Money Marketing
6 March 2002

  • £1.2bn of benefits left unclaimed

    12 Mar 2002

    More than £1.2bn of pensioner benefits is lying unclaimed because up to 3m pensioners are not claiming all the state benefits they are entitled to, according to new research from Prudential. It says pensioners could be missing out on £127 a year by not claiming the three main benefits - income support, housing benefit and council tax benefit. Around 43 per cent of people say they are not sure of the eligibility for benefits, 23 per cent are not aware of entitled benefits ...

  • A botched pot never boils

    7 Mar 2002

    I am approaching retirement at age 60 with substantial amounts in pension funds accumulated over the last 25 years. Only a few years ago, it seemed an adequate income would be available from conventional annuities but I have read alarming stories of falling returns and the risks associated with alternatives such as unit-linked and drawdown annuities. What should I do to support myself in retirement? The background to your predicament is worth examining to understand the options ...

  • A pension crisis can be averted

    7 Mar 2002

    A pension crisis is not a pension crisis simply because the national newspapers say so but the system is on the verge of one. Companies are converting to defined-contribution arrangements and often cutting contributions to boot. But what can be done? The phasing out of the dividend tax credit has hit home but its reversal is politically difficult as revenues fall. It may also be a legal minefield. Secretary for Work and Pensions Alistair Darling's call to allow some smoothing ...

  • African sides pose little threat

    7 Mar 2002

    After the recent African Nations' Cup, it would app-ear that there is only a slim chance of the African teams causing any serious damage when they get to South Korea and Japan. Two of the traditionally strong teams, South Africa and Nigeria, were particularly disappointing. South Africa went out in the quarter-finals but did not sack their coach despite much speculation to the contrary. Nigeria, however, finished third and parted company with Shaibu Amodou, replacing him with ...

  • Age Concern closes final-salary scheme

    7 Mar 2002

    Age Concern has become the latest employer to close its finalsalary scheme and slash its contribution levels for new members in favour of a moneypurchase scheme. The charity estimates it is having to earmark around 21 per cent of the salary budget to maintain the final-salary sch-eme, with an employer contribution of 16.5 per cent and employee contribution of 5 per cent. It says this is not a justifiable use of its campaigning and fund-raising resources. Age Concern's contributions ...

  • Ask clients to contact MPs

    7 Mar 2002

    Having had an excellent IFA for over 30 years, I am now approaching the age 75 trap. Many clients of IFAs may be unaware that they could write to and request that their MP support the Private Member's Bill that seeks to rectify many pension problems. Perhaps IFAs could suggest this course of action to their affected clients. M K Martin Holywell, Flintshire

  • AVCs and FSAVCs

    7 Mar 2002

    Members of approved occupational schemes, whose benefits are below the maximum allowed by the Inland Revenue, can consider a number of routes to increase their benefits. A contribution could be made to an in-house AVC or FSAVC. This would need to be within the aggregate maximum personal contribution of 15 per cent of remuneration, capped where appropriate. Any contributions which the individual had to pay as a result of being a member of the occupational scheme would be included within ...

  • Axe hangs over appointed actuaries in FSA WP review

    7 Mar 2002

    The life office role of appoin-ted actuary could soon be scrapped as part of proposals in the FSA's review into with-profits. In the FSA's fifth and final paper on with profits, it proposes appointing policyholders to life office boards and creating a with-profits fund committee. The paper, entitled Gov-ernance of With-Profits Funds and the Future Role of the Appointed Actuary, questions the role of the appointed actuary, saying it may already be covered by the FSA's business ...

  • Bankhall firms get £2.6m payout after Skandia deal

    7 Mar 2002

    Around 700 Bankhall firms will get payouts ranging from £2,500 to £27,000 following Skandia's acquisition of shares in the member share incentive scheme set up by former owner Lynx. The payout, totalling £2.6m, will be made to IFAs that were members of Bankhall when it was bought by Lynx in May 2000. Bankhall says it is looking at setting up a new share incentive scheme for all members. The original value of the share allocation was £5m but has fallen ...

  • Barclays Global Investors - Barclays Global Investors Funds

    6 Mar 2002

    Wednesday, March 6, 2002 Type: Oeic Aim: Income or growth by investing in up to seven Barclays Global Investors funds Minimum investment: Lump sum £1,000 Investment split: Investor’s choice of American growth, European, gilt & fixed interest, international fixed interest, global multinational, UK smaller conmpanies, UK growth Isa link: Yes Pep transfers: Yes Charges: Initial 3-4%, annual 1-1.25% Commissio

  • Berkeley Alexander - Freesafe

    6 Mar 2002

    Wednesday, March 6, 2002 Type: Accident, sickness and unemployment insurance Maximum benefit: £1,500 or 65% of monthly salary, whichever is lower Benefit payment term: Choice of 12 or 24 months Deferred period: Choice of 30 or 60 days Premium: £3 per £100 for unemployment cover, £4.75 per £100 for accident, sickness and unemployment cover Commission: Initial 25%, renewal 25% Tel: 01273 477784

  • Best Best Life Protection Provider - Sponsored by Future Mortgages

    6 Mar 2002

    Winner: Norwich Union Second: Legal & General Third: Scottish Provident

  • Best Business Press Advertisement - Sponsored by Headline Money

    6 Mar 2002

    Winner: Euro RSCG WNEK Gosper - Credit Suisse - 'IN' Second: Navigator Response Advertising - Scottish Equitable - 'Twins' Individual Protection Second: Masius Forsyth Partners - ཚ%'

  • Best Consumer Press Advertisement - Sponsored by AdviserTechH2B

    6 Mar 2002

    Winner: Masius Multex - 'Bear'Sponsored by AdviserTech Second: Euro RSCG WNEK Gosper - Credit Suisse - 'Boy In A Sand Car' Third: CCHM - Bluesure - 'Cello'

  • Best Corporate IFA - Sponsored by Friends Provident

    6 Mar 2002

    Winner: Marsh Financial Services Second: Alexander Forbes Third: Ernst & Young

  • Best Direct Mail Pack - Sponsored by Citigate Albert Frank

    6 Mar 2002

    lowe plus Egg - Egg Card 'Absolutely nothing pack' Second: HARRISON TROUGHTON WUNDERMAN - Britannic Retirement Solutions - 'Prescription' Third: WARMAN AND BANNISTER - Norwich Union - 'Medical Notes'

  • Best Group Pension Provider - Sponsored by Reed Insurance Selection

    6 Mar 2002

    Winner: Standard Life Second: Norwich Union

  • Best Healthcare Provider - Sponsored by Birmingham Midshires

    6 Mar 2002

    Winner: Norwich Union Healthcare Second: Scottish Provident Third: Swiss Life

  • Best Investment IFA - Sponsored by HSBC Asset Management (Europe)

    6 Mar 2002

    Winner: Towry Law Second: Chase de Vere Third: Hargreaves Lansdown

  • Best Investment Provider - Sponsored by CGI

    6 Mar 2002

    Winner: Fidelity Investments Second: Skandia Life Third: Norwich Union

  • Best Life Investment Product Provider - Sponsored by Teamspirit

    6 Mar 2002

    Winner: CCHM Norwich Union Second: Standard Life Third: Legal & General

  • Best Mortgage IFA - Sponsored by Britannic Money

    6 Mar 2002

    Winner: John Charcol Second: The Mortgage Shop

  • Best Outdoor Advertisement - Sponsored by H2B Thinking Research

    6 Mar 2002

    Winner: Citigate Albert Frank - Scottish Widows - 'We'll Hold Your Hand' Second: EURO RSCG WNEK GOSPER - Abbey National business - 'Enough To Worry About'

