Money Marketing
27 January 1999

  • ABN AMRO launches pan-European Pep and ISA

    28 Jan 1999

    ABN Amro Fund Managers is launching a Pan Europe Fund which aims to raise £25m.

  • C&G reveals cash ISA details two months early

    27 Jan 1999

    Cheltenham & Gloucester has revealed plans for its cash ISA two months before launch date.

  • Chelsea cuts interest rates on savings accounts

    29 Jan 1999

    Chelsea Building Society is reducing interest rates on its investment accounts by 0.25 per cent to reflect the Bank of England's base rate cut.Its Bonus Fifty Account rate will drop to 6.3 per cent, Regular Income Shares to 5.17 per cent and Branch Instant Account to 4.65 per cent.

  • Cheltenham & Gloucester reduces interest rates on investment accounts

    29 Jan 1999

    Cheltenham & Gloucester is reducing interest rates on its investment accounts.Interest on its Direct Transfer account will drop to 5.7 per cent from 6 per cent for balances over £25,000 and to 5.5 per cent from 5.5 per cent for the minimum balance of £2,5000.Its Branch 10 rates will drop to 5.75 per cent from 6 per cent on all balances over £1,000.

  • Equitable Life sees new business grow 6.2 per cent

    28 Jan 1999

    The Equitable Life Assurance Society's new business in 1998 grew 6.2 per cent to £2.595bn from £2.444bn in 1997.

  • Fleming urges further rate cuts by Bank of England

    2 Feb 1999

    Fleming Asset Management is urging the Bank of England to keep cutting interest rates to bring the UK in line with the rest of Europe.It says that very low inflation would encourage investors to pour funds into equities because of the low yields cash investors would receive from banks and building societies.It also warns investors that it is too early to consider investing in Japan and Asia. Europe and the UK remain its preferred markets.

  • Former telecoms regulator heads banking inquiry

    27 Jan 1999

    Former telecoms regulator Don Cruickshank has launched a review of the UK's banking industry. It will look at all aspects of banking including mortgages, life assurance, credit cards, payment systems and credit for small businesses. It is expected to published towards the end of the year.

  • FSA sets out plans for compulsory single pricing of unit trusts

    27 Jan 1999

    The Financial Services Authority has told fund managers it is to introduce compulsory single pricing of unit trusts.It will give one year's notice to allow managers to introduce the necessary changes before it introduces the measure. The FSA will permit voluntary single pricing for unit trusts from February 1.

  • Glasgow Investment Managers tops CAPS over ten years

    1 Feb 1999

    Glasgow Investment Managers has topped the CAPS survey of UK pooled pension funds for ten year performance.

  • GRE continues talks with other players

    27 Jan 1999

    Guardian Royal Exchange is still in active takeover talks with other life offices despite a formal approach from Royal & SunAlliance.

  • GRE race comes down to two

    28 Jan 1999

    The scramble to buy GRE has become a two-horse race between Eureko, an alliance of seven European insurers and Royal & Sun Alliance.

  • Hargreaves calls on investors to delay ISA decision until May

    1 Feb 1999

    Investment IFA Hargreaves Lansdown is advising clients to put off investing in an ISA until at least one month after the official April 6 launch date.

  • Hill Samuel reshuffles IFA management team

    29 Jan 1999

    Hill Samuel Asset Management is reshuffling its management team with the recruitment of Caroline Carroll as its new broker support manager and Mary-Jane Moore as assistant marketing manager.

  • ICS opens compensation process for clients of 11 former firms

    27 Jan 1999

    The Investors Compensation Scheme is permitting the clients of 11 former investment brokers to apply for compensation.

  • IFA marketing specialist refocuses on high net worth individuals

    28 Jan 1999

    Investor Intelligence, an marketing network for IFAs, has been bought by a group of city investors.

  • IFAs tell investment trusts to improve marketing

    1 Feb 1999

    IFAs have told investment trusts to spend more money on marketing themsleves, according to an AITC survey.

