Money Marketing
7 June 2006

  • 350 BBB advisers sign up with Tenet network

    8 Jun 2006

    Tenet says it has retained a total of 350 advisers from the BBB group, with 260 out of a possible 280 joining its network Interdependence.A total of150 advisers were using Berkeley Direct and 90 are now using Tenet's service company IFA Professional.Group sales and marketing director Keith Richards says the transition is going smoothly and Tenet has convinced many advisers who had resigned from BIA before its closure to reconsider their resignations.Richards says: "Although ...

  • 45% Of IFAs are not prepared for Hips

    8 Jun 2006

    Almost half of IFAs have made no provision for the introduction of home information packs.With only a year to go until Hips become compulsory, joint research from conveyancer Easier2move and mortgage network PMP shows that 45 per cent of IFAs have made no preparation for the introduction of Hips and 31 per cent are waiting until closer to launch.Ninety-eight per cent of IFAs are aware of what Hips are, compared with 88 per cent of estate agents. Fifty-three per cent of IFAs ...

  • 5M cost of buying equity release direct

    8 Jun 2006

    Key Retirement Solutions has revealed that people buying equity-release products direct are potentially paying almost 5m more in interest annually than those who seek independent advice.It says the extra costs are partly because drawdowns are not being recommended in enough cases.Business development director Dean Mirfin, who has long called for more advisers to enter the market, says: "We call on the industry to seek to ensure that all consumers are able to access the entire ...

  • 98% Back Standard float

    8 Jun 2006

    Ninety-eight per cent of members voted in favour of Standard Life's demutualisation last week - a majority that has been matched just once before when Halifax demutualised in 1997.

  • A climate of change

    8 Jun 2006

    Helen Monks says advisers need to take account of a sea-change in attitudes towards socially responsible investment

  • A&L confirms Lehman Brothers tie-up

    12 Jun 2006

    Alliance & Leicester will distribute buy to let, self certified, and sub-prime mortgages in a tie-up with Lehman Brothers.

  • Abbey - Capital Guaranteed Japanese Equity Bond Issue 2

    9 Jun 2006

    AbbeyCapital Guaranteed Japanese Equity Bond Issue 2

  • Abbey - Capital Guaranteed UK Equity Bond Issue 2

    9 Jun 2006

    AbbeyCapital Guaranteed UK Equity Bond Issue 2

  • Abbey FM hires Dale as head of business development

    12 Jun 2006

    Abbey Financial Markets has appointed Gary Dale as head of business development for its UK and offshore IFA, private banking and partnership channels.

  • Abbey -Two Year Tracker Mortgage

    7 Jun 2006

    AbbeyTwo Year Tracker Mortgage

  • Aberdeen Asset Managers - Edinburgh UK Tracker Trust, Edinburgh US Tracker Trust, Edinburgh UK Smaller Companies Tracker TrustSelf Cert

    9 Jun 2006

    Aberdeen Asset ManagersEdinburgh UK Tracker Trust, Edinburgh US Tracker Trust, Edinburgh UK Smaller Companies Tracker TrustSelf Cert

  • ABI gives guidance on protection rates

    8 Jun 2006

    The ABI has issued guidance notes to its members on reviewable rates across protection products. It has sought legal advice and had talks with key industry organisations to help reduce the risk of insurers not complying with the Unfair Terms in Consumer Contracts Regulations Act 1999.

  • Absolute Capital launch activist value fund

    12 Jun 2006

    Absolute Capital Management Holdings is set to launch its absolute activist value fund on July 1.The fund will be an event driven long short activist fund and will seek to raise EUR1bn through investing primarily in European companies.Absolute Capital Florian Homm says: "We believe there are numerous opportunities for the activist investor in Europe hence our target is to deliver alpha level returns." Absolute launched on UK AIM three months ago.

  • Act now before the levy breaks brokers

    8 Jun 2006

    It is time for IFAs to unite and consign this funding scheme to history'

  • Added value

    8 Jun 2006

    Just Retirement marketing and product manager Nigel Barlow on how A-Day has given clients nearing retirement a third choice - the value-protected annuity - and how it can be a comfort factor for people with impaired lives

  • Advantage Home Loans - Morgan Stanley ADV Medium Adverse One year Discount Buy-To Let

    9 Jun 2006

    Advantage Home LoansMorgan Stanley ADV Medium Adverse One year Discount Buy-To Let

  • Adviser claims Ashley Law failed to register branches

    8 Jun 2006

    Ashley Law has been accused of failing to register several of its branches with the FSA and breaching FSA rules.The alleged error was discovered by adviser Ned Naylor, who headed Ashley Law (Blackburn) until 2003 and is mounting a separate legal challenge against the firm for alleged breach of contract and loss of commission.Naylor received written confirmation in April this year from the FSA that it could find no records of his branch. Other franchises not listed include Ashley ...

  • Advisers believe SIPP options are vital

    12 Jun 2006

    Three out of five advisers believe that having a wide range of investment options within a SIPP is crucial to retirement success according to data from Fidelity FundsNetwork.The investment platform interviewed 140 advisers about SIPP recommendation. They found 64 per cent think that the scope and range of investment options available within a SIPP are key when making client recommendations relating to retirement planning.Over three quarters - 78 per cent - believe that one of the ...

  • AMI urges lenders to go soft on consumers

    13 Jun 2006

    The Association of Mortgage Intermediaries' May survey has revealed a significant number of intermediaries are unaware which type of footprint will be left by a lender on a clients credit file.

  • Annuity rates on the slide

    8 Jun 2006

    Decline in gilt and bond yields hits retirement incomes

  • Another fine mess

    8 Jun 2006

    I have just read the FSA consumer research 48 (mystery shopping results of how advisers introduced the IDD & menu documents to clients). The FSA has just realised that there is "low compliance" on how we advisers introduce these forms. Am I going mad and did we tell the FSA at the consultation process that all this disclosure goes way over the client's head? Do any advisers believe what the menu documents says and just how do you explain it to a potential client? And how ...

