Money Marketing
8 February 2006

  • "City slicker" jailed

    10 Feb 2006

    Former Daily Mirror journalist James Hipwell has been jailed for three months for using the paper’s City Slickers column to manipulate the stock market.

  • 4.2m fail to cover mortgage with life insurance

    13 Feb 2006

    Up to 4.2 million people that do not have their mortgages covered by life insurance, according to new research from Sainsbury's Bank.

  • 70,000 Firms flout stakeholder rules

    9 Feb 2006

    Government admits that only one company has been prosecuted

  • Abbey insurance and asset management chief leaves

    9 Feb 2006

    Abbey chief executive of insurance and asset management Paul Bradshaw is leaving the company at the end of the month.

  • Abbey launches guaranteed income bond

    14 Feb 2006

    Abbey as launched its ninth guaranteed income bond offering capital protection and fixed income of 3.68 per cent per annum net.

  • ABI expands comms team

    14 Feb 2006

    The ABI has expanded its communications team by creating two new roles.

  • ABI outlines its alternative to NPSS

    10 Feb 2006

    The ABI has outlined its alternative to the Pension Commissions NPSS but failed to pinpoint an annual management charge to challenge Adair Turners 0.3 per cent.

  • A-day action

    9 Feb 2006

    Standard Life head of pensions policy John Lawson says that with A-Day just weeks away, taking stock of pension plans now will reap rewards later. The rules are simple but making the transition will be complex, which is where advisers come in

  • AMI backs Pink's sub-prime probe

    9 Feb 2006

    The Association of Mortgage Intermediaries has given its backing to Pink Homes Loans' campaign to stamp out bad practices in the sub-prime market.Pink's initiative, Turning the adverse world upside down, started this week, with AMI director general Chris Cummings a guest speaker at the launch.The mortgage network is also planning on slashing the maximum amount for its packager valuation fees from 99 to 66 as part of a raft of product launches that will accompany the campaign.Pink ...

  • AMII wants balance between NHS and private sector

    14 Feb 2006

    The Association of Medical Insurance Intermediaries is pleading with politicians to take a balanced view of the private health sector and the NHS, saying the UK should not rely on one of the other.

  • Audit waiver could save advisers 1,000

    9 Feb 2006

    Thousands of advisers could soon be exempted from strict audit requirements costing them up to 1,000 a year.The FSA is assessing the scope for extending a rule waiver, which is already applied to mortgage and general insurance firms, which relieves companies of the burden of appointing an aud- itor purely for the purposes of FSA reporting.The exemption removes the requirements for reserves to be taken from audited accounts and for interim net profits to be verified before they ...

  • Bank of England committee vote to maintain interest rates

    9 Feb 2006

    The Bank of England's Monetary Policy Committee today voted to maintain the Bank's repo rate at 4.5 per cent.The committee's latest inflation and output projections will appear in the Inflation Report to be published on Wednesday 15 February.The previous change in interest rates was a reduction of 0.25 percentage points to 4.5 per cent on 4 August 2005.The minutes of the meeting will be published at 9.30am on Wednesday 22 February.

  • BIA axes mortgage arm

    9 Feb 2006

    Berkeley Independent Advisers is ditching its mortgage arm, Professional Mortgage Network, after struggling to attract brokers.It set up PMN last July in an agreement which saw PMN Limited merged into BIA and PMNL head Dale Knight join the company as Berkeley Berry Birch head of mortgages.Knight is leaving the company and PMN will cease trading on May 1 as BIA looks to focus on its core businesses. Knight will continue working with BIA as a consultant.Professional Mortgage ...

  • Bristol & West - Bank of Ireland Capital Protected Growth Fund 1

    8 Feb 2006

    Bristol & WestBank of Ireland Capital Protected Growth Fund 1

  • C&G goes non-conforming and eyes equity release

    9 Feb 2006

    Cheltenham & Gloucester is moving into the non-conforming market and is looking at equity release next.With Barclays and BM Solutions both considering pushes into equity release, commentators say the sector could become more mainstream, inspiring consumer confidence and helping more IFAs sell the product.C&G says it will not be prevented from entering equity release because fellow Lloyds TSB subsidiary Scottish Widows already sells products.Intermediary sales director John ...

  • Canada Life rejigs group protection

    9 Feb 2006

    Canada Life is revamping its group income protection products by simplifying the maximum benefit formula, improving free cover limits and removing HIV/Aids exclusions.

  • Canada Life rejigs group protection

    8 Feb 2006

    Canada Life is changing its group income protection products by simplifying the maximum benefit formula, improving free cover limits and removing HIV/Aids exclusions.

  • Catalyst Management Systems - Catalyst Management Systems EIS

    14 Feb 2006

    Catalyst Management SystemsCatalyst Management Systems EIS

  • Cause for complaint

    9 Feb 2006

    Another week and another complaint about the tactics employed by endowment-chasing companies.

  • Caveat empty?

    9 Feb 2006

    More than a decade ago, when I was in my infancy as a scribe, I got to know a business journalist who had spent many years working for a variety of national newspapers. His decades of experience meant that what he did not know about the business community and how it worked was not worth knowing, he told me once, wiping foam off his top lip as we had a quick pint or three down the pub after work one evening.

