Money Marketing
8 August 2001

  • 'Treasury must recognise IFA role'

    9 Aug 2001

    Aifa wants the Treasury to recognise that IFAs are at the "sharp end of ascertaining and meeting the financial needs of individuals" as part of its response to the consultation paper, Savings and Assets for All, including the Government's baby bond or children's trust fund. Aifa highlights the need for people to get advice on the CTFs but says those giving basic advice on CTFs will not need to be fully qualified IFAs as long as they have access to such ...

  • £50K fine for firm for review failings

    9 Aug 2001

    The PIA has slapped a £50,000 fine on IFA City Assurance Consultants of Wimbledon Hill Road, London for pension review failings. The firm, which has also been officially reprimanded and ordered to pay PIA costs of £4,000, is guilty of a number of failings identified in regulatory visits between January and August 2000.

  • 10 per cent drop in equity fund charges

    9 Aug 2001

    Average equity fund charges fell by more than 10 per cent in the first quarter of this year, according to new data from Lipper. The average annual management fee for UK-based equity funds dropped to 1.14 per cent from 1.29 per cent. The average front-end charge on funds fell to 4.1 per cent from 4.51 per cent last year. Bond fund charges bucked the trend, however, with the average initial charge rising to 3.79 per cent ...

  • Abbey National - High Income & Growth

    9 Aug 2001

    Thursday, 9 August 2001.

  • Abbey's Tugendhat in storm over EDM denial

    9 Aug 2001

    Abbey National chairman Lord Tugendhat has walked into a storm of controversy after telling shareholders that he had no knowledge of a Parliamentary early day motion which attacked the bank's repossession tactics. Liberal Democrat MP Michael Hancock tabled an EDM on debt recovery last October - signed by 52 MPs - criticising Abbey for using "unacceptable" methods of trying to force settlements on debts which it failed to substantiate properly. As ...

  • ABI sets out standards for Omo

    9 Aug 2001

    The ABI is issuing a statement of good practice recommending minimum standards for pension providers dealing with policyholders about to retire. The move aims to pre-empt the FSA's planned new rules for providers which are set to force them to clearly highlight the open market option, well ahead of policyholders making their final decision on buying an annuity. The ABI's statement includes the requirement for companies to explain to consumers ...

  • Aon appointed as consultants to HarperCollins

    9 Aug 2001

    Aon Consulting has been appointed by HarperCollins Publishers to provide actuarial and benefits consultancy services for the 3,000 members of its pension scheme.The announcement follows Aon's recent appointment as third-party pensions scheme administrator to Scottishpower.Aon Consulting executive director Robert Middleton says: "We are very pleased to have won this broad-ranging appointment from HarperCollins, who will be well served by our resources in Glasgow."

  • Are IFAs in a spin over investment?

    9 Aug 2001

    The news that last year's best-selling funds are among this year's worst performers has worrying implications for the IFA community - not least because it comes within days of Ron Sandler's accusation that IFAs lack investment knowledge. Figures published in the UK Fund Industry Review and Directory 2001 reveal that just two of last year's 50 most popular funds are in the top quartile for the year to the end of July. Twelve are bottom quartile, ...

  • Aussie Challenger to buy IFAs if polarisation goes

    9 Aug 2001

    Challenger, the Australian owner of UK Tep market-maker Neville James, is to snap up IFAs if polarisation rules are relaxed. It would buy IFA firms and networks and has not ruled out multi-tying. The company has been following an acquisition strategy, buying Neville James for £6m in April. It owns a national advisory business with 50 offices in the Australian market and hopes to replicate its structure in the UK. It is targeting UK IFAs to distribute ...

  • Axa Sun Life - With-profit Income Bond

    9 Aug 2001

    Thursday, 9 August 2001.

  • Ban on past performance unlikely, says Farnish

    9 Aug 2001

    The use of past performance in financial ads is unlikely to face an all-out ban by the FSA, according to the head of its task force examining the issue. Consumer director Christine Farnish told BBC Radio 4's Inside Money last week that banning use of past performance would be seen "by most people as a very ext- reme response". Her comments go some way to calming industry fears that the regulator will crack down on its use. The ...

  • Bankhall of Monte Carlo

    9 Aug 2001

    IFA support services company Bankhall will be holding its annual convention for members in Monaco from September 26 to 28. Bankhall, which claims to have a 25 per cent share of the IFA market, expects that more than 800 IFAs and their partners will attend the three-day event which costs them £50 each plus flights. Delegates will listen to presentations, including a motivational talk from former 400metre hurdler Kriss Akabusi, MBE, attend workshops ...

  • BB&N hooks up to Synaptic

    14 Aug 2001

    Berry Birch & Noble is making Synaptic its preferred technology partner, with all advisers to have access to its Product Research Professional software.

  • Bermuda's a dream for movie cash

    9 Aug 2001

    IFA firm LM Financial is pursuing a Bermudan dream as part of a funding drive to raise capital for a British film which it hopes will deliver clients onshore tax breaks. Marketing manager Tony Wright-Jones is visiting the island paradise as there is a shortage of suitable British film projects which qualify as suitable investments for enterprise investment schemes. LM already has the support of the Bank of Bermuda and the Bermudan tourist board ...

  • Bestadvice helps with fire safety

    9 Aug 2001

    Online financial information service Bestadvice.net is working with the Hampshire Fire and Rescue Service to alert children to the dangers of house fires. The free web site aimed at IFAs and mortgage brokers has donated 60 smoke alarms to the children who attend the Pooh Corner Pre-School in Waterlooville, Hampshire. The initiative is intended as to boost the fire service's Target 2000 safety campaign to protect children from fires by installing ...

  • Beware pitfalls of buy-to-let, survey shows

    10 Aug 2001

    Buy-to-let purchasers should avoid buying a property that will need a lot of maintenance, according to a survey of existing buy-to-let customers by Birmingham Midshires.

  • BoS to sell stake in Australian bank

    13 Aug 2001

    The Bank of Scotland plans to sell its stake in the Bank of Western Australia following its soon to be completed merger with Halifax.

  • Brain wave for Ireland

    9 Aug 2001

    A consortium of lenders led by Bank of Ireland is considering replicating the industry-owned Mortgage Brain common trading platform in Ireland. A Dublin e-commerce consultancy working for a number of Irish companies has recently had a demonstration of Mortgage Brain technology and is understood to have lined up meetings with owners Nationwide, Halifax and Alliance & Leicester. It is looking to see how the UK model has performed since the three rivals clubbed ...

