Money Marketing
31 August 2005

  • 130 small firms hit in FSA crackdown

    31 Aug 2005

    The FSAs efforts to improve standards among small financial firms resulted in 130 firms taking corrective action to the way they operate over the past year.Thirty firms have lost their authorisation to do business or had it changed for breach of the FSAs threshold conditions.FSA retail markets business unit managing director Clive Briault says: The financial system relies on FSA-regulated firms, whatever their size, having the resources to meet their obligations to customers.

  • 17% Of over-55s say lifetime loans could fund retirement

    1 Sep 2005

    Millions of pensioners' retirements are being jeopardised by the unexpected costs that come after they stop working, says Prudential.It says 3.75 million pensioners are struggling to live the life they expected.Prudential says that for the average person in the over-55s category, the "magic sum" that would make a real difference to their retirement would be an extra 7,300 a year while one person in three says they will need 10,000 a year more for a comfortable retirement.Of ...

  • Abbey offers 3 months' free MPPI

    2 Sep 2005

    Abbey is offering customers three months' free mortgage payment protection cover for all new applicants.

  • ABI calls for big rebate increase

    1 Sep 2005

    The contracting-out rebate should be substantially increased and the state second pension should become a flat-rate system if contracting out is to be a success, says the Association of British Insurers.It says the Government Actuary's Department will soon review rebate levels and believes a big increase is required to restore its original position and role. The paper comes after research from the FSA and Which? pointing out the losses suffered by investors through contracting out. ...

  • Aifa's View: High stakes

    1 Sep 2005

    Aifa's Stakes in the Ground initiative has come about in response to members' continuing worries over retrospective action by the FSA and Financial Ombudsman Service, where there is a risk of current regulatory standards being applied to assess actions that were taken against a different economic and regulatory backdrop.

  • Argonaut secures multi-manager backing as it grows 21% in quarter

    1 Sep 2005

    Barry Norris and Oliver Russ have grown Britannic's Argonaut European alpha fund by 21 per cent in their first three months and plan a November launch for their equity income product.Since joining Britannic from Neptune in May, the pair have kept the fund 7 per cent ahead of the MSCI European index and won backing from New Star and Insight's multi-manager teams.The fund has grown to 75m since launch and the pair expect to soft-close at 250m by the end of 2006.Despite receiving ...

  • Asu like it from dentists and life for vets

    1 Sep 2005

    Life insurance and Asu could be bought from dentists following the regulation of general insurance, says Bankhall commercial development director Shaun Godfrey.

  • BCWA backs networking WFG dinners

    1 Sep 2005

    BCWA Healthcare is teaming up with the Womens' Financial Adviser Group to launch a series of networking dinners for members.BCWA will sponsor dinn- ers at top restaurants around the country. Quarterly events will run in Reading, Bristol, Manchester, York, Birmingham and London.Other events will be held in Cardiff, Cheltenham, Manchester, Edinburgh, Glasgow, Cambridge, Norwich, Exeter, Bournemouth and Poole. There will be a total of 40 events and up to 16 WFG members will be ...

  • Boulger forecasts lifetime loan remortgaging

    1 Sep 2005

    Remortgaging in the lifetime mortgage market will become as prevalent as in the residential market, says John Charcol senior technical manager Ray Boulger.

  • 'Boutique' battle is breaking out

    1 Sep 2005

    Multi-manager T Bailey is delighted that the Credit Suisse incubator fund is endorsing its own views on the benefits of holding boutique funds but is critical of its "artificial restrictions" which exclude larger, more established funds.

  • Boxall joins Butterfield

    31 Aug 2005

    Butterfield Private Bank has recruited Gary Boxall as head of intermediary sales. Boxall was previously head of IFA services at Simple2.co.uk, the financial services arm of Scottish and Southern Energy and before that he was at Natwest for 10 years. Butterfield has also added two new regional business development managers, David Hardy in the North-East and Elizabeth Cross, in London

  • Bridgewater in flexible reversion

    31 Aug 2005

    Bridgewater Equity Release is launching a flexible reversion plan that enables homeowners to phase the income they draw from their property. Homeowners can take from 25 per cent upwards initially and draw the balance as required up to100 per cent, so gaining from any house prise inflation. Alternatively Bridgewater will take a fixed percentage of equity yearly, paying 5 per cent extra each year.

  • Britannia Building Society - Guaranteed Capital Bond Nov 05

    2 Sep 2005

    Britannia Building SocietyGuaranteed Capital Bond Nov 05

  • BT hangs up on divorcees

    1 Sep 2005

    Following my divorce, it has been agreed that I am to receive a half share in my husband's three pension schemes, being the British Telecom, local authority and police force schemes. My solicitor has told me to seek independent advice as to what I should do with these pension shares.

  • Build a wood pile

    1 Sep 2005

    The Kyoto agreement has created an investment opportunity for higher-rate taxpayers who can make an initial investment of 100,000. This opportunity has arisen because commercial polluters of the environment, such as chemical and gas compan- ies, face a punitive climate levy tax on their businesses unless they buy carbon credits.

