Money Marketing
29 June 2005

  • Investment view

    30 Jun 2005

    How can the stockmarket shrug off what appears to be a deteriorating economic picture?

  • Stamp your mark

    30 Jun 2005

    With antiques, art and stamp collections becoming potential pension investments from next April, Standard Life marketing technical manager John Lawson assesses the possibilities for IFAs to get involved in this market

  • THE IFP's View

    30 Jun 2005

    PIMS this year was an excellent experience for the IFP as we met with delegates and providers who understand what we do and why we do it. They also like it.

  • A blueprint for mortgage standards

    30 Jun 2005

    Since mortgage regulation last year, the pressure is on for the industry to find ways of reducing costs and integrating technology solutions to provide a better service and to ensure advisers comply with the new regulations.

  • A consumer's View - Lorna Bourke

    30 Jun 2005

    Premium bonds are nothing more than a lottery and to say they offer a return of 3.25 per cent is misleading.

  • 'Account details on sale for 3 in India'

    30 Jun 2005

    Lenders which have refused to move their admin overseas have seen their cli- ents' bank account details being offered to an undercover Sun reporter by a person associated to Indian call-centre workers.Nationwide, NatWest and the Royal Bank of Scotland have no offshore call centres but details of accounts held with the three firms were offered for sale in a secret investigation con- ducted by The Sun where a reporter was offered clients' data at 3 a head.The City of London Police ...

  • Actuary Hickman to boost protection at L&G

    30 Jun 2005

    Bernie Hickman is to take on the role of protection director at Legal & General following a series of management changes.Hickman will concentrate on increasing the profile of protection. He says competition is high in the market, with the protection gap steadily widening.He is also keen to promote family income benefit and protection in business environments.Having qualified as an actuary in 2000, Hickman has been working for L&G as actuary for protection products overseeing ...

  • A-Day will be independents' day

    30 Jun 2005

    The LibDems Shadows Pensions Secretary is backing IFAs to prosper after A-Day and says a political consensus is appearing in some pension areas

  • Advisers set for CTF bonanza

    30 Jun 2005

    The Children's Mutual sales director Andy Brown looks at how child trust funds are opening up a unique business avenue for advisers

  • Aifa targets watchdog funding and fees in call for a major overhaul

    30 Jun 2005

    Aifa is requesting an urgent meeting with the Financial Ombudsman Service to discuss its proposals for sweeping changes to the watchdog, which include the outsourcing of staff and a complete overhaul to the way it is funded.Aifa director general Chris Cummings says the current system is unjust and that greater subjectivity and inconsistency in the way the FOS judges cases has prompted an increase in complaints from his members.Proposals include a lower case fee for easily resolved ...

  • Any more BM surprises?

    30 Jun 2005

    In response to the adviser who grumbled about about Birmingham Midshires, I cannot believe advisers are still supporting this lender. Just read the press. As far as I am aware, this lender has a strict policy of (a) calling clients to ensure buildings insurance is in place and (b) sending a consultant to visit the client. Regarding the first point, apparently, they say they cannot be sure if the adviser is authorised to arrange buildings insurance. It is obviously easier in ...

  • Ashley Law announces agreement with The Mortgage Alliance and Optoma

    5 Jul 2005

    Ashley Law announces an agreement with The Mortgage Alliance and Optoma that gives its members direct access to a panel of lenders and packaged services.

  • 'Ask not what Govt can do for you but what you can do for the country'

    30 Jun 2005

    Product providers are nowhere near achieving good enough customer service standards and the situation has to change, says Aegon chief executive Otto Thoresen.He told the summit that things would have to improve dramatically and providers should employ methods such as involving senior managers in complaint handling.Thoresen said providers need to take more responsibility and address problems in the industry themselves rather than simply bemoaning Government policy.He ...

  • Aurum spreads strategy on resources

    30 Jun 2005

    Alternative investment manager Aurum Funds has established a multi-manager multi-strategy fund of hedge funds that invests in natural resources and commodity-related equities, fixed income and derivatives' strategies.

  • Axa cuts protection rates

    5 Jul 2005

    Axa is cutting its protection rates on guaranteed life or earlier critical illness rates and guaranteed decreasing term assurance rates.

  • Bankhall to make multi choice of six firms in the autumn

    30 Jun 2005

    Bankhall will announce its multi-tie proposition from a short list of nine product providers at the company's annual conference on September 28.The IFA support service provider has been in discussions with the FSA and product providers for several months and will reveal the six selected firms at its annual conference which takes place in Monaco in the autumn.The companies on the multi-tie panel will be six from the short list of nine firms comprising: Norwich Union, Axa, Prudential, ...

  • BDO Stoy Hayward predicts near-term rate cut

    4 Jul 2005

    BDO Stoy Hayward says slowing economic growth and reduced inflationary pressures wil prompt an interest rate cut from the Bank of England's Monetary Policy Committee.The accountants believe weaker business confidence and industrial output will result in UK third quarter economic growth missing the Chancellor's 3-3.5 per cent target range, coming in considerably lower at 2.2 per cent. Despite two of the nine MPC members voting for a rate cut last month, BDO does not expect this ...

