Money Marketing
4 January 2006

  • 2005 IP sales up 42 per cent for Dentists' & General

    5 Jan 2006

    Citadel income protection new applicants have grown 42 per cent in 2005, according to Birmingham-based friendly society Dentists & General.

  • A matter of principles

    5 Jan 2006

    The recent article in Money Marketing headlined, FSA pledges plain principles, did make me smile.We have a number of cases in the office where clients have been threatened with disciplinary action, not because they have broken the rules but because they are going against "principles" espoused by the FSA.In some cases, the actions taken by our clients preceded any statement of "principle" from the FSA but the FSA continues to seek to apply these principles. This used to be called ...

  • Advisers hoping for fewer claims as endowment letters turn green

    5 Jan 2006

    Advisers hope that a rise in the proportion of green endowment mortgage letters sent out to consumers will signal a fall in claims against them.Prudential says 51 per cent of letters sent out in 2005 were green, indicating that the fund is on target to pay off the loan at the end of the term, 24 per cent amber and 25 per cent red, indicating a high risk of a shortfall. This compares with 41 per cent green, 29 per cent amber and 30 per cent red in 2004.There was also a drop in ...

  • Aegon clarifies fund names

    4 Jan 2006

    Aegon is changing the names of eight of its retail funds to clarify their objectives for investors.

  • Aifa working party will judge the success of depolarisation

    5 Jan 2006

    Aifa is setting up a working party to enable the industry to judge for itself the success of depolarisation without relying on the FSA's research.The working party, which will comprise volunteers from the industry, will set its own benchmarks for success in a review designed to sit alongside the FSA's assessment.The FSA, which introduced depolarisation to create wider choice for customers while increasing transparency on the cost of advice, has been criticised for not providing ...

  • Axa launches portfolio planner enhancements

    4 Jan 2006

    Axa has launched the second phase of its wealth management proposition, enhancing its portfolio planning tool and improving the fund range of its onshore bond.The provider has also introduced a new bond charging structure aimed at simplifying pricing. The new bond has a 2 per cent loyalty bonus for investors in year 10 and no surrender penalties.It offers 95 per cent allocation on investments up to 25,000 and 96 per cent on those over this amount. The annual management charge is ...

  • Barclays - FTSE Super Tracker - Issue H3

    6 Jan 2006

    BarclaysFTSE Super Tracker - Issue H3

  • Baronsmead VCT 3 closes early

    4 Jan 2006

    Baronsmead VCT 3 has closed and issued the final tranche of 24m C-shares at 100p a share.

  • BBB merges IFA arms in bid to reduce capital deficit

    5 Jan 2006

    Berkeley Berry Birch is merging the two arms of its nat- ional IFA business, Berry Birch & Noble Financial Planning and Weston.The group says the manoeuvre is part of plans to satisfy the FSA that it is making provisions to reduce its capital adequacy deficit, currently 11m. It stresses that no other part of the business will be affected.The amalgamated IFA firm, BBNFP Weston, will become an appointed representative of the Berkeley Independent Advisers network after the company's ...

  • Bed and bawd

    5 Jan 2006

    The biggest potential for a PR tie-in in 2006 falls at the feet of Artemis' marketing department with the tantalising prospect of the world's biggest brothel, opening next to Germany's main World Cup stadium, sharing its name with the specialist fund firm.The building, with over 100 round-the-clock workers, is hoping to take advantage of the influx of England fans and hopefully the Artemis PR team will be equally eager to make the most of the situation with some interesting early ...

  • Big fall in hedge fund investment

    5 Jan 2006

    Investment in hedge funds halved last year, according to Credit Suisse's global hedge fund index. Global investment in hedge funds fell from 69bn in 2004 to 37bn last year.

  • Big fall in hedge fund investment

    4 Jan 2006

    Investment in hedge funds halved last year, according Credit Suisses global hedge fund index. Global investment in hedge funds fell from 69bn in 2004 to 37bn last year.

  • Big in Japan

    5 Jan 2006

    Terrifying sushi, anyone? The AITC took Money Marketing to Japanese restaurant Yautcha and plied us with several bottles of Borcat before telling the waiters to "bring out the fish".We were presented with fish standing eight inches proud of the plate, with teeth protruding, and were given just chopsticks to eat it. This seemed too much even for our considerable talents and so we used our hands. Principality Building Society supreme Peter Griffiths is looking to scale the heights ...

  • Block buster

    5 Jan 2006

    One of my favourite misquota- tions is "trying to justify the costs of statutory regulation seems to me like explaining why you bought a 747 jumbo jet for the free peanuts". However, it is true to say that FSA regulation is an expensive business.