  • Charge questions

    9 Feb 2006

    There are several ways to access a set of funds. Some may choose the bond route - others to construct their own portfolio using a fund supermarket whether advised or non advised- others a multi-manager fund.

  • Cheshire Building Society - Assist Credit Repair - Medium adverse Three Year Tracker

    9 Feb 2006

    Cheshire Building SocietyAssist Credit Repair - Medium adverse Three Year Tracker

  • Chip off the old block

    9 Feb 2006

    As most advisers know, I am a great admirer of Close Brothers, both for its innovation and its investment expertise.

  • Christows restructures its multi-manager portfolio service

    14 Feb 2006

    Christows is restructuring its multi-manager portfolio service into three new categories to appeal to the mass affluent market.

  • Claim-chaser backs down on watchdog fee threat

    9 Feb 2006

    An endowment claim-chaser company which has been reported to trading standards authorities by Aifa over high-pressure tactics designed to get advisers to pay compensation has backed down after pressure from angry IFAs.Aifa reported Lower Cost Complaints to trading standards bodies for using the threat of the Financial Ombudsman case fee and additional costs to put pressure on an IFA to pay out on a complaint.Lower Cost Complaints said: "If you are unable to uphold the clients' ...

  • Claim-chasers move to clean up industry

    8 Feb 2006

    Endowment claim-chasers will present protocols to life offices this week to help clean up the industry. The firms plan to make costs more transparent and outlaw inappropriate advertising.

  • Claim-chasers move to clean up industry

    9 Feb 2006

    Endowment claim-chasers will present protocols to life offices this week to help clean up the industry. They propose to make costs more transparent and ban inappropriate advertising.

  • Collins Stewart launches Eastern European property fund

    9 Feb 2006

    Collins Stewart is launching a closed-ended Eastern European property fund investing in Turkish, Romanian, Ukrainian and Bulgarian property.

  • Compass offers advice deal for transsexuals

    9 Feb 2006

    IFA firm Compass is offering specialist financial advice for transsexuals.The London firm says its TransFinance service will ensure fair treatment for transsexual people when applying for financial products. Managing director Chris Morgan says a growing number of transgender clients have contacted the firm after suffering discrimination by mortgage and insurance firms despite ABI guidelines.Morgan says: "This new service will ensure that all transsexuals are able to get mortgages ...

  • Concern mounts at loss of consumer panel

    9 Feb 2006

    Which? says proposals by the Department of Trade and Industry to combine several consumer bodies could dilute the voice of the financial services consumer panel and leave the public unrepresented in some sectors.Consumer Voice, the DTI's proposed combined consumer protection body which is made up of the FSCP, National Consumer Council, Energywatch, Postwatch and Ofcom, says regulators should no longer have obligatory internal consumer panels.The consultation paper says the DTI ...

  • Correspondent's week

    9 Feb 2006

    This week by personal finance writer Neasa MacErlean

  • Coulson promoted in Home of Choice shake-up

    14 Feb 2006

    Home of Choice managing director Richard Coulson has been promoted to chief executive.

  • Curdle the cream to stop the churners

    9 Feb 2006

    Peter Hargreaves calls on the FSA to tackle churning by making terms less attractive for indemnity commission

  • Cut to the core

    9 Feb 2006

    Fund ranges Advisers could spend their time more fruitfully if providers pruned down the bewildering array of funds on offer, says Scottish Life investment development manager Emma Jones

  • Dale Knight joins Prestbury

    13 Feb 2006

    Former Berkeley Independent Advisers head of mortgages Dale Knight has joined network Prestbury as sales director.

  • Demand grows for timetable on Hips

    9 Feb 2006

    Support is growing for the Council of Mortgage Lenders after it slammed the Government for failing to announce a timetable on home information packs.The Office of the Deputy Prime Minister has confirmed that it has received the CML's report, which expresses serious concerns over the implementation of Hips, and says its officials are sifting through the information.But the ODPM says it is still not in a position to set out a timetable 12 weeks after revealing the target implementation ...

  • Double standards

    9 Feb 2006

    I think the normal way to start some letters is: "I read with interest." Well, in this case, I shall start: I read with astonished incredulity John Ellis's article in Money Marketing referring to the PFS/CII code of ethics which encompasses such things as integrity, professionalism, competence, skill, care, diligence and objectivity. Were any of these qualities mentioned by John Ellis employed when the PFS/CII decided to style at least one of their qualifi-cations, CFP? It is the ...

  • E-business experience

    9 Feb 2006

    Scottish Equitable Protect head of marketing Rod McKie says electronic submission of new business needs to take account of the customer experience

  • Equities Excel

    9 Feb 2006

    The latest IMA retail sales figures show that equities out-stripped bonds last December by more than two to one and, with the tide of investor sentiment turning against fixed interest, many are predicting another good year for equities.

  • Estate protection

    9 Feb 2006

    IHT planning is becoming increasingly complex but clients should be offered the option of taking cover for the liability

  • F&C promotes multi-manager as alternative to with-profits

    9 Feb 2006

    F&C is marketing its multi-manager funds to IFAs as a way to consolidate back books of investment business, including with-profits, which may no longer be suitable for clients.

