Money Marketing
6 February 2002

  • 'Govt has lost £100bn in pension funds'

    6 Feb 2002

    The Government has lost £100bn in British pension funds in what the Conservatives are calling the largest statistical error ever.

  • 'Multi-managers are not a threat to IFAs

    7 Feb 2002

    IFAs have given the thumbs-up to multi-management products, with only one in six believing they will be a threat to their business. The results come as part of Money Marketing/Virgin One's State of the IFA Nation poll, which surveyed 280 advisers in December. Forty-seven per cent of IFAs polled do not believe that multi-managers would become a threat to their business,while only 16 per cent believed multi-managers would undermine their role as an IFA. Thirty-seven per cent were ...

  • 'Take Isas guides with a pinch of salt'

    6 Feb 2002

    The FSA has issued a warning to consumers over Isa guides, telling them to make sure they "take them with a pinch of salt."

  • 'Watchdog price ruling is threat to the market'

    7 Feb 2002

    The financial ombudsman's decision to end dual pricing by Halifax, Nationwide and Abbey National will destroy competition and product innovation in the mortgage market, warns analyst John Wriglesworth. The Financial Ombudsman Service last week threw out appeals from Halifax and Nat-ionwide against its ruling to uphold complaints from individual customers that new borrowers were being given lower standard variable rates than existing borrowers. Abbey also lost its initial case ...

  • 76% of IFAs fear negative polar impact

    7 Feb 2002

    Three-quarters of IFAs bel-ieve the proposed changes to the polarisation regime will negatively affect their businesses, according to a survey from the Insurance Marketing Department. Seventy-six per cent said they expected the negative impact to be major and only 14 per cent said they thought the changes would be beneficial to their businesses. Two-thirds of this group said any positive results would be only at a modest level. The survey shows IFAs believe the proposals will benefit ...

  • Abbey appoints new director of mortgage marketing

    11 Feb 2002

  • ABN Amro glides across the Atlantic

    8 Feb 2002

    ABN AMRONORTH AMERICAN GROWTH FUNDType: Unit trust. Aim: Growth by investing in North American companies. Minimum investment: Lump sum £1,000, monthly £50. Investment split: Pharmaceuticals 13.3 per cent, cash 10.5 per cent, insurance 8.2 per cent, beverages 7.4 per cent, household products 6.5 per cent, communications equipment 5.8 per cent, IT consultancy and services 4.6 per cent, biotechnology 4.5 per cent, healthcare equipment ...

  • Advisers must stand the test

    7 Feb 2002

    I have waited and hoped but, not having found what I was looking for, I am writing to a publication for the first time. Sadly, this is a letter that up to 95 per cent of readers will disagree with as it relates to professional qualifications, which, because they are not compulsory, are hard to gain and bring no obvious benefit, are shunned by almost all. I want to speak on behalf of some of the 5 per cent of us who have been motivated to move to the next level . The upheaval in ...

  • Aegon paper on uniform renewal system

    6 Feb 2002

    Dutch giant Aegon has put forward a paper looking at the options for moving IFAs to a uniform renewal commission system. The paper was presented at a Sofa conference in December to other life offices and IFAs. The group is believed to have included Prudential, Axa Sun Life and Legal & General among others.  

  • Affinitas buys Army financial adviser

    12 Feb 2002

    Affinitas, a provider of financial products to the British Armed Forces, has bought the Armed Forces Financial Advisory Services firm from global insurance broker, Willis Group. AFFAS offers advice on life insurance, group health insurance, personal insurance, a healthcare cash plan and a payguard plan for air crew. The acquisition is designed to complement the motor, home, travel, and kit insurance and breakdown cover currently offered by Affinitas. 

  • Aifa urged not to concede on polarisation

    7 Feb 2002

    IFAs are pleading with Aifa not to concede to the FSA's arguments on polarisation as it focuses on the detail of the regulator's proposed reforms. At a stormy Money Marketing IFA UK conference in Exeter last week, IFAs were vocal in their reaction to a presentation by Aifa director of public affairs Tracey Mullins and accused Aifa of defeatism over the core issue of polarisation. IFA network Falcon Group development director Jeff Will-iams says Aifa presented the view that ...

  • AIG cuts waiting PMI deal

    7 Feb 2002

    AIG Europe is offering a private medical insurance plan so customers can avoid NHS waiting lists for minor ailments. The company says the Healthnow plan is available at a third of the cost of many PMI policies. The plan guarantees an immediate appointment with a consultant for less urgent medical conditions, including hernias and hip degradation, which can take months for diagnosis and treatment with the NHS. According to AIG, more than 500,000 people in England and Wales are ...

  • AITC won't be splits 'apologist' as FSA steps into 'magic circle'

    7 Feb 2002

    The AITC told its members to accept responsibility for the troubles in the split-cap sector this week, warning that it "will not act as an apologist for bad practice". Speaking at the AITC directors' conference on Tues-day in London, director general Daniel Godfrey criticised the industry for blaming fall-ing markets and negative media coverage for difficul-ties in the sector. He said the industry should "hold up its hands" and accept that many trusts were too highly geared ...

  • Alexander Forbes buys 60% stake in actuarial firm

    7 Feb 2002

    Alexander Forbes has taken a 60 per cent stake in consul-ting actuaries Lane Clark & Peacock for £27.6m. The deal, which values the actuary at about £46m, inc-ludes the option for Alexander Forbes, which has a big IFA business in the UK, to increase its stake to 80 per cent after three years. While the two companies will continue operating independently, both sides say there are opportunities for Alex-ander Forbes Financial Ser-vices and LCP to co-operate in the ...

  • Alison O'Connell

    7 Feb 2002

    Lives: Southwark. Born: 1963. Education: Stroud Girls High School,St Catharine's College, Cambridge. Career: 1985-89 product development actuary Mercantile & General Reinsurance, 1989-91 consultant at William M Mercer, 1991-97 senior engagement manager McKinsey & Co, 1997-2000 self-employed consultant, 2000-01 head of strategy at Swiss Re. Career ambition: To contribute to making the pensions' framework more easily understood and a more acceptable part of ...

  • ASP you like it

    7 Feb 2002

    ASPs are great. You do not have to buy, maintain or troubleshoot software and hardware, or pay company people to do it. So what’ the catch?In a nutshell, an ASP is a company that offers individuals or firms access over the internet to applications and related services that would otherwise have to be located in their own personal or firm’ computers. They are sometimes referred to as apps on tap or business service providers.On the surface at least, it makes good commercial ...

  • Autif needs to polish its performance

    7 Feb 2002

    Autif has dragged the topic of past performance back to the top of the agenda. Proudly wielding its 32-page report, compiled by Charles River Associates, it condemned the FSA's decision to exclude performance data from its comparative tables and dec- lared it had evidence to prove that performance is indeed relevant. But as the hype subsi-ded and the industry took the time to study Autif's work, some doubts began to be expressed. The paper, funded by Fidelity, Skandia ...

