Money Marketing
31 May 2006

  • 20bn cost of living longer

    1 Jun 2006

    Increasing life expectancy cost the UK an additional 20bn in pension liabilities in 2005, according to research by KPMG.

  • A case of wishful thinking

    1 Jun 2006

    The Diary wanted to be the first to congratulate Taxationweb for winning the prestigious Best Tax Website at the LexisNexis Butterworths Taxation Awards after receiving an email explaining co-founder Martino Matijevic's "great sense of achievement" after collecting the award at the Park Lane, Hilton.But just as the number was being dialled, another email came our way telling us that an error had been made and the previous email had been sent early - as the awards were not until ...

  • A world of difference

    1 Jun 2006

    I was disappointed by Ian McKenna's review of wrap offerings in the e-commerce supplement. He does not distinguish between platforms which offer a wide range of investment funds, such as Cofunds, and true wraps, such as Transact, that allow any investment as long as it is quoted on a stockmarket. There is a world of difference between a provider that offers a range of external funds and a true wrap that provides an open structure for any quoted investment or mutual fund. The ...

  • 'A&L cannot grow without outside investment'

    1 Jun 2006

    Alliance & Leicester needs to be sold if it is to achieve further growth, say leading mortgage brokers.The lender has been linked with takeover bids by Spain's Banco Santander and French finance house Credit Agricole, which last week admitted an interest in A&L.Brokers believe that A&L has reached the peak of its growth potential under its current model and now needs further investment to challenge the lending giants such as HBOS.Purely Mortgages chief executive Mark Chilton ...

  • A&L fixes exit fees as FSA action looms

    1 Jun 2006

    Alliance & Leicester has fixed its exit fees, raising hopes that the rest of the market will follow suit to stave off regulatory action.The firm says it will not raise the exit fee during a customer's term and has capped its redemption fee at 295.The move follows a similar decision by Northern Rock earlier this year although A&L insists its decision has nothing to do with the FSA's threat of legal action against lenders and that it agreed to the concession after feedback from ...

  • A&L reveals mortgage boost

    5 Jun 2006

    Alliance & Leicesters borrowing monitor shows an increase in peoples confidence to take on a mortgage. At the beginning of this year 7 per cent of households said they were thinking of moving, buying a property for the first time or remortgaging by mid-summer. When questioned recently, 15 per cent said they planned to do so before next winter. A&L stresses that although not everyone acts upon these plans, the change demonstrates much higher activity levels in the housing market.

  • A&L slashes fees on new mortgage range

    1 Jun 2006

    Alliance & Leicester is launching a new range of intermediary mortgages and has slashed its product fees.

  • Advice is ruled out of equation

    1 Jun 2006

    Advice has been ruled out of the national personal accounts scheme, echoing Lord Adair Turner's plans.Work and Pensions Secretary John Hutton's plan for personal accounts outlined in the White Paper will follow one of two routes which both remove advice to cut costs drastically and allow for a "light-touch, risk-based and proportionate" regulatory regime.The Government says it will develop a full employer communications and education package to support the introduction of the ...

  • Advisers see business growth post A-day

    5 Jun 2006

    Over 75 per cent of advisers expect to see their business grow in the next six months due to the impact of A-day according to Winterthur Life research.

  • 'Affordable housing shortage worsening'

    1 Jun 2006

    The affordable housing crisis is worsening by 165 homes a day, says a survey from home warranty provider Premier Guarantee.Although the number of homes being built increased by 17 per cent in the first quarter of the year compared with the same period last year, 70 per cent of all homes built cost more than 150,000.Only 170,000 new homes are being built each year while 230,000 new households are formed every year, according to Government figures.The survey says the UK's ...

  • Aifa confident most IFAs will be spared case fees

    1 Jun 2006

    Cummings hails the trade body's successes one year after he became director general

  • AIG weighing in to bulk annuity sector

    1 Jun 2006

    AIG is entering the UK bulk annuity market to challenge the dominance of Prudential and Legal & General.The US firm, which is rumoured to be interested in making a bid for Pru, says it will also be looking at other pension opportunities in the UK. It is moving into the market with Higham Group and Pensions Management Limited and has already started quoting.Higham will provide support as a technical specialist in scheme wind-ups and actuarial consulting. PML will work on the ...

  • Altmann questions cash claim for assistance scheme

    1 Jun 2006

    Independent pension consultant Ros Altmann claims the announcement of extra funding for the Financial Assistance Scheme is misleading.Work and Pensions Secretary John Hutton announced the extension of eligibility for the FAS in response to Parliamentary Ombudsman Ann Abraham's damning report into Government maladministration of occupational pensions.Workers within 15 years of their scheme pension age before May 2004 will now benefit, rather than just those within three years. ...

  • AMI aids advisers over clients buying abroad

    1 Jun 2006

    The Association of Mortgage Intermediaries is offering a guide to help members with the increasing number of clients who want to buy a property overseas.The factsheet, Advising Clients Thinking Of Buying Abroad, warns that advisers dealing with these types of clients must be aware of the differing rules and regulations regarding mortgages and property in different countries. It outlines some of the issues that mortgage intermediaries should be aware of such as the mortgage options ...

  • AMI fears the end is nigh for independents

    1 Jun 2006

    Trade body's director general talks about a Doomsday scenario if the FSA forces lenders to police mortgage intermediaries. By Guy Anker

  • Bear Bolton is baited by running fund bulls

    1 Jun 2006

    Leading fund managers have hit back at Anthony Bolton's assertion that the bull run could be at an end.Speaking at the Securities and Investment Institute conference last week, Fidelity special sits fund manager Bolton predicted the end of the bull market in the next few months.But New Star UK growth fund manager Stephen Whittaker says: "Bolton has his view and I have mine. He is clearly a brilliant man but I just don't agree with him. I forecast we would make double-digit returns ...

