Money Marketing
7 May 2003

  • 'Bigger earners buy more stakeholders'

    8 May 2003

    People with an income of over £50,000 a year are three times more likely to have bought a stakeholder pension than people earning up to £11,500, according to data from market research firm Mori. The company's survey of 24,000 individuals over 16 shows that the higher an individual's income, the more likely they are to buy a stakeholder pension. As a base for the survey, Mori rates the average likelihood to have bought a stakeholder pension ...

  • 'IFAs can use Teps to help close widening savings gap'

    8 May 2003

    IFAs have a major role to play in closing the growing savings gap as public confidence in investment plummets, says Policy Portfolio. Its research reveals the number of people with any kind of savings-based products has dropped to 19 per cent in December 2002 from 29 per cent in December 1998. But the number of people who agree it is important to make adequate provision for their retirement is increasing. The number of people whole-life insurance policies ...

  • 'Restoring consumer faith more vital than economy'

    8 May 2003

    Restoration of consumer trust is a bigger concern for the financial services industry than the poor state of the economy, according to a survey by software house Focus Solutions. The survey of 33 major product providers and IFAs shows that restoring customer trust was the biggest challenge, with a weighted scoring of 3.89 out of a maximum of six, followed by the poor state of the economy which scored 3.65 and concerns over having to distribute a wider ...

  • 'Use spouse's allowances'

    8 May 2003

    Taxpayers could save a total of £87m across the UK by transferring assets to a non-taxpaying spouse, according to research by IFA Promotion. IFAP says if the spouse is a non-taxpayer, the tax liability on savings can be cut to a much lower level, possibly even zero. Its research shows the average deposit held by individuals is £9,935. If the spouse is in the higher-tax rate bracket, by transferring two-thirds of this amount into their partner's ...

  • A consumer's view

    8 May 2003

    The recent landmark decision by the FSA on differential pay rises has important implications for all employers and their pension advisers. The FSA has recently taken the brave step of awarding lower pay rises to staff who are members of its final-salary pension scheme in an attempt to head off total closure of the scheme. Within the FSA, only 900 of the 3,000 employees are members of the final-salary pension scheme, with the rest in a money-purchase scheme. The ...

  • A message for the Pru' - IFAs have long memories

    8 May 2003

    The Prudential has just made its most expensive mistake since it made the ludicrous decision to buy up estate agency chains at the end of the 80s - just after the property market peaked - and then to dump them all again at huge losses a few years later. If anybody from the Prudential's dislocated and out-of-touch board of directors bothers to actually read this, let me assure you of one thing: IFAs have very long memories and the repercussions of your behaviour ...

  • Advisers want buying rules eased

    8 May 2003

    IFAs are calling for the Government to take action to make the process of buy-ing a home in the UK easier and more affordable, says The One Account. Its research, called The 21st Century Housebuying Study, is aimed at gauging IFA opinion on the housing market. It found that 80 per cent of the 200 IFAs polled want to see the strain eased on housebuyers. They want gazumping outlawed and call for the Government to back up its commitment to seller's packs. The ...

  • Amber buys £70m mortgage portfolio

    13 May 2003

  • AMP retreat throws up several concerns Better than nothing

    8 May 2003

    It always sounded just like so much hot air. AMP's old UK strategy relied on all manner of Government promises coupled with a huge doses of wishful thinking. Great things were expected of low-cost sales multi-ties and 1 per cent products. Other should take note. Now AMP is retreating back to Australia, leaving something in the UK to be known as Henderson. But there are several concerns. First, the fate of Pearl and London Life customers, many of them ...

  • Attack of the clones

    8 May 2003

    Since the introduction of stakeholder, it has become progressively difficult to differentiate between pre-retirement products and, therefore, providers. This position has arisen well in advance of the introduction of Sandler's simplified suite of products. While product differentiation in the post-retirement world grows, we all recognise that the world of pre-retirement planning has become largely commoditised. If provider selection does not add value, we ...

  • Axa Sun Life picks chief exec

    7 May 2003

  • B&CE's Jory joins ABI pensions committee

    8 May 2003

    Construction workers' affinity group B&CE deputy chief executive John Jory has been appointed to the ABI pensions & savings committee. Jory's remit on the committee includes development of policy and pensions on the European Union and supervision of sub-committees and working groups. The affinity group is the UK's biggest stakeholder pension provider, with over 200,000 policies receiving regular employee and emp-loyer contributions. The ...

  • Britons fail to guard against loss of income

    8 May 2003

    Optimism about the future is falling but there is little sign that the public is doing anything to guard against any potential loss of income that could affect their standard of living. Research for Scottish Provident reveals that the number of Britons who expect their standard of living to improve over the next 10 years has dropped to 52 per cent from 57 per cent in 2001. Yet only 42 per cent say they or their family are making sure their standard of living ...

  • Bubble and squeak

    8 May 2003

    Further to our recent discussions, we now have £180,000 available to invest. We would like to achieve a better return than is currently available in the bank and building society but without the risk of investing directly into stocks and shares. My wife has a small pension in her own name but, apart from that, the rest of our pension income is in my name. We would like to keep a good chunk of the cash accessible so could you advise us how wemight ...