  • Building homes

    1 Sep 2005

    Forty volunteers from Clerical Medical and parent group HBOS have just returned from Sri Lanka, where they pitched in rebuilding homes for tsunami victims.Working with charity Habitat for Humanity, the team built eight new houses and raised funds to build a further 160 or repair 800 damaged properties.

  • Burns-Anderson at top of its peak

    1 Sep 2005

    A team of 12 Burns-Anderson colleagues reached new heights on their expedition on the Three Peaks Challenge.They raised more than 2,000 for Hop, Skip and Jump, the Bristol-based charity which provides play facilities for children with terminal and life threatening illnesses.The group battled with Scotland's Ben Nevis, England's Scafell Pike and Welsh mountain Snowdon in a gruelling 26 hours - just exceeding the target of 24 hours.

  • Can you find this man?

    1 Sep 2005

    Would any reader know the whereabouts of Michael J Murray? He worked with Hill Samuel Investments and then Scottish Widows Investment.A mutual colleague - Colin Hetherington - is having a 60th celebration in November and would love to see Michael. With your help we might just be able to find Mike again.Ron JonesYork

  • Caught in the extranet

    1 Sep 2005

    Two weeks ago, I looked at some of the arguments for and against fund management groups, recognising that the majority of new fund business is being originated via fund supermarkets and achieving economies by dismantling their own distribution operations both for direct business and advisers.

  • Cavendish Asset Management - Aim Fund

    6 Sep 2005

    Cavendish Asset Management Aim Fund

  • Check your statements

    1 Sep 2005

    Advisers are probably the sort of folk who check their bank statements and bills very carefully.

  • City fund manager joins Morrisons board

    6 Sep 2005

    Former Deutsche Asset Managment European chief executive Paul Manduca is to join the board of supermaket chain Wm Morrison as a non-executive director. Manduca, who ran Rothschild Asset Management and built up Threadneede, is viewed as a potential succesor to the supermarket's chairman Ken Morrison.

  • Clerical urges A-Day review by trustees

    1 Sep 2005

    Clerical Medical is urging trustees of occupational pension schemes to review their scheme arrangements with their advisers in light of A-Day.The firm is writing to trustees over the next few weeks out- lining the changes affecting them and scheme members.Trustees will also get a copy of Clerical's pension news- letter available for use by sch-eme members.Features include the new maximum tax-free cash all-owance, how members no longer need to stop working to draw benefits ...

  • Consumer assassination

    1 Sep 2005

    I refer to Terence O'Halloran's letter attacking Dianne Hayter (MM, 18 August).I would be interested to know his reasons for concluding that consumers would be better off without representation by a consumer panel.He mentions the disappearance of defined-benefit pension schemes. How does he think that relates to consumer representation, particularly when most consumer bodies would like to see a reversal of the decline in numbers of such schemes?From what I have read, the ...

  • Cordea plays undeveloped property game

    6 Sep 2005

    Cordea SavillsServiced Land Fund

  • Cordea Savills - Serviced Land Fund

    1 Sep 2005

    Cordea SavillsServiced Land Fund

  • Correspondent's week

    1 Sep 2005

    This week Ben Griffiths, City reporter in the London offices of The Herald

  • Cover from terrorists

    1 Sep 2005

    I am writing to clarify Bupa's policy relating to the recent terrorist incidents for both Jim Gillespie of Independent Financial Services (August 11) and your readers.Bupa will do all it can to help customers affected by recent terrorist incidents in London and Egypt.In the UK, the best place for people injured in terrorist incidents such as the recent London bombings is the nearest NHS accident and emergency department. Bupa UK PMI does not cover injuries sustained by acts ...

  • Cowan joins board of Paymentshield

    1 Sep 2005

    John Cowan is joining the board of mortgage and protection club Paymentshield as non-executive director.Cowan, who was formerly managing director of Pivotal, the National Australia Bank group's intermediary consultancy business, is joined on the board by former HBOS gen- eral insurance chief executive Howard Posner, who becomes a non-executive director, and First Direct chief operating officer Richard Dixon, who joins as operations director.The new appointments bring the total ...

  • Derbyshire (IoM) launches new 18-month fixed rate bond

    5 Sep 2005

    The Derbyshire (Isle of Man) is launching a new 18-month fixed rate bond.

  • Don't stumble into any pension transfer traps

    1 Sep 2005

    Whenever there is extensive pension transfer activity, the "c" word will inevitably be mentioned sooner or later and debate can quickly become emotive and personalised. But it is helpful to have informed discussion about which transfers are appropriate and which could be construed as churning.

  • DWP issues reports on hybrid pensions

    31 Aug 2005

    The DWP has published three independent studies into hybrid, or risk sharing, pension scheme designs to increase knowledge of these plans and promote discussion and better understanding of them within Government and the pensions industry.

  • DWS is staying on Villa shirts

    1 Sep 2005

    The DWS name will live on after September on the shirts of Aston Villa despite the firm's takeover by Aberdeen.

