Money Marketing
8 March 2006

  • 20M Currie Isas and Peps move on to FundsNetwork

    9 Mar 2006

    Over 2,000 Martin Currie Isa and Pep accounts worth 20m have been transferred to Fidelity's FundsNetwork platform, taking the total amount of block transfers to 243m.Martin Currie announced last September that it had selected FundsNetwork as its recommended investment platform for Isa and Pep investors.Martin Currie still manages the funds but investors can keep track of their portfolios via FundsNetwork.The transfer of Martin Currie Isa and Pep accounts on to the platform ...

  • 77% Of IFAs use multi-manager funds

    9 Mar 2006

    More than three-quarters of IFAs recommend multi-manager products to their clients, according to research by Fidelity.

  • A new breed

    9 Mar 2006

    There are three major issues in the venture capital trust market-place - new VCT variant combining VCT relief with IHT, limited-life VCTs and the "sweet equity" issue.

  • A Noble offering from Sitka

    10 Mar 2006

    Noble Fund Managers is looking to raise 700m for the Sitka Health Fund venture capital trust following its takeover of Sitka last October.

  • A question of breeding

    10 Mar 2006

    Breeding Capital is an enterprise investment scheme that aims to raise up to 5m to invest thoroughbred horses for horseracing and in related assets such as stallion shares.

  • Abbey enhances wrap service with 7 per cent trail

    10 Mar 2006

    Abbey Wrap has introduced three new features to its platform with the aim of improving service to IFAs.It has increased the maximum level of trail commission available to advisers from 1 per cent to 7 per cent as well as allowing IFAs to view historical investment transactions and hold VCTs on the platform. The new features follow IFA feedback and, the firm says, further signify its commitment to the wrap platform.

  • Abbey in the firing line for soldier snub

    9 Mar 2006

    Endowment complaint was rejected as firm said if he was in the army he must have high-risk attitude

  • Abbey launches Property and Stockmarket Plan

    13 Mar 2006

    Abbey has launched the Property and Stockmarket Plan designed to allow people to benefit from any averaged growth in the FTSE 100 Index and the Halifax House Price Index over a fixed term without risking their capital

  • Aberdeen closes Ratebuster

    14 Mar 2006

    Aberdeen has written to IFAs closing the Ratebuster fund it inherited from DWS in last year's buyout.

  • ABI on the attack

    9 Mar 2006

    The Association of British Insurers is certainly going on the offensive.

  • Absinthe makes the card go yonder

    9 Mar 2006

    Skandia's corporate credit card was cancelled recently because it had undergone "too many transactions of varying amounts in the same place".

  • Admin backlogs could hit A-Day transfers

    9 Mar 2006

    A leading pension IFA claims the rush to secure pension trans- fers before A-Day is being hindered by providers which are unable to cope with backlogs.Richard Jacobs Pensions & Trustee Services director Rich-ard Jacobs says providers are warning of a four to five-week turn-round time both for pension transfers and general A-Day enquiries.He says Standard Life is the worst to deal, with after the firm told him it cannot answer general enquiries before April 6.But Standard ...

  • Admin is biggest cause of job dissatisfaction for advisers

    9 Mar 2006

    The burden of administration is causing huge amo- unts of job dissatisfaction among advisers and is one of the main reasons why the industry is failing to attract younger workers.A Norwich Union Healthcare survey has found that advisers spend less than a quarter of their time dealing with clients, which is typically regarded as the most satisfying aspect of the job, and 65 per cent of their time on paperwork and administration.The amount of admin was the biggest complaint, at ...

  • Adverse conditions

    9 Mar 2006

    Guy Anker on how lenders are vying for a slice of the adverse-credit market

  • 'Advisers being confused by release guides'

    9 Mar 2006

    Advisers are being misled by industry guidance on equity release, says Key Retirement Solutions business develop-ment director Dean Mirfin.He told MM Live/Financial Services Scotland last week that the array of information being presented by the likes of Aifa and the Council of Mortgage Lenders is contradictory in some cases.Mirfin believes that information from providers can be biased towards their pro- ducts while he claims that some information is simply incorrect.Aifa ...

  • Alliance & Leicester and RBS building on loan increases

    9 Mar 2006

    Royal Bank of Scotland and Alliance & Leicester have both reversed the trend of high-street mortgage sales slumps.The banks have revealed encouraging results for last year and are both hoping for more growth through major changes to their mortgage propositions.Total mortgage lending for RBS last year was up by 13.5 per cent to 64.6bn and the bank now claims to have 8 per cent market share.An RBS spokesman says: "We saw particularly good growth in higher margin products such ...

  • Arctic role

    9 Mar 2006

    Examining the Arctic Systems case and its implications for husband and wife businesses

  • Article of war

    9 Mar 2006

    The debate about whether the Financial Ombudsman Service violates European human rights laws flared up again recently, with the FSA rejecting allegations that have been dogging the FOS since its formation.

  • Barclays plans to double Select Choice advisers to 1,500

    9 Mar 2006

    Barclays has revealed plans to almost double the size of its Select Choice multi-tie arm over the next two years.Managing director of financial planning Jim Reeve says the firm is looking to increase adv-iser numbers from 800 to 1,500 by the end of 2008.He says Select Choice originally plannned to recruit just 300 advisers but the 700 extra staff are expected to generate 40-50 per cent of additional new business to take the firm's annual new business income to 200m.Barclays ...

