Money Marketing
26 September 2001

  • 'NHS should take on insurer role'

    27 Sep 2001

    The NHS should become an insurer competing with private providers to offer an improved service to patients, says Norwich Union Healthcare. The PMI provider has rel-eased a paper, prepared by economic consultants Nat-ional Economic Research Associates and supported by left-wing thinktank, the Social Market Foundation, calling for a new public/private partnership model in funding healthcare costs. The paper, Towards Stakeholder Healthcare, proposes that individuals would ...

  • 'Show the Government united front'

    27 Sep 2001

    Bupa chief executive Val Gooding believes the industry must present the Government with a united front to debate the role that providers could play in easing the burden on the NHS. Gooding called on conference delegates to stop competing against each other and work together to convince the Government of the role they play in aiding the NHS. She said that instead of just chasing the same customers, providers should look to exp-and the market to individuals and companies. ...

  • £2.8m loss for Inter-Alliance

    27 Sep 2001

    Major infrastructure investment saw national IFA Inter-Alliance make a loss of £2.8m in the first half of the year despite nearly doubling turnover. The result is a sharp fall from the £700,000 profit for the same period last year. But turnover soared by 91 per cent from £13.7m to £26.2m and there was a 20 per cent increase in annualised income per registered individual from £60,000 to £72,000 from £60,000. The company says the loss ...

  • £700 fee stays despite 60% of complaints thrown out

    27 Sep 2001

    Mortgage brokers are still being forced to pay £700 to fight allegations of misselling despite the industry's arbitration scheme ruling in their favour in the majority of cases. Brokers are furious after the Mortgage Code Compliance Board confirmed that the non-refundable charge would stand after releasing figures showing that 60 per cent of borrower complaints lodged with its arbitrator have been thrown out for lack of evidence. IFAs are demanding to know why ...

  • A consumer's view

    27 Sep 2001

    Standard Life storms into the buy-to-let market, read a news headline a couple of weeks ago. Perhaps it is just journalistic cynicism but it is difficult to dismiss the thought that this will probably signal the top of the property investment market, at least in the short term. Those of us who have been around for a while can rem-ember the mad stampede by mortgage lenders to buy into estate agencies at the end of the 1980s. Fancy prices were paid for estate agencies ...

  • A land without competition?

    27 Sep 2001

    In the "dark days before regulation" there was an explosion of innovation in the sales and marketing of financial services. I remember Standard Life stating it would never become a unit-linked office. IFAs did not officially exist. "Advisers" chose from a very small number of providers, which inclu-ded some of the most revered firms of accountants. Companies were set up with new schemes to attract people who had never saved. Young entrepreneurs began such companies as ...

  • A menu for all tastes

    27 Sep 2001

    The impact of stakeholder reminds me of the ripple effect when a pebble is thrown into water - far reaching and continuously changing. For employers, the issues to be addressed will depending on whether they already have a benefits package. Given the complexity surrounding pension decisions, advisers could be excused for rubbing their hands with glee at the business opportunities this would normally throw up. But for some advisers, the tighter market margins ...

  • Advice is being squeezed out

    27 Sep 2001

    Advice is key to the future of financial services but is in danger of being squeezed out of the market, according to Swiss Re's Insurance Report of 2001. Consumers want advice on personal pensions, income protection, PMI, criticalillness cover and life insurance but the report, which surveys more than 1,000 people, says access to advice is disappearing. Although independent fin-ancial advisers are accused of having a commission bias, the report found that most consumers ...

  • Agressive growth trust launched by BWD Rensburg

    1 Oct 2001

    BWD Rensburg Unit Trust Managers has launched its first focus fund, the BWD Aggressive Growth Trust, to meet the demand for higher risk and higher return products.

  • AIG Life - Capital Portfolio Bond

    27 Sep 2001

    Thursday, 27 September 2001. Type: Unit linked bond. Aim: Income or growth by investing in unit linked funds. Minimum investment: Lump sum £5,000. Fund links: Choice of 136 funds from AIG, Aberdeen, Gartmore, M&G, Newton, Deutsche, Invesco Perpetual, JPMorgan Fleming, Threadneedle, ABN Amro, Exeter, Fidelity, Jupiter. Allocation rates: Penalty free charging structure, £5,000-£14,999 - 99.5 per cent, £15,000-£49,99

  • Artemis aims to raise more VCT cash

    1 Oct 2001

    Artemis is looking to raise an extra £20m for its AIM VCT, with the launch of a new subscription of ‘C’ class shares.Artemis launched its AIM VCT in January, raising a total of £33m in just under three months.The new subscription, which will open next month, would take the fund’s total to £53m. The minimum investment is £3,000.

  • August boost for housebuying

    27 Sep 2001

    House purchase loans inc-reased by 17 per cent in August to £11.2bn from £9.5bn in July, accounting for 67 per cent of all mortgages sold, according to the latest figures from the Council of Mort-gage Lenders. Remortgaging loans drop-ped to £4.3bn from £4.8bn in July, a 5 per cent fall from 31 to 26 per cent of the total mortgages arranged. The total figure for mortgages arranged rose to £16.7bn from £15.4bn in July and up from £11bn ...

  • Axa Multimanager funds deal

    27 Sep 2001

    Axa Multimanager is offering two multi-manager funds, with Bradford & Bingley set to transfer its current discretionary business into the new funds. The Axa select income and select growth funds will open on October 15 but will not be targeted at the mainstream retail market until all B&B funds have been transferred. Axa says it is looking to make the products widely available to IFAs in the future but will initially put a minimum investment limit of £100,000 and ...

  • Baillie Gifford takes a new slant

    28 Sep 2001

    BAILLIE GIFFORDDEVELOPED ASIA PACIFIC FUNDType: Oeic.Aim: Growth by investing in medium to large cap companies in Australia, New Zealand, Singapore and Hong Kong.Minimum investment: Lump sum £1,000, monthly £50.Investment split: Australia 48 per cent, New Zealand 1.5 per cent, Hong Kong 42.5 per cent, Singapore 5.5 per cent, cash 2.5 per cent.Isa link: No.Pep transfers: No.Charges: Initial 5 per cent, annual ...