  • Axa Isle of Man relaunches website

    11 Feb 2002

    Axa Isle of Man has relaunched its website to include several new features for IFAs including a new commissions reporting function and revamped quotation facility.The extranet site from the offshore arm of Axa now allows IFAs to track how much commission they have earned, obtain quotes online and to view policies which are new and have not yet been issued to their clients. 

  • Britannia chief takes on new role to push Verso and PHL

    7 Feb 2002

    Britannia Building Society has created a new role of managing director of non-member business to focus on growing its Verso and Platform Home Loans mortgage subsidiaries and other non-core activities. Gerald Gregory, 46, is promoted to the post from his current job as sales and marketing director, a position he has held since 1999. He joined Britannia in 1989 as treasurer, became head of lending in 1993 and director of mutuality in 1997. Gregory says the society's move to put ...

  • Cap Gemini says standard fund deals can cut costs

    7 Feb 2002

    Cap Gemini Ernst & Young is urging IFAs and unit trust providers to develop a standardised fund transaction method to avoid what it calls the current "horror show" for conducting business. In a review of the mutual fund industry, CGEY says providers and IFAs can cut costs and speed up the transaction process by creating a universal payment method with software firms. It believes this system would enable providers to make cost savings of up to 75 per cent and reduce the amount ...

  • Charter board in fight for control of trust

    7 Feb 2002

    The board of Charter European trust is calling on its investors to square up to three of its giant shareholders who want to take over its management. A battle has broken out over the £450m trust after shareholders Henderson, Standard Life and Equitable Life proposed last month to oust current manager Dresdner RCM and put the trust in Henderson's control. Charter's board is fighting back, rejecting the Henderson bid and proposing an alternative for saving the trust. The ...

  • Chelsea releases fixed rate bond

    12 Feb 2002

    Chelsea Building Society has announced the issue of its two year fixed rate bond for the 11th time, offering investors a guaranteed return on their investment until May 2004.The product will pay a rate of 5 per cent on investments of £1,000 or above. Investors also have the option of choosing to receive monthly income at a rate of 4.89 per cent. The minimum investment allowed is £1,000 and the maximum is £500,000.

  • Clerical Medical - Capital Investor

    7 Feb 2002

    Thursday, February 7, 2002. Type: Offshore bond. Aim: Growth by investing in up to 18 Clerical Medical with-profits and unit-linked funds. Minimum investment: Lump sum £15,000. Place of registration: Isle of Man. Investment split: Choice of sterling offshore with profits, US offshore with profits, Euro offshore with profits, building society deposit, CMI sterling currency reserve, CMI Euro currency reserve, offshore distribution ...

  • Collins Stewart launches Zero recovery fund

    8 Feb 2002

    Collins Stewart Fund Management Limited is seeking regulatory approval for the launch of a new Zero Dividend Recovery Fund.

  • Comdirect launches SIPP dealing account

    11 Feb 2002

    Comdirect is adding a Self Invested Personal Pension dealing account to its online and telephone offering.The account will enable customers to invest in UK and international equities, unit and investment trusts, exchange traded funds and gilts. The service does not charge an account fee, and all transactions pay a flat fee of £12.50.

  • Commission cut by third as Standard restructures

    7 Feb 2002

    Standard Life is cutting IFA commission by up to a third by bringing all its pension products on to its fund-based commission structure. Standard repriced its pension book to within 1 per cent earlier this year. All executive pension plans, small self-administered schemes, contractedin money purchase schemes and retirement account plans will work on Standard's commission accelerator system, which pays advisers a fund-based amount up-front then reclaims it in the early years ...

  • Co-operative Bank chooses FTSE4 Good

    8 Feb 2002

    Co-operative Bank has introduced a guaranteed offshore bond that tracks the FTSE4Good UK 50 index for five years.

  • CP121 will make IFAs stronger

    7 Feb 2002

    In my view there are two ways that our industry can react to any proposed change in regulation. We can fight the changes tooth and nail and end up losing. Alternatively, we can embrace the fact that change is going to happen and try to have the maximum input to the process to make sure that the changes are as practical and equitable as possible. I believe all too often we do the former where the latter would achieve far more. Telling the Government that stakeholder was unworkable did ...

  • Dampier tops Presswatch table

    7 Feb 2002

    A round-up of financial services national media coverage last year has seen Mark Dampier emerge as the most quoted IFA and his firm, Hargreaves Lansdown, as the top IFA company. The analysis, carried out by Presswatch Financial Products, is based on a monthly measurement of press mentions. Dampier was most frequently quoted pundit,knocking Bestinvest's Jason Hollands from the top spot he held in 2000. PWFP says Dampier's "broad expertise of financial products, markets ...

  • Depolarisation is Government's reward to banks

    7 Feb 2002

    The proposed scrapping of the present system of polarisation is the worst example of abuse of power by Government and big business that I have witnessed in 40 years in this industry. It will not benefit consumers in any material way and will lead inevitably to further confusion as the distinction between independent and tied advice become even more blurred. It is not so much a question of moving the goalposts but asking if anyone has seen the pitch. This is simply a matter of payback ...

  • Doubts over success of online business

    7 Feb 2002

    IFAs remain unconvinced that online financial ser-vices business will take off, with nearly half saying no more than a fifth of transactions will be done on the internet in the next five years. Forty-five per cent of the 280 respondents to the Money Marketing State of the IFA Nation poll in conjunction with Virgin One say no more than 20 per cent of their business transactions will be done over the internet over the next five years. Exchange FS is still the IFA's ...

  • Dresdner RCM Global Investors - Gilt-To-Equity Isa

    6 Feb 2002

    Wednesday, February 6, 2002. Type: Unit trust and Oeic maxi Isa. Aim: Income and growth by investing initially in the gilt yield trust, and then in the UK equity fund or UK equity income trust. Minimum investment: £7,000. Maximum investment: £7,000. Catmarked: No. Investment choice: Gilt yield trust and then choice of UK equity fund and UK equity income trust. Charges: Initial 3 per cent, annual gilt yield trust ...

  • Early retirement hopes dashed

    8 Feb 2002

    Early retirement is becoming a dim and distant hope for many people because of poor savings and increasing life expectancy , according to the Institute of Fiscal Studies.Its research shows pensions and savings are not enough to provide for such long retirements. It found changes to public and private pension schemes are reducing incentives for the vast majority of men and women to retire early.

  • Equitable late joiners to sue

    8 Feb 2002

    The Equitable Late Joiners Action Group has confirmed it plans to sue the society.The action group alleges Equitable was aware of the size of its liability to Gar policyholders when it sold them their policies following the High Court ruling against it in July 2000.Following today's High Court ruling in favour of the compromise package between Gar and non-Gar policyholders, the group announced its intention to pursue legal action.

  • Evolutionary forces shape Inter-Alliance

    7 Feb 2002

    The sudden departure of Inter-Alliance founders Stuart McGreevy and David Garofalo leaves the UK's IFA firm with the most registered individuals the task of finding a strategy to turn in a profit sooner than its current prediction of 2003. The boardroom reshuffle, which follows the stake taken in the IFA by investment bank Evolution Group, comes a week after Inter-Alliance issued a profits warning. It blamed poor market conditions and an expensive court case with Lincoln International ...