  • Best Pension IFA - Sponsored by Scottish Equitable

    6 Mar 2002

    Winner: Alexander Forbes Second: Thompson Financial Planning

  • Best Personal Pension Provider - Sponsored by My Money Adviser

    6 Mar 2002

    Winner: Standard Life Second: Norwich Union Third: Clerical Medical

  • Best Protection IFA - Sponsored by Scottish Life

    6 Mar 2002

    Winner: Inter Alliance Second: Bradford & Bingley Third: Lloyds TSB

  • Best Radio Advertisement - Sponsored by Luther Pendragon

    6 Mar 2002

    Winner: Lowe LiVe Norwich Union Healthcare - 'Do I Worry' Second: Dialogue Bank of Ireland - 'The Old Ways'

  • Best Residential Mortgage Loan Provider - Sponsored by Network Data

    6 Mar 2002

    Winner: Halifax Second: Cheltenham & Gloucester Third: Abbey National

  • Best Technology IFA - Sponsored by Intelligent Finance

    6 Mar 2002

    Winner: Positive Solutions Second: Hargreaves Lansdown Third: Inter Alliance

  • Best TV Advertisement - Sponsored by Global Business Television

    6 Mar 2002

    Winner: Cogent, NFU Mutual - 'Values TV' Second: Euro RSCG WNEK Gosper - Credit Suisse - 'IN' Second: CCHM - Bluesure - 'Pear Shaped'

  • Best Use of New Media (Product Provider) - Sponsored by Egg Design and Marketing

    6 Mar 2002

    Winner: Skandia Life www.skandia.co.uk Second: Scottish Life - www.scottishlife.co.uk Third: prudential - www.pruifa.co.uk Publicis

  • Birchin poised to buy national IFA Park Row

    7 Mar 2002

    National IFA Park Row is set to be snapped up by financial services group Birchin International in a reverse takeover, creating a firm worth £30m. Aim-listed Birchin, valued at £17m, says the new group will be called Park Row plc and will aim to double its RIs to 400 in the next 12-18 months and generate a annual turnover of £50m by 2006. Park Row says if the proposals in CP121 are implemented, it intends to have a feecharging IFA division, a whole market authorised ...

  • Britannia says 2001 was best in its history

    7 Mar 2002

    Britannia Building Society says last year was the most successful in its history, with profits more than doubling to £129m from £62m in 2000. Results show the society's net mortgage lending reached a record £1.8bn compared with £800m in 2000. Britannia's subsidiaries, including specialist mortgage lenders Verso and Platform Home Loans, increased profits by 39 per cent to £50m from £36m. The £55m acquisition of Platform last year brought ...

  • Britannic chief offers simplified annuity model

    7 Mar 2002

    Annuity sales could be simplified to create an industrywide standard for the bottom end of the market, making one-on-one advice only necessary for the wealthy, says Britannic Retirement Solutions corporate development director Bob Bullivant. Speaking at an ABI-sponsored seminar on annuity reform in London this week, Bullivant said consumers, especially at the lower end, are not served well by the complicated nature of the market. His new model would see "Mr and Mrs Average" ...

  • Britannic seeks merger to compete on bigger scale

    7 Mar 2002

    Britannic Group is seeking a buyer or a merger with a similarly sized financial services group to help it to compete with its heavier-hitting rivals in the UK. Chairman Harold Cottam says the rapidly changing markets in which Britannic operates have forced it to pursue a merger which will give it the scale to exploit business opportunities to the full. The news comes as Britannic announced that its operating profits fell to £101.6m last year from £174.5m the previous ...

  • Call for industry to take trek challenge

    7 Mar 2002

    Fund manager State Street is challenging teams from across the financial services sector to trek the Scottish Highlands to raise money for charity. The State Street Caledonian Challenge aims to raise £1m for the Scottish Community Foundation through sponsorship of up to 375 teams of four trekking 54 miles along the West Highland Way in 24 hours. The foundation distributes donations to local charities and community organisations. The challenge, founded in 1996, was inspired ...

  • Campaign of the Year - Sponsored by Cap Gemini Ernst & Young

    6 Mar 2002

    Winner: CCHM - Bluesure - 'Covered In One' Second: Euro WNEK Gosper - Credit Suisse -'IN' Third: CCHM - Witan - 'Relatives'

  • Capital gains tax planning

    7 Mar 2002

    Although income tax will be top of the tax planning agenda for most, and comparatively few people actually pay capital gains tax, when it is payable it is usually payable at the highest rate of tax, capital gains being added to taxable income to determine the level of capital gains tax payable. The availability of the following can reduce a potential CGT bill dramatically: Tax-free transfers between spouses. An annual exemption of £7,500 per individual. Taper relief ...

  • Charges are cut on HBOS post-polarisation products

    7 Mar 2002

    HBOS is setting up a "post-polarisation" portfolio of investment products with no initial or exit charges. The group will use some of the £1.4bn raised by a share placing last week to develop this business. It says the long-term savings and insurance products are clear and transparent, making them suit- able whatever the outcome of the polarisation review. HBOS says part of the reason for raising additional capital is to be prepared for the post-CP121 market. It says ...

  • Charles Schwabb launches discounted fund service

    8 Mar 2002

    Charles Schwabb Europe is launching a discounted funds service which offers investors access to 130 unit trusts and Oeics from a variety of fund managers.

  • Charter trust investors reject Henderson bid

    7 Mar 2002

    Henderson Global Investors has failed in its hostile bid for Dresdner's Charter European investment trust after an unpre-cedented number of the fund's investors turned out for the vote on its future management. Despite having the support of two other major shareholders - Equitable Life and Standard Life - Henderson secured only 46.2 per cent of the vote compared with Dresdner's 53.8 per cent. Henderson had proposed to wind up the £400m trust, returning 75 per cent ...

  • Chartwell Investment - Managed Portfolio Service

    7 Mar 2002

    Thursday, March 7, 2002 Aim: Income or growth by investing in cautious growth, core growth, enhanced growth or income strategies Minimum investment: Lump sum £10,000 Investment split: Choice of cautious growth, core growth, enhanced growth or income strategies Income facility: Quarterly Charges: Initial 1%, annual 1% Commission: None Tel: 01225 321700

  • Cheshire fixes at 5.78% for decade

    7 Mar 2002

    Cheshire Building Society is expanding its mortgage range to offer nine new loans, including flexible trackers, a first-time buyer product, discounts and fixed rates. The 10-year fixed rate mortgage offers up to a 95 per cent loan at a rate of 5.78 per cent compared with the current variable rate of 5.65 per cent. The loan also allows for annual opt-outs after five years so if the fixed rate is no longer competitive, borrowers can switch to a new deal. Cheshire claims its three-year ...

  • Clerical's service holds a lesson for IFAs

    7 Mar 2002

    Clerical Medical's blunder in sending incorrect pension valuations to over 2,500 policyholders has once again highlighted life offices' apparent inability to provide an efficient service to IFAs and customers. It is an issue that has assumed particular relevance now that depolarisation is likely to blow existing distribution arrangements out of the water. But the problem is far from new and the Clerical case has simply given IFAs a platform on which to vent their spleen on ...

