Money Marketing
8 November 2006

  • Field slams HBOS on Farepak collapse

    9 Nov 2006

    Labour MP Frank Field has laid down an early-day motion attacking HBOS for its "pivotal" role in the collapse of Christmas savings firm Farepak. He says HBOS allowed Farepak to continue trading while it clawed back around £1m a week of people's savings to offset the company's overdraft with the bank.

  • Money Marketing wins B&B award

    9 Nov 2006

    Money Marketing was named personal finance trade newspaper of the year at the prestigious Brad- ford & Bingley Awards at London's Great Eastern Hotel last week. The paper was praised for its mix of news and in-depth features.

  • A high-flying deal from Woolwich

    10 Nov 2006

    WoolwichCity Mortgage

  • A no-lose situation on transfers

    9 Nov 2006

    From my recent experience of retention products and fees to brokers, I confirm that, if done properly, I think it puts the broker and client in a no-lose situation. I have recently reviewed three clients with BM Solutions and nine Halifax cases. Once I have obtained the client requirements, it is very easy using Trigold to compare the best remortgage product to the existing lender transfer product range. Three elected for transfer products and nine moved to a new lender when ...

  • A pure Max blend

    10 Nov 2006

    MatrixMax Closed End Share Securities Note

  • A Royal Life of Riley

    10 Nov 2006

    Royal LondonRiley

  • A third of firms see senior management buy-in as biggest TCF barrier

    9 Nov 2006

    Senior management buy-in is the biggest barrier to firms implementing TCF, according to a third of delegates at the FSA’s recent conference.The 400 financial services practitioners at this week’s FSA TCF conference were polled on their views of the barriers to TCF and how their own firms were progressing with this initiative.33 per cent said senior management buy-in was the biggest barrier, followed by quality of staff with 23 per cent, cost at 11 per cent and regulation at 10 ...

  • A&L to unleash re-launched range from tomorrow

    8 Nov 2006

    Alliance & Leicester is amending its current range of specialist mortgages from tomorrow.

  • Access to all aras from Man

    10 Nov 2006

    Man InvestmentsMGS Access

  • Accountant raises intangible issue

    9 Nov 2006

    Thinc Group has defended the inclusion of 13m trail commission as an asset in its last set of accounts.The accounts for the year ended March 31, 2005 list trail commission to the value of 12,917,745 based on a multiplier of 7.5 times, which the directors say is industry-standard in the company accounts, approved by Kingston Smith.But an accountant at one of the big four accountancy firms claims that listing trail commission as an intangible fixed asset is abnormal.The accountant, ...

  • Advisers face McCarthy's challenges

    9 Nov 2006

    A group of leading financial advisers says it is wrong to suggest the advice sector is willing to tackle the problems identified in FSA chairman Callum McCarthy's recent speech.A Meeting of Minds, which comprises around 30 chief executives and managing directors of big adviser firms, says advisers have taken on board criticisms levelled by McCarthy regarding profitab- ility and churning.The group says it is aware of the challenges. The results of its first questionnaire, which ...

  • AFB appoints Sinclair as associate director

    10 Nov 2006

    Robert Sinclair has been appointed associate director of the newly formed Association of Finance Brokers.The role will involve representing the industry to Government, politicians, civil servants, regulators and policy-making groups.Sinclair was formerly head of advice development and quality, retail banking at Abbey National and previously worked for Inscape Investments and HSBC.AFB director general Chris Cummings says: “Sinclair has extensive first hand knowledge of the financial ...

  • Aifa launches working group to look at FSA distribution review

    14 Nov 2006

    Aifa has launched a working group to draw up the trade body’s response to the FSA’s review of retail distribution.Aifa director general Chris Cummings says members should not underestimate the importance of the review and the recommendations it could make.Former Tenet Group chairman Barry Kayes will chair the group.Cummings says: “It is essential that our response proves not only the value of independent financial advice but also provides robust arguments on transparency, adviser ...

  • An indefensible position on pension victims

    9 Nov 2006

    In times of uncertainty, consistency of thought and action is normally something to be valued, particularly from a democratically elected Government.When this consistency is in the field of pensions, it would normally be especially appreciated, coming as it does in the middle of one of the most turbulent periods for pensions in living memory.However, like a drunk at a line-dance, the Government has chosen a course of action that puts it at odds with almost everyone else with ...