  • Field warning that firms will dump schemes

    9 Feb 2006

    Former welfare reform min- ister Frank Field says implementing the national pensions savings scheme could mean the death both of defined-benefit and traditional defined-contribution schemes as employers opt for the new model to rem- ain competitive.Pension Reform Group chairman told Parliament last week that if the Government introduces the NPSS, employ- ers would use it as an excuse to reduce long-term liabilities by dumping defined-benefit schemes and scrapping def-ined-contribution ...

  • Four million homes needed, says Arla

    9 Feb 2006

    Arla says nearly four million new homes will be needed in the next 15 years.

  • Four million homes needed, says Arla

    8 Feb 2006

    The Association of Residential Letting Agents warns nearly 4m new dwellings will be needed in the next 15 years to fulfil demand. With the inadequacy of pension provision and increasing life expectancy, solutions such as retirement homes for rent, equity release schemes and Reits seem likely.

  • Franklin Templeton bringing a Bric onshore

    9 Feb 2006

    Franklin Templeton is setting up an onshore version of Mark Mobius's offshore Bric fund as part of a wider push into the UK market.The firm is to offer a further four onshore funds and adding sterling share classes with distributor status for UK investors on 13 of its existing Luxemburg-domiciled portfolios.The Bric fund launch follows similar moves from Allianz and Swip.Franklin Templeton is also aiming to set up global real estate, global value, India and Asian bond funds.Mobius ...

  • FSA fee rises set to slow down

    9 Feb 2006

    Advisers are likely to avoid any major increase in FSA fees next year, with predicted increases set to come in below the rate of inflation.Advisers in levy block A13 will pay an increase of between 0.9 per cent and 2.5 per cent. Small firms with one approved person face a 0.9 per cent increase. In real terms this equates to a 15 rise from 1590 to 1605 per approved person.Firms with 26 to 500 approved person will pay a 2 per cent increase, while large firms with over 600 approved ...

  • 'FSA must force insurers to make indemnity less attractive'

    9 Feb 2006

    The FSA must force life companies to offer demonstrably better terms for fund-based commission than indem- nity to discourage churning, says Hargreaves Lansdown managing director Peter Hargreaves.His comments follow a report by independent consultant Ned Cazalet which claims that current indemnity commission levels and associated clawback periods allow intermediaries to rake in extra cash by recycling policies every few years.Cazalet says this practice is seriously harming life ...

  • FSA rolls out e-learning tool

    8 Feb 2006

    The FSA has launched an e-learning package for small firms to help them work out what financial resources they need to meet regulatory requirements.

  • FSCP warns over RU64 removal due to NPSS

    8 Feb 2006

    The Financial Services Consumer Panel has warned the FSA against the removal of the RU64 rule in the light of Turners NPSS proposals.

  • FSCS facing split-cap liquidation

    9 Feb 2006

    BFS claims could be passed on after creditors' meeting

  • Gartmore - Gartmore Sicav US Focus Fund

    13 Feb 2006

    GartmoreGartmore Sicav US Focus Fund

  • Ghosh heads Japan desk for Newton

    9 Feb 2006

    Newton has appointed Neiloy Ghosh from SG Asset Management to head its Japanese equities desk. Ghosh will also run the Japan fund.

  • Ghosh heads Japan desk for Newton

    8 Feb 2006

    Newton has appointed Neiloy Ghosh from SG Asset Management to head its Japanese equities desk. Ghosh will also run the Japan fund.

  • Gift lift

    9 Feb 2006

    Hartford Life is moving into the UK with a discounted gift scheme which offers an important safety net feature

  • Glasgow in high-income launch

    8 Feb 2006

    Glasgow Investment Managers is offering the Mackintosh high income fund aiming for a net yield of 5.5 per cent a year.

  • Glasgow in high-income launch

    9 Feb 2006

    Glasgow Investment Managers is offering the Mackintosh high-income fund aiming for a net yield of 5.5 per cent a year.

  • Have your say on funding

    9 Feb 2006

    I refer to Chris Cummings column last week on the Financial Ombudsman Service funding review. All advisers should read the FOS plan and budget and make their views known. Too many procedures have been foisted on us because we failed to respond to consultation papers or otherwise promote our opinions. Unfortunately, the matter of FOS funding is only part of the equation. While it remains able to operate outside the law and to adjudicate in a subjective manner, no adviser can ...

  • Hippy hippy shake-up

    9 Feb 2006

    Canny FTBs could find some bargains ahead of the introduction of Hips

  • 'Hips will bring in more first-time buyers'

    9 Feb 2006

    Estate agency Spicerhaart bel-ieves that home information packs will boost the housing market by increasing the number of first-time buyers.It argues that FTBs will save up to 1,000, which will give them more incentive to get on the property ladder. FTB levels have fallen below 30 per cent from 45 per cent in 2000.Spicerhaart says Hips will increase sales transactions by 15 per cent, with demand from up to one million FTBs.Director of home information packs Stephen Nation ...

  • House price inflation on the up

    13 Feb 2006

    UK house price inflation rose from 2.2 per cent in November 2005 to 2.9 per cent in December 2005, according to the Office of the Deputy Prime Minister.

  • House price rises are slowing, says report

    8 Feb 2006

    The Land Registry has revealed annual house price increases are slowing.

  • Hutton backs 0.3% target as it rules out 'high-cost advice'

    9 Feb 2006

    Work and Pensions Secretary John Hutton has endorsed Adair Turner's vision for a 0.3 per cent charge on the nat- ional pension savings scheme and the removal of advice.Speaking at the Work Foundation pensions conference, Hutton claimed that the 0.3 per cent figure was a realistic and sustainable target as it rules out "high-cost" advice.He said that the reason why stakeholder had not been successful enough in appealing to lower-paid people was because advice was factored into ...

