Money Marketing
7 September 2005

  • 70% of firms have no DB exit strategy

    7 Sep 2005

    Seventy per cent of companies have no exit strategy for their defined benefit pension scheme despite the fact 88 per cent of UK firms operating a closed scheme continue to be significantly concerned by the drain on their finances, according to research from Aon Consulting.

  • 70% Of firms have no DB exit strategy

    8 Sep 2005

    Seventy per cent of companies have no exit strategy for their defined-benefit pension scheme despite the fact 88 per cent of UK firms operating a closed scheme continue to be significantly conc- erned by the drain on their finances, according to research from Aon Consulting.

  • A fine way to end misselling

    8 Sep 2005

    James Salmon looks at the Which? plans for punitive penalties

  • A&L introduces greater lending flexibility

    13 Sep 2005

    Alliance & Leicester Mortgages introduces greater lending flexibility, moving away from traditional income multiples to assess how much a customer can borrow.

  • Abbey stuck in service habit

    12 Sep 2005

    AbbeyTwo Year Fixed Rate Mortgage

  • ABI changes data performance rules

    8 Sep 2005

    The ABI is changing its rules under which providers of investment funds in the life and pensions sector report their past performance data to ensure each fund appears just once in perform

  • ABI changes data performance rules

    7 Sep 2005

    The ABI is changing its rules under which providers of investment funds in the life and pensions sector report their past performance data to ensure each fund appears just once in performance tables.

  • 'ABI should lead protection drive'

    8 Sep 2005

    Lifesearch has called on the Association of British Insurers to lead an industry ad campaign to raise consumer awareness of the protection gap and improve perception of the sector.Managing director Tom Baigrie says the industry has to tackle the lack of public demand for protection but says distributors do not have the financial resources for a campaign.He says many ABI members, particularly the big insurers, do have the means to finance such a project. Baigrie believes the ...

  • ABI steps up indemnity commission debate

    8 Sep 2005

    The ABI is commissioning further research into indem-nity commission, claiming the debate has not moved on following the recommendations made by Charles River Associates earlier this year.Deloitte has been brought in to devise possible alternatives for the commission structure after the ABI consultation launched alongside the CRA research.ABI life and pensions director Chris Kenny says the action is not being instigated to stave off any regulatory intervention but claims it ...

  • Advisers turning to structured products

    8 Sep 2005

    Almost 90 per cent of advisers are increasingly looking at using structured products within their clients' portfolios in the next year.Research from Trustnet Adviser and HSBC Investments polled 600 advisers and shows that 65 per cent believe that between 5 per cent and 20 per cent of a client's portfolio should be held in structured products. The advisers questioned typically favour these vehicles as an alternative to with-profits funds, deposit accounts, equities and bonds.Seventy-six ...

  • ALIL launches new limited edition 1-year fixed rate bond

    13 Sep 2005

    Alliance & Leicester International is launching a new 1-year fixed rate bond at 4.40 per cent.ALIL is offering the bond to new and existing customers, who are able to deposit between £5,000 and £1m into the 1-year fixed rate bond, maturing on September 30, 2006.Investors can choose to have interest paid on maturity or on a monthly basis, into another ALIL account, or a bank or building society account in the IoM, UK or the Channel Islands.

  • Alive and kicking

    8 Sep 2005

    FC Biz - the five-a-side football team of IFA service company Simply Biz - is throwing down the gauntlet to any other financial services teams looking for a kickabout.During the first half of the season, FC Biz conceded no fewer than 58 goals in 10 matches, leaving them slumped at the bottom of the prestigious Hudders- field Soccer City League Division Two.But their form seems to have picked up of late, with a four-game unbeaten run, including a 21-18 victory over Standard Life. ...

  • Alpha beater

    8 Sep 2005

    Fund managers Nicola York finds that Credit Suisse's Leigh Harrison thinks alpha funds are coming back into style

  • Analysts say reconstruction should lift US growth by Q4

    8 Sep 2005

    US growth will suffer in the immediate wake of Hurricane Katrina but is likely to benefit by the end of the year from rebuilding efforts.Oil prices surged to over $70 a barrel after 10 oil refineries on the Gulf of Mexico coast, representing 10 per cent of the US's refining capacity, were shut down, forcing up petrol pump prices by 50 cents to over $3 a gallon in some areas.Analysts expect this to dent consumer confidence and spending as national savings levels are low.New ...

  • Andrew Fisher takes over from Strauss at John Scott & Partners

    8 Sep 2005

    John Scott & Partners chief executive Toby Strauss has quit to pursue other opportunities, although he will still have a part-time advisory role with the IFA.Chairman Andrew Fisher will take over, becoming executive chairman, and says he hopes he can continue the growth that Strauss created.The firm came to a collective decision that Fisher was best placed to take on the position and will lead the company to achieve its continued growth ambitions.Strauss is working on other ...

  • Bank of Ireland - Global Balanced Guaranteed Equity Bond Issue 27

    9 Sep 2005

    Bank of IrelandGlobal Balanced Guaranteed Equity Bond Issue 27

  • Barclays appoints new md of Home Finance

    12 Sep 2005

    Mark Parsons joins Barclays as managing director, Home Finance.

  • Baring fund targets Africa, Middle East and Eastern Europe

    8 Sep 2005

    Baring is introducing its third long/short equity hedge fund, the Emea absolute return fund, which will invest in East- ern Europe, the Middle East and Africa. Launch- ing on November 1, the fund is aiming to deliver returns in excess of 20 per cent a year, with 15 per cent volatility. It will be managed by Marina Akopian.

