Money Marketing
29 August 2001

  • 'Equitable backlog is costing investors thousands'

    30 Aug 2001

    IFAs claim that Equitable Life could yet face more compensation claims because its admin backlog is causing policyholders who want to transfer to miss out on thousands of pounds. IFAs say their clients are missing out on lucrative annuity rates because of the admin delays at Equitable in completing transfers. This is because an openmarket option transfer quotation from a rival provider is usually only valid for two weeks but some clients are waiting at ...

  • 'Property not about to subside'

    30 Aug 2001

    Property is still a good bet for investors despite doom and gloom predictions, claim experts. While some of the biggest lenders believe the property market has peaked, some pundits still see rental and commercial property as a sure way of giving returns of over 7 per cent. Last month's Nationwide house price index suggested price rises are unsustainable and the market must slow. Annuity Bureau director Ronnie Lymburn says: "I still think, ...

  • A CONSUMER's VIEW

    30 Aug 2001

    One of the more enlightened moves ever made by the financial services industry was to set up the Unclaimed Assets Register some 18 months ago. All credit to Aon for taking this imaginative and common-sense initiative. The service the UAR offers is invaluable in tracing unclaimed assets belonging to those who have moved house, forgotten their investments or who have died. Anyone dealing with an elderly person's affairs or involved in winding ...

  • A matter of trust

    30 Aug 2001

    On the face of it, the mortgage intermediary's job looks pretty straightforward. Is it not simply a matter of finding the right mortgage product for clients, taking account of their circumstances and individual needs? Not quite. Because, as every success-ful adviser knows, the job consists of more than just acting as a channel for mortgage applications. At the real core of success lies the development of a strong, trusting relationship with ...

  • Alliance trusts quit AITC over fees increase

    30 Aug 2001

    The Alliance and Second Alliance investment trusts are to quit the AITC in a move which will cost the trade body more than £200,000 in annual membership fees. The £1.78bn Alliance trust, the UK's third-biggest investment trust, and the £600m Second Alliance trust are withdrawing from the trade body over the extra 0.5 basis point of assets under management which was added to the membership charge this summer. The fee hike was to cost ...

  • Annuity Bureau calls for rule changes

    30 Aug 2001

    The Annuity Bureau is calling for new legislation to force investment-linked annuity providers to allow transfers from one provider to another to provide a lifeline to annuitants locked into poor-performing funds. The specialist IFA is arguing for the change in light of the poor deal Equitable Life annuitants receive and also for policyholders opting for riskier investment-linked annuity products.

  • Attack from the mainland

    30 Aug 2001

    In finishing off this short series on the value to be secured by having a tax planning awareness in this world of diminishing charges, selective disintermediation and an intensification of competition, I would like to look at the importance of keeping an eye on what is going on in Europe. It has been reported that moves are afoot that could lead to the end of commission-led financial advice as part of a drive to enable IFAs to secure a genuinely Europewide ...

  • Axa's UK chief doubts Govt will force stakeholder compulsion

    30 Aug 2001

    Axa's new UK group chief executive is bucking the trend among providers by predicting stakeholder will not be made compulsory as this would be seen as an admission of failure by the Government. Dennis Holt admits the new pension has not taken off as well as the Government may have hoped. But he says forcing employers and individuals to make contributions would reflect badly on the Government's ability to make it a success. This contradicts ...

  • B&B profits up but jobs to go

    30 Aug 2001

    Bradford & Bingley is axing 500 staff as part of a cost-cutting drive despite seeing profits rise by 22 per cent in the half-year to June. Profits rose to £119.7m from £98.1m in the six months to December but the former building society said it inten-ded to slash jobs in a bid to save £30m by the end of 2002 through rationalising its operating centres. The news comes following the 300 redundancies that B&B made in February when ...

  • Berkeley Morgan bids for further growth

    30 Aug 2001

    Financial and insurance services company Berkeley Morgan Group, which includes Berkeley Morgan IFA, has appointed Ray Kuhler, 41, as an executive director. Kuhler's appointment is to assist continued growth following the group's recent acquisition of IFAs Moneyhill and Gee & Co. He was previously a director of business developments at Skandia, where he spent 14 years. Kuhler will be responsible for developing new distribution channels and will ...

  • Black to the future

    30 Aug 2001

    The recent MM profile of Towry Law chief executive Douglas Black prompted an unprecedented response from readers but one correspondence caught the Diary's eye more than any other stunt on the back of the IFA's current bete noire. Scottish Life general manager (sales) Jim Gilchrist was so inspired by Black that he suggested someone should establish a Douglas Black Award for services to the insurance industry, given that he claims to have saved it £20m ...

  • Caroline Anstee

    30 Aug 2001

    Some IFAs feel that making contact with lawyers and accountants is a waste of time because they gain very little business for the effort it takes. From my experience, nothing could be further from the truth. A structured approach can lead to long-term relationships which benefit all parties. Ask yourself who are you going to target? Small and medium-sized practices are unlikely to have their own in-house specialists, especially after many tried to offer ...

  • Clarke vow to review the scope of the FSA

    30 Aug 2001

    Conservative leadership candidate Ken Clarke has vowed to review the scope of the FSA within two years if he is elected leader, as part of the party's policy towards financial services. The former Chancellor has committed himself to splitting the roles of chief executive and chairman following the term of Howard Davies and conducting a wider ranging review of the regulator as a whole if the Tories win power. Speaking to a national newspaper, ...

  • Close Property ACEs the property market

    4 Sep 2001

    Close Brothers subsidiary Close Property Investment is building up its range of funds with the introduction of the active commercial estates (ACE) fund.

  • Close Property Investment - Active Commercial Estates Trust

    3 Sep 2001

    Monday, 3 Septmeber 2001. Type: Unit trust. Aim: Income, growth, income and growth by investing in commercial properties. Minimum investment: £11,000. Place of registration: Isle of Man. Investment split: 100 per cent commercial property. Isa link: No. Charges: Initial 5 per cent, annual up to 2.5 per cent. Commission: Initial 3.5 per cent until November 1, 2001, thereafter 2 per cent. Tel: 020 7426 6216.  