  • Boulger on Mortgages

    30 Jun 2005

    A breakfast meeting in a House of Commons committee room a fortnight ago was the setting for GMAC-RFC to present the results of some research it had commissioned entitled, First-time Buyers: Understanding New Trends.The study was designed to examine the reasons for the decline of the FTB and how much it was due to affordability and how much to other factors. It looked at the interaction between the level of activity of FTBs and the buy-to-let market. The research was carried out ...

  • C&G doffs its cap to fees

    30 Jun 2005

    Cheltenham & Gloucester Building Society will be removing its cap on procuration fees from July 1 as part of a number of changes in the coming months.In an exclusive interview with Money Marketing, Cheltenham & Gloucester and Lloyds TSB Bank Savings managing director Jon Pain says scrapping the cap on proc fees on higher-value business will enable the society to compete more effectively.Since last September, C&G has had a cap of 10,000 on single intermediary payments, ...

  • Cable calls for competition to rule rather than the FSA

    30 Jun 2005

    Liberal Democrat Shadow Chancellor Vince Cable has called for competition remedies from the Office of Fair Trading rather than regulatory intervention from the FSA as a healthy philosophy for addressing future financial issues.Speaking at the Money Marketing Cicero Consulting summit last week, Cable said the question that should always be asked is to how to generate a competitive market rather than relying on the FSA model of prevention through regulatory control.He said people ...

  • Cable presses for BTL regulation

    30 Jun 2005

    The Liberal Democrats have called for the FSA to regulate the buy to let market in light of the high number of consumers entering the market.LibDem Shadow Chancellor Dr Vincent Cable bel- ieves that an extra level of caution is required as more people are choosing to fund their retirement through investing in property.Cable says the vast majority of lenders have followed a prudent policy on the lending criteria of their BTL mortgages but there are also examples of less res- ...

  • Cardiff Pinnacle slammed for axing protection

    30 Jun 2005

    Cardiff Pinnacle has been attacked by protection broker Burgess Limited for failing customers after cancelling 2,600 policies on the SalaryProtect income protection scheme.Burgess says too many policies were taken on board without sufficient underwriting or checks carried out and has accused Cardiff Pinnacle of dropping customers at the first suggestion of an econ- omic downturn.Cardiff Pinnacle says all cover will be terminated with effect from July 20 following a 30-day notification ...

  • Cash contest

    30 Jun 2005

    Investors are sitting on 100bn in cash and need careful risk-based coaxing back into long-term investment

  • Charges to rise if platforms are to make profit

    30 Jun 2005

    Existing fund supermarkets will have to change to survive and may have to raise their charges if they are to make money in the future, according to a round table of industry experts.Cofunds chief executive Charlie Eppinger says in the US, firms are charging 35 basis points to provide a supermarket service in a market which is better developed than in the UK.He said he can see similar charges coming into play once the UK's market has evolved.Eppinger said: "We are not ready ...

  • Chief execs silent on contracting out

    30 Jun 2005

    It is interesting that Norwich Union, Standard Life and HSBC, among others, are contracting clients directly back into the state second pension without advice. Legal & General is sensibly not taking this action. I feel that this could be a very serious mistake indeed and I have written to the chief executives, who for some reason do not seem keen to reply. Now that we have pension simplification coming next year, it has already been agreed that protected rights' money can be ...

  • Chris Cummings and Fay Goddard

    30 Jun 2005

    The 'dynamic duo' in charge of Aifa are promising a hard-line approach on behalf of IFAs while defending the possible admission of multi-ties to the membership

  • Chrysalis chief in Murray VCTs plea

    30 Jun 2005

    Chrysalis VCT chairman Robert Drummond has urged the boards of the three Murray VCTs to follow his lead by slimming their board numbers.Drummond took over as chairman of Chrysalis VCT in December 2003, having been dissatisfied with its poor performance. He got shareholders to vote for the VCT to take over Chrysalis VCTs A, B and C, taking management in-house from Classic fund managers at a cost of around 400,000 and reducing the number of directors for each VCT from seven to three ...

  • Citigroup fined 14m over Eurobonds

    29 Jun 2005

    The FSA has fined Citigroup Global Markets 13.9m for Eurobond transactions carried out last year. The transactions involved the firm building up and then rapidly exiting from long positions in European government bonds over a short period. The move disrupted bond volumes quoted on the electronic MTS trading platform, causing some market participants to withdraw temporarily.

  • Client paying for a catalogue of errors by Widows

    30 Jun 2005

    I am writing in my capacity as financial adviser for one of my clients who has been treated in an appalling manner by Scottish Widows. Having carried out various investigations, it has come to light thatm over the past 10 years or so, Widows have been overcharging my client and "lost" around 10,000 of the client's fund value. This catalogue of errors has been acknowledged by Widows who have accepted full responsibility and who insist it is a one-off situation because their computer ...

  • Cobalt Capital and Chelsea Mortgage Management merge imminent

    4 Jul 2005

    Cobalt Caital and Chelsea Mortgage Management are to imminently merge.

  • Cobalt Capital and CMM set to merge

    30 Jun 2005

    IFA firm Cobalt Capital is poised to merge with Chelsea Mortgage Management once authorisation has been rec-eived from the FSA, Money Marketing understands.The merger could expand both firms' standing in the mortgage market, especially in London, as well as establish firm ground for a post-A-Day property Sipp partnership.CMM concentrates mainly on residential mortgages above 100,000 and has an in-house general insurance division. It is headed by directors Richard Taylor, ...

