Money Marketing
4 July 2001

  • 14,000 request FSA consumer information booklet

    6 Jul 2001

    Nearly 14,000 customers have requested the FSA’ financial booklet You and Your Money in the first month it has been available.

  • A CONSUMER's VIEW

    5 Jul 2001

    This is the time of year when the high-street banks start releasing details of their student accounts in a bid to attract what are seen as potentially desirable customers. The latest offering from Royal Bank of Scotland is one of the most competitive. There is an interest-free overdraft of up to£2,000 for 12 months and no fees on agreed overdrafts above this level. This is then transformed into an interestand fee-free loan repayable over two years. At today's interest ...

  • A review too far

    5 Jul 2001

    The Government commissioned the Myners review to consider whether there are factors that distort decision-making on institutional investments. The review concluded that such factors do exist and recommended ways of tackling them, including replacing the minimum funding requirement and the introduction of two codes of best practice for defined-benefit schemes and defined-contribution schemes. Codes of practice are a useful way of helping to raise standards because they are flexible ...

  • A stronger Link

    5 Jul 2001

    One way in which IFAs can use e-commerce to enhance their businesses is to add services to their own websites allowing clients to access information out of office hours. Such services can take many forms, giving clients access to details of their investments 24 hours a day, as offered by Screenpages via its link with 1St Software, and quotation services for premium-driven life products, available from an increasing number of the IFA portal organisations. In the mortgage market, ...

  • A&L speeds up online loan service

    5 Jul 2001

    Alliance & Leicester is launching an online mortgage application service for users of Legal & General's mortgage decisions system. The aim is to provide a decision in principle on applications within 60 seconds and a 24-hour application tracking service.

  • Abbey Nat links to offer Family bonds

    5 Jul 2001

    Abbey National has linked up with friendly society Family Assurance to provide tax-exempt savings bonds to its customers. The companies claim this is one of the first partnerships to capitalise on the relaxation of polarisation started by the FSA in April. Under the new rules, tied product providers, including banks and building societies, can introduce other companies' regulated products and services to their own customers by direct mail and advertising on a non-advised basis. Abbey ...

  • Actuaries look at pensions problems

    9 Jul 2001

    The launch of the Association of Consulting Actuaries' annual review is being used to highlight the growth of the sector and problems with current pensions legislation.

  • Advance information

    5 Jul 2001

    If you are in the middle of taking the Advanced Financial Planning Certificate, then your first concern will be how to pass. The leap from FPC to AFPC is a daunting one and although you are doing the courses so you can advise your clients more effectively, getting through the exams can be made a lot easier by preparing for them in the way that is most efficient for you. The difference between the two qualifications is often compared with the jump from GCSE to an honours degree, so ...

  • ARLA moves to raise standards

    6 Jul 2001

    The Association of Residential Letting Agents is reforming its criteria for membership in a bid to improve the professional and ethical standards of landlords and tenants.

  • B&W in£40m Willis Nat buy

    5 Jul 2001

    Bristol & West is to buy IFA Willis National from joint owners Willis Group and mortgage rival Abbey National for£40m. Financed by parent Bank of Ireland Group, B&W says the purchase of Money Marketing's Corporate IFA of the Year will diversify its advice. Money Marketing reported last month that Abbey and Willis Group were reviewing their shareholdings. B&W plans to merge Willis with its web-based advisory service Moneyextra, which it bought last year, to create a ...

  • Baillie Gifford - Developed Asia Pacific Fund

    4 Jul 2001

    Thursday, 4 July 2001. Type: Oeic. Aim: Growth by investing in medium to large cap companies in Australia, New Zealand, Singapore and Hong Kong. Minimum investment: Lump sum £1,000, monthly £50. Investment split: Australia 48 per cent, New Zealand 1.5 per cent, Hong Kong 42.5 per cent, Singapore 5.5 per cent, cash 2.5 per cent. Isa link: No. Pep transfers: No. Charges: Initial 5 per cent, annual 1.25 per cent. Commission: ...

  • Bank of England holds rate

    5 Jul 2001

    The Bank of England is holding interest rates at 5.25 per cent for the second month in a row.The decision, which was widely expected, follows recent figures show strong consumer spending and a surge in house prices.

  • Bill Gates: Will appeal victory turn the tide for technology?

    5 Jul 2001

    M&G is predicting a rosier outlook for technology funds, after a US appeal court overturned a decision which could have led to the break-up of Microsoft last week. Global technology fund manager Greg Kerr says: "This is good news for the company in that it lifts the cloud of uncertainty which has been weighing on it for some time now and could act as a catalyst for ongoing developments."

  • Britannic launches split capital trust

    9 Jul 2001

    Britannic Asset Management is launching a new split capital investment trust focusing on UK equities.

  • Britannic proves trustworthy

    10 Jul 2001

    Britannic Asset Management has introduced its third investment trust, the Britannic UK income trust.

  • BROKER Talkback

    5 Jul 2001

    Should the Investors' Compensation Scheme bail out Towry Law ahead of its£75.7m takeover by Australian giant AMP? "No. I do not think the funds should be used for that." Laurie Kosky, Redwood Financial Services "No. They bought the previous company without knowing the full commitment. It is their problem and they should be fully responsible for it." Peter Rolt, Rolt Financial Management "No. Why sould we the industry have to pay and not Towry Law's shareholders." Ji

  • Building Societies' business volumes up says CBI/PWC

    9 Jul 2001

    Building societies saw their volume of business rise at the fastest rate since December 1996 according to the most recent quarterly financial services survey from PricewaterhouseCoopers and the Confederation of British Industry.

  • Cazalet predicts a bloody battle

    5 Jul 2001

    Influential analyst Ned Cazalet has a chilling prediction. Life 2001, Cazalet's annual and costly tome on the industry, says: "The distribution landscape is changing dramatically as many old-style direct distributors wind up their salesforces, which seems to afflict parts of the IFA market, too. This is going to be very bloody and very brutal, leading to lots more consolidation." Cazalet goes on to predict that a third of IFAs will be lost in the next five years. He believes ...

  • CBI concerned over FTSE ethical index

    10 Jul 2001

    The Confederation of British Industry has given a mixed response to the launch of the FTSE4Good index.

  • CII and Sofa on a new road

    5 Jul 2001

    The Chartered Insurance Institute and its financial services arm, the Society of Financial Advisers, is going on a UK-wide roadshow to tell members about recent changes. Over the past few months, the CII has been consulting with members and industry figures in a bid to sharpen its focus and expand its services. The roadshow led by CII director general Sandy Scott started in London last week and visited Manchester this week, Bristol on July 17, Southampton on July 19 and Glasgow ...

