Money Marketing
6 January 1999

  • ABI publishes new SORP for insurance accounting

    11 Jan 1999

    The Association of British Insurers has published a new statement of recommended practice or SORP for accounting for insurance business.

  • AIM Newsletter recommends six

    11 Jan 1999

    The AIM newsletter which provides independent guidance to investing in AIM shares is recommending six companies which should come through difficult market conditions.The six are IT specialist SBS Group, software designer Staffware, pawnbrokers Albemarle & Bond, Dragon's Health Clubs, housing consultancy specialist HACAS Group and fund manager Farlake.

  • AITC appoints new directors

    6 Jan 1999

    The Association of Investment Trust Companies has appointed two independent directors to its executive committee.

  • Arthur Andersen sets up retail financial services consultancy

    8 Jan 1999

    Consultants Arthur Andersen have launched a new retail financial services arm to help life offices, banks and lenders refine their business strategy.

  • Barclays becomes next lender to cut rate

    11 Jan 1999

    Barclays is the latest major lender to cut its standard variable mortgage rate by 0.25 per cent.The cut will be effective from February 1 reducing the rate to 7.45 per cent.Barclays Mortgages marketing director Jim Chadwick says: "We are pleased to be able to pass on the Bank of England's base rate cut to our mortgage borrowers. We feel that this will boost consumer confidence and further stabilise the housing market."

  • Britannia boasts of unit trust success

    12 Jan 1999

    Britannia Asset Management says that ten of its 11 unit trusts outperformed their sector average over the 12 months to December 31 1998.

  • Building Societies get together to fight off Hardern

    7 Jan 1999

    Seven Building Societies are meeting to share information about identical demutualisation proposals they have received from self-proclaimed carpetbagger Michael Hardern.

  • CBI survey shows only brokers and fund managers optimistic for 1999

    12 Jan 1999

    Insurance brokers and fund managers are the only sectors in the financial services industry expecting significant growth in the first quarter of 1999.

  • CIS sees new premiums up by 23 per cent

    8 Jan 1999

    Co-operative Insurance Society says the premiums it took from new life assurance, pension and unit trust business increased by 21 per cent to £231m in 1998.

  • CIS urges 80,000 Pep investors to switch to its ISAs

    8 Jan 1999

    Co-operative Insurance Society is advising their 80,000 customers with unit trust PEPs to switch to one of their ISAs so that they can continue to save tax-free after next April.

  • CML welcomes base rate cut

    7 Jan 1999

    The Council of Mortgage Lenders has welcomed the Bank of England's Monetary Policy Committee's decision to cut interests by a quarter per cent.

  • Coventry Building Society rejects Hardern overture

    6 Jan 1999

    Coventry Building Society has rejected a move by butler and self-proclaimed carpetbagger Michael Hardern to become a director of the building society to force its conversion to a listed company.Hardern has stepped up his campaign to compel the biggest building societies to convert to banks. He is targeting seven societies this year: Britannia, Chelsea, Coventry, Leeds & Holbeck, Portman, Skipton, and Yorkshire Building Societies.

  • EU venture capital directive plans shelved

    8 Jan 1999

    Plans to develop an EU directive harmonising the treatment of venture capital funds across the union have been shelved by the Commission.

  • Euro to make little impact on IFA business unless UK joins

    6 Jan 1999

    IFAs are united in their belief that the euro will have no immediate effect on the retail financial market unless or until the UK joins the single currency.

  • Final dividend credit decision goes against non-taxpayers

    8 Jan 1999

    In the 1997 Budget the Chancellor announced the withdrawal of payable tax credits as part of the package to reform the corporation tax system as a whole. Amongst other things it meant that individuals would not longer be able to reclaim the tax credit after 5 April 1999. This ground has been pretty well covered within Techlink and elsewhere.

  • Friends Prov adds terminal illness benefits to term products

    7 Jan 1999

    Friends Provident is adding terminal illness benefit to all its new term assurance products free of charge.It says Terminal Illness Benefit will be incorporated into its Level Term, Multiterm, Convertible Term, Renewable Term, Family Income Benefit and Homebuyer Protection Plans.

  • Hargreaves Lansdown says twice as many considering single company Pep for 1999

    11 Jan 1999

    Hargreaves Lansdown says that its research shows that twice as many people are thinking of taking out a single company Pep as did last year.The investment IFA says that such Peps are often regarded as the 'ugly ducklings' of the market. But it believes that they are good investments for clients although it is difficult for the investment industry to make money out of them.

  • Henderson asks unit holders for approval to merge funds

    11 Jan 1999

    Henderson Investors is seeking unit holder approval to rationalise part of its UK growth and UK income fund ranges.

  • IFAs more optimistic about business according to PIMS

    8 Jan 1999

    IFAs are feeling more optimistic about prospects for their businesses compared to six months ago according to the PIMS quarterly survey.

  • IFAs see doubling of pensions business in next six months

    8 Jan 1999

    IFAs are predicting that the volume of business taken in group and individual pensions, income drawdown and Peps will double over the next six months.The findings come from the just published quarterly PIMS survey.IFAs also believe that these products plus long term care have the most potential over the next five years.They also believe that no area of business is likely to decrease in either volume or value in the next six months.