  • Code comfort for CML

    30 Aug 2001

    Panel Members: Mark Underhill, Product development manager, Yorkshire Building Society; Michael Bolton, Head of lending, Birmingham Midshires; Andrew Young, Mortgage network director, Zurich IFA Group. If, as some industry figures are predicting, statutory regulation prompts lenders to leave the mortgage code next year, what do you think could happen to the CML and the mortgage code? Underhill: The implications for lenders of the ...

  • Commission impossible?

    30 Aug 2001

    Scottish Amicable's decision to effectively pull out of the stakeholder race by shelving initial commission on regular-premium business took rivals and IFAs by surprise. ScotAm had a well founded reputation for aggressively chasing market share through IFAs by paying among the highest rates going as well as making much of its technology investment and desire to corner a fifth of the new group pension market. NPI UK sales manager David Tildesley ...

  • Companies move to quality street

    30 Aug 2001

    The article by Peter Hargreaves What does the client want, Mr Sandler (Money Marketing, August 16) raised some important issues regarding action by the financial services industry over clarity and customer service. The industry is, in fact, addressing those issues through the Raising Standards quality mark scheme. Forty-nine brands, representing 82 per cent of the life and pension market, have expressed their support for this scheme, which is voluntary ...

  • Coventry revamps fixed-rate loans

    30 Aug 2001

    Coventry Building Society is overhauling its range of fixed-rate mortgages. For customers borrowing up to 75 per cent loan to value, there are loans fixed at 5.25 per cent until 2004 or at 5.65 per cent until 2007. For those borrowing up to 95 per cent LTV, loans are fixed at 5.35 per cent until 2004 or at 5.85 per cent until January 2007. All revert to Coventry's variable rate of 6.75 per cent after the fixed period.

  • Credit Suisse Asset Management - Private Portfolio Service

    30 Aug 2001

    Aim: Income and growth by investing in multi-manager fund of funds.Minimum investment: £10,000.Investment split: Dependent on choice of strategy - income, UK growth plus, income and growth, worldwide growth.Income facility: Available.Charges: Initial £10,000-£50,000 - 4 per cent, £50,001 and above - 3.5 per cent. Annual 1.5 per cent.Commission: Initial 3 per cent, renewal 0.5 per cent.Tel: 020 7426 2929.Suitability ...

  • Dennis Holt

    30 Aug 2001

    Born: Lancashire, October 28, 1948 Lives: In Kent with wife and three children in their 20s. Education: BA (Hons) History, University of Leicester. ACIB professional qualification. Career: Lloyds TSB, 1970-2001. Started as a graduate trainee with Lloyds and became manager of a Liverpool branch in 1980. Held a series of position in banking and insurance and became group executive director UK retail banking in February this year before leaving ...

  • Deutsche Asset Management - Deutsche Corporate Bond + Fund

    3 Sep 2001

    Monday, 3 September 2001. Type: Oeic. Aim: Income by investing in investment and non-investment grade bonds. Minimum investment: Lump sum £1,000 class A shares, £500,000 class B shares, monthly £25 class A shares. Investment split: Investment grade bonds 80 per cent, non-investment grade bonds 20 per cent. Yield: 5.85 per cent. Isa link: Yes. Pep transfers: Yes. Charges: Initial 4 per cent class A shares, ...

  • Deutsche bonds with the market

    3 Sep 2001

    Deutsche Asset Management has brought out the new Deutsche corporate bond + fund.

  • Equitable deal could see lower payouts to GAR holders

    30 Aug 2001

    Equitable Life is only weeks away from issuing a compromise deal which could save the society from spiralling uncertainty but payoffs to guaranteed annuity rate holders could be lower than expected. The deal should be published to policyholders in mid-September following an "open and constructive" meeting between policyholder action group representatives and Equitable's board last week. Any proposals will have to account for potential misselling ...

  • Equity Partnership - Equity Partnership Investment Company

    29 Aug 2001

    Wednesday, 29 August 2001. Type: Offshore split-capital investment trust. Aim: Income and growth by investing in investment grade bonds, high yield bonds, convertible bonds, a diversified portfolio of bonds, quoted equities, unquoted equities, investment trusts, unit trusts, oeics and hedge funds. Minimum investment: Subject to negotiation with stockbroker. Place of registration: Isle of man. Investment split: 40 per cent quoted equities, 25 per ...

  • F&C Management appoints HR head

    4 Sep 2001

    European asset manager F&C Management is appointing Peter Cole as group head of human resources, a newly created position on its executive board.

  • Facelift for Midshires

    30 Aug 2001

    Halifax specialist lending arm Birmingham Midshires is set for a £500,000 brand overhaul before its launch into the sub-prime market next month. Supported by an intensive press advertising and direct marketing campaign, Midshires is revamping its image to publicise its entry into sub-prime lending following a successful trial in July. It is running a whistlestop 21-venue roadshow throughout September to demonstrate to mortgage brokers why ...

  • First National - 3 Year Fixed British Mortgages Abroad

    4 Sep 2001

    Tuesday, 4 September 2001. Fixed term: Three years. Fixed rate: 7.3 per cent. Minimum loan: £35,000. Maximum loan: Up to 80 per cent of valuation subject to a maximum of £1m. Income multiples: 3.5 times principal income plus second or 2.75 times joint. Arrangement fee: $1,000 up to 74 per cent of valuation, $1,125 75-80 per cent of valuation. Redemption fee: Three months' interest. Conditions: Only available ...

  • First National breaks the mortgage mold

    31 Aug 2001

    First National is breaking the barriers of the overseas mortgage market with the three-year British mortgages abroad mortgage.

  • Friends seeks IT support in skill shortage

    30 Aug 2001

    Business solutions firm CMG Admiral has won a £1m contract with Friends Provident to ease the shortage of skilled staff in its IT department. Admiral is set to provide Friends with business support in areas including its recent demutualisation and development of its stakeholder range. Friends says it does not have the internal IT resources to cope in these areas by itself. Admiral, part of information and communications technology services ...