  • Bates to buy Weston

    10 Mar 2006

    Bates Investment Services is buying Berry Birch & Noble (Weston) Financial Planning for a minimal sum and is expected to be picking up some of the adviser liability.

  • BBB's creditors are owed 24m

    9 Mar 2006

    Pension shortfall could end up with PPF after firm racks up 80m losses

  • Bewilderment as Revenue claims it is all set for A-Day

    9 Mar 2006

    The Revenue has puzzled the pension industry by claiming that all the legislation is in place for A-Day.The claim, made in its latest tax simplification newsletter, has been ridiculed by several industry commentators, who point out that the rules on inheritance tax and the policing of tax-free cash have not yet been finalised.Scottish Equitable pensions development manager Rachel Vahey says the claim suggests HM Revenue & Customs does not understand the situation just one month ...

  • Big boost for Lloyds TSB

    9 Mar 2006

    Lloyds TSB Group has seen a 21 per cent increase in life insurance new business, with IFA sales up by 30 per cent.The firm says its market share has risen to an estima- ted 6.2 per cent from 5.7 per cent and it has turned in an overall profit of 3,820m, with Scottish Widows finally paying dividends to the group.Life and pension business margins rose to 29.7 per cent.Sales for Scottish Widows Investment Partnership doubled from 8m to 16m and general insurance sales leapt ...

  • Bric-a-brac

    9 Mar 2006

    Our panel consider the merits of Bric funds plus 'Harry Potter's' hedge funds and four-page special on VCTs

  • Bright Grey dropped over intrusive questions

    9 Mar 2006

    I have deep concerns as to the motives behind Bright Grey's introduction of a most intrusive and complex question on their protection proposal form. Most of the leading protection providers in the marketplace quite correctly request information relating to proposals made in the last 12-24 months and any concurrent applications. However, Bright Grey in their wisdom have decided to demand the following voluminous information for all protection proposals: "Do you have any existing ...

  • Britannic leads European equity income trend

    9 Mar 2006

    Jupiter and Schroders are looking at following Britannic's Argonaut boutique into the European Equity income sphere.Schroders is lining up an offshore European equity income fund for launch in the third quarter to be run by former DWS manager Sonja Schemman, who joined last September.Meanwhile, Jupiter says it is looking at expanding its income range but that a firm decision has yet to be made.The market for income funds remains strong and Britannic's onshore Argonaut European ...

  • Brokers in clash on execution-only PTA

    9 Mar 2006

    Lifesearch has slammed Hargreaves Lansdown's plans to launch an execution-only pension term assurance service, saying the product should not be sold without advice.It says Hargreaves Lans-down is oversimplifying PTA by calling it "catch-free" on its website, when the product is complex. But Hargreaves Lansdown claims that Lifesearch is wary of it entering the market, fearing it will take business away from it.Lifesearch says it has spoken to several product providers that have ...

  • Bupa cuts CI rates

    10 Mar 2006

    Bupa has reviewed its rates on critical illness with life plans, introducing an average 3 per cent reduction from March 6.

  • Business after BBB

    9 Mar 2006

    The news that Tenet Group is to buy a substantial part of Berkeley Berry Birch Group is to be welcomed.

  • Can you have fun running?

    9 Mar 2006

    Standard Chartered is looking for City businesses to rise to the challenge and take part in its 2006 Great City evening race this summer.Participants will run 5km through the closed-off streets of the square mile. Anyone fancying their chances in a group of four can contact the international bank on 020 7940 1700.pThe Diary has found that MM staff are split on the issue of a certain City Slicker James Hipwell.Our investment reporter believes the former Mirror share tipper and columnist ...

  • Changes to rebates still pose dilemma

    9 Mar 2006

    The Government's revised rebates for contracting out have failed to clear up the advice dilemma.A new cap of 7.4 per cent of middle-band earnings has been set, reduced from 10.5 per cent.Standard Life head of pensions policy John Lawson says the age at which being contracted-out starts to become detrimental to savers will now fall from 55 to 43, so anyone aged over 43 would be ill advised to remain contracted out after April 2007, when the new rates are implemented.Rates ...

  • Charge of the light brigade

    9 Mar 2006

    I have just completed a review of a client's Standard Life stakeholder contract into which she has contributed 200 net a month since January 2003. The contract adheres religiously to stakeholder's zero buying- in and exit charges, no flat policy charges and, of course, the 1 per cent limit on the annual management charge. Out of this has to come Standard Life's administration costs for setting up and running the plan, the annual charges on the underlying funds and recovery of initial ...

  • Chelsea chairman wants FSA to pay back 250 fine

    9 Mar 2006

    Chelsea Financial Services chairman John Holder wants the FSA to repay the 250 it fined him for filing returns late because he was seriously ill in hospital.Holder became ill in early January with a blood infection and was admitted to North London's Wellington Hospital for treatment between January 24 and February 7.Despite contacting the FSA twice to explain the situation, Holder was fined 250 for filing the retail mediation activity returns a week late when he returned to ...