  • Commission possible

    7 Mar 2002

    There are two essentially separate points in CP121 - the proposed changes to the rules about polarisation and the proposed introduction of the defined-payment system for IFAs. The first is about distribution and could be introduced without the second (which is about remuneration). The converse may also be true in theory but, in practice, the impact that the defined-payment system will have on IFAs is such that new distribution options are necessary to avoid a reduction in the size ...

  • Company of the Year - Sponsored by Fairs Plc.

    6 Mar 2002

    Winner: Standard Life Second: Norwich Union Third: Skandia Life

  • Company pension contributions

    7 Mar 2002

    Many companies have year-ends of March 31 or April 5. It has been established that company contributions are one of the most effective ways of extracting capital from the company for the benefit of directors. Any company contribution will normally be allowable as a business expense in the company accounting period when it is paid. Where the director is a member of an occupational scheme and his benefits are below the Inland Revenue maximum approvable level, there will often be scope ...

  • Consumers confused over mortgage protection says Scot Prov

    11 Mar 2002

    Thirteen per cent of mortgage holders with no mortgage protection at all do not know why they don't have cover, according to a survey by Mori for Scottish Provident.

  • CP121 is caving in to power

    7 Mar 2002

    CP121 confirms the destruction of one well-known maxim and endorses the accuracy of another. It used to be "those who can, do - those that cannot, teach." Now those that cannot have a career choice - they can regulate. The blatant capitulation of CP121 to the power players in the industry demonstrates the truth of "absolute power corrupts". The pathetic arguments within CP121 condemn the FSA to being less principled than those it purports to clean up. The recent publication of ...

  • CP121 will not steal Sandler's thunder

    7 Mar 2002

    Soon after the PIA was formed, it was said that its chief executive was known to prefer a market where there were a few providers and some big distributors. Regulating, the average IFA was seen to be highly troublesome. Not just troublesome but also not conducive to regulation at a distance. I know it is a complete coincidence but is this not close to the market that CP121 could deliver? I am not suggesting that it is a conspiracy but perhaps the logistical problems of operating ...

  • Credit Suisse First Boston - Global Titans Income or Protected Growth Plan 2

    7 Mar 2002

    Type: Guaranteed equity bond Aim: Income or growth by investing in a Jersey based company Minimum-maximum investment: £7,000-no maximum Term: Five years Guarantee: Capital returned in full at end of term regardless of performance of underlying investment Return: Choice of up to 55% growth, 10% income a year or 2.25% income a quarter Interest rate: 6% Closing date: April 8, 2002 Commission: Initial up to 4% Tel: ...

  • Diggle flies again

    7 Mar 2002

    I am a huge fan of Inland Revenue head of savings and pensions policy Paula Diggle and think she has done a great deal to reform financial services for the better. She introduced Oeics, pushed through Cat standards in the face of much industry opposition and came up with the idea of individual pension accounts. When she left the Treasury, many of her opponents rejoiced to see the back of her. Foolish people. You cannot keep a good woman down and, even in the backwater of the Inland ...

  • Dividends

    7 Mar 2002

    Many company owners will be familiar with the benefits, in the shape of tax deferment and National Insurance savings, of extracting funds for personal expenditure from the business by way of dividend as opposed to salary. It is worth remembering that if a dividend is declared this side of April 6, the tax (at 32.5 per cent with a 10 per cent tax credit for those for whom the dividend is over the higher-rate threshold) will be due on January 31, 2003. But if the dividend is not declared ...

  • Drawdown move from NDF Admin

    7 Mar 2002

    NDF Administration is moving into the income-drawdown market with a six-year retirement income and growth plan for the post-retirement market. The retirement income & growth plan allows investors to draw an income from their pension fund at a fixed rate for six years. After purchasing income of either 3 per cent, 5 per cent or 7 per cent, the balance of the fund can be invested for growth with no capital risk. NDF is marketing the plan to clients wanting to delay their annuity ...

  • Egg to open IFA supermarket covering all products

    7 Mar 2002

    Prudential-owned Egg is planning a full-scale launch as an IFA supermarket for funds and pensions following its acquisition of business-to-business platform Fundsdirect. Pru says its does not see a conflict with IFA-exclusive supermarket Cofunds which it part-owns through M&G. Egg will merge its newly acquired platform with existing consumer fund supermarket, Egg Invest, before entering the IFA market this year. Fundsdirect, which launched in 1999, has recently concentrated ...

  • Euro vision

    7 Mar 2002

    Europe is taking a bigger role in financial services, with the aim of a single market by 2005. Cap Gemini Ernst & Young vice-president Shaun Crawford thinks European firms have stolen a march on UK companies. He says the single financial market is not always on the radar here, with UK companies occupied on issues such as depolarisation. Apart from the chief executives of the increasingly European-wide consolidated financial services companies, the Treasury and FSA are both ...

  • Fight FSA plan to cut small firms

    7 Mar 2002

    Thank you Lorna Bourke for your assessment (Money Marketing, March 28) of what might be the real reason behind CP121, namely a desire by the FSA to, in effect, cut down the number of small independent IFA firms in the UK and thus simplify the FSA's burden of regulatory supervision. IFA firms should note that the FSA is already on record as saying that a lack of response from the IFA sector will be taken as a tacit acceptance of the CP121 proposals. Every IFA firm should be preparing ...

  • Fiscal attraction

    7 Mar 2002

    In a perfect fiscal world, tax planning strategies would be considered and put into action all year round. But, in real life, people are busy with other more commercially pres-sing matters for much of the year, such as generating eno-ugh income and assets to need tax planning in the first place. The approach of the end of the tax year provides opp-ortunities to maximise the use of personal allowances, reliefs and exemptions for the year. Properly addres-sed, this objective can be achieved ...

  • Framlington World Cup challenge

    7 Mar 2002

    Are you on course for the first monthly prize? Watch this space! The first week of play is under way and here is how the teams are shaping up so far. The table (right) shows the week's top 20 players based on entries received by Tuesday, February 26. All entries received by the closing date of Monday, March 4 will be backdated and included in subsequent league tables. Remember, every month, Framlington will announce a winner. Each monthly winner will receive an England ...

  • FSA defends its research for CP121

    7 Mar 2002

    Q: What will happen to the existing renewal/fund-based commission income streams under the proposed new regime? A: We deal with the point at paragraph 4.36 of the consultation paper where we make it clear that it is not our intention to prohibit those firms which move to defined-payment remuneration and, as such, are permitted to call themselves "independent", from receiving a flow of renewal commission arising from business formerly transacted on commission terms. However, renewal ...

  • Fund manager deal speculation rife

    11 Mar 2002

    Mellon has emerged as the leading bidder for Royal & SunAlliance Investments, according to a report in Sunday Business.

  • FundsNetwork next to offer re-registration

    7 Mar 2002

    Fidelity's FundsNetwork bec-ame the second fund supermarket to offer re-registration this week, enabling investors to transfer existing investments on to the platform without inc-urring any costs or taxes. The service, known as an in specie transfer, was first introduced by Cofunds in January. It is expected to be the catalyst for wider use by supermarkets as IFAs can keep tabs on the majority of their clients' investments in one place. Previously, investors wanting to re-register ...

