Money Marketing
29 September 2004

  • 'Backache and depression losing 175 million working days a year'

    30 Sep 2004

    Research from Unum Prov-ident shows that almost 175 million working days are lost each year because of the three most common ailments - backache, depression and fatigue. The firm says 21 per cent of people say they have taken time off due to these complaints in the last five years. Unum says this adds up to 1.92 million employees collectively taking off 175 million working days, with many of these workers likely to be off for long periods of time. The research ...

  • 'Good funds being left on substitutes' bench'

    30 Sep 2004

    It is no surprise that investors have turned away from investment bonds in favour of building a portfolio from a range of collectives. The managed fund may conceptually be a good idea - diversifying across asset classes and negatively correlating to create a balanced portfolio - but how can it be good for the same fund manager to manage all the asset classes for the investor? The astute adviser built their own portfolio across a range of collectives but, in turn, a new problem ...

  • 'Multi-ties could double profit margins'

    30 Sep 2004

    Bankhall says multi-tying could more than double advisers' operating margins. Speaking at Money Marketing Live on Tuesday in a debate on depolarisation, Bankhall group sales director Shaun Godfrey said: "If you look at the operating margin of most IFAs which is around 10 per cent, with the cost savings that multi-tie will bring through technology and PI they should be able to get the margin up to 22-23 per cent. This is not, however, a reason to go into multi-tie." He ...

  • 'The Pensions Bill has become a dreadful piece of legislation'

    30 Sep 2004

    Author of the pension simplification report Alan Pickering has launched a scathing attack on the Inland Revenue and the Pensions Bill. Watson Wyatt partner Pickering says the Revenue's efforts on the bill only merit two out of 10. He also thinks that the bill fails to promote saving for pensions and would add to red tape. He has developed a three-point action plan that he claims would increase the wealth of the nation. Pickering believes that the ...

  • £20 for Burns Anderson half-year

    29 Sep 2004

    Burns Anderson has announced a turnover of £20m for the first eight months of this year which it says puts it on target for a full year turnover of £30m up from last year's total turnover of £29.7m. It has increased its adviser numbers by 7 from the beginning of the year to 405 and says the average produced by each adviser is £74,000. BA did not give details of its profit but said it hoped it would be the same as last year's as it has reinvested some of ...

  • 90% of workers would sacrifice pay for benefits

    30 Sep 2004

    The vast majority of UK workers are willing to sacrifice part of their salary in exchange for staff benefits, according to research by Aon Consulting. Almost 90 per cent of the 2,000 adults surveyed who are employed in regular work said they would be willing to sacrifice some of their salary for more emp-loyee benefits. The research found that of those working a regular week, 58 per cent would opt for annual leave, with women under the age of 35 particularly favouring ...

  • A vital asset

    30 Sep 2004

    Last week, I believe I may have seen the future of financial planning and it seems to work very well. This week sees the release of the latest version of iTrak, a dedicated software package designed to enable advisers to identify a suitable asset allocation for clients and ensure that the underlying investments actually follow that asset allocation. The software will also periodically review the client's portfolio automatically and alert the adviser if individual holdings ...

  • A&L chief in warning over loan network sizes

    30 Sep 2004

    Many mortgage networks are not portraying their membership sizes accurately, according to Alliance & Leicester head of intermediary mortgages Mehrdad Yousefi. Yousefi says that with auth-orised representatives yet to make up their minds on whe-ther they will join a network or become directly authorised, there is a danger of networks not being able to validate their business models and recruitment numbers. A&L has been speaking to several networks in the lead-up ...

  • A&L fixes two-year rate at 4.95% for up to 95%

    30 Sep 2004

    Alliance & Leicester is offering a new range of fixed and discounted-rate mortgages which feature reduced arrangement fees. A two-year fixed rate at 4.95 per cent until December 30, 2006 allows clients to borrow up to 95 per cent of the property value. A two-year discounted rate is available at 2.4 per cent discount off A&L's standard variable rate. Loan to value is again up to 95 per cent. The arrangement fee has been reduced from £595 to £395. For ...

  • Aberdeen sacks Murray Johnstone VCT chiefs

    30 Sep 2004

    Aberdeen Asset Management has sacked the heads of its subsidiary Murray Johnstone Private Equity and taken management of the four Murray VCTs back in house. Jonathon Dickinson and John Simpson have left the group after a failed management buyout. The four portfolios, which have combined assets of £77.4m, according to Trustnet, are now being run by Aberdeen Private Equity fund managers Hugh Little and Bill Nixon. Performance on the Murray VCTs has languished ...

  • ABI director general Mary Francis to step down

    30 Sep 2004

    ABI director general Mary Francis is stepping down at the end of March 2005 in order to focus on her non-executive roles. Francis has been at the ABI since 1999. She is currently a non-executive director of Centrica, a member of the Court of the Bank of England and a member of the Press Complaints Commission. She is also a trustee of the Almeida Theatre.ABI chairman Richard Harvey says: ""Mary Francis has been an exceptional leader of the ABI, and during the last five ...

  • Accentuate the positive

    30 Sep 2004

    I am not a pessimist, 30 years in this business and thousands of happy clients but I find it very hard to find any good news about the financial services industry. This is just a sample of what has been going on: •With-profits companies are not paying reversionary bonuses and are now withdrawing of terminal bonuses, bringing mortgage shortfalls. •Termination of companies' appointed representatives' division. •10,000 occupational ...

  • AITC wants off-the-page watchdog

    29 Sep 2004

    The AITC has called for an expansion of the Financial Ombudsman's remit to cover off the page buyers of investment trusts. Currently the Ombudsman covers investors who bought investment trust shares through fund manager's own savings plan schemes or on the advice of a broker. Daniel Godfrey, director general of the AITC, believes those direct investors who feel misled should have a right of redress.

  • AMI expert panel will help watchdog on mortgage cases

    30 Sep 2004

    The Association of Mortgage Intermediaries is setting up an expert panel at the Financial Ombudsman Service to help it with decisions that will have wider implications. Speaking at Money Marketing Live at G-Mex in Manchester on Tuesday this week, AMI director Chris Cummings said the panel will enable the FOS to consult experts as part of its decision-making process and the industry will have input into decisions. He revealed that the AMI is setting out what constitutes ...

  • Aon has us in creases

    30 Sep 2004

    No s;@!, Sherlock. A survey by Aon Consulting says more UK workers than ever are willing to sacrifice salary for more work benefits. The key finding from Aon is that over a third of Scottish people surveyed wanted to take advan-tage of an ironing service as part of their pay package. Until the benefit service is brought in, are we to expect a third of the Scottish workforce to walk around in a wrinkly state of disorder? Whoever thought there was an ironing protection ...

  • Arlington Property Investors - Arlington UK Balanced Property Fund

    30 Sep 2004

    Type: OeicAim: Income and growth by investing in UK commercial propertyMinimum investment: Lump sum £90,000Investment split: 26% offices, 23% retail shops, 24% industrial, 27% leisurePlace of registration: DublinCharges: Initial up to 2%, annual 1.25%Commission: Subject to negotiationTel: 0141 306 7600

  • Axa fund pays dividends and builds in CPPI guard

    30 Sep 2004

    Axa Investment Managers is introducing a 100 per cent capital-guaranteed structured product with performance linked to the FTSE 100 total return index. The structure will enable the product to capture dividends as well as capital growth, negating one of the main arguments against investing in such products. Exposure to dividends will be obtained through investing in the swaps market. The capital-protected fund series 2 will have an onshore Oeic structure and will offer ...