  • Chip issues D share

    10 Mar 2006

    Close Property Investment is raising up to £40m in D shares for Close high income properties (Chip), an offshore closed-ended fund that is also available within an Isa wrapper.

  • Claims' council shunned as chaser regulator

    9 Mar 2006

    The Government has rejec- ted the Claims Standards Council's bid to regulate claim-chaser companies and says the FSA will play a key role in the new regulatory regime.During a House of Lords' debate on the Compensation Bill this week, the Government spokeswoman for constitutional affairs Baroness Ashton promised that the new regulatory regime will clamp down on rogue firms by screening indiv- iduals operating within the sector and imposing crim- inal record checks.But she said ...

  • Clerical Medical promotes gay advice

    13 Mar 2006

    Clerical Medical is launching a radio campaign on Gaydar Radio promoting the benefits of financial planning for same sex couples.

  • Clerical Medical to assist pension trustees with reporting

    13 Mar 2006

    Clerical Medical is offering pension trustees or managers help with the heavier reporting regime expected after A-Day.

  • Complaints chief fears Mifid threat

    14 Mar 2006

    FSA independent complaints commissioner Sir Anthony Holland claims the upcoming Mifid rules will strike fear in the hearts of all advisors.

  • Correspondent's week

    9 Mar 2006

    This week by Stephen Womack, Mail on Sunday

  • Dashboard introduces online mortgage solution

    9 Mar 2006

    Dashboard Software has brought out a new web-based system, Dashboard Lite, aimed at mortgage advisers and packagers.The fully internet-based back-office system is based on the Dashboard product currently used by lenders and packagers.It aims to cover the complete client and product cycle from enquiry through to case completion.The product, costing 25 a month, is available for packagers to offer to brokers or direct to brokers themselves.It offers real-time case tracking, ...

  • David Paterson appointed to dual role at NAPF and RREV

    14 Mar 2006

    David Paterson has been appointed as head of corporate governance at the NAPF and as director of research at RREV.

  • Deal or no deal?

    9 Mar 2006

    Too much money chasing too few deals in the VCT market this year could see investors lose out with the sector becoming saturated in some sectors and specialist funds are likely to struggle.

  • Don't be led into temptation on commission, warns FSA

    9 Mar 2006

    The FSA says advisers must not disadvantage customers by succumbing to enticing commission deals.The cautionary note comes after advisers complained that a number of life companies, including Friends Provident, were paying additional commission to brokers, with that cost passed on to customers through premium-loading.The FSA says advisers must provide the most suitable product for the customer and not choose the package that offers the highest commission.It says it is aware ...

  • Don't tar all claim-chasers with the same brush

    9 Mar 2006

    I am writing in response to numerous articles in the media pitching endowment claim companies as the bad guys who are somehow capitalising unfairly on the unsuspecting public. I am amazed and frustrated at this seemingly one-sided debate. Responsible companies like ourselves have no gripes against IFAs or the financial services industry per se.We do not deal with a large number of cases in respect of IFAs but there will always be a minority that have missold policies. Despite ...

  • Endowment chaser slashes its 800 cancellation fee after adviser steps in

    9 Mar 2006

    A no win, no fee claim-chaser which charged a client 800 for withdrawing a complaint has been persuaded to waive most of the fee by the client's IFA.Oasis Financial Services charged the 800 fee after the client withdrew a complaint about an endowment policy.But the client's adviser, Jacksons director Keith Oliver, challenged the fee, arguing that Oasis failed to mention the charge in its correspondence with the client. He said Oasis had only followed its initial cold-call to ...

  • Exchange links to Plum

    13 Mar 2006

    The Exchange has announced e-commerce integration links with Plum Software allowing the software providers clients direct access to the quotes review section of Exweb.The deal allows users of Plums Fact Finder Plus Administrator direct links to the portals services enabling easier access to quotations recently completed and submitting new business online.Plum Software managing director Ann Dempster says: We have worked closely with The Exchange to develop this direct link in to ...

  • F&C unveil UK opps for Doel

    10 Mar 2006

    F&C Asset Management has unveiled its UK opportunities fund, an Oeic to be run by former DWS manager Phil Doel.

  • Fears start to grow over black hole of liabilities

    9 Mar 2006

    The scale of Berkeley Berry Birch's liabilities and where they will fall remains unclear.Fears are mounting that liabilities could be passed on to the Financial Services Compensation Scheme, meaning that advisers could effect- ively be saddled with the cost.Tenet, which has bought BIA and BB&N FP, says it will not be taking on the financial liability of any past business, although it has set aside 1.4m for the two firms' future liabilities.Financial Services Legal partner ...

  • Fettered FOF from Standard Life

    10 Mar 2006

    Standard Life Investments has established the dynamic distribution fund, a unit trust fund of funds that will gain exposure to UK equities, property and bonds mainly through collective investment funds managed by Standard Life.

  • Fidelity falls out of top 10 with 212m special sits outflow

    9 Mar 2006

    Fidelity fell out of the top 10 fund groups in the last quarter of 2005 after suffering massive outflows from its special situations fund.The Pridham report shows that, having sold 258m net in the third-quarter, Anthony Bolton's Fidelity special sits fund saw outflows of 212m following his firm's announcement in September that it will split the fund in two.Over 2005, Fidelity saw its market share on Cofunds fall from 5.3 per cent in the first quarter to 0.87 per cent in the ...

