Money Marketing
6 June 2001

  • 'Individual skills make a difference'

    6 Jun 2001

    Alan Steel Asset Management consultant Alan Adam says: "I think it would be hypocritical if our firm did not take the launch of New Star into consideration for our clients. We were strong advocates of the bulk of the Jupiter team and their ability to pick the right stocks. Just because they are with a new employer does not affect their talents. "We have always said over the years that individuals can make a difference and we have followed key people who we ...

  • 'Low commission pricing out stakeholder advice'

    6 Jun 2001

    Stakeholder pensions will be misbought because low commission levels mean that advice is priced out of the market, according to Shadow Chancellor Mich-ael Portillo. In his opening address at PIMS, the former chief secretary to the Treasury told delegates that without advice, consumers will not understand the products they buy. He warned that people could end up with "completely worthless" pensions which may not bring them above the minimum income guarantee. Portil

  • 'Polarisation review spells big threat to IFA websites'

    6 Jun 2001

    The polarisation review could threaten the presence of hundreds of IFA websites across the UK, says My Money Adviser. MMA believes that product providers, fund management and pension groups which are collaborating on fund supermarkets are keener than ever to offer low-cost multi-distributor products online direct to the public. The IFA website provider thinks the increased IT and marketing spends could squeeze adviser sites out of the picture. It ...

  • 'Sub-prime' branded an offensive term

    6 Jun 2001

    Self-employed mortgage borrowers should not be branded as sub-prime customers because the term is offensive, claims a service for self-employed professionals.

  • 'Third of IFA reception staff unsure of website'

    6 Jun 2001

    More than a third of reception staff at major IFAs do not know their firm's website address, according to management consultancy The Customer Contact Company. In a phone survey of 40 national and big regional IFAs, one in 10 did not know if their company had a website while 25 per cent of those who did know were unable to provide the address. The reception staff at one firm transferred the caller three times to different people who they thought ...

  • A consumer's view - Lorna Bourke

    6 Jun 2001

    The vexed question of who will advise individuals on whether or not to invest in a stakeholder shows no sign of going away. The Government's contention that employees can decide for themselves looks ever more ludicrous. The findings of recent surveys are not encouraging either. Bacon & Woodrow, for example, who might be exp-ected to have some of the bigger employers as clients - reports that of 210 companies surveyed, only 12 per cent will be offering ...

  • Abbey Nat revamps loans after flood of applications

    6 Jun 2001

    Abbey National has been forced to make changes to its mortgage range after falling weeks behind in processing loan applications, claim IFAs. They say the UK's second-biggest lender has tweaked its market-leading mortgages to make them less attractive after months of being flooded with applications from IFAs. The discount rate mortgage has recently had its free legal fees and free valuation incentive removed while fixed rates have been raised. London ...

  • ABN Amro passes the£1bn mark in five years

    6 Jun 2001

    ABN Amro Asset Management passed the £1bn under management mark last week, just five years after it launched into the UK market. The Dutch bank began its UK campaign in 1996 when it acquired Carrington Pembroke, and has seen assets double in the past year alone. Its success comes on the back of a strong year for star UK growth fund manager Nigel Thomas. The £530m fund was one of this year's biggest Isa season sellers. The growth fund is ...

  • Actuaries want rethink on Myners' trustee approach

    6 Jun 2001

    The actuarial profession has expressed its concerns over the Myners report's approach to the role of trustees in smaller pension schemes, claiming it takes a "one size fits all" approach The Faculty of Actuaries says a number of the proposals outlined in the report seem impractical and inappropriate for smaller pension schemes. The faculty believes proper training should be made available to trustees, with a focus on ensuring that enough time is made ...

  • Aggregation deals on hold after a scrape with the law

    6 Jun 2001

    Several of the UK's biggest financial providers have been forced to put plans for new aggregation services on hold after being warned by the FSA they will break UK law. Last month, Money Mark-eting revealed that six major providers were set to launch services before the end of the year in partnership with US software developer Yodlee. But the Yodlee model, which uses a technique called screen-scraping, contravenes the Data Protection Act, leaving ...

  • Aifa to tell new minister how IFAs work

    6 Jun 2001

    Aifa is drafting a paper to send to the new minister who will take charge of financial services to ensure they understand the role of IFAs in meeting their key policy objectives. Speaking at PIMS on board the Oriana, Aifa director general Paul Smee told Money Marketing about the importance of making sure the minister is clear from day one of the value of advice in helping switch the balance of financial provision from the state to the private sector. The ...

  • Autif bringing in monitoring service to study fund allocations

    6 Jun 2001

    Fund managers are set to have their fund allocations scrutinised by a new monitoring service being introduced by Autif, PIMS delegates were told. Autif sector definitions, which lay down guidelines on how much of a fund can be invested in different types of securities and geographical regions, have led to disputes, with some managers claiming that rivals are flouting the rules. The balanced managed sector, which stipulates that a minimum of 10 per cent ...

  • Autif says polar shifts will sink the discount brokers

    6 Jun 2001

    Autif is predicting that discount brokers will be wiped out by changes to polarisation because they will not be able to sustain their niche market position. Chairing a polarisation debate at PIMS 2001 on the Oriana this week, Autif said that depolarising the market would almost certainly spell the end for discount brokers as they would lose their competitive edge. The trade body believes that if changes to polarisation mean product providers are able ...

  • Axa investing £35m in back office system

    11 Jun 2001

    Axa Sun Life is investing £35m in a new back office system from software provider Marlborough Stirling to be developed over the next four years.

  • Bank of England keeps rate on hold

    6 Jun 2001

    The Bank of England's monetary policy committee has voted to keep its base rate at 5.25 per cent.The decision to maintain the base rate level was widely expected by economists, as cutting rates the day before the general election could open the MPC to charges of partiality.

  • Barclays buys non-conforming lender

    6 Jun 2001

    Barclays Private Equity is backing a management buyout of non-conforming lender Preferred Mortgages in a £270m deal. Following a similar investment in credit card firm Clydesdale in January, BPE has bought an 83 per cent stake in Preferred from the Rotch Property Group, with the remaining 17 per cent going to the management team. The buyout was led by Preferred chief executive officer Dennis Pitocco and financial director Phil Hopes. As a result ...

  • Baring targeting institutional cash with new funds

    6 Jun 2001

    Baring Asset Management is offering a range of unit-linked life funds to run alongside its existing Oeic range for institutional investors. The funds are aimed at both defined-benefit and defined- contribution occupational pension schemes investing in pooled funds. The new funds will be invested through a branch of ING-owned Dutch insurer Nationale-Nederlanden, which has been "passported" to the UK so Baring can take advantage of the tax and admin breaks ...