  • Ban on past performance in ads set to be rejected

    27 Sep 2001

    An FSA panel of experts examining past performance in advertising is expected to reject an outright ban but call for further consultation on standardising the presentation performance in ads. The report, due out this week, is expected to include harsh criticism of current practices. The panel's minority consumer representatives are believed to have pushed for a ban. The report makes clear that past performance should not be relied on solely when selecting funds. It ...

  • Bankhall signs deal with Institute of Chartered Accountants

    27 Sep 2001

    Bankhall has been chosen as preferred provider by the Institute of Chartered Accountants in England and Wales which should see up to 4,500 firms refer business to Bankhall members from N2.

  • Berkeley Morgan launches IFA services business

    2 Oct 2001

    IFA and financial and insurance services provider Berkeley Morgan has launched Berkeley Morgan Xchange, offering intermediaries a programme of compliance, training, agency negotiation, branded websites, IT, design and PR.

  • Britannic ads are all the fashion

    27 Sep 2001

    Britannic Money has commissioned British fashion designer Russell Sage to design its new ads. The ads show a model wearing a garment designed from a Britannic Money umbrella. Britannic has sponsored Sage's spring and summer 2002 collection at this year's London fashion week to coincide with the launch of its new campaign. The company says it decided to support Sage for a second season as its target customers are people who follow new trends and it wants ...

  • Call to simplify pension regime

    27 Sep 2001

    Stakeholder pensions will be misbought and lead to greater financial exclusion, forecasts the Swiss Re Insurance Report 2001. The report found that the pension system is still so complicated, with the minimum income guarantee and pension credits, that stakeholder will never be simple and consumers will not understand what they are buying. It says the finance industry must lobby the Government for a more simplified pension regime to enable it to "break out of the Catch ...

  • Can OFT bring order to fees refund crisis?

    27 Sep 2001

    The Mortgage Code Compliance Board is becoming inc-reasingly concerned that some brokers are intent on breaching Consumer Credit Act rules to line their own pockets. After revealing last week that nearly 40 per cent of borrower complaints last year concerned the failure of brokers to refund fees, the regulator issued a warning that such breaches will be reported to the Office of Fair Trading. It is the first time that the MCCB has felt compelled to threaten brokers with ...

  • CD-Rom help with income drawdown

    27 Sep 2001

    Scottish Equitable is launching a new advanced version of its flexible retirement adviser support system on CD-Rom. The aim is to help IFAs writing income drawdown business. ScotEq says this is an interactive tool to take IFAs through developing, writing and managing business. It also leaves the IFA with a complete compliance trail for the regulator. There are five services designed to offer guidance on transfer regulations, including the new drawdown transfers introduced ...

  • Change of role for Hogan at Aegon

    27 Sep 2001

    Aegon Asset Management managing director Russell Hogan is stepping down to pursue other interests outside fund management such as taking a theology degree. He will relinquish control of AAM some time next year but will stay within the Aegon group to follow a more strategic role. A successor will be announced in the next few weeks. AAM recently poached Standard Life's head of global equities Wendy Hay to be chief investment officer.

  • Chelsea cuts interest rate

    28 Sep 2001

    Chelsea Building Society is cutting its standard variable rate by 1.5 per cent from 6.49 per cent to 6.34 per cent with effect from September 30.

  • CIS targets IFAs with DC pensions

    27 Sep 2001

    CIS is moving in to the intermediary market for the first time by offering its range of defined-contribution pensions through IFAs. The company, which has until now operated solely through its direct salesforce, will develop a business arm to distribute corporate pensions through employee benefits consultants. Initially, the group stakeholder and AVCs market have been targeted but CIS has not ruled out offering all products through intermediaries. The CIS DC pensions ...

  • CMG Admiral in Asian IT deal with Towry Law

    26 Sep 2001

    CMG Admiral has signed a £4.5m 10 year deal with Towry Law to outsource its IT services internationally.

  • Comparisons of bonds do not add up

    27 Sep 2001

    I have been very interested to read the comments of Colin Jackson at Baronworth when comparing the Chartwell AIG extra-income bond, which was launched on September 24, with the Investlife premier income and growth bond, which Baronworth have chosen to promote. Mr Jackson states: "Chartwell's returns are too low. If you are going to risk capital, it is not worth doing so if the return is under the 10 per cent benchmark." The first time I heard Mr Jackson's comments,I ...

  • Crack the code of CP98

    27 Sep 2001

    OK, "lenders ordered to stop trusting brokers," is not exactly what the FSA has demanded within its mortgage regulation proposals under the Financial Services and Markets Act. But mortgage brokers must be very clear that their relationship with lenders is about to change forever. So, if you do not know your CP98 from your ZX81 or your SC430, please read on. I aim to focus on some of the key implications of the new regulatory regime for mortgages. While Sir Clive ...

  • Dross that passes for knowledge

    27 Sep 2001

    Having been spurred by the great and the good, I have added my tuppence-worth to the Sandler review. Mr Sandler feels that perhaps IFAs do not have sufficient invest-ment knowledge. There may well be justification for this. However, I hope he also looks at some of the dross that we have to contend with which sometimes emanates from investment houses and insurance companies. They have at their disposal almost limitless resources but nevertheless come out with statements such as ...

  • Equitable - so near yet so GAR

    27 Sep 2001

    Equitable Life's compromise scheme proposals promise to settle the uncertainty of its liabilities but have managed to raise yet more questions about the society's future. Misselling claims for non-guaranteed annuity holders on the grounds that they were not told of the potential cost impact of GARs have become a nasty thorn in the deal's side. Equitable's legal team has been split over how much the claims could be and, as there is only one pot of money to ...