  • CIS beefs up SRI scrutiny

    5 Jul 2001

    CIS is increasing its scrutiny of its socially responsible investments by forming an independent advisory committee to examine decisions made by its Responsible Shareholding Unit.

  • Citibank pushing ahead with aggregation service

    5 Jul 2001

    Citibank is pushing ahead with plans to launch the UK's first account aggregation platform this summer despite warnings that such a service may breach criminal law. FSA managing director Phillip Thorpe warned in May that although the regulator would not police aggregation services, FSA-regulated firms should not launch any service which may breach the law, regardless of the chances of prosecution. But the US bank is going ahead with the platform after recently commissioning ...

  • Citigroup buys Future Mortgages

    5 Jul 2001

    Citigroup, the world's biggest financial services company, is buying Future Mortgages through its Citibank Overseas Investment Corp arm.

  • Clerical in net campaign bid to boost IFAs

    5 Jul 2001

    Clerical Medical is running its first interactive internet advertising campaign to promote IFAs to consumers. The£100,000 campaign starts this month and involves a series of banner ads on several personal finance sites including thisismoney.com and Motley Fool. The ads include a Find an IFA today.co.UK banner that gives people the option to locate their nearest IFA from the IFA Promotion database by typing in their postcode. The person is then directed to a microsite listing ...

  • CPD becomes CD

    5 Jul 2001

    What is your favourite CD? The one you can sing along with? The one from the FSA on compliance essentials? The FSA's new CD training programme, Compliance Essentials for Financial Advi-sers, comes out this month. It aims to improve understanding of, and compliance with, the conduct of business rules and guidance relating to giving financial advice, as well as what to do for continuing professional development and complaints' handling. Running time is around one hour. Who ...

  • Deutsche trust set for corporate bond switch

    5 Jul 2001

    Deutsche Asset Manage-ment is to convert its high-income trust into a corporate bond fund after failed attempts to bolster its flagging performance. The firm says its decision to convert the fund comes as a result of inc-reased volatility in UK equity markets over the past three years, which it says has made it increasingly difficult to sustain high levels of income. The fund slashed its yield in October 1999 to 7.2 per cent from 10 per cent and has consistently been in the bottom ...

  • Don't aim wide of the mark

    5 Jul 2001

    Over the last few weeks, we have been looking at certain key aspects of trusts as commonly used with financial services products. So far, we have discussed the importance and, in some cases, the lack of importance of the roles of settlor and trustee, noting the powers and duties of each along with importance considerations for the selection of trustees. This week, I want to move on to the third and last of the main parties to the trust - the beneficiaries. When I was one of a group ...

  • DPO goes live with public offerings

    5 Jul 2001

    Online investment service DPO opens this week when it issues prospectuses to IFAs for its first offering, Harrogate media business Media Generation. The direct public offering service gives retail investors the opportunity to invest in small to medium-sized companies at an early stage. Investments start at£500 and qualify for the tax benefits of an enterprise investment scheme.

  • DTI to review fees for rejected loans

    5 Jul 2001

    The DTI has pledged to review the Consumer Credit Act following industry complaints over the maximum fee brokers can charge for giving advice on rejected mortgage applications. DTI director of consumer affairs Fiona Price has agreed to review the maximum£5 fee that brokers are permitted to charge clients under the 1974 Act after coming under pressure from Scottish Amicable national mortgage manager John Malone. In a move welcomed by the Mortgage Code Compliance Board, ...

  • EFM acquires Portfolio

    4 Jul 2001

    Edinburgh Fund Managers is to buy Portfolio Fund Management for £12m, plus up to a further £8m calculated in reference to Portfolio’s future net sales.Portfolio’s £430m of assets take EFM’s funds under management to £8.3bn.

  • F&C and LeggMason top websites' survey

    5 Jul 2001

    Foreign & Colonial and Legg-Mason Investors have the top websites in the investment trust market, according to a new online survey by Tay-burn New Media. The research found the two companies scored seven out of a possible 10, followed closely by Aberdeen and Edinburgh Fund Managers who managed six points in the Tayburn study which looked at 30 different online criteria. Lowest marks awarded by the survey went to 3i, one of the biggest institutional inv-estors which Tayburn said ...

  • Family Assurance Group appoints Bingham

    5 Jul 2001

    The Family Assurance Group is appointing Miles Bingham as head of marketing. Bingham's new role will focus on opportunities now open to the Friendly Society following the relaxation of polarisation rules under phase one of the FSA review.

  • Finan steps down at Winterthur Life

    9 Jul 2001

    Winterthur Life chief executive John Finan is stepping down from the board as from August 21. He will be replaced by Clifton Melvin who is currently a partner at consultancy firm Integrum, which focuses on port-merger integration. Prior to Intergrum, Melvin led the development of GE Capital’s insurance activities in Europe. He began his career at Equity & Law and was chief executive of Madrid based life office British Life.

  • Financials are riding high in the form book

    5 Jul 2001

    After a torrid year in world equity markets, investment IFAs will be hoping the FSA is right to assert that past performance is no guide to the future. Every Autif sector except for property has suffered a negative average return in the past 12 months. Another such year would probably start putting investment advisers out of business. But hidden among the vaguely titled specialist sector, one group of funds has been quietly bucking the trend - the financials. Led by Jupiter's ...

  • Flood of IFA complaints at Cofunds admin errors

    5 Jul 2001

    IFA fund supermarket Cofunds has had a barrage of complaints after a chain of recent admin blunders have left IFAs misinformed and out of pocket. The platform, launched in January, has more than 1,500 registered IFA users and has taken more than£100m in Isa business. Cofunds says the very high levels of business taken this Isa season inevitably lead to some problems. However, complaints from IFAs have included commission paid to the wrong network, inaccurate client contract ...

  • Florida prize for online golfers

    5 Jul 2001

    Money Marketing has once again teamed up with Scottish Provident to challenge IFAs to a game of online golf with the prospect of a trip to Florida for the winner. More than 10,000 online golfers took part in the first competition earlier this year and, due to popular dem-and, the competition is back - this time in a medal format as the Scottish Provident IFA Online Open. The IFA with the best score for a nine-hole round on the leaderboard on July 20 will be jetting off to Grenelefe ...

  • Forsyth Partners launches new Dublin based funds

    6 Jul 2001

    Research and investment management company Forsyth Partners is launching two new funds in its Dublin based fund of funds Sicav, Forsyth plc.

  • Frank Russells up hedge fund

    4 Jul 2001

    Sophisticated high-net worth clients are being targeted by the Frank Russell Company to invest in the alternative strategies fund.

  • Friends closes up on first day

    10 Jul 2001

    Shares closed in Friends Provident after its first day of trading on Monday at 240p, up 15p from its offer price of 225p and surprising some of the gloomy predictions in the city. This gives the newly listed life office a market capitalisation of £3.9bn. Following the listing this week, Standard & Poor’s has upgraded its rating of FriendsProv to AA, saying it now has significantly improved capitalization and financial flexibility.