  • FSA relents further on statistics

    30 Aug 2001

    The FSA has given a further indication it is to soften its line on past performance, with confirmation that IFAs can continue to use statistics in reasons-why letters. In a draft of its new handbook, which was passed by the FSA board this summer, the regulator says reasons used by IFAs in suitability letters can include "price, service levels, performance track record, investment prospects, medical evidence terms, reputation and financial strength". The ...

  • Fund sales hit low as confidence ebbs

    30 Aug 2001

    Investor sentiment has plummeted to its lowest level this year, with net retail sales of investment funds down by 58.8 per cent to £504.8m in July from £1,234.4m last year. Net sales of investment fund Isas were not hit as hard but were still down by 32 per cent to £437.9m from £643.2m, according to Autif. Total industry funds under management fell by 8.1 per cent to £245.8bn from £267.5bn. IFAs once again ...

  • GAM adds to its constellation of star funds

    4 Sep 2001

    Global Asset Management (GAM) is adding another product to its constellation of star funds.

  • GE Life - High Income & Growth Plan

    29 Aug 2001

    Wednesday, 29 August 2001. Type: Guaranteed equity bond. Aim: Income or growth by investing in Eurostoxx 50 index. Minimum-maximum investment: £7,000-£1m. Term: Three years two months. Guarantee: Captial returned in full at the end of term provided the Eurostoxx 50 index does not fall more than 20 per cent during the term or the final index level is at or above the initial index level. Return: Choice of 0.8 per cent ...

  • GIA takes four paths to hedge funds

    31 Aug 2001

    London-based Global Investment Advisers (GIA) has introduced the GAIM hedge fund.

  • Gift Wrapping

    30 Aug 2001

    Mr X has recently taken early retirement/redundancy at the age of 52. He needs investment advice as he has reasonably large sums on deposit from savings, his pension lump sum and redundancy payment. He also has other assets including Pep, Isa and Enterprise Investment Scheme investments and a sizeable holding of shares in his former employer. How should he proceed? Mr X has a good level of pension income and is a higher-rate taxpayer. He also ...

  • GISC waits for commission decision

    30 Aug 2001

    The General Insurance Standards Council is hoping for a decision this week from the Competition Commission appeal tribunal on whether it can implement rule F43 forcing GISC members to only do business with each other. If it gets the go-ahead, IFAs selling general insur-ance will have to be GISC-regulated even if they are already PIA-registered. The commission decided to investigate the proposed rule following appeals from the Institute of Insurance Brokers ...

  • Global Investment Advisors - GAIM Hedge Fund

    30 Aug 2001

    Thursday, 30 August 2001. Type: Tracker hedge fund. Aim: Growth by investing in up to 20 hedge funds in four main startegies - macro, market neutral, long short equities and event driven. Minimum investment: US$10,000, Euros 10,000. Place of registration: Dublin. Investment split: Macro 25 per cent, market neutral 25 per cent, long short equities 25 per cent, event driven 25 per cent. Isa link: No. Charges: Annual 2.25 per cent class ...

  • GMAC appoints asset sales head

    3 Sep 2001

    Sub-prime lender GMAC, part of the financial services arm of General Motors, is appointing Steve Khan as head of asset sales.

  • Godfrey demands 'free' stakeholders

    30 Aug 2001

    AITC director general Daniel Godfrey is calling on the Government to introduce "free" stakeholder pensions in a move which he claims would solve the UK pension funding crisis by 2050. In an article for Money Marketing this week, Godfrey warns that continuing the status quo - where today's workers fund today's pensioners - will lead to either "massive tax increases or massive poverty". He says the Government must borrow money now to make modest ...

  • Godfrey may have found solution to pension dilemma

    30 Aug 2001

    So, the pension debate rumbles on over how to reach out to the great unpensioned. Most of those in the know advocate some form of compulsory contribution as the only way to achieve this goal. Meanwhile, the Government's answer- stakeholder - appears to be foundering before our very eyes, with at least two companies, Clerical Medical, although temporarily, and Scottish Amicable already effectively giving up the ghost two months before the compulsion ...

  • Government announces Equitable inquiry

    31 Aug 2001

    The Treasury has announced an independent inquiry into Equitable Life to be conducted by Lord Penrose.

  • HST Financial appoints Barnard and Pierce

    4 Sep 2001

    Financial services distribution company HST Financial has appointed Nigel Barnard as chairman and named Seymour Pierce as corporate adviser as part of its plans to float on Aim before the end of the year.

  • IFA tech firm wins award

    30 Aug 2001

    IT solutions provider Ramesys has been presented with Microsoft's Gold Partner award for helping IFA firms share information. The IFA tech specialist says it is the first in the UK to win the award, which identifies companies which develop solutions that enable better ways of working through collaboration and knowledge-sharing. To achieve the gold standard, companies need to meet strict criteria which include gaining customer references. Microsoft ...

  • IFAP backed by Project Mars

    30 Aug 2001

    IFA Promotion is adding Old Mutual's new multi-manager business, codenamed Project Mars, to its list of sponsors, bringing the total number of supporting companies to 32. IFAP says Project Mars will provide further financial backing for its campaign to encourage more people to seek independent financial advice and raise the profile of its 10,000 members. Old Mutual is set to launch Project Mars at the start of November to capitalise on the ...

  • IFAs maintain their grip on pensions

    30 Aug 2001

    IFAs are holding on to their grip of pension market, acc-ounting for 85 per cent of new single-premium sales in the second quarter of this year. Latest ABI figures also show IFA sales of regular-premium collective investment schemes, which include Isas, unit trusts and Oeics, up to 18.4 per cent from 11.8 per cent. This is despite premiums going down to £162m from £182m. IFAs account for 89.8 per cent of group regular-premiums, including pensions ...

  • IFAs warned as Welsh reveal LTC proposals

    30 Aug 2001

    IFAs must be wary when advising clients on their long-term care insurance needs because of the differences in funding plans in the UK, providers have warned. The warning comes after the Welsh Assembly said it plans to join Scotland and Northern Ireland in splitting from Westminster over funding for care. The Welsh plans, which will not come into effect until April 2002, include having one band of funding for LTC, a flat rate amount of £90 a ...