  • Best in show

    1 Jun 2006

    Adviser Fund Index

  • Big five under pressure as smaller firms make inroads

    1 Jun 2006

    Swiss Re's annual report says Legal & General, Norwich Union, Friends Provident, Scottish Widows and Abbey dominated the protection market last year but are under threat from smaller providers.It shows that the five firms made up around 60 per cent of sales last year, joined by HSBC on income protection.L&G has remained the leading provider of individual term insurance for three years. Last year, it sold 342,134 plans followed by NU, Friends, Widows and Abbey, including Scottish ...

  • Big win for Standard in float vote

    1 Jun 2006

    Magic million' in sight after late surge of postal votes

  • Blow for advisers in bid to cut FSCS levy

    1 Jun 2006

    IMA and CML both refuse to back proposals to subsidise IFAs

  • BM Solutions urges brokers to boost business by internet

    1 Jun 2006

    Brokers are failing to use the internet properly and are losing business as a result, according to BM Solutions.A survey by the lender found that only 53 per cent of the brokers surveyed in its research had a company website while 52 per cent get no new business through the internet.Less than 6 per cent of respondents get more than 20 per cent of new business from online sources.BM spokesman Matt Grayson says: "These findings suggest that brokers are not using online developments ...

  • Bolton puts a stop on bull buoyancy

    1 Jun 2006

    Fidelity special situations fund manager Anthony Bolton has declared the bull run of the last three years is over.Speaking at the Securities and Investment Institute conference in London last week, Bolton, who steps down at the end of next year said: "I have been more cautious in the last few weeks. I have looked much more at what people are doing. The bull market has been running for three years-plus. I was looking at clients and stocks and I thought this party has to end. The ...

  • Boxing clever

    1 Jun 2006

    Innovation and creativity are not two words that have been associated much with the mortgage industry in the past 18 months. The introduction of mortgage regulation managed to slow down innovation as lenders concentrated on getting to grips with the new regime and ensuring that their systems could cope.

  • Britons worry about bird flu more than debt and savings, says Pru

    5 Jun 2006

    Britons worry more about terrorism and bird flu than they do about rising debt or stress at work according to Prudential's first National Risk Report.

  • Bulldozer

    1 Jun 2006

    Matt Goodman looks at the investment industry's reaction to Anthony Bolton's claim that the bull market run is coming to an end

  • Burn-Anderson multi-tie flops but profits soar

    1 Jun 2006

    Burns-Anderson has posted a 500 per cent increase in profits but says take-up of its new multi-tie proposition has been negligible.The Bristolnetwork says it made a profit of 325,714 in 2005, up from 52,854 the previous year.Chief executive Mike Hughes says the company will now begin to concentrate on developing its wrap proposition and improve performance of its funds under management.It has repaid 167,000 of a 500,000 loan from Norwich Union and says that it is planning ...

  • Butterfield triples loan deal for divorce service

    1 Jun 2006

    Butterfield Private Bank has relaunched its loan service for divorce cases.It aims to help with payment of legal fees and living expenses during divorce proceedings.Butterfield has increased the maximum amount of funds available from 50,000 to 150,000. The launch comes in the week that the Law Lords set a legal pre-cedent by awarding two divorced women multi-million-pound settlements because they had given up high-earning careers.The funds are available on a drawdown basis, ...

  • Campaign gets Balls' backing

    1 Jun 2006

    Political support for Money Marketing's No Advice, No Protection campaign is gathering momentum after the Economic Secretary to the Treasury voiced his concerns on insurance sales to MPs.New secretary Ed Balls has written to the Labour MP for Battersea, Balham and Wandsworth Martin Linton expressing the need for distinctions to be made between advised and non-advised sales of insurance policies.Balls' letter echoes the concerns of his predecessor Ivan Lewis, who wrote to Treasury ...

  • Canada Life offers Best Doctors scheme to group IP clients

    31 May 2006

    Canada Life Group Insurance is now offering its group income protection clients access to its 'Best Doctors' scheme.

  • Capita Hartshead to take on PPF job

    5 Jun 2006

    Capita Hartshead is in contract negotiations with the Pension Protection Fund to provide compensation administration and payment services to the fund.The pension administration arm of Capita is to take on the administration and payment of compensation of eligible members on retirement.It is proposed Capita Hartshead will run the contract from a bespoke version of its in-house developed pensions administration platform HartLink which currently supports over 200 individual pension ...

  • Capita sets sights on Mediquote service

    1 Jun 2006

    Capita is lining up a bid for Sirius's private medical insurance quotation service Mediquote, Money Marketing understands.The move would expand the adviser services offered by the outsourcing giant after its recent acquisitions of adviser portal Webline and back-office provider Quay Software.Capita is thought to be carrying out due diligence on the system, which forms part of Sirius's adviser and broker service.Mediquote was launched in 2001 and was the first PMI quotation ...

  • CFB to set up secured loan body

    1 Jun 2006

    The Corporation of Finance Brokers is to set up a sister trade body to the Association of Mortgage Intermediaries. The Association of Finance Brokers will represent intermediaries in the secured loan sector.

  • Chancellor promises to fight for deregulation

    6 Jun 2006

    Chancellor Gordon Brown has pledged to take the fight for deregulation to Europe and extend the Governments risk-based approach to regulation.

  • Charlie Eppinger

    1 Jun 2006

    Cofunds' chief executive believes the key to success in the turbulent investment platform market over the next decade will be to offer the ability to aggregate products.