  • Baring fund targets Africa, Middle East and Eastern Europe

    7 Sep 2005

    Baring has launched its third long/short equity hedge fund, the EMEA absolute return fund, investing in Eastern Europe, the Middle East and Africa. It will be available to high net worth individuals from 1st November aiming to deliver returns in excess of 20 per cent a year with 15 per cent volatility, to be managed by Marina Akopian. The fund is Barings third long/short equity fund following Chinese and Japanese fund launches.

  • Be diligent on disclosure

    8 Sep 2005

    To be a professional means more than merely having a job, it involves striving to achieve the highest standards.

  • Biggest Tep deal sees TIS pay 23m

    8 Sep 2005

    TIS Group has bought the tra- ded endowment policy assets of the BGI Endowment Fund III, a Jersey-domiciled investment trust, for 23.5m in what it says is the biggest-ever single Tep deal.The BGI Endowment Fund III shareholders last week voted to wind up the closed-ended vehicle and the endowment portfolio comprised 98 per cent of its assets. TIS, which owns Tep market maker Absolute Assigned Policies, paid a 30 per cent premium for the assets at 73p per share against a mid-offer ...

  • Borrowers should have a choice on higher lending charges says TFC

    9 Sep 2005

    TFC Homeloans believes borrowers should have the choice as to whether they pay higher lending charges or not when taking out a mortgage.

  • Cavendish Aims to start fund on a smaller scale

    8 Sep 2005

    Cavendish Asset Management is unconcerned that fund- of-fund managers will deem its Aim fund too small to invest in because huge in- flows of money will hinder its flexibility.

  • Cazalet upgrades Pru WP

    8 Sep 2005

    Prudential's with-profits fund has been upgraded in the Cazalet with-profits ratings but the outlook remains bleak for most investors in the sector.Despite a marginal increase in the average equity exposure of with-profits funds in the first half of this year from 33 per cent to 34 per cent in the same period last year, less than one in four funds has equity exposure of more than 50 per cent.Cazalet Consulting director Ned Cazalet says he expects this figure to decline steadily ...

  • Cheshire Building Society - Buy-To-Let Two Year Fixed

    7 Sep 2005

    Cheshire Building SocietyBuy-To-Let Two Year Fixed

  • Child trust funds boosting savings

    8 Sep 2005

    Child trust funds are changing saving behaviour, with more parents saving more money towards their children's future, says The Children's Mutual.The company says it has seen an increase of 50 per cent in the number of new parents saving for children than before CTFs were introduced.Before the launch of CTFs, research from The Children's Mutual showed that only 20 per cent of parents saved for their children. Figures from the Treasury show this figure is now up to 30 per cent.The ...

  • Contract killing

    8 Sep 2005

    It seems now to be pretty well officially recognised that advice on whether or not to contract out, contract in, contract back in or contract back out is impossible to formulate.Neither the FSA nor the Government are prepared to provide any guidance, yet now we read about rumblings of another hindsight review just over the horizon.We know the Government would like everyone to contract out and stay that way but comparisons produced in accordance with the assumptions dictated ...

  • Correspondent's week

    8 Sep 2005

    This week Robin Marriott, news editor at Property Week

  • Countryside is hit by 185,000 second homes

    8 Sep 2005

    The social policy research organisation says these properties tend to be in rural areas with hugely below-average owner-occupier rates as local people are priced out of buying homes.The wide-ranging research, which covers housing, employment, health, education and welfare, also reveals a "work rich" and "work poor" divide.While unemployment in the key financial districts, such as the City, Bath, Bristol and Edinburgh is low, workers typically work longer hours. Conversely, those ...

  • Critical points from the regulator

    8 Sep 2005

    The sample was 25 firms - we assume this means insurers, banks, building societies and supermarkets.

  • Default lines

    8 Sep 2005

    Clare Bettelley analyses the growing business of mortgage securitisation and what can happen when things go wrong

  • Delays can halve pension

    8 Sep 2005

    University graduates risk cutting their pension funds in half by delaying contributions until they are 30, warns HSBC.Almost half of young people believe they are too young to prioritise their pension, with 48 per cent of 16-24-year-olds ignoring the need for a pension.Research by NOP in February for HSBC questioned 981 adults aged over 16, finding 17 per cent of 16-24-year-olds and 43 per cent of 25-34-year-olds are paying into a pension.Once into their 30s, people seem ...

  • Diamonds are an investor's best friend

    8 Sep 2005

    By whatever name they are known, exchange traded funds can be the jewel in the crown of any portfolio by offering a low-cost element of index tracking, freeing up the active managers to concentrate on outperformance, says Seven Investment Management marketing director Justin Urquhart Stewart

  • Don't go soft on sinners

    8 Sep 2005

    Afew months ago, Abbey, the company whose attempted self-reinvention after years of financial bungling follow- ing demutualisation in 1989 has involved the gradual truncation of its business name, was fined 800,000 by the FSA.

  • Drive focuses on the effects of inflation

    8 Sep 2005

    National Savings & Investments is running a campaign focusing on the effects of inflation to raise consumer awareness of index-linked savings certificates.The campaign has been inspired by research findings which found that only one in four savers takes inflation into account when investing.The drive will see NS&I's index-linked certificates rebranded as inflation-beating savings in a bid to make the aims of its product suite clear for retail investors. This will include new ...

  • Equity-release boom poses sale problems

    8 Sep 2005

    Equity release could become the next big misselling scandal if IFAs do not take due care, warns GE Life.The firm predicts that the equity-release market could triple over the next five years following demand driven by demographics, client needs and the savings gap - which could reach 125bn by 2009 according to the Turner report.But GE Life says sales processes must be watertight if advisers are to avoid missell- ing claims.Following research of 500 financial advisers, 55 ...