  • Independent view

    30 Aug 2001

    It seems appropriate, shortly after the launch of an ethical index, to add a note of conservation to this piece. Not that I particularly feel like a species under threat - quite the contrary. It is just that there is so much that we have today but may not have tomorrow. Extinction has a lot to teach us. Barely a year passes without some pundit or other proclaiming the end of the IFA forever, no future for commission, world domination by bancassurance ...

  • Inora Life - Dynamic Income Fund 2

    4 Sep 2001

    Tuesday, 4 September 2001. Type: Offshore insurance bond. Aim: Income or growth by investing in 25 funds from the Dow Jones global titans index. Minimum investment: £6,000, euros 10,000. Place of registration: Dublin. Investment split: 100 per cent dynamic income fund 2 which invests in 25 funds from the Dow Jones global titans index. Guarantee: 10.75 per cent annual income or 33.75 per cent growth over three years. Isa link: ...

  • Inside EDGE

    30 Aug 2001

    Not many people have yet signed up to stakeholder pensions and many of those who have will be too young to write. It is proving to be a tax-efficient savings vehicle for the wealthy. Not quite what the Government had in mind. But it still has the potential to be the product around which our salvation from poverty in old age can be delivered. For this to happen, though, the Government will have to bite the bullet of compulsion. This will have ...

  • Insureyourmortgage.co.uk - Insureyourmortgage.co.uk

    31 Aug 2001

    Friday, 31 August 2001. Type: ASU mortgage protection plan. Maximum benefit: £1,500 or 65 per cent of gross monthly income. Benefit payment period: 30 or 60 days. Premium: £2.75 per £100 of unemployment or disability cover, £4.25 per £100 of combined unemployment and disability cover for 30 day payment period, £2.25 per £100 of unemployment or disability cover, £3.75 per £100 of combined unemployment ...

  • Intermediaries ignoring well-performing trusts, research shows

    4 Sep 2001

    Sales of well-performing trusts are being hampered by intermediaries lacking experience of specific providers according to research from Henry Samuels Marketing Service. This finding emerges from the "IFA Networks, Unit Trusts and Isas" which examines the attitudes of network members to a range of unit trust and Isa providers. It says Fidelity consistently scored high for virtually all criteria but the less widely used Threadneedle achieved similar returns.

  • Introduce Yourself

    30 Aug 2001

    The amount of business coming to IFAs from lawyers and accountants could rise substantially after November 30, when these professionals face the prospect of direct regulation by the FSA. Many might find it unattractive to continue carrying out only a small amount of financial advising. Bentley Jenisson Financial Services managing director Paul Howard believes this is a big opportunity for IFAs to bring new clients into their business. Being part of ...

  • Investment fund sales boost for New Star

    30 Aug 2001

    New Star Asset Management took more than 10 per cent of gross retail investment fund sales last month following the launch of its UK and European growth funds on July 2. The two funds raised a total of £243.5m in retail sales during the month, accounting for 10.7 per cent of the £2.28bn of all unit trust and Oeic sales. New Star is set to launch several more funds before the end of the year.

  • Investment seminars target IFAs

    30 Aug 2001

    Fund manager Threadneedle is running a series of UK investment seminars for IFAs throughout October focusing on the low-growth marketplace. The New Strategies for a New Environment seminars follow roadshows run by Threadneedle last year and will focus on key areas of significance for IFAs' business and the fund management industry. Topics will include Threadneedle's view on which companies will prosper in the "post-bubble" era, IFA ...

  • Investment view

    30 Aug 2001

    Greetings from the city of dreaming spires and glittering prizes. Or am I confusing where I am with Oxford? It is, as it happens, Cambridge, that centre of academic excellence , as I endeavour to determine whither the market. No one said that the business of investment management was meant to be easy but seldom have I seen such conflicting signals. Nor have I come across such widespread disillusionment with investment matters as that which appears ...

  • Investors get charging deal as M&G switches funds to Oeics

    30 Aug 2001

    M&G is to convert its unit trust range to Oeics in a move which will make its entire fund range available on a dual charging basis. The conversion, which is set for completion on Nov-ember 1, will offer investors the choice of two different share classes on each of M&G's open-ended funds. For investors who do not want to pay an initial charge, which varies depending on the fund, the annual management fee will typically rise to 1.5 per cent ...

  • Isis gets dynamic

    30 Aug 2001

    Isis, the new retail arm of Friends Ivory & Sime, is getting dynamic.

  • JP Morgan Fleming plans October launch for guaranteed fund of funds

    30 Aug 2001

    JP Morgan Fleming has confirmed it is introducing a guaranteed fund-of-funds product in October, investing in a selection of its own funds. The product, revealed in Money Marketing last month, will aim to achieve growth over five years while providing a 100 per cent capital guarantee. The closed-end fund will invest in a basket of JPMF funds, with 30 per cent in fixed interest and 70 per cent in equities. It will be allocated according to global market ...

  • Julian Gibbs

    30 Aug 2001

    Over the next five years, most analysts expect commercial property to show gross returns in excess of 10 per cent a year. This is made up of yields of around 7 per cent plus rental growth of 3 to 4 per centa year. This should equate to a return of around 7.5 per cent a year net of charges and taxes for a well managed property bond or property unit trust. This return should be about the same as that on the best with-profits bonds but with slightly lower ...

  • Jupiter - Jupiter Global Active Fund

    30 Aug 2001

    Thursday, 30 August 2001.

  • Keydata & Deutsche go for generator

    4 Sep 2001

    Keydata Investment Services has teamed up with Deutsche Bank to introduce the income & growth generator.

  • KMC offers new loan range

    30 Aug 2001

    Sub-prime lender Kensington Mortgage Company is offering a raft of non-conforming fixed and discount rate loans for borrowers with minor credit difficulties. The lender, which floated on the London Stock Exchange last November, has set up seven loans which it believes will attract a more diverse range of borrowers. Available for purchase or remortgage, the loans are fixed until January 2003 and offer rates from 5.99 per cent to 6.49 per cent depending ...