  • Bupa sees the funny side

    8 May 2003

    Bupa is running a series of 12 new press advertisements with a "light hearted and comical" theme. The ads are intended to show a different side to Bupa and focus on the organisation's accessibility. One shows a dog sitting across a desk from a nonplussed doctor, saying "…Well, you said it was for everyone." The caption reads "The good news is that Bupa services are not just for members. The bad news is pets have to stick with the vets." Bupa ...

  • Captain Scarlett for new generation

    7 May 2003

    MARGETTS FUND MANAGEMENTGERRY ANDERSON PRODUCTIONSAim: Growth by investing in a new television series of Captain Scarlet Minimum investment: Lump sum £25,000 Opening/closing date: March 7, 2003/May 29, 2003 Charges: Initial 5.5%, annual up to 1.5% Commission: Initial 3%, renewal 0.25% Tel: 0121 236 2380The panel: Ian Millward, Marketing director, RJ Temple, Jamie Hutchin, Private client adviser, Ward Consultancy, ...

  • Changes for F&C capital trust

    7 May 2003

    F&C Capital investment trust manager Charles Brock has stepped down following a period of underperformance. Management of the trust has passed to chief investment officer Tony Broccardo, who will remain in charge until F&C has appointed a replacement. Brock, who had managed the trust since 1999, will continue to run institutional mandates for the company.

  • Charles Fry appointed MCC president

    13 May 2003

    Charles Fry, director of financial product boutique Pinder Fry & Benjamin, has been appointed president of the MCC. Fry, a former first-class cricketer who played for Hampshire, has previously served on the Club's bicentenary, finance and marketing committees. He currently chairs its membership committee, which has significantly boosted the number of female MCC members. He will assume the presidency in October. 

  • Chartwell founder's commission-free investment service

    8 May 2003

    A founding director of Chartwell Investment Man-agement is setting up a new commission-free investment service targeted at execution-only investors. The Discount Club is being started by managing director Martyn Laverick. Club members will pay an annual fee to join but will then be rebated all initial and trail commission payments when investing in funds. If a member's commission savings are less than the initial fees they have paid, the club will refund ...

  • Chartwell Investments - Chartwell Capital Secure Plan

    9 May 2003

    Type: Guaranteed equity bondAim: Growth linked to the performance of the FTSE 100 indexMinimum-maximum investment: £3,000-no maximum, £7,000 IsaTerm: Six yearsGuarantee: Original capital returned in full regardless of performance in indexReturn: 20% growth at the end of three years if index grows by 20% or more, 30% growth at the end of four years if index grows by 30% or more, 40% growth at the end of five years if index grows by 40% ...

  • Chartwell issues early release bond

    7 May 2003

    Chartwell Investment has teamed up with Keydata Investment to design a guaranteed equity bond that could mature earlier than its six-year term. The bond is linked to the FTSE 100 index and could mature in years three, four, five or six, depending on the index performance. Investors will receive their original capital back regardless of the index performance. To calculate the returns and determine when the bond matures, the closing level of the FTSE 100 index is measured ...

  • Class Law wins investor full split-cap settlement

    8 May 2003

    Solicitor Class Law has secured a full settlement for a victim of the split-capital investment trust scandal in a move it believes could lead to compensation for thousands of investors. Class Law says an unnamed IFA who sold the investor units in Aberdeen Asset Management's collapsed progressive growth fund has agreed to repay the investor's lost capital, which is thought to be around £25,000. The adviser, who asked to remain anonymous, is also ...

  • Coming of age

    8 May 2003

    The child trust fund is a major opportunity for everyone involved in the financial services industry to start a new savings culture - a culture that might have some chance of sticking. While this big savings idea was in the 2001 Labour manifesto, it is good to see it is now coming to fruition. Parents, grandparents or other family members and friends can make additional top-ups on top of the Government's contributions up to the annual limit of £1,000. It ...

  • Confidence booster

    8 May 2003

    Despite the fact that the bear market has lost some of its bite recently, fund sales show little sign of improving. According to the Investment Manage-ment Association, sales of Isas plummeted to £576m in March from £992m at the same time last year. Although these figures have done little to lift the gloom, a survey by JP Morgan Fleming has found that investor confidence almost doubled last month, rocketing to 80 points from 45. This is the highest ...

  • Cutting through the PI confusion

    8 May 2003

    The issue of PI cover and the effect not only on IFAs but on clients as well is just not being addressed by the FSA. If I hear correctly, the FSA states that there is no necessity to advise clients that an IFA no longer has PI cover, where the FSA permitted that IFA to continue in business because of nonavailability of PI at any price. This is strange bearing in mind the fact that terms of business letters have to be given to a client first and this must state ...

  • Davy says PI capacity is growing

    8 May 2003

    Simply Biz founder Ken Davy has moved to assure firms looking to sign up with the IFA support services provider that it will be able to offer them professional indemnity cover. In a letter sent to 240 prospective members, Davy, who also founded DBS, reassures them "that more capacity is returning to the PI market" and he is confident that cover can be provided. He says the group is helping 50 members to get PI prior to FSA authorisation but has not yet ...

