Money Marketing
3 February 1999

  • Axa Sun Life appoints new chief investment officer

    9 Feb 1999

    Axa Sun Life Investment Management has poached former IAI chief executive Roy Gillson as its chief investment officer.Gillson was the chief executive and chief investment officer of IAI in Minneapolis and chief investment officer of IAI International in London.The move follows the takeover of Guardian Royal Exchange by Axa last week.

  • Budget date announced for March 9

    3 Feb 1999

    The Budget will take place on Tuesday the 9th March this year.

  • Buy-to-let mortgage sales on the rise

    9 Feb 1999

    Over £1.7bn of property has been bought through buy-to-let mortgage schemes since 1996 according to the Association of Residential Letting Agents.

  • CGU hits out at pensions confusion

    5 Feb 1999

    CGU has attacked the Treasury proposals for stakeholder pensions for adding "nothing more than chaos to pension reforms".

  • Clerical Medical sponsors Spitalfields music festival

    4 Feb 1999

    Clerical Medical is sponsoring the Spitalfields Classical Music Festival in a three-year deal worth £150,000.

  • CML elects NatWest's Wise as chairman

    3 Feb 1999

    NatWest Mortgage Service managing director George Wise has been elected chairman of the Council of Mortgage Lenders.

  • CML survey shows 5 per cent fall in repossessions in 1998

    3 Feb 1999

    The number of properties repossessed by mortgage lenders fell by 5 per cent in the second half of 1998

  • Conservatives attack Treasury's pension plans

    4 Feb 1999

    The Conservative Party has attacked the Labour Party for creating pensions chaos with the publication of Treasury plans for an alternative stakeholder pension.Tory Shadow Chancellor Francis Maude says: "This is the fourth proposal to go out to consultation, and it is clear evidence that the whole overhaul of pensions has been hijacked by the Treasury."Maude adds that the only clear Government objective is the extension of means testing.

  • Co-operative Bank seeks 35 IFAs over next three years

    8 Feb 1999

    Co-operative Bank Financial Advisers is aiming to double its salesforce in the next three years.

  • Countrywide appoints IT expert as managing director

    8 Feb 1999

    Countrywide Independent Financial Advisers is appointing Mark Lunt as managing director.Lunt is joining Countrywide from Case Technology, a manufacturer of data communications equipment where he was managing director for three years.He says: "I am delighted to be joining such a progressive organisation and very much look forward to helping Countrywide members better compete in a fast changing market."

  • David Aaron Partnership launches guide to top 50 Peps

    4 Feb 1999

    The David Aaron Partnership is publishing a 37 page guide to the 'Top 50 Peps.'

  • Egg cuts rate to 6.25 per cent

    3 Feb 1999

    Prudential's direct banking arm Egg has cut the interest rate on its savings account to 6.5 per cent from 7.25 per cent in keeping with its guarantee to maintain it at 0.5 per cent above the base rate.

  • Employees not satisfied with benefits

    8 Feb 1999

    Despite annual spending of £50bn by companies, UK employees are not satisfied with their employee benefits, according to the Towers Perrin Benefits Effectiveness Index.

  • Financial Services golf tornament aiming to raise £50,000

    4 Feb 1999

    The Financial Services Sunshine Classic golf tournament will be held at Moor Park Golf Club on June 30.The tournament is aiming to raise money to buy sunshine coaches for the Variety Club of Great Britain.Last year's inaugural tournament raised £50,000 to buy two coaches for the charity.The tournament is open to anyone in the financial services industry that raises £1750 for the charity.

  • First Active launches offshore euro accounts

    5 Feb 1999

    Irish-owned First Active's Guernsey-based subsidiary is launching a range of offshore euro-denominated savings accounts.

  • First Mortgage launches 3.99 per cent fixed rate

    3 Feb 1999

    First Mortgage Group is launching a three-year fixed-rate mortgage at 3.99 per cent.The minimum loan is £27,500 and maximum is £250,000. A maximum of 90 per cent loan to value is available. There is no compulsory insurance.It is exclusively available through IFAs who will receive a procuration fee of £200 on completion.

  • Friends Prov retail business up 20 per cent

    9 Feb 1999

    Friends Provident's total new retail business was up 20 per cent to £245m from £204m equivalent premium income year ending December 1998 compared to the same time the previous year.Total new annual premium business increased 12 per cent to £134m from £120m while new single premium business increased 32 per cent to £1,109m from £838m.