  • Edward Jones ditches independent status as it refuses to offer 'unrealistic' fee option

    1 Sep 2005

    Edward Jones has become one of the biggest whole of mar- ket adviser firms in the UK after relinquishing its independent status.The firm, which plans to expand from 123 to 250 RIs within two years, says it has removed the word "independent" from all its marketing and literature as it does not offer a fee option.Principal of products and marketing Robb Boyd says it would have gone against the firm's principles to offer some kind of "false" fee option in an attempt to hold on ...

  • Edward Jones to use white-labelled Webline service

    2 Sep 2005

    Edward Jones is using Webline to provide a white-labelled online service to its branches across the UK.The firm has over 120 branches across the country that will use the system initially to provide protection quotes but it will be extended to accommodate e-submissions as well as bonds, pensions and annuities.Webline client and operations director Matt Humphrey says: "Not only have we been able to implement a complete white label solution, but we have also taken extensive care ...

  • EPP and SSAS boost

    1 Sep 2005

    Under the current draft- ing of the Pensions Act, trus-tees of these types of pension schemes will need to understand pension legislation, investments, scheme documentation and tax reporting by A-Day.But Standard Life has been told by the Pensions Regul- ator that trustees of EPPs and SSASs will be exempted, with an announcement expected soon.Trustee duties under the act, as currently drafted, are so onerous that many industry commentators had expected a mass switch out of these ...

  • Ex-burglar arming Zurich with ways to curb holiday crime

    1 Sep 2005

    Zurich has hired an ex-burglar to advise its home insurance policyholders on how to avoid their properties being crowbarred by thieves when they are on holiday.Bob Turney, a reformed alcoholic and ex-drug addict who has served time for bur-glary and armed robbery, now works as a part-time consultant for the Probation Service.He is working with Zurich to promote increased awareness of the telltale signs that people leave when going away on holiday that indicate to the burglar ...

  • 'Extend DTI exemption to IFAs'

    1 Sep 2005

    A Department of Trade and Industry decision to exempt general insurance and mortgage advisers from having to file a statutory audit should be extended to include the majority of advisers, according to a compliance expert.The DTI says amendments to the Companies Act 1985 mean that from October, general insurance and mortgage advisers will only have to prepare abbreviated accounts rather than a statutory audit.But Compliance.co.uk managing director Gary Dixon says the decision ...

  • F&C Baronsmead 3 VCT C Share Issue

    6 Sep 2005

    F&CBaronsmead 3 VCT C Share Issue

  • Facts and friction

    1 Sep 2005

    One of the biggest challenges of mortgage regulation has been the production of the mandatory key facts illustration.

  • Fast forward for reversion

    1 Sep 2005

    Nicola York surveys the equity-release scene and finds that home-reversion schemes look set for major business growth

  • Female divorcees face funding crisis

    1 Sep 2005

    Middle-aged women divorcees are facing a retirement funding crisis, according to a report from Norwich Union Equity Release.Just 4 per cent of the 440 divorced women aged over 50 surveyed in the report got any of their ex-husband's pension fund after divorce or separation despite recent legislation giving women a better deal on pension-splitting.The report, entitled Asset Rich, Cash Poor, finds that 77 per cent of women realise the difficulty of surviving on the current state ...

  • Fidelity to split special situations fund

    5 Sep 2005

    Fidelity is to split Anthony Boltons 5.4bn special situations fund in two during the first half of 2006.

  • Field slams Govt disarray on FSA

    1 Sep 2005

    Prime Minister Tony Blair's calculated attack on the FSA shows the Government lacks a coherent strategy on the regulator, claims Tory Shadow Financial Secretary to the Treasury Mark Field.The MP for London and Westminster says Blair's stinging speech to the Institute for Public Policy Research in May - in which he acknowledged the damaging effect the FSA is widely perceived as having on efficient businesses - contrasts with Chancellor Gordon Brown's view of the FSA as "a beacon ...

  • Finance4Women founder sets up firm for divorcees

    1 Sep 2005

    Finance4Women co-founder Karen Ritchie has quit to set up a company specialising in financial advice for women after divorce and separation.The new firm, Financial Planning for Women, is an appointed representative of CF Pensions Consultants.It will deal primarily with divorce and pensions and is based in London.The majority of her clients are female but Ritchie says she will also consider male cases.Ritchie has brought her client base of 140 across from Finance4Women, ...

  • First launches its cheapest ever mortgage

    6 Sep 2005

    First Direct has launched its cheapest ever mortgage with a discounted variable rate of 2.99 per cent until May 2006.At the end of the discount term borrowers will revert to First Directs standard variable rate of 5.5 per cent.First Direct chef executive Richard Kimber says: "This mortgage is a win-win for homeowners. First, the lowest rate since Elvis was in short trousers, thanks to our new discount. Then, a low standard variable rate that anyone paying Halifaxs painfully high ...

  • Forsyth Partners adds to UK investment team

    5 Sep 2005

    Fund of funds and research house, Forsyth Partners has added to its UK team with the appointment of Sophie Huang as research analyst.Huang has been working as an independent consultant for the past two years after a prior seven year stint at UBS where she covered alternative investments.Forsyth has also poached Vanessa Heywood from Aberdeen to head up its investment communications team. She previously headed up Aberdeen's investment trust retail marketing division.

