Money Marketing
7 November 2001

  • 137,000 firms still failing to comply with stakeholder

    8 Nov 2001

    The ABI says a "special effort" will be needed to get the estimated 137,000 remaining employers yet to designate a stakeholder scheme to comply with legislation. The estimates, based on its figures to the end of Sept-ember, suggest that between 87,758 and 137,758 employers were not complying with stakeholder legislation requiring them to designate a scheme for their employees. But the ABI says the figures show a sharp rise in the pace of scheme designations and anticipate that ...

  • A consumer's view

    8 Nov 2001

    Self-interest was bound to prevail eventually. With so many lawyers and MPs standing to lose considerable sums of money on their Equitable Life pension contracts, it was only a matter of time before they leant on Michael Buckley, the Parliamentary Ombudsman, to set up an inquiry. He has the powers to award compensation if it can be shown that a Government department has failed in its responsibilities. The wonder is that it took the squabbling policyholder factions so long to see ...

  • A currency For the world

    8 Nov 2001

    Our concern for the increase in terrorism across the world should force us to examine areas of causation other than the traditional ones of states or other groups out to achieve particular ends. One such area of neglect is the international financial system from which criminal activity is often fostered. It should be salutary at this stage to remind ourselves that the present currencies of the world had to replace multiple national currencies in the interest of orderly commerce ...

  • Acrobat on top form

    9 Nov 2001

    It is quite rare for software to get to the stage where you can say it is truly ubiquitous. In most things there is at least an alternative.If you do not want to use Microsoft Office you can use Lotus Smartsuite or Sun's Star Office. If you do not want to use Internet Explorer you can go for Netscape Navigator.In the IFA market, if you do not want to use the Exchange there are an increasing number of alternative IFA portals. And if you are really brave and you do not like Microsoft ...

  • Adam & Co to provide services for Stewart Ivory Wealth Management

    7 Nov 2001

    Private Scottish bank, Adam & Company, has entered into an agreement to provide the banking and administration services for Stewart Ivory Wealth Management, the private client business of First State Investments.

  • Aegon announces new chairman

    9 Nov 2001

    Aegon has announced that its next chairman will be Donald Shepard, an American who is currently head of Aegon's US operations.Shepard will take over from Kees Storm, who will retire in April next year at the age of 60. Shepard has confirmed that there is no question of moving the group's headquarters to the US, where it generates around 60 per cent of its business. 

  • Aegon bids to expand in UK with bank tie-ups

    8 Nov 2001

    Aegon is looking to tie with high-street banks as part of plans to expand its UK business outside its core Scottish Equitable IFA operations. The move would make Aegon the latest provider to link up with banks for distribution following moves by firms such as Legal & General, which sells its products through Barclays, Alliance & Leicester and Northern Rock. Aegon will be competing with Axa for possible tie-ups as it has also expressed the intention of finding opportunities with ...

  • Ainsworth Says Sandler review is biased

    8 Nov 2001

    Threadneedle deputy chairman Alan Ainsworth has launched a scathing attack on the Sandler consultation, saying it is misfocused and biased. Speaking at Cadogan International's annual unit trust and investment fund conference on Tuesday, Ainsworth said the Sandler consultation had focused on three examples of market inefficiency - lack of consumer experience, IFA domination and obscure products. But Ainsworth said he disputed that these were comprehensive, accusing Sandler of ...

  • Alliance & Leicester - Balanced Savings and Investment Plan

    9 Nov 2001

    Friday, November 9, 2001. Type: High interest account and a choice of a Legal & General with-profits growth, with-profits income, distribution or investment bond. HIGH INTEREST ACCOUNT Minimum-maximum investment: £1,000-£1m. Interest rates: 6.5 per cent a year. Term: One year. Offer period: Until further notice Withdrawal penalties: No withdrawals permitted during term. UNIT-LINKED BONDS Type: ...

  • Analyst predicts over 1,600 job losses next year Seventy staff to be axed as Britannic restructures

    8 Nov 2001

    The IFA sector faces over 1,600 job losses next year due to soaring salaries and lower profits, predicts industry analysts Plimsoll Portfolio. It says 1,637 jobs are likely to be cut next year becausethe cost of employing people is increasing at a faster rate than IFAs can afford. The research on the UK's top 1,000 IFAs found that for the last three years the cost of salaries has gone up by 50 per cent but sales have only grown by 44 per cent. It revealed that 88 per cent ...

  • Arrogant actuaries have lost the way for with-profits

    8 Nov 2001

    Terence O'Halloran is certainly keen on his insurance (Money Marketing, October 25). He has lambasted Roger Harris and has allowed his heart to rule his head. With-profits endowments for savings are inappropriate in the majority of circumstances. They are tax-inefficient, inflexible and very expensive. Individuals have far more flexible and cost-effective arrangements available - as well as personal tax allowances - which are better than the life insurance industry rehime. This ...

  • Autif charts equity outperformance

    8 Nov 2001

    Autif is encouraging investors to persevere with equity investment despite the recent hammering in stockmarket values. It says despite a 12 per cent fall in the UK stockmarket over the past three months, 10-year returns from equity and corporate bond funds have convincingly beaten bank and building society savings accounts. Its latest quarterly chartpack shows that every Autif sector except global emerging markets and Japan have beaten building society returns over 10 years while, ...

  • Bank on Foot for deposit regulation

    8 Nov 2001

    Michael Foot, who was appointed in June 1998, is the long-est-serving managing director at the FSA. Of the three MDs serving at this level, which is second only to chairman Howard Davies in the FSA hierarchy, Foot is the least relevant to the IFA community. While his title has changed marginally since he took up the role, his responsibilities have essentially remained the same. His official description is head of financial supervision. What this means in plain English is that ...

  • Baronworth Investment Services - Combination Investment Series 4

    12 Nov 2001

    Monday, November 12, 2001. Type: Pinnacle guaranteed income bond and Legal & General with-profits income bond. GUARANTEED INCOME BOND Minimum-maximum investment: £5,000-£500,000. Term: Three years. Interest rate: 7.18 per cent gross a year. Guarantee: Capital returned in full at end of term regardless of performance of underlying investments. Charges: Implicit. WITH PROFITS BOND Aim: Income by ...

  • Biggest Irish loan broker is building in UK with IFA buys

    8 Nov 2001

    Ireland's biggest mortgage broker IFG is quietly emerging as a major player in the UK market, buying up small IFAs and adding them to its national UK IFA arm - IFG Life & Pensions. Its most recent acquisition is London-based IFA Saunderson House for £7m. The deal saw Saun-derson House chairman David Saunderson bro-ught in as chief executive of IFG Life & Pensions, with the brief of growing the organisation in the UK through a fee-based structure. IFG now has over 80 registered ...

  • Broad mandate for Tiner in his role as IFA boss

    8 Nov 2001

    As one of the FSA's managing director trio, John Tiner will have the most influence on IFAs. He is also the newest member of the team. Tiner joined the FSA in June from Arthur Andersen at the same time that Carol Sergeant was promoted to be managing director (regulatory processes and risk directorate). Tiner's role is managing director (consumer, investment and insurance directorates). He is responsible for all aspects of IFA business other than authorisation and enforcement, ...