  • Attractive deal from Mortgage Express

    10 Nov 2006

    Mortgage ExpressSelf-Cert Two Year Discount

  • Axa successfully secures acquisition of Thinc Group

    10 Nov 2006

    Axa's bid for Thinc Group has finally gone through after more than 96.2 per cent of Thinc shareholders accepted the French insurance giant's offer.Thinc will cost Axa up to £100m. The insurer placed a formal offer of £70m for Thinc based on its performance in 2009 and pledged a further £30m to refinance its debt and provide working capital.This is Axa's first foray into the UK distribution market and was exclusively revealed by Money Marketing in July.Thinc chief executive ...

  • Axing 40% tax relief would be too complex

    9 Nov 2006

    Bullivant says misunderstanding over degree status 'is unhelpful as we look to increase professionalism in sector'

  • B&B sells its own-branded mortgages

    13 Nov 2006

    Bradford & Bingley will stop selling mortgages from other lenders today and will instead sell its own-branded mortgage products.

  • Bank of England increases base rate to 5 per cent

    9 Nov 2006

    The Bank of England’s Monetary Policy Committee has raised the base rate to 5 per cent, as had been predicted by a number of commentators.

  • Banking overhaul for Liverpool Vic

    9 Nov 2006

    Liverpool Victoria is conducting a strategic review of its banking operations and will look at all options, including strategic partnerships, joint ventures or the sale of its bank.

  • Base rate rise could cost borrowers almost £300m

    9 Nov 2006

    Egg warns that today’s 0.25% increase in the Bank of England’s base rate could cost borrowers £292m.

  • 'Be proud to be an insurance salesman'

    9 Nov 2006

    Financial advisers should be proud to be insurance salesmen and protection products should at the forefront of their minds, says Caversham Buchanan director Ian Green.Speaking at the Personal Finance Society annual conference last week in Birmingham, Green said protection is a key product for consumers and advisers are best placed to help close the protection gap.He quoted Sir Winston Churchill's staunch advoca- tion of the product.Green said remuneration is lower on life ...

  • Blackrock Merrill has it licked

    10 Nov 2006

    BlackRock Merrill Lynch Investment ManagersTarget Return Fund

  • BM unveils HBOS's long-awaited FTB offer

    9 Nov 2006

    BM Solutions will launch its eagerly-anticipated first-time buyer product from Monday, modeled on Northern Rock's successful Together offering.

  • Bolton attacks BM over his own mortgage offer

    9 Nov 2006

    Edeus chief executive Michael Bolton launched a stinging attack on former employer HBOS this week in an extra- ordinary public slanging match between the two sides.Speaking at the Mortgage Intelligence 10th anniversary conference in Wales, Bolton said BM Solutions tried to "stuff" him personally on his mortgage with an offer 100 basis points above normal rate on a retention case. He described the deal as poor value but the broker would still have received a full proc fee on it. ...

  • Brave new world

    9 Nov 2006

    You could not fault the credentials of the investment panel for Money Marketing Live in Manchester last week, with stalwarts such as Newton's Harry Morgan and Justin Urqhuart-Stewart of 7IM sharing their views on how markets might behave.

  • Brazil gets the vote for value

    9 Nov 2006

    Emerging economies Helen Pow looks at the prospects for Brazil after president Lula finally prevailed in the election

  • Breath of fresh heir

    9 Nov 2006

    My husband and I have just inherited £150,000. We have an outstanding mortgage of £99,000, a car loan of £4,000 and no other debt. We have not built up much of a pension fund. I am 37 and he is 47. What should we do with the capital?

  • Briault issues TCF warning for firms

    9 Nov 2006

    FSA retail markets managing director Clive Briault told an FSA conference this week that identifying firms making slow progress with TCF by March and "bringing them to the stage" will be central to its supervisory work.

  • Bright Grey warns big mortgages are putting borrowers at greater risk

    9 Nov 2006

    Bright Grey says more first-time buyers are falling into the protection gap due to rising monthly mortgage repayments.Product director Roger Edwards says he is concerned by deals such as Abbey's new deal which allows borrowers to take out a mortgage of up to five times their income.He says people who take out bigger mortgages may not be able to afford to take out sufficient cover or will not prioritise the payment of protection policies.Edwards calls this a vicious circle ...

  • Britannia increases maximum mortgage term to 40 years

    14 Nov 2006

    Britannia Building Society is increasing its maximum mortgage term to 40 years in a bid to target first time buyers.

  • British Insurance sets up IP broker service

    9 Nov 2006

    British Insurance is setting up a specialist income protec- tion brokerage service and has invested £500,000 to snap up the internet domain name incomeprotection.co.uk.The company plans to launch in January 2007 and will look to beat rivals on price by refunding half of the commission on every policy sold.In August, British Insurance launched a hybrid income protection and payment protection insurance product through its subsidiary Safety First but has now decided to enter the ...

