26 September 2007
Regardless of whether or not the implications for the group market have been laid down in black and white yet, the way the FSA is heading with this paper is clear. And in the strange new world of principle-based regulation, it would seem that the regulator only has to think something for it to start becoming applicable.
Investec Asset ManagementGlobal Extension Fund
Coventry Building Society5.99% Offset Fixed Rate
ABI director general Stephen Haddrill has written to the Chancellor Alistair Darling warning that reforms to the Financial Services Compensation Scheme “must not distort the market for savings or remove all risk”.
Acorn Corporate FinanceDynamo Property Investment
Last week's comment piece in Money Marketing in which Towry Law chief executive Andrew Fisher suggested that Aifa really stands for Amalgamation of Ignorant Flat Earth Advocates is unlikely to win him many friends among readers of this newspaper.
Aifa says the recent Which? research into financial advice raises serious questions about the direction of the retail distribution review.
Alliance & LeicesterPrime Mortgage - Two Year Fixed 6.23% FeeSaver
Allianz Global Investors has made its RCM global eco-trends fund available to retail investors.
Arc Capital & IncomeArc Fixed Income Plan 2
Structured product provider Arc Capital & Income - formerly Nvesta – has brought out a third tranche of its Bull & Bear tracker plan.
Axa FramlingtonIHT Service
Axa FramlingtonEquity Income Fund
Tanya Powley charts the events that led to queues of panicked savers outside Northern Rock branches last week and examines how the situation could affect bank funding policy in future
Barclays has brought out a capital-protected bond that provides a choice between five-year, five -year early kick-out and a three-year term.
Barclays has introduced the regular income bond that is linked to the performance of the Dow Jones Eurostoxx 50 index over five years.
The British Bankers’ Association has warned the Government not to rush through proposals to reform the deposit protection scheme in the light of Northern Rock as it could create unnecessary industry burden without helping consumers.
The Hyde Park Fund from BDO Stoy Hayward Investment Management aims to raise up to £30m to invest in ‘ugly duckling’ central London properties that can be turned into prime residences.
JO Hambro UK equity income manager Clive Beagles is taking a six month sabbatical from fund management.
As in the world of wine, investment tastes are inclining towards the emerging nations
Thames River new multi-manager duo Gary Potter and Robert Burdett have launched their first tranche of funds following their high profile move to the firm.
Canada Life International has announced the launch of a new portfolio bond, the first of four products in CLI’s ‘dimensions’ product range, to be released in November.
A pension lump sum gives a client the opportunity to lift the burden of a mortgage
Credit Suisse Asset Management has expanded its fund of funds range with the Multi-Manager Multi Asset Distribution Fund.
Credit Suisse Asset ManagementMulti-Manager Multi-Asset Distribution Portfolio
Simon Burgess, Britishinsurance. com managing director, calls for providers of payment protection insurance to put their houses in order and show that self-regulation can work in the business sector
Fidelity head of IFA channel Peter Hicks tells John Lappin that many of the aims within the RDR paper are laudable but it has clouded too many issues, and calls on IFAs to exert pressure to ensure its good intentions are brought to the fore
Dynamo property investment aims for growth by investing in properties and property developments in the Ukraine. It is available to Sipp and SSAS investors as an exempt unit trust and also as a limited partnership for high-net-worth and certified sophisticated clients.
Equitable Life is writing to all policyholders to update them on the transfer of £1.8bn of with profits annuity policies to Prudential.
ETF Securities has added to its range of exchange traded commodities on the London Stock Exchange, giving investors access to commodities to commodity futures prices linked to the Dow Jones-AIG Commodity 3 Month Forward Indices.
Fidelity InternationalFidelity Funds Emerging Europe, Middle East and Africa Fund
First State Investments has brought out the global listed infrastructure fund, an Oeic that invests in infrastructure and related securities.
Bank of England governor Mervyn King called for major changes to banking regulation during a fierce grilling from the Treasury select committee.
The FSA has increased the limit of Financial Service Compensation Scheme cover for deposits to 100 per cent of the first £35,000 of each depositor's claim.
The FSA has sent a Dear CEO letter to insurers warning it has uncovered worrying practices in both open and closed with-profit funds involving the standards of governance and run-off plans.
After two weeks sailing the Turkish coast in 30 degree heat I am back in London and my focused attention is again on the protection world and the focus is still on PPI misselling.
GMAC-RFC says it is not the mystery lender which has faced a margin call from two US investment banks.