  • Future Mortgages appoints new PR head

    11 Mar 2002

  • GHC - Residential Property Growth Fund

    7 Mar 2002

    Thursday, 7 March 2002Type: Investment trustAim: Growth by investing in equity release schemesMinimum investment: Lump sum £1,000Maximum investment: NoneInvestment Split: 100% invested in equity release schemesTypes of share: Not applicableIsa link: YesPep transfers: YesRedemption date: NoCharges: Initial 2.25%, annual 1.2%Commission: NoneTel: 0845 7078425

  • Govt wants FSA to rule UK in EU single market

    7 Mar 2002

    The Government is pushing for the FSA to retain its powers within a single European market for financial services rather than contend with a supra-national regulator based in Brussels. The single market has been made "an urgent priority" for the forthcoming Barcelona summit and the Government has published a White Paper on European economic reform. In the White Paper, the Government sets its stall out for "mutual recognition over harmonisation" which advocates the maintenance of ...

  • Halifax pays out £7m to borrowers

    7 Mar 2002

    Halifax is attempting to draw a line under the ombudsman ruling by offering £7m in compensation to 30,000 borrowers who complained after being barred from its base mortgage rate. The bank is paying £500 in compensation to 10,000 existing borrowers with capped or discounted loans who protested before January 31 that they were not allowed to switch to its base mortgage rate, introduced last March. About 20,000 borrowers who complained after this date will be paid a goodwill ...

  • HBOS lending soars but profits are down

    7 Mar 2002

    Profits at banking giant HBOS fell to £1.6bn last year from £1.7bn but net mortgage lending jumped by 183 per cent to £17bn from £6bn. The company blames the fall in profits on the integration costs from the merger of Halifax and Bank of Scotland, the acquisition costs of buying a share in St James' Place Capital and the operating assets and unit-linked funds of Equitable Life. HBOS says it plans to raise £1.3bn by placing up to 130 million new ...

  • House prices beat RPI over 10 years

    7 Mar 2002

    The South-east of England saw the biggest increases in house prices over the past decade while some towns in the west of Scotland witnessed big declines, according to the Halifax. The new survey by the UK's biggest mortgage lender looks at regional variations in prices between 1991 and 2001 covering a total of 720 towns. Over the decade, Thames Ditton in the South-east saw the biggest jump of 206 per cent to £342,262 from £111,833 and Teddington in Greater London ...

  • HSA and Leeds Hospital Fund to merge

    7 Mar 2002

    Healthcare cash plan providers HSA and Leeds Hospital Fund are merging to form a combined operation controlling 45 per cent of the sector. HSA has 37 per cent of the cash plan market, primarily in London and the South-east, while LHF has a strong brand presence in the North, with about 7 per cent share. Despite their different sizes, an HSA spokeswoman says the deal is definitely a merger rather than a takeover. Both companies will continue as separate operations, with LHF ...

  • IFA of the Year - Sponsored by Norwich Union

    8 Mar 2002

    Winner: Chase de VereSecond: Alexander ForbesThird: Hargreaves Lansdown

  • IFA Professional Development Award - Sponsored by Scottish Widows

    6 Mar 2002

    Winner: Millfield Partnership Second: Inter Alliance Third: Chase de Vere

  • IFAs wanted to set up a co-op as a network alternative

    7 Mar 2002

    There is no doubt that most people need good financial advice. There is also little doubt that most do not get it, mainly because they cannot afford it or do not trust this industry. How to pay for advice is part of the problem. Is the solution a co-operative? Don't get me wrong. I am not suggesting that we work for nothing. Like everyone else,I need to earn a living and I have no objection to being rich. But I am not prepared to give people bad advice to get there.I know there ...

  • Income tax planning

    7 Mar 2002

    Isas offer freedom from income tax and capital gains tax. In addition, the 10 per cent tax credit on dividends from UK equities can be reclaimed until April 5, 2004. Investors have a choice of one of two types of Isa each tax year - a maxi Isa or mini Isa, the features of which are set out below. In one tax year, an investor cannot contribute to both. Investors will need to invest before April 6, 2002 if advantage is to be taken of the full Isa allowances for 2001/02. - Maxi Isa The ...

  • Independent view - Tom Kean

    7 Mar 2002

    The more I learn about the Equitable Life fiasco, the more I wonder who is in control of what we all do for a living. Its bribe for not suing is a good example. Time after time I read about this but no one stops the bus to say it is not right - you cannot bribe people not to sue as this will set a precedent for others to follow. Supercilious people from life offices saying "we as an industry have no doubt lost authority after the pensions misselling scandal" do us no favours. Let me ...

  • Industry Personality of the Year Award - Sponsored by Platform Home Loans

    6 Mar 2002

    Winner: Keith Popplewell

  • Inexpertise that puts us in jeopardy

    7 Mar 2002

    Some years ago there was a morning radio programme that always made me laugh by the inappropriate so-called experts that they would have to comment on various matters. For example, if there was a major shipping disaster they would have someone who rented out boats in their local park lake to give his opinion. This is only slightly different in my opinion to the standard of person who now issues edicts from the FSA and who is recruited to pontificate about our industry and in the ...

  • Inheritance tax planning

    7 Mar 2002

    When Labour came to power in 1997, inheritance tax was flagged for considerable reform. So, perhaps one of the biggest tax surprises is the lack of significant change to the IHT rules. Bearing this in mind, the following points should be taken into consideration by anyone who is concerned with a potential IHT liability. One of the simplest methods of IHT planning is to make full use of this year's annual exemption (£3,000) and any unused exemption from the previous year. ...

  • Inside edge - Peter Dornan

    7 Mar 2002

    The fast-growing protection market is an example of an area where advice can be immensely valuable to consumers. One of the most significant market trends during 2001 was the rush of providers seeking to gain a foothold in the market for protection products. Dismissed by some industry commentators as a last-gasp attempt by life insurers to offset the impact of stakeholder, this trend has nonetheless proved significant, with some entrants making real inroads and growing the overall ...

  • Inter Alliance in £17.2m share issue

    7 Mar 2002

    Inter Alliance is attempting to raise £17.2m by a share offer of 26 million new ordinary shares.

  • Investment analysis

    7 Mar 2002

    Further encouraging economic news helped push the majority of the world's stockmarkets higher last week, with investors able to put the recent worrying corporate developments behind them for the time being. Federal Reserve chairman Alan Greenspan said he was "cautiously optimistic over the outlook for the US economy" and within 24 hours the revised fourth-quarter GDP figures confirmed growth of 1.4 per cent, significantly ahead of expectations. The Dow Jones rose by 4 per ...

  • Investment update

    7 Mar 2002

    Schroders is offering a 2 per cent discount on its medical discovery fund until the end of March. The discount will reduce the fund's initial charge to 3.25 per cent from 5.25 per cent. Annual charge of 1.5 per cent. Minimum investment is £1,000. Artemis has set up a 24-hour online dealing service, enabling investors and IFAs to buy, sell or review their Artemis investments Valuations are updated daily. Barclays Global Investors is pushing into the retail market ...

  • Investment view

    7 Mar 2002

    I hesitate to mention the name Roddy Kohn in this column - not least because he does not mention me in the one he writes for an altogether inferior publication. However, Roddy was responsible for chairing the question and answer panel on which I sat at the first of this year's AITC Forums in London last week. He asked how many of the IFAs present were novice investors attending the forum to learn more about investment trusts. About a quarter of the audience stood up to indicate ...