  • Exchange adds NU to valuation service

    8 Sep 2005

    The Exchange has signed up a fifth provider, Norwich Union, to its online policy valuation service which is available through back-office package Exweb Gold.Advisers will be able to access real-time aggregated policy valuations for pensions and bonds via Exweb Gold, which links into the Exchange's Exweb research, quote and transaction portal.Norwich Union joins Legal & General, Friends Provident, Prudential and Standard Life, which are already on the service. The Exchange expects ...

  • F&C announces change of CEO

    12 Sep 2005

    F&C have announced Alain Grisay is to take over as CEO from Howard Carter in January 2006. Grisay was appointed deputy chief executive in March 2005 and will be guided by Carter until his formal retirement in March 2006.

  • Fair treatment

    8 Sep 2005

    The objective of the FSA's Treating Customers Fairly initiative is to ensure that customers' best interests are embedded throughout any financial services firm's business practices.

  • Fears grow on contracting out

    8 Sep 2005

    New entrants into the buy- to-let market are expected to fall, with growth dependent on existing clients, according to research consultancy Charterhouse.Around 90 per cent of intermediaries are now active in the BTL market, according to the survey, Mortgage Intermediaries - The Regulated Environment, which tracked 300 mortgage brokers.For almost a third of these respondents, BTL makes up 5 per cent of their business, while 15 per cent say it accounts for 25 per cent.The ...

  • Fidelity splits its special sits

    8 Sep 2005

    Fidelity's decision to split Anthony Bolton's giant special situations fund into two funds with a UK and wider European remit has raised concerns from advisers.Star manager Bolton will eventually manage only one of the funds and Chelsea Financial Services managing director Darius McDermott says that he expects money to flow from the non-Bolton fund unless it is taken on by a manager with proven abil- ity to run over 3bn.He says this makes Tim McCarron, who runs Fidelity's 3.6bn ...

  • Foundations of portfolio construction

    8 Sep 2005

    I am considering having you manage an investment portfolio and am intrested to know more about your investment process, how you constructed a portfolio and how you decide on the optimum asset allocation. I would also like to know what assumptions you use for the various asset classes and how these impact on the expected returns.

  • FSA approves Britannic merger

    7 Sep 2005

    The merger of Britannic Group and Resolution Group has been approved by the FSA. The new closed life fund consolidator will now be called Resolution plc.

  • FSA approves Britannic merger

    8 Sep 2005

    The merger of Britannic Group and Resolution Group has been appro- ved by the FSA. The new closed life fund consolidator will now be called Resolution plc.

  • 'FSA is soft on guilty'

    8 Sep 2005

    The FSA's move to rein in misleading promotions by protection providers has been slammed as "woefully inadequate" by consumer group Which?.The FSA says it has uncovered evidence of scaremongering in product literature. However, Which? says the regulator should impose severe penalties on guilty providers rather than just writing to warn them.A recent FSA investigation into promotions by 25 providers found that some cited statistics on illnesses where not all forms of the illness ...

  • FSA probe reveals sub-prime loan mismatch

    8 Sep 2005

    An FSA probe into the sub-prime market reveals that a tenth of firms are arranging mortgages where client's income was short of lenders' requirements.Three firms out of a sample of 31 small brokers were identified as helping customers get a mortgage where income did not meet the lender's criteria. These firms have been referred to the regulator's enforcement division for further investigation.The FSA investigation looked at 210 cases to assess whether advisers were taking reasonable ...

  • Future perfect?

    8 Sep 2005

    Nicola York examines the ABI's latest initiative to safeguard CI business but finds IFAs sceptical of whether it will really benefit clients

  • Gartmore appoints two IMs to global quant team

    12 Sep 2005

    Gartmore has appointed two new investment managers to its global quantitative strategies team.

  • Government launches new Stakeholder campaign

    12 Sep 2005

    The Government has launched a new consumer awareness campaign to support its Stakeholder products.

  • Guess who's going to dinner?

    8 Sep 2005

    Win dinner for two at Raymond Blanc's restaurant at Le Manoir aux Quat'Saisons and an overnight stay at the luxury retreat with Standard Life picking up the bill

  • Headless chicken time

    8 Sep 2005

    Once again, we are going to enter a period of uncertainty while regulators decide whether or not wholesale misselling has taken place. What has changed since1997 to make a review necessary now?What will be the focus of this review and what questions will the regulator seek answers for? Our PI underwriters will once again react like headless chickens, even though most potential losses will be well within current excess levels, by either excluding cover or increasing premiums.The ...

  • Homeowners are set on bricks and mortar

    8 Sep 2005

    Hoewoners would add to their investment in bricks and mortar if they had more money, says NatWest.The bank's research finds that over half of homeowners would buy a bigger or second house if their incomes rose.Research by NatWest Mortgage Services found that with a higher disposable income, a third of consumers would buy a house or upgrade to a bigger home, while 23 per cent would invest in a second home abroad. Twenty-one per cent would make improvements to their existing homes.Londoners ...

  • Human rights committee to examine judges' pensions

    8 Sep 2005

    The Judicial Pensions Bill, which proposes to exempt judges from being taxed on pension pots over 1.5m, is to be scrutinised by Parliament's joint committee on human rights.The cross-party committee - which can propose changes to the law but has no actual veto - will consider whether the bill contravenes any European human rights laws before it is put through Parliament. It will be assessed alongside other such contentious bills as the Asylum and Nationality, Northern Ireland Counter- ...