  • Exclusive launches new base rate tracker mortgage

    11 Feb 2002

    Mortgage packager Exclusive Connections is rolling out a base rate tracker mortgage funded by Bristol & West.

  • Fall's gold

    7 Feb 2002

    I have spent the last few years using my Isa allowance to invest in equities and, having seen my investments grow, they have now fallen or remained stagnant. I have enough capital to use my full maxi Isa allowance for this year and need advice on where to invest. I am told that the best buying opportunities are when markets are low but I am a little nervous of investing in equities again as I already have enough money waiting for the markets to pick up. I do not want to take any income ...

  • Friends thinks positive as new business falls

    7 Feb 2002

    Friends Provident new business fell by 2.5 per cent to £343m in 2001 from £352m in 2000. But the life company claimed the figures were positive because the 2000 figures partly reflected big volumes of single-premium investment business written in anticipation of possible demutualisation benefits. Friends Provident's new life and pension business increased by 10 per cent to £283m in the second half of 2001 compared with £166m in the second half of 2000. A ...

  • FSA offers fact-find and hikes fees for Equitable

    7 Feb 2002

    IFAs have hit out at FSA plans to set up a DIY fact-find for inv-estors, claiming it goes against the regulator's statutory objective of protecting consumers and will only result in more confusion. The fact-find, part of the FSA plan and budget 2002/03, has come under fire from IFAs as another step towards the FSA offering advice but the regulator has again insisted it is only offering generic advice. The FSA also plans to exp-and its league tables to with-profits policies, ...

  • Gartmore pulls VCT

    8 Feb 2002

    Gartmore became the second provider in a week to pull its VCT from the market on Friday, blaming difficult market conditions for its lack of success.

  • Genesis offer discount on Sapphire

    11 Feb 2002

    Genesis Home Loans self-cert SVR

  • High Court approves Equitable deal

    8 Feb 2002

    The High Court has approved Equitable Life's compromise scheme aimed at preventing the society from sliding into insolvency.

  • HomeLoan Partnership adds Cheshire to lender panel

    8 Feb 2002

    Mortgage network, HomeLoan Partnership, has added Cheshire Building Society to its lender panel.HLP says by joining forces with one of the strongest regional players in the UK it is allowing its intermediaries to offer the full range of Cheshire's mortgage products to clients.A maximum procuration fee of 3 per cent has been brokered between HLP and Cheshire, with the minimum payment to intermediaries set at £200.

  • Igroup plans moves on correspondent market

    7 Feb 2002

    Non-conforming lender igroup is set to challenge rival GMAC-RFC's hold on the UK correspondent lending market as part of expansion plans by its US owner GE Capital. igroup says it has also not ruled out further acquisitions as part of GE's expansion plans. igroup says it is looking at entering the correspondent or "through" lending market, a method developed in the UK involving a lender working with intermediaries and packagers to increase the volume of mortgages sold. The ...

  • IHT information for IFAs

    7 Feb 2002

    Scottish Mutual International has produced an IFA information pack explaining the basics of inheritance tax and highlighting the importance of estate planning. The company says IFAs have a vital role to play in offsetting their clients' potential IHT liabilities. SMI says the Treasury takes in £2.3bn a year through IHT and much of that amount could be avoided through careful estate planning. The guide explains that although estate planning's primary motive is IHT ...

  • In GAD we trust

    7 Feb 2002

    The Financial Times of January 30 quoted the Department of Work and Pensions as stating: "The rates of rebate (for contracting out) adopted from April 2002 were assessed by the Government Actuary as sufficient to provide a fair reflection of the cost of providing the state benefits forgone.....Changes in the economic conditions would not have altered the economic assumptions - which look to the long term - on which the rebates are based." While I accept that financial advisers must ...

  • Independent view

    7 Feb 2002

    "If you don't know where you are going, all roads lead there." So said the Cheshire cat in Alice in Wonderland. At the start of each year, I force myself to carry out a business exercise that has proved to be invaluable while trying to run an IFA firm - a written analysis of where our business is and where we want to get to. Although you might think that you would probably prefer to attack your dangly bits with a rusty knife than go through such a tedious process, the results ...

  • Inora Life - Safeguard Fund

    8 Feb 2002

    Friday 8 February, 2002Type: Capital protected offshore fund.Aim: Growth linked to the performance of the FTSE 100 index.Minimum investment: Lump sum £6,000, Lump sum Isa £5,000.Place of registration: Dublin.Investment split: 100 per cent linked to the FTSE 100 index.Guarantee: Capital returned in full at end of term.Isa link: Yes.Charges: Implicit.Commission: Initial 3.5 per cent.Tel: 0800 9520119.

  • Inora Life serves offshore generation

    8 Feb 2002

    Inora Life has added the safeguard fund to its offshore generation bond range.

  • Inside edge - John Cowan

    7 Feb 2002

    Consultation paper 121 sets out a number of proposals, which on the face of it could significantly change the shape of our industry. Notwithstanding the highly competitive and efficient standards of the UK retail financial services market change is undoubtedly needed. The UK savings gap is currently estimated to be in the region of £27bn - the thrust of the review in seeking to address this is to be applauded. We now need to ensure that the outcomes support this aim through the creation ..

  • Investment analysis

    7 Feb 2002

    Corporate news from across the globe ensured that the markets had another tough week. Despite some better than exp-ected economic data from the US and Europe, most of the major world stockmarkets ended the week lower, with the representative FTSE World index losing 1.1 per cent. US gross domestic product figures helped lighten an otherwise nervous mood, rising by 0.2 per cent in the fourth quarter compared with expectations of a 1 per cent decline. Consumer confidence figures were ...

  • Investment update

    7 Feb 2002

    JP Morgan Fleming is waiving the 1 per cent transaction charge on all lump-sum business into its investment trust Isa range until April 30. Minimum investment is £1,000. Annual charge is 1.5 per cent. Teather & Greenwood launched its new UK smaller companies fund this week. The fund, managed by John Sweet, invests in a portfolio of around 60 stocks. Initial charge is 5 per cent and annual 1.4 per cent. Minimum investment is £500 or £50 a month. London ...

  • Investment view

    7 Feb 2002

    There is a gathering body of evidence to suggest that the US economy bottomed some time towards the middle of the fourth quarter of 2001. Assuming the figures released last week are not revised in retrospect, this could turn out to be one of the shortest US recessions on record. No wonder Alan Greenspan signalled the end of interest rate cuts. Yet, despite this, the US market has hardly succeeded in building any momentum. January, usually a good month for stockmarket performance, ...

  • iShares - FTSE Eurotop 100

    6 Feb 2002

    Wednesday, February 6, 2002. Type: Exchange traded fund. Aim: Growth by tracking the FTSE Eurotop 100 index. Minimum investment: Subject to negotiation with stockbroker. Maximum investment: No maximum. Investment split: 100 per cent tracking the FTSE Eurotop 100 index. Place of registration: Dublin. Isa link: Yes. Pep transfers: Yes. Charges: Annual 0.5 per cent. Commission: None. Tel: 0845 3577000.