  • L&G aims to fulfil pension planning goals

    30 Aug 2001

    Legal & General is teaming up with Newcastle United FC to provide its players and staff with access to stakeholder. The Magpies have chosen the life office to provide pensions to all its 1,100 fulland part-time staff. The deal will also be extended to the club's regional business partners in the North-east. Around 4,000-5,000 small and medium-sized companies have some degree of association with the club, whether it is through hiring a box at the ...

  • Leaning tower in the marketplace

    30 Aug 2001

    I had no idea Peter Hargreaves was so clever (Money Marketing, August 16). Fancy only 0.001 per cent of brokers understanding commission rates and charges. I guess that must be Mr Hargreaves himself, standing,or should I say towering,alone in the market. I never realised Mark Weinberg was so ignorant of the marketplace either. I suppose my recollections of the early 70s, when I was head of advertising and sales promotions at Abbey Life are just ...

  • Leeds & Holbeck launches 5 year buy-to-let fixed mortgage

    4 Sep 2001

    Leeds & Holbeck is rolling out a buy-to-let mortgage fixed for five years at 6.24 per cent. Available for purchase or remortgage, the loan allows landlords to acquire a maximum of three properties at a combined cost of no more than £500,000 up to a maximum of 75 per cent loan to value. Minimum valuation for each property is £50,000, except in the South East where it is £70,000 and in London where it stands at £85,000.  

  • Leeds & Holbeck provides low rate buy-to-let

    4 Sep 2001

    Leeds & Holbeck Building Society is undercutting its rivals with its latest fixed-rate buy-to-let mortgage.

  • Level-headed WPA

    30 Aug 2001

    Western Provident Association has des-igned self-pay protect, a healthcare cash plan that helps with the cost of hospital treatment for short-term illness or injury. The plan is concerned only with inpatient or day-case private hospital treatment and follow-up outpatient treatment for 90 days after the patient has left hospital. It has three levels of cover and a 90-day deferred period. Under level one cover, patients are reimbursed 30 per cent ...

  • Life offices calling on Sandler to investigate overlaps in regulation

    30 Aug 2001

    Overlapping regulation by the Treasury and FSA has the potential to stifle the financial services industry and must be included in Ron Sandler's review, says the head of assurance at the ABI. Francis McGee says Sandler has been presented with a golden opportunity to take a look at the role played by the FSA and the Treasury in the regulation of financial products. He says Sandler must recognise the ability of the market to deliver innovation ...

  • Lobbying ends ad clutter on the Tube

    30 Aug 2001

    Lobbying by fund managers and advertising agencies has forced Viacom Outdoor, the company responsible for London Underground poster ads, into introducing a new policy banning similar ads being placed next to each other. The new system of "category alternation" means companies in all sectors, not just financial services, will never again face the problem of ads placed alongside competitors, making it hard for the public to differentiate between firms. The ...

  • Mairs leaving FI&S to join Halifax asset arm

    30 Aug 2001

    Friends Ivory & Sime managing director of retail and institutional business Gary Mairs has quit to join the Halifax as managing director of its asset management business. Mairs will be replaced at Friends by executive director Peter Arthur, who will take the role of managing director as well as keeping responsibility for development of the investment trust business. FI&S chief investment officer Barry Sanjana, who joined the firm last October, ...

  • Marsden Building Society - Flexible Mortgage

    3 Sep 2001

    Monday, 3 September 2001.

  • Marsden Building Society - Standard Discount

    4 Sep 2001

    Tuesday, 4 September 2001.

  • Mass protest is needed in Black day for IFAs

    30 Aug 2001

    If the photograph on the front of Money Marketing of August 18 did not incense every IFA in the land it jolly well ought to have done. How Douglas Black could appear with his smug mug on the front page gleefully announcing Towry Law's plans for 1.000 IFAs must represent the biggest cheek of all time. If you remember, his and his board's incompetence buying Advizas will cost every IFA in the country a considerable increase in their contribution ...

  • Mercantile cuts SVR

    3 Sep 2001

    Mercantile Building Society is reducing its standard variable mortgage rate by 0.25 per cent to 6.64 per cent.Mercantile is also launching a choice of discounted products, with a discount of 1.55 per cent to August 2004 or 1.4 per cent for 5 years for mortgages up to 75 per cent loan to value.The lender is also offering a fixed rate of 5.49 per cent until October 2003 or 5.79 per cent until June 2005 for loans up to 80 per cent loan to value.

  • Merrill Lynch HSBC - FTSE 100 Growth Protected Investment Product

    4 Sep 2001

    Tuesday, 4 September 2001.Type: Guaranteed equity bond.Aim: Growth by investing in the FTSE 100 index.Minimum-maximum investment: £5,000-no maximum.Term: Five years.Guarantee: 100 per cent capital return.Return: 10 per cent.Closing date: November 16, 2001.Commission: None.Tel: 0845 6030405. 

  • Misys chooses network director

    30 Aug 2001

    Misys has appointed Steve Pearson, 42, as network director for IFA Network and Financial Options following Nick Ansell's move to DBS as chief executive. Previously as operations director for the two networks, Pearson was responsible for relations with existing members. In his new role, he will look after sales, customer relations and compliance.

  • Neville James advises on education costs

    4 Sep 2001

    To coincide with the start of the academic year Neville James fund management is encouraging parents to consider their families education costs as part of their investment planning.

  • Northern Venture Managers launches new VCT

    30 Aug 2001

    Northern Venture Managers is launching the third in a series of VCTs, the appropriately named Northern 3 VCT.

  • NU Healthcare passes 3/4 million PMI customer milestone

    4 Sep 2001

    Norwich Union Healthcare is celebrating a milestone as it announces it has reached 750,000 customers with private medical insurance or income protection cover. The provider says the growth is due to continuing success in the group market, successful targeting of first-time buyers of PMI and added support for IFAs. NUHC has 619,000 PMI policyholders and the remaining have taken out IP.  