  • IF slashes two-year offset deal to 4.99%

    8 Sep 2005

    Intelligent Finance is reducing its Offset 80 tracker mortgage two-year discounted rate by 0.4 per cent, to 4.99 per cent.The company says the move shows it going one step further than its decision earlier in the month to pass on the Bank of England's 0.25 per cent base-rate cut to all its variable mortgage borrowers.Following the introductory period, the mortgage reverts to IF's standard variable rate of 5.7 per cent.There are no extended redemption penalties and borrowers ...

  • Industry's workforce rises 22% in 20 years

    8 Sep 2005

    Total employment in Britain has risen by 3.6 million in the past 20 years, with the financial services sector workforce growing by over one-fifth, according to the Halifax.The sector's workforce has grown by 197,000, or 22 per cent, since 1985 from 888,000 to just under 1.1 million.In 1985, people working in financial services made up 4 per cent of Britain's workforce compared with 4.2 per cent now.This compares with a 92 per cent increase - almost two million people - in ...

  • Intelligent Finance -Offset Tracker 80

    7 Sep 2005

    Intelligent FinanceOffset Tracker 80

  • Intelligent Pensions doubles profits

    7 Sep 2005

    Glasgow-based Intelligent Pensions has doubled profits to 300,000 from 150,000 from fee income of 1.3m in the 12 months to its May 31 end of year.

  • Intelligent Pensions doubles profits

    8 Sep 2005

    Glasgow-based Intelli- gent Pensions has doub- led profits to 300,000 from 150,000 from fee income of 1.3m in the 12 months to its May 31 end of year.

  • Investec trust aims for zero rollovers

    8 Sep 2005

    Investec is to target money from closing zero-dividend preference trusts with the launch of its capital accumulator trust to be run by Alastair Mundy.The trust is a closed-ended version of Mundy's 120m open-ended capital accumulator fund and has been made the designated roll over vehicle for Gartmore's SNT Zeros trust which currently contains 95m.A further 700m sits in zeros looking for a home over the next decade and Investec managing director David Aird says he is targeting ...

  • Investment business hits two-year high

    8 Sep 2005

    Net retail investment sales in July reached their highest level in two years giving renewed hope that investor confidence is returning, according to the Investment management Association.Total net sales were 852m, the highest since July 2003 when they reached 863m. Equities were almost twice as popular as bonds, selling 367m, with 192m for bonds.The most popular retail sector remains UK all companies, representing 17 per cent of gross retail sales, with inter- mediaries accounting ...

  • Investment View: Russia takes star role

    8 Sep 2005

    Do disasters, such as hurricane Katrina in the southern US, have an effect on markets?

  • Is India all the Raj?

    8 Sep 2005

    Our panel weigh up if growth is returning to take over from over value and consider whether India is the new China

  • Join in the pension debate on DWP site

    8 Sep 2005

    The DWP has launched a website allowing the public to discuss the national pensions debate. The site - www.dwp.gov.uk/ debate - contains an inter-active section where people can send the department their views on key issues.

  • Join in the pension debate on DWP site

    7 Sep 2005

    The DWP has launched a website allowing the public to discuss the national pensions debate. The site - www.dwp.gov.uk/debate - contains an interactive section allowing people to send the department their views on key issues.

  • Julius Baer buys GAM from UBS

    8 Sep 2005

    GAM has been sold by UBS to Swiss bank Julius Baer as part of a 2.5bn deal.GAM is part of SBC Wealth Management, along with three private Swiss banks, all of which are part of the deal.The boutique manager was started in 1983 by the late Gilbert de Botton and has been owned by UBS since 1999. Its fund managers are free to run money on their terms and star managers include Andrew Green, who runs the UK diversified fund, US manager Gordon Grender and Mike Bunker, who heads the ...

  • Jupiter - Jupiter Merlin Balanced Fund

    12 Sep 2005

    JupiterJupiter Merlin Balanced Fund

  • Katrina set to cost insurers over 11bn

    8 Sep 2005

    The catastrophic effects of Hurricane Katrina is set to cost the insurance industry over 11bn, making it the second most costly hurricane in history.The figure is only eclipsed by Hurricane Andrew in 1992, when insurance claims reached over 12bn, according to a Swiss Re prelimin- ary estimate.The reinsurer expects its own claims to be around 277m although it says the complexity of the damage caused by storms and flooding means that estimates have a more than usual degree of ...

  • Knight leaves Morgan Stanley

    12 Sep 2005

    Charles Knight has left Morgan Stanley where he was a non-executive director, after facing pressure from the board over his earlier opposition to the appointment of chief executive John Mack.

  • L&G adds products to its online protection suite

    8 Sep 2005

    Legal & General is adding several new protection and general insurance products to its web-based quote and apply system Online Protection .

  • Lawyers look at how Arrows hit

    8 Sep 2005

    Law firm Beachcroft Wansboroughs is launching an independent research programme into the impact of the FSA's Arrow visits on firms.The FSA is reviewing its Arrow visits, the regulator's main supervisory tool in assessing the risk that firms pose to its statutory objectives.Beachcroft will present its findings to the FSA and the Financial Services Practitioners Panel. The lawyers are looking for the research to provide a useful conduit between the industry and the regulator.Beachcroft ...

  • Lease of life

    8 Sep 2005

    In my last article, I began to look at the short-term prospects for investments in the major asset classes of equities, fixed interest, cash and property. I concentrated on the commercial property market, paying particular attention to funds investing directly in property. In this article, I will conclude this part of the discussion and move on to look at funds investing in property shares.

  • Leeds & Holbeck Building Society -10 Year Fixed Rate

    8 Sep 2005

    Leeds & Holbeck Building Society10 Year Fixed Rate

  • Leeds Building Society launches on Monday

    9 Sep 2005

    Leeds Building Society launches under its new moniker on Monday.

