Money Marketing
30 October 2002

  • 'Bonfire' for Fishwick as IFAs get a lifeline on split caps

    31 Oct 2002

    IFAs will be liable in the split-cap crisis only if they went beyond claims made by trust managers when advising clients, the AITC has told the Treasury select committee inquiry. Aberdeen Asset Management's former head of investment trusts Chris Fishwick denied collusion, saying the firm never invested in another trust on the understanding of receiving future investment. AAM head of retail Gary Marshall rejected rumours that the company is pulling out of the UK retail market ...

  • 'Dreams won't become reality'

    31 Oct 2002

    Most people have unrealistic expectations about their future wealth because they are failing to putting enough money aside for their retirement, according to research commissioned by Insight Investment. It found the average person's expectations are to be buying their first home and begin to saving into a pension by the age of 29. Once they are 35 they would be starting to invest in the stockmarket and then retire at 54. Despite these expectations, Insight says only 17 per ...

  • 'Govt's spiv ideas will not solve the pension crisis'

    31 Oct 2002

    Government pension policy is in disarray, with ministers simply coming up with "spiv" ideas, according to a leading UK pension lawyer. Pinsent Curtis Biddle partner Robin Ellison has criticised the Government's inability to sort out pension policy, saying it seems incapable of coming up with a big idea to solve the situation. The attack will come as an embarrassment to the Gov-ernment as it works on a number of long-awaited initiatives, including the Pensions Green Paper and ...

  • 'Safe drawdown can bring boost in market rise'

    31 Oct 2002

    Current economic conditions make investing in income drawdown now safer than ever, claims the Income Drawdown Bureau. It says the Equitable Life and corporate accounting scandals have scared investors into shunning the stockmarket and instead put their money into annuities, which they see as safer but it says they should also now consider drawdown. The bureau claims drawdown is an attractive option as it allows investors to benefit from recovering equity markets. It also points ...

  • 'Some firms better off without PI cover'

    31 Oct 2002

    Unprecedented professional indemnity insurance premium increases and confusing messages from the FSA have led IFAs to claim they are better off being denied PI cover. Several IFAs say they have been told by the FSA that it is acceptable to carry on trading without cover. They say they are better off without PI that bears excesses so high that they would rarely be able to claim. But other IFAs say the FSA is giving contradictory advice, saying they have been told they have a ...

  • 'Teps good value even if bonuses are slashed'

    31 Oct 2002

    Self-employed people buy houses nearly a third more expensive than the average, says UCB Home Loans. The average house purchase price for self-certification loan is £152,000 while the average is £111,000. UCB Home Loans' first self-employed report, published this month, reveals that London tops the regional league, with self-employed people paying around £211,000 for a property while Northern Ireland is at the bottom with an average of £105,000. The ...

  • 'Use compensation scheme to self-insure advisers'

    31 Oct 2002

    The FSA should reform professional indemnity insurance so that the Financial Services Compensation Scheme provides cover for advisers, an IFA argues in a letter to FSA chairman Howard Davies. In the letter, which marks the first responses to Money Marketing's call for firm FSA action over the growing PI crisis, Langtons IFA managing director Colin Langton points out that current excesses are so high that, in the event of a big claim, most IFAs would be likely to go into liquidation, ...

  • 11% think advice is free

    31 Oct 2002

    One in nine people think that financial advice is free, according to research by RJ Temple. The survey, which questioned 671 members of the public throughout the country, found that although IFAs have been disclosing commission for several years, only 17 per cent realise that advisers can routinely take a percentage of an investment. However, 15 per cent would expect to pay a fee for advice, 11 per cent would pay a fee if they took out any products and 7 per cent would pay a fee ...

  • 2 per cent offer on Gartmore funds

    1 Nov 2002

    Gartmore is offering a 2 per cent discount off the initial charge for lump sum investments into its European selected opportunities and American growth funds.

  • 65% slow to realise debt levels

    31 Oct 2002

    Two-thirds of people only start to worry about debt once it is too late, according to research commissioned by Kensington Mortgages. It says the amount of money that people owe has reached historic highs - currently £140.1bn excluding mortgages and up by 122 per cent since 1995 - and that we are not a nation of good financial planners. The survey shows 65 per cent of people have a variety of different events that provoke concern about borrowing levels. The principal trigger ...

  • 85% of B&CE stakeholder plans are shell schemes

    31 Oct 2002

    B&CE, which claims to be the biggest stakeholder pension provider, has revealed that 85 per cent of its plans are effectively shell schemes getting only £1.90 a week in employer contributions. Less than 15 per cent or 27,000 of the life office's 185,000 schemes are getting combined employee and emp-loyer monthly contributions of £50 to £100 but the vast majority do not get anything but token payments. But the not-for-profit prov-ider, which offers pensions ...

  • A Zifa consultant and a tale of woe

    31 Oct 2002

    Our Zifa consultant brought to our attention a "fully investigated, capital protected fund" via Imperial Consolidated. This fund guaranteed a 15 per cent return in year one. Further, the plan benefited from "policyholder protection". Given the excellent terms on offer I decided to invest in the fund myself. I rebated all the commission back into the fund via Allied Dunbar to make it a clean contract and penalty-free should I wish to pull out after one year. Having invested, ...

  • Aberdeen in corporate shake-up

    1 Nov 2002

    Aberdeen Asset Management has revealed plans to restructure its board which will see the size of the board reduced from the current 18 to 11 and the creation of a separate executive management committee.

  • Aberdeen to spin off Property Investment Arm

    1 Nov 2002

    Troubled fund manager Aberdeen Asset Management is attempting to raise capital by separately floating its property investment management division on the LSE.

  • Advisers get wake up call

    31 Oct 2002

    In my last couple of columns, I have looked at ways in which fund supermarkets and other technology-based services such as wrap accounts can provide IFAs with opportunities to restructure their proposition to customers and the way in which they are remunerated. Last week, I was told that the Financial Services Omb-udsman has given its first judgement against an IFA in relation to an income-drawdown case. The story relayed to me, although it is not the policy of the ombudsman to confirm ...

  • Aifa is the menu master

    31 Oct 2002

    Has effective lobbying by an IFA trade association won a significant concession from the regulator? So it would seem,with official acceptance of a version of Aifa's menu system as an alternative to defined payment. The FSA deserves praise for keeping an open mind while Aifa can put a feather in its cap for achieving what it set out to do. The LIA is still warning of a great deal of upheaval among intermediaries. We now have the opportunity to see which is right.

