Money Marketing
3 August 2005

  • FSCS sets out bond misselling figures

    4 Aug 2005

    Defunct companies Berry Birch & Noble Financial Services, David Aaron Partnership and RJ Temple lost most claims for precipice bond misselling, according to figures from the Financial Services Compensation Scheme.

  • Skandia marketing boss joins Gartmore

    4 Aug 2005

    Skandia Investment Management head of marketing David Orr is leaving later in the year to join Gartmore as senior marketing manager. He will report to head of sales support, marketing, Colin Hodges. Skandia sales director Spike Hughes will take on the expanded role of sales and marketing director.

  • Wheel meet again

    4 Aug 2005

    Lanson's Francesca Pattison organised a go-karting event for the press and Fidelity's multi-managers last week but had clearly arranged private classes in advance as she was all over Money Marketing's back end like a crazy woman in the closing stages. After two laps of jostling and some keen attempts at a pass, she took advantage of a schoolboy error to seize the inside line and race ahead. Fidelity won the event, Lansons came second. And they say journalists are competitive...

  • '26th state' could be a haven for IFAs

    4 Aug 2005

    The European Commission could exempt IFAs from EU single-market regulation by the creation of a "26th EU state" for firms wanting to trade across borders.The proposal, which is outlined in an EC Green Paper on Financial Services Policy, is designed to offer a lifeline to firms which are keen to escape costly EU single-market regulation in the future.Dubbed by Eurocrats the "26th regime", companies that want to trade only within their own country could potentially opt out of ...

  • 32M for Sarasin global Reit

    4 Aug 2005

    Sarasin says its new global real estate investment trust has attracted 32m since its launch last November.The global property fund, which was launched as an FSA-recognised Guernsey unit trust, mainly invests in global Reits but also invests in listed company shares.The fund aims to pay an annual income of 4 per cent per year and targets additio- nal capital growth. The fund aids portfolio diversification on a number of levels, including investing in property rather than equities ...

  • A little light reading

    4 Aug 2005

    It must be summer because the weather has turned colder, my approaching holiday fills me with worry - well, that's more about the list of things to do before I go - and regulators and bureaucrats across Europe are clearing their desks at the expense of dumping on ours.

  • A&L announces plans to join BTL market

    4 Aug 2005

    Alliance & Leicester announces plant to join the buy-to-let market.

  • A&L International maximises growth

    8 Aug 2005

    Alliance & Leicester International has brought out the Capital Guaranteed Maximum Growth Bond, an offshore guaranteed equity bond that may mature earlier than its term of five years and six months.

  • ABI group to advise on HIV best practice

    4 Aug 2005

    The ABI is starting an expert working group on HIV to inform the insurance indu-stry on best practices and policy in dealing with HIV issues. It will be chaired by Professor Donald Jeffries and includes underwriters from leading reinsurers, medical consultants and pinkfinance.com editor & IFA Chris Morgan.

  • ABI group to advise on HIV best practice

    3 Aug 2005

    The ABI is starting an expert working group on HIV to inform the insurance industry on best practices and policy in dealing with HIV issues. It will be chaired by Professor Donald Jeffries and includes underwriters from leading reinsurers, medical consultants and pinkfinance.com editor and IFA Chris Morgan.

  • A-Day set to bring significant structural changes

    4 Aug 2005

    In my experience, it is better to treat pension technical issues with light rather than heat.

  • Advisers on fee alert

    4 Aug 2005

    IFAs are breaking the FSA's depolarisation rules and failing to provide an adequate fee option to their customers, say the two biggest IFA bodies.Aifa and the Personal Finance Society are warning their members to ensure the fee option is embedded in their business if they want to operate under the IFA banner or risk FSA enforcement action.Personal Finance Society head of public affairs John Ellis claims that some IFAs have ignored depolarisation and are just nominally offering ...

  • Aifa looks for electro extension

    4 Aug 2005

    Aifa will lobby for an extension of mandatory electronic reporting deadlines if it finds evidence that technical problems on the FSA's website have impeded advisers from filing on time.Aifa director general Chris Cummings says it told the regulator several weeks ago that the date on the forms has to be input using the American format, where numbers for month and day are the opposite of the system in the UK.He says it has also informed the FSA of other member issues such as problems ...

  • Aifa warning of Mifid chaos

    4 Aug 2005

    The European Union’s controversial markets in financial instruments directive could cause major confusion in the investment advice market and bog IFAs down in yet more costly regulation, warns Aifa deputy director general Fay Goddard.Aifa says IFAs holding client money, up to 10 per cent of IFAs, are expected to be hit by major changes when Mifid comes into force in 2007, including a potentially crippling 50 per cent increase in professional indemnity insurance requirements.Minimum ...

  • Are tech funds set for lift off again?

    4 Aug 2005

    When Odysseus sailed past the Sirens, he asked to be tied to the mast to resist their tempting song.