  • Brand design

    5 Jan 2006

    Andrea Tryphonides looks at the strategy behind RBS's radical brand rethink

  • Bristol & West tweak self cert range

    5 Jan 2006

    Bristol & West Mortgages has boosted its self certification range.

  • Britannic Asset Management - Argonaut European Income Fund

    9 Jan 2006

    Britannic Asset ManagementArgonaut European Income Fund

  • Britannic Asset Management - Cartesian UK Opportunities Fund

    10 Jan 2006

    Britannic Asset ManagementCartesian UK Opportunities Fund

  • Britannic's UK boutique goes live with opps fund

    10 Jan 2006

    Britannic Asset Management has launched its UK Cartesian boutique run by former SVM managers David Stevenson and Andrew Kelly.

  • Brokers buoyed by FSA concession

    10 Jan 2006

    The Financial Services Authority today offered a temporary concession to mortgage brokers over client money rules.

  • BuildLoan joins Friends' loan panels

    5 Jan 2006

    Friends Provident is adding self-build and home renovation flexible mortgage specialist distributor BuildLoan to its Friends Mortgage World and Friends Provident's Mortgage Club packager panels.

  • BuildLoan joins Friends' panels

    4 Jan 2006

    Friends Provident is adding self-build and home renovation flexible mortgage specialist distributor BuildLoan to its Friends Mortgage World and Friends Providents Mortgage Club packager panels.BuildLoan head of mortgage distribution Eddie Smith says: I am delighted that FMW and FPMC have appointed BuildLoan and I have no doubt that the availability of a one-stop offering in the self-build market place to FMW and FPMC members will add value to both parties."

  • Campaign dangers

    5 Jan 2006

    The Money Marketing campaign regarding supermarkets selling life insurance direct makes some good points regarding the need for advice and the danger of misbuying. However, this is a somewhat narrow and dangerous view:First, it presupposes that the consumer knows little or nothing about what they are doing and therefore will buy the wrong product - a dangerous assumption, in my opinion. You would hope that the balance of intellectual capital is always with the adviser but that is ...

  • Can IFAs resist temptation?

    5 Jan 2006

    The coming year could prove the acid test for multi-ties as networks scramble to sign up members up to their panels.Money Marketing has been inundated with calls from IFAs saying they will not forsake their independence to work from a limited panel. It remains to be seen whether many will be tempted by the enhanced packages on offer.The sale of Sesame is expected to be completed by the summer. Will another software firm take it on or will a product provider dip into its pockets ...

  • Canada Life - Flexible Investment Bond

    9 Jan 2006

    Canada LifeFlexible Investment Bond

  • Canada Life launches new absence management programme

    5 Jan 2006

    Canada Life is launching a new Absence Management Programme following the knowledge that absenteeism costs UK businesses around £12.2bn a year.

  • Christows to run adviser investment seminars

    9 Jan 2006

    Christows the discretionary portfolio manager is setting up series of adviser seminars on investment client strategy.

  • Citizen Advice looking to extend generic advice project

    9 Jan 2006

    National charity Citizens Advice is looking to harness the support of the IFA community to provide free generic financial advice to people on low and middle incomes.

  • Clash of the giants over outsourcing

    5 Jan 2006

    The New Year ushers in a clash of the titans scenario with outsourcing giants Vertex and Capita going head to head in a fight to deliver administration, outsourcing and elect- ronic services to advisers.The main battleground for the portals will be in delivering multi-tie technology platforms. This was already in evidence towards the end of last year with plenty of chest-beating accompanying the announcements of multi-tie deals by The Exchange and Assure-web. The ability to offer ...

  • Clydesdale launches new suite of intermediary mortgage products

    9 Jan 2006

    Clydesdale Bank is launching a new suite of mortgage products for the intermediary market.

  • Cofunds Increases assets under administration by 71 per cent in 2005

    10 Jan 2006

    Cofunds has increased its assets under administration by 71 per cent from 3.5bn to 6bn in the year to January 2006.

  • Companies fail to plug the pensions black hole says Deloitte

    6 Jan 2006

    Companies have failed to plug the pensions black hole in 2005 which at year-end stood at 75bn according to Deloitte actuaries.

  • Confusion surrounds Sipp protected rights

    5 Jan 2006

    The Department for Work & Pensions has declared that Sipps are mainstream schemes and can hold protected rights.But deespite lengthy lobbying for the change, the industry has criticised the DWP for failing to provide clarity on how this will work in practice.There is confusion surrounding whether protected rights pots can be held within Sipps alongside existing money or whether they will still need to be covered by separate scheme rules, which would make the change more of an ...

  • Controlling interest

    5 Jan 2006

    What options are open to IHT planners who wish to retain control of their assets?