  • Anger at Lamensdorf as accounts are postponed

    31 Oct 2002

    Lamensdorf IFA has been slammed by shareholders for refusing to call an EGM and postponing filing its accounts after its failed flotation and the aborted acquisition of Essential Mortgages earlier this summer. The firm has blamed stockmarket volatility for its failure to list on AIM. The deal to acquire Ess-ential Mortgages, which depended on a successful flotation, fell through and has not been renegotiated. Shareholders are angry that an EGM scheduled for July 26 was cancelled ...

  • Annuities bouy NU as bond business fall

    31 Oct 2002

    Business at Norwich Union dipped by 5 per cent in the third quarter this year although with faltering sales of bonds and Isas were substantially made up by increased annuity and group pension sales. Parent Aviva saw worldwide sales rise by 7 per cent to £1.75bn from £1.62bn in equivalent premium income. NU refuses to break down sales of with-profits bonds but total sales of bonds overall fell to £2.25bn compared with £2.64bn for the first nine months of ...

  • Average house prices rise by 0.5%

    31 Oct 2002

    The average UK house price increased by 0.5 per cent to £135,100 in October from £134,400 in September, according to the monthly Hometrack national housing survey. Despite continued growth in property prices, the survey, based on information gathered from its housing and estate agency databases, reveals a continuing trend of weakening inflation from an annual high of 2.6 per cent in May to 0.6 per cent in September and 0.5 per cent in October. But with the exception of ...

  • Baring picks small-cap manager

    5 Nov 2002

    Baring Asset Management has appointed Silvia Wendlinger as investment manager for its UK & Europe small-mid cap team. She was previously at Gartmore. The company has also appointed Emily Matthews as an investment analyst for the European energies and utilities sectors. 

  • Beale Dobie free guide shows Tep advantages

    31 Oct 2002

    Beale Dobie is publishing a free guide to traded endowment policies for IFAs. The firm says that despite falling bonus rates,. Teps are still attractive investments for many people. Teps' recent returns in the medium term have beaten alternative investments such as balanced managed unit trusts. Beale Dobie estimates that the average annual ret-urn from recently matured Teps is 9 per cent, which compares with the average return on balanced managed trusts of -0.6 per cent over ...

  • Berkeley extends services

    30 Oct 2002

    Berkeley Independent Advisers has joined forces with IFA Keith Popplewell to offer a new range of services through member IFAs. Through Popplewell's company, Pension Transfer Advisory Services, BIA members will now be able to offer transfer of preserved pensions, analysis of retirement income options, release of over-funded pensions, claiming of back-dated pensions for part-timers and pension actuarial services.

  • BM Solutions BTL deal offers portfolio of 25 properties

    31 Oct 2002

    Specialist lender BM Solutions is entering the professional landlord buy-to-let market with a mortgage allowing each borrower to have up to 25 properties in their portfolio. The 25 To Let product lets landlords borrow up to £2.5m on the maximum of 25 properties with a loan to value of 75 per cent or less on each property. There is no arrangement fee or early redemption charges. It is available at 0.98 per cent over the Bank of England base rate, currently 4 per cent, for ...

  • BoE Life International - Personal Investment Portfolio

    31 Oct 2002

    Thursday, 31 October 2002Type: Single premium investment bondAim: Growth by investing in offshore funds, UK unit trust and OeicsMinimum investment: Lump sum £25,000, $40,000, euro 40,000 or rands 400,000Place of registration: Isle of ManInvestment split: Choice of offshore funds, UK unit trust and OeicsIsa link: NoCharges: Initial - initial fee option £25,000-£99,999 2%, £100,000-£249,999 1.5%, £250,000 ...

  • BoE Life International - With-Profits Bond

    30 Oct 2002

    Wednesday, 30 October 2002Type: Single premium bondAim: Growth by investing in the BoELI Series 4 with-profits fundMinimum investment: Lump sum £25,000Place of registration: Isle of ManInvestment split: 100% in the BoELI Series 4 with-profits fundIsa link: NoCharges: Initial - initial fee option £25,000-£99,999 2%, £100,000-£250,000 1.5%, establishment fee option 0.4% a quarter for the first five years, ...

  • Boost for ScotLife pension business

    30 Oct 2002

    Scottish Life increased pensions business through IFAs by 39 per cent to £118m annual equivalent premium for the year to September 30, up from £85m the previous year. Group occupational pension business increased 52 per cent to £41m from £27m over the same period, group personal pension business grew 27 per cent to £31m from £24m and individual pensions grew 38 per cent to £46m from £33m. 

  • Brewin admits it gave 'wrong advice' on split-caps

    31 Oct 2002

    Stockbroker Brewin Dolphin has admitted to the Treasury select committee split-cap inquiry that it gave the wrong advice but only because it relied on information in split-cap prospectuses. Brewin chief executive John Hall admitted the firm had received 600 complaints from split-cap victims and had already paid out some compensation. Of the 10 split-capital trusts that the firm has acted for in the past six years, four have suspended trading. Brewin compliance officer Leanne Boden ...

  • Britannia International displays bond

    5 Nov 2002

    Britannia International has established the 11th edition of its guaranteed capital equity bond.

  • Britannic helps clients unmask mortgage horror

    31 Oct 2002

    To mark Halloween, lender Britannic Money is urging borrowers to take steps to avoid some of the horror stories associated with mortgages. It says people face a trick or treat dilemma with mortgages as there are a frighteningly high number of deals available so choosing the right one can be difficult. Britannic has listed six questions that brokers should advise their clients to ask, based on the letters that spell out "horror." Under H, it says look at the headline rate and ...

  • Britannic video soap for teens

    31 Oct 2002

    Britannic Group is launching the third annual instalment of Britannic Street, a soap-opera-style video and interactive website to help young people understand personal finance. A survey by the group to coincide with the launch found that 69 per cent of teachers find personal finance difficult to teach, despite efforts by the Government to incorporate financial literacy into the national curriculum. Teachers are increasingly finding that their students are concerned with how they ...

  • BWD Rensburg explores micro-cap territory

    30 Oct 2002

    BWD Rensburg has established the BWD UK micro-cap growth trust to cover a niche in the market that is currently being under-used.This unit trust that aims for growth by investing mainly in UK companies with a market cap of less than £100m, including companies listed on the Alternative investment market (Aim). It will be benchmarked against the FTSE SmallCap index (ex investment companies). The fund will invest in between 20 and 80 stocks and its size will be limited ...