  • Assureweb and IntelliFlo link to counter threat

    8 Jun 2006

    IntelliFlo and Assureweb have entered into a strategic partnership in a bid to counter the market threat posed by Vertex and Capita.The integration solution combines the front and back-office procedures with product research, obtaining quotes and submitting new business applications.IntelliFlo chief executive Nick Eatock says the firms began to look at working with each other last summer but the partnership has been accelerated by Capita's acquisition of Webline and Quay and ...

  • B&B admits broker axe could see it lose business

    8 Jun 2006

    Bradford & Bingley has conceded that its decision to axe its mortgage broker arm could mean that it will lose business.It closed its panel of 18 lenders last month and will instead sell its own products through its branch network.Director of mortgage products Andy Wiggans, who joined the company from HBOS last month, says the move could have a negative impact on business but stresses that B&B can redress the shortfall by developing new products and increasing marketing once ...

  • B&B targets first time buyers

    12 Jun 2006

    Bradford & Bingley has launched a new mortgage aimed at first time buyers still training or working in specific professions.

  • Barclays aims for 9% Asian real estate return

    8 Jun 2006

    Barclays Capital has launched its first sterling-denominated Asian real estate income fund.The fund launched on June 5 and will target a gross annual yield of 9 per cent which it will aim to pay out quarterly to investors after fees.The fund will invest in around 20 Reits and real estate stocks listed on the three biggest Asian property indices - Bloomberg Asia Pacific real estate, S&P/ASX 300 property trust and Bloomberg Pacific real estate trust.The fund's holdings will ...

  • Base rate held for tenth successive month

    8 Jun 2006

    The Bank of England has held the base rate at 4.5 per cent for the tenth month running.

  • Bedlam Asset Management - Bedlam 200 Fund

    9 Jun 2006

    Bedlam Asset ManagementBedlam 200 Fund

  • Boutiques boost constellation fund

    8 Jun 2006

    Everything from their reputation to kids' school fees depends on the business'

  • Brown looks to promote Islamic finance

    13 Jun 2006

    The Chancellor will today speak to the Muslim Council of Britain conference about the need to support the creation of products to cater for devout Muslims.Gordon Brown will tell delegates how the Government will look to offer regulatory and tax regime measures to support such products.He will emphasise the potential benefits to the City of London in terms of increased revenue if it can achieve the position of “gateway to Islamic finance and trade”.

  • Bupa enters PTA market

    13 Jun 2006

    Bupa Individual Protection has launched new its pension term assurance product that will be only made available through intermediaries.

  • Burns-Anderson creates two new roles

    9 Jun 2006

    Bristol-based intermediary network Burns-Anderson has promoted former marketing manager James Thomas to head of key relationships.

  • Campaign wants prominent warning for consumers

    8 Jun 2006

    The objective is not the total ban of protection products sold on an execution-only basis but that the consumer completely understands the differences between advised and non-advised sales.Although many direct-sales channels - particularly supermarkets - state clearly in their key facts documents that they are not giving advice, campaign supporters believe warnings should go beyond that.Money Marketing believes that consumers need to be fully aware that simply by buying non-advised ...

  • Carpetbagger warns on low initial price

    8 Jun 2006

    Renowned carpetbagger Fred Woollard has called for Standard Life to ensure that the firm's initial share price is not set too low.Woollard sent a representative to the special general meeting last week to request Standard Life's advisers UBS and Merrill Lynch not to underprice the new shares. He is concerned that shares could be offered at a discount, delivering an instant profit.But chairman Sir Brian Stewart rejected the concerns, saying Standard Life would "optimise share ...

  • Carrot cake

    8 Jun 2006

    Matt Goodburn looks at the different deals offered by fund firms to encourage key managers to stay

  • Catalyst Investment Group - ARM Collateralised Capital Growth Bond

    9 Jun 2006

    Catalyst Investment GroupARM Collateralised Capital Growth Bond

  • CEO Robinson to leave Bright Grey

    12 Jun 2006

    Bright Grey chief executive David Robinson has resigned.

  • Certificate delays pose problems in taking pensions

    8 Jun 2006

    Problems experienced by the Revenue in processing protected rights application forms could cause difficulties for clients who want to take pension benefits in the near future.The Revenue had promised to issue certificates within 15 working days in 90 per cent of cases but now says it has had to reject nearly a third of the protection of existing rights forms (APSS200) from those applying for enhanced protection.Intelligent Pensions technical director David Trenner says this ...

  • Chaser challenges timebar

    8 Jun 2006

    Endowment claim chaser Brunel Franklin has submitted a legal challenge against timebars which it says could force the Financial Ombudsman Service to pay out millions of pounds in compensation to timebarred policyholders.It has hired Rhodri Morgan, QC and solicitor Hill Dickinson to set out its concerns in a letter to FOS chairman Sir Christopher Kelly and FSA chairman Sir Callum McCarthy.It argues that red letters warn of the high risk of a shortfall but fail to explain that ...

  • Chelsea Building Society - Prospect Extra Light 5% Cashback with Fixed Rate

    9 Jun 2006

    Chelsea Building SocietyProspect Extra Light 5% Cashback with Fixed Rate

  • Cigna healthcare appoints James Parker as new MD

    8 Jun 2006

    Cigna HealthCare has appointed James Parker as managing director of the UK healthcare business with immediate effect. James joined Cigna in 2002 and was appointed finance director in 2004. he was formerly responsible for developing its UK growth strategy and for delivering annual business plans.

  • Claim chaser regulator revealed

    9 Jun 2006

    The Department for Constitutional Affairs will oversee the regulation of claims management companies with local trading standards authorities doing the leg work.

  • Claim-chasers to pursue interest-only mortgages

    8 Jun 2006

    This is a potential timebomb. You have to be careful when people do not have a repayment vehicle'

  • Close equity release plan can offset IHT losses

    8 Jun 2006

    Close Brothers is offering an equity-release product that guarantee s to pay out 93.5 per cent of the property's value to the estate on the owner's death.The scheme is being sold through IFAs after a successful pilot. The firm is marketing the product as a way to miti-gate inheritance tax losses on property although Close says it is only suitable for wealthy customers.It is a drawdown plan whereby a sum, depending on life expectancy, goes to the lender and the remainder is invested ...