  • Brown's pre-budget report on November 27

    8 Nov 2001

    Chancellor Gordon Brown will announce today he will deliver his Pre-Budget report in two weeks time on November 27. It is expected Brown will provide more details about the savings gateway and the child trust fund on the day.

  • Charity wants industry to take China challenge

    8 Nov 2001

    London-based Hospice Trinity, which cares for terminally ill patients, is challenging people working in financial services to cycle across China to raise money for the charity. The Trinity China Challenge covers 452 kilometres in the Beijing area and includes sections of the Great Wall. It will take place from October 5 to 14, 2002. The hospice, which celebrates its 110th anniversary next year, supports 1,500 pat-ients in the South, West and central London. Trinity says it makes ...

  • Clerical backing for Celtic Connections

    8 Nov 2001

    Clerical Medical is sponsoring the Celtic Connections festival of music and culture in Glasgow from January 16 to February 3. Celtic Connections, which last year attracted 80,000 visitors, includes traditional music and Celtic-influenced jazz, dance and fusion which is intended to give a more modern slant to the event. The event also tries to encourage new talent and awards are presented to the six best acts at each year's Open Stage competition. Finalists will perform in ...

  • Clydesdale offering all-in-one mortgage

    8 Nov 2001

    Clydesdale Bank is offering a flexible current account mortgage which gives homeowners options at times of economic uncertainty. The Rapid Repay mortgage combines the borrower's current account, overdraft, personal loan, mortgage and savings facilities. Repayments to the acc-ount reduce the outstanding loan balance and the account gives instant access to borrowing and savings facilities. There are no rigid monthly repayments and savings can grow tax-free. Homeowners can ...

  • CML sees potential for equity release

    8 Nov 2001

    The equity-release market has huge potential for growth, according to research released this week by the CML. The Market for Equity Release Schemes says with pressure on resources to provide adequate pensions and care for the elderly, the time is right to develop the market. But the report sounds a note of caution, saying a concerted effort will be needed from parties involved, including lenders, the Government, regulators, IFAs and consumer groups, to take the case for equity ...

  • Commission - saving grace of the industry?

    8 Nov 2001

    Banning IFAs from being paid by commission would only serve to widen the gap between the amount of money people need to put by for retirement and what they are actually saving, warns an influential report. The Oliver Wyman & Co report, commissioned by the ABI to help shape its response to the Sandler review, estimates there would be a drop in annual savings of £4bn in the event of a wholesale ban on commission. The report's detailed analysis confirms what IFAs have said ...

  • Compensation culture

    8 Nov 2001

    Angry investors seem to abound right now. In the past week, we have witnessed yet another Treasury select committee grilling the FSA and Treasury ministers over the Equitable Life saga. At the same time, a Dyn-asty-like mini soap is being acted out in the High Court between the self-styled former Merrill Lynch Mercury ice maiden Carol Galley and Unilever's unflinching Wendy Mayall. Despite this action pending for many months, it has shown no signs of any out of court settlement. Right ...

  • Confusion over complex and sub prime, says Sun Bank

    12 Nov 2001

    IFAs may be missing out on sales opportunities due to confusion between complex prime and sub-prime mortgage lending says specialist lender Sun Bank.

  • Courting customs

    8 Nov 2001

    The path of consolidation is littered with the debris of recent IFA mergers. Take the Massow Rainbow Group, which was formed after Massow Financial Services and Rainbow Finance merged in a blaze of publicity with the backing of venture capital. Within a year, the company was in receivership and the former business partners had fallen out very publicly. Only two months after the merger of Maddison Monetary Management with Lamensdorf to create LM Financial, Mark Howard - who was to spearhead ...

  • Credit Suisse adds Polar Capital Japan to Constellation Fund

    9 Nov 2001

    Credit Suisse Asset Management Funds UK is adding the newly launched Polar Capital Japan Fund to the Credit Suisse Constellation Fund, a fund of funds focusing on boutiques and high conviction managers.It is also adding the fund to the Credit Suisse Multi-Manager Japanese Portfolio.Credit Suisse Multi-Manager Services joint head Robert Burdett says: "Polar Capital Japan is managed by the hugely experienced James Salter, who has managed Japanese equities for 13 years."

  • DIY boom 'confirms confidence in property market'

    8 Nov 2001

    Nearly half the population plan to spend money on home improvements in the next three months, suggests research by Alliance & Leicester. The findings go a long way to dispel the notion that Britons have lost confidence in the property market, according to the bank. It says the latest figures from its Movingimproving index indicate that homeowners are staying put but investing record amounts in DIY improvements. Gloomy sales figures from mortgage lenders have suggested that ...

  • Don't ignore warning signs

    8 Nov 2001

    IFAs and product providers have come under fire for marketing zero-dividend preference shares as safe investments. With the current turmoil in the splitcapital investment trust arena, are you still happy to recommend the use of zeros to meet deferred financial commitments? Richard Craven: Very much so and, in my view, IFAs are far from being at fault for overstating the safety of these investment types. I feel it is far more a point to be addressed by the trade body representing the ...

  • DWP to launch face to face advice service

    13 Nov 2001

    The Department for Work and Pensions is set to launch a face-to-face advice service for pensioners and those planning for retirement. As part of the new Pensions Agency, advisers would offer a home visiting service. It says it will give advise on benefits and if asked about personal pensions would direct people to websites and advisers. Speaking in the House of Commons Under-Secretary Maria Eagle said this was in recognition that people prefer face-to-face advice.

  • E&Y drives into advice market

    8 Nov 2001

    Ernst & Young Financial Management is launching into the IFA market, offering fee-based pensions, investment and protection advice to people with at least £30,000 to invest. The Transcript service open-ed this week in Scotland and is going live around the UK in the next two weeks with 50 RIs. E&Y says a recent ABI-sponsored report identified the need for quality independent financial advice. The firm will focus on higher earners looking to maximise tax-free cash through investing ...

  • Earn from non-earners

    8 Nov 2001

    The October deadline thrust stakeholder into the spotlight again for IFAs. However, as the dust starts to settle for the group market, thoughts will inevitably turn to other avenues to develop and stakeholder provides some interesting opportunities, particularly in the individual pension market. One Government "target" group that can offer a rich seam of business is non-earners. The Govern-ment's original intention was to allow a much wider group of individuals to save for a pension. ...

  • English Mutual aims to grow into national brand

    8 Nov 2001

    IFA English Mutual Wealth Management, which launched in August, says it aims to become a leading brand with 120 advisers by next year and 200 by 2005. The Worcester firm was formed from Alex Morley & Co IFA, which was set up in 1997 with a focus on high-net-worth and corporate clients. It aims to build a national name in the IFA sector and develop relationships with accountants and solicitors. English Mutual's advisers are all self-employed, operating under its brand and using ...