  • Firms still failing to prepare for A-Day

    9 Mar 2006

    Many companies still do not understand the implications of A-Day, says a survey by Jardine Lloyd Thompson and Financial Director magazineThe survey finds that 45 per cent of organisations operate trust-based defined-contribution pension schemes, with 31 per cent offering group personal pensions.Half of the respondents still operate defined-benefit schemes but 47 per cent are closed to new entrants.The data shows that the average pension deficit is 15 per cent of the total turnover ...

  • First opportunity from Liontrust

    10 Mar 2006

    Liontrusts First Opportunities fund is a unit trust that has a bias towards medium and smaller UK companies including those listed on Aim.

  • Focus on Offshore

    14 Mar 2006

    Overall we are seeing quiet times in the offshore market at the moment with many firms continuing with that much loved phrase (except by journalists, that is) 'business as usual'.

  • Franklin takes global apprach to real estate

    10 Mar 2006

    Franklin Templeton has added five funds to its Luxemburg Sicav range that is available to UK investors. One of these funds is the Franklin global real estate fund.

  • FSA damns BIAs sales and compliance record

    8 Mar 2006

    BIA showed a reckless disregard for its customers by not checking the work of a consultant who trained members to push WoL policies rather than pensions and chase the biggest commission levels, says the FSA.

  • 'FSA probe staff should show their qualifications'

    9 Mar 2006

    An IFA cleared over allegations of non-compliant complaint-handling procedures says FSA and Financial Ombudsman Service staff should be forced to reveal their qualifications to advisers they are investigating.Mortgage Life & Pensions was investigated by the FSA last year after endowment complaints.Managing director Paolo Standerwick says he was concerned that the FSA would fail to spot crucial information in his files and asked the inves- tigation team whether they had Financial ...

  • FSA rules rethink on competence

    9 Mar 2006

    The FSA has confirmed that detailed rules on training and competence will not apply from next year to firms dealing only with wholesale or non-private customers. Companies, rather than the FSA, will perform background checks on new staff.

  • FSCS declares 65 firms in default

    14 Mar 2006

    The Financial Services Compensation Scheme has declared another 65 firms in default as endowment complaints continue to plague the industry. This represents more than double the 30 firms declared in default last month.An FSCS spokeswoman says the sheer spread of endowment complaints across the industry means its solvency teams are having to pursue more firms, including retired advisers, to test their ability to pay compensation.The firms listed include many retired advisers ...

  • FSCS fee hike could cripple firms, says Positive Solutions

    14 Mar 2006

    Positive Solutions has warned the predicted rise in the Financial Services Compensation Scheme levy could put advisers out of business.

  • FundsNetwork announces 17 collection points for last minute Isas

    14 Mar 2006

    Fidelity FundsNetwork has announced seventeed April 5th collection points to help IFAs ensure they can easily submit their clients' last-minute Isas.

  • German bank set for lending launch

    9 Mar 2006

    German investment bank West LB Capital Markets is set to launch an inter-mediary mortgage lending arm in the next few weeks. It will trade under the name Basinghall Finance, a newly-created subsidiary of West LB, although day-to-day sales and admin processes will be conducted by Home Funding Limited.

  • HBOS hits back at 'rumour mongers'

    9 Mar 2006

    HBOS managing director of intermediaries Nigel Stockton has launched a stinging attack on rumour-mongers who he claims are trying to damage the lender.Stockton says he has had to keep quiet on the matter until HBOS announced its annual results last week, where it saw its gross market share fall slightly from 23 per cent in 2004 to 21 per cent last year.He denies suggestions that HBOS is not committed to the intermediary market or it is struggling to cope with the loss of several ...

  • HBOS sparks argument by axing agency

    9 Mar 2006

    HBOS has begun cancelling agencies with brokers that take on staff who left the Openwork network after allegations of malpractice.It has axed London mortgage intermediary 20Twenty from its distribution panel after claiming it took on staff whose contracts were terminated from Openwork appointed representative Faber Callidus.BM Solutions initially complained about the conduct of staff last summer and a joint Openwork/BM investigation was launched.But 20Twenty, which was based ...

  • Heir apparent

    9 Mar 2006

    Nicola York looks at the industry reaction to an innovative type of VCT which combines Aim shares with inheritance tax relief

  • Henderson faces 50m law suit by Pearl

    9 Mar 2006

    Henderson is facing a 50m law suit from Pearl Group as it is set to make a bid for Gartmore.Lawyers for both Pearl Group and Henderson are in talks about an out-of-court settlement for the claim which relates to Henderson's management of the Pearl's closed life funds.Sun Capital bought Pearl from HHG - which also owned Henderson - in December 2004 for 1.025bn but management of its 600m closed life fund remains contracted to Henderson for 10 years.Sun Capital chief executive ...