  • Bringing annuities out in the open

    9 Aug 2001

    "You could get up to 20 per cent more from your pension fund if you choose the right annuity" is a typical media claim. Shopping around for your annuity on retirement can mean you get a much higher income than you would by staying with your pension provider. This assertion is commonly coupled with the criticism that "pension companies do little to enlighten their savers of their right to look elsewhere". The ABI tackles that criticism this ...

  • Britannia follows base rate cut with 5.14% fixed deal

    9 Aug 2001

    Britannia, the UK's second-biggest building society, is offering a new fixed-rate mortgage for first-time buyers and remortgages. The loan is fixed at 5.14 per cent for two years up to 75 per cent loan to value and at 5.34 per cent up to 95 per cent LTV. After the fixed period, the loan reverts to Britannia's variable rate, which stands at 6.64 per cent following the Bank of England's 0.25 per cent base rate cut last week. Borrowers receive ...

  • Burrows: will head annuity service

    9 Aug 2001

    Annuity expert Billy Burrows is teaming up with actuary and pension consultant Aspen to set up a specialist annuity IFA. William Burrows Annuities will become part of Aspen's fee-based subsidiary, Aspen Individual Clients. It will provide a mainly fee-based advisory service on all aspects of annuities and income drawdown. Aspen says its decision to expand into the retirement income market is driven by the growing importance of annuities and drawdown. ...

  • Business announcements less negative, says KPMG

    8 Aug 2001

    The downturn in the UK economy may not be as bad as some analysts fear, according to figures compiled for KPMG by Mandis Information Services which shows fewer profit warnings being issued.

  • City Assurance Consultants fined £50,000

    8 Aug 2001

    The PIA has slapped a £50,000 fine on IFA City Assurance Consultants of The White House, 100 Wimbledon Hill Road, London for pensions review failings.

  • Critical issues to address on sales growth

    9 Aug 2001

    Increased consumer awareness, the recognition of need and industry focus have all contributed to a rise in sales of critical-illness cover, particularly in the mid to late 1990s. Add to this the ABI statement of best practice which brings clarity to consumers when comparing products and it is good news all round. However, just as the successful sporting team needs to build for the future, it is at times like these that we must ensure the success continues. It ...

  • Disneyland trip is over and it's time to face reality

    9 Aug 2001

    I thought I would express some views (because they are based on logic and experience) just before zipping off on holiday. People used to go to on holiday to Disneyland to escape from reality. For IFAs, Disneyland is the everyday politics and bureaucracy of our industry. I am sure Ron Sandler is a nice man and did a good job at Lloyd's. However, if the Government had come to me (at far less expense) to say: "What would a chap like Ron Sandler ...

  • Divorce route for Equitable annuitants

    9 Aug 2001

    Getting divorced could be the only escape route for Equitable Life annuitants, according to The Annuity Bureau. The specialist IFA says using divorce legislation, which came into force last December, it is theoretically possible that a with-profits annuity holder's pension could be transferred from Equitable as pension-sharing legislation allows a percentage of one person's pension fund to be transferred to a spouse, effectively providing two separate ...

  • Divorcing couples urged to profit from Tep market

    9 Aug 2001

    Couples going through a divorce should look to sell their mortgage endowment rather than surrender it, says market maker Beale Dobie. It claims over 50,000 people a year surrender a policy direct rather than selling it on the Tep market for an average of 10-15 per cent more than the surrender value. It believes that around £1bn of endowments are surrendered each year. Over the past five years, the firm says 16 per cent of its customers have cited ...

  • Do the knowledge

    9 Aug 2001

    It is impossible to escape the fact that if you are a financial adviser and derive a significant part of your income from selling financial products, then the word "disintermediation" ought to concern you. Broadly speaking, disintermediation in the 1 per cent world will mean that your revenues from facilitating product delivery are likely to continue to drop across a wider product range and the number of people buying products from you may also diminish ...

  • Document download

    9 Aug 2001

    One of the perennial problems for IFAs is making sure they have an adequate supply of fully up to date literature from product providers. Brochures, application forms, generic key features documents and many more change on a regular basis and, with the advent of Saltr and the formal adoption of the new FSA rulebook at N2, there will countless minor changes to these documents over the coming months. Not only will this mean more paper but advisers will ...

  • Drawdown deal on Equitable funds

    9 Aug 2001

    Specialist IFA The Drawdown Bureau has come up with a way of removing funds in drawdown from Equitable Life without incurring exit penalties. Draw-down policyholders who want to leave the company can take maximum income from their existing plan which will not be subject to an MVA. This can be up to 8 per cent of the fund as a lump sum. This allows people to postpone taking income from their new plan for 12 months, giving it a chance to grow.

  • Dresdner aiming to add clarity with risk ratings

    9 Aug 2001

    Dresdner RCM Global Investors has commissioned HSBC to provide risk ratings on its 12 investment trusts. The ratings have been compiled using qualitative and quantitative factors. They will be sent to investors and IFAs with all Dresdner literature from this week. Dresdner says it has commissioned the ratings to provide greater clarity for investors and to allow levels of volatility to be assessed more easily. On the qualitative side, HSBC ...

  • Dresdner chooses marketing manager

    9 Aug 2001

    Dresdner RCM Global Investors has appointed Tamsin Kyle as marketing manager. She joins from Goldman Sachs Asset Management, where she was respon-sible for marketing its offshore funds. Kyle will be marketing Dresdner's 16 unit trusts.

  • Dresdner RCM appoints regional sales manager

    10 Aug 2001

    Dresdner RCM Global Investors has appointed Craig Macindoe as its new regional sales manager for Scotland, Ireland and north of England.Prior to joining Dresdner, Macindoe was an IFA, and has also worked on the sales side for both Scottish Equitable and Scottish Provident.In his new role, he will report to Dresdner head of retail sales John Tierney who joined the firm in January.

  • Earmark to the ground

    9 Aug 2001

    I am a small family lawyer. Thanks to your help, most of my staff now have a better understanding of pensions. Our main concern is how the different pension schemes lend themselves when considering offset, earmarking or pension sharing. Can you advise us? Everyone thought that pension sharing would be an easy way to deal with the division of pension funds in a matrimonial dispute. What we are finding, however, is that the issue of pension sharing ...