  • Fidelity in call to zap the cap

    8 Nov 2001

    Fidelity is voicing is disapproval of price or commission capping by enc-ouraging IFAs to speak out against any efforts to introduce anti-competitive controls by the Government or regulator. The fund manager is encouraging IFAs to sport its "Zap the Cap" baseball hat which it distributed to advisers who attended its recent annual roadshows. It says it wants to raise awareness among IFAs about the possibility of commission caps becoming a reality. Fidelity says Sandler's ...

  • Final whistle for ScotAm brand

    8 Nov 2001

    The axe fell on Scottish Amicable last week with the completion of Prudential boss Mark Wood's review of its UK businesses. Wood, who joined Pru from Axa in June to overhaul its UK businesses, has ditched the 175-year-old ScotAm brand because it is thought to be no longer necessary. ScotAm started out as a friendly society in 1826 and in 1996 it was facing pressure to demutualise. After ScotAm abandoned a £1.9bn flotation, Pru bought the business for £2.9bn in ...

  • Firm offers pension to Muslims

    8 Nov 2001

    Pension provider Parsoli is setting up what it claims is the first pension plan to comply with Islamic sharia law. It says the Islamic self-invested personal pension's investment strategy complies with stringent criteria set out by the Koran and sharia which forbid investment in fixed-interest securities and in areas such as gambling and alcohol. Parsoli says that until now every British Muslim with an existing pension has been forced to compromise on their beliefs, as even ...

  • First among equals

    8 Nov 2001

    Investment bank Credit Suisse First Boston is aiming its capital protected Tessa-only Isa at investors with maturing Tessas and those who are unhappy with the variable rate accounts of their original Tessa providers. The global titans Tessa plan is linked to the 50 stocks listed on the Dow Jones Global Titans index. These include large global companies such as BP, Coca-Cola and Ford. Investors can choose a growth option that offers the return of the original capital plus up to ...

  • Framlington blocks Isa for biotech in bid to warn of risk

    8 Nov 2001

    Framlington is not offering an Isa option on its new biotech fund in a move aimed at preventing investors who do not understand the fund's risk from buying it. The new fund, to be run by star manager Antony Milford, is the follow-up to the top-performing Framlington health fund, which was one of this year's top Isa season sellers. However, the new fund will invest almost exclusively in the biotech sector and will be higher-risk. The Framlington health fund invests just 38 ...

  • Friends Ivory & Sime - Isis Progressive Growth Fund

    13 Nov 2001

    Tuesday, November 13, 2001. Type: Oeic. Aim: Growth by investing in zero-dividend preference shares. Minimum investment: Lump sum £1,000, monthly £50. Investment split: 100 per cent in zero-dividend preference shares. Yield: 7.5 per cent. Isa link: Yes. Pep transfers: Yes. Charges: Initial 4.75 per cent, annual 1 per cent. Commission: Initial 3 per cent, renewal 0.5 per cent. Tel: 08457 992299.

  • FSA pension table goes live

    8 Nov 2001

    The FSA pension information table has gone live, offering consumers information on personal pension and stakeholder pension products.

  • Fund managers hit by wave of redundancies

    8 Nov 2001

    A wave of redundancies has swept the fund management industry, with Invesco Perpetual, Old Mutual Asset Management, Deutsche Bank and 3i all cutting back their workforces. Invesco Perpetual UK sales director Stuart Alexander and Omam head of marketing Ian Pascal were the two highest-profile casualties on the retail side. Both lost their jobs after recent mergers and rationalisations saw their positions phased out, along with several of their colleagues. Invesco Perpetual says Alexander ...

  • Fury at FSA 'wish' to be IFA

    8 Nov 2001

    FSA plans to go head to head with IFAs by launching an online service providing specific financial advice have been slammed by the industry as a dangerous step. The website, which is on an FSA "wishlist", would see the regulator offering financial advice on a range of products. It is thought that the service would aim to help people make investment decisions after providing details about income, savings strategy and their portfolio. There is no timetable for its implementation. The ...

  • G E Life - Balanced Income and Growth Plan

    8 Nov 2001

    Thursday, November 8, 2001. Type: Guaranteed equity bond. Aim: Income and growth linked to Dow Jones Euro Stoxx 50. Minimum investment: £7,000. Place of registration: Dublin. Investment split: 100 per cent linked to the Dow Jones Euro Stoxx 50. Guarantee: Capital returned in full at end of term provided index does not fall by more than 30 per cent during the term and the final level is at or above the initial level. Isa ...

  • Gartmore takes on two new agencies

    8 Nov 2001

    Fund manager Gartmore has appointed two new agencies as part of a review of its marketing. Clark McKay and Walpole will be its new creative advertising agency and Media-Com will become its new media planning and buying agency. The agencies won against competition from Gartmore's previous media agencies Barnes Vereker and Ptar-migan Media. The new agencies will play an active role in maximising Gartmore's position in the retail financial services market through effective ...

  • Gaskin leaves Exchange after takeover

    8 Nov 2001

    Exchange managing director Jim Gaskin is leaving the firm following its takeover by Marlborough Stirling and just a year after joining from Misys IFA Services. The departure of the former Misys IFA Services chairman follows Marlborough Stirling's £87m takeover of the portal which was rubber-stamped by shareholders on Friday. Gaskin, will remain in the post until the end of the year when Sue Summers from Exchange FS's Global Solutions will take over responsibility for ...

  • Gerrard - Millennium Global Portfolio Service

    7 Nov 2001

    Wednesday, November 7, 2001.Aim: Income or growth by investing in UK unit trusts, Oeics and investment trusts.Minimum investment: £30,000.Investment split: 100 per cent in UK unit trusts, Oeics and investment trusts.Income facility: Monthly.Charges: Initial up to 3 per cent, annual 1.25 per cent.Commission: Initial up to 3 per cent, renewal 0.5 per cent.Tel: 0845 0700122. 

  • Get a helping handout

    8 Nov 2001

    No one wants to contemplate having to move into a care home. Apart from the fact that it is not a step anyone takes unless ill health makes it necessary, it means moving out of your own home - of however many years standing. Worst of all, under the system we have here in the UK, your clients also have to pay for the privilege. It is free if you are in hospital but you pay if you are in a nursing home. However, your clients are not on their own when it comes to care home fees. With ...

  • Gilts better than most equity funds, says Kaunders

    12 Nov 2001

    Gilt specialists Kauders Portfolio Management says only a portfolio of Government securities can keep income at satisfactory levels without the risks of stock markets.

  • Global funds get set to spin into action

    8 Nov 2001

    Last week accountancy firm Deloitte & Touche warned that the world is on the brink of its biggest recession since the Second World War. With Japan and much of Asia already in recession, the US, it said, is set to be next, with Europe close behind. The upside was its assertion that Britain is likely to get away with no more than a severe slowdown. But it maintained that the rest of the world was set for a difficult time and that this had very little, if anything, to do with the events ...

