Money Marketing
6 September 2006

  • Buy to let is top for returns

    7 Sep 2006

    Buy-to-let investors are getting the best return of all asset classes, according to Landlord Mortgages. Investors who bought a BTL property with a deposit of 25,000 on average saw a 39,309 average profit over the past six years. Second was gold, with a 22,484 profit on the same stake.

  • FSA fines firm 56k over PPI sales

    7 Sep 2006

    Regency Mortgage Corporation has been fined 56,000 by the FSA in the first action the regulator has taken against a firm for sales of payment protection insurance since general insurance regulation was introduced. The firm was fined for breaching treating customers fairly principles and poor compliance procedures.

  • 35% of advisers using wrap

    7 Sep 2006

    Over a third of advisers are using a wrap platform and a further quarter have definite plans to do so, says CWC Research.In face-to-face interviews with 73 advisers, it found that 35 per cent are using wrap platforms as their standard pro- cess for investment business or are in the process of migrating to wrap.A further 12.5 per cent have agreed a date when they int- end to migrate assets on to a platform while 10 per cent have made a firm decision but not yet set a date.Thirty-five ...

  • aAim and Bank of Scotland launch £2bn property fund

    7 Sep 2006

    Property investment company aAim Group has teamed up with Bank of Scotland Corporate to launch a £2bn European property fund to be invested over the next two years.

  • ABI hedges cap stance

    7 Sep 2006

    The Association of British Insurers has sidestepped the Government's challenge of setting a charge cap for the NPSS personal accounts scheme.In its response to the Pensions White Paper consultation, closing next week, the ABI has underlined its strong support for personal accounts but made it clear the scheme should not impinge on existing pension provision.It supports the Pensions Commission's proposals for a cap on contributions into personal accounts and says the scheme should ...

  • ABN Amro Asset Management - Capital Protected Lifestyle Fund 2010-2035

    8 Sep 2006

    ABN Amro Asset ManagementCapital Protected Lifestyle Fund 2010-2035

  • Administrators in at SRB

    7 Sep 2006

    Special Risks Bureau has gone into administration following its acquisition by Risk Placement Services.RPS bought the niche insurance brokerage for an undisclosed sum last month in a deal that saw it take on SRB's assets but not liabilities.RPS deputy managing director Geoff Tresman says it will honour any claims going through but any future liabilities will remain with the liquidator and any compensation must be clawed back from the remaining business assets or the adviser ...

  • Adviser wins back cash in Sesame sale dispute

    7 Sep 2006

    A former DBS IFA has won an out of court settlement from Sesame after the network accepted a complaint against the adviser, compensated the client and charged him for it despite having lost his files.Two weeks after taking the action, the network then found the files, which the IFA says prove that he did not missell the endowment mortgage.However, the company refused to refund the 5,422 that it had already taken from his commission account until now.Former network member ...

  • Age-old dilemma

    7 Sep 2006

    Those involved in pensions 15 years ago will have the words Barber and Guardian Royal Exchange etched on their memories. This case centred on a European Court of Justice ruling that it was unlawful to prevent a man from getting his (in this case early retirement) pension at the same age as a woman.

  • Aifa lobbies for limited advice with disclaimer

    7 Sep 2006

    Aifa is to lobby for the introduction of limited advice, which would enable advisers to offer advice on specific product areas without the compliance risk of carrying out a full fact-find.Under Aifa's proposals, advisers' clients would sign a disclaimer that would enable an adviser to, for example, advise a client purely on how best to invest a 60,000 inheritance without having to worry about asking about their pension or life cover needs.Director general Chris Cummings says ...

  • Alliance & Leicester - Three Year Fixed Rate Buy To Let

    8 Sep 2006

    Alliance & LeicesterThree Year Fixed Rate Buy To Let

  • Anti-ageism laws may force firms to raise pension contributions

    7 Sep 2006

    Employers may have to boost pension contributions for employees of all ages to avoid breaking anti-age discrimination laws, says Scottish Life head of pensions strategy Steve Bee.The Employment Equality (Age) Regulations 2006, which come into force in October, have raised concerns that employers will reduce pension benefits for older employees.But Bee says it may be too late for employers to "level down" schemes as this may be deemed to be discriminatory against older employers ...

  • Anti-ageism pensions regulation delayed amid industry confusion

    8 Sep 2006

    The Government has delayed the pensions aspects of the incoming anti-ageism laws.

  • Axa close to sealing Thinc Destini deal

    7 Sep 2006

    Axa is in acquisition talks with Thinc Destini and hopes to have the deal tied up soon.It says Thinc Destini would continue to be run as independent advisory firm and Axa would use the deal to expand UK distribution and offer greater consumer ins- ight and a closer relationship to customers.The move, exclusively revealed in Money Marketing in July, will mark Axa's first foray into the adviser market. It is confident it can turn Thinc Destini into a profitable business and it ...

  • Barclays and PMS team-up for Spanish property push

    11 Sep 2006

    Barclays and Premier Mortgage Service have teamed up to help Britons find and buy a property in Spain.

  • Barclays authorised in Qatar

    11 Sep 2006

    The Qatar Financial Centre Regulatory Authority has granted authorisation to Barclays Bank to carry out regulated activities in Qatar.The QFC is located in Doha and operates to international standards. It has been open for business since May 1 2005 and aims to encourage the development and growth in the financial services market in Qatar.

  • Barclays sets LTC exam standard

    7 Sep 2006

    Barclays Financial Planning is the first firm to require all its advisers to pass the Chartered Insurance Institute's CF8 exam in long-term care to advise elderly clients.

  • Base rate held at 4.75 per cent

    7 Sep 2006

    The Bank of England has held the base rate at 4.75 per cent, following last month’s 0.25 per cent increase.

  • Bear building

    7 Sep 2006

    Could we really see a bear market develop in residential property in this country? Such an event is not without precedent. In the early 1990s, house prices fell - in some areas by as much as one-third.The reason for dwelling on this unnerving prospect is that in the US we have seen disappointing sales figures for new and secondhand houses while mortgage applications have been declining. Recent consumer surveys also suggest that American households are not convinced that now is a good ...