  • Friends Provident sets offer price

    9 Jul 2001

    Friends Provident has set its offer share price at 225p a share, giving it a market capitalisation of £3.7bn on listing. The preferential offer is 213.75p a share. It received £566m of share applications. A total of 224.8m shares, worth £506m, are being sold to pay members who have chosen sell their shares on listing. Another 120.2m of shares worth £271m are being sold on behalf of overseas members and some occupational pension scheme trustees.

  • FSA adds 151 schemes to FSAVC review

    5 Jul 2001

    The FSA has updated the list of schemes falling under its FSAVC review, adding 151 schemes representing about 2.5 per cent of all people holding these policies. Despite the large number of schemes being listed, the size of schemes means they represent a much smaller percentage of the market than the 67 schemes listed under the first phase , which made up 8 per cent of all investors with FSAVC policies. The FSA estimates the total of FSAVC policies falling under the review because ...

  • FSA gets clear english award

    4 Jul 2001

    The FSA has been awarded a Clear English Service award from the Plain Language Commission for its correspondence. FSA letter writers from its correspondence unit were put through a nine-month coaching programme with the Plain Language Commission. The clarity, grammar and punctuation of more than 200 letters were assessed. The FSA deals with around 3,000 letters a year. 

  • FSA must come out of its trench to avert industry war

    5 Jul 2001

    The ABI has attacked the FSA using language reminiscent of the Cold War. For insurers to talk of a "fight to the death" underlines how relations have soured. Money Marketing might not have used such language but it gives qualified support to the message. UK savings are at risk of being reviewed and regulated out of existence. But the problem is more fundamental than simple capitulation to the consumer lobby. If all the Consumers' Association views were accepted, with-profits ...

  • FSA sets up a whistleblowing line

    5 Jul 2001

    The FSA is starting a whistleblowing service for employees to inform on employers who break the law. The service is intended for staff unwilling to confront their employers about criminal offences and failures to comply with legal obligations such as setting up stakeholder pension schemes. The FSA is setting up a whistleblowers' phone line and email address and is publishing information on its website of how companies can set up internal whistleblowing systems.

  • FSA sets up whistleblowing service

    4 Jul 2001

    The FSA is setting up a whistleblowing service for employees to inform on employers who break the law.

  • FSA wins award for clear letters

    5 Jul 2001

    The FSA has been awarded a Clear English Service award from the Plain Language Commission for its correspondence. Letter-writers from its correspondence unit went on a nine-month coaching programme with the Plain Language Commission. The clarity, grammar and punctuation of more than 200 letters were assessed.The FSA deals with around 3,000 letters a year.

  • FTSE4Good launches ethical indices

    10 Jul 2001

    FTSE4Good announced the criteria for acceptance to its new ethical indices this week, with BP and Glaxo-SmithKline heading the UK index.

  • Fund managers spurn Europe in switch to US

    5 Jul 2001

    Fund managers are turning their backs on Europe in favour of US markets, according to new research from Lipper. Fifty-eight per cent of funds in the global growth sector increased their exposure to the US during May while 56 per cent of funds in the same sector reduced their exposure to Europe over the same period. Gartmore global growth saw the most dramatic switch, increasing its exposure to North America to 35.6 per cent from 32.5 per cent. It reduced its European share to ...

  • Gavin hill

    5 Jul 2001

    National Mutual managing director Gavin Hill is a man with a slightly unusual passion. But it is difficult to hold this against him when you discover his interest has provided him with both a high-flying career and a 25-year marriage. "I have always been greatly interested in mathematics - it is one of those things where you either are or you are not," he confesses. His degree in mathematics from Pembroke College, Cambridge, won him a job as an actuarial student at National Mutual ...

  • Government says no to Lloyds bid for Abbey

    10 Jul 2001

    The Government has decided to stop Lloyds attempted hostile takeover of Abbey National because of competition concerns.

  • Govett fixes interest in bonds

    9 Jul 2001

    Govett Investments has unveiled the corporate monthly income fund, which invests in fixed interest securities including sterling denominated corporate bonds and UK gilts.

  • Govett Investments - Corporate Monthly Income Fund

    10 Jul 2001

    Tuesday, 10 July 2001.

  • Group aims for more women IFAs

    5 Jul 2001

    An association for female IFAs is to be launched on September 5 with the aim of encouraging more women to become IFAs. The Women's IFA Group will hold regular meetings with speakers from inside and outside the industry. The initiative is being led by Fiona Price & Partners managing director Fiona Price. Framlington will sponsor the launch and logo of Wig, with other sponsors paying for the initial mailshot. A Government minister is also understood to be supporting the project. The ...

  • Hewitt cold on Abbey merger

    9 Jul 2001

    Trade and industry secretary Patricia Hewitt is expected this week to announce that Lloyds TSB is barred from buying Abbey National.Hewitt is expected to block the deal, which would have created the UK's largest bank, on advice from the Competition Commission.National Australian Bank, which already owns Clydesdale and Yorkshire Banks, is believed to be interested in bidding for Abbey.

  • House prices rocket

    9 Jul 2001

    UK house prices rocketed by almost 10 per cent in the year to June, according to the monthly Halifax house price index.The average cost of a house now stands at £92,122 after house price inflation leapt to 9.7 per cent from 7.3 per cent in May — the biggest rise since this time last year.Halifax attributes the boom to low mortgage rates and unemployment but predicts slower economic growth to ease the pace of house price inflation for the rest of the year.

  • HSBC Bank International - Nasdaq Plus Growth Fund

    4 Jul 2001

    Thursday, 4 July 2001.Type: Ucits.Aim: Growth linked to the Nasdaq 100.Minimum investment: £5,000 or $5,000.Place of registration: Dublin.Investment split: 100 per cent linked to the Nasdaq 100.Isa link: No.Charges: None.Commission: Initial 2.5-4.5 per cent.Tel: 01534 606348. 

  • IFAP produces endowment mortgage factsheet

    9 Jul 2001

    IFA Promotion has produced a factsheet to help consumers understand endowment-linked mortgages and encourage them to seek independent financial advice.

  • IFAs protest while ICS and Towry make deal on law split

    5 Jul 2001

    Towry Law and the Investors' Compensation Scheme have agreed a deal to split the proceeds of any litigation taken over Advizas' pension misselling liability. Towry and its new owner AMP say they are talking to lawyers about the possibility of legal action against undisclosed parties over the purchase of Advizas from Hogg Robinson in January 2000. Towry Law chief executive Douglas Black says: "We are considering our position with our lawyers. There is potentially litigation ...

