Money Marketing
29 March 2006

  • 2% Commission on outsourced release

    30 Mar 2006

    In Retirement Services has set up an equity-release outsourcing service which is offering advisers and brokers 2 per cent commission on introduced sales.Head of business development Frank McCann will be in charge of the new service, which he says was created due to concerns among advisers about the risks of advising on the product.He says that the service offers 2 per cent commission on the amount of money taken out on the lifetime mortgage or amount sold through a home-reversion ...

  • 80M to improve financial capability

    30 Mar 2006

    The FSA has unveiled an 80m project to improve finan- cial capability, including plans to train secondary school teachers to teach personal finance.In accompaniment to the FSA's five-year plan, the Government has pledged to include financial capability in a new functional mathematics component of GSCE maths from 2008.The regulator says 1.8 million pupils in 4,000 secondary schools in England will learn about personal finance in their lessons.Four million employees will receive ...

  • A clean sweep?

    30 Mar 2006

    Suspicions of impropriety are growing regarding MM's office sweepstake over the length of the Chancellor's Budget.It was won by our soon-to-depart investment reporter, who incidentally organised and timed the sweepstake. Nothing too out of sorts, you might say, but the Diary has uncovered evidence from his past suggesting that he may have form in this area.Apparently, when the said reporter was fresher in face and fuller of hair, aged 10, he organised a similar sweepstake at ...

  • A friend in need

    30 Mar 2006

    Friendly societies could open the way for workers in high-risk occupations to take out sensible and reasonably priced income protection, says Highclere Financial Services partner Alan Lakey

  • Abbey teams up with Knight Frank

    31 Mar 2006

    ABBEY/KNIGHT FRANKCapital Guaranteed Residential Property Bond

  • ABI dissolves CI and IP working parties

    4 Apr 2006

    The ABI has launched a new Protection Committee to replace its working parties on critical illness and income protection.

  • ABI welcomes FSA's call for reform on GI regulation

    29 Mar 2006

    ABI research has found that general insurance regulation needs serious reform and it welcomes the FSAs plan to review its effectiveness.

  • Advisers failing to produce menu, says FSA

    30 Mar 2006

    Over forty per cent of advisers are still failing to produce the menu and the Initial Disclosure Document for their customers almost a year after depolarisation, says FSA research. The regulator carried out 130 mystery shopping assessments of 81 firms of all sizes. Advisers gave out the menu in only 58 per cent of the assessments. In only 42 per cent of the assessments were both the Initial Disclosure Document and the menu given out and at the right time. The FSA also carried ...

  • Advisers warned to put IHT planning on hold

    30 Mar 2006

    Providers stop writing new trust business as industry awaits IHT details in Finance Bill

  • Advisers will pay 30% rise in levy

    30 Mar 2006

    The Financial Services Compensation Scheme has confirmed that advisers will pay nearly 30 per cent more into the levy after a surge in endowment claims.The hike was predicted in February but advisers have had to wait until the end of the financial year for confirmation.The vast majority of advisers that do not hold client money are in levy block A13 and will see their initial levy rise to 47.5m from 37.4m.The news follows last week's proposals by the FSA to restructure FSCS ...

  • Aifa sets out facts on risk

    30 Mar 2006

    Concern about PTA being sold without advice, on the back of the available tax relief, where it may not be suitable'

  • Allianz Global Investors - Allianz RCM Bric Stars Fund

    31 Mar 2006

    Allianz Global InvestorsAllianz RCM Bric Stars Fund

  • An enigma, but still no variations

    30 Mar 2006

    The Budget raised more questions than it answered, says Guy Anker

  • Analysis checks out the risk of protection fund

    30 Mar 2006

    O&M Systems is offering a Pensions Protection Fund planning tool for advisers, enabling them to assess the risk to client assets if their occupational scheme enters the fund.Director Graham Miller says the move aims to raise awareness of the threat of a huge reduction in assets for some groups of people and the mistaken belief of many that 90 per cent of assets are safeguarded by the PPF.The firm offers advisers case studies and information on its website together with example ...

  • Axa brings policies under single brand

    30 Mar 2006

    Axa Sun Life is bringing all insurance policies held under PPP lifetime care, Sun Life Pensions Management, Sun Life Unit Assurance and Sun Life Assurance Society under the Axa Sun Life brand from October 1.

  • Brand of brothers

    30 Mar 2006

    What will Old Mutual's acquisition of Skandia UK mean for the business?

  • Brown accused of recycling £970m pledged for FTBs

    30 Mar 2006

    The Government has been criticised for hiding key information behind the £970m Budget pledge to help first-time buyers.A Treasury spokesman has admitted that the cash, which will be made available over the next two years to help 35,000 FTBs get on the housing ladder, is not new investment and was already part of the Office of the Deputy Prime Minister's budget although it had not been allocated to helping FTBs.That detail was left out of the Budget notes, as was information ...

  • Brown sets his cap at smaller firms

    30 Mar 2006

    Chancellor Gordon Brown's Budget decision to cut the gross asset threshold on venture capital trusts has overshadowed his expected move to cut income tax relief from 40 to 30 per cent.