  • Artemis sponsors the Great Kindrochit Quadrathlon to raise money for Ethiopia

    4 Aug 2005

    Artemis sponsored the Great Kindrochit Quadrathlon on July 16 in Scotland.The event involves a one-mile swim across Loch Tay, a 15-mile run over Seven Munroes, eight-mile canoe and a 38-mile cycle around the Loch.All funds raised from this year's event will go to the Mercy Corps to fund a pilot programme in Ethiopia to sustain food production in the region to to secure long-term investment. They hope to raise at least 20,000. The Artemis team was Lindsay Whitelaw, Graeme Mitchell, ...

  • Ashley Law starting share option scheme for partners

    4 Aug 2005

    National IFA franchise Ashley Law is setting up a share option scheme to allow members to participate in its growth.The shares - to be offered in Ashley Law parent Ashley Law Management Services - will be offered to any of the firm's 85 franchise partners who achieve 60,000 annual turnover with a decent persistency rate.ALMS is 50 per cent owned by directors Jock Cassidy and Martin O'Kelly. Of the remaining 50 per cent, half will be allocated to franchise partners and the final ...

  • AWD revamp as top two quit

    4 Aug 2005

    AWD Group is undergoing a management restructure following the resignation of chief executive Douglas Gardner and managing director Chris Isard.Both have resigned with effect from Friday, with Simon Waugh taking over as chief executive from September 1. Waugh has worked at director level for a number of financial services firms, including Centrica, American Express and Saga.Trevor Best replaces Isard following his internal promotion from his former role as AWD Consulting operations ...

  • Axa deal ties in Framlington's stars until 2010

    4 Aug 2005

    Axa's 178m purchase of Framlington from HSBC sees the fund firm's star managers - Nigel Thomas, George Luckraft and Roger Whiteoak - tied in until 2010 as part of the deal.The firm will be rebranded as Axa Framlington and will operate as a stand-alone business from October.Axa marketing director Simon Ellis says Framlington operates a fairly traditional distribution model but the deal with Axa will give it access to a wide distribution network.Publishing half-year results ...

  • B&B will no longer work with claims firms

    8 Aug 2005

    Bradford & Bingley will no longer deal with third parties representing customer endowment complaints.

  • Bankhall's White joins Exchange

    4 Aug 2005

    Jonathan White has been appointed strategic relationship manager at The Exchange. He joins from Bankhall where he was director of provider management. He worked for Misys for 10 years in a number of senior roles, including head of strategic partnerships.

  • Bankhall's White joins Exchange

    3 Aug 2005

    Jonathan White has been appointed strategic relationship manager at The Exchange. He joins from Bankhall where he was director of provider management. Prior to this he worked for Misys for ten years in a number of senior roles including head of strategic partnerships.

  • BBB bother

    4 Aug 2005

    BBB is facing a raft of problems.

  • Berkeley Berry Birch has 12m capital gap

    4 Aug 2005

    Berkeley Berry Birch needs to plug a capital resource requirement deficit of 12m to stop the FSA potentially cancelling permission for its subsidiaries to act as IFAs.The figure, revealed in the firm's results on Friday, is significantly higher than the 2.4m deficit stated in April when the FSA said it was enforcing a formal timetable to deal with it. The results also state the "fundamental uncertainty" of the group continuing as a going concern because of the FSA commencing regulatory ...

  • Birth of a notion

    4 Aug 2005

    Our panel of experts discuss the nature of domicile and how it impacts on an individual's tax status

  • BM Solutions launches limited edition BTL tracker

    5 Aug 2005

    BM Solutions is launching a limited edition buy to let lifetime tracker.

  • Both Bankhall joint CEOs stand down today

    9 Aug 2005

    Bankhall's joint chief executive officers Paul Hogarth and Simon Taylor today stand down making way for managing director Peter Mann.

  • British parents leave their families inadequately covered financially says Scottish Widows

    9 Aug 2005

    British parents leave their families inadequately covered financially according to Scottish Widows.

  • Broker

    4 Aug 2005

    Yes "I think they should. It does seem strange that these people can be giving advice to clients without being regulated."Paul Scott, Scott Financial ConsultantsYes "They do not do a proper job and they charge extortion- ate fees which come out of the client's compensation."Alan Goffin, Alan Goffin Independent Financial ManagementYes "If they are not regulated, there could be a lot of daft claims."Edwin Kelly, Edwin Kelly & CoYes "It seems hard to believe people like myself ...

  • Brokers put release at top of BM survey

    4 Aug 2005

    Speculation has increased on whether BM Solutions will be entering the equity-release market after the firm surveyed 200 brokers on whether the sector has potential.Asked which market holds the most potential over the next 12 months, 36 per cent of the brokers who were interviewed in June put equity release at the top of their list. This was closely followed by self-cert, with 26 per cent of brokers believing it holds potential.The sector of the market which shows least potential ...

  • Buckles adding property fund to Snowdonia range

    4 Aug 2005

    IFA Buckles Investment Services is planning to add a property fund to its Snowdonia fund-of-funds range in October.

  • Can't stop us now

    4 Aug 2005

    Problems beset the Lanson's karaoke night this week with faulty equipment leaving drunk PRs wailing into the evening without the help of any song words. MM had particular admiration for What Investment Kieron Root's 10 minute unaided but accurate rendition of America Pie. Stirling stuff.