  • BM Solutions extends near-prime rage

    7 Sep 2006

    BM Solutions has introduced a near-prime range for borrowers with up to £500 of county court judgments.Rates begin at 5.15 per cent and it adds a new category to BM's range which also include bands for borrowers with £1,500 and £3,500 of CCJs.Products in the near prime 500 range include a tracker at base rate plus 0.4 per cent for two years then base rate plus 2.29 per cent for life.The deal includes a free valuation plus £250 cashback. The product ...

  • Braemar fined £182,000 for systemic failings in its sales processes

    11 Sep 2006

    The FSA has fined Braemar Financial Planning £182,000 for systemic failings in its sales processes for pensions unlocking.

  • Bright Grey knocks timing of LivVic's Red Arc services

    7 Sep 2006

    Bright Grey has hit out at Liverpool Victoria for only offering Red Arc's care services on its critical-illness policies after a claim has been paid.Red Arc offers counselling and personal nurses to Bright Grey policyholders at point of claim but Liverpool Victoria, which introduced the service to new and existing CI policyholders last week, only offers the service once the claim has been paid.Bright Grey products director Roger Edwards says: "We felt the counselling services ...

  • Bristol & West/ Bank of Ireland International - Silver Anniversary Bond

    8 Sep 2006

    Bristol & West/ Bank of Ireland InternationalSilver Anniversary Bond

  • British Insurance - SafetyFirst

    8 Sep 2006

    British InsuranceSafetyFirst

  • Broker Talkback

    7 Sep 2006

    Do you think that mortgages with high arrangement fees should be banned from best-buy tables?

  • Calculated bets

    7 Sep 2006

    Following Mark Harris's column last week, further comment on high arrangement fees may be helpful. High percentage-based fees came to prominence 18 months ago when The Mortgage Works introduced a buy-to-let 4.99 per cent three-year fix with a 1.5 per cent fee to address the challenge of rental cover requirements at higher interest rates. This resulted in many more landlords being able to borrow 85 per cent than with a normal fee and a higher rate. This mortgage was so successful that many ...

  • Canada Life appoints new MD

    6 Sep 2006

    Canada Life has created the new role of managing director of its Wealth Management division and appointed Alain Wolffe to fill the role.

  • Cause for complaint

    7 Sep 2006

    IFA John Duerden has taken on the Financial Ombudsman Service in the Royal Court of Justice, winning what is potentially a landmark ruling that raises serious question marks about the way the ombudsman calculates redress.

  • Claim firms set to appeal on time bars

    7 Sep 2006

    Three claim-handling companies are preparing to appeal on up to 5,000 endowment misselling cases on their books that have been turned down by the Financial Ombudsman Service because of time bars. CPH, Endowmentclaims. com and Whitehall Randell say if any appeal is rejected it will try to launch a judicial review on time bars.

  • Commission your own work of art

    7 Sep 2006

    Standard Life is offering advisers the chance to commission their own piece of art from a young artist. The firm is sponsoring Braveart 06, a showcase for Scottish student artists to be held in the Atlantis Gallery, Brick Lane, London from September 21-24. The winning entrant, chosen at random, will be given 1,500 to commission an artist of their choice from Braveart 06 to produce a piece of art for them. Works on display will include paintings, sculptures, photography and video installations. .

  • Complaints down by a third

    7 Sep 2006

    Complaints to the Pensions Ombudsman from occupational scheme members fell by 30 per cent in 2005/06 compared with figures for the previous year.The annual report shows that the ombudsman received 2,790 new written enquiries to add to 360 brought forward from the previous year, with 2,821 being dealt with during the year.The ombudsman started 937 investigations and closed 1,226. This is down slightly from last year but Pensions Ombudsman David Laverick says he has been ...

  • Confusing cost of Section J

    7 Sep 2006

    Tony Byrne’s excellent article in Money Marketing (August 24) must have struck a chord with very many IFAs. On December 24, 2005, three of our nine advisers effectively retired. They did not intend to return after Christmas, deeming Christmas a good time to finish, and so finished employment with us prior to December 31, 2005. Due to pressure of work, the holiday period, our pending RMAR and the need to prepare audited accounts, we completed the Form Cs in early January 2006 - within ...

  • Correspondent's Week

    7 Sep 2006

    This week by Andrew Hagger, head of news and press, Moneyfacts

  • Crisis really a debate about timing

    7 Sep 2006

    I read with interest the article reassuring IFAs that there is no commission crisis. I happen to agree with the present assessment, however, I would still urge IFAs to reduce any dependence on initial commission as soon as possible. The polly put the kettle on assessment certainly highlights a risk to advisers, which is essentially beyond their control. Product providers will eventually reassess how they acquire new business and what they are prepared to pay for it. In ...

  • DB says staff fallout 'is to be accepted'

    7 Sep 2006

    DB Mortgages managing director Bill Dudgeon admits he will struggle to keep all his staff happy at the start-up company.His comments come after a senior source told Money Marketing that at least one high-profile figure at DB has approached his former employer at The Mortgage Business about returning to the HBOS-owned lender, amid rumours that other staff are also considering their futures at DB.Former TMB directors Dudgeon, Mark Bergin, David Parry and Paul Graham left ...

  • Defaqto supports Which? research as it promotes IFAs

    12 Sep 2006

    Defaqto says it is welcoming Which? research exposing advisers that are misleading researchers about the range of products they offer.

  • Directors of top 100 companies have 1bn pension pot

    6 Sep 2006

    Directors of the UKs top 100 companies have accumulated pensions worth nearly 1bn, according to the TUCs annual PensionsWatch survey.The TUCs analysis reveals an average executive can retire at 60 on a final salary pension worth 2.7m with the largest directors pension in each firm worth an average 4.9m.The TUC says the biggest final salary pension pot in the survey is over 19m and would pay the director nearly 1m a year.TUC general secretary Brendan Barber says: Britains boardrooms ...

  • 'Don't be dazzled by transfer inducements', Faculty of Actuaries tells DB savers

    12 Sep 2006

    The UK Actuarial Profession is urging people in defined benefit schemes not to be dazzled by inducements designed to make them transfer out of schemes and to seek independent advice.

