Money Marketing
3 April 2002

  • 'Quality mark could boost stakeholder'

    4 Apr 2002

    Legal & General is calling on the Government to award firms which contribute to stakeholder for staff with an accreditation mark The company says the Approved Retirement Planning mark could become a recognisable tool for recruitment and marketing purposes. As part of a series of proposals which are aimed at improving stakeholder contribution rates, L&G says the mark could be sponsored by the Department for Work and Pensions. To qualify for the stakeholder accreditation, ...

  • 'Stakeholder will not pay out much more than Mig'

    4 Apr 2002

    Stakeholder is unlikely to reward its target audience with much more than the minimum income guarantee in retirement, according to figures from the ABI. Its latest figures reveal that the average monthly payments into a stakeholder is just £81, giving a 35-year-old man a projected £134 a week at the age of 65 compared with the Mig of £92.15 a week. The ABI warns that compulsory contributions will be necessary to halt the crisis in pensions exacerbated by the move ...

  • £6bn wasted by mortgage customers says Goodfellows

    5 Apr 2002

    Homeowners are being overcharged by £6bn on their mortgage payment protection insurance according to research from provider Goodfellows.

  • A defining moment

    4 Apr 2002

    Is it conceivable that the French, Germans and Italians will be able to get independent financial advice and pay commission while the British cannot? The European Commission has changed its mind about restricting independence to fee chargers in the investment services directive. CP121's defined-payment system of fees or agreed commission to pay fees looks increasingly out of step. The irony is that the UK is the place in Europe with greatest access to independent advice yet ...

  • ABN Amro is hit by dual UK fund star defections to Framlington

    4 Apr 2002

    ABN Amro has been dealt a hammer blow as star fund managers George Luckraft and Nigel Thomas have quit to join Framlington's UK equity team. In a move Framlington claims will create the strongest UK team in the City, Luckraft will manage its UK equity income fund while Thomas will run its UK special situations fund. They will work alongside Chris Murphy, who runs the UK growth funds, and Roger Whiteoak, who manages UK smaller companies. Thomas and Luckraft manage a total of £1.3bn ...

  • Aegon follows the income herd

    8 Apr 2002

    Aegon Asset Management is targeting its optimum income fund at investors looking for a high level of income without too much risk.This Oeic, which can also be held within an Isa wrapper, aims to produce income and growth by investing equally in investment grade and high yield corporate bonds mainly in the UK. It also has the flexibility to invest in Government bonds, preference shares and convertibles.The target yield is 8.5 per cent a year, which the company feels is achievable, ...

  • AIG Life - Protected Growth Bond

    4 Apr 2002

    Thursday, 4 April 2002Protected Growth BondType: Guaranteed equity bondAim: Growth linked to the FTSE 100 indexMinimum-maximum investment: £10,000-noneTerm: Six yearsGuarantee: Capital returned in full along with 23% growth regardless of the performance of the FTSE 100 indexReturn: Up to 60% at the end of the termClosing date: April 12, 2002Commission: Initial 4%Tel: 0800 393598

  • Asia the place to invest says Govett

    8 Apr 2002

    Asian markets are providing improved opportunities for investment says fund manager Govett.

  • B&B aims to increase fee-based business

    4 Apr 2002

    Bradford & Bingley is aiming to increase the fee-based income from its MarketPlace and Charcol businesses to meet the FSA's CP121 proposals and remain an IFA. Under the regulator's proposals for a defined-payment system, IFAs must agree a fee with clients before giving advice and B&B says it is carrying out customer res-earch to gauge willingness to pay fees. But it admits that reducing commission and increasing turnover from fees may be difficult as only a "tiny ...

  • Baronworth takes combi approach to with-profits

    8 Apr 2002

    Baronworth Investment Services has unveiled series five of its combination investment, which splits investors' capital equally between a guaranteed income bond and a with-profits bond.

  • BDT Invest - The Establishment Investment Trust

    3 Apr 2002

    Wednesday, April 3, 2002 Type: Investment trust. Aim: Growth by investing in bonds, equities and cash Minimum investment: Subject to negotiation with stockbroker Maximum investment: No maximum Investment split: Cash 10%, bonds 40%, equities 30%, other 20% Types of share: Ordinary Isa link: No Pep transfers: No Redemption date: None Charges: Annual 1% Commission: None Tel: 020 7659 1302

  • Bemused about the FSA's views

    4 Apr 2002

    Your report that the FSA and David Severn are "bitterly frustrated and bemused" by IFA reaction to the proposed changes in polarisation must surely be wrong. This report had its origin in a statement made by fee-based advisers John Baxter and Giles Pidcock of Baxter Fensham. Just suppose that this report was right - the implications are enormous. First, the discussions and suggestions from the FSA last autumn brought very few actual responses from IFAs. However, there were many ...

  • Britannia International - Double Index Growth Bond

    5 Apr 2002

    Friday, April 5 2002Type: Guaranteed equity bondAim: Growth linked to the performance of the FTSE 100 index and the Halifax Standard Index of House Prices (All Houses)Minimum investment: £5,000 existing customers, £10,000 new customersPlace of registration: Isle of ManInvestment split: 100% linked to the performance of the FTSE 100 index and the Halifax Standard Index of House Prices (All Houses)Guarantee: Capital returned ...

