Money Marketing
6 October 2004

  • 'Actuarial miscalculations on life expectancy have hindered planning'

    7 Oct 2004

    Serious underestimations of future life expectancy by actuaries are one of the main causes of the pension crisis, claims Pensions Commission chairman Adair Turner. Speaking to an ABI fringe meeting at the Labour Party conference ahead of publication of the commission's report on October 12, Turner attributed part of the pension problem to the industry relying on inaccurate life expectancy predictions. In 1981, the Government Actuaries Department estimated that, by ...

  • 'Advice must remain central to the process'

    7 Oct 2004

    According to the latest figures, there are about 3,000 intermediaries who currently conduct mort-gage business who have neither applied for direct authorisation or appointed representative status - why not? "Who are they and what impact will this apparent exodus have on the size of the market and the availability of professional mortgage advice? Time will soon tell." Portman Building Society associate director Paul Howard "This week, much of our compliance department ...

  • 'Cash beats 97% of funds in all companies sector'

    7 Oct 2004

    Investors are better off holding cash during flat markets than in 97 per cent of funds in the UK all companies sector, says Bates Investment Services. The firm's research reveals that just eight out of 268 funds in the IMA UK all companies sector produced positive returns and delivered the equivalent of 5 per cent a year compound during four flat stockmarket periods. The 5 per cent level was set as a target that the funds had to beat bec-ause this is what investment in a cash ...

  • 'Decent structured deals are going to waste'

    7 Oct 2004

    An issue that has been on the boil since regulation was first announced is the use of the word independent. This single word has provoked more discussion than perhaps any other aspect of regulation in both the IFA and mortgage intermediary market. If you wish to call your firm an independent mortgage intermediary in the new FSA world, here is what you must do: •Fees. You must offer clients the option to pay a fee for your services. This means they are entitled to ...

  • 'Failure to take up enhanced annuities costing £277m'

    7 Oct 2004

    Pensioners could lose around £277m through lack of awareness of enhanced annuity products, says Just Retirement. In interviews with 210 people, the provider found that 75 per cent were unaware of enhanced annuities for those who smoke or are in poor health. Although around 40 per cent of people qualify for an enhanced annuity at retirement, only 15 per cent in the survey thought they would be eligible. The provider also found that, of those people who will ...

  • 'Lift barriers to schemes'

    7 Oct 2004

    The Government must change the design of employer-sponsored defined-contribution schemes if it is to achieve its ambition to improve the 40/60 private/state benefit dependency ratio to 60/40 by 2050, warns a report by the Pensions Institute at Cass Business School. It says means-testing discourages advisers from promoting membership to lower earners while negligible profit margins are forcing advisers and providers to withdraw from the market for smaller schemes. Report ...

  • 'TCF team will turn to mortgages soon'

    7 Oct 2004

    The FSA's team working on its Treating Customers fairly team will switch its focus to mortgages within four months, according to Association of Mortgage Intermediaries director Chris Cummings. Speaking at a debate about mortgage regulation at Money Marketing Live in Manchester last week, Cummings revealed that the FSA will be looking for volunteer firms which the TCF team will visit to get a better understanding of the mortgage market. Panellist Mortgageforce managing ...

  • £290k fine for Sesame over pension unlocking

    7 Oct 2004

    Mega-network Sesame has been fined £290,000 by the FSA for pension unlocking. Sesame has been fined for serious failings in its supervision of Regal Partners Financial Planning Ltd which had advised customers to release cash early from their pensions. The advice given potentially affected about 3,205 customers between August 1999 and May 2001 The FSA is looking closely at the way a number of advisers have failed to act in the best interest of customers when advising ...

  • A consumer's view

    7 Oct 2004

    The FSA report on closed with-profits funds provides no comfort for the millions of investors whose money in these funds is languishing, earning little or nothing. About 66 with-profits funds out of a total of 110 funds are closed to new business and about £191bn of investors' assets are locked in, trapped by hefty withdrawal penalties of up to 25 per cent. The one thing that the FSA report was right about is that the position of investors in closed funds is complic-ated. ...

  • A step forward or a takeover?

    7 Oct 2004

    Former LIA pre-sident Peter Sprung found that the meeting with the LIA board answered many of his questions and he would like to see a truly unified body. However, he would have liked to see the merger talks including the Institute of Financial Planning. Ex-LIA presid-ent Ken Davy backs the mer-ger as he says it will give advisers the recognition and standing they deserve and put them on a par with the legal and accountancy world. Sofa founder Ben Carroll says he is firmly ...

  • A&L will cut principal numbers after M-Day

    7 Oct 2004

    Alliance & Leicester will be restricting the number of principals it deals with after M-Day, Money Marketing has learned. National accounts manager David Rhodes is understood to have told several companies that it will exclude from M-Day that it may restart business with them in January. The managing director of one excluded IFA firm says he is seriously contemplating whether A&L will be reinstated onto its mortgage panel in January. A&L head of mortgage ...

  • ABI urges Govt to aid today's savers

    7 Oct 2004

    The Government will have to reduce the reliance on means testing and refocus its attention on today's savers after the election if it is to make any headway in reducing the savings gap, warns ABI head of pensions and savings Joanne Segars. The pension credit has done its job in helping many existing pensioners out of poverty but is acting as a disincentive to current sav-ers, says Segars. While supporting a revamping of the existing state pension sch-eme, Segars says the emp-loyer ...

  • AITC tells all trusts to be explicit on gearing

    7 Oct 2004

    Investment trust boards have been told by the AITC to go public on their gearing policy to end friction in the marketplace. The AITC has written to members asking them to clarify levels of gearing in each trust. Under FSA rules published one year ago, boards have to fully disclose investment trusts with significant levels of gearing. But the AITC says friction has been created between firms with different understandings of what constitutes significant levels ...

  • AMEX signs up new fund provider

    8 Oct 2004

    American Express Financial Services Europe has signed up US fund group Dimensional Fund Advisors as a provider to its wrap platform.Dimensional, whose current UK fund range focuses on the small cap and value market, applies academic research to the practical world of investing.It works with fee based financial advisers to help them structure globally diversified portfolios. The firm does not pay upfront commission or trail fees.

  • Axa blames modest recovery as terminal bonuses are cut

    7 Oct 2004

    Axa has cut terminal bonuses by over 5 per cent on its Axa Sun Life and Sun Life Assurance Society with-profits funds. The cuts affect policies maturing from October 2004 and follow reductions in annual bonuses announced in March, when Axa Sun Life unitised bond returns were cut by 9.3 per cent, personal pensions by 14 per cent and endowments by 15.7 per cent. Axa says about 16,000 policies due to mature will be affected by the changes. Rates will be reviewed ...