  • Isa investors not looking long term, says Charcol

    8 Mar 2002

    The vast majority of investors lack a long term perspective towards their Isa investment, according to research commissioned by Charcol.

  • Julian Gibbs

    7 Mar 2002

    Eurolife has come up with an excellent Dublin-based income and growth plan offering 10 per cent a year over five years or a monthly income of 0.8 per cent. It is called the Investment Plus Plan. With interest rates likely to remain at low levels, this return is outstanding, especially as the downside risk is extremely low. It is linked to the FTSE 100, S&P 500 and Nikkei 225 indices. The capital is returned in full provided that none of the indices falls by more than 35 per cent ...

  • Key ad campaign on equity release

    7 Mar 2002

    IFA equity-release specialist Key Retirement Solutions is running a TV advertising campaign aimed at retiring homeowners. The national advertising campaign, which will be shown on Channel 4, Sky Sports and ITV in the West Country, highlights how standards of living can be boosted in retirement by releasing capital from property. Using the theme, On the house, the commercials show how a variety of people can spend on home improvements, holidays, new cars and trips to visit family ...

  • Lament on CP121

    7 Mar 2002

    Consultation Paper 121 A one to one? I think not. From Hull, Hell and Halifax Let's agree to disagree, The Funny Smell Authority is beginning to rile me. This time, let's have a more Equitable discussion. Broker a discussion? More like a scattergun approach To ram the idea down everyone's throat A proper muddle Yes - and jolly bankers in a huddle Independence, that's your lot, For ordinary folk they care not Consumer protection, ...

  • Legal & General cuts life policy bonus rates and maturity payouts

    7 Mar 2002

    Legal & General has cut its annual bonus rates by up to 25 per cent on life policies and maturity payouts by more than 15 per cent. Annual bonuses on life policies fall to 1.5 per cent from 2 per cent in 2000 on the sum assured and to 2.75 per cent from 3.5 per cent on existing bonuses. A 25-year endowment policy for a male aged 29 paying £50 a month will pay out £73,566 compared with £86,895 last year,a decrease of 15.3 per cent. The running yield - a ...

  • LIA accredited adviser axed as it joins coalition

    7 Mar 2002

    The LIA has ditched its acc-redited financial adviser scheme, opting instead to join an unprecedented industrywide coalition responding to the FSA's examination review. Despite its high-profile launch in November, the trade body has conceded its plans have been overtaken by the FSA's review and it has abandoned the proposals. It has joined Aifa, Sofa and the IFP in endorsing most of the FSA's proposals for the future of the exams regime although there are some reservations ...

  • Life offices back giant tech fairs for IFAs

    7 Mar 2002

    Leading life offices and technology firms are teaming up to launch a series of technology fairs which they claim will be the biggest programme of IFA-focused events. Standard Life, Norwich Union, Scottish Equitable, Standard Life, Synaptic Systems and Microsoft are among 15 companies backing the Adviser.tech events, which they hope will replace the smaller seminars which have become a financial drain on providers and IFAs. The first event is set for Manchester on June 11. Organiser ...

  • Loan firms slam claims over Catmark success

    7 Mar 2002

    The Treasury is under fire from the mortgage industry for boasting about the success of Cat standards in its Regulating Mortgages paper. The paper claims Cat standards have created straightforward mortgages and are "stimulating lenders toward delivering fair value to their customers". It says Cat standards have encouraged lenders to calculate interest daily, allowed overpayments and cut early repayment charges. But broker franchise Mortgageforce says Catmarking has not even dented ...

  • Loan restructuring

    7 Mar 2002

    Tax relief for the payment of mortgage interest was generally abolished from April 6, 2000. However, for anyone running their own business where they have credit balance loan or capital or current accounts, it will be worth investigating whether it is poss-ible to release funds from the business to repay those outstanding accounts to facilitate repayment of a mortgage, the interest on which no longer qualifies for relief. If the business subsequently needs money, then any interest ...

  • Merrill Lynch Investment Managers - European Dynamic Fund

    7 Mar 2002

    Thursday, March 7, 2002 Type: Unit trust Aim: Growth by investing in quote continental European securities excluding the UK Minimum investment: Lump sum £1,000, monthly £50 Investment split: France 23%, Germany 17%, UK 17%, Eire 12%, Sweden 9%, cash 7%, Spain 5%, Denmark 4%, others 3%, Switzerland 2%, Netherlands 1% Isa link: Yes Pep transfers: Yes Charges: Initial 5.25%, annual 1.5% Commission: ...

  • Misys...

    7 Mar 2002

    Misys has launched a new-look logo for its DBS network to bring it in line with the corporate image of the group following its acquisition in July last year. The DBS name remains but the font has been changed and the Misys 'M' will be in the corner to give it the same identity as Countrywide and Kestrel, which are also Misys subsidiaries. DBS says it took the opportunity to change the logo to coincide with the printing of new stationery to meet N2 requirements.

  • Moore's code

    7 Mar 2002

    FRS17 sounds like one of those rather sinister abbreviations scientists are fond of using when they talk about nasty new strains of bacteria. In fact it is a new accounting standard which forces companies to declare shortfalls in final-salary pension schemes on their balance sheets. But the effect it is having on those schemes is rather like a disease - and a fatal one at that because they have been dropping like flies. Not a month goes by without news of another blue chip company ...

  • Mortgage Express' website for IFAs

    7 Mar 2002

    Bradford & Bingley's specialist lending arm Mortgage Express is launching a new internet service for IFAs allowing them to conduct business online. Mx-online provides quotations, automated decisions in principle and allows submission of applications and "real time" case tracking. Advisers can also develop online buy-to-let portfolios for clients such as landlords. Client details are stored so only information on new property has to be entered. The service is available ...

  • Moving story

    7 Mar 2002

    You have to take your hat off to the big networks. Somehow they seem to have convinced their members that moving from their network to a competitor is akin to Dr Indiana Jones' journey to the Temple of Doom. When you speak to network members, they seem to believe that the transfer process is fraught with difficulty, time-consuming and costly and no business can be written while the transfer is being arranged. That is not true and this perception is changing. Seventy-four ...

  • Multi-ties will add to the providers' pressure on IFAs

    7 Mar 2002

    Just which world is Brian Wood living in when he suggests that advisers' power will be increased (Money Marketing, February 21)? This may be true for bigger IFAs but for individual practitioners, power remains entirely with the product providers. In the same week that Mr Wood's letter appeared, Norwich Union rang me to say that if I did not increase my levels of business with it, my commission enhancement would be reduced. There was no suggestion on NU's part that ...

  • N&P offers to sunny Spain

    7 Mar 2002

    Norwich and Peterborough has introduced a five-year fixed-rate mortgage that is available for the purchase of properties in southern Spain.

  • National Savings enters GEB race

    12 Mar 2002

    National Savings and Investments has introduced its first guaranteed equity bond following the company's recent revamp.

  • NatWest forms partnership with Pru mortgage club

    12 Mar 2002

    NatWest has formed a partnership with the Prudential's mortgage panel, Premier Mortgage Services, to pay commission to brokers selling its small business products and services to self employed customers. PMS members also get commission on NatWest mortgage products. The new deal means NatWest will pay a commission fee of 0.45 per cent to the PMS intermediaries on both mortgages and business lending.  