  • Bee sees October bottleneck

    12 Jun 2001

    A shortage of financial advisers will hamper employers trying to meet the October 8 deadline for stakeholder compliance, according to Scottish Life head of pension strategy Steve Bee.

  • Boyd makes little impact

    8 Jun 2001

    Financial services public affairs consultant Jim Boyd made a small dent in Labour MP Chris Mullens's huge majority in Sunderland South.Consolidated Communications divisional director Boyd, sitting as Conservative candidate, came second with 20.1 per cent of the vote, a swing to the Tories of 1.2 per cent in the safe Labour seat that Mullen holds with a majority of 63.9 per cent.

  • Brain strain

    6 Jun 2001

    The purchase by Halifax, Nationwide and Alliance & Leicester of a controlling interest in the mortgage sourcing and packaging company Mortgage Brain is yet another fascinating twist in the progress of the mortgage market towards electronic trading. I fear, however, that while there may be sound commercial logic in this acquisition, for all the lenders involved and particularly the Hali-fax it may turn out that they have bought a curate's egg - good in parts. My ...

  • Bristol & West making it Easy with flexi mortgages

    6 Jun 2001

    Bristol & West is offering a new range of flexible mortgages. The Easyflex loans include features such as payment holidays, underpayments and overpayments,a drawdown facility, daily interest calculation and no early repayment charges. Mortgages include Easyflex Total, which has all the above features, Easyflex Overpay, which only allows for overpayments, Easyflex Self Cert for the self-employed and EasyFlex Buy to Let. Borrowers can choose to ...

  • Broker Talkback

    6 Jun 2001

    Should the Government Actuary's Department provide clearer guidance on contracting out of Serps to make it a clear cut decision for clients? "Yes. It should be clearer and simpler than it is now and why should we spend time explaining it to clients when our fees and commission have been reduced." Clive Balchin, James Trickett & Son "Yes, absolutely. It is not a clear cut decision at the moment as even the key features document and existing ...

  • CA calls for shareholders to foot bill for reviews

    6 Jun 2001

    The Consumers' Association is calling on the FSA to ensure that company shareholders foot the bill for the pension and mortgage endowment reviews. CA senior policy adviser Mick McAteer is concerned that policyholders may pick up the tab for the reviews in response to the PIA's regulatory update 89 and in anticipation of the outcome of the windfall shares test case. The CA wants the FSA to recommend that providers compensate those affected by the reviews ...

  • Call for companies to promote green credentials

    7 Jun 2001

    Companies own investor relations managers are more concerned with environmental and social issues than analysts, institutional investors and financial journalists, a report shows.

  • Cameron Rowe to undergo restructuring

    11 Jun 2001

    Kent-based Cameron Rowe is undergoing a re-structure which it says will provide a stronger and more focused base for further development.

  • Chelsea Building Society - Portfolio Extra Fixed Rate Bond

    8 Jun 2001

    Friday, 8 June 2001. Type: Unit linked bond and high interest account. UNIT LINKED BOND Aim: Income and growth by investing in up to six Norwich Union investment funds. Minimum investment: £7,000. Fund links: With-profit, guaranteed, defensive managed, cautious managed, balanced managed, property, deposit, gilt, global bond, corporate bond, higher income bond, UK index tracking, with-profit income fund, UK equity, UK equity income, UK equity ...

  • Chelsea goes for the dual route for new bond

    11 Jun 2001

    Chelsea Building Society has joined forces with Norwich Union to introduce the third issue of its portfolio extra fixed rate bond.

  • Collins Stewart - Blue Chip Value And Income Fund

    8 Jun 2001

    Friday, 8 June 2001.

  • Cometh the hour, cometh the need for Advice First

    6 Jun 2001

    With New Labour seemingly cruising on automatic to a majority, it is make or break time for IFAs. The industry faces a massive challenge on disclosure, polarisation and the son of Myners review, which will, among other things, investigate alleged commission bias. Catmarks, stakeholder price capping and mortgage regulation, or the lack of it, are causing grief both for the industry and,we contend, consumers. In the face of this, IFAs who are convinced they have ...

  • Common currency seriously flawed

    6 Jun 2001

    As a member of the Conservative Party , I am happy to confirm my position (with a degree of technical knowledge and experience too) - which is that a common currency, as a concept, is seriously flawed economically and I shall vote against it every time. The only vote worth using to this end on June 7 is for Conservative candidates. All the others will return pro-euro members, including the UK Independence Party by default. The economic conditions will ...

  • Coventry appoints former Yorkshire director

    12 Jun 2001

    Coventry Building Society has appointed former Yorkshire Building Society finance director Andrew Pearce as a new non-executive director. Pearce is a chartered accountant with more than 30 years of experience in the industry and previously worked at KPMG with national responsibility for its building society clients. 

  • Cutting out the timewasters

    6 Jun 2001

    Like many IFAs, my view has been that the transition to fees for our services will be extremely difficult. Yet with profit margins falling and a recent spate of time wasters, I have had to consider how best to grasp the nettle of charging for the work on which we embark for prospective clients in the wake of their initial consultation. After much thought and discussion with industry colleagues, I decided to keep the initial consultation free but charge ...

  • Darling's new pensions department boosted by big hitters

    12 Jun 2001

    The new work and pensions department has been given a significant boost with the appointment of two relatively senior figures from within New Labour’s ranks to back up Secretary of State Alistair Darling.

  • Davies warns firms against back office cutbacks

    12 Jun 2001

    The FSA chairman has warned firms not to prune their back office functions too far in a speech this week.

  • DSS facing the axe in Whitehall department shake-up

    6 Jun 2001

    The DSS is set to be abolished if Labour secures a second term in Government, with pension policy likely to shift to a new department or even the Treasury. Speculation is mounting that there will be a reshuffle and rejigging of Government departments, with reports that the DSS is will be replaced. Some believe it will be rolled into the Treasury while others say it will become part of a new Ministry for Work and the Family. Such a ministry would combine ...

  • Dunbar unveils delayed stake

    6 Jun 2001

    Allied Dunbar has revealed details of its group stakeholder scheme which is set for launch in October. Dunbar claims its decision to wait up to six months after most players have launched their group propositions is down to its desire to assess the market without rushing in. The new Dunbar product will not be available on an individual basis, with the individual retirement plan remaining the life office's vehicle for individual personal pension ...

  • ECB leaves rate unchanged

    7 Jun 2001

    The European Central Bank has decided to leave its core rate unchanged at 4.5 per cent, following the Bank of England's decision to maintain its rate yesterday.Calls for a rate cut had been made following poor unemployment results in Germany, but the ECG showed restraint in light of rising inflation in Eurozone, which rose to 2.9 per cent in April.