  • Child Trust Fund prompts savings for older children

    3 Aug 2005

    The Nottingham Friendly Society says parents of older children have been spurred into saving by the Governments publicity surrounding CTFs.

  • Churn of the screw

    4 Aug 2005

    A-Day is widely and rightly being touted as an opportunity to restructure clients' pension arrangements but with the opportunity to transfer comes the opp-ortunity to churn.

  • CI pulls out of Amvescap takeover bid

    5 Aug 2005

    Shares in Amvescap, owner of Invesco Perpetual, have fallen 42p to 373p following the withdrawal of Canadian firm CI Financial from a proposed 3.4bn takeover of the group.CI say they cannot develop an offer proposal without the full co-operation of Amvescap. Analysts say the firm's resistance to take-over is likely to deter further hostile bids.The withdrawal of CI's bid follows news that new Amvescap chief executive Marty Flanagan is to be paid up to 28m this year.

  • Consumer goods

    4 Aug 2005

    I do not know what was behind Nic Cicutti's intemperate article on the Financial Services Consumer Panel in general and on me in particular (Money Marketing, July 28), especially as its level of inaccuracy was more Private Eye than Money Marketing.

  • Correspondent's Week

    4 Aug 2005

    This week Gail Moss, freelance personal finance journalist

  • Coventry Building Society - Five Year Flexx Fixed

    4 Aug 2005

    Coventry Building Society Five Year Flexx Fixed

  • Credit Suisse Asset Management - Credit Suisse Multi-Manager Incubator Fund

    8 Aug 2005

    Credit Suisse Asset ManagementCredit Suisse Multi-Manager Incubator Fund

  • Davidson opts for smaller firm

    4 Aug 2005

    An IFA for 27 years and a regular contributor to the press, Davidson was a partner in Holden Meehan when it was taken over by Bradford & Bingley to become Charcol Holden Meehan in 2003.When the company was bought again by JS&P in October 2004, Davidson is thought to have told the directors she had not enjoyed the change of culture during the first buyout and that she would prefer to work in a smaller firm with more day-to-day control and freedom. She was unavailable for comment.JS&P ...

  • Democracy in motion

    4 Aug 2005

    There are few occasions when an organisation consults its members with a completely open mind.

  • F&C appoints Akrigg as Pacific equities director

    5 Aug 2005

    Ben Akrigg will join F&C Asset Management's Asian equities team as director, Pacific equities.

  • F&C outsources US and Japan portfolios

    4 Aug 2005

    Foreign & Colonial investment trust has outsourced management of its American and Japanese assets and introduced an overall performance fee.The 450m US large-cap portfolio will be split between four managers while its 120m Japanese portfolio will be run by Goldman Sachs. Management of the US small-cap business will stay with F&C.F&C says it expects the changes to provide better stock selection. The 2.3bn trust, run by Jeremy Tigue, has been criticised for the performance of ...

  • FCSC sets out bond miselling figures

    3 Aug 2005

    Defunct companies Berry Birch & Noble Financial Services, David Aaron Partnership and RJ Temple generated the most successful claims for precipice bond misselling, according to recent figures from the Financial Services Compensation Scheme.

  • Fidelity forum on the road

    4 Aug 2005

    Fidelity's is running an ann- ual investment forum at seven venues across the UK between September 26 and 30.The theme for the fund firm's forum is Cutting Through the Noise, with a view to helping advisers deal with information overload.The events will be held in Edinburgh, Leeds, Manchester, Birmingham, Bristol, Southampton and London.Speakers will be the company's UK aggressive fund manager Sanjeev Shah, sterling bond fund Ian Spreadbury, European opportunities manager ...

  • First Active offering BTL just for brokers

    4 Aug 2005

    First Active is entering the buy-to-let market for the first time as part of its plans to expand its product range to intermediaries.The firm launched to mortgage intermediaries in June last year and is now widening its range with fixed and discount BTL mortgages for clients with a maximum of five properties.The fixed rate is set at 5.19 per cent rate until November 30, 2007 and the two-year discount is 5.54 per cent variable, tracking the bank base rate and then a rate of 5.85 ...

  • Fitzwilliam enjoys 10th anniversary

    4 Aug 2005

    The Fitzwilliam multi-manager fund is celebrating its 10th anniversary.

  • Fixed expressions

    4 Aug 2005

    Almost three year's ago, Britannia Building Society launched the best fixed-rate mortgage ... ever.

  • Foreign affairs

    4 Aug 2005

    Progress is being made in revamping the Foreign & Colonial investment trust.

  • Friends' business up 33 per cent in 1st half

    3 Aug 2005

    Friends Provident saw total life and pensions business rise by 33 per cent from 212m to 282m in the first half of this year but says the market is difficult to assess in the run-up to A-Day.

  • Friends' business up 33% in first half

    3 Aug 2005

    Friends Provident saw total life and pensions business rise 33 per cent from 212m to 282m in the first half of 2005 but says the market is difficult to call in the run up to A day.

  • Friends' business up 33% in first half

    4 Aug 2005

    Friends Provident saw total life and pension business rise by 33 per cent from 212m to 282m in the first half of this year but says the market is difficult to assess in the run-up to A-Day.