  • NUHC reaches three quarter of a million customers

    3 Sep 2001

    Norwich Union Healthcare is celebrating a milestone as it announces it has 750,000 customers with private medical insurance and income protection cover.The provider attributes the growth it has enjoyed to success in the corporate market, successfully targeting of first-time buyers of PMI and a restructuring of its intermediary support services.Of the customers, 619,000 have taken out a PMI policy while the rest have IP cover. 

  • Online financial brands 'left unprotected'

    30 Aug 2001

    Financial services companies are not protecting their online brands from risks such as copyright infringement, according to new research from patent and trade marks attorney Marks & Clarks. Its survey of 203 company directors around the UK found that only 44 per cent of financial services providers monitor online threats to their business, despite 92 per cent saying it is important to safeguard brands on the internet. Only half of companies register trademarks ...

  • OUTSIDE EDGE

    30 Aug 2001

    As we move towards the most important six months since the term IFA was coined, the news that many companies have plans to recruit on a scale not witnessed before could be seen as strange. For many years, those who herald their plans with such confidence have rarely delivered anything of any substance. We currently have a market where the size of the company is all too often in inverse proportion to the level of independence it practises where product ...

  • PIA throws out IFA who forged signature

    30 Aug 2001

    The PIA has terminated the individual registration of Christopher David Cundell, a director with IFA Wilman & Lodge Financial Services of 12 Otley Street, Skipton, North Yorkshire. The regulator says Cundell forged the signature of a client on a document he submitted to the PIA ombudsman. He did so without the client's knowledge and with the ultimate objective of seeking to ensure the client's claim to the ombudsman would fail. The PIA says ...

  • Pinnacle thumbs up for MPPI

    3 Sep 2001

    Payment protection insurer Pinnacle says homeowners who re-mortgage should buy a mortgage payment protection insurance policy to safeguard the financial benefits of moving to a new lender.

  • Product Matters

    30 Aug 2001

    Friends Ivory & Sime has announced it is setting up a new retail investment business, Isis, with the launch of three Oeic funds under the new brand on September 3. The Isis UK dynamic fund, to be managed by Rodger McNair and Richard Bell, will by nature be higher risk, with stockpicking likely to be both selective and aggressive. It will invest in companies the managers believe will offer the most attractive returns, regardless of whether they are perceived ...

  • Public face postcode lottery on protection

    30 Aug 2001

    Group critical-illness and inc-ome protection policyholders face a postcode lottery on the cost of premiums, according to research from the Office for National Statistics charting disease patterns in various regions of the UK. The ONS figures reveal higher levels of heart disease in South Wales, Scotland, Tyneside and Northern Ireland which could lead to higher premiums for group schemes based in those areas. Aegon says it is an industry standard ...

  • Public saving for a recession

    30 Aug 2001

    Britons are preparing for a financial storm by saving 32 per cent of their disposable income, according to findings from Alliance & Leicester's new wealth tracker index. A&L asked a sample of 2,000 to detail their level of disposable income and how much of this is saved, spent or invested to reveal the average Briton aims to save £93 this month. Despite many people paying for holidays abroad this month, three out of four say they will ...

  • Rough on the smoothing

    30 Aug 2001

    I refer to the letter from Terrence O'Halloran, Who can beat the returns on with-profits? (Money Marketing, August 16). One of the problems with with-profits is determining what the returns have been. Surveys of maturity values on with-profits funds are often quoted but these only cover a tiny fraction of the policies on the books and by no means represent the returns on with-profits funds. Of major concern is the treatment of the much ...

  • Royal London tumbles down PressWatch table

    30 Aug 2001

    Royal London Insurance's positive national media coverage plummeted in July following its fine by the FSA for misselling of investment products, according to PressWatch Financial Products. Royal London dropped 362 places in the main table to 494th position from 132nd in June, putting it third from bottom just above Indepen-dent Insurance and Equitable Life. Nationwide held its top position on the back of positive coverage for its mortgages ...

  • Scarborough Building Society - Flexible Lifetime 1.35 Per Cent Fixed

    31 Aug 2001

    Friday, 31 August 2001.

  • Scarborough Building Society- Flexible Lifetime 1.25 Per Cent Discount

    31 Aug 2001

    Friday, 31 August 2001.

  • Scot Eq issues with-profits guide

    4 Sep 2001

    Scottish Equitable is issuing a new guide for IFA clients which explains how with-profits investments work. The guide looks at the process of smoothing, how bonuses are calculated and why and when market value adjusters are applied.  

  • ScotLife payouts rise despite lower terminal bonuses

    30 Aug 2001

    Scottish Life is increasing with-profits payouts following the transfer of its business to new owner Royal London although terminal bonuses have fallen. The transfer was completed on July 1. ScotLife increased bonuses in the period before the transfer to give fair treatment to policies maturing ahead of completion of the deal. Terminal bonuses are lower than their pre-completion levels but increased reversionary bonuses mean overall payouts are ...

  • ScotMut offers 8.25% income on bond

    30 Aug 2001

    Scottish Mutual is offering a new income bond linked to the performance of 30 stocks from the FTSE 100 and S&P 500 indices. Investors can choose between 8.25 per cent annual income, 0.67 per cent monthly income or 26 per cent growth at the end of the term of three years and two months. Full return of the investor's capital is guaranteed if the stocks do not fall by more than 30 per cent from their initial level in the bond's final year. The bond ...

  • Scottish Mutual writes a classic

    30 Aug 2001

    Scottish Mutual is offering the classic flexible trustee investment plan to three groups of pension investors. The first group is trustees of pension funds and self-invested pension plans. The second is people who manage their own pensions and the third is people who are looking to diversify an existing pension portfolio. The investment plan offers access to the full range of Scottish Mutual pension funds as well as to managed funds from external ...

  • Simply the best

    30 Aug 2001

    Syndaxi Financial Plan-ning director Robert Reid is the winner of Winterthur Life's Simply Drawdown fund competition for IFAs. Robert and his wife will be spending a week at the five-star Maritim Hotel in the North-west of Mauritius overlooking Turtle Bay. IFAs were asked to construct their fantasy portfolio from Winterthur's tailored selection fund range and Robert's performed the best from May 15 to June 6. Reid is pictured (above right) ...