  • Equitable chief wants Treasury to speed FSA review

    27 Sep 2001

    Equitable Life chairman Vanni Treves has called on the Treasury to speed up the publication of the FSA's internal review of its handling of the Equitable affair. Speaking at the launch of Equitable's compromise deal last week, Treves said he "hoped it would not be too long" before the outcome of the FSA review was released. He said its conclusions on the role of the regulator in Equitable's demise were vital to the work of Herbert Smith, the lawyers appointed ...

  • Eurostoxx-linked fund is protected

    27 Sep 2001

    Schroders Unit Trusts is to launch a structured growth product designed to give capital protection and linked to the Eurostoxx 50 index. Schroders believes the product will be attractive to nervous investors. Capital is 100 per cent protected. Returns are linked to average growth in the Euro-stoxx 50 over five years. The Dublin-based product is awaiting approval from the Central Bank of Ireland and is expected to be available in October. Initial commission is expected ...

  • Fashion house

    27 Sep 2001

    Britannic Money head of marketing Matt Smith says: "We are proud to be working with Russell Sage. "Like us, he has a reputation for spark and originality, for turning convention on its head to create something infinitely better. We show people a new way of looking at their finances. Through working with Russell, we continue to be inspired."

  • Fast train at The platform

    27 Sep 2001

    When lenders unite - take fright. OK, the takeover of Mortgage Brain by Halifax, Nationwide and Alliance & Leicester hardly produces nightmare visions but most intermediaries should view this development with a healthy dose of wariness. Halifax, Nationwide and Alliance & Leicester have a 51 per cent stake in Mortgage Brain and this will rise to 100 per cent within two years. Two other partners are being sought to share ownership. The stated purpose is to build an effective ...

  • Film fund from Close Brothers

    28 Sep 2001

    Close Brothers is launching a film fund, aimed at private investors wanting to invest in new British films. The Close Film Fund will only invest in films that have at least 80 per cent funding by way of a production loan from a bank., with a minimum investment is £25,000.

  • Financial recruitment office opens in East Anglia

    26 Sep 2001

    Financial services recruitment consultant 20-20 Search and Selection is opening a new office near Norwich. Nigel Borrett, formerly of Seekers Recruitment, will head up the office.Borrett says: "We are capitalising on the buoyancy and changes in the market. It is imperative for both clients and candidates for a national operation to have representation in East Anglia."

  • Firms pin retail market hopes on the long term

    27 Sep 2001

    Even before the terrorist attacks in the US this month, analysts across the globe were warning of the distinct possibility of an imminent recession. But while retail investors have clearly heeded their warnings - with investment sales continuing to fall month on month - the number of pro-viders making a serious play for the UK retail market con- tinues to increase. Following the launch of John Duffield's New Star Asset Management in July, foreign or institutional providers ...

  • Flight hits out at 'anti-IFA' stance in review

    27 Sep 2001

    Shadow Economic Secretary Howard Flight says Ron Sandler's review of the retail savings market proves the Establishment is anti-IFA. Speaking at last week's Institute of Financial Planning Conference in Coventry, Flight slammed the review, saying: "I was shocked the Sandler consultation document contained outrageous Establishment anti-IFA bias." He accused the review of being "shallow in what it had to say" and failing to understand how the market worked. Flight ...

  • FSA appoints new chair of Practitioner Panel

    27 Sep 2001

    The FSA has announced a new chairman for the Financial Services Practitioner Panel, the body of industry representatives which provides checks and balances to the powers of the regulator.

  • FSA cools on past performance ban

    26 Sep 2001

    The FSA has accepted that consumers want past performance information in advertisements, in its response to recommendations made by a task force it set up to look into the issue.

  • Genesis amethyst mortgage aims at fixed rate market

    28 Sep 2001

    Genesis Home Loans is hoping that the sparkle of its new mortgage will appeal to borrowers.

  • GISC appeals against commission ruling

    27 Sep 2001

    The General Insurance Standards Council is appealing against last week's decision by the Competition Commission that its proposed rule forcing intermediaries to join up breaches the Competition Act. The GISC board is asking the Director General of Fair Trading to exempt it from the Act. It will seek the support of the Government and consumer bodies and consult with the industry. GISC will continue as a voluntary regulatory body and its members are free to deal with non-GISC intermediaries ...

  • GISC appeals against commission ruling

    26 Sep 2001

    The General Insurance Standards Council is appealing against last week's Competition Commission's decision that its proposed rule forcing intermediaries to join up breaches the Competition Act. The GISC board is asking the Director General of Fair Trading to exempt it from the Act. It will seek the support of the Government and consumer bodies and consult with the industry. In the meantime GISC says it will continue to provide consumer protection as a voluntary regulatory body ...

  • Graham Coxell

    27 Sep 2001

    A fair Exchange is no robbery for Graham Coxell, who, as chief executive of software firm Marlborough Stirling, has just taken over the Exchange. Thirty-one-year-old Coxell is now determined to take Marlborough Stirling from its present FTSE250 ranking into the FTSE100. And all this after jumping feet first into the business world when he finished school, deciding he was too busy to bother with university. In seven and a half years, he has risen from principal ...

  • Guide on the way to switch to fees

    27 Sep 2001

    Consultancy firm the Insurance Marketing Department has produced a guide to help IFAs switch from commission-based remuneration to a fee-based charging structure. The firm says this is in response to the pressure on IFAs to look at alternative ways of financing their business. It has found that, with commission margins being squeezed, an increasing number of IFAs are now seeing fees as a new and more profitable way to deal with clients. The guide explains how ...

  • Health plan for seniors from Pinnacle

    1 Oct 2001

    Pinnacle Insurance is launching a private health product aimed at the elderly market with cover starting from £1.50 per week.