  • EMI eligibility

    6 Jun 2001

    Having enjoyed (I hope) our detour from my consideration of share schemes to look at the Child Trust Fund and Saving Gateway, I would now like to return to the Enterprise Management Incentives scheme, the latest Government tax-incentivised scheme to encourage wider share ownership. In previous articles, I have looked at, among other things, the nature and extent of the tax relief available, the types of company the shares in which can qualify for the EMI scheme ...

  • Fear at Labour reneging on free care in Scotland

    6 Jun 2001

    Labour's commitment to providing free personal care in Scotland has come under scrutiny after its Scottish manifesto failed to refer to the issue specifically. On long-term care, the manifesto only says: "The Care Development Group is looking at the provision of long-term care of the elderly and will report in the autumn." Labour agreed to free personal care only to stave off a defeat in the Scottish Parliament. This would result in a higher level ...

  • Firms link for 1% world

    6 Jun 2001

    National IFA the Falcon Group is entering into a joint venture with rival IFA Indepen-dent Financial Services in an effort to survive in the 1 per cent world. The firms will maintain their independence and brands but will share resources in areas such as marketing and technology. They will also co-operate and seek cost savings in back-office operations and training and competence. Falcon has around 75 RIs and IFS has 25. The combined operation will ...

  • Flag is up to win Grand prizes

    6 Jun 2001

    Money Marketing has teamed up with LeggMason Investors (the official sponsors of the Benson & Hedges Jordan Honda Formula One team) and Fantasy League (the original UK creators of Fantasy sports games) to bring you Fantasy F1 - the way it should be played. The season may have already started but there is still time to enter a team and be in with a chance of winning a race prize (a Sony Playstation and Grand Prix game). What's more, if you use your ...

  • Former Bank of England official and Guardian journalist replaces Johnson

    12 Jun 2001

    A former Bank of England official and Guardian journalist Ruth Kelly has been appointed as Treasury economic secretary replacing Melanie Johnson.

  • Friends Prov issues float prospectus

    12 Jun 2001

    Friends Provident is issuing 2.5m members with the prospectus for listing on the stock exchange inviting them to buy shares on preferential terms.

  • Friends Prov members vote to demutualise

    7 Jun 2001

    Friends Provident members have voted by a massive majority in favour of demutualisation. The company will be listed on the LSE on July 9, 2001 after gaining the support of 97 per cent out the 65 per cent of the members who voted.

  • FSA holds N2 roadshow

    11 Jun 2001

    The FSA is running a series of workshops for IFAs covering the new training and competence requirements that will come in at "N2". Due to demand, the regulator has doubled the amount of workshops to 12, which will be held around the country in July to October.

  • FSCS appoints new head of communications

    12 Jun 2001

    The Financial Services Compensation Scheme has appointed Heather Tilsten, 32, as its new head of communications.

  • Funded pension plans face equity threat

    6 Jun 2001

    Diminishing equity returns could make the Conservatives' proposal of relying solely on privately funded pensions dangerous, according to a leading thinktank. The Institute for Fiscal Studies' Election Briefing claims equity returns have been high historically and it is not certain this will continue. It says increased private pension saving worldwide could affect returns in the same way as a decreasing workforce. It is recommending a mix of pay as you go ...

  • Goalposts moved as duplicate Isas get hit by big penalties

    6 Jun 2001

    The Inland Revenue has finally made a decision on how it will deal with duplicate Isas after months of deliberation. The problem became apparent shortly after Isas were introduced in April 1999, when the Revenue realised that thousands of investors were misunderstanding the rules and taking out both mini and maxi Isas within the same tax year. Many of the people who fell into the duplicate trap were those who were unwittingly sold mini cash Isas by ...

  • Hargreaves Lansdown launches City information site

    6 Jun 2001

    Hargreaves Lansdown is launching a web-based company research service which gives users access to research on UK quoted companies.

  • Hollands fails to stem tide

    8 Jun 2001

    Leading investment IFA and Conservative hopeful Jason Hollands, standing for Hornsey & Wood Green, failed to make any impression on the sitting Labour MP Barbara Roche majority at yesterdays General Election.

  • HSBC - Isa Plus

    12 Jun 2001

    Tuesday, 12 June 2001. Type: Dublin based closed ended fund for HSBC customers Pep maturities. Aim: Growth by investing in HSBC UK equity growth 3. Minimum investment: £3,000. Investment split: 100 per cent in HSBC UK equity growth 3. Yield: 75 per cent of growth in FTSE 100. Charges: None. Commission: Initial 3 per cent. Tel: 0800 181890.  

  • HSBC - Pep Plus

    11 Jun 2001

    Monday, 11 June 2001.Type: Dublin based closed ended fund for Pep maturities.Aim: Growth by investing in HSBC UK equity growth 3.Minimum investment: £3,000.Investment split: 100 per cent in HSBC UK equity growth 3.Yield: 75 per cent of growth in FTSE 100.Charges: None.Commission: Initial 3 per cent.Tel: 0800 181890. 

  • IFA dazzles on streets of Monaco

    6 Jun 2001

    IFA Darren Cunliffe emerged victorious in the bid for the seventh race prize of this season's LeggMason Investors Fantasy Formula One competition as his team held off the opposition by a solitary point. The manager from Manchester accumulated 35 points in the world's most fashionable Grand Prix, with four of his drivers achieving top six finishes. Michael Schumacher was top points scorer in the race with 11 points, taking advantage of David Coulthard's ...

  • IFA fined £20k over review

    6 Jun 2001

    The PIA has fined IFA Westerby Investment Man-agement £20,000 for pension review failings. The Hampshire IFA must also pay costs of £3,850. PIA visits to the firm in March last year identified serious failings in its conduct of the review, including failures to identify its starting position accurately and adequately verify its starting population. Westerby also failed to gather sufficient information to carry out an adequate compliance ...

  • IFAs are key, says Duffield

    6 Jun 2001

    New Star chief executive John Duffield pledged his allegiance to the IFA community last week, saying IFAs would be at the heart of New Star's retail efforts. Speaking at the official launch at the London Planetarium, Duffield said he was pleased to be back in the retail fund management market. He said: "The IFA industry is criticised from time to time but I think IFAs are at the cutting edge of the investment industry. The IFAs are the key people ...

  • IFAs face suspension on loan code

    6 Jun 2001

    Brokers in breach of new mortgage code rules will be suspended from trading with registered firms with immediate effect, warns the Mortgage Code Comp-l iance Board. New MCCB registration rules, which took effect last month, could lead to non-compliant brokers risking immediate suspension from the mortgage code, meaning they will be unable to sell the mortgages of most major lenders. Previously, a firm could only be suspended after a full disciplinary review. Brokers ...

