Money Marketing
3 October 2001

  • 'Annuity change would not be just for the rich'

    4 Oct 2001

    Liberal Democrats reject claims by the Government that annuity reform would only benefit the wealthy. The party argues that rel-axing the rule of compulsory purchase at 75 is essential to give individuals more freedom. Pension spokesman Steve Webb and Shadow Chancellor Matthew Taylor believe that pensions minister Ian McCartney's statement made at the TUC annual conference this month does not reflect the reality of the impact of compulsory purchase and demonstrates that the ...

  • 'Best week for IFAs in years' - Buchanan

    9 Oct 2001

    Some product providers have been reacting enthusiastically to FSA announcements made at its industry meeting on polarisation yesterday, when it indicated that multi-ties and the abolition of polarisation rules were unlikely.

  • 'Employers should advise staff'- KPMG

    4 Oct 2001

    Accountancy firm KPMG is calling for the relaxation of rules for employers offering financial advice to staff. It believes technology tools would help choose financial products. It is also asking for incentives to encourage employers and staff to take up stakeholder pension schemes.

  • 'IFAs would have averted Equitable debacle'

    4 Oct 2001

    IFAs would have stopped Equitable Life carrying on its disastrous reserving and bonus policy, according to the Faculty and Institute of Actuaries. The report says as Equitable did not sell through IFAs, it did not come under as much scrutiny as IFA life companies. It says: "We believe this allowed Equitable to adopt some policies and practices which were not prevalent elsewhere in the life industry." But Equitable has hit back with an attack on the FIA for failing to find blame ...

  • A lesson in research

    4 Oct 2001

    I must reply to Philip Thomas' letter in Money Marketing last month. It seems to me he has proved exactly the point that we were making that IFAs do not have the time or resources to do much of their own research. He has taken at face value a few comments in the press and elsewhere. However, if he had bothered to phone me or indeed come down to see Hargreaves Lansdown, he could have seen first hand the sort of research that we do. If this is an example of the research he does, ...

  • A&L group managing director resigns

    3 Oct 2001

    Alliance & Leicester group managing director Peter McNamara has resigned after 15 months following a restructuring of the bank’s executive directors. Executive chairman John Windeler is expected to stay in his existing role, while group finance director Richard Pym will step to managing director, retail banking. 

  • Accrual world

    4 Oct 2001

    Last week, I started to look at the way in which transfer values are calculated for early leavers from final-salary pension schemes and the implications of some of the issues arising from these calculations. I noted that the first stage is to identify and quantify the value of the benefits accrued up to the date of leaving and would like to start this week's article by confirming that, for most early leavers, this calculation is very simple and straightforward, as typified by the ...

  • Advisers are not running charities

    4 Oct 2001

    The FPC exam resulted in lots of advisers becoming mortgage brokers. With the low take-up of Cemap, we see increasing media coverage extolling the virtues of non-regulated business. I can only assume that eventually the PIA/FSA will see a reason to block this route and then, guess what, we will all become double-glazing salespeople. Round and round we go. Oh yes, what about the stakeholder issue? It is about time that the PIA/FSA realise that there is no such thing as a ...

  • AITC attacks discount 'madness'

    3 Oct 2001

    AITC director general Daniel Godfrey has attacked discount broking as "madness" as part of the association's response to the Sandler review. Godfrey is questioning whether the framework which allows IFAs to sell funds on an execution-only basis and rebate commission is fair. He points out that consumers cannot get the same prices by going direct to the provider. He says: "It is madness. Just for being an IFA, but not giving advice, means you can sell at a big discount." The ...

  • Alliance unites to back advice

    4 Oct 2001

    The ABI, Autif, AITC, Aifa and Apcims have formed an unprecedented alliance in a bid to ensure Ron Sandler recognises the value of financial advice in his review. In a joint letter, the five director generals - the ABI's Mary Francis, Autif's Richard Saunders, Apcims' Angela Knight, the AITC's Daniel Godfrey and Aifa's Paul Smee - say there is "one issue of such central importance to us all that we want to jointly record our views with you". They say financial advice ...

  • Aspirin to cure hedge headache

    4 Oct 2001

    Sagitta Asset Management has come up with an aspirin for the hedge fund market with the introduction of the salix fund. The fund, which is named after the willow tree that provides the base ingredient of aspirin, is a hedge fund which is aimed at the high-net-worth investor who is looking for growth. The fund will invest in different areas of the healthcare sector, including pharmaceuticals, care homes, biotechnology, medical instruments, hospitals and drug delivery, where a drug ...

  • Bank of England cuts rate by 0.25 per cent

    4 Oct 2001

    The Bank of England has again cut the UK base rate by 0.25 per cent to 4.5 per cent, bringing interest rates down to their lowest level since 1964.

  • Bedford leaves Misys IFA Services

    3 Oct 2001

    Misys IFA Services head of marketing Andrew Bedford is resigning to take up a position in America in January 2002. Bedford will become director, training and development for ALICO, a subsidiary of AIG. Bedford has been MIFAS head of marketing since January last year.

  • Big two vie for stakeholder top slot

    4 Oct 2001

    Norwich Union and Standard Life are head to head in the battle for winning stakeholder market share, controlling nearly half of IFA stakeholder business. NU says it has more than 25 per cent of the stakeholder pension market through IFAs, with Standard saying it has more than 20 per cent, meaning that the top two companies have secured nearly half of all IFA stakeholder business. Standard says it has more than 20 per cent of what the ABI defines as the individual pension market ...

  • Boadicea jumps on the hedge fund bandwagon

    8 Oct 2001

    Deco Capital is charging into the hedge fund market with the Boadicea fund.

  • Bupa targeting IFAs with flexible protection plans

    4 Oct 2001

    Bupa is offering a new individual range of protection products on November 12 to be distributed principally through IFAs. The flexible protection plan, unveiled at the Bank-hall convention in Monaco last week, will include inc-ome protection, term life insurance and critical-illness cover, with the option of life cover. Bupa says although it is already in the protection market, its existing products are stand-alone and do not have the flexibility of the new plan. IFAs currently ...

  • Cable urges Treasury not to ignore Sandler

    4 Oct 2001

    The Sandler review must not be ignored if it makes recommendations, which the Treasury disagrees with, says Liberal Democrat trade and industry spokesman Vincent Cable. Speaking at the party's annual conference in Bourne-mouth last week, Cable said that despite many worthwhile recommendations concerning the retail banking sector made in Don Cruickshank's January 2000 report, it had been largely ignored by the Treasury. Cable believes there is always a chance when the Treasury ...

  • Capital idea from Credit Suisse

    4 Oct 2001

    Credit Suisse Asset Management has introduced a fund of funds which invests in the UK and overseas. The CS multi-manager UK strategic growth portfolio aims for capital growth and income by investing in a portfolio of funds from Credit Suisse and external managers such as Deutsche, Fidelity, HSBC and Edinburgh Fund Managers. Between 25 and 75 per cent of the portfolio will go into funds with a UK bias and the remainder will be invested in funds which invest in other areas, including ...