  • Check points

    1 Jun 2006

    The safeguards now in place should protect most lifetime lenders against customer complaints, says Mortgage Express product manager Roger Hillier

  • Commission choice could cut churning

    1 Jun 2006

    CBK is calling for protection providers to offer advisers a choice of commission structure to reduce churning and improve the sustainability of their business.Principal Peter Chadborn says advisers should have a choice as they do with investment and pension products and says this would create more value in IFA businesses.At present, advisers can only choose between full indemnity or non-indemnity commission. Chadborn says full indemnity does not provide for an ongoing service ...

  • Concerns grow over FSA plans for lenders to police brokers

    1 Jun 2006

    Fears that independent mortgage brokers could be left out in the cold if the FSA forces lenders to police intermediaries have been echoed by many major lenders.Cheltenham & Gloucester fears that smaller brokers could be sidelined by the plans while Alliance & Leicester says the whole market will suffer as innovation will be stifled.A survey by the Intermediary Mortgage Lenders' Association, due out soon, is expected to reiterate concerns that the FSA is planning to shift responsibility ...

  • Correspondent's week

    1 Jun 2006

    This week by former Money Marketing investment reporter Matt Davis

  • Dawnay Day Quantum

    1 Jun 2006

    Last week, Money Marketing reported that investors in Dawnay Day Quantum's protected Japan multiplier would get back 140 per cent of their investment after six years. The report should have read "Investors will get back 140 per cent of the rise in the Japanese market after six years."

  • Debts of despair

    1 Jun 2006

    Citizens Advice reports that consumer credit problems have doubled

  • Dismay over U-turn on RU64

    1 Jun 2006

    The Association of British Insurers has accused the FSA of performing a U-turn on RU64 after it postponed a decision on whether to scrap the rule.The FSA's move, prompted by uncertainty in the run-up to the implementation of the national personal accounts scheme, has come as a blow to the industry after the FSA strongly indicated that it would abolish RU64.Leaked documents have indicated growing pressure from ministers for the FSA to retain a version of the rule.ABI director ...

  • Eadon to head PFS

    1 Jun 2006

    Tim Eadon is to be the new chief executive at the Personal Finance Society.Eadon, who takes on the role next week, was formerly head of Sesame Solutions where he was responsible for business development and transformation of the network's financial advice channel. He takes over from Mark Ommanney, who left the post in March.Eadon was previously a divisional manager at Norwich Union Life, where he worked with a range of building society partners across all sectors of sales and ...

  • Ehrmann leaves Gartmore

    1 Jun 2006

    Senior fund manager Philip Ehrmann has left Gartmore days after the purchase of the group by private equity firm Hellman and Friedman.Ehrmann managed Gartmore's China opportunities, Pacific opportunities and emerging markets opportunities funds. Jon Thornton and one other senior fund manager are also leaving as a result of a reorganisation of the business following the sale.

  • 'Failure to address public-sector inequality'

    1 Jun 2006

    The Government cannot claim to have introduced fair and sustainable pension reform without addressing the inequalities of public-sector pensions, say Opposition parties.Tory Shadow Work and Pensions Secretary Philip Hammond told Parliament that the Government must reopen the public-sector debate as a future Tory Government will not be bound by legislation that leaves the issue untouched.He attacked Work and Pensions Secretary John Hutton for not mentioning the issue in the White ...

  • Firms face 8bn costs

    1 Jun 2006

    Company pension costs will escalate by 8bn within eight years if the Government goes ahead with its proposed reforms, says Aon Consulting.It says the national personal accounts scheme will add a further burden on businesses which are struggling under the funding requirements of The Pensions Regulator.Aon estimates that a further 2.3bn in pension costs will be passed on to employers under the NPAS although this will be phased in over a three-year period beginning in 2012.Added ...

  • Flat-rate S2P and axe for contracting out

    1 Jun 2006

    The Government has ignored pleas not to move to a flat-rate second state pension and to keep the option of contracting out.The S2P changes mean many thousands of people could be hit by what is being widely seen as a stealth tax on middle-income-earners. The Tories say Labour is bringing in another tax on the back of reform.There are around 20 million employees paying into the state second pension through National Insurance contributions. The changes proposed mean these employees ...

  • FOS denies it is struggling with caseload

    1 Jun 2006

    Policyholder waits 18 months for complaint to be heard

  • Frontiers for Skandia platforms

    1 Jun 2006

    Credit Suisse European Frontiers fund has been added to Skandia's life, pension and fund supermarket platforms.

  • FSA warns it will seek out loan rogues

    1 Jun 2006

    The FSA has warned mortgage brokers that it is ready to get tough and use its enforcement regime to force rogue firms out of the market.Speaking at the Association of Mortgage Intermediaries' annual dinner in London last week, FSA chairman Sir Callum McCarthy said it is vital to get tougher on the mortgage market so the law-abiding major-ity are rid of the rule-breakers.McCarthy said the regulator is taking strong action against mortgage firms behind closed doors despite queries ...

  • FTBs must wait until the Olympics to buy

    6 Jun 2006

    House price inflation means would-be first time buyers in London saving for a deposit will not have enough until 2012, according to the Co-op.

  • Ground works

    1 Jun 2006

    The Freehold income trust run by Close Brothers is a UK unauthorised unit trust which owns 43,000 freehold ground rents. These rents are usually only around 100 a year, which means that bad debts are rare because the lessee could lose the property through non-payment of this rent.

  • Half of FTSE 250 companies could pay off UK pension deficits within 3 years

    6 Jun 2006

    A quarter of FTSE 250 companies could pay off their UK pension deficit within a year according to a study by KPMG.

  • Halifax urges parents to take up CTFs

    2 Jun 2006

    Halifax says it has opened 210,500 child trust fund accounts following Government figures that 2,486,000 vouchers being issued to date.

