8 June 2005
Wealth management offers investors a wide range of choice but the companies seem to make a very similar approach
WHAT THE TEAM TALKED ABOUT
Banned IFA David Aaron is accusing the Financial Ombudsman Service of changing the way it treated cases against his firm after the FSA found against him.
Abbey has created a structured product linked to the performance of its multi-manager growth fund rather than a stockmarket index.
This is my first column for Money Marketing as director general of Aifa.
Artemis Investment ManagementStrategic Bond Fund
Forecasting UK interest rates should be easy. The Bank of England monetary policy committee is open and transparent and releases more information about its decisions and how it arrives at them than any other central bank.
Following the recent news in Money Marketing (June 2) that Prime Minister Tony Blair has been critical of the FSA and FSA chairman Callum McCarthy's somewhat plaintive letter in response to the criticism brings to mind an apposite quote: "They don't like it up 'em" (Corporal Jones, Dad's Army.)
BNP Paribas Asset ManagementParvest Australia
BNP Paribas Asset ManagementParvest Europe Financials
BNP Paribas Asset ManagementParvest Italy
BNP Paribas Asset ManagementParvest Latin America
It was with considerable interest and ultimately some disbelief that I read Jason Whyte's recent comments in Money Marketing regarding the potential development of a life industry-wide wrap.
Britannic is on the verge of unveiling the launch of a pioneering European equity income fund under its Argonaut boutique brand.
The CBI has called for the state second pension to be revamped to benefit lower-earners.
Children's Mutual chief executive David White has been appointed to the board of the Pep and Isa Managers' Association.
Every morning I check the best buy tables of our competitors, along with many internet-based sourcing sites which use these tables to drive customer enquiries which they can then sell on to brokers.
After reading Nic Cicutti's article in last week's Money Marketing, I wonder why oh why if "experts" like him cannot get it right, what chance have the general public got?
The Chartered Insurance Institute and Society of Mort-gage Professionals have joined together to publish a fact file to warn intermediaries of the perils of ignoring FSA rules.
Risk - can it ever be understood? Looking at the experiences of the past decade, the answer might be no. It seems the rational response to choosing a comfortable level of risk is overpowered by irrational emotion - fear, or in some cases loathing, with memories of the bear markets still raw.
There's a opportunity for local radio listeners in Ipswich to snap up an attractive prize courtesy of Ipswich Building Society.
A somewhat revitalised Opposition makes for a highly charged Parliamentary setting.
Nationwide is predicting a soft landing for the property market after house prices rose by 0.3 per cent in May.
There is a spring in my step as I bound downstairs on Monday morning. It is a new week and it is time to think about wrap products.
Association of Mortgage Intermediaries director Chris Cummings is stepping into the role of Aifa director general following the unexpected resignation of David Severn.Severn is leaving after being diagnosed with kidney disease.
UK life firms need to make major changes in accounting processes to operate successfully in the changing regulatory environment, says acc- ountancy firm Deloitte.
Escalating moving costs are eating into the profits of pensioners switching to smaller homes to release retirement funds, says Prudential.
Edinburgh Investment Trust has been criticised by two City analysts over its branding and performance.
Equity release is to get its own dedicated section in the yellow pages phone directory and online website, allowing consumers to hunt easily for an equity-release broker.
The Exchange is to power the launch of Millfield's multi-tie operation as well as two other distributors.
I am beginning to wonder whether the FSA has set up a new department that goes by the name of Head a Misselling Crisis Off at the Pass.
Our panel of experts look at the shake-up at Henderson, the prospects for long/short funds and interest rate movements
A fund described as the UK's first capital-protected film vehicle is offering investors access to the potential gains of film-making.
Sesame chief executive officer Patrick Gale says now depolarisation is upon us, networks are being seen as far more than commission clubs with compliance
The FSA does not have the resources or the muscle to deal with inducement payments from providers to networks, according to concerned IFAs and providers.