  • Brown's short-term study

    30 Mar 2006

    The Conservative Prime Minister Harold Macmillan was asked by a young journalist after a long dinner what can most easily steer a Govern-ment off course, he answered: "Events, dear boy, events."

  • Budget adds 200 pages to Tolley's tax 'bible'

    30 Mar 2006

    The volume of tax legislation has increased by almost two-thirds in the past five years, says tax specialist LexisNexis.It estimates that the firm's tax bible, Tolley's Yellow Tax Handbook, which covers UK direct tax legislation, will swell by a further 200 pages after new rules in this year's Budget are incorporated.The guide has grown by more than 3,000 pages since the 2001 general election from two volumes totalling 5,952 pages to four volumes totalling 9,178 pages.A ...

  • Bupa buoyant as it focuses on efficiency and customer care

    30 Mar 2006

    Bupa saw an 8 per cent increase in revenue to 3.9bn last year and says it now has 8.2 million customers.The company has an underlying surplus of 304.5m, a 22 per cent increase on the previous year.The group says it is satisfied with its strategy not to rely on a single sector of healthcare or a single health economy.Bupa invested 541m in acquisitions in 2005, picking up ANS Care Homes for 334m and increasing its overseas presence by acquiring IHI in Denmark and Amedex in ...

  • Caprice takes over from Prudence

    30 Mar 2006

    Gordon Brown's axing of potentially exempt transfers in trust turns the screw even tighter on thousands of families trying to keep down their inheritance tax bills.

  • Carey Shakespeare joins Park Row

    3 Apr 2006

    Former Berkeley Berry Birch group marketing director Carey Shakespeare has joined Park Row as commercial director.

  • Cofunds opens Isa drop-off centres

    30 Mar 2006

    Cofunds is opening 13 Isa centres to enable advisers to drop off last-minute applications before the tax year end. Drop-off points include Belfast, Birmingham, Edinburgh, Leeds, London, Manchester and Newcastle.

  • Commercial travellers

    30 Mar 2006

    Commercial loans Nicola York looks at the prospects for residential mortgage brokers branching into commercial loans, as a US lender arrives on the scene with offers of help in accessing the smaller loan market

  • Commitment fees needed to weed out malicious claimants

    30 Mar 2006

    In the continuing debate on the funding of the Financial Ombudsman Service, it is inexplicable and inexcusable that no consideration is apparently being given to any requirement for complainants to pay a commitment fee as a precondition for the consideration of complaints. Most civilised justice systems embody a mechanism by which those bringing frivolous, malicious and/or vexatious actions may be subject to some form of sanction. The entire system of administering complaints in financial ...

  • Cook up certainty solution, says FSA

    30 Mar 2006

    The FSA has put its work on contract certainty in the insurance market on hold while the industry develops its own solution.The regulator says it has faith in the industry to find its own solution to end the "deal now, detail later" attitude.Two years ago, the FSA challenged the market to find its own solution to the problem of details being finalised after the time the policy was taken out, otherwise it would intervene with new rules and regulations. The FSA says it has seen ...

  • Correspondent's Week

    30 Mar 2006

    This week by freelance financial and racing journalist Andrew Michael

  • Credit Suisse applies Coll across its range

    30 Mar 2006

    Credit Suisse plans to adopt the new FSA rulebook - the New Collective Investment Schemes Sourcebook - Coll - across its entire fund range from April 8.The move means that the firm's multi-manager funds will be able to invest in property as an asset class.The company is converting the structure of its multi-manager range to a non- Ucits retail scheme and its Oeic range to Ucits III.At the same time as introducing the new rulebook, Credit Suisse is asking investors to vote ...

  • Credit where it's due

    30 Mar 2006

    Credit reference agency Equifax has bagged itself a role in the new Harrison Ford film, Firewall.Ford's character, a bank computer security expert called Jack Stanfield, finds that a thief has stolen his identity. But Equifax saves the day when Jack pinpoints the problem on a credit report and starts his fight for justice.Gripping stuff. Blink and you'll miss it.

  • Cummings warns of dual danger with claim-chasers

    30 Mar 2006

    The joint initiative between the FSA and Office of Fair Trading to stamp out dual regulation could create opportunities for claim-chasers, warns Aifa director general Chris Cummings.The two bodies are working to align their rules where responsibilities overlap, such as on payment protection insurance and financial promotions.Next month, the FSA will consult on a change to its rules so that advertisements sub- ject to dual regulation need contain only one risk warning. The bodies ...

  • Defaqto issues Sipp annual report

    30 Mar 2006

    Defaqto has released its annual report on Sipps, which reveals that advisers are calling for the removal of minimum investment restrictions before self-investment can be carried out.

  • Downing tops up Northern 2

    31 Mar 2006

    Downing Corporate Finance is topping up the Northern 2 venture capital trust.

  • DWP inflated redress figure, claim Tories

    30 Mar 2006

    Government burden would be no more than 150m a year,' says independent consultant

  • Equitable Life considers sale of business

    31 Mar 2006

    Equitable Life confirmed that it is in discussions to sell all or part of its business in its final results to end of December 2005.