  • Cook leaves NS&I

    4 Jan 2006

    National Savings and Investments has announced the departure of chief executive Alan Cook CBE who is to join the Post Office as managing director in February.Current deputy chief executive and finance director Trevor Bayley will become acting chief executive for the interim period.Bayley joined NS&I as finance director in June 2001 becoming deputy chief executive in 2002. Previously he was Britannia Building Society finance and corporate development director.Cook joined NS&I ...

  • Correspondent's week

    5 Jan 2006

    This week by Daily Express personal finance reporter and consumer expert on This Morning Holly Thomas.

  • Cross-border guide from TPR

    4 Jan 2006

    The Pensions Regulator has published guidance and application forms on its website for pension schemes wishing to operate cross-border. UK pension schemes wanting to operate in this way will now need authorisation from TPR.

  • Dawson to step down at Mortgage Express

    9 Jan 2006

    Mortgage Express has announced that Tim Dawson will retire as managing director later this year.

  • Different strokes

    5 Jan 2006

    Learning to swim is one of those events in your life where you need to place complete faith in your instructor. If they let you down, it could keep you on dry land permanently. You could, of course, rely on water wings. However, as your confidence grows, you are more likely to be focused on swimming as opposed to avoiding drowning.

  • Doel to run new F&C UK opps fund

    5 Jan 2006

    F&C is to offer a UK opportu- nities fund which will be run by ex- DWS manager Phil Doel.The fund will hold 25 equ- ally weighted stocks, enabling Doel to back his favourite stockpicks. The launch follows Aberdeen takeover of DWS last autumn.Analysts say investor confidence is picking up and their only reservation centres on how long Doel will take to settle in at F&C.Doel's stockpicking abil- ity was shown at DWS, where his UK opportunities fund eturned 89 per cent over ...

  • Evan's above

    5 Jan 2006

    IFA Defence Union chief Evan Owen has finally revealed his soft side. The hard man of financial services has adopted two ailing fish from his children's school pond. Splish and Splash are understood to be in buoyant spirits and harbouring a militant disregard for the FSA.

  • F&C Asset Management - UK Opportunities Fund

    6 Jan 2006

    F&C Asset ManagementUK Opportunities Fund

  • Family values

    5 Jan 2006

    The Government should remember that low value does not necessarily mean the best value

  • Fidelity FundsNetwork - Investment Bond

    4 Jan 2006

    Fidelity FundsNetworkInvestment Bond

  • Fidelity launches two multi-manager funds and global reits fund

    9 Jan 2006

    Fidelity is launching a multi-manager portfolio of special situations funds in an effort to stave off competition following the effective closure of its own fund run by Anthony Bolton.

  • Filter tips

    5 Jan 2006

    A series of tests will help to decide if a tax scheme needs to be disclosed to the Revenue

  • Flight to join Guernsey Financial Services Commission

    9 Jan 2006

    Guernsey’s Parliament has elected Howard Flight, Rosemary Radcliffe and Susie Farnon to its Financial Services Commission.

  • FOS warning over time bar

    4 Jan 2006

    The FOS says firms are often not clearly demonstrating that they have correctly time-barred endowment complaints and the ombudsman needs to investigate further.

  • FOS warning over time bar

    5 Jan 2006

    The FOS says firms are often not clearly demonstrating that they have correctly time-barred endowment complaints and the omb-udsman needs to invest-igate further.

  • Four in five investors cannot differentiate between passive and active

    10 Jan 2006

    Over four in five investors do not know the difference between active and passive investments, according to Invesco Perpetual.

  • FSA kicks out IFA fraudster

    6 Jan 2006

    The FSA has expelled IFA Theophilus Folagbade Sonaike, trading as F T Insurance Services, from being authorised to carry out regulated activities.

  • FSA plans further crackdown on lifetime mortgage advice

    9 Jan 2006

    The FSA has identified four priority areas in a bid to improve the quality of equity release advice including more mystery shopping this spring.

  • FSA rejects calls to raise maximum redress limits

    5 Jan 2006

    The FSA has resisted calls to increase the maximum compensation that the FOS and FSCS can award customers.In its latest regular review of the compensation and eligibility limits for both schemes, the FSA rejected calls from consumer groups to increase the maximum limit for ombudsman awards from 100,000 to 200,000.Some in the industry say that the 100,000 cap, which was introduced in 1981, is outdated while others say an inc-rease would cause profess- ional indemnity insurance ...

  • FSA to investigate wrap

    4 Jan 2006

    The FSA is to undertake its first research of the wrap market. It will include looking at how charges are disclosed and focus on wrap use for whole of market advice.