  • FOS accuses IFADU's Owen of harassment

    1 Sep 2005

    The Financial Ombudsman Service has threatened not to deal with enquiries from the IFA Defence Union after accusing its chief Evan Owen of harassment and intimidating behaviour.Senior legal adviser Louise Reilly has written to Owen describing an email addressed to one of her colleagues as hostile and intimidating. She warns that the FOS will terminate correspondence with Owen if he continues to harass and intimidate staff.Owen told the FOS it does not have jurisdiction over ...

  • FSA should be keeping check on status

    1 Sep 2005

    IFA Promotion is complaining that it is shouldering work it believes the FSA should be doing.

  • Gartmore recommends increased M&A

    5 Sep 2005

    Gartmore is recommending more merger and acquisitional activity as a result of the FTSE 100 All-Share rising strongly since April.

  • Glamour game

    1 Sep 2005

    Whoever will be entering the frame of financial services next?

  • Hartford goes for gold boost

    1 Sep 2005

    The Hartford is offering extra allocation on its gold bond.In a bid to help IFAs attract with-profits and cash deposit investors, the US firm is offering enhanced allocation of up to 102 per cent on lump-sum investments into its unit-lin- ked bond, a deal which will run alongside a customer loyalty programme.The latter scheme offers up to 3.5 per cent tiered so that clients get 1.5 per cent of the fund value if they remain inves-ted for seven years and a further 2 per cent at ...

  • Henderson income fund rated top for consistency

    1 Sep 2005

    Research into fund perfor- mance shows that Hender-son's UK equity income fund is the most consistent performer in both rising and falling markets.The 291m fund, which is run by James Henderson, is up by 42 per cent over three years to July compared with a sector average of 40 per cent and is ranked 23rd of 70 funds in the sector, according to the search which was carried out by Bates. The fund outperformed the FTSE All Share index 70 per cent of the time.In a rising stockmarket, ...

  • Hurricane Katrina to cost industry over 11bn

    1 Sep 2005

    Hurricane Katrina will cost the insurance industry over 11bn, according to a Swiss Re preliminary estimate.The reinsurer expects its own claims to be around 277m, although it points out the complexity of the damage caused by the storm and flooding means estimates have a more than usual degree of uncertainty.Around 80 per cent of New Orleans is currently underwater and more than 1.3m homes have been left without power. Reports suggest the death toll could rise to thousands.

  • I married an alien

    1 Sep 2005

    Pre-owned asset tax Scottish Equitable International technical manager Margaret Jago warns on spouse-alienation plans

  • 'Identity fraud being ignored by the police'

    1 Sep 2005

    An IFA who fell victim to identity fraud has blasted the Government's latest clampdown on terrorist money launder- ing as hot air.

  • IFA is suing Countrywide on 3.5m pension liability

    1 Sep 2005

    A Cambridgeshire IFA is suing giant estate agency Countrywide for 3.5m over pension misselling liabilities, with a judgment expected in the autumn.Countrywide sold IFA firm Mandrake Associates in a management buyout in 1996 and an agreement was reached over the extent to which it would pay for Mandrake's pension misselling liabilities.That agreement is now under dispute and Mandrake has taken Countrywide to court in a bid to recover the funds. Countrywide has outlined the potential ...

  • IFAP and FSA clash over monitoring

    1 Sep 2005

    The FSA is letting consumers down by failing to monitor the status of financial advisers under depolarisation, says IFA Promotion chief executive David Elms.Elms says the FSA's refusal to document the scope of advisers' businesses means the FSA is unable to provide consumers with vital information on whether an adviser is independent, whole of market, single-tied or multi- tied under the new depolarisation definitions.He says that calls to the watchdog from consumers confused ...

  • IFA's fight finally wins critical claim

    1 Sep 2005

    An IFA's year-long fight for her client has resulted in £220,000 finally being awarded in a critical-illness claim which had been rejected twice.

  • Investec hires fixed income specialist

    2 Sep 2005

    Investec has appointed Peter Eerdmans as emerging markets portfolio manager in its global fixed income team. Based in Cape Town, Eerdmans will be responsible for expanding the emerging market fixed income capability at Investec.Eerdmans joins after four years at Watson Wyatt where he was a senior investment consultant responsible for UK and European fixed income as well as emerging market debt research.

  • Investing needn't be a big gamble

    1 Sep 2005

    A monogamous relationship with a specialist mandate can force managers to bypass pot- entially lucrative opportunities.

  • Investment View: Care in the commodity

    1 Sep 2005

    If last week's results from mining giant BHP Billiton are anything to go by, commodities are still one of the most rewarding games in town. Profits nearly doubled to $6.5m, with demand from China still keeping the price of base metals such as copper and iron ore on the rise.

  • Is japan back on track?

    1 Sep 2005

    Nicola York finds there are rising expectations for the Japanese stockmarket after a decade and a half in the doldrums as a snap election over the future of the post office could help to deliver sustained economic growth

  • It's just not cricket, Fidelity

    1 Sep 2005

    The fund manager merry-go-round just never stops. We are told that one in 10 funds are affected by a fund manager move every year. There have been 120 changes already this year.