  • IFAs slam 'scaremonger' FSA over endowments

    5 Jul 2001

    IFAs have slammed the FSA for scaremongering after it urged mortgage endowment customers to take action despite the majority of policies being on track to pay off homeloans. The regulator has come under attack after publicising research claiming that 70 per cent of endowment policyholders have failed to take measures to safeguard their mortgages as a result of the recent reprojection exercise. It has issued a factsheet to consumers aimed at spurring endowment holders into action ...

  • IFAs slam PIA watchdog over pensions redress

    5 Jul 2001

    IFAs have slammed the PIA ombudsman for encouraging policyholders seeking redress over pension misselling to complain in order to validate any offer they have received. A Rochdale IFA is fuming after a client was advised by the ombudsman that the "only way" to verify an offer of compensation was to make a formal complaint against the adviser. The client asked for redress last December after claiming she would have been better off joining her employer's scheme than taking out ...

  • IIB challenge to dual regulation

    5 Jul 2001

    Rules forcing IFAs selling general insurance products to submit to dual regulation by the FSA and the General Insurance Standards Council are to be challenged at the Competition Commission Appeal Tribunal. The appeal, by the Institute of Insurance Brokers and the Association of British Travel Agents, challenges the GISC's controversial rule 42F, which forces general insurance providers to do business only with intermediaries who are GISC members. The challenge will be heard on July ...

  • Independent view

    5 Jul 2001

    I was recently asked by an IFA who specialises in the mortgage market, and who works for a large independent practitioner, the following question: What status is J Rothschild Assurance? When I asked what they meant, I discovered that they wanted to know whether a representative of J Rothschild Assurance (a friend of theirs) was an independent adviser or not. I explained that J Rothschild Assurance was an insurance company and that its representatives were tied to that company and ...

  • Inside EDGE

    5 Jul 2001

    It is difficult to feel sorry for a regulator but the FSA has probably done the best it could with an ill-thought through hospital pass from The Treasury. There was a great opportunity to create a single regulatory framework for the mortgage industry while meeting the objectives of raising public awareness and increasing consumer protection. The draft mortgage rules will compromise the independence of IFAs and in turn consumers will be disadvantaged because potentially they will not ...

  • Inter-Alliance offers expert divorce help

    5 Jul 2001

    Inter-Alliance and specialist adviser the Divorce Corporation are linking up to offer clients access to expert actuarial and pension-based evaluations as well as advice in divorce settlements. Inter-Alliance advisers can get evaluation and advisory reports from the Divorce Corporation to give clients wealth management and pension advice in divorce cases.

  • Inter-Alliance teams up with moneynet

    4 Jul 2001

    National IFA Inter-Alliance is teaming up with online personal finance service moneynet to allow investors to compare and in some cases purchase from thousands of credit cards, personal loans and PMI products. Inter-Alliance customers will have access to a "best buys" service detailing the best finance products currently available in these sectors. 

  • Investment View

    5 Jul 2001

    Lists are fun. In this business, the most common lists are performance tables. There may be other sorts of tables but with performance you can see how much money you might have made if your predictive qualities were well honed. Looking at the performance leagues for European shares over the year to the end of June, I had to confess I would have been hard pushed to pick the winners this time last year. In the UK, it was Powergen which delivered the best return, doubling investors' ...

  • Julian Gibbs

    5 Jul 2001

    Most leading fund managers, according to several recent surveys, expect the Japanese stockmarket to end the year higher. For the first time in many years, I think they are right. The time to buy into a market is when it is near a low. The Japanese market is more than 67 per cent off its high and 8 per cent down since the beginning of the year. Scott McGlashan, the Japanese fund manager I most admire, believes it is now the time to buy. McGlashan was one of the few fund managers ...

  • L&G make 100 per cent effort

    5 Jul 2001

    Legal & General's Mortgage Club has unveiled a fixed rate mortgage that allows advances of 100 per cent of valuation. The mortgage is fixed at 6.40 per cent until September 1, 2004 and if borrowers redeem more than 10 per cent a year during this period, they must pay an early redemption penalty. In year one, 4 per cent of the loan is payable, in year two this is reduced to 3 per cent and in year three, 2 per cent is charged. The maximum loan is £250,000 for ...

  • Life office contracts are main cause for complaint

    5 Jul 2001

    Pensions advisory service Opas has attacked life office contract terms and charges as the main sources of complaints to its helpline. In its annual review of cases for 2000/01, Opas says "scandalous practices of ill-defined contract terms and hidden charges" were the main areas of complaints. It hopes that stakeholder will help to ensure this becomes a thing of the past. The review details one particular case involving a policyholder sold a pension by a direct salesperson who told ...

  • Lifestyle bond offer from R&SA

    5 Jul 2001

    Royal & SunAlliance is offering an extra 1 per cent allocation to all new customers investing in its lifestyle bond until this October.

  • Liverpool Vic buys nurses pension fund

    10 Jul 2001

    Liverpool Victoria is buying the Royal National Pension Fund for Nurses for £248m. Approximately £200m of RNPFN’s estate will be distributed in the form of enhanced benefits for 155,000 policyholders. Liverpool Vic will provide capital support of up to £100m to provide security and investment freedom to RNPFN.

  • LM Financial recruits John Charcol sales chief

    4 Jul 2001

    LM Financial is recruiting former senior sales head at John Charcol's Holborn head office as its regional sales director for the South of England Dale Pilkington.

  • Long-term fix from the Marsden

    6 Jul 2001

    Marsden Building Society has introduced a 10-year fixed rate mortgage that is available for loans of up to 80 per cent of valuation.The mortgage, called plan 41, is fixed at 5.99 per cent until June 30, 2011 and borrowers who redeem during this period must pay an early redemption penalty. This is 5 per cent of the outstanding loan in the first six years, 4 per cent in year seven, 3 per cent in year eight, 2 per cent in year nine and 1 per cent in year 10.A £295 arrangement ...

  • Low float price may spark bids for Friends

    5 Jul 2001

    Rival firms could be waiting in the wings to swoop on Friends Provident following City sentiment that its float price will be lower than expected. Industry sources say several companies are waiting to see the life office's share price on listing before looking at making a bid for the company. Friends' advisers Merrill Lynch set the flotation share price at 210p to 270p. But the pre-float price in the City is being valued towards the lower end of this range. The price will ...

  • Make advice an employee benefit, say actuaries

    5 Jul 2001

    The Institute of Actuaries is expected to urge employers to make financial advice an employee benefit to enc-ourage workers to plan for their future this week. The proposal would open up the debate on whether advice should follow the US model and be tax-free. Money Marketing understands that the Institute of Actuaries will this week call on employees to think of a financial healthcheck in the same way as a medical check-up as part of the growing range of emp-loyee benefits. But ...