  • B&B completes sale of two subsidiaries

    29 Sep 2004

    Bradford & Bingley has completed the disposal of Charcol Aitchison & Colegrave and Charcol Holden Meehan to John Scott & Partners with the transaction becoming effective yesterday evening, 28th September 2004.

  • Bond aid

    30 Sep 2004

    Mrs Gates has been sold a portfolio of with-profits bonds worth around £100,000. She has asked for a review of the holdings as she is concerned about press reports that her money may not be earning the profits she expected. What should she be told? Mrs Gates is right to be concerned as her portfolio contains some arrangements with life offices that are currently not applying bonuses to the funds. She is therefore in a dilemma. Historically, the concept of ...

  • BOULGER on Mortgages

    30 Sep 2004

    As lenders and intermediaries prepare for M-Day, it is becoming increasingly clear that some quirks and eccentricities of the impending regulation are going to cause consumer detriment. One such example is in the buy-to-let market. There are strongly conflicting opinions as to whether or not B2L mortgages should have been regulated but I do not intend to discuss that here. If all residential mortgages for a year or more (mortgages for less than a year are one of the specific exclusions ...

  • Bristol & West broadens offset mortgage range

    1 Oct 2004

    Bristol & West Mortgages has broadened its offset loan range with the addition of five new deals.The lender has added five new standard offset mortgages that will sit alongside those it already offers for self-certification and buy-to-let customers.A range of rates and terms are available, including a loan capped at 5.95% for two years and an offset tracker mortgage starting at 5.3%. Offset deals for smaller loans start at 5.4%.

  • Buoyant Bestinvest looks for buys as profits rise by 43%

    30 Sep 2004

    Bestinvest profits leapt by 43 per cent to £2.59m for the year to the end of May, up from £1.8m the previous year. Turnover rose by over 20 per cent from £5.31m to £6.61m. The firm says the business figures provides sufficient capital for it to go on the acquisition trail. Chairman John Spiers says: "The strength of the company's balance sheet is extremely strong and provides us with scope to make acquisitions for cash if suitable opportunities ...

  • Cazalet casts a cloud over equity products

    30 Sep 2004

    Independent consultant Ned Cazalet, who foresaw the dec-line of with-profits, is casting doubt over the viability of equ-ity-based investments as long-term savings vehicles. Speaking at a Cazalet Consulting conference this week, he said falling equity returns, increased market volatility and providers' inability to charge within 1 per cent question the attractiveness and shelf-life of such products when investors can easily get over 5 per cent for cash held on deposit. Cazalet ...

  • Close Finsbury views panorama of assets

    30 Sep 2004

    A new generation of multi-asset portfolio has been launched by Close Finsbury Asset Management. The portfolio will produce capital growth by investing in global assets, including long and alternative investment strategies with a focus on total returns. It will cover a mix of UK and global equities, fixed interest, commercial property, structured investments, alternative investments, hedge funds, natural resources and cash. Berry Asset Management will manage the ...

  • Closed funds under scrutiny

    30 Sep 2004

    Charging structures on closed with-profits funds are to be scrutinised by the FSA to ensure that investors are not being ripped off. FSA sector leader for insurance David Strachan told a Cazalet Consulting conference in London this week that he expects charges on with-profits funds to fall after they are closed as new business acquisition costs are stripped out. He said when the new regulatory regime on with-profits comes into force in the middle of next year, the FSA ...

  • Commentary - The long and the short of education

    30 Sep 2004

    T here is more to financial education than inclusion on the national curriculum. Who could have predicted that the nation's savings habits would become one of the hottest election issues? The recent resignation of Andrew Smith as Work and Pensions Secretary means that pensions and savings have become a political hot potato. The industry, the regulator, thinktanks and MPs have all been looking at angles to encourage people to save. "Education, Education, Education", the Labour's ...

  • Commonhold comes into force

    29 Sep 2004

    New rules on commonhold - a new type of property ownership as an alternative to leasehold - come into force today. The rules allow for freehold ownership of individual flats, houses and non-residential units within an estate or building. Possession is not limited by a time period as with a lease. With no third-party landlord, the management and decisions relating to the building come down to all the unit-holders.

  • Consumer advice goes out on radio

    30 Sep 2004

    Llewellyn-Slade Press Relations has set up a consumer personal finance programme on 35 radio stations. Managing director Mark Llewellyn-Slade says he inv-ited networks and advisers to take part in the programmes after identifying a gap in the radio market. In the first programme aired last week on stations including Heart, Saga Radio, Severn Sound and GWR FM, Mortgage Intelligence managing director Sally Laker talked about first-time buyers, equity release and remortgaging. Two

  • Consumers in call for probe by UK on Euro gender plans

    30 Sep 2004

    The Consumers' Association is pressing the Government to carry out an investigation of the EU's proposed directive on gender equality independently of the insurance industry. The CA has welcomed the House of Lords European Union Committee's recommendation for further research into the implications of the directive. The association is recommending that further research should include an evaluation of the relevance of gender when setting premiums, an analysis of ...

  • Correspondent's Week

    30 Sep 2004

    After two weeks' holiday, Monday feels like a return to school. First, check sat-chel - whoops, handbag - for mobile, keys, purse and homework project. Strangely, big boss Tony Hazell is not particularly interested in my essay on what I did on my holidays. Instead, he wistfully gazes at Justin Harper's empty seat (he is on holiday), wondering how he can manage to go for another two weeks without Monday morning's football chat. Well, he could always try ever-ready ...

  • Coventry brings out handy cap

    30 Sep 2004

    COVENTRY BUILDING SOCIETY4.99% Capped RateType:Capped rate tracker mortgageCapped term:Until December 31, 2006Capped rate:4.99%Tracker term:Lifetime of loanTracker rate:0.69% above Bank of England base ratePayable rate:4.99%Minimum loan:£1,500Maximum loan:Up to 95% of valuation subject to a maximum of £200,000,up to 85% of ...

  • Davis hits back at multi-tie onslaught

    30 Sep 2004

    Sesame commercial director Martin Davis has hit back at Positive Solutions chief executive David Harrison's criticism of the multi-tie model. Harrison criticised firms going for multi-ties earlier this year. Davis, speaking at Money Marketing Live, claimed Harrison would have difficulty in creating a high-quality multi-tie. Davis said the strength of a multi-tie is determined by the strength of the brands, pointing out that product providers will only tie to distributors ...

  • Davy and Sofa founder Carroll back LIA merger

    30 Sep 2004

    Industry veteran Ken Davy a former president of the LIA, has backed the planned mer-ger between the LIA and Sofa. In a joint letter from Davy, chairman of SimplyBiz, and founder of Sofa Ben Carroll, they say a single body will at last give advisers the rec-ognition and standing they deserve and put them on a par with the legal and acc ountancy world. They say: "Unless we are seriously misjudging the character of LIA and Sofa members - and we absolutely believe we are ...

  • Day Dawns for Quantum leap into commodities

    5 Oct 2004

    Structured product provider Dawnay Day Quantum has created a capital-protected bond linked to a basket of eight industrial metals and energy-related commodities for a four-year term.Few people have direct exposure to commodities and are more likely to gain exposure through shares. However, Dawnay Day Quantum believes investors holding stocks such as BP and Shell will not fully benefit from the anticipated growth in the sector over the next few years.Protected commodities ...