  • Baillie and ATS promote investment trust Sipp

    7 Oct 2004

    Investment trust manager Baillie Gifford has teamed up with Alliance Trust Savings to offer the Baillie Gifford select pension, a self-invested personal pension.The Sipp provides access to Baillie Gifford's eight investment trusts and four bond funds, plus a select range of over 1,500 individual shares, listed securities, Oeics, unit trusts and Alliance Trust savings deposit accounts.Investors can create their own portfolios and consolidate existing pension arrangements ...

  • Baillie Gifford - Select Pension

    8 Oct 2004

    Type: Full self-invested personal pensionMinimum investment: Lump sum £50, monthly £50Investment choice: Scottish Mortgage Investment Trust, Monks Investment Trust, Scottish American Investment Company, Edinburgh Worldwide Investment Trust, Baillie Gifford Japan Trust, Baillie Gifford Shin Nippon, Pacific Horizon Investment Trust, Mid Wynd Investment Trusts, Baillie Gifford Bond Pension Fund, Baillie Gifford Unit Linked Pension Fund, Baillie ...

  • Bank of England keeps interest rates on hold

    7 Oct 2004

    The Bank of England's monetary policy committee has decided to leave interest rates at 4.75 per cent.There have been five quarter point rises in interest rates since November 2003. Last month there was also no change in the rate.

  • Bankhall 'unaffected by VAT ruling'

    7 Oct 2004

    Bankhall says it will not be affected by Customs & Excise's recent ruling on VAT. In a letter to members, Bankhall says its view is that the business brief from C&E, issued in September, does not affect the VAT status of its supplies through Bankhall Investment Associates, which is not an IFA network. Bankhall says the brief also reaffirms the exempt status of its network supplies via Investment Strategies (UK). This flies in the face of concerns raised ...

  • Barclays Global Investors - i-Shares DJ Eurostoxx Mid Cap

    12 Oct 2004

    Type: Exchange traded fundAim: Growth by tracking the performance of the Dow Jones Eurostoxx Mid Cap IndexMinimum investment: Subject to negotiation with a stockbrokerInvestment split: 100% tracking the performance of the DJ Eurostoxx Mid Cap IndexPlace of registration: DublinIsa link: YesPep transfers: YesCharges: Annual 0.4%Commission: NoneTel: 020 7668 8007

  • Barclays Global Investors - i-Shares DJ Eurostoxx Small Cap

    12 Oct 2004

    Type: Exchange traded fundAim: Growth by tracking the performance of the Dow Jones Eurostoxx Small Cap IndexMinimum investment: Subject to negotiation with a stockbrokerInvestment split: 100% tracking the performance of the Dow Jones Eurostoxx Small Cap Index Place of registration: DublinIsa link: YesPep transfers: YesCharges: Annual 0.4%Commission: NoneTel: 020 7668 8007

  • Barclays Global Investors - i-Shares MSCI FTSE Xinhua China 25

    11 Oct 2004

    Type: Exchange traded fundAim: Growth by tracking the performance of the FTSE Xinhua China 25 IndexMinimum investment: Subject to negotiation with a stockbrokerInvestment split: 100% tracking the performance of the FTSE Xinhua China 25 indexPlace of registration: DublinIsa link: YesPep transfers: YesCharges: Annual 0.74%Commission: NoneTel: 020 7668 8007

  • Barclays Global Investors - i-Shares MSCI Japan

    11 Oct 2004

    Type: Exchange traded fundAim: Growth by tracking the performance of the MSCI Japan IndexMinimum investment: Subject to negotiation with a stockbrokerInvestment split: 100% tracking the performance of the MSCI Japan indexPlace of registration: DublinIsa link: YesPep transfers: YesCharges: Annual 0.59%Commission: NoneTel: 020 7668 8007

  • Bare-faced cheek

    7 Oct 2004

    Anyone who runs an advice-led financial planning business will be well aware of the many uses that a trust can have in combination with a financial product. Most of these combinations involve a pension arrangement of some form or an onshore or offshore insurance product. Increasingly, though, thought is being given to trusts in combination with other financial products, particularly collective investments. Combining any financial product with a trust will usually have ...

  • BM Solutions goes live with KFI

    11 Oct 2004

    BM Solutions has today gone live with its online Key Facts Illustration (KFI) enabling intermediaries to access a KFI directly from its website.Head of sales Alan Cleary says: "We're one of the first lenders in the market to launch our KFI. We've launched so early in order to give mortgage brokers every opportunity to get used to the KFI process. We're using it as an invaluable test period so that we can make any tweaks as and when necessary. "

  • Bridgewater Equity Release relaunches two products

    12 Oct 2004

    Bridgewater Equity Release is relaunching its secured equity option and home mover option.Under the new policies customers will be able to enjoy the benefits of a reduced minimum equity release value of 25 per cent.The reduction in the minimum percentage will help people in areas where capital values are relatively high, where previously the sale of 50 per cent of the equity would have realised more cash than required. The new policies are also being offered to owners of ...

  • Canada Life appoints executive director IFA distribution

    8 Oct 2004

    Canada Life has appointed Steve Fitzhenry as executive director of IFA distribution.Fitzhenry will oversee all IFA product distribution wihting Canda Life Wealth Management.He joins from Great West Life, Canad Life's parent company. Canada Life managing director Ian Gilmour says: "Steve brings a wealth of experience in this area and he will play an important role in the continued success of the division."

  • Cascade of change is causing concern

    7 Oct 2004

    Serious concerns are being voiced about the difficulty of implementing depolarisation at the same time as multiple other changes which are rapidly approaching. A debate on depolarisation at Money Marketing Live at G-Mex in Manchester last week heard Bankhall group sales director Shaun Godfrey point out that depolarisation is coinciding with the most significant changes that the industry has ever seen. Godfrey said depolarisation could prove to be a lot for the industry ...

  • Cash points

    7 Oct 2004

    Many product providers admit that they do not know if their equity-based investment products can beat cash deposit accounts. Standard Life and Prudential were unable to say whether their equity-based with-profits funds would beat the 5 per cent plus being offered by many cash deposit accounts. Some IFAs have started steering their clients away from equity-based investments and into lower-risk savings accounts. Investment specialists from Bates Investment Services ...

  • Chilton on Mortgages

    7 Oct 2004

    This is an extract from a consumers guide to regulation that we are working on. Just two thoughts for you to dwell on. First, do any of your customers know what to expect from you in the future? Second, have you actually changed your sales process to genuinely comply? October 31 will bring with it the single biggest change the mortgage industry has ever known. The road to statutory mortgage regulation has been a long one. Not satisfied with the industry's attempts to self-regulate ...