  • Skipton caps flex with discount

    4 Sep 2001

    Skipton Building Society has introduced a 5-year flexible capped-rate mortgage which also has a discount.

  • Small IFAs could face paying bill for review over Serps

    30 Aug 2001

    Big IFAs are likely to opt out of the PIA's proposed scheme for recalculating phase two transfer cases under the pension review, leaving small firms to foot the bill. Companies such as RJ Temple are not affected by the PIA's decision to re-open cases to calculate the Serps adjustment bec-ause they did little pension business and they are unlikely to pay a levy tow-ards the scheme. The proposed scheme will be voluntary and life offices and IFAs ...

  • Small mutuals may not survive N3, says KPMG

    30 Aug 2001

    Smaller mutuals will struggle to survive next year when the costs of statutory mortgage regulation begin to bite, warns an independent report into the building society sector. The report, compiled by auditor KPMG, claims the financial burden of regulation will hit societies hard on top of rising running costs. It comes amid rising industry fears that the administrative requirements of the FSA's proposals, due to take effect next August, could force ...

  • Solus takes a look at US prospects

    29 Aug 2001

    Solus is saddling up as it heads west for the first time with the US select opportunities fund.

  • Split decisions

    30 Aug 2001

    In times such as these, it is understandably difficult for some clients to get excited about investing in the stockmarket. But falling interest rates and ongoing negative comment on with-profits products mean that some of the traditional alternatives to equity investment are not looking enormously attractive either. I would like to give a brief introduction to the attractions of another product structure which to date has had fairly limited take-up in ...

  • Stack holder

    30 Aug 2001

    As the busy house-hunting season begins, those in the mortgage market expect a hectic time. But this year, lending growth has at record levels. Mortgage business is booming and should provide great opportunities for lenders and introducers. So why does this season bring groans from the IFA community who view this as not much money for too much hassle? Especially when it should be seen as a lucrative door-opener. Indeed, many IFAs have decided ...

  • Stakeholder sales to be used for FSA persistency probe

    30 Aug 2001

    The FSA plans to use stakeholder persistency figures as a foundation for deciding whether the new pensions have increased savings or whether they cause "significant consumer detriment". The proposals have come under fire from industry exp-erts for potentially upping costs and ignoring the significance of employer contributions. Consultation paper 103, published earlier this month, states: "Perhaps most importantly, the information once interpreted, ...

  • Standard & Poor's Micropal Top 10s

    30 Aug 2001

    Govett US bear continues to top the performance tables, with a return of 34.06 per cent for the past year. The majority ofthe unit trusts are still struggling to keep their heads above water, however, with the average fund now down more than 18 per cent since last August. Income ,corporate bond and smaller company funds continue to dominate the best performers, with three corporate bond funds, two small cap and one equity income fund in the top 10.

  • Standard bearer

    30 Aug 2001

    There are over 4,000 mortgages available in the UK. If this choice is not bewildering enough for the borrower, these mortgages come in a variety of shapes and sizes - special rates for different periods as well as different conditions and offers. There are also different methods of calculating mortgage interest, including tracker rates based on the Bank of England base rate, standard variable rate and Libor. The latest Council of Mortgage Lenders' ...

  • Standard Health triple PMI push for staff benefits

    30 Aug 2001

    Standard Life Healthcare is launching three private medical insurance initiatives. It is maintaining its PMI rates for group business for six months until February 2002 and is extending excesses on its corporate schemes to include a £250 excess which also gives a 30 per cent discount off rates. This is in addition to the current £100 excess level. The company also has widened the occupations for quotations to include entertainment and media firms, ...

  • Sterling idea to buy Florida holiday home

    30 Aug 2001

    Abbey National's specialist lending arm First National is breaking into the US property market by offering sterling mortgages to borrowers looking for a holiday home in Florida. First National claims the move marks the first time that a UK lender has provided sterling loans for homes in the US. It is offering threeand five-year fixed rates and tracker mortgages through a selection of UK brokers from next week. The scheme, which will initially ...

  • Take a DIY approach to industry makeover

    30 Aug 2001

    As we head towards N2, it is important for financial advisers to take stock of their attitude to professional standards. Our experience of regulation for the past 13 years could be said to have produced a dependency culture where people look to the regulator to tell them about standards. My question is whether the regulator is the sole source of professional standards or whether such standards come also, or maybe primarily, from somewhere else. ...

  • Talkback

    30 Aug 2001

    Should IFAs be forced to bear the lion's share of the £80m recalculated redress on phase two of the pension review? "No. Most of the redress needed has not been caused by IFAs anyway." Steve Goodwin,Goodwin Financial Services "No, but it is no great surprise. IFAs are the fall guys for everything and it is par for the course. IFAs will always end up paying the cost of these things." Chris Markham,Markham Associates "No. ...

  • Targeting decision-makers

    30 Aug 2001

    Money Marketing this week launches a major new initiative aimed at every firm in the UK employing more than 10 people to help IFAs capitalise on the opportunities in the stakeholder pension market in the run-up to the October deadline. Thousands of businesses have yet to seek advice on stakeholder - prospective business that could come to your firm. That is why we have teamed up with our sister publication Employee Benefits - and sponsors Royal & Sun ...

  • Tep factsheet from Policy Portfolio

    3 Sep 2001

    Policy Portfolio is offering IFAs a free factsheet explaining the tax efficient aspects of traded endowment policies.

  • Test your knowledge online

    30 Aug 2001

    Test your knowledge online with Money Marketing's CPD questions. Specialist financial publisher Taxbriefs has drawn up multiple-choice questions based on articles in this week's issue. For further details and this week's questions - see page 53. DOCB: SRCE: Money Marketing PDAT: 300801 SCTN: News PGNO: 3 RANK: HDLN: Aggressive US fund from Solus to be run by Phoenix SBHD: BYLN: ...