  • Broker

    9 Nov 2006

    Do you agree with Suffolk Life director of sales and marketing John Moret that commission on pension transfer business should be scrapped and that all pension transfer business should be fee-based? Chand Patel, BIMA Stuart Stojkovic, Sillars McCleod Andrew Seaman, F L Seaman & Co Martin Lumsden, AM & A Financial Consultants John Cope, David Cope and Partners Neville Pereira, Lubbock Fine Financial Solutions Carl Estevar, sole ...

  • Bumpy approach

    9 Nov 2006

    What sort of ride can bond and equity investors expect as Federal Reserve chairman Ben Bernanke tries to bring the US economy down to a soft landing? By Matt Goodburn

  • C&G offers exclusive fix

    10 Nov 2006

    Cheltenham & GloucesterTwo Year Fixed Rate Mortgage

  • Capita buys Synaptic Systems

    13 Nov 2006

    Capita has bought Synaptic Systems in a bid to further extend its reach into research information and software.

  • Capita wins CIS contract

    10 Nov 2006

    Capita has picked up the contract to deliver Co-Operative Insurance Services business processing around 5m new policies.

  • Carry on NURS

    9 Nov 2006

    dvisers have been warming to the idea of multi-manager. This has been partly driven by regulation but the number of offerings, the variety and skill sets of multi-managers have come along way over the last few years.

  • Chelsea gives a helping hand

    10 Nov 2006

    Chelsea Building SocietyHelping Hand 2 Year Tracker Mortgage

  • Choices for clients

    9 Nov 2006

    One of the most frequent calls that I get from IFAs is to ask for guidance on choosing the right client management system.

  • CII warning of confusion over IFP's degree link-up

    9 Nov 2006

    The Chartered Insurance Institute is warning of the potential for confusion caused by the Institute of Financial Planning's claims that its joint venture with Manchester Metropolitan University is equivalent to the CII's diploma in financial planning.The IFP's certified financial planner qualification has been incorporated in MMU's financial services degree.But CII deputy director general Bob Bullivant says under the CII's accreditation programme, the IFP/MMU degree would count ...

  • Close plans mortgage deal to mitigate IHT

    9 Nov 2006

    Close Mortgages is planning a mortgage which can be used to mitigate inheritance tax.The firm is gauging demand for the product, which would enable homeowners to borrow the difference between the IHT threshold and the value of their property and put the funds into a tax-free investment vehicle so that IHT is avoided.Close says the product would be an industry first and is one of a raft of new ideas it is looking into, including mortgages for auctioned properties, self-build ...

  • Correspondent's Week

    9 Nov 2006

    This week by freelance personal finance journalist Kirstie RedfordWhen someone asks what you do for a living and you reply freelance journalist, the pitch of the person asking you nearly always takes an excited turn as they gush: "Ooh, who do you write for, anyone interesting?" It is at this point that I almost always begin to wonder how my life may have turned out if I had not ended up writing about personal finance.After a particularly hard week of killer deadlines for articles, ...

  • Critical mass

    9 Nov 2006

    Pension providers mass-transferring people back into S2P are playing Russian roulette, says Informed Choice managing director Nick Bamford.

  • Dalton-Brown criticises insurers' wraps as 'purely defensive move'

    9 Nov 2006

    FundsNetwork chief David Dalton-Brown says life company wraps are purely a defensive move to protect insurers' legacy position in the market.At the Cazalet Consulting conference, Dalton-Brown singled out Norwich Union's Lifetime wrap as an example.He said part of their agenda is to control distribution by forming institutional relationships with fund providers with institutional pricing contracts.He said insurers have an increasing tendency to act as gatekeepers and a clear ...

  • 'Debt counsellors are collectors in disguise'

    9 Nov 2006

    Lenders are accused of setting payment priorities which can end up with repossession

  • Defaqto unfazed by Capita ownership of Synaptic

    14 Nov 2006

    Defaqto has responded positively to the news that Capita has bought Synaptic Systems despite industry concerns that this puts Synaptic in a financially and strategically stronger position regarding the IFA market.

  • Eating humble ppi

    9 Nov 2006

    Many mortgage advisers fear that sales practices for payment protection insurance will not improve until stricter regulation is forced on lenders. Some suggest that the big profits generated for lenders by PPI sales are standing in the way of reform.

  • Expect a bumpy ride, says Lyttleton

    9 Nov 2006

    UK dynamic manager hoards cash

  • F&C calls for PBR investment shake-up

    8 Nov 2006

    The Chancellor should open access to Child Trust Funds to everyone under 18, increase the Isa allowance and reverse the change to the gross assets test for VCTs, says F&C.F&C is calling on Gordon Brown to use the upcoming pre-Budget report to extend CTFs to all children under 18, rather than just new born babies. It says if family members are willing to self fund a CTF they should be able to.It also wants to see an increase in the annual £7,000 Isa allowance, something Treasury ...