  • Correspondent course

    30 Jun 2005

    Packagers can hit a home run with US-style correspondent lending and boost their business value

  • Correspondent's Week - Jeff Salway

    30 Jun 2005

    With Janet Walford having fled for a well-earned break, Jon Cudby has assumed control at Money Management. This means a whole new strategy of rule, founded on criminal puns and reams of utterly useless trivia. Somehow, we get the magazine through the print deadline.

  • Coventry Building Society - Buy-To-Let 5.75% Fixed

    4 Jul 2005

    Coventry Building SocietyBuy-To-Let 5.75% Fixed

  • Coventry could try harder

    1 Jul 2005

    Coventry Building SocietyThree Year Fixed Rate

  • Derbyshire Building Society - Buy-To-Let Three Year Discount

    5 Jul 2005

    Derbyshire Building SocietyBuy-To-Let Three Year Discount

  • Derbyshire IoM reprices its fixed rate bonds

    4 Jul 2005

    The Derbyshire Isle of Man is repricing its range of fixed rate Manx bonds so they still offer 4.75 per cent gross on a 12 month deposit. The Derbyshire says this is to offer investors another chance to lock into its fixed rates before a predicted fall in UK base rates later this year. The offer is available until July 31 with a minimum investment of £5,000.

  • Endowment complaints are set to soar again

    30 Jun 2005

    The Financial Ombudsman Service says there were record numbers of mortgage endowment complaints last year and warns that stricter regulations for reprojection letters could bring even higher volumes.In its annual review for 2004/05, the FOS says there was a 34 per cent increase in mortgage endowment complaints, with 70,000 new cases. This equates to two-thirds of all disputes and 1,300 new mortgage endowment complaints a week compared with 300 a week three years ago.Chief ombudsman ...

  • Euro launches a European opportunities fund

    5 Jul 2005

    Euro Property Prospects has launched a commercial and residential Eastern European property fund.The fund will invest in properties in Poland, Croatia nad Bulgaria in equal measure and is open to investors with 35,000 or more.EPP will invest in properties where value can be added through renovation and subsequent letting to high quality long-term tenants. It will also invest in tourist accomodation.

  • Ex-director gets court order to pay 8k to former employer

    30 Jun 2005

    Campbell Hunter Consultants former partner Alan Vance has been served with a county court order to pay his former employer Hughes & Company £7,792 for allegedly misappro- priating funds.

  • F&C changes UK equity income manager

    4 Jul 2005

    F&C has replaced Michael Gifford with Julian Cane as manager of its UK equity income fund.

  • Feedback upgrade for iTrak software

    30 Jun 2005

    1st has introduced its latest version of iTrak, the firm's personal wealth management software for financial advisers and wealth managers.Version 2.2 of iTrak can access more than 9,000 UK unit trusts, pension and insurance funds, the categories of which are consistent with stochastic asset-allocation modelling and risk-profiling tools.The information is gathered weekly by data supplier Financial Express, and can be updated by the user.ITrak is available as a stand-alone ...

  • Fidelity and HL the only stars for my retirement

    30 Jun 2005

    I have been employed in financial services since 1972 and before this Iworked as an aviation insurance broker for the major Lloyd's brokers now known as Aon and Marsh. I worked in financial services in sales roles with National Mutual Life, now GE Pensions, for 18 years before I became a self-employed IFA from 1990 to the present working for a small practice in the Chelms-ford and Dunmow areas. Sadly, my experience with product providers has been in terminal decline progressively ...

  • Fidelity International adds to its multi manager team

    4 Jul 2005

    Fidelity International is expanding its multi manager team, in preparation for its next phase of expansion.

  • Foreign bodies

    30 Jun 2005

    Any of you with advice at the centre of your service proposition will have more than a passing interest in trusts - trusts as an effective estate-planning structure, trusts combined with retail financial products to make them work better to achieve clients' financial objectives, trusts as a source of investment business and that's even without thinking about pensions.

  • Forsyth Partners - Forsyth Managed Aggressive Fund

    30 Jun 2005

    Forsyth PartnersForsyth Managed Aggressive Fund

  • Forsyth Partners - Forsyth Managed Balanced Fund

    30 Jun 2005

    Forsyth PartnersForsyth Managed Balanced Fund

  • Forsyth Partners - Forsyth Managed Cautious Fund

    29 Jun 2005

    Forsyth PartnersForsyth Managed Cautious Fund

  • Forsyth Partners - Forsyth Managed Hedge Fund

    1 Jul 2005

    Forsyth PartnersForsyth Managed Hedge Fund

  • Framlington closes managed distribution fund

    4 Jul 2005

    Framlingon is closing Richard Peirsons managed distribution fund this September offering to move investors into its managed income fund free of charge.

  • 'Fraud' for thought

    30 Jun 2005

    Does the Financial Ombudsman Service ignore the possibility of a fraudulent claim when it investigates complaints?

  • Fummey peculiar

    30 Jun 2005

    Former financial adviser and teacher Bruce Fummey is set to appear at the Edinburgh fringe festival spreading his own brand of "physics-based humour".Fummey, who achieved fellowship of Sofa last year, is billed as the funniest comedian on the, er, somewhat niche Afro-Celtic circuit. His science-based wit - The Greek, the Apple and the Time Machine - aims to educate as well as amuse and runs on each Monday of the festival so no mother-in-law jokes on the cards."Take my financial ...