  • Cavanagh Group floats on Aim

    3 Oct 2001

    IFA Cavanagh Group has floated on the alternative investment market with a market capitalisation of £15m.

  • Close Business Centre Capital - Fareham Fund

    5 Oct 2001

    Friday, 5 October 2001.Type: Unit trust.Aim: Income by investing in a commercial property.Minimum investment: Lump sum £10,000.Investment split: 100 per cent Fareham Innovation Centre.Yield: 11 per cent.Isa link: No.Pep transfers: No.Charges: Initial 7.25 per cent, annual 1.25 per cent.Commission: Initial 3 per cent.Tel: 020 7426 6216. 

  • Closing in on tech

    8 Oct 2001

    Close VCT Management, the venture capital trust arm of Close Brothers is offering a new share issue in its Close technology & general venture capital trust (VCT). This VCT invests in technology and unquoted companies in other sectors and is divided between an income portfolio and a growth portfolio. The growth portfolio focuses on European and US technology stocks that are quoted on international stocks exchanges and unquoted UK technology stocks. The income portfolio ...

  • Cofunds founders show their loyalty to venture

    4 Oct 2001

    Threadneedle, Gartmore, M&G and Jupiter have reasserted their loyalty to Cofunds by extending their commitment not to join any other IFA fund supermarket in the near future. Last month, Old Mutual announced that none of the four Cofunds founders will be part of its Project Mars multi-manager platform, now publicly known as Selestia, with Fidelity also absent from the new venture. It is thought that the four founders of Cofunds have renewed their agreement, which prevents any of ...

  • Commission is millstone round IFAs' reputation

    4 Oct 2001

    A curious paradox within the life and pension industry emerges in the latest Swiss Re Insurance Report. Based on a survey of 1,000 consumers, the report shows a strong preference for face-to-face advice and a growing recognition of the benefits of independent advice. But this does not translate into general esteem for IFAs. One of the questions aimed to uncover the level of respect for various professions. IFAs will be relieved to know that estate agents came bottom. But only ...

  • Contracting out is top target in pension clean-up

    4 Oct 2001

    IFAs and providers are welcoming the Department for Work and Pensions' review of pension legislation as a huge opportunity to clear away dead wood from the system. Former NAPF chairman Alan Pickering is to head the independent review of private pension legislation. The Government says it is determined to simplify the pension system and reduce compliance costs. Contracting-out rules are topping the list of what both IFAs and product providers say must be reformed, with calls ...

  • Crunch polarisation meeting in London today

    4 Oct 2001

    The FSA is publishing research to coincide with a open forum attended by as many of 1500 people from national and network IFAs and providers on the future of polarisation in London on Thursday. The regulator's research suggests many consumers who use tied advisers do so for reasons of trust which may mean they do feel the need to shop around. The regulator also claims the research demonstrates there is an increasing preparedness to pay fees from its research because the public is ...

  • CSAM gazes at the stars

    5 Oct 2001

    CREDIT SUISSE ASSET MANAGEMENTCREDIT SUISSE MULTI MANAGER CONSTELLATION PORTFOLIOType: Unit trust fund of fundsAim: Growth by investing in funds of funds.Minimum investment: Lump sum £1,000, monthly £100.Investment split: 100 per cent fund of funds.Isa link: Yes.Pep transfers: Yes.Charges: Initial 4 per cent, annual 1.5 per cent.Commission: Initial 3 per cent, renewal 0.5 per cent.Tel: 020 7426 ...

  • Customer and practice

    4 Oct 2001

    Although the UK life and pension industry has been in existence for over 200 years, there are many indicators that it is far from a mature industry. More than 100 companies trade in the life and pension market but even the biggest of these has a market share barely into double figures. Despite accelerating merger and acquisition activity, in 1999, there were more than 80 companies with a market share below 2 per cent. Another indication of the industry's immaturity is that although ...

  • Davies points to easing of polarisation but strengthening of advice

    9 Oct 2001

    Howard Davies has told the London meeting the FSA believes it can protect consumers while easing polarisation. He said: "IFAs now face a series of challenges - new products, charging caps and, potentially polarisation reforms - but the sector has already shown that it is able to adapt to change."

  • Dishonour over transfer

    4 Oct 2001

    Bryan Little is right to identify the pernicious practice of transferring policies Money Marketing, September 20). I was surprised when I got notice that a client had transferred servicing rights elsewhere and wrote to him, only to discover that what he had intended was for his employee's financial advisers to get information about his current pension plan. The client switched back immediately. The advisers in question should have contacted me as the client's current IFA ...

  • Downing & Electra arrive early

    4 Oct 2001

    Downing Corporate Finance has teamed up with Electra Partners for the introduction of the Electra kingsway venture capital trust (VCT). Product providers usually showcase VCTs at the end of the tax year, but they are having compete earlier this year because there is a lot of uncertainty and less money going into stockmarket investments. Electra kingsway invests in a portfolio of unquoted companies and developing companies that are listed on the alternative investment ...

  • Equity fund investors stay calm

    4 Oct 2001

    Investors in UK equity funds are remaining calm despite recent market volatility, according to research from Fidelity Investments. The survey, carried out in September, shows that 44 per cent of IFA clients say they have not changed their view of the long-term benefits of investing in equities despite recent events in the US. The survey of 1,000 UK adults also shows that 84 per cent of IFA clients intend to hold on to their investments despite recent market crashes compared with ...

  • Exchange's direct net access finally arrives

    4 Oct 2001

    The Exchange has finally launched direct internet access to its intermediary portal, the service that IFAs have been crying out for for years. Intermediaries will now be able to access The Exchange for quotations, new business transactions and product hardware over the internet for no extra cost under all-in internet connection packages without having to dial The Exchange's own extranet separately. The move, which The Exch-ange says will make using the system cheaper and easier, ...

  • Exeter Investment Group appoints two area managers

    8 Oct 2001

    Exeter Investment Group has made two new appointments to its regional IFA salesforce.Brian Sedge has been appointed as area manager for London and the south-east, while Melanie Radford is to take on the south-west region.Sedge has more than 20 years experience in financial services , working as both an IFA and salesman, while Radford has been promoted to the new post from Exeter’s IFA services team.

  • Fine time for Revenue

    4 Oct 2001

    More than £1.1bn will be paid to the Inland Revenue in fines this year as a result of miscalculated or delayed self-assessment tax returns, according to research from IFA Promotion. IFAP's research shows fines for miscalculations made on tax forms will total £975m and there will be a fine of £98m for forms returned after the January 31 deadline. Around £55m will be incurred in surcharges and additional penalties for outstanding tax payments of more than ...

  • First National Asset Finance picked to aid network firms

    4 Oct 2001

    Bankhall has chosen First National Asset Finance as its first-choice supplier of asset finance to help members offer additional services to clients. First National, part of the Abbey National Group, provides funds to help small to medium-sized companies, including IFAs, invest in assets such as IT equipment to expand their business. It said the deal with Bankhall, announced to Bankhall members at last week's convention, gives it the chance to reach the largely untapped IFA market. First ...

  • Five star ratings for five investors

    3 Oct 2001

    Five investment houses get a five star rating from Standard & Poor’s at least three times across all UK fund sectors in Money Marketing Focus’ autumn survey.