  • Future Mortgages managing director quits

    9 Feb 1999

    Future Mortgages managing director Tim Keast has quit his job to develop a financial services business nearer his home in Somerset. Keast has been managing director of the sub-prime lender since its formation in October 1996 has sited the 200 miles he commutes to work every day as a factor behind his resignation.Chairman Mike Cullhane will act as managing director pending a review of the board's structure which is due to take place in the next month.

  • Get a Grip with houseSAFE

    4 Feb 1999

    ASU MORTGAGE PROTECTION PLANS

  • Guardian Employee Benefits profits up 20 per cent

    9 Feb 1999

    Guardian Employee Benefits increased its total new business by 35 per cent to £22.1m in 1998 from £16.4m based on equivalent premium earnings.Its EPI sales of pension products increased by 22 per cent to £13.6m from £11.15 in 1997. Sales of protection products grew by 60 per cent to £8.5m from £5.3m.Guardian Financial Services reported flat new business figures at £9.4m in 1998.

  • Lazard offers life insurance option on personal portfolio service

    3 Feb 1999

    Lazard Asset Management is adding a life insurance option to its successful Personal Portfolio Service.

  • Lazard offers life insurance option on personal portfolio service

    3 Feb 1999

    Lazard Asset Management is adding a life insurance option to its successful Personal Portfolio Service.

  • Matrix Securities launches biggest ever VCT

    5 Feb 1999

    Matrix-Securities is launching the biggest ever venture capital trust on offer to date.

  • MPC cuts interest rates by 0.5 per cent

    4 Feb 1999

    The Bank of England Monetary Policy Committee is cutting interest rates by 0.5 per cent.

  • NAPF survey shows 17 per cent jump in scheme membership

    3 Feb 1999

    The National Association of Pension Funds annual membership survey shows a 17 per cent jump in the number of employees taking up occupational pensions in 1998.

  • Nationwide denies key role in Hoddle sacking

    3 Feb 1999

    Nationwide Building Society is playing down media reports that it threatened to terminate its England sponsorship unless the Football Association sacked Glenn Hoddle.

  • Northern Rock predicts rising house prices on back of interest rate cuts

    8 Feb 1999

    Northern Rock is predicting a steady increase in house prices in 1999 for the North East and Cumbria following the fifth successive interest rate cut.The bank's latest quarterly house price survey found that house prices in the Northeast and Cumbria increased by 0.7 per cent between November and January.It found that the average price of a house in the Teesside area rose by £1,650 to £57,700.

  • Northern Venture Managers launches second VCT to attract £25m

    5 Feb 1999

    Northern Venture Managers is launching a second venture capital unit trust fund that is aiming to raise £25m.The Northern 2 VCT trust will be listed on the London Stock Exchange. The offer period for tax year 1998/99 will remain open until April 5 and until April 12 for tax year 1999/2000.The minimum investment is £5,000, the annual management charge is 1.5 per cent and the administration charge is 0.25 per cent. IFA commission is 3 per cent.

  • Norwich and Peterborough appoints national sales manager

    8 Feb 1999

    Norwich and Peterborough Building Society has appointed Andy Martin to the newly created role of national sales manager.

  • Norwich Union appoints new head of product marketing

    8 Feb 1999

    Norwich Union has appointed Lynn Coleman as new head of product marketing. Coleman joins Norwich Union from the Bradford & Bingley Building Society.Life and pensions marketing director Mike Kirch says: "We are delighted to welcome Lynn aboard. She brings with her a wealth of experience of the IFA market which will be a real asset to our business."

  • Perpetual reassures investors on ISA transfers

    8 Feb 1999

    Perpetual is reassuring investors that they will be able to switch their Pep savings into ISAs without having to sign new direct debits.The fund manager says its IT system will allow the company's 130,000 monthly savers contributions to be transferred within the ISA wrapper.It will offer both mini and maxi ISAs with stocks and shares components.It has decided not to Cat-mark its products because it believes clients should seek financial advice before investing.

  • Personal pensions experienced mini-boom between 1996 and 1998 according to ABI

    4 Feb 1999

    Personal pensions rose 18 per cent to £225bn in 1998 from £190bn in 1996 according to the Association of British Insurers.

  • Pointon York appoints pensions specialist to board

    9 Feb 1999

    Pension specialist Pointon York has appointed Ian Martin as non-executive chairman.Forty-six-year-old Martin has held a number of non-executive positions including five years with the Securities and Futures Authority. Pointon York chief executive Geoffrey Pointon says: "He brings to the board a wealth of experience, particularly in the areas of banking and finance, at a time when our company is poised for significant growth."