  • Heritable Bank - Status Fixed to 01/05/08

    10 Mar 2006

    Heritable BankStatus Fixed to 01/05/2008

  • Hip timetable promised after programme leader is axed

    9 Mar 2006

    The Office of the Deputy Prime Minister says more shake-ups are likely after it axed Hip programme manager Cathy Cant.It also promised to intro- duce a timetable for implementation of home information packs in the next few weeks following concerns over delays.Cant was replaced as pro- gramme leader by ODPM director-general of people, places, planning and communities Richard McCarthy shortly after the ODPM revealed that multiple schemes will be in place for registering home inspectors, ...

  • House prices down by 0.2% in February

    9 Mar 2006

    House prices fell by 0.2 per cent in February following a 1.5 per cent increase in January, according to the Nationwide house price report.The average house price is now 158,578, which is 3.7 per cent higher than a year ago. Nationwide says the trend over the last six months has been strong, making interest rate cuts unlikely in the short term.Buyers traditionally ret- urn to the market in the spring, so the society says March's figures will show whether February's fall is ...

  • HSA - Workwell Option 2

    10 Mar 2006

    HSAWorkwell Option 2

  • HSA works well

    10 Mar 2006

    HSA has added a standalone health cash plan concentrating on dental and optical benefits to its company paid Workwell product.

  • Ibis sets up twin media VCT

    10 Mar 2006

    Ibis media venture capital trust 1 and 2 are twin generalist VCTs aiming to raise up to 30m to invest identically in a portfolio of small UK media companies.

  • Icon puts twist on asset backing

    10 Mar 2006

    Icon Asset Management has brought out the Icon Asset venture capital trust, a VCT that takes a different approach to asset backing.

  • In good health

    9 Mar 2006

    Who would have thought that Italian men have 13 years greater health expectancy than Finnish men?

  • Insinger claims risk categories mislead clients

    9 Mar 2006

    Supposedly low-risk portfolios may be highly correlated'

  • Interest rates held at 4.5 per cent

    9 Mar 2006

    The Bank of England’s Monetary Policy Committee has voted to maintain interest rates at 4.5 per cent for the eighth month running.

  • Investment View: Border lines

    9 Mar 2006

    Last week saw me travel to Scotland. Mind you, I nearly cancelled the trip. The thought of what my Scottish colleagues may have had to say about England's disappointing performance in the rugby at Murrayfield the previous weekend did not bear thinking about. It was only my Irish ancestry that enabled me to hold my head up.

  • Isis takes Aim

    10 Mar 2006

    Isis Equity Partners, a division of F&C Asset Management, has added the Baronsmead Aim VC

  • Japan is set to be a winner

    9 Mar 2006

    I have been very keen on Japan over the past three years. In fact, the average Japanese Unit Trust has risen by 93 per cent over three years, 45 per cent over four years and 35 per cent over one year to February 1 2006.

  • Junk the junk mail

    9 Mar 2006

    Financial advisers are bombarded with a huge amount of communications from product providers. Is this a good thing?

  • Jupiter picks UK fund chief

    9 Mar 2006

    Jupiter has appointed former Deutsche Asset Management manager Richard Curling to run its UK smaller companies fund. Curling takes over from manager Philip Matthews, who is moving to the UK equity income desk to support Anthony Nutt.

  • Keydata launches dual VCT

    10 Mar 2006

    Keydata is raising up to 40m for the Keydata income VCTs 1 and 2, two VCTs investing in renewable energy.

  • Lawyer fears clients can use FOS cash to fund legal action

    9 Mar 2006

    A financial services solicitor claims that FOS rules are all- owing complainants to use ombudsman payouts to pursue civil litigation against firms.The FSA is consulting on plans to raise the compensation caps for the Financial Ombudsman Service and Financial Services Compensation Scheme.The ombudsman can award a maximum of 100,000 on a claim but it can recommend that the firm should pay out a voluntary additional sum.Fishburns Solicitors, which provides legal services to ...

  • Legal & General warns on cuts in S2P

    9 Mar 2006

    Legal & General pensions strategy director Adrian Boulding says clients should be told that the state second pension scheme is no better than Serps to anyone earning over 27,800.He says clients would be well advised to top up personal pensions regardless of whether they are contracted out or opt back in to the state scheme.Boulding says many of the changes on S2P and Serps have gone largely unnoticed by the public.He says the accrual rate of S2P has reduced so that what ...

  • LibDems reshuffle front bench

    9 Mar 2006

    The LibDems have reshuffled their front bench after Sir Menzies Campbell's election, with Julia Goldsworthy replacing Chris Huhne as Shadow chief secretary to the Treasury. Vince Cable remains Shadow Chancellor.

  • Manager hails NAV strategy

    9 Mar 2006

    Multi-manager Iimia believes its strategy of exploiting discounts and premiums to net asset value within the investment trust sector has helped produce positive performance over the last year relative to other funds with similar objectives.

  • Match of the day

    9 Mar 2006

    F&C is looking to sponsor a Premiership football club, turning the spotlight on how fund managers go about raising their public profile.

  • Matrix tops up ascension

    10 Mar 2006

    Matrix Structured Products is offering a top-up issue for the Matrix ascension plan 2, a capital-protected hedge fund,

  • Midas funds link to FundsNetwork

    10 Mar 2006

    Midals Capital Partners is making its balanced growth and balanced income funds available on FundsNetwork.