  • Friends marketing chief takes new role at Zurich

    4 Aug 2005

    Zurich has recruited Friends Provident head of protection marketing Peter Hamilton with the aim of increasing its IFA market share.Hamilton joins Zurich as protection management director. His role puts him above protection development manager Gerry Warner, who was brought in from Standard Life last year.He is on gardening leave from Friends Provident and will move to the newly created position in October.Hamilton says the move will be a reunion of sorts as he worked for ...

  • Friends Prov joins Adviser E-Enquiry project

    5 Aug 2005

    Friends Provident has joined the Adviser E-Enquiry project, led by technology suppliers 1st and supported by Prudential, Scottish Widows, Standard Life, Webline and IBM.The project aims to promote the take up of ecommerce across the adviser community.Following the groups research study in May it now moves to the second phase of the project, aimed at measuring, monitoring and stimulating ecommerce adoption across a representative focus group of adviser firms.1st Executive chairman ...

  • GMAC enters top 10 lenders

    4 Aug 2005

    GMAC-RFC has entered the top 10 for gross mortgage lending after the Council of Mortgage Lenders revised its list of the biggest lenders.Last week, Money Marketing reported that GMAC was 11th but it is now placed in joint 10th place with Bradford & Bingley after the CML sent out a revised set of figures.B&B and GMAC achieved gross mortgage lending of 6.3bn for the year to April 30. For GMAC, this was a 31 per cent increase on the previous year in a market that grew by ...

  • Good view from Hemisphere

    3 Aug 2005

    Hemisphere Property ManagementHemisphere Property Fund

  • Happy anniversary

    4 Aug 2005

    Now it gets interesting. This week, I am going to look at the inheritance tax treatment of discretionary trusts.

  • House price inflation at nine-year low

    4 Aug 2005

    House prices rose by 0.2 per cent in July, reversing the previous month's fall, but annual house price inflation is at its lowest for nine years, says the Nationwide house price report.Nationwide says annual house price inflation fell to 2.6 per cent in July, its lowest rate since May 1996. This compares with 4.1 per cent last month and 20 per cent in July 2004.Annual house price growth is now lower than wage growth for the first time since 1996.Nationwide says the market ...

  • Husselbee to run boutique for Neptune

    4 Aug 2005

    John Husselbee is starting an independent multi-manager boutique for Neptune after running the firm's Quilter funds of investment trusts for 10 months.The new multi-manager business will have an independent structure under a non-conflicting brand. Further details are expected to be ann- ounced later this week.When Husselbee quit as Henderson's director of multi-manager investments in May, his poor comparative performance was attributed to him being underresourced. Henderson's ...

  • IFA shuns CMI over 'hidden' MVA on WP bond

    4 Aug 2005

    A London IFA says he is boycotting Clerical Medical International because it is burying vital clauses within lengthy product policy descriptions.Opal Mortgage Life and Pensions director David Gomez claims Clerical Medical International has started to apply a "hidden" market value adjuster to regular withdrawals from its with-profits bond.Gomez says one of his clients wants to withdraw 1,000 a month - less than 2 per cent - from a 600,000 with-pro- fits bond.He says the product ...

  • IN Partnership setting sights on doubling staff by 2008

    4 Aug 2005

    IN Partnership celebrates its fifth anniversary this year and says it will double in size by 2008.Group chief executive Kevin McDonagh, group chairman Stanley Lovell and group commercial and legal director Julian Cole set up the Horsham-based network on July 1, 2000 under the Inland Revenue Enterprise Incentive Scheme.The network has its own IFA division, formed out of the acquisition of the staff from defunct firm Reeves Independent Options, which opened in December and currently ...

  • Incoming Amvescap chief gets 28m deal

    4 Aug 2005

    Amvescap is giving new chief executive Marty Flanagan a pay deal worth 28m after recruiting him from Franklin Resources. His 450,000 salary is supplemented by a 2.6m performance-related bonus and 25m in shares. The firm, which owns Invesco Perpetual, is rumoured to be the continued target of a takeover by Canadian fund manager CI Financial.

  • Incoming Amvescap chief gets 28m deal

    3 Aug 2005

    Amvescap is giving new chief executive Marty Flanagan a pay deal worth 28m after recruiting him from Franklin Resources. His 450,000 salary is supplemented by a 2.6m performance-related bonus and 25m in shares. The firm, which owns Invesco Perpetual, is rumoured to be the continued target of a takeover by Canadian fund manager CI Financial.

  • Investment View: Good time for stockpickers

    4 Aug 2005

    The US reporting season has produced few unpleasant surprises so far.

  • Ipswich Building Society - 10 Year Discount

    5 Aug 2005

    Ipswich Building Society 10 Year Discount

  • Jockeying for position

    4 Aug 2005

    Ah, Paris in the spring is meant to be very special but we can't wait until then so here is your chance to win a trip to Paris in the autumn courtesy of First Active and Money Marketing.