  • Equitable collapse is massive failure for the regulators

    9 Aug 2001

    Without wishing to speak out of turn on this one, could we direct a polite reminder to the Treasury and FSA? They have launched an all-singing all-dancing review of financial services but haven't they missed the point? There is an insurance company, haemorrhaging money and members with massive consumer detriment. It may be reduced to little more than a shell in the next few months in a protracted and painful process. The only beneficiaires will be some ...

  • Equitable compensation is 'worthless' after cuts

    9 Aug 2001

    Compensation paid to Equitable Life policyholders over pension misselling has been rendered almost worthless by the drastic with-profits fund cuts. IFAs say much of the compensation received for pension misselling is now worthless and believe the pension review is fatally flawed if companies are able to reduce the value of contracts after compensation has been paid. Equitable policyholders who had their compensation paid in to their fund are now ...

  • Equitable terminal bonus cuts

    14 Aug 2001

    To clarify confusion among IFAs surrounding the application of Equitable Life’s recent terminal bonus cuts, the 16 per cent cut applies to the value of the whole pension fund.

  • European fund growth slows in 2000

    8 Aug 2001

    European fund growth slowed in 2000, with mutual fund assets rising by only 5.2 per cent in 2000, down from a 35 per cent increase in 1999, according to figures from Lipper.

  • Exclusive Connections moves beyond 100 per cent

    9 Aug 2001

    Exclusive Connections has unveiled a flexible 100 per cent mortgage that has a 1 per cent discount for the first two years.

  • FSA forces lenders to point to rival ranges

    9 Aug 2001

    The FSA has been criticised by mortgage lenders for effectively forcing them to promote the products of rival providers on their pre-sale illustration documents. Lenders are furious with the FSA for insisting they draw attention to the regulator's mortgage comparative tables on their pre-sale product information as they say it will encourage borrowers to look at rival products. Lenders have been further aggrieved by the news the tables, due ...

  • Gainful employment

    9 Aug 2001

    Last week, I started to look at a number of key issues which support pension drawdown as a legitimate candidate for a much greater share of the retirement income option market, despite its potential disadvantages. I started to describe and compare the concept of mortality gain against mortality drag, noting that the former is particularly relevant to clients who would ordinarily have bought a joint-life conventional annuity whereas the latter relates in ...

  • Govett goes for offshore bond fund

    10 Aug 2001

    GOVETT INVESMENTSCORPORATE MONTHLY INCOME FUNDType: Offshore open-ended investment company.Aim: Income by investing in corporate bonds.Minimum investment: Lump sum £1,000, monthly £50. Isa lump sum £500.Place of registration: Dublin.Investment split: Securitized 6.9 per cent, banking 2 per cent, basic industry 5.4 per cent, capital goods 4.4 per cent, communications 23 per cent, consumer cyclical 11.6 per cent, consumer ...

  • Grosvenor Kleinwort Benson - Residential Property Investment Fund

    9 Aug 2001

    Thursday, 9 August 2001.

  • Health boom on the way as survey reveals concerns

    9 Aug 2001

    The UK healthcare market could be set to boom as a survey reveals that nearly six million people in the UK are worried that they do not have adequate health insurance. Legal & General's latest consumer intentions survey of over 1,000 adults was carried out across the UK in June and reveals widespread concern. A key finding is that more than one in 10 consumers are considering buying some form of healthcare policy in the next 12 months. About ...

  • Hedge trimmed from the top down

    9 Aug 2001

    Odey Asset Management has introduced the Odey Latham global fund, an offshore Oeic that uses hedging techniques. The fund aims to provide high returns with low volatility whatever the conditions of the stockmarket by applying long and short hedging techniques to stock selection. Fund manager Mark Latham goes short by selling stocks he thinks are overvalued and long by buying stocks when their price has dropped. Latham joined Odey in February 2001. ...

  • Henderson predicts upturn in US by end of year

    8 Aug 2001

    The US economy will begin to recover in the second half of this year, with Europe and Japan following in early 2002, according to Henderson Global Investors.

  • House price growth in NE steady

    13 Aug 2001

    House price increases continued to be steady in the North East and Cumbria, according to data published by Northern Rock.Prices rose 1.8 per cent in the quarter to July 2001, compared to 1.2 per cent for the same period last year.Northern Rock chief valuer Alistair Laws says: "The region's housing stock remains relatively affordable, as prices have not outstripped earnings to the same extent as in London and the South East."

  • HSBC Bank International - Nasdaq Plus Growth Fund

    9 Aug 2001

    Type: Ucits.

  • ICS extends levy deadline until October

    14 Aug 2001

    The Investors Compensation Scheme is extending the deadline for payment of the second instalment of this year's levy from August until October 15 and says it does not anticipate an increase in the levy.

  • IFAs challenge Sandler to meet them for talks

    9 Aug 2001

    IFAs across the UK have invited Ron Sandler to meet them face to face to discuss how they do business before prejudging the industry any further as part of his Treasury-backed review of the retail savings market. In an open letter this week in Money Marketing, 14 leading IFAs urge Sandler to contact them to talk about the issues raised in his consultation paper. The signatories represent IFAs of all sizes from networks to big investment specialists ...

  • IFAs question fund managers for suspending trading in wake of New York destruction

    10 Aug 2001

    Fund managers are being slammed for their decision to suspend trading in response to the market uncertainty cr eated by yesterday's terrorist attacks on the New York financial district.

  • IFAs' open letter to Ron Sandler

    9 Aug 2001

    Leading IFAs are calling on Ron Sandler to enter into discussions with the IFA community before making any assumptions about the sector in his Review of Medium and Longterm Retail Savings. Their open letter (in full here) asks Sandler to ensure he meets with IFAs as part of his consultation paper to give them a fair hearing Ron Sandler The Sandler Review Team Room 316A HM Treasury Allington Twoers Allington Street London SW12 5EP August 9,2001 Dear ...

  • Independent view

    9 Aug 2001

    All change. Yet again, the industry is changing, and perhaps it always has. However, today the pace of change seems even more rapid than it was when I first set out all those years ago. The change I refer to this time around is related to share of distribution and further consolidation of the financial services market. For insurance companies, maintaining and increasing distribution is vital. It is a question of survival and it is a pretty cut-throat ...