  • Citigroup - Enhanced Growth Plan IV

    6 Oct 2004

    UK Option 1Type: Guaranteed equity bondAim: Growth linked to the performance of the FTSE 100 indexMinimum-maximum investment: £5,000-no maximum, Isa £3,000-£7,000Term: Six yearsReturn: 30% of original investment at end of year three if index rises by at least 30% or 130% of growth in the index at the end of the termGuarantee: Original capital returned in full at end of term regardless of performance ...

  • Clerical first to say it will continue FSCS levy

    7 Oct 2004

    Clerical Medical is the first pro-vider to commit to a continued subsidy of the Financial Services Compensation Scheme after the Pass scheme closes. IFAs have been horrified to learn that providers' voluntary subsidy of the scheme through Pass comes to a close at the end of the year, with no current plans to extend it. Many firms have been struggling to meet their FSCS levy requirements for this year. Providers have been unwilling to commit to a continuation ...

  • Closed encounter

    7 Oct 2004

    The FSA's briefing on closed with-profits funds highlights the dilemma facing the ind-ustry over how best to deal with clients who have money inves-ted in these products. The regulator is keen to stress that a closed with-profits fund is not necessarily a bad one and is clearly looking to nip any future scandal in the bud. Sector leader for insurance David Strachan says the issue of closed funds remains high on the regulator's list of priorities as it looks to restore ...

  • Cofunds overpays £1m to investors

    7 Oct 2004

    Around 1,000 investors in the Threadneedle strategic bond fund have been asked to return a total of more than £1m after a computer error by fund supermarket Cofunds. The error meant that investors were paid 100 times more income than they were entitled to from the £350m corporate bond fund. It occurred after a decimal point was put in the wrong place when income was calculated. Cofunds has written to investors and asked them to return the overpayments after ...

  • Compass boosts revenues

    6 Oct 2004

    Compass Finance Group has generated £8.26m of revenues in 2003, 140 per cent higher than the previous year and brokered and packaged £77m of mortgages and remortgages by end of 2003. Operating margins rose from 16 per cent to 22 per cent according to W H Ireland Stockbrokers' institutional research report on the mortgage broker.

  • Contract talks

    7 Oct 2004

    The Professional Development Contract The aim of the PDC is to set out the graduate trainee's and the employer's commitments and plans for the two main stages of the traineeship before the trainee achieves competent adviser status. It should be helpful in concentrating both parties on their mutual obligations and expectations. The document will be agreed between the trainee and their manager within the first few weeks of employment. The employer should consider ...

  • Depolarisation may be brought forward

    7 Oct 2004

    Depolarisation is likely to take place in December, a month earlier than the market has been expecting. FSA sector manager (retail intermediaries) Paul Rich says the final rules should be out by the start of December, with depolarisation being implemented later in the month. There will be a six-month transitional period when the market can take early advantage of the changes. Rich says the FSA will offer training workshops from late November to help firms understand ...

  • Don't let name row spoil merger plans

    7 Oct 2004

    I voted last week on the name of the new LIA and Sofa "institute" and noted that 85 per cent of advisers disagree with the new title. Would it be possible for Money Marketing to ask for a vote on a preferred name? It seems that everyone is against the new name but there are no other options put forward. Here are a few ideas: •Financial Advisers Society •Society of Financial Advisers •Personal Financial Society •Institute of Financial ...

  • DWS closes its trackers And offers L&G switch

    7 Oct 2004

    DWS Investments is pulling out of passive funds by closing its three trackers at the end of the month and offering customers a switch to L&G. DWS has told IFAs it will close the trackers and give investors a range of choices depending on whether they hold the funds in a Pep or Isa. The firm sold the majority of its passive business to Northern Trust in January 2003. The funds closing on October 29 are the £4.3m Japan equity tracker fund, the £38.2m UK All-share ...

  • Events calendar

    7 Oct 2004

    October 6-7 IFP Forum for Success Leicestershire 0117 945 2470 October 6 Ifs Lecture, Maidstone 01227 818 662 October 14 Ifs Lecture Norwich 01227 818 662 October 14 Ifs Lecture, Southampton 01227 818 662 October 14 Money Marketing Roadshow Bristol November 2 ABI Saver Summit Bafta, London 020 7216 7392 November 3 Ifs Conference London 01227 828 259 November 4 Ifs Lecture Coventry 01227 ...

  • Expert witness

    7 Oct 2004

    The Association of Mortgage Intermediaries wants to see the introduction of an expert panel to help with mortgage complaint decisions that will be referred to the Financial Ombudsman Service. The FOS will have the responsibility for mortgage complaints from October 31 and the AMI's suggestion is for a panel to offer expert opinion and give the FOS the benefit of this expertise when reviewing a complaint. AMI director Chris Cummings told a panel discussion at the Money ...

  • Fat chance for morality

    7 Oct 2004

    The seemingly inexorable increase in life expectancy observed over the last century may be about to stop. Some commentators are going even further. Earlier this year, Professor Claude Bouchard, president of the International Society for the Study of Obesity, stated: "I suspect that within a short period of time we will begin to see a reduction in life expectancy." Over the last 30 years there has been a sustained decline in the number of deaths from heart disease in the US. This ...

  • Fears over voting and qualifications

    7 Oct 2004

    Money Marketing has given IFAs the opportunity to put their questions to Sofa and the LIA about the proposed merger bet-ween the two bodies. Recurring questions centre around the loss of the "dip" from LIA members' qualifications and the possibility of a transitional period to enable advisers to acquire additional AFPC passes to avoid relegation. Advisers also showed curiosity about why an external body has not been app-ointed to count the votes and concerns were raised ...

  • Fidelity opens doors to IFAs

    11 Oct 2004

    Fidelity will cost an investment forum for professional advisers and IFAs on Friday.The asset management firm will give intermediaries the chance to meet fund managers from the UK and hold a video conference with others from across the globe.The theme of the forum, which is being held at The Brewery on Chiswell Street, is "Why the biggest risk is not taking risks".This is Fidelity's attempt to challenge the levels of investor apathy and risk-aversion on the market.

  • Firms working full pelt as big day approaches

    7 Oct 2004

    "With many mortgage intermediaries not authorised by 'M-Day, they may be seeking a route to market, for example, using a "friend's" authorisation number for an int-erim period. The FSA is aware of such practice and is warning both authorised and unauthorised that this is an illegal act resulting in both parties being unable to trade in the future. Furthermore, the lender accepting the business will have no legal right over the borrower should he default." Premier ...

  • Framlington puts VCT in spotlight

    6 Oct 2004

    Framlington intends to raise up to £30m for a venture capital trust which invests in the alternative investment market.The Framlington Aim VCT will aim for growth by investing in Aim companies that qualify for inclusion in a VCT. The manager can also invest in companies traded on Ofex and unquoted companies, but at the moment the amounts are not expected to be significant. Money awaiting investment in qualifying Aim companies will be invested in cash, gilts and Aim investments ...