  • DWS switches Euro opps manager

    29 Sep 2004

    DWS Investments has changed manager on its European Opportunities fund.Paras Annand has taken over from Julian Barrell, who had run the portfolio, which holds 25 equally weighted stocks, since its launch in November. Since taking the reins, Annand has already changed 24 of those 25 holdings and moved the fund towards a mid and small cap bias. Barrell is to concentrate on running hedge funds for DWS.

  • DWS switches Euro opps manager

    29 Sep 2004

    DWS Investments has changed manager on its European Opportunities fund.Paras Annand has taken over from Julian Barrell, who had run the portfolio, which holds 25 equally weighted stocks, since its launch in November. Since taking the reins, Annand has already changed 24 of those 25 holdings and moved the fund towards a mid and small cap bias. Barrell is to concentrate on running hedge funds for DWS.

  • Events Diary

    30 Sep 2004

    EVENTS CALENDAR October 6-7 IFP Forum for Success Leicestershire 0117 945 2470 October 6 Ifs Lecture, Maidstone 01227 818 662 October 14 Ifs Lecture Norwich 01227 818 662 October 14 Ifs Lecture, Southampton 01227 818 662 October 14 Money Marketing Roadshow Bristol November 2 ABI Saver Summit Bafta, London 020 7216 7392 November 3 Ifs Conference London 01227 828 259 November 4 Ifs ...

  • Experts say protection levy of £20 'unrealistic'

    30 Sep 2004

    Pension experts have hit out at the plans to set the pension protection levy at £300m a year, arguing that it will be insufficient to protect workers and will create a shortfall. Speaking at a Royal London fringe event at the Labour Party conference, pensions minister Malcolm Wicks said the levy would be set at a cost of £20 per pension scheme member but product providers says Wicks' estimate is unrealistic. For those who are at a scheme's normal retirement ...

  • Fidelity FundsNetwork in fee pledge

    29 Sep 2004

    Fidelity FundsNetwork has written to advisers assuring them it will not raise its fees in the foreseeable future. The move comes amid concerns the platform would follow Cofunds, which is set to raise its charges in the New Year. FundsNetwork has also linked to the Fairs, Plum and Marlborough Stirling IFA software packages enabling users to download clients holdings and valuation data straight into their back offices.

  • Foresight saga continues with launch of second VCT

    30 Sep 2004

    The managers of the UK’ top-performing venture capital trust are looking to raise 35m with a second VCT.Foresight 2 VCT aims to provide investors with attractive returns from a portfolio of unquoted UK high-growth companies. Minimum investment is 2,000 and the closing date is April 5, 2005.VCTs have been given a boost this year after the Government announced they will be entitled to 40 per cent income tax relief for two years.The Foresight Technology ...

  • Framlington - Framlington Aim VCT

    1 Oct 2004

    Type: Venture capital trustAim: Growth by investing mainly in companies listed on AimMinimum investment: Lump sum £5,000Closing date: November 30, 2004Charges: Initial up to 5%, annual 2%Commission: Initial 3% or initial 2.25% and renewal 0.375%Tel: 0845 766 0184

  • FSA to shadow advisers in bid to educate staff

    30 Sep 2004

    The FSA is to send staff out to shadow financial advisers, it was revealed at Money Marketing Live in Manchester this week. FSA group manager, themes, investment firms division Paul Rich says the regulator is to send staff into IFA practices for a week of "shadowing the adviser" in a bid to help FSA staff understand the nature of IFA businesses. Rich admitted that many FSA staff are lacking in knowledge over how advisers and consumers interact. Working with Aifa ...

  • FSA turns focus on equity release and pension unlocking

    30 Sep 2004

    The FSA believes the next two biggest misselling scandals to rock the financial industry will be around equity-release products and pension unlocking. Speaking at a Labour Conference fringe meeting, FSA managing director of retail markets Clive Briault said although he could not predict the next scandal, he admitted that the regulator is looking very closely at two areas. At the Brighton conference on Tuesday this week, he said misselling of products which allow people ...

  • FTSE 100 firms losing value over biodiversity failings

    30 Sep 2004

    Leading stocks in the FTSE 100 index could be hit because they do not meet biodiversity guidelines, says Isis Asset Management. The firm has published a 55-page report in which it identifies areas where top firms are losing value because they are not taking care of sustaining eco-systems. The report was commissioned from the Earthwatch Institute Europe and supported by the Department for International Development. Examples where companies are failing include soil erosion, ...

  • Half of IFAs back trail cash

    29 Sep 2004

    The September Aifa survey on trail commission has found 51 per cent of IFAs believe trail commission should be received even if there is no evidence of ongoing service. Meanwhile, 39 per cent of the 374 respondents believe it shouldn't. The survey was undertaken in light of the Treasury Select Committee's report on long-term savings. The survey found 94 per cent of respondents receive trail commission and 55 per cent of these receive between 10 and 20 per cent of their income ...

  • Homeowners feel the pinch after rate rises

    30 Sep 2004

    Over three million homeowners are struggling financially because of recent rises in their mortgage repayments, says Purely Mortgages. The broker suggests borrowers struggling with repayments should consider changing from standard variable rates to fixed rates. Purely Mortgages says the impact of another quarter-point rate rise on an average 25-year repayment mortgage of £109,000 would be around £210 a year. Its research shows that out of three million ...

  • How will they use our £34m?

    30 Sep 2004

    Just had a thought - the FSA sent out over 3,800 invoices last month. Ours, for a relatively small IFA, was getting on for £9,000. That is over £34m,all in one hit. How will the FSA/FSCS/FOS deal with this until it is needed? Answers on a postcard please. Malcolm Lindley Tring, Hertfordshire

  • IMF says property crash is inevitable after price spiral

    30 Sep 2004

    The International Monetary Fund has predicted a crash in the UK housing market after decades of price increases that have outstripped other economies. The IMF's world economic review warns of a fall in prices in response to interest rate rises but the National Association of Estate Agents has attacked its analysis as incorrect and "needlessly scaring homeowners". The IMF claims a crash is inevitable as UK house prices have risen faster since 1997 than in any industrialised ...

  • Independent view

    30 Sep 2004

    It is a wet Friday and I have had one of those weeks. There is just one more meeting to go and then home for a weekend of jobs, kids and Monopoly. I practically trudge past the tree at the front of the house and press a small white square that starts playing Suspicious Minds in the style of a 1990s mobile phone. The door opens and everything changes. John and June are particularly welcoming as I arrive. I am shown into their lounge and spoilt rotten with tea, cakes and stories. ...

  • Investment view

    30 Sep 2004

    Last week saw the publication of trading statements from two companies in the retail sector which demonstrated the diversity of performance being delivered to shareholders. Marks & Spencer disclosed that, since it had succeeded in seeing off predator Philip Green, sales had disappointed. The 10-week figures to mid-September showed falls in all sectors. As if that was not bad enough, its statement came out on the same day that Tesco announced record profits. It was not just ...

  • Johnson wants unions to give workplace pension advice

    30 Sep 2004

    Work and Pensions Secretary Alan Johnson has unveiled plans to create a fund to increase the provision of advice on pensions in the workplace. Speaking at the Labour Party conference this week, he said the fund to train union representatives to give generic advice on pensions "from a source they can trust" would establish a network of lay pension reps in the workplace. He pledged to put in place measures to end the "head in the sand culture" around retirement provision ...