  • Chelsea Building Society - Guaranteed Bond (Issue 4)

    1 Nov 2002

    Friday, 1 November 2002Type: High interest accountMinimum-maximum investment: £2,500-£500,000Interest rates: 4.25 per cent gross a year Term: Until May 6, 2004Offer period: Until further noticeWithdrawal penalties: 75 days' loss of interestTel: 0800 429429

  • Chelsea launches new mortgage

    4 Nov 2002

    Chelsea has launched a new 5-year fixed rate mortgage.The mortgage which is available for loans of between £25,000 and £1m, is fixed at 5.19 per cent until March 2008 and has a typical APR of 5.7 per cent variable.Direct customers who are moving their mortgage, but not their home, pay no legal fees, while customers that are moving home will receive £200 towards their fees.

  • Cheshire quality

    31 Oct 2002

    In what seems to be an increasing era of despondency, after 20 years in the industry, I am motivated to put pen to paper - not to moan but to offer praise for exceptional service. A scenario of events follows: •Faxed mortgage application on Wednesday. •Paper application received by building society on Thursday. •Valuer instructed on Friday. •Valuation performed Monday. •Offer received Tuesday. •Funds released Thursday. Just ...

  • Consultation soon on seller's packs

    30 Oct 2002

    Labour MP and Parliamentary under secretary in the Office of the Deputy Prime Minister Tony McNulty has confirmed the Government is committed to the introduction of seller packs this Parliament.

  • Consumer guide to the 颼 key money questions'

    31 Oct 2002

    First State Investments is teaming up with monthly finance magazine Moneywise to produce 100 Key Money Questions, an educational guide to personal finance. The guide aims to help members of the public who want to keep their finances in check and to plan for the future. It focuses on basic questions in key areas - personal finance, investment and financial advice, banking and borrowing, insurance, tax-saving strategies, retirement planning and consumer and legal issues. The ...

  • Coventry BS appoints new general manager for marketing

    4 Nov 2002

    Coventry Building Society has appointed Mark Murphy to its executive team as general manager, marketing.Murphy, 36, joins from Abbey National where he worked for 12 years in a number of management positions, most recently as business development director of First National Bank.He will be responsible for all Coventry's marketing activities.

  • Credit crunch

    31 Oct 2002

    What impact will the new European directive on consumer credit have on remortgaging, equity release, offset and flexible mortgages it if comes into legislation as the CML fears? Charlesworth: Between the European directive and CP146, the equity-release remortgage market could be significantly compromised, with the biggest impact coming from the proposals in CP146. The concern is that conflicting requirements between the FSA and the EU directive could create unnecessary confusion. The ...

  • C-share issue for Downing VCT

    5 Nov 2002

    Tax shelter specialist Downing Corporate Finance has launched a £10m "C" Share top issue for the Pennine Aim VCT. The Trust is managed by Rathbone Investment Management and was the first Aim VCT to be launched in 1996. To date it has returned 55 pence tax-free to its shareholders and Downing says it has the highest total return of all 19 Aim VCTs. 

  • Dead cert

    31 Oct 2002

    The growth in the number of lenders in the self-certification sector has come about partly as a result of a greater understanding of the risks involved but mainly as a result of the search for profit margin. Quite simply, the profits existing in the mainstream sector over the last few years have been marginal at best and self-cert, on the face of it, offers better margins in exchange for the slightly higher risk. The problem, as in any market, is that as more lenders have entered, ...

  • Demand for Teps on the increase

    30 Oct 2002

    Traded endowment policy market maker Neville James is looking to buy unitised and unit-linked policies that have been running for less than 10 years.

  • Doshpoint helps advisers cash in

    4 Nov 2002

    Internet recruitment site Jobserve.com founder John Witney is setting up a web-based lead generation network for mortgage advisers.Doshpoint.com forwards advisers sales leads for customers within specified postcode areas.Doshpoint member and Bespoke IFA partner David Reaney says: "The leads from Doshpoint are of good quality, enable us to respond very quickly and are excellent value for money." 

  • Downey wants Govt to pay out on Equitable

    31 Oct 2002

    Former Fimbra and PIA chairman and the first Parliamentary Commissioner for Standards Sir Gordon Downey says the Government should compensate Equitable policyholders for the DTI and Treasury's regulatory failures.He has also queried the independence of the Penrose inquiry amid anger that the probe will be held in secret.The comments come as seven Equitable action groups calling themselves the E7, joined forces to demonstrate outside Parliament on Tuesday, accusing the Treasury ...

  • DWS builds block of 25 stocks

    1 Nov 2002

    DEUTSCHE ASSET MANAGEMENTDWS UK OPPORTUNITIES FUNDType: Oeic Aim: Growth by investing in UK equities Minimum investment: Lump sum £1,000, monthly £25 Investment split: 100% in UK equities Isa link: Yes Pep transfers: Yes Charges: Initial 4.25%, annual 1.5% Commission: Initial up to 3% Tel: 0800 917 0005The panel: David Flowers, director, Ronald Blue & Co, John Holian, certified financial ...

  • DWS finds opportunities in the UK

    4 Nov 2002

    DEUTSCHE ASSET MANAGEMENTDWS UK OPPORTUNITIES FUNDType: Oeic Aim: Growth by investing in UK equities Minimum investment: Lump sum £1,000, monthly £25 Investment split: 100% in UK equities Isa link: Yes Pep transfers: Yes Charges: Initial 4.25%, annual 1.5% Commission: Initial up to 3% Tel: 0800 917 0005The panel: David Flowers, director, Ronald Blue & Co, John Holian, certified financial ...

  • Equity-release support deal for IFAs

    30 Oct 2002

    Specialist equity release IFA Key Retirement Solutions is launching a support network for other IFAs with clients looking for advice on equity release products.

  • EU threat to IFAs' websites

    5 Nov 2002

    The EU Directive on E-commerce which became law in the UK on October 23 could lead to brokers' and IFAs' websites being switched off by the Office of Fair Trading if they do not conform to new rules warns general insurance network Ceta. The network says the Directive requires all sites selling goods or services online to include full contact details up-front on the main page, links to relevant trade bodies and clear pricing information. 

  • Eurolife replaces Wootton

    1 Nov 2002

    Eurolife Assurance is appointing Nick Greenwood as chairman and managing director.Greenwood takes over as managing director from David Wooton who was forced to step down following an investigation by the FSA.Greenwood was formerly an independent life insurance consultant and was a director and general manager of Windsor Life from 1994 to 2001.