  • Depolarisation will lead to narrow panels says E&Y conference

    7 May 2003

    Polarisation will lead to IFAs moving to narrow panels offering consumers a restricted choice according to a survey of delegates at the Ernst & Young Financial services Summit in Edinburgh today.A poll of delegates shows 74 per cent believe depolarisation will lead to major IFAs offering a narrow product range, while 26 per cent think choice will not be watered down.  

  • DWP project to set up OPP safety net

    8 May 2003

    The Department for Work and Pensions is working with senior actuaries on a project to set up a central insurance safety net for occupational pensions schemes, Money Marketing has learned. A number of high-profile actuaries have refused to comment on a secret DWP meeting held last week which is believed to have examined the cost of a scheme that would guarantee a minimum income for all final-salary scheme members. The Government is understood to be concerned ...

  • Ex-Pru DSF boss sets up consultancy for IFAs

    8 May 2003

    Former Prudential sales director John Prout is setting up a new consultancy aimed at IFAs advising small to medium-size companies and high-net-worth individuals. Charterhouse Consulting will offer equity stakes to firms which sign up for its services which it says will eventually provide IFAs with a complete range of services for SME clients. The services would extend beyond traditional IFA areas to advice on anything from accessing Government grant programmes ...

  • Fidelity to run IFA workshops

    13 May 2003

    Fidelity will be running a series of workshops for IFAs in 26 venues across the UK from late May to early June. The workshops will address issues including how asset allocation strategies should be modified in the lower-return environment, restoring investors' confidence and investment planning without new investment. The seminars begin on May 27 in Newcastle and Birmingham and take in London, Swindon, Glasgow, Chester and Northampton before ending on June 4 in Egham.

  • Fifth issue of National Savings bond

    7 May 2003

  • Firms lose authorisation for flouting watchdog

    8 May 2003

    The FSA has removed the authorisation of two IFA firms, saying they have flouted the Financial Ombudsman by not paying awards made against them. Tudor House Financial Services, of 34 Chester Street, Wrexham, failed to comply with five ombudsman awards and failed to cooperate at all in dealing with another ombudsman investigation into a complaint made against it by a client. Action was initially taken against the firm last November preventing it from ...

  • First-time buyers a rare species

    8 May 2003

    The number of first-time home buyers is plummeting and set to hit a record low this year, according to research from Nationwide. It says that if the current trend continues, the number entering the market will drop to 400,000, falling below its lowest-ever level of 1995 when the total was 435,000. Its monthly house price report found activity in the housing market dropped 6 per cent in the quarter to March with 123,000 house sales from 131,000 in December. It ...

  • Fitzgerald retires from Royal London

    7 May 2003

  • Flight flays political elite for persecuting advisers

    8 May 2003

    Conservative Shadow Treasury Chief Secretary Howard Flight has lambasted the "politically correct establishment" for its repeated victimisation of IFAs over the last several years. Delivering the keynote speech to the LIA's annual conference in London last week, Flight was scathing towards what he perceives as efforts by the political elite to get rid of IFAs but he welcomed the fact that they have largely failed. He commended the resilience of IFAs, ...

  • Forum rewards good marketing

    8 May 2003

    The Financial Services Forum is inviting companies to enter its second annual financial services marketing awards. Over 160 companies submitted entries last year, with seven receiving awards. The event has been set up to raise awareness of the role and purpose of marketing in financial services and reward best marketing practice. The categories include most effective new product or service launch, extension into a new market, new distribution channel to ...

  • Four fixes feature in C&G new loan offers

    8 May 2003

    Cheltenham & Gloucester is offering a new range of mortgages with fixed terms ranging from two years to seven years. The loans include fixes for two, three, five and seven years while the four-year capped rate will remain unchanged at 4.99 per cent until June 2007 for loans up to 90 per cent loan to value or 5.29 per cent up to 95 per cent. The two-year rate is fixed at 4.19 per cent, the three-year at 4.39 per cent, the five-year at 4.79 per cent and ...

  • Friends' business up 10% in Q1

    8 May 2003

    Friends Provident's life and pension business rose by 10 per cent in the first quarter of this year. Sales reached £92m on an equivalent premium income basis from £84m in the first quarter of 2002. Total new life business grew by 31 per cent to £38m EPI in the quarter from £29m. New savings and investment business was up by 24 per cent to £36m from £21m, bolstered by expansion of international business. New protection ...

  • Friends' pension guide to aid IFAs

    8 May 2003

    Friends Provident is publishing a pensions guide aimed at advisers of member-nominated occupational sch-emes trustees. The guide provides pension scheme advisers with a checklist of actions to help them guide employers and trustees through the procedures for member-nominated trustees. Friends says that because members of occupational pension schemes were given the legal right to select some of the trustees to run their pension scheme by the Pensions Act ...