  • House prices surge in September

    1 Oct 2001

    House prices in the UK rose by 2.8 per cent, the highest monthly increase for eight years in September, according to figures published by Nationwide.The Nationwide figures show that the average price of home in the UK has increased 14.6 per cent since September 2000 to £92,432. 

  • IFAs attack Halifax over insurance cross-sellingleap

    27 Sep 2001

    Mortgage brokers and IFAs have slammed Halifax for persistently attemp- ting to cross-sell general insurance products to their clients before and after their mortgage has been completed. Brokers found Halifax had made repeated attempts to cross-sell products behind their backs des- pite issuing numerous warnings to the lender that such behaviour will result in them placing clients with rival providers. They are particularly angry that Halifax is ignoring their ...

  • IFAs reckon policyholders should still switch

    27 Sep 2001

    IFAs believe that even if Equitable Life policyholders agree to the compromise deal offered last week, policyholders will still face better prospects looking elsewhere. They say that even if the deal is agreed, it is not thought likely that it will stem the flow of policyholders wanting to leave the fund. Equitable saw £600m leave after it made drastic bonus cuts in July and clients are suffering lengthy delays in transferring funds. However, many IFAs think that ...

  • Independent view

    27 Sep 2001

    "Oh, so you are an IFA - what do you actually do all day?" "You shouldn't listen to my secretary's gossip, those three-hour lunches are planning meetings, you know." I had started the reflex defence move before realising that, for once, the enquirer was not having a go at me. She was from outside our industry and the ice-breaker cocktail party question "And what do you do, Philip?" had been asked in all innocence. She understood that I was an IFA but that did not tell ...

  • Inside Edge

    27 Sep 2001

    It is just a few more days until responses to the Sandler review are due to be handed in. Some contend that it is just another review but in my opinion that is to deny it its true potential - a meaningful reality check on the state of retail financial services today. Analysis does not need to mean confrontation. If I am optimistic it is because I hope that it is a genuinely independent review. My second reason is that the process appears to seek to address simultaneously not ...

  • Investment view

    27 Sep 2001

    It does not seem to be getting any better. Last week saw some normality brought back to the market in so far as trading in the US started again. But it was an uncomfortable week. In the end, sellers overwhelmed buyers and although the retreat was surprisingly orderly, a retreat it was. There was no patriotic rally, as had been hoped. Nor are the economic signs giving investors any cause for encouragement. Never has my email inbox been as full as it was last week. The whole of ...

  • Investment workshops target IFAs

    27 Sep 2001

    Autif and the AITC are teaming up to offer IFAs the chance to improve their inv-estment knowledge through one-day workshops. The Autif/AITC portfolio planning workshops will be held between October 1 and December 13 and then throughout next year starting on April 26 at various UK locations. The workshops are des-igned to improve IFAs' investment skills when managing clients' portfolios. They will focus on effective risk management, implementing asset allocation ...

  • L&G in Cigna Healthcare deal

    2 Oct 2001

    Legal & General has entered a strategic alliance with Cigna Healthcare to manage income protection and staff absence costs.Through L&G’s group income protection and Cigna’s independent absence management intervention service, employers have access to a service which manages both short and long term absence.Employers who buy a combined benefits package will get a discount on group income protection premiums.

  • Large employers positive on stakeholder

    2 Oct 2001

    Large employers are already viewing stakeholder pensions in a positive light, according to findings by consulting actuaries Punter Southall.

  • Leeds & Holbeck takes up with platinum bond

    2 Oct 2001

    Leeds & Holbeck has designed the platinum access bond for investors who want to divide their investment between a high interest account and a unit-linked bond. Up to 30 per cent of the investment goes into the high interest account from Leeds and Holbeck. This part of the product offers a fixed rate of interest at 7 per cent gross a year or 6.75 per cent gross a month until January 1, 2003. One emergency withdrawal can be made during the term. The rest of the overall ...

  • LibDems want product firms to fund 'free' advice by IFAs

    27 Sep 2001

    The Government and product providers should shoulder the cost of independent financial advice, replacing commission as the primary way of remunerating advisers, say the Liberal Democrats The idea, proposed by LibDem trade and industry spokesman Vincent Cable, would allow consumers to be confident the advice they get is truly independent and would not involve commission arrangements, he says. The scheme has had the endorsement of the LibDem hierarchy, with Shadow Chan-cellor Matthew ...

  • Life offices could close or merge as the markets slump and liabilities leap

    27 Sep 2001

    Life offices are facing a financial crisis because of plummeting stockmarkets and soaring liabilities, meaning some could be in danger of closing to new business. The FSA says the financial situation of the life industry is of concern and that it is keeping a "very close eye" on the sector. A report from Cazalet Financial Consulting this week will show Friends Provident and Royal & Sun Alliance as just two of many companies to have taken big financial hits even before ...

  • Life on Mars as 150 funds get on board

    27 Sep 2001

    Old Mutual's multi-manager platform, codenamed Project Mars, will offer more than 150 funds from 24 providers at launch in a bid to rival Skandia. The new platform, to be named on October 1, will include funds from Aberdeen, Artemis, Credit Suisse, Deutsche, Dresdner, Framlington, Friends Provident, Invesco Perpetual, Investec, Liontrust, Merrill Lynch, Newton, Old Mutual, Sarasin, Schroders and SG Asset Management. It will also include a number of funds of funds from ...

  • Linked bonds spark fears of misselling

    27 Sep 2001

    IFAs fear that the recent stockmarket slump could mean many high-income and stockmarket-linked bonds fail to reach their investment targets, leaving policyholders out of pocket and triggering claims of misselling. The fall in stockmarket indices to which many of the bonds are linked could mean that some policyholders lose their entire investment, as many bonds contain clauses which only allow a 20 per cent decrease in their values. Many of the world's indices have fallen by ...