  • FSA urging networks to shake up AR supervision

    5 Jan 2006

    Regulator probes 15 networks and finds shortcomings in many of their monitoring procedures

  • Fundamental launches capital protected IHT portfolio

    6 Jan 2006

    Fundamental is offering a capital protected inheritance tax planning service combining the benefits of 20 per cent income tax relief.

  • FundsNetwork top ten shows adviser caution in 2005

    4 Jan 2006

    FundsNetwork has revealed its top ten selling funds for the platform in 2005 and its top-selling sectors.

  • Heading for a fall

    5 Jan 2006

    As the mortgage industry moves into 2006, more than a few people will be relieved that M-Day did not bring the end of the the world, mortgage business is still being transacted and FSA regulation has probably not been as unpleasant as many imagined.

  • Henderson appoints head of investment sales

    10 Jan 2006

    Henderson Global Investors has appointed Mike Wilson as head of investment trust sales to discretionary investment managers.

  • High earners unaware of pension changes this April says Barclays

    9 Jan 2006

    Over half of high earners are unaware of pension changes this April according to a survey by Barclays.

  • High hopes

    5 Jan 2006

    "I do love the microphone. We all know that."Lifesearch managing director Tom Baigrie."Mark Locke is king."Many people at the Lifesearch Race Night."Will you manage me? We could moonlight."Bright Grey's Alison Flintham on her hidden singing talents."I'm off to do something with a bit of soul. I'm bringing some good back to the world."Polhill's departing PR Shona Taylor."Do you mind coming to the City? We have really nice biscuits over here."An innovative ...

  • Himsworth goes to Royal London

    10 Jan 2006

    Rensburg mid-250 manager Leigh Himsworth is going to Royal London Asset Management at the end of March to run mid cap equities.

  • Hornby given top job at HBOS

    6 Jan 2006

    HBOS has announced a top-level shake-up that will see chief operatingofficer Andy Hornby becoming chief executive later this year.

  • House price recovery figures revealed

    9 Jan 2006

    There was a small recovery in house prices during the latter part of last year, according to figures released today by Halifax.

  • IFA View: Fools rush in

    5 Jan 2006

    IFAs can make a living in this business by doing the right thing for rich and poor

  • Industry picks up pieces after Brown's bombshell

    5 Jan 2006

    Following Chancellor Gordon Brown's Sipp bombshell in December 2005, life and pension offices must be wondering what other surprises the Treasury has up its sleeve this year.Standard Life is optimistically lobbying the Government to reverse its decision by allowing buy-to-let property in Sipps. Scottish Equitable is asking the Treasury to allay fears of a postponement to pension simplification by issuing a formal statement confirming that A-Day is still in the diary for April 6.The ...

  • Insurers still have issues with flexibility and underwriting, says BIBA

    10 Jan 2006

    Insurers overall performance has improved but there are still issues to be addressed with flexibility and underwriting according to the British Insurance Brokers Association.

  • Investment View: Positive attitude

    5 Jan 2006

    The chairman of the curiously named Betelgeuse Investment Funds mused: "All in all, life could be a whole lot worse." Looking through the glass wall of his office to the rows of desks where his fund managers and supporting analysts plied their trade, he was was conscious of the fact that staff numbers were down on a year ago despite healthy growth in funds under management. No wonder profits were on the up.

  • JPMorgan UK dynamic fund to close to new investors

    4 Jan 2006

    JPMorgan Asset Management is limiting issue arrangements to its UK dynamic fund.

  • Judge fudge over pension limit

    5 Jan 2006

    Judges' lucrative retirement packages have been secured after the Lord Chancellor confirmed that members of the bench will not face the 1.5m lifetime limit after A-Day.In what has widely been seen as a fudge, the judicial pension scheme will be classed as unregistered from April 6, 2007 so they will avoid the lifetime limit and potential 55 per cent recovery tax.Although this means that judges will lose tax relief on contributions to their pensions, a long service award based ...

  • Jupiter urges rethink on Sipp limit for commercial properties

    5 Jan 2006

    Jupiter is calling on Chancellor Gordon Brown to recon-sider the borrowing limits on commercial properties in Sipps following the U-turn on residential properties in his pre-Budget report.Pensions development manager Jamie Fergusson says legitimate commercial prop-erty buyers could be disadvantaged after A-Day if the Inland Revenue does not change permitted borrowing levels back from 50 per cent of the pension fund value to 75 per cent of the property value.The restriction in ...

  • Just 3 per cent bought CI cover off the shelf but direct threat looms

    5 Jan 2006

    Only 3 per cent of consumers are buying critical-illness policies off the shelf but providers are still concerned that direct sales are a growing threat.Skandia says although the 3 per cent reflects intermediaries' domination as the distribution channel for protection products, the direct market share could rise to a quarter as high-street banks and supermarkets exploit their scale and brand to entice consumers to sign up to non-advised sales.Asked where they bought their critical-illness ...