  • Close Fund Management - Special Situations Fund

    9 Jun 2006

    Close Fund ManagementSpecial Situations Fund

  • Compulsory financial education will make people richer, says NU report

    13 Jun 2006

    Introducing compulsory financial education into the curriculum could makeBritons much better off by their late 40s, according to a new report.

  • Confidence in mortgages rises

    8 Jun 2006

    Alliance & Leicester's borrowing monitor shows a marked increase in people's confidence about taking on a mortgage. At the start of the year, 7 per cent of households said they were thinking of taking on a mortgage but that figure has now risen to 15 per cent.

  • Consumers expect interest rate rise

    12 Jun 2006

    Consumers are bracing themselves for a rise in interest rates over the next 12 months, according to Lloyds TSB.

  • Contracting out pays in interim years

    8 Jun 2006

    Medium to high-earners could be better off being contracted out in the interim years until the implementation of the Government's pension reforms, according to experts.Hargreaves Lansdown head of pensions research Tom McPhail says the benefits of being contracted out are obvious for some clients but advisers are reluctant to offer advice in this area due to complexity and the regulatory burden.Contracting out will be scrapped from 2012 except for firms running final-salary pensions. ...

  • Co-op ethical fund beats the stockmarket

    8 Jun 2006

    Co-operative Insurance's ethical fund has achieved an 83 per cent return over the last three years, outperforming both the UK stockmarket and the majority of UK unit trusts.Data from the firm reveals the 125m CIS Sustainable Leaders trust produced a return of 83.7 per cent for the three years to April 30 compared with 75.4 per cent for the average UK unit trust and 79.6 per cent for the FTSE All-Share.The results also show that the fund performed better than both benchmarks ...

  • Correspondent's week

    8 Jun 2006

    This week by personal finance reporter at The Times Rebecca O'Connor

  • Court of Session approve Standard Life demutualisation

    9 Jun 2006

    The Court of Session in Scotland has sanctioned the demutualisation scheme presented by Standard Life.This follows the Standard Life special general meeting on 31 May 2006 where 98 per cent of voting members supported the special resolution for Standard Lifes demutualisation and flotation.Standard Life plan to publish its prospectus with details of the Preferential, Institutional and Retail offers for potential investors on 15 June 2006, subject to regulatory approval.Standard ...

  • Coventry Building Society - Buy To Let +0.70 % Flexx Base Rate Tracker

    9 Jun 2006

    Coventry Building SocietyBuy To Let +0.70 % Flexx Base Rate Tracker

  • Culture shock

    8 Jun 2006

    I can understand how Wayne Rooney feels. Here I sit in London while I should be in Germany. My metatarsal is intact but I was hit by a summer cold, which is what women wrongly call the flu.

  • Currie in Standard and Canada Life deals

    8 Jun 2006

    Martin Currie has made distribution deals with Standard Life and Canada Life as it looks to build on its recent sales momentum, with assets under management almost doubling in the last nine months.The firm's North America fund managed by Tom Wal-ker, the Japan fund managed by John Millar and Michael Thomas and the Asia Pacific fund managed by Jason McCay will be available through Standard's life bond from this week.Canada Life has selected the asset manager's Japan fund for ...

  • Dashboard links up with Clarity

    12 Jun 2006

    Dashboard has launched a link up with web based mortgage intermediary system Clarity.The service will be available to all Dashboard Software and Dashboard Lite users.Clarity provide a range of Tenant Referencing products and competitive Rent Guarantee insurance policies.Dashboard joint managing director David Aylmer says: “This integration has the added benefit of enabling our clients to earn money from the service too, it is a win-win for everyone.”

  • Departure of Threadneedle sales director

    8 Jun 2006

    Threadneedle sales director Guy Beech is leaving in a reshuffle that will see Gary Collins take over as head of UK retail sales.Beech, who had been with the firm for 10 years, is understood to be taking a break from the industry.Collins joins from Merrill Lynch Investment Managers, where he was director of UK retail business, next month.He will carry out a review of the sales team but is not expected to make wholesale changes. He will also have specific responsibilities ...

  • Do ads stray on the wrong side of tracks?

    8 Jun 2006

    Woolwich claims 'the honeymoon never ends' in its new mortgage drive but others say the wedded bliss could be shortlived for borrowers. By Guy Anker

  • Easter says Millfield refinancing on track

    8 Jun 2006

    Chief executive 'humbled' by support as he aims for more transparent business

  • Eight managers exit Towry

    8 Jun 2006

    Eight of Towry Law's senior management team are leaving the firm as JS&P looks to put its own stamp on the combined adviser group.Towry Law Financial Services managing director Miles Standish, finance director Philip Anderson and head of IT Tony Dunmore have left, following the departure of group managing director John Simmonds at the time of the takeover, finalised last month for 37m.It is understood that Towry Law's head of strategy Charles Levett-Scrivener, investment director ...

  • Ex-Revenue pension chief to give talks

    8 Jun 2006

    The former public face of the Revenue's pension simplification team Les Shaw will be taking part in two Intelligent Pensions roadshows. Shaw, formerly on the Revenue's audit and pension scheme services team, will be speaking in Birmingham and Loughborough.

  • F&C appoints Woodward

    9 Jun 2006

    Mike Woodward had joined F&C as deputy head of investment trusts.

  • F&C rides out volatility in closed-end products

    8 Jun 2006

    Increasing exposure to closed-end structured products is a good way of hedging risk in volatile markets, says F&C head of fund of funds Richard Philbin.

  • Factory gate price is right

    8 Jun 2006

    Separating out the cost of distribution from pensions will improve understanding

  • Falcon on acquisition trail with 4m

    8 Jun 2006

    Falcon Group is in late-stage acquisition discussions with a number of adviser firms after parent company Sumus revealed it has a 4.29m war chest available for expansion and development.