  • Industry counts the cost of new tax and pension regime

    9 Aug 2001

    The new post-April 6 pension and tax regime designed to simplify the framework has resulted in increased admin costs of up to 35 per cent. The regime was conceived with the promise of streamlining the pre-April 6 framework but providers claim the new system has delivered an increased admin and cost burden as life offices and IFAs try to get to grips with the procedures. The increase in costs follows widespread industry discontent on a number of ...

  • Inside EDGE JIM GASKIN

    9 Aug 2001

    IFAs are increasingly asking me how they should differentiate between the many technology suppliers that are operating in our marketplace. Quality of product is an obvious factor. IFAs need to be using proven products and services that exactly match their needs and add value to their business. However, there are many marketing buzzwords such as portal, CRM and ASP that can make it difficult to differentiate between offerings. For IFAs, one of the ...

  • Invesco Perpetual - UK Aggressive Fund

    9 Aug 2001

    Type: Unit trust.

  • INVESTMENT ANALYSIS

    9 Aug 2001

    Global markets bounced back well last week, inspired by rallies in Japan and here in the UK. All the major markets except Germany made gains over the five-day period, with the broad-based FTSE World index up by 1.8 per cent. After weeks of profit warnings and earnings' downgrades, last week was quieter on Wall Street as investors focused on what the Federal Reserve is likely to do when it next meets this month. Economic data was mixed, with the ...

  • Investment view

    9 Aug 2001

    Break out the champagne, blow the trumpets, bang the brasses. Interest rates are cut once more. Happy days are here again. Well, at least they were last week. A comprehensive bounce in the domestic index restored verisimilitude to an otherwise bald and unconvincing narrative. Enough of the G&S allegories. Has the bear market come to an end? Possibly - that is about as far as I am prepared to go at this stage. Never underestimate technical influences. Our ...

  • iShares restructures European fund

    9 Aug 2001

    iShares is rebranding and restructuring the iFtse ExUK fund.

  • Julian Gibbs

    9 Aug 2001

    MyMoneyAdviser.co.uk, launched by Ann-Marie Martyn, the former chief executive of IFA Promotion, is in my opinion by far the most useful website service for IFAs. It is designed to help them make money. Over the past few weeks, Martyn has met more than 400 IFAs who are interested in starting a website or improving their existing one. The most popular services it supplies, which IFAs can include on their websites, are investment tools, including Morning ...

  • Just in time to beat penalty

    9 Aug 2001

    As an IFA, I was involved last year in helping my father in obtaining compensation from Equitable Life for being advised to transfer his occupational pension scheme with BOC back in 1987 to an Equitable Life personal pension. I contacted Equitable Life some time ago and they advised me that my father's plan would, in fact, not fall within the pension misselling review. However, the PIA instructed them to carry out a review. It was deemed that ...

  • L&G offers 5.75 per cent on new account

    13 Aug 2001

    Legal & General has launched a new fixed rate savings account with an interest rate of 5.75 per cent gross.

  • L&G offers self-cert one year tracker loan

    13 Aug 2001

    Legal & General’s Mortgage Club is offering a self-certification one-year tracker loan funded by Britannia’s specialist lending arm Verso. The loan tracks Bank of England base rate plus 0.74 per cent for the first year, before switching to 1.94 per cent above base until completion. Under the current Bank base rate, borrowers will pay interest at 5.99 per cent.

  • Leeds & Holbeck alters base rate tracker

    14 Aug 2001

    Leeds & Holbeck has revamped its base rate tracker mortgage to take advantage of the recent fall in interest rates.

  • Leeds & Holbeck launches flexi-capped mortgage

    13 Aug 2001

    Leeds & Holbeck Building Society is launching a hybrid flexible mortgage capped at 6.39 per cent for three years.

  • Leeds & Holbeck sees mortgage lending surge

    8 Aug 2001

  • LibDem trade and industry spokesman

    9 Aug 2001

    LibDem trade and industry spokesman Vincent Cable (above right) has delivered a letter to Chancellor Gordon Brown asking him to explain the delay in publication of the FSA report into its role in the Equitable Life debacle. Accompanied by Equitable Life Members' Action Group chairman Paul Braithwaite (pictured left), Cable went to Downing Street this week. The Treasury said in July that the report would not be published until this autumn even though ...

  • Lincoln offers discounts on 10 funds

    13 Aug 2001

    Lincoln Unit Trust Managers is cutting the initial charge on 10 of its unit trusts and Isas by up to 4.75 per cent

  • Lincoln picks Deloitte to probe appointed rep

    9 Aug 2001

    Lincoln Assurance is hiring big five accountancy firm Deloitte & Touche to investigate the endowment sales of its former appointed representative City Financial Partners. Since September 2000, the life office has reviewed a representative sample of the 31,000 endowment policies that CFP sold over the last 10 years. Of the 5,000 reviewed, Lincoln says there is significant evidence of questionable selling practices but would not say how many policies were actually ...

  • Loan share doubles for Halifax

    9 Aug 2001

    Halifax stormed ahead in the mortgage war, doubling its market share in the first half of this year, and now provides a quarter of loans in the UK. The business results show its net market share rocketed from 12 per cent to 25 per cent as it won over the borrowers of rival providers Nationwide and Abbey National. But although it achieved its best lending figures since the mid-1980s, profits fell by 5 per cent from £931m to £839m. Halifax attributes ...

  • Loyal Approval

    9 Aug 2001

    Short-termism is an accusation that has long been levelled at the British way of doing business. But things move on. Supermarket loyalty cards have been introduced and brands have been formulated that insinuate themselves into the very fabric of the consumer's life. In short, initiatives for holding on to customers and developing long-term relationships have become the norm and this applies to IFAs as much as any other business. Alongside this, ...

  • Maggie Evans

    9 Aug 2001

    When musing over the customer retention issues facing IFAs, the message is clear - it is not why but how. We all know and accept the (varying) statistic that it costs eight times more to recruit a new customer than it does to retain one. Although the argument is compelling, few firms have addressed the issue. A study carried out by Bain & Co shows that a 5 per cent increase in customer retention will give, for a brokerage, a 50 per cent increase in lifetime ...