  • Less than divine service

    8 Sep 2005

    Our industry finds itself forever evolving through different Governments, rules, regulations and, dare I say, scandals.

  • Lifestyling answer

    8 Sep 2005

    Lifestyling answer I totally agree with the view expressed by Mike Urmston and Ben Yearsley about the lifestyling trap (Money Marketing August 25). The one size fits all approach is certainly not an appropriate one. However in one crucial respect their comments are misleading. They suggest that new products need to be designed in order to provide the essential balance between the individual's attitude to risk and the time until their planned retirement. Scottish Life already provides ...

  • Like it or lump sum it

    8 Sep 2005

    Research from GE Life on equity release appears to show an alarming lack of knowledge of the product among IFAs. It predicts that the market will triple over the next five years and could reach 125bn by 2009. But it cautions that intermediaries must be careful to avoid another misselling scandal.

  • LivVic in 26m deal with data company

    8 Sep 2005

    Liverpool Victoria has selected Electronic Data Systems to enhance its online application capabilities and provide a tele-underwriting service for its life protection busi- ness in a contract exten- sion worth 26m.

  • LivVic in 26m deal with data company

    7 Sep 2005

    Liverpool Victoria has selected Electronic Data Systems to enhance its online application capabilities and provide a tele-underwriting service for its life protection business in a contract extension worth 26m.

  • Man adds two classes to its hedge portfolio

    8 Sep 2005

    Man Investments has added euro and dollar share classes to its Man-IP 220 fund of hedge funds, giving investors alternative routes to access the capital-protected hedge fund portfolio.

  • Marlborough reduces multi-manager range

    8 Sep 2005

    Marlborough Fund Managers is merging its active managed and international funds of funds, reducing its multi-manager range to three funds.

  • Merkel worker?

    8 Sep 2005

    Elections are looming in Germany on September 18 and polls suggest that Chancellor Gerhardt Schroeder could be replaced by Christian Democrat rival Angela Merkel. Merkel has radical plans so what would this mean for investors in Europe's biggest economy?

  • Millfield expects to be profitable by October

    8 Sep 2005

    Millfield Group has doubled its turnover and predicts it will be trading profitably by October.Its confident outlook comes despite a 18.2m loss in the year ending March 31.Turnover leapt to 85m from 41.9m in the previous year, boosted by the merger with Inter-Alliance. However, the 8m costs of integrating Inter-Alliance are blamed for the 68 per cent increase in los- ses from 10.8m.Aim-listed Millfield's share price rose by 0.5p to 32.5p on publication of the results. Chief ...

  • Mind your own business

    8 Sep 2005

    Last week, I looked at the Strover case in the context of a wider review of the perceived complexities of business insurance.

  • Mortgage Trading Exchange now available to all introducers

    12 Sep 2005

    Mortgage Trading Exchange is now available to all introducers in the UK following a roll-out of MTE stand-alone.

  • Mortgage View: Manufacturers make comeback

    8 Sep 2005

    Recent trips north for the Ashes tests were melancholic experiences. You cannot pass through the West Midlands without being saddened by the malaise afflicting our man- ufacturing heartland.

  • Mortgages plc boosts staff by 33%

    8 Sep 2005

    Mortgages plc says it has had to increase staff numbers by a third to cope with increased business volumes.The firm has taken on more than 50 new staff since January and is now placed to handle anticipated further growth. The lender says it is on course to complete total non-confirming lending volumes by excess of 1.5bn this year.The firm, which is a subsidiary of Merrill Lynch, says its new applications and re-submissions are now underwritten within 48 hours of receipt and ...

  • MPC leaves rates on hold

    8 Sep 2005

    The Bank of England's monetary policy committee decides to leave rates on hold for this month.

  • Multi-manager View: Full to capacity

    8 Sep 2005

    One of the frustrations in fund management is when a promising fund manager loses momentum and the success with a small fund gives way to mediocrity after strong asset growth. Sometimes this is ascribed to cashflow issues but sometimes the problem is more permanent, the process has simply run out of capacity.

  • Nationwide International - US Dollar, Base Rate Tracker and Sterling Savings Accounts

    12 Sep 2005

    US Dollar, Base Rate Tracker and Sterling Savings Accounts

  • Network plea for misselling definition

    8 Sep 2005

    Retrospective misselling com- pensation campaigns are "festering sores" that blight the industry, says Alpha to Omega network chief executive Stewart Wooles.He is calling for a clear and legal definition of misselling, saying the FSA's treating customers fairly policy can result in advisers being treated unfairly, particularly with retrospective regulation changes.Wooles believes that enc- ouraging consumers to claim compensation because stockmarkets have underperformed is dishonest.He ...

  • New Asia has learned its lessons

    8 Sep 2005

    We are at an important point in the development of Asian economies. In the near term, they face challenges which, on the basis of historic patterns, could be expected to lead to weakness in the region's stockmarkets. Higher oil and commodity prices will impact on Asian companies, which still depend heavily on imports of such materials.

  • Norwich Union moves into Isa Fofs

    8 Sep 2005

    Norwich Union is set to open its fund of fund range to Isa and Pep investors next month, marking the firm's first step into the Isa Fof sector.NU's three Fof portfolios, which are run by IMS, are currently only available through its portfolio life bond and pension wrappers but will be added to its retail investment range from October 17.The NU mixed fund of funds, cautious fund of funds and growth fund of funds will be positioned alongside its manager of manager range, run by ...

  • OFT revokes broker credit licence

    8 Sep 2005

    A Sidcup mortgage broker has lost his appeal against a decision by the Office for Fair Trading to revoke his consumer credit licence. Stewart Williams, trading as S&J Consultants, was convicted in July 2000 on several offences, including dishonesty and obtaining business money transfers by deception.