  • JPMorgan Invest partners with 1st

    9 Aug 2005

    JPMorgan Invest, a subsidiary of JPMorgan Asset Management, has partnered with 1st Software to provide online workplace financial education.JPM Invest will offer employers packages to help them financial planning tools for employees approaching retirement. This will be powered by 1st Software's Adviser Office software.

  • Jupiter appoints Radcliffe to manage global technology

    9 Aug 2005

    Jupiter Asset Management has appointed Sebastian Radcliffe to manage its Jupiter global technology unit trust.

  • Keydata Bond sells 4m in 3 days.

    3 Aug 2005

    Keydatas secure income bond sold 4m in its first 3 days of launch last week, the highest uptake of any product launched by the provider.

  • Keydata bond takes 4m in three days

    3 Aug 2005

    Keydatas secure income bond achieved sales of 4m within three days of launch last week - the highest uptake of any of its products. It invests in corporate protection insurance policies and aims to pay 7.5 per cent annual income over five years. It is designed to appeal to income investors who are put off by the perceived risk of equity or high yield bond.

  • Keydata bond takes 4m in three days

    4 Aug 2005

    Keydata's secure income bond achieved sales of 4m within three days of launch last week - the highest uptake of any of its products. It invests in corporate protection insurance policies and aims to pay a 7.5 per cent annual income over five years. It is designed to appeal to income investors who are put off by the perceived risk of equities or high-yield bonds.

  • Keydata Investment Services - Keydata Income Bond

    9 Aug 2005

    Keydata Investment ServicesKeydata Income Bond

  • Keydata secures income

    9 Aug 2005

    Keydata Investment ServicesSecure Income Bond

  • Law of averages for Leeds fixed rate

    8 Aug 2005

    LEEDS & HOLBECKFive Year Fixed Rate

  • Liverpool Victoria adds to IHT suite

    5 Aug 2005

    Liverpool Victoria has launched a new whole of life guaranteed life assurance product.Lifetime+ has guaranteed premiums and is available on a single or joint life basis. It also carries guaranteed insurablility options, which include marriage, divorce and inheritance.Level or index-linked options are available and the product confers membership of the mutual on individuals taking it out.

  • Lost for words

    4 Aug 2005

    The extraordinary Texan, Lance Armstrong, has just won his seventh successive Tour de France.

  • Macpherson in Treasury move

    3 Aug 2005

    Nicholas Macpherson has been appointed Permanent Secretary to the Treasury, succeeding Sir Gus ODonnell. He was previously managing director of the budget and public finance directorate and prior to this head of the public services directorate. He has worked in the civil service for 20 years.

  • Macpherson in Treasury move

    4 Aug 2005

    Nicholas Macpherson has been appointed Permanent Secretary to the Treasury, succeeding Sir Gus O'Donnell. Macpherson was previously managing director of the budget and public finance directorate and before that was head of the public services directorate. He has 20 years' experience in the civil service

  • Market View: US fundamentals still look healthy

    4 Aug 2005

    Macroeconomic concerns about the US continue to obscure the fundamental opportunities for the investor.

  • Millfield sells stake in Lifetime for 9m

    8 Aug 2005

    Millfield has sold its 25 per cent stake in the Lifetime wrap to Norwich Union for 9m, meaning NU now owns 97 per cent of the platform.A deferred payment of up to an extra 6m could also be paid over the next four and a half years depending the achievement of certain targets.Millfield says the 9m will be used to improve the companys working capital and enable it to focus further on developing the business. It will also launch a fair deal programme for its advisers as part of its ...

  • Money Portal chief Morris quits ahead of court case

    4 Aug 2005

    The Money Portal is expected to announce a new chief executive next week after former CEO Tony Morris was forced to resign last week by the Department of Trade and Industry.Morris resigned in advance of a court case brought by the DTI concerning his role as director of 11 firms, seven of which have been dissolved and three of which went into liquidation.One of the companies, Defleet Holdings, was run by Morris with former TMP director Andrew Ritchie. Ritchie stepped down as ...

  • Mortgage Advisory Centre faces receivers

    4 Aug 2005

    Scottish mortgage and insurance broker, the Mortgage Advisory Centre, faces liquidation as a result of endowment claims.

  • Mortgage Force deal cost West Brom 6.8m

    4 Aug 2005

    West Bromwich Building Society paid 6.8m to buy the broker franchise Mortgage Force in March.The building society's annual report and accounts confirm an up-front cash sum of 6m while the 0.8m was a deferred purchase consideration. Mortgage Force's last results before the acquisition showed a profit of 121,000 for the year ended March 31, 2004.The franchise opened ano- ther 10 outlets in what Mortgage Force chief executive Rob Clifford admits was a difficult period while the ...

  • Mortgage View: Battle has just begun

    4 Aug 2005

    The intermediary press this year has been full of both comment and letters about lenders' changing attitudes to inter-mediaries.

  • MPC announces base rate cut to 4.5 per cent

    4 Aug 2005

    The Bank of England's Monetary Policy Committee announces base rates will fall to 4.5 per cent.

  • Multi-management View: Picking the winners from the losers

    4 Aug 2005

    As we have all seen in the past few years, the number of multi-manager offerings available in the marketplace has grown rapidly.