  • Making a splash

    9 Aug 2001

    This year's Skandia Life Cowes Week is proving to be a rec- ord-breaking event with more than 1,000 boats and around 17,000 people taking part in the regatta. The event, taking place from August 4-12, has the highest-ever number of entrants, inclu- ding four Skandia-sponsored boats. The biggest boat taking part is the Skandia Leopard, a 90ft ocean-going Maxi yacht. Skandia is also racing a smaller boat with an all-women crew skippered ...

  • Manchester Building Society - Flexible Tracker Scheme 1

    13 Aug 2001

    Monday, 13 August 2001.

  • Manchester Building Society - Three Year Discount

    13 Aug 2001

    Monday, 13 August 2001. Type: Discount rate mortgage. Discounted term: Three years. Discount: 1.5 per cent. Payable rate: 5.5 per cent. Minimum loan: £50,000. Maximum loan: Up to 80 per cent of valuation subject to a maximum of £500,000. Income multiples: Three times principal income plus second or 2.5 times joint. Arrangement fee: £195. Redemption fee: Repayment of valuation fee and legal ...

  • MarketPlace - Buy-to-let Stepped Discount

    14 Aug 2001

    Tuesday, 14 August 2001.

  • MD for Aegon protection arm

    14 Aug 2001

    Aegon has appointed Janet Wyles as managing director of its Individual Protection business. She has worked for ScotEq since 1993. From 1997 she has been part of Aegon’s group development team and has been working on the individual protection business from August 1999.

  • Mercantile brings in fixed rate

    8 Aug 2001

    Mercantile Building Society has introduced the two-year fixed rate mortgage.

  • Midshires chooses managing director

    9 Aug 2001

    Halifax specialist lending arm Birmingham Midshires has appointed Dan Watkins as managing director. He succeeds Ian Kerr, who has left to take up a senior role within the combined Halifax/Bank of Scotland group. Watkins was previously Midshires director of mortgages and savings and has been appointed to lead it through its transition to sub-prime lender later in the year.

  • Millfield recruits six to management team

    14 Aug 2001

    National IFA Millfield has recruited six new members to it management team as development directors.

  • Moore's code

    9 Aug 2001

    The City is rather a woeful place to be at the moment. Not a week goes by without yet another company issuing that most frowned on of Stock Exchange announcements - a profit warning. Quite the opposite situation prevails in the financial services industry, however. Boring old banks and insurance companies have become the toast of the City by doing such unfashionable things as growing profits, increasing sales and paying healthy dividends to shareholders. I ...

  • Mortgage Express boards buy-to-let train

    14 Aug 2001

    Mortgage Express has created a flexible buy-to-let mortgage that is fixed at 3.99 per cent until September 3, 2002.

  • NAPF cool on IPPR report

    14 Aug 2001

    The NAPF says it has reservations about arguments in the Institute of Public Policy Research report A new contract for retirement about the links between the provision of income in retirement and the provision of long term care.

  • Neville James launches B2B and B2C website

    8 Aug 2001

    Neville James has launched a new website targeted at both consumers and IFAs. The site, at www.neville-james.co.uk, includes instant online quotation facilities, online fund application forms, as well as an extensive range of downloadable literature. The site also includes the facility to view and print detailed information on any individual policy. 

  • Neville James' site for IFAs and public

    9 Aug 2001

    Neville James has set up a website for consumers and IFAs. The site, at www.neville-james.co.UK, includes instant online quotation facilities, online fund application forms and an extensive range of downloadable literature.

  • New telephone account from Chelsea

    10 Aug 2001

    Chelsea Building Society is launching a telephone based investment account paying a variable interest rate, currently 5 per cent gross a year.The interest on the Call-Direct Advantage Account is guaranteed not to fall more than 0.25 per cent below the Bank of England base rate before January 2003. The minimum investment is £2,500, and no interest is paid for periods when the account balance falls below that figure.  

  • Now ABI to review the effects of regulation

    9 Aug 2001

    The ABI has commissioned a London Economics-style report questioning the double whammy of FSA and Government regulation on competition and savings levels which will now form part of its Sandler review response. The report, by international financial services specialist Oliver Wyman & Company on The Future of Regulation, will also examine the role that face-to-face advice has on encouraging individuals to save. Senior industry sources say the research ...

  • NU slashes bonuses as smoothing hits the rough

    9 Aug 2001

    Norwich Union is cutting terminal bonuses by up to 5 per cent across all its with-profits policies. NU says it has been forced to make the cuts because the effects of poor stockmarket performance are so great that they cannot be smoothed out. Returns on NU's funds are down by 7 per cent for the first half of this year and it says reducing terminal bonuses will bring maturity payouts into line with fund returns. The cuts follow similar ...

  • NU targets mortgage payments

    14 Aug 2001

    Norwich Union is targeting borrowers who have repayment mortgages with its mortgage life insurance plan.

  • On the sidelines

    9 Aug 2001

    I suspect that many clients will not take waiver of premium any longer as it is now a separate contract and cannot be paid as part of the pension contrib-ution and must be paid from the individual's bank account. This is not very convenient for members of group schemes. No doubt, some companies will not bother to offer the contract at all. I cannot think that this will benefit anyone at all but, of course, the few who have a long-term illness will ...

  • Online whitelabelling from Skandia

    13 Aug 2001

    Skandia is to offer a new white-labelling facility for its multifund, multiPep and multiIsa supermarket.

  • Our view of the retail review

    9 Aug 2001

    One promise to readers from the editor and staff at Money Marketing - at no point in this process will we censor or compromise our coverage of the review process in order to gain the dubious distinction of getting to a story first. If we have to print an article a week after some of our more dove-like competitors, Money Marketing will accept this. If this is what it takes to make sure that the information we print is not soft-soaped or downplayed to the point ...

  • Outside edge robert reid

    9 Aug 2001

    The other day, I had the benefit of a new virus, which disabled my pc, but the support I received from the technical desk at my anti-virus software supplier made me feel quite relaxed about a very serious problem. In contrast, the attitude of some product providers still leads a lot to be desired and an increasing argument seems to centre on compensation paid to the IFA for the provider's mistakes. Some companies even refer to non-existent PIA ...

  • Parsoli adds an Islamic option for Muslim investors

    10 Aug 2001

    Muslim financial specialists Parsoli UK has introduced the Parsoli global Islamic equity fund.