  • Fair exchange

    31 Oct 2002

    Exchange-traded funds are a recent phenomenon in the UK and Europe - for retail and institutional investors. Put simply, ETFs are funds traded on a liquid stock exchange like a share. They can be bought and sold like any other shares listed on a stock exchange but provide instant exposure to many companies. They combine the flexibility and tradeability of a share with the diversification of a fund. For the moment ETFs should be viewed primarily as index trackers but with added ...

  • Fidelity Investments - 5 in 1 Investment Trust Isa

    4 Nov 2002

    Tuesday, 5 November 2002 Type: Mini or maxi investment trust IsaAim: Growth by investing in Fidelity Asian values, Japanese values, European values, special values and Edinburgh investment trustsMinimum investment: Lump sum £1,000, monthly £100Maximum investment: £7,000Catmarked: NoCharges: Initial 3.25%, annual 0.84%Special offer: Initial charged waivedOffer period: Until November 30, 2002Comission: ...

  • First State in Ashes deal with Sky

    31 Oct 2002

    First State Investments has struck a deal with Sky Sports to sponsor its live cricket coverage of the Ashes and the one-day series between Australia and England this winter. First State's logo will be on all live broadcasts and highlight programmes during the series, which takes place in Australia between November 7 and January 6, with additional promotion on skysports.com and Sky text. First State will also feature on live coverage of the VB Triangular series between England, ...

  • First State joins Skandia fund range

    30 Oct 2002

    First State Investments is joining Skandia's fund range, with three funds becoming available from November 1. First State's Asia Pacific, global emerging markets and Global growth funds are the first to become available to Skandia life, pension, multiIsa, multiPep and MultiFund investors.

  • First-time seller

    31 Oct 2002

    Any broker entering the mortgage market with the aim of becoming "the best place in Britain to buy a mortgage" is not lacking confidence but reticence has never been associated with Hargreaves Lansdown. The IFA, a high-profile and sometimes controversial name in the areas of investment and pensions, is in the process of recruiting advisers for its new broker division, Hargreaves Lansdown Mort- gages, and intends to have 25 people on board within six months. It is talking to senior ...

  • Flexibility under fire

    31 Oct 2002

    Angry mortgage lenders are warning that the EU consumer credit directive is fatally flawed and could kill off the blossoming flexible mortgage market. The Council of Mortgage Lenders welcomed the Treasury's regulatory regime for mortgages announced last week but has slammed the EU credit plan, which is on its way to becoming European law. The CML warns that the plan could jeopardise UK reforms and bring regulatory chaos. The directive would require lenders to provide advice ...

  • FSA drops DPS for Aifa's menu system

    31 Oct 2002

    The FSA is dropping its defined-payment system in favour of Aifa's menu system, leaving IFAs free to be paid commission as long as they offer consumers a payment menu including fees. But the FSA is also propo-sing that for popular products IFAs must give a comparison of the commission they earn with the market average. Some IFAs say this is tantamount to a return of the maximum commission agreement. The FSA says it plans to extend the menu option across the market, meaning that ...

  • FSA shifts risk from PI insurers to IFAs

    31 Oct 2002

    The FSA is temporarily amending the PI regulations in a bid to entice underwriters back into the market as hundreds of IFAs face rocketing premiums or fail to get cover. But the modifications will prove controversial as the changes shift risk from PI insurers on to IFAs. Brokers may face excess charges for each individual complaint rather than one excess charge per type of complaint, as before. A new compliance clause means that firms must be compliant with the FSA rules at the ...

  • FSA suspends IFA firms

    30 Oct 2002

    The FSA has this week suspended three IFA firms, preventing them from carrying out any regulated business.

  • Gartmore offer on Euro and US funds

    5 Nov 2002

    Gartmore is offering a 2 per cent discount off the initial charge for lump sum investments into its European selected opportunities and American growth funds.

  • Good intentions as the property market levels out Britannia fixes for two years and caps for three

    31 Oct 2002

    Britannia Building Society is offering a five-year loan which is fixed for the first two years and then capped for the remaining three years of the term. The 2+3 Mortgage is fixed at 3.49 per cent for two years then capped at 5.99 per cent for three. The loan is available up to 95 per cent LTV and has a £295 arrangement fee. It also comes with free insurance against gazumping and if the borrower takes out Asu insurance the first six months are covered for free. The redemption ...

  • Guernsey regulator ordered warnings on split-cap risks

    31 Oct 2002

    The Guernsey regulator for-ced split-cap investment trusts to include warnings in pros-pectuses about the dangers of cross-holdings and systemic risk as early as March 2001, a protection denied to UK investors. At last week's Treasury select committee hearing into split caps, FSA managing director John Tiner denied accusations by Class Law partner Stephen Alexander that the FSA had not heeded warnings from Guernsey. The Guernsey Financial Services Commission says it held discussions ...

  • Higher-rate tax relief for pensions

    31 Oct 2002

    I would just like to clarify my position with respect to higher-rate tax relief for pensions. Contrary to the article of October 24 in Money Marketing, I am not proposing scrapping higher rate. It was a comment from the Inland Revenue which apparently talked about this. My proposal is that everyone should get higher incentives for their pension savings - the same value for everyone, regardless of their current income or age. This would be levelling up, rather than levelling ...

  • IFA proposes pension conversions

    30 Oct 2002

    A Bath-based IFA is proposing that loyalty scheme points and cash-back offers should be convertible into pension savings in a bid to bridge the retirement savings gap. Money Wise IFA director Malcolm Coury has lodged a patent for the idea that would aim to convert consumer offers into pensions savings.

  • IMA holds two-day seminar on investment

    31 Oct 2002

    The Investment Management Association is holding a two-day conference on the issues facing the investment industry at the Cafe Royal in London on November 4 and 5. The conference will be split between institutional and retail asset management and will include topics such as the creation of a single European market in financial services and the future of corporate governance. It will also address the changing relationship between executive and non-executive directors and shareholders, ...

  • Independent view

    31 Oct 2002

    Much is made of the theory of efficient markets and how the system grinds to a halt if both buyers and sellers cannot be matched together. Nowhere has this been more apparent than with the moribund stockmarket conditions we have seen in recent times and the continuing uncertainties that are still out there. One other market that has been much in the news over the summer months, and continues to dominate the conference circuit, is that of professional indemnity cover. While ...

  • Inside Edge - Ian Chimes

    31 Oct 2002

    Popstars The Rivals will be top of the pops at Christmas. Past performance is quite useful in the fund selection process. Some facts are so blindingly obvious that you really wonder why people bother to question them in the first place. The recent report by Charles River Associates concludes that a fund in the top quartile over the past 12 months has an approximate 33 per cent chance of still being there 12 months later. This study has looked at 21 years of data. There are lots ...