  • LM Financial appoints Midlands and Northern sales director

    28 Sep 2001

    Lamensdorf Group has appointed Steve Kitching as its Midlands & Northern regional sales director for LM Financial, its national IFA operation.

  • M&G chiefs go back to be hands-on fund managers as the Pru axes 180

    27 Sep 2001

    The Prudential Group is axing up to 180 jobs in a shake-up of its investment management and intermediary arms. Fund manager M&G is shedding five fund managers, with chief investment officer Vivian Bazalgette and head of equities Sam Morse returning to hands-on fund management roles to bolster M&G's flagging equity performance. Innovator manager Richard Penny is leaving the group, with British opportunities fund manager Neil Pegrum taking over the fund. Bazalgette ...

  • Man brings in fourth version of offshore bond

    28 Sep 2001

    MAN INVESTMENT PRODUCTSMan-IP 220 Plus Series FourFlexibility 5.3Company's reputation 4.6Past performance 7.0Charges 7.0Commission 4.3Product literature 5.0Man Investment Products has introduced the fourth in its range of Man-IP 220 funds. Man-IP 220 series 4 is an offshore bond registered in Bermuda. The bond is divided into ...

  • Matrix and Unicorn enjoy VCT ride

    1 Oct 2001

    Matrix Securities has joined forces with Unicorn Asset Management to unveil the Unicorn Aim venture capital trust (VCT), This VCT will follow a similar investment strategy to Unicorn's eaglet investment trust, which invests in a portfolio of quoted companies with a market capitalisation below £50m. However, it will differ from that trust by focusing on unquoted companies that are listed on the alternative investment market (AIm). Matrix and Unicorn believe AIm ...

  • Mercantile takes the long view

    26 Sep 2001

    Mercantile Building Society is looking to the long-term mortgage market with the introduction of its lifetime discount mortgage.

  • Mortgage Brain runs compliance roadshows

    27 Sep 2001

    Trading platform Mortgage Brain is running a series of roadshows across the UK throughout October and November aiming to guide brokers through forthcoming FSA regulation. The seminars will detail the issues brokers must be aware of to comply post-N3 including electronic transmission, pre-sale illustrations, point of sale documentation and the creation of comprehensive client records. The roadshows start in Badminton on October 9 and end in St Ives on November 28.

  • Mortgage pundit is top for quotes

    27 Sep 2001

    IFA David Hollingworth of London & Country Mortgages emerged as the most quoted pundit in August, according to PressWatch Financial Products national media analysis. The monthly report sees Chase de Vere's Anna Bowes ousted from the top spot and falling to fifth position as Hollingworth was in demand from journalists looking for his view on continued rising house prices. Hargreaves Lansdown's Mark Dampier took second place, with his opinion being sought on the gloomy ...

  • Mutual trends

    27 Sep 2001

    Accountancy firm KPMG has warned in a recent report that small building societies face a fight for survival when the full costs of mortgage regulation begin to bite. The BSA disputes the claim, saying that mutuals have a history of beating the odds and will find a way to prosper. Do you think they can survive post-N3? Charlesworth: I really cannot see why this will hit the small lenders any harder than the large lenders. I do not think the requirements for regulation will be onerous ...

  • New Lynx network for mortgage advisers

    27 Sep 2001

    Lynx Group is setting up a sister IFA network to Bankhall to help intermediaries advising on mortgages, general insurance and unregulated products cope with escalating compliance demands. Due to launch on October 15, Point One will negotiate higher commission fees and exclusive deals for intermediaries concerned they will struggle to cushion the financial blow delivered by tougher regulation requirements after N3. Lynx says the network - due to be announced at Bank-hall's ...

  • NIBI goes for optimum returns

    1 Oct 2001

    NIB International is adding to the hedge fund market with the introduction of its optimum return fund.

  • NU tops the multi-tie choice for IFAs

    27 Sep 2001

    Norwich Union would be IFAs' number one choice as a partner among the third of IFAs who would consider multi-tying if polarisation is scrapped, according to research by Sway. The research, exclusive to Money Marketing, reveals that 93 per cent of IFAs considering multi-ties would choose NU first. Standard Life is second with 77 per cent, Legal & General third with 50 per cent and Skandia Life fourth. The survey of over 800 RIs by the financial services consultancy ...

  • On the transfer list

    27 Sep 2001

    In recent weeks there has been a lot of discussion in the media about research from a leading consultancy firm showing that a worrying proportion of final-salary pension schemes operated by FTSE-100 companies are underfunded. The suggestion has been that perhaps hundreds of thousands of these pension scheme members do not enjoy the degree of security of their benefits they had assumed. I am not quite sure what recommendations the consultancy firm would give to these employees ...

  • Online bank in Cahoots with bond

    1 Oct 2001

    Cahoot, the online banking arm of Abbey National, has introduced a guaranteed equity bond that is linked to the FTSE 100 index during a three-year term. The 3-year FTSE guaranteed return bond is available to investors with between £500 and £250,000. If they invest before the investment term starts interest is paid at 6 per cent gross until December 3, 2001. The starting level of the FTSE 100 index is also recorded on this date and the closing level is taken as an average ...

  • Only one in three has arranged a pension

    27 Sep 2001

    Only one in three people in the UK has arranged a pension, sparking fears of the population facing poverty in retirement, according to a report by Alliance & Leicester. A&L's quarterly Wealth Tracker Index of 2,000 consumers carried out in August reveals the full extent of the pension crisis in Britain and the need to boost awareness of investing for retirement. The report says the pension problem is worse among women, with only 27 per cent having a pension compared ...