  • Isle of Man in fraud crackdown

    2 Feb 1999

    The Isle of Man Government aims to crack down on fraud with a new code to fight money laundering.The code strengthens the record keeping, systems and training requirements for financial services managers.It has also held a series of seminars for senior managers in financial services and will hold a further series of workshops in March.

  • L&G amends Tessa to fit Cat ISA requirements two months early

    28 Jan 1999

    Legal & General is amending its Tessa account to meet the Cat ISA standard two months early.

  • Leeds IFA raises £4,600 for children's charity

    27 Jan 1999

    Leeds IFA Andrew Pearson, a founding member of Pearson Jones, has presented £4,600 to the Yorkshire Children's Spine Foundation after raising the money from a sponsored ten-day trek across Nepal.

  • Liverpool Vic fined record £900,000

    28 Jan 1999

    The PIA is fining Liverpool Victoria Friendly Society £900,000 for widespread compliance failings.

  • Marks & Spencer ISAs attracting 1,000 applications a day

    29 Jan 1999

    Marks & Spencer Financial Services says over 1,000 people a day are registering for its ISAs which will be launched in April.M&SFS will be offering a maxi ISA that will have cash and stocks and shares elements and a mini ISA for stocks and shares only.It will also offer a Cat-marked ISA which will invest in the Marks & Spencer UK 100 Companies Fund which tracks the FTSE 100 Index.

  • Money Marketing and IFA UK conference season kicks off

    27 Jan 1999

    Money Marketing and IFA UK kick-off their 1999 programme of exhibitions which aim to help IFAs develop their businesses this month. The first of this year's conferences is being held at the Stakis Metropole hotel in Brighton on February 11.The events consist of an exhibition of product and service providers. They also include a comprehensive seminar programme covering subjects such as tax planning, marketing for IFAs equity release and drawdown.

  • Mortgage lending figures remained stable in December

    1 Feb 1999

    Mortgage lending in December rose to £8,030m from £7,866m in November according to the Bank of England.

  • NatWest reveals ISA plans

    2 Feb 1999

    NatWest Group has announced details of its ISA range.

  • New regulations for trustee supervised investments clarified

    27 Jan 1999

    This bulletin addresses some additional issues connected with the change to the taxation of UK dividend source income to and paid from discretionary and accumulation trusts.

  • Norwich and Peterborough appoints new chief executive

    2 Feb 1999

    Norwich and Peterborough Building Society is appointing Matthew Bullock as group chief executive.

  • NPI and conservation charity WWF join forces to launch ethical Oeic

    27 Jan 1999

    NPI and the World Wide Fund for Nature (WWF) have joined forces to launch an ethical open-ended investment company.

  • NPI and conservation charity WWF join forces to launch ethical Oeic

    27 Jan 1999

    NPI and the World Wide Fund for Nature (WWF) have joined forces to launch an ethical open ended investment company.

  • NPI receives 6,300 ISA applications

    2 Feb 1999

    NPI has received more than 6,300 ISA applications after mailing their 20,000 regular savings Pep holders on Friday January 15.

  • Old Mutual announces details of flotation

    1 Feb 1999

    Old Mutual has announced details of its stock market flotation in the same week Imro fined its fund management arm for a compliance flop.

  • Old Mutual faces demutualisation in South Africa

    28 Jan 1999

    South African-owned Old Mutual is urging its members to accept a demutualisation proposal.

  • Paragon cuts rates by up to 1 per cent

    28 Jan 1999

    Paragon Mortgages hopes to grab a bigger slice of the buy-to-let market by slashing mortgage rates by up to a percentage point.

  • Perpetual launches into pensions market next month

    27 Jan 1999

    Fund manager Perpetual is making its first move on the pensions market next month with the launch of a personal pension.

  • Phillips joins Scot Eq Asset Management

    2 Feb 1999

    Friends Ivory & Sime fund manager Mark Phillips has joined Scottish Equitable Asset Management to become investment manager of UK managed funds. SEAMs head of European equities Peter Hadden has taken up the new position of international business development manger and has been replaced by Mark Peden.