  • Brown makes his budget cases

    4 Apr 2002

    Gordon Brown is a very good Chancellor. Whether or not you agree with what he does, you cannot doubt that he possesses the qualities that someone in his position needs. He is in full command of his brief, is prepared to be radical and is an incredibly effective political operator. One of Brown's innovations has been to effectively abolish Budget purdah. This old and venerable tradition began in the days of Gladstone. It required that no details of the Budget should be made public ...

  • BTL discount from Exclusive

    3 Apr 2002

    Packager Exclusive Connections is launching a new buy-to-let mortgage in connection with Mortgage Express.

  • Buyers beat renters but margin falls

    4 Apr 2002

    It is around 30 per cent cheaper on average to buy a home than rent, says Abbey National. However, compared with Abbey's findings for 2001, the average saving to be made from buying rather than renting over 25 years has reduced from 57 per cent. It gives the example of buying a two-bedroom flat worth £73,583. Total cost of the purchase with a mortgage based on a interest rate of 6 per cent would be £141,970 while the property would cost £263,785 to rent over ...

  • C&G offer doubles IFA fees On loans over £250k

    4 Apr 2002

    Sales director Nick Hale says: "We are committed to intermediaries and recognise the value they add to our business. The intermediary payment incentive has proved to be very popular and, by increasing the payment per qualifying case, we are hoping to attract even more business."

  • Canada Life International cics out

    8 Apr 2002

    Canada Life International has introduced the flexible protector plan, an individual critical illness plan that is also available to the corporate market.

  • Care in the Community

    4 Apr 2002

    It seems that not a week can go by without some significant regulatory publication emerging that needs to be fully digested and examined in the context of our industry. As if the steady flow from the FSA were not enough to wade through, the Treasury and European Union are now delivering a flood of documentation to be considered. So when the subject matter is something that looks as innocuous as the EU's e-commerce directive, it would be nice to think that this would not have ...

  • Chartwell takes chocolate box approach

    3 Apr 2002

    Chartwell Investment Management is offering investors the chance to simplify their portfolios through its managed portfolio service.

  • Chase de Vere plans expansion

    9 Apr 2002

    Chase de Vere Investments is expanding its operation by recruiting for its Bath, London and Leeds offices as well as opening new offices in the Midlands in the autumn.Chase de Vere is also expanding its telephone sales staff operation. Chase de Vere head of adviser development Joseph Maguire says: "My key responsibility will be to ensure that the quality and effectiveness of our advisers is of the highest standard." 

  • Chase de Vere scores World Cup loan goal

    4 Apr 2002

    Chase de Vere Mortgage Management is teaming up with England's 1966 hat-trick hero Sir Geoff Hurst to offer a World Cup mortgage, discounted to 1 per cent if the current squad win the trophy. The mortgage has an interest rate of 0.75 per cent under the Bank of England base rate, currently 4 per cent, for two years. If England make it to the semi-finals, there will be a further 0.5 per cent discount. If England win the cup, the payment rate will be discounted to 1.75 per cent ...

  • Clerical delays return to market

    4 Apr 2002

    Clerical Medical has admitted it will not be ready to re-enter the group stakeholder market for several more months after failing to clear its seven-month backlog of cases. The company pulled out of the group market in August last year after its systems collapsed under the strain of thousands of stakeholder applications. It pledged to re-enter the market during the first quarter of this year but admits that it has been forced to push this back to late summer, fearing that its systems ...

  • Close lobbies for Sipp property investment

    8 Apr 2002

    Close Brothers is working with the British Property Federation to lobby the Government on allowing residential property investment in self-invested personal pensions and small self-administered schemes. It says residential property is a safe and appropriate investments for pension funds to own and the ban on residential property for Sipps and Ssases should be lifted.

  • CMIM recruits fund manager to European Equity team

    5 Apr 2002

    Clerical Medical Investment Management, the asset management arm of Hbos has announced the appointment of Richard Wiseman as portfolio manager on its European Equity team.

  • Confusion at Treasury and FSA claims on mortgages

    4 Apr 2002

    The mortgage industry has been thrown into confusion by conflicting messages from the FSA and Treasury over the status of advisers when regulation is introduced in 2004. The confusion surrounds a statement in the Treasury's Regulating Mortgages consultation paper which says "an independent mortgage intermediary who becomes authorised in relation to the activities of mortgage arranging and advising could not continue to be an appointed representative for other activities". However, ...

  • Coutts appoints Middleton to board

    8 Apr 2002

    Coutts & Co has announced the appointment of commercial director David Middleton to its board.

  • CP121 in action

    4 Apr 2002

    The FSA's proposals on polarisation are happily in operation in Reigate. Indeed, they have been operating for six or seven years successfully, efficiently and very productively. We do exactly as described, working on fixed fees, specified hourly charge rates, remunerating commissions into the fee account or back into the product where commission exceeds fees. We are a successful practice turning over £1m in fees and we would be happy to demonstrate our business model ...