  • Jo Parker

    1 Sep 2005

    The managing director of financial marketing agency Teamspirit, Jo Parker has a passion for communication and believes the financial services industry is being hampered in getting its message across due to unclear and heavy-handed regulation, says Sam Shaw

  • JPMAM restructures UK sales team

    31 Aug 2005

    JPMorgan Asset Management has re-structured its UK sales team.Alex Barry has been appointed as head of UK distributor sales with a team of three reporting to him, while Dan Mannix has been appointed head of JPMAM's wholesale channel. He will oversee sales to discretionary clients.

  • Lack of Sipp competence

    1 Sep 2005

    Innocence is bliss, or so we are told. A Greek friend of mine, who believes that life is more straightforward than it really is reacted to his divorced friends plight by taking direct action with no regard for the reality of the situation. This is similar to many who will invest in Sipps for the first time as soon as midnight strikes on April 5 next year.

  • Leeds & Holbeck launches second mortgage product

    5 Sep 2005

    Leeds & Holbeck building society is launching a new best buy mortgage to compliment its first mortgage product.

  • Leeds & Holbeck slashes 5-year fixed shared ownership rate

    6 Sep 2005

    Leeds & Holbeck Building Society is cutting its 5-year fixed rate shared ownership mortgage to 4.99 per cent.

  • Life offices need to take some risk

    1 Sep 2005

    Emma Thomson, support development manager, and Kevin Carr, head of strategic relations, at Lifesearch say life companies are slashing protection premiums but cherrypicking policyholders

  • Member's apathy in Aifa multi-tie voting

    1 Sep 2005

    Aifa's consultation with its members on whether to admit multi-ties is being hampered by low turnout from IFAs.In July, Aifa members were asked to decide whether they want a purely independent trade association under the strict definitions set by depolarisation or to accept whole of market, multi-tied and hybrid firms.But with less than a month before the consultation per- iod closes, Aifa says the majority of its members have not filled in the voting form on its website.Aifa ...

  • MLC picks La Salle to run global property for Mom portfolios

    1 Sep 2005

    Australian multi-manager MLC has appointed La Salle Investment Management to run the global property element of five manager of manager portfolio funds available through Pivotal, its UK distribution arm for IFAs.

  • Money Marketing extends market lead

    1 Sep 2005

    Money Marketing is the best-read trade paper among financial advisers and is the title of choice for more than twice as many intermediaries as its nearest rival.Asked which weekly trade publication they would read if they could only choose one, 47 per cent of advisers chose Money Marketing compared with 22 per cent choosing Financial Adviser and 13 per cent of advisers opting for Investment Week.The survey, which polled 214 IFAs at investment forum PIMS 2005 aboard the Oriana ...

  • Morgan Stanley - FTSE Simple Growth Plan

    2 Sep 2005

    Morgan Stanley FTSE Simple Growth Plan 5

  • Mort Intelligence in deal with UCB

    31 Aug 2005

    Mortgage Intelligence is linking with UCB Home Loans in a semi-exclusive deal on its self-cert one-year fixed rate of 4.79 per cent. The rate has a 330 completion fee and 75 reservation fee and is available up to 85 per cent LTV. This deal is shared with Pink and Mortgage Next.

  • Mortgage View: Playing from the base line

    1 Sep 2005

    Many lenders have yet to respond to this month's base-rate cut. For most, the delays are attributed to Halifax wrong footing the market. The last two interest-rate cycles have seen lenders widening their margins by failing to pass on the full effect of base-rate decreases, yet they pass on the full impact of any increase. Many in the industry expected this cycle to be repeated.

  • Multi-management View: Fund selection is key as hope rises in Japan

    1 Sep 2005

    Is it just us or is everybody getting very excited about Japan all of a sudden? In the last few weeks, we have received unprecedented numbers of unsolicited (yet very welcome) calls from all types of Japanese fund managers with glad tidings from the East.

  • Nationwide goes top of press league

    1 Sep 2005

    Nationwide Building Society got more positive media coverage in July than any other pro-vider, knocking Halifax off the top spot in the latest Presswatch analysis of the financial services sector.Industry pundits and journalists praised the society for its standard variable-rate mortgage which was deemed one of the best in the industry.Nationwide also got positive coverage for its credit card which does not incur charges when used abroad.Halifax won praise for its remortgage ...

  • No more coppers

    1 Sep 2005

    Congratulations to the financial boffins at Virgin Money for coming up with the idea of a 99p coin to free us from unwanted coppers and save the nation 133m in discarded change.The Diary notes that the idea recently reared its head as an election pledge in the 2005 "manicfesto" of the Official Monster Raving Loony Party.Has Richard Branson been lunching with party leader Alan "Howling Lord" Hope?If so, maybe we will see Virgin Money backing other OMRLP policies such as: ...

  • Norwich Union launches new tranche of guaranteed fund

    2 Sep 2005

    Norwich Union is to offer a new series of its guaranteed fund, which will be available from 5 September 2005.