  • Outside edge

    27 Sep 2001

    As I finish the final draft of my "Dear Ron" letter it becomes clear that the status quo is no longer an option. Scottish Amicable abandoning commission on regular-premium business simply acknowledges the fact that a far more commercial world is well on the way for those of us who wish to remain as IFAs. More than once, I have pleaded for the introduction of clean contracts where the cost of commission is added to the charging structure and not an intrinsic part of the contract. Currentl

  • Paying the price for mediocrity

    27 Sep 2001

    Further to Peter Hargreaves' letter headlined ICS missed point of Towry Law deal, I would like add that I believe he is correct in his assessment and share his view that the deal is wrong. The liquidation of Advizas was the most likely outcome of the situation for some time during the protracted discussions that took place during the share suspension. Of course, if this happened, the directors of Advizas would no longer be fit and proper and could not hold a directorship ...

  • PIA expels Nottingham adviser

    26 Sep 2001

    The PIA has expelled IFA Bowbanks & Field of 7 High Street, Hucknall, Nottingham for failing to be fit and proper to conduct investment business. The move comes after its sole director and registered principal Graham Field pleaded guilty to Nottingham Crown Court of perverting the course of justice and obtaining money by deception. Following a motor accident, Field obtained and produced to police a backdated insurance cover note and claimed against the policy receiving £22,196. ...

  • PIA expels Nottingham adviser

    27 Sep 2001

    The PIA has expelled IFA Bowbanks & Field of High Street, Hucknall, Nottingham for failing to be fit and proper to conduct investment business. The move comes after its sole director and regis-tered principal Graham Field pleaded guilty at Nottingham Crown Court to perverting the course of justice and obtaining money by deception. He was sentenced to four months' imprisonment in January.

  • Pink adds to buy-to-let crowd

    26 Sep 2001

    Pink Home Loans is adding to the growing buy-to-let market with the exclusive buy-to-let tracker mortgage.

  • Pink Home Loans - Exclusive 3.75 Per Cent

    28 Sep 2001

    Friday, 28 September 2001.

  • Portal perfection?

    27 Sep 2001

    Last week saw yet another twist in the tale of consolidation in the IFA technology provider market with the announcement of the agreed takeover of Exchange FS, holding company of the Exchange portal by Marlborough Stirling. Although the Cheltenham-based software company may not be well known to many IFAs, it has a well established reputation with many life offices and mortgage lenders. Axa Sun Life, Bank of Scotland, Clerical Medical, Egg, Nationwide, Northern Rock and ...

  • Principality offers discount with cashback

    1 Oct 2001

    Principality Building Society has introduced a five-year discounted rate mortgage for loans of up to 95 per cent of valuation.

  • Private numbers

    27 Sep 2001

    Worsening news of the NHS's ability to cope with the number of patients wanting treatment means consumer interest in the various types of PMI products is likely to increase. Consumers are not alone in their interest. The Government itself is now on record as saying that public and private sectors should work together to provide health services and has identified four areas where the private sector would be allowed into the NHS: 1: Operations in private sector hospitals ...

  • Product matters

    27 Sep 2001

    It would not appear to be an ideal climate to launch a new fund but I suppose a fixed-interest fund would have more chance of success than anything else. The Five Arrows monthly income fund appears to have a number of attractive features, not least of which is regular income. High-income bond launches have been frequent over the past 12 to 18 months and there is a tendency to regard this as yet another"me-too" product. Retail investors have little experience of Rothschild ...

  • Relax polarisation to weed out multi-tied agents, says Pima chief

    27 Sep 2001

    Polarisation must be relaxed to weed out IFAs who are really acting as multi-tied agents, says the new director general of the Pep & Isa Managers' Association. In his first week as head of the trade body, Tony Vine-Lott has not shied away from controversy by slamming IFAs for the lack of transparency about their status. He claims many IFAs operate special arrangements with providers, which means they are not truly independent. Vine-Lott previously served as ...

  • Review failings costs firm £100k

    27 Sep 2001

    The PIA has fined IFA EIC Investment Services, of Marchmont House, 83-85 Marlowes, Hemel Hempstead, Hertfordshire, £10,000 for pension review failings. The firm has also been ordered to pay costs of £2,126. A PIA visit in May 1999 identified a series of regulatory failings.

  • Ruling on pension case shows world has gone mad

    27 Sep 2001

    This letter is not sour grapes but about justice and fair play for the small IFA in a world that has now gone mad. We have recently been on the wrong side of a judgment by the PIA Ombudsman, a judgment which shows that the ombudsman has a complete lack of understanding as to the preferential tax status of a pension arrangement for one thing besides others. Our understanding of the ombudsman's role is that he is required to adjudicate logically and fairly dicate if ...

  • Schroders - Schroder Private Equity Fund of Funds

    26 Sep 2001

    Wednesday, 26 September 2001.Type: Fund of funds.Aim: Growth by investing in a portfolio of private equity funds.Minimum investment: Euro 125,000.Place of registration: Dublin.Investment split: 100 per cent in private equity funds.Isa link: No.Charges: Annual 1.25 per cent class A shares, 1 per cent class B shares, 0.75 per cent class C shares.Commission: Subject to negotiation.Tel: 020 7658 6000.

  • Schroders says IFAs should show comparable products

    2 Oct 2001

    Schroders has suggested that IFAs should be required to provide clients with a minimum number of comparable products, when recommending investments.

  • Scot Life axes fees on regular pensions

    27 Sep 2001

    Scottish Life has removed policy fees for all new regular-premium personal pension plans of £100 or more a month. The company says its flexible commission options, extensive internal and external fund range, Royal London's with-profits performance and its latest initiative make a convincing case for IFAs to recommend its products. Scot Life says its personal pension plans offer very attractive terms, often with an annual management charge of less than 1 per cent, ...

  • ScotEq bids to be among first for ABI quality mark

    27 Sep 2001

    Scottish Equitable has spent more than £1m in a bid to get accreditation under the ABI's Raising Standards initiative. The company says it wants to ensure it is one of the first providers to become accredited under the new scheme. The first batch of companies get the quality mark in October. ScotEq considers Raising Standards as the first rung on the ladder towards making the industry more consumer-friendly. It also believes the initiative will help IFAs as it ...