  • FSA looks at probe into fund supermarket selection

    8 May 2003

    The FSA is considering an investigation into fund supermarkets amid fears that advi-sers without adequate qualifications are using them to select funds on a discretionary basis. The regulator says it is concerned that investors are being moved into unsuitable funds by advisers lacking the required Part IV permission or the appropriate expertise. It fears this is happening throughout the lifetime of some portfolios and not just at the outset. The FSA ...

  • FSA to probe paperwork as maturing bonds fall short

    8 May 2003

    IFAs face the scrutiny of letters to clients on execution-only business as a further wave of stockmarket bonds mature, leaving shortfalls on investors' initial investments. The FSA says it expects to take enforcement action over the products it has named "precipice" bonds where IFAs' accompanying lettersare misleading, even if the marketing literature warned the client of the high risk. Investors in the Scottish Mutual income bond 9 learned this week ...

  • Govt is urged to top up savings for less well-off

    8 May 2003

    Virgin Money is calling on the Government to introduce a contribution-matching scheme to encourage the take-up of savings products among low-income groups. It is calling for a means-tested scheme that would see the Government matching savers contributions pound for pound up to a limit of £500. Virgin is also calling for the Government to stop promoting cautious managed funds within the Sandler suite of products. In its response to the Sandler ...

  • Growing interest in housebuying

    8 May 2003

    Rising numbers of people are looking to buy a new home, despite warnings that house prices will fall this year, according to research by Alliance & Leicester. It found that 12 per cent of people plan to buy a new home in the next two years,a step up from the 11 per cent recorded in each of the last three quarters. The most common reason for buying a home is to save money, with 20 per cent of people saying it is cheaper than renting. The need for independence ...

  • Halifax and BoS ad in Bollywood style

    8 May 2003

    Howard Brown, star of Hal-ifax and Bank of Scotland adverts, is back on TV screens in a new Bollywood-style ad that also features boy and girl bands. Playing on its previous success with employees sing-ing about the bank's prod-ucts, Halifax and the Bank of Scotland decided to hold their own version of Pop Idol auditions to select a boy and girl group. More than 1,600 employees from the bank's 60,000strong workforce auditioned for eight places ...

  • Headline news

    8 May 2003

    Wednesday and it is a day of meetings in London and the launch of our new business Onevoice which will bring communications and consultancy services to financial services companies as well as across the fashion and music sectors. Since my big move to Leeds - and please no more references to flat caps or whippets - I have become a frequent user of GNER trains, the twoand-a-half-hour journey proves useful for catching up on all the reading. It is a big ...

  • Help on saving for children

    8 May 2003

    IFA Informed Choice is publishing a free guide to saving for children. The firm says many parents are concerned about the issue of saving for their children, particularly with the Budget's recent announcement about the child trust fund. Informed Choice's guide aims to tackle these concerns by covering methods of saving, the tax position of children, saving and investment options, the child trust fund, socially responsible investment and the benefits ...

  • Home truths for loan guru

    8 May 2003

    On the wrong Home-track after the Headline money awards last week was Wrigles-worth Consultancy mortgage guru John Wriglesworth. The Diary learns that after the sound of gongs had died away, our John piled into a taxi only to find out he had forgotten where he lived. As a man who spends so much of the time watching movements in the housing market, you might think he would know where his own house was. The Diary would add, however, that the reason for John's ...

  • IFA Battersby takes over as LIA president

    8 May 2003

    The LIA's president for the next 12 months will be Jon-athan Battersby, an IFA who has sat on the board since May 2000. He is replacing Gavin Tisshaw, chairman of Maidenhead-based IFA Executive Advisory Services. Tisshaw will remain on the board as a past president. The handover came at last week's AGM. David Batchelor, an IFA with Wills & Trusts and LIA member for the last decade, becomes vice-president. He will become president next May ...

  • IFAs 'struggling to stay afloat' in tide of legislation

    8 May 2003

    Employment law firm Peninsula is warning that changes in workplace legislation could cause difficulties for financial advisers already overloaded with administration. Recent legislation includes changes to maternity and paternity practices and those for families adopting children. The law firm says Trade and Industry Secretary Patricia Hewitt's plans to cut red tape surrounding advisers' financial records have also failed to instil confidence in IFAs. A ...

  • IFAs wanted for focus groups on e-commerce

    8 May 2003

    Origo and Sofa are teaming up to ask IFAs to voice demands about how the industry can improve business processes between IFAs and providers. They want input from IFAs on what services should be developed in the future and what can be done to make the most of electronic options already available. They are looking for IFAs to take part in focus groups which will be chaired by Syndaxi Financial Planning principal and former Sofa chairman Robert Reid. ...

  • Independent view

    8 May 2003

    Administration is an interesting word. It means different things to different people. Of course, it is generally preceded by another word, such as good or poor (or variations on that theme). After 30 years in financial services, I can honestly say that administration by product providers is worse than at any previous time. Why? Put simply, it is because product providers have been squeezed so hard by a number of factors that they can no longer afford to ...