  • Parsoli UK - Parsoli Global Islamic Equity Fund

    10 Aug 2001

    Friday, 10 August 2001.Type: Oeic.Aim: Growth by investing in blue chip international stocks through Shar'iah.Minimum investment: Lump sum £1,000, monthly £50.Investment split: 100 per cent blue chip international funds.Isa link: Yes.Pep transfers: Yes.Charges: Initial 5.75 per cent, annual 2 per cent.Commission: Initial 3 per cent, renewal 0.6 per cent.Tel: 0800 1831786.

  • Pavilion moves up a gear

    10 Aug 2001

    Pavilion Asset Management has made its debut on the investment trust scene with the Pavilion geared recovery trust.

  • PIA revokes firm's suspension over PI

    9 Aug 2001

    The PIA has revoked the suspension of IFA Blenheim Financial Services of Bidmead, Gloucestershire. The firm had been forced to cease conducting investment business regulated by the PIA because it had failed to renew its PI cover. The PIA has suspended 16 firms for failing to renew their PI cover so far this year.

  • PIA suspends two IFA firms

    10 Aug 2001

    The PIA has suspended IFA Vital Financial Services of PO Box 4012, Byron House, 10-12 Kennedy Street, Manchester from soliciting or conducting investment business because it is unable to meet the regulator's financial services requirements.

  • Pink adds to 18-month range

    13 Aug 2001

    The 18-month fixed rate mortgage from Pink Home Loans has a fixed rate of 3.45 per cent for the first 18 months for loans of up to 95 per cent of valuation.

  • Pink plays safe with five-year fix

    13 Aug 2001

    Pink Home Loans has introduced a five-year fixed rate mortgage that is available to all borrowers for loans of up to 95 per cent of valuation.

  • Pink takes bow on buy-to-let stage

    8 Aug 2001

    Pink Home Loans has introduced a four-year fixed rate buy-to-let mortgage that is available for loans of up to 85 per cent of valuation.

  • Plural Cavity

    9 Aug 2001

    Greengrocers have often been pulled up for inappropriate use of the apostrophe when advertising their banana's or artichoke's. The Diary must now add Ron Sandler, the man commissioned by the Treasury to conduct a review into retail financial services, to the list of grammatical offenders. In the seven references to IFAs in Sandler's consultation paper published last week, an apostrophe was erroneously inserted each time. This would make sense ...

  • Portfolio services first on IFA web lists

    9 Aug 2001

    Portfolio management services are the most important feature that advisers require from a website, according to survey by IFA portal Assuresoft. The research shows that 74 per cent of IFAs wanted to give their clients access to their personal financial portfolio online, with the majority of firms seeing interactive stockbroking as an essential supplement to a portfolio management tool. Next on the list, according to the survey of 280 firms, are comparative quotat

  • Positive Solutions links with Exchange

    9 Aug 2001

    Positive Solutions is incorporating a customised version of The Exchange into its extranet site as part of a deal to provide members with extra technology services. Positive Solutions members will also have access to The Exchange's new mortgage sourcing service, which includes a Positive Solutions mortgage panel and specialist mortgage helpdesk.

  • Product Matters

    9 Aug 2001

    Mimi, the new mortgage protection offering from Liverpool Victoria Life (Permanent Insur-ance by any other name) is the latest in the cafeteria-style selection range. The problem I have with most products of this type is that one product rarely offers our clients the best life, critical-illness, income protec- tion and redundancy cover available and, of course, the obligatory cheap premiums. The option that stands out is the unique ...

  • Profits boosted for Sun Bank

    9 Aug 2001

    Profits at Sun Bank rose by 39 per cent to £6.2m from £4.46m for the first six months of the year. Assets under management rose by 16 per cent to £1.3bn from £1.1bn and lending increased by 14 per cent to £157m from £137m. Customer deposit accounts increased by 13 per cent to £1.1bn from £974m. The bank has shifted its distribution towards IFAs after the Sun Life Financial of Canada salesforce was axed. Sun Bank ...

  • Public puzzled over multi-ties

    9 Aug 2001

    Consumers are "puzzled and cynical" about the prospect of multi-ties if polarisation is scrapped. A qualitative survey from H2B Thinking Research age-ncy questioned people around the UK on their attitude to the relaxation of the regime, including direct salesforces selling additional products and IFAs becoming multi-tied. It revealed no one thought they would get a better deal from direct salesforces selling other companies' products and an IFA ...

  • Put Equitable out of its misery

    9 Aug 2001

    For heaven's sake, why doesn't the powers that be stop pussyfooting around and declare Equitable Life insolvent? According to a report in Money Marketing, the appointed actuary reported that as at December 31, 2000 "total policy values were in excess of the available with-profits assets" or, in plain English, liabilities exceeded assets. The definition of insolvency. When someone of Stuart Bayliss's expertise is warning that "the effluent is ...

  • Real story behind Equitable with-profits figures

    9 Aug 2001

    Warning to Equitable mem-bers, IFAs, tied agents and Money Marketing. Like most people, I have read in the papers and some financial publications headlines such as Equitable cuts values by 16 per cent plus they will lose an extra 7.5 per cent if they move. The implic-ation is that a person who stays loses 16 per cent, a person who leaves 23.5 per cent. However, on speaking to Equitable, I have found the story to be different. I have been told the 16 per ...

  • Rise in stakeholder takeup

    10 Aug 2001

    New research from clearing house BACS reveals there has been as significant rise in the number of firms planning to introduce stakeholder.

  • RJ Temple MD to lead Aim flotation

    9 Aug 2001

    Michael Hawkins, 55, has stepped down as mana-ging director of national IFA RJ Temple and will now be responsible for taking the firm to flotation on Aim next year. RJ Temple says Hawkins, who had been joint MD from 1992 to 1995 and sole MD since then, will not be replaced and chairman Geoffrey Morphitis will step in when needed. The company says it had intended to float in 2003 but it decided to bring the date forward due to current market conditions.

  • Robert Clifford

    9 Aug 2001

    Lives: Belper, Derbyshire. Born: March 9, 1968 in Nottingham. Age: 33. Education: South East Derbyshire College,A Level Maths, Psych-ology, Theatre Studies and Art. FPC1,2,3, Cemap. Career: Marketing manager Advance Mortgage Systems 1989, director of mortgage services at Whitechurch Securities 1991, partner then managing director of MP between 1992 to 1997, group managing director for Bishopscourt Financial Holdings between 1997 ...