  • SG Life & Pensions starts offshore

    30 Sep 2001

    Clements says: "The bond has a competitive charging stucture. The multi manager fund of funds risk-graded managed portfolios are a good method of diversifying investments and spreading risk." Turning to the bond's disadvantages Ferguson says: "Timing could work for or against depending on events." Clements thinks that no free fund switches are a disadvantage. He goes on to say: "The minimum contribution of £50,000 may be a barrier ...

  • SG Life & Pensions starts offshore

    30 Sep 2001

    SG LIFE & PENSIONS SG LIFE INTERNATIONAL BOND Type: Traditional offshore bond. Aim: Growth by investing in a choice of three risk-graded portfolios, cautious, balanced, aggressive or a self-select option with a choice of 94 unit trusts, Oeics, managed bond funds and investment trusts. Minimum investment: £50,000. Place of registration: Guernsey. Investment split: Choice of three risk graded portfolios, cautious, balanced, ...

  • Short-term fix from ICMG

    2 Oct 2001

    Insurance Company Mortgage Group (ICMG) has introduced a one-year fixed rate buy-to-let mortgage.

  • Skandia sales chief to retire early

    27 Sep 2001

    Skandia group sales director Mike Gordon is taking early retirement in the new year. He has held the position since 1993, managing a sales-force of almost 100 consultants. UK regional offices director of sales Simon Burgess will take responsibility for international and offshore sales. Director of sales for networks and nationals Steve Powell will take responsibility for business development opportunities.

  • Small is good for Isis

    30 Sep 2001

    Isis, the new subsidiary from Friends Ivory & Sime, is focussing on the smaller end of the UK market with its new fund.

  • Sole traders to pay less after N2, claims FSA

    27 Sep 2001

    The FSA claims most of the UK's 1,500 sole trader IFAs will pay less in fees to the regulator after N2 under its proposed fee-raising arrangements. It says one-person firms currently pay between £1,110 and £1,670 to the PIA depending on the type of business but under the new structure the average fee will be £1,200. It says those firms facing a 71 per cent increase will pay less than £1,000. But the FSA says if negotiations ...

  • Solus performs a solo in the US

    28 Sep 2001

    Solus Investment Funds has unveiled its US select opportunities fund, which invests in a portfolio of between 50 to 60 stocks in North America, including Canada and Mexico.

  • Stakeholder increases pension take-up says Virgin Direct

    1 Oct 2001

    Stakeholder is responsible for a 250 per cent rise in the number of people starting a private pension according to Virgin Direct.

  • Standard chief says tax rethink would boost PMI

    27 Sep 2001

    The Government should reform taxes to encourage more individuals and companies to take out private medical cover, Standard Life Healthcare managing director Mike Hall told the conference. Hall urged the Government to provide tax all-owances to people taking out PMI to ease the burden on the NHS. He suggested three ways that taxes could be relaxed which could stimulate PMI - health credits, a health Isa and tax breaks to companies providing cover for their staff. Hall ...

  • Standard Life appoints Henderson as non-executive director

    28 Sep 2001

    Standard Life is appointing Giles Henderson CBE as a non-executive director, replacing Bob Beamish who steps down after seven years as a non-executive director.Henderson was a senior partner at Slaughter & May and is now master of Pembroke College, Oxford.Standard Life group managing director Scott Bell says: "With his knowledge and experience I know Giles will make a significant contribution to the further development of Standard Life." 

  • Standard Life Bank cuts mortgage rate

    26 Sep 2001

    Standard Life Bank is cutting its standard variable rate for its freestyle mortgage to 5.75 per cent from 6 per cent from October 15, following last week's cut by the Bank of England.Standard Life Bank Bank managing director Neil Ross says: "This is good news for our all our mortgage customers. Our new mortgage rate re-affirms our commitment to giving our customers a better deal."

  • Standard Life launches single charge pension strategy

    1 Oct 2001

    Standard Life is launching new single charge occupational pensions while converting a range of five existing pension products to single charge.

  • Standard will run NHS stakeholders

    27 Sep 2001

    Standard Life has been appointed as the designated stakeholder and group AVC provider for the Civil Service and National Health Service. About 960,000 NHS staff will have access to Standard Life stakeholder or AVC products as well as 490,000 Civil Service employees. Standard says the NHS schemes will potentially be the biggest it will manage. Standard is also the designated stakeholder and AVC provider for Consignia, formerly the Post Office, which has 220,000 employees. General

  • Sunny side up

    27 Sep 2001

    Portman's move last week to acquire Sun Bank marks a major milestone both for the society and the mutuality movement. It comes at a time when many mainstream lenders are looking to boost profits through the specialist lending sector but until now only monolithic mutuals such as Nation- wide and Britannia could boast a non-conforming offshoot. Portman, the UK's fourth-biggest building society, could hardly be described as diminutive but the surprise expressed since ...

  • SVM appoints Casson

    28 Sep 2001

    Scottish Value Management is appointing Paul Casson as investment manager to manage European portfolios of segregated accounts.

  • Talkback

    27 Sep 2001

    Should recognised professional bodies continue to get trail commission after N2 even though they will no longer be authorised to provide advice? "Yes. When I retire, I will no longer be authorised but I would like to still receive trail commission." Michael Littlefield, Michael Littlefield & Associates "No. If they are not giving advice, why should they get the commission? That type of commission is a promise to continue advising people." Kath Richardson, ...

  • Teather & Greenwood - TGIM UK Equity Growth

    26 Sep 2001

    Wednesday, 26 September 2001. Type: Oeic. Aim: Growth by investing in UK equities listed in the FSTE all-share index. Minimum investment: Lump sum £500, monthly £50. Investment split: 100 per cent UK equities listed in the FTSE all-share index. Isa link: Yes. Pep transfers: Yes. Charges: Initial 5 per cent, annual up to 1.9 per cent. Commision: Choice of initial 3 per cent or initial 3 per cent, renewal ...