  • Freedom Finance adds Mortgage 2000 to its panel

    8 Oct 2004

    Freedom Finance has added Mortgage 2000 to its panel of distributors.The current panel also includes Mortgage Force, Mortgage Next, Mortgage Promotions, Pink Home Loans and The Business Mortgage Company.Freedom will be included on M2-mortgage club direct submission panel as well as M2-d&p's packaging panel.Freedom's product range includes self-cert, buy-to-let, let-to-buy and non-conforming mortgages. Key features include individual underwriting of each case ...

  • FSA backs IMD review

    7 Oct 2004

    The FSA has underlined its commitment to the European Commission's review of the insurance mediation directive, saying it will be standing up for greater flexibility. FSA sector manager (retail intermediaries) Paul Rich told Money Marketing that the review, scheduled for April, is important not just to help intermediaries but for the long-term state of the market. He is keen that the review should acknowledge the viability of intermediaries using capital as well as ...

  • FSA go-ahead for Millfield / Inter-Alliance merger

    6 Oct 2004

    The FSA has granted approval for the merger of Inter-Alliance Group with Millfield. Both companies announced to the stock exchange on October 1 that the merger had been granted and that the Millfield offer was "wholly unconditional". Trading in Inter-Alliance's shares has ceased and the firm's interim results for the six months ending June 30, 2004 will not now be listed.

  • FSA to probe burden of phoenix firms on FSCS

    7 Oct 2004

    The FSA is to examine the link between phoenix firms and claims submitted to the Financial Services Compensation Scheme and Financial Ombudsman Service. The action has been welcomed by the industry, which has been greatly concerned by the recent trend for firms such as Berkeley Berry Birch to wind up subsidiaries, transfer out assets and leave liabilities which are then subject to claims to the FSCS. In March, the FSA moved to scrutinise the transfer of Berry Birch & ...

  • Future for asset backed securities

    12 Oct 2004

    Investors need to pay more attention to asset-backed securities, says Standard Life Investments.The market for asset-bascked securities has grwon phenomenally in recent years in the US and Europe, says head of treasury john Cummins.He believes that this is set to spread to Asia and will cause good opportunities for investment.In Europe ABS issuance has risen 30 per cent in the last year and had a five-fold increase in the US in the last 10 years.

  • How to turn the multi-tied

    7 Oct 2004

    The imminent arrival of multi-tied advice into the consumer marketplace should send out a resounding signal to the thousands of IFAs who prize their independence and intend to stay that way - there has never been a more crucial time to promote your unique offering. Currently, we have two clear types of financial adviser while after D-Day there will be a whole range of differing offerings, no doubt adding hugely to consumer confusion when they are looking for and taking financial ...

  • HSBC takes straightforward approach as it enters guaranteed product arena

    7 Oct 2004

    HSBC is entering the guaranteed income bond market and expects to unveil its first offering in the new year. Speaking at the Structured Retail Products Adviser seminar in London, HSBC Asset Management head of UK structured and specialist products Chris Taylor said while income products are a holy grail for the structured market, the current pricing environment means manufacturing them remains challenging for providers. Taylor said just 1 per cent of recent structured ...

  • IFA hopes Snowdonia will be cash mountain

    7 Oct 2004

    Family-based occupational pension schemes may not be the inheritance tax shelters that many advisers expect, experts are warning. Technical Connection pensions consultant John Page says the Inland Revenue has hinted that the new alternatively-secured pensions will attract an IHT liability. Under the Government's current proposals, alternatively-secured pension holders will be able to pass on benefits to other non-dependent scheme members upon death. The cost ...

  • IFAs want Mom index

    7 Oct 2004

    Standard & Poor's is to consult with clients over the results of a Money Marketing poll that showed huge backing for a multi-manager index. The fund ratings agency admits it is intrigued and surprised by the result of the online survey which showed that 92 per cent of IFAs would find it useful to have an index that specifically rates the performance of the multi-manager sector. S&P had no plans to develop a multi-manager index and had said the future possibility ...

  • Independent view

    7 Oct 2004

    In a recent Money Marketing article, an adviser commented that, in the mid 1990s, he had to "choose between the LIA and Sofa as organisations to associate with". He chose Sofa. I feel sorry for him and others like him in feeling this was a tough decision because it implies that one organisation is better than the other. How do these people feel now, knowing that their "professional" Sofa is about to combine with the "salesy" LIA? Indeed, it is noticeable that ...

  • Insight offering property Fof for HNWs

    7 Oct 2004

    Insight Investment will introduce a property fund of funds for high-net-worth clients later this month subject to approval of the Guernsey Financial Services Commission. The Guernsey-domiciled Insight property portfolio unit trust will be the company's first fund to invest indirectly in commercial property. Minimum investment is £100,000. The fund will aim for capital growth, with an expected target yield of 4.5 per cent a year. It will be fully invested ...

  • Investment view

    7 Oct 2004

    Wasn't September a miserable month? I am, of course, talking about the weather. So far as the market is concerned, it was more Indian summerish. As the third quarter of 2004 drew to a close, the FTSE 100 index was flirting with 4,600 - within spitting distance of its two-year high. This despite oil having gone through $50 a barrel. Oil has been a continuing topic this year. The price of oil dictates the cost of energy and transportation. These are crucial elements in determining ...

  • John Lawson on pensions

    7 Oct 2004

    Some particular aspects of the new pension tax rules are beginning to catch the public's imagination. This is good news for private pensions after years of being dogged by bad publicity. The new investment rules will - in theory at least - allow savers to invest in anything at all. There has already been talk of investing in works of art, fine wines, classic cars and the like. But what has really captured the interest of the disillusioned retirement saver is what happens ...

  • Julian Gibbs

    7 Oct 2004

    Bernard Fairman and his team at Foresight Technology VCT have produced far and away the best results of any venture capital trust since its launch in November 1977. Returns have averaged 22.7 per cent a year, including over 150 per cent of tax-free dividends. The next best returns have been only around 8 per cent a year. The continued success of Foresight is due to the team between them having 139 years' experience of investing in smaller companies and extracting ...

  • Mansfield Building Society launches three year discount

    12 Oct 2004

    The Mansfield Building Society has launched a new three year discounted mortgage scheme available on residential owner occupied property in England and Wales up to a maximum loan to value of 90 per cent.The standard variable interest of 6.73 per cent is discounted by 1.75 per cent for three years resulting in an initial payable rate of 4.98 per cent.For house purchases, the product is subject to a processing fee of £40 and the cost of a basic valuation fee is refunded ...