  • Rothschild appoints three to sales and broker support

    9 Aug 2001

    Rothschild Asset Management has made three additions to its UK intermediary sales and broker support teams.

  • Royal London picks development manager

    14 Aug 2001

    Royal London has appointed Gordon Docherty as mortgage development manager. Docherty will assume responsibility for expanding, enhancing and developing the quality and quantity of mortgage advice through the Royal London Group. He joins from the Mortgage Code Compliance Board, where worked for two years as a compliance officer. 

  • Sandler reaches verdict without the evidence

    9 Aug 2001

    The long-awaited Sandler consultation document reviewing retail financial services was published last week, leaving IFAs reeling over much of the content. The document appears to draw conclusions about its outcome even before it starts and IFAs along with fund managers and life offices look to be in for an early bath. Rather than being an introduction to a review which has the potential to engage the industry in a vibrant debate, Sandler seems ...

  • Save & Invest throws weight behind GE Life high income and growth plan

    14 Aug 2001

    IFA Save & Invest is throwing its weight behind the latest GE Life high income and growth plan due to be launched later this month. S&I claims the plan is one of the most attractive income products in the current low interest rate environment. It offers a choice of 10.25 per cent gross per annum or a growth option of 33 per cent over three years. Capital return is linked to the Dow Jones Eurostoxx 50 Index.  

  • Scot Wids appoints two to international operations

    13 Aug 2001

    Scottish Widows Group has made two new appointments as part of a re-structuring of its international operations business. Mike Smith has been apppointed international business development director, following 25 years with Scot Wids in which he has held positions in IT, marketing and customer services. Deborah Moon has been recruited as technical manager for Scot Wids International. She joins from HSBC Bank, where she was technical manager in its private client department.

  • ScotLife pension success

    9 Aug 2001

    Strong employer-based pension sales have sent Scottish Life business surging by 30 per cent in the first six months of this year. Pension sales rose from £43.6m to £56.7m in equivalent premium income and new company-based business, including group personal pensions and stakeholder, grew by 40 per cent from £24.2m to £34.1m. Total new business was up by 22 per cent from £48.4m to £59.1m. Company pension business ...

  • ScotProv exodus as five managers leave

    9 Aug 2001

    There has been an exodus of Scottish Provident senior and sales management only days after the transfer of business to Abbey National, with five top figures leaving the firm. UK chief executive Barry Rose, head of marketing and business development David Robinson, head of HR Tracey Ashworth-Davies, head of strategic planning and compliance Dianne Haley and head of finance Mike Morgan have all left the company. Many of the front-line IFA sales ...

  • Scottish adds Scotland-only mortgage

    13 Aug 2001

    The Scottish Building Society joins Dunfermline Building Society in offering a mortgage for properties solely in Scotland.

  • Scottish Mutual - Classic Flexible Trustee Investment Plan

    14 Aug 2001

    Tuesday, 14 August 2001. Type: Trustee investment plan. Minimum premium: Lump sum £10,000, monthly £500. Minimum-maximum ages: From birth-no maximum. Fund links: With-profit, ethical, long gilt, gilt & fixed interest, cash, safety, growth, UK equity, international, European, opportunites, Far Eastern, North American, Japanese, UK equity tracker, controlled risk, managed with guarantees, FTSE with guarantees, Abbey National ...

  • Scottish Mutual - Tailored Flexible Trustee Investment Plan

    14 Aug 2001

    Tuesday, 14 August 2001. Type: Trustee investment plan. Minimum premium: Lump sum £10,000, monthly £500. Minimum-maximum ages: From birth-no maximum. Fund links: Managed, long gilt, index-linked gilt, gilt & fixed interest, cash, Uk equity, UK equity tracker, global equity, international equity, North American equity, European equity, Japanese equity, Far East equity, with-profits, controlled risk, managed 100 guarantee, managed ...

  • Scottish Mutual launches pension investment vehicle

    8 Aug 2001

    Scottish Mutual is launching a customised pension investment vehicle offering retirement planning flexibility, available in two versions.

  • Self-cert is the key for Exclusive Connections

    14 Aug 2001

    Self-certification borrowers are being targeted by Exclusive Connections with the introduction of the self-cert discounted mortgage.

  • Simplified VAT rules 'will save firms up to £1k a year'

    9 Aug 2001

    Government proposals to make it simpler for small businesses to deal with VAT could save IFAs up to £1,000 a year, according to Treasury minister Paul Boateng. The proposals are for businesses with a taxable turnover of up to £100,000 a year to have their bookkeeping requirements simplified by Customs & Excise's flat rate scheme. As part of the scheme, IFA firms are urged to reply to the proposals in the Government's consultation ...

  • Skandia extending its multi-fund links

    9 Aug 2001

    Skandia is expanding its multi-manager fund range with the addition of one new fund manager and a total of 12 new funds. It will link to Sarasin and introduce eight new funds to its MultiIsa, MultiPep and MultiFund range and life and pensions products. A further four new funds will be made available to its life and pension range. The new funds are the Sarasin EquiSar global thematic, the Aberdeen sterling bond, Fidelity MoneyBuilder income, Fidelity ...

  • Skandia targets trustees

    9 Aug 2001

    Skandia's pension trustee bond is a unit-linked bond that invests in unit trusts, Oeics and investment trusts. Considering how the bond fits into the market, Elms says: "With the fund choice and access to Skandia's with-profits-type guaranteed pension fund, this offers real choice to trustees without the admin hassle of multi-providers." Bumford says: "With the increasing popularity of self-invested personal pensions, this product will provide ...

  • Skipton Guernsey grows up

    13 Aug 2001

    Skipton Guernsey has introduced a five-year guaranteed growth bond aimed at offshore investors.

  • Skipton revamps arm for sub-prime sector

    9 Aug 2001

    Skipton Building Society is to become the latest mainstream mortgage provider to enter the sub-prime market by transforming a subsidiary into its specialist lending arm. The UK's sixth-biggest mutual is planning to launch a range of low to medium-risk sub-prime products this week through subsidiary Skipton Mortgages, which previously focused on acquiring the mortgage books of rival lenders. In a move which suggests that mainstream lenders rem-ain ...

  • Skipton shares five ways

    9 Aug 2001

    Skipton Building Society has introduced the second issue of its share tracker bond, which tracks the share prices of five blue-chip companies listed on the FTSE 100.