  • Fees and fireworks

    9 Nov 2006

    For more years than I care to remember, I have been selling glow sticks at a local fireworks display in aid of my Round Table's current charity.

  • Fidelity multi-manager fund fills with-profits slot

    10 Nov 2006

    Fidelity InternationalMulti-Manager Distribution Fund

  • Fidelity on the Reit Track

    10 Nov 2006

    Fidelity InternationalGlobal Property Fund

  • Fidelity plans pan-Europe property fund

    9 Nov 2006

    Fidelity is looking at launching a pan-European commercial property fund next year.Boston-based global property fund manager Steven Buller says a pan-European fund would be likely to include exposure to Eastern European markets and would come under the remit of European head of real estate Neil Cable who was recruited from Standard Life earlier this year.The fund is expected to be a Luxemburg-domiciled Sicav, like its pan-Asian property sister fund. The Asian fund will invest ...

  • Five cut rates in protection price war

    9 Nov 2006

    Five leading protection providers have cut their rates as the price war hots up.Legal & General, Scottish Provident, Scottish Equitable, Axa and Bright Grey have all reduced premiums. Axa has sliced rates by up to 7 per cent across almost half its guaranteed life and critical-illness range.Highclere Financial Services partner Alan Lakey says the big-name providers are constantly battling for the top spot on The Exchange's best-buy tables and he expects the repricing to conti- ...

  • Flexible income plan from Cirencester

    9 Nov 2006

    Cirencester Friendly Society has set up a flexible income protection product. Income Assured Plus lets consumers move between protection and investment, protection-only or investment-only options throughout the life of the policy.

  • FOS must not make hasty decisions

    9 Nov 2006

    The Financial Omb-udsman Service is to extend its timescale for introducing a new funding regime. This delay strikes me as bad news for the industry and I hope the FOS will take every opportunity to reconsider.

  • FSA centre receives CCA accreditation

    14 Nov 2006

    The FSA’s Firms Contact Centre has received accreditation from the UK’s professional body for contact centres.The Contact Centre Association presented the award to the FSA in a ceremony in Edinburgh this week.A restructure of the contact centre was implemented in April as part of a commitment to make the regulator an easier place to do business with.FSA director of contact revenue and information management Graeme Ashley-Fenn says: “The award represents an important milestone ...

  • FSA focus on advice quality

    9 Nov 2006

    Newcob will give advisers new freedom and responsibilities as prescriptive rules are cut away but the FSA says it will keep a close eye on the qual- ity of the outcome.Speaking to Money Marketing on the release of the Newcob consultation, FSA director (retail policy and asset management sector) Dan Waters says the regime means the regulator will focus on the outcome of advisers' decisions rather than how they get there.But he said the FSA would not tolerate any reduction in ...

  • 'FSA has not already decided to ban commission'

    9 Nov 2006

    FSA managing director Clive Briault has highlighted commission as one of the five priorities in the regulator's forthcoming retail distribution review but stresses it has not concluded that commission is bad and should be banned.At a Cazalet Consulting conference in London last week on the changing face of asset management in UK life and pensions, Briault said the five issues for the review are commission, sustainability, professionalism in the market, consumer access to financial ...

  • Fund firms call for investment limit to be inflation-linked

    9 Nov 2006

    Fund managers have welcomed the Government's decision to keep Isas but are calling for the annual investment limit to be inflation-linked.Fidelity, Invesco Perpetual and F&C say the annual investment limit has decreased significantly in real terms since it was set at 7,000 in 1999.According to Office of National Statistics figures, if the annual 7,000 limit had risen with inflation, it would now be 9,380.Since Isas were launched in 1999, UK investors have opened 16 million ...

  • GAM follows start in the East

    10 Nov 2006

    GAMGAM Star Asian Equity

  • Give us a commercial break

    9 Nov 2006

    Has the recent influx towards new lenders in the commercial mortgage market had a negative affect on borrowers? Lenders entering the market have to fight for market share by offering low interest rates and spending substantial sums on their distribution channels such as introducing even more incentives to brokers. If brokers are being offered high commission from certain lenders, why would they shop around to find the deal which works best for the client? Commission as such ...