  • Exclusion zone

    30 Mar 2006

    The search for profit is leaving more people unable to get suitable cover

  • Ex-Dunbar adviser jailed for theft from pensioner

    30 Mar 2006

    A former Allied Dunbar financial adviser has been jailed for eight months after a court heard that he stole retirement savings from a pensioner.John Campion had denied the charge at Sheffield Crown Court but had been found guilty of theft.Sentence was passed during a hearing before the Royal Courts of Justice in London last week.At the initial trial in Sheffield, it was stressed that Campion acted without the knowledge of Allied Dunbar.Evidence was given to the court ...

  • F&C hails FSA hedge fund consultation

    30 Mar 2006

    F&C believes its funds of hedge funds could be an ideal base for the proposed FSA-authorised funds of hedge funds because the investment process already fits the FSA's guidelines.

  • Fair funding

    30 Mar 2006

    One of the joys of my job is proving wrong those who knock our profession. Another is delivering change when sceptics have told me I am foolish for even trying. Just recently we have seen just such a case in point.

  • Financially fit for life

    30 Mar 2006

    A financial planner is like a personal trainer helping to get their clients' affairs into shape

  • First aid

    30 Mar 2006

    First-time buyers used to be the bread and butter of the mortgage market but as young people find it harder to get a foot on the property ladder, lenders are having to develop specialist products to help them take the first step.

  • First State Investments - First State Asia Pacific Sustainability Fund

    31 Mar 2006

    First State InvestmentsFirst State Asia Pacific Sustainability Fund

  • First State sustains Asia Pacific

    31 Mar 2006

    First State Investments has brought out the First State Asia Pacific sustainability fund that applies socially responsible investment principals to the Asia Pacific region excluding Japan.

  • Focus on Offshore

    29 Mar 2006

    The offshore sector expected the Chancellor to bring in changes to corporation tax and CGT but Gordon is never so predictable. It was IHT which grabbed his attention this time.

  • Friends Provident International - FPIL HSBC Amanah Global Equity Index Fund

    31 Mar 2006

    Friends Provident InternationalFPIL HSBC Amanah Global Equity Index Fund

  • Friends under fire after time-barring tragedy-hit couple

    30 Mar 2006

    Friends Provident's complaint-handling procedures have come under renewed scrutiny after it time-barred a couple's endowment complaint despite them suffering a series of personal tragedies after receiving their red projection letter.The company, which was fined 675,000 by the FSA for endowment complaints mishandling in 2003, time-barred John and Marion Edwards three years after sending a red letter in December 2000.The couple appealed, explaining that their daughter was born ...

  • FSA stays silent on regulatory fears

    30 Mar 2006

    The FSA has refused to be drawn on concerns it may have over the regulatory structure of any of the proposed NPSS schemes.Speaking at the FSA's Insurance Sector Conference in London, sector leader for insurance David Strachan said it is scrutinising the proposals but would not comment at this stage.Strachan said the FSA would wait until the Government has published its White Paper in the spring before setting out any concerns or opinions.The regulator has been in discussions ...

  • FTBs stamped out

    30 Mar 2006

    The Budget contained little help for first-time buyers

  • FundsNetwork brings in Burgess and Meiklejohn

    30 Mar 2006

    FundsNetwork has recruited former Skandia group sales director Simon Burgess and Prudential wrap chief Stuart Meiklejohn to its senior manage- ment team.Burgess joins as head of sales. He will be responsible for developing distribution and driving sales for the platform.Meiklejohn, who until recently was leading Prudential's development of a wrap ser- vice, becomes head of proposition development in May. He will lead the platform's development of new products and services.Former ...

  • GMAC sold for $14bn to consortium

    3 Apr 2006

    General Motors has sold a 51 per cent controlling interest in GMAC to a consortium of investors led by private investment firm Cerberus Capital, Citigroup and Japanese bank Aozora for $14bn (8bn).

  • HBOS hits back

    30 Mar 2006

    Lender profile Guy Anker says HBOS has rubbished claims that it is not committed to intermediaries and is unfazed by staff exits

  • HBOS loses key staff to Oakwood

    3 Apr 2006

    HBOS has lost a further six staff to the Oakwood Group, including two high-profile names.

  • Hutton promises to ease pension burden

    30 Mar 2006

    The Government has stressed that it will not introduce employer compulsion to any national pension sav- ings scheme model without significant effort to mini- mise the burden on small businesses.Speaking at the Federation of Small Businesses Conference in Manchester, Work and Pension Secretary John Hutton said that any decision to compel employers into a possible NPSS was "finely balanced".He said that the dilemma of introducing a new pen- sion settlement benefiting employees ...

  • Icon VCT fails to raise minimum

    30 Mar 2006

    Icon VCT, run by Emergent Media, has become the first venture capital trust to close this season after failing to reach its minimum initial take. Icon, which was to invest in film and TV rights, was unable to raise the 1.5m minimum needed to be viable, let alone its 15m target.