  • Friends Provident adds with-profits to bond

    3 Oct 2001

    Friends Provident has introduced a unitised with-profits fund that is available to investors through its investment portfolio bond. The fund is aimed at cautious investors who are not ready to climb the stockmarket ladder and who are looking for a home for their cash at a time when building society accounts do not pay much interest. A regular bonus is paid at the current rate of 4.75 per cent a year and there is a final bonus rate of 2 per cent. Unlike previous Friends ...

  • Friends updates protection plan by adding features

    4 Oct 2001

    Friends Provident has enhanced its protection range to keep pace with market and medical developments. The select protection plan, launched in March will be bolstered with new features. Friends says this is the only first of added features that IFAs can expect from the range. The plan sees the addition of unemployment cover and pension contribution protection benefit to the multi-benefits menu available. Critical-illness cover has been improved, with three illnesses added, variant ...

  • FSA issues with-profits classification document

    5 Oct 2001

    The FSA has published an exhaustive description and classification of with-profits policies.The 32 page document aims to provide a broad classification of the different types and features of with-profits policies, and the most common methods of operation of a with-profits fund containing such policies.

  • FSA reluctant to ease restrictions on providers investing in IFAs

    9 Oct 2001

    The FSA says it is reluctant to liberalise the rules governing provider shareholdings in IFAs.Head of investment business policy David Severn told the packed London polarisation meeting the regulator was concerned that easing the rules to allow greater investment in intermediaries could create a perception that advisers were multi-ties.

  • FSA sends old pension guidance to employers

    4 Oct 2001

    The FSA is being criticised by product providers for sending employers guidance first issued in 1994 permitting them to give staff advice and information on personal pensions. Life office experts argue that the old guidance flies in the face of legislation issued recently, which requires that anyone giving stakeholder worksite presentations should be authorised. The FSA is sending out the information in a bid to reassure employers who fear they are in danger of overstepping the ...

  • Fund firms send out warnings

    4 Oct 2001

    The UK's biggest fund manager Fidelity has spoken out against the Sandler review, questioning the industry's need for a full-scale review and warning it could destroy consumer confidence. Fidelity says the Sandler consultation paper underestimates the sophistication of the UK investment industry and "misjudges the crucial role of the IFA". It warns that over-regulation may shatter consumer confidence, creating a sense of distrust rather than building a strong savings culture. Fidelity ...

  • Fund managers slam proposals

    4 Oct 2001

    Fund managers say proposals in the FSA's report on past performance in ads are impractical and misleading and are calling for more debate. The FSA taskforce report, which suggests that standardised measures of risk and past performance should be devised for investment ads, is lambasted by fund managers. They argue that risk is too complicated to be shown as a single statistic and that any attempts to do so may be more misleading to the consumer. Providers also say any attempts ...

  • Gap-filling likely to be preferred option

    9 Oct 2001

    At a packed meeting in London on Thursday the FSA confirmed that it is unlikely to approve the options of complete scrapping of the polarisation rules and allowing brokerages to multi-ties in its review of retail financial services. The FSA says that it has considered four options - maintaining the status quo, complete scrapping of the polarisation rules, allowing brokerages to multi-tie and gap-filling. Industry sources believe the announcement leaves gap-filling as likely to ...

  • Genesis Home Loans - Genesis Jade Discount Rate

    5 Oct 2001

    Friday, 5 October 2001.

  • Genesis Home Loans - Genesis Opal Fixed Rate

    8 Oct 2001

    Monday, 8 October 2001.

  • Genesis Home Loans - Genesis Pearl Fixed Rate

    5 Oct 2001

    Friday, 5 October 2001.

  • Genesis Home Loans - Genesis Sapphire Fixed Rate

    8 Oct 2001

    Monday, 8 October 2001.

  • Genesis Home Loans - Genesis Topaz Fixed Rate

    8 Oct 2001

    Monday, 8 October 2001.

  • Global funds seek UK haven

    4 Oct 2001

    Two-thirds of unit trusts in the global growth sector reduced exposure to the US in August, according to Lipper's monthly review of UK funds. Fund managers were looking to invest in the UK, with 60 per cent increasing their stake in UK equities. The move away from the US followed the decline of the S&P 500 index for the second month running. The index fell by 8 per cent in August while the Nasdaq was down by 14.2 per cent. This compared with a fall of only 2.8 per cent in the ...

  • Grand gesture

    4 Oct 2001

    My wife and I retired last year on good incomes. We have one grown-up son who has two children aged five and eight. He is paying for them to be educated privately and we are keen to pay part of the fees. We have earmarked £50,000 to invest for the children as their living inheritance as we would like to be able to see them benefit from the money. If possible, we would like to receive in the region of £5,000 a year from the investment as this would contribute half of the fees. We ...

  • House price swings to be less volatile in future says CML

    9 Oct 2001

    The UK housing market will experience less dramatic swings in the future, according to new research from the Council of Mortgage Lenders.

  • How regulator's team found new FSAVC cases

    4 Oct 2001

    Up to 1,400 IFA firms around the country will this week be receiving details of further potential FSAVC review cases from the FSA. These details come from a database put together using information on FSAVC sales both from product providers and IFA firms. Why is the FSA doing this? The simple answer is that, as few product providers have offered FSAVC policies, we have been able to look very closely at their records to ensure they have identified accurately those FSAVC sales that ...

  • IFAs feel the sway towards multi-ties

    4 Oct 2001

    While the future of polarisation is still under consultation, it is clear from the findings of Money Marketing's research that IFAs are taking possible changes to the regime very seriously. The research was carried out by financial services consultancy Sway to investigate IFA attitudes to polarisation and multi-ties. Sway sent out questionnaires to RIs asking them to comment on a range of multi-tied arrangements. It got 804 replies. Sixty-four per cent of these were principals ...

  • IFAs hope FSA comments mark sea-change

    9 Oct 2001

    IFAs are responding positively to FSA announcements on its polarisation review, hailing a possible sea-change in opinions of IFAs.

  • IFAs wait for indication on polarisation

    3 Oct 2001

    IFAs are waiting for the first indications of the direction the reform of polarisation rules will take when the regulator meets industry representatives tomorrow.A number of top IFAs are attending a meeting tomorrow where the regulator may give some clarification of its plans for changes to polaristation. The regulator is believed to be releasing research it has carried out n the IFA distribution channel.

  • In good Company

    4 Oct 2001

    A recent CBI survey showed that 192 million working days are lost each year because of employee sickness - 7.8 days per employee or £434. A total of 861,000 people are off work sick each year, amounting to the combined populations of Essex and Warwickshire. All this costs employers £10.7bn a year. Sickness absence may be one reason why the proportion of the population covered by PMI under corporate schemes has remained fairly constant while the the number of people ...

  • Independent view - Tom Kean

    4 Oct 2001

    The ability to embrace change seems to be a prerequisite for success in business these days. Perhaps that has always been the case but now it seems more pronounced. IFAs who have read the Sandler review document on mediumand long-term savings will recognise the agenda for change set by the Treasury. You do not have to be much of a conspiracy theorist to accept that the Government's view on IFAs is not particularly positive. Not only are we hell bent on increasing revenue at ...