The FSA has challenged Prime Minister Tony Blair to publish the evidence behind his recent attack on the regulator for inhibiting efficient business.
Last week's headlines in the national press were full of the French and Dutch words for "no". Sixty-two per cent of the Dutch votes and 56 per cent of the French went against the European Union's proposed constitution. What are the investment implications of the "nons" and "nees"?
GE Life is enhancing its pension range by adding eight external funds.
Morgan Stanley Investment Management has made 11 Sicav funds available to UK investors by getting UK distributor status for them.
Britain's biggest independent insurance broker Heath Lam-bert has been accused of pension phoenixing after a com- pany restructure tried to place its 210m defined-benefit schemes deficit on the Pen-sion Protection Fund.
Hedge fund investors can unwittingly face effective tax-rates of more than 60 per cent on death because the asset can attract income as well as inheritance tax, warns law firm Withers.
Philip Scott finds SVM UK opportunities fund manager David Stevenson full of good cheer with his stockpicking success based on often ignored firms such as brewers which can serve up double-digit annual returns
Four out of 10 UK investors do not know where to invest their money, according to research by New Star.
The Japanese small cap bubble could soon burst and hit several investment trusts, says Iimia chief investment officer Nick Greenwood.
The Mortgage WorksThree Year Fixed Buy-To-Let 4.85%
Many a headline and column inch have been dedicated to the debate on IFA remuner-ation, namely commission.
Taped conversations between FSA field staff investigating an IFA reveal internal concerns over the impartiality of the regulator's enforcement division.
Bedlam Asset Management has introduced its fifth fund, the Bedam Europe fund.
M&G is continuing to see a resurgence in several investment sectors. Two of its funds I like at present are M&G global basics and M&G Japan smaller companies.
Keydata has brought out another issue of the dynamic growth plan, a capital-protected bond that provides geared exposure to the FTSE 100 index over a six-year term.
Here we are at last, the wondrous world of depolarisation. Never before has so much been debated and written to result on implementation day as a non-event.
Legal & General is now running for policy valuations on Exweb Gold, The Exchange's recently launched portal service for IFAs.
Apcims has been granted an 11th-hour stay of execution on the new depolarised regime after the FSA announced a four-month waiver before members have to implement the payment menu.
A lead-generation business loosely based on the internet auction e-bay concept has been launched to allow brokers to bid for leads.
Investors intending to put residential property into Sipps should be extremely cautious, warns the Association of Residential Letting Agents.
It is sometimes said that an Englishman's home is his castle. But, from next April, he could also have a Spanish villa sitting tax-free in his Sipp.
Matrix Money Management has created a fund of hedge funds investing in a portfolio of global macro hedge funds.
Matrix Money Management is offering a top-up issue for the Matrix ascension plan 1, a capital-protected hedge fund.
Matrix Money ManagementMatrix Ascension Plan 1 Top Up
Matrix Money Management is providing access to a portfolio of global macro hedge funds from £10,000 but warns investors to be prepared for losses of up to 10 per cent a month.
Medicash health insurer is introducing two healthcare products to the intermediary market to help employers deal with absenteeism and staff retention.
The Personal Finance Society says the payment menu is overcomplicated and claims that providers' commission structures confuse consumers.
Smith & Williamson has merged with Solomon Hare to form the UK's eighth-biggest financial advisory firm in terms of turnover.
Morgan Stanley Investment Management Sicav Euro Strategic Bond Fund
Morgan Stanley Investment ManagementSicav European Property Fund
Morgan Stanley Investment ManagementSicav Global Bond Fund
Type: Sicav Aim: Income and growth by investing mainly in dollar-denominated fixed-income securitiesMinimum investment: Lump sum £5,000Investment split: 42% government bonds, 21.7% corporate bonds,16.9% mortgages, 8.2% government agencies, 11.2% cash and cash equivalentsPlace of registration: LuxemburgCharges: Initial up to 4%, annual 0.8%Commission: Subject to negotiationTel: 020 7425 8701
The Mortgage Works is slashing its buy to let rates and improving its lending criteria, with effect from June 3.