  • Just another spanner in the cover works

    5 Jan 2006

    I attended a seminar last week on the new pension complication rules due to come into force from April and one of the topics covered was the return of pension term assurance.Apart from the stupid and completely unnecessary restrictions on the maximum permitted sum assured, it appears that neither waiver of premium or terminal-illness covers will be allowed.This, of course, will add to the complexity of comparing pension term with ordinary term - yet another spanner in the works ...

  • Kelly departs Tenet after three years

    5 Jan 2006

    Tenet investment adviser services division managing director Nick Kelly is leaving after three-and-a-half years.Kelly is in late-stage discussions with two financial services organisations and expects to have a position confirmed within a month.Customer services director Steve Jones is taking over the helm at M&E and Interdependence until a replacement for Kelly is announced.Client services director Glenn Chapman will head up IFA Professional, including responsibility for ...

  • Law Soc gets power to order 15K redress

    4 Jan 2006

    The Law Society now has the powers to order a solicitor to pay up to 15,000 compensation to consumers, three times the previous limit of 5000.

  • Lawyer raises fears over BIA members' assets

    5 Jan 2006

    Berkeley Independent Advisers' members could lose their clients, pipeline commission and renewals if the firm becomes insolvent, according to law firm Financial Services Legal.FSL partner Gareth Fatchett is writing to BIA seeking assurances that ownership of trail, agencies and ownership of clients rest with the adviser rather than the network in the case of insolvency.He says the concerns arise after problems with past network failures, such as Group 300, Interlink Premier ...

  • Lazards tops Morningstar Isa table

    6 Jan 2006

    Morningstar has awarded Lazard Asset Management its top rating in its Isa league table with 4.14 stars out of five.St James’s Place came second with an average of 3.91 stars. Artemis, Framlington and Mellon completed the top five. Neptune Investment Management was the most improved fund group, rising 22 spots to sixth place. It had an Isa rating of 3.80, up from 3.20 in the previous table.

  • Legg Mason value trust beats S&P index for the 15th year

    5 Jan 2006

    The Legg Mason value trust managed by Bill Miller has beaten the S&P 500 for an unprecedented 15th consec-utive year.The fund delivered a 5.32 per cent return last year compared with the index's 4.91 per cent. Over five years to December 31, the portfolio is up by 4.5 per cent compared with the S&P's rise of 0.54 per cent. Miller holds 38 stocks, taking a medium-term to long-term view, and runs the fund with a significant value stock bias.In 2004, it looked like Miller might ...

  • Levy may break following FSA review of compensation costs

    5 Jan 2006

    After a jam-packed regulatory schedule in 2005, this year will largely see a consolidation of existing regimes.Personal Finance Society public affairs director John Ellis believes the effects of depolarisation will finally kick in as the honeymoon period enjoyed by advisers comes to an end.Ellis says falling commission levels will result in a move to fee-based advice for high-net-worth clients while multi-ties cater for the mass market.Institute of Financial Planning chief ...

  • Lifetime announces system developments

    10 Jan 2006

    Lifetime has announced further system developments to The Bigger Picture to accompany the launch of the wrap’s offshore bond.These include enhanced fund search capabilities, the ability to re-register investments on-line and apply directly online for corporate entities, joint or trustee accounts.The offshore bond allows access to the full range of 1200 funds available on the platform and has been launched in conjunction with Isle of Man Assurance.Lifetime commercial director ...

  • Loan brokers still confused by promotion rules

    5 Jan 2006

    The FSA says mortgage brokers are still confused about prom-otion rules over a year after their introduction.In its round-up of the first year of mortgage regulation, the FSA says there have been mixed responses to the new rules from brokers.Feedback from brokers shows that there may be some confusion over when a risk warning is required, particul-arly for lifetime mortgages. Some brokers are also having trouble understanding when a promotion must state an APR and other brokers ...

  • Magian Mutual closes to new business

    5 Jan 2006

    Professional indemnity insurer Magian Mutual has closed to new business after haemorrhaging 30 per cent of its members in the last year.The closure follows persistent speculation that the mutual, established by PI Direct in 2003 to bring new capacity in a hard market, was struggling to cope with soft market conditions.Head of Magian Underwriting Glyn Morris blames lack of loyalty among members who ditched the mutual for cheaper rates elsewhere. He says although underwriting ...

  • Marriage made in haven as new civil partners seek tax advice

    5 Jan 2006

    IFAs who have long embraced the tax advantages of offshore vehicles could be joined by a more general inflow of advisers this year, particularly as inheritance tax becomes a problem for great swathes of the population following the growth in house prices.The advent of civil partnerships will also ensure that this is fertile ground for advisers.Some life offices predict that IHT will be brought within the scope of the new disclosure rules and beneficiaries living in trust-owned ...

