27 July 2005
Last week, Gordon Brown announced that the current economic cycle did not start in 1999-2000, as he had originally told us, but in 1997-98.
Rising exit fees are in danger of bringing the remortgage market into disrepute, according to some brokers who are calling for the FSA to step in and regulate charges.
The growing burden on the UK's healthcare system means greater involvement by the private sector is inevitable, says Bupa Insurance managing director Fergus Kee
AbbeyTwo Year Tracker Mortgage
The FSA recently published a consultation paper, Suitability Standards For Advice On Personal Pensions, in which it proposes dropping the requirement known as RU64.
In my consideration of the two main trust types to choose from for receiving nil-rate band transfers, I looked last week at the main tax implications of the flexible interest in possession trust. This week it is the turn of the discretionary trust.
Bristol & WestGuaranteed FTSE Bond Issue 19
IFA firm Buckles has made its Snowdonia funds of funds available through AIG Life after finding that insurance companies with their own multi-manager products did not want to establish external fund links.
Law firm Clarke Willmott's Freedom of Information Act request says the FSA conducted a desk-based review of self-certification last year after a full-on investigation. Should the FSA take it upon itself to investigate more thoroughly now that self-cert has come under its regulatory umbrella?
Chelsea Building SocietyProspect Non-Conforming Discount Medium Scheme
Chelsea Building SocietyTwo Year Discount Mortgage
This week, I will continue my series of articles on recent and imminent developments in the field of pensions. As in previous articles, I will not only identify and describe the developments but will discuss the implications and opportunities for pension advisers and their clients.
Shortly before David Severn stepped down as Aifa director-general, I met him for a quick chat, during which he told me what he thought the trade body's priorities should be in the coming year.
Credit Suisse Asset Management has introduced the Incubator fund, which is believed to be the first limited-issue fund of funds in the UK.
Credit Suisse Asset Management has established the CS Multi Manager incubator fund to take advantage of the flexibility offered by non-Ucits retail schemes.
Credit Suisse Asset ManagementCredit Suisse Multi-Manager Incubator Fund
In these edgy times, while walking through the City of London, I am always amazed at the stoicism of the British people. Most of us are innately coded to carry on regardless.
The benchmark qualifica- tion for all UK financial advisers is the Certificate in Financial Planning, which is offered by the Chartered Insurance Institute.
Hemisphere Property Management has made its Hemisphere property fund available to IFAs to broaden the fund’s investor base.
Hemisphere Property ManagementHemisphere Property Fund
Iimia's multi-manager team has begun to invest in alternative energies across its fund range, predicting that governments will raise taxes on oil firms.
As Elvis Presley once sang, fools rush in . . . But as Credit Suisse launches its limited-issue Incubator fund of funds, how can an IFA avoid getting all shook up recommending funds like this one without a track record to show clients?
Fund managers who hug the UK indices will have had to further increase exposure to the oil and gas sector.
Intelligent FinanceFixed 80 Until 01.10.07
Money Marketing the first weekly newspaper covering retail financial services is 20 years old. This supplement celebrates this fact and brings you a taste of what went on year by year across all the industry sectors.
If ever you needed confirmation that the old adage lies, damn lies and statistics still holds true, then last week's moving of the goalposts by Chancellor Gordon Brown was proof.
NvestaMomentum Tracker Plan
Early in June at The Sunday Telegraph, I found myself editing our front-page splash revealing how the FSA had blasted Tony Blair after the PM had made a speech accusing the regulator of "hugely inhibiting" business and the wounded watchdog had bitten back in a strongly worded letter claiming the accusation was unfounded and deeply damaging.
1995 was not the best of times to become editor of Money Marketing.
If you can remember receiving a matchbox-sized green frog holding a pink newspaper back in September 1985, you must be part of the select band of marketers who were the targets of a mailshot promoting a revolutionary new publication - Money Marketing. Well, as revolutionary as you can get in financial publishing.
There were murmurs of discontent in the Money Marketing newsroom as it became known that the overbearing news editor of Financial Adviser had been appointed as the editor, the first to come over from the "other side".
Newspapers love to think they can playa decisive role in shaping events. The Sun, for instance, claimed it won the 1992 election for John Major although, in retrospect, this seems unlikely.
Premier Fund ManagersUK Growth Plan Limited Editions 27
Premier Fund Managers has brought out the Pan-European Growth Plan - Limited Editions No 27.
Derbyshire Building Society has long shown a commitment to the intermediary market since Tony Capon took over the adviser channel some five years ago.