  • HSBC warns of 'dumbing down'

    1 Jun 2006

    HSBC is concerned that employers may choose to "dumb down" their pension provision to the level of the Government's proposed national personal accounts scheme rather than continue with more generous company pensions unless they are given incentives to stick with existing schemes.

  • Ice puts block on party

    1 Jun 2006

    Poor Axa Framlington. Imagine the horror of its PR agency Polhilll when it had to phone up every journalist that had been invited to its World Cup party at the winter wonderland that is Ice Space that is was cancelled.The event promised to be an affair to remember - a combination of ice sculpture, illumination, technology, music, cuisine visual arts and performance amid over 2,000 blocks of ice. Sadly, the event was closed down prematurely "due to lack of funding". Or would that ...

  • IFAs not prepared for Hip introduction

    31 May 2006

    Almost half of IFAs have made no provision for the introduction of Home information Packs, it is revealed today.

  • IFAs urged to get 'statement of truth' from complainants

    1 Jun 2006

    Policyholders should be fully aware of the grounds for their complaint'

  • IMA hails reforms as big step forward

    1 Jun 2006

    The Investment Management Association says the White Paper is a major step towards achieving a pension system fit for the 21st Century. It welcomes the Government's preference for a single, centrally-run national personal accounts scheme.The Association of British Insurers says the White Paper points pension policy in the right direction and provides a solid platform for creating a new savings culture.

  • In the dark

    1 Jun 2006

    If the FSA does abolish RU64, it could bring a return to the bad old days, with customers puzzled over pension suitability, says comp-liance consultant Adam Samuel

  • Independence is still key, 1 year into depolarisation

    31 May 2006

    A year intop depolarisation, 90 per cent of consumers say seeing an "independent" financial adviser is important to them, despite not really understanding what that means.

  • Insight appoints Willis

    2 Jun 2006

    Insight Investment has appointed Mike Willis as UK small cap fund manager.He will manage Insight's range of UK small cap funds alongside existing small cap manager, Ed Robinson. Willis will join Insight in July from F&C where he held a similar role.Prior to F&C, he was an investment analyst at Bell Lawrie White in Glasgow and an analyst/fund manager at Allianz Dresdner.

  • Insight chief investment officer becomes deputy chief executive

    5 Jun 2006

    Insight Investment has appointed chief investment officer Abdallah Nauphul to the position of deputy chief executive.

  • Jelf acquires Cherwell Insurance Management

    1 Jun 2006

    Jelf Group has acquired Oxfordshire-based insurance broker Cherwell Insurance Management for an undisclosed sum.

  • Jelf looks for buy as turnover soars

    1 Jun 2006

    Turnover has leapt by over half at Jelf Group for the 12 months to March this year.

  • Jupiter could float as staff get incentives

    1 Jun 2006

    Jupiter Asset Management's owner Commerzbank says it will decide whether to float the firm on the London Stock Exchange by the end of the year.City estimates value Jupiter at 1bn although both sides stress no decision has been made. Jupiter recently put in place a long-term incentive scheme for key managers, echoing Gartmore's lock-in of key staff before being bought by Hellman and Friedman last week.A Jupiter spokeswoman says: "We would like to make it clear to our investors ...

  • Leeds launches two-year fixed rate escalator bond

    6 Jun 2006

    Leeds Building Society has launched a new 2-year fixed rate escalator bond.

  • Lenders predict BTL boost

    1 Jun 2006

    UCB Home Loans and Alliance & Leicester are forecasting strong growth for the buy-to-let market this year.Research by A&L shows that the market has grown by nearly 20 per cent in the last two years and over three quarters of brokers have seen a rise in BTL transactions in the past three years. However, 43 per cent want better-value products.UCB says there was a 40 per cent increase in the number of new BTL mortgages in the second half of last year and it says that momentum has ...

  • Lenders will be weakened

    1 Jun 2006

    If a lender offers a special deal such as an interest rate of 2 per cent below base rate for the first two years, it hardly seems unreasonable to stipulate some sort of disincentive against the borrower switching to another lender the moment the special terms come to an end. If the lender does not impose a charge for early redemption within a certain period beyond a special deal, then the contract will have cost them money and that, in the long term, will surely weaken the lender's ...

  • Liverpool Vic adds underwriting team

    1 Jun 2006

    Liverpool Victoria has set up a team to contact applicants direct if details are needed on medical conditions before going on risk.

  • Lockyer quits financial services

    1 Jun 2006

    Former Berkeley Berry Birch chief executive Cliff Lockyer has ended his 34-year career in financial services after stepping down as chairman of Synaptic.He is replaced by Tory MP John Maples whose roles have included deputy party chairman and Shadow Foreign Secretary as well as having been chairman of Saatchi and Saatchi Government Communications for four years.Lockyer says it is time for a break from the industry after a career that began in 1972 as a salesman for Refuge Assurance.He ...

  • Means to an end

    1 Jun 2006

    The PPI has put forward a range of proposals to reduce means-testing of pensions

  • Mifid effects exaggerated

    1 Jun 2006

    Unsurprisingly, as a support provider, we take issue with Stanley Lovell's somewhat scare-mongering statements in the article headlined, Support service firms will start to fade away, in Money marketing last week. He has exaggerated the effects of Mifid, which will in any event affect only a small number of firms handling client money. Lovell also appears to have failed to understand how support providers operate. Our clients, and those of the bulk of support providers, are ...

  • Millfield of dreams

    1 Jun 2006

    Did Millfield's business plan bear any resemblance to reality?

  • Miton links with Standard Life

    1 Jun 2006

    Multi-manager MitonOptimal Asset Management is to make its funds available through Standard Life's wrap product.