  • Julian Gibbs

    30 Sep 2004

    The Greenchip forestry fund has been launched to take advantage of the prevailing low market values of freehold forests. These reflect the depressed state of the UK timber market where prices are only one-third in real terms of those in 1996. These low prices resulted from a combination of factors but in particular the influx of cheap timber from the eastern Baltic states following their independence. However, rapidly growing demand in China is predicted to be the most significant ...

  • Kreis and Cavendish hook up with VCT

    4 Oct 2004

    Kreis Consulting intends to raise up to £30m for the Cavendish Aim VCT, a venture capital trust that may be converted to an Oeic structure within five to seven years.The VCT will aim for growth, some of which will be distributed as income, by investing in companies listed on the Alternative investment market. To qualify for VCTs, Aim stocks must be new issues investing in certain sectors and be valued at less than £15m.According to Kreis Consulting, qualifying Aim ...

  • Kreis Consulting - Cavendish Aim VCT

    30 Sep 2004

    Type:Venture capital trustAim: Growth and income by investing mainly in companies listed on AimMinimum investment: Lump sum £3,000Closing date: April 5, 2005Charges: Initial up to 5.5%, annual 1.8%Commission: Initial 4% or initial 3% and renewal 0.25% for four yearsTel: 0141 564 152

  • Leeds & Holbeck - 10 Year Fixed Rate

    4 Oct 2004

    Type: Fixed-rate mortgageFixed term: Until January 1, 2015Fixed rate: 5.74%Minimum loan: £25,000Maximum loan: Up to 95% of valuation subject to a maximum of £200,000, up to 90% of valuation subject to a maximum of £300,000, up to 85% of valuation subject to a maximum of £400,000, up to 80% of valuation subject to a maximum of £500,000Income multiples: Up to 95% of valuation - up ...

  • Letters Extra

    30 Sep 2004

    It is revealing that the report in Money Marketing (September 23) on Witan Investment Trust should cite the reason for IFA concern at Witan Investment Trust's choice of managers as being "unknown in the UK retail market." It seems strange that the primary factor in choosinga fund manager to look after a client's money should be that they are well known. History tells us that this does not always mean such companies are successful, or indeed reliable. Is this not ...

  • LIA calling for annual 'health statement' from ombudsman

    30 Sep 2004

    The LIA is calling on the FSA and Financial Ombudsman Service to publish annual statements on the health of the financial services industry. In a written response to consultation paper 04/12 on the ombudsman service, LIA public affairs director John Ellis says an annual health statement would draw attention to areas of concern and also areas where industry performance is satisfactory or above average. The LIA says it supports the idea of a panel of industry and consumer ...

  • LibDems take a radical pension view

    30 Sep 2004

    On September 7, the Liberal Democrats announced a comprehensive set of pension policy proposals for their annual conference. Even if you doubt whether the LibDems will win the general election this is important because the other parties have time to steal the best bits and incorporate them into their own pension policy for the general election. In the best Liberal tradition, the proposals are radical. They would phase in a Citizens Pension based on residency in place ...

  • Lighthouse is brighter after 'murderous year'

    30 Sep 2004

    Interim results from Lighthouse Group show how mor-ale was tested by a "murderous" business climate and a legal wrangle with nine advisers. The firm's turnover rose although losses have gone up in what group chairman David Hickey describes as "one of the worst years ever for IFAs". The firm was embroiled in a legal battle with nine advisers over alleged payment pro-mises made by previous board members which was finally resolved with a combined payout of £137,000 ...

  • Lombard teaming up with Russell to offer risk-rated fund range

    30 Sep 2004

    Lombard International Assurance has teamed up with multi-manager specialist Russell Investments to introduce a range of eight risk-graded multi-manager funds aimed at high-net-worth individuals. Each of the Lombard funds invests in between seven and 10 Russell multi-manager funds, which in turn invest in a range of funds from over 50 investment managers. The Lombard Russell conservative fund has the lowest risk grading and will invest mainly in Russell's sterling bond ...

  • Malone says TCF move will hit fees

    30 Sep 2004

    The FSA's initiative on Treating Customers Fairly will have a greater effect on the mortgage industry than the onset of mortgage regulation and will reduce procuration fees for mortgage advisers, says Premier Mortgage Services managing director John Malone. Speaking at Money Marketing Live in Manchester on Tuesday in a debate about mortgage regulation, Malone said lenders are already looking at how they will have to fund products under TCF. He predicted that TCF - ...

  • Managing the graduate trainee process

    30 Sep 2004

    The purpose of the professional development contract The process of developing graduate trainees through the main stages of their programme has to be carefully planned and managed. A manager needs to take responsibility for the programme and keep the progress of the trainee under review. The document outlining the whole process for the graduate traineeship is the Professional Development Contract (PDC). This sets out the graduate trainee's and employer's undertakings. ...

  • Many a Sipp

    30 Sep 2004

    It could have been one of the more interesting case studies to appear in a national newspaper after Hargreaves Lansdown called a client in Norwich who had bought a Sipp. The firm was looking for a family to appear in an article for the Daily Tele-graph but they had chosen the wrong couple. "I did consider long and hard," explains Tony Hazzell, editor of the Daily Mail's Money Mail section. "The idea of us dressing up in Norwich City footie shirts and putting on fake ...

  • Mick McAteer

    30 Sep 2004

    C onsumers' Association principal policy adviser Mick McAteer is not known for holding his tongue about anything. He has talked the Treasury select committee's ears off about what he believes is widespread misselling in financial services. McAteer has been fighting the corner for consumers who have been missold products for more than 10 years. His next big worry is protection products following a huge increase in sales in the last 18 months. "I think we are seeing problems ...

  • Millfield and Inter-Alliance receive FSA approval for merger

    1 Oct 2004

    Millfield Group has today received final approval from the FSA for its merger with Inter-Alliance.As set out in the offer document, Steven Hartley and Alan Curtis are resigning from the board and will leave the company today.

  • MLIM fund breaks £1bn barrier

    1 Oct 2004

    The Merrill Lynch Investment Managers' property fund topped the £1bn mark.The Jersey unclassified open-ended unit trust invests in a mix of UK commercial property.In the ast year, to 30 June 2004, it returned 16.9 per cent with key investments in Riverside Retail Park in Nottingham and Tower 42 in London.The fund focuses on high quality properties, principally multi-let assets, which are managed to meet the occupiers needs whilst seeking to enhance returns.

  • Moneynet stops dealing with six loan firms amid regulation fears

    30 Sep 2004

    Moneynet has stopped dealing with six mortgage broker firms because it fears that they will not be able to continue trading once regulation starts. The firm, which provides information on financial products and introduces business to 15 mortgage firms, is concerned that if brokers are not regulated by the October 31 deadline, the business they have in the pipeline will fall by the wayside. Moneynet says it has been told by the FSA that less than one-third of brokers ...

  • Morgan Stanley - FTSE Protected Growth Plan 7

    29 Sep 2004

    Type: Guaranteed equity bond Aim: Growth linked to the performance of the FTSE 100 indexMinimum-maximum investment: £5,000-no maximum, Isa £3,000-£7,000Term: Six yearsReturn: 30% of original investment at end of three years if index rises by at least 30%, otherwise 120% growth in index at end of termGuarantee: Original capital returned in full regardless of performance of indexClosing date: November ...

  • Mortality boost hits Equitable Life

    29 Sep 2004

    Equitable Life has had to set aside £75m in response to concerns that future mortality improvements may be greater than previously expected. In Equitable Life's corporate and financial review the company says it has had to strengthen its reserves due to the continuing trend of strengthening mortality assumptions and longevity, but this has had little affect on its fund for future appropriations, its measure for solvency, which has remained relatively stable at £542m in ...