  • NDF launches two structured products

    12 Mar 2002

    NDF has launched two new structured products offering a degree of capital protection on investors' capital.

  • New mortgage range from B&W

    12 Mar 2002

    Bristol & West is launching a new range of products that includes a five year fixed rate mortgage at 5.49 per cent and a seven year fixed rate at 5.55 per cent. Both products are available up to 95 per cent loan to value.

  • New Star attracts £500m in investment

    12 Mar 2002

    New Star Asset Management has attracted more than £500m funds under management in just seven months since launch in to its investment funds. New Star raised £96.2m in the three-week offer period ending on February 22 for its Higher Income fund and £251m for its UK Growth and European Growth funds in July 2001, as well as £31m for its UK Aggressive fund in October 2001. 

  • No distinction between agents, says Severn

    7 Mar 2002

    Polarisation does not make clear that IFAs operate as an agent acting in the best interests of clients, according to head of the FSA polarisation review David Severn. Answering questions from IFAs in this week's Money Marketing, Severn said the current regime does not make a distinction between an agent of the provider and an agent of the client. Severn said this lack of clarity is heightened by the fact that IFAs are generally paid by providers, which has led to consumers ...

  • Northern Rock - Balance - Fifth Issue

    6 Mar 2002

    Wednesday, 6 March 2002Type: With-profits bond and high interest accountWITH-PROFITS BONDAim: Growth and income by investing in Legal & General's with-profits fundMinimum investment: £5,000Bonus rates: Growth option 6%, income option 5.75%Allocation rates: 100%Charges: ImplicitHIGH INTEREST ACCOUNTMinimum-maximum investment: £5,000-£500,000Interest rate: 7% gross a yearTerm: Until ...

  • Outside edge - David Ferguson

    7 Mar 2002

    I guess when the dust has settled on CP121, we will all remember the last few weeks for some time to come. Although the initial hysteria that greeted the publication has started to make way for reasoned debate, opinion remains fairly polarised on the likely long-term outcome. In these situations, there will always be those who see the light and those who remain plunged in darkness. My prize for the most preposterous contribution is awarded to the IFA who wrote in last week's ...

  • Patter of tiny feet for T&G

    11 Mar 2002

    Teather and Greenwood Investment Management has introduced the fifth issue of the Childcare corporation enterprise investment scheme (EIS)

  • Pension planning

    7 Mar 2002

    The payment of contributions to an approved pension plan is one of the few remaining ways that an investment by an individual can qualify for higher-rate income tax relief. The end of the tax year is always a critical date for pension planning to ensure that full advantage is taken of the pension reliefs. This is even more so, given the persistent scare stories concerning the potential removal of higher-rate tax relief. Many companies also have a year-end of either March 31 or ...

  • Personal allowances

    7 Mar 2002

    With the tax rate on savings income for basic-rate taxpayers at 20 per cent, the potential saving that can arise from a higher-rate taxpayer transferring funds to a basic-rate taxpaying spouse is 20 per cent, even though the real difference in their respective rates of tax is 18 per cent. Even greater savings can be obtained when the transfer is from a higher-rate taxpayer to a 10 per cent or non-taxpayer. The following are the main taxation tips. Most of these need a full tax year ...

  • Philip Williamson

    7 Mar 2002

    Lives: Haywards Heath, Sussex. Born: December 11, 1947. Age: 54 Education and qualifications: Caldy Grange School, Wirral; degree in economics from Newcastle University. Career to date: Lloyds Bank 1970/88; UK Land director 1988/91; Nationwide 1991 to date, promoted to divisional director in 1994, appointed to board in 1996, chief executive since January 2002. Career ambition: Achieved. "Happy to retire in this role." Life ambition: "To give something back by going ...

  • Pink gets into double figures

    7 Mar 2002

    Pink Home Loans has introduced a one-year discounted rate flexible buy-to-let mortgage that allows borrowers to buy up to 10 properties.

  • Pink Home Loans appoints new MD

    8 Mar 2002

    Pink Home Loans has appointed Tony Jones as its new managing director. Jones is currently head of business development at UCB Home Loans. Prior to UCB where he held his position for four years, Jones spent his career at Nationwide Building Society starting out in the branch network. Jones will be starting with Pink Home Loans in mid May and will take over from Peter Presland who is taking early retirement on health grounds.

  • Pinnacle Insurance - Optident

    7 Mar 2002

    Thursday, March 7, 2002 Type: Healthcare cash plan Minimum premium: £6.50 a month, £78 a year Minimum-maximum ages: 18-80 Maximum benefit: Optical £370, dental £500, accidental dental £10,000, emergency dental £600, eye test £20 Deferred period: Six months Commission: Subject to negotiation Tel: 020 8731 3687

  • Plan a direct email drive

    7 Mar 2002

    In my last article, I gave an overview of how Quay Software has undertaken to analyse each of the 167 common tasks that its IFA practice Quay Associates does each day and how using technology efficiently can reduce the time spent on these tasks by up to 80 per cent. This week, I will look at the ways in which technology can save time in getting a marketing message across. Marketing is something that few IFAs do well and most do not do at all. If they did, organisations such as ...

  • Pop goes the pension

    7 Mar 2002

    Pop stars may be condemned to become ageing rockers after an Inland Revenue ruling which prevents them from retiring early. The Revenue has received early retirement applications from entertainers whose careers are on the wane and want to draw their occupational pension but it has rejected the move in pensions update 120. Professional sportspeople can take retirement from 35 from their occupational pension schemes, because, as the Revenue states, "most professional sportspeople ...

  • Product matters

    7 Mar 2002

    Cheshire proclaims that its new productrange is "ripe and ready" so is it really as juicy as they say or will it hold a rotten core? First, the new range of two- and three-year discounts are going to be up against some hot competition. The two-year deal is available up to 80 per cent loan to value offering a 1.91 per cent discount (current pay rate of 3.74 per cent) without any redemption penalties beyond the discounted period. The lack of an arrangement fee and free valuation ...

  • Property prices boosted by low mortgage rates

    7 Mar 2002

    House prices jumped by 1.6 per cent in February from the previous month, with the average house price now £94,965, according to figures from Nationwide. It says the propoerty market is showing no evidence of slowing down and price growth is being driven by rising prices in the regions outside London, such as the South-west, East Anglia and the East Midlands. Nationwide says the cause of the house price rises is low mortgage rates, which are driving housing demand. It says ...

  • Public has no faith in Govt tackling pensioner poverty

    7 Mar 2002

    The majority of Britons have no confidence in the Government's ability to tackle pensioner poverty, according to a survey from Age Concern released as part of its new lobbying campaign. The campaign, Fair Pensions For All, is aimed at highlighting the realities experienced by today's pensioners and the threat of poverty that people of working age face in the future. Only 21 per cent are satisfied with the Government's pension policy, with six out of 10 dissatisfied. Nearly ...

  • Rebels to fight means-test bill

    7 Mar 2002

    The Liberal Democrats are predicting a backbench rebellion against the Government over its State Pensions Credit Bill because it introduces universal means testing. Lib Dem pensions spokesman Steve Webb says there are a number of Labour MPs who are questioning extending means-testing, as the pension credit proposes to do, and will be likely vote against the bill when it reaches the House of Commons in about six weeks time. Webb says: "It is essentially mass means-testing by another ...