  • Julian Gibbs

    7 Feb 2002

    Close Brothers Investment, the market leader in tax-efficient products, has come up with a brilliant idea which avoids inheritance tax immediately for those aged under 77 years old and in good health. For older investors or for those in poor health, inheritance tax is avoided after just two years of qualification. Furthermore, the investor retains full control of the underlying assets and any income from those assets. The scheme is comparatively simple and the whole of the management ...

  • Jupiter guide gauges the green market

    7 Feb 2002

    Jupiter Fund Management is producing a new free guide to help IFAs and investors choose environmentally friendly funds. The Green Gauge - Jupiter's Guide to Companies for the Future, aims to give potential investors an insight into how they can make money without harming the environment. The guide provides examples of organisations Jupiter thinks are set to continue to be green in the future. It defines them as companies doing their best to limit their detrimental impact on ...

  • Just a click away

    7 Feb 2002

    Online advice is the inevitable next step along the road to improved customer loyalty and profitability. Commentators acknowledge that the weakness of many customer relationship management initiatives has been the focus on cross-selling products rather than delivering added value to customers. The significance of financial advice online as a new way of delivering added value should not be underestimated. Online advice looks set to replace CRM as the main battleground for financial ...

  • Lamensdorf buys up Essential Mortgages

    7 Feb 2002

    IFA Lamensdorf Group is expanding its mortgage brokering arm by buying Essential Mortgages in a deal that will see its adviser numbers soar to 250. The deal, for an undisclosed sum, is conditional on Lamensdorf successfully floating on Aim this summer. Lamensdorf says it is looking at further acquisitions in the health and general insurance sectors. Wolverhampton-based Ess-ential has grown quickly since it was formed three years ago and will bring around 105 advisers based in seven ...

  • London Pacific Assurance - Guaranteed Protected Income Bond

    7 Feb 2002

    Thursday, February 7, 2002. Type: Guaranteed offshore bond. Aim: Income by investing in sterling-denominated corporate bonds. Minimum investment: Lump sum £5,000. Place of registration: Jersey. Investment split: 100 per cent in sterling-denominated corporate bonds. Guarantee: Capital returned in full along with 3 per cent gross a year regardless of performance of underlying investments. Isa link: No. Charges: ...

  • London Pacific fishes for income

    11 Feb 2002

    London Pacific Assurance has introduced the guaranteed protected income bond, an offshore bond that invests in sterling-denominated corporate bonds.

  • Low-margin business unsustainable, say IFAs

    7 Feb 2002

    IFAs say low-margin mass market business such as stakeholder is not sustainable, according to this week's instalment of the Money Marketing/Virgin One State of theIFA Nation poll. The survey canvassed the opinions of 280 advisers, with 75 per cent saying that mass-market business is not aviable option. IFAs believe their future lies in more specialist areas and advising high-net-worth clients who need tailored individual financial planning services. The squeeze on margins ...

  • M&S closes final salary scheme

    12 Feb 2002

    Marks & Spencer has become the latest employer to close its final salary scheme to new members, blaming the removal of dividend tax credits for the move.M&S follows Iceland and Ernst & Young, which both shut the doors on their final salary schemes last week and moved to money purchase arrangements. M&S will keep its scheme going for its current 60,000 members.  

  • Man Investment Products - Man AP Strategic Series 1

    7 Feb 2002

    Wednesday 6 February, 2002Type: Capital guaranteed bond.Aim: Growth by investing in futures and hedge funds.Minimum investment: Lump sum $50,000, Euros 50,000.Place of registration: Bermuda.Investment split: 100 per cent invested in futures and options.Guarantee: At least original capital returned on maturity.Isa link: No.Charges: Annual 3 per cent.Commission: Subject to negotiation.Contact: www.manapstrategic.com.

  • Market falls prune UK millionaires

    7 Feb 2002

    The number of millionaires in the UK fell last year as the stockmarkets tumbled. A new report by Data-monitor shows the number of people with more than £1m in liquid assets was down by 1.4 per cent in 2001 at 68,700, from 69,600 in 2000. High-net-worth individuals who had earned their wealth, as opposed to those who inherited it, were hardest hit, but millionaires were much less hard hit than people in the £100,000 to £250,000 asset band as the latter were most ...

  • Marketers optimistic on prospects

    7 Feb 2002

    Marketing group The Financial Services Forum is entering the publishing world with the launch of a quarterly financial marketing magazine this week. Argent will be aimed at marketing executives and senior management in the financial services industry. Contributors to the first issue include Microsoft chairman Bill Gates, life insurance analyst Ned Cazalet and Shell International vice-president for group external affairs Mary Jo Jacobi. A key feature of the publication will ...

  • Mellon pioneers European ethical tracker

    7 Feb 2002

    Mellon Global Investments has introduced the Mellon European ethical index tracker, a Ucits that tracks the E.Capital Ethical Index Euro. The E.Capital Ethical Index Euro was established in May 2000 by independent financial advisers E. Capital Partners. It consists of 150 European stocks, mainly larger companies, that meet socially responsible criteria. There is a Catholic element to the index, as stock selection is ratified by a committee of representatives from the Silesian, ...

  • MGM Assurance - Capital Investment Bond

    11 Feb 2002

    Monday, February 11, 2002. Type: Unit-linked bond. Aim: Income and growth by investing in up to 12 funds. Minimum investment: Lump sum £7,500. Fund links: Bonus growth, deposit, European, fixed interest, international equity, Lazards managed, managed, North American, Pacific Basin, property, special situations, UK equity. Allocation rates: Clients up to age 75, £7,500-£14,999 - 101 per cent, £15,000-£29,999 ...

  • MGM offers capital investment

    12 Feb 2002

    MGM Assurance has introduced the sixth issue of its capital investment bond, a unit-linked bond that aims to produce income and capital growth.

  • MGM's capital bond offering 12 fund links

    7 Feb 2002

    MGM Assurance's capital investment bond features up to 12 fund links. The bond has a minimum investment of £7,500 and an initial charge of 5 per cent. There is also an exit charge of 5 per cent in year one decreasing by 1 per cent each year to 1 per cent in year five, then zero thereafter. For unit-linked funds there is also a 1 per cent annual charge. Investors have the choice of with-profits or 11 unit-linked funds, including deposit, European, fixed interest, ...

  • Monkey business

    7 Feb 2002

    I have read somewhere claims that if a sufficient number of primates are locked in a room with keyboards for long enough, then eventually one of them will replicate a Shakespeare play. In the past, I have viewed this claim with scepticism but a recent event has led me to reconsider. I am, of course, referring to the plethora of sanctimonious drivel emanating from the Financial Services Authority which, incidentally, is rumoured to be changing its name to the Fatuous Solutions Agency ...