  • The Daley Update

    30 Aug 2001

    JP Morgan Fleming Asset Management is offering a 2 per cent discount on lump-sum investments into its Fleming funds Isa. The discount will take the Isa's initial charge to 3 per cent from 5 per cent. JPMF is also offering a 2 per cent discount for any lump-sum investment of £5,000 or more into its UK strategic value fund, reducing the initial charge to 3.5 per cent from 5.5 per cent. Both offers run until October 31. ABN Amro Asset Management's ...

  • The last post

    30 Aug 2001

    The financial sector spends far more on direct marketing than any other industry and direct mail is its main medium for attracting sales prospects. Yet most major financial organisations stubbornly refuse to adopt sophisticated targeting techniques. It ...s not difficult to understand how the industry came to embrace mass mailings. Back in the 80s, it was an excellent way of informing millions of prospects about complicated, legally constrained products. Inv

  • Threat to R&SA life arm sale as GAR liabilities top £1bn

    30 Aug 2001

    Royal & Sun Alliance's guaranteed annuity liabilities have rocketed to more than £1.5bn, putting it in the same league as Equitable Life and jeopardising a potential sale of its life business. Money Marketing can rev-eal that its 2000 Treasury returns show reserves for guaranteed annuity options rose on the back of R&SA's Sun Alliance & London £10bn fund. Its reserves were hiked to £1.1bn from £616m in 1999. The rest of the ...

  • TMO in enhanced commission deal

    30 Aug 2001

    Broker network The Mortgage Operation is introducing a direct-to-lender-panel service which enables intermediaries to earn enhanced commission payments . The facility allows brokers to submit mortgage applications direct to any lender on TMO's panel and receive extra commission if they identify themselves as a network member. Participating lenders on the panel include Halifax, NatWest, Nationwide and Royal Bank of Scotland.

  • TV couch potatoes

    30 Aug 2001

    Scottish Equitable Protect says a lifestyle of hard drinking, heavy smoking and a poor diet does not have to affect premiums for critical-illness and life cover. The office is urging IFAs to encourage clients to protect themselves financially against the unhealthy effects of drinking, smoking and obesity. ScotEq Protect says people with unhealthy habits can still benefit from competitive rates on critical-illness and life cover. Based on its rates, an ...

  • UCB expands buy-to-let range

    31 Aug 2001

    Nationwide offshoot UCB Home Loans has announced the expansion of its range of products with the two-year fixed-rate buy2let mortgage.

  • Venture Capital Trusts - Northern 3 VCT

    30 Aug 2001

    Thursday, 30 August 2001.Aim: Income and growth by investing in unlisted UK companies and companies listed on the AiM index.Minimum investment: £3,000.Opening-closing date: September 25, 2001-April 5, 2002 for tax year 2001/2002, September 25, 2001-April 11, 2002 for tax year 2002/2003.Charges: Annual 1.5 per cent in year one, 2 per cent in year two, 2.5 per cent thereafter.Commission: Initial 3 per cent.Tel: 0800 0852601. 

  • Virgin demands robust rules on Omo

    30 Aug 2001

    Virgin Direct is calling for the FSA to ensure proposals to force pension firms to highlight the open-market option are upfront and robust. Virgin is concerned the regulator's plans leave Omo disclosure at the discretion of life offices. It wants to see the FSA demand standardised wording and prominent display in the relevant literature.

  • Wealth of resources

    30 Aug 2001

    The Institute of Financial Services is turning the spotlight on human resources in a one-day conference to be held at the Birmingham Metropole Hotel on September 24. The event, entitled Winning Performance Through Innovative HR Strategy, will give firms an insight into how successful HR can improve their business. Speakers will include Nationwide Building Society chief executive Brian Davies and Olympic 400-metre runner Roger Black. There will be seminars ...

  • What about IFAs' human rights?

    30 Aug 2001

    I write to express my gratitude to Towry Law, knowing that they have saved IFAs so much money by reducing our potential liability to the ICS. Nevertheless, it begs the question, given the unlimited liability we are under - are these present arrangements an infringement of our [IFAs] human rights", for the following reasons. First, as a separate collection of people, we are not an insurance company but we are expected to act like one. Second, ...

  • What ails Dresdner?

    30 Aug 2001

    The continuing exodus at Dresdner RCM Global Investors has seen the firm struck off some IFAs' buy-lists. After losing head of global equities Bill Stack last summer, it proceeded to lose all five major names on its UK equities desk, culminating in the departure of star mid-cap manager Derek Lygo last week. For the IFA community, alarm bells started ringing last September when UK growth manager Justin Seager quit Dresdner for Jupiter. While IFAs ...

  • Why pay £75m for an insolvent firm?

    30 Aug 2001

    How does Mr Douglas Black consider a £30m ICS bailout a good deal for the industry? Would a better deal not be allowing his firm to go into liquidation and the liquidator pursuing Pricewaterhousecoopers? Mr Black must also assume responsibility for this £48m black hole or do we assume that he acquired a business he knew nothing about? Furthermore why did AMP pay £75.7m for an insolvent business? Mr Black's failings ...

  • Witan aiming to Jump start children's savings

    30 Aug 2001

    Witan investment trust is starting a national and consumer press ad campaign in September to promote its Jump children's savings plan. Witan, which says it is one of the oldest and biggest investment trusts in the UK, with about £2bn under management, is running the £300m ad campaign until mid-December to raise the profile of Jump among the public and IFAs. The campaign has five different ads with a range of characters from children ...

  • Women unaware of pension age change

    3 Sep 2001

    Financial advice site Need An Adviser.com says its latest research shows 94 per cent of women are not aware that the age at which they become eligible for their basic state pension has changed.

  • Your client's future is in the balance

    30 Aug 2001

    Over the last few weeks, I have been looking at certain aspects of pension drawdown which might have escaped the attention of retirement income advisers. Among the issues I have examined, improvements in life expectancy and the risk of interest rate reductions should both be acknowledged as adversely affecting any decision in favour of drawdown. Against this, last week I concluded that the interest rate risk must be considered in context. Although ...

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