  • IFAs raise the stakes with business boost

    6 Jun 2001

    IFAs now account for 60 per cent of a growing individual life and pension market, and totally dominate pension sales, filling thegap left by the demise of many direct salesforces. ABI figures for the first quarter of this year show IFAs took 80.6 per cent, or £577m, of individual pension sales, up from 63.4 per cent or £351m last year, while direct sales halved from 32.1 per cent to 16.1 per cent. Life and pension business rose to £2.6bn ...

  • IFAs stick by Tories

    6 Jun 2001

    IFAs are bucking national trends by backing the Conservatives, according to an exclusive poll conducted for Money Marketing and Skandia by H2B. The poll found that, nationwide, 35 per cent of IFAs voted Conservative, 17 per cent Labour and 9 per cent Liberal Democrat. The poll, sponsored by Skandia in advance of its conference on the future of IFAs hosted by Sir Trevor McDonald on June 11, highlights IFA concerns over Labour's plans for the future of the ...

  • IHT net closes round unwary homeowners

    6 Jun 2001

    Soaring house prices are making increasing numbers of homeowners liable for inheritance tax, claims IFA R J Temple. A survey conducted by Temple found that only a tiny percentage of respondents were aware the price of their home could push them into the danger zone for IHT and were making plans to avoid it. The IHT threshold stands at £242,000, which includes the main home. Last year, average house prices in Greater London reached £175,900 while ...

  • Independent View - Carl Melvin

    6 Jun 2001

    I fully endorse Tony Byrne's comments in Independent View (Money Marketing, May 17) where he advised IFAs to recognise that the days of the one-man-band general practitioner IFA are numbered. Having built my business over the last six years, I find myself in this position - what do I do in the future? Continue as a general practitioner trying to do everything or become a specialist IFA? The backdrop to this debate is challenging. The low-commission ...

  • Inside View - John Cowan

    6 Jun 2001

    Is it just me or is this election campaign simply a non event? Dividing my time between London Village and Central Scotland, I find that geographic location has made no difference to the level of public interest in the campaign. Sure, there are posters everywhere, politicians out pressing flesh but somehow it hasn't all come together. Foot and mouth disease has even surpassed foot in mouth as the preferred headline. Very few of us would want to ...

  • Interlink in associate deal as it looks to buy a network

    6 Jun 2001

    Interlink Premier Network is offering an associate member support service for directly regulated IFAs and is looking to acquire another network as part of ambitious plans to expand and float. The Cardiff-based IFA network, set up in 1986, hopes to increase its number of registered individuals from 220 to 260 by the end of the year through recruitment of full members, associate members and acquisitions or mergers. The service is intended for IFAs who ...

  • Investec Asset Management - Pan European Fund

    11 Jun 2001

    Monday, 11 June 2001.Type: Offshore Oeic.Aim: Growth by investing in 30-40 European stocks.Minimum investment: £2,000, Euros 3,000.Place of registration: Dublin.Investment split: 100 per cent in 30-40 European stocks.Isa link: Yes.Charges: Initial 5 per cent, annual 1.5 per cent.Commission: Initial 3 per cent, renewal subject to negotiation.Tel: 020 7597 1900. 

  • Investment analysis

    6 Jun 2001

    Global markets performed poorly last week as investors juggled with fears of inflation and falling corporate earnings. The FTSE World Index ended the week down by 1.9 per cent. Of the major markets, Japan and Hong Kong lost 3.7 per cent and 4.5 per cent. In the US, mixed economic news caused confusion. The latest job figures were better than expected but there was a negative showing from the manufacturing sector where the purchasing management index for May ...

  • Investment view - Brian Tora

    6 Jun 2001

    It is not often you are invited to be present at the birth of a star. Last week John Duffield's new fund management company - New Star - was launched. The chosen venue was the London Planetarium. Rather cheesy, I thought, but there was nothing cheesy about the presentation. Sir Patrick Moore kicked off the proceedings with a voice and delivery of such vigour that it contrasted rather sadly with the shambling old man that addressed us. Just enough of the ...

  • iShares follows technology twist

    12 Jun 2001

    iSHARESiBLOOMBERG EUROPEAN TECHNOLOGYType: Exchange traded fund.Aim: Growth linked to the Bloomberg European investable financials index.Minimum investment: Subject to negotiation with stockbroker.Maximum investment: None.Investment split: 100 per cent linked to the Bloomberg European investable financials index.Place of registration: Ireland.Isa link: Yes.Pep transfers: Yes.Charges: Annual 0.5 per cent.Commission: ...

  • Jolly floating weather

    6 Jun 2001

    Firms of IFAs are increasingly looking to the London Stock Exchange as a means of satisfying their strategic aims. It would seem that investors are welcoming them with open arms. Inter-Alliance Group has recently reported results which show an increase in turnover of 235 per cent and the recent flotation of Millfield Group was heavily oversubscribed by institutions, no mean feat in today's choppy markets. What is the rationale for IFA firms going ...

  • Journalists downbeat on benefits of demutualisation

    7 Jun 2001

    A majority of personal finance journalists think demutualisation does not lead to a better service for customers, according to a Mori survey.

  • JP Morgan Fleming puts investment trusts on pension map

    11 Jun 2001

    JP Morgan Fleming Asset Management has unveiled an individual personal pension that focuses on investment trusts. The investment trust personal pension account is designed to provide investors who do not want a stakeholder pension with an equally simple pension arrangement. Investors can choose from a cash fund and three investment trusts- managed growth, claverhouse and overseas. The managed growth trust is a managed portfolio of JP Morgan Fleming's investment ...

  • Julian Gibbs

    6 Jun 2001

    I am usually opposed to investing in stockmarket-linked bonds that run for less than three years but I have found an excellent exception that proves the rule. This is the new NDF Extra Bonus Plan 3 plan backed by Abbey National Treasury Services. It pays either 10 per cent growth or 12 fixed monthly payments of 0.73 per cent of the capital invested. There is a final payment of 100 per cent of the initial investment, unless the FTSE 100 index falls by more than ...

  • Keeping up with moving Joneses

    6 Jun 2001

    Recent economic and social problems such as stockmarket volatility and foot and mouth disease have not dented people's desire to move property, says Alliance & Leicester. A&L questioned 4,115 adults in the UK in March for its latest quarterly moving-improving index which analyses people's intentions to move or improve their home. It found that 8 per cent of homeowners are planning a move in the next year compared with 9 per cent in the last quarter ...

  • L&G launches Pep and Isa transfer offer

    12 Jun 2001

    Legal & General is launching a special offer on Pep and Isa transfers to give investors extra tax free income.Those investing in the company’s corporate bond funds will have management fees deducted during 2001 for the Pep and Isa transfers refunded.The offer applies to transfers completed by June 30, 2001. Investors must ensure funds are transferred into L&G by June 30 and the funds must remain invested with L&G until December 31.