  • CP121 widens the rich-poor divide

    4 Apr 2002

    Mark Dampier's bluster and bluff (Money Marketing, March 21) cannot alter the fact that Peter Hargreaves admitted his company has been multi-tied for years. That admission confirmed that Hargreaves Lansdown's claim to be independent in any shape or form is an insult to genuine IFAs who act on behalf of clients rather than selling tranches of products on behalf of providers. No amount of ranting, raving or rudeness on Mr Dampier's part can change HL's actual role as ...

  • David Aaron predicts IHT change in budget

    8 Apr 2002

    David Aaron Partnership is predicting changes to inheritance tax in next week’s Budget.

  • Dunstan puts Sipp illustration service on internet

    4 Apr 2002

    Pension technology specialists Dunstan Thomas is offering IFAs online access to its Sipp illustration platform Imago for a flat fee of £150. The system previously needed to be implemented in IFAs' premises but Dunstan hopes the development will increase the use of Imago among advisers with only a small volume of Sipp business. For the flat fee, Imago will generate as many illustrations per client as required and is capable of producing five types of illustration - full, ...

  • Eagle Star - Flexible Drawdown Plan

    8 Apr 2002

    Monday, 8 April 2002Type: Hybrid SippMinimum investment: £150,000Investment choice: Global select growth, environmental opportunities, equity managed, European growth, Japan growth, managed, American growth, Asia growth, property, secure, UK equity, UK preferences and fixed interest, long dated gilt, UK index tracker, unitised with-profits, managed income, cautious managed, UK corporate bond, UK money securities, sterling bond, balanced managed, adventurous ...

  • Equity-release loan offers guarantees

    4 Apr 2002

    Legal & General Bank is offering an equity-release mortgage for people aged over 60 with guarantees to safeguard them against negative equity, eviction and repossession. It is designed to ensure that a borrower can live in their property for the rest of their life or until they permanently leave home, for example, to go into care. To qualify for the mortgage, which can be used to raise money for any purpose and has a fixed rate of 7.3 per cent, borrowers must have a home worth ...

  • Euro bonds give balance

    4 Apr 2002

    Royal & Sun Alliance European Life & Investments, the holding company for the life office's offshore companies, is offering a European balanced yield bond fund aimed at investors wary of equity investments. The fund aims to take advantage of the growing number of bonds issued in the UK and Europe. It will invest equally in investment-grade bonds and high-yield bonds to offer stability and growth. The company claims the combination produces a less volatile portfolio and says ...

  • Exchange has big lead as top portal for IFAs

    4 Apr 2002

    The Exchange overwhelmingly remains IFAs' favourite portal, with 70 per cent saying they use it most, according to a survey by IBM and 1st Software. Misys's AssureWeb is the second favourite, cited by 11.5 per cent of those surveyed. Synaptic Systems-run IFAonline is the choice of 3.3 per cent. The survey concluded that IFAs value what portals offer but want them to do more, with the most beneficial attributes being comparative quotes, followed by policy valuations, product ...

  • Execution-only firms face EU fact-find threat

    4 Apr 2002

    The FSA is to import new European Union conduct of business rules which would force people buying investment funds and pensions from a provider for the first time to complete a fact-find. The move threatens the survival of execution-only business on pensions and investments. It comes after lobbying by the investment industry toned down the original proposals which would have required the completion of fact-finds for all transactions. The conduct of business rules only apply to ...

  • Falcon gets set to swoop on Aim

    4 Apr 2002

    Falcon Group says it is preparing for a listing on Aim as soon as the FSA's consultation process clarifies how the market will look. The company, which has been a strong defender of polarisation, says it needs City cash to increase its IFA numbers from the present 100 RIs to between 200 and 300 in the next two years but will wait until things are clearer before taking this step. Chief executive Allan Rosengren wants to raise cash from institutions as he believes selling stakes ...

  • Fees give platform for performance

    4 Apr 2002

    When JO Hambro Capital Management launched into the retail market in November last year, it decided to stick its neck out. Noting that only one in five funds have had the same manager for more than five years, it made a pledge to hold on to its managers by keeping them fully motivated. Furthermore, based on its belief that a manager can only ever be truly motivated if his livelihood is tied up in the money he runs, it decided it would base its business model around performance ...

  • Fifth of firms to close DB schemes

    3 Apr 2002

    More than a fifth of companies offering a final salary scheme are planning to close it, according to a survey from Employee Benefits magazine. Around 73 per cent of employers with defined benefit schemes said they felt their staff did not appreciate the cost and effort of running the scheme and only 52 per cent believe their staff understand their pension. Around 59 per cent of companies only talk to their staff about pensions once a year.  

  • Friends warns on massive gap between MFR and FRS17

    4 Apr 2002

    Friends Provident is warning that more firms may switch from defined-benefit to definedcontribution pensions because of a yawning gap between the minimum funding requirement and FRS17. Its calculations reveal even pension schemes which are overfunded under minimum funding requirements appear to face huge shortfalls under accounting standard FRS17. The figures show that a scheme can be 115 per cent funded on an MFR basis yet only 65 per cent funded through a FRS17 valuation. The ...

  • FSA cracks down on past performance

    3 Apr 2002

    The FSA is to force fund managers to include past performance warnings in the main body of their advertisements instead of burying them in the small print as many currently do.