  • Fame is the spur

    8 Jun 2006

    Not content with the fame and adoration that has come from owning a 19th Century Fort in the English channel and being snapped up by FTSE 100 firm Capita, Webline executive chairman Paul Holland has moved one step closer to an inevitable invitation to the next series of Celebrity Big Brother.Soon-to-be C-lister Holland, along with Capita PR Rowina Denham and an MM hack, will be making a cameo appearance on Ready Steady Cook after stumbling into a restaurant where the series was ...

  • Fixed rate mortgages not dead yet, says CML

    13 Jun 2006

    The Council of Mortgage Lenders regulated mortgage survey reveals that fixed rate mortgages accounted for 71 per cent of all home loans and remortgages in April.

  • Focus on Offshore

    13 Jun 2006

    Friends Provident International (FPI) have announced plans to extend their offshore life and pensions business into three new territories. They have been granted a licence for a branch office in Singapore, which will open in September 2006. FPI hope to repeat the success they have had in North Asia with business via Hong Kong in the South Asian market. They plan to launch a portfolio bond for high net worth clients and will be the first provider to do so in Singapore.

  • Focus on Offshore

    7 Jun 2006

    Guernsey’s senior politicians have proposed a set of economic and taxation changes which include a zero rate of corporate tax. Other measures in the package include capping personal tax at £250,000 on non-Guernsey income and investment income and not introducing wealth taxes such as inheritance tax and capital gains tax. The island’s parliament will debate the proposals and if approved the main strands of the package will come into affect from 1 January 2008.

  • Focus on Protection

    13 Jun 2006

    It has certainly been an eventful time in the protection market of late.

  • Friends Provident International - Friends Isa, Investment Portfolio Bond, Income Distribution Bond

    9 Jun 2006

    Friends ProvidentFriends Isa, Investment Portfolio Bond, Income Distribution Bond

  • FSA chooses panel chairman

    8 Jun 2006

    The FSA has appointed Mark Rothery as chairman of its smaller businesses practitioner panel. Rothery is chief executive of the Ancient Order of Foresters Friendly Society.

  • FSA investigates mortgage advice

    8 Jun 2006

    The FSA is to start a large-scale investigation into the quality of mortgage advice after completing its study of the investment sector.The regulator, which is using thematic visits and mystery shopping, is focusing on whether firms are treating customers fairly.Its findings on personal investment advice are due out next month. If the results of its investigations prove disappointing, the FSA could crack down on any sectors or products that cause concern.The studies are ...

  • FSA leaving compensation limits unchanged

    8 Jun 2006

    Advisers and professional indemnity insurers have hailed the FSA's decision not to raise existing payout limits for the FSCS and the FOS.Compensation and eligibility limits for the Financial Services Compensation Scheme and Financial Ombudsman Scheme will remain unchanged until at least 2009 when the next review takes place.The FOS limit is currently 100,000 for all types of business while the FSCS limits depend on product type.The FSA began its consultation before Christmas ...

  • FSA review reveals critical concerns

    8 Jun 2006

    The FSA says firms selling critical-illness insurance are still failing to explain policies clearly to their consumers.The regulator says its latest thematic review of CI insurance uncovered much evidence of good sales practice but generally explanations of CI are poor, documentation is lacking in important detail and the justifications for the sale are inadequate.Advisers are failing in many cases to explain to consumers what is covered by the CI policy, says the FSA.It ...

  • FSA rules out retrospective enforcement

    8 Jun 2006

    The Financial Services Authority has confirmed it will continue to judge firms' standards of product sales and financial advice by the rules at the time and not retrospectively.

  • FundsNetwork e-biz deal with Positive Solutions

    8 Jun 2006

    Fidelity FundsNetwork has teamed up with Positive Solutions to integrate their e-business offerings to help improve adviser service.The work between the platform and adviser firm includes the integration of FundsNetwork's investment bond with Positive Solutions new quote service.Positive Solutions clients can now obtain FundsNetwork valuations directly and the platform supports the secure messaging and new business tracking through Positive Solutions' e-pipeline.The adviser ...

  • Gardening Tebbutt rakes over industry ashes

    8 Jun 2006

    Former Millfield chief executive Paul Tebbutt has rejected claims that he was sacked from his role.He insists he resigned, despite much of the media coverage of his departure implying he was ousted.Tebbutt says: "Lots of people are making assumptions that I was sacked but that is simply not true. I resigned. I am not restricted on returning to working in the industry. In terms of the future of the industry, there are only two firms that seem to be making any real profit and ...

  • Gartmore bids to keep fund chiefs

    8 Jun 2006

    Gartmore is attempting to retain three of its European fund management team despite the fact that they all resigned last April and have signed contracts to join Resolution Asset Management in October.Tim Callaghan and Adrian Darley, who run Gartmore's European focus and European growth funds respectively, are on six-month contracts which expire in October while Jona-than Frearon, who works across a range of aggressive portfolios, is on three months' notice.A Gartmore spokeswoman ...

  • Gartmore or less?

    8 Jun 2006

    Fund management Nicola York assesses the range of reaction to the MBO/private equity takeover at Gartmore

  • Govt seeks ways to prevent erosion of occupational schemes

    8 Jun 2006

    The Government has dismissed concerns that the introduction of pension personal accounts will reduce savings in occupational schemes.Speaking at the TUC Trustee Conference in London, pension reform minister James Purnell said he will be working with employers to guard against a scenario where generous occupational schemes reduce their contributions to bring them in line with personal accounts.Purnell said the upcoming review of occupational scheme regulation will look at ways ...

  • Guidelines are set out for unit-linked funds

    8 Jun 2006

    Insurance companies managing unit-linked funds have to complete an assessment by the end of the year of whether their business complies with a new guide published by the Association of British Insurers.The guide of good practice for unit-linked funds focuses on key areas such as disclosure, valuation and pricing and has been designed to comply with the FSA's treating customers fairly regime. Examples include clear disclosure of management charges to policyholders.Three-quarters ...