  • Moore's code

    7 Feb 2002

    Fear and greed rule the markets as ever - and for now fear is the dominant emotion among most IFAs' clients. The old truism that retail investors pile in at the top and stay buried in their holes like frightened rabbits when times are bad has been more than proven over the last 12 months. With the markets so far showing little sign of recovering from their current malaise, it is difficult to see this year's Isa season being any better than the frankly dreadful 2001. So choosing ...

  • Mortgage Express/Exclusive Connections - 2 year BTL

    11 Feb 2002

    Exclusive Connections and Mortgage Express in B2L link up

  • Mortgage Express/Exclusive Connections - fixed rate BTL

    11 Feb 2002

    Exclusive Connections/Mortgage Express launch fixed rate BTL

  • MPs to probe FSA plans

    7 Feb 2002

    IFAs have been thrown a lifeline as the Treasury select committee has confirmed that it plans to hold hearings in to the FSA's polarisation proposals. The Parliamentary committee, which is made up of MPs of all parties, says that it is very concerned about the regulator's proposals and plans to conduct a hearing as soon as time permits. The Government is under no obligation to listen to the committee's proposals or concerns but a previous report on the pension review saw ...

  • Mutually beneficial

    7 Feb 2002

    Scottish Mutual has introduced a unit-linked bond with access to 38 funds, including a with-profits fund and 23 external funds. The flexible investment bond allows investors to choose up to 10 funds initially, which they can add to once the bond is taken out. The funds cover a range of regions and sectors and include Scottish Mutual's UK equity, technology and ethical funds, plus external funds from the likes of Fidelity, Framlington and Gartmore. The bond's main appeal is ...

  • National Savings rebrands

    11 Feb 2002

    National Savings has unveiled a new brand and new corporate logo, expanding its name to National Savings and Investments.

  • Nationwide first in company stakes

    7 Feb 2002

    The financial services company with the highest profile in the media last year was Nationwide Building Society, according to Presswatch. Based on its monthly measurement of media coverage, PWFP says the high volume of mentions achieved by Nationwide throughout 2001 helped it maintain its reputation with "positive reporting of its products, in particular, its savings and mortgage products". But on the negative side, the departure of chief executive Brian Davis spurred rumours of ...

  • NatWest is walking the mortgage mean streets with Chandleresque ads

    7 Feb 2002

    NatWest is unveiling a new trade advertising campaign to relaunch its mortgage intermediary service and raise its profile with brokers, IFAs and estate agents. The bank says the ads by its agency TBWA/GGT Direct are moving away from rate-based advertising used by competitors by developing a campaign inspired by the crime writing of Raymond Chandler. All the ads have the theme of how NatWest can solve mortgage cases for intermediaries and clients. Featuring real case histories, ...

  • Nearly 50% of IFAs say unit trust charges are too high

    7 Feb 2002

    Nearly half of IFAs believe the unit trust industry is overcharging for its products, acc-ording to research by Money Marketing and Virgin One on the State of the IFA Nation. The poll of Money Marketing readers shows a significant proportion of IFAs support Sandler's probe into the costs involved in the unit trust industry, with 44 per cent of the 280 respondents saying the unit trust industry was overcharging clients. While Catmarked funds, corporate bonds funds and trackers ...

  • New FSA Head of Insurance

    8 Feb 2002

    The director of regulation at Lloyd’s of London has been appointed as the FSA’s new director of insurance firms division. David Gittings takes on the new role as April 1, 2002.

  • New Hindsight mortgage from Sun Bank

    8 Feb 2002

    Sun Bank has launched a new mortgage charging its lowest fixed rate ever, starting at just 3.24 per cent capped until January, 2004.

  • New light on an old debate

    7 Feb 2002

    The proposals contained in CP121 are at the extreme of what was expected in a reform of polarisation. Regulation is a central force in shaping our fin-ancial services industry and change on this scale will mean a new period of upheaval for providers, advisers and consumers of packaged investment products. However, most people would agree there are still problems with the workings of the retail financial services market. The appropriate question is not whether it is perfect ...

  • New network aids move into general insurance

    7 Feb 2002

    General insurer Euclidian Group and regulatory consultancy IFAct Group are teaming up to launch a general insurance network for IFAs. The Grid network will offer IFAs looking to get into the general insurance market support and compliance services as well as access to a panel of insurers and products. Grid is authorised by the General Insurance Standards Council and deals with all regulatory issues on members' behalf and provides a range of tools and manuals on compliance procedures ...

  • Norwich & Peterborough weaves improved website

    7 Feb 2002

    Norwich & Peterborough Building Society has revamped its website in a bid to make it easier for consumers. The site has been developed in house to replace its original site launched in October 2000. The website had only provided information on the society but now includes online applications for banking, mortgages and personal loans. The society feels it needed to keep pace with consumer demands for an easy-to-navigate and appealing website. It says the design rings ...

  • Outside edge - John Cowan

    7 Feb 2002

    It still amazes me to see footballers arguing with the referee when a penalty is awarded. He is not going to be persuaded to change his mind. It is all too high profile for that. I guess it must be all that pent-up emotion that causes denial and tries to prevent the referee facing up to the reality. There has been some of this behaviour - but not much - since the publication of the FSA's CP121 document. For the IFA community, it is a penalty. There is no chance of a change of ...

  • Packagers' body aims to attract TMO and Pink

    7 Feb 2002

    The new UK Association of Mortgage Packagers has set a deadline of one month to get the two biggest ind-ustry players on board. The trade body was est-ablished last month with the aim of giving packagers a means of lobbying the Government and regulators but the two biggest organisations, Pink Home Loans and The Mortgage Oper-ation, say they have no plans to join. UKAMP spokesman Tony Yorke says 21 packagers have expressed an interest in taking the body forward. He says there ...

  • Pascal joins Bam

    12 Feb 2002

    Baring Asset Management has appointed Ian Pascal as its new marketing director.

  • Pension and WP charges 'better value than ever'

    7 Feb 2002

    Charges on with-profits bonds and personal pensions represent better value than ever, according to research by consultants Tillinghast-Towers Perrin for the ABI. Using information app-earing in the FSA's league tables, the survey says char-ges on pension products have fallen to the same level as those on tracker Isas while over a 10-year period, with-profits and unit-linked bonds are significantly chea-per than actively managed Isas and unit trusts. The research adds that in ...

  • Pink offers discounted Chameleon

    12 Feb 2002

    Pink offers discounted Chameleon

  • Power-assisted steering at FSA

    7 Feb 2002

    "The Treasury and FSA have to have a secret agenda in all the proposals. The banks have failed to achieve their targets and have successfully lobbied for a new playing field." This phrase from Peter French's article last week should be sent to every householder with a copy of Terrence O'Halloran's letter. Even Lorna has caught on to the power lobby bancassurers. Does the FSA have an equivalent of the list of MPs' interests at the House of Commons? Michael Bell Michael ...