  • Investment View: Star turns

    30 Mar 2006

    Last week, the fifth annual Citywire survey of the UK's best fund managers hit my desk. I am not sure how many fund managers form the universe from which Citywire chooses the real stars. However, based on its contention that only around 5 per cent of those surveyed make it into the much-coveted AAA category, close to 1,000 would appear to be eligible.

  • Jewels in India's crown

    30 Mar 2006

    Software, pharmaceuticals, financials and consumer stocks are tipped to drive India's stockmarket higher

  • JOHCM selects values

    31 Mar 2006

    JO Hambro Capital ManagementJOHCM Continental Select Values Fund

  • King in call for providers to clear up claims

    30 Mar 2006

    Life Policies Direct is calling for product providers to take greater responsibility for claims and not hide behind the excuse of non-disclosure.Managing director Jason King says it is unfair for providers to refuse claims for innocent non-disclosure of material facts that are not linked to the cause of the claim.He says insurers should meet a claim if they have received all the details from doctors and adds that despite the industry promoting products such as critical-illness ...

  • Last stand for Pensions Commission

    30 Mar 2006

    The Pensions Commission will publish its final statement on pension reform next Tuesday, commenting on specific issues which have arisen since publication of its second report last November. The commission will then be dissolved.

  • Lifesearch in group risk move

    30 Mar 2006

    LifeSearch is set to enter the group risk sector and is considering an introducer relationship through its IFA sister firm Baigrie Davies.

  • Liverpool Vic's term clients can switch free to PTA policy

    30 Mar 2006

    Liverpool Victoria is offering existing term insurance customers free switches to pension term assurance policies at the same rates without further medical underwriting.The company says term clients who first took out a policy after April 6, 2004 can switch their cover if eligible for a pension term assurance product from April 6.The customer will receive the same gross premium rates and there will be no further medical evidence required.After A-Day, when the switch is made ...

  • Loaded question

    30 Mar 2006

    Our panel consider HBOS's commitment, regulation for packagers, the equity-release sector and premium-loaded products

  • Millfield is up for sale

    30 Mar 2006

    Millfield has put up the for sale sign and is believed to be considering a sale to a single product provider.Aegon is believed to be the front-runner to buy the firm.Independent consultant David Pitman is known to have been undertaking a business review of the firm in prepar- ation for its sale for a number of weeks on behalf of insti- tutional stockbroker Cenkos Securities.Millfield has a 9.46m market value and has seen its share price fall from a 24-month high of 80p to ...

  • Millions of homeowners forced to alter their wills says Law Society

    30 Mar 2006

    Millions of homeowners will be forced to alter their wills according to the Law Society.

  • Misys sell GI arm for 182m

    29 Mar 2006

    Sesame owner Misys has sold its general insurance arm to Montagu Private Equity for 182m.

  • MLP waived fee for doctors choosing higher-charge AVC

    30 Mar 2006

    MLP has been waiving a 250 advice fee for young doctors if they opted for a higher-charging Scottish Widows alter- native to the NHS-recommen- ded additional voluntary contribution pension from Standard Life.Both pensions were price-capped stakeholders but Standard's annual was 0.6 per cent compared with Widows' 1 per cent charge. MLP says the Widows' policy pays commission to advisers but the Standard Life pension does not.The offer ran from June 2005 to the end of the year ...

  • Morgan Stanley Investment management - Sicav Emerging Markets Debt Fund

    31 Mar 2006

    Morgan Stanley Investment ManagementSicav Emerging Markets Debt Fund

  • Morgan Stanley Investment Management - Sicav Euro Bond Fund

    31 Mar 2006

    Morgan Stanley Investment ManagementSicav Euro Bond Fund

  • Morgan Stanley Investment Management - Sicav Euro Corporate Bond Fund

    31 Mar 2006

    MORGAN STANLEY INVESTMENT MANAGEMENTSicav Euro Corporate Bond Fund

  • Morgan Stanley Investment Management - Sicav European Equity Fund

    31 Mar 2006

    Morgan Stanley Investment ManagementSicav European Equity Fund

  • Morgan Stanley Investment Management - Sicav European Value Equity Fund

    31 Mar 2006

    Morgan Stanley Investment ManagementSicav European Value Equity Fund

  • Mortgage Trust introduces email offer facility

    3 Apr 2006

    Buy to let mortgage lender Mortgage Trust is introducing an email offer facility for intermediaries.

  • Mortgage View: Shock therapy

    30 Mar 2006

    As an industry, we still do not seem to be delivering a clear and confident message to consumers about where they should be going for mortgage advice. This was brought home to me recently in a live radio call-in programme when we were asked where to go for good "independent advice" on mortgages.

  • MPs backing our campaign

    30 Mar 2006

    Cross-party MPs have declared their support for Money Marketing's No Advice, No Protection campaign.LibDem small business spokeswoman Lorely Burt tabled an early day motion to put pressure on the Treasury and FSA to address the possibility of large-scale misbuying of protection products.The EDM calls for action to be taken to require those selling life insurance and protection products without advice to make clear to the general public the limitations of their redress to the ...