  • Prime backs local Guildford film-maker

    9 Feb 1999

    Guildford-based Prime Health is sponsoring local production company New Screen Elite to make a short feature film.The film called 'Panic' is directed by Omid Nooshin and is based on a true story about a mother rescuing her kidnapped child.Prime Health managing director Mike Hall says: "We are delighted to offer sponsorship to this talented young director and his Guildford-based company in this exciting new venture."

  • R&SA warns of budget threat to potentially tax exempt transfers

    8 Feb 1999

    Royal & SunAlliance is warning that the Government may close in on potentially tax exempt transfers in next month's budget.

  • Reid re-elected to chair SOFA

    9 Feb 1999

    Robert Reid and Peter Williams have been re-elected as chairman and vice chairman of the Society of Financial Advisers.

  • Scot Life ups allocation rate on 25-year endowment plans

    5 Feb 1999

    Scottish Life is increasing the allocation rates on new 25 year endowment plans by 2.5 per cent.

  • Scot Widows to launch postponed high yield corporate bond as an ISA

    5 Feb 1999

    Scottish Widows is to launch a previously postponed high yield corporate as an ISA in April.Widows shelved plans for the corporate bond in December and has decided to launch it to coincide with ISAs.It believes the abolition of ACT will boost the product. The bond already has regulatory approval from the FSA.

  • Stakeholder - multi-functional investment latest

    9 Feb 1999

    Stakeholder pensions - the multi-functional investment

  • Standard Life Investments cuts charges on Pep fund

    4 Feb 1999

    Standard Life Investments has slashed the annual management charge on its biggest Pep fund to meet Inland Revenue guidelines for Cat standards.

  • Termination settlement reporting requirements revealed

    5 Feb 1999

    Regulations have been made to impose reporting requirements on employers who provide payments or benefits to employees after termination of the employment.

  • Timms to speak at pensions conference this Wednesday

    8 Feb 1999

    Pensions minister Stephen Timms will speak at the 'New Welfare Partnerships' conference in London on Wednesday this week.The conference, sponsored by Legal & General, is part of the Debate of the Age, which aims to foster debate between politicians, trade unionists, industrialists and pension experts.L&G group chief executive David Prosser will also chair a debate looking at how public private partnerships can contribute to welfare reform.

  • TMO offers IFAs £200 compensation for failure to process offers in 48 hours

    5 Feb 1999

    The Mortgage Operation is guaranteeing to give mortgage advisers £200 if it fails to meet its processing targets.

  • Tories plan pensions attack in Commons today

    3 Feb 1999

    The Tories plan to take the Government to task for its confused pensions policy in a Opposition day debate in the Commons this afternoon.

  • Treasury expected to publish stakeholder proposals today

    3 Feb 1999

    The Treasury is expected to publish its response to the stakeholder green paper this afternoon.The leaked proposals are expected to detail how collective investments such as unit trusts, ISAs and Oeics can fit within a new pensions framework.It has been suggested that the new collective investment product can be fitted to the stakeholder and will be known as the lifelong individual savings account or LISA.

  • Treasury Select Committee to report on FSA this week

    3 Feb 1999

    The Treasury Select Committee is due to publish its report on the Financial Services Authority entitled 'Financial Services Regulation' on Thursday this week.The committee interviewed FSA chairman Howard Davies and Treasury economic secretary Patricia Hewitt in December last year.

  • UK to spend less as proportion of income by 2050, according to IFS

    5 Feb 1999

    An Institute for Fiscal Studies study of ten OECD pension systems has shown that only the UK will spend a lower proportion of national income on pensions by 2050. Other countries surveyed included Germany, France, Canada and Australia.Despite this, the combination of state benefits, means-tested benefits and private pensions mean that the incomes of pensioners are broadly comparable to those of other countries.

  • Verso launches self-certification mortgage

    4 Feb 1999

    Verso is launching a self certification mortgage which will allow borrowers to remortgage and raise up to £200,000 for their companies.

  • Wesleyan new life and pensions business up 34 per cent

    9 Feb 1999

    Wesleyan grew its new life and pensions business by 34 per cent to £12.2m in 1998 from £9.1m boosted by strong sales of annual premium products.The life offices increased its new annual premium pension business by 49 per cent to £4.02m from £2.69m. Its new annual premium life business rose 29 per cent to £7.23m from £5.62m.

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