  • Duty calls

    7 Sep 2006

    The trouble with George Osborne's hint that a Conservative Government might be prepared to abolish stamp duty on share transactions is that it reveals the party's total lack of any clear overall taxation policy.

  • E&Y joins Reits group

    6 Sep 2006

    Ernst & Young has confirmed it has become the latest member of the Reits and Quoted Property Group, the organisation behind the reita.org website and educational campaign.

  • E-business up 70% on SkandiaWrap

    7 Sep 2006

    SkandiaWrap saw a 70 per cent increase in adviser traffic in the first half of 2006 compared with the same period last year.Online fund switches were up by 104 per cent to to 42,000 while electronic policy valuations increased by 85 per cent to 8000,000. The number of USkan portfolio reports completed through the wrap rose by 22 per cent to 130,000.Skandia says the figures support its research earlier in the year which found that 81 per cent of advisers thought e-business would ...

  • Equity-release rates 'less than mainstream SVRs'

    7 Sep 2006

    Average equity-release rates are now lower than average standard variable rates for mainstream mortgages, says Safe Home Income Plans.Brokers have hailed the news as positive but stress it is vital that the industry gets the point across to consumers.Ship looked at annualised interest rates for the top 10 equity-release providers and found that the average was 6.14 per cent compared with the average SVR for the top 10 mainstream mortgage lenders of 6.49 per cent. The figures ...

  • Extra cash would trigger more investing and debt repayment, says WW

    7 Sep 2006

    Investing and repaying debt take priority for people who come across extra income, says Watson Wyatt.

  • Falcon parent acquires network for up to 2m

    8 Sep 2006

    Falcon parent company Sumus has acquired the network Financial Services Advice and Support Limited for a fee of up to 2m.FSAS is based in Dunfermline and has over 160 IFAs and mortgage advisers operating within 54 active appointed representative businesses.The network currently has 60,000 clients with around 700m assets under advice with estimated turnover of around 10m for the year ending October 2006.The deal means the Sumus group now has over 300 IFAs and mortgage brokers ...

  • False sense of relief

    7 Sep 2006

    In 2004 alone, some 360,000 people left the UK, the highest outflow ever seen. Of that number, the Office for National Statistics says a record 208,000, or 58 per cent, were British citizens and the trend is forecast to continue.

  • Fidelity designs two-tier NPSS model

    7 Sep 2006

    Fidelity has put forward an alternative to the NPSS which would enable savers to opt out of the basic scheme to access wider investment choices.Under its open personal account scheme, savers would be auto-enrolled into a personal account based on the low-cost default fund set out by the Government. An open-market option would also be available for those wanting a wider range of funds. These would include stakeholder-style products from a range of providers with the additional costs ...

  • Fifth EIS from Arc

    7 Sep 2006

    Arc Fund Management is offering its fifth enterprise investment scheme fund for private investors. IFAs will get up to 3 per cent initial commission and 0.33 per cent trail for three years. Minimum investment is 2,000 and the offer closes on October 5.

  • Focus on Protection

    12 Sep 2006

    The FSA is expected to recommend relaxing the solvency rules that require life companies to keep huge reserves of capital to mitigate potential losses.

  • FOS fears knock-on costs from time-bar confusion

    7 Sep 2006

    Consumer confusion over time-bars could lead to a rise in next year's Financial Ombudsman Service budget.Chief ombudsman Walter Merricks warns that the service will be tied up increasingly in dealing with consumers who have been time-barred.He says time-barring may look an open and shut case to many in the industry but for consumers it generates an "understandable sense of grievance".Head of communications David Cresswell says dealing with consumers frustrated over time-bars ...

  • FSA eases 1m burden

    7 Sep 2006

    The FSA is proposing measures to simplify the approved person regime, which it hopes will save firms around £1m a year.It is consulting on merging the customer functions in the regime which it says will lessen the burden of paperwork on firms in the wholesale and retail markets.Managing director of regulatory services David Kenmir says the move is part of the FSA's commitment to remove regulations where costs outweigh the benefits and he predicts £1m annual savings ...

  • FSA fines The Carphone Warehouse £245,000

    7 Sep 2006

    The FSA has fined The Carphone Warehouse £245,000 for not treating customers fairly in sale of GI products and failing to inform the regulator in a timely manner of significant systems failures.The FSA says an investigation between 14 January and 24 October 2005 found The Carphone Warehouse failed to send 118,000 customers who bought mobile phone insurance through its telesales channel a Statement of Demands and Needs in written form.The regulator says it subsequently discovered ...

  • FSA set to axe age 70 rule

    7 Sep 2006

    The FSA will scrap the age 70 rule on protection policies regulated under Cob rules, which will allow Icob advisers to sell policies maturing beyond age 70, according to several product providers.The regulator's consultation period ended on Wednesday and responses from providers, advisers and trade bodies are expected to call for the abolition of the rule.The FSA originally suggested two options - scrapping the rule or raising the age 70 condition to 80.Zurich UK ...

  • FSCS estimates BBB redress at 544k

    7 Sep 2006

    The Financial Services Compensation Scheme expects to pay out over half a million pounds to clients of former BBB Network members.The FSCS says it is aware of over 400 potential complaints against members of the BBB Network, formerly Berkeley Independent Advisers.It says 68 per cent of complaints relate to missold mortgage endowments, with the average compensation payout on these claims being 2,000.Spokeswoman Suzette Brown says the FSCS expects to pay out 544,000. Around ...

  • Fundamental flaw in the NPSS

    7 Sep 2006

    Standard Life believes that half the people earning under 25,000 involved in the proposed National Pension Savings Scheme would be worse off because of the scheme.Their savings will be means- tested, so saving will have been pointless in the first place, it says.We can get into all sorts of arguments about the construction of the scheme and sometimes naive arguments from the consumer lobby and consumer journalists about who should run it and what it should cost. Most of ...

  • Further Government delay over occupational pension scandal is "shameful", says Altmann

    12 Sep 2006

    The Government has failed to meet the deadline to respond to the legal challenge launched by the Pensions Action Group over its mishandling of the occupational pensions scandal.