  • Mr Potato Head chips in for UCB

    30 Mar 2006

    Mr Potato Head is fronting a new campaign for UCB Home Loans to highlight various features of the lender's buy- to-let mortgages.The character's detachable features are designed to promote the flexibility of UCB's products. These include overpayments and underpayments and payment holidays - which the company believe that landlords will find useful.The four advertisements focus on specific elements of the individual mortgages. One refers to the two alternative borrowing calculations ...

  • Multi asset portfolio from Product Innovations

    31 Mar 2006

    Structured product specialist Product Innovations has introduced a capital-protected bond linked to the performance of a globally diversified multi-asset class portfolio.

  • Multi-manager View: Match winner

    30 Mar 2006

    Multi-manager providers are keen to highlight the virtues of their discipline to intermediary firms, citing time pressures, regulatory issues, costs and resources among the many reasons an adviser should consider outsourcing investment management responsibilities. And, of course, many do. However, I am becoming aware of more and more firms that are either loath to relinquish this particular function or do so with a sense of reluctance.

  • NAPF fights to keep tax relief

    29 Mar 2006

    The National Association of Pension Funds is fighting to keep tax relief on "deficit-reducing" employer contributions to registered pension schemes.

  • Net worth

    30 Mar 2006

    Networks Nearly 18 months after M-Day, ARs will be reassessing their networks, says Mortgage Intelligence managing director Sally Laker

  • New wave of lenders as 20 line up to enter the market

    30 Mar 2006

    The Council of Mortgage Lenders has handled 20 applications or enquiries about membership in the first quarter, more than double the number that it expected for the whole year.The number does not include new entrants DB Mortgages, ING Direct and the Oakwood Group, which are already CML-registered.At the end of last year, the CML predicted that the market would see nine new lenders entering the fray.Interbay and West LB have also committed to launching a proposition this ...

  • Norwich Union - Norwich Union Sipp

    31 Mar 2006

    Norwich Union Norwich Union Sipp

  • Norwich Union Life chief executive Gary Withers to leave

    30 Mar 2006

    Norwich Union Life chief executive Gary Withers is leaving the company to seek a new challenge.

  • Now Kensington rethinks packager role

    30 Mar 2006

    Kensington Mortgages has admitted that it is having to rethink its distribution model, which could squeeze out packagers.The lender says it is having to cater for the growing number of brokers that want to deal direct with lenders in the specialist market.Earlier this month, packager alliances kicked up a storm over low procuration fees paid via the new Kensington Choices range.Kensington insists that it will have to make simi- lar decisions in the future to maintain its ...

  • 'NPSS would take 20 years to move into black'

    30 Mar 2006

    Lord Turner's national pension savings scheme would hit a peak deficit of nearly 2.5bn in the 11th year, says Standard Life head of pension policy John Lawson.He warns that the NPSS as proposed by Turner would not move into the black until its 21st year, even before factoring in anticipated persistency problems.The assumptions are based on the Pensions Commission's projected set-up costs of 90 a head, along with 25 admin costs a year and the much-debated 0.3 per cent annual ...

  • NU says it just can't turn a profit on 0.3% fee

    30 Mar 2006

    Norwich Union is telling the Government that it cannot be expected to run a national pension scheme with the 0.3 per cent charge put forward by Lord Turner.Chief executive Gary Withers has come out broadly supporting the creation of an NPSS-style scheme but says a more realistic charge must be considered. Its submission does not mention advice costs.NU says the initial charge for an NPSS must be set at around 0.6 per cent, although this could reduce over time.This is the ...

  • One rule for one...

    30 Mar 2006

    The IFA community is seen as a soft touch when it comes to dumping liabilities

  • OTT on TLAs, says cchm:ping

    30 Mar 2006

    As a marketing person, I am as keen on TLAs - three-letter acronyms - as anyone but I cannot help thinking that things at Money Marketing have got a bit out of hand. The headlines on pages two and three of last week's issue offer us Asp (twice), VCT, IHT, CML, FSA and OFT. There were also NPSS, AITC and Reit (FLAs) and UK and NU (T-for-two-LAs).I could grumble about this with a volley of TLAs of my own. It's NBG. You have gone OTT. It makes me B&T. Just dump the TLAs in the WPB. PDQ.

  • Paymentshield breaks into top 100 firms

    4 Apr 2006

    Paymentshield has been ranked as the 58th fastest growing company as part of the Sunday Times Profit Track 100 survey.

  • Peter Beaumont promoted to deputy chief executive officer

    30 Mar 2006

    Mortgages plc has announced the promotion of Peter Beaumont to deputy chief executive officer.

  • Phil Doel

    30 Mar 2006

    F&C UK opportunities fund manager is a big fan of the classic film 12 Angry Men and the jury looks like delivering a favourable decision on the early performance since he and his team of equity experts moved from DWS last autumn. Interview by Nicola York

  • Place your bets

    30 Mar 2006

    In the hands of a skilled jockey, derivatives can improve the odds on a fund performing strongly

  • Principality Building Society - Two Year Fixed Rate Mortgage

    31 Mar 2006

    Principality Building SocietyTwo Year Fixed Rate Mortgage

  • Product Innovations - Aria G7D Flexible Deposit

    31 Mar 2006

    Product InnovationsAria G7D Flexible Deposit

  • Product Matters: Newton's principles

    30 Mar 2006

    Newton has a strong reputation as an income manager. Its higher-income fund has seen its fair share of manager departures in recent years but one thing that has not deserted it has been performance.The team process at Newton is such that the fund has remained on our recommended list throughout the manager upheavals. So we were very interested when we discovered Newton was thinking of taking its income expertise further afield.In autumn last year, the investigations became a ...