  • 'Mistakes happen' says ScotEq over client's 20k penalty

    9 Mar 2006

    Scottish Equitable has told an adviser that "errors do happen" after hitting his client with a 20,000 pension transfer penalty despite making rep-eated assurances that no charge would apply.Oakland Financial Management director Tobin Roberts was told he could transfer his client free of charge out of ScotEq's version 3 reflex pension policy.The client completed the compulsory 15-year period of the pension contract but stop-ped contributions after seven years. Despite its assurances, ...

  • More investors planning Isas this year

    9 Mar 2006

    Seventy per cent of active investors plan to use their 2006 Isa allowance, up from 57 per cent last autumn, according to the Association of Investment Trust Companies' investor confidence survey.Of these investors, 49 per cent said they intend to put their Isa money in shares.The survey also reveals that 54 per cent of active investors want to increase their stockmarket exposure more generally this year, up from 44 per cent in 2005.The AITC says confidence has been buoyed ...

  • Mortgage View: What's in a name?

    9 Mar 2006

    We still don't seem to be delivering a clear and confident message to consumers about where they should go for mortgage advice. This was brought home to me in a live radio call-in programme, when we were asked where do we go for good "independent advice" on mortgages.

  • MPs looking at who would regulate NPSS

    9 Mar 2006

    Select committee will examine the role of the FSA and Treasury in the planned scheme

  • Multi-manager View: Alpha beater

    9 Mar 2006

    A high-alpha fund is intended to outperform strongly, with 'alpha' referring to the added return above a suitable benchmark, against which the fund is measured.

  • Multi-ties will get commission boost

    9 Mar 2006

    IFAs lose out with lower payments from Burns-Anderson's panel of five

  • Noble Property predicts increase in commercial property investment

    13 Mar 2006

    Sipp investors will increase their exposure to commercial property by an average of 16 per cent over the next tax year according to Noble Property.

  • NU reduces its average MVRs on unitised with-profits policies

    13 Mar 2006

    Norwich Union has reduced its average market value reduction on unitised with-profits policies.

  • NU's business bounces back after rethink

    9 Mar 2006

    Norwich Union saw a resurgence in pension business in the second half of 2005 after commission cuts were reversed.Pension sales were down by 1 per cent from 9.17bn to 9.05bn year on year but NU says it was forced to reverse the commission cuts it introduced across its stakeholder and individual pensions in October 2004 last July after the firm's market share began to plummet.NU UK chief executive Gary Withers says: "We repriced for the first half of last year and then got to ...

  • OFT investigates PPI complaints

    9 Mar 2006

    Citizens Advice is making a 'super complaint' to the OFT calling for an investigation into the payment protection insurance business."

  • Only 21% say IFAs are their top choice

    9 Mar 2006

    Only one in five people say IFAs are their first choice when seeking financial advice, according to Defaqto and MoneyExpert.com.Research reveals that 54 per cent believe banks and building societies are the best advice sources compared with 21 per cent for IFAs. Family members feature at 46 per cent, partners or spouses at 40 per cent, the internet at 22 per cent, Citi- zens' Advice at 15 per cent and bosses or work colleagues at 12 per cent.The research surveyed 957 people ...

  • OOC II

    9 Mar 2006

    Unusually, we had a surfeit of amusing Out of Contexts this week, so we are treating you to just a few more here:l "I'm just waiting for Aled to move over and then it's all mine." Skandia's Alex Jones on his singing career.l "There are real live Swedes over there. Nearly as many as in our offices." Jones again.l "We've already planned the trips to South Africa. I'm sure it's far warmer than Sweden." Two members of the Skandia press team on the Old Mutual takeover.

  • Pension sales increase by 13%

    9 Mar 2006

    There was strong growth in pension sales last year with new business up by 13 per cent on 2004 figures. Regular premium emp- loyer-sponsored stakeholder pensions grew by 24 per centfrom 388m to 483m while single-premium employer-sponsored pensions rose by 22 per cent, from 323m to 393m.ABI director of life and pensions Chris Kenny says: "The figures show steady growth in the long-term savings market, with particularly encouraging results in the single-premium individual pensions ...

  • Pension term clients could face a massive tax bill

    9 Mar 2006

    People could lose enhanced protection and face a huge tax bill on their retirement savings if they buy a pension term assurance policy after A-Day.Swiss Re technical manager Ron Wheatcroft says PTA opens up potential for misselling if IFAs do not bring the risks to the attention of their clients.He says anyone who has opted for enhanced protection and then buys PTA will lose the enhanced protection and face a 55 per cent recovery tax charge on all assets over the lifetime limit. ...

  • Pink Home Loans - Capital Home Loans Self Cert BBR + 0.99%

    10 Mar 2006

    Pink Home LoansCapital Home Loans Self Cert BBR + 0.99%

  • PREMIER FUND MANAGERS - Protected Growth Plan - Limited Editions No 31

    10 Mar 2006

    Premier Fund ManagersProtected Growth Plan - Limited Editions No 31

  • Product matters: Mark of Ingenious

    9 Mar 2006

    As the 2005/06 VCT season draws to a close, we are look-ing at some specialist venture capital trusts for clients who understand the risks.One such issue is the Ingenious Music VCT 2. It follows the successful launch of the first Ingenious Music VCT, which became the biggest specialist fund of its kind last year.The second VCT looks set to repeat this success as at the time of writing it has raised more than 10m of its 30m target.This particular VCT enables individuals to ...