  • MCCB holds regulatory update roadshows

    10 Jul 2001

    The Mortgage Code Compliance Board is running a second series of regulatory update roadshows throughout November and December. Topics to be covered include the future development of the mortgage code, training and competence, fitness and propriety and compliance monitoring. The five-week roadshow will cover more locations and events than the previous series earlier this year, taking in areas including Newcastle, Glasgow, Edinburgh, East Anglia, Leeds and Belfast.

  • MVR will be the death of some

    5 Jul 2001

    I was interested to read Ms King's letter in Money Marketing last week regarding the market value reduction applied on one of her client's with-profits bond encashments. Advisers need to be careful (and indeed to check their PI policies). For many years, we have been sounding alarm bells about the whole concept and last autumn published a guide, With-profits Bonds - Have You Been Myth Sold? The average adviser either does not understand or has ignored the inefficient taxation ...

  • Nationwide pilots Wap banking service

    5 Jul 2001

    Nationwide is piloting a Wap phone banking service that it hopes to launch nationally later this summer.

  • NDF Administration - Extra Bonus Plan 3

    9 Jul 2001

    Monday, 9 July 2001. Type: Guaranteed growth bond. Minimum-maximum investment: £10,000-£1m, Isas £5,000-£7,000, Pep transfers £5,000-£1m. Term: 13 months. Interest rate: 10 per cent at end of 13 month term or 0.73 per cent a month. Return: 10 per cent over 13 months or 0.73 per cent a month. Guarantee: Capital returned in full at end of term provided that FTSE 100 does not fall by more than 20 per cent ...

  • NDF bids for the maturing Tessas

    5 Jul 2001

    NDF Administration is aiming for a big share of the£21bn maturing Tessa market with a Tessa-only Isa. Tessa Triple Plus 2 is managed by Credit Suisse First Boston and offers tax-free ret-urns of up to 20 per cent a year. Returns are linked to the FTSE 100 index but initial capital is 100 per cent protected as long as the investment is held for the five-year term. There are no initial or annual charges but IFAs can take up to 3 per cent initial commission. Toisa rules ...

  • Ned Cazalet

    5 Jul 2001

    In a story last week, Money Marketing quoted Ned Cazalet's Life 2001 report as saying no life office had more than a 5.7 per cent share of the pensions market. We would like to point out the 5.7 per cent figure related to average market share of the top 10 pension providers for 1999. No group had more than a 9.2 per cent share. We apologise for any confusion caused.

  • New Star Asset Management - New Star European Growth Fund

    10 Jul 2001

    Tuesday, 10 July 2001. Type: Oeic. Aim: Growth by investing in European companies. Minimum investment: Lump sum £1,000, monthly £100. Investment split: 100 per cent in European equities excluding UK. Isa link: Yes. Pep transfers: Yes. Charges: Initial 5.25 per cent, annual 1.5 per cent. Commission: Initial 3 per cent, renewal 0.5 per cent. Tel: 0845 6088702  

  • New Star Asset Management - New Star UK Growth Fund

    10 Jul 2001

    Tuesday, 10 July 2001. Type: Oeic. Aim: Growth by investing in UK companies. Minimum investment: Lump sum £1,000, monthly £100. Investment split: 100 per cent in UK equities. Isa link: Yes. Pep transfers: Yes Charges: Initial 5.25 per cent, annual 1.5 per cent. Commission: Initial 3 per cent, renewal 0.5 per cent. Tel: 0845 6088702  

  • New Star branches out

    9 Jul 2001

    New Star Asset Management has burst on to the investment scene with the UK growth fund. It will be managed by Alan Miller, who joined New Star as chief investment officer in January after running the Jupiter special situations fund from May 1996 to November 2000. Miller will have the freedom to choose whatever UK stocks he believes will perform well and his decisions will not be restricted by reference to a benchmark or by sector weightings. His ...

  • New Star poaches Newton fund manager

    5 Jul 2001

    Newton Higher Income fund manager Toby Thompson has been poached by New Star Asset Management.Thompson will managed New Star’s equity income fund, which is set for launch later this year.

  • New Star shines brightly in Europe

    6 Jul 2001

    New Star Asset Management has introduced the European growth fund, an open-ended investment company that aims for capital growth by investing in Europe excluding the UK.

  • North-south divide grows in house market

    10 Jul 2001

    Homes in Greater London cost nearly twice as much as the national UK average, according to new figures released by Halifax.House prices in the capital surged by 7.7 per cent in the second quarter of this year and are now 87 per cent higher than the UK average.Northern Ireland saw the greatest surge in new homeowners, with a 25 per cent increase in first-time buyers over the period. Greater London saw an 18 per cent increase against a national average of 6 per cent.

  • Norwich & Peterborough - Five Year Fixed Rate Bond

    5 Jul 2001

    Thursday, 5 July 2001.Type: High interest account.Minimum-maximum investment: £1,000-no maximum.Interest rates: 5.75 per cent gross a year, 5.6 per cent gross a month.Term: Five years.Offer period: Until further notice.Withdrawal penalties: If no notice given, 180 days' loss of interest on amount withdrawn unless at least £1,000 remains in bond.Tel: 0845 3002511. 

  • Norwich & Peterborough - Three Year Fixed Rate Bond

    4 Jul 2001

    Wednesday, 4 July 2001.Type: High interest account.Minimum-maximum investment: £1,000-no maximum.Interest rates: 5.75 per cent gross a year, 5.6 per cent gross a month.Term: Three years.Offer period: Until further notice.Withdrawal penalties: If no notice given, 120 days' loss of interest on amount withdrawn unless at least £1,000 remains in bond.Tel: 0845 3002511. 

  • Odey hedges long and short

    10 Jul 2001

    Odey Asset Management has introduced the Odey Latham global fund, an offshore open-ended investment company that uses hedging techniques.

  • On the trail of commission strategy

    5 Jul 2001

    The caricature of the commission-hungry IFA is an image that the industry sometimes struggles to dispel. Not only has Ron Sandler, head of the new Treasury review into retail investment, given notice of his intention to examine what he has described as the "ambiguities" inherent in distribution, but the subject of commission is used repeatedly to disparage IFAs in the national press. Most of this is directed at indemnity commission but IFAs are increasingly moving towards trail ...

  • Online 'best buys' for Inter-Alliance

    5 Jul 2001

    National IFA Inter-Alliance is teaming up with online personal finance service moneynet to allow investors to compare, and in some cases purchase, thousands of credit cards, personal loans and PMI products. Inter-Alliance customers will have access to a "best buys" service detailing the best finance products available in sectors.