  • Pru, what a scorcher

    30 Mar 2006

    Aviva's attempted takeover of Pru has many implications

  • 'Put pressure on for welfare revolution'

    30 Mar 2006

    Former chairman of the work and pensions committee Lord Kirkwood says pressure needs to be put on Chancellor Gordon Brown to ensure that proposed welfare reforms are followed through.Speaking at the Beginnings conference in London, organised by UnumProvident, LibDem peer Kirkwood praised the Government's Green Paper as sounding genuine about making a significant change and suggested that it could be the catalyst for a welfare revolution.But he said that stakeholders should be ...

  • QC says nearly every will trust must be reviewed

    30 Mar 2006

    Numbers affected by inheritance tax are predicted to increase by around 10 per cent a year

  • Regulator opens the way for retail funds of hedge funds

    30 Mar 2006

    The FSA looks set to allow the promotion of funds of hedge funds to retail investors after a review early next year.In its latest discussion paper on retail investment products, the FSA says it will consult on creating a new regulatory share class for fund of hedge funds in the first quarter of 2007.It has previously only allowed retail investors to access products with hedge fund characteristics through Ucits III vehicles such as Insight's diversified absolute return fund.The ...

  • Regulator to probe whistleblower claims

    30 Mar 2006

    The FSA is set to investigate all- egations that Alexander Hall passed on confidential information to its affiliated estate agency Foxtons.The regulator is expected to launch an inquiry after the claims were made during the BBC's Whistleblower documentary last week.The broker strenuously denies any wrongdoing and is considering legal action against the broadcaster.There have been widespread calls for a ban on joint ownership of advisers and estate agents following the damning ...

  • Release row rages over HSBC

    30 Mar 2006

    HSBC has hit back after it came under ferocious attack following its move into the equity-release market last week.Brokers and rival product providers have slammed the banking giant, saying its product range is limited with only two available products, which some say could result in "inappropriate" product selling.Experts have criticised HSBC for ignoring the IFA market and claim it will be able to sidestep any complaints as it is acting as an introducer to In Retirement Services ...

  • RLAM eyes derivatives for new bond funds

    30 Mar 2006

    Fixed-interest specialist Royal London Asset Management plans to offer more funds later this year and anticipates interest from multi-managers looking to diversify, despite the market's shift to equities.

  • Royal ascent for St James's

    30 Mar 2006

    Hearty congratulations to St James's Place. According to a national newspaper survey on its website, the financial services group has transformed itself into the royal palace built by Henry VIII in the 16th Century.The Diary is not sure whether head of pensions Ian Price will now don courtly attire to accompany this new-found social standing. However, the guys at St James's Palace have certainly set a benchmark against which others will be judged.

  • Royal Marsden

    30 Mar 2006

    In a story featured on March 16 regarding Axa PPP and the Royal Marsden NHS Foundation Trust, Money Marketing reported that Axa had won a case against the Trust. We would like to point out that initial proceedings have begun between Axa and the Royal Marsden, however, no judgment has been reached. We would like to apologise to the Royal Marsden for the error.

  • Scot Prov reviews CI rates

    3 Apr 2006

    Scottish Provident has undertaken a rate review of its critical illness insurance, effective from March 27.

  • Seasonal disorder

    30 Mar 2006

    It's the Isa season, so cue a stampede of unintelligible fund advertising trying to persuade a confused public to avoid following the herd when it comes to this year's big investment, says cchm:ping chairman Lucian Camp

  • Sesame sale abandoned by Misys

    30 Mar 2006

    The sale of Sesame has been abandoned by Misys as a viable sale price failed to be agreed with potential buyers.

  • Single-life PTA for Legal & General

    30 Mar 2006

    Legal & General is entering the pension term assurance market next month with a product that is initially set to be sold exclusively though advisers.The product, due to be launched on April 10, will be called the tax-efficient life insurance plan to avoid any confusion with its pension products.L&G says it is only offering single-life cover as there are enough complexities surrounding PTA products without further complicating them by launching a joint-life plan.The policy ...

  • Site names shoddy service firms

    30 Mar 2006

    Customers who have had bad experiences of financial serv- ices are being invited to name and shame firms on a website.Poorexperience.co.uk has been set up by customer service consultancy JSK Solutions for customers wanting to share their bad experiences with banks, mortgage providers, insurance companies, and investment and pension firms.The firm has worked in the past with Barclays and Insight Investment to help with customer service and is branching out to provide a wider ...