  • Great name, great style from Skandia

    10 Nov 2006

    Skandia Investment ManagementUK Best Ideas Fund

  • HBOS could pay trail for retention business

    9 Nov 2006

    HBOS is considering introducing trail commission on retention business instead of full proc fees in a raft of plans unveiled this week.The lender is in talks with sourcing engines to ensure its retention products appear on them to broaden distribution.HBOS is also considering launching a part-ownership, part-rental scheme for first-time buyers. BM Solutions has been tipped by one source to launch its FTB product, similar to Northern Rock's Together offering, next week. However, ...

  • High five gets a welcome

    9 Nov 2006

    John Charcol senior technical director Ray Boulger says Abbey's new offer of five times income multiples is a welcome move.He says such loans are suitable for some borrowers and that similar size loans have been around in the market for some time without any problems being experienced.Data from Moneyfacts shows that Abbey is not alone in offering such deals, with Darlington Building Society offering up to six times income while Abbey's criteria are tighter than lenders such ...

  • HL to widen life and protection

    9 Nov 2006

    Hargreaves Lansdown plans to expand the life insurance and protection side of its business. It recently appointed Jonathan Briggs as protection research manager and has tied up with Lutine for PTA.

  • Hogarth plans return to industry with new year venture

    9 Nov 2006

    Former Bankhall joint chief executive Paul Hogarth is gearing up for a return to the industry.Hogarth's restrictive covenant ends this week and he is looking at launching a venture in the new year. This is likely to focus on wraps or providing exit strategies for retiring advisers - the two areas that interest him the most.He says he is not interested in creating another Bankhall-style business to compete directly with his former employer.Since Hogarth and fellow joint chief ...

  • House mates

    9 Nov 2006

    Annie Shaw reports on the growing trend for friends and strangers to band together to get a mortgage

  • HSBC extends contract terms with Focus

    13 Nov 2006

    Focus has extended its contract with HSBC Bank to provide its software consultancy and development services.

  • IFA in plea over £2.7k charge on widow

    9 Nov 2006

    An IFA is calling for a mortgage lender to refund a £2,700 early repayment charge made on a widow after her husband's death.Sam Davis, who has three young children, says Redstone Mortgages has ref- used to waive the penalty despite being aware of her circumstances.Her husband Darren died in August and the £70,000 mortgage had been covered by a Norwich Union insur- ance policy.But Redstone insists it has not received a complaint from Mrs Davis. It says it is prepared to consider ...

  • IFAs angry as Standard Life discounts direct business

    9 Nov 2006

    Standard Life has been accused of shooting itself in the foot by offering cheaper life policies to direct customers.The company has been slammed by IFAs for offering discounted life cover through its telesales channel and competing on price with supermarkets.A male non-smoker aged 30 applying for a 25-year level term policy for 200,000 would pay 11.78 a month by ringing Standard Life direct.The Exchange quotes 13.38 for the same case and pension term assurance products are ...

  • IFAs name top firms for HNWs

    9 Nov 2006

    IFAs rate Skandia and Standard Life as the best providers for high-net-worth clients, according to a Datamonitor survey.

  • 'IFAs need style counsel'

    9 Nov 2006

    Fidelity says rapid growth in the multi-manager market has led to different product types, which means IFAs need more information on how these strategies work.The firm says multi-man-ager has become a "must- have" product and its latest research shows that 82 per cent of advisers are using multi-manager products.Fidelity sets up its first unfettered funds of funds in 2003.There is no shortage of information for advisers but Fidelity believes that rather than reaching saturation ...

  • IFAs replace the vicar as someone people can turn to

    9 Nov 2006

    Consumers will pay a premium for IFAs who focus on leadership, relationship building and creativity, according to business consultant Dan Sullivan.At the PFS conference in Birmingham, the motivational speaker said if IFAs are to get the most out of their clients, they need to focus less on product sales and more on relationships.He said advisers can fill the gap left by solicitors, accountants and clergymen as someone for clients to turn to because they combine the skills of ...

  • Income for life via Aegon

    10 Nov 2006

    Aegon Scottish Equitable International5 For Life

  • ING could take 500,000 away from brokers, claims Cleary

    9 Nov 2006

    ING Direct could end up taking half a million customers away from the broking market, according to Edeus managing director Alan Cleary.He said the launch of ING last month as a direct brand could spell trouble for brokers even though the firm has pledged to sell through intermediaries eventually.However, Cleary doubts that it will ever use brokers and expects the lender to replicate its success in the direct savings market where it is widely seen to be offering some of the most ...

  • Insuring mortgage payments is a low priority

    14 Nov 2006

    Only 11 per cent of people think mortgage payments are one of the most important things to insure.