  • ProAct sets up network backed by big life office

    7 Feb 2002

    Financial services lawyer Pro-Act Legal is setting up a not-for-profit mutual IFA network with backing from a top six life office. The Transparent network is targeting IFAs who are disgruntled at the high compliance costs of their existing networks by offering a menu of fixed-price services and does not charge a percentage of the IFA's commission. The anonymous provider backing the project could scoop up substantial IFA distribution at a low cost if the network is successful. Members ...

  • Product matters - Virgin One

    7 Feb 2002

    Advisers should take a look at the revamped current account mortgage from Virgin One, now wholly owned by Royal Bank of Scotland. Initially launched in 1997, Virgin One has taken a different approach to banking compared with traditional banks and mortgage lenders. Clients pay a single interest rate on everything they borrow - their mortgage, loans and credit cards - and get flexibility on how much they pay on their mortgage each month. Virgin One has overhauled the account to ...

  • Profits boosted at Northern Rock

    6 Feb 2002

    Northern Rock has increased its pre-tax profits to £295 million for the year ended December 31, up 18 per cent from the previous year's figure of £250m.

  • Protect And survive

    7 Feb 2002

    This year looks like being a defining year for annuities. It is clear from the Government's statements that it has taken time to cut through the dross that surrounds the topic. The need for greater visibility for the open market opt-ion was highlighted in the Red Book issued with the Chancellor's autumn statement. It also announced an annuities consultation document focused on improving pensioner choice, customer benefits and greater competition in the annuities market. Whatever ...

  • Rebate noir

    7 Feb 2002

    Few people in financial services can be unaware of CP121, which looks at the distribution of financial products in the UK and especially at depolarisation. The paper proposes that designation as an IFA must be accompanied by remuneration under the terms of a defined payment system. The remuneration that the IFA receives from his client must not be product-dependent. The IFA can receive commission but this must either be rebated to the client (if the full fee is paid separately) or, ...

  • Record year for equity release according to SHIP trade body

    12 Feb 2002

    The nine members of the consumer protection body for the equity release industry, Safe Home Income Plans, say they had a record year for mortgage business in 2001.Total mortgage business by SHIP was up 21 per cent on the previous year to £359 million.Combined business, which includes reversion scheme totalled £572m, up from £539m in 2000.  

  • Rising pay, low rates to boost house prices

    7 Feb 2002

    The UK housing market continues to defy the global downturn, with prices set to rise by 6 per cent by the end of the year, according to figures from Nationwide. Its monthly survey shows that house prices rose by 0.2 per cent in January to £93,231 from £93,045 on a seasonally adjusted basis, with the number of house sales up by 12 per cent in the year to December. Nationwide attributes the continued strength of the housing market to take-home pay rising at its fastest ...

  • Saga and Bureau to raise Omo awareness

    7 Feb 2002

    Saga Financial Planning is teaming up with the Annuity Bureau to set up an annuity service aimed at raising awareness of the open market option. The deal will give Saga customers an execution-only service through The Annuity Bureau without charging the normal enquiry fee of £58.75. Customers wanting advice on annuities and the alternatives to annuities can get it through Saga's own advisers or through The Annuity Bureau, although an enquiry fee will be charged. Figures ...

  • Sales of flexible mortgages up by 80%

    7 Feb 2002

    Sales of flexible mortgages, which combine mortgage and savings accounts, rose by 80 per cent to £42bn in 2001 from £8.4bn in 2000, according to research by Britannic Money. The survey of 53 brokers found that sales are set to inc-rease by another 40 per cent this year to £54bn. The research revealed flexible mortgages account for 28 per cent of overall mortgage business in the UK and this is expected to rise to 38 per cent in the next 12 months. Brokers said ...

  • Scarborough joins cap elite

    7 Feb 2002

    Scarborough Building Society has introduced a five-year capped-rate mortgage that is available for loans of up to 95 per cent of valuation.

  • ScotMut urges axing defined payment

    6 Feb 2002

    Scottish Mutual is calling on the FSA to drop the defined payment rules from its depolarisation proposals.

  • Scottish DBS firms angered over 'like it or lump it' talks

    7 Feb 2002

    Angry DBS members held impromptu meetings to debate their future after regional meetings in Aberdeen and Glasgow last week, where the network attempted to explain its 30 per cent increase in costs. Members said DBS spent the entire meeting trying to persuade them why they should not leave the network but left many IFAs threatening to go elsewhere. Around 75 per cent of Glasgow members are estimated to have stayed on after their meeting to discuss their options. Maclean Financial ...

  • Scottish Life - why we didn't pay additional bonus

    7 Feb 2002

    Strong words were used in last week's Money Marketing art-icle about Scottish Life's bonus declaration but it is important to consider - and to understand - the facts, rather than let emotions and possible "kneejerk" reactions cloud the issues. The easy option, in many ways, would have been for Scottish Life/Royal London to have declared the additional reversionary bonus (ARB). After all, it was our intention to do so when the detailed plan for the demutualisation was drawn up ...

  • Scottish Life International - Select Income & Growth Bond

    7 Feb 2002

    Thursday, February 7, 2002. Type: Guaranteed offshore bond. Aim: Income and growth by tracking the FTSE 100, S&P 500 and Eurostoxx 50 indices. Minimum investment: £10,000. Place of registration: Isle of Man. Investment split: 100 per cent tracking the FTSE 100, S&P 500 and Eurostoxx 50 indices. Guarantee: Opportunity option - capital returned in full provided that none of the FTSE 100, S&P 500 ...

  • SecureHealth mixing six levels of PMI cover

    7 Feb 2002

    SecureHealth is offering a private medical insurance plan called Options which provides access to all grades of private hospitals without charging any additional fees for access to the best hospitals. It is underwritten by Legal & General and allows individuals to tailor their plan to suit their needs and budget. There are six levels of cover which can be mixed and mat-ched by the policyholder, allowing up to 80 permutations, according to SecureHealth. Customers can upgrade ...

  • Severn's pillars of wisdom

    7 Feb 2002

    Who would you most like to have a one to one with? Certainly, if the evidence of the last few weeks is anything to go by, not with the FSA's David Severn, author of the innocuously titled CP121. The FSA's consultation paper has certainly come as a bit of a bombshell to the industry, particularly the IFA community. In retrospect, many took too much comfort from the modest noises the FSA made at its open meeting on polarisation last year, the last time indications were made on ...

  • Shock therapy may not be the cure for ailing pension savings

    7 Feb 2002

    The impact of nearly 10 million people discovering their pensions are worth up to 60 per cent less than expected is set to challenge the industry. The Department for Work and Pensions plans to make it compulsory from April 2003 for money-purchase pension scheme members to receive an annual statement showing the benefits they will receive at retirement. But the proposed combined benefit statements are on course to give the 9.4 million people in money-purchase schemes a rude awakening. According

  • Skandia survey shows FARs from the with-profits crowd

    7 Feb 2002

    Choosing a life office on the basis of its free-asset ratio in the hope of achieving higher returns is a lottery, according to research from Skandia. Free-asset ratios are widely used as a measure of financial strength and often seen as a critical factor for many IFAs when choosing with-profits providers. Skandia's research shows a high FAR does not always mean high returns. It took the FARs of 20 life companies in 1985 and compared them with payouts 15 years later. It ...