  • Gay specialist introduces adverse-credit loan service

    7 Sep 2006

    Compass, an IFA firm specialis- ing in advising gay clients, is introducing a mortgage service for customers with a poor credit history.Clients who have had mortgage applications rejected by high-street banks will have access to competitively priced mortgages under the service.Compass is also aiming the facility at clients with county court judgments and a history of defaults and arrears.The firm, which estimates that 95 per cent of its clients are gay, also specialises ...

  • GMAC is first off blocks with Pos offer

    7 Sep 2006

    GMAC has stolen a march on its rivals by becoming the first lender to give a point of sale offer.The lender launched its new system, Poso, on Monday, and several brokers, including John Charcol, say the service will speed up the mortgage application pro- cess significantly.GMAC beat rival Edeus, which had hoped to be the first company to issue an instant offer at its launch party either by bringing the customer along or showing video footage of the offer coming through in London ...

  • Good-time girls

    7 Sep 2006

    Many people need a summer holiday to get the feelgood factor. We know what stresses us out the most, whether it is divorce or separation, the death of family or friends, moving house or, of course, money. But what apart from holidays makes us feel good?

  • Government reveals rise in average house prices

    11 Sep 2006

    House prices rose slightly in July, according to the Department for Communities and Local Government.

  • 'Govt wrong to pose as moral custodian'

    7 Sep 2006

    The Government has a "moral log" in its eye over long-term savings, claims Conservative MP John Redwood.He says the Government claims to be the moral custodian for helping people to invest for the long term but, by promoting premium bonds and the National Lottery, it is encouraging the public to be reckless with their money and its policies are responsible for the savings gap.Speaking at a Round Table meeting with the IFA Defence Union, former investment manager Redwood said ...

  • Green day

    7 Sep 2006

    Investors are putting their money where their "green" mouths are, according to IFA Promotion. IFAP, which represents 9,000 firms across the UK, claims more investors are developing a social conscious after enquires it received for IFAs which provide ethical investment advice surging by more than 100 per cent in the past quarter.

  • 'Growing need for CI as NHS rations treatments'

    7 Sep 2006

    Scottish Widows believes consumers should take out critical-illness cover as a contingency plan against rising healthcare costs and future rationing of medical treatments by the NHS.Primary care trusts have come under fire after refusing to provide the breast cancer drug Herceptin free of charge to some patients and Scottish Widows technical adviser Dr Marius Barnard says CI cover could help to cover the costs of such treatments.Head of protection development Johnny ...

  • Half of poorest workers would be worse off under the NPSS

    7 Sep 2006

    Standard Life is calling for a radical overhaul of means-tested benefits and the basic state pension after finding half of the poorest workers would be better off saving in an Isa than the NPSS.Research conducted by the company as part of its official response to the Pensions White Paper shows that 50 per cent of workers earning under 25,000 per year will actually lose out under NPSS because any money they save will reduce their entitlement to means-test benefits.The figures ...

  • Harris turns the tables on sky-high fees

    7 Sep 2006

    Savills Private Finance managing director Mark Harris has sparked fierce debate by claiming that mortgages with high arrangement fees should be dumped from best-buy tables.

  • Healthcare on the mend

    7 Sep 2006

    It is often worth looking at equity sectors which have underperformed over the past year or two. The worst-performing sector over the past year to July 1 has been the healthcare sector, which fell by 2.4 per cent, even underperforming the technology sector, against an average rise in all sectors of around 11 per cent.

  • Hip code of practice

    7 Sep 2006

    The Association of Home Information Pack Providers is to launch a voluntary code of practice for Hips which all its members will subscribe to.

  • Home of Choice system cuts out multiple log-ons

    7 Sep 2006

    Home of Choice has been hailed for designing a system that cuts out the need for advi- sers to key in multiple log-ons to access sourcing engines.Home of Choice's system, called Ignition, enables brokers to log on once and simultaneously access Trigold for mortgages, Assureweb for life and critical illness and Paymentshield for general insurance.HoC says this eliminates the need for brokers to log on separately when fact-finding and sourcing products for their customers. The ...

  • House prices up 1 per cent in August says Halifax Price Index

    7 Sep 2006

    Halifax's house price index recorded a one per cent rise in August although it pointed to a slowing price growth rate in the market.

  • HSBC Investments - Guaranteed Capital Account 7

    8 Sep 2006

    HSBC InvestmentsGuaranteed Capital Account 7

  • HSBC Investments - Guaranteed Capital Account 8

    8 Sep 2006

    HSBC InvestmentsGuaranteed Capital Account 8

  • Husselbee set to run refocused CiF fund

    7 Sep 2006

    Neptune's multi-manager subsidiary North Investment Partners, headed by John Husselbee, will embrace the full inv- estment flexibility of Ucits III if its proposed appointment to manage a restructured City Financial fund is accepted by the fund's shareholders.City Financial will create the diversified absolute return fund by changing the name, objective and investment remit of its existing global health fund, subject to a shareholder vote on September 13.The company regards ...

  • IFAs could have hedge role

    7 Sep 2006

    Advisers can be the "gatekeepers" to allowing the average investor to benefit from the high returns delivered by hedge funds, says John Redwood.Speaking at a meeting with the IFA Defence Union, the MP said the Tories are looking at ways to give more people access to hedge funds.He said IFAs need to be constantly promoting their usefulness to the public and, with some regulatory changes, they could be the perfect portal to retail investors accessing hedge funds.Redwood said: ...

  • Insight plans Aim listing for property manager Invista

    7 Sep 2006

    Insight Investment is to float its property fund management arm on the Alternative Investment Market by the end of the month.The new company will be called Invista Real Estate Management. Parent com- pany HBOS, which is expected to retain a 55 per cent stake, says the deal will raise 100m which will be used to fund expansion plans.Invista chief executive Duncan Owen says the company will look to roll out new property funds, with plans for UK residential and European real estate ...

  • It's a living thing

    7 Sep 2006

    The world of retirement income planning is changing fast. On the surface, these changes are happening because of factors, including the closure of final-salary schemes, an extended period of market volatility and changing legislation. But a more fundamental and deep-rooted cause of these changes is taking place.