  • FSA is accused of U-turn on single-pricing

    4 Apr 2002

    The Investment Management Association has accused the FSA of a U-turn on its single-pricing policy and claims its latest plan will confuse investors. The IMA claims the FSA has been committed to a man-datory single-pricing structure since 1995 when it indicated it would extend the pricing regime for Oeics, Catmarked funds and stakeholder to unit trusts. The IMA believes this commitment was expressed when the regulator published its Collective Investment Schemes Sourcebook in August ...

  • Fund manager urges caution on telecoms

    4 Apr 2002

    A tech fund manager has warned investors away from the sector, saying telecoms still pose a threat to performance. Royal & Sun Alliance Investments EuroTech fund manager Steve Martin says investors who buy into funds on the way down in the hope of making gains on the fund's eventual recovery may end up very disappointed. He says because there does not appear to be an end in sight for the continual lows that telecoms are posting, investors should be wary. The warning ...

  • Global perspective as Aegon ends geographic viewpoint

    4 Apr 2002

    Aegon Asset Management is replacing its geographic desks with a new framework focusing on global sectors. It will move away from geographic considerations and introduce global sector-based research teams concentrating on business outside the domestic market. The global research group will be led by head of research Alistair Byrne and split into five teams covering cyclical stocks, defensive stocks, financials, resources and technology, media and communications. The portfolio ...

  • Half of FTBs want to borrow deposit

    4 Apr 2002

    Nearly half of a prospective first-time buyers plan to borrow their mortgage deposit from their high-street bank, according to research from the AITC. It shows 47 per cent are thinking of using a bank loan for their deposit while 38 per cent of people between 16 and 34 plan to ask their parents for the money. The AITC conducted the research to demonstrate to parents how they need to save as their offspring are increasingly relying upon them in adulthood for financial assistance. Buying ...

  • Half of MPs believe Government will encourage PMI

    9 Apr 2002

    Half of all MPs believe that within the next 10 years the Government will have to encourage more people to make private healthcare provision according to a survey from PPP Healthcare.

  • Halifax - Halifax ISA Saver

    9 Apr 2002

    Tuesday, April 9, 2002 Type: Cash and Tessa only Isa Aim: Growth Minimum investment: Lump sum £3,000 Maximum investment: £12,000 Catmarked: No Interest rate: Year one 4.75% gross, year two 5%, year three 5.45%, year four 5.55%, year five 5.6% Charges: None Withdrawal penalty: 180 days’ interest on amount withdrawn Commission: None Tel: 08457 263646

  • Halifax improves rates on cash Isas

    8 Apr 2002

    Halifax is improving its savings rates with a new fixed-rate cash ISA for the new tax year.

  • Hartley-sas - Self-invested personal pension

    9 Apr 2002

    Tuesday, 9 April 2002Type: Full SippMinimum investment: £1Investment choice: All Inland Revenue permitted investments Administrator: Hartley-sasCharges: Annual fee £750, property purchase fee £390 Commission: Subject to negotiationTel: 08705 673319

  • Homeloan Management wins highest European rating

    8 Apr 2002

    Third party administrator Homeloan Management has been awarded the highest ever rating given to a European mortgage servicer by rating agency Fitch.Citing its comprehensive service offering, strong internal control environment and admin capabilities, Fitch has decided on a rating of RPS2 for HML - the best European rating and one notch below the maximum level.

  • HSBC in part-time deal

    3 Apr 2002

    HSBC has now agreed terms with banking union Unifi to compensate around 2,000 part-time staff who were denied pension rights back dated to 1976.

  • Ice work if you can get it

    4 Apr 2002

    Fund manager M&G is offering IFAs the chance to go coasting across Iceland's snowfilled landscape as part of its sponsorship of the North Pole Expedition 2002. The M&G Polar Team set off on March 12 in its attempt to become the first all-woman team to reach the North Pole on foot. If successful, they will also be the first women to visit both poles, having conquered the South Pole in 2000. The team must haul sledges twice their own body weight, tackle constantly moving ...

  • IFA in plea for common ADLs

    4 Apr 2002

    The long-term care industry needs to agree on common terms and conditions to prevent consumers from being confused by the thresholds for a successful claim, says a leading LTC IFA. Definitions of the activities of daily living vary from provider to provider, making it difficult for eld-erly consumers to understand what they mean and for IFAs to recommend a product, says Nursing Home Fees Agency partner Philip Spiers. ADLs are the determining factors for making a claim on a LTC ...

  • Ilag working party to inspect FSA rulebook

    4 Apr 2002

    The Investment and Life Assurance Group has set up a working party of industry practitioners to look into the FSA's interim prudential sourcebook. The Ilag working party will examine and report on the issues of systems and controls, operational risk, market risk, capital, credit and liquidity risks, record-keeping and insurance and friendly society risks. As well as looking at the regulator's new rulebook, the party will investigate the implementation of the EU directive ...

  • Independent View - Peter Hargreaves

    4 Apr 2002

    If someone looks at the performance statistics and finds last year's top-performing fund, what it tells them is exactly that - what last year's top-performing fund was. There are numerous reasons why it was the best-performing fund. However, the major ones are: •It was the right economy. •It was the right sector of that economy. •The fund manager had chosen the right stocks. •The fund manager might have taken a huge bet in which sector of which ...