  • Mix and match

    1 Jun 2006

    In my last article, I gave examples of the three ways in which pensions may be taken into account in financial settlements on divorce - these being set-off, attachment orders and sharing orders.

  • Moves to double broker business by 2008

    1 Jun 2006

    Woolwich plans to double its business through intermediaries by 2008 following an internal review.The Barclays-owned firm has reviewed its business model after Barclays chief executive John Varley admitted that its performance in the mortgage market had not been good enough this year.Woolwich says it wants to increase its volume of intermediary business from 4bn in 2005 to 8bn by 2008. It also plans to dramatically increase the ratio of broker-led business to direct business ...

  • NAPF backs 'fairer system'

    1 Jun 2006

    The National Association of Pensions Funds says it supports the plans to build a fairer system for the future that will allow everyone to build a secure retirement income.

  • New chairman of FSA smaller business panel appointed

    5 Jun 2006

    The FSA has appointed Mark Rothery as chairman of the Smaller Businesses Practitioner Panel.

  • New Star challenges Fof misconceptions

    1 Jun 2006

    New Star has launched a Mythbuster campaign on its website aimed at dispelling the misconceptions it believes are putting some IFAs off multi-manager funds.

  • NS&I rethink on bond ad

    1 Jun 2006

    Following the article in Money Marketing last week about the National Savings and Investments (NS&I) guaranteed equity bond, we have decided to change future ads. The ad stated that the bonds will "genuinely outperform any growth in the FTSE 100 index". At NS&I, while not regulated by the FSA, we follow the FSA handbook rules and we believe the ad falls within the FSA guidance as the averaging period is six months. However, we are aware that the ad could be misinterpreted so in ...

  • NS&I withdraws performance claim after criticism

    1 Jun 2006

    National Savings & Investments has withdrawn claims about the performance of its guaranteed equity bond from its press advertising following IFA criticism.In a letter to Money Marketing, Aire Valley IFA Malcolm Guy branded the ad misleading because it claimed that the bond would "genuinely outperform any growth in the FTSE 100 index".Guy called on the FSA to take action against NS&I, claiming it would have acted in a heavy-handed way if the statement had been made by a financial ...

  • NU bolsters its pension range with 18 new funds

    1 Jun 2006

    Norwich Union has added 18 funds to its personal and group pensions.New and existing customers can invest in funds from firms such as Barclays Global Investors, Gartmore, Schroders, Investec and Jupiter.The products include group personal pensions, personal pensions and occu-pational defined-contribution schemes.Head of pensions Iain Oli-ver says: "Adding these funds shows our continued commitment to expand the investment opportunities for customers. We are especially excited ...

  • NU to launch equity release cash reserve option

    5 Jun 2006

    Norwich Union is to launch an equity release cash reserve option in mid-July 2006 which will offer more flexibility for customers.

  • Nurs plans for Jupiter fund quartet

    1 Jun 2006

    Jupiter will become the latest firm to convert its multi-manager funds to a non-Ucits retail scheme structure on July 17.

  • Online exam launched for socially responsible investment

    1 Jun 2006

    The first Socially Responsible Investment (SRI) exam for financial advisers is now available online.The course and exam will be available to all advisers, regardless of their previous knowledge of SRI. It is launched by economie, the international organisation who work to promote and develop SRI worldwide. The Kitemark exam is moderated by Bournemouth University.Ecomomie believe that SRI is one of the fastest growing sectors in financial services and advisers need to know what ...

  • Opposition doubt reforms will raise saving

    1 Jun 2006

    Opposition parties say the Government has failed to prove its pension reforms will raise the nation's savings levels and claim the continuation of means-testing will discourage savers.Responding to the White Paper in Parliament, Tory Shadow Work and Pensions Secretary Philip Hammond said it was far from clear how the proposals would improve savings habits.The Tories are concerned that the implementation of the national personal accounts scheme, the abolition of the contracted-out ...

  • Over 40 per cent of people are worried about their finances

    6 Jun 2006

    Over 40 per cent of people are worried about their finances but 58 per cent have not done anything to rectify the situation according to the National Savings and Investment savings survey.The NS&I quarterly savings survey revealed that of the 42 per cent that are taking action to resolve their financial worries, 32 per cent had spoken to their bank or building society and 32 per cent had started saving regularly. A third had chosen to speak to a friend or relative with only 18 ...

  • Over 75 per cent of first CTFs invested

    1 Jun 2006

    Over 75 per cent of the first people to receive Child Trust Funds have invested them, according to figures for HM Revenue & Customs.The figures also show two thirds of all parents who have received the vouchers have invested them.Pima director general Tony Vine-Lott says: “These figures from HMRC are very positive. By carefully designating investments, parents and guardians of CTF-holders are choosing to play an active role in their child’s future.”Family investments chief ...

  • Partnership Home Loans live on Exweb’s equity release service

    2 Jun 2006

    Partnership Home Loans has become the 15th provider to join The Exchange’s online equity release quotation service on its Exweb portal.The provider is a sister company of Partnership Assurance offering a medically written impaired-life equity release plan.Partnership Home loans chief financial officer Steve Groves says: “We anticipate our new product having a significant positive impact on the equity release market and are delighted to join The Exchange, the only comparative source ...

  • Pension back on track

    1 Jun 2006

    The A-Day changes bring some relief for a harassed businessman

  • Pensions deficits grow by £20bn as stockmarket falls

    2 Jun 2006

    The 5 per cent fall in stockmarkets increased pension scheme deficits by £20bn over May 2006 according to Aon Consulting.

  • Platform shake-up sees lending criteria extended

    5 Jun 2006

    Platform has launched a pre-emptive strike against the new lenders set to enter the market this year by extending its adverse lending criteria.