  • Government looks at annuity trees and transfers

    8 Nov 2001

    The Government is considering introducing decision trees for annuity purchase and allowing policyholders to transfer their annuity between providers after income has been drawn. The revelation on trees for annuities is likely to concern IFAs and will fuel fears of annuity misbuying. The proposals for decision trees and transferability are just part of a package of reforms currently being discussed at meetings between industry experts and the Prime Minister's policymakers, the ...

  • Govett dissident fund manager resigns after appeal fails

    7 Nov 2001

    Govett Investments fund manager Rupert Walker has resigned after not being returned to his old job after appealing his dismissal.

  • Hargreaves Lansdown putting Invesco Perpetual fund range on hold

    8 Nov 2001

    Hargreaves Lansdown has put the entire Invesco Perpetual fund range on hold after the fund manager announced it is undertaking a further program of internal restructure. Hargreaves Lansdown head of research Mark Dampier says he has been wary of the stability in the group over the past few months following the departure of several fund managers and sales staff this summer. With the lock-in clauses on many of Perpetual's fund managers expiring in 2002, Dampier is concerned there ...

  • Hundreds lose out as Euro fund collapses

    8 Nov 2001

    Hundreds of investors in the Jupiter European investment trust have seen their investment reduced to nothing after the fund's default rollover trust collapsed to zero net asset value. The Jupiter European split-cap trust rolled up last November, giving investors the option to redeem their investment or roll over into the new Jupiter European opportunities investment trust or Aberdeen's European growth & income trust. Investors who failed to specify a preference were automatically ...

  • IF to pass on full mortgage rate cut on December 5

    9 Nov 2001

    Intelligent Finance is passing on the full 0.5 per cent Bank of England base rate cut to its mortgage customers.

  • IFA online searches increase

    12 Nov 2001

    Online financial website directory www.find.co.uk says its listing of IFAs rose to the fifth most visited category in October from eighth position in September.

  • IFAs just what the doctor ordered

    8 Nov 2001

    IFAs are as essential as a doctor or a nurse, claims leading protection provider Swiss Life in its latest ad campaign. It says independent advice is critical to the provision of protection insurance in its Hero campaign promoting critical-illness cover. The market-leading provider of group critical-illness cover is targeting 160,000 human resources and employer decision-makers through the campaign promoting IFAs in the protection arena. Swiss Life has also enhanced its group ...

  • IFAs to continue to dominate unit trust sales

    13 Nov 2001

    IFAs will continue to dominate the distribution of unit trusts over the next few years, though their share will decline slightly, according to research commissioned by fund supermarket systems provider FundsHub.

  • Independent view

    8 Nov 2001

    Having seen UK interest rates fall five times in 2001 and those in America a staggering nine times, it came as no surprise to receive notifications from both Standard Life and Norwich Union (two of the biggest pension providers in the UK) that they were once again reducing their annuity rates. Annuity rates have tumbled along with interest rates. Even with the use of open market options there are thousands of soon to retire clients who look at us all with an expression of "is that ...

  • Inside Edge

    8 Nov 2001

    N2 is less than a month away. N3 and mortgage regulation follow next year and, who knows, maybe N4, 5 and 6. Therefore, IFAs are currently facing a bigger compliance burden than ever before. In theory, N2 creates a single statutory regulator for the financial services industry. However, in reality, there are many others, including some self-regulatory organisations, that have their own codes of practice. As Corey Boles quite rightly pointed out in last week's Money Marketing, ...

  • Investment Analysis

    8 Nov 2001

    World equity markets escaped what was in the main another grim set of US economic data relatively unscathed as inv-estors decided to focus their attention on the likelihood of further interest rate cuts in the US, Europe and the UK this week and the prospects of a global recovery in 2002. While most of the last week's economic numbers came in worse than expected, the market was given a boost following the release of third-quarter US GDP data which at -0.4 per cent was well above ...

  • Investment view

    8 Nov 2001

    The start of the month always brings a wealth of economic data and November has been fuller than usual with the figures that analysts so like to pore over. America has moved into recession (bad) with the publication of third-quarter GDP figures. Consumer confidence is ebbing (unsurprising) on both sides of the Atlantic and purchasing managers everywhere seem to be taking the view that the commercial world is a curate's egg. Make of that what you will. Of course, the old saying that ...

  • Isis tops range with progressive fund

    13 Nov 2001

    Isis, the retail arm of Friends Ivory & Sime's retail brand, has introduced its fourth fund.

  • Julian Gibbs

    8 Nov 2001

    What is the perfect corporate bond fund investment? I believe it is one that offers a return of between 7 and 8 per cent a year. With a maximum fixed rate of 5.5 per cent available from building societies and Tessa-only Isas, I believe the small extra risks of investing in a bond fund make a 7 per cent return very attractive. On the other hand, very high-yielding bond funds are much more dangerous and are really more equivalent to an equity investment. Management is all-important ...

  • Jupiter aims to grow Sipp customer base

    12 Nov 2001

    Jupiter is teaming up with Sipp platform Imago as part of its plans to more than double its Sipp customer base over the next year to 400 cases from 129 so far this year. The platform is designed to quickly generate single and comparative illustrations on full drawdown, phased drawdown and phased annuity purchase, among others types for IFA users.

  • Jupiter may take legal action over Brunswick 'dirty tricks'

    8 Nov 2001

    Jupiter is considering legal action against PR agency Brunswick this week after the firm mailed out an allegedly libellous document concerning the fund manager's balance sheet for 2000. Brunswick, which represents Jupiter's arch-rival New Star, admits to mailing the accounts to newspapers last week but denies Jupiter's allegations that it amounted to a "dirty tricks" campaign. The accounts, which were sent to around a dozen papers, included a cover sheet from Brunswick ...

  • Keydata Investment Services - Secure Growth Portfolio

    9 Nov 2001

    Friday, November 9, 2001. Type: Guaranteed growth bond. Minimum-maximum investment: £3,000-£1m. Term: Five years. Return: Up to 140 per cent of average growth in Norwich Union UK growth, JPMorgan Fleming premier equity growth, Threadneedle European select growth, Threadneedle American select growth, Newton continental European and Newton income funds. Guarantee: Choice of 90 per cent or 100 per cent of capital returned ...

  • Keydata portfolio offers protection and growth

    8 Nov 2001

    Keydata Investment Services is offering an investment portfolio which has a combination of capital protection and growth potential through six funds. Over a five-year term, the secure growth portfolio averages the monthly prices of a portfolio of six investment funds. Investors have a choice between 100 per cent or 90 per cent capital protection and, depending on which they opt for, they also get 100 per cent or 140 per cent of that average growth respectively. The six funds are ...

  • Keydata secures its first growth portfolio

    12 Nov 2001

    Keydata Investment Services has introduced the secure growth portfolio, its first capital protected product.

  • L&G adds Dresdner funds to its panel

    8 Nov 2001

    Legal & General has added Dresdner RCM Global Inv-estors to its panel of external pension fund managers, add-ing two fund choices from its range. The Dresdner RCM exe-mpt global and UK equity funds will be available alongside L&G's existing panel members Newton, Deutsche Asset Management, JP Mor-gan Fleming and SG Asset Management. L&G says the exempt glo-bal fund aims to capture capital growth through diversified investments in global equity markets, including the UK. The ...