  • Regulation move boosts interest in PMI plans

    7 Mar 2002

    PMI providers say the move to add the regulation of general insurance advice to the FSA's remit has led to a dramatic increase in interest in their products from networks and IFAs. PPP Healthcare says since the Treasury ann-ounced in December that it plans to bring the GISC under the FSA's umbrella, IFA networks have shown an increased interest in including it on their panels. Norwich Union Healthcare says there has been an increase in its agency agreements, not just from ...

  • Removal of approval

    7 Mar 2002

    Over the last few weeks, my articles have considered the deeper tax implications of commission rebates, cashbacks and discounts both for IFAs and their clients. I concluded last week with a brief look at PSO Update 33, which deals with commission rebates arising as a result of the direct or indirect movement from one investment vehicle to another, and mentioned that it gives examples of transactions which could compromise the tax approval of occupational and personal pension schemes. ...

  • Report berates Govt on pensions

    7 Mar 2002

    The Government's pension policy has been described as "flawed" and failing to eliminate pensioner poverty in a damning report by leading thinktank the Institute for Public Policy Research. The report, co-sponsored by CIS, calls for the state second pension and the pension credit to be abolished in fav-our of increasing the basic state pension to the level of the minimum income guarantee, currently £100 a week, and recommends that the retirement age should be raised to 67. The ...

  • Revenue in U-turn over SSAS whistleblow proposals

    7 Mar 2002

    The Inland Revenue has backed down on controversial proposals to force trustees of small self-administered schemes to whistleblow on their sch-eme members. The Revenue had proposed that SSAS trustees should be forced to shop their members if they discovered any breaches of the scheme rules such as making bigger withdrawals from the fund than all-owed under the rules. SSAS providers and the Association of Pensioneer Trustees have been lobbying for the recommendations to be dropped, ...

  • Safeway - 3 Year Stepped Rate Bond

    7 Mar 2002

    Thursday, 7 March 2002Type: High interest accountMinimum-maximum investment: £1,000-£2mInterest rates: Year one 4% gross a year, year two 5% gross a year, year three 6.5% gross a yearTerm: Three yearsOffer period: Until further noticeWithdrawal penalties: 180 days' loss of interest on amount withdrawnTel: 0800 995995

  • Saga enters discount broker market

    7 Mar 2002

    Over-50s holiday, publishing and financial services group Saga is entering the discount broker market. Saga, which already has an IFA, will offer cut-price equity Isas from all the UK's fund providers. The service, which started this week, will be targeted at Saga's core over-50s market and will discount 3 per cent from the initial charge of any equity fund Isa. Saga has also negotiated special terms with eight of the UK's top providers - Aberdeen, Fidelity, Newton, Henderson, ...

  • Sapporo Lads lead the way

    7 Mar 2002

    Scottish Life is the exclusive sponsor of Sky's pay-per-view Premiership football channel Premiership Plus. To celebrate this new partnership, Scottish Life has teamed up with Money Marketing to offer IFAs some fantastic prizes and the opportunity to win a trip to Japan to see England play Argentina. Since the launch last month, the Fantasy Football League has had an exciting month of Premiership action and the leader board is shaping up. With 10 weeks of Premiership games left, ...

  • Sarasin - Sarasin Global Health Fund

    12 Mar 2002

    Tuesday, March 12, 2002 Type: Oeic Aim: Growth by investing in pharmaceuticals, biotechnology and medical technology companies Minimum investment: Lump sum £1,000, monthly £100 Investment split: Pharmaceuticals 40%, biotechnology 30%, medical technology 30% Isa link: Yes Pep transfers: Yes Charges: Initial 5%, annual 1.5% Commission: Subject to negotiation Tel: 020 7246 0430

  • SASS with Standard Life

    12 Mar 2002

    STANDARD LIFE - Small Self-Administered SchemeType: Small Self-Administered Scheme. Minimum investment: £416.67 a month first member, £208.33 a month average for additional members. Investment choice: Standard Life funds - sterling one, fixed interest one, property one, protection one, structured one, index-linked one, managed one, ethical one, international one, stock exchange one, Far East one, European one, Japanese one, North American ...

  • Schroders cites equity markets for £21m loss

    7 Mar 2002

    Falling markets and inflated costs drove Schroders' balance sheet into the red last year for the first time in 43 years as the firm made a loss of £20.6m. The loss comes after profits £221.3m in 2000 and £244.6m in 1999, with the company placing most of the blame on "weak equity markets and increased volatility". Long-term infrastructure projects and redundancy costs accounted for around £40m of the fall in profits while losses in the group's private ...

  • ScotLife wizard lacks magic

    7 Mar 2002

    Scottish Life has just awarded Credit Suisse First Boston the "Harry Potter failed wizard" prize for the most inaccurate crystal ball gazing of 2001 after its forecast that the FTSE 100 index would be at 7,400 at the end of 2001. I would have thought that this once fine mutual would be keeping its head down following recent events. Perhaps it should be awarded the "Stephen Byers economical with the truth" award following its decision not to declare an additional bonus to with-profit ...

  • ScotMut cuts with-profits bonuses

    7 Mar 2002

    Scottish Mutual is slashing its with-profits bonuses by up to 18 per cent for pension and life policies. The annual bonus rate on unitised with-profits pensions fell by 1 per cent last year to 4.5 per cent and on life policies, it fell to 4 per cent from 4.75 per cent in 2001. ScotMut says continuing poor performance of investment markets, where returns on UK equities have fallen on average by 19 per cent over the last two years, is the reason for the reduction in its bonuses. A ...

  • Selestia and Berkeley link for risk-rated Isa portfolios

    7 Mar 2002

    Multi-manager platform Selestia has teamed up with IFA network Berkeley Independent Advisers to offer a choice of four new investment portfolios for the Isa season. The portfolios, conservative, select, performance and income, have been devised by Selestia's portfolio construction technology, and bring together a selection of funds from the Selestia platform. Selestia is providing marketing aids for Berkeley members to help clients understand the benefits of Isa investment. Selestia ...

  • Self Cert from L&G mortgage club

    11 Mar 2002

    Legal & General's Mortgage Club is offering a self-certification mortgage at 4.09 per cent aimed exclusively at self-employed and employed customers.

  • Skipton - Bonus Rate Mini Cash Isa

    12 Mar 2002

    Tuesday, March 12, 2002 Type: Mini cash Isa Aim: Growth Minimum investment: Lump sum £500 Maximum investment: £3,000 Catmarked: No Interest rate: Investments £500-£2,999 - 3.6% gross a year, £3,000 - 4.95% gross a year Charges: None. Withdrawal penalties: Two penalty free withdrawals a year provided 30 days notice given. Thereafter 30 days’ loss of interest on amount withdrawn Comm

  • Skipton Building Society - 2 Year Fixed Rate Bond

    8 Mar 2002

    Friday, 8 March, 2002Type: High interest accountMinimum-maximum investment: Lump sum £3,000-£10,000Interest rate: 5% gross a yearTerm: Two yearsOffer period: Until further noticeWithdrawal penalties: No withdrawals permitted during termTel: 0800 446776

  • Slight wobble in Jupiter's orbit?

    7 Mar 2002

    IFAs will not have failed to notice that this year's Isa season is a little quieter than the last - not just in terms of sales but in terms of industry activity in general. Among other things, the first three months of 2001 saw the launch of Cofunds, numerous new funds, the culmination of the SG Asset Management/Virgin bet and a heated debate as to whether IFAs should be able to rebate trail commission. This year, sales are down by 40 per cent, fund launches have been few and ...