  • Independents crucial, says Kelly

    4 Oct 2001

    Independent financial advice is critical to the future of financial services, says economic secretary to the Treasury Ruth Kelly. Speaking at a fringe meeting at the Labour Party's annual conference in Brighton on Tuesday, Kelly gave IFAs the strongest sign of support from the Government in years. She said even if polarisation is scrapped there will always be a role for the IFA distribution channel, arguing it is sophisticated consumers who currently benefit most from IFAs and ...

  • Inside Edge

    4 Oct 2001

    The AITC sees the Sandler review as the most significant opportunity since the Gower report in the 1980s to change the shape of the retail investment market for the better. There can be no doubt that the consumer has often been poorly served by our industry. Lack of knowledge combined with opaque products and a distribution structure replete with conflicts of interest has led to scandal after scandal. Our proposals for change to the benefit of the consumer rest on three planks: 1: ...

  • Intelligent Finance - Discounted mortgage

    9 Oct 2001

    Tuesday, 9 October 2001. Type: Discounted rate flexible mortgage. Discount term: Six months. Discount: 1.5 per cent. Payable rate: 3.85 per cent. Minimum loan: £25,001. Maximum loan: Up to 95 per cent of valuation subject to a maximum of £500,000. Income multiples: Subject to negotiation. Features: Underpayments, overpayments, payment holidays, lump sum withdrawals, daily interest. Arrangement ...

  • Investment view - Brian Tora

    4 Oct 2001

    There is good news out there if you know where to look for it. Take the state of our economy, presently the subject of many scare headlines in the newspapers. It would appear that it grew at a faster rate than had previously been suggested during the first half of the year. Government statistics are notoriously unreliable but it is encouraging that those revisions that are admitted have been on the upside. Then there is the fact that institutional liquidity is at a 10-year high. As ...

  • ISIS takes AiM

    5 Oct 2001

    Turning to whether the commission is fair and reasonable the panel all agree that it is. Moving on to the product literature Rogers and Clayson think that it is clear and easy to read. Croft says: "Uninspiring." Vaughan says: "Relatively easy to read but dull in appearance." Summing up the fund Croft says: "I am concerned that these are relatively high-risk funds upon which clients should be fully ...

  • ISIS takes AiM

    5 Oct 2001

    Discussing the main useful features and strong points of the Oeic Clayson points out the high growth potential and diversification, which includes healthcare, mining and software from new companies. Rogers highlights the innovation and clarity of vision. Vaughan says: "The useful features are the ability to invest from £1,000 as a single premium and from £50 a month for regular premiums. The fund is also available via Isas. The ...

  • ISIS takes AiM

    5 Oct 2001

    Friends Ivory & Sime ISIS AiM Growth Fund Type: Oeic. Aim: Growth by investing in UK companies listed on the alternative investment market and larger companies listed on the TechMARK index. Minimum investment: Lump sum £1,000, monthly £50. Investment split: 80 per cent AiM, 20 per cent TechMARK index. Isa link: Yes. Pep transfers: Yes. Charges: Initial 4.75 per cent, annual 1.5 per cent. Commission: ...

  • James Brearley & Sons - MFM James Brearley Premium Growth Trust

    3 Oct 2001

    Wednesday, 3 October 2001. Type: Unit trust. Aim: Growth by investing in blue chip stocks. Minimum investment: Lump sum £1,000. Investment split: 100 per cent blue chip stocks. Yield: 1.75 per cent. Isa link: Yes. Pep transfers: Yes. Charges: Initial 5.25 per cent, annual 1.5 per cent. Commission: Initial 3 per cent, renewal 0.5 per cent. Tel: 01772 775600.  

  • Julian Gibbs

    4 Oct 2001

    The problem with Tessas at the moment is that they return only about 5 per cent a year and, with the recent cut in interest rates and forecast further cuts, returns are likely to reduce even more. Credit Suisse First Boston, in conjunction with DLJ Direct, is offering maturing Tessa investors and those who have already reinvested into a Tessa-only Isa a potential for 55 per cent growth over five years - about double the likely returns on a conventional Toisa. It is called the Global ...

  • Keep it in the family

    4 Oct 2001

    In recent weeks, I have been looking at the theme of starting up a business in one's latter years. Now, I would like to look closer at some of the strategies that involve one's own family in the business. Planning should be aimed at: Minimising tax and National Insurance on income. Maximising the overall benefits received by the family. Maximising pension benefits for each spouse where suitable. Regardless of the trading medium chosen for the business, when planning ...

  • Kim North

    4 Oct 2001

    During my working life, I have been many things - company representative, financial services marketing account handler, technical and compliance consultant and founder of an IFA firm. During this period of over 20 years, I have been lucky to have benefited from many types of training from excellent interactive sessions to those where you wonder why you were there. As a new adviser with access to a limited product range, I needed to be taught the basic "close that sale" techniques and ...

  • Leeds & Holbeck - 100 Per Cent Fixed Rate

    5 Oct 2001

    Friday, 5 October 2001.

  • Leeds & Holbeck - Buy-to-Let Fixed Rate 5.89 Per Cent

    5 Oct 2001

    Friday, 5 October 2001.

  • Leeds & Holbeck offers premier buy-to-let rate

    8 Oct 2001

    Leeds & Holbeck has introduced a five-year fixed-rate buy-to-let mortgage that is available for loans of up to 80 per cent of valuation.

  • LIA wants degree but not fees

    4 Oct 2001

    The LIA calls for a degree-standard professional adviser qualification in its response to the review and argues against a switch to fees. It says the development of a degree should pay more attention to investment strategy. Up-front commission may cause problems in product design, it admits, but says fees are "the ultimate form of front-end loading, unless they are paid in instalments." It says fees would not reduce the incentive to oversell and a maximum commission agreement would ...

  • Lighthouse loss caused by delays

    4 Oct 2001

    Lighthouse Group made a loss of £1.1m in the first half of this year, blaming the loss in part on delays in retraining new recruits from direct salesforces. But the wealth management group, which floated on Aim in October 2000, maintains it is on target to break even by the end of the year. Lighthouse has 46 practices and 122 RIs but only 50 advisers were trading through the first half of 2001. It now says it expects to easily achieve its target of signing up 50 practices ...

  • Markets nervous after first wave of attacks

    8 Oct 2001

    World markets fell sharply this morning in the wake of US and British attacks on Afghanistan.

  • Markets stabilise after air strikes on Afghanistan

    9 Oct 2001

    Markets stabilised yesterday and early this morning, regaining all gains lost after a nervous start to trading following the US and British attacks on Afghanistan. The FTSE 100, France's Cac 40 and Germany's Dax indices all made modest gains in thin early trading, signalling that investors have factored air strikes into prices.

  • Massow buys back IFA business

    8 Oct 2001

    Ivan Massow has successfully bought back Massow Rainbow, the IFA business he founded, from the receivers as reported by Money Marketing on late afternoon on Friday October 5.