  • Skipton launches fixed rate bond

    12 Feb 2002

    Skipton Building Society has launched a fixed rate bond with an interest rate of 4.4 per cent gross per annum until March 1 2003. The minimum required investment is £3,000 and the maximum is £1m. Skipton says the limited issue bond is a straightforward account for investors and is suited to an economic environment where interest rates are at their lowest for several years.

  • Solve your solvency

    7 Feb 2002

    The issues surrounding life insurance solvency requirements will be analysed by a host of industry luminaries at a conference in London next month. Speakers will look at the integrated prudential sourcebook, ensuring that senior management takes due responsibility for solvency decisions and how to demonstrate capital adequacy. There will also be presentations on the application of the resilience test, the adjusted solo solvency test and European developments in light of the European ...

  • Some of the lines are missing in CP121's star role

    7 Feb 2002

    As a father of two children, I recently went to see Harry Potter and the Philosopher's Stone and was reliably informed by my nine-year-old daughter that they left out the best bits of the tale. Although I missed seeing Lord Of The Rings, my son informed me that it, too, was not entirely loyal to the book. The same could be said about CP121 ("the film") where it fails to capture much of the research ("the story") when reaching its conclusions. Having spent the Friday night ...

  • Standard & Poors Top 10s

    7 Feb 2002

    JPMF Korea is back at the top of the unit trust performance tables, with its 12-month return shooting through the 50 per cent mark. Merrill Lynch's gold & general fund is in second place, with the remainder of the top 10 comprising a mixture of Asian, high-yield and US funds. The average unit trust return for the past year remains poor at -17.05 per cent while the average investment trust has fared worse with a return of -21.04 per cent.

  • Standard cuts bonuses but only by average of 8%

    7 Feb 2002

    Standard Life has moved to secure its place among the top-performing life offices by cutting reversionary bonus rates by significantly less than its competitors. Standard has reduced bon-uses by an average of 8 per cent across many schemes and kept rates for its traditional with-profits policies at the same level as last year. The move eclipses Scottish Widows and Norwich Union, which have slashed bonuses on some policies by 33 per cent and 19 per cent respectively. Royal & ...

  • Standard Life - Group Additional Voluntary Contributions

    7 Feb 2002

    Type: Group AVC.Minimum premium: Monthly £20.Minimum group size: 10.Minimum-maximum ages: 16-75.Fund links: Sterling one, fixed interest one, property one, protection one, structured one, indexed-linked one, managed one, ethical one, international one, stock exchange one, Far East one, European one, Japanese one, North American one, Pacific Basin one, UK equity one, Tracker one, with-profits one, global selector, UK smaller companies. Six funds from ...

  • Standard Life increase LTV on fixed

    12 Feb 2002

    Standard Life ups LTV on fixed-rate

  • Standard Life reprices EPP

    6 Feb 2002

    Standard Life has ditched its existing range of occupational pensions in favour of single charged plans.

  • Standard of living is increasing for state-dependent

    7 Feb 2002

    State-dependent single pensioners have seen a significant increase in their standard of living in the past 12 years, according to research from Britannic Asset Management. Using a new "standard of living index", BAM shows that retired single state-dependent households have inc-reased their standard of living by 47 per cent since 1990 compared with a rise of just 22 per cent in non-state-dependent single households. State-dependent couples saw an increase of 31 per cent in living ...

  • Storm warning to stem the tied

    7 Feb 2002

    There are rumblings of discontent from IFAs in the West Country. At a Money Marketing IFA UK conference in Exeter, the first since CP121, rank and file advisers wanted the FSA opposed on principle as well as in detail. Aifa and the networks, national franchises and even providers, which have been busy establishing some gentlemanly rules for the expected ungentlemanly scramble, should take note. Aifa and its board members must be aware that if it accepts CP121 it risks the wrath ...

  • Sun Bank - Hindsight 2 Year Fixed

    8 Feb 2002

    Fixed term: until 1/3/2004

  • Surge back into Serps is forecast as rebates plunge

    7 Feb 2002

    Contracting-out rebates are predicted to fall about £1bn short of the value of staying in Serps, driving millions of workers back in to state provision, according to actuaries William M Mercer. Mercer says the rebate levels for contracting out which are due to come in from April are not high enough to match Serps and estimates the difference to be around £1bn a year. The company reckons that at least three million people will contract back in to the state. Senior ...

  • Swiss Life and BMA target doctors with IP plan

    11 Feb 2002

    The medical arm of the British Medical Association and Swiss Life are targeting doctors with a bespoke income protection plan to meet their needs throughout their careers.

  • T&G draws on VCT experience

    7 Feb 2002

    Teather & Greenwood has drawn on the experience of its venture capital trust (VCT) manager for the introduction of its UK smaller companies fund.

  • Talkback

    7 Feb 2002

    Will there be an exodus of policyholders from Equitable Life now that the life office has won its compromise deal? "Yes, a significant number. I think a number of the bigger group schemes will move away as the overall financial strength of the life office is called into question." Graham Hume, Beechwood Financial Services "No. I think a lot of people are probably gone already and I think a good number of Equitable policyholders will stick through until the end in hope." Stephen ...

  • Tenon's proposal gives choice on pension proceeds

    7 Feb 2002

    In the article headlined, Annuity reform plans are doomed to fail, says ABI (Money Marketing, January 24), a recent article in the ABI's quarterly insurance review was discussed which looked at the three suggestions that have been recently put forward in terms of abolishing the requirement for personal pension planholders to purchase an annuity by the age of 75. The ABI article referred to a proposal put forward by Tenon (the so-called Tenon proposal). The ABI apparently concluded ...

  • TEPs: Net gains

    7 Feb 2002

    Over the past decade the traded endowment policy market has gone from strength to strength. Once valued at £5m annually, the figure now stands at around £500m annually, with a potential Tep market valued at £1.1bn a year. Unfortunately, the statistics show that three out of four policyholders still surrender their endowment, often unaware they have an alternative option available. It is estimated that policyholders could gain up to £100m every year by trading ...

  • TEPs: Tep forward for annuity alternative

    7 Feb 2002

    The ruling that obliges all members of money-purchase company pension schemes and holders of personal pensions to buy an annuity at or before age 75 has caused much concern among the financially conscious population. People are forced to buy an annuity with accumulated pension funds knowing that if they die soon after buying the annuity most, if not all, of the value they diligently saved will be forfeit to a pension provider to fund the pensions of longer living folk. The compulsory ...

  • TEPs: Three Teps to heaven

    7 Feb 2002

    Even by Tep market standards - and this is a market that has expanded at a fairly impressive rate since the late 1980s - the last six months have been eventful.Probably the most dramatic change has been the swing in the balance between supply and demand in the market. Of course, this turn-round has not happened overnight.People have gradually become aware that they are likely to get more for their policy if they sell it than if they were to surrender it to the issuing life ...