  • Gartmore appoints duo for Euro team

    30 Jun 2005

    Gartmore has strengthened its European senior management team, appointing Jeff Meyer as chief executive officer for Gartmore Europe.Les Aitkenhead has also been promoted to chief operating officer of Gartmore EuropeMeyer will be responsible for European commercial and operational functions and global admin.Aitkenhead, who will report to Meyer, takes responsibility for information systems, performance measurement, shareholder services and investment admin.Meyer has 20 years' ...

  • Gartmore boosts European senior management team

    30 Jun 2005

    Gartmore has strengthened its European senior management team with the promotion of Jeff Meyer to CEO for Gartmore Europe and Les Aitkenhead promoted to COO of Gartmore EuropeMeyer will report to group global chief executive Paul Hondros. He will have responsibility for European commercial and operational functions and global administration.Aitkenhead will report to Meyer, taking responsibility for information systems, performance meas- urement, shareholder services and investment ...

  • Gartmore picks Investec to offer zeros roll-over fund

    5 Jul 2005

    Investors in the Gartmore SNT investment trust will be able to roll over into a new Investec investment trust using derivatives to provide an alternative to zeros. The 100m Gartmore trust will wind up in September 2005 when investors will either receive cash or roll over into Investec's capital accumulator trust. Investec managing director David Aird says zeros provide steady growth at low risk and have continued to be popular despite the furore surrounding split caps.

  • GMAC attacks shared-equity scheme

    30 Jun 2005

    GMAC-RFC says the Government's shared equity initiative favours building societies and banks and will squeeze out other lenders from participating in the scheme.Managing director Simon Knight says because of the way the Treasury has draf-ted the initiative's terms of reference, lenders such as GMAC will be unable to participate.The Treasury has decided that "qualifying lenders" are banks, building societies and friendly societies. As a result, the schemes will be dominated by ...

  • Higgs gaining momentum, says ABI

    30 Jun 2005

    The ABI is urging UK businesses to continue mov- ing towards the standards outlined in the Higgs report and says the rules of "comply or explain" are being followed.It believes that UK firms are well on their way to complying with the standard set out in Sir Derek Higgs report, particularly on the issue of balancing board members' roles.In the case of people taking dual roles of chairman and chief executive, the ABI says this would be risking a company not being run to the best ...

  • HL caps commercial property

    30 Jun 2005

    Hargreaves Lansdown is restricting the percentage of its clients' money invested into commercial property.The firm's advisers are being limited to investing a maximum of 10 per cent of clients' funds in commercial property. The firm's senior analyst Meera Patel says the limit is designed to dampen an over-enthusiastic consumer appetite for the sector.She says: "With strong returns in commercial property for the last five years now is not the time to get "carried away" with commercial ...

  • HSBC hires Morgan Stanley trio

    5 Jul 2005

    HSBC has appointed three new analysts from Morgan Stanley to the equities division of its investment bank.Robin Down and Peter Toeman have joined as banking analysts and will work into John Studzinski, former head of Morgan Stanley's European investment banking division.Nigel Grinyer, also ex-Morgan Stanley, joins as a managing director in bank equity sales. Amyn Suhain takes a director role in the cash trading division.

  • HSBC to launch Asia launch freestyle fund

    29 Jun 2005

    HSBC is to launch an Asia freestyle fund and greater China Oeic under Ayaz Ebrahim, its director of Asia Pacific excluding Japan equities. Ebrahim already runs the offshore Asia freestyle fund. The freestyle fund will be unconstrained from benchmarks and invest across Asia including Hong Kong, India, Korea and Taiwan. The Greater China fund aims to capitalise on the growth of the domestic consumer market in the country.

  • IFAs must switch on to electronic reporting returns

    30 Jun 2005

    Stage one of mandatory electronic reporting comes into force from July 1 with firms risking fines if they fail to comply.The web-based forms include the retail mediation activities return, revised complaints return and the mortgage lending and admin return.The FSA requires all general insurance, mortgage and personal investment intermediaries to submit the RMAR on a regular basis, with failure leading to 250 fines. The complaints' return needs to be submitted twice-yearly or ...

  • IMA welcomes FSA hedge fund papers

    30 Jun 2005

    The IMA is backing the FSA's hedge fund discussion papers, saying they are a positive step towards formalising the debate on more complex retail products.IMA chief executive Richard Saunders says members will be actively involved in hedge fund discussions.The FSA has published two papers and says it sees hedge funds as a growing and beneficial component of the financial system but that they pose risks to its statutory objectives. The discussion papers seek views on further action ...

  • Independent View - Tony Byrne

    30 Jun 2005

    If you truly want to improve your business and increase profits, the answer is the wrap supermodel

  • Insight adds Europe and Japanese funds

    30 Jun 2005

    Insight has added funds from Britannic and JP Morgan to its multi-manager range.

  • It's Rover and out for pension crisis, says Willetts

    30 Jun 2005

    Tory Shadow Trade and Industry Secretary David Willetts has questioned the Government's resolve to take tough decisions to solve the pension crisis and pointed to its handling of the MG-Rover shutdown as evidence.Addressing the Money Marketing Cicero Consulting Financial Services Summit, Willetts said that five years ago the Government could have opted to slim down the MG-Rover workforce but decided instead on the "easier" phoenix four option.He said the Rover episode ...