  • Property fund for new Isa regime

    10 Mar 2006

    Legal & General has brought out a UK property unit trust that enables investors to hold property within an Isa under the new rules.

  • PruFund growth rate rises to 5.25%

    9 Mar 2006

    Prudential has raised the expected annual growth rate on its PruFund with-profits product for the first time from 5 per cent to 5.25 per cent. The fund has gone up by 18.1 per cent since it started 17 months ago.

  • Royal family

    9 Mar 2006

    London & Country head of communications David Hollingworth hopes the brand shake-up can fan the RBS flame

  • Sarasin Chiswell publishes investment guides

    14 Mar 2006

    Sarasin Chiswell has published two reference guides to investment for charities and private investors.

  • ScotEq's Access wins national sales award

    9 Mar 2006

    Scottish Equitable's sales team Access have won sales management team of the year at a national sales awards competition at the Grosv- enor House Hotel in London last week.Access was also highly commended in the sales team and sales support categories at the annual awards cerem- ony. Sales teams were entered across industries, including BP, Esso, Hilton, O2, Shell and Vodafone as well as finan- cial providers.Seventy-six companies entered, with Access beating other finalists ...

  • Seed Capital - Oxford Technology 4

    10 Mar 2006

    Seed Capital Oxford Technology 4

  • Sesame doubles Isa sales through FundsNetwork

    9 Mar 2006

    Sesame has seen Isa sales more than double this year as investor confidence has improved.Sales through partner Funds- Network in January and February increased to 11.36m from 5.45m in the first two months of last year.The network has designed model portfolios tailored towards cautious, income and growth investors. It says the growth portfolio has been most popular due to its combination of adventurous funds from well-known fund managers.Product manager Phil Hull says: "I ...

  • Small firms facing big problems

    9 Mar 2006

    Helen Monks reports that the FSA is trying to help small businesses but some advisers feel that it needs to rethink its regulatory approach

  • Sowing the Seed of tech

    10 Mar 2006

    Seed Capital is raising up to £12.5m to invest in Oxford technology 4 VCT, a venture capital trust focusing on early stage and start-up technology companies in and around Oxford

  • Staying at home is just the ticket for small caps

    9 Mar 2006

    Old Mutual select smaller companies fund manager Dan Nickols reckons onsite visits can be a waste of research time

  • Steve Parkinson

    9 Mar 2006

    Capita Life and Pensions Services' managing director is aiming to steal a march on Vertex with provider deals in the pipeline and up to 20 big adviser firms on its radar. The firm is steadily building its business in the IFA market and more deals could be on the way, including a compliance service. Interview by Paul McMillan

  • Stress relief

    9 Mar 2006

    The VCT industry is crossing its fingers and hoping for 40 per cent income tax relief to be retained in the Chancellor's Budget speech this month, says NVM investment director Tim Levett

  • Supermarket sweep

    9 Mar 2006

    Supermarkets are fast taking over traditional IFA distribution channels

  • 'Swedish pension model survives on big subsidies'

    9 Mar 2006

    Standard's Lawson says contribution levels are double Turner's figure

  • Talking about

    9 Mar 2006

    In a Money Marketing round table discussion, six of the industry's leading pension experts give their views on A-Day and how money-purchase schemes fit into the plans, the main losers in an NPSS world and the group Sipp market. Report by Nicola York

  • Talks to sell off Weston

    9 Mar 2006

    Berkeley Berry Birch is in adv-anced discussions to sell off IFA subsidiary Weston.Berry Birch & Noble Financial Planning (Weston) was excluded from the Tenet deal, which saw Tenet acquire BIA and BBN FP from BBB this week. BBB says it is in late-stage discussions with a single firm.Tenet says the national IFA did not fit with its business model but it has taken on the pipeline business and commission trail liability for Weston.Weston became an appoin-ted representative ...

  • Tenet picks up 430 RIs in BBB takeover

    9 Mar 2006

    Tenet has bought Berkeley Independent Advisers and Berry Birch & Noble Financial Planning in a deal that sees it pick up around 430 RIs.Tenet paid 0.9m up front, with a further 1.45m deferred for 12 months subject to the RIs meeting business qua- lity standards.Tenet says all the advisers have immediately transferred to the group.BIA members are authorised through network Interdependence while Berkeley Direct advisers will use IFA Profess-ional support services.Tenet ...

  • The final countdown for BBB

    9 Mar 2006

    Paul McMillan sets out the long and winding route which has ended with Berkeley Berry Birch going into administration

  • The hedge of darkness

    9 Mar 2006

    Hedge funds: Mystery surrounds the workings of hedge funds and IFAs are concerned that the FSA may be about to relax the rules for retail investors, says Nicola York

  • The right place at the right time

    9 Mar 2006

    The three Adviser Fund Indices have maintained consistent outperform-ance since their inception, says Adviser Fund Index editor James Teasdale

  • Threadneedle opens bidding for LSE

    14 Mar 2006

    Threadneedle has opened the bidding for the London Stock Exchange by saying it is willing to discuss proposals with interested parties.