  • NS&I joins FOS's voluntary scheme

    31 Aug 2005

    National Savings & Investments, the Government-backed savings and investments provider, has joined the Financial Ombudsman Services voluntary jurisdiction scheme. Complaints will now be handled by the FOS using the same approach as applies under the compulsory scheme.

  • NU goes live on Exweb Gold

    5 Sep 2005

    Norwich Union is the latest provider to go live for policy valuations on The Exchanges Exweb Gold.NU joins Friends Provident, Prudential and Standard Life on the service with Axa, Scottish Equitable, Scottish Widows and Skandia expected to join later this year.NU head of ebusiness development Andrew Simon says: "Enhancing our ecommerce capability to allow real time valuations is key to our service proposition, making it easier for intermediaries to access valuations from NU."The ...

  • Offshore investors brought to account

    1 Sep 2005

    The investigation being conducted by HMRC's offshore fraud projects team does not mean that UK investors cannot hold offshore accounts but individuals who are resident and domiciled in the UK must report their offshore accounts to HMRC.

  • Old Mutual lodges formal offer for Skandia

    2 Sep 2005

    Old Mutual has made a formal offer of 3.3bn to the Skandia board conditional on the latter recommending shareholders accept by 23 September.Old Mutual admits it has so far garnered support from only 17 per cent of Skandia's shareholders but is confident of getting the majority it needs in the next three weeks.The offer, a hostile bid, breaks down as 39.3 per cent cash and 60.7 per cent equity.

  • OldMut steps up Skandia bid

    1 Sep 2005

    Old Mutual says it is looking at improving its 3.1bn cash and stock offer for Skandia.Old Mutual believes it has the support of the majority of the big shareholders it has held discussions with and expects to table a formal offer shortly.The deal outlined comprises a 40 per cent cash offer of 308p per share, with the remaining 60 per cent paid for in stock. Although Old Mutual believes it can garner considerable support for the bid, it says it is considering "selected modifications" ...

  • Pink Home Loans - Platform Near Prime Right To Buy 3 Year Fixed Full Status

    31 Aug 2005

    Pink Home LoansPlatform Near Prime Right To Buy 3 Year Fixed Full Status

  • Pink Home Loans - Platform Near Prime Right To Buy 3 Year Fixed Self Cert

    31 Aug 2005

    Pink Home LoansPlatform Near Prime Right To Buy 3 Year Fixed Self Cert

  • Product Matters: Newton's theory

    1 Sep 2005

    The bursting of the tech bubble proved to be a pretty painful experience for benchmark-aware funds, the groups that run them and their investors.Plummeting fund sizes led to falling revenues from annual management charges and investors became disillusioned with the fact that fund managers did not have mandates flexible enough to halt the slide in fund values.Enter focus funds, unconstrained, best ideas funds, most of which have so far concentrated on the UK.Few concentrated ...

  • Property rises to 46% of household assets

    1 Sep 2005

    The surge in property prices over the last eight years has seen housing leap ahead of pensions, insurance and equities as a proportion of household savings.A report from the Office for National Statistics shows the value of residential property held by households soared from 1,200bn to 3,200bn between December 1996 and December 2004.Housing accounts for 46 per cent of household assets compared with 34 per cent in 1996.The proportion of insurance and pension policies has ...

  • Providers warned over VCT marketing

    31 Aug 2005

    The FSA has warned a number of providers over the promotion of VCTs after conducting a review of the marketing of 15 asset managers. The warning comes just six months after the regulator said it would investigate the growing popularity of VCTs and concerns that providers may be targeting unsuitable lower income investors.

  • Pru suite marks pension return

    1 Sep 2005

    Prudential is planning to launch a suite of pension products that will combine elements of equity release and the more flexible investment options around residential property that A-Day offers.The products will mark Pru's re-entry into the personal pension market after a four-year absence and are due to be rolled out from the New Year in the run-up to April.Although still in development, the firm is planning a Sipp that can be used in conjunction with its equity-release products, ...

  • Revenue ARRs hit as Eric idles

    1 Sep 2005

    Revenue & Customs is overdue in paying several hundred millions of pounds in age-rel-ated rebates to pension prov-iders after being hit by comp-uter problems. The Revenue has warned the Society of Pension Consultants that the problem will not be solved overnight and only expects to have paid 60-70 per cent of overall ARRs due by November 1. Previous Revenue statements put this figure nearer 80 per cent.SPC company secretary John Mortimer says that while it hopes the problems are ...

  • Revenue pulls mat from under s32s

    1 Sep 2005

    James Phillipps reports on the ramifications of the latest rule change

  • Rooftop widens access

    1 Sep 2005

    Rooftop Mortgages is to allow Sesame appointed reps and smaller packagers direct access to its products to increase business by 30 per cent this year.It has set up a Rooftop Service Centre in Southend to cultivate new business relationships with smaller packagers. Previously, they would had to go through a big packager to get access to the products.A no poaching clause has been added to packager agreements to allay fears that it will be taking business from bigger packagers.Rooftop ...