  • Marlborough caps it up

    7 Oct 2004

    MARLBOROUGH FUND MANAGERSMarlborough UK Micro Cap FundType: Unit trustAim: Income and growth by investing in UK smaller companies with a market capitalisation of less than £50mMinimum investment: Lump sum £1,000Investment split: 100% in UK smaller companies with a market capitalisation of less than £50mIsa link: YesPep transfers: YesCharges: Initial 5.5%, annual 1.5%Commission: ...

  • Mary Francis

    7 Oct 2004

    Born: 24 July 1948. Education: James Allen's Girl's School, Dulwich; Newnham College, Cambridge BA, MA. Career: 1970-73: research assistant to Professor Max Beloff, All Souls College, Oxford; 1973-76: Civil Service graduate trainee scheme; 1979-84: Treasury, public sector pay team and Office of the Lord Privy Seal; 1984-86: Hill Samuel corporate finance department (secondment from Treasury); 1986-90: Treasury, head of privatisation department then head of European ...

  • Mary Francis

    7 Oct 2004

    It is somewhat surprising to think that Mary Francis has only been director general of the Association of British Insurers since 1999. She has presided over a time of great change and left her mark not only on the financial services industry, but also on the landscape of how consumers buy and are affected by financial products. But in March next year, Francis' time at the ABI will be at an end. She has decided to step down, with the intention of focusing on her non-executive ...

  • Matrix techs a chance on VCF VCT

    11 Oct 2004

    Matrix Money Management intends to raise up to £35m for the Foresight 2 VCT, a venture capital trust that aims for growth by investing in unquoted technology-based companies in the UK.The money raised by this offer will initially be invested in money market funds while suitable VCT investments are found. Around 80 per cent will be invested in qualifying companies in the next three years, with the rest remaining in money market funds for liquidity purposes.The investment ...

  • MBO of Saga for for £1.35bn

    6 Oct 2004

    The management of Saga has agreed a management buy-out of the company for £1.35m. Under the buy-out - brokered by Charterhouse - staff will get the opportunity to become shareholders and the executive management team will remain unchanged.

  • MCCB points to big rise in standards

    7 Oct 2004

    The MCCB claims it has overseen a considerable rise in standards in the last five years. In its final annual report, published as it winds down ahead of M-Day on October 31, the Mortgage Code Compliance Board reviews what it has achieved between 2000 to 2004. The MCCB says 71,000 mortgage professionals will become part of the regulatory environment. In just three years, these professionals have passed at least one of the accredited exams that are compulsory for mortgage ...

  • Merged ad firms aim to be top-five player

    7 Oct 2004

    Advertising firms Camp Chipperfield Hill Murray and Ping are planning a merger to create a major player in financial services marketing. The aim of cchm:ping is to be in the top five independent financial agencies in the UK. It will offer a full service, including research, advertising, direct marketing, design and digital communications. The new company will comprise around 60 people with a projected fee income of around £8m. Ping will move into CCHM's offices ...

  • Merger will move life industry further from its roots

    7 Oct 2004

    It has been interesting to see yet another "oldie" - LIA executive member Brendan Power - coming out against the merger with Sofa (Money Marketing, September 30). It would be interesting to poll the former executive members as a group as there must be well over 100 of us now and we can claim to have a far wider view than most individual members of either organisation. OK, perhaps we are on a nostalgia fest but there has been a very noticeable polarisation - forgive me - over the ...

  • Mortgage Next launches new compliance software

    8 Oct 2004

    Network and packager Mortgage Next is launching new point-of-sale compliance software. It offers single point data entry and full integration with other software systems, such as Mortgage Brain and Trigold.Mortgage Next marketing director Justine Tomlinson says: "Cornerstone is an excellent piece of software, which brokers will find comprehensive in its scope and yet easy to use. Crystal Software Solutions is a tried and tested provider of specialist IT solutions to the financial services ...

  • Multi-manager view

    7 Oct 2004

    While we can expect multi-manager offerings to enjoy momentum for some time to come, it is clear that not every multi-manager is made the same. Nowhere is this more evident than in the way different managers approach the issue of portfolio transparency. It seems a small hardcore of providers are intent on shrouding their portfolio allocations in mystery, arguing that to reveal such sensitive information could leave it vulnerable to duplication by investors and their advisers or direct ...

  • NDF aims for happy anniversary

    12 Oct 2004

    NDF has introduced the growth plan October 2004, a FTSE-100-linked capital-protected bond which could mature earlier than the six-year investment term.The bond provides a full capital return provided the index does not fall by 50 per cent or more during the term. Even if it does, investors will still get their capital back as long as the index returns to at least its initial value. If it fails to recover, investors will get no growth and will lose 1 per cent of their capital for ...

  • Networks with part IV authorisation from the FSA

    6 Oct 2004

    The following networks have received their part IV, full authorisation from the FSA in readiness for mortgage and general insurance regulation:Arden CourtBDS Mortgage GroupBest Advice Mortgage NetworkBlue PearlBurns-Anderson Independent NetworkCompassComplete Mortgage and Loan ServicesCartelComplete Mortgage & Loan ServicesDirect Life & PensionsEthical Mortgage SolutionsEnable Mortgage & Insurance NetworkFirst4BrokersFreedom FinanceGenesis

  • Nick of time to aid charity

    7 Oct 2004

    Anna day It hasn't been a fun week over at Mirror Money towers, recently renamed Your Money. Yes, the new name makes it difficult to distinguish from every other personal finance section, but definitely easier for dozy PRs who now have to remember one less fact. Instead of the usual Mirror - sorry, Your Money - section, full of fun facts and delightful stories of personal finance wonders and products, this week we're doing a special on the top 100 richest self-made men ...

  • Norwich Union - NU Balanced Fund of Funds, NU Cautious Fund of Funds, NU Growth Fund of Funds

    7 Oct 2004

    Type: Unit linked funds of fundsUpdate: Funds changed from fettered to unfettered styleTel: 01904 688444

  • NU increases stake in Lifetime

    8 Oct 2004

    Norwich Union is increasing its stake in wrap proposition Lifetime from 49.9 per cent to 70 per cent. The move sees the life office take shares from IFA Millfield and founders giving it the majority share. NU spokesman James Evans says: "We see great potential in the wrap market and certainly the kind of distribution strength we have will help to ensure Lifetime is even more successful."