  • Hard-boiled exit

    8 Jun 2006

    As the FSA cracks down on mortgage exit charges, Adam Samuel Training and Compliance principal Adam Samuel unscrambles the meaning of the 1999 regulations covering unfair consumer contract terms

  • Hargreaves Lansdown launches FundsLibrary

    12 Jun 2006

    Hargreaves Lansdown has announced the launch of its fund information centre FundsLibrary.

  • Healthy rewards in Pru PMI deals

    8 Jun 2006

    PruHealth is to offer rebates on PMI premiums plus other benefits to people with chronic conditions who demonstrate that they are managing their conditions.It says people who manage conditions such as high blood pressure or diabetes are less likely to claim than people leading unhealthy lifestyles.It offers vitality points which can be used to get back from 25 to 100 per cent of premiums paid one year off the next year's premiums. It includes memberships of Cannons and Holmes ...

  • IFS offering 150 subsidised places on its CeLM exam

    13 Jun 2006

    The Institute of Financial Services is offering its last 150 places on its subsidised Certificate in Lifetime Mortgages.

  • In the running

    8 Jun 2006

    Mick McAteer, the principal policy adviser at consumer body Which?, is one of those people whose views are critical for anyone interested in a consumer-focused response to what is happening in financial services.

  • InfoComp recruits ex-NPI chief Lyons

    8 Jun 2006

    Australian wrap software provider InfoComp has hired former NPI chief executive Alastair Lyons as a special adviser. Lyons is chairman of Admiral.

  • Instant verification to beat cash laundering

    8 Jun 2006

    Solicitors for Independent Financial Advice has set up an instant-verification web service for advisers to follow anti-money-laundering guidelines.It uses identify verification specialist GB Group to meet the requirements of the joint money laundering steering group and has been customised for financial services.The benchmark was agreed last year after work from the Adviser Forum, which is made up of providers and adviser firms, prompted Sifa to enlist GB Group to develop a ...

  • Investment View: Shake it all about

    8 Jun 2006

    One effect of the shake-out in shares has been to remind investors of the risks present. For the time being, there seems little incentive to return to the higher-beta markets, such as smaller companies and emerging economies, which have borne the brunt of the selling.

  • Jelf looks to Acturis for broking system

    8 Jun 2006

    Jelf Group has signed Acturis to provide its core broking system which will provide a single integrated IT platform across the enlarged insurance business.

  • Jon Brokenshire to leave Jupiter

    8 Jun 2006

    Jupiter sales director Jon Brokenshire is set to leave the firm in September.The firm's director of asset management sales Tom Pearson will take on overall responsibility for the sales operation.Brokenshire has been with Jupiter for nine years and says he plans to take a break from the industry.He says: "After working in the industry for 27 years and at Jupiter for the past nine years, I have decided it is now time to take a break from my career."

  • July float as 1.5m make it a landslide

    8 Jun 2006

    Standard Life members have voted overwhelmingly with a 98 per cent landslide to end the company's 81-year history as a mutual and float on the stockmarket.A lobbying campaign by Standard paid off, with 1,545,314 members voting for demutualisation and only 2 per cent, a total of 32,474, against.Speaking at a special general meeting at the company's Edinburgh headquarters last week group chief executive Sandy Crombie said he was not worried about those who voted against abandoning ...

  • Laurie Edmans leaves Aegon for consultancy role

    7 Jun 2006

    Aegon director of corporate development Laurie Edmans is leaving the firm to move into an independent consultancy role.

  • Leeds Building Society -Light Impaired Base Rate Tracker

    9 Jun 2006

    Leeds Building SocietyThree-Year Fixed-Rate Shared Ownership Mortgage

  • Legal & General - Growth Investment Plan Plus 3

    9 Jun 2006

    Legal & GeneralGrowth Investment Plan Plus 3

  • Legal & General - Protected Capital Investment Plan 3

    9 Jun 2006

    Legal & GeneralProtected Capital Investment Plan 3

  • Martin Currie Investment Management - Martin Currie GF Global Resources Fund

    9 Jun 2006

    Martin Currie Investment ManagementMartin Currie GF Global Resources Fund

  • Millfield director joins Park Row

    8 Jun 2006

    Park Row has recruited Millfield director of mortgages Theresa Clements as its business development manager for the London area.She will set up and develop Park Row's presence in London and the South-east, which will start with a branch in the West End followed by a City branch.Clements says Park Row is aiming to set up a cluster of London offices with between 30 and 50 advisers working from each branch.Clements says she had been looking around for opportunities during the ...

  • Multi-manager View: Portfolios in a storm

    8 Jun 2006

    It is easy to make extravagant claims about performance in a bull market but there will be times when they are tested. This is such a time.

  • Mystery shop highlights PTA concerns

    8 Jun 2006

    Direct Life and Pensions says it has found massive variations in the quality of advice given on pension term assurance and warns this could undermine consumer trust in advisers.Sales and marketing director Richard Verdin, who conducted a mystery shopping exercise, also believes the advice process is undermined by the requirement for advisers authorised under Icob to warn consumers that the advice they give on PTA may not be suitable.Verdin says: "The future of advice is in question ...

  • NAPF urges Government to cut red tape for workplace pensions provision

    9 Jun 2006

    National Association of Pension Funds chief executive Christine Farnish has challenged the Government to stick to its pledge in the White Paper to support existing workplace pension provision and lighten the regulatory and cost burdens on schemes.

  • Nationwide Building Society - 10 Year Fixed Rate

    9 Jun 2006

    Nationwide Building Society10 Year Fixed Rate

  • Nationwide Building Society - Five Year Fixed Rate Mortgage

    9 Jun 2006

    Nationwide Buildign SocietyFive Year Fixed Rare

  • Not what the doctor ordered

    8 Jun 2006

    It is with much regret that I have to write to the British Medical Association with regard to what I consider to be unprofessional behaviour concerning the failure to complete general practitioner reports by many of the BMA's GPs. As a financial services practitioner of over 17 years who has arranged life, critical-illness and other protection cover, I understand that there is an agreed procedure between the BMA and the Association of British Insurers whereupon completion of a GPR, ...