  • Intelligent Finance launches adviser business centre

    1 Nov 2002

    Intelligent Finance is rolling out a new service initiative for advisers, called the Adviser Business Centre, before the end of the year.The new services involves combining the contact centre and admin functions for professional advisers into a one-stop shop to deal with any issues they have. Advisers who regularly use IF will be given a dedicated team.

  • Investment view

    31 Oct 2002

    As markets continue to gyrate and evidence of increase in stock-specific risk accumulates, it seems rather appropriate that the FSA should publish a document on the thorny issue of short selling. With such mighty companies as ABB losing 60 per cent of their value in a single day, the drivers behind current volatility are surely overdue for examination. Quite whether the regulator will be able to introduce a system acceptable to all participants in the market is another matter entirely. Short ...

  • Julian Gibbs

    31 Oct 2002

    Colin MacLean, Scotland's globally recognised fund management guru, and his top team of analysts at SVM Asset Management have gone retail for the first time with three new Oeics. The one I like best is the UK ppportunities fund which is managed by David Stevenson, who works closely with MacLean and the other fund managers. He trained as a chartered account with Peat Marwick and joined SVM in 1994. He has established an outstanding track record in UK equity management with his ...

  • L&G slashes terminal bonuses by up to 9.5%

    31 Oct 2002

    Legal & General has cut payouts on with-profits by an average 9.5 per cent for pensions and 7.5 per cent for other life policies. The company, which has completed a rights issue, says it was forced to take action following significant falls in world equity markets. Only terminal bonuses are affected, with annual bonus rates remaining unchanged. L&G says customers who have already had written quotations of maturity values will have the quotes honoured. The interim bonus ...

  • L&G unveils tracker fund

    4 Nov 2002

    Legal & General has established a global tracker fund for investors who want to achieve greater diversification at a relatively low cost.

  • Lazard leaps into third spot in Isa league

    31 Oct 2002

    Morningstar, which gives investment houses with at least five rated Isa funds an overall average rating, scored Lazard 4.2 out of five, putting it behind GAM in first place and BGI in second with ratings of 4.5 and 4.25 respectively. It was the first month Lazard had five rated Isa funds to qualify. Standard Life Investments and Prudential Unit Trusts were the fastest risers up the table, with SLI shooting up 12 places to sixth spot from 18th last month with a rating of four and ...

  • Lies, damned lies and statistics

    31 Oct 2002

    I was interested by Peter Richardson's request to know if anyone has statistics on the money-laundering rules. While I am quite in accord with his views, I would like to bring his attention to the ad that recently ran on television which made it clear that the majority of statistics are made up on the spot. To corroborate that, look at the FSA's latest effort to undermine consumer confidence in our market document "To switch or not to switch". Was the person who drafted that ...

  • Loan move by Holden Meehan

    31 Oct 2002

    Regional IFA Holden Meehan is moving into the mortgage market following the recruitment of Stephen Smith as mortgage manager. Smith, who was at Sedgwicks, has been appointed mortgage manager in preparation for the launch of a specialist division next year. The firm estimates its mortgage division will generate up to £80m over the next 18 months. The move comes on the heels of national IFAs Towry Law and Hargreaves Lansdown setting up mortgage divisions in recent weeks. Smith ...

  • Man hedge fund guarantees 120 per cent

    31 Oct 2002

    Man Investment Products has unveiled Man multi-strategy series 4, a fund of hedge funds that is structured as a capital guaranteed bond.

  • Menu system may level distribution disclosure

    31 Oct 2002

    Industry experts claim that Aifa's menu system will force tied distribution to operate on an even playing field with IFAs and could lead to more companies reviewing the future of what is left of direct salesforces. According to the full menu proposals put forward by Aifa and adopted by the FSA this week in preference to the defined-payment system, tied salesforces could be compelled to provide up-front "commission equivalents", taking in not only commission but the cost of other ...

  • Minimum fuss

    31 Oct 2002

    With all the (understandable) talk (among financial advisers and the product providers distributing through advisers) about "moving upmarket", "wealth creation and management", "getting into and doing business with the corporate market" and other such laudable aims, it would be very easy to forget something as inconsequential as the national minimum wage provisions. I was reminded of them recently with the official announcement that the NMW increased from October 1 this year. After ...

  • Mortgage club for franchisees

    31 Oct 2002

    National IFA Inter-Alliance is setting up a mortgage club for its franchisees in a bid to win their business rather than see it go to other clubs. Inter-Alliance, which is in the process of signing off the plans, says it can negotiate competitive deals for its IFAs to encourage them to put their mortgage business through Inter-Alliance. The club will include prime and sub-prime mortgages. The firm hopes to boost its income from mortgages from the current 4 per cent of its annual ...

  • Nearly half of advisers fail loan exams

    31 Oct 2002

    Almost half of mortgage advisers sitting one of the two key qualification exams are failing with only two months to go until the December 31 MCCB deadline, according to the exam boards. They say advisers are rushing to meet the deadline but are failing their exams due to a lack of preparation. The latest results show that of the 1,317 people who sat the Chartered Insurance Institute's Maq exam in September, 47 per cent or 612 failed. The CII says it has been deluged with ...

  • New Star International - New Star Capital Guaranteed Higher Income Fund

    30 Oct 2002

    Wednesday, 30 October 2002Type: Capital guaranteed offshore fundAim: Income and growth by investing in UK companies Minimum investment: £15,000, $25,000, euros 25,000Place of registration: BermudaInvestment split: 100% invested in UK companies Guarantee: 90% of original capital returned in full at end of termYield: 4% gross income a year, paid half-yearlyIsa link: NoCharges: Initial 3%, annual 2%Commission: ...

  • Not enough protection says Scottish Provident

    4 Nov 2002

    More than 40 per cent of Britons would not have adequate cover or savings if the main wage earner in the family were to fall ill or lose their job according to research from Scottish Provident.

  • Nothing ventured nothing gained

    31 Oct 2002

    With barely £50m scraped between them this year, venture capital trusts are struggling to overcome poor market conditions and huge falls in investors' capital gains tax liability. Coming after the record 2000/01 tax year in which they pulled in around £430m, VCTs have hit a brick wall, suffering from the sustained market falls which have left a much smaller number of investors needing to roll over their CGT liability. But while there is little doubt that the stockmarket ...