  • Hutton says education and advice are key to reforms

    9 Feb 2006

    Work and Pensions Secretary John Hutton believes that for pension reform to work, credible financial education and advice are key to ensure that consumers are aware of the investment risks.Speaking at a pension deb-ate in Parliament last week, Hutton said pensions are never risk-free and should not be treated as such, with finan- cial education and advice a central part of future Government strategy.He said: "It means clear, credible financial education and advice and an important ...

  • IFAs are urged to review plans after High Court ruling on nursing care

    9 Feb 2006

    A High Court ruling that the assessment criteria for fully funded nursing care is flawed opens up opportunities for advisers, according to the Nursing Home Fees Association.But intermediaries say controversy over equity release and long-term care planning as well as a lack of understanding on local continuing care plans is making their jobs harder when advising on continuing care v personal long-term care as assessed by social services.The NHFA says the court ruling highlights ...

  • Individual pension sales fall at NU

    8 Feb 2006

    Norwich Union's individual pension sales fell to 2.5bn last year from 3.1bn in 2004. Equity-release sales fell to 374m from 478m but collective invesetment business rose by 35 per cent to 1,16bn.

  • Individual pension sales fall at NU

    9 Feb 2006

    Norwich Union's individual pension sales fell to 2.5bn last year from 3.1bn in 2004. Equity-release sales fell to 374m from 478m but collective investment business rose by 35 per cent to 1.16bn.

  • Insinger moving fund trio to Nurs structure

    9 Feb 2006

    Insinger de Beaufort is moving its three UK manager-of-manager funds to a non-Ucits retail scheme structure so its fund managers will have greater flexibility.

  • Investment View: The world according to Garp

    9 Feb 2006

    Is it my imagination or are there more than the usual number of opportunities to listen to fund managers express their views on where markets might be going?

  • It's Collett time...

    9 Feb 2006

    Thinc Destini's David Collett is simply the greatest dancer. At the Women's Financial Adviser Group award ceremony last week, not only was he sporting a fabulous suit in WFG colours, he also wowed fellow guests by carving up the dancefloor.Some would argue that his moves demonstrated more gusto than talent but the Diary is not having any of it. The man is the Chico of the finance world. Amazing what talents emerge at industry dos.

  • Jailed IFA banned for life

    9 Feb 2006

    A Nottingham IFA jailed for five years after he defrauded clients of 2.7m has been banned for life by the FSA.Oaktree Financial Services principal Stephen Higham admitted fraudulent trading at Nottingham Crown Court in May last year. Now the FSA has given Higham, who had a conviction for false accounting in 1989, an "indefinite prohibition".The FSA said in a letter: "The convictions, and the conduct which gave rise to them, go directly to impugn your honesty, integrity and reputation ...

  • Join the dots

    9 Feb 2006

    Isolated opportunities can be turned into exciting new business plans with some integrated thinking

  • Keep USP simple

    9 Feb 2006

    There is no doubt that the market after A-Day for unsecured pension (USP) and alternatively secured pension (ASP) will be attractive to many. Our own research suggests that most in the advisory market agree. The increased flexibility for taking income up to and beyond 75 and simplification of the treatment of occupational and protected rights income withdrawal is good news.

  • KPMG hires John Hughes as head of private equity

    13 Feb 2006

    KPMG has appointed John Hughes as partner in the firms Manchester office as head of private equity in the North.

  • Laundry list switches the focus to risk

    9 Feb 2006

    The joint money laundering steering group has published radical new guidance on preventing money laundering and financial terrorism.The guidance, if approved by the Treasury, will form the basis of the FSA's initiative to remove detailed rules on anti-money laundering and give senior management of firms more responsibility for their own systems.The revised guidance is designed to allow firms to focus their resources on customers who represent a higher risk. It will simplify ...

  • Lawyer bids to claw back 'wrongly paid' redress

    9 Feb 2006

    A specialist law firm claims the Financial Ombudsman Service has been acting outside its jurisdiction for years and wrongly forcing thousands of firms to pay out on endowment complaints.Financial Services Legal is mounting a challenge against the ombudsman and seeking to claw back compensation paid out by firms directly authorised under Fimbra which then joined providers or networks as appointed representatives before becoming PIA members. Fimbra members were gradually moved across ...

  • Leeds Building Society - Two Year Fixed Rate With Extended Lock In

    13 Feb 2006

    Leeds Building SocietyTwo Year Fixed Rate With Extended Lock In

  • Leeds extends two-year fix

    8 Feb 2006

    Leeds BS is extending its two-year 4.75 per cent fixed rate by six months until April 30, 2008.

  • Leeds extends two-year fix

    9 Feb 2006

    Leeds BS is extending its two-year 4.75 per cent fixed rate by six months until April 30, 2008.

  • Lender eyes pensions and investments

    9 Feb 2006

    Mortgage provider Home of Choice plans to branch out into pensions and investments. It is looking to set up an introducer relationship later this year.