  • Mortality gap on gender is slowly closing

    30 Sep 2004

    Male mortality is continuing to improve more quickly than female, according to results from the Continuous Mortality Investigation Bureau. The series of reports on the mortality experience of assured lives, annuitants and pensioners shows that men and women are living longer but the mortality gap on gender is narrowing slowly. Male rates for the main assured lives' investigation have improved by 20 per cent over the last decade compared with a 5 per cent improvement ...

  • Mortgage Brain launches compliance software

    1 Oct 2004

    Mortgage sourcing and electronic trading software provider Mortgage Brain is launching a new technology solution to help introducers with compliance requirements. Its Version 6 software offers compliance documentation including Initial Disclosure Document (IDD), Factfind, client checklist, customer declaration and reasons for recommendation letter.Mortgage product information is also available with access to over 14,000 mortgage products. Mortgage Brain chief executive ...

  • MORTGAGE EDGE: MARK LOFTHOUSE

    30 Sep 2004

    Can I reasonably rely on the accuracy of key features illustrations provided by sourcing systems? That is one of the many questions that introducers up and down the country have to answer for themselves in the run-up to Mortgage Day. This is an important question to answer, especially as the FSA has placed the onus for ensuring compliance with its rules and the decision on who can and can't be "reasonably relied upon" squarely with introducers. Producing an ...

  • MORTGAGE EDGE: PHIL JENKS

    30 Sep 2004

    M-Day is very nearly upon us, just over a month to go and counting. While mortgage regulation itself is close, the KFI debate being held would seem, to any uninformed observer, to be a long way from drawing to a close. It is only right that acres of newsprint and months of debate have been dedicated to both mortgage regulation and the topic of KFIs. It is important that change on this scale is debated openly for two reasons. First, there are many stakeholders in the ...

  • Mortgage Trust appoints new business development manager

    5 Oct 2004

    Mortgage Trust has appointed John Clements as business development manager with immediate effect. Clements will be reporting to head of sales and marketing Austin Jelfs and will focus on enhancing intermediary relationships in the south west. He joins from Marlborough Stirling.He says: "I am delighted to join Austin and his team at such an exciting time. Since its launch, Mortgage Trust has developed a strong name for competitive buy-to-let products and a service that is second ...

  • Mortgages Director appointed at the Derbyshire BS

    1 Oct 2004

    Brian Carney has been appointed as a specialist mortgages director at Derbyshire Building Society.Carney will be responsible for developing the building society's home loans, intermediary lending and registered social lending.He has come from HSBS where he was the head of commercial team lending and as the director of Forward Trust. Previous to that, he was the finance and operations director at Midland Bank and First Direct.Carney says: "I am excited by the ...

  • Motoring into the mortgage majors

    30 Sep 2004

    GMAC Residential Funding executive chairman Stephen Knight says the lender has its sights on achieving top 10 status in the UK and is confident it can make it without a high-street presence. Head of marketing Jeff Knight says such the top 10 is well within the powers of the firm and refutes reports of a move into the high street. GMAC-RFC, a division of US giant General Motors, is now ranked as the 12th-biggest lender in the UK, according to the Council of Mortgage Lenders' ...

  • Multi-ties fail technology test

    30 Sep 2004

    IFA Park Row is making a stand against multi-ties, not in principle but in practice. The adviser says it cannot see any material benefit in going multi-tied at the moment. It does not rule it out in the long term but says IFAs should be wary for the next 18 months. Park Row's criticism is based at least partly on its view that multi-ties are of no benefit to the client or the adviser.Oh, and its advisers don't like them. The crucial issue is technology. ...

  • Muslim mortgages

    30 Sep 2004

    HSBC is widening its Islamic homeloans to intermediaries with West Bromwich Building Society to help offer Islamic home finance to the Muslim communities in the UK. The HSBC Amanah scheme is headed by Noaman Hasan, who has been with the bank since 1997. The bank has linked up with West Bromwich following a pilot in May, which will start referring potential customers to HSBC's Amanah Finance scheme. The bank expects to sign up 50 IFAs and brokers to the scheme ...

  • Networks with full authorisation from the FSA

    29 Sep 2004

    The following networks have received their part IV, full authorisation from the FSA in readiness for mortgage and general insurance regulation:Arden CourtBDS Mortgage GroupBest Advice Mortgage NetworkBlue PearlComplete Mortgage and Loan ServicesCartelComplete Mortgage & Loan ServicesEthical Mortgage SolutionsFirst4BrokersFreedom FinanceGenesisH3 LtdJust Mortgage NetworkLegal & General MortgagesLifelink ServicesLifetime ...

  • New full term trackers from Platform

    4 Oct 2004

    Platform, the intermediary lending arm of Britannia Building Society is enhancing its buy to let range with the launch of two full term tracker mortgages.There are no redemption charges. The rate for full term tracker 1 is the base rate plus 1.35 per cent for the life of the loan. The rate for full term tracker 2 is the base rate plus 0.99 per cent for the life of the loan. The maximum LTV on both trackers is 85 per cent..Additionally, Platform is reducing its rental ...

  • NU axes jobs in move to India

    30 Sep 2004

    Norwich Union is to outsource 7,000 jobs to India by 2007 in a move that will see life and pension policyholders' queries put through to overseas centres. NU says the move will cut admin costs by around 40 per cent and will allow it to respond to customer demand for direct contact with call-centre staff instead of unpopular voice-recognition systems. The firm expects around 150 compulsory redundancies in 2005 as a result of the move, with 70 job losses in Norwich and ...

  • NU plans to outsource quotes for societies

    30 Sep 2004

    Norwich Union is looking at outsourcing the generation of all quotes for its tied building societies. It is in talks with portals on an outsourcing deal, with Webline understood to be one of the main contenders. NU says it is looking at ways to improve efficiency. Head of media relations James Evans says: "It is certainly something that we are looking at. We want to develop our capabilities for our partners on our online offering." Webline spokeswoman Nicola ...

  • OECD calls for UK rethink on means' testing

    30 Sep 2004

    The Government's policies on means-tested benefits will damage incentives to work and save, according to the OECD. In a report entitled, Ageing & Employment Policies in the UK, the OECD says the Government's policies on means' testing have to change to avoid the risk of "a pronounced slowdown in economic growth". The OECD says the Government needs to raise the state pension substantially to combat the effects of means' testing and index it to earnings, ...

  • On the shelf

    30 Sep 2004

    Do you think that the recommendations in the Miles' report have been shelved? Warren: When the Miles' review was first announced, I seriously wondered whether the Chancellor had forgotten about the existing shake-up of mortgages already taking place under FSA regulation. Perhaps the Miles' report is just one set of recommendations too many at the moment for an industry which is currently experiencing severe change, management overwork and fatigue. Lenders which ...

  • One in three advisers still undecided about post M-Day status

    4 Oct 2004

    Thirty three per cent of mortgage brokers are yet to decide whether they will be directly authorised, appointed representatives or introducers post M-Day, according to new research from Next Generation Mortgages and its network arm networkone.A poll of 12,000 intermediaries throughout the UK found that one out of every three advisers has failed to submit an application to the FSA to become a principal or to become an appointed representative or introducer with a network.NGM ...