  • Last chance for stakeholder

    8 Nov 2001

    Down at the "Last Chance for Stakeholder" saloon the players are getting ready for one last throw of the dice. All the talk is of compulsion - if the low earners will not contribute voluntarily then it is up to the Government to force them into stakeholder pensions. Achieve this and stakeholder suddenly starts to make sense. Distribution and servicing costs will fall as the business volumes arising from compulsion will achieve significant servicing economies and sidestep the need ...

  • Lombard AI launches phased investment product

    9 Nov 2001

    Lombard International Assurance is launching a phased investment programme. product designed to help IFAs overcome clients' reluctance to invest lump sums in current volatile market conditions.

  • Lombard International Assurance - Phased Investment Programme

    12 Nov 2001

    Monday, November 12, 2001. Type: Offshore bond. Aim: Growth by investing initially in the Amvescap Aim cash fund and then in bonds and global equities. Minimum investment: £100,000. Place of registration: Luxemburg. Investment split: Initially 100 per cent in Amvescap Aim cash fund, then choice of bonds and global equities. Isa link: No. Charges: Annual 0.5-1.5 per cent. Commission: Subject to negotiation. Tel: ...

  • Making assets of our young people

    8 Nov 2001

    In the twilight of Labour's first term in office, the Prime Minister, flanked by a handful of his Cabinet colleagues, announced a radical new policy agenda whereby the benefits of savings and assets would be extended to all. The child trust fund and saving gateway were announced. Little has been heard of this publicly since. The Government's attention has been largely diverted away from the domestic policy scene. However, many financial services companies and others resp-onded ...

  • Man at the top

    8 Nov 2001

    The man who has been given the responsibility of turning the theory of a single financial regulator into a reality has had a busy time at the top. Between preparing the industry for N2 and dealing with episodes like Equitable Life or the aftermath of the September 11 terrorist attacks, FSA chairman and chief executive Sir Howard Davies has had little time to relax since his appointment on August 1, 1997. Davies boasts an impressive curriculum vitae. Before heading the FSA, he spent ...

  • Match point

    8 Nov 2001

    I am now reaching the end of this discussion of some of the main objective and subjective considerations in the calculation of a transfer value from a preserved defined-benefit pension. Particularly, over the past few weeks, I have concentrated on the impact these considerations have on an analysis as to whether or not a client with such benefits should be advised to transfer them to an alternative private pension arrangement. The stages into which I have divided the calculation process ...

  • Mike Harrison

    8 Nov 2001

    Businesses need to tread carefully when implementing mergers and acquisitions. Both sets of management and advisers involved in the recent merger of Berry Birch & Noble and Berkley Financial Services will have spent months devising and honing the strategy that brings the IFAs together. The ultimate aim is the creation of shareholder value - the corporate holy grail. There will be an audible sigh of relief when all the legal and regulatory hurdles have been overcome. However, at this stage, ...

  • Misselling fears on protected and guaranteed funds

    8 Nov 2001

    Investors are unaware of the complexity of structured products such as protected or guaranteed investments and how their returns are calculated, warns IFA firm Deep Blue Financial. The company says it has carried out comprehensive analysis of the structured investment market and has identified what it calls "smoke and mirrors" products which are deliberately complex and seduce investors with headline rates. Deep Blue says it is writing to Government ministers and regulators warning ...

  • MMA slashes cost of sites

    8 Nov 2001

    My Money Adviser is slashing the cost of its IFA websites in a bid to secure market share. IFAs already registered with the website provider will see next year's monthly rate cut by two-thirds as MMA guarantees that anyone signed up to the service by the end of this year will pay £100 a month for life. MMA's previous charging structure saw IFAs paying a discounted £100 a month for the first year and £300 a month thereafter. Any firms signing up before ...

  • Mortgageforce in Persimmon mortgage deal

    12 Nov 2001

    Broker franchise operation Mortgageforce has been appointed by homes developer Persimmon to provide it with 10 exclusive mortgage deals. Persimmon will promote the loans — negotiated with lenders including Woolwich and Abbey National - throughout the country via its 28 regional operating companies. To access the products brokers must register with Persimmon and can receive procuration fees of up to 0.5 per cent

  • Multi talented

    8 Nov 2001

    The aspiration of any financial adviser is surely to provide an unparalleled quality service to clients and to build new client contacts over time. But pressures are inc-reasing in the financial world. Dealing with complex financial issues as well as with increasingly sophisticated and demanding customers is placing an unenviable strain on IFAs as they seek to discharge their respon-sibilities in an industry moving through unprecedented change. Matching client needs and expectations ...

  • National Savings launches tracing service for lost savings

    13 Nov 2001

    National Savings is launching a new tracing service designed to reunite customers with existing dormant accounts and lost savings. It is hoped by filling in one form, the 75,000 customers who attempt to trace their forgotten accounts, bonds and certificates every year will be able to claim their lost cash more easily.

  • Nationwide passes on full rate cut

    9 Nov 2001

    Nationwide is passing on the full 0.5 per cent of the Bank of England's base rate cut to borrowers.The reduction sees its base mortgage rate cut to 4.74 per cent. Its standard variable rate is cut by 0.5 per cent to 5.24 per cent.The rate cut, which takes effect on December 1, will save borrowers with a £60,000 interest only mortgage £25 a month.

  • New pathway for VCT market

    12 Nov 2001

    The Pathway One venture capital trust (VCT) is arriving on the scene with the UK smaller company sector in its sights.

  • NU issues guide to equity release

    9 Nov 2001

    Norwich Union is publishing a guide to equity release, aiming to help the over 60s understand how it works.

  • Number of Guernsey based funds grows

    13 Nov 2001

    The number of funds serviced in Guernsey has increased by 14 per cent to 894 from 783 over the 12 months to June 2001, according to research by publishers Fitzrovia International.

  • Octopus Asset Management - Bioscience VCT

    8 Nov 2001

    Thursday, November 8, 2001. Aim: Growth by investing in listed and unlisted bioscience companies. Minimum investment: Lump sum £3,000. Opening-closing date: October 15, 2001-April 5, 2002 for 2001/2002 tax year, April 12, 2002 for 2002/2003 tax year. Charges: Initial 5 per cent, annual 1.25 per cent. Commission: Initial 2.25 per cent, renewal 0.25-0.4 per cent for first four years. Tel: 0800 2792501.

  • Ombudsman publishes booklet for financial services industry

    9 Nov 2001

    The Financial Services Ombudsman is launching a booklet aimed at IFAs, insurers, banks and building societies, explaining its role and how it resolves disputes.The booklet sets out how firms should handle complaints before the ombudsman gets involved, the types of complaint the ombudsman can deal with and how the process works.Chief Ombudsman Walter Merricks says: "We hope the guide will help firms in their dealings with us - and de-mystify the ombudsman process."