  • Outside Edge

    5 Jul 2001

    When I started to write Outside Edge, a journalist told me that I would not be a fully fledged columnist until I got my first letter informing me of my shortcomings. So grateful thanks are due to Institute of Fin-ancial Planning president Simon Williamson who took the time to point out my faults in a recent issue of Money Marketing. I should point out that I crave no limelight nor have "I stumbled back". After all,I never thought I had left. But, irrespective of all of that, I do ...

  • PIA terminates firms' membership

    9 Jul 2001

    The PIA is terminating the membership of IFAs, JDH Blackburn (Life & Pensions) of Guiseley, West Yorkshire and MA Olymbios Fianancial Services or South Woodford, London.Both firms had their membership terminated on the ground that they had not conducted any business regulated by the PIA for a continuous period of 12 months. Both firms are no longer authorised to conduct investment business regulated by the PIA.

  • Polar Capital gets pulses racing

    6 Jul 2001

    High net worth clients could get their pulses racing by investing in Polar Capital's technology absolute return fund.

  • Polar Capital Technology Trust - Polar Capital Technology Absolute Return Fund

    9 Jul 2001

    Monday, 9 July 2001. Type: Open ended investment company. Aim: Growth by investing in technology securities globally. Minimum investment: US$ 100,000. Place of registration: Cayman Islands. Investment split: 100 per cent in technology securities. Isa link: No. Charges: Initial up to 5 per cent, annual 1.25 per cent. Commission: Initial subject to negotiation. Tel: 020 7592 1500.  

  • Polar fears over HSBC Isa

    5 Jul 2001

    Rival fund managers have raised concerns that HSBC's triple Isa product, which combines the funds of three different providers, may breach polarisation regulations. The Isa, launched in May, combines HSBC, Merrill Lynch and Framlington funds and was created in response to recent changes in the polarisation regime. The new rules state that a provider can "issue or approve a direct-offer advertisement which advertises a packaged product of a product company which is not within ...

  • Portman pulls out of remortgage market 'for time being'

    5 Jul 2001

    Portman Building Society has become the first major lender to pull out of the remortgage market. The tactical withdrawal means Portman has stopped accepting remortgage applications "for the time being", believing these borrowers will switch to another lender once their special deal ends. Corporate communications manager Mike Dobson says: "It cannot be good for lenders and consumers in the long run for this churning of business to continue because someone has to pay the bill at ...

  • Premier c-lects cautious approach

    10 Jul 2001

    Premier Portfolio Managers has added the cautious portfolio to its C-lect portfolio management service.

  • Product Matters

    5 Jul 2001

    There has been a dramatic increase in the amount of consumers paying for medical treatment from their own pocket. Over 300,000 self-pay treatments were carried out in 2000, accounting for almost a third of all private treatment, while there was a 3 per cent fall in the number of people covered by traditional private medical insurance products. Standard Life Healthcare launched Choices a year ago. The customer chooses a high excess of either£1,000,£2,500 or£5,000, ...

  • Property prospers for BFS

    5 Jul 2001

    Investment trust specialist BFS Investments has introduced a split capital investment trust that invests mainly in commercial property.

  • Pru launches stakeholder ad campaign

    4 Jul 2001

    Prudential is launching a multi-million pound nationwide stakeholder advertising campaign urging employers to act now or face hefty fines from the regulator.

  • Pru profit points

    5 Jul 2001

    Stakeholder pensions are not all doom and gloom for the industry (Cazalet predicts stakeholder slaughter, Money Marketing, June 28). Although charges are low, the scheme can eventually be run profitably if providers can ensure they have efficient systems to ensure administration is kept to a minimum and sufficient scale to enable a return. Moreover, stakeholder pensions will introduce financial advisers and product providers to a range of new customers, some of whom will be entering ...

  • R&SA ready to sell its life and fund business for£2bn

    5 Jul 2001

    Royal & Sun Alliance is understood to be gearing up to start offering its life and fund management business for sale to rivals, with a£2bn price tag. The outcome of the review of its life business is expected next week, according to a senior industry source. This report will then be used as a sale document to offer the business to potential buyers. The sale is expected to be a limited auction with only five bidders. The auction process is likely to begin in August. Aegon ...

  • Raising standards on moves to treat customers fairly

    5 Jul 2001

    Open letter to the FSA The study published by the FSA on "treating customers fairly after the point of sale" made many valid comments which are supported by the Co-operative Insurance Society. The FSA states that unrealistic expectations are often the product of badly written information that fails to point out the risks or relevant features of the product in a clear and understandable way and that new standards of complaints' handling together with a policy review of the ...

  • Retirement hardship widening Pensioners and poverty

    5 Jul 2001

    Three million more people in the UK now face financial hardship in retirement than they did in 1996, according to research from JP Morgan Fleming Asset Management. In its annual survey, the Pension Map of Britain, it found the number facing difficulties when they reach retirement has grown from 9.9 million in 1996 to 12.6 million in 2001. But the number of people facing hardship or poverty in retirement dropped last year for the first time since 1997. In 2000, the figure was 13.3 ...

  • Royal & Sun Alliance Luxembourg appoints funds sales manager

    10 Jul 2001

    Royal and Sun Alliance Investments Luxembourg is appointing Shamik Cholera as retail and institutional funds sales manager for Switzerland as part of its expansion into the European market.

  • Royal London moves to stop baggers

    5 Jul 2001

    Royal London is bringing in carpetbagger prevention measures to stop new policyholders claiming windfalls if it demutualises. From July 1, when Scottish Life's business will transfer to Royal London, new policy-holders will not be entitled to compensation for loss of membership rights after demutualisation.

  • Saltr blow as Skandia rethinks accreditation

    5 Jul 2001

    Skandia has withdrawn from seeking the ABI’ Saltr accreditation because it fears its efforts might be wasted as the industry faces scrutiny under a deluge of reviews.The decision is a setback for the quality mark scheme, which was launched last October, with dozens of brands, including Skandia, giving their official commitment to seeking accreditation.But while Skandia says it has already met or exc-eeded the standards set by Saltr, it has put the brakes on the application ...

  • Schroders poaches BAM UK equities head

    6 Jul 2001

    Schroders has poached Baring Asset Management head of UK equities Richard Buxton for its UK specialist equities desk.Buxton managed the £315m Baring UK Growth Trust, which had a Standard & Poor’s AAA rating.

  • Scot Wids tops Isa sales table

    4 Jul 2001

    Scottish Widows is the UK's biggest Isa provider, with Fidelity in second place and Jupiter third, according to figures published by Autif for the first time.

  • Scot Wids wins engineering association stakeholder work

    10 Jul 2001

    The windfall shares test case to decide whether demutualisation shares and benefits should be taken into account when calculating loss in the pensions review is being heard next week.