  • Skipton subsidiary appoints business development director

    13 Aug 2001

    Skipton Building Society third party administration subsidiary Savings Management is appointing Duncan Gregory as business development director.Gregory began his career as an IFA with Skipton Financial Services in 1991, and was formerly Savings Management project manager.Gregory says: "I have been lucky to work within an organisation that prides itself on its continual self development and has such a high regard for its customer service."

  • SLC Asset Management takes on new head of broker support

    10 Aug 2001

    SLC Asset Management has appointed Caroline Carroll as head of broker support within the team headed by head of retail sales Simon Gordon.

  • Standard & Poor's Micropal Top 10

    9 Aug 2001

    There was little change in the unit trust top 10 th, with Artemis UK special situations still holding on to the top spot despite its 12-month return falling to 32.84 per cent from 35.03 per cent. Schroder institutional Canadian fund dropped out of the unit trust top 10, replaced with the Schroder US smaller companies giving a return of 15.58 per cent over 12 months. Average returns on unit trusts are still in negative territory at -16.84 per cent ...

  • Standard Life and Sterling Assurance join AssureWeb

    9 Aug 2001

    Standard Life and Sterling Assurance are the latest insurers to offer an online new business service to IFAs through the AssureWeb internet trading platform.

  • Super-ethical fund for Islamic community

    9 Aug 2001

    Indian financial services group Parsoli has teamed up with Gerrard and City Financial to offer a super-ethical fund targeted at the UK Islamic community. The Parsoli global Islamic equity fund will invest in blue-chip companies across the globe which do not make their returns from fixed interest, gaming or gambling, the manufacture of pig or pork products or alcohol. The product is to be distributed principally through the IFA market.

  • Talkback

    9 Aug 2001

    Should IFA commission be capped? "Yes, on certain things such as large investments of over £1m but not on group pensions where there is a lot of paperwork involved. If they are going to cap commission, they should set a minimum level, too." Roger Moore, Complete Asset Management "No. I understand Sandler looking at it but as long as clients know what is being paid, then I cannot see a problem." Nigel Curry, Griffin Steel & Co. "Yes. ...

  • Teacher's BS form master plan

    13 Aug 2001

    Teacher's Building Society has introduced the cashmaster mortgage plan, a five-year discounted rate mortgage with a cashback.

  • Term insurance sales up

    13 Aug 2001

    Sales of term assurance increased by 8 per cent to 1.05m in 2000 from 973,000 in 1999, according to a survey by GE Frankona Re.

  • Test your knowledge online

    9 Aug 2001

    Test your knowledge online with Money Marketing's CPD questions. Specialist financial publisher. Taxbriefs has drawn up multiple-choice questions based on articles in this week's issue. For further details and this week's questions - see page 43.

  • The Daley Update

    9 Aug 2001

    Schroders is to raise the annual charge on six of its unit trusts - Schroder Pacific, Tokyo, UK equity, income, gilt & fixed interest and European - by 0.25 per cent to 1.5 per cent from November 21 Lincoln Unit Trust Managers is offering discounts of up to 4.75 per cent on its unit trusts and Isas until the end of this month. The Initial charge on the Lincoln corporate bond trust, managed by Goldman Sachs Asset Management, is cut to just 0.25 ...

  • The Exchange rates ASU

    9 Aug 2001

    The Exchange has unveiled an accident, sickness and unemployment mortgage protection plan called the standard easi protect plan that is available to IFAs who use its internet service.

  • Thinktank warning of pension advice vacuum

    9 Aug 2001

    The Government has come under fire from a left-wing thinktank in a damning rep- ort which criticises stakeholder for creating an advice vacuum. The Institute of Public Policy Research, which has influenced much of Labour policy over the last four years,has issued an interim report on its ongoing project, A New Contract for Retirement, in which it says the Government's policies in the pension sec- tor have raised more ...

  • TMT and Euro funds top the league over 15 years

    9 Aug 2001

    TMT and European funds have been the best perfor-mers over the last 15 years despite being among this year's worst performers. Figures published by Autif this week reveal that £1,000 invested in the average TMT fund 15 years ago would now be worth £7,498 while £1,000 inv-ested 12 months ago would now be worth £450. A £1,000 sum invested in the average European fund 15 years ago would now be worth £7,107. However, ...

  • Virgin in stakeholder fines warning

    9 Aug 2001

    UK firms could face total fines of up to £2.5bn for not meeting the Government's stakeholder regul-ations, according to Virgin Direct. According to Virgin's research, there are around 50,270 comp-anies which have yet to act on their stakeholder compliance duties and could face fined of up to £50,000 by Opra.

  • Waiver dual rule set to be dropped

    9 Aug 2001

    The General Insurance Standards Council and Aifa are waiting for the go-ahead from the FSA to end dual regulation of IFAs selling waiver of premium on general insurance policies. Aifa has been in discussion with the GISC for months, arguing that IFAs who sell general insurance policies such as waiver of premium with life and pension products are sufficiently regulated by the PIA and that the consumer is not at risk. Until now, GISC has said PIA-compliant ...

  • Walther stepping down at Clerical

    14 Aug 2001

    Clerical Medical chief executive Robert Walther is retiring before the end of the year and will be replaced by current managing director John Edwards. Walther has been overseeing the integration of Equitable Life with the Halifax group after Edwards was made managing director in February this year. Walther, 57, has been with Clerical since 1965 and was made chief executive in 1995. Edwards, 45, joined Clerical in 1993 and has been a board member in 1998.

  • Which sway for Sandler?

    9 Aug 2001

    The potential impact of the Sandler consultation paper could turn the financial services industry on its head. What are the origins of Sandler's take on the market's possible shortcomings? Obvious candidates include Gartmore chief executive and the trailblazer for Sandler, Paul Myners, assisted by Treasury officials. But other influential figures include life office analyst Ned Cazalet and possibly former Autif director general Philip Warland. One ...

  • Work/life balance key, survey shows

    14 Aug 2001

    People would rather spend more of their salary on additional holiday entitlement and private healthcare benefits for themselves rather than contributing towards costs for care of children or elderly relatives, a new survey shows.

  • Yorkshire Bank guarantees return

    13 Aug 2001

    Yorkshire Bank’s guaranteed equity bond is aimed at people who want to invest in the stockmarket but who have been put off by the market volatility that has taken place over the past year.

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