  • NU leads the way on stakeholder busting

    7 Oct 2004

    Shadow Work and Pensions Secretary David Willetts and FSA deputy chairwoman Deirdre Hutton clash over regulation at a Conservative Party conference fringe meeting this week. The "Why do the poor pay more" meeting was organised by the National Consumer Council. For more details, see page 2

  • NU removes fetters from funds

    7 Oct 2004

    Norwich Union has changed investment style on its funds of funds to allow acc-ess to an unrestricted range of unit trusts. The life insurer has moved from a fettered investment style to unfettered, which means that managers can pick investments from across the board. Fund of funds managers at NU could previously only invest in a selection of around 80 funds available through the Portfolio investment bond. NU offers three funds of funds through Portfolio - the ...

  • OFT to examine indemnity claim

    7 Oct 2004

    The Office of Fair Trading is looking into whether life offices have collaborated to raise indemnity commission discounts simultaneously. The investigation follows a complaint by Berkeley Morgan chairman Jon Pardoe, who has hit out at what he believes is price fixing by life offices. If IFAs choose to receive lump-sum commission upfront, life offices can charge a percentage each month. Pardoe says a number of providers have raised the indemnity commission discount rate ...

  • Out of context

    7 Oct 2004

    •"I cut my hand last week so I haven't been able to do much. I've been living like a student all weekend and it's great." - NU media relations executive Rob Pell. •"We decided on putting in the colon as without it, we looked we were calling ourselves CHOMPING, which isn't nice." - CCHM's Rebecca Crook on the planned name of its merged financial agency CCHM:PING •"Colin Taylor has got the face for radio. I do all the TV work." - KRS business development ...

  • Pension credit will need review, admits Johnson

    7 Oct 2004

    The new Work and Pensions Secretary has admitted that the pension credit needs to be reviewed because it is likely to affect increasing numbers. Speaking at an ABI fringe event at the Labour Party conference, Alan Johnson conceded that if the pension credit continues to rise in line with earnings and the state pension continues to rise in line with prices, then more people will be caught by means-testing. He acknowledged that this problem needs to be examined said: "We ...

  • Pension Edge: Derek Simpson

    7 Oct 2004

    A number of recent surveys have shown that the pension deficit black hole appears to be shrinking. The recovery has occurred as shares have rallied and employers have increased their contributions to make good pension shortfalls. This is encouraging news for the future of occupational pension schemes. It demonstrates that pensions should be viewed over the long term and that employers should not make knee-jerk decisions about the future of their occupational schemes. It ...

  • Pension Edge: Ros Altmann

    7 Oct 2004

    Unions are recommending that the government introduce compulsory pension saving for all employees. Such a policy change would make a bad situation even worse, prolonging the current system and postponing the required overhaul. Our pension system is not working properly, and just compelling people to put money into it will not make it work better. The knee-jerk panic reactions to bad pension headlines, like pension credit as a reaction to the 75p rise in basic pension, make things ...

  • Personal Finance Society name gets thumbs down

    7 Oct 2004

    The name of the proposed merger between Sofa and the LIA - the Personal Finance Society - has been overwhelmingly rejected in a Money Marketing poll. Eighty six per cent of advisers are not in favour of the proposed name, with just 14 per cent approving, according to a poll of 505 advisers carried out by Money Marketing Online over the last week. IFAs are angry that the name does not include the word "adviser" and does not make allowance for other types of business, for ...

  • Personal problems

    7 Oct 2004

    The best name they could dream up for the new Sofa/LIA amalgamation is apparently - wait for it - the Personal Finance Society. What sort of title is that for the (quote) biggest professional body for financial advisers in the UK market? The Personal Finance Society conjures up images of slightly iffy personal loans and doorstep credit. It certainly does not reflect the professionalism that financial advisers have worked so hard to achieve over the last 10 years. Since ...

  • PI firm to look at equityrelease sales case by case

    7 Oct 2004

    One PI broker is known to be looking at IFA equity-release sales on a case by case basis, with others considering similar steps. The news follows an FSA warning last week that it was concerned about equity-release misselling. One of the biggest IFA PI brokers, NCG Professional Risks, which operates Bankhall's PI facility, is looking at some firms' equity-release sales case by case. PYV is also considering this strategy and says it is paying close attention ...

  • Pilot scheme for finance education

    6 Oct 2004

    The Personal Finance Education Group is launching a pilot project to support the teaching of personal finance in mathematics and personal social health education. It is funded by the Department of Education and Skills. The pilot aims to help year eight pupils develop early stages of financial understanding and to see the relevance of mathematics in everyday life.

  • Pioneer Alternative Invstments - Momentum AllWeather Strategies Fund

    7 Oct 2004

    Type: Multi-manager fund of hedge fundsAim: Growth by investing in hedge fundsMinimum investment: Lump sum $25,000Investment split: 100% in hedge fundsPlace of registration: BermudaCharges: Annual 1.5%, performance fee 10%Commission: Initial up to 5%Tel: 0207 190 2090

  • Pooled interests

    7 Oct 2004

    I am a trustee of a small interest in possession trust. We have been using the services of a stockbroker but I am growing concerned about this strategy and wonder whether collective investment vehicles might be more appropriate, particularly bearing in mind the duties placed on trustees following the introduction of the Trustees Act 2000. What are the issues I should be taking into account? Most trusts have traditionally invested in portfolios of individual securities. This has ...

  • Portman may link payment to product type

    7 Oct 2004

    Portman Building Society is reassessing the way it pays procuration fees by looking at paying in relation to the type of product the intermediary has sold. Group development dir-ector Matthew Wyles says there is a "bizarre illogicality", with lenders paying a fixed procuration fee irrespective of the margin and duration of the product. The society is talking to brokers about a plan to tailor procuration fees to the shape of the product. Portman argues that a ...

  • Proof of the pudding

    7 Oct 2004

    We hear tell of a great PR lunch off coming to the mortgage market at a restaurant near you. One of the industry's famous lunchers, former journalist, current PR and careful driver Nick Gardner, is planning to be mean to Melanie Bien. (Well, not mean exactly but it rhymes). Bien is currently personal finance editor at the Independent on Sunday but is soon to become PR at Savills. Gardner, now PR surpremo at Chase de Vere Mortgages, has been boasting that he is set to outlunch ...

  • Rejecting merger will send out wrong message

    7 Oct 2004

    I have been surprised and somewhat saddened by the level of misinformation circulating about the LIA/Sofa merger. I cannot see how disingenuous comments about the LIA board help in the debate about a new professional association. I am a past president of the LIA and have always been in complete support of a merger between Sofa and the LIA. As a member of both, I see a completely natural fit where the relative strengths and weaknesses complement each other. Both organisations ...

  • Replacement demanded for 'failed' stakeholder

    7 Oct 2004

    Shadow Pensions Minister Nigel Waterson has slammed stakeholder pensions as a dismal failure and called on the Government to provide a wrapper that the industry can work with. Speaking at the B&CE fringe meeting at the Conservative Party conference this week, Waterson said the collapse of the savings culture has contributed significantly to stakeholder's downfall. He called on the Government to recognise that the price-capped world is not working and to collaborate ...