  • Mehrdad Yousefi

    5 Jan 2006

    Alliance & Leicester's head of intermediary mortgages believes in an individual-based approach to business and he considers the market is going to hold up well in 2006 although one of the main themes for most companies will be on retaining existing customers. Interview by Nicola York.

  • Merricks says claim firms should join CMC

    5 Jan 2006

    FOS chief ombudsman Walter Merricks says claim- handling firms dealing with endowment complaints should join the claims management council to demonstrate their commitment to proper standards before regulation comes into force.

  • Merricks says cliam firms should join CMC

    4 Jan 2006

    FOS chief ombudsman Walter Merricks says claim-handling firms dealing with endowment complaints should join the claims management council to demonstrate their commitment to proper standards before regulation comes into force.

  • Midas Capital and Hiscox IM announce strategic partnership

    10 Jan 2006

    Midas Capital and Hiscox Investment Management are forming a strategic partnership.

  • Mortgage View: Word on the street

    5 Jan 2006

    Christmas on the high street appears to have set some interesting trends and I wondered whether there are lessons which we can pick up from the mortgage market. Last year saw disappointing volumes on the high street and in the mortgage market so the parallels may well start there. Three or four trends were noticeable on the high street over Christmas and I will pick these up individually and see what they may mean for our market.

  • NCG extends preferential PI terms to non-Bankhall firms

    5 Jan 2006

    IFAs no longer have to be Bankhall members to benefit from preferential PI terms offered by NCG Professional Risks.The commercial insurance broker, which specialises in professional indemnity cover for financial services businesses, says it is removing the restriction on its preferential terms which can save IFAs as much as 10 per cent on their PI costs.NCG says the changing terms reflect the growing number of compliance management options available in today's market.Joint ...

  • Neptune appoints head of third party distribution.

    6 Jan 2006

    Neptune has appointed John Lester as head of third party distribution following the doubling of its funds under management in 2005 to 510m.

  • New Star funds hit 7bn in five years

    4 Jan 2006

    New Star has passed the 7bn mark for retail funds under management. The firm has grown both organically and through the acquisition of the rights to mange funds from Aberdeen, Exeter and Edinburgh fund managers since its foundation in 2001.

  • New Star International - Euro High Yield Fund

    4 Jan 2006

    New Star InternationalEuro High Yield Fund

  • Newton income specialist heads UK push for Dalton

    5 Jan 2006

    Dalton Strategic Partnership has recruited Newton income manager Glen Pratt and First State head of retail sales Richard Jones to spearhead a thrust into the UK retail market.Pratt has been lead mana- ger on Newton's 1.1bn flagship income fund since October 2003, taking over from John Wood, who subsequently moved to JO Hambro Capital Management last July. He joined Newton in January 2003, having run Fidelity's UK aggressive fund from 1998 to 2002.DSP says it plans a UK equity ...

  • Nine in line to move into lending market

    5 Jan 2006

    This year is set to be a busy one for the mortgage market with the Council of Mortgage Lenders predicting that up to nine new lenders will enter the UK market.Brokers wait with anticipation for Michael Bolton's venture, backed by the Oakwood Group, as well as what Deutsche Bank will come up with after recruiting a team from The Mortgage Business.The mortgage merry-go-round has seen Morgan Stanley enter the UK through its purchase of Advantage Home Loans while RBS Group is lining ...

  • Non-starter

    5 Jan 2006

    2006 should be the year when we end the sham of non-advised sales

  • Out of court deal for Ashley Law

    5 Jan 2006

    Ashley Law has settled out of court in a dispute with a former adviser over commission.The firm sued former IFA Peter Holsey in a bid to reclaim commission. The case was due to go to court this year but the firm reached a settlement with Holsey at the end of December.Managing director Jock Cassidy confirmed to Money Marketing that a settlement had been made but would not give any details.Nine former Ashley Law advisers are taking legal action in a bid to recover what they ...

  • Panning for gold

    5 Jan 2006

    I was asked by an IFA friend to recommend a speculate to accumulate portfolio for adventurous investors over the next three years.

  • Patrick Snowball becomes head of Aviva UK businesses

    4 Jan 2006

    Patrick Snowball, currently group executive director of general insurance, will become group executive director of Aviva UK and will be responsible for the group’s UK businesses.

  • Pearl pension admin is outsourced

    4 Jan 2006

    Pearl Group Staff Pension Scheme trustees have outsourced admin to First Actuarial. The 25,000-member scheme is administered by an in-house team in Peterborough and these staff will join First Actuarial.