  • Lamensdorf expansion continues as it buys Tokyo firm

    6 Jun 2001

    Lamensdorf Group has acquired Tokyo-based IFA Ross Alexander Intern-ational for an undisclosed sum as part of its international expansion plans. The purchase, announ-ced at PIMS, gives the IFA a presence in Japan, China and Switzerlandunder the names Lamensdorf Japan and Lamensdorf Europe. The move follows the purchase of Maddison Monetary Management earlier this year and marks the group's first steps to bec-ome an international advice brand and ...

  • Leeds & Holbeck brings in 50/50 mortgage

    7 Jun 2001

    Leeds & Holbeck Building Society is giving borrowers a novel choice with the introduction of the 50/50 mortgage.

  • London Stock Exchange stays in City

    12 Jun 2001

    The London Stock Exchange has announced it is to remain in the City when it leaves its present home in 2004, ending speculation that it would relocate to Canary Wharf.It will occupy new premises currently being built at Paternoster Square, next to St Paul's Cathedral. The announcement follows lobbying from the City of London to keep the LSE in the City, its home for 200 years.

  • Mark dampier

    6 Jun 2001

    Hargreaves Lansdown head of research Mark Dampier is a self-confessed "media tart" who loves seeing his name in the national and trade press. But then again, anyone in his position would need to love the attention. Why else would they put themselves forward as the mouthpiece for one of the UK's leading and often controversial IFAs? As the public face of Hargreaves Lansdown - a firm many rival IFAs love to hate - one thing Dampier would readily admit ...

  • Marsden goes for the decade approach

    7 Jun 2001

    Marsden Building Society is looking to the long term with the introduction of the 10-year fixed rate mortgage.

  • Merrill Lynch HSBC - Global Growth PIP

    8 Jun 2001

    Friday, 8 June 2001.Type: Cash deposit linked to the FTSE 100, S&P 500, Dow Jones Eurostoxx 50 and the Nikkei 225.Minimum-maximum investment: £5,000-no maximum.Interest rates: 15 per cent over term.Term: Five years.Offer period: July 5, 2001.Withdrawal penalties: No withdrawals permitted during term.Contact: www.mlhsbc.co.uk.     

  • Money in the bank

    6 Jun 2001

    Mark Moran Senior relationship manager, Cater Allen Bank Money Marketing's series on Surviving Stakeholder has, in the past 12 months or so, given IFAs many good ideas on marketing techniques and ways of diversifying their business. Here is another - using banking services as a financial planning tool. The number of IFAs recommending bank accounts proactively to their clients has increased substantially in the past few years and many ...

  • More concerns on with-profits

    6 Jun 2001

    Having read numerous articles about the pros and cons of traditional with-profits funds with their attaching guarantees, we have come across two cases where the attaching guarantees and the very nature of the contracts have put our clients at a potential and significant material disadvantage. In both cases, each client was a member of an executive pension plan. In both cases, the members had left that employment and in one of the cases the previous employer ...

  • More financial services election casualties

    8 Jun 2001

    A series of political candidates from the financial services industry all met with disappointment last night, with not one managing to secure a seat.

  • Morillo cherrypicks Pan-European style for Investec

    6 Jun 2001

    Investec Asset Management has added the Pan-European fund to its range of select funds. This offshore fund is denominated in euros and aims to provide capital growth by investing in Europe excluding the UK. It invests in a concentrated portfolio of between 30 and 40 stocks, which is the preferred style of its fund manager, Albert Morillo. Morillo and his team are part of BlackRock, a fund management company based in New York, that has managed Investec's three existing ...

  • Mortgage customers more web-friendly

    6 Jun 2001

    Both current account mortgages and buying on the internet are gaining acceptance amongst mortgage holders when considering a new mortgage, according to a survey from market researchers PR3 Mapa.

  • Nationwide says house price rise to hit 7 per cent

    6 Jun 2001

    House prices have risen by 5 per cent since the start of the year and show no signs of slowing down, according to figures from Nationwide. Despite media predictions of a property slump, the society's monthly index shows that house prices rose by 0.8 per cent in May compared with a 0.3 per cent drop at the same time last year. This has resulted in the annual rate of house price inflation increasing to 7.7 per cent in May from 6.6 per cent in April. The ...

  • Net broadcasting service to aid IFAs

    6 Jun 2001

    Marketing and consultancy specialist Sway is setting up an internet broadcasting service for financial firms and IFAs to contact their clients. The company's CityCast Internet Broadcasting service, set up in partnership with global internet broadcaster Virtue Broadcasting, goes live on June 14. CityCast is being targeted at all financial firms but Sway says it is primarily aimed at intermediaries who want to communicate with clients efficiently ...

  • New IFA firm to focus on wealthy clients

    7 Jun 2001

    Corporate Planning Group, an IFA targeting wealthy people and business owners, launches this week. Set up with £2.8m of private capital, the company intends to offer a complete financial planning service by combining 10 companies under the Corporate Planning Group brand. The 10 firms are an IFA, a venture capitalist, a business consultancy, a Guernsey-based offshore IFA, online advice, a joint venture specialist, a portfolio manager, a valuation company, an employee ...

  • New LTC minister announced

    12 Jun 2001

    The minister with day to day responsibility for Government policy on long term care will be Jacqui Smith. Smith was previously a junior education minister.

  • New range from Skipton

    6 Jun 2001

    Skipton Building Society is introducing a range of mortgages aimed at boosting business from new borrowers and remortgages. Following its move to introduce a mortgage discount scheme - which aims to retain existing borrowers by lowering interest rates over the course of the loan - Skipton is now targeting new borrowers and those currently on variable rates over 7 per cent. Its Head Start mortgage has rates starting at 5.6 per cent up to 95 per cent ...

  • New Star in the making

    6 Jun 2001

    The official launch of New Star Asset Management last week was perhaps the most hotly anticipated event in the fund management industry for over a decade. As founder John Duffield was quick to point out, no fund manager has ever started with such momentum or the confidence to claim that they will be a major player from the start. But New Star will still have to work hard to capture the support of IFAs. While most recognise that Duffield has both the ...

  • No barrier to Euro says Bank of England

    11 Jun 2001

    The financial services industry is ready for the introduction of the Euro, according to a report by the Bank of England.

  • Northern Rock & L&G team up for balanced match

    8 Jun 2001

    Northern Rock and Legal & General have joined forces to introduce balance-choices, a combination of a with-profits bond and an instant access savings account.

  • Northern Rock and L&G in reissue of combined account and bond

    6 Jun 2001

    Northern Rock and Legal & General are teaming up to launch an instant access savings account offering fixed interest of 7.05 per cent alongside an investment bond. The companies say the offer follows the success of previous issues of the Balance Choices account. Policyholders are offered a guaranteed return on the instant access account until July 1, 2002 together with the growth or income opportunities from an investment in the L&G with-profits income ...