  • Interest rates on hold again

    4 Apr 2002

    Interest rates have been kept on hold at 4 per cent for the fifth successive month. The Bank of England's Monetary Policy Committee announced its decision as scheduled on the first Thursday of the month, confirming the base rate will remain the same.

  • Investment view

    4 Apr 2002

    Gordon Brown must read Money Marketing - if the pre-release of taxation changes originally destined for the Budget statement in two weeks time is anything to go by. Not that there was much to get excited about. Half a billion pounds worth of tax concessions to the corporate sector was unveiled - or rather clarified. These measures had been trailed in earlier statements, so all the Chancellor was doing was clearing up loose ends before the end of the tax year. As if a two-bite Budget ...

  • Julian Gibbs

    4 Apr 2002

    I believe that UK smaller companies will be the topperforming UK sector over the next year. Over the past year, the sector has fallen by around 25 per cent against a fall of 17 per cent in the UK all companies sector and by around 12 per cent in the UK equity income sector. It is now undervalued. However, over three years, UK smaller companies have gone up by 23 per cent against a fall of around 7 per cent in the UK all companies sector. Over 10 years, they have also outperformed ...

  • L&G says e-commerce is on the rise

    8 Apr 2002

    Momentum administrator Suzanne Attfield has become the 10,000th person to sign up to Legal & General online IFA centre.

  • Labour may hit middle income earners says R&SA

    9 Apr 2002

    Next week's budget could see Labour putting the squeeze on middle income earners, warns R&SA Investments senior economist Steven Andrew.

  • Lawyers say CP121 may be open to a legal challenge

    4 Apr 2002

    Leading financial services lawyers are claiming CP121 could be open to legal challenge as IFAs would be forced to operate at a disadvantage to their European counterparts. At present, CP121 states that intermediaries have to be fee-based or operate the def-ined-payment system to remain independent. But the European Commission's recently published draft investment services directive says independents can rely on commission. Lawyers Bond Pearce, Clifford Chance and CMS Cam-eron ...

  • Lazard Alpha bits into Europe & UK

    4 Apr 2002

    LAZARD ASSET MANAGEMENTLAZARD ALPHA ISAType: Oeic maxi IsaAim: Growth by investing in the UK alpha and European alpha fundsMinimum investment: Lump sum £2,000Maximum investment: £7,000Catmarked: NoInvestment choice: UK alpha fund and European alpha fundCharges: Initial 3.75%, annual 1.5%Special offer: Initial charge reduced to 3.5%Offer period: Until April 30, 2002Commission: Initial ...

  • Leeds & Holbeck Building Society - Escalator Plus

    3 Apr 2002

    Wednesday, 3 April 2002Type: High interest accountMinimum-maximum investment: Lump sum £100-£10,000Interest rates: Year one 4% gross a year, year two 5% gross a year, year three 5.5% gross a yearTerm: Three yearsOffer period: Until further noticeWithdrawal penalties: One penalty-free withdrawal a year provided £100 balance remainsTel: 0500 225777

  • Legal & General - Protected Growth III

    3 Apr 2002

    Wednesday, 3 April 2002Type: Capital protected IsaAim: Growth by investing in 30 stocks from the top 200 UK companiesMinimum-maximum investment: £1,000-£7,000Investment choice: 30 stocks from the top 200 UK companiesTerm: Five yearsGuarantee: Capital returned in full at end of termReturn: Up to 100% growth at end of termCatmarked: NoClosing date: April 12, 2002Charges: Initial 5%, annual up to 1%Commission:

  • Lonesome pining

    4 Apr 2002

    I am an IT consultant and like to look after my finances myself. Last year, however, I made losses on most of my investments. I want to continue to have control of my money and make decisions myself but I think I may need help. What can an IFA offer me and what should I do about this year's Isa? As you know, the internet is the natural starting place for you to manage your finances. This is where you can research, buy, sell and monitor your investments. Other financial services ...

  • M&G gets backing for Oeic switch

    4 Apr 2002

    M&G is going ahead with the biggest-ever conversion of unit trusts to Oeics after a 95 per cent vote of support from its unitholders. It will add a new share class to each of its funds, which will offer investors either a no-load or front-end-charging structure. Investors opting for the no-load option will pay a higher annual management fee, typically 1.5 per cent a year, while those who opt for a front-end charge will pay around 1 per cent a year. Thirteen of the funds ...

  • MCCB guide sets out code rights

    4 Apr 2002

    The Mortgage Code Comp-liance Board is publishing a new edition of its You and Your Mortgage guide which aims to inform consumers of their rights under the mortgage code. The guide includes a number of changes which aim to reflect the measures recommended in the DeAnne Julius report on banking. The changes include the removal of the out-of-date reference to Miras in the list of information to be provided by registered firms. A statement now has to be included indicating that ...

  • Merrill launches European dynamo

    5 Apr 2002

    Merrill Lynch Investment Management has unveiled the European dynamic fund, a unit trust that aims for growth by investing in Europe excluding the UK.