  • Picturing 2005

    5 Jan 2006

    David Sherman must surely be Lord Turner's man of the year. As the Pensions Commission chairman recommended that the retirement age for the state pension should be raised to 67, 68, 69, keep on counting, Close Brothers Investment marketing manager Mr Sherman, at the age of 71 and with 50 years of financial services' experience behind him, said he was looking forward to the introduction of real estate investment trusts. He told Money Marketing that his career ambition is "to keep going".

  • PPF levy soars to 575m

    5 Jan 2006

    The Pension Protection Fund risk-based levy of 575m this year will cost firms almost double the amount that was forecast initially.The figure is significantly below many industry forecasts, which had ranged as high as 900m but still way above the Governments's original projection of 300m.Consultancy Watson Wyatt warns that the levy will cost each pension scheme employee member an average of 160 and that amount is lik- ely to increase in future as more schemes fall into the protection ...

  • Protection war could widen to three fronts

    5 Jan 2006

    The protection rate war, which saw 50 changes to life and critical-illness rates in 2005, looks set to continue raging throughout the coming year.The focus has until now largely been on price but many in the industry are calling for second and third fronts to be opened to broa- den the battleground to cover service levels and product transparency.After a year that saw Tesco axe Norwich Union and move to Direct Line, one wonders who will be next in the firing line as greater ...

  • Rentokil puts final-salary scheme into mothballs

    5 Jan 2006

    Fears that more companies could follow Rentokil by freezing schemes for existing members

  • Retail fund sales climb to hit 31-month high

    5 Jan 2006

    Retail investors are flooding back into the market, with net retail fund sales hitting a 31-month high in November.The Investment Management Association says net retail sales rose to 948m from 369m in November 2004 - an increase of more than 250 per cent. Net Isa sales were also up to 79m from 51m year on year.Funds under management in the UK hit an all-time high of 333bn in November, up by 24 per cent from 268bn the previous year, reflecting rising markets and strong retail ...

  • Roadmap to nowhere

    5 Jan 2006

    What will future generations of personal finance historians make of 2005 and what can we look forward to in 2006?

  • Royal Liver appoints Sprung to lead Park Row

    6 Jan 2006

    Park Row, A Royal Liver Company, the newly combined sales force effected last month has appointed Peter Sprung as its new chief executive.

  • Sales of the century as confidence comes back

    5 Jan 2006

    The coming year looks like being the strongest for inv- estment sales so far this century, with fund managers set to benefit from rising investor confidence and an unexpected injection of Sipp money.Last year saw double-digit global equity performance rebuild investor confidence and fund launches are being lined up for 2006.The first major launch of 2006 will be F&C's UK high- alpha product, to be run by former DWS manager Phil Doel. Sales of the fund could provide a barometer ...

  • Scottish Widows - Guaranteed Investment Bond

    5 Jan 2006

    Scottish WidowsGuaranteed Investment Bond

  • Sipp shambles lands on ifas

    5 Jan 2006

    Last month, the Financial Ombudsman Service spelt out what many in the market had feared by confirming that advisers are likely to bear at least some of the brunt of Chancellor Gordon Brown's shock decision to bar residential property in Sipps.

  • Skandia IM launches Isable property fund

    9 Jan 2006

    Skandia Investment Management is launching an Isable property vehicle to be run by ING Real Estate.

  • Smith & Williamson brings in British Country Inns

    4 Jan 2006

    Smith & Williamson is aiming to raise up to 10m for the British Country Inns enterprise investment scheme, which is managed by the team behind the English Country Inns EIS.

  • Split decisions

    5 Jan 2006

    The rationale behind fund classification is clear but not without its problems

  • Split-cap compensation delayed for month

    5 Jan 2006

    Split-cap investors face further delays in their wait for compensation after Fund Distribution Limited said it will not pay out until the end of this month.Compensation was due to be paid by Christmas but FDL says it has taken longer than expected to process the 40,000 applications it received.Investors have been wait- ing more than a year for FDL to make them an offer. FDL has 144m to distribute and latest estimates suggest that investors should get around 50p for every 1 lost.FDL ...

  • Standard health plan for over-55s

    4 Jan 2006

    Standard Life Healthcare has launched a product aimed at people over 55. EspiritHealth offers up to 65 per cent no-claims discount.Standard Life Healthcare chief executive Mike Hall says: “EspritHealth encompasses that ethos at an affordable price, which we know is a particular issue as people get older.”

  • Standard health plan for over-55s

    5 Jan 2006

    Standard Life Healthcare has launched a product aimed at people over 55. EspiritHealth offers up to 65 per cent no-claims discount.

  • Standard Life launches Dublin centre

    9 Jan 2006

    Standard Life is entering the offshore market, this week launching their international office in Dublin.