  • Northern Rock/Legal & General - Balance-choices

    8 Jun 2001

    Friday, 8 June 2001. Balance - choices Type: With-profits bond and high interest account combined. Aim: Income and growth by investing in Legal & General's with-profits fund. WITH-PROFITS BOND Minimum investment: £5,000. Bonus rates: 6.5 per cent. Allocation rates: 102 per cent for clients up to age 79, clients aged 80 and above 97.5 per cent. Charges: None. HIGH INTEREST ACCOUNT Minimum-maximum ...

  • Outside Edge - Robert Reid

    6 Jun 2001

    When I heard the phrase Advice First, I was pleased that some of my comments in the past such as "planning before product" had finally taken root in the IFA mindset. But I was to be disappointed as this phrase was the new name for the IFAP/Aifa joint promotion company. Some time ago, I was asked whether I had joined Aifa and I replied in the negative when the individual pursued me on my reasons. I explained that taking money from providers was, in my opinion, ...

  • Paragon pulls plug on retail mortgages

    11 Jun 2001

    Paragon Mortgages is pulling out of the retail market because it fears relaxed lending criteria has rendered this type of mortgage business too risky. Paragon claims strong market demand for mortgages with high income multiples and high LTV are making it hazardous for lenders to continue selling mortgages at tight margins. It plans to concentrate on expanding its core buy-to-let business for property investors which it sees as a safer and more profitable area.

  • PIMS delegates tip Portillo

    8 Jun 2001

    PIMS delegates are tipping Michael Portillo's to succeed in the battle for the leadership of the Tory party following William Hague's sudden resignation.

  • Pink continues to focus on self-cert market

    12 Jun 2001

    Pink Home Loans has teamed up with Verso with the introduction of the exclusive self-cert mortgage.

  • Pink homes in on would-be landlords

    7 Jun 2001

    Pink Home Loans has introduced the three-year fixed rate buy-to-let mortgage.

  • Platform Home Loans - 7.25 Per Cent Capped

    8 Jun 2001

    Friday, 8 June 2001.

  • Platform widening criteria

    6 Jun 2001

    Non-conforming lender Platform Home Loans is widening its lending criteria for all borrowers and introducing a new loan range. In an attempt to capitalise on what it claims is the strong performance of its existing mortgage book, Platform will lend to borrowers with a poorer credit history than it would previously accept. It will now judge all cases on individual merit rather than requiring self-certification by all applicants. It is rolling out ...

  • Policies' probe may name and shame big life offices

    6 Jun 2001

    Several major life companies could face public naming and shaming by the FSA if they are found to be at fault in the mortgage endowment review. It could lead to a number of leading life offices being forced by the regulator to conduct a full-scale review of all their endowment policies in a move reminiscent of the pension misselling scandal. In a statement last week, the FSA said it was "continuing its focused work looking at individual firms. This has ...

  • PR gets in a spin

    6 Jun 2001

    "I do take the view that the job of press secretary becomes extremely difficult if the press secretary, and not the department he serves, becomes the story and the subject of excessive attention." So said Charlie Whelan, back in 1999 when he stepped down from his role as head of spin for Chancellor Gordon Brown. Now the spotlight is on financial spin doctors, traditionally seen as representing the more highbrow end of the profession. No Ab Fab fluff here. But ...

  • Premier Portfolio Managers - Premier Zero Preference Fund

    7 Jun 2001

    Thursday, 7 June 2001. Type: Oeic. Aim: Growth by investing in zero-dividend preference shares of split-capital investment trusts and other closed ended funds. Minimum investment: Lump sum £1,000, monthly £50. Investment split: 100 per cent in zero-dividend preference shares. Yield: 8 per cent. Isa link: Yes. Pep transfers: Yes. Charges: Initial 5 per cent, annual 1.25 per cent. Commission: Initial 3 per ...

  • Principality Building Society - Cashback Discount Option 3

    7 Jun 2001

    Thursday, 7 June 2001.

  • Principality Building Society - Discount Option 1

    6 Jun 2001

    Wednesday, 6 June 2001.

  • Principality Building Society - Discount Option 2

    6 Jun 2001

    Wednesday, 6 June 2001.

  • Principality Building Society - Discount Option 4

    8 Jun 2001

    Friday, 8 June 2001.

  • Principality Building Society - Discount Option 5

    12 Jun 2001

    Tuesday, 12 June 2001.

  • Product matters

    6 Jun 2001

    The explosion of internet-based sales and servicing is resulting in surfing becoming a regular daily activity. Trading online for shares, unit trusts and now Isas is commonplace. It is not until recently that protection, the type of business that can take weeks to process, has made its way on to the web. Two companies offering this approach in different ways are Friends Provident and Legal & General. Friends Provident's needs to be set up on ...

  • Protection plus RSAIF equals whole life and cic

    11 Jun 2001

    Royal & Sun Alliance International Financial Services has introduced protection plus, a protection plan designed for UK expatriates and other people living abroad.

  • Punter Southall Financial Management - Gift A Stakeholder

    12 Jun 2001

    Tuesday, 12 June 2001.

  • Put company cash to work

    6 Jun 2001

    With interest rates and inflation at their lowest levels for years and indications that they will remain or even fall over the next few years, investors are searching for alternatives to traditional deposit accounts. But it is not just personal wealth that is under pressure. Companies with cash reserves - known as corporate money - are struggling with the same problem. DTI data indicates that, for the fifth successive year, the number of UK enterprises ...

  • R&SA goes live with pensions package

    6 Jun 2001

    Royal & Sun Alliance UK life and pensions is offering an employee benefits website package which provides access to scheme information for IFAs and employers. The site, www.royalsun. co.uk/corporate, contains det-ails of R&SA's group risk and pension portfolios, including stakeholder, as well as generic information, frequently asked questions and a range of product literature. IFAs and employers can download application forms and product literature or ...

  • R&SAIFS launches whole of life product

    6 Jun 2001

    Royal & Sun Alliance International Financial Services is launching its first whole of life product, called Protection Plus.

  • Royal & SunAlliance International Financial Services - Protection Plus

    6 Jun 2001

    Wednesday, 6 June 2001. Type: Cafeteria-style protection product including whole life and critical illness cover. WHOLE LIFE Minimum sum assured/premium: £50,000/£67 a month, £670 a year. Minimum-maximum ages: 18-75. Allocation rates: 90-103 per cent. Fund links: 80 funds from Baring, Collins Stewart, Fidelity, Gartmore, Investec, Merrill Lynch, Perpetual, Royal & SunAlliance International Financial Services, Principal, ...