  • Online delivery

    30 Sep 2004

    Ten years ago, if you ordered something to arrive in the post, you would happily wait 28 days for its delivery, Now, you expect it the next day. Now more parts of the mortgage chain are moving online, there is pressure on lenders and brokers to keep up and ensure their part of the mortgage process has a quick turn-round. Lenders such as Mortgage Express and Alliance & Leicester have recently announced new initiatives and this is something the industry can expect to ...

  • Origo says Unipass is bringing big savings for IFAs

    30 Sep 2004

    Technology standards body Origo says its Unipass service is helping IFA users make big savings. The annual survey of 2,332 Unipass users shows that 60 per cent believe the service saves them up to an hour a week which they say equates to a saving of £60 per adviser. A further 21 per cent of users say Unipass saves them up to three hours a week. About 12,000 IFAs currently use Unipass. Unipass is a digital certificate which allows users to access ...

  • Out of context

    30 Sep 2004

    • "I'm not boring, am I? I've trained my parrot to tell me I'm not but even he doesn't say it with conviction" - AMI's Ben Stafford on his ability to reel off complex mortgage regulations. •"I remember you being told off by the chairman of the Treasury select committee for talking too much." - MP Norman Lamb greets CA senior policy adviser Mick McAteer at a LibDem fringe meeting. •"God, Adrian, you are sooo PR." - Aegon UK press officer Lesley ...

  • Papers still keep on pouring out

    30 Sep 2004

    Somewhere along the line, I thought we had been led to believe that there was to be a respite from all these flaky consultation papers. But they continue to roll out regardless. What's more, I keep seeing these invitations to attend these costly dissertations at Canary Wharf on all manner of subjects. We need a new paper on mortgage qualifications after October. The CII and IFS gravy trams are on a roll. What have they got in store for the thousands of general brokers ...

  • Park Row says there is no case for going multi-tied

    30 Sep 2004

    Park Row IFA will not be taking the multi-tie option after a six-month review with its brokers because it says it cannot see a business case for it. The firm says a review of its strategic direction has analysed the multi-tie option but concluded that it sees little benefit to its business model, brokers or clients. Park Row says it will continue to look at multi-tying but does not think the benefits will be made clear within the next 18 months. Head of business ...

  • Perfect time for LIA and Sofa merger

    30 Sep 2004

    Mark Ommanney Director general, the LIA I have been reading with interest the debate on the proposed LIA/Sofa merger and in particular Len Warwick's view in Money Marketing last week. Many members from both organisations clearly feel strongly that the merger should go ahead in the interests of uniting the financial advice sector, creating one voice to represent members and to improve standards for the long-term benefit of adv-isers and consumers alike. There are ...

  • Poll finds mobile cover a higher priority than income protection

    30 Sep 2004

    Britons admit to having inadequate protection in case of sickness or loss of income but are unwilling to take advice to rectify the problem, according to a survey by protection provider Bright Grey. The research shows that twice as many people would take out holiday insurance than would take out critical-illness insurance and a third more would insure a holiday than get income protection insurance. In the 16-24-year-old category, respondents felt mobile phone insurance ...

  • Post-sale cash should go to the serving adviser

    30 Sep 2004

    I refer to Roger Yates' letter (Money Marketing, September 16) on the subject of renewal commission. As someone who joined the industry in 1970 - before Lautro - I was always taught that renewal commission was paid as an incentive to agents to service the client's ongoing needs and, as a result, hopefully produce further business for the agent and provider. In recent years, the providers have missed the wood for the trees and adopted a different approach. To ...

  • Preferred Mortgages - Core Range: Near Prime One Year Discount

    5 Oct 2004

    Type: Adverse credit discounted-rate tracker mortgageDiscounted term: Until January 1, 2006Discount: 1.5%Payable rate: Standard verified - house purchase 5.35%, remortgage 5.6%, Standard self-cert - house purchase 5.85%, remortgage 6.1%Tracker term: Lifetime of loanTracker rate: Standard verified - house purchase 1.89% above Libor, remortgage 2.14% above Libor, Standard self-cert - house purchase 2.39% ...

  • Product Matters

    30 Sep 2004

    The almost totally foreseeable failure of so many precipice bonds has brought the guaranteed investment product to the fore. Even the Govern-ment is getting in on it through National Savings. The new ninth issue offers a gross return equal to 105 per cent of any growth in the FTSE with no capping, guaranteed to repay your original investment in five years. With no fees or charges, I would love to know how much NS&I makes out of the product. As these types of issue ...

  • Proof is in the pudding for Yorkshire

    30 Sep 2004

    Yorkshire Building Society has managed to overcome the problems which seem to be besetting many lenders in preparing for M-Day. Sales operation manager Richard Forster says the soc-iety's mutuality has helped it take a reasonable and harmonised approach, rather than the frantic and fragmented approach of many other lenders. Yorkshire was about to begin designing a new sales system when mortgage regulation was announced so Forster says it was able to plan and execute ...

  • PruHealth launches private medical insurance

    4 Oct 2004

    PruHealth is launching into private medical insurance with policies which link the cost of premiums to the efforts people make to look after their health.The product launches on October 4 and is designed to help people improve their health and provide extra medical cover when needed.PruHealth aims to reward customers with vitality points for making efforts to improve their health. Everyone will get a portion of their unused premium back depending on the efforts they make ...

  • Public backs ABI call for reform

    30 Sep 2004

    The ABI says the public is backing its call for reform of state pensions and a shift away from means' testing. Its quarterly pensions and savings index shows that 50 per cent of people would save or increase their saving for retirement if the Government promised it would not reduce entitlements to state benefits. Thirty-one per cent say they would save or save more if they were given a guaranteed return on savings, even if this meant lower returns and 22 per cent say ...

  • Re-emerging rhythm

    30 Sep 2004

    A breed of investors who are not swayed by national stereotypes are set to breathe new life into emerging markets, claims a top fund manager. Templeton emerging markets lead manager Mark Mobius believes that retail investors are finally prepared make the plunge into developing markets as diverse as Brazil, China, Taiwan, Russia, Turkey and Poland because the concerns surrounding many nations have disappeared. Mobius joined Franklin Templeton in 1987 and has become recognised ...

  • Regulation reminders

    30 Sep 2004

    An issue that has been on the boil since regulation was first announced is the use of the term "independent". This single word has provoked more discussion than perhaps any other asp-ect of regulation in both the IFA market as well as the mortgage inter-mediary market. If you want to call your firm an "independent" mortgage intermediary in the new FSA world, here is what you must do. Fees: You must offer your client the option to pay a fee for your services. This would ...

  • REID ALL ABOUT IT

    30 Sep 2004

    REID ALL ABOUT IT I recently attended the Financial Planning Association's conference in Denver, known as the Mile High City. The altitude has the effect of leaving you short of breath until you acclimatise. After my friends collected me at the airport, we drove straight to the Rockies. The next day I found myself 14,000 feet high on the summit of Pikes Peak. The climb was all the more thrilling as the driving was in the hands of my Italian friend, who seemed to forget that hairpin ...

  • Rensburg Investment Management - Rensburg VCT

    1 Oct 2004

    Type: Venture capital trustAim: Income and growth by investing mainly in companies listed on AimMinimum investment: Lump sum £3,000Closing date: April 5, 2005Charges: Initial up to 4.5%, annual 2%Commission: Initial up to 3%Tel: 0113 245 4488

  • Rents rise in seven regions

    29 Sep 2004

    The Paragon Mortgages September buy-to-let index reveals rents increased in seven UK regions. Rental incomes in both the North West and East Anglia rose by over 3 per cent to £7,009 and £8,854 respectively. Overall, rents were almost unchanged nationally, standing in August at £9.524 compared with £9,598 in July. Property values have also risen in August across eight out of the ten regions with Wales showing the highest increase of 11.06 per cent to £126,576. ...