  • Standard Life launches new business tracking service

    9 Jan 2006

    Standard Life has launched an online new business tracking facility for advisers within the Client View aggregation service of its adviserzone website.The tracking service is available for the companys life protection series, bonds, personal pensions and Sipp contracts offering advisers real time status reports on new business applications and increments.Standard Life sales e-commerce manager Billy Burnside says: We recognise that the whole process of new business tracking is probably ...

  • Stephenson takes on new role at Lloyds

    6 Jan 2006

    Lloyds TSB has appointed Lisa Stephenson as network director for Scotland and the North of England.She joined the firm in 1987 and the new remit comes in addition to her role as customer, wealth management and marketing director of Lloyds TSB Scotland.Lloyds TSB private banking chief executive Mark Cheshire says: “We've taken the decision to appoint network directors with specific regional responsibilities as a direct result of the growth of the wealth management division across ...

  • Straight-through quotes from Axa

    4 Jan 2006

    Axa is offering a straight-through quote facility for advisers, which links into its fund admin platform.The firm's onshore bond product now offers a 2 per cent loyalty bonus for investors in year 10 and no surrender penalties.

  • SWIP tells investors to broaden their horizons

    9 Jan 2006

    Scottish Widows Investment Partnership is urging institutional investors to look outside their national borders and diversify their portfolios Europe-wide.

  • The Reit stuff

    5 Jan 2006

    Real estate investment trusts are set to bring about a pan-European property market

  • The spend is nigh

    5 Jan 2006

    Fund managers expect M&A activity to boost UK equities in 2006, says Matt Davis

  • The year of the adviser

    5 Jan 2006

    Wouldn't it be nice if 2006 could be declared the year of the adviser?

  • threesixty hires Susan Taylor as new marketing manager

    6 Jan 2006

    IFA support service provider threesixty services has appointed Susan Taylor as its new marketing manager.

  • Threesixty supports NCG's PI offering to wider market

    10 Jan 2006

    IFA support service provider threesixty services is welcoming NCG Professional Risks decision to offer its preferential terms on professional indemnity insurance to the wider market.

  • Tiner warns of hurdles in way of single market

    5 Jan 2006

    Regulator's chief executive points to dangers highlighted by retail hedge fund anomaly

  • Towry Law is taken over by John Scott

    5 Jan 2006

    Surprise 37m deal sees shift from organic strategy

  • Transparency is key to L&G Portfolio bond

    5 Jan 2006

    Legal & GeneralPortfolio Bond

  • TUC to defend pension cuts

    6 Jan 2006

    The TUC says it will fight pension cuts in companies that can afford to fund deficits, have taken contribution holidays or who allow directors to continue with the same benefits.In response to the recent closure of Rentokil's final salary scheme to future accrual for current staff, as well as proposed scheme changes at Co-op and Arcadia, TUC general secretary Brendan Barber says he will defend his members rights.Barber says: The death of salary related pensions is much exaggerated, ...

  • Verity's View: Sipp sanity

    5 Jan 2006

    Many IFAs welcomed the Sipp U-turn as they feared the madness of crowds

  • Virgin Money launches new cancer cover protection product

    9 Jan 2006

    Virgin Money is launching a cancer-only protection product, to be administered by Scottish Widows.

  • Which? slams equity release

    5 Jan 2006

    Equity-release schemes have been criticised by Which? as expensive and inflexible. It says Norwich Union is running irresponsible advertising and people should downsize or borrow from family instead.

  • Which? slams equity release

    4 Jan 2006

    Equity-release schemes have been criticised by Which? as expensive and inflexible. It says Norwich Union is running irresponsible advertising and people should downsize or borrow from family instead.

  • Who are they kidding?

    5 Jan 2006

    Once I stopped spluttering I could only quote Victor Meldrew - I don't believe it.Here we have one of the most maladroit life companies, evidently suffering a lack of business as a result of their abysmal service and administration, asking their poor overworked and demoralised consul-tants to ring IFAs to tell them that commission (we work on fees anyway) is to be reduced for those who do not place enough business with them.Is this is within the spirit of regulation? It is merely ...

  • Yorkshire Building Society launches new savings bond

    4 Jan 2006

    Yorkshire Building Society is launching a new one-year savings bond paying a rate of 4.75 per cent for a limited period. The bond also guarantees to always pay 0.25 per cent above the Bank of England base rate, and requires a minimum investment of £100.Yorkshire Building Society savings product manager Chris Edwards says: “This new bond is aimed at investors who wish to save their money for a period of at least a year in return for a guaranteed rate of interest.”

  • Zurich joins SRB panel

    4 Jan 2006

    Zurich has joined the panel of the Special Risks Bureau, joining eight other companies.

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