  • John Lawson on Pensions

    30 Jun 2005

    The debate over whether residential property is a good thing or a bad thing for pensions has spawned a lot of comment.

  • JP Morgan Oeic range revamped

    30 Jun 2005

    JP Morgan shareholders have approved changes to the firm's Oeic range under the terms of Ucits 3 regulations at the firm's AGM.The proposals include changes to the JPMF UK high- income corporate bond fund, the balanced fund and the new Europe fund.The UK high-income corporate bond fund will restructure and become the global high-yield bond, effective from July 1.The new name reflects changes to the fund's investment objective and policy as it now invests in global high-yield ...

  • JPM offers cautious flexibility

    4 Jul 2005

    JPMorgan Asset Management has brought out the JPM cautious total return fund, an Oeic which takes advantage of the greater flexibility allowed under the Ucits III directive.

  • JPMAM goes for asset class cluster

    4 Jul 2005

    JP Morgan Asset ManagementJPM Cautious Total Return Fund

  • JPMorgan Asset Management - JPM Cautious Total Return Fund

    1 Jul 2005

    JPMorgan Asset ManagementJPM Cautious Total Return Fund

  • Julian Gibbs

    30 Jun 2005

    Over the past five years, most investment advisers have quite rightly shunned US shares because the shares have not performed well and the dollar has been weak.The average US equity unit trust fell by 41 per cent over five years to May 1 against a fall of 8 per cent for UK equity trusts and a gain of 21 per cent for UK equity income trusts.But making money from investing is all about buying low and selling high. Now is the time to go back into the US because, according to Alan ...

  • Kim North

    30 Jun 2005

    For years, the industry has hidden itself behind conflicting language, inventing different terms for the same thing - MVAs v MVRs, early encashment charge v surrender penalty - the list is long.

  • L&C launches new fixed rate mortgage deal.

    1 Jul 2005

    London & Country is launching a new fixed rate deal at 4.48 per cent for two years.

  • Lease living

    30 Jun 2005

    The FTB market has declined and BTL has soared as lifestyle choices change

  • Leeds & Holbeck appoints head of branch development

    4 Jul 2005

    Leeds & Holbeck appoints Sally Hanson as head of branch development.

  • Leeds & Holbeck launches CTF

    5 Jul 2005

    Leeds & Holbeck is launching a child trust fund to complement its stakeholder option, becoming one of the nation's nine providers of the product. Around 160,000 cash CTFs were opened by the end of May, making up about 30 per cent of the total funds opened so far. Where providers offer parents a choice between cash and stakeholder accounts, more than 70 per cent are opting for cash products.

  • Legg Mason and Citigroup in swap deal

    29 Jun 2005

    Legg Mason has swapped its broker-dealer business for Citigroups US asset management business and paid an extra 2m. The firm has also agreed to buy hedge fund manager The Permal Group. On completion of the deals, Legg Masons assets under management will exceed 453bn.

  • Lifesearch slams supermarts

    30 Jun 2005

    Lifesearch is calling on the FSA to use the principles of treating customers fairly to create a more balanced distinction between advice and non-advice in the protection market.The firm says supermarkets should not target potential protection customers unless they make it clear what they are not offering as well as what they are offering.In a report sent to the FSA, the ABI, the Financial Ombudsman Service and other bodies, Lifesearch says non-advising direct-sales staff merely ...

  • Loan star

    30 Jun 2005

    Ipswich Building Society is set to pay Rob Stevenson's mortgage for a year after he won a competition with local radio station SGR FM.Stevenson carried a cardboard cut-out of SGR presenters Frankie and Katie wherever he went, snapping them on the millennium wheel and at the local casino to win the competition, outlined in the Diary last month. His real coup was photographing himself surfing while clinging on to his cardboard companions, which impressed the judges because of his ...

  • M&G - M&G North American Fund

    4 Jul 2005

    M&GM&G North American Value Fund

  • M&G to offer North American fund

    29 Jun 2005

    M&G is to launch a 20m North American value fund to be managed by Richard Brody. The fund will have a diversified portfolio of around 50 stocks across a wide range of sectors, concentrating on undervalued companies with a market capitalisation in excess of 800m. The initial charge is 4 per cent and there is an annual management charge of 1.5 per cent. Commission is 3 per cent initial and 0.5 per cent trail.

  • Mack is back at Morgan Stanley

    1 Jul 2005

    John Mack is returning to Morgan Stanley as chief executive to replace Philip Purcell.Purcell, who resigned last month, had suffered harsh criticisms from investors, who were appraoching the investment bank's board with their dissatisfaction. Mack, known as Mack the Knife, was at Morgan Stanley for 30 years before being ousted by Purcell.

  • Marriages made in haven

    30 Jun 2005

    Last week saw the forging of an alliance between two of the most successful brands in UK financial services.

  • Moret reprimands FSA for Sipp conference no-show

    30 Jun 2005

    The FSA has been reprimanded for rebuffing an invitation to address a major industry conference on Sipps.At a conference last week attended by high-level figures in the financial services industry, conference chairman John Moret expressed his disappointment at the regulator's absence.The conference discussed the future of Sipps, which are widely expected to take off after A-Day next year.Suffolk Life director of sales and marketing Moret, told delegates: "We again invited ...