  • Now Norwich Union says stakeholder is a failure

    31 Oct 2002

    Former stakeholder champion Norwich Union has branded stakeholder a failure and says it is to focus on lucrative big group schemes. Executive chairman Philip Scott says Government policies give providers perverse incentives to seek out wealthier customers. He accepts there are many policies on which the company will never make money and says commission will have to come down. He repeated that NU may choose not to offer the Sandler stakeholder suite if the 1 per cent cap stays. ...

  • Ombudsman set to take lead on mortgage complaints

    31 Oct 2002

    The Financial Ombudsman Service says it might be forced to make more lead decisions on dual-price mortgage complaints that do not fit the criteria of typical cases previously upheld. In the October issue of its Ombudsman News, it says it recently issued its final decision on the last of a series of lead cases intended to pro-vide a formula to be followed for future complaints but admits this may not see an end to the situation. Over the past year, it has ruled against HSBC, Nationwide, ...

  • On the offensive?

    31 Oct 2002

    What a pleasure to read the recent letters from Brian Gallen and Charles Moran. I thank them both for writing quite succinctly and placing points of view held by many IFAs. Could this possibly be the start of a counter-offensive by the goodies proving to the Government and the regulators that indeed they are not baddies? Tin hats on guys and gals - over the trenches we go. Alan Alcock Grange Financial Management, Halifax

  • Out of context

    31 Oct 2002

    •"I am trying to get the Kris Akabusi award for the happiest man in Britain." - Britannic Retirement Solutions corporate communications manager Jim Boyd. •"I've got so many bosses I don't know what they look like." - Clerical Medical pensions strategy manager Nigel Stammers. •"I pay more in vet bills than my mortgage - we even send the vet postcards when we are on holiday." - Stammers again. •"You know more about my company than I do." - Stammers again. •"Obv

  • OUTSIDE EDGE - Michael Owen

    31 Oct 2002

    While markets tumble and issues such as the split-cap debacles, life company solvency margins, etc, dominate the financial pages, the old chestnut of past performance has been in the news. The industry believes past performance matters but the FSA needs some convincing. When looking at the FSA comparative tables, I am reminded of the saying that "it is better to travel hopefully than to arrive". An alphabetical list of funds differentiated by charges is not the long-term answer for ...

  • Park Row new arm aims for non-conform market

    31 Oct 2002

    Park Row Independent Mortgages is launching into the non-conforming sector through a new sub-prime division. It has created Park Row Specialist Lending in partnership with packager The Mortgage Placement Company to offer loans, including self-certification and right to buy, through its 280 advisers and will pay a procuration fee of 1.75 per cent. It is also setting up a phone and internet advice service. Its new in-house dedicated packaging centre dealing exclusively with non-conforming ...

  • Pima wants lifetime account to come under stake suite

    31 Oct 2002

    A lifetime savings account operating on Isa rules should be included in Sandler's new suite of stakeholder products, according to the Pep & Isa Managers' Association. In its pre-Budget submission to the Treasury, Pima is calling on the Government to take a number of steps to reinforce the strength of Isas as a savings vehicle, including continuing the 10 per cent dividend tax credit indefinitely. It is due to expire in April 2004. The call is echoed by the Investment ...

  • ProAct to link firms with buyers

    31 Oct 2002

    Law firm ProAct Legal has set up a scheme which aims to throw a lifeline to IFAs struggling to find PI cover. The firm found that 27 per cent of IFA firms may not get PI cover and 63 per cent face increases of more than 300 per cent in its research among 100 firms during October. The new scheme, ProAct Protect, matches expanding IFAs looking to buy practices with firms facing closure due to a lack of PI cover. Strugg-ling practices can continue to trade under their current identity ...

  • Promoting the value of saving

    31 Oct 2002

    You report that Ron Sandler has attacked the failure of the financial services industry to motivate savers. I agree with his views. What really has been done by the industry in recent years to promote the real benefits of saving, and, even more importantly, the benefits of life and critical-illness protection to the general public? Yes, there have been a multitude of campaigns. But they have all sought to win a greater share of an existing cake rather than expanding the market ...

  • Pru chief Bloomer made deputy chairman of FSA panel

    31 Oct 2002

    Prudential group chief executive Jonathan Bloomer has taken on the role of deputy chairman of the FSA's financial services practitioner panel. Bloomer, who has been a member of the panel since February 2001, replaces Schroder Salomon Smith Barney vice-chairman David Challen. Other new appointments include Threadneedle deputy chairman Alan Ainsworth and HBOS chief executive James Crosby. They replace Fidelity International vice-chairman Barry Bateman, who resigned from the panel ...

  • Pru staff set to vote on strike action

    31 Oct 2002

    Strike action is set to make a comeback to financial services following union dissatisfaction with Prudential plans to transfer jobs from the UK to India. Financial services union Amicus-MSF, led by general secretary Roger Lyons, met with Prudential UK chief executive Mark Wood last Friday but was unable to get a reassurance there will be no compulsory redundancies. If negotiations break down, the union will ballot for strike action which would take place in six weeks, believed ...

  • Regulation will cut mortgage advisers by a third, says Pru

    31 Oct 2002

    The number of tied mortgage advisers will fall by almost a third when full mortgage regulation is introduced as they shift to offering a wide range of loans, says Prudential. Prudential Premier Mortgage Club national manager John Malone, predicting the shape of the market after the onset of FSA regulation in October 2004, says the proportion of tied company representatives will fall from 27 per cent to 15 per cent. He believes this decline has already started as advisers which ...

  • Regulations on money laundering

    31 Oct 2002

    I would like to know how over 50 per cent of the adult population can ignore the money-laundering regulations. I refer to the shoppers who spends hundreds of pounds per month in places of doubtful repute called "supermarkets" without challenge. Such expenditure clearly exceeds the regulation benchmark of what many clients spend on insurance and financial products and it would therefore appear a justified defence for someone charged with money laundering, that they were being picked ...

  • Remortgages continue to fuel banks' lending boom

    31 Oct 2002

    September's gross mortgage lending totalled £13.1bn, 34 per cent higher than the £9.8bn lent during the same period last year, according to latest figures from the British Bankers' Association. However last month's lending was 8 per cent down on August, when £14.3bn was lent by banks in the UK. The BBA says the underlying seasonally adjusted increase of £4.8bn in net lending was the secondhighest monthly rise yet, slightly below the record of £5.2bn ...