  • Riding the waves

    7 Oct 2004

    In this and my next two art-icles, I will identify and discuss certain aspects of the risks associated with pension drawdown contracts. In particular, I will concentrate on the level to which those risks can be tolerated without the client being financially worse off than if he or she had elected to take a conventional annuity at the outset. By way of a simple reminder of the nature of pension drawdown, these contracts offer the ability for a retiree to draw an annual ...

  • Ritchie exposes dangers of automatic enrolment

    7 Oct 2004

    Automatic enrolment of new employees into occupational pensions could lead employers to seek ways of cutting contributions to reduce overall costs, warns Scottish Equitable pensions development director Stewart Ritchie. Research by the NAPF has shown that auto-enrolment typically increases employee take-up from 60 to 90 per cent. However, the chairman of the Employer Task Force on Pensions, Sir Peter Davis, has suggested that many company finance directors will cut their ...

  • Savills buys specialist broker Sherwins

    6 Oct 2004

    Savills Private Finance is acquiring specialist broker Sherwins Mortgage Services for an undisclosed sum. Sherwins specialises in mortgages for the affordable homes market. Sherwins, which usually focuses on the south east of the UK will now be expanding nationally.

  • Savills buys specialist broker Sherwins

    6 Oct 2004

    Savills Private Finance is acquiring specialist broker Sherwins Mortgage Services for an undisclosed sum. Sherwins specialises in mortgages for the affordable homes market. Sherwins, which usually focuses on the south east of the UK will now be expanding nationally.

  • Scottish Equitable Protect launches e-commerce system

    11 Oct 2004

    Scottish Equitable Protect is launching an e-commerce initiative as part of its development of its online protection business processing.The new service offers end-to-end processing. If an application meets the auto-underwriting criteria, an automatic acceptance decision will be given.Scot Eq will be launching a fully comprehensive underwriting system in early 2005.The system will allow intermediaries to save incomplete applications and recall them up to thirty ...

  • Sharp increase in online business - GMAC-RFC

    8 Oct 2004

    Ninety eight per cent of all intermediaries are conducting at least some of their business online and nearly half of those questioned stated that they had seen their on-line activities more than double, according to new research from GMAC-RFC.Ninety four per cent of intermediaries reported their online business increasing in the last year, with half of those (46 per cent) stating it had more than doubled.Head of marketing Jeff Knight says: "I am not that surprised by these ...

  • Shepherds Investment - Shepherds Select High Security Fund

    8 Oct 2004

    Type: OeicAim: Income and growth by investing in traded life policies and traded endowment policies in the USMinimum investment: $50,000Investment split: 100% in US traded life policies and traded endowment policiesPlace of registration: Cayman IslandsCharges: Annual 1%Commission: Subject to negotiationTel: 020 7398 4550

  • Silly billy

    7 Oct 2004

    Once upon a time, three goats lived in a pre-A-Day field. The smallest one was called Little Billy Goat Gruff. The next one was bigger so he was called Big Billy Goat Gruff. But the third one was the biggest of all and was called Great Big Billy Goat Gruff. At the end of their field was a river and across the river was another field. Now this field - the post-A-Day field - was currently empty and the grass grew long and very green. Little Billy Goat Gruff could see the ...

  • Skipton Building Society - Flexible 5 Year Fixed Rate

    6 Oct 2004

    Type: Flexible fixed-rate mortgageFixed term: Until January 31, 2010Fixed rate: 5.79%Minimum loan: £25,000Maximum loan: Up to 95% of valuation subject to a maximum of £200,000, up to 90% of valuation subject to a maximum of £300,000, up to 85% of valuation subject to a maximum of £400,000. up to 80% of valuation subject to a maximum of £450,000, up to 75% of valuation subject to no maximumIncome ...

  • Standard adds trio of funds to capital bond

    7 Oct 2004

    Standard Life Investments has added three multi-manager fund links to its revamped capital investment bond. The bond now provides access to UK equity, balanced and cautious manager-of-manager life funds. Management of all three funds has been outsourced to US-based investment consultant Wilshire Associates, which has more than 22 years' experience running manager-of-manager portfolios for pension funds such as Black & Decker and Siemens. Wilshire has created ...

  • Standard fare from GMAC

    12 Oct 2004

    GMAC RFCBuy-to-Let Two Year Fixed RateType: Fixed-rate buy-to-let mortgageFixed term: Until January 1, 2007Fixed rate: Up to 85% of valuation - 6.19%, up to 75% of valuation - 5.79%Minimum loan: £25,001Maximum loan: Up to 85% of valuation subject to a maximum of £300,000, up to 75% of valuation subject to a maximum of £400,000, up to 65% of valuation subject to a maximum of £500,000Income ...

  • Standard Life suspends its mortgage endowment promise

    7 Oct 2004

    Standard Life has decided to suspend its mortgage endowment promise due to poor investment conditions over the past four years.The promise required Standard Life’ capital to increase from levels in 2000, measured by reference to its free assets at the time the promise was made. It now does not expect the necessary growth to 2000’ levels in order for it to keep the promise.The Standard Life mortgage endowment promise was introduced in September 2000 with the aim ...

  • Supermarkets considering child trust funds

    7 Oct 2004

    Supermarkets including Sainsbury and Tesco are believed to be considering entering the market for child trust funds Money Marketing understands that Sainsbury and Tesco are both looking at the market. Both supermarkets have loyalty points schemes which enable them to target customers expecting children with life insurance and they would easily be able to extend their systems to child trust funds. The child trust fund is part of the Sandler suite of products which many providers ...

  • Talkback

    7 Oct 2004

    "No. I think that the idea is an absolute load of rubbish. Everyone is so careful with what they do these days." Paul Morris. Metro Insurance & Mortgage Bureau "No. People are much more aware of what they are getting into and there is much tighter governance." Peter Murphy,Park Lane Associates "Yes. I think equity-release products have been sold very widely and I think there have been problems with the way some have been sold." James Seelig,James Seelig Financial ...

  • Tangled web of IFAP charges

    7 Oct 2004

    I am writing to formally voice my strong objections to the situation regarding the changes to the "standard" entries for the IFA Promotion website. I have just learnt that if, as I intended to do, one remains with the standard entry, the web address and, more impor-tantly, your email address are no longer going to be shown. I further understand that they will only be shown if you take up the enhanced and additionally chargeable website offering which has other additional ...

  • Taskforce finds growing apathy on staff schemes

    7 Oct 2004

    Employers are turning their backs on defined-contribution schemes because staff are no longer interested in them, warns Sir Peter Davis, chairman of the Employer Task Force on Pensions. The former Sainsbury's chairman says there has been a profound change in attitude by employers on pensions which is structural rather than cyclical. The employer-led body has interviewed hundreds of employers about changes in attitude following the shift from defined-benefit to defined-contribution ...