  • Lifetime accuses platforms of trying to lock in advisers

    9 Feb 2006

    Lifetime is allowing IFAs to move funds to other plat- forms free of charge and has slammed rivals which try to lock in advisers by levying exit penalties.The wrap provider says it is taking a stand against competitors which charge exit penalties to re-register fund holdings off their platforms or do not have procedures in place to enable this.It says this disadvantages advisers and their clients, who must either pay the exit penalties or encash their fund holdings to switch, ...

  • LivVic offers pension term assurance on joint-life basis

    9 Feb 2006

    Liverpool Victoria will offer joint-life cover on a first- death basis on its suite of pension term assurance products set for launch at A-Day.From April 6, the 10 per cent contribution limit on pension term assurance premiums is being lifted to allow consumers to increase the amount of cover they can effect while receiving tax relief.Director of intermediary sales Stuart Tragheim says: "We are delighted to have been able to kick into touch the perception in the indus- try that ...

  • Lords rule against KPMG in deficit case

    9 Feb 2006

    KPMG must meet its 60m pension deficit after its attempts to overturn a High Court ruling on the nature of its pension scheme were thrown out by the House of Lords.The Lords upheld the ruling that KPMG's pre-2000 pension scheme was defined-benefit, not money-purchase, so the accountancy firm could not cut pensions in payment to reduce its liabilities because of obligations under the Pensions Act 1995.KPMG set aside 13m in 2004 and earmarked a further 15m last year in case it ...

  • Loretta Minghella

    9 Feb 2006

    Her family's ice cream business boasts that "One lick and it's love" and the chief executive of the Financial Services Compensation Scheme will certainly be popular with advisers if she manages to lick the levy system into shape. Interview by James Salmon

  • Man Investments - Man IP 220 International

    14 Feb 2006

    Man InvestmentsMan IP 220 International

  • Matrix Structured Products

    13 Feb 2006

    Matrix Structured ProductsAscension Plan II Top Up

  • Mifid rules use flexible approach

    9 Feb 2006

    The final draft of the Mifid level 2 rules reveal that the EU is adopting a flexible principle-based approach, giving the FSA scope for implementation. Advisers will not have to record all client conversations but will face more stringent rules regarding product suitability justifications.

  • Mifid rules use flexible approach

    8 Feb 2006

    The final draft of the Mifid level 2 rules reveal that the EU is adopting a flexible principle-based approach, giving the FSA scope for implementation. Advisers will not have to record all client conversations but will face more stringent rules regarding product suitability justifications.

  • Mortgage brokers predict house price rise

    8 Feb 2006

    Almost two thirds of brokers expect house prices to rise this year, according to a survey by UCB Home Loans.The survey of nearly 1500 mortgage brokers conducted in January shows 31 per cent expect them to remain broadly the same as in 2005, and only four per cent think they will fall.According to the survey 52 per cent expect more buyers to enter the market in 2006, whilst 32 per cent think the number of homebuyers will be roughly the same as last year and 16 per cent think there ...

  • Mortgage firms could fare well in PPI probe

    9 Feb 2006

    The mortgage industry could escape severe regulatory censure for selling payment protection insurance.Research agency Defaqto believes that if regulators do investigate PPI selling practices, the mortgage sector "is least likely to require close scrutiny".It claims that abuses are far more prevalent in the personal loans and credit card sectors.But British Insurance managing director Simon Burgess says some product providers selling MPPI in the right-to- buy council house ...

  • Mortgage staff may be on move

    9 Feb 2006

    Several BM Solutions' staff are set to quit in the next few weeks, adding to the HBOS exodus.MM understands that a number of middle management and back-office staff are waiting for March bonus payouts before handing in their notice, with Oakwood their likely destination.HBOS head of intermediary business Grenville Turner is leaving in June after 30 years at the company and will be replaced by head of advisory sales and specialist banking Philip Grant.BM saw the departure ...

  • Mortgage View: Lenders need to help FTBs

    9 Feb 2006

    Most clouds have a silver lining although you sometimes have to search pretty hard. So while first-time buyers struggle to get on the property ladder, you can be sure that someone, somewhere, will be benefiting from their misfortune.

  • Multi-manager View: Unsung heros

    9 Feb 2006

    Is it just performance or outperformance that we seek or is it something more sophisticated than that? In managing longer-term money, surely we must take account of other key issues, such as volatility and cost?

  • NAPF brands scheme 'a throwback to the Stalinist era'

    9 Feb 2006

    The National Association of Pension Funds has described Lord Turner's proposal for a nat- ional pension fund as a "throwback to the Stalinist era".Chief executive Christine Farnish describes the nat-ional pension savings scheme as a monolithic quango.She says: "It does sound like a throwback to the Stalinist era, setting up a single mon-olithic structure. I do wonder whether the real plot was not to try and provoke the industry to come up with some- thing better."The NAPF ...

  • NAPF helps set up mediation service

    9 Feb 2006

    The National Association of Pension Funds has joined with the Centre for Effective Dispute Resolution to provide a mediation service for members. It will help resolve disagreements between trustees, employers and scheme members.

  • NAPF helps set up mediation service

    8 Feb 2006

    Mortgage provider Home of Choice is planning on branching out into pensions and investments. It is looking for a partner to introduce business to with a launch planned later this year.