Godiva MortgagesSelf-Cert 5.99% Fixed to 30.09.09
Equity income funds that focus on yield at the expense of growth are bound to disappoint
Government rescue contrasts with its treatment of pension victims
HSBC Alternatives Investments Ltd. has appointed Nigel Webber as the group’s new chief investment officer following the departure of Barbara Rupf Bee to the firms investment arm.
HSBC Bank International has brought out Foundation 2 - the healthcare bonus fund.
HSBC Investments is considering future distribution links with wrap platforms for its HSBC open global return and HSBC open global distribution funds.
Wealth manager IAF Securities has linked up with structured product provider IDaD to launch the natural resources enhanced return plan.
IAF SecuritiesNatural Resources Enhanced Return Plan
The Investment Management Association has appointed Guy Sears as its new director, wholesale following a restructure of its senior management team.
Multi-manager IMS has replaced Artemis European with the T.Rowe Price European ex UK equity fund within its global select fund.
It had not been an easy summer for the chairman of Betelgeuse Investment Funds. Turmoil in the credit markets and a particularly volatile period for shares had not helped demand for its products. Nor had it made life any easier for its managers, operating in conditions where share prices could swing violently in a single day.
Apologies for the crass use of a classic REM song but It's The End Of The World As We Know It (And I Feel Fine) sums up the situation at present. If the prophets of doom are to be believed, in a month's time, the market will be in meltdown and some major lenders will be no more.
Consumers no longer have to notify Legal & General of any changes to their health or circumstances between the time they submit their protection application and when their policy starts.
Consumer advocate Mick McAteer says the FSA’s proposed changes to the ICOB regime will be detrimental to consumers and the market rather than ensuring their needs are met more effectively.
The FSA and Treasury are to be hauled in front of the Treasury select committee to explain their role in the Northern Rock fiasco as MPs turn up the heat on the regulator.
Meteor Asset ManagementPendulum Commodities Plan
Meteor Asset ManagementRainbow
Meteor Asset Management has brought out the pendulum commodities plan, which aims for growth linked to a basket of five equally weighted Standard & Poors Goldman Sachs commodities indices. These are the S&P GSCI Agriculture Excess Return, S&P GSCI Energy Excess Return, S&P GSCI Industrial Metal Excess Return, S&P GSCI Livestock Excess Return, S&P GSCI Precious Metals Excess Return.
MetLife EuropeInvestment Bond
The president and chief executive of Hartford Life in Europe is an extreme sports fan who thrives on stepping outside his comfort zone and he brings that same sense of venture to business with a determination to succeed in the UK with the firm's third-way products Interview by Will Henley
Britain's most popular multi-manager is failing to shine on performance
Gartmore has announced the appointment of Hamish Chamberlayne to the role of investment analyst on its global equities team.
New Star Asset Management has revealed record first half returns this year with net UK retail sales up 54 per cent to £1.1bn.
Norwich & PeterboroughOne-Year Fixed/Tracker Rate
Old Broad Street Research Limited has announced it is taking over the Forsyth-OBSR Ratings Service it previously operated as a joint venture with Forsyth Partners Limited.
Octopus InvestmentsCF Octopus Opportunities Fund
Investors are increasingly turning to exchange traded funds for simple and inexpensive access to a diverse range of assets and markets from UK firms to global infrastructure projects and soft commodities, says Philip Scott
Investment managers want to use a wider range of derivatives in increasing volumes but the majority are being held back by operational limitations, according to a new survey by Morse.
Pearl says it is still interested in making an offer for Resolution and believes the proposed merger with Friends Provident will not create the best value for shareholders and will expose them to significant risks.
I started my own firm in 2000. As a directly authorised IFA, I had the choice of which platforms to work with, including Skandia, Cofunds, Fidelity FundsNetwork and Transact.
Julie Lord, managing director of Cavendish Financial Management, says both the certified and chartered financial planner qualifications are valuable and hopes to see an end to bickering over which is best so the profession can develop and move ahead
PSigma’s new American growth will hold some 45 to 60 stocks when it comes to market next month under the management of James Abate.
The financial services sector should expect a fall in business volumes, income and profitability over the coming three months in the wake of the credit crunch, according to CBI and PricewaterhouseCoopers.
We need innovation rather than restriction in the annuity sector
Reform of the Financial Services Compensation Scheme must not distract policymakers from learning the real lessons of the Northern Rock affair, according to the British Bankers’ Association.
Resolution has requested that the firms takeover panel sets a timetable for possible bidders to clarify their positions on the firm ahead of its merger with Friends Provident.