  • Massow buys back IFA business

    5 Oct 2001

    Ivan Massow has bought back Massow Rainbow, the IFA business he founded, from the receivers.

  • Massow Rainbow Group suspends trading

    5 Oct 2001

    Ivan Massow’s Massow Rainbow Group has suspended trading prior to a restructuring to be announced next week.

  • Matrix Securities - Unicorn AiM VCT

    4 Oct 2001

    Thursday, 4 October 2001. Aim: Income by investing initially in cash, quoted UK smaller companies then AiM-listed companies. Minimum investment: Lump sum £2,500. Opening-closing date: October 2, 2001-November 15, 2001. Charges: Initial 5.5 per cent, annua 2 per cent. Special offer: Higher allocation if commission reduced. Offer period: Until November 15, 2001. Commission: Initial 2.25 per cent, renewal 0.375 per cent. Tel: ...

  • Moore's code

    4 Oct 2001

    Holland has been one of the few dark clouds on CGNU's horizon since Norwich Union and CGU surprised many by pulling off their nil-premium merger. CGNU's Dutch fund management business looked to be going well and promised much for the future. But a cursory glance at the company's recent figures shows sales of equity-linked products in the Netherlands have all but collapsed. This was prompted by the pronounced bear market hitting share prices some time before the recent ...

  • Morley tries to concentrate

    9 Oct 2001

    Morley Fund Management, which is part of CGNU, has introduced its UK focus fund.

  • Multi-ties a done deal, claims Bankhall chief

    4 Oct 2001

    Scrapping polarisation and introducing multi-ties is a done deal, according to Bank-hall, which claims to be better prepared than traditional networks for the new regime. Speaking at Bankhall Inv-estment Associates' annual convention in Monte Carlo, Monaco last week, IFA support services group director Paul Hogarth said the advent of multi-ties is a question of when rather than if. He believes other networks will have no option but to embrace multi-ties as they will not be able ...

  • Mutual friends to welcome each other's members

    4 Oct 2001

    Britannia and Yorkshire building societies are launching a branch-sharing initiative to allow their members to use either company's branches. More than two million members of Britannia and 1.8 million members of the Yorkshire will be able to pay in or withdraw money free of charge from a range of savings and mortgage accounts at branches of both societies. The scheme, MutualPlus, is designed to offer customers living in remote and smaller areas the option to conduct their business ...

  • N&P cuts fixed rates on Costa del Sol

    4 Oct 2001

    Norwich & Peterborough Building Society is cutting rates on its fixed-rate sterling mortgages for UK borrowers buying property on the Costa del Sol. It is lowering its two-year fixed-rate loan from 5.74 per cent to 5.49 per cent. Minimum loan is £40,000 and maximum loan to value is 65 per cent. The five-year fix is cut from 6.49 per cent to 6.24 per cent on the same terms. Income multiples for both are three times single income or 2.5 times joint income, with no maximum ...

  • N2 the future

    4 Oct 2001

    In less than two months time, the financial services industry is going to witness one of the biggest red letter days of all time. On November 30, the FSA will finally become a reality. It is a day which sees a process, that the industry, the Government and the regulator itself has been working towards finally come to some kind of conclusion. Or, perhaps more accurately, a new age in the ongoing saga that is regulation will begin. The birth of the single financial regulator is due ...

  • Nationwide facing big loan redress bill

    4 Oct 2001

    Nationwide could face a substantial compensation bill after the Financial Ombudsman Service ruled it should compensate a borrower it barred from switching to its base mortgage rate. In a decision which mirrors a similar ruling against Halifax last month, the FOS has ruled that Nationwide should have given existing borrowers on special deals access to its lower variable rate. The ruling, if confirmed by the ombudsman, could open the floodgates to thousands of the society's borrowers ...

  • NatWest and RBS buying stake in Mortgage Brain

    4 Oct 2001

    NatWest and RBS are acquiring a 12.75 per cent stake in trading platform Mortgage Brain in a move which will see it co-own the company with Nationwide, Halifax and Alliance & Leicester. The UK's second-biggest bank says it is poised to buy an equal share in the platform for an undisclosed sum in a bid to ease the compliance burden imposed by FSA regulations, likely to come into force next August. The deal, due to be completed this week, marks a significant step towards ...

  • New loan service bypasses MCCB Bond deals from Capital One

    4 Oct 2001

    US-based personal lending operation Capital One will be distributing its savings products through IFAs for the first time from this autumn. The company told the convention that it plans initially to target IFA clients only through Bankhall members but will be looking to expand its IFA distribution through other firms in the longer term. Capital One, which launched as a bank last September, will be marketing a range of fixed-rate and base-rate-plus bond savings accounts ...

  • Newbury Building Society - 5 Year Stepped Discount

    9 Oct 2001

    Tuesday, 9 October 2001. Discounted term: Five years. Discount: Up to 90 per cent to valuation 0.75 per cent in year one, 0.25 per cent in years two, three, four and five, up to 95 per cent 0.25 per cent in year one, 0.1 per cent in years two, three, four and five. Payable rate: Up to 90 per cent to valuation 5.1 per cent in year one, 5.6 per cent in years two, three, four and five, up to 95 per cent 5.6 per cent in year one, 5.75 per cent ...

  • NIB International - NIBI Optimum Return Fund

    3 Oct 2001

    Wednesday, 3 October 2001.Type: Oeic.Aim: Growth by investing in fund of hedge funds.Minimum investment: Lump sum $25,000.Place of registration: Isle of Man.Investment split: 100 per cent fund of hedge funds.Isa link: No.Charges: Initial 5 per cent, annual 1.75 per cent.Commission: Subject to negotiation.Tel: 01624 630373. 

  • Northern Rock goes halves

    5 Oct 2001

    Northern Rock has introduced fifty-fifty, a bond that is split equally between a high interest account and a guaranteed equity bond.The high interest account pays interest at 7 per cent gross a year until December 1, 2003. Investors can make withdrawals during this period, but they lose 90 days' interest as a penalty.The guaranteed equity bond element tracks the FTSE 100 index for five years and promises the return of original capital however the index performs. The ...

  • Old Mutual hedges towards UK expats

    5 Oct 2001

    Old Mutual Asset Managers has introduced an offshore hedge fund that is available to high-net-worth UK expatriates.

  • Old Mutual unveils new multi-manager platform

    4 Oct 2001

    Old Mutual this week finally revealed the name and charging structure of its new multi-manager platform, formerly codenamed Project Mars. The new platform, to be called Selestia, is set to start next month and will initially offer more than 150 funds from 24 providers. Initial charge is 5 per cent although clients will also have the option to pay a charge of 1.25 per cent over five years. The annual management charge will be 0.4 per cent on the first £10,000 invested, ...

  • Only £20bn in life office coffers as assets plunge

    4 Oct 2001

    The life industry as a whole has only £20bn in excess capital to support with-profits business, plummeting from the £130bn which was available at the end of 1999. Some companies have negative excess capital, such as Equitable Life, Alba Life, and Royal & Sun Alliance Life & Pensions. Friends Provident has marginal excess capital despite the £1bn raised by its flotation in July. The figures, calculated by Cazalet Financial Consulting, show with-profits liabilities ...