  • Kleinwort Bension/ Dresdner Kleinwort - The Deva 80 Alpha Fund

    8 Sep 2006

    Kleinwort Bension/ Dresdner KleinwortThe Deva 80 Alpha Fund

  • Kleinwort Bension/ Dresdner Kleinwort - The Deva 90 Alpha Fund

    8 Sep 2006

    Kleinwort Bension/ Dresdner KleinwortThe Deva 90 Alpha Fund

  • Leeds Building Society - Three Year Fixed Rate Mortgage

    8 Sep 2006

    Leeds Building SocietyThree Year Fixed Rate Mortgage

  • Legal & General - Portfolio Plus Trustee Investment Plan

    8 Sep 2006

    Legal & GeneralPortfolio Plus Trustee Investment Plan

  • Lifesearch warning after finding errors in product material

    7 Sep 2006

    Lifesearch has warned protection providers to monitor closely the information they send out to advisers and networks after it found inaccuracies in promotional material from three life companies.The errors were found in product feature comparison tables, with the life offices in each case wrongly claiming that a competitor product did not contain certain features that its own product did.The promotional information was emailed to adviser firms and Lifesearch head of ...

  • Light of experience

    7 Sep 2006

    It is time for a proper debate about how the Financial Ombudsman Service functions.

  • Lighthouse Group reports maiden profit

    11 Sep 2006

    Lighthouse Group has announced its interim results showing a maiden pre-tax profit of 112,000 compared to a 142,000 loss this time last year.

  • Liv Vic to host IHT seminars

    11 Sep 2006

    Liverpool Victoria is planning a series of free roadshows to educate IFAs on inheritance tax.

  • Loan and behold

    7 Sep 2006

    Tax Planning, Tony Wickenden

  • Major players join forces to create first platform committee

    8 Sep 2006

    Cofunds, Fidelity FundsNetwork, Skandia, Selestia and Standard Life have joined forces to form the UK’s first representative Platform Committee.

  • Make hay while the sun shines

    7 Sep 2006

    In my last few articles I have discussed a number of key issues which should be of prime importance to clients and, therefore, also to their financial advisers in various aspects of pension planning.

  • Midas duo make debut on Cofunds

    7 Sep 2006

    The CF Midas balanced income and balanced growth funds are now available through Cofunds following the completion of a distribution link between Midas Capital Partners and the fund supermarket.The Midas funds can be accessed through a range of platforms and insurance companies including FundsNetwork, Skandia, Selestia and Winterthur LifeMidas says its CF balanced income fund has recently bought into the London-listed Middlefield Canadian income trust, which allows investors outside ...

  • Midlands firm loses appeal over licence

    7 Sep 2006

    A Midlands-based advisory firm has had its credit licence revoked following a series of hearings by regulatory bodies.CF Consulting, run by the husband and wife team of Riaz and Shomaila Ali, was found to be a risk to consumers.The firm specialised in providing financial and corporate advice to businesses in the Midlands area.The company lost round one of its battle following a hearing before the Office of Fair Trading. At the public hearing in May, it was first revealed ...

  • Miller will be back, says New Star

    7 Sep 2006

    New Star is adamant that high-profile UK fund manager Alan Miller will return to the company by the end of the year.The fund company says that Miller, who hit the headlines earlier this year after losing a bitter legal battle against having to pay his ex-wife 5m in a divorce settlement, is just taking a sabb- atical to spend more time with his new family.Miller, who is joint chief investment officer, has han- ded the reins of his underperforming UK hedge fund to new recruit ...

  • Mortgage next launches debt management service

    12 Sep 2006

    Mortgage Next has launched a debt management service for its appointed representatives and directly authorised brokers to provide a white label debt management website.

  • Nationwide and Portman boards agree to merger

    12 Sep 2006

    The boards of Nationwide and Portman Building Societies have agreed to the biggest ever building society merger that will give the enlarged society total assets of over 150bn.

  • Nationwide Building Society - Five Year Fixed Rate With Fee

    8 Sep 2006

    Nationwide Building SocietyFive Year Fixed Rate With Fee

  • Nationwide tipped to flourish after merger

    12 Sep 2006

    The Building Societies’ Association has trumpeted the merger of Nationwide and Portman as an opportunity for a mutual to give the banks a run for their money.

  • Neptune Investment Management - Global Income Fund

    8 Sep 2006

    Neptune Investment ManagementGlobal Income Fund

  • Net benefits

    7 Sep 2006

    The equity-release market has never been more competitive, driven by increased consumer demand, massive house price inflation, an ageing demographic and, of course, a growing pension deficit.

  • 'Network members being damaged by weakest firms'

    7 Sep 2006

    Good quality IFA firms are having their reputations damaged by the actions of lesser companies in the same network, warns Threesixty Services.The support services firm believes that IFAs delivering best practice are being implicated unfairly where the FSA turns the spotlight on a network because of the actions of firms that might deserve to be singled out.Partner David Ingram says the result of regulatory checks on networks as a result of these weak links is burdensome and adds ...

  • Never find the liability, feel the quality

    7 Sep 2006

    Bankhall says there is no benefit in joining a network because they offer advisers no protection from liabilities arising from complaints against them. What absolute rubbish. If that is the principal criterion on which a firm would apply for membership, then any quality network would very probably turn them down, and be wise to do so. In any event, how could any firm reasonably expect any network to take on responsibility for the consequences of all their sins and omissions with ...

  • Newcastle launches 20 year fixed rate mortgage

    12 Sep 2006

    Newcastle Building Society has launched a mortgage with a fixed rate of 5.49 per cent lasting for 20 years.

  • 'No false dawn'

    7 Sep 2006

    Performance of the Aggressive Adviser Fund Index has suffered lately, mainly as a result of its Japanese equity exposure. Nine Japan funds make up 7.4 per cent of the index and, according to data from Financial Express, the average Japan portfolio fell by almost 16 per cent in the six-month period ending August 29.Overall, seven of the 10 worst-performing funds were invested in Japan, with many badly hit by the equity sell-off which caused global stockmarket downturns in May and ...