  • Product matters: Currie favour

    1 Jun 2006

    There has been a lot of change at Martin Currie in the last year.The firm's teams have been reorganised and the company has either invested in new people or has brought internal talent to the fore.I can finally say that it has a genuine retail proposition on offer and their newest fund, the Martin Currie global alpha fund, has caught my attention.The fund basically encompasses the best ideas from across the investment team and is a true reflection of Martin Currie's overall ...

  • Push now for levy justice

    1 Jun 2006

    Money Marketing likes to give IFAs the benefit of the doubt.

  • Quality advice v clients' needs

    1 Jun 2006

    An IFA recently said it was not their responsibility to create obstacles when a client expressed a desire for a particular product. Customer service dictated that the client should be given what they asked for, regardless if it was the right product or not.

  • Quality plea to help close 2trn gap

    1 Jun 2006

    Protection firms urged to address consumers' needs

  • Red letter ruling paves way for time-bar cases

    1 Jun 2006

    A ruling in a small claims court has effectively given the green light for time-barred endowment complainants to take their cases to court after ruling that a red letter provided insufficient warning to a policyholder.In March, a judge at Reigate county court ruled that endowment policyholder Vincent Cunningham, who was time-barred under FOS rules, was not statute-barred from making a complaint under the Limitation Act. This gives customers three years to make a complaint from when ...

  • Risk is the word

    1 Jun 2006

    Last week was certainly a rollercoaster ride for those in equity markets. Risk is suddenly on everyone's lips.

  • Schroders shuns UK equity income

    1 Jun 2006

    Schroders' multi-manager team has omitted UK equity income exposure from any of its funds because it believes the sector constrains managers to a narrow part of the market.

  • Scottish Widows launch global real estate securities fund

    2 Jun 2006

    Scottish Widows Investment partnership (SWIP) has launched a new global real estate securities multi manager fund.The fund is part of SWIP multi manager ICVC and aims to provide a total return by investing in a portfolio of listed companies, REITs and other property vehicles. The SWIP Multi-Manager Global Real Estate Securities Fund will be managed by Jeff King, head of balanced funds at SWIP. The pan-European part of the fund will be managed by Nigel Bolton, manager of the SWIP ...

  • Selestia joins EMX Message System

    5 Jun 2006

    Selestia has joined the EMX Message System as a consolidator for trading in their collective investment, ISAs, PEP and ISA transfers.

  • Sense of proportion

    1 Jun 2006

    What factors must be taken into account in determining the exit charge on trusts?

  • Service is top priority for NU

    1 Jun 2006

    Insurer brings in training and development to improve its service standard levels and increase response rates

  • Sesame identifies six distribution models

    1 Jun 2006

    Network claims depolarisation has created uncertainty around distribution

  • Shake-up predicted in equity-release underwriting

    1 Jun 2006

    Partnership Home Loans is forecasting a radical shake-up of the equity-release market with life expectancy assessed by health and medical history rather than just age.The firm says 40 per cent of the market will eventually see plans underwritten in this way. Providers currently determine life expectancy based on a person's age and not on medical condition.The prediction comes after Partnership launched what it describes as the UK's first fully medically underwritten reversion ...

  • Sipps not necessarily better than SSASs, says Alliance Trust Savings

    6 Jun 2006

    IFAs should not automatically favour Sipps over SSASs, says Alliance Trust Savings.

  • Skandia and Standard top 1st poll

    31 May 2006

    Skandia and Standard Life are the two most popular providers with advisers when they are looking to adopt e-business links, according to research from software firm 1st.

  • Skandia unveils fund managers for global best ideas fund

    2 Jun 2006

    Skandia has named the ten fund managers who will participate in the global best ideas fund which launches on June 13.UK FundsStephen Whittaker-New StarMark Tyndall-ArtemisRichard Plackett-MLIMAshley Willing-GartmoreRoger Whiteoak-AXA FramlingtonUS FundTom Walker-Martin CurrieEurope FundCrispin Odey-OdeyEmerging Markets FundAngus Tulloch-First StateJapan FundNathan Gibbs-SchrodersAsia FundHugh Young-Aberdeen

  • Special sits' size restricts stockpicking

    1 Jun 2006

    The sheer size of Fidelity's 6.5bn special situations fund makes fund manager Anthony Bolton feel restricted in his stockpicking by and he says he is constantly pushing against the 20 per cent limit on overseas stocks.Investment Management Association guidelines stipulate that 80 per cent of a fund's investment allocation needs to be within its core investment area, which is the UK in the case of Fidelity special sits, but Bolton told the Securities and Investment Institute conference ...

  • Sprung joins Royal Liver board

    1 Jun 2006

    Park Row chief executive Peter Sprung has been appointed to the Royal Liver board.

  • Standard Life strengthens its finance team

    6 Jun 2006

    Standard Life has strengthened its finance team with two new appointments.

  • Standard picks F&C chief to push closed-end funds

    1 Jun 2006

    Standard Life Investments is developing its closed-end fund business with the appointment of Gordon Humphries as head of investment companies.Humphries, who is expected to join the firm this summer, was head of invest ment trusts at F&C Asset Management.Working with head of UK Institutional Business George Walker, Humphries will assume responsibility for leading and developing Standard Life Investments' closed end funds business, including investment trusts and limited partnerships.The ...

  • Standard win demutualisation vote by a landslide

    31 May 2006

    Standard Life policyholders have voted overwhelmingly for demutualisation, securing 98 per cent of member votes for the resolution.

  • Straight from the Hip

    1 Jun 2006

    Aifa and AMI chairman John Gummer declared that housing inform-ation packs were a "load of old rubbish" at the AMI annual dinner last week.If Gummer (pictured left) was referring to home information packs, then the assem-bled masses in the audience were in raptures at the comments although although nobody could say what the mysterious housing information packs are.