  • Morley picks Thomas as head of equities

    30 Jun 2005

    Tim Thomas is to join Morley as head of equities in a newly created role beginning in September.He will have overall responsibility for Morley's equity investment process and performance. Working with the distribution team he will also focus on maximising the commercial potential of the equity products.Morley oversees 33bn of funds across the UK, European, US, emerging, Asian and global equities markets.Thomas joins from business consultancy McKinsey where he has worked ...

  • MTE will be available to all intermediaries

    30 Jun 2005

    Electronic trading platform Mortgage Trading Exchange will be made available to all mortgage intermediaries regardless of what point-of-sale and sourcing system they use.The move sees MTE become the only common trading platform available to everyone in the mortgage industry.As a result, mortgage intermediaries will be able to trade electronically with most of the UK's top lenders from one place, access case-tracking facilities and request and send key facts illustrations from ...

  • Mutual interest

    30 Jun 2005

    Britannia's acquisition of Bristol & West will spread its mutual message in 65 new towns, says Andrea Tryphonides

  • New hope as Treasury man backs Isas

    30 Jun 2005

    The Government has given its clearest indication yet that the future of the Isa is safe and has urged the industry to build on its success.In his first industry speech as Treasury Economic Secretary, Ivan Lewis told the Money Marketing/Cicero Consulting Summit last week that he is fully committed to the product. He asked the industry to start thinking of ways they can contribute to this review to help the Government improve the product.Lewis said the facts on Isas speak ...

  • New hope at the Treasury

    30 Jun 2005

    At an industry conference hosted by this newspaper last week, incoming Treasury Economic Secretary Ivan Lewis showed a refreshingwillingness to listen to the industry.

  • Nic Cicutti

    30 Jun 2005

    A few weeks ago, I commented in my column that there is a war going on between consumers and the industry, in which both sides lie to each other over issues such as compensation for endowment misselling.

  • NU raises with-profits bonuses

    29 Jun 2005

    Norwich Union has raised the bonus rates for with-profit bond and pension investors in its stronger CGNU and Culac funds. With-profits bond investments made prior to October 1998 see bonuses rise from 2.5 to 3.25 per cent while with-profit pension policies see bonuses lift from 3 to 3.5 per cent.

  • Openwork takes legal action

    29 Jun 2005

    Openwork is taking court action against Home of Choice for alleged improper activity in the run-up to its July launch. It claims an Openwork business email account has been used by Home of Choice to approach and recruit Openwork franchisees. Home of Choice chief executive Keith Baldwin strongly denies the claim.

  • 'Over 20 supermarts chasing bank savings in five years'

    30 Jun 2005

    There will be more than 20 fund supermarkets in five years aiming to attract savings from high-street banks, according to a panel of industry experts.At last week's Money Marketing funds supermarket round table, FundsNetwork chief executive David Dalton-Brown pointed to the US market, where there are over 30 platforms, with Fidelity and Charles Schwab taking 90 per cent of the market but with a swathe of specialist players catering for the rest of the market. Dalton-Brown ...

  • Pafs to demutualise in bid to raise capital

    30 Jun 2005

    Long-term care specialist Pension Annuity Friendly Society is set to demutualise by the end of the year, citing growing capital requirements as the key driver behind the decision.Pafs has lined up private equity investors that will provide capital for the group to fund its growth and in the next few weeks will unanimously recommend that policyholders accept the proposal. This also raises the likelihood of a stockmarket flotation within the next few years.Chief executive Simon ...

  • Paragon fits the bill

    5 Jul 2005

    Paragon MortgagesFive Year Fixed Rate Mortgage

  • Paragon launches new discount fee saver scheme

    1 Jul 2005

    Paragon Mortgages, the buy to let specialist broker is introducing a new discounted fee saver product to its range.The launch is aimed at investor landlords wishing to save money or release equity by remortgaging their buy to let properties. Paragon is offering a 0.75 per cent discount for the first two years, no valuation fees and a 250 contribution to legal fees or use of Paragon's solicitors.

  • Paragon Mortgages - 5.25% Fixed Rate

    5 Jul 2005

    Paragon Mortgages5.25% Fixed Rate

  • Pension firm sets out toolkit for A-Day

    30 Jun 2005

    Specialist pension technical support consultantcy Aries has revamped its flagship electronic tool, the Aries Pensions System in preparation for A-Day.The Nortamptonshire firm has developed a standard lifetime allowance calculator that enables advisers to input projected accumulation rates and use tools to analyse mul- tiple benefit crystallisa- tion events.Advisers can use the system to calculate money-purchase and defined-benefit arrangements and can switch between primary, ...

  • Pink announces link with Trigold

    29 Jun 2005

    Pink Home Loans has announced the addition of the Trigold sourcing system to its proposition for appointed representatives and directly authorised intermediaries.

  • Pink Home Loans - Mortgage Trust Select 4.65% Fixed

    5 Jul 2005

    Pink Home LoansMortgage Trust Select 4.65% Fixed

  • 'Poor admin by providers costs IFAs a day a week'

    30 Jun 2005

    Norwich Union could see business grow by more than a quarter from SimplyBiz advisers if it sorted out its service problems, according to a survey.The research asked 436 SimplyBiz advisers how much more business they would put NU's way if it had better service, with the average figure totalling 28 per cent.Advisers say that they are losing out on 20 per cent of business - one working day a week - as a result of inefficiencies of product providers across the board.Members ...