  • Teather & Greenwood - TGIM UK Equity Income

    26 Sep 2001

    Wednesday, 26 September 2001. Type: Oeic. Aim: Income by investing in UK equities listed in the FSTE all-share index. Minimum investment: Lump sum £500, monthly £50. Investment split: 100 per cent UK equities listed in the FTSE all-share index. Isa link: Yes. Pep transfers: Yes. Charges: Initial 5 per cent, annual up to 1.9 per cent. Commision: Choice of initial 3 per cent or initial 3 per cent, renewal ...

  • Teather & Greenwood cherrypicks from the all-share index

    27 Sep 2001

    Teather & Greenwood Investment Management has unveiled the second in its new range of retail funds.

  • The Daley Update

    27 Sep 2001

    Old Mutual Asset Managers has app-ointed Richard Moore as head of UK growth funds. He joins from Singer & Friedlander, where he was a UK equity fund manager. Moore will report to head of UK equities Ashton Bradbury and will assume management for the Old Mutual UK Growth fund. Norwich Union has recruited Gerardine Davies for its property team. She joins from Hermes Pensions Management. She will report to Chris Laxton and will help in the day-to-day running of NU's £350m ...

  • The GAR problems may be spreading

    27 Sep 2001

    Other life offices could face misselling claims from policyholders who were not told of the impact of guaranteed annuity rates on with-profits funds following legal findings on the Equitable Life case. FSA legal opinion also backs up the findings of Equitable's legal team. It shows that policyholders without guaranteed annuities could lodge misselling claims on the grounds that they were not made aware the company had gar liabilities and that their policies would have to support ...

  • The Mortgage Business - Mortgage Care

    27 Sep 2001

    Thursday, 27 September 2001.

  • Threadneedle's bond fund aims to be haven

    27 Sep 2001

    Threadneedle Investments is offering a new bond fund blending its investment-grade and high-yield-grade bond expertise. The strategic bond fund aims to offer investors higher returns with lower risk through exposure to a mix of corporate and high-yield bonds by combining two of its existing bond products. The fund, to be launched on October 27, is Threadneedle's first new fund since 1999. It will spread its investment between AAA-rated and high-yield bonds as market ...

  • Tom Kean

    27 Sep 2001

    In business, one has to respond to change quickly whether one likes it or not - not doing so would be foolhardy. Things happen that disrupt what is sometimes a comfortable status quo. If ever a profession could boast about coping with change, we are it. The tenacity of our pensions and investment world is legendary and is probably the most innovative and vibrant investment climate in the world. You only have to visit places like Australia to realise how stagnant things can be. I ...

  • Troubled times show the true worth of advice

    27 Sep 2001

    At times like these, it may be brought home to IFAs just what they are for. Unit trust sales are at a low and many fund values have plummeted with the markets. Split-cap investment trusts are looking vulnerable to the banks calling in their loans. Many stockmarket-linked "guaranteed" bonds are set to invoke all manner of penalties on investors' capital. And it couldn't be a worse time to have to buy an annuity. Some life office balance sheets, vulnerable through a combination ...

  • UCB calculating online

    27 Sep 2001

    Nationwide's specialist lender UCB Home Loans is offering an online mortgage calculator for "part-and-part" mortgages - loans containing both interest-only and repayment components. The calculator can be found on UCB's website, www.ucbhomeloans.co.uk "Part-and-part" mortgages are a mixture of interest-only and repayment loans, which can use a veh-icle such as an endowment to pay off part of the mortgage and a mixture of capital and interest payments to cover the rest. The ...

  • Watchdog Merricks defends polarisation

    27 Sep 2001

    Chief financial ombudsman Walter Merricks has defended polarisation, claiming scrapping it in favour of multi-ties would "muddy the waters", leaving consumers confused about who to complain to if things go wrong. Speaking at the Institute of Financial Planning Conference, Merricks also said the "industry is getting exhausted" with ongoing consultations from the Treasury and the FSA. During a question-time session at the conference, Merricks defended polarisation, saying ...

  • Widows portfolio deal has access to 59 funds

    27 Sep 2001

    Scottish Widows is setting up an investment portfolio of internally and externally managed funds available across its range of unit-linked life and pension products. The Investment Solutions range gives Widows investors access to 59 funds from 11 external managers, including Fidelity, Merrill Lynch, Newton, Invesco Perpetual, Threadneedle, Deutsche Asset Management, Schroders, JP Morgan Fleming, Gartmore, Artemis and SG Asset Management. The portfolio covers the main assets classes ...

  • Widows sets its focus on electronic applications

    27 Sep 2001

    Scottish Widows has signed transaction software provider Focus Solutions to process new business applications electronically. Widows will use the Focus goal:technology system for processing and transacting its life and pensions products. The software allows insurance companies to create electronic application forms which can be used across a variety of distribution channels. The provider will use the Focus technology initially to collect transactions electronically ...

  • Win a case of wine worth £2,500

    27 Sep 2001

    To celebrate the relaunch of Rothschild Asset Management's retail business, Rothschild is delighted to offer Money Marketing readers the opportunity to sample another notable area of Rothschild expertise - wine. Rothschild aims to re-establish itself as one of the leading investment management companies in the UK, using the updated brand Five Arrows - the investment funds of Rothschild, to reflect a more consumer-friendly, contemporary offering to investors. Why ...

  • Winterthur fined £500k for missold endowments

    27 Sep 2001

    The FSA has slapped a £500,000 fine on Winterthur Life for misselling mortgage endow-ment policies, the first time a product provider has been penalised for the offence. The fine, the FSA's fourth-biggest, relates to around 10,000 mortgage endowment policies sold between March 1998 and December 1999 through a computerised point-of-sale system which was recommending that risk-averse clients take out endowment mortgages. The company, which pulled out of the endowment ...

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