  • Software tool bids to analyse with-profits

    30 Mar 2006

    A software analysis tool for financial advisers is being laun-ched by online planning specialist Decisions Decisions to help IFAs assess the suitab- ility of with-profits bonds.Using fund research from consultant Ned Cazalet, the tool is aimed at supporting IFAs and could help to reduce churn in the industry.The FSA issued a newsletter in February highlighting its concerns over with-profits churning and the complexity of products. The with-profits bond analyser has used the ...

  • Standard for EspritHealth Saver

    31 Mar 2006

    Standard Life Healthcare’s EspritHealth range consists of two individual private medical insurance plans designed for the over 55s.

  • Standard Life Bank offering online Dips

    30 Mar 2006

    Standard Life Bank is set to offer mortgage lending decisions in principle online.It has revamped its systems and will urge consumers to seek advice before applying for their mortgage.The new system will enable brokers and direct customers to get a decision in principle. Previously, the furthest an SLB customer could go online was to request an emailed KFI.However, London and Country head of communications David Hollingworth is unsure whether other lenders will end up promoting ...

  • Standard Life Healthcare - EspritHealth

    31 Mar 2006

    Standard Life HealthcareEspritHealth

  • Standard Life Healthcare - EspritHealth Saver

    31 Mar 2006

    Standard Life Healthcare EspritHealth Saver

  • Standard Life sets the date for demutualisation vote

    31 Mar 2006

    Standard Life has confirmed that the demutualisation and floatation vote will occur on May 31 2006.The special general meeting invites eligible members to cast their votes. Standard Life needs 75 per cent of members to vote 'yes' for demutualisation to go ahead.Information on windfalls and voting documents will be sent out to the 2.4 million members in mid-April.

  • Subsidy stand-off on the fscs

    30 Mar 2006

    The FSA has tabled radical proposals to shake up funding for the Financial Services Compensation Scheme funding which will effectively reinstate provider subsidies and could see costs fall for advisers.

  • Systems to write home about

    30 Mar 2006

    Two weeks ago, I looked at how Barclays is deploying technology in a bid to make it vastly easier for advisers using its Select Choice package to give advice and submit business. This is vastly superior to the technology available to the vast majority of IFAs.

  • T Bailey pushes ahead with cautious managed fund

    30 Mar 2006

    T Bailey says it will avoid funds that combine equities and bonds in its cautious managed portfolio set for launch in May to police the 60 per cent limit on equity holdings.

  • Tenet to use O&M

    3 Apr 2006

    Tenet is to use O&M Systems as the software supplier for its pension transfer business.The software firms Transvas Profiler and Pensions Profiler systems will be used by the networks pension transfer team.Tenet pensions director Stuart Fairbairn says: When we looked at the systems available, O&M stood out from the crowd with new innovations like their Pension Protection Fund calculations.O&M director Graham Miller says: Tenet represent a major force within the transfer market ...

  • The culling fields

    30 Mar 2006

    This year is my 50th and as my friends reach the same age, we embark on the difficult task of determining where we should head to celebrate this milestone.

  • The meaning of life insurance

    30 Mar 2006

    What are the conditions necessary to establish whether or not a contract is a policy of life insurance?

  • Thinc Destini plans sale or float

    30 Mar 2006

    Thinc Destini is priming itself for a trade sale or a flotation, which could signal a windfall for its 1,000 advisers.The IFA network, which was formed in 2003 from the merger of Thinc and Destini Financial Services, says it has always had a five-year plan, with a view to flotation.But chief executive Simon Chamberlain says it is prepared to listen to any offers that matched its valuation.He insists that all advisers will be consulted before it goes ahead with any sale.It ...

  • Thinc Destini to recruit investment specialists

    29 Mar 2006

    Thinc Destini has launched a recruitment campaign targeting specialist investment advisers.

  • Threadneedle eyes emerging markets

    31 Mar 2006

    Threadneedle InvestmentsGlobal Emerging Market Equity Fund

  • 'Tide turning in favour of the networks'

    30 Mar 2006

    In Partnership is warning that directly authorised firms choosing low-cost support services are being lulled into a false sense of security over costs and compliance.Group chief executive Stanley Lovell argues that tide may be turning in the trend for network members to seek direct authorisation and that half of members recruited by the In Partnership network are from directly authorised operations.Lovell has identified three main areas for concern as the industry landscape ...

  • Training website forced to remove CFP tag

    30 Mar 2006

    The director of a training website has been threatened with legal action by the Financial Planning Standards Board for using its trademark CFP to describe a CII exam.Website www.wizardlearning.com provides training for advisers taking the Chartered Insurance Institute exams, including the Certificate in Financial Planning.Director Mike Goldsmith received a letter from patent and trademark attorney Marks & Clerks in March accusing him of breaching trademark law and demanding ...

  • Treasury plan poses pension promotion peril in workplace

    30 Mar 2006

    The Treasury's proposals for wider promotion of non-regulated pension sales in the workplace could be taken advantage of by unscrupulous individuals, warns Standard Life head of pensions policy John Lawson.The consultation says that an employer offering a group personal or stake- holder pension scheme will be able to communicate details of the scheme to staff without the restrictions of financial promotion rules. The same applies to insurance products.Lawson is concerned that ...