  • S&P forecasts stable market for 12 months

    1 Sep 2005

    Robust risk management, prudential regulation and a resil-ient UK economy will ensure stability in the life insurance industry over the next 12 months, says a new Standard & Poor's report.The Life Insurance Industry Risk Analysis report, the first of it kind carried out by S&P, says 85 per cent of life ins- urers in the UK currently get a stable rating.S&P says conditions will remain stable over the next 12 months due to a combination of factors, including favourable equity ...

  • Seager is set for case after FSA delays

    1 Sep 2005

    Whitechurch Securities chairman Kean Seager has finally been served with the FSA's response to his claim against him after the regulator twice requested delays before filing.Seager says he is frustrated over FSA delays in his Financial Service and Markets Tribunal case - which relates to allegations of precipice bond misselling - after the regulator twice requested month-long extensions on its submission of the statement.He is challenging an FSA order which said that he had ...

  • Seek out strategy for investment

    1 Sep 2005

    This month's Money Marketing Live will once again provide intermediaries with access to the leading experts from the investment fund management industry. Taking place at the G-Mex in Manchester on September 27, the Fund Strategy arena will bring together an unprecedented number of presentations, workshops and seminars.

  • Segments squeezed dry

    1 Sep 2005

    Anumber of providers have launched segmented section 32 contracts. Under the post-A-Day rules, each segment becomes a separate pension scheme.

  • Sesame in 2.5m fight after FSA error

    1 Sep 2005

    Sesame is in dispute with the FSA over a 2.5m demand it received after an error by the regulator meant it was undercharged last year.Network members could face an extra charge of 670 per adviser if the regulator succeeds in recouping the money it says it accidentally failed to collect last year.The network has written to members explaining the situation. It is disputing the FSA's demand that the full amount should be paid now. Sesame has not yet accepted the bill, which, if ...

  • Singing a song

    1 Sep 2005

    You know it's August when the press releases become increasingly tedious or amusing, scraping the bottom of the proverbial barrel.This week's winner arrives courtesy of Polhill client Clerical Medical, informing us that the most popular pop song about money was, indeed, Abba's Money, Money, Money.The top 10 has two entrants by The Beatles, and sparked at least a two-minute debate among the MM news desk. No mention of Master P and The Real Untouchables' legendary anthem, Bitches ...

  • Size and lows

    1 Sep 2005

    The UK fund industry review for 2005 ranks fund management firms by the percentage increase in funds under management. But is growth in size important to an IFA when choosing a fund manager or is it what they do with their funds that counts?

  • Skandia Investment Management - Protected Portfolio Investment

    5 Sep 2005

    Skandia Investment ManagementProtected Portfolio Investment

  • Skandia releases new asset allocation advisers

    31 Aug 2005

    Skandia has launched an asset allocation wheel to help demonstrate asset allocation to their clients.The wheel is a handheld tool designed to complement Skandia's online risk profiling tool, USelect. By turning the wheel to the required risk and time horizon profile the adviser can demonstrate the ideal asset allocation mix.

  • Slump in stakeholder sales prompts plea for a review

    1 Sep 2005

    The ABI has called for a rethink on stakeholder pensions after disappointing sales in the second quarter of the years despite the raising of the charge cap to 1.5 per cent.The product attracted sales of just 92m on an APE basis, leading the ABI to call for a simplification of the basic advice regime to help with stakeholder sales.Overall, new life and pension business was up by 7.3 per cent to 2.98bn in the second quarter after stripping out a single bulk annuity deal.There ...

  • 'Solicitors interfering in equity release advice'

    1 Sep 2005

    A leading barrister has accused some solicitors of being so prejudiced against equity-release products that they are interfering in the advice process.At an equity-release round table organised by GE Life, barrister and consultant Tish Hanifan called for the role of solicitors within the equity-release advice process to be clarified as many mistrust or do not understand the product.She said some solicitors unduly express opinions on products and services, falling dangerously ...

  • Standard pushes online aggregation

    31 Aug 2005

    Standard Life is to target IFAs with an online banner campaign encouraging them to use online aggregation services that can collate valuations on clients complete portfolios instantly.

  • Standard to look at cross-selling

    31 Aug 2005

    Standard Life has set up a new internal operational board to consider both cross-selling and cost-cutting opportunities across its UK retail divisions. Headed up by life and pensions chief executive Trevor Matthews, it will bring together the heads of Standards healthcare, investments and bank divisions.

  • Taylor leaves Origen and looks for new challenge

    1 Sep 2005

    Origen business development director Tudor Taylor is leav- ing the firm and seeking a move elsewhere within fin- ancial services.Taylor was part of the executive team which brought together the five IFA businesses under the Origen brand and was chief executive of Wentworth Rose, Aegon UK's first IFA acquisition in 2002.Origen says it has no current plans to fill Taylor's role, in which he developed the firm's strategic partnerships, propositions and routes to market.Chief ...

  • The trust belt

    1 Sep 2005

    Our panel of industry experts analyse the uses of offshore trusts in depth

  • They think it's all Strover

    1 Sep 2005

    Life insurance generally, and business insurance in particular, is vastly underadvised, undersold and under- bought (is that a word?). Surprised? I thought not.