  • MVRs slashed but WP funds still in doldrums

    4 Aug 2005

    The average market value reduction on with-profits funds has fallen from 42 per cent to 5 per cent over the past three-and-a-half years.Data from Standard & Poor's shows that MVRs hit their peak in December 2002 and have since been on a gradual downward spiral as investment markets have recovered from the dotcom crash.Last week, both Norwich Union and Scottish Widows made further cuts in MVRs across their with-profits funds.But both firms warned that despite improving returns ...

  • NDF Administration- NDF Growth Plan July 05

    4 Aug 2005

    NDF AdministrationNDF Growth Plan July 05

  • New Star offers guide to risk

    4 Aug 2005

    New Star's fund of funds team is offering advisers a free guide to risk in response to strong IFA demand.

  • Newcastle Building Society closes 19 branches

    8 Aug 2005

    Newcastle Building Society is closing 19 branches which have become increasingly unviable due to falling customer usage.

  • Newton chief recruited to run JO Hambro UK fund

    4 Aug 2005

    John Wood has been appoin-ted to launch the J O Hambro Capital Management onshore UK opportunities fund this autumn.Wood has managed the Newton UK opportunities fund since its launch in 2002 helping it generate 48.98 per cent cumulative growth over three years. He joined Newton as an analyst in 1995 after qualifying as a chartered accountant with Ernst & Young.The UK opportunities fund will be the company's third UK fund, joining its UK growth fund and UK equity income fund.Nick ...

  • NU Direct celebrates 10th birthday today

    8 Aug 2005

    Norwich Union Direct is celebrating its 10th birthday today having set up its direct insurance arm on August 8, 1995.

  • NU gets boot

    4 Aug 2005

    The front page of your July 21 issue has brought much mirth and laughter to Cardiff this morning.

  • Nvesta - Momentum Tracker Plan

    3 Aug 2005

    NvestaMomentum Tracker Plan

  • Nvesta zooms off

    4 Aug 2005

    Nvesta has established the accelerator growth plan 3, a six-year guaranteed equity bond linked to the performance of the Dow Jones Eurostoxx 50 index.

  • On solid ground

    4 Aug 2005

    The future for the equity-release market is looking bright as illustrated by the rising number of equity release plans sold this quarter, as well as the future launch of products, such as Prudential's property value release plan.Research from Key Retirement Solutions shows the number of equity-release schemes has broken the 100,000 mark for the first time. Defaqto has also just released a report predicting the equity-release market will grow considerably over the next few years ...

  • Parents must start saving early for university fees, says Fidelity

    4 Aug 2005

    Over 12 million parents are worried about student debt for their offspring but only 46 per cent are taking action to save, says Fidelity International.More than two-thirds of parents with teenagers say they cannot afford to contribute to university fees, according to a You Gov survey forFidelity.Parents of under-fives are more likely to save, with 54 per cent already putting away money for their toddlers and 18 per cent saying they intend to start saving soon.Fidelity says ...

  • Pension row rumbles on as IFAs back s32s

    4 Aug 2005

    Research into IFAs' preferred transfer strategies has reignited a row between Scottish Equitable and Standard Life.

  • Personal bankruptcy and debt at highest ever figures

    8 Aug 2005

    The DTI today publishes its highest-ever record of personal insolvencies since records began 45 years ago.

  • Poll says buy-to-let landlords are investors, not speculators

    4 Aug 2005

    Most landlords are investors and not speculators and are growing their portfolios at a rate of one property a year according to research from Mortgage Trust.The survey of 350 independent residential landlords shows that in May 2005 landlords held an average of 7.5 properties in their portfolios, up from 7.1 in January and anticipate to increase these by 12 per cent in the next 12 months. Most of the landlords do not have any newbuild property in their portfolios, with 77 per ...

  • Price joins Financial Objects

    8 Aug 2005

    Financial Objects has appointed Nicola Price as marketing director, with her role including overseeing the integration of the recently acquired Wealth Management Software.Price joins from TIBCO Software where she was responsible for field marketing and lead generation activities across Northern Europe.Price says: "I am delighted to join Financial Objects during this exciting period of change and growth. The groups increased focus on marketing makes an important and positive statement ...

  • Product Matters: Amber gets green light

    4 Aug 2005

    As money-market rates have fallen, new lower fixed rates have become a daily occurrence in the mortgage market, with plenty of lenders jockeying for best buy coverage. Meanwhile, the non-conforming market has seen increased competition and as a consequence the borrower has been benefiting from improving rates.With this as the backdrop, Amber has launched a new range and has chopped the rates on its fixed-rate products. The headline rate on its Feather adverse three-year fix is just ...

  • Property in Sipps set for 10bn boost

    4 Aug 2005

    The Sipp property purchase market could be worth 10bn after A-day and provide a 5 per cent boost to the housing market, according to new research from Hargreaves Lansdown.The research, which surveyed 614 members of the public and 180 Hargreaves Landsown Sipp investors, shows that 37 per cent of the current 140,000 Sipp investors in the UK are interested in using their Sipp for property purchase once the new simplified pension regime takes effect next April.With the average anticip-ated ...