  • Opinion poll

    8 Nov 2001

    The report (Money Marketing, October 25) that Marlborough Stirling's research has found that 53 per cent of people prefer not to meet their financial adviser in person flies in the face of general perceptions. It also contradicts other (perhaps more disinterested) research studies as well. Typically, you would expect to find that some 70 per cent of people prefer face-to-face advice - not surprising, given the complexity of financial decision making and the quality of service available ...

  • Outside edge

    8 Nov 2001

    As a film fan I often quote from the movies to make a point (but not to the extent of confusing celluloid with reality as happened to Ronald Reagan). One memorable piece of dialogue comes from the film Parenthood when the Grandmother compares life with a fairground ride, where the choice is between a roundabout or a rollercoaster, the former being steady and the latter containing the variety that comes from life's ups and downs. As an IFA since 1985, I am in no doubt that we ...

  • Paradise Lost

    8 Nov 2001

    My wife and I have been considering buying a holiday home but are unsure whether it is a sensible thing to do. What would your advice be about this and what are the alternatives? It is an ambition of many people to own their own home in paradise, where the sun always shines and the cost of living is low. But, in reality, it is not always as easy as it seems, nor is it always a wise investment. Idyllic holidays can often prompt people to consider buying a place of their own, ...

  • Pensioners rally for free personal care

    7 Nov 2001

    Thousands of pensioners attended a National Pensioners Convention rally in Westminster to lobby MPs to implement free personal care as recommended by the Royal Commission. NPC president Rodney Bickerstaffe was joined by other speakers including Barbara Castle, Dr Richard Taylor MP and Claire Rayner in attacking the differences in LTC between England and Scotland.

  • PHL expands sales team

    12 Nov 2001

    Platform Home Loans is appointing Richard Beardshaw as Southern regional sales manager, packaged business, following over two years as North East business development manager.

  • PMI site compares plans from all firms

    8 Nov 2001

    Financial services comparison web site Moneysupermarket.com is setting up a supermarket comparing all the private medical insurance policies on the market. The Mortgage 2000owned portal says it is in talks with networks and national IFAs about providing connections to advisers and their web-sites from Money-supermarket.com. The company says that, given the range of products available, many customers will be nervous before making their decision on which provider to choose. Talks ...

  • Premier league

    8 Nov 2001

    Gartmore Investment is moving into the VCT arena with the Gartmore premier VCT. The VCT's objective is long-term capital growth and income by investing mainly in developing companies listed on the Aim. It may also invest in unquoted companies listed on Ofex and those planning to be Aim-listed within 18 months. The money raised initially will go into a portfolio of fixed-interest securities, high-yielding smaller companies and Gartmore funds. Within three years 70 per cent of ...

  • Product matters

    8 Nov 2001

    Twelve months ago, Scottish Provident stood alone in the "menu-based" flexible protection market but over the last year four others have entered. The added competition can only be good news as insurers play catch-up or pass Scottish Provident. The recent enhancements made by Friends Provident echo what is already available elsewhere, with one exception - personal pension stand-alone waiver of premium. This is a condition of having a stakeholder or personal pension with Friends ...

  • Public prefer IFA advice to internet and the press

    8 Nov 2001

    Consumers would prefer to seek advice from an IFA rather than search for products on the internet or in the press although banks remain the most favoured route, says a survey by Sun Bank. When looking at where to put their savings, independent financial advice was the second most popular way of finding a suitable product. Sixteen per cent said they would seek information from an IFA, 10 per cent said they would look at best-buy tables and 8 per cent would use the internet. However, ...

  • Quality of service also counts

    8 Nov 2001

    Lorna Bourke (Money Marketing, October 25) rightly says that consumers are concerned about the financial health of the companies they invest in. But she is wrong to suggest that the Raising Standards quality mark should be asked to reassure them. The Raising Standards initiative was never designed to deal with prudential regulation - the task, surely, of the regulator and company auditors. That is one reason why we welcome the FSA's re-examination of regulation following ...

  • R&SA set to shelve life sale as it eyes general insurance

    8 Nov 2001

    Royal & Sun Alliance is exp-ected to shelve plans to sell its life business this week when it announces its nine months' figures on Thursday. The insurance giant is looking to raise capital to support growth in the booming general insurance market. The company will ann-ounce a number of options to raise the cash, which may include dividend cuts, running the risk of potentially lowering its credit rating. R&SA was aiming for a £2bn sale of its life and fund management ...

  • Rathbone brings out the EIS tax breaks for investors

    7 Nov 2001

    The Rathbone EIS portfolio service allows investors to choose from a spread of companies listed on the alternative investment market (Aim), allowing investors access to the tax reliefs available through enterprise investment schemes (EIS). Investors can choose a minimum of 10 companies, with no maximum.

  • Royal London wants all IFAs to adopt fees

    8 Nov 2001

    Royal London is calling for all IFAs and product providers to switch to charging fees over commission in what it says is a major policy statement. The Scottish Life parent says fees are preferable to commission and financial products should be used as "feegenerators", where bespoke charges to clients are built into product design to meet the cost of advice. Royal London argues that providers should not restrict adviser remuneration and consumers should be given the option of generating ...

  • ScotEq helps IFAs build professional connections

    8 Nov 2001

    Scottish Equitable is offering a pack designed to IFAs get business referrals from accountants and solicitors after N2 on December 1. Professionals in the accountancy and legal sectors will either have to become directly regulated by the FSA to provide investment services to clients or look at alternative ways of providing this advice, including referring business to IFAs. With nearly 13,000 professionals affected, ScotEq is highlighting the opportunities for IFAs to develop relationships ...

  • ScotProv slams FSA on new laundering rules

    8 Nov 2001

    Scottish Provident is taking a stand against the FSA over new money-laundering requirements on protection providers, calling them a waste of time and money. Head of product development Nick Kirwan says there is no way that term insurance could be used to launder money and it is nonsense to compel providers to take preventive steps. Under the new rules, which become statutory after N2, anyone buying a protection policy with a premium of more than £50 a month would be required ...

  • Scottish Legal rewards online bond applicants

    8 Nov 2001

    Investors making online applications for Scottish Legal Life's guaranteed investment bond will receive an extra 2 per cent allocation. The offer boosts the bond's allocation rates to 102 per cent for investments under £5,000, rising to 104 per cent for sums between £5,000 and £9,999. This increases further to 105 per cent between £10,000 and £19,999, 106 per cent between £20,000 and £49,999, 107 per cent between £50,000 and ...

  • Scottish Life boosts extranet site to offer online pension admin

    8 Nov 2001

    IFAs will be able to download real-time pension fund illustrations from Scottish Life as it revamps its extranet site if@plus. The new services provided by 1st Software are designed to simplify time-consuming processes by giving IFAs the tools to establish, monitor and administer pensions online. ScotLife has developed three new services to help IFAs, including a facility allowing requests for large volumes of data from Scot-Life's records to be made online and imported straight ...