  • Insight appoints new members to sales team

    13 May 2003

    Insight Investment has appointed two new members to its retail sales team. Neal Bailey joins as head of IFA sales from money management company Lord Abbett, where he was marketing director. He will report to business development director Gordon Phillips. Jeremy Barnett joins as regional sales director, reporting to Bailey. Previously, he has held positions at Hymans Robertson, Henry Cooke Lumsden and Grieg Middleton. 

  • Inter-Alliance expands Middle East operation

    8 May 2003

    IFA group Inter-Alliance International is opening an office in Bahrain as part of its Middle East expansion programme. The group has appointed Chris Curry as managing director of Inter-Alliance International Middle East. He will be responsible for development in the region. The offshore arm of Inter-Alliance plans to develop the Middle East region over the next three years, with Bahrain taking over operations from offices based in Cyprus and the United ...

  • Inter-Alliance sets up pension bureau

    7 May 2003

  • Investment analysis

    8 May 2003

    RAJ hallen Investment director,Premier Fund Managers Most of the major global bourses performed strongly in April, with the benchmark FTSE World index advancing by 7.7 per cent during the month. The end of military conflict in Iraq boosted sentiment early on, with support coming from a collection of better than expected corporate earnings' data throughout April. The one exception was the Japanese market, which was hit by pension fund selling. ...

  • Investment view

    8 May 2003

    With the US first quarter reporting season now largely complete and UK companies with a March year-end also dishing out results, we are beginning to build a picture of corporate health on both sides of the Atlantic. By and large it does not look too bad. Where there are surprises, they are tending to be on the upside. At least it shows that over-capacity is being squeezed out of the system and pricing power starting to return. That said, the market is ...

  • Judgement day

    8 May 2003

    As a frequent letter writer and contributor to our trade press on the subject of PI Insurance,I must thank David Kenmir for providing so much mis-guided comment which I can write about. If it is only the bad IFAs which cannot get PI Insurance, I would like to know which ones they are and how he intends making such a judgement. The absence of compliant PI Insurance is industrywide. Therefore, that cannot be the basis of measurement therefore. The ability ...

  • Julian Gibbs

    8 May 2003

    I recently invested my Isa money in the Exeter Pacific growth fund for five main reasons. First, Richard Scott is one of the best investment managers in the industry. Second, he invests mainly in undervalued investment trusts in the Far East. Third, the Asian economies are growing at a much faster rate than Western economies. Fourth, the Far Eastern stockmarkets usually recover more quickly than others when a recession ends. Last, there are a lot of stocks ...

  • Kenmir and Smee clash over the future for IFAs

    8 May 2003

    The financial services industry is in the midst of a major contraction in the number of IFAs, says FSA head of investment firms David Kenmir. Speaking at a panel session at the LIA conference in London last week, Kenmir said, due to a number of factors, including the PI crisis, which he is charged with dealing with, and changes to polarisation, more IFAs are leaving the industry. But this has been challenged by Aifa director general Paul Smee, who concedes ...

  • Legal & General - Protected Index Plan 3

    13 May 2003

    LEGAL & GENERAL Protected Index Plan 3 Type: Guaranteed equity bond Aim: Growth linked to the performance of the FTSE 100 index Minimum-maximum investment: £1,000-no maximum, £7,000 Isa Term: Five years six months Guarantee: Capital returned in full regardless of the performance in index Return: 100 per cent of growth up to 55% Closing date: June 6, 2003 Tel: 020 7528 6773

  • Loans to Newcastle

    7 May 2003

  • Loneliness of long-distance Gunner

    8 May 2003

    In my article of three weeks ago (which I wrote in happier times - I had not yet spent a miserable Saturday afternoon at the Reebok Stadium and a predictably disappointing Sunday watching on TV as Sperz rolled over against the Mancs) I looked at the worrying reports of increased Inland Revenue antagonism towards the payment of dividends to shareholders in private companies who do not work full time in the business and who are related to shareholders who do ...

  • Looking for Mr Right

    8 May 2003

    Women in the industry will know only too well the strains of trying to get the work/life balance just right. Scottish Equitable's Lesley McPherson gave the UK the benefit of her views on the subject this week when she was interviewed on the subject of working women waiting too long before having children for Richard and Judy while walking trough Liverpool Street station. "It's just that I haven't met the right man yet," said our Lesley in a nationwide ...

  • Median Insurance Management - Smartgard

    8 May 2003

    Type: Mortgage payment protection insuranceMaximum benefit: £1,500 or 125% of monthly mortgage repayment, whichever is lowerBenefit payment term: 12 monthsDeferred period: 30 daysPremium: £3.25 per £100 for unemployment cover, £3.25 per £100 for accident and sickness cover, £4.95 per £100 for accident, sickness and unemployment coverCommission: Initial 25 -35%Tel: 01372 869866

  • MM top for headline news

    8 May 2003

    Money Marketing has won two major awa-rds at the inaugural Headlinemoney.co.uk awards by taking the trade media team of the year and the trade media journalist of the year titles. The awards, held at the Grosvenor House Hotel, London, were run by Headline money.co.uk, an online resource for personal finance journalists and PRs, in partnership with Barclays. A judging panel of 124 journalists and industry representatives selected the winners. MM deputy ...