  • Isas are here to stay

    9 Nov 2006

    Balls says distinction between maxi and mini will be removed and hints that the investment limit may be raised

  • JPMorgan watches the scales

    10 Nov 2006

    JPMorgan Asset ManagamentJPM Balanced Total Return Fund

  • Julie Hedge

    9 Nov 2006

    Christie Scott's director set up her business 10 years ago and has thrived by focusing on investment and building relationships with clients who get individual attention for their portfolios. Interview by Helen Pow

  • Jupiter China goes for second phase growth

    10 Nov 2006

    JupiterChina Fund

  • Keep in contact to keep clients

    9 Nov 2006

    My mailbag has turned up some bizarre oddities which contrast the mortgage business with other areas of financial services so I thought I would share some of this with you this week.

  • Keydata introduces novel idea

    10 Nov 2006

    Keydata Investment ServicesIncome Property Bond

  • Kiddie quits Barings for ABN Amro role

    9 Nov 2006

    David Kiddie has unexpectedly left Barings, where he was head of global equities, to take over as chief investment officer at ABN Amro Asset Management.Barings fund manager Tim Scholefield will step up to replace Kiddie just six weeks after joining the fund company. Scholefield will continue to run the £28m global growth fund.Kiddie joined Barings from Insight in 2003 and previously worked at Rothschild Asset Management. At Barings, he oversaw the rebuilding of its equity offering ...

  • Killer commission

    9 Nov 2006

    Indemnity payments will bring about the end of the IFA species

  • L&G and NU in clash over mass migration

    9 Nov 2006

    'Providers and advisers are caught between a rock and a hard place,' says Altmann

  • Law change will add time

    9 Nov 2006

    Non-contestability period could see insurers becoming more selective on who can take out protection policies

  • Leading questions

    9 Nov 2006

    It will take real leadership from politicians prepared to introduce radical solutions to incentivise retirement saving in the UK, says Informed Choice managing director Nick Bamford

  • Lenders are arrogant over payment cover, claims Carr

    9 Nov 2006

    Lifesearch head of protection strategy Kevin Carr has accused the mortgage industry of "arrogance" over payment protection insurance.He claims that lenders have washed their hands of responsibility after the Council of Mortgage Lenders expressed its surprise last month that MPPI was referred to the Competition Commission along with the rest of the PPI market.Carr insists that the regulator must intervene to help improve market standards and that lenders must stop ignoring calls ...

  • Lending giants up rates after base rate rise

    10 Nov 2006

    Nationwide and Halifax have become the first major lenders to confirm they will increase their rates following yesterday’s 0.25 per cent base rate rise to five per cent.

  • Long wait goes on for answers

    9 Nov 2006

    On September 14, I wrote to two firms, Axa and Standard Life, asking for bond values and details of reassignment. I then went on holiday. On my return, I found that both of them had sent the assignment but neither of them had achieved a bond value. I waited on the phone for nearly a quarter of an hour with each company in order to get the right information, only to be told in the case of Standard Life that "they were extremely busy and could not do it yet" and yet this is going ...

  • Marketing print deal for advisers

    9 Nov 2006

    Newly launched company the Online Marketing Department Store says it will provide IFAs with the ability to print marketing materials at low cost.It provides an online range of pre-written and designed templates in generic format or tailored to advisers' brands. A copywriting and design service is also available.Advisers can upload their logos and team photos to the website at tonmd.co.uk.The firm says Treating Customers Fairly has become a prevalent issue and advisers are ...

  • Matters of interest

    9 Nov 2006

    This weeks's instalment on transitional serial interests turns to life policy trusts

  • McFall says FSA could learn from ASA on financial advertising

    9 Nov 2006

    Treasury Committee chairman John McFall MP has written to the FSA to express concern about the its regulation of financial advertising.

  • Money Partners launches direct-to-broker arm

    14 Nov 2006

    Money Partners has announced it is launching to the direct-to-broker market under the brand ‘Money Partners Touch’.

  • Money Wise director Underwood retiring

    9 Nov 2006

    Money Wise IFA director David Underwood is retiring and is being replaced by new recruit Richard Armstrong, who joins from Regent IFA. Underwood will continue working for the firm in a part-time mortgage adviser role.

  • Mortgage Express hits back at critics on release options

    9 Nov 2006

    Mortgage Express has cast doubts on criticism that equity-release customers are not being given sufficient information about their options.In a customer study, it found that many consider downsizing and consult their families before taking out a loan.Research from Which? in January slammed the market for failing to advise customers of such alternatives.MEX found that 58 per cent of customers did not want to leave their current home while 25 per cent felt their current home ...

  • Mortgage fees will rocket to £2,700 in ten years

    9 Nov 2006

    Mortgage fees could hit £2,700 by 2016 if growth continues at its current rate according to new research.