  • Trigold duo seek 1m sell-off bonuses

    30 Mar 2006

    Trigold heads Martin Colyer and Bill Safran have asked for shareholder approval to be paid bonuses of 1m each if the firm is sold for over 20m.The move follows speculation that Trigold has been in talks with outsourcing giants Vertex and Capita over the possible acquisition of the mortgage-sourcing firm.Vertex and Capita have both been on the acquisition trail recently and commentators suggest that Trigold would make a good strategic fit.Trigold shareholders include Abbey, ...

  • Trust details are added to sales websites

    30 Mar 2006

    Information on putting policies into trust is being added to internet-based non-advised sales channels of life insurance and critical-illness cover.Tesco Personal Finance and Virgin Money have both introduced detail on placing policies under trust in the pages for their life insurance and CI or cancer products.But one supermarket bank that sells protection products direct has stated that issues around trusts are far too complex to include in a sales channel that does not include ...

  • UCB Home Loans - Buy-to-Let Two-Year Flexible Fixed Rate Options

    31 Mar 2006

    UCB Home LoansBuy-to-Let Two-Year Flexible Fixed Rate Options

  • US lender aims at commercial deals

    30 Mar 2006

    US lender Interbay claims UK residential mortgage brokers are missing out on commer- cial revenue because of a lack of knowledge.Interbay will begin its push into the small commercial and buy-to-let market in May and says that it will be aiming at residential mortgage intermediaries.It claims there is a huge market for more brokers to target businesses such as pubs, restaurants, garages and small shops.Interbay, which is part of Florida-based mortgage lender and property ...

  • VCT sales 'could hit 700m'

    30 Mar 2006

    Venture capital trust sales have hit an all-time high as investors clamour to take advantage of tax breaks before they are watered down in the new tax year.Sales have broken last year's record of 510m and VCT expert Martin Churchill predicts the market could hit 700m.This comes after the Budget announcement that tax breaks will be cut from 40 to 30 per cent after April 6 and VCTs will be forced to invest in smaller companies, potentially raising their riskiness as investments.Hargreaves ...

  • Venture forth

    30 Mar 2006

    Some of the best venture capital trusts, such as Close Brothers IHT Aim VCT, are already fully subscribed so, if you are still considering which VCTs to recommend this tax year, it is vital to act now.

  • What now for vct investors?

    30 Mar 2006

    Four leading industry figures give their reactions to Chancellor Gordon Brown's Budget changes to VCTs

  • Which? wants the end of life as we know it

    30 Mar 2006

    Which? has called for Darwinian forces to be applied to the life and pension industry, with the prime role of the FSA being to manage the ord- erly decline of the sector.Speaking at the FSA annual insurance sector conference in London, Which? principal policy adviser Mick McAteer said that although a small number of well-run firms may survive, the future is bleak for the majority.McAteer says: "The golden scenario is the FSA manag- ing the orderly decline of the life insurance ...

  • Whose pension is it anyway?

    30 Mar 2006

    So now we know that on death after the age of 75, any unspent funds that had been used for the provision of an alternatively secured pension (secured against what?) are to be subject to assessment for full inheri- tance tax, potentially at 40 per cent. Another hatchet in the back for public confidence in pensions. According to a briefing note I have just read: "The Government made clear throughout the development of the new pensions tax regime that Asps are specifically designed ...

  • Wilkinson quits Scottish Provident to set up healthcare counselling firm

    30 Mar 2006

    Scottish Provident head of life and health propositions Sue Wilkinson is leaving the firm to set up her own advice consultancy, to be called Life & Health.Wilkinson will be providing holistic healthcare and life planning counselling for consumers, both directly and through intermediaries. She will arrange private counselling on health issues, looking at areas like obesity, smoking and stress.She will also be taking on public relations duties for financial services product providers ...

  • Woolwich caps up

    31 Mar 2006

    The WoolwichThree Year Capped Rate Mortgage

  • Would you believe it?

    30 Mar 2006

    A couple of points about alternatively secured pensions. First, it has been suggested that Asps will only be available to those who object to buying an annuity on religious grounds (wasn't it originally religious and ethical grounds?). How do you prove or disprove such an objection? Second, if you have a religious or ethical objection to buying an annuity, why did you start a pension in the first place, given that it was compulsory to buy an annuity at 75? How do these people justify ...

  • WP firms must reveal data

    30 Mar 2006

    The FSA is set to force with-profits providers to disclose payout and MVR data in their returns and make this information available to the public.It has stipulated that firms must make documentation available within 30 days when asked and at a minimum cost.All with-profits firms with reserves over 100m must provide this detailed payout information in a standardised format. Commentators say this will allow policyholders and advisers to perform clear comparisons between companies ...

  • Zurich signs Pru deal on annuities

    30 Mar 2006

    Zurich Assurance has signed a single-tie partnership deal with Prudential Retirement Income to offer Pru's guaranteed annuity product to customers with maturing Zurich pensions.The two firms say that the agreement, which comes into effect from April 3, covers new vesting annuities from a range of Zurich pension policies.Zurich says that the arrangement will run alongside its existing reassurance agreement with Pru, signed in 2003, which covers maturing Zurich pension plans, ...

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