  • Protection pledge

    4 Aug 2005

    Some IFAs and their clients still have a cliched view of offshore investments as being unregulated and only for the very wealthy or crooks laundering money. For these reasons, many IFAs have steered clear of recommending the offshore market.

  • Pru fails to get place on panel it helped build

    4 Aug 2005

    Prudential has failed to win a place on Burns-Anderson's multi-tie panel despite working on its initial development and announcing in January that it had already signed up.The five successful providers for the panel are Axa, Friends Provident, Legal & General, Scottish Equitable and Standard Life.Prudential was a strategic partner in designing B-A's multi-tie proposition and is a notable absentee from the selection which has yet to gain FSA approval.Pru issued a press statement ...

  • 'Pru is not for turning' on taking stakes in IFAs

    4 Aug 2005

    Prudential will not use any of its 1bn war chest to buy stakes in IFA firms but will help to finance them, says UK chief executive Mark Wood.The firm's trading update for the half-year shows a 50 per cent rise in UK and Europe sales to 541m on an APE basis, including the Phoenix Life & Pensions transaction, which increased APE sales by 145m. Excluding the Phoenix deal, sales growth was 10 per cent, with sales of unit-linked bonds doubling, individual annuities up by 12 per cent ...

  • Quick guide set to replace key features

    4 Aug 2005

    Key features documents are to be replaced with a document highlighting the benefits and risks of investment products.The document, dubbed the quick guide, will form one of the main pillars of a wider disclosure package for investment products which will eventually replace the key features regime.The FSA proposes that the guide will be produced as a separate marketing document, no more than two pages long, and presented at the top of any marketing pack given to customers.It ...

  • Rebuilding Sri Lanka

    4 Aug 2005

    Bank of Scotland International's Una Sheehy headed to Galle in Sri Lanka on July 30 as part of an HBOS initiative to help with the post-tsunami rebuilding programme. Sheehy, part of BoSI's business development team is part of a 40-strong team of HBOS volunteers who will work alongside local families to build eight houses over two weeks. As well as the actual rebuilding prog-ramme, HBOS and the team hope to raise sufficient funds through sponsorship and corporate donation to build at ...

  • Rental recovery continues but tenants face the squeeze says Savills

    5 Aug 2005

    Landlords are seeing a rise in rents over the next two years but this means tenants could face affordability squeeze according to Savills reseidential research.

  • Revenue blocks SSAS limit loophole

    4 Aug 2005

    Her Majesty's Revenue and Customs has closed a loophole that could have allowed small self-administered scheme members to build a pension pot over the lifetime allowance while avoiding tax charges.The Revenue's warning that attempts to dodge the lifetime allowance constitute tax avoidance comes after it discovered a number of company directors and high-earners trying to exploit grey areas in the pension simplification rules.SSASs are typically regarded as money-purchase schemes ...

  • Risk and reward

    4 Aug 2005

    Offshore funds are often viewed (but not always justly) to be riskier than their onshore counterparts but two recent cases have pushed one IFA to raise awareness of this issue within the advice industry.

  • Rooftop launches 3-year capped rates range

    4 Aug 2005

    Rooftop Mortgages launches a range of 3 year capped rates.Available on its Light, Medium, and Heavy schemes, including Right to Buy and Buy to Let, rates start from just 6.36 per cent. Sales & marketing director Alison Beech says: "A capped rate offers a very attractive alternative to the many fixed rates available in the market at the moment."

  • Royal London announces Group half yearly results

    9 Aug 2005

    Royal London Group is announcing its six-monthly interim results today, which it says proves its strategy of focusing on specialist business distribution through intermediaries is working.

  • Sanjeev Shah

    4 Aug 2005

    Ice cream and fish fingers may not seem the most glamorous introduction into the world of finance but Sanjeev Shah's graduate trainee job at Birds Eye Walls, with Unilever as a commercial analyst clearly set him on the right career path.

  • Schroders chooses Insight for property

    4 Aug 2005

    Schroders' multi-manager team has sold out of the F&C property trust and put new money into the Insight Foundation property trust.

  • Schroders -Oriental Income Fund

    3 Aug 2005

    SchrodersOriental Income Fund

  • Scottish Widows Investment Partnership - Swip Property Trust

    9 Aug 2005

    Scottish Widows Investment PartnershipSwip Property Trust

  • Sideways Glance: Enterprise boldly goes into Aim market

    4 Aug 2005

    Charles McMicking and his team at Noble Fund Managers have an excell- ent performance record.

  • Simple solutions

    4 Aug 2005

    Having a suitable spread of assets is a prerequisite to good portfolio construction.

  • SimplyBiz at the races

    4 Aug 2005

    SimplyBiz celebrated its 1000th member signing with a day out at Doncaster races last week. The firm says the day was made even more special by having its first and 1000th members join them for the outing. David Brad-shaw, based in Leicester became the first member in December 2002 and Cheshire's Mark Pedley signed up in June as member number 1000.