  • Scotland funding move set to boost LTC market

    5 Jul 2001

    The long-term care market in Scotland is set to boom following the Scottish Executive's decision to extend funding to personal as well as nursing care, claim IFAs and LTC providers. They say the announcement in last week's budget to commit£200m in funding over the next two years will make LTC insurance more affordable and more IFAs will start selling it. LTC insurance has been criticised in the past because of its prohibitive cost. The situation will change in Scotland ...

  • Scottish Mutual launches income and growth plan

    9 Jul 2001

    Scottish Mutual has launched a new income and growth plan which combines an Isa with direct share investment.

  • Share of the profits

    5 Jul 2001

    The new all-employee share ownership plan, as I described last week, is founded on three main types of share - free shares, partnership shares and matching shares. There are also shares that can be acquired with dividends paid out on the other three types of share. The plan may provide that all cash dividends are reinvested either on behalf of all participants or those who elect to reinvest their dividends. The holding period for dividend shares must be three years. The total dividend ...

  • Shift to multi-ties is not inevitable

    5 Jul 2001

    Most small IFAs I speak to are fed up with speculation over polarisation and the seeming "inevitability" of a move towards multi-ties. There may be attempts to force us down a multi-tied route but those that seek to do so fail to under-stand two important factors: 1: Small IFAs have many clients of long standing whose diverse investments in many instances are producing a significant proportion of renewal income. How can we explain to these clients that we can no longer administer ...

  • Skandia bonds with pension trustees

    9 Jul 2001

    Elms simply says that the commission is fair and reasonable.

  • Skandia bonds with pension trustees

    9 Jul 2001

    Moving on to the main useful features and strong points of the bond, Reid says: "Access to a variety of funds and managers plus relatively cheap and easy switching."

  • Skandia bonds with pension trustees

    9 Jul 2001

    Skandia Pension Trustee Bond Type: Unit linked bond. Aim: Growth by investing in unit trusts, Oeics and investment trusts. Minimum investment: £3,000. Fund links: 222 funds from Aberdeen Asset Management, ABN Amro, Alliance Capital Management, Baring Asset Management, Baring, Houston & Saunders, BlackRock International, Credit Suisse Asset Management, Deutsche Asset Management, Dresdner RCM, Fidelity Investments, Foreign & Colonial, ...

  • Skandia, Hargreaves Lansdown take stake in EMX

    5 Jul 2001

    Skandia and Hargreaves Lansdown have joined the likes of Fidelity and M&G in taking a stake in the fund trading and messaging platform EMX. The eight shareholders - which also include Threadneedle, Invesco Perpetual, Standard Life and Lloyds TSB - have also all committed to an extra£8.5m of funding for the platform, taking the total amount raised to well over£10m this year. EMX says the two new shareholders will not just provide financial support, but will also make ...

  • Skipton breaks new ground

    9 Jul 2001

    Skipton Building Society is breaking new ground with a flexible mortgage that tracks the 3-month US dollar London Inter Bank Offered Rate (LIBOR).

  • Stakeholder awareness uneven across UK

    5 Jul 2001

    Awareness of stakeholder among employers varies significantly throughout different parts of the UK, according to new findings published this week by Barclays Bank and Legal & General.

  • Standard & Poor's Micropal Top 10s

    5 Jul 2001

    Lazard European smaller companies is a new entry to the top 10 unit trusts, returning 20.41 per cent over the past year. The fund is head and shoulders above its sector peers over the year, with a return more than 40 per cent greater than the second-placed fund run by Colonial First State Investments. European smaller companies has been one of the worst-performing sectors over the year, with an average return of -30.4 per cent. The average annual unit trust return across all sectors ...

  • Standard Life chief to step down

    5 Jul 2001

    Scott Bell, the group managing director of Standard Life, is to step down next March in favour of Iain Lumsden.

  • Standard Life Investments sees property bounce

    5 Jul 2001

    Investment in property may be heading for a comeback with pension fund managers, according to Standard Life Investments. SLI says the weighting of property in UK pension funds has fallen from above 14 per cent in the 1970s to around 4 per cent today. But it predicts this may turn round, given the poor performance of equities recently and the good long-term yield and capital appreciation available through property investments. SLI says property now offers diversity and stability ...

  • Sub-prime loans round off Midshires' range

    5 Jul 2001

    Halifax subsidiary Birming-ham Midshires is launching into the sub-prime market next week in a move it claims completes its goal to offer IFAs the total mortgage range. Head of lending Michael Bolton says Midshires will initially be offering adverse-credit tracker mortgages thr- ough a panel of five packagers from July 9 in advance of a major nationwide launch later in the year. The first tranche of loans offers four rates varying between 2 per cent and 3.5 per cent over the Bank ...

  • Supermart sweep in prospect as AMP buys iii for£52m

    5 Jul 2001

    AMP has bought personal finance website Interactive International Investor in a deal worth£52m, making its second acquisition in two weeks. The move follows AMP's takeover of Towry Law for£75.7m, giving it 200 RIs in the UK. AMP is offering 30p a share, making the deal worth£52.1m in share capital. Shares in iii closed on Monday at 25p, giving it a market capitalisation of£40.9m. Its shares were at a high of 415p in early 2000. The site took£519,000 ...

  • Supermart that is not so super

    5 Jul 2001

    The idea of so-called fund supermarkets seems extremely good. The ability to access several different fund managers via a Pep or Isa enables clients to diversify their investments in a way previously available almost exclusively via Skandia Life(a very efficient organisation). One such fund supermarket is Cofunds, which deals purely with the admin and gives access to a growing number of external managers, except dealing with the admin seems totally beyond Cofunds. This organisation ...

  • Surge in Sipp market

    10 Jul 2001

    The Sipp market is growing at a rate of 40 per cent a year, the sixth annual Henry Stewart conference has heard.Speaking at the conference, Pension Management managing director John Moret also forecasted that there will be over £100bn of assets invested in Sipps by 2001.

  • Switching to fees is not just about helping advisers

    5 Jul 2001

    The article in Money Marketing last week headlined, Comm-ission to visit the land of the fee, tells us that IFAs who have turned to fees have done so as a marketing tool and to ensure they are remunerated for the work they carry out. The article neglected to explore a third reason, namely that a large number of clients are better served by working on a fee basis. To be specific, a client with a large amount to invest in trustee investments would have paid£18,000 in commission ...

  • The Daley Update

    5 Jul 2001

    Aberdeen is to offer IFAs transferable renewal commission from October 1. IFAs can get trail on existing investments of new clients. Framlington NetNet fund manager Chris Bell has quit the group to pursue a career in client relations with Tilney Investment Management. Bell was lead manager of the unit trust until May. Nick Evans now heads the fund. Framlington head of European equities Caspar Rock is moving to Antony Milford's Framlington Health fund team. Rock's European unit ...