  • NU launch hailed by Pru

    7 Jun 2006

    Prudential has welcomed Norwich Union’s decision to launch an equity release cash reserve product.

  • NU offers release reserve option

    8 Jun 2006

    Norwich Union is to offer an equity-release cash reserve option in mid-July which it says will provide more flexibility. The option within its lifetime mortgage allows customers to release an initial amount and then more over 10 years.

  • Openwork links with Morgan Stanley on portfolio offerings

    13 Jun 2006

    Openwork has announced a new discretionary portfolio service and managed portfolio service from Morgan Stanley Quilter.

  • Origen appoints new managing director

    12 Jun 2006

    Origen has appointed Stephen Greenstreet as its new managing director with immediate effect.

  • Origen says IP will suffer through age discrimination

    7 Jun 2006

    Origen’s sixth annual employee benefits survey has revealed that income protection as a benefit has been consistently decreasing since 2001. The IFA predicts this could accelerate as the forthcoming age discrimination laws could have big cost implications for employers due to an ageing workforce.

  • Pension law shake-up to aid unmarried couples

    8 Jun 2006

    Unmarried couples could be given similar pension and property rights as people who are married or in a civil partnership, according to a Law Commission paper.The Government asked the Law Commission to carry out a review to see if the law should be changed to give cohabitants more financial rights on separation or death.The consultation paper rejects the view that cohabitants should have the same financial rights as divorcees but instead proposes a "scheme of financial remedies" ...

  • Pension pivots

    8 Jun 2006

    The one inevitable effect of the Pensions White Paper will be to usher in years of uncertainty about what will happen to pensions in the next decade.

  • Platform extends lending criteria

    8 Jun 2006

    Platform has extended its adverse lending criteria and is moving deeper into the sub-prime market in what it calls its biggest change in three years.

  • Portal vein

    8 Jun 2006

    I was bemused to read that AssureWeb and Intelliflo have united to form a "third option for the industry".

  • Principality raises £120m for growth

    8 Jun 2006

    Principality Building Society has raised £120m from the capital markets to support its growth plans in the residential, commercial and secured lending sectors.

  • Pro bono advice urged for seniors

    8 Jun 2006

    Thinktank makes call for free service

  • Product matters: Special brew

    8 Jun 2006

    Launching a special situations fund in the same summer as the most famous special sits fund in the UK undergoes serious surgery might be viewed as opportunistic but Close Fund Management has the pedigree to claim credibility.First, the fund will be in the UK smaller companies sector, so will not be ranked against other major special sits funds. Second, Close has one of the best Aim teams in the industry. Fund manager Justin Jordan was previously at Old Mutual, where he worked closely ...

  • Proposed amendments to taxation on trusts

    9 Jun 2006

    The government has proposed amendments to the Finance Bill which would allow some trusts to escape tax charges laid down in the last Budget.Many experts feared the legislation which was drafted to crack down on inheritance tax avoidance by using a trust had unintentionally caught a wide range of other financial services, such as family protection. There is a proposed change to so-called probate trusts which Standard Life and other companies have suspended due to the original proposed ...

  • Public perplexed by depolarisation

    8 Jun 2006

    Vast gulf between consumers' concept of independent advice and reality

  • Puffed out?

    8 Jun 2006

    Markets Are we seeing a collapse or will markets get a second wind, asks Forsyth global thematic fund manager Peter Toogood

  • Recovery position

    8 Jun 2006

    Gartmore can put the uncertainties behind it and start to build

  • Reit thinking

    8 Jun 2006

    Commercial property has had a very good run in the UK over the past few years but returns over the next year or so are likely to be rather less.

  • Resolution enters life insurance new business market with Abbey deal

    7 Jun 2006

    Resolution has announced plans for its acquisition of Abbey National's UK and offshore life business.

  • Retirement Plus jumps aboard SHIP

    13 Jun 2006

    Retirement Plus has been granted membership to the Safe Home Income Plans, the UK equity release industry body.

  • RU ready to rumble?

    8 Jun 2006

    The pension market has no need for RU64

  • Scot Eq's Francis McGee moves on to public affairs strategy

    12 Jun 2006

    Aegom UK director of corporate development Laurie Edmans is leaving the company to move into an independent consultancy role.

  • Scottish Widows predicting 14.4 per cent property return

    13 Jun 2006

    Scottish Widows Investment Partnership is forecasting the UK property sector to return growth of 14.4 per cent this year.

  • Sesame brands R&SA for general insurance products

    8 Jun 2006

    Sesame has teamed up with Royal & Sun Alliance to offer its advisers a general insurance product range called Sesame Insure.The range replaces deals that the network had with Zurich and Axa which have now been terminated.The partnership means Sesame advisers can offer their clients home and contents insurance and mortgage payment protection, which will be administered and underwritten by Royal & Sun Alliance.Sesame says the move comes after conducting research which found ...

  • Sesame raises members' fees

    8 Jun 2006

    Criticism from advisers over changes to website charges

  • Shah is the IFAs' choice for special sits vacancy

    8 Jun 2006

    Sanjeev Shah has emerged top of the IFA wish list to take on one half of Fidelity special situations from Anthony Bolton when the fund is split in two in September.Money Marketing's poll of 20 leading investment IFAs reveals that 11 want European aggressive fund manager Sanjeev Shah to take on the new fund, with four opting for Tim McCarron who took over Fidelity's £4.5bn European fund from Bolton three and a half years ago.Fidelity income and growth fund manager John Stavis, ...

  • Shaking the tree

    8 Jun 2006

    In the Pensions White Paper, the Government comes out in support of the Pensions Commission's package of recommendations.

  • Simon Burgess

    8 Jun 2006

    The flamboyant managing director of British Insurance has just been involved in a bear market when he insured a bruin at risk and he has also offered cover against alien abduction and attacks by the Loch Ness Monster. Now he is turning his attention to setting up a life insurance provider and offering payment protection insurance, bringing with him his philosophy of pile it high, sell it cheap and a belief that advisers should be cutting their commission to close the protection gap. Interview ..