  • Premier Fund Managers - Pan-European Growth Plan Limited Editions no 26

    29 Jun 2005

    Premier Fund ManagersPan-European Growth Plan Limited Editions no 26

  • Premier keeps finger on growth trigger

    30 Jun 2005

    Premier Fund Managers has brought out the Pan-European growth plan - lim- ited editions No 26.This capital-protected bond is linked to the FTSE 100 and Dow Jones Eurostoxx 50 indices for a term of six years but there are early maturity trigger points at each year during the term.If both indices remain the same or are greater than their starting levels at the end of year one, there will be a return of 8 per cent of the original investment. If the indices are lower, the product ...

  • Premier to launch new pan-European property fund

    5 Jul 2005

    Premier Portfolio Managers is launching a pan-European commercial property fund managed by Alex Ross.The fund will invest in the shares of commercial property companies and investment trusts in the UK and across the whole of Europe including the Reits market. The fund will be capped at 100m and expects a yield of around 3 per cent. Ross recently joined Premier from Aberdeen where he ran the Aberdeen property share unit trust.

  • REO to sue Aberdeen and UBS

    29 Jun 2005

    Real Estate Opportunities, a London-listed investment fund, is to sue Aberdeen Asset Managers and UBS following losses suffered on its income portfolio established by the two advisers in June 2001. The action follows what REO describes as a failure to negotiate satisfactory compensation payments from the firms. Aberdeen rejects REOs allegations and will be bringing a counter-claim against the firm.

  • Resolution transfers annuity book to Pru

    30 Jun 2005

    Closed life fund consolidator Resolution Life is to transfer its 1.5bn annuity book to Prudential.The 52,000 policies were part of Royal & Sun Alliance's closed life fund, which Resolution bought for 850m last September.The move reflects Reso-lution's core focus on acquiring closed life funds and Pru's growing appetite for closed annuity books. Pru says it is continuing to seek further opportunities in this market.The deal sees Reso-lution carrying on administering the annuity ...

  • Roger Sanders to merge with Helm Godfrey Partners

    4 Jul 2005

    Roger Sanders Associates will merge with Helm Godfrey Partners, effective from July 29.

  • RU64 is finally facing the axe

    30 Jun 2005

    The FSA has finally signalled its intention to scrap the RU64 rule which governs personal pension advice because it is concerned it is constricting the market.The regulator has released a consultation paper which proposes bringing the standards governing the sale of personal pensions into line with all other packaged products.RU64 was introduced six years ago to protect consumers in the run-up to the introduction of stakeholder pensions. It requires advisers recommending personal ...

  • Scarborough launches flexible three-year fixed rate

    1 Jul 2005

    Scarborough building society announces the launch of a flexible three-year fixed rate mortgage at 4.49 per cent.

  • Search for 10m as property club folds

    30 Jun 2005

    An unregulated residential property vehicle has collapsed, leaving 300 investors potentially up to 10m out of pocket after poss- ibly failing to invest any of their money.One IFA has, together with two colleagues, lost 150,000 by investing in Mayfair-based Portfolio Building Services, which went into administration on June 20.The firm's administrator, Smith & Williamson, is understood to be searching for between 5m and 10m of investors' money and has not yet determined whether ...

  • Sesame numbers growing steadily

    29 Jun 2005

    Sesame is seeing stability in the number of RIs entering the network, but Sesame Direct has grown from 1,550 RIs to 3,100 since May 2004, taking total Sesame members to 8,150 according to a trading update from parent Misys. Misys has appointed specialist corporate finance firm Lexicon Partners to assist with preparation for sale of Sesame which it expects to take place within six to 12 months. Sesame will announce its multi-tie proposition by the end of the year.

  • SimplyBiz in network transfer deal for IFAs

    30 Jun 2005

    SimplyBiz is setting up an online transfer of agency facility to speed up the process for IFAs leaving networks to go directly authorised.A pilot for the service, called ProTracker, has been runn- ing since early May. Eight product providers are signed up to use the service to help advisers stuck in networks that they want to leave.The first cohort includes Legal & General, Friends Provident, Axa, Standard Life, Inv-esco Perpetual, F&C Asset Management, Zurich Int- ermediary ...

  • Single point to boost service

    30 Jun 2005

    A restructure of Bankhall's operations will see it offer member firms a single point of contact in a bid to imp- rove client service and boost efficiency.The IFA services provider is setting up a "filtration centre" with account managers who will liaise between IFAs and the department they want to deal with, meaning that advisers should no be longer passed from one department to another.This week, Bankhall will also launch its general insurance specialist arm, which managing ...

  • 'Sipp boom for the rich but life offices to lose out in new era'

    30 Jun 2005

    A-Day will create a pension boom worth billions of pounds to wealthy clients but will be of little benefit to "ordinary people", according to a report by Datamonitor.The firm estimates that the Government is set to give away more than 2bn a year in tax exemptions to the UK's wealthiest consumers at a time when pensions for average earners are hugely underfunded.Datamonitor says changes after A-Day will push investment into Sipps up from 1.4bn last year to 4.6bn by 2009 and ...