  • Norwich Union launches new-style life product

    11 Sep 2006

    Norwich Union has launched a new-style life insurance product designed to speed up and ease the process of taking out life cover.

  • NU axes initial charges and boosts pension commission

    7 Sep 2006

    Norwich Union is to scrap initial charges and boost commission in a bid to improve individual personal pension sales and switch its focus to higher-net-worth customers.The company revamped its pension strategy last October by writing all new pension policies under a single scheme and allowing customers to switch easily between products.Director of pensions Angela MacDonald says individual pension sales have been hampered by initial charges and advisers struggling to differentiate ...

  • On the level

    7 Sep 2006

    Recent comments suggest that some people think commission is not a real issue. However, what of the companies which, as deliberate strategy, set out to build market share through raising commission levels, provoking a round of me-too actions by their competitors.

  • Packagers give thumbs-up to instant offers

    7 Sep 2006

    GMAC claims its point of sale system is proving popular with packagers.

  • Portman Building Society - Two Year Fixed Rate

    8 Sep 2006

    Portman Building SocietyTwo Year Fixed Rate

  • Product matters

    7 Sep 2006

    It is difficult to look at the Kent Reliance intergenerational mortgage as a product as it is more of an initiative.This idea is long on concept and short on detail. The only place I managed to find information on this mortgage is in the press as the Kent Reliance website had no information and its press office was unable to help.It is a loan with no repayment date. Borrowers will be able to take out a 25-year interest-only loan and after the end of the 25-year period they will ...

  • Property plan aims to deliver 9-11%

    7 Sep 2006

    Cordea Savills is offering a property development scheme aiming for returns of 9-11 per cent and acting to mitigate IHT by using business property relief rules.

  • Pru targets churners

    7 Sep 2006

    Prudential is looking to actively engage advisers it has identified as carrying out unusually high levels of transfer business in a move it hopes will encourage best practice in the industry.Pru says its campaign has the backing of Aifa and the Personal Finance Society and is a rallying cry to the industry to improve standards and consumer confidence in the financial services industry.The company will meet and have discussions with advisers that it believes appear to be churning ...

  • Public not confident with NPSS choices

    7 Sep 2006

    Seven out of 10 consumers say they would need advice on whether to stay in or opt out of the Government's proposed personal accounts regime, says the Pensions Advisory Service.Its latest survey found that 78 per cent of respondents were generally in favour of the new scheme but 70 per cent would not be confident to make the decision of whether to stay in the scheme or opt out.An even higher percentage, 79 per cent, said if they did decide to stay in the scheme, they would need ...

  • Public still confused over lack of protection redress

    7 Sep 2006

    Sixty per cent of consumers who buy protection products without advice still believe they can seek redress from the Financial Ombudsman Service if the policy proves unsuitable.Research commissioned by Lifesearch found that 40 per cent of these consumers were unaware that they would not be covered by the FOS while 20 per cent thought the idea they would not be covered was nonsense.The survey included around 1,100 consumers who had bought protection products in the past year. ...

  • PYV hits out at Collegiate direct PI deal

    7 Sep 2006

    PYV has attacked Collegiate's direct adviser PI product as inappropriate for the small firms it is targeting.Chief executive Neil Pointon says the service, which launches this week, is unsuitable for small firms which he says would be better off going to a broker for PI cover.He also says the claim department may not offer a fully independent service as it is linked to the direct proposition.Collegiate managing director Tony Howe says in many cases it does not make sense ...

  • Quay appoints new product manager

    8 Sep 2006

    Quay Software Solutions has appointed Sally Purcell as product manager.

  • Release deal for Tenet

    7 Sep 2006

    Tenet has signed a deal with In Retirement Services to bolster its equity-release offering.The network has begun a pilot scheme this week, with business introduced to provider IRS, to allow its advisers that do not specialise in equ- ity release to have an avenue to place business through. If successful, it could give all Tenet's 5,500 advisers access to equity release productsThe network has a panel of equity-release providers but stresses it is only suitable for members who specialise ...

  • Rensburg Fund Management - UK Managers Focus Trust

    8 Sep 2006

    Rensburg Fund Management UK Managers Focus Trust

  • Rental health

    7 Sep 2006

    The growth in buy to let has attracted a lot of comment recently. Some say there is a new army of landlords flooding the market with an oversupply of rental property. Others claim that too many BTL purchases keep first-time buyers off the property ladder.There are scare stories in the tabloids and in the mid-markets. Even the broadsheets like a bit of BTL bashing. But I believe the truth is less dramatic.The private rented sector is a well-established part of the UK housing ...

  • Revenue on defensive amid claims of overpaid NI

    7 Sep 2006

    The Revenue has rejected accusations that it is encouraging people to pay extra National Insurance contributions to top up their basic state pension although they will lose their money when the White Paper reforms are enforced.Under the current system, people who fail to pay enough NI contributions to qualify for the BSP can pay additional class 3 contributions to become eligible. The option is mainly taken up by women as only 49 per cent of women qualify for the basic state ...

  • Ridicule is nothing to be scared of, Paul

    7 Sep 2006

    News reaches the Diary that Financial Express's Paul Wynne is masking a secret past as a 1980s New Romantic superstar DJ.While living in Australia, we hear that Wynne hosted his own radio show, blasting out the latest Adam and the Ants, Culture Club and plenty of obscure face-painted groups that the Diary has too much taste to recognise.Wynne will not comment on how closely his attire resembled that of his cross-dressing heroes.However, we are sure that the effeminate clothing, ...

  • Rights and wrongs

    7 Sep 2006

    I am 56 years old and I need to get hold of some cash quickly to help my daughter out of a spot of financial difficulty. I would prefer not to borrow money. I have a small pension plan made up of protected-rights funds and I understand that I might be able to get some cash that way. Does it make sense to do so?

  • Rogan's spicy fare

    7 Sep 2006

    Gartmore's global focus fund run by Neil Rogan is a hot performer, achieving a 20 per cent gain over the last three years from a concentrated portfolio of strategic and tactical holdings

  • Rowanmoor completes MBO

    7 Sep 2006

    Rowanmoor Pensions completed its management buyout of the SSAS business of James Hay Pension Trustees and the regulated business of James Hay Investment Services this week. The buyout was led by former James Hay Consultancy directors Ian Hammond and David Seaton.