  • PIA staff move to FSA headquarters

    2 Feb 1999

    The Financial Services Authority has finally brought all regulatory staff under one roof.The PIA's 516 staff moved to the City watchdog's new headquarters in London's Docklands on January 29.It is bringing together nine regulatory bodies with a total of 1,800 staff and is looking to recruit about another 130 employees.The new headquarters was opened on November 18.

  • Policy Plus appoints former SEC employee

    29 Jan 1999

    Policy Plus International has appointed a former SEC employee as its Business development manager.Neil Wood traded Teps on the international market for SECPolicy Plus sales and marketing director David Carrington says: "We are delighted Neil has joined us. With his knowledge and contacts he will be a valuable member of the team. His appointment underlines our commitment of providing brokers with a truly first class service."

  • Portman lifts freeze on new accounts

    27 Jan 1999

    The Portman Building Society has opened its doors to new savings account business from people in its catchment area.New account openings had been put on hold to stave off what Portman believed were speculative account openings from carpetbaggers.Portman chief executive Ken Culley says: "The decision to re-open for new business has been taken as I believe that the wave of speculative account opening which we were experiencing has receded."

  • Private Label launches buy-to-let at 5.99 per cent rate

    1 Feb 1999

    Private Label is launching a buy-to-let mortgage fixed at 5.99 per cent for five or ten years with no overhanging redemption penalties.

  • Scot Eq predicts interest rates of 5 per cent in next six months

    2 Feb 1999

    Scottish Equitable is predicting that the UK interest rates will converge on those of Europe and the US in the next six months.

  • Securities Institute says its exams have ISA content for IFAs

    1 Feb 1999

    The Securities Institute has refuted claims by a BBC Radio 4 programme that IFAs are not being tested on ISAs.The institute says that its IAC paper has included questions on ISAs since 1998.Securities Institute chief executive Geoffrey Turner says: "It is vital that advisers are prepared for new products in advance. IAC candidates have been sent information on ISAs since their inception and are already being tested on the subject."

  • SGAM launches UK Income Unit Trust

    2 Feb 1999

    Soc Gen Asset Management is launching a UK Income Unit Trust, its fourth trust to be focused on the retail market.

  • Tax clarifications of transfer of commission business

    2 Feb 1999

    In the recent case of Brewin v McVittie (Inspector of Taxes) heard before the Special Commissioners, a self employed financial adviser who had sold the products of Allied Dunbar (AD) attempted to argue that the sum received by her from AD (in fact an AD group company) in return for the benefit of contracts completed by the taxpayer with her clients, including her entitlement to commissions, was a capital sum chargeable to capital gains tax against which she was entitled to retirement relief.

  • Threadneedle revamps website with daily fund price information

    29 Jan 1999

    Threadneedle Investments says its revamped website will offer a comprehensive online information package for IFAs and investors.

  • Timms to speak at Legal & General pensions conference

    29 Jan 1999

    Minister of state for social security Steven Timms will be speaking at Legal & General's 'New Welfare Partnerships' conference in London.

  • Transparency is clearly the way forward

    2 Feb 1999

    Major lenders are fighting a price war using headline-catching low rates to attract consumer interest. Do you think the Council of Mortgage Lenders is justified in its campaign to try and force lenders to draw more attention to the redemption penalties these products carry?

  • Wesleyan rewards customers with £13m loyalty bonus

    29 Jan 1999

    Wesleyan Assurance Society is rewarding its policyholders with a loyalty bonus of £13m.In 1998 it awarded its policyholders a £12.7m bonus which amounted to an average of £4,000 per holder.Managing director Lowry Maclean says: "This scheme demonstrates our ongoing commitment to our customers. this is the third year in a row we have been able to reward our customers' loyalty."

  • West Brom offers to complete mortgage in five days

    28 Jan 1999

    West Bromwich Building Society is offering to complete a mortgage in five working days.Applicants need to provide a P60, their latest pay slip and bank statement and be registered on the electoral roll with a clean credit search.Marketing manager David Johnston says: "We are seeing a significant increase in mortgage business particularly in customers remortgaging from other lenders to benefit from our best buy deals."

Poll

Will Greece leave the euro?

Current Issue

Advanced search