  • Misys 'open to offers' for its IFA business

    4 Apr 2002

    Misys approached major providers to discuss selling its financial services business outright in the last two months, according to senior sources at the providers. Two weeks ago, Misys told the stockmarket it was committed to its IFA businesses and was in talks with several providers to look at its future options. The options under discussion were believed to have been providers taking stakes and the setting up of a more limited multi-tie business alongside an auth-orised and independent ...

  • MoneyGuru leads way with unit trust

    9 Apr 2002

    MoneyGuru, the research website, is moving into fund management with the introduction of the Elite MoneyGuru income with growth trust.

  • Moore's code

    4 Apr 2002

    The howls of outrage from some IFAs when the FSA told life insurers not to overpay bonuses this year are looking dafter by the day. A detailed analysis of the annual reports of CGNU and Standard Life illustrates the worrying position life offices are finding themselves in. CGNU is showing that its surplus capital has halved from £14bn to £7bn. Standard Life is showing a £5bn fall to £8bn. Standard has long been one of the strongest life offices in the UK ...

  • Mortgage Business aims to give fresh start to divorcees

    4 Apr 2002

    Specialist lender The Mortgage Business is teaming up with packager The Mortgage Partnership to offer a mortgage designed for divorcees looking to move into a second property while still respon-sible for mortgage payments on the matrimonial home. TMP says the New Start mortgage, which it will distribute through intermediaries, differs from standard mortgages by treating the divorcee's existing mortgage as an ongoing monthly income commitment rather than as a capital amount. It ...

  • Neil Jones

    4 Apr 2002

    W hile most of the fund management world has spent the last three months scrabbling to find some Isa customers, IFAs may have noticed - or rather not noticed - that Deutsche Asset Management has been rather quiet. Deutsche's silence has by no means been a mark of inactivity. Behind the scenes, managing director Neil Jones has been quietly masterminding the firm's relaunch into the retail market - with the task of turning Deutsche Asset Management into a top five player in the ...

  • New fee structure for Furness mortgages through Pink

    8 Apr 2002

    Pink Mortgage Club is changing its broker commission fee structure for Furness Building Society mortgages.The new fee structure for standard cases is tiered according to loan amount and pays £100 up to £30,000, £175 for loans from £30,001 to £60,000 and 0.3 per cent for loans above £60,000.The Furness standard product range includes cashback mortgages for first time buyers, buy to let mortgages and flexible products.

  • Northern Rock releases new savings products

    8 Apr 2002

    Northern Rock is launching a series of limited issue savings products on Thursday including three investment bonds and a combined bond tracker fund.

  • Norwich & peterborough - Quantum Account (11th issue)

    5 Apr 2002

    Friday, April 5 2002Type: High interest accountMinimum-maximum investment: £1,000-£25,000 single life, £50,000 joint lifeInterest rates: 4% gross a year until March 31, 2003, 4.5% gross a year until March 31, 2004, 5% gross a year until March 31, 2005, 5.5% gross a year until March 31, 2006, 7.5% gross a year until March 31, 2007Term: Five yearsOffer period: Until further noticeWithdrawal penalties: 50 days' notice or ...

  • NU staff raise £18k for kids

    4 Apr 2002

    Norwich Union staff have raised £180,000 for their 2001 staff charity of the year Cancer and Leukaemia in Childhood. The cash includes pound-for-pound matching by NU. It will pay for five specialist cancer care nurses for a year and and was raised from a variety of adventurous activities. The activities included a team of four completing a five-day Spanish cycle ride which raised £33,400 and a white-water rafting event at the National Water Sports Centre in Nottingham ...

  • Our industry should be proud of its record

    4 Apr 2002

    I hope that the following information may be of interest to your readers. In 1995, I sold a life and critical-illness policy to a friend - called Jane for the purpose of this letter. It supported her mortgage. She argued for some days over the inclusion of critical-illness cover and, of course, said it was not cover that she would ever need. She took the cover and, as she increased her mortgage, the cover was increased. In February, Jane called me at home on a Sunday. She ...

  • Pioneer FS enhances income protection contract

    9 Apr 2002

    Pioneer Friendly Society has announced it is enhancing the flexibility of its income protection range by allowing policyholders to choose a retirement age anytime between 50 and 65.

  • Privilege Portfolio International - Global Convertibles Fund

    8 Apr 2002

    Monday, April 8, 2002 Type: Sicav Aim: Income and growth by investing in convertible bonds and preferred convertible stocks Minimum investment: Lump sum US$ 3,000 Place of registration: Luxemburg Investment split: US 55%, Europe 35%, rest of the world 10% Isa link: No Charges: Initial up to 6%, annual 1.25% Commission: Subject to negotiation Tel: 00352 402 820 261

  • Product Matters

    4 Apr 2002

    Norwich Union has relaunched its long-term care insurance with some notable improvements, the most significant being the payment of an independent living benefit of three times the monthly benefit on the failure of one activity of daily living. It is not so much the value of getting cash to contribute towards home adaptations. It is more the added value of having access to care support, assessment and advice. Many older people at this stage of their lives do not know where to turn ...

  • Pru International branches out with prudence bond

    3 Apr 2002

    Prudential International, the newly formed offshore branch of Prudential, has established a with-profits and unit-linked bond called the international prudence bond.