Yields on investment in residential property have fallen consistently over the past five years - leading to claims that the sector is no longer attractive and announcements from some quarters that the buy-to-let market will collapse.
The Schroder oriental income trust is an investment trust designed to take advantage of dividend growth in the Asia Pacific region.
GE Life's chief executive believes business is a simple affair. There are the needs of customers and you must have competitive products but service is the key. James Phillipps met him to discuss work, play and post-A-Day opportunities
One of the best investments I ever made was in the Holiday Property Bond, an FSA-regulated investment in a wide selection of international leisure property.
UK all companies fund is the most consistent performer in rising or falling markets, says Philip Scott
SVG Investment ManagersStrategic Equity Capital
Scottish Life head of corporate business Mark Polson is not convinced by Vince Whitefoord's recent suggestion in Money Marketing that pension advisers could face misselling claims if they do not recommend high-net-worth clients to transfer out of defined-benefit schemes
This month has been dominated by the dreadful happenings in London and the announcement of the 2012 Olympics venue.
One significant aspect of the simplification regime has received less attention than it deserves.
Nicola York hears the pros and cons of what some believe is the future for underwriting
UCB Home LoansSelf Cert Two Year Flexible Fixed Rate Remortgage
Woolwich Plan ManagersCapital Plus Plan
If you laid out all the articles written about the impact of wrap and its potential in the marketplace they would probably reach Uranus.
On Friday, September 20, Prime Minister Margaret Thatcher was threatened with a strike from rebel council workers in Liverpool over her rate capping policy.
The year began with Prudential announcing plans to enter the estate agency business with the launch of Prudential Property Services and a nationwide chain of estate agents. Little did it know that a few years later it would sell them all at a massive loss.
October saw the biggest stockmarket crash in history. But with the crash still eight months away, IFAs' minds were on the developing regulatory regime.
The year can be split before and after Clowes but this division did not appear until June. The start of the year saw the final version of Fimbra's rulebook published and news that P-Day had been set at February 27.
The year started with yet another Fimbra funding crisis with Lautro coughing up £1.4m - and ended with the ritual sacrifice of Fimbra chairman Lord Elton in December.
The decade began with a string of disciplinary actions from Lautro. The SRO barred National Financial Management Corporation from accepting business from Garston Amhurst, an NFMC tied agent which was unable to account for £2m of investors' money.
This was the year when the industry fought against threats from regulation and Government, with Nfifa chief executive Garry Heath launching Fightback 91 - a campaign to tackle problems threatening the future of the independent sector - and Money Marketing and IFA Promotion launched Action for Independent Financial Advice - a petition urging MPs to counter the threats facing IFAs.
The OFT report on life insurance, published in March, recommended that only IFAs should disclose commission in cash terms at the point of sale.
The first repercussions of the KPMG pension transfer report made themselves known at the start of the year, with nine out of ten transfers unsatisfactory.
New Year's Day saw the enforcement of hard disclosure. While Clerical Medical, Axa Equity & Law and Scottish Widows all revealed increased early transfer and maturity values. And Sun Alliance introduced a range of personal pensions with improved surrender and maturity values.
January saw the contracting-out market on the verge of collapse from low rebates. A month later, Money Marketing reported that the Government would have to spend an extra £620m in age-related rebates to avoid a market boycott by life offices.
The year was characterised by mergers, demutualisation, commission wars and regulatory wrangles - not to mention a new Labour Government.
More fines, major mergers and the emergence of two notable damp squibs - Catmarks and the Millennium Bug - dominated the year.
The year saw the continuing demise of Equitable Life, the predicted fall of polarisation and the ongoing rise of Misys.
The year 2000 saw the launch of Money Marketing's Poles Apart campaign in defence of polarisation, asking politicians to justify their decision and how it would help the industry and consumers. It failed but it made the powers that be reflect on the problems that depolarisation might bring.
The year will be remembered for one day more than any other - September 11. The terrorist attack that took place reverberated around the world and sent shock wave through financial markets that would be felt for some time to come.
FSA poised to tear polarisation apart", proclaimed the front page of Money Marketing's first edition for 2002 and so the battle raged.
Professional indemnity insurance hit the headlines in 2003 as forming the biggest threat the industry had to face.
Barely had the industry settled back behind its desks after the New Year festivities when news broke that Standard had been in "bruising" negotiations with the FSA and the realisation that the previously staunchly mutual society was now prepared to look at the option of demutualisation.
It was Standard Life chief executive Sandy Crombie who graced the front page of Money Marketing's first edition this year and for good reasons.