  • The final word on merger

    7 Oct 2004

    There is just over a week to go until the big vote on the merger of the LIA and Sofa. The proposals have sparked fierce opposition from many well known and respected IFAs. Other senior figures in the industry have given the proposal their full support or qualified backing. We hope Money Marketing has allowed both sides to make their case. So, how should those members on the ground vote? Well, MM cannot give the two boards perhaps more than five out of 10 for how this campaign ...

  • The hotel from hell

    7 Oct 2004

    While most delegates at the Labour Party conference swanned from one exclusive hotel buffet to the next, others were not so lucky. The Diary hears that the girls from Polhill had to resort to stealing napkins from restaurants because of the lack of towels provided in their hotel. Their salubrious accommodation, located right next to Brighton amusements, made Fawlty Towers look like the Hilton. The team from Cicero Consulting on the next floor up dec-ided not to approach ...

  • The LIA's View

    7 Oct 2004

    This is the last Money Marketing which will appear before the LIA EGM at which members of LIA vote on the proposed merger with Sofa. There have been many views expressed about the proposed merger to form the Personal Finance Society. This is right and proper as we have before us a serious decision. Greater unity in the sector has been a longstanding issue. In the mid-1990s, a number of us made valiant efforts to bring together a variety of organisations. Unfortunately, ...

  • The trouble with stakeholder

    7 Oct 2004

    Despite the recent increase in the charge cap on stakeholder products from 1 per cent to 1.5 per cent for 10 years and 1 per cent thereafter, we believe the majority of financial services companies will decide not to sell them because concerns about their profitability remain. The questionable commitment of those who do decide to sell them and the suitability of the products themselves create substantial doubts over the ability of stakeholder products to encourage people to start ...

  • Thinc buys up IFA Fenton

    7 Oct 2004

    Multi-channel distributor Thinc Group has acquired IFA firm Fenton Financial Services as part of its expansion programme. Fenton was established in 1980 and last year it rep-orted turnover of £1.3m. The firm specialises in the corporate marketplace and group personal pensions. Thinc signed up its first multi-tie agreement with Friends Provident in September. Thinc chief operating officer Simon Chamberlain says the firm envisions that the marketplace will move to ...

  • Time for action - ABI

    12 Oct 2004

    Reacting to today's publication of the Pensions Commission's report, ABI Director General Mary Francis says: "Three years ago the ABI calculated that there was a savings gap of £27bn each year. This now looks like an under-estimate. There are no easy answers to the pensions crisis, but the bones of a solution are emerging."The ABI recommends reforming the state pensions provision, putting employers back at the heart of pension provision, and building awareness of the ...

  • Too much regulation will drive poor from market, says Willetts

    7 Oct 2004

    Shadow Work and Pensions Secretary David Willetts has warned that any further increase in FSA regulation will leave the poor excluded from mainstream financial services and widen the poverty gap. Speaking at a National Consumer Council fringe meeting at the Conservative party conference this week, Willetts slammed Government moves to extend regulation into areas such as credit unions. Willetts added that the decline in door-to-door selling has aggravating the problem ...

  • Tory pension promise not costed- BSA

    11 Oct 2004

    The Building Societies Association has hit out at promises made by the Conservative Party at their annual conference in Bournemouth to use unclaimed assets in banks and building societies for victims of pension wind ups. The BSA says this is an uncosted policy, as no thorough work has ever been undertaken as to the full amount held in lost accounts. An initial BSA study estimates £33 million is held in unclaimed accountswithin the building society sector, a fraction of ...

  • Warning that 'old dinosaurs' are not ready to pay proc fees

    7 Oct 2004

    Lenders are not ready to pay procuration fees through networks because they have not sorted out their back-office systems, says Whitechurch managing director Ian McIvor. McIvor is concerned that after speaking with various lenders, some still intend to pay procuration fees direct to mortgage intermediaries and not through networks. This in effect will mean that intermediaries will have to give the fee to the network which will then have to pay it back to the intermediary. McIvor ...

  • West Brom aims for sweet combination

    11 Oct 2004

    WEST BROMWICH BUILDING SOCIETYAll In 4.95%Type: Fixed-rate mortgage followed by discountFixed term: 12 monthsFixed rate: 4.95%Discounted term: 12 monthsDiscount: 1%Minimum loan: £25,001Maximum loan: Up to 95% of valuation subject to a maximum of £500,000Income multiples: Up to 3.75 times principal income plus second or three times jointConditions: Six months' free ...

  • West Bromwich Building Society - All In 4.95%

    8 Oct 2004

    Type: Fixed-rate mortgage followed by discountFixed term: 12 monthsFixed rate: 4.95%Discounted term: 12 monthsDiscount: 1%Minimum loan: £25,001Maximum loan: Up to 95% of valuation subject to a maximum of £500,000Income multiples: Up to 3.75 times principal income plus second or three times jointConditions: Six months' free mortgage payment protection insurance, £300 ...

  • Which? claims ABI's contracting-out factsheet 'implies serious concerns'

    7 Oct 2004

    Six million pension policyholders are to receive a factsheet aimed at helping them decide whether to stay contracted out or rejoin the state second pension. The factsheet, produced by the ABI and Aifa, will be sent out by life and pension companies as well as IFAs over the next three months. But Which? magazine has criticised the way the campaign places the responsibility for contracting out on the back on the consumer and claims it implies there are serious concerns ...

  • Winning formula

    7 Oct 2004

    The Diary has learnt that some IFAs are quicker off the mark than others and it seems the quickest of the lot is ABG Financial Manage-ment's Peter Kelsey, who is speeding up the leader board in the 2004 F1 Driver Challenge. He is now down to the last dozen after beating almost 4,000 other drivers from around the country, racing karts, MG Rovers and Formula Zip cars. If Peter wins, he will get a chance to drive in an international F1 race - likely to be the Boss or ...

  • Winterthur Group up for sale

    6 Oct 2004

    Credit Suisse has placed Winterthur life up for sale. If the main group is sold it is likely that UK-based Winterthur Life would be part of a deal says a spokesman for the company.

  • Zurich portfolio tool on net

    7 Oct 2004

    IFAs will be able to assess clients' attitude to risk and build tailored portfolios using a new internet system from Zurich. The online portfolio builder will ensure that fund selection can be fully justified and give evidence of fund recommendations. The system will initially work with the sterling bond but will be extended over the coming months to cover the rest of the sterling portfolio including the investment bond, Isa, Pep transfer plan and investment account. Sales ...

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