  • Spiralling expense of FSA cost-benefit study

    30 Jun 2005

    IFA trade bodies are concerned over the snowballing cost of the FSA's regu- latory cost-benefit review.The study initially focuses on compliance costs for firms giving investment banking-corporate finance advice, investment and pension advice to retail customers and institutional fund management, before moving on to other sectors.But Aifa director general Chris Cummings criticises the regulator's piecemeal approach and says the omission of mortgages and general insurance renders ...

  • SSAS my boy

    30 Jun 2005

    My wife and I have our own small self-administered scheme. I keep reading about all the changes to pensions from next April and how self-invested personal pensions are the way forward for the future, allowing you to invest in many different areas.

  • Stakes and ladders

    30 Jun 2005

    Our panel of experts look at the possibility of an overseas property boom, solicitor referral fees and shared ownership

  • Supermart chiefs aim to offer free switching

    30 Jun 2005

    The heads of Cofunds and FundsNetwork want to offer free switching of business between the two firms in response to rising industry pressure over difficult transfers.At last week's Money Marketing fund super- market round table, new Cofunds chief executive Charlie Eppinger and Funds-Network chief executive David Dalton-Brown said they would work together to overcome barriers to co-operation between them.Dalton-Brown said there are regulatory barriers to free switching between ...

  • Supporting role

    30 Jun 2005

    PMI is no longer just about providing fast and efficient treatment but offering a range of back-up services such as medical information and health assessments, says Norwich Union Healthcare consumer development manager

  • Surveyors see flaws in second-home crackdown

    30 Jun 2005

    The Royal Institution of Chartered Surveyors says the Government must avoid confusion and define what it means by a second home in its bid to clamp down on mul- tiple homeownership.The Government is looking at forcing householders seeking to buy a second home to get permission for change of use in a bid to stop them pricing local people out of the market in rural areas.RICS believes the lack of a definition could affect people who have a second home for work purposes such as ...

  • Tenet launches marketing toolkit for members

    5 Jul 2005

    Tenet has launched a new marketing toolkit for its members offering IFAs various elements it thinks they need to compete in todays environment.

  • The cutting edge

    30 Jun 2005

    Nicola York assesses the prospects for a base rate cut in the coming months

  • The good, the fad and the ugly

    30 Jun 2005

    Investors in football may have scored an own-goal, with the Dow Jones football index down by 3.4 per cent since launch in 1991.

  • The grand delusion

    30 Jun 2005

    Firms are failing customers and fooling themselves with their approach to branding

  • The missing menu

    30 Jun 2005

    Barclays has hit the ground running on multi-ties, but without the payment menu.

  • The Wight stuff

    30 Jun 2005

    Wealth management firm The Route Group took a spin round the Solent in JP Asset Management's Round the Island yacht race last weekend.Launching the firm's sponsorship of the SuperMaxi racing yacht Maximus, Route Group managing director Mark Worrall lent his years of racing experience to the 22-man crew and says it was a dream come true.Maximus, built in New Zealand, arrived at the Isle of Wight for the Round the Island race having completed a record-breaking race across the ...

  • The wrap way ahead

    30 Jun 2005

    Skandia investment marketing manager Ian Thomas says the future success of platformsrequires simplified structures and pricing

  • Tri hopes for Euro property fund

    30 Jun 2005

    Boutique manager Tri Investments has brought out the European residential property fund in conjunction with Morley Fund Management and property consultant King Sturge. The fund aims for growth by investing in a portfolio of residential property in Europe excluding the UK.It will invest directly and indirectly in residential property within EU countries or countries which have applied for EU membership.At the outset, the fund will focus on emerging Europe, particularly two-bedroom ...

  • Tri to get into Europe

    29 Jun 2005

    TRI INVESTMENTSEuropean Residential Property Fund

  • Ways and means-testing

    30 Jun 2005

    In my last couple of articles, I have outlined the case of a client of my firm who required advice on whether to remain contracted out of the state second pension and transfer out of his existing personal pension fund.

  • Woolwich Isa targets transfer market

    1 Jul 2005

    Woolwich Plan Managers has established the capital growth plan issue 1. A capital-guaranteed Isa for mini-cash Isa and Toisa transfers.

  • Wow! Mortgages closes its doors to new business.

    30 Jun 2005

    Wow! Mortgages, the direct to consumer operation run jointly by Mortgages Plc and Mortgage Force will no longer be taking new business.

  • Year to Year: 1992

    30 Jun 2005

    Speculation over Clucas stopped when the report's key finding revealed that a new SRO should be established to regulate all companies dealing with private investors.

  • Yorkshire BS reviews its mortgage range

    4 Jul 2005

    Yorkshire Building Society has reviewed and reduced the whole of its mortgage range which now includes a 10 year fixed rate at 4.74 per cent.

  • You can rest easy, Mr Lord

    30 Jun 2005

    So, Michael Lord of the FSA is losing sleep over the current trend of client money being moved from with-profits into property funds? What a decent and conscientious chap he must be, although amazingly ignorant of all the develop-ments in consumer protection. Has nobody told him about knowing our clients, risk warnings, professional indem-nity insurance, the FOS, FSCS and, of course, the FSA's trump card of hindsight reviews? If we, as an industry, do anything wrong (and even sometimes ...

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