  • Prudential International - International Prudence Bond

    4 Apr 2002

    Thursday, April 4, 2002 Type: Unit-linked bond Aim: Income and growth by investing in up to 10 funds Minimum investment: Lump sum £20,000 Place of registration: Dublin Investment split: Choice of 10 funds from with-profits euro denominated, with-profits sterling denominated, balanced managed US dollar, balanced managed sterling, euro tracker, Merrill Lynch managed, Newton managed, Perpetual managed, Philips & Drew ...

  • Putting the hype into hypermarkets

    4 Apr 2002

    Following the arrival of fund supermarkets 18 months ago, many of you are already looking for the next generation of investment platform. You are asking why fund supermarkets are simply adding more and more funds and not offering any added-value services. Well, that has now changed. Last year saw the launch of the first ever UK investment hypermarket. This will set the pace for future e-commerce developments in the investment marketplace. What is an investment hypermarket? In simple ...

  • Quilter Global Enhanced Income Trust suspended

    5 Apr 2002

    Dealing in the Quilter Global Enhanced Income Trust has been suspended, with the trust's management saying they do not expect any capital to be repaid to investors.

  • R&SA takes stake in Hodson

    3 Apr 2002

    Royal & SunAlliance has bought a 12.5 per cent stake in Wakefield-based general insurance broker and IFA RP Hodson (Holdings) Ltd. The family controlled firm has 11 RIs and 200 staff in offices in London, Leeds and Wakefield. 

  • Recovery signs for Isa sales in February

    4 Apr 2002

    The Isa season showed signs of mild recovery in February as net retail sales of investment funds inc-reased by 4.4 per cent from January. Figures from the Invest-ment Management Associ-ation show that net retail sales for last month rose to £679.2m from £650.6m in January, with net Isa sales up by almost 16 per cent to £319.3m from £275.6m. However, this represents a 51 per cent drop on last February's figure of £646.8m. IFAs' share of the ...

  • Rothschild seeks wealth preservation

    5 Apr 2002

    Rothschild Asset Management has established the protected wealth management service, a portfolio management service that protects the value of the investment against stockmarket falls when the investor dies.The service has three strategies - UK capital growth, UK equities and income - which are unit trust funds of funds. The UK capital growth strategy invests mainly in UK equities, with the rest going into overseas equities. The income strategy aims for high income and some ...

  • RSAIFs mirrors Euro bond fund

    4 Apr 2002

    Royal & Sun Alliance International Financial Services has established the R&SA European balanced yield bond fund.

  • Schroders sees value still to be found in BBB bonds

    4 Apr 2002

    Schroders believes the UK bond market still offers good value despite strong returns over the past two years. Head of sterling fixed income Robert Gall says Govern-ment yields have increased because the market expects interest rates to begin a tightening cycle that will peak at around 6 per cent in December 2003. But he claims value can still be found in the lower end of the corporate investment grade universe and, in particular, in the BBB sector where Gall says the yields available ...

  • Scottish Equitable cutting charges on new pensions

    4 Apr 2002

    Scottish Equitable is cutting charges on new pensions and drawdown contracts by offering new customers a rebate on the annual charge. Individual and group pension policies taken out from March 1 will get an annual rebate of 0.25 per cent when the fund exceeds £50,000. This effectively reduces the AMC to 0.75 per cent. This will apply to all new group and individual personal and stakeholder pension as well as new executive pension plans and contracted-in money-purchase business. ScotEq ...

  • SEI predicts wave of business from CGT concession

    4 Apr 2002

    Scottish Equitable International is predicting an influx of capital into the personal investment market as new business tax rules come into effect on April 6. The new rules mean that individuals disposing of shares in their own company could pay lower amounts of capital gains tax. SEI says the combination of improving stockmarkets and high-profile company failures will prompt many people to take advantage of the new rules by selling shares in their own company or the company they ...

  • Single signals

    4 Apr 2002

    The subject of the euro can stir up controversy like little else. Whether the UK joins the euro will depend in part on the effect that entry would have on financial services. The sensitivity of the issue can be gauged by the extreme reticence of many financial services companies, with only chief executives allowed to speak on the subject. Even the Chancellor and Prime Minister are believed to have differing views on the euro but discipline has been enforced by sticking to the five ...

  • Standard Life pays off 1% of loan capital every two years

    4 Apr 2002

    Standard Life Bank is offering a capital reward mortgage which promises to pay 1 per cent of a customer's outstanding capital every two years for the full term. The product has a current standard variable rate of 5 per cent for loans to value of up to 90 per cent, rising to 5.2 per cent on LTVs of 95 per cent. Maximum loan on the product is £750,000, subject to a maximum LTV of 75 per cent. Once the bonus is paid into the mortgage account, borrowers can withdraw against ...

  • Standard says S2P is 'great Government giveaway'

    4 Apr 2002

    Standard Life is calling the new state second pension the Great Government Giveaway, saying its terms are so generous it is a bonanza for "doctors' wives". The loophole enabling professionals to claim a pension for their spouse was available under Serps but benefits would only amount to a few hundred pounds. S2P bumps up those benefits by thousands of pounds. Under the new S2P being introduced on April 6, spouses employed on minimal wages will be able to claim a substantial ...