  • Scarborough launches new bond issue

    6 Jun 2001

    Scarborough Building Society has closed its Bonus Bond Issue Fifteen and is now offering Bonus Bond Issue Sixteen until July 31, 2001.The bond pays 5.85 per cent for the first six months and then reverts to the underlying rate of 4.4 per cent if interest is paid annually.Access is penalty-free on 60 days notice or instant with loss of 60 days interest.

  • Scot Life claims adviser shortage threatens stakeholder

    11 Jun 2001

    A shortage of financial advisers will hamper employers trying to meet the October 8 deadline for stakeholder compliance, according to Scottish Life head of pension strategy Steve Bee.

  • Scot Mutual offers stakeholder pack

    6 Jun 2001

    Scottish Mutual is issuing a marketing pack for IFAs to help their corporate clients meet the October 8 stakeholder deadline. The Universal Worksite Pack provides marketing support and guidance. By the Government's deadline, all firms, except those with fewer than five employees or whose staff earn under the lower earnings limit, must offer a stakeholder scheme or a company pension scheme which meets the cri- teria for exemption. The pack provides ...

  • ScotEq Intl adds base in Dublin

    6 Jun 2001

    Scottish Equitable International is setting up a Dublin-based offshore company to operate alongside its existing Luxemburg operation. The first product to be issued from Dublin is likely to be a with-profits bond, details of which will be announced later this year. ScotEq International actuarial director Stephen Bishop has been appointed general manager of the Dublin operation. The office will initially employ around 10 staff, including financial managers ...

  • ScotMut boosts WP bond bonuses

    6 Jun 2001

    Scottish Mutual is increasing the additional guaranteed bonus rates on its with-profits investment bond and its with-profits.com product. The additional guaranteed bonus is set to rise to 2.25 per cent from 1.5 per cent on inv-estments between £20,000 and £49,999. This means from June 4, the first-year bonus rate, including the annual bonus rate of 5.25 per cent, will be 7.5 per cent for investments between £20,000 and £49,999. The ...

  • Scottish Building Society targets north of the border

    11 Jun 2001

    Scottish Building Society is pitching its flexible mortgage at Scottish borrowers.

  • Scottish Life International - International Protected Investment Management Service

    7 Jun 2001

    Thursday, 7 June 2001. International Protected Investment Management Service Type: Offshore bond. Aim: Growth by investing in unit trusts, investment trusts, Oeics, Ucits and offshore funds. Minimum investment: £50,000. Place of registration: Isle of Man. Investment split: Investors choice. Guarantee: This is available under the insurance option which guarantees that at least 101 per cent of initial investment will be returned ...

  • Scottish Life to be 'more aggressive'

    6 Jun 2001

    Scottish Life members voted overwhelmingly to demutualise and transfer business to Royal London at an extraordinary general meeting last week. Qualifying members will get £500 cash for loss of membership rights and qualifying with-profits policyholders will receive additional enhancement to existing reversionary and terminal bonuses. Around £960m will be distributed as enhanced benefits to qualifying with-profits policyholders. Windfalls ...

  • Sedgwick shuts down mortgage operation

    12 Jun 2001

    Sedgewick Independent Financial Consultants has shut down its mortgage operation to concentrate on selling stakeholder pensions. Sedgewick is currently in negotiations to outsource its mortgage business to a specialist IFA, but says it has no plans to reopen its own department due to low demand and falling margins. It claims stakeholder will generate higher levels of business than mortgages at better rates of return. 

  • Self-assment may be the future of underwriting

    6 Jun 2001

    The underwriting of applicants for life or general insurance products is, at a high level, a simple process. The product provider simply has to decide which applicants to accept and which to decline. If only life was so straightforward. The detailed processes which underlie the high-level aim of underwriting are complicated. Before considering these, however, we need to look at the drivers behind the approach adopted. The drivers are principally ...

  • Self-cert mortgage in the Pink

    11 Jun 2001

    Pink Home Loans has introduced the exclusive self-cert mortgage.

  • Settlor of the land

    6 Jun 2001

    Over the last couple of weeks I have started to look at the main features of, and the parties to, a trust, with particular anticipation of a deeper discussion of the more frequent use of trusts in fundamental financial planning transactions. It is my contention, in this respect, that far too few "ordinary" life policies are written or transferred into trust and even the polices - and pension benefits - which are placed in a trust miss some important, valuable ...

  • Sick notes

    6 Jun 2001

    I run a small information technology company with a permanent staff of 30. I have recently set up a stakeholder pension and some death-in-service benefits with a provider which contacted me direct. Following feedback from my employees, I am keen to provide a better benefits package, perhaps including medical insurance. I have an annual budget of around £5,000 and would welcome your suggestions. All the team are under 36 years of age and seem to be in good ...

  • Sipps and mortar

    6 Jun 2001

    I was very surprised to see the statement that only three full Sipps offer the facility for a mortgage to be taken out under a Sipp for investment in commercial property in the Financial Product Reference in the May 24 edition of Money Marketing. Certainly, our own Sipp - the Wolanski & Co personal pension plan - offers this facility. And I think you will find that most, if not all, full Sipps also offer this facility. While some Sipps may package ...

  • Skandia signs fund deals with New Star

    6 Jun 2001

    Skandia has signed an exclusive deal with New Star Asset Management to provide fund links to its life and pension products until next April. It will also give Skandia exclusive rights to stock New Star's funds on its MultiFund supermarket until next year. It will be the first time that Skandia has linked to a product provider from launch. The news comes as Skandia relaunches its fund supermarket, slashing charges and increasing IFA commission. From ...

  • Skipton appeals to new landlords

    12 Jun 2001

    Skipton Building Society is giving potential landlords a helping hand with the introduction of the residential buy-to-let mortgage.

  • SLI pins down its IPIMS

    6 Jun 2001

    Scottish Life International has introduced the international protected investment management service (IPIMS).

  • Society offers LTC guide in bid to raise market share

    6 Jun 2001

    The Pension Annuity Friendly Society is aiming to increase the number of IFAs advising on long-term care insurance and increase its market share with the help of a new guide. The guide takes IFAs new to the market through issues including the care options, costs of care and the role of local authorities. It is hoped the step-by-step guide will help PAFS consolidate and win market share. It is also expected to boost the society's immediate needs annuity. Clients ...

  • Standard & Poor's Micropal Top 10s

    6 Jun 2001

    Jupiter Financial Opportunities fund tops the unit trust tables, having returned 32.84 per cent over the past year. The fund continues to show a robust ability to weather all market conditions. Its three-year return is 96.63 per cent. The average annual return continues to improve on both unit and investment trusts. The average unit trust is at -6.07 per cent over the past year compared with -20 per cent at the start of April. The average investment trust ...