  • Tories say pensioners could be forced to pay back pension credit

    10 Mar 2006

    Pensioners could be forced to pay back money to the Government due to miscalculations of pension credit, according to figures unearthed by the Conservatives.

  • Troubled water

    9 Mar 2006

    More financially secure clients don't need all this Jack and Jill paperwork

  • Trustee safety net

    9 Mar 2006

    Jamie Ricketts, assistant underwriter at E&O Professional, looks at the benefits that pension fund trustees can get from trustee liability insurance

  • Turbo-charged

    9 Mar 2006

    HMRC's plans to stamp out tax-free cash recycling will only extend the red tape

  • Turner claims NPSS alternatives could lead to misselling

    9 Mar 2006

    Adair Turner branded the ABI and NAPF alternatives to his national pension savings scheme as too risky for consumers, at a debate hosted by the Department for Work and Pensions last week.Lord Turner said that he believed the proposed "carousel" system prosed by the ABI, where savers would be allocated a life office fund in rotation, and the NAPF's plan for super-trusts could open the door to misselling although he admitted that no system is completely free of risk.Turner asked ...

  • Two IFAs banned for failing to submit returns

    9 Mar 2006

    The FSA has banned nine small firms, including two IFAs, from carrying out regulated business after failing to submit their retail mediation activities returns.This is the first time that the regulator has taken enforcement action against firms for non-submission of the RMAR since the regime was introduced last April.The two advisers are Trudanna Life and Pensions Consultants and Thames Mortgage and Insurance Consultants. Both companies failed to file their RMARs for the period ...

  • UK turning into a nation of savers says Swip

    14 Mar 2006

    43 per cent of the UK population plan to save or invest an average of 16.5 per cent of their income in 2006 says new Swip research.

  • US appeal

    9 Mar 2006

    Stock selection should play a vital role in enabling investors to beat the market

  • VCT has the edge

    10 Mar 2006

    Smith & Williamson Investment Managements tax efficient solutions department is raising up to 30m for the Edge Performance VCT, a venture capital trust investing in the promotion of live music and other events.

  • Ventus preserves its energy

    10 Mar 2006

    Climate Change Capitals Ventus 2 and 3 are specialist twin venture capital trusts that invest identically in companies that are developing, constructing and operating small UK wind energy projects.

  • Vertex in outsourcing deal with Deutsche Bank

    14 Mar 2006

    Deutsche Bank and Vertex have formed a strategic partnership to help launch db mortgages with a contract that could be worth 45m to the outsourcer.The deal is Vertexs largest mortgage outsourcing contract to date and the first time its outsourcing resources have been incorporated within a solution in the Financial Services Division.db mortgages managing director Bill Dudgeon says: We are pleased to be working with a major provider of mortgage solutions and are confident that it ...

  • Victoria sale is underway

    10 Mar 2006

    Sub prime lender Victoria Mortgages sold off its first pool of mortgages to an undisclosed London financial institution.

  • Watchdog is challenged over stance on hearings

    9 Mar 2006

    A leading compliance expert says the Financial Ombudsman Service's powers to refuse hearings for advisers violates European human rights law.Last month, the FSA issued an open letter to the media rejecting these allegations from the IFA Defence Union, which is threatening to take the FOS to the European Court of Human Rights.The IFADU says the lack of opportunity for a hearing under the FOS system with a chance for cross-examination breaches ECHR article six.In the letter, ...

  • 'We have to boost pension demand'

    9 Mar 2006

    The Government and industry must learn from past mistakes and focus on boosting dem- and for pensions rather than driving costs down, says Winterthur Life chief executive Mike Kellard.With stakeholder and now the NPSS debate increasingly concentrating on ensuring that pensions are delivered che- aply. Kellard told IFAs, at last week's Money Marketing Live/ Financial Services Scotland in Glasgow, that pension reform will not be successful unless the need to boost demand is prioritised.Kellard ...

  • We're all shook up

    9 Mar 2006

    The Mortgage Advice Bureau took the usual suspects from the mortgage trade press on a lesson in cocktail-shaking recently and, given the failure of those who took part, including MAB's staff and PR team, it seems there aren't too many Tom Cruises out there in the mortgage world.In fact, there were more cuts and bruises than spinning and shaking. The phrase "don't give up your day job" should be directed to the assembled brokers, hacks and PRs who did everything but cover themselves ...

  • Which? helps to redress the balance

    9 Mar 2006

    I refer to the article in your March 2 edition reporting the differences of opinion between Which? and the ABI. This may sound odd coming from an IFA but I am entirely in support of Mick McAteer and Which? on these issues. The culture in financial services that has been developed by product providers remains one of commission-based sales despite the best efforts of depolarisation. Offering the fee option has done little to change this. In my view, product providers continue ...

  • Wilful neglect

    9 Mar 2006

    This is a case of best advice sadly ignored and how negative the affects can be.

  • With-profits penalty

    9 Mar 2006

    We need a regulatory regime that doesn't encourage or support claims

  • Would you credit it?

    9 Mar 2006

    In my last article, I started to look at a number of important developments relating to pensions which will enable financial advisers to add considerable value for a wide variety of clients and prospective clients.

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