  • Old Mutual raises stakes with 3.3bn Skandia bid

    8 Sep 2005

    Old Mutual has finally tabled a 3.3bn bid for Skandia after a pursing the company for several months.The offer is higher than the 3.1bn that the South African-based Old Mutual said it was prepared to pay earlier but still not enough to secure a Skandia board recommendation.The offer would be paid for by a mix of 40 per cent cash and 60 per cent equity. It represented a 27 per cent premium on Skandia's 250p share price when Old Mutual first announced its interest in May but Skandia ...

  • Outward bound

    8 Sep 2005

    Money Marketing editor John Lappin finds that Aegon chief executive Otto Thoresen believes life offices ans IFAs working together can be the saving grace of country

  • Parents failing to make wills

    8 Sep 2005

    Nearly half of parents have made no will, according to research from Barclays.It polled 1,019 adults and found 48 per cent of parents and overall 19 per cent of people over 65 have not made a will.Barclays points out that if there is no will then, in intes- tacy, if the deceased has children only 125,000 of an estate will pass to a spouse - plus income for life from half of the remaining amount - with the remainder being split equ- ally between the children.If there are ...

  • PFS appoints two vice-presidents

    8 Sep 2005

    Syndaxi Financial Plan- ning director Robert Reid and Nicholls Stevens Financial Services princi- pal Carole Nicholls have been appointed vice-pres- idents of the Personal Finance Society.

  • PFS appoints two vice-presidents

    7 Sep 2005

    Syndaxi Financial Planning director Robert Reid and Nicholls Stevens Financial Services principal Carole Nicholls have been appointed vice-presidents of the Personal Finance Society.

  • Pink Home Loans - Derbyshire Near Prime Three Year Fixed

    8 Sep 2005

    Pink Home LoansDerbyshire Near Prime Three Year Fixed

  • Pink Home Loans - UCB Home Loans Self Cert One Year Fixed

    9 Sep 2005

    Pink Home LoansUCB Home Loans Self Cert One Year Fixed

  • PPF takes on fraud responsibility

    7 Sep 2005

    The Pension Protection Fund board has taken responsibility for the Fraud Compensation Fund, which replaces the Pensions Compensation Board. The fund will provide compensation to occupational pension schemes that suffer a loss that can be attributed to dishonesty.

  • PPF takes on fraud responsibility

    8 Sep 2005

    The Pension Protection Fund board has taken responsibility for the Fraud Compensation Fund which replaces the Pensions Compensation Board. The fund will provide compensation to occupational pension schemes that suffer a loss that can be attributed to dishonesty.

  • Privy Council allows Chartered Financial Planner status

    9 Sep 2005

    The Chartered Insurance Institute has received confirmation from the Privy Council it can now award the title of Chartered Financial Planner.

  • Product Matters: Riding the income tide

    8 Sep 2005

    Can the equity income story - so long a favourite for UK investors - be transported overseas? With Jupiter in the process of launching a Japan income fund and Newton offering a proposed global income mandate, it is interesting to see Britannic's Argonaut team lining up a European income fund. The fund is likely to be launched in November, subject to regulatory approval, and will aim for a 6 per cent yield.The fund will be run by the highly respected Barry Norris and Oliver Russ, ...

  • Property plan tracks price index

    8 Sep 2005

    Abbey and Knight Frank are offering a 10-year residential property plan giving investors up to 200 per cent of growth in the UK housing market over the period.The Dublin-listed product tracks the Halifax house price index and offers a capital guarantee. It is eligible for Sipp inclusion and aims to give investors exposure to the UK residential property market without the risks of buy to let.The A-Day proposals for pension reform have led to an increase in investor interest in ...

  • Protect and thrive

    8 Sep 2005

    This year's Money Marketing Live in Manchester will once again feature an arena dedicated to general insurance and protection products.

  • Pru and B&B stand firm on endowment chasers

    8 Sep 2005

    Prudential and Bradford & Bingley say the FSA's announcement on endowment-chasing companies will not affect their decision to avoid dealing with these firms.A statement from the FSA last week emphasised that an endowment complaint can be brought by any person authorised by the complainant or authorised by law.It said good practice in this area means accepting and handling complaints via third parties and corresponding with such third parties "as if they were the consumer".Both ...

  • Richard cohen

    8 Sep 2005

    The NSure IFA has, at the tender age of 22, already made a significant impact on the industry and the self-confessed computer nerd now wants to shake people out of their IT malaise and embrace technology, says James Salmon

  • Rising from the debts

    8 Sep 2005

    It appears that there may be good news at last, as many adults appear to have taken the summer months to clean up their saving and spending habits.

  • Roaring 20s

    8 Sep 2005

    Have bacon sarnies and Resolve at the ready next Wednesday following the industry bash of the year, indeed, of the last 20 years - Money Marketing's 20th birthday party - to be held at London's Somerset House (above).The Diary expects to see many new friends and long-time cronies.

  • Rule changes to shift burden on fines

    8 Sep 2005

    Proposed changes to the FSA approved person's regime could lead to more companies being fined as the regulator has less scope to fine individual employees, warns law- yers Freshfields Bruckhaus Deringer.The firm says the rules, which are expected to come into force next April, will merge previously specific systems and management roles within financial services companies into two generic sets of roles to reduce the admin burden.The FSA will no longer be able to fine individuals ...

  • Run with the fast crowd

    8 Sep 2005

    Your chance to win a VIP trip to New York and watch the Marathon in this fantastic First Active promotion

  • Savills reports strong H1 results amid slowdown in market

    8 Sep 2005

    Savills plc is reporting a strong first half result showing pre-tax profit of 19.9m, up 15 per cent on 2004 results.