  • To have and have not

    1 Sep 2005

    The new 40 per cent tax break for buy-to-let landlords has, not surprisingly, attracted more media attention than any other pension policy for quite some time.

  • Too much paperwork

    1 Sep 2005

    Yesterday evening, I visited a client to arrange a Pep transfer and some fresh investments into an Isa and a unit trust.I had to take my client through a new terms of business (we are now on version 10, with version 11 waiting approval from our network), the payment menu, compile a fact-find, give her three sets of key features documents, a fund and charge guide, a risk matrix and secure her signature in four places on three application forms. This will be followed up by about 20 ...

  • Tories step up political row over the regulator

    1 Sep 2005

    The row between Prime Min- ister Tony Blair and the FSA shows that the Government is in disarray over the function of the regulator, say Tory and LibDem front-benchers.Conservative Shadow Fin- ancial Secretary Mark Field claims that the contrast between Tony Blair's "calcu- lated" attack on the regulator in May and the Treasury's sta- ted view of the FSA as "a beacon of regulation" shows that the Government lacks a coherent strategy on the regulator.Field says Blair needs to ...

  • Towry recovers to 1.6m profit

    31 Aug 2005

    Towry Law sees 1.6m profit in the first half of 2005, following a 0.1m loss in the same period last year. Turnover increased for the period, despiteTowry losing 25 per cent of advisers writing business. It now has 175 registered individuals.A Henderson spokesman says: We anticipate Towry Law UK will remain profitable in second half 2005, although it is likely to contribute only a small portion of Group profits.

  • TV quiz show host gets down to Earth

    1 Sep 2005

    TV quiz show host Nick Han- cock is joining Earth Mort- gages as sales and market- ing director.Hancock, long-time host of sporting quiz show They Think It's All Over, has joined the mortgage intermediary firm after meeting its directors earlier this year through a mutual friend.Earth chief executive and managing director Mike Worthington says a shared passion for sport triggered a friendship with Hancock, who says he is looking for a long-term business challenge giving him ...

  • UCB offers fair deal

    5 Sep 2005

    UCB Home LoanSelf Cert Three Year Flexible Tracker

  • University challenge

    1 Sep 2005

    University towns have traditionally been regarded as hot spots for buy to let and many intermediaries will be getting calls from parents on whether to buy a house to rent to students.

  • Urgent call to lower MVAs

    1 Sep 2005

    With the resurgence of the markets, it would be reasonable to expect MVAs levied on with-profit bonds to be shrinking rapidly.Alas, this does not seem to be the case and I have seen some MVAs increase this year.Add to this calls from the press for a with-profits bond sales review and encouraging readers to lodge missale complaints, you would have thought that heading off this potential banana skin would be more of a priority.Does this lack of urgency by providers to reduce ...

  • Western Provident Association - Parent Care

    5 Sep 2005

    Western Provident AssociationParent Care

  • Which? calls for industry to adopt list of new standards

    1 Sep 2005

    Which? is calling on the financial services industry to sign up to a list of new standards which it says will restore confidence and avoid misselling scandals.In a consultation paper, entitled, Time For A Change, Which? has compiled standards it believes firms should abide by, such as a set of customer principles included in annual reports to judge how well customers have been treated.It also wants to see a move away from commission-based selling techniques, better disclosure ...

  • Which? wants bigger fines for misselling

    31 Aug 2005

    Which? is urging the FSA to significantly increase the fines it imposes on companies found guilty of misselling. In a report this week, the consumer campaign group says it wants penalties to be big enough to alarm institutional investors into putting pressure on companies to prevent future misselling.

  • Winterthur adds Midas duo to tailored selection

    1 Sep 2005

    The Midas balanced growth and Midas balanced inc- ome funds have been added to Winterthur Life's tail- ored selection fund range which is available through individual pension policies and the Winterthur invest- ment bond.

  • Women's pensions penalised

    1 Sep 2005

    How do we penalise women's pensions? Let me count the number of ways:1: Designed for another era2: Ten-year rule3: Part-time work and low pay4: Home responsibility protection inadequate5: Tax relief6: Occupational pensions7: Pension credit8: Contracting out9: Annuities10: Reliance on husband's pensionThe idea of a citizen's pension, earned in their own right, by everyone who lives in this country for, say, 25 years, would recognise the valuable role played by women and give them their ...

  • Write off the menu

    1 Sep 2005

    The more I read about and use the newly implemented menu, the more I agree with the popular consensus that the whole exercise is a waste of time and money for everyone but, regrettably, most of all for the consumer.

  • ZILL is granted Singapore licence

    6 Sep 2005

    Zurich International Life Ltd is granted a Singapore operating licence, saying it is one of the first offshore international life companies to do so.

  • Zurich Assurance - Tracker Protected Profits Fund

    1 Sep 2005

    Zurich AssuranceTracker Protected Profits Fund

  • Zurich tracks profits

    1 Sep 2005

    Zurich AssuranceTracker Protected Profits Fund

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