  • Scottish Widows - Guaranteed Investment Bond

    13 Nov 2001

    Tuesday, November 13, 2001. Type: Guaranteed equity bond. Aim: Growth linked to the FTSE 100 index. Minimum-maximum investment: £2,000-no maximum. Term: Six years. Guarantee: Capital returned in full at end of term regardless of movement in index. Return: Capital returned in full along with up to 7.5 per cent of growth in index every six months. Closing date: December 9, 2001. Special offer: 0.1-0.5 per cent ...

  • Scottish Widows sets its sights on the FTSE 100

    12 Nov 2001

    Scottish Widows has introduced the guaranteed investment bond.

  • Seed Capital to launch third Oxford Technology VCT

    12 Nov 2001

    Venture capital manager Seed Capital is set to launch its third Oxford Technology VCT in February.The fund is looking to raise £10m and will be managed by the same team as Oxford Technology and Oxford Technology 2.It will be launched into a very saturated market, with more than £300m being sought across new VCTs this tax year.

  • Sergeant oversees regulator's risk-based approach

    8 Nov 2001

    Like Michael Foot, Carol Sergeant hails from the Bank of England. Sergeant, one of three managing directors at the regulator, is responsible for regulatory processes and risk directorate, a role she assumed on June 1. She has control over authorisation, enforcement as well as the new risk-assessment division for the FSA. It is her team that dec-ides which firms and individuals will become authorised to conduct business. On the enforcement front, Sergeant's group can hand out ...

  • Seventy staff to be axed as Britannic restructures

    8 Nov 2001

    Britannic Money is to cut around 70 staff as part of a restructuring of its business which it claims follows imp-rovements in technology. It claims the move will be a strategic step which will place greater focus on its intermediary business next year. Internal research shows that over last month 50 per cent of its agreements in principle have been executed online and that this greater efficiency has triggered the need to restructure. Britannic Money argues the cuts will help ...

  • SG Hambros links deposit account to FTSE movements

    8 Nov 2001

    SG Hambros is introducing a three-year deposit account which offers 3 per cent annual income along with stockmarket-linked growth and 100 per cent capital protection. The FTSE 100-linked deposit account is designed for risk-averse cash investors who want to outperform interest rates in the medium term. The account guarantees to pay 3 per cent income a year. At the end of three years, depositors will receive a bonus of 25 per cent of any rise in the FTSE 100 in the final 18 months ...

  • Shares hit by Queens crash

    12 Nov 2001

    Markets fell sharply on the news of an American Airlines jumbo crashing in Queens, New York earlier today, although some losses have since recovered.The FTSE 100 was down 1.4 per cent and the Dow Jones Industrial Average was down 1.3 per cent at 4pm GMT. Airline shares have been hit badly, with American Airlines and Continental Airlines both down 14 per cent at 4pm GMT.

  • Skipton Building Society - 5 Year Capped Plus 0.6 Per Cent Discount

    13 Nov 2001

    Tuesday, November 13, 2001. Type: Flexible capped rate discount mortgage. Discounted term: Two years. Discount: 0.6 per cent. Capped rate: 6.65 per cent. Capped term: Until January 31, 2007. Minimum loan: £5,000. Maximum loan: Up to 95 per cent of valuation subject to no maximum. Income multiples: 3.5 times principal income plus second or 2.75 times joint. First time buyers 3.25 times principal income plus ...

  • Small firms have higher standards

    8 Nov 2001

    Two items in the October 25 issue of Money Marketing have prompted me to write. The first is Lorna Bourke's article in which she discusses the ABI Raising Standards initiative. Our company is very concerned that Norwich Union has been accredited. One of the elements of the award is promptness in dealing with complaints. In the year since NU took over CGU the standard of customer service has gone steadily downhill. I am still waiting for resolution of a complaint (the second ...

  • Smith & Williamson - Balanced Portfolio Fund

    9 Nov 2001

    Friday, November 9, 2001. Type: Oeic. Aim: Income and growth by investing in bonds, UK and international equities. Minimum investment: £5,000. Place of registration: Dublin. Investment split: Bonds 20 per cent, UK equities 55 per cent, international equities 20 per cent, cash 5 per cent. Yield: 2.5 per cent. Isa link: Yes. Charges: Implicit. Commission: Subject to negotiation. Tel: 020 7637 ...

  • Smith & Williamson makes a compliment

    12 Nov 2001

    Smith & Williamson Investment Management has introduced an offshore Oeic that invests in stocks and shares in the UK and overseas, with a smaller proportion going into corporate bonds.

  • Soliciting business

    8 Nov 2001

    On September 28, 2000, Money Marketing's Experts column was an article on how, after N2 day, it was going to be difficult, if not impossible, for IFAs to share commission with other professionals - in the main solicitors and accountants - for referring clients to them for the purposes of financial services business. It referred to section 327(3) of the Financial Services and Markets Act 2000 and the part quoted is repeated below as it is very important and will have to be adhered ...

  • Standard & Poor's Micropal Top 10s

    8 Nov 2001

    Bond funds continue to dominate, with eight of the top 10 unit trusts from the UK corporate bond, global bond or global equity and bond sectors. The top-performing unit trust is Merrill Lynch's gold & general fund where £1,000 invested 12 months ago would now be worth £1,350. Among the life insurance funds, property funds are the flavour of the month, with four of the top 10. But the top-performing fund is the Skandia/Odin Finland, which has returned 11.65 per cent over ...

  • Standard Life 0.5 per cent mortgage cut from December 1

    13 Nov 2001

    Standard Life has announced a cut of 0.50 per cent on the standard variable rate of its Freestyle mortgage. With effect from 1 December, the rate will fall to 5.00 per cent from 5.50 per cent. The move is in response to the Bank of England’s decision last week to slash its base rate to 4.00 per cent from 4.50 per cent.

  • Standard Life business soars by 75% to £1bn

    8 Nov 2001

    Standard Life has taken £1bn in new business on an equivalent premium income basis since Nov-ember 16, 2000, an inc-rease of 75 per cent from £571m in the previous year. The figures relate to the period November 16, 2000 to October 15, 2001. Further details of the full year's new business figures will be published in December. Personal pension sales in this period, including group, personal and executive pensions, totalled £5.8m. Standard says the inc-rease ...

  • Standard revamps membership rules

    8 Nov 2001

    Standard Life is proposing changes to its membership rules, giving one member one vote and changing how directors are elected but increasing the number of members needed to call an EGM. The move follows criticism of Standard over its membership rules after it fought off a demutualisation campaign last year. The last revision of rules took place in April 1994. It is proposing to introduce a system of one vote for each eligible member. Standard currently has 62,000 members who have ...

  • Stoxx 50 the key for GE Life

    7 Nov 2001

    GE Life has introduced the balanced income and growth plan, the latest in its series of guaranteed equity bonds.

  • Sun Bank launches website

    7 Nov 2001

    Sun Bank is launching a website and specialist guide to complex prime lending to target consumer confusion on the sector and help IFAs make the most of sales opportunities.It says IFAs do not always understand the difference between complex prime and sub prime market. Its website, www.complexprime.com, will give information on the value of complex prime. The guide can be downloaded from the site.