  • Swip putting on the Reits with UK fund

    1 Jun 2006

    Scottish Widows Investment Partnership is offering a UK real estate fund which will give investors exposure to UK-listed property and real estate investment trusts when they become available from January 2007.The fund will form part of the Swip Oeic and will be managed by head of European equities and manager of the European real estate fund Nigel Bolton.Head of property research Ian Hally will provide the fund with analysis of the direct real estate market.The fund will ...

  • Tax-free cash clouds pension vision

    1 Jun 2006

    The glaring absence of tax-free cash in the Government's vision for a pension savings scheme could prove the saving grace for advisers or signal the Government's intent to scrap tax-free cash altogether.Hargreaves Lansdown head of pensions research Tom McPhail says it would be difficult for a savings scheme to be attractive if the private sector can trump it with tax-free cash.The omission of tax-free cash, or pension commencement lump sums, has brought concern that the Government ...

  • The first year report card

    1 Jun 2006

    Has the huge shake-up of depolarisation just been a big non-event and how is the FSA planning to measure the effect of the changes? Philip Scott looks at the financial services industry 12 months after the big switch

  • The FSA bans 11 firms in latest RMAR failure

    5 Jun 2006

    The FSA has barred eleven small firms for failing to submit their Retail Mediation Activity Reports, despite repeated requests.

  • The lady loves spilt tray

    1 Jun 2006

    The lovely Jemma Jackson from the Association of Investment Trust Companies was given a shock as she conversed with an MM hack at the recent F&C party.The pair, both gesticulating wildly, managed to tip a waiter's tray not towards him, as the laws of physics might indicate, but all over themselves.The lively pair might have thought they had got away with it unnoticed until PR Annabel Brodie-Smith pointed out that she had witnessed the entire embarrassing scenario. Whoops.

  • The mighty Mifid

    1 Jun 2006

    You may be pleased to know that the World Cup has not been delayed. Imagine if Fifa announced that due to countries disagreeing about the quality of the pitches, it had been decided that the World Cup would be pushed back to 2007. It would cause worldwide outrage.

  • This week in Pensions

    31 May 2006

    What a week for pensions. Not even pictures of John Prescott playing croquet in the garden of his grace and favour home could stop pensions stories from getting top billing in the papers last week.

  • This week in Pensions

    31 May 2006

    What a week for pensions. Not even pictures of John Prescott playing croquet in the garden of his grace and favour home could stop pensions stories from getting top billing in the papers last week.

  • This week in Pensions

    6 Jun 2006

    Finally, two years after announcing plans to demutualise, Standard Life members have voted overwhelmingly for the company's floatation.

  • This week in Politics

    2 Jun 2006

    Following on from last week's 'Money isn't everything' speech from David Cameron Shadow Chancellor George Osborne moved further away from traditional perceptions of the Tory Party telling the BBC the next Conservative manifesto will not pledge tax cuts.

  • Thorneycroft joins Aifa board

    6 Jun 2006

    SimplyBiz managing director Ian Thorneycroft has joined the board of Aifa as a director.

  • threesixty urges IFAs to renew PI cover

    31 May 2006

    threesixty is urging IFAs to review their PI insurance policies as it notes a large disparity between the price and quality of cover available over the last 12 months despite a soft market over the last year.

  • Tories call debate on chaotic tax credit system

    6 Jun 2006

    The Conservatives have called an opposition debate on tax credits tomorrow looking to embarrass the Chancellor over the latest overpayment figures.Responding to a ministerial statement by Chief Secretary to the Treasury Stephen Timms, Shadow Chancellor George Osborne called on Gordon Brown to have the courage to defend the chaotic system he has created.Timms statement revealed the system overpaid credits of 1.8bn in 2004-2005, compared to overpayments of 2.2bn in 2003-2004.Osborne ...

  • Tory turn-round

    1 Jun 2006

    Aseries of Tory gains in the polls indicates that the public are being won over by David Cameron's relentless charm offensive and are starting to see the Conservatives as potential Government material.

  • Towry Law sells GI and healthcare arms

    1 Jun 2006

    Towry Law JS&P Group has sold its general insurance and healthcare arm, Towry Law Insurance Brokers to Broker Network Holdings and a consortium of TLIB directors for £12.5m.

  • Treasury cautious over pension linking

    1 Jun 2006

    Treasury officials have reportedly described the 2012 target for the state pension to be linked to earnings as an "optimistic ambition". Cicero Consulting director Iain Anderson says next summer's spending review and the date of Chancellor Gordon Brown's predicted takeover as Prime Minister will be key issues.

  • Trusts still have IHT role

    1 Jun 2006

    Interest in possession trusts within discounted gift trusts should not be ruled out despite concerns over their use as inheritance tax planning vehicles, says Skandia.HMRC recently clarified its stance on the tax treatment of DGTs set up after March 22 and Skandia says advisers do not need to sacrifice the flexibil-ity of IIP trusts in favour of the benefits being given away.HMRC has confirmed that the valuation of the gift within a DGT arrangement is the amount invested less ...

  • TUC opposes rise in state pension age

    1 Jun 2006

    The Trades Union Congress has backed linking the state pension to earnings, compulsory employer contributions and a fairer system for women but is opposed to raising the state pension age.

  • Turkish delight

    1 Jun 2006

    Turkey is set for bumper growth, with a new Banking Act in place and other legislation in the pipeline

  • Turned again

    1 Jun 2006

    The design of any Pensions Commission needs careful thought, warns PPI

  • Turner risks cut in savings

    1 Jun 2006

    The Government has been seen to be doing something on pension reform but they haven't really done anything yet.