  • New fees go towards paying FSA pensions

    9 Feb 2006

    The FSA says it is using addit-ional income from mortgage and general insurance regulation to help pay off its 35m pension deficit.The regulator says it will use "unplanned income" primarily from higher than expected auth- orisation fee inflows to raise its pension deficit payment from 6m to 9.7m. Its deficit was valued at 35m last March.It has budgeted to give staff an average 4.5 per cent pay rise despite its bid to keep costs down. It plans to boost staff bonus payouts by ...

  • Norwich & Peterborough - 10 Year Fixed Rate Mortgage

    10 Feb 2006

    Norwich & Peterborough10 Year Fixed Rate Mortgage

  • Norwich Union picks advocate in orphan bid

    9 Feb 2006

    Norwich Union has named a policyholder advocate marking the next stage in the insurer's battle to take over its 2bn orphan estate.It has nominated former Ofgas director general Clare Spottiswoode to represent policyholder interests in any restructuring.The firm has been looking into how it can free the assets across two of its with-profits funds, Culac and CGNU, and the appointment of a policyholder advocate fulfils an FSA requirement introduced in 2005.Spottiswoode will ...

  • 'NPSS investment risk would fall on staff in private sector'

    9 Feb 2006

    The Association of Consult- ing Actuaries says implemen-ting Lord Turner's national pension savings scheme would mean that private-sector workers would face all the investment risk in their pensions.It says there should be more incentives to encourage emp-loyers to offer good low-cost schemes that share risks bet-ween employers and employees. It wants these incentives to feature in the new reforms as an alternative to NPSS.The ACA is concerned that the NPSS proposals could und-ermine ...

  • Open season

    9 Feb 2006

    Our panel say ad spending is rising to build on confidence for Isa sales, plus: the implications of A-Day for fund firms

  • Open war to break out on annuities

    9 Feb 2006

    The annuity market is set to be a significant battleground for insurers as researcher firm Defaqto predicts a scramble for assets over the next couple of years.The IFA market for annuities is worth more than 5.6bn but in the first quarter of 2005, four companies accounted for 83 per cent of all open market option sales. Aegon last week set out its aims to become a top five player by the end of 2007 and Defaqto is predicting more insurers will follow their lead in the post-retirement ...

  • Packagers' body aims at small firms

    9 Feb 2006

    The newly formed United Packagers' Association is set to cause a stir in the market by looking to recruit members from a rival group.The Mortgage Times, a founder member of the UPA, says it is not directly targeting firms from the Freehold Group but has asked its members to look at the UPA's offering and make their own judgement.TMT, which has no plans to set up its own lending arm, refuses to rule out eventually tring to buy any firms that join the group.Only last month, ...

  • Park Row builds team to advise on annuities

    9 Feb 2006

    Park Row is introducing an annuity advice service in early April and has brought in Mike Harding to lead the team.Harding joins from the Pensions Annuities Friendly Society, where he had a similar role.Park Row believes increasing numbers of clients will be looking for annuity advice after A-Day rather than buying on an execution-only basis.The desk will be run out of its Basingstoke office. The firm aims to have a team of five advisers in place within 12 months, supported ...

  • Pensions Regulator launches online training

    14 Feb 2006

    The Pensions Regulator is launching its online e-training system for pension trustee schemes tomorrow February 15.The toolkit is a free online training programme designed to aid trustees with their own learning. The Pensions Act 2004 says trustees must have knowledge of the law relating to pensions and trusts and understand the principles relating occupational schemes funding and the investment of scheme assets.

  • PFS is taking the wrong line

    9 Feb 2006

    It is very interesting to learn of the efforts that the PFS is going to to recruit new desperately needed blood from the universities into the industry but I feel that you are going about it in the wrong way. If I was a graduate considering joining our industry, do you seriously think that I would ever consider doing this in the present climate of "cover your back or get sued for up to 16 years after retirement", retrospective compensation awards and witchhunts, spiralling regulatory ...

  • PFS search covers tied and IFAs

    9 Feb 2006

    IFA Promotion chief executive David Elms says the Personal Finance Society's new adviser search facility could struggle because it includes multi-tied and tied advisers.He says the find an adviser tool is seen as a rival to IFAP's Unbiased offering but he thinks it will fail to attract third-party referrals because comp- anies will not want to risk referring clients in case they end up using one of the multi-tied or tied advisers on the PFS's membership database.Elms says failure ...

  • Pioneering system for friendly

    9 Feb 2006

    Pioneer Friendly Society is setting up a online e-business system offering IFAs instant quote facilities and underwriting decisions.The e-Pioneer scheme features enhanced commission based on 140 per cent of Lautro rates and the revamped website aims to offer a seamless online service for intermediaries.Advisers will be able save and track incomplete applications from submission to completion and monitor commission payments as well as view policies sold and review clients' policy ...

  • Polar pair joining Liontrust

    9 Feb 2006

    Gary West and James Inglis-Jones get equity stakes to run boutique's European portfolio launching in September

  • Private practice

    9 Feb 2006

    A healthy equilibrium in the private equity market is creating a good supply of investment opportunities

  • Product matters: Home in on the range

    9 Feb 2006

    Although this year has started strongly for the mortgage market, there has not been much in the way of new deals.One lender that has been improving its range is Skipton, which is offering new fixed rates.For residential borrow-ers, Skipton's three and five- year fixed rates have been cut from 4.85 per cent to 4.74 per cent. The deals carry an arrangement fee of 449 and are available up to 95 per cent, although a higher lending charge applies above 90 per cent. There are early ...