  • Ruffer hits £1bn mark

    4 Oct 2004

    Investment manager Ruffer has reached £1bn funds under management.The discretionary portfolio management service for private clients, trusts and pension funds topped the £1bn marker in its 10th anniversary year.It has an absolute return investment style and has attracted business from quasi-institutional clients.

  • Sandler warns industry is heading for more scandal

    30 Sep 2004

    Ron Sandler says the FSA's refusal to provide a clear definition of misselling will lead to more scandals which will damage the industry. At a financial sector joint industry group fringe meeting at the Labour Party conference this week, Personal Finance Education Group chairman Sandler hit out the regulator's inability to provide an easily understandable definition of what misselling means. Sandler, author of the rev-iew of the medium and longterm retail investment ...

  • Schroder goes for broad brush

    4 Oct 2004

    SCHRODERSSchroder S&P Strategic Balanced PortfolioType: Unit trust multi-manager fund of fundsAim: Growth by investing in a portfolio of 12-15 fundsMinimum investment: Lump sum £1,000Investment split: 54.7% UK equities, 10.5% Europe ex UK, 10% sterling bonds, 6.6% Japan, 5.3% Asia ex Japan, 3.5% US, 3.3% emerging markets, 6.1% cashIsa link: YesPep transfers: YesCharges: Initial 5.25%, annual 1.5%Commissio

  • ScotEq shelves plan to ditch price pledge

    30 Sep 2004

    IFAs have won a battle with Scottish Equitable over protection product real-time pricing guarantees after ScotEq threatened to introduce immediate price changes. ScotEq told IFAs in September that it intended to impose real-time pricing on e-submissions for protection policies but without a guarantee that these prices would remain valid for a set period. The move left intermediaries concerned that clients who were given ScotEq quotes could find that the price changed when they ...

  • Scottish Life International - International Personal Investment Management Service

    30 Sep 2004

    Type: Offshore portfolio bondAim: Growth by investing in unit trusts, investment trusts, Oeics, offshore funds and cashMinimum investment: £50,000, $80,000, euros 80,000Place of registration: Isle of ManAllocation rate: 90.25%-100%Options: Flexible Pims, Select Pims, wealth insurance option to protect the portfolio's value upon deathInvestment choice: Select Pims - Scottish Life International safe combination ...

  • Scottish Widows Bank reduces home equity loan interest rates

    5 Oct 2004

    Scottish Widows Bank, the telephone based mortgage and deposits bank has reduced the interest rate on its Home Equity Loan from 7.29 per cent to 6.89 per cent from October 1.The home equity loan allows home owners over 60 to release capital tied up in their home. This is a fixed rate for the full period of the loan ad borrowers have the option of paying the interest or allowing it to roll up against the value of the property.Scottish Widows managing director Graeme Hartop ...

  • Securities Institute sets an examination for IFAs

    30 Sep 2004

    A new qualification for IFAs from the Securities Institute has received accreditation from the Government's education regulator the Qualifications and Curriculum Authority. The exam, which has been developed in response to the FSA and Financial Services Skills Council exam review, has four papers. The first sitting of papers one, two and three will take place on January 31, 2005, with paper four the next day. The qualification is aimed at IFAs, accountants and solicitors ...

  • Sesame fined £290,000 for pensions unlocking

    5 Oct 2004

    IFA network Sesame has been fined £290,000 by the FSA for serious failings in pensions unlocking.The firm was punished for advice given to potentially 3,205 customers between August 1999 and May 2001.The regulator said that Sesame, which at the time was called Kestrel Financial Management Ltd, failed to adequately monitor selling practices of Regal Partners Financial Planning Limited.The FSA said that Regal operated a processed approach to selling that failed to take ...

  • Shaken image

    30 Sep 2004

    The James Bond-themed Money Centre Charity Ball at the Hilton Hotel in Norwich attracted more than 160 guests and raised £6,500 for the East Anglia Air Ambulance and East Anglia Children's Hospices. Guests included NatWest, GMAC-RFC and Mortgage Express. The event was filmed by Shine TV for a documentary on the working British to be shown on Sky. Let's hope the documentary does not imply that the mortgage industry goes around in black ties, swigging martinis ...

  • Shepherds selects TLP

    1 Oct 2004

    Shepherds Investment is offering UK investors a chance to invest in US traded life policies.Traded life policies are life insurance policies sold by policyholders who want to benefit from the value of the policy while they are still alive. The policies are sold at a discount to their maturity value which provides the profit for investors. Unlike traded endowment policies, the return from TLPs is known at the outset. The uncertainty comes from not knowing when they will mature, ...

  • Ship creates home-reversion code and consumer complaints board

    30 Sep 2004

    Safe Home Income Plans is creating a home-reversion code and a complaints board. Money Marketing rev-ealed in June that Ship was looking at a code because rev-ersion customers will not be protected by the impending mortgage regulation. Ship is setting up an independent body - the reversion complaints board - which will handle home-reversion complaints not resolved by the product provider or Ship. It will be able to authorise compensation and fines against providers of ...

  • Skandia and Bell link up for Sipp with residential property

    30 Sep 2004

    Skandia is teaming up with actuarial consultancy AJ Bell to launch a self-invested personal pension, first revealed in Money Marketing in July. The Skandia Sipp will offer a flexible charging structure and is scheduled to go on the market by the end of the year. In a bid to streamline administration, investors will get incentives to choose from existing third-party fund links which are available through Skandia's investment, life and pension platforms. Investments ...

  • Skipton offers flexible help

    5 Oct 2004

    SKIPTON BUILDING SOCIETYFlexible 5 Year Fixed Rate MortgageType: Flexible fixed-rate mortgageFixed term: Until January 31, 2010Fixed rate: 5.79%Minimum loan: £25,000Maximum loan: Up to 95% of valuation subject to a maximum of £200,000, up to 90% of valuation subject to a maximum of £300,000, up to 85% of valuation subject to a maximum of £400,000. up to 80% of valuation subject to a maximum of £450,000, ...

  • Sofa wins deal with NCG on lower PI rates for members

    30 Sep 2004

    Sofa is to offer lower professional indemnity insurance premiums to members through an arrangement with NCG Professional Risks to be launched at Sofa's November conference. NCG has agreed with a several underwriters that Sofa qualifications and the professional conduct that membership implies will be taken into account as a factor when assessing premiums for PI cover. The scheme will be piloted in October and November, aiming for a full launch at the conference. The ...

  • Spreading the net

    30 Sep 2004

    Consider the problems that a disabled person might have in accessing the internet. What do you first think of? Blindness or visual impairment, yes, but how about deafness, colour blindness, dyslexia or even repetitive strain injury? The truth is that unless you have personal experience of disability, you are unlikely to have spent much time thinking about the difficulties encountered in using websites by people who are less able than you. But from October 1, part III ...

  • Survey shows consumers want simple risk indicators

    30 Sep 2004

    Consumers are keen to be provided with simple risk indicators to help them make investment decisions, according to a joint investigation by Cicero Consulting and Brahm Research. The two financial policy specialists investigated some of the key conclusions of the Treasury select committee report into restoring confidence in long-term savings. They found that 84 per cent of people believe that a simple risk indicator would help investors make the right investment decisions ...