  • Only 19% of firms offer a stakeholder scheme

    4 Oct 2001

    Only 19 per cent of companies offer a stakeholder scheme but 86 per cent believe the Government will make employer contributions compulsory, according to research by Momentum. Findings in the study exclusive to Money Marketing of over 500 companies with between 50 and 250 employees reveal only 19 per cent say they fully understand the stakeholder legislation. Although the vast majority of employers think they will be forced to contribute to staff pension schemes, 9.5 per cent of ...

  • Opra dismisses 10 myths of stakeholder

    8 Oct 2001

    Opra has issued a statement to dispel what it sees as the ten stakeholder myths persisting in the market as the October 8 deadline for compliance is reached.

  • Outside edge

    4 Oct 2001

    If Ron Sandler can deliver a consensus, or something close to it, among industry, consumer groups, Government and regulators on a blueprint for reform, he will be a prince among reviewers. But one fundamental component has been left out of the equation - the need for a decent understanding of the needs of business. The recent history of regulation and reviews does not bode well. Take one recent example. When past performance was left out of the league tables, as the Chancellor ...

  • Pension advice will always be needed

    4 Oct 2001

    Whether there are 40 providers or four, the public will need advice on pensions. The shape of the retail market may be emerging, as Money Marketing this week reveals the stakeholder front-runners. The need for deep pockets has been underlined by the bear market and can only accelerate consolidation. It may boil down to who can afford to write loss-making business in the short term although perhaps this was always the case with stakeholder. But the pension landscape will remain ...

  • PIA revokes suspension of Complete Financial Services

    3 Oct 2001

    The PIA has revoked its suspension of Croydon-based IFA, Complete Financial Services, after it agreed to comply with an Ombudsman award made against it last year. The IFA was suspended on September 10. 

  • Polarisation may be safe says FSA

    9 Oct 2001

    Polarisation may be safe according to strong indications given by David Severn, head of the FSA's review, at a meeting in London on Thursday. Severn told a packed meeting of 1,500 people that both the complete scrapping of polarisation and the introduction of multi-ties were unlikely. The FSA appears to favour some limited liberalisation of what direct sales forces can sell, which might involve gap-filling of certain products.  

  • Private Label

    4 Oct 2001

    Last week, we featured an article on this page which described the new funding arrangements that Private Label is introducing. We are happy to clarify that, at the end of last year, Private Label served notice on its entire lender panel confirming that new lending from the fourth quarter of 2001 would be all from GMAC-RFC, which has now been implemented as planned. Contrary to any impression last week's article may have created, GMAC-RFC, whose immediate parent has assets in ...

  • Product Matters

    4 Oct 2001

    CIS has announced its intention to offerits group product range to the IFA market. A tough nut to crack. Any product provider with a long history of direct sales to the public wish- ing to become a player in the IFA market will have a lot of work to do. It will have to convince a sceptical IFA market to support it rather than continue to support traditional IFA providers. Still, the CIS move is not without precedence. Both Liver-pool Victoria and Brit-annic Assurance have made some ...

  • Prosser in call for with-profits Catmark

    4 Oct 2001

    Legal & General chief executive David Prosser is calling for with-profits products to be Catmarked as part of a more constructive relationship with the Government. It was also revealed this week that the ABI wants to include new rules on the operation of with-profits under stakeholder and exactly what is included within 1 per cent under a raft of amending regulations under consideration at the Department of Work and Pensions. Writing in the Swiss Re Insurance Report 2001, Prosser ...

  • Put new life into business

    4 Oct 2001

    If you were asked to name a profitable area of financial planning, the chances are that basic life insurance would not immediately spring to mind. But one area of protection planning which IFAs largely miss out on at the expense of banks does fit the bill - business loan protection. Business lending is almost always conditional upon key people within the business being protected by life insurance and, increasingly, critical-illness cover. Banks tend to enforce this condition where ...

  • Quarter of solicitors firms not stakeholder-compliant

    8 Oct 2001

    Nearly 30 per cent of solicitors firms have not yet designated a stakeholder scheme, according to new research by Woolwich IFA Operations subsidiary Sedgwick Independent Financial Consultants. It surveyed over 2,000 firms to reveal that 28 per cent were not stakeholder compliant. It also showed 12 per cent were 'not interested' in considering stakeholder.

  • R&SA launches European fund

    9 Oct 2001

    Royal & Sun Alliance Investments is launching a European Prime fund, which will be aggressively managed and aim to give above average performance to investors prepared to accept a higher degree of risk.

  • R&SA UK Life adds 11 external fund links

    8 Oct 2001

    Royal & SunAlliance UK Life is teaming up with four fund managers to add eleven external fund links to its lifestyle investment bond.

  • RAM sets sights on retail arena in national ad push

    4 Oct 2001

    Rothschild Asset Management is relaunching into the retail market with a national ad campaign promoting its new Oeic and multi-manager fund brand, Five Arrows. The ad drive, which is aimed at presenting a more consumer-friendly image to investors, will unveil Rothschild's monthly income fund and highlight the rebranding of its private portfolio service as the Five Arrows wealth management service. The main focus will be on the monthly income fund, designed to enhance Rothschild's ...

  • Regional Review: Bristol and the West Country

    4 Oct 2001

    The South-west breaks down into two parts - the prosperous cities and towns of Bristol, Bath, Cheltenham and Exeter and the relatively poor, rural areas, including Cornwall, often with high levels of unemployment, that surround them. Bristol will be the location for the Money Marketing IFA UK Exhibition and Conference, which will be held at the Bristol Marriott Hotel on October 11. The spread of IFAs mirrors the make-up of the area, with a high concentration of the bigger, often ...

  • Registered IFAs up by 40 per cent

    9 Oct 2001

    The FSA has confirmed the number of registered IFAs has rocketed in the last three years by more than 40 per cent. Howard Davies announced the rise at a polarisation meeting in London on Thursday. He said: "Over the last three years the number of independent advisers registered with the FSA is up by over 40 per cent as direct sales forces have reduced."

  • Roadshows to offer e-commerce advice

    4 Oct 2001

    Norwich Union is teaming up with IFA website provider My Money Adviser to hold free roadshows to show advisers how they can build an effective e-commerce business. The roadshows will start at the end of October and are being held across the country including Edinburgh, Belfast, Sheffield, Birmingham, Cardiff, Cambridge and London. IFAs can learn about how to build their own web presence and how to market their services online. NU and MMA believe IFAs can do more to use the ...

  • Schroders calls for product comparison

    4 Oct 2001

    Schroders has suggested that IFAs should be required to provide clients with a minimum number of comparable products when recommending investments. It supports a strong independent advice market but advocates a greater degree of regulation.

  • Scot Prov members await windfall decision

    5 Oct 2001

    Around 450,000 Scottish Provident members will this week find out which of their policies entitle them to demutualisation windfalls.