  • Profit of doom

    9 Feb 2006

    Success breeds contempt while the unprofitable and inefficient wins favour

  • Protected rights ban for trust-based Sipps

    9 Feb 2006

    Trust-based Sipps will continue to be prevented from holding protected rights, according to the latest Department for Work and Pensions update. But Sipp arrangements will be allowed to sit within the wrapper of an appropriate scheme without invalidating its contracted-out status.

  • Protected rights ban for trust-based Sipps

    8 Feb 2006

    Trust-based Sipps will continue to be prevented from holding protected rights, according to the latest Department for Work and Pensions update. But Sipp arrangements will be allowed to sit within the wrapper of an appropriate scheme without invalidating its contracted-out status.

  • Putting the stress on testing

    9 Feb 2006

    Boston-based Dalbar has a 25-year reputation in the US for stress-testing life companies' products and services and is lining up a move into the UK to shake up industry service standards.

  • Regulation set to cover loan sector

    9 Feb 2006

    Concern as claim-chasers switch to personal loans

  • Regulator says it is sticking to principle plan

    9 Feb 2006

    The FSA has pledged to con-tinue its move to principle-based regulation and focus on improving staff training.In its business plan for 2006/07, chief executive John Tiner says the FSA recognises that many firms prefer the clarity of a rule-based approach. But he says the regulator will press ahead with plans to reduce prescriptive rules and urges industry organisations to help firms comply with a principle-based regime.The FSA says it will work to improve its service standards ...

  • Revenue puts brakes on turbo-chargers

    9 Feb 2006

    Cost and admin fears as new rules bring 55% tax threat for recycling pension fund cash

  • Ritchie says firms will turn away GPP sales or raise charges

    9 Feb 2006

    Life offices will have to refuse new group pension business or impose extra charges on small and medium-sized employers if Adair Turner's NPSS plan gets the go-ahead, warns Scottish Equitable director of pensions development Stewart Ritchie.He says it is inevitable that pension business will take flight into an NPSS scheme, leaving life offices with three choices in the next four or five years - accept business and not make a profit, reject business or imp-ose additional charges.The ...

  • Royal banker Coutts opts for whole of market

    9 Feb 2006

    The Queen's banker Coutts has shocked IFAs by moving to whole of market status rather than offering its wealthy clients a fee option.Coutts head of regulated products Edward Colyer says the bank does offer clients a fee option in exceptional circumstances, such as for very complex pension adv- ice but this is in no more than 5 per cent of cases.Colyer says: "We chose whole of market so we could have more control over remuneration but we probably should have gone IFA bec- ause ...

  • 'Rules add to withdrawal confusion'

    9 Feb 2006

    New rules on income withdrawal and pension transfers have been criticised for add- ing complexity.Skandia pensions marketing manager Billy Mackay says the HMRC requirements will increase consumer confusion as well adding to the admin burden for providers. Under the new guidelines, a client who has consolidated a range of income-withdrawal plans from an existing personal pension will have to be shown yearly review periods, maximum income limits and different arrangement structures ...

  • 'Scotland ready to repel invasion of rogue claim-chasers'

    9 Feb 2006

    Claim-chasers could be regulated in Scotland if the authorities find any evidence of abuses or shoddy practices.The Scottish Executive has confirmed it is monitoring developments and will take action if necessary.Concerns were raised by Lord Hunt of the Wirral in Money Marketing last week that claim management firms could move to Scotland to escape regulation once the Compensation Act is in place later this year. The bill only extends to England and Wales at present.A Scottish ...

  • Set your sales

    9 Feb 2006

    A popular theme for many of the columns appearing in the trade press is trying to second-guess those areas of business which might be the subject of particular attention by the FSA in the coming months.

  • Skandia debuts on Cofunds with selection of 15 funds

    9 Feb 2006

    Skandia Investment Management is making 15 of its funds available to advisers through Cofunds.Its seven asset allocator funds, five actively managed funds, two property funds and ethical fund have been added to the platform as a result of the deal, which follows its agreements with FundsNetwork and Lifetime's wrap platform, the bigger picture, at the end of last year.Skandia IM also has distribution deals in place with a number of networks includ- ing Bates, Bankhall, Millfield, ...

  • Smith & Williamson - Edge Performance VCT

    9 Feb 2006

    Smith & WillliamsonEdge Performance VCT

  • Special edition

    9 Feb 2006

    Fund manager profile Merrill Lynch's special situations star Richard Plackett's funds are being seen as serious alternatives to Fidelity's giant fund after spectacular outperformance says Nicola York

  • Standard payouts more than halved since 2000

    9 Feb 2006

    Standard Life with-profits payouts have fallen dramatically after it cut bonuses again with payouts now at well under half the levels seen in 2000.The cuts come despite Standard Life's with-profits fund delivering a return of 16.1 per cent last year.The payout on a 25-year mortgage endowment for a policyholder paying 50 a month falls to 40,459 compared with 49,511 last year, 54,975 in July 2004 and 102,449 in 2000.On a 20-year unitised pension with premiums of 200 a month, ...

  • Standard revamps year-old loan plan

    9 Feb 2006

    Standard Life is revising its loan plan on its first anniversary, adding a cancellation deed that the client can sign to bring the loan to an end, creating a lifetime gift for inheritance tax purposes.