  • Royal London takes Riley on the road

    7 Sep 2006

    Royal London is hosting a series of roadshows about the launch of is new insured investment product, Riley. The roadshows will take place between September 29 and October 13 at venues across the UK.

  • Scarborough Building Society - Introducer Exclusive Credit Repair Two-Year Tracker

    8 Sep 2006

    Scarborough Building SocietyIntroducer Exclusive Credit Repair Two-Year Tracker

  • Schroders Investment Management - Global Energy Fund

    8 Sep 2006

    Schroders Investment ManagementGlobal Energy Fund

  • Scottish Widows calls for initial charge on Personal Accounts

    7 Sep 2006

    Scottish Widows says introducing an initial contribution charge on Personal Accounts could reduce setting up costs by up to 75per cent.

  • Season of mists

    7 Sep 2006

    This time of year has a habit of being difficult for investors. In recent years, we have had the aftermath of September 11, the Russian sovereign debt default and ensuing LTCM collapse of August/September 1998 and the 1997 Asia crisis - not to mention Black Monday in October 1987 and the Wall Street Crash of October 1929.Fortunately, the outlook for the remainder of 2006 is not quite so bleak but there is plenty of uncertainty holding back investors. The focus at the moment is inevitably ...

  • Services' reshuffle at Standard Life

    7 Sep 2006

    Former Standard Life finance director John Gill has taken over as managing director of customer services from Shaun Doherty, who has left the firm. Strategy director Evelyn Bourke replaces Gill as finance director.

  • SG combines five asset classes in protected product

    7 Sep 2006

    SG Asset Management is set to launch a capital-protected fund which offers exposure to five asset classes.The Adequity best asset protected fund will be structured as an onshore fund providing exposure to the returns of a basket of UK and US equities, pan-European commercial real estate, hedge funds and commodities indices.Launching on November 15, subject to FSA approval, the product has a five-year term and links the share price at the end of this term to the highest portfolio ...

  • Shake-up aiming to raise standards on MPPI

    7 Sep 2006

    The minimum standards for lenders to follow when providing mortgage payment protection insurance products are to be revamped to help to bring better consu- mer protection.The Association of British Insurers and the Council of Mortgage Lenders are finalising changes to the MPPI baseline, a voluntary code which sets out the basic cover that consumers should be offered. The changes are expected to be ready by the end of the year.But brokers have dismissed the moves as a smokescreen, ...

  • Shepherds asks IFAs to create new products

    12 Sep 2006

    Shepherds Friendly Society is calling for IFAs to help it to design new and relevant financial products for consumers.

  • SIML in UK version of 130m global best ideas fund

    7 Sep 2006

    Skandia Investment Management is introducing a UK version of its global best ideas fund next month featuring the five UK managers from the global fund plus five others including Schroders' Richard Buxton.The UK best ideas fund, which launches on October 11, will replicate the global fund with each of the 10 managers providing their 10 best ideas.The fund will have an initial charge of 5 per cent, annual management charge of 1.5 per cent and an estimated total expense ratio of ...

  • Sirius sees 154% increase in pre-tax profit

    12 Sep 2006

    Sirius Financial Solutions has announced a 154 per cent increase in its pre-tax profit compared to the same six month period in 2005, from 226,000 to 573,000.

  • Skandia denies taking IFA commission in L&G deal

    7 Sep 2006

    Skandia has blamed poor communication for bringing about accusations that it is taking commission from IFA sales of Legal & General annuities.The insurer signed an annuity deal with L&G earlier this year and started sending letters to IFAs with clients approaching retirement about their annuity options.The first option is to complete an acceptance form and return it to Skandia, which will arrange the annuity with L&G. Skandia then receives 2 per cent commission from L&G and ...

  • Split decision

    7 Sep 2006

    What was the background to the Charman case and the judgment?

  • Standard set to join FTSE 100

    7 Sep 2006

    Standard Life is expected to join the FTSE 100 index in the next quarterly change this month. Resolution is also poised to enter the index after its merger with Britannic last year. Schroders is expected to fall out after recent outflows of institutional funds.

  • Striking it lucky

    7 Sep 2006

    The new face of Scottish Widows, Hayley Hunt, certainly earns her money. The Diary can reveal that the black garb she has to don for promotional work weighs a whopping four stone. That's a lot of silk and velvet.Scottish Widows even forked out 8,000 on a pair of diamond earrings for her to wear in the photo shoots - well, you can't have the widow wearing Elizabeth Duke, can you?It might sound a lot but those prudent Widows folk managed to haggle the jewellers down from more ...

  • Structured argument

    7 Sep 2006

    Banks are keen to stress the benefits of structured products. Many clients seem to agree as a recent report from BNP Paribas showed that global retail sales of structured products grew by £15.8bn in 2005 to exceed £155.4bn.

  • Sunny side up for Buckley and Covell

    7 Sep 2006

    Ex-Bankhall duo Mike Buckley and Gordon Covell are set to receive a little more media exposure than they first expected in the coming weeks.The pair, who run the Active Management Group, were spotted at a Soho bar while waiting for a Money Marketing hack by a TV crew filming a dating show.Buckley was asked what was his favourite chat-up line, to which Covell interrupted to say: "How do you like your eggs in the morning?"So as well as adorning the pages of Money Marketing, ...

  • Tax fears over watchdog's benefit plan

    7 Sep 2006

    The Pensions Ombudsman has called for changes to the way pension death benefits are paid although critics claim that people could be left facing hefty inheritance tax bills.Speaking on the release of his annual report, Pensions Ombudman David Laverick proposed scrapping the current system, which allows scheme members to nominate where their benefits should be passed on although discretion lies with the trustees.He said many scheme members do not realise that their death ...