  • IFAs take 60 per cent of non-bank business in Q3 of 1998

    6 Jan 1999

    IFAs consolidated their position as the dominant distribution channel for 'non bank' personal finance products sales in the third quarter of 1998.

  • IFAs warn that ISA feeders will restrict choice

    7 Jan 1999

    IFAs are warning clients to think carefully before opening pre-cash ISA accounts describing them as nothing more than "marketing gimmicks".

  • IFS to compare stakeholder with ten other countries

    11 Jan 1999

    The Institute for Fiscal Studies plans to compare the Government's stakeholder proposals with reforms in ten other countries.

  • L&G to match first month's contributions for new pension customers

    6 Jan 1999

    Legal & General is boost personal pension plans by offering the equivalent of double the first month's contributions to all new customers. The offer is available to individual, executive and group personal pension plans until the end of the current tax year in April.

  • Lambeth to offer ISA feeder account

    6 Jan 1999

    Lambeth Building Society is launching a pre-cash ISA feeder account and two capped-rate mortgages.The pre-cash ISA has a minimum investment of £3,000, 35 days notice of withdrawal and no obligation to open a cash ISA with the society.The mortgages are capped at 4.99 per cent to May 2000 and 5.14 per cent to March 2001.Both mortgages have a procuration fee of £100 for loans up to £50,000 and £150 for loans in excess of £50,000.

  • Lenders follow MPC lead and cut rates by 0.25 per cent

    8 Jan 1999

    Major lenders are cutting their standard variable mortgage rates by 0.25 per cent mirroring the Bank of England's Monetary Policy Committee's base rate cut.Halifax and Cheltenham & Gloucester's new rate is 7.45 per cent. The cut takes the Nationwide's rate to 6.95 and Royal Bank of Scotland's to 6 per cent.

  • Lenders reluctant to predict floor for rate cuts

    8 Jan 1999

    Major lenders are reluctant to predict when they are likely to stop passing on the benefits of base rate cuts to borrowers.

  • Lloyds TSB tempts healthcare customers with Paris holidays

    8 Jan 1999

    Lloyds TSB Insurance is tempting customers into their health protection range by offering them the chance to win four luxury trips to Paris in a prize draw.

  • M&E buys Interdependence to form number three network

    7 Jan 1999

    Leeds-based IFA network M & E is to join forces with the Interdependence Network to create the third largest IFA network in the country.

  • Mercantile launches new capped rate mortgage

    6 Jan 1999

    Mercantile Building Society is launching a new mortgage capped until May 2002.The interest rate will be capped at 6.39 per cent for those paying a 25 per cent deposit and 6.59 per cent for those paying the minimum 5 per cent deposit.The scheme offers free unemployment insurance for 12 months and any high risk charge is paid by the society up to a maximum of 90 per cent of valuation.It has a booking fee of £245 and a procuration fee of £150.

  • NVM launches second VCT next month

    11 Jan 1999

    Northern Venture Managers will launch their second venture capital trust at the start of next month. The Northern 2 VCT aims to raise up to £25m through a share issue.

  • PIA expels IFA firm

    7 Jan 1999

    The PIA is expelling Bhayani Insurance Brokers of Middlesex from membership and fining N W Brown & Company of Cambridge £4,000 over pension review failings.It says it is taking disciplinary action against both firms because they have failed to take all reasonable steps to meet the December 1997 deadline to complete 90 per cent of their most urgent cases in accordance with the Guidance.

  • Portman launches five mortgages for New Year

    7 Jan 1999

    Portman Building Society is celebrating the New Year by launching five new mortgages.

  • Post Office mails employees for phase two

    11 Jan 1999

    The Post Office has launched a campaign to assist any of its employees who may have been missold pensions in phase two.The pension fund trustees have written to 1,200 employees who are about to have their cases reviewed and may have been missold a pension.The mailing is part of an extensive campaign about pensions organised by the Post Office trustees and trade unions.

  • Schroders launches new corporate bond Pep

    6 Jan 1999

    Schroder Unit Trusts Ltd is launching a corporate bond pep which it says has a projected annual return of 7 per cent gross.

  • Scot Am improves long term care bond

    6 Jan 1999

    Scottish Amicable has enhanced its Long-Term Care Bond allowing policyholders to choose the number of activities of daily living covered by a claim. The maximum level of cover has increased to £36,000 from £30,000 and investors are now able to receive a cash lump sum after the failure of one ADL.

  • Scottish Mutual appoints Fraser as chairman

    6 Jan 1999

    Scottish Mutual has appointed William Fraser as chairman following the retirement of Robert Jack. Fraser was Permanent Under Secretary of State at the Scottish Office from 1978 to 1988 and has been a member of the board since 1990.

  • Standard Life's new mortgage shadows MPC cut

    8 Jan 1999

    Standard Life Bank has matched the 0.25 per cent cut in base rates which came only two days after the launch of its 'three-minute' mortgage.

  • Watson survey shows executive pay continuing to move ahead in 1998

    6 Jan 1999

    City fat cats are set to become fatter as executive pay continues to rise above inflation according to actuarial consultants Watson Wyatt.

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