  • Morgan Stanley - FTSE Protected Growth Plan

    13 May 2003

    Type: Capital protected bond Aim: Growth linked to the performance of the FTSE 100 index Minimum-maximum investment: £5,000-£1m, £3,000-£7,000 Isa Term: Six years Guarantee: Original capital returned in full regardless of performance in index Return: 25% growth at end of three years if index grows by 25% or more, up to 100% growth at end of term Closing date: June 20, 2003 Commission: Initial 3% Tel: ...

  • Morgan Stanley bond offers half-way exit

    12 May 2003

    Morgan Stanley's FTSE protected growth plan is a guaranteed equity bond with a six-year term that could mature in year three, depending on the performance of the FTSE 100 index.The bond guarantees the return of investors' original capital regardless of the performance of the index, providing the investment is held until maturity. Maturity may take place in year three if the FTSE 100 index has risen by at least 25 per cent. Where this happens, investors will get 25 per cent ...

  • Mortgage firm b&w appoints marketing director

    13 May 2003

    The black&white mortgage company has appointed Thomas Reeh as its new marketing director.

  • NAPF call for greater OPP lock-in powers

    8 May 2003

    The National Association of Pension Funds has come under fire from IFAs and providers for calling for grea-ter power to lock occupational pension members into their scheme. The NAPF has asked the Department for Work and Pensions to give schemes the right to refuse cash-equivalent transfer values even though proposed new rules allow trustees to reduce valuations to reflect scheme underfunding. Advisers say individuals should be able to place their funds ...

  • NAPF launches multi-employer pensions scheme plan

    12 May 2003

    The NAPF has launched a new initiative to help Britain’s smaller employers offer their staff workplace pensions.

  • Nationwide's hidden agenda?

    8 May 2003

    I read with interest MM's article regarding Nationwide's ability to sell the Sandler suite of products within the 1 per cent price cap. I would have more respect for this announcement if they were to sell all their savings products within the same cap based on their mortgage rate. Or does the Nationwide have a hidden agenda, hoping to cross-sell new clients into a more profitable range of products? With the impending demise of polarisation, is this ...

  • NDF enters protection market

    9 May 2003

    NDF Administration has entered the protection market because stockmarket uncertainty has affected people's appetite for investment products. The company has designed home protect, a cafeteria style protection package that brings together a range of protection products from other companies. Prudential was chosen to provide term assurance, critical illness cover, plus the sickness and accident element of mortgage payment protection insurance. The unemployment element of mortgage ...

  • Network Data opens to smaller packagers

    13 May 2003

    Network Data’s network for mortgage and insurance intermediaries will now be available for smaller mortgage packagers. Packagers will be able to become an appointed representative of Network Data, thus avoiding the costs involved in becoming directly regulated. They will also be able to make use of Network Data’s packaging software. As an appointed representative, the packager can then sign up its own brokers and pass on the benefits of appointed representative status. These ...

  • New directors for CCP

    8 May 2003

    Two Lamensdorf senior managers have left the IFA company to join Combined Capital Partners, part of the Issuance Management Company. Former director Tony Wright-Jones has been with the firm for 12 years and Rod Rippin seven years. The pair will become CCP directors and co-ordinate the firm's plans to generate new IFA revenue streams through their own range of products. The group is in discussions with a number of IFA networks to distribute these products, ...

  • Nine out of 10 with-profits customers happy with their choice, says L&G

    13 May 2003

    New research carried from Legal & General shows that nine out of 10 customers who took out with-profits bonds with them last year were happy with their choice. Carried out by Questor following customer receipt of its first annual statement, the research shows customer satisfaction with their choice was 92 per cent, with two thirds saying they would choose with-profits investment again and 96 per cent saying they would consider Legal & General for their next purchase. Investment ...

  • No room for complacency on 5% rule

    8 May 2003

    No reference was made in the Chancellor's Budget speech to the recommendations made by Ron Sandler in his report last year to abolish the 5 per cent tax-deferred withdrawal allowance for non-qualifying life policies and also qualifying policy status. It was left to the traditional Budget letter from the Inland Revenue to the ABI to reveal the Government's decision - or perhaps indecision - in this area. The Sandler report, published last June, stated ...

  • Northern Rock - Fifty:Fifty issue 20

    12 May 2003

    Northern Rock - Fifty: Fifty issue 20 Type: Guaranteed equity bond and high interest account GUARANTEED EQUITY BOND Aim: Growth linked to the performance of the FTSE 100 index Minimum investment: Lump sum £2,500 Term: Five years Guarantee: Capital returned in full at end of term regardless of performance in index Return: Up to 70% of growth at end of term Closing date: May 14, 2003 HIGH INTEREST ...

  • Nottingham extends loan range

    7 May 2003

    Nottingham Building Society has changed its mortgage lending policy, increasing the maximum loan to value ratio for mortgages and remortgages to 90 per cent from 75 per cent for loans from outside Nottingham’s normal operating area, which encompasses Nottinghamshire, Derbyshire, Lincolnshire and South Yorkshire. Previous mortgages up to 95 per cent LTV were only available in this normal operating area. 