  • Skandia marketing boss joins Gartmore

    3 Aug 2005

    Skandia Investment Management Limited head of marketing David Orr is leaving later in the year to join Gartmore as senior marketing manager.He will report to head of sales support, marketing Colin Hodges. Skandia sales director Spike Hughes will take on the expanded role of sales and marketing director.

  • Sunday Group starting affinity service

    4 Aug 2005

    The Sunday Group is introducing an affinity service that will offer financial advice as well as legal, accounting and human resources services to the self-employed.

  • Swip brings property to retail investors

    5 Aug 2005

    Scottish Widows Investment Partnership has brought the Swip property trust within the reach of retail investors by reducing the minimum investment to 5,000 from 100,000.

  • Swip in to property

    4 Aug 2005

    Scottish Widows Investment PartnershipSwip Property Trust

  • Technology set for upturn, say fund managers

    4 Aug 2005

    Polar Capital director Brian Ashford-Russell says technology is within 18 months of an upturn.New Star select opportunities manager Patrick Ever- shed has increased his fund's technology weighting to up to 40 per cent.Retail investors lost huge amounts of money when the technology bubble burst in March 2000. Ashford-Russell says he understands investors are disillusioned but taking a dispassionate view is the best way to make money and the five-year bear market is soon to be ...

  • The Expert: Underwriting hopes are hanging on the telephone

    4 Aug 2005

    Tele-underwriting is creating a lot of debate in the UK insurance industry.

  • The legal lowdown

    4 Aug 2005

    Non-disclosure can have a serious impact on IFAs' as well as insurers', businesses.

  • The problem with problems

    4 Aug 2005

    The protection market is beset by problems. But the problem with problems is how we deal with them.

  • The whole truth starts to emerge

    4 Aug 2005

    The sharpest divide has always been assumed to be between independents and multi-ties.

  • Tied hands

    4 Aug 2005

    Having read Simon Chamberlain's essay arguing for the inclusion of multi-tied agents in Aifa, the same old question looms large.

  • Turning over a new relief

    4 Aug 2005

    From April 6 next year, the eight UK pension regimes will be replaced by a single regime.

  • UCB Home Loans - Self Cert Two Year Flexible Fixed Rate Remortgage

    5 Aug 2005

    UCB Home LoansSelf Cert Two Year Flexible Fixed Rate Remortgage

  • Western Provident Association - Parent Care

    8 Aug 2005

    Western Provident AssociationParent Care

  • When the Poat comes in

    4 Aug 2005

    John's Eversden scheme - resulting from a legislative anomaly exposed in CIR v Eversden (2003) - allowed a gift of the interest represented in the value of his home to be transferred to his children.

  • When you wish upon a star

    4 Aug 2005

    I have always been a cynic when funds are launched, particularly ones which have a quirky name that makes good promotional copy.

  • Whitechurch links up with Pink Loans

    4 Aug 2005

    Whitechurch Network has teamed up with Pink Home Loans to provide its members with a preferred packager facility. The deal allows Whitechurch members to access Pink's packaged lender panel including its products and branded range.

  • Whitechurch links up with Pink Loans

    3 Aug 2005

    Whitechurch Network has teamed up with Pink Home Loans providing members with a preferred packager facility.

  • Why is simplification so complicated?

    4 Aug 2005

    I was not surprised to read of Messrs Lawson and Ritchie's handbags at 50 paces, with the ever conciliatory Iain Naismith as referee.

  • Widows questions Killik switch

    4 Aug 2005

    Scottish Widows is questioning the motives of Killik & Co after the stockbroker swit-ched its group pension scheme to a third provider in just two and a half years. Killik will earn commission from Friends Provident as it is acting as its own broker and was also previously paid commission by Widows.Killik marketing director Philip Browne says the switch reduces its group scheme's amc from 1 to 0.9 per cent and provides its employees with a greater fund choice. He says the FSA is ...

  • Winterthur adds clustering to s32 plans in bid to shelter tax-free cash after A-Day

    4 Aug 2005

    Winterthur Life has revamped its section 32 plan to include a clustering facility to help preserve tax-free cash rights after A-Day.The firm is extending the self-investment option available on its existing s32 plan to the clustered version, which it believes will differentiate it from rivals' existing offerings in the marketplace.Investors can hold stocks, gilts, unit trusts, investment trusts, deposit funds and commercial property in an s32 and in specie transfers will ...

  • Without a shadow of a doubt

    4 Aug 2005

    I am writing in response to the front page article in your Professional Brief in which you say that Simply Biz is urging IFAs to set up shadow companies to ease their transition from networks to directly authorised status.

  • Wynne-Jones in move to Investec

    4 Aug 2005

    Investec has appointed Mark Wynne-Jones from UBS Wealth Management to join its UK contrarian team, reporting to Alastair Mundy. Wynne-Jones was director of wealth management research at UBS and was previously a fund manager at Cavendish Asset Management.

  • Wynne-Jones in move to Investec

    3 Aug 2005

    Invstec has appointed Mark Wynne-Jones from UBS Wealth Management to join its UK contrarian team, reporting to Alastair Mundy. Wynne-Jones was director of wealth management research at UBS and was previously a fund manager at Cavendish Asset Management.

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