  • RJ Temple in remortgage and equity-release deal

    31 Oct 2002

    IFA RJ Temple has signed a deal with national broker Mortgageforce to handle enquiries about remortgages and equity-rel- ease products. Mortgageforce estimates that the deal could generate £50m on the back of RJ Temple's new inheritance tax planning campaign. RJ Temple will continue to use Savills for referrals on standard mortgage business. But it felt that Mortgageforce, which has equity-release specialists, was the best partner for remortgage and equity-release ...

  • Rock offers fixed mortgages with personal loan option

    31 Oct 2002

    Northern Rock is expanding its mortgage range with four fixed-rate products. The loans include two-year and seven-year fixed rates as part of its Together range which offers borrowers an optional unsecured personal loan at the same rate as their mortgage. The two-year loan is fixed at 5.89 per cent for loans up to 90 per cent loan to value and at 5.99 per cent up to 95 per cent LTV until December 1, 2004. The seven-year loan is also fixed at 5.89 per cent up to 90 per cent LTV ...

  • Room at the top

    31 Oct 2002

    I had a meeting recently with a property relocation consultant whose particular field was finding property for directors, presidents and vice-presidents of US investment banks and finance houses. These are people who, after relocation to the UK, expect to be housed in some of the finest properties in the most prestigious locations throughout London and the South-east. They provide a prop to a sector of the housing market that is significant in value, if small in volume. But this time, ...

  • ScotMut makes second cut to WP bonuses

    31 Oct 2002

    Scottish Mutual has cut with-profits bonus rates for the second time this year but avoided the bright glare of publicity. The cuts - made on October 2 - average 5-6 per cent on bonds. At the time of going to press, ScotMut was unable to give the figure for payout cuts on pensions. Annual bonuses have also been trimmed by 0.5 per cent. In March, ScotMut cut payouts by 15-16 per cent and cut annual bonuses by between 0.75 and 1 per cent. Most big companies issue press ...

  • Scottish Life in new pension transfer drive

    31 Oct 2002

    Scottish Life is relaunching its pension transfer campaign aimed at raising awareness among IFAs about the opportunities available in the £2bn market. The company says pension transfers continue to be one of the few potential growth areas in the investment market. It says IFAs can still grow their businesses by revisiting existing clients to ensure they are getting the best from their current pension provider and that the advice given, which in many cases is years old, continues ...

  • Scottish Widows cuts with-profits payouts

    1 Nov 2002

    Scottish Widows is cutting payouts on with-profits by 5 per cent from today. It says the interim bonus declaration is a result of falling stockmarkets and it has taken the action to protect policies that will mature in the future.It says despite the cuts policyholders are being insulated from the full effects of the falls in equity markets. The cuts only affects terminal bonus - annual bonus remains unchanged.

  • Simple logic to raise cap

    31 Oct 2002

    Although the Sandler review of long-term investment and the Pickering review on pensions focus on different areas there is some overlap. The good news is that not only are there no major contradictions for pensions between the two reviews but they actually show some signs of agreement. Pickering stresses there are far too many different types of pensions - for example, there are 15 different types of money-purchase pensions available. No wonder people think pensions are too ...

  • Sippdeal - SIPPcentre

    1 Nov 2002

    Friday, 1 November 2002 Type: Full SippMinimum investment: Lump sum £1,000Investment choice: All Inland Revenue permitted investments except commercial property and trustee investment plansCharges: Initial £120Commission: Initial up to 3%, renewal up to 0.5%Tel: 0870 7588859

  • Six million 'complacent' on pensions

    31 Oct 2002

    The six million consumers who could afford to save for retirement but are not doing so will become the target market for Sandler's stakeholder suite of products and have been branded "complacent" by a leading consultancy. Research by consultants B&W Deloitte presented at the recent Treasury-sponsored seminar on the Sandler Review shows 13 million Britons are off track for a comfortable retirement. For six million, this underfunding is caused by their own complacency. It ...

  • Skandia appoints John Clougherty as sales director of mutual funds business

    5 Nov 2002

    Skandia has appointed John Clougherty as sales director of its soon-to-be-launched mutual funds business.Clougherty, formerly of Merrill Lynch, will report to Skandia Oeic business managing director Jamie MacLeod, appointed in July.Clougherty's appointment comes hard on the heels of Spike Hughes from Hargreaves Lansdown and Clive Hale from John Scott and Partners joining its new mutual fund business in September.

  • SSAS offers commission or fee rebate to clients

    31 Oct 2002

    Pension scheme administrator Apogee is offering IFAs a choice of commission or a fee rebate to consumers when using its online service to set up a new small selfadministered scheme. Apogee, which specialises in SSAS schemes, says the vast majority of its new business comes from IFAs or accountants and it hopes its latest initiative will make it easier for them to use its service. Consumers who use the website directly are charged £1,950 plus VAT for each new scheme. Professional ...

  • Staff leave Temple to set up three new IFA businesses

    31 Oct 2002

    Eleven senior managers and top salespeople have left National IFA RJ Temple to set up three new IFA businesses. The news comes as RJ Temple announces 18 redundancies, with three regional offices in Exeter, Leicester and Edinburgh closing. Throgmorton Asset Management was set up last month by Stephen Hadley, previously regional managing director for the Midlands, together with former consultants Jason Cross and Christopher Bayfield. The firm, which has six RIs and aims to expand ...

  • Standard Life increases China operation

    5 Nov 2002

    Standard Life has secured a licence to operate in the Chinese city of Tianjin that will allow it to enter a joint venture with Tianjin Teda Investment Holdings. The 50/50 venture will start writing new business in 2003 in Tianjin, a city near Beijing with nearly 10 million inhabitants. 

  • Stephen Alexander

    31 Oct 2002

    Being described as an "ambulance-chaser" by FSA managing director John Tiner and dismissed as "not a class act" by Tory MP David Ruffley means it has been rather a good week for Class Law partner Stephan Alexander, the solicitor representing investors in the split-cap crisis. It was Alexander's appearance before the Treasury select committee - which is looking into split caps - alongside Tiner last week which prompted the attacks. "It probably means that I said things which ...

  • SVT NAV beats world index fall

    5 Nov 2002

    The Scottish Value Trust has announced its year net asset value fell by 5.9 per cent compared to the FTSE World Index which fell 24.7 per cent. It says it has a gearing ratio of 20 per cent and hedge funds now make up 28 per cent of the trust. It will pay out an unchanged dividend of 12.5p a share in January.  