  • Sway chief clashes with Lansdown in Bristol bid

    30 Sep 2004

    Sway chief executive Jon Maguire has revealed a £30m plan to buy Bristol City FC and propel it into the Premiership. But he has clashed over the plan with Hargreaves Lansdown chairman Steve Lansdown, who is chairman of City, currently in the Coca Cola League One. Maguire, a City fan of 14 years, believes City is one of the most underperforming teams in the league, given the size of its catchment area and he has called upon the club's board, which owns 90 per cent ...

  • Talkback

    30 Sep 2004

    "No. We don't do that much investment trust business and people do not seem that interest in them, whatever you do with them." Ian Thomas, Spotlight Financial Services "Yes. It would possibly have an effect but, then again, if you have star managers, costs would go up so it is a double-edged sword." Janet Southern, Janet Southern "No I do not think it will make much difference at all. After all, investment trusts are for the more sophisticated client." Ian ...

  • The end of the Furbs as we know it

    30 Sep 2004

    Well, this is the last installment of my consideration of unapproved pension schemes and how the rules for their taxation will change after A-Day. I have also touched on the fact that proper pension provision depends on a combination of: •Investment selection and management, taking due account of appropriate asset allocation, diversification and correlation principles. •Structure, incorporating the choice of tax wrapper. Regarding the latter, the choice ...

  • The final insult on pension compensation

    30 Sep 2004

    Ros Altmann was quoted in The Times recently as saying: "Inaccurate and woolly statements by Government agencies incorrectly led members to believe pension contributions were safe in their final salary schemes. The Government must compensate victims of this maladministration in full to right this terrible wrong;" If contributions were not safe in final-salary schemes, why were insurance companies and IFAs punished so severely for advising clients to leave such schemes? If the ...

  • Tom Baigrie on Protection

    30 Sep 2004

    Let me, ever so briefly, explain how the regulation of protection will affect you. You see, regulation matures over four distinct phases and the real threat lies in phase three. Phase one is the reasonable one when the regulator fully intends that its touch will be light, aiming only to "maintain consumer confidence in the UK's financial system". Phase two is in full tilt just now. We all look at the new rules and develop new failsafe mechanisms so that we do not end ...

  • Tooze company

    30 Sep 2004

    Innovative ideas among smaller IFA firms are seeing regional practices building their own business models to deal with a depolarised market. The news that former Rickman Tooze IFA advisers have grouped together to buy the assets of the firm after it went into administration comes as other small groups of advisers look for alternatives to joining a network. Customs and Excise has reinforced the traditional network model with its business briefing on how networks pay VAT ...

  • Two in one from Citigroup

    30 Sep 2004

    Citigroup has established the enhanced growth plan, a guaranteed equity bond that allows investors to link their investment to the FTSE 100 index for six years or the Dow Jones Global Titans 50 index for four years.Both options have an early maturity feature and will provide a full capital return at the end of the term regardless of the performance of the indices. Investors who choose the UK enhanced growth option will also receive 30 per cent of their original investment if the ...

  • VCTs offer new hope for films

    30 Sep 2004

    The development of venture capital trusts investing exclusively in films could go some way to filling the hole left by the Inland Revenue's closure of film finance tax perks, says Allen- bridge Group. Allenbridge Group director of tax shelter res-earch David Knight bel- ieves that comments from Chancellor Gordon Brown that he does not want to hinder venture capital investment in the film industry will prompt product providers to look at the development of film VCTs. A ...

  • VERITY's VIEW

    30 Sep 2004

    At a recent conference of IFAs, a poll was taken of the 600 delegates to find out how many of them believed their businesses would survive. Fifty per cent said they would need additional capital to withstand the impact of the Sandler and FSA proposals. But what is it about these reports that is so damaging? The proposal to have more products with flat 1 per cent (or a little more) charging structures is vastly overplayed. Many products along these lines are already on the market ...

  • Web tide

    30 Sep 2004

    How often do you log on to your computer to search for a flight, a CD or perhaps a book? If you are like me, you probably use it every day of your life. The only finger you have to lift to find what you are looking for is the one that clicks your mouse. If, on the other hand, you are among the dwindling band of technophobes who continue to avoid the internet like a nasty smell, your business is almost certainly losing out already. Whether you like it or not, the internet ...

  • Wesleyan widens business to IFAs

    30 Sep 2004

    Wesleyan Assurance is entering the broader IFA market offering its with-profits and unit-linked investment products to a select group of IFAs. The move will see the life office, which has traditionally distributed its products direct or through its own medical specialist IFA business, sell its funds through up to 10 national IFAs. The accounts will be supported by a team of phone-based relationship managers. The products will offer a menu of initial and fund-based ...

  • West Bromwich Building Society - All in 4.75%

    29 Sep 2004

    Type: Fixed-rate mortgage followed by discountFixed term: 12 monthsFixed rate: 4.75%Discounted term: 12 monthsDiscount: 1%Minimum loan: £25,001Maximum loan: Up to 75% of valuation subject to a maximum of £500,000Income multiples: Up to 3.75 times principal income plus second or three times jointConditions: Six months' free mortgage payment protection insurance, £300 ...

  • West Bromwich Building Society - All in 4.95%

    5 Oct 2004

    Type: Fixed-rate mortgage followed by discountFixed term: 12 monthsFixed rate: 4.95%Discounted term: 12 monthsDiscount: 1%Minimum loan: £25,001Maximum loan: Up to 95% of valuation subject to a maximum of £500,000Income multiples: Up to 3.75 times principal income plus second or three times jointConditions: Six months' free mortgage payment protection insurance, £300 ...

  • West Bromwich Building Society - Fixed Flexi Mortgage

    4 Oct 2004

    Type: Flexible fixed-rate mortgageFixed term: Two yearsFixed rate: 5.65%Minimum loan: £25,001Maximum loan: Up to 95% of valuation subject to a maximum of £500,000Income multiples: Up to 3.75 times principal income plus second or three times jointConditions: Capital repayments of up to 10% a year allowed without penalty, six months' free mortgage payment protection insurance, refunded valuation up ...

  • Which? hunt

    30 Sep 2004

    A mystery shopping spree by Consumers' Association magazine Which? claims that only three out of 39 advisers surveyed gave acceptable advice. It alleges that brokers and lenders are unclear about their obligations under the mortgage code and the sale of insurance is often pushed heavily even before providing advice on the mortgage. It claims that 21 advisers could not explain the different ways of repaying a mortgage and 23 failed to disclose properly all the deals available. Londo

  • Wicks rejects raising state pension age

    30 Sep 2004

    The Government has resis-ted calls to raise the state pension age beyond 65 but says people who want to work beyond 70 will not be forced to retire. Speaking at the Royal London fringe event at the Labour conference this week, pensions minister Malcolm Wicks said any move to increase the qualifying age could significantly disadvantage people in their 50s on course to retire who could find themselves without a pension for another decade. But former National Association ...

  • Zurich set to unify UK life firms

    30 Sep 2004

    The restructure is expected to take place on January 1, 2005 when the combined group will be renamed Zurich Assurance. The businesses which will be brought together in the single operation are Allied Dunbar, Eagle Star, Zurich, City of London Insurance Company and Pilot Assurance Company. Zurich says planholders' terms and conditions will stay the same. Bringing together the UK life businesses is part of the group's objective to focus on Zurich as one international ...

Poll

Will Greece leave the euro?

Current Issue

Advanced search