  • SimplyBiz profits reach 2.25m

    8 Jun 2006

    SimplyBiz has recorded profits of 2.25m in its third year of trading. It says it is injecting the cash back into the business and will offer members free personalised websites and access to Aequos investment research.

  • Simplybiz's Thorneycroft joins Aifa board

    8 Jun 2006

    Simplybiz managing director Ian Thorneycroft has been co-opted on to the Aifa board as a director.The firm says the appointment is recognition of its work with smaller IFAs. It acts as the compliance adviser for 1,150 IFAs which have between three and five advisers and pays its members' Aifa fees.It also has a web page where members can access information relating to Aifa and Simplybiz uses the website to carry out research for Aifa.Thorneycroft says: "I am delighted to ...

  • Sipp provider fears Revenue U-turn on French leasebacks

    8 Jun 2006

    Advisers are being warned not to recommend French lease-back properties to self-invested personal pension clients amid concerns that the Revenue will clamp down on the schemes.Sipp provider IPS Actuarial Services managing director Rupert Curtis says despite French leaseback properties - tourist apartments that pay a rental income guaranteed by the management company - being categorised as hotels under French regulations, the Revenue is likely to close the loophole, echoing Chancellor ...

  • Situation normal in Japan

    8 Jun 2006

    Confidence has improved in Japan and domestic recovery has followed

  • SJP appoints two new fund managers

    7 Jun 2006

    St. James's Place has appointed two new fund managers to its range of funds following a review by independent consultants, Stamford Associates.

  • Skandia unveils brains behind best ideas fund

    8 Jun 2006

    Skandia Investment Management has unveiled the 10 fund managers chosen to run its global best ideas fund.The managers will pick their 10 best stock ideas, with five concentrating on the UK and five overseas. The fund will invest 50 per cent in the UK, 17 per cent in the US, 14 per cent in Europe, 7 per cent in emerging markets and 6 per cent each in Japan and Asia Pacific.On the UK side, Gartmore's Ashley Willing, Richard Plackett of Merrill Lynch and Axa Framlington's Roger ...

  • Skills Council kicks off 18-month consultation

    8 Jun 2006

    The Financial Services Skills Council has launched the Skills Bill, an 18-month programme designed to address the skills issues that affect financial services businesses.Forums are being held across the country so employers can have their say about skills needs and priorities for Government funding.The skills council also plans to consult education and training providers and funding bodies on how to ensure the skills needs of employers are met.The outcome will be a costed ...

  • Skipton launches new tracker mortgage

    7 Jun 2006

    Skipton Building Society has launched its new 3 Year Base Rate Tracker Capped Mortgage at 0.25 per cent above the base rate.

  • Slipped risks

    8 Jun 2006

    Misunderstanding a client's attitude to risk could have painful consequences

  • Small brokers hit by 14% rise in levies

    8 Jun 2006

    Fees are set to increase substantially for smaller IFAs as the FSA has finalised rates for 2006/07.Its regulatory fees and levies paper sets the bands for rates payable to the FSA, Financial Ombudsman Service and Financial Services Compensation. Firms can work out the amount they will pay by using the FSA online fee calculator.An IFA firm with one adviser will now pay 3,099 in combined charges compared with 2,723 last year, an increase of around 14 per cent.A small mortgage ...

  • Sofat leaves Thinc Destini to set up firm

    8 Jun 2006

    Former Thinc Destini financial planner Anna Sofat has left the company to launch her own company AJS Wealth Management.Sofat believes Thinc Destini has become too personality-led since the merger of Thinc and Destini and she does not feel that the vision of the company is aligned with her own.AJS Wealth Management will offer annually reviewed client services, holistic financial planning and a wealth management service. It will not be reserved for high-net-worth clients as Sofat ...

  • Spending review is make or break issue

    8 Jun 2006

    Treasury officials have reportedly described the proposed 2012 date for linking the basic state pension to earnings as optimistic.Delivering the White Paper to Parliament, Work and Pensions Secretary John Hutton said that the affordability issue is "absolutely fundamental".The White Paper also suggests that its objectives are subject to affordability and fiscal position.Cicero Consulting director Iain Anderson says the date of Chancellor Gordon Brown's predicted takeover ...

  • Standard after the landslide

    8 Jun 2006

    Standard Life's policyholders have voted for the company to demutualise - a not unexpected outcome - although the extent of victory at 98 per cent of those voting is remarkable.

  • Standard Life join with Barclays

    9 Jun 2006

    Standard Life have agreed an initiative with Barclays Insurance Services Company (BISCO) to offer Standard Life pension term assurance under the Barclays brand.

  • Stockmarket falls blamed as pension deficits reach 52bn

    8 Jun 2006

    Pension scheme deficits rose by 40 per cent from 32bn to 52bn in May due to the 5 per cent fall in stockmarkets, according to Aon Consulting.The firm says the 20bn rise is one of the biggest movements in recent years but says pension scheme funds are on average better funded than at the start of the year due to a rise in bond yields.It says corporate bond yields rose from 4.7 per cent to 5 per cent and gilt yields rose from 4.1 per cent to 4.4 per cent between December 31, 2005 ...

  • Strife begins at fortieths

    8 Jun 2006

    How is the exit charge calculated between 10-year anniversaries?

  • Sweet clarity

    8 Jun 2006

    Gregor Watt analyses the likely effects of the plans set out in the Pensions White Paper and finds opportunities and problems, with advisers in particular calling for an end to confusion and for key issues to be made crystal-clear

  • Swip goes global for real estate

    8 Jun 2006

    Scottish Widows Investment Partnership is offering a global real estate securities multi-manager fund.

  • Tables turned

    8 Jun 2006

    The Diary is proud to report that Money Marketing swept the board at the Baillie Gifford table football competition, picking up not only the winner's cup but also a runner's-up trophy.The downside was having to down a whole bottle of a particularly caustic brand of champagne out of the silver cup, which after subsequent inspection was found to have corroded during the drinking process.Luckily, a prerequisite of working at MM is to have a stomach of steel."It's Friday and ...