  • Mortgage offers will be sent to iPods

    9 Nov 2006

    Edeus says it will be able to offer mortgages on brokers' iPods within two years as the technology revolution gripping the mortgage market continues.The firm is also predicting that underwriters will even- tually die away together with call centres and the need for signatures on a mortgage application.Edeus managing director Alan Cleary urged brokers to look out for lenders which are embracing technology that is designed to make intermediaries' life easier and to stick with ...

  • MPLC launches retention scheme on "innovative" credit repair product

    14 Nov 2006

    Mortgages PLC has unveiled a retention incentive for brokers as part of the launch of a one-year credit repair product.

  • Name game

    9 Nov 2006

    Bystanders at Paul Cowman's protection seminar at Money Marketing Live at the G-Mex in Manchester last week were amused to see the man from the Pru renamed to some- thing more befitting a fraudster.Cowman's name badge had been misspelt by someone at the front desk and read Paul Conman.The Diary hastens to add that this is no reflection on Cowman's exemplary character and it was a genuine mistake."I've only dressed up as a bunny rabbit once and that was because my mum made ...

  • NDF index duo a drawback

    10 Nov 2006

    NDF AdministrationGrowth Kick Out Plan September 2006

  • NDF resurrects bond idea

    10 Nov 2006

    NDF Administration7.5% Annual Income Plan October '06

  • Neptune spearheads unusual approach to income

    10 Nov 2006

    Neptune Asset ManagementGlobal Income Fund

  • New brand push for Resolution

    9 Nov 2006

    Resolution Asset Management has hired advertising agency RPM3 to create a major new brand campaign for the group in the New Year.

  • New non-exec board member for Tenet

    13 Nov 2006

    The Tenet Group has appointed HSBC’s Rupert Robson as a new non-executive member of its main board.

  • Newton's theory

    9 Nov 2006

    Newton head of corporate affairs Jamie Brookes is concerned that Money Marketing hacks may not quite have got the hang of the firm's model glider freebie which came with the catchy logo: "Newton income funds with less drag."In response to the Diary expressing concern over the glider's inability to reach for the skies, Brookes responds: "Dear Money Marketing Diary, in response to the article of last week which contended that our model gliders circulated with your esteemed publication ...

  • Not everyone can afford first-class

    9 Nov 2006

    We are deemed a general practice, with average annual client income of around 18,000. If we gave our clients no choice of how we earn a living but fees only, we may as well shut up shop. Since giving the clients the choice using IDD, every one has said they are happy for the provider to pay us. Over the last month, for all business transacted, including pension transfers, we asked, if you had to pay us a fee, would you still go ahead and allow us to act for you? In every case, the ...

  • Ocean Finance makes waves with IRS equity-release deal

    9 Nov 2006

    Ocean Finance has entered the equity-release market in a deal with product provider In Retirement Services.Ocean, which is best known for its daytime television advertisements for debt consolid- ation, will introduce business to IRS rather than advising clients itself.IRS, which is considering plans to launch its own series of TV ads next year, insists it has no qualms about linking up with a firm that many see as one of the leading intermediaries in the controversial secured ...

  • Paymentshield sold to Towergate

    9 Nov 2006

    General insurance broker Towergate has bought Paymentshield for an undisclosed sum.

  • Pearl Group has £7bn for pension buyouts

    9 Nov 2006

    Pearl Group has declared its aggressive takeover ambitions in the pension scheme buyout sector and says it has a £7bn war chest.Speaking at a Cazalet Consulting conference on asset management in UK life and pensions, former pizza to pubs entrepreneur Hugh Osmond was very bullish about the growth strategy of his closed life fund operation.He said the firm will go head to head with new final-salary buyout vehicles, such as Paternoster.He said: "We are definitely in the market ...

  • Pensions Regulator lays subsisting rights code of practice before Parliament

    8 Nov 2006

    The Pensions Regulator's code of practice on the modification of subsisting rights has been laid before Parliament.

  • Pink provides flexible friend to remortgage market

    10 Nov 2006

    Pink Home LoansMortgage Express Buy To Let Fees Assisted Remortgage

  • PMI insurers create confusion over cancer benefits

    10 Nov 2006

    Private medical insurers are creating uncertainty for members of PMI schemes because they have differing approaches to cancer therapies.

  • PPF helps 43,000 scheme members

    9 Nov 2006

    The Pension Protection Fund helped 43,000 pension scheme members in its first year, with 10,000 already getting payment.