  • Take the lead

    31 Oct 2002

    Why is that the FSA pays so much heed to the Consumers' Association and proposes some bizarre and unnecessary regulations? The latest folly to come out of Canary Wharf is the news reported by Money Marketing (October 10) that the FSA is proposing to ban mortgage brokers from cold-calling. The reason for this? Because life insurance salesmen cannot cold-call. So there you have it. Not because there is a history of misselling, not because the FSA has been inundated with complaints ...

  • Talkback

    31 Oct 2002

    "No. I don't think it can because the act of misselling is impossible to define." Gerald Duthie,On-line Financial & Accountancy Services "Yes. If it goes on as it is, there will not be anybody left to give advice." Harish Mistry, HB Mistry & Co "Yes. The main problem is there is far too much retrospective legislation that affects us as IFAs. The regulator should have a clear definition of what it is." Dhiren Malde, Platinum Financial Services "Yes, they definitely ...

  • The pensions of discontent

    31 Oct 2002

    Pensions remain the most important issue on the financial services policy agenda - and they continue to grow in importance day by day. Over the past month, we have seen major names, including Maersk, British Airways, Prudential and Scottish Widows, abandoning their own defined-benefit schemes. The significance of the moves made by the last two companies on this list will not be lost on readers. We have witnessed amazing scenes outside factories across the UK with workers prepared ...

  • The usual suspects

    31 Oct 2002

    The MCCB is expecting to play cops and robbers with rogue traders who fail to pass mandatory Cemap and Maq qualifications by the December 31 deadline yet continue to sell mortgages. The financial services industry complains of exam overkill but the number of brokers still ignoring the deadline is estimated at around 70,000 (40,000 intermediaries and 30,000 advisers), according to the MCCB. Spokesman Brad Baker has reassured lenders and brokers that the board is taking the matter ...

  • The way ahead

    31 Oct 2002

    Standard Life Group Personal Pension Flex Type: Group personal pension Minimum premium: £6,000 a year a scheme Minimum group size: Five Minimum-maximum ages: 1-75 Fund links: Sterling one, fixed interest one, index linked one, property one, protection one, structured one, managed one, ethical one, stock exchange one, international one, European one, Japanese one, North American one, Pacific Basin one, UK equity one, FTSE tracker one, Far East one, Standard Life global ...

  • TMB appoints new business director

    1 Nov 2002

    Specialist lender The Mortgage Business has appointed Paul Graham, 32, as new business director. Graham has worked for TMB for 11 years accumulating experience in a range of roles from litigation to underwriting, including his most recent position as senior new business manager.TMB managing director Bill Dudgeon says: "Paul is a key member of the TMB team and we are delighted that he has become director, new business."

  • Training for the next generation

    31 Oct 2002

    I have been privileged to hold recent discussions with Ruth Kelly, Ron Sandler, John Tiner and Colin Brown. In addition, I have had many other conversations with senior industry figures both on and off the record. I mention this not to namedrop but to highlight the fact that the thoughts I am sharing with you are as a result of much and varied input. Of course there has been much banging of drums about the survival of advisers with all the current issues facing us but do we really ...

  • True value of policy guarantees

    31 Oct 2002

    Can it be true? Skandia closes guaranteed funds was the headline in the October 17 edition of Money Marketing. But we were assured that this was the answer to a maiden's prayer. This was the replacement for with-profits. Peter Jordan does well to say "transparency is a tough act". Of course it is, Peter. Those who manage with-profits funds and those of us who have been around in the industry for more than 10 minutes know that financial planning is a tough act. The only time ...

  • Verity's View

    31 Oct 2002

    IFAs rarely have a reason to feel good about whichever scandal happens to be the latest to engulf the financial services industry. There may be some satisfaction in watching firms that have succeeded only by stepping over regulatory boundaries getting their comeuppance. But whatever pleasure there might be in that is inevitably cancelled out by higher professional indemnity premiums and the impact on client confidence of yet further tarnishing of the sector's reputation. In ...

  • Virgin One plans renaming brand as The One Account

    31 Oct 2002

    Virgin One is set to be renamed The One Account when it scraps the Virgin brand at the end of the year. Virgin One says it is expecting the new name to be agreed in the next few weeks. Following research, it says this name is emerging as the most popular choice because it refers to how a current account mortgage works. It is planning to start advertising the brand mid-January and is looking at ways to develop and expand the product. Virgin One marketing manager Scott Mowbray ...

  • Warning of shortfalls over move to DC plans

    31 Oct 2002

    The millions of employees who have been moved from defined-benefit to defined-contribution schemes are in the dark about the retirement shortfall they will face, according to Towers Perrin. The benefits consultancy says that many people are unaware of the deficit they face and must first establish the extent of the shortfall and work out how they will make up the loss. It says this could involve people making difficult decisions and sacrificing their lifestyle. Towers says a 22-year-old ...

  • When will FSA answer calls for a misselling definition?

    31 Oct 2002

    One of the key recommendations made in the Sandler report in July was for the FSA to offer up a definition of what constitutes misselling. Nearly four months on and IFAs are no closer to hearing a response from the regulator on this matter. Since the review team made its report and subsequently disbanded, Ron Sandler has rep-eated this call enough times for many in the industry to conclude that it is a recommendation he takes very seriously. Earlier this month at the Treasury-hosted ...

  • Who can pick Pearl?

    31 Oct 2002

    As tremors shake the life insurance industry, Australian life office AMP is searching for a buyer for its Pearl salesforce but there seem to be few takers. Like other insurance companies, AMP has been badly hit by tumbling stockmarkets. Chief executive Paul Batchelor resigned after the group's share price plunged, wiping A$2.2bn (£768,980) off the company's value. His quick exit followed the recent admission that AMP's Pearl Assurance did not meet the UK's regulatory ...

  • Widows Intl shuts its doors to new business

    31 Oct 2002

    Scottish Widows International has announced it is closing to new business and will not be accepting incremental investments. The move will result in up to 20 redundancies at its Jersey base when the doors formally shut at the end of this month. In a letter to IFAs, Widows accepted it was not a major player in the offshore market and said it was better to focus on its core UK pensions, investment and protection business. Earlier this month, international business development ...

  • Yorkshire backs planting of 2,500 trees in green drive

    31 Oct 2002

    Yorkshire Building Society marked the opening of last week's British International Motorshow at Birmingham's National Exhibition Centre with a scheme that is designed to offset the carbon dioxide emissions produced by its car fleet. The society will sponsor the planting of 2,500 trees in a bid to neutralise the 550 tonnes of carbon dioxide it estimates its car fleet produced last year. The scheme has been developed in partnership with environmental consultants Future Forests, ...

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