  • Take Aim

    8 Jun 2006

    An investor scored a bull's eye by choosing Aim investments to avoid inheritance tax on his estate

  • Taking the biscuit

    8 Jun 2006

    Every TV ad, press release or speech seems to have some football reference at the moment but Money Marketing has spotted possibly the worst attempt yet to make the link.Yorkshire Building Society recently announced that it is to sponsor ITV's Yorkshire weather report.The previous sponsor was a German biscuit company and Yorkshire used the following unfortunate headline: "Germans get red card as society takes over ITV Yorkshire Weather sponsorship" and slogan: "As the Germans ...

  • The honeymoon's over for Woolwich tracker loan ads

    8 Jun 2006

    Woolwich has withdrawn its controversial ads that claimed its lifetime tracker mortgage stays low for the entire term.The lender came under fire in Money Marketing last week from Aire Valley IFA Malcolm Guy for potentially misleading borrowers with its statement, as trackers are linked to the base rate which is variable.The Barclays-owned lender withdrew its high-profile television ads featuring a couple returning from a 15-year honeymoon in Jamaica at the end of last week.On ...

  • The test of term

    8 Jun 2006

    The introduction of PTA prompts a mystery shopping exercise

  • This week in Politics

    8 Jun 2006

    A week of traditional role reversals began with an ex-director general of the CBI getting the day's loudest round of applause at the TUC conference for having a cheeky pop at the business lobby group.

  • This week in Protection

    13 Jun 2006

    It has certainly been an eventful time in the protection market of late.

  • This week in Regulation

    12 Jun 2006

    Forget the Pensions White Paper, FSA red tape and alleged FOS inconsistency. The biggest issue for advisers right now is the FSCS levy.

  • This week in Regulation

    12 Jun 2006

    Forget the Pensions White Paper, FSA red tape and alleged FOS inconsistency. The biggest issue for advisers right now is the FSCS levy.

  • Tories attack DWP over 15bn cost

    8 Jun 2006

    The Tories have attacked the DWP's response to Ann Abraham's Parliamentary Ombudsman's report on occupational pensions, claiming that the Government has still not justified its estimates of a 15bn cost.

  • Towry Law sells its GI and health arm

    8 Jun 2006

    Towry Law has sold general insurance and healthcare arm Towry Law Insurance Brokers to Broker Network Holdings and a consortium of TLIB directors for 12.5m.The newly merged Towry Law JS&P Group says the general insurance arm is not core to its business model, which focuses on offering independent financial, wealth management and employee benefits advice to private and corporate clients.TLIB managing director Martin Wright says all senior management and staff will move across ...

  • Twenty four firms declared in default

    13 Jun 2006

    The FSCS has declared 24 firms in default, down from 34 in April.

  • UCB Home Loans - Self Cert and Buy-To-Let Mortgages

    9 Jun 2006

    UCB Home LoansSelf Cert and Buy-To-Let Mortgages

  • UK among the top four Euro countries using LDI strategy

    8 Jun 2006

    JP Morgan Asset Management research says the UK is one of the four European countries leading the way in using liability-driven investment strategies for pension schemes.The firm's research across Europe found that 19 per cent of pension schemes are currently using an LDI strategy and 29 per cent intend to implement LDI strategies in the near future.But in the UK, 44 per cent of pension schemes either use or are considering using LDI. The four countries using the most LDI strategies ...

  • UK steadies the equities' boat

    8 Jun 2006

    Strong and steady performance from the Adviser Fund Indices before the recent global equity market correction was helped by all three AFIs having significant exposure to UK equities.According to the latest fund report from Financial Express, portfolios investing in European and Japanese equities have provided stronger returns over the three years to March 31. However, volatility of these funds was generally greater than those holding domestic shares.Funds investing in North ...

  • Up in smoke

    8 Jun 2006

    Good luck and respect this week go out to Thinc Destini group chief executive Simon Chamberlain for kicking the smoking habit.A little bird has told the Diary that Simon has now given up the fags for a month and word has it that he "is looking younger, fitter and healthier already".You have our support, Mr Chamberlain, and we are all awaiting the impending smoking ban, hopefully prompting others to follow suit.l Mortgage packager em is hosting a charity celebrity golf event ...

  • When will the FSA get it right?

    8 Jun 2006

    After 18 years of regul-ation and the economy of a not so small country, one might reasonably expect them to be getting it somewhere near right by now but sadly not.

  • Which? to draw up protection guidelines

    8 Jun 2006

    Consumer body Which? is conducting a review to see if stakeholder-style income protection would serve consumers better than current products.Senior policy adviser Mick McAteer hopes to develop key guidelines by the end of the year against which providers can benchmark their products.McAteer says: "I think protection is a complex sector that meets complex needs. It is too early to say whether a stakeholder-type product would encourage people to better protect themselves but it ...

  • Who will grab baton from Bolton?

    8 Jun 2006

    Our panel discuss who might succeed Anthony Bolton as manager of Fidelity special situations, plus: has the bull market got further to run, what is the future for Gartmore following its takeover and who are our experts tipping to win the World Cup??

  • Why should IFAs be the fall guys?

    8 Jun 2006

    Your commentary of June 1 has motivated me to respond to the FSA - something which I have seldom done in the past on the basis that the voices of smaller IFAs would be ignored. I believe strongly that endowment providers must take at least equal responsibility in the event of compensation claims against IFAs, not just for direct claims. Our firm has been trading for 25 years. I now hold the finance houses diploma, the diploma of the Personal Finance Society and the G60 qualification. ...

  • WPA excess deal to cut protection premiums

    8 Jun 2006

    Private health insurer Western Provident Association is offering a product for couples and families with a single maximum excess payment of 1,500.The product, 1XS, will enable couples or families to reduce the number of excesses they pay on individual plans, which WPA says will cut premiums by up to 70 per cent against traditional comprehensive plans.The product will not charge any penalties for claims. WPA says no-claims bonuses can discourage people from claiming as they might ...

Poll

Will Greece leave the euro?

Current Issue

Advanced search