Liberal Democrat Treasury spokesman Lord Oakeshott has attacked A-Day changes, claiming a "tidal wave" of tax avoidance is on its way along with potential dangers for advisers who advocate putting residential property in Sipps.
Pension term insurance could be the next big seller in the protection market after A-Day, says Chadborn Baker & Kearle principal Peter Chadborn.
Anyone who knows Janet Walford, the long-serving editor of Money Management, will also know that she is a feisty woman.
A fund-based/trail commission model will curb commission abuse and build client relationships kerry nelson
Legal & General may have had its fine for mortgage endowment misselling slash-ed almost in half by the independent Financial Services & Markets Tribunal but does this really constitute a victory?
Openwork, the multi-tie distribution business owned by Zurich Financial Services, opens for business this week with 2,200 RIs.
"I think we are the only senior management in this industry without a helicopter or racing car. Are we doing something wrong?" - Sesame's Charles Bryant.
BNP Paribas Asset ManagementParvest World Technology
Over 50s currently outnumber the under 16s by almost two to one and more than 1.6 million retirees have returned to the workforce to bolster their income, according to Prudential.
Norwich Union pr supremo James Evans has spent the last couple of weeks kicking through the windows of an old woman in Philadelphia.
Premier Mortgage Services is saying goodbye to its mortgage services manager Morag Laird after nine years which started when she helped found the business.
The British Property Federation is calling for residential buy to let to be regulated and says that until that happens lenders should agree a common minimum rent to interest cover of 130 per cent.
Harry and Sally Rich are in their mid-50s. Their son is an impoverished student while their daughter is unhappily married to a wealthy man who they dislike.
So Swiss Re has confirmed, in some detail, that sales of all term protection products fell from their previously dizzy heights last year (Swiss Re Term & Health Watch 2005).
Royal London has seen a 21 per cent increase in life and pension business for the first quarter with sales rising from 40.4m to 49m.
The UK savings ratio average has fallen to 5.6 per cent, close to its record low of 4.9 per cent, according to research by Halifax Financial Services.
FSA staff who were secretly recorded while investigating an IFA's complaints procedure spent 20 per cent of their time discussing issues such as sport and freemasonry.
The FOS chairman admits the watchdog does get spurious claims but says firms should be doing more to explain and says some providers are misusing the service by just outsourcing complaints
Pension and regulation guru Nigel Stammers is leaving Clerical Medical after 21 years with the firm.
This year could prove to be the exception to the stockmarket rule of sell in May and go away, says Halifax Financial Services.
What an interesting article about Jeremy Bradburne and particularly fascinating that one of his favourite cars is the Austin Martin.
Better a warning now on equity release than Which? inviting people to make a claim in five years time
It is possibly not uppermost in the mind of anyone newly appointed to an executive or non-executive position but all the same it is worth pointing out that in addition to the greater financial rewards often associated with such appointments there also comes additional personal liability for a negligent act.
Consumer Complaints and Compensation: A Guide for the Financial Services Market, by Adam Samuel, was published last month, and is the first book written on the subject.
Investment trusts have a strong performance story but Witan Investment Trust marketing director James Budden says they need win back advisers' confidence
Trustnet has devised four top-10 tables to help investors compare multi-manager funds in different sectors.
UCB Home LoansSelf Cert 2 Year Tracker
The Morgan Stanley Sicav European property fund is one of 11 Sicav funds recently registered for distributor status in the
No less a person than Tony Blair is concerned about the FSA "inhibiting the efficient business of respectable companies that have never defrauded anyone".
Suffolk Life is offering five free places at this month's Henry Stewart Sipps and Retirement Options conference, worth 500 each, to IFAs.
Winterthur Life is to move into the group Sipp sector.
I have long believed that one of the best software applications for generating additional inc-ome for advisers is the pension profiler package from O&M Systems. I have referred to this software in Money Marketing as "a licence to print money for IFAs".