  • Small VCTs should return money to investors says fund manager

    12 Mar 2002

    Small Venture Capital Trusts do not represent a viable investment opportunity and should return money to investors says VCT provider Yorkshire Fund Managers.

  • Smile links ethical funds

    7 Mar 2002

    Online bank Smile has brought together four of the UK's top ethical fund providers under a new single investment product. The new product, offered in conjunction with Co-operative Bank Financial Advisors, combines funds from Friends Provident, Gerrard, Henderson and Norwich Union. Initial charge is 1.375 per cent and annual charge is 1.38 per cent. These charges may change after April 10. Smile is also offering a similar long-term capital growth package, bringing together four ...

  • Solent Mortgage Services appoints national sales manager

    12 Mar 2002

    Mortgage and loan distributor Solent Mortgage Services has appointed Lalli Kalayan as its national sales manager. Kalyan has over 10 years experience in the finance industry and joins from Countrywide Mortgage Centre where she was mortgage sales manager.Kalyan will co-ordinate seven business development managers servicing the broker market in the UK.

  • Starting small

    7 Mar 2002

    On the same day that the Queen was crowned, the news was released that Edmund Hillary had climbed Mount Everest. It sometimes feels that encouraging the use of e-commerce in our industry is an equally daunting task but the important thing to remember is that Hillary achieved that climb one step at a time. Although it is great to have grand visions of where technology can take us, all too often I come across situations where people are spending so much time working towards the perfect ...

  • Taking advantage of the retirement annuity rules

    7 Mar 2002

    Retirement annuity contracts are not subject to the new defined-contribution tax regime rules but retain their existing tax rules. There are three main areas of consideration for individuals holding retirement annuity contracts. Ability to pay higher contributions than to a defined-contribution tax regime scheme Although higher contributions may normally be paid to a defined-contribution tax regime scheme, an individual with earnings well in excess of the earnings cap (£95,400 ...

  • Talkback

    7 Mar 2002

    Would Skandia's decision to pay 5 per cent initial commission on online fund sales for the rest of the Isa season increase the likelihood of you using the life office for your clients investments? "No. We do not judge investments on the basis of commission paid. We look at a whole range of other things like suitability to the client." Michael Blackwood, H&L Financial Investments "Not particularly no. I am not influenced by commission, I do work off commission but at ...

  • Tax experts snub call to reinstate ACT on pensions

    7 Mar 2002

    Tax experts have dismissed calls from Opposition MPs, unions and the pension industry to reinstate advance corporation tax credits on pension schemes, claiming such a move would fall foul of a European Court of Justice ruling. Despite intense lobbying by opponents, including Lab-our MP Frank Field, for a full or partial reinstatement of ACT credits abolished in Chancellor Gordon Brown's £5b tax raid on pensions in his first Budget in 1997, corporate tax experts say subsequent ...

  • Tax-efficient keyperson cover

    7 Mar 2002

    Tax efficiency is possibly one of the most frequently used phrases in the industry and one that regularly forms the cornerstone of recommendations presented to our customers. In the same way, reference is often made in corporate protection planning to the "tax efficiency" of particular recommendations being made. A major sector of the corporate protection market is keyperson cover and it is here that we regularly comment about taxation. Most of the comment is made in the context ...

  • Teather & Greenwood - Childcare Corporation 5

    7 Mar 2002

    Thursday, March 7, 2002 Type: Enterprise investment scheme Aim: Growth by investing in children’s nurseries Minimum investment: Lump sum £2,000 Opening/closing date: March 1, 2002/April 5, 2002 for 2001/2002 tax year, May 31, 2002 for 2002/2003 tax year Charges: Initial 6.5%, annual up to 3.75% Commission: Initial 2.5% Tel: 020 7426 3204

  • Treasury boosts IFAs on estate agent introducers

    7 Mar 2002

    Mortgage introducers such as estate agents and housebuil-ders will have an incentive to refer potential borrowers to an IFA rather than a tied agent to avoid full FSA regulation under Treasury proposals. Packagers may also escape full FSA regulation if they do not arrange mortgages or give advice but res-trict themselves to providing information. The Treasury's Regulating Mortgages consultation document, published last week, sets the framework for the new regime, which is due ...

  • TV hunt for Jamie Oliver of IFA world

    7 Mar 2002

    A TV production company is looking for the Jamie Oliver of the IFA world to host a financial makeover programme to be broadcast on terrestrial television. London company Felix Productions is hunting for a future star of the small screen for a show that will advise real people on how they can efficiently manage their income, investments and assets. The show, in the style of Ground Force and Changing Rooms, aims to show people how they can achieve life changes and fulfil long-held ...

  • UK taxpayers waste £4bn

    7 Mar 2002

    Britons are wasting £4bn in unnecessary tax, according to IFA Promotion's 10th annual Tax Action report. The survey, carried out by independent research agency Mintel, shows that nine out of 10 adults pay more tax than necessary through financial inertia or lack of understanding of the tax regime. The figure of £4bn is down by 30 per cent from £5.7bn last year. Mintel believes this is the result of the reduced number of tax breaks available, such as Tessas ...

  • Understanding corporate pensions

    7 Mar 2002

    National IFA MX Financial Solutions is publishing a guide to help employers understand the issues of corporate pensions. The guide - Reviewing your Company Pension - deals with the major issues employers need to be aware of when providing a company pension scheme. It explains how company schemes operate and underlines the need for clear communication with staff. The guide has been launched in response to the increasing number of final-salary scheme closures. MX points to the fact ...

  • Upheaval could see CGNU turn from UK

    7 Mar 2002

    One of the UK's biggest insurers CGNU says the upheaval caused by depolarisation may lead it to divert shareholder capital outside the UK. CGNU, parent company of Norwich Union, says the profitability in the UK may be "undermined" by the extent of regulatory upheaval currently taking place and may lead to resources being directed into continental Europe as a more promising market. Speaking to Money Marketing, CGNU director and NU chief executive Philip Scott said the potential ...

  • Wealthy prefer IFAs for advice

    7 Mar 2002

    A third of wealthy consumers would rather turn to an IFA for financial advice than a private client banker or stockbroker, according to a survey from financial analyst Mintel International. Wealthy investors were asked which type of adviser they would turn to if they had £20,000 to invest. Almost half, 47 per cent, said they would turn to an IFA and 33 per cent said an IFA would be their first point of call before any other source of advice. After IFAs, the internet was the ...

  • Wesleyan guide to saving

    7 Mar 2002

    Wesleyan Assurance has published an investment guide aimed at consumers unsure where to put their money because of stockmarket turbulence. Your Guide to Investments is designed to help investors by explaining different ways to save and invest through a range of savings and investment options. It deals with cash Isas, gilts, with-profits investments, corporate bond funds, stocks and shares and stakeholder. The guide has a self-help tool to assist investors in designing the best investment ...

  • Will MFR changes stem final flood?

    7 Mar 2002

    Reform of the minimum funding requirement may be the first good news that final-salary pension schemes have had in a long time but many people in the industry believe it does not go far enough to be their saviour. In the face of a tide of highprofile final-salary closures, the Government hopes the proposals will go some way to ease the burden of defined-benefit schemes while maintaining member protection. The new measures extend the time limit which schemes have to make good any ...

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