  • Survey shows reasons for trading endowments

    8 Nov 2001

    Changing financial circumstances and switching from an endowment mortgage are the two main reasons for selling endowment policies, a survey shows.

  • Talkback

    8 Nov 2001

    Would the abolition of initial commission lead to the widening of the savings gap? "Yes. Because a lot of people at the bottom end of the market would not pay fees so they would not do anything about savings advice." David Folland,Folland Financial Services "Possibly. We do not take initial commission but I expect a lot of IFAs would go bankrupt. A further reason why the savings gap is widening is because of the end of tax reliefs" Ronald Morton,WC Hall "Yes. I do not ...

  • Taper tiger

    8 Nov 2001

    In the coming weeks, I will look in some detail at the significant negative impact on business assets taper relief that an investment by a private company can have. Of course, business assets taper relief is not available to the company and so does not affect the taxation of the investment itself. It can, however, be relevant for a shareholder in the investing company if that shareholder disposes of his or her shares and makes a capital gain. With business assets taper relief (expected ...

  • Teather & Greenwood - T&G Aim VCT

    7 Nov 2001

    Wednesday, November 7, 2001. Aim: Growth by investing in companies quoted on Aim, unquoted companies, cash and fixed interest securities. Minimum investment: £3,000. Opening-closing date: November 19, 2001-April 4, 2002 for 2001/2002 tax year, May 31, 2002 for 2002/2003 tax year. Charges: Initial 5 per cent, annual up to 1.75 per cent. Commission: Initial 2.5 per cent, renewal 0.25 per cent. Tel: 020 7426 3204.

  • Teps more favourable as interest rates go down

    12 Nov 2001

    The Bank of England's cut in interest rates last week makes Teps an even more attractive investment as traditional deposit accounts returns go down, according to Policy Portfolio.

  • The Daley Update

    8 Nov 2001

    The AITC is to publish details of cross-holdings between split-capital investment trusts on its website. The service, which starts next month, is part of a drive to increase transparency across the split-cap sector following negative publicity in the past few months. The figures will be updated monthly. Merrill Lynch Investment Managers has appointed John Clougherty as head of UK retail sales. He joined MLIM in 1999, having previously worked in senior sales roles at both Fidelity ...

  • The FSA must not undermine the role of IFAs

    8 Nov 2001

    The FSA must not become an IFA of last resort. The A in its name stands for authority not for adviser. In the week the regulator adds pensions to its controversial league tables, it has admitted that one item on its wishlist is to set up a fact-find on the website to look at consumers' circumstances and suggest possible investments. The FSA, with its league tables which cheerlead for trackers and Catmarked Isas, is already providing advice by implication, likewise with pension ...

  • Tom Baigrie

    8 Nov 2001

    Lives: Wandsworth, South London. Born: 1961, South Africa. Education: Bishops School, South Africa. Career: Two years in the South African army from 1979. Came to the UK in 1981 and joined financial adviser Merchant Investors, where he met current business partner Arthur Davis. Started his own financial advice business, Baigrie Associates, in 1984 before joining forces with Davis in 1987 to form Baigrie Davis & Co. Set up LifeSearch in 1998 and introduced the IFA arm this year. Career ...

  • Torquil Clark produces guide to pension charges

    7 Nov 2001

     

  • Travel insurers overcharging, claims online provider

    7 Nov 2001

    Big travel operators and retail chains are charging holidaymakers up to three times more than necessary for travel insurance according to online travel services provider Rapidinsure.

  • TrustNet wins IFA white-label deals

    8 Nov 2001

    IFA Allenbridge Group and Bankhall's IFAengine portal have signed a deal to white-label TrustNet's online information tools, incorporating them into their consumer websites. The deals mark the first stage of TrustNet's strategy of expanding its presence in the IFA market through white-labelling its web-based portfolio tools across the IFA market. Customers of Allenbridge Group and Bankhall members using the IFAonline portal will be able to use TrustNet's valuation tool ...

  • UCB Home Loans - 3 Year Fixed

    13 Nov 2001

    Tuesday, November 13, 2001. Type: Fixed rate self-certification mortgage. Fixed term: Three years. Fixed rate: 5.85 per cent. Minimum loan: £25,000. Maximum loan: Loans of up to 50 per cent of valuation subject to a maximum of £750,000, 51-70 per cent subject to a maximum of £500,000, 71-80 per cent subject to a maximum of £300,000, 81-85 per cent subject to a maximum of £200,000. Income multiples: ...

  • UK and Euroland rates cut by 0.5 per cent

    8 Nov 2001

    The Bank of England has cut its base rate by 0.5 per cent to 4 per cent, its seventh cut this year, bringing rates to their lowest level for 37 years.The European Central Bank also cut rates by 0.5 per cent to 3.25 per cent.   

  • US rate cut means rates lowest for 40 years

    7 Nov 2001

    The US Federal Reserve has cut interest rates by 0.5 per cent to 2 per cent, their lowest level for 40 years.The cut, the 10th this year, means the cost of borrowing is now well below the rate of inflation, currently running at 2.6 per cent in the US.The US Federal Reserve indicated that it would cut rates further if required.

  • Virtual reality

    8 Nov 2001

    Virtual compliance, the virtual office and virtual selling and servicing are some of the developments that The Exchange will be explaining to IFAs at Excom 2001 in London on November 19. The conference will consist of a series of sessions looking at how to use technology to ease compliance, improving the efficiency of selling and client servicing using technology. Speakers include Legal and General ecommerce account manager Paul Measures, Fidelity FundsNetwork associate director Warren ...

  • What a performance

    8 Nov 2001

    Amid the current regulatory frenzy, you could be forgiven for overlooking one of the more day-to-day announcements made recently by the FSA. The so-called task force looking into the use of past performance in investment advertising, has completed its task, and - living up to its name - has made recommendations with some force. In case you missed it, the key recommendations are: Past performance should not be the "main message" of an advertisement; The presentation of information ...

  • What am I to do with extra cash from endowment?

    8 Nov 2001

    In 1981 I was advised by a smooth-talking salesman to take out an interest-only mortgage to be repaid by a 20-year endowment. The salesman informed me that at maturity the proceeds of the policy would be sufficient to repay the mortgage and that there was a good chance of a small surplus. I was naive, knew no better and trusted this man - how many times have we heard this? The mortgage was for £16,380. The policy has just matured and is obviously another blatant case of endowment ...

  • Wood cuts out ScotAm and axes 2,100 jobs

    8 Nov 2001

    Prudential UK chief executive Mark Wood finally axed Scottish Amicable this week, ditching the 175-year-old IFA brand completely and cutting 430 jobs in Stirling. Money Marketing revealed in July that the ScotAm brand, which has operated as Pru's IFA arm since 1997, was under review by new boss Wood and was soon to go. Wood outlined Pru's new strategy in the City last week with 2,100 job losses across the country. Pru will focus sales on Isas, group pensions, annuities and ...

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