  • Schroders drops F&C for Insight

    8 Sep 2005

    Schroders multi-manager team switched its propoerty investment, taking profits and further backing its conviction on the outlook for Japan.

  • ScotEq Intl adds fund to retirement selection

    8 Sep 2005

    Scottish Equitable Internat- ional is adding a version of its externally managed universal balanced collection fund to its retirement planning range.The fund will have a 1 per cent annual charge and will mirror the UBC pension fund, which has grown to over 1.74bn since launch in 2001.It is available for inclusion in offshore single-premium products and for SEI 's flexible investment plan which is used alongside its pension products for retirement planning.The portfolio offers ...

  • Scottish Equitable - Balanced Passive Fund

    13 Sep 2005

    Scottish EquitableBalanced Passive Fund

  • Scottish Equitable - Universal Balanced Collection Fund

    13 Sep 2005

    Scottish EquitableUniversal Balanced Collection Fund

  • Sesame appoints Paul Rignall as mortgage product manager

    13 Sep 2005

    Sesame is appointing Paul Rignall as its mortgage product manager, joining from St James's Place where he was the mortgage marketing manager.

  • Shareholder loses fight over Murray VCTs

    8 Sep 2005

    Shareholder Charles Clark has failed to replace the directors of Murray VCTs 1 to 3 after a three-month campaign backed by Aberdeen.Clark gained 22 per cent of votes at an EGM held by Murray VCT 2 on Monday to remove the four existing directors and replace them with his proposed directors, and 28 per cent in a similar vote relating to Murray VCT 3.At the time of going to press, his spokeswoman said he expected to lose a subsequent vote at an EGM for Murray VCT 1 by a similar ...

  • Simply Biz in Super League

    8 Sep 2005

    SimplyBiz is moving into new premises in Huddersfield's Galpharm Stadium.The support service provider will move into the new offices in October after outgrowing their existing office space.SimplyBiz, with over 2,400 registered individuals and over 1,000 firms since launch, says its rapid member growth has warranted expansion of its compliance and back-office admin staff.SimplyBiz chairman Ken Davy is majority shareholder of Galpharm Stadium and Conference Centre, which is ...

  • Skills Council axes five staff

    8 Sep 2005

    The Financial Services Skills Council is to lose one in seven of its workforce due to restructuring and a change in Government policy.The FSSC, which provides leadership for training, education and development in the industry, is reducing staff numbers from 35 to 30.It says the move results from a change in Government policy meaning that a skills planning project, looking at the future of the industry, has been delayed until next year.A year into its operations, the FSSC ...

  • Standard in Sipp deal with Punter

    8 Sep 2005

    Punter Southall Financial Management has signed up Standard Life as its exclusive Sipp provider and will adopt a customised version of the Standard's Sigma platform.The deal ties Punter Southall FM, the advisory arm of actuaries Punter Southall & Co, to Standard's Sipp for the next five years.As part of the arrangement, Standard has added the Io inflation plus fund to the Sigma platform which will sit under the Sipp, offering Punter Southall FM's clients exclusive access to ...

  • Standard to use float cash to boost with-profits fund

    8 Sep 2005

    Standard Life will not demutualise until the latter part of 2006 and says it will use some of the flotation cash to boost its with-profits fund.The firm is giving little infor-mation on timings, size of windfall payments or future dividend payments but says members will get a further update this year.The definition of eligible members is also unclear as of yet but Standard says windfall payouts are likely to dep-end on criteria such as the value of investments and the length ...

  • SVM aims at alpha demand

    8 Sep 2005

    SVM plans to set up a UK alpha fund this month with a go-anywhere mandate in response to market enthusiasm for large-cap stocks.The firm offers a UK opportunities fund run by David Stevenson, investing in small and mid-cap companies with scope for an improvement in value but SVM says it has noticed increasing de-mand for exposure to large-cap stocks in the first half of this year and is aiming to respond.A manager is yet to be appointed for the fund and its launch is subject ...

  • Swip in drive to bolster business through IFAs

    8 Sep 2005

    Scottish Widows Investment Partnership is targeting the adviser market directly with a series of measures aimed at boosting IFA sales.Swip's distribution has been done through its sister life company's salesforce and through a deal with Lloyds TSB private banking.The company is increasing its stand-alone sales team to six staff and is setting up an IFA sales support operation to back up the team.Head of UK distribution Simon Wombwell has recrui- ted former Newton colleague ...

  • Synaptic offers ethical guide

    8 Sep 2005

    Synaptic Systems is offering a free guide for advisers on ethical and socially respon-sible investments in association with Friends Provident.The IFA software provider says the guide includes the first online video portal to promote asset managers and products with an ethical investment discipline enab-ling advisers to access fund manager interviews from Asset.TV.Synaptic says it hopes to address the common perception that ethical funds are often outperformed by their non-ethical ...

  • Tech market set to reboot

    8 Sep 2005

    The average technology fund lost no less than 72.5 per cent of investors' money over the five years to July 1. However, six out of the 24 investment houses I monitor are now optimistic about technology shares whereas, last month, only SG Asset Management was optimistic.

  • The dirty dozen

    8 Sep 2005

    Norwest Consultants principal Harry Katz suggest 12 reasons to be cautious of the hype over putting property in a Sipp

  • The price is right

    8 Sep 2005

    Despite two years of strong UK equity market growth, unfashionable value stocks will continue to outperform, says Invesco Perpetual UK aggressive manager Ed Burke.The fund, launched in July 2001, has risen by 74 per cent against a Lipper sector average of 7.2 per cent.Burke runs the fund on the basis of seeking out undervalued stocks that he believes will turn round on a two to three-year view. He has the freedom to adopt a bottom-up, go-anywhere approach to running the fund.By ...