  • Two options for running national scheme

    1 Jun 2006

    The White Paper on pension reform features two distinct approaches to running a national pension savings scheme.Major proposals in the Government paper published last week include restoring the link between the basic state pension and earnings from 2012 "subject to affordability and the fiscal position".The state pension age will rise to 66 in 2026, 67 in 2036 and 68 in 2046. The number of years of contributions required to qualify for the BSP will be cut from 39 to 30 years ...

  • Typical boiler room victim loses 20,000 warns FSA

    6 Jun 2006

    Boiler rooms are costing their victims an average of 20,000 according to a new FSA case study.

  • UK leads the way in liability driven pensions

    1 Jun 2006

    The UK is one of the four European countries leading the way in using liability-driven investment strategies for pension schemes according to a new survey.Research conducted by JP Morgan Asset Management across Europe has found that a fifth - 19 per cent - of pension schemes are currently using a LDI strategy. A further 29 per cent intend to implement LDI strategies in the near future with only 10 per cent thinking LDI is just a fashion. The four countries using LDI strategies ...

  • Union protests as Pru plans Belfast closures in India move

    1 Jun 2006

    Trade union Amicus is campaigning against Prudential's decision to close three offices in Belfast, including its admin office, and move jobs to India.The union claims that Pru's decision, which it believes could lead to the loss of around 500 jobs in Belfast, is an act of corporate irresponsibility.Union members paraded a "Prunocchio" puppet outside the Prudential annual general meeting in London last month to demonstrate Amicus's belief that the decision to close the offices ...

  • US firm Farallon looks at investing in Misys

    1 Jun 2006

    US alternative investment firm Farallon is looking to invest in Sesame parent Misys and is undertaking due diligence, Money Marketing understands.California-based external management consultant Paulette Thomas is conducting analysis of Misys and its value potential.Investor Ashish Pant is heading the initial analysis for Farallon, which has $12bn under management.In April, Misys abandoned plans to sell Sesame after failing to agree a sale price with buyers. It has a share ...

  • Which? says Hips will save 1m a day

    1 Jun 2006

    Home information packs could save 1m a day being wasted on failed property transactions, says Which?It estimates that 350m a year is wasted as more than 30 per cent of transactions fall through. Two-fifths of failures result from surveys or valuation inspections that find fault with the property.Which? believes that Hips should cost around 600 and will cover much of the work done by conveyancers.Author of the Which? research Kate Faulkner says: "The Hip ought to make buying ...

  • Which? warns of overseas property perils

    2 Jun 2006

    Consumer body Which? has warned of the danger of buying property abroad.

  • White heat

    1 Jun 2006

    The Government's White Paper proposals do not bode well for advisers

  • White Paper is set to free protected rights

    1 Jun 2006

    Suffolk Life sales and mark-eting director John Moret believes the Government's White Paper on pensions could finally lift the restrictions on protected rights.The White Paper, which says there will be a Government review of pension regulation, says restrictions on changes to accrued rights will be reassessed, potentially allowing protected rights to be held within a Sipp.The review forms part of the Department for Work and Pensions' simplification programme of pension rules, ...

  • Whittaker joins brains trust for Skandia fund

    1 Jun 2006

    New Star joint chief investment officer Stephen Whittaker has become the second fund manager to confirm his participation in Skandia Investment Management's new global best ideas fund.Whittaker, who runs New Star's UK growth fund, will be one of 10 managers to take on mandates, joining Artemis capital fund manager Mark Tyndall who confirmed his participation last week.The 10 managers will each feed their 10 best stock ideas into the fund. Whittaker will be one of five managers ...

  • Widows still open for trust business

    1 Jun 2006

    Scottish Widows says it remains open to new trust business, including its discounted gift trust but has produced additional guidance notes to accompany its trust material. It stresses advisers should ensure clients fully understand the implications of changes to taxation of trusts before making recommendations.

  • With-profits is missing link in Field's proposals

    1 Jun 2006

    Choice is a stultifier. There more choice there is, the less action there is. So many reports have said so, it must be true. It is certainly my experience. The answer to the dilemma lies in pure with-profits. The principle of with-profits has endured for 200 years. It is asset allocation at its best but only when it is free from short-term scrutiny. Examine what has happened even with the poorest performing with-profits funds from 1997 to date. Even with some of the poorer decisions ...

  • Woolwich criticised on tracker loan claims

    1 Jun 2006

    Experts say Woolwich's ad campaign does not make it clear to consumers that the rate is variable and that it can shoot up if base rates rise.The ad states: "With a rate of 4.69 per cent, which is 0.19 per cent above the Barclays bank base rate,... it's a rate that stays low for its entire term."Adam Samuel Training and Compliance principal Adam Samuel says the ad breaks MCOB rule 3.6.3(1) which states that a promotion must be clear, fair and not misleading.Samuel says the ...

  • Wraps to put price pressure on bonds

    1 Jun 2006

    Investment bond charges will fall as a result of competition in the wrap market, according to research firm Defaqto.The consultancy argues that wraps will bring downward pressure on bond charges because most wraps have clean structures. This is because they do not generally support indemnity commission and because advisers set charges.It says the public is beginning to question the relative costs of bonds and other products. It adds that in a survey of IFAs, bonds have become ...

  • Yousefi denies need for BTL regulation

    1 Jun 2006

    The buy-to-let market does not require formal regulation, says Alliance & Leicester head of intermediary mortgages Merhdad Yousefi.He claims the current system where BTL mortgages are policed under the Consumer Credit Act represents sufficient consumer protection.The Treasury has yet to reveal any plans to regulate BTL although many industry commentators believe it is only a matter of time before it does.Yousefi says: "It would be a mistake if BTL is regulated. Residential ...

Poll

Will Greece leave the euro?

Current Issue

Advanced search