 months in year two and 4 months interest in year three. ...

  • Win a Grand Prize

    27 Feb 2003

    Winterthur Life is offering a lucky racing enthusiast the opportunity to win a day of lifetime at the British Grand Prix, experiencing Silverstone, in true VIP style complete with helicopter arrival. The prize for two includes: •Helicopter transfer for two to the circuit. •All-inclusive day in the Paddock Club at the British Grand Prix race day - Sunday, July 20. •Access to the VIP area. •Seats over the grandstand or pit lane. •Visit to ...

  • Women's intuition

    27 Feb 2003

    When all-female IFA Finance 4 Women was formed last March, its founders admit they had no idea how their new venture would pan out. Eleven months later, however, they have no hesitation in declaring their new company an unqualified success. "It has been a whirlwind," says Karen Ritchie, one of the firm's four founder members. "From no clients a year ago, we are now fully booked every week." The company estimates it has a client base of about 200 and it expects this number to ...

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