  • Standard scorns lack of annuity consultation

    4 Apr 2002

    The Government's proposals for annuity reform do not leave room for consultation despite its claim it is open to ideas from the industry, claims Standard Life. Standard disagrees with the Government's plans and has its own set of reforms which it believes would do a better job of motivating people to save for retirement. Rich pensioners who do not need their pension pot for income would be allowed to take the majority of their lump sum but would be required to leave a minimum ...

  • Standard seeks go-ahead for voting reforms

    4 Apr 2002

    Standard Life is to ask members to approve a series of measures aimed at revamping the society's regulations at its annual general meeting. It is sending mailing packs to customers with the proposals, which include an increase in the number of members required to call a special general meeting to 1,000 from 50. It also wants to boost the number of members required to nominate a candidate for election to the board from two to 250. It says this will impose a greater balance bet-ween ...

  • Surrender link for Widows

    4 Apr 2002

    Scottish Widows has set up a link to the Association of Policy Market Makers' website to help policyholder explore their options when surrendering endowments. Widows claims it is the first life office to offer such an initiative,which pre-empts the FSA's move to make it a statutory duty for life companies to inform consumers of alternatives to surrendering. The APMM says directing policyholders to its website is one way to meet this requirement and it hopes other companies ...

  • Talkback

    4 Apr 2002

    "I would prefer none at all but we will proceed irrespective of regulator." Ivor Woodroofe,Riverside Financial Services "No, I think the FSA is bad enough as it is. I think if we had a European supraregulator it would have to deal with all the regulation in all the countries and you would end up with the lowest common denominator across the board." Peter Robison,Robison & Co "No. It would mean everything being diluted to the lowest common European denominator." Joseph ...

  • Teather and Greenwood takes Aim

    8 Apr 2002

    Teather & Greenwood Investment ManagementUK Smaller Companies FundProduct detailsType: OeicAim: Growth by investing in Aim-listed companiesMinimum investment: Lump sum £500Investment split: 100 % invested in Aim-listed companiesIsa link: YesPep transfer: YesCharges: Initial 5 %, annual 1.4 %Commission: Initial 3 %Tel: 020 7426 9003Broker panelRay Ward, Proprietor, Ray Ward IFA, ...

  • Two more lenders join Mortgage 2000

    3 Apr 2002

    Nationwide and Portman Building Society have joined the Mortgage 2000 mortgage club bringing the total number of lenders on its intermediary panel to 26.

  • UCB retains network's award for best service

    4 Apr 2002

    UCB Home Loans won the award for best lender service at mortgage network The Mortgage Power's fifth annual awards at Northolt, Middlesex last week. It is the third year running that UCB Home Loans has won the award, presented at a ceremony attended by Mayor of Ealing Ranjit Dheere and Mayor of Hounslow Mohinder Gill. Ocaso received the award for best insurer service for the second year running and Pip Associates adviser Anant Kumar retained the title of champion of The Mortgage ...

  • Unum rethinks CI over code fears

    4 Apr 2002

    Unum has been forced to change its new critical-illness product following a meeting with the ABI's critical illness working party, which had expressed fears that the product could fall foul of its code of business. The company has agreed to add cover against heart attacks, strokes and cancer in one of the categories in its Elixia 123 product. The working party had wanted to review some of the terminology used in Unum's product literature, saying it was worried that some of ...

  • Value Judgements

    4 Apr 2002

    In the past few weeks, I have been considering the income tax and National Insurance implications when a company effects a life insurance policy on the life of an employee or director and later decides to assign that policy to the employee or director. We had occasion recently to seek the guidance of the Inland Revenue on the value that is taken into account for tax and National Insurance purposes in such a case. In the circumstances, we were considering that the assignment was ...

  • Wesleyan offers discount funds

    5 Apr 2002

    Wesleyan is offering a 1 per cent discount on the Wesleyan Growth Trust and Wesleyan International Trust.

  • Will Cats make their mark on advice?

    4 Apr 2002

    It appears that Catmarked advice is back on the agenda. Since it was first floated by the Treasury in a paper primarily dedicated to the extension of Catmarks, not much has been said about creating a similar standard for advice. Now some query how such a standard would work. The Government has always insisted its Cats are not a badge of approval but gives an indication that the product or, in this case service, are relatively safe. Advice is not a product where black and white ...

  • Win a snowmobiling safari in Iceland

    4 Apr 2002

    As part of its sponsorship of the M&G North Pole Expedition 2002, M&G is offering you the chance to experience the thrill of snowmobiling across Iceland's magnificent landscape. You could win one of two holidays for two people which includes return flights to Iceland, three nights' accommodation, a snowmobile safari and a trip to the world-famous Blue Lagoon. To enter, just answer the three question on the entry form on the page opposite. On March 12, the M&G ...

  • With-profits bond guide from Chartwell

    9 Apr 2002

    Chartwell is recommending Prudential, Standard Life and Norwich Union as the best providers of with-profits bonds in its new guide to the product.The recommendations come in the 13th edition of Chartwell's with-profits bond guide, which looks at the criteria a potential investor should consider, and evaluates all products on the market.Copies of the guide are available free from Chartwell. 

  • Yorkshire says gazumping is returning

    8 Apr 2002

    Gazumping is set to make a comeback to the UK housing market according to Yorkshire Bank.

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