  • NPI for sale as AMP plans a fresh start in UK as Henderson

    8 May 2003

    Australian financial services giant AMP is demerging its UK operation and is looking to sell the NPI and Ample arms. The firm hopes the move to separate its Australian and UK operations will give it a "fresh start" after lacklustre results following its entry into the UK market. The move will see AMP's UK business, consisting of fund firm Henderson Global Investors, IFA Towry Law and the now closed businesses of Pearl and London Life, fall under the ...

  • Out of context

    8 May 2003

    •"I don't usually wear woman's clothing except that once and I actually enjoyed it." - Lansons PR Jason Lloyd after being called a cross dresser by Ian Hislop at Headline Money awards ceremony. •"It's a seedy name for a seedy company." - Unnamed Misys employee about the firm's new name, Sesame. •"I've just received my virgin voucher by special delivery." - Britannic Retirement Solutions corporate communications director Jim Boyd. •"I

  • Over a quarter of investors more pessimistic now war has ended

    13 May 2003

    More than a quarter of investors are now less confident about investing in the stockmarket than they were before the war in Iraq, according to the AITC. Twenty-seven per cent of the 1,000 investors interviewed at the beginning of May were more pessimistic about investing, compared to just 15 per cent whose confidence had increased. Fifty-per cent said the war had not affected their confidence either way. 

  • Pat Meehan

    8 May 2003

    L ondon and Bristol-based IFA Holden Meehan has seen steady organic growth over the past 17 years. After starting out with just Pat Meehan and co-founder Peter Holden, the firm now boasts 25 RIs and a book of high-net-worth clients. Holden parted from the company four years ago and Meehan has clear ideas about the firm's future strategy, based on rapid growth. Until recently, however, a lack of resources was a major stumbling block. But with the announcement ...

  • Payouts cut again by R&SA

    8 May 2003

    Royal & Sun Alliance policyholders have been dealt ano-ther blow with payouts on long-term savings plans slashed again, this time by around 10 per cent. The changes, effective from May 1, are the second change this year. In January, R&SA made a 5 per cent cut which followed 15 per cent reductions which were made last year. Now a 25-year endowment policy with a monthly pre-mium of £50 will pay out £59,635 compared with£66,262 previously. A ...

  • Personal Touch appoints new MD

    13 May 2003

    Non-regulated network Personal Touch Insurance has announced the promotion of strategic development director Mike Allison to managing director. He replaces Martin Wilson, who is to take up the role of chief executive. Allison had been in his previous post since April, 2002 where Private Touch says he has been responsible for the growth of the company, which has seen its turnover double over each of the last four years. 

  • Personal Touch's Allison promoted to md

    12 May 2003

  • Portman extends mortgage range

    8 May 2003

    Portman Building Society is refreshing its mortgage range, with the new portfolio dominated by two two-year fixed-rate deals. The rates include a 3.59 per cent deal, fixed until June 2005, available at up to 95 per cent loan to value. The loan has no mortgage indemnity guarantee charge up to 90 per cent LTV. There is a fee of £300. It offers the facility to repay up to 10 per cent of the original loan amount in each 12-month period without incurring ...

  • Premium bonds maximum investment increased to £30,000

    12 May 2003

    From May 12 an individual investor will be able to invest £10,000 more in National Savings and Investments premium bonds. The maximum investment has been increased from £20,000 to £30,000.

  • Raymond James targets IFAs with stock selection division

    8 May 2003

    Raymond James Investment Services is offering an asset management division allowing generalist IFAs to outsource their stock selection and asset allocation res-ponsibilities on a white-label basis. In a move that the US giant believes is unique in the UK, RJIS is offering to take on IFAs' investment management duties as soon as they have pooled their clients' assets and completed any financial planning requirements. The assets will then be managed ...

  • Revival of regional exchanges set to boost IFA business

    8 May 2003

    A planned revival of regional stock exchanges across the UK to generate more investment in SMEs could bring new inv-estment business for IFAs. The exchanges, being set up by regional chambers of commerce and regional development agencies, are set to target individual IFAs and IFA networks as distribution channels to encourage local investment in local businesses. There are plans to develop exchanges in Birmingham, Manchester and the South-east. The ...

  • Rock set to white-label Pru equity-release plan

    8 May 2003

    Prudential is believed to be close to a deal with Northern Rock which will see the Pru white-labelling the bank's equity-release product and selling it as its own. As reported in last week's Money Marketing, the Pru is believed to be launching into the equity-release market poss-ibly by the end of this month. Rather than designing its own product, the Pru is thought to be opting to use Northern Rock, a respected player in the equity-release market. ...