Williams de Broe has topped up its holding in River and Mercantile UK equity smaller companies across three of its multi-manager Assetmaster funds.
The crisis at Northern Rock has had massive implications for fund managers as they consider their next moves, report Chris Salih
Once upon a time, a chief executive who presided over a crash in share price following a run on his bank and a humiliating request for funds from the Bank of England would have resigned. A Chancellor who oversaw a run on a bank would have resigned. A Bank of England governor who failed to anticipate the crisis would have departed.
Royal London Asset ManagementUK Smaller Companies Fund
Schroders has brought out the global climate change fund to take advantage of an investment theme that the company regards as one of the biggest of the next 20 years.
Scottish Widows BankKey Worker Mortgage - Two-Year Fixed
Way GroupWay Income Plan
Swiss Re the administrator of Tomorrow's closed book of pension policies is withdrawing the self-investment option from its deferred Sipps from January 1 2008.
Skandia Investment Management has taken its manager of managers best ideas range a step further with a fund that can make money in falling markets by shorting derivatives.
Skandia Investment ManagementUK Strategic Best Ideas Fund
Skandia MultiFundsProtected Portfolio Investment
Skandia Investment ManagementUK Strategic Best Ideas Fund
Skipton Building SocietyFive-Year Base Rate Tracker Capped Mortgage
Skipton Building SocietyThree-Year Base Rate Tracker Capped Mortgage
Standard Life Investments will draw on the expertise of its SRI and European equities with the launch of its European equity ethical fund.
Smart devices, effectively phones that you can use to run your life, are going to be one of the major items that phone companies will be pushing in the run up to Christmas.
Spa International, a specialist provider of exchange-traded funds, has brought three ETFs to the UK market that aim to replicate three MarketGrader indices.
Splintered FilmsSplintered EIS
When it a split trust appropriate in business protection?
SPML has followed Preferred and made further criteria changes to its product range as well as hiking rates by a further 0.75 per cent.
Samantha Downes explains how falling swap rates have allowed lenders to lower fixed rates this month, reflecting optimism that the base rate has peaked for the moment
Amid recent turmoil in world stockmarkets, advisers are quite rightly recommending investors to diversify into assets other than equities. The property market is looking less profitable than it was and bonds are still unattractive so where do investors go?
The Money Marketing Live conference and exhibition at Manchester's G-Mex on October 30 focuses on the pension issues, with contributions from 50 speakers and 85 exhibitors. Key industry figures will speak in the Money Marketing Pensions Arena and you could win a Mazda MX-5
Those of you who have talked football with me know that I support Partick Thistle. Some years ago we found ourselves intertwined with the ubiquitous Ken Bates. Luckily, we escaped but for some time we had the services of the Chelsea reserves as and when needed. As such, I have to admit to an interest in the Blues and this week's management change caught my attention, briefly supplanting the Northern Rock issue.
New StarEuropean Value Fund
More than two thirds of tied financial advisers fail to pass all the benchmarks for giving good financial advice, according to the results of an investigation by Which?.
Liz Mancini reports that there is a growing divide in pension provision but hopes are rising that personal accounts could boost saving
The Tories have written to Chancellor Alistair Darling offering to co-operate with any urgent action taken to reform banking regulation in the aftermath of the Northern Rock debacle.
The Conservatives have begun to play their hand, possibly a little earlier than originally planned, in Blackpool this week with a series of concrete policy statements to the electorate.
Tories promise compensation to collapsed pension scheme victims within three months of return to power
The Conservatives kicked off the Party Conference last night by pledging to payback victims of collapsed pension schemes within three months of the Party returning to power, according to reports.
The Conservative party has pledged to raise the inheritance tax threshold to £1m in a bid to free middle England from the death tax.
The tripartite arrangement between the Bank of England, the FSA and the Treasury that was designed to maintain financial stability failed its first big test, according to the CBI.
Nicola York looks at whether Northern Rock can make a comeback
Apathy and lack of knowledge makes the public buy poor products
It seemed fitting that in a week when Money Marketing hosted a roundtable on boutiques another one announces its intention to come to market and challenge some of the big houses for its market share.
The turmoil in the money markets is still the key issue on everyone’s minds in the mortgage world this week.
Witan has appointed Thomas White International Ltd to manage a £150m mandate within the group’s investment trust £1.5bn.
Woolwich First Time Buyer Two Year Fixed Rate
Not long ago, the typical multi-manager was tending a plain vanilla portfolio of unit trusts. The Ucits III, Col and Nurs legislation has created an environment that allows far more sophisticated strategies.