  • The long and the short of Reits

    7 Sep 2006

    Real estate invest-ment trusts will be introduced to the UK market next January and IFAs are getting to grips with the impact on the property invest- ment market.Property, primarily through unit trusts, has been one of the top-selling asset classes for the last couple of years but, given the fact they have been largely marketed as a diversifier, will this still hold true with Reits, which are, after all, listed vehicles.Scottish Widows Investment Partnership pan European property ...

  • The MM Profile: David Hollingworth

    7 Sep 2006

    David Hollingworth finds introductions at parties somewhat difficult. When the question, "What do you do?" crops up, Hollingworth find his response of "mortgages" tends to send people running for the door.

  • The Mortgage Business - Self 85 Two Year Fixed Rate

    8 Sep 2006

    The Mortgage BusinessSelf 85 Two Year Fixed Rate

  • The Mortgage Works - Two Year Fixed Rate Buy-To Let

    8 Sep 2006

    The Mortgage WorksTwo Year Fixed Rate Buy-To Let

  • The real deal

    7 Sep 2006

    If I am honest, I tire of those regular phone calls conducting market surveys for life offices. I am sure my criticisms of service standards will do nothing towards the closing down of the call centres, the piped music and boring voices telling us someone will "be with you shortly" followed by our losing the will to live while waiting an interminable age, only to be told that the information we want will take three weeks to produce.

  • This week in Investment

    7 Sep 2006

    Alan Miller has not had the greatest time of late although observers may find it a little hard to feel sorry for someone who is after all still a multimillionaire.

  • This week in Mortgages

    8 Sep 2006

    The big news of the week has undoubtedly been GMAC's announcement that it is the first lender to offer point of sale offer to customers.

  • This week in Pensions

    6 Sep 2006

    This week Norwich Union announced a raft of changes designed to breathe life into its "out of favour" individual personal pension and shift its focus to more affluent customers.

  • This week in Regulation

    11 Sep 2006

    Aifa's call for the introduction of limited or focused advice on specific product areas has been welcomed by many in the industry as long as important caveats are established.

  • Top of the reform

    7 Sep 2006

    European stockmarkets have outperformed most other stockmarkets the majority of the time since the current bull market started in the spring of 2003.

  • Tories in plans to remove regulatory millstone

    7 Sep 2006

    The Conservatives are looking to draw up radical proposals aimed at lessening the regulatory burden placed on advisers.John Redwood, MP, who chairs the Tories' economic competitiveness policy group, says a combination of too much regulation and the fear of future reprisals has produced "particularly undesirable results for the IFA community".Speaking at a meeting with the IFA Defence Union last week, Redwood said drastic measures are needed to deal with the extreme growth of ...

  • Tories plan consumer disclaimer

    7 Sep 2006

    The Tories are floating plans to introduce a consumer disclaimer in the advice process for some products.At a meeting with the IFA Defence Union, Tory MP John Redwood said the idea was part of the "radical" agenda of his economic competitiveness group to reduce unnecessary regulation and help advisers.He said advisers should be able to give "intelligent advice" on higher-risk products with a written disclaimer exonerating them from responsibility.Redwood said the advice ...

  • TUC and Which? attack ABI’s new pension submission

    7 Sep 2006

    The ABI has again failed to prove its case that insurance companies can provide a better model for running Personal Accounts, says the TUC.Speaking after the ABI unveiled the latest version of its proposal for how the scheme should be run, TUC general secretary Brendan Barber says the trade body’s submission is still overshadowed by the NPSS model set out by Lord Turner.Barber welcomed the ‘many sensible points’ in the ABI’s paper and the fact it had tried to meet some of the criticisms ...

  • Turkey set to rival Spain in overseas property market

    6 Sep 2006

    Overseas specilaist Conti Financial Services has extended its range by offering mortgages for people buying property in Turkey.

  • Unumprovident introduces new IP application procedure

    11 Sep 2006

    Unumprovident has enhanced its risk management processes aimed at creating an easier application procedure for its income protection products.Changes include no longer automatically linking requests for medical evidence to the amount of income protection requested, instead evidence will only be required where the application disclosure requires it.The provider says it expects this approach to significantly reduce the amount of time it takes to get cover in place.Unumprovident ...

  • Vertex to support Living Time

    6 Sep 2006

    Vertex Financial Services has picked up a new business processing outsourcing contract providing a product administration platform end to end admin for Living Time.

  • Watchdog tethered

    7 Sep 2006

    Many IFAs would be forgiven for thinking that once the Financial Ombudsman has reached its final decision, then there is nothing you can do, regardless of how arbitrary and capricious it may be.

  • What's in a name?

    7 Sep 2006

    Some time ago, a friend of mine came round to my house with a problem. His uncle had just died at 88 and, as my friend had been both the closest relative and only carer for several years, he had been bequeathed a big house in Enfield, North London.

  • Which? claims 74% of advisers fail their clients

    7 Sep 2006

    Only a quarter of advisers are giving correct advice, while several banks have been named and shamed for either misselling products or claiming to be multi-tied when they are not, says Which?Mystery shopping by the consumer body into the pension and protection advice markets found that IFAs performed best but only 34 per cent passed what Which? describes as the "benchmark for good advice".Just 26 per cent of all financial advisers of the total of 57 visited met the grade.Common ...

  • Who holds the FOS to account?

    7 Sep 2006

    Twice, in the past two weeks, the Financial Ombudsman Service spokeswoman Emma Parker has claimed in Money Marketing that the FOS is a publicly accountable body. Yet the evidence lined up against Ms Parker's assertion is formidable. Advisers have no worthwhile appeal mechanism. A judicial review cannot look at the merit of an ombudsman decision, only at whether due process had been followed. Personal hearings are denied and hearsay evidence and lies can be given the same credence ...

  • Winterthur pensions sales boosted by A-day

    11 Sep 2006

    Winterthur Life has posted a 75 per cent increase in half year single premium individual pensions business to £536m, up from £305m in the same period last year.

  • Wolanski & Co changes name to Alliance Trust Pensions

    7 Sep 2006

    Wolanski & Co. Trustees has changed its name to Alliance Trust Pensions Limited.

  • Woolwich - Woolwich Lifetime Offset Tracker

    8 Sep 2006

    WoolwichWoolwich Lifetime Offset Tracker

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