  • Schroders to run Legg Mason mid and small cap fund

    8 May 2003

    Schroders has won the mandate to run the £23m Legg Mason Investors Enterprise investment trust which it will rename the Schroder UK mid-cap and small cap fund. The fund will be run by the co-heads of Schroders' pan-European small and mid-cap team, Andy Brough and Rosemary Banyard. The pair co-manage the £270m Schroder UK smaller companies fund, with Brough also managing the £328m Schroder UK mid 250 fund. The trust has mainly invested ...

  • Scottish Life - Individual Executive Pension Plan

    7 May 2003

    Wednesday, 7 May 2003 Type: Executive pension planMinimum premium: Lump sum £2,500, monthly £90, annually £1,080Minimum-maximum ages: 16-75Fund links: UK equity, UK ethical, global managed, European, managed, with profits, property, fixed interest, index linked, defensive managed, corporate bond, security 98, security 100, deposit, Japan, Far East, global equity, Pacific, worldwide, UK mid cap, American, Scottish Life International protected ...

  • SMI strategy

    8 May 2003

    In Money Marketing (May 1) you report that Scottish Mutual International is to close to new business. The position is that SMI will cease to accept new business from all territories with the exception of the UK, Channel Islands and Isle of Man. All with-profits bond products were withdrawn from April 29. The Abbey National for Intermediaries' sales teams will continue to provide SMI products for residents of the UK, Isle of Man and Channel Islands as ...

  • Snapshot judgement

    8 May 2003

    It seems from our clinic postbag that the subject of complaints continues to get IFAs hot under the collar and not without just cause. As usual, we include a round-up of readers' questions, after which we ask if there is light at the end of the tunnel. Q: As a sole trader, is it appropriate that I deal with a complaint relating to advice that I have given? A: This is a common dilemma facing many sole traders who may feel they are unable to review ...

  • Sofa slams kite marks for pensions

    8 May 2003

    Sofa has hit out against plans in the pensions Green paper to use kitemarks on pensions. A Catmark is already used to help consumers recognise simple savings products but the Department for Work and Pensions wants to extend their use to pension products. Sofa believes that use of the proposed kitemark for pensions will have little impact for consumers unless it is supported either by a huge education campaign or by traditional advice from professional financial ...

  • Standard to maintain WP bonuses

    7 May 2003

  • Talkback

    8 May 2003

    "No, I'm not that impressed. Sesame as in Sesame Street makes us look like a Mickey Mouse industry." Roger Versteeg, Versteeg Lister & Co "It doesn't really concern me as I'm not a Misys member, but I think it is a fairly trivial name for a fairly important industry." Gregory Braithwaite G Braithwaite/The Ethical Partnership "No. It made me laugh, but I'm leaving that network anyway." Peter Nielens, The Insurance Centre "No. ...

  • Too little too late as Pru makes up to IFAs?

    8 May 2003

    Prudential appears to have realised the enormity of the strain placed on its relationship with IFAs over its controversial critical-illness decision three weeks ago. After Pru raised premiums and axed guarantees on new and pipeline CI cases, IFAs reacted with outrage and many swore never to do business with it again. For two weeks, the company referred vaguely to market conditions and lack of reinsurance to justify its decision. However, last week it began ...

  • Treasury back in control

    8 May 2003

    The Treasury is to take more control of retail financial services policy after a reorganisation of Government departmental responsibility following the departure of senior civil servant Paula Diggle from the Inland Revenue. Since Diggle's secondment to the Revenue in 2001, responsibility for policy making in the industry has been divided, with Diggle retaining an active role. Now that she has left, industry sources suggest that responsibility will ...

  • TrustNet first with database of multi-manager UK funds

    8 May 2003

    Fund information company TrustNet is rolling out what it believes is the first database of all UK multi-manager funds, including manager of manager products. The database will include daily fund prices and comparative tables, cumulative and discrete performance statistics, fund performance charts, fund factsheets and multi-manager fund news. To differentiate between investment strategies, the funds, in conjunction with fund data house Financial Express, ...

  • Water way to raise money

    8 May 2003

    The Water Machine is an enterprise investment scheme (EIS) that aims to raise £3m to develop water filtration systems that will be marketed globally. The company owns the patent rights to prototype water purification technologies developed within Cambridge University. Its objective is to use these technologies to establish a brand of water filtration products for industrial, household and consumer use. One type of technology is called polymer filtration. The pollution ...

  • When the wind-up blows

    8 May 2003

    I have been discussing the winding up of final-salary pension schemes, which I expect will be the subject of many more articles in the coming years. The main thrust of those articles is likely to be that a scheme can be wound up without any further financial liability on the employer so long as it is fully funded on an MFR basis. This basis assumes - perversely for these purposes - that the scheme will actually continue in force, with young employees in ...

  • White Rose deregistered from MCCB

    7 May 2003

  • Why laundering rules are waste of time and money

    8 May 2003

    Mr Smith is a successful and wealthy career criminal. By dint of clever manoeuvring, he has managed to salt away considerable sums of money in a variety of quasi-legitimate bank accounts. But he has too much cash on deposit and wants to diversify. A friend suggests investment bonds and unit trust investments, so he contacts an IFA who visits him at his home, compiles a fact-find and, after due consideration, recommends an investment bond for the £50,000 ...

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