  • ScotLife offers IFAs transfer literature

    4 Oct 2001

    Scottish Life is setting up a marketing initiative des-igned to help IFAs capitalise on the increased group pension transfer opportunities arising from new stakeholder regulations. IFAs will be offered literature and a CD. The material is free to IFAs from their local Scottish Life branch or sales consultant. The aim is to illustrate how the review and transfer of an existing group scheme can enable scheme members and employers to benefit in a variety of ways. These include ...

  • Scottish Life appoints Birmingham area manager

    8 Oct 2001

    Scottish Life is appointing Colin Hanlon as area sales manager at its Birmingham branch.Hanlon was most recently a regional manager at Norwich Union and previously area sales manager at Britannia Life.At Scottish Life Hanlon will be responsible for managing a sales team of 11 plus support staff as well as raising the profile of the life office in the local area.

  • Scottish Life appoints Birmingham area manager

    8 Oct 2001

    Scottish Life is appointing Colin Hanlon as area sales manager at its Birmingham branch.Hanlon was most recently a regional manager at Norwich Union and previously area sales manager at Britannia Life.At Scottish Life Hanlon will be responsible for managing a sales team of 11 plus support staff as well as raising the profile of the life office in the local area.

  • Section 32 has a role in new regime

    4 Oct 2001

    Recently, I have been reminded how useful a role the old section 32 buyout policy can play in the new pension scenarios, regardless of whether we are looking at group or individual business. Starting with group business, the trend away from defined-benefit towards defined-contribution business, already well established among small and medium-sized employers, has now become visible at the top of the corporate scale. There are reasons to believe this trend will intensify. For example, ...

  • Sellers packs must wait until 2004

    3 Oct 2001

    The Government has admitted sellers’ packs are unlikely to be introduced until 2004 after it failed to secure a parliamentary slot for the legislation. The compulsory packs, which have come under fire from the housing industry and MPs for their high cost, were scheduled to launch in 2003 but the Department for Transport, Local Government and the Regions now concedes this is virtually impossible. It says a parliamentary slot is unlikely to be found until next year. 

  • Simple solutions no answer to complex investment problems

    4 Oct 2001

    Composed by nine of the industry's finest minds, and taking almost a year to conclude, fund managers and IFAs may well have expected more from the FSA taskforce's report on past performance advertising. Its conclusions, although admirable in aims, appear incomplete if not half-baked. While the simplicity that the report suggests would be every providers' ideal, investment funds are unfortunately and undeniably complex products. If the FSA proceeds with the proposals to ban ...

  • Sitting ducks for a claim

    4 Oct 2001

    The lid on the idea of timelimited liability was lifted by the Glaister Green-wood case. Quite simply, the trigger point for limitation has been greatly wid-ened. In effect, it is not triggered until the client realises there is a problem. Due to the long-term nature of many financial services contracts, the potential for claims way into the future is greater. Latent liability is very difficult to measure. The ability to acquire a financial services black hole has greatly reduced ...

  • Smee urges caution on polarisation review

    9 Oct 2001

    Aifa director general Paul Smee is urging IFAs to be cautious about indications from the FSA that polarisation may be preserved.Smee says: "I think the FSA's mind is still open, but I don't know how much to read into their comments. I count no chickens."There was no-one at the meeting particularly focused on getting multi-ties on the agenda. I have always believed that this is a genuine open consultation process. We are not out of the woods by any means."

  • Standard & Poor's Micropal Top 10's

    4 Oct 2001

    Average unit trust returns have fallen even further, with unit trusts down by -28.36 per cent from the previous year's low of -25.73 per cent. Govett US Bear, however, has risen to 40.26 per cent over the past 12 months from 29.43 per cent. This puts it as the clear leader, with Merrill Lynch gold & general as the next best with a yearly return of 24.11 per cent. Its returns have also leapt from 8.93 per cent last week.

  • Standard Life Bank goes for a five-year freestyle

    8 Oct 2001

    Standard Life Bank is continuing to swim into the fixed-rate mortgage market with the five-year fixed rate freestyle mortgage.

  • Standards improve as brokers embrace mortgage code

    4 Oct 2001

    The number of broker firms breaching the mortgage code fell dramatically last year, according to the Mortgage Code Compliance Board. Its annual review identifies significant falls in the percentage of firms breaking standards relating to levels of service. Thirty per cent of firms subject to a compliance check in the final six months of the year were found to be non-compliant in this area, down from 52 per cent during the previous six months. Breaches relating to the provision ...

  • Straining training

    4 Oct 2001

    Becoming an IFA is far from easy. It means entering one of the most tightly regulated industries in the country. Even doctors and lawyers might blanche at the requirements set down by the regulator. The sector cries out for new blood like a thirsty vampire but rarely gets any. Very few firms, other than the biggest are willing to train graduates from scratch. So by and large, there is no real compliance training of new recruits, only training and evaluation of existing industry professionals. Tr

  • Sub-prime borrows to shrink in long term

    8 Oct 2001

    The number of borrowers classed as sub-prime will shrink by 2.2 per cent a year, according to independent research by Datamonitor. Approximately 7.9m individuals currently fall into the sub-prime category, but low interest rates and low unemployment means this figure will fall to 7m by 2006. The research also predicts that sub-prime lenders will have to cross-sell insurance products in order to bolster future growth prospects.

  • Sun Life Financial of Canada is still alive and kicking

    4 Oct 2001

    I am writing regarding the recent article in Money Marketing concerning the acquisition of Sun Bank, our former sister company, by Portman Building Society. Towards the bottom of the first column, there is a state-ment which says: "Sun Life Financial of Canada is known to be keen to leave the UK market." It is, of course, true that the company has withdrawn from selling new products in the UK through its direct salesforce channel and Sun Bank has now been sold. However, I would ...

  • Swiss Re sees role for CAB

    4 Oct 2001

    Citizens' Advice Bureaux should give independent financial advice from a league of retired financial services personnel, says Swiss Re's response to the Sandler review. It says market consolidation in financial services has resulted in employees with many years of service and experience retiring and the firm feels that many of these people could play a useful role in explaining basic needs to consumers. Aifa director general Paul Smee says: "One must look at every opportunity ...

  • Systems failure

    4 Oct 2001

    Although a small but significant number of life offices have been building the extent of their new business being rec-eived electronically, on the whole, it would be fair to say that IFAs are not exactly leaping to take advantage of the various tools delivered to enable the market to move away from paper proposals. There are exceptions. Legal & General's online term insurance service is generally accepted as a runaway success and, on the IFA side, Towry Law is proving what can ...

  • Talkback

    4 Oct 2001

    Should the Government provide funds to ensure the public have access to independent financial advice, as the LibDems are suggesting? "No. If they have that sort of money to spend, then spend it on hospitals." John Hughes, Risca Insurance Consultants "Yes. They should for anyone taking a stake-holder pension but apart from that, no." Martin Evans, Rimmer & May "No, because I think IFAs should be able to fund themselves through fees and commission." Colin Marks, Marks ...

  • Taskforce rejects ad ban over past performance

    4 Oct 2001

    A full-scale ban on past performance in ads has been rejected by the FSA taskforce but it says the way performance is presented is in need of a major overhaul. Following the recommendations from the taskforce, the FSA plans to consult with the industry on creating a standard measure for using past performance, price information and risk in ads. The regulator will be intensifying its scrutiny of the way past performance is used. From December, the current guidance that past performance ...