  • The silly season...

    8 Sep 2005

    The silly season is not yet behind us. Eager to keep us in the summer spirit, Abbey lets us know that more than nine million UK adults would buy relationship insurance, should such a thing exist. Can't imagine many insurers would be willing to under-write the likes of Liz Taylor or Joan Collins, though.

  • There's life in the old s32 yet

    8 Sep 2005

    I am very pleased that the Revenue has changed its mind about allowing schemes which wind up after A-Day to protect tax-free cash greater than 25 per cent, where the receiving vehicle can be any registered scheme.

  • Thinc Destini enters into Hips deal

    12 Sep 2005

    Thinc Destini launches into a new home information pack deal with mysalepack.com.

  • Time is not of the essence in setting fees

    8 Sep 2005

    A woman was strolling along a street in Paris when she saw Picasso sketching at a sidewalk cafe. She asked Picasso if he might sketch her and charge accordingly. Picasso obliged.

  • Treasury Sipp rules are dividing industry

    8 Sep 2005

    The Treasury's consultation on Sipp regulation is splitting opinion in the pension industry.Some advisers and providers say it is an anomaly to have stakeholder and personal pensions regulated when Sipps are not.Others claim that regulating the Sipp wrapper would not deter investors from putting alternative unregulated investments in Sipps and would saddle providers with a costly compliance burden.Concerns have been growing over unregulated prop- erty and niche investment ...

  • Trustnet in link-up to widen coverage

    8 Sep 2005

    Trustnet Adviser, the online fund research website's intermediary section, is teaming up with structured retail product site SRPAdviser.com to provide broader investment coverage.The structured product section will provide comparative product tables, product filter tools, factsheets, key features and prospectus downloads.Advisers can access an extensive education site, which details the advantages and disadvantages of different structured product strategies and read provider ...

  • Trusts are the perfect solution

    8 Sep 2005

    Until now, the Government has been merely tinkering with inheritance tax legislation. To achieve its target of boosting IHT revenue from 3bn to 10bn a year will require a massive overhaul that will mark the end of many standard estate planning methods. The implications for individuals with an estate over the 275,000 threshold are significant.With standard tax avoidance options (from potentially exempt transfers to deeds of variation) now on borrowed time, individ-uals need to consider ...

  • Twice or thrice in a lifetime?

    8 Sep 2005

    Will remortgaging develop in the same way as the booming residential remortgaging market?

  • Wheel thing

    8 Sep 2005

    Barclays Global Investors' brand of exchange traded funds, iShares, is to sponsor the Zuri-Metzgete cycling event, taking place in Zurich on October 2.The event, which has now been catchily renamed the iShares Zuri-Metzgete, has been held for 92 years. As one of the final stages of the Pro Tour circuit, the gruelling 241km race covers varied terrain snaking around the Swiss city.

  • Where there's a Will...

    8 Sep 2005

    William Russell, formerly F&C's head of marketing, may not start his new job at M&G until October but it seems he is keen to start lobbying for his new firm.At his leaving bash, surrounded by F&C workmates, Russell happily donned an M&G T-shirt, cap and other branded gizmos. Either he is an M&G enthusiast through and through or the three beers (apparently the most he has drunk since the handover of Hong Kong celebrations in 1997) went straight to his head.This may explain the ...

  • Which? warns over missing out on POAT

    8 Sep 2005

    Which? has published a book called Giving and Inheriting, aimed at flagging the deadlines for pre-owned assets tax.

  • Whittaker becomes joint CIO at New Star

    7 Sep 2005

    New Star Asset Management has promoted UK growth fund manager Stephen Whittaker to the role of joint chief investment officer, serving alongside Alan Miller. Whittaker will continue to manage the UK growth fund, which he took over from Miller in July 2002.

  • Whittaker becomes joint CIO at New Star

    8 Sep 2005

    New Star Asset Manage- ment has promoted UK growth fund manager Stephen Whittaker to the role of joint chief investment officer, serving alongside Alan Miller. Whittaker will continue to manage the UK growth fund, which he took over from Miller in July 2002.

  • Win a Magnum of Champagne

    8 Sep 2005

    Courtesy of Medicare International

  • Women's IFA group broadens awards

    8 Sep 2005

    The Women's Financial Ad-viser Group is gearing up for a new award scheme after rebranding and moving to encompass a wider swathe of the female adviser market.The enlarged awards will include whole of market advisers, multi-tie, tied, mortgage advisers and paraplanners, as well as the original award of best female independent financial adviser. The awards will be presented on January 26 next year.Nominations must be submitted by October 10, with entries closing on October 17.Founder ...

  • Worldwide outgrows the Sesame network

    8 Sep 2005

    Worldwide Financial Planning is leaving the Sesame net- work following an eight-year relationship.The 40-strong IFA will continue using Sesame Direct services for its compliance and qualitative investment research but says it has outgrown appointed representative status.Worldwide managing dir-ector Peter McGahan says the firm will become directly authorised on January 1, 2006.McGahan says when the firm launched in March 1998, it needed network membership, but has now grown ...

  • Wrapping up the future

    8 Sep 2005

    Financial services is finally on its way out of the "industrial revolution" it has been struggling through and the future looks bright, accord- ing to Millfield chief executive Paul Tebbutt.Tebbutt says financial services is the "powerhouse" of the country, being the biggest single contributing industry towards the UK's GDP, and he sees increasing flexibility in the sector as great news for IFAs.He believes that wrap will be the next big thing. "The whole wrap concept will take ...

Poll

Will Greece leave the euro?

Current Issue

Advanced search