  • TEPs: With-profits hits target

    7 Feb 2002

    It has not been a great time to retire in the last two years as the value of some funds have fallen by over 30 per cent during this time. Even if retirement can be deferred, how long will it take for these funds to recover to levels of only a couple of years ago? The traditional approach has been to move more assets into cash as retirement approaches. However, the continuing fall in interest rates has made this option less attractive despite the downward volatility of the alternatives. In ...

  • The Ucits amendment

    7 Feb 2002

    The advent of the Euro has intensified the speculation as to the future of sterling and the pros and cons of the EU. One area which gets little press coverage is how the EU is impacting retail financial services. The intangible nature of financial products in some ways make them ideal products to be sold across Europe. Someone from Holland investing in US equities should have no problem buying the same fund as someone from the UK, France or Italy. The practice is never quite as ...

  • Three Abbey directors resign in boardroom reshuffle

    6 Feb 2002

    Abbey National chief executive Ian Harley has announced a new group management structure which sees three executive directors, Ian Treacy, John King and Timothy Ingram, leave the bank.

  • To fee or not to fee?

    7 Feb 2002

    As part of the FSA's wide-ranging review of polarisation, it has published research in CP121 indicating that consumers prefer to pay fees for financial advice. The FSA was unable to tell Money Marketing what percentage of people would pay fees but does say it conducted 36 face-to-face interviews and four focus groups of 10 people each. This contrasts with Swiss Re's insurance report for 2000 which found only a third would pay fees. Swiss Re is prepared to say how many people ...

  • Treasury 'tinkering'at annuity changes

    7 Feb 2002

    The Treasury has issued its long-awaited annuity consultation paper, proposing allowing annuity transfers and the creation of a limited term product. Compulsory purchase at 75 remains and there are no changes to the rules prohib-iting handing down benefits to family other than spouses on death. Treasury Economic Secretary Ruth Kelly says that the Government plans to allow providers more freedom in designing products. Consumers would be allowed to purchase an annuity for fixed ...

  • Triple opportunity from Fidelity

    7 Feb 2002

    Fidelity Investments has unveiled the triple 2002 Isa, which offers three Fidelity funds within a tax-free wrapper. The Isa is made up of the Fidelity European opportunities fund, Fidelity special situations fund and Fidelity American fund. Together they provide investors with the ability to diversify across region, industrial sector and companies of all sizes. Investments will initially be divided equally between the three funds but investors can change the investment split if they ...

  • Two buy-to-let packages from Exclusive Connections

    12 Feb 2002

    Mortgage packager Exclusive Connections is rolling out a base rate tracker mortgage funded by Bristol & West.

  • Universal Building Society - 2 Year Discount

    9 Feb 2002

    Discounted term: 2 yearsDiscount: 3% Payable rate: 2.8% Minimum loan: £20,000Maximum loan: £350,000Income multiples: 3 times principal income, or 2.5 times joint incomeArrangement fee: £295Redemption fee: 6% of advance in first four yearsConditions: compulsory insurance Introducer's fee: £100, negotiableTel: 0800 0288 383

  • Universal Building Society - 3 Year Discount

    9 Feb 2002

    Discounted term: 3 yearsDiscount: 2% Payable rate: 3.8% Minimum loan: £20,000Maximum loan: £350,000Income multiples: 3 times principal income, or 2.5 times joint incomeArrangement fee: £295Redemption fee: 6% of advance in first four yearsConditions: compulsory insurance Introducer's fee: £100, negotiableTel: 0800 0288 383

  • Universal Building Society - 3 Year Discount

    9 Feb 2002

    Discounted term: 3 years

  • Universal Building Society - 5 Fixed Year

    9 Feb 2002

    Fixed term: 5 yearsFixed rate: 5.49% Minimum loan: £20,000Maximum loan: £350,000Income multiples: 3 times principal income, or 2.5 times joint incomeArrangement fee: £295Redemption fee: 4% of advance in first five yearsConditions: noneIntroducer's fee: £100, negotiableTel: 0800 0288 383     

  • Universal Building Society - 5 Fixed Year

    9 Feb 2002

    Fixed term: 5 yearsFixed rate: 5.49% Minimum loan: £20,000Maximum loan: £350,000Income multiples: 3 times principal income, or 2.5 times joint incomeArrangement fee: £295Redemption fee: 4% of advance in first five yearsConditions: noneIntroducer's fee: £100, negotiableTel: 0800 0288 383     

  • VAT puzzle on defined payments

    7 Feb 2002

    HM Customs & Excise says it cannot give an answer on whether the FSA's defined-payment system will escape VAT until the system starts. VAT charged on defined payments would mean increased costs, making consumers less likely to seek independent advice. LIA public affairs director John Ellis describes the FSA fee arrangement propo-sals as a "fiddle", raising fears that IFAs agreeing a fee for advice to be paid out of commission will have to charge clients VAT. Under current ...

  • Virgin offers new view on current account loan

    7 Feb 2002

    Virgin One has revamped its current account mortgage so clients can separate their finances into different categories rather than keeping them as one lump sum. It says customer research revealed that although borrowers were happy managing all their incomings and outgoings through one account, they wanted to be able to look at individual balances such as savings and borrowings, which was not possible under Virgin One's previous set-up. Virgin says it believes all-in-one banking ...

  • Waiting on line

    7 Feb 2002

    Millions of pounds have been invested in the development of online new business systems, promising to provide complete online transactions and reduced costs across the industry. Why is it then that so few IFAs are using it and so many more are in the dark over its availability and purpose? It might be helpful to give a bit of background on what online new business systems do and where they come from. They are online methods of selecting, buying and, in some cases, administering ...

  • Widows pays £1.4bn to GAR holders over Lords ruling

    7 Feb 2002

    Scottish Widows is shelling out £1.4bn to compensate guaranteed annuity rate policyholders after finding its bonus practice does not comply with the House of Lords' ruling on Equitable Life. The life office had got round its guaranteed annuity liabilities by offering policyholders often higher transfer values than if they exercised their right to guaranteed rates with Widows. Even in December 2000, five months after the House of Lords ruling, IFAs were being told its policy ...

  • Witan waives dealing charge

    8 Feb 2002

    Witan investment trust is waiving the 1 per cent dealing charge on all Pep and Isa transfers, as well as al new Isa business, until April 5.As a result investors will only have to pay the 0.5 per cent stamp duty when buying the shares, and the fund carries an annual charge of 1.25 per cent.Initial commission of up to 3 per cent is payable to IFAs, with a trail of 0.5 per cent available on Pep and Isa business.

  • Yorkshire Building Society - Three Year Stepped Rate Bond

    7 Feb 2002

    Wednesday 6 February, 2002Type: High interest account.Minimum-maximum investment: £1,000-£500,000.Interest rates: Year one 4.75 per cent gross a year, 4.65 per cent gross a month, year two 5.25 per cent gross a year, 5.13 per cent gross a month, year three 6.25 per cent gross a year, 6.08 per cent gross a month.Offer period: Until further notice.Withdrawal penalties: No withdrawals permitted during term.Tel: 0845 1200100.

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