  • Team effort: Man Utd is lining up financial companies

    4 Oct 2001

    Manchester United will be setting up a financial services arm in the new year, teaming up with companies such as Zurich, Bank of Scotland and Britannia Building Society. MU Finance will offer personal loans, investments, mortgages and general insurance products as well as a face-to-face advice service through the Zurich Advice Network.

  • The benefits of education

    4 Oct 2001

    More than one in three school-leavers now goes on to university. But state financial help for students and parents is much less than it used to be. With a few exceptions - such as assistance for undergraduates who are disabled or children of single parents - student grants are now history. Their replacements - student loans - have to be repaid, starting when the former student is working and earning at least £10,000 a year. The amount of the outstanding loan increases in line ...

  • The child in time

    4 Oct 2001

    Education was a hot topic in the election, with Tony Blair announcing the objective that 50 per cent of under-30s should be going through higher education by 2004. But the funding burden has shifted from the state to the individual. The latest figures published on student debt reveal just how dramatic this "pay as you go" burden has become. The NUS is estimating that a student finishes their degree with an average debt of £12,000. If you think the NUS "would say that" then try ...

  • The Daley Update

    4 Oct 2001

    Artemis is looking to raise an extra £20m for its Aim VCT with a new subscription of C-class shares. Artemis set up its VCT in January, raising £33m in just under three months. The new subscription, which will open next month, would take the fund's total to £53m. Minimum investment is £3,000. Credit Suisse Asset Management has appointed Chanaz Louarith as the fifth member of its multi-manager team. Louarith joins from Kreis Consulting, where he managed ...

  • The lost resort

    4 Oct 2001

    As the Liberal Democrats assembled for their annual love-in last week in Bournemouth, international events proved much more important than slating the Tories for once and delegates adopted an appropriately serious tone throughout the week. Security was noticeably heightened, with ladies in bright yellow shirts searching people's bags. The scheduled events were thrown into disarray as an emergency debate was held to agree on the party's response to the tragic events in the ...

  • The winning service

    4 Oct 2001

    The world of insurance is becoming increasingly compli-cated. People employed in this sector are facing a number of pressures: increased reduction in margins, the introduction of stakeholder pensions, the arrival of new entrants in the market, the potential dismantling of polarisation and the introduction of new technology - the list is endless. All these factors are putting mounting pressure on insurance providers and IFAs.Moreover, customers are now demanding higher standards of ...

  • Turn back the hands of time

    4 Oct 2001

    We have seen some truly stupid relaxations of standards in our industry over the past couple of decades, largely the result of pressure from the progressive lobby. Now, so many problems have come home to roost, it is the same "progressive mentality" scraping away frantically at the bottom of the barrel to find somebody to blame. The silly life offices, veteran sitting ducks all, dripping with the kind of abject guilt you can't erase from your face when a Customs officer asks ...

  • Unwanted Friends

    4 Oct 2001

    Laurie Dean's client (Money Marketing, September 20) is certainly not alone in being subjected to a plague of invitations to Friends Provident IHT planning (that is, buy a bond) seminars. I have just received the latest of many. Every time this happens, I call them and suggest that reneging on their no cross-selling vows to the blatant extent of trying to foist their inferior offerings on IFAs is not a clever idea but still the invitations come. Soliciting IFA clients is dumb ...

  • US Federal Reserve cuts rates to 2.5 per cent

    3 Oct 2001

    The US Federal Reserve cut rates by 0.5 per cent to 2.5 per cent yesterday evening, their ninth cut in rates this year.Many investment experts believe rates could go even lower in the short term, possibly down to 2 per cent. 

  • Walter Merricks

    4 Oct 2001

    Lives: Highgate, North London Born: June 4, 1945, in East Sussex Age: 56 Education: Bradfield College, Berkshire and Trinity College, Oxford Career to date: Director of Camden Community Law Centre, Writer for New Law Journal, Head of Communications at the Law Society, Insurance Ombudsman Career Ambition: "Very happy with whatI am doing now, thank you." Life ambition: "To win the tennis tournament of my local club, which is unlikely." Likes: My motorbike, tennis. Dislikes: ...

  • Watchdog Merricks sees endowment trouble ahead

    4 Oct 2001

    Chief financial ombudsman Walter Merricks is expecting further endowment shortfalls as a result of troubled markets, which he says will result in increased complaints. In an interview with Money Marketing, Merricks said: "Reprojections will no doubt be at lower surrender values, opening a larger shortfall, which will encourage more complaints." The Financial Ombudsman Service says mortgage endowment complaints account for just over half of its caseload. The industry has to ...

  • Why with-profits model is past its sell-by date

    4 Oct 2001

    Who can beat the returns from With-profits? Although I must have missed Brian Newbold's article on the smoothing of withprofits funds (Money Marketing, August 30), I am familiar with his views. Terence O'Halloran is quite right to defend the past performance of withprofits funds. However, like the rest of the investment industry, their limited research seems to begin and end with past performance and only then after being particularly selective. It could be argued that, ...

  • Will the dip turn into a downturn?

    4 Oct 2001

    Investors are so far staying calm in the face of market falls following the terrorist attacks on the US, apparently under-standing that equity investments are a long-term game. But as the media continue to pile on the bad news about a possible recession, clients will want to know whether government intervention will be sufficient to ensure that the downturn will be a temporary dip rather than the start of an enduring slump. Before the attacks, the UK looked to be in relatively ...

  • Win a case of wine worth £2,500

    4 Oct 2001

    To celebrate the relaunch of Rothschild Asset Management's retail business, Rothschild is delighted to offer Money Marketing readers the opportunity to sample another notable area of Rothschild expertise - wine. Rothschild aims to re-establish itself as one of the leading investment management companies in the UK, using the updated brand Five Arrows - the investment funds of Rothschild, to reflect a more consumer-friendly, contemporary offering to investors. Why ...

  • Witan cuts Jump fund charge to aid childbirth charity

    4 Oct 2001

    Investors opening a Jump savings scheme with Witan Investment Trust in October and November will have the standard 1 per cent sharedealing charge donated to childbirth charity Tommy's Campaign. The Jump children's savings plan is also sponsoring Baby Day on November 2 to raise money for Tommy's. Baby Day is also being supported by ex-Eastenders actress Lindsey Coulson, who until recently played feisty market trader Bianca Butcher's mother Carole Jackson. BBC's ...

  • Young footballers back cancer campaign

    4 Oct 2001

    Gerrard has teamed up with the English Schools Football Association and charity The Garland Appeal to raise awareness of testicular cancer. ESFA's Check Your Kit campaign plans to send leaflets and posters to more than 14,000 secondary schools across the country, stressing the importance of checking regularly for testicular cancer. It is being fronted by Millwall striker Neil Harris, who recently returned to first-team action after spending several months on the sidelines being ...

  • Zurich doubles terror attack loss estimate

    8 Oct 2001

    Zurich Financial Services is now estimating its losses from the US terrorist attacks are between $700m to $900m, up from its $400m estimate shortly after the attacks.

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