  • The FSA is the CA's army, storms Francis

    5 Jul 2001

    ABI director general Mary Francis has attacked the FSA, likening it to a provisional wing of the Consumers' Association, saying it does little to recognise the efforts made by the industry to improve consumer confidence. Francis' onslaught follows her outspoken attack on the Treasury last year saying it should remember the Millen-nium Dome and leave the design and promotion of financial products to the industry. Speaking to Money Marketing, Francis made no apologies for the ...

  • The law is an asset

    5 Jul 2001

    I have a wealthy friend who has set up a trust for his children. I have been considering establishing a trust for some time now but I am unsure of the main benefits in doing so. Could you please advise me of the background to trusts, the various types of trust and whether any of them might be of use to me in my planning. The concept of a trust has its origins in Anglo Saxon common law and was first employed as a means of avoiding the impact of medieval statutes or the payment of feudal ...

  • The Mortgage Operation - Freestart

    5 Jul 2001

    Thursday, 5 July 2001. Type: Accident, sickness and unemployment cover. Maximum benefit: £1,875. Benefit payment term: 12 months. Deferred period: Choice of 30 or 60 days. Premium: 30 days £4.40 per £100, 60 days £4.20 per £100. Commission: Initial 25 per cent, renewal 25 per cent. Tel: 020 7571 3016.  

  • Three directors join LM Financial

    5 Jul 2001

    LM Financial has recruited Dale Pilkington as its regional sales director for the South of England. Pilkington was head of senior sales at John Charcol. Chris Hervey joins LM as finance director while Terry Bates joins as director of recruitment with an extensive recruitment programme over the next six months.

  • Three firms suspended over PI cover

    5 Jul 2001

    The PIA has suspended three IFA firms for failing to renew their PI insurance cover. Blenheim Financial Services of Church Farm, Coates, Cirencester, Gloucestershire; Fernside Financial Services of Feltham Road, Ashford, Middlesex and R&W Financial Services of Main Street, Shildon, County Durham have had investment business suspended pending their renewal of PI cover.

  • Three year fixed rate bond from C&G

    4 Jul 2001

    Cheltenham & Gloucester is launching a three-year fixed-rate bond paying 5.65 per cent a year gross (4.52 per cent net) until September 30 2004. The bond is available from Monday July 2, for a limited period of time.

  • Tonks takes over as Ilag chairman The

    5 Jul 2001

    The Insurance & Life Assurance Group has appointed Bill Tonks as its chairman for 2001-02. He has spent the last 10 years working as a compliance officer first for Eagle Star and then Nationwide Building Society. He currently works for Nationwide as divisional director (risk management). Tonks will replace Phil Smallwood, who will continue to work with the trade body which represents 40 companies in the financial services industry. FSA sets up whistleblowers' line

  • Towry 'icing' is sour for IFAs hit by ICS

    5 Jul 2001

    Speculation over the fate of Towry Law finally ended last week when Australian giant AMP made its offer of£75.7m to buy the national IFA. The deal finally put paid to the rumours in the financial sector since Towry's decision to suspend its shares without explanation on February 23. Fuelling the rumours further, the IFA only clarified the situation in mid-May when it revealed that substantial pension misselling liabilities had been found on the books of IFA Advizas, which ...

  • Warning of low life expectancy for the industry

    5 Jul 2001

    The financial services industry faces challenges on many fronts. Stakeholder is unlikely to return a profit for the majority of providers, the financial strength of life offices is being squeezed and consumers are rejecting equities for deposit-based accounts. This gloomy picture is painted in Cazalet Financial Consulting's Life 2001 study of the industry. Influential and outspoken author Ned Cazalet claims a combination of poor stockmarket returns and mushrooming unstable liabilities ...

  • Wentworth Rose warning to employers

    6 Jul 2001

    Wentworth Rose is warning employers they risk falling foul of FSA rules if they talk to groups of more than four people.

  • Wesleyan extends mortgage guarantee

    4 Jul 2001

    Wesleyan Assurance Society is extending it's mortgage guarantee to cover all policies maturing before January 1 2008. Customers will be guaranteed that the maturity value of their policy will repay the amount of their original loan. This mortgage guarantee is part of Wesleyan's mutual rewards scheme.

  • Wesleyan extends mortgage pledge

    5 Jul 2001

    Wesleyan Assurance Society is extending its mortgage guarantee to cover all policies maturing before January 1, 2008. Customers will be guaranteed that the maturity value of their policy will repay the amount of their original loan. The guarantee is part of Wesleyan's mutual rewards scheme. Previously, the guarantee was to run until 2007.

  • West Brom launches two year fixed rate bond

    5 Jul 2001

    West Bromwich Building Society is launching a new two-year bond that pays a fixed rate of 6.20 per annum gross.The guaranteed monthly income account is fixed until July 31, 2003, and is available through post, at branches and online. The new account has a minimum starting balance of £5,000 and a maximum of £100,000. West Bromwich is also offering monthly income option paying 6.03 per cent.

  • Willetts wants delay to stakeholder deadline

    5 Jul 2001

    Conservative Shadow Work and Pensions Secretary David Willetts is calling on the Government to delay the October deadline for companies to offer access to stakeholder. Willetts says the deadline should be pushed back six months to give companies time to come to terms with the changes required. He says it is not fair of the Government to threaten companies with fines of up to£50,000 if they do not comply with the October deadline and that to insist they meet this arbitrary ...

  • Windfall shares test case goes to court

    10 Jul 2001

    The windfall shares test case to decide whether demutualisation shares and benefits should be taken into account when calculating loss in the pensions review is being heard next week.

  • Winterthur chief steps down

    6 Jul 2001

    Winterthur Life chief executive John Finan is stepping down from the board as from August 21. He will be replaced by Clifton Melvin who is currently a partner at consultancy firm Integrum, which focuses on port-merger integration. Prior to Intergrum, Melvin led the development of GE Capital’s insurance activities in Europe. He began his career at Equity & Law and was chief executive of Madrid based life office British Life.

  • Woolwich in L&G gap-filling deal

    10 Jul 2001

    Woolwich is to offer Legal & General protection products through its UK distribution channels from October 2001.

  • Yorkshire Guernsey - 3 Year Fixed Rate Bond

    5 Jul 2001

    Thursday, 5 July 2001.Type: Offshore high interest account.Minimum investment: £5,000.Place of registration: Guernsey.Yield: 5.75 per cent gross.Charges: None.Commission: None.Tel: 01481 710150. 

  • Yorkshire launches combination bond

    6 Jul 2001

    Yorkshire Building Society is launching a combination bond giving returns from a fixed rate bond and a with-profits income bond.

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