  • Standard looking at all the options

    6 Jun 2001

    The recent front-page story headlined, Standard rejects IFA commission on trees, does not accurately reflect Standard Life's position on this matter. Prior to the publication of regulatory update 88 by the PIA, Standard Life chose not to offer tree-walking services to the clients of IFAs. This was because Standard Life, like most other providers, believed that this would constitute an indirect benefit. However, regulatory update 88 confirmed that ...

  • Sun Life International - International With Profits Bond

    6 Jun 2001

    Wednesday, 6 June 2001. Type: Offshore with-profits bond. Aim: Income and growth by investing in Axa Sun Life's with-profits fund. Minimum investment: £25,000. Place of registration: Isle of Man. Investment split: Property 8 per cent, equities 92 per cent. Isa link: No. Charges: Annual 1 per cent. Bonus rate: 6.5 per cent for sterling, 6 per cent for US dollars and Euros. Additional bonus of 0.5 per cent of investment ...

  • Swiss Life inviting advisers to breakfast

    6 Jun 2001

    Swiss Life is holding a series of IFA breakfast briefings across the UK to discuss the group risk protection market. The first More Than A Cheque briefings start this summer in Birmingham on June 13, London on July 12 and Bristol on July 19. They will continue throughout the year. The briefings aim to provide IFAs with new business opportunities and a chance to discuss topical issues surrounding the protection market. Each briefing will include ...

  • T&C toolkit aims to aid advisers

    6 Jun 2001

    The Financial Services National Training Organisation and financial trade bodies have produced a toolkit to help advisers meet the FSA's training and competence rules. The Financial Advisers Toolkit is designed to give practical help to firms in meeting regulatory requirements. It is part-funded by the Department for Education and Emp-loyment, the insurance and life group of the ABI and Norwich Union. Aifa says the toolkit is an invaluable resource ...

  • Tables are turned again as the FSA rejects risk

    6 Jun 2001

    The Consumers' Association is calling on the FSA to insist that consumers are given copies of its new comparative tables by advisers as a guarantee of best advice. Autif slammed the tables again this week after the FSA revealed there would now be no measure of risk in the unit trust Isa tables, contrary to the original plans. The FSA says its comparative tables, available from the end of September, will give clear and authoritative information on ...

  • The bones of the bonus

    6 Jun 2001

    Recently, a trio composed of some of our oldest and most respected life offices, Friends Provident (formed by Quakers in 1832), Legal & General (1836), and Scottish Widows (1815) incurred the wrath of an organisation known as Chartwell by refusing to disclose the underlying investment performances of their with-profits funds. Instantly, the media was crammed with highly critical comment from the nation's financial experts and the Financial Services Authority ...

  • The Daley Update

    6 Jun 2001

    The Ethical Investment Research Service has set up a new website at www.eiris.org. The site has several pages for IFAs, giving guidance on ethical investment funds. It provides statistics, detailed listings of all forms of ethical finance, and a service to help investors find a specialist ethical IFA. Schroder's Medical Discovery fund has raised £445,000 for the Cancer Research Campaign. The fund, which reaches its first birthday this month, contributes ...

  • Tories hold on to IFA lead

    6 Jun 2001

    Most IFAs voted Conservative in the general election but younger IFAs are turning to Labour, according to an exclusive poll of IFA voting habits conducted by Money Marketing and Skandia. Thirty-five per cent voted Tory, 17 per cent Labour and 9 per cent LibDem. The South-east has the strongest Tory support at 39 per cent compared to 20 per cent for Labour and 10 per cent Lib Dems. In Scotland, Labour leads with 29 per cent to 24 per cent for the Tories and ...

  • Tory IFA comes fourth in Wales

    8 Jun 2001

    Monmouth-based IFA practice director and Conservative candidate Richard Hill came fourth in the Labour stronghold of Ogmore in Glamorgan.Kymin Financial Services director Hill lifted the Tory vote by 1.3 per cent to 11 per cent, but still came in behind Plaid Cymru and the Liberal Democrats. Ray Powell held on to the seat for Labour with 62 per cent of the vote.

  • Unum staff take time out to help charities

    6 Jun 2001

    Unum is supporting the first National Cares Day on June 8 by getting involved in the event in Surrey around its Dorking headquarters. Based on a programme which has been running in the US for the past 13 years, National Cares Day, organised by Business in the Community, aims to encourage businesses to let their staff help local charities, schools and voluntary organisations. For the past two years, Unum has held its own Cares Day, with staff at is Dorking ...

  • Vodaphone: record £4bn profits

    6 Jun 2001

    Virgin Direct claims Vodafone's announcement of record £4bn profits demonstrates why blue-chip stocks are an investor's best bet for the long term. It says the results support recent research by Stirling University which concluded that blue-chip stocks look set to be the best long-term performers. The study found economies of scale enable big firms to operate more efficiently and be best placed to take advantage of technological developments. ...

  • What the minister did next

    6 Jun 2001

    It is June 11 and your post-election hangover has cleared. You have had your 60 seconds with the Prime Minister and you are the new Treasury economic secretary. That's the easy bit done. What happens next? If you are sensible, you will have read Gerald Kaufman's witty and illuminating book, How to be a Minister, so you will not be fazed by the red boxes, private secretaries and requests from trade associations for meetings (these can be great value, especially ...

  • Williams de Broe housing trust axed as it falls short

    6 Jun 2001

    Investment specialist Williams de Broe scrapped its First Housing investment trust offer last week after marginally failing to raise sufficient money for its capital shares. The split-cap fund was already oversubscribed for its £22m offering of income shares but its capital share subscription of £10.6m fell around £2m short. After costs and charges had been taken into account, the trust fell short of the London Stock Exchange minimum requirements ...

  • Yorkshire pays trail cash in bid to keep borrowers

    6 Jun 2001

    Yorkshire Building Society is pledging to introduce trail commission on mortgages in a move which could revolutionise the way IFAs are paid by lenders. In a bid to keep borrowers who are becoming increasingly aware of the ben- efits of shopping around for competitive rates, York-shire says it wants to "rew-ard intermediaries who encourage a long-term commitment to lenders". The society believes that all lenders will eventually have to make a similar move to survive. IFAs ...

  • Your Pension @ Norwich Union

    6 Jun 2001

    NORWICH UNIONYour Pension @ Norwich Union Type: Group stakeholder pension.Minimum premium: £20.Minimum group size: 1.Minimum-maximum ages: 16-74.Fund links: Stakeholder with-profits, balanced managed, UK index tracker fund, sustainable future managed, retirement protection, deposit, defensive managed, UK equity, European equity, US equity, global bond, global equity, Pacific equity, index-linked gilt, gilt, international index tracker, ...

Poll

Will Greece leave the euro?

Current Issue

Advanced search