  • Standard revamps year-old loan plan

    8 Feb 2006

    Standard Life is revising its loan plan to mark its first anniversary adding a cancellation deed that the client can sign to bring the loan to an end, creating a lifetime gift for IHT purposes.

  • Supermarket leap as bond charges rocket

    9 Feb 2006

    Fund supermarkets are sending annual charges on bond funds soaring by up to 85 per cent to compete with "ridiculous" commission paid by life companies, claims BestInvest business development manager Justin Modray.He says marketing mater- ial from FundsNetwork and Cofunds shows that annual charges on funds held within their onshore bonds are markedly higher than on Isas or unwrapped investments.Aberdeen Asia Pacific has an AMC of 3.25 per cent on Cofunds and 2.48 per cent on ...

  • Swedish system is overshooting aim

    9 Feb 2006

    The Swedish pension system may not be able to meet its target annual management charge of 0.3 per cent, casting doubts on Lord Turner's plans for a similar target for NPSS charges.A committee set up to evaluate the pension system chaired by international economic affairs and financial markets Minister Gunnar Lund says the public needs help and guidance as pension savers do not understand how to handle their investments.Its report found that Swedes pay an average of 60 basis ...

  • Tech fund will turn away Fofs

    9 Feb 2006

    Close Finsbury head of distribution Stuart Alexander says the firm will turn away any fund of funds managers wanting to invest in its technology fund.The 900,000 fund grew to 10m in the technology bubble but it suffered when two fund of fund managers withdrew their combined investment of 8.5m.Alexander says: "This fund will always be price-sensitive because of the number of smaller stocks it invests in, so we are keen to attract interest from the intermediary market and private ...

  • The fall and rise of the mortgage broker

    9 Feb 2006

    Guy Anker says broker business is bouncing back after a post-regulatory dip

  • The measure of value

    9 Feb 2006

    In Money Marketing recently , GE Life claimed that "Pru's lifetime cut has not gone far enough". If by this, they meant that Pru's rate for its lifetime mortgage is not as low as GE's, they are right. If, however, you are looking for customer value rather than a crude comparison of rate, then it is a very different story. A far better measure of value for a lifetime mortgage is its level of flexibility and associated savings for customers. A product with built-in flexibility ...

  • Thinc Destini restructures senior management team

    13 Feb 2006

    Thinc Destini has restructured its senior management team following the appointments of Howard Flight and Nick Kelly.

  • Three quarters of IFAs put faith in multi-manager, says Credit Suisse

    13 Feb 2006

    Almost three quarters of intermediaries believe multi-managers will outperform single fund investments over the long term.

  • Threesixty launches lead generation service

    13 Feb 2006

    threesixty services is launching a lead generation service for IFAs.

  • Threesixty seminars to tackle tax issues

    9 Feb 2006

    Threesixty services is running a series of 12 free IFA seminars on tax planning issues including exploiting exemptions and allowances.

  • True grid

    9 Feb 2006

    In my last article, I started to outline a range of suggested portfolios based on two simple variables - attitude to risk and likely term of investment.

  • Two thirds of mortgage broker predict rising house prices

    8 Feb 2006

    Almost two thirds of brokers expect house prices to rise this year, according to a survey by UCB Home Loans.The survey of nearly 1500 mortgage brokers conducted in January shows 31 per cent expect them to remain broadly the same as in 2005, and only four per cent think they will fall.According to the survey 52 per cent expect more buyers to enter the market in 2006, whilst 32 per cent think the number of homebuyers will be roughly the same as last year and 16 per cent think there ...

  • UCB Home Loans - Self Certification Two Year Tracker (Non Flexible)

    10 Feb 2006

    UCB Home LoansSelf Certification Two Year Tracker (Non Flexible)

  • Vertex acquires 1st

    9 Feb 2006

    Vertex has announced the acquisition of adviser technology firm 1st for an initial fee of 25m plus up to 13.5m subject to performance criteria.

  • What is FSA's problem with accreditation?

    9 Feb 2006

    A requirement of the FSA is for organisations to put in place processes to monitor transactions for potential money-laundering activity, with part of this require-ment enforcing that any suspicious transactions must be reported. There are potentially many simple, low-cost software solutions on the market but they are consistently being over-looked as the decision-makers feel that buying them would be viewed as "not taking the matter seriously". Consequently, the market is dominated ...

  • Whiter than white

    9 Feb 2006

    One of my first anti-money-laundering training projects was back in the early 1980s, in the same year when Derby winner Shergar was kidnapped for a 2m ransom and women's shoulder pads were wider and racier than any racehorse.

  • Wholly ghost

    9 Feb 2006

    Meaningful guidance on the wholly and exclusively test is conspicuous by its absence

  • Witan confirms second dividend

    9 Feb 2006

    Witan Investment Trust is to pay a second interim dividend of 5p per ordinary share to be paid on April 3, 2006.

  • With cutout & I

    9 Feb 2006

    London is awash with fancy bars and lavish restaurants to choose from when making a big announcement or launch so when Pink Home Loans decided to brave the stag and hen night haven Walkabout on Shaftesbury Avenue for its big day, it probably took many by surprise.On second thoughts, a room full of mortgage brokers and scantily-clad drunk young ladies is probably a regular night out.

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