  • 'Private equity is alternative to venture trusts'

    9 Nov 2006

    Venture capital trusts pro- vide little benefit beyond the tax breaks and are poor in terms of investor transparency, say industry experts.At Money Marketing Live last week, outgoing Gerrard investment communications director Brian Tora said investment advisers should look at private equity instead of VCTs and enterprise investment schemes, saying they offer a more transparent investment vehicle.He said that since the Chancellor cut the tax breaks on VCTs from 40 per cent to ...

  • Providers must leave it to advisers

    9 Nov 2006

    I find it incredibles that the FSA has called for product providers to take more responsibility for the quality of advice that is given by advisers. The FSA will be aware that the advice process primarily begins with (among other things) a fact-find, possibly supplementary questionnaires, full discussion with the client, recommendations, further discussions, decisions and suitability letters. How on earth can the product provider be in a position to know all this information ...

  • Pru axes jobs as broker sales team is restructured

    9 Nov 2006

    Prudential is restructuring its broker sales team.It says 60 positions will be axed while 30 different roles will be created in a move that will see the total numbers in its intermediary sales team cut from 430 to 400.Pru's sales teams will be aligned geographically into North, South, London and Midlands regions.The firm claims the restructure is designed to put distribution back at the centre of the way it operates in the UK.Pru has undergone a number of senior staff ...

  • Put investment horse before product cart, says Cazalet

    9 Nov 2006

    The future is bright for the life insurance sector if it sorts out its business model, says analyst Ned Cazalet.Speaking at a Cazalet Consulting conference on asset allocation last week, Cazalet said life offices should focus on true profitability rather than new business and put the "investment horse before the product cart".He highlighted the problems resulting from churning, the negative impact on the with-profits sector caused by the collapse in equity markets and lower ...

  • 'Regulation being privatised by FSA'

    9 Nov 2006

    The FSA is effectively proposing to privatise regulation, according to a leading financial services lawyer.CMS Cameron McKenna partner Simon Morris says last week's FSA discussion paper on how trade body guidance can supplement FSA high-level rules could create a confused landscape with a number of pseudo-regulators emerging.Morris says the proposals could herald the return to a cottage industry approach to regulation akin to 20 years ago.The FSA's discussion paper says ...

  • Regulation is threat to the future

    9 Nov 2006

    Aegon survey reveals concerns over growing burden

  • Regulation motivated by politics

    9 Nov 2006

    I read with interest Peter McGahan's suggestions in Money Marketing and would make the following responses to some of his suggestions. If it's not broke, don't fix it - a throwaway line for a lazy person to avoid work or a fair comment? A fair comment, I would say, in view of the Government's attempts at "fixing" pensions. In real life, things evolve in any market. Intervention on a large scale only ever causes disruption and the consumer ultimately bears the cost. I wonder ...

  • Remortgaging at five-year low as retention strategies hit home

    14 Nov 2006

    The Council of Mortgage Lenders claims that lenders’ retention strategies are already having a dramatic impact on the remortgage market.

  • Schroders generates a talking point

    10 Nov 2006

    Schroders Investment ManagementGlobal Energy Fund

  • Scottish Life has to ditch IFA-only tag after panel shock

    9 Nov 2006

    Scottish Life can no longer say that it deals only with IFAs after finding out that it has unknowingly been on an adviser's multi-tie panel for over a year.It has been forced to change its marketing strategy and will now say it actively seeks business through IFAs.The unnamed adviser firm had previously written individual pension business with Scot Life and put the comp- any on its multi-tie panel as a personal pension provider without its knowledge.ScotLife says there was ...

  • Self Cert going strong at UCB

    10 Nov 2006

    UCB Home LoansSelf-Cert 3 Year Tracker

  • Sesame members get new website builder service

    8 Nov 2006

    Sesame has launched a website builder service for advisers either launching a website for the first time or those wishing to improve their existing ones.

  • Seven up

    9 Nov 2006

    The underlying funds held within the three Adviser Fund indices were subject to significant change at the AFI rebal-ancing on November 1.Across the three indices, 41 of new funds not present in the AFI panellists' portfolio recommendations were added from the rebalancing point. The new AFI constituents also include funds from seven asset management groups that were not represented in the prior six-month period.Close Fund Management, Insight Investment, Lindsell Train Investment ...

  • Shadow Chancellor says there must be no backtracking on Asps

    9 Nov 2006

    Conservative Shadow Chancellor George Osborne has criticised Government dithering over alternatively secured pensions, claiming it would be extraordinary to scrap or disadvantage the product at this stage.Speaking at the Pep & Isa Managers' Association conference last week, Osborne said it would be wrong to waste industry money spent developing and marketing Asps and there was no reason for the Government to be so dogmatically opposed to this "small opening" of the annuity rules.Osborne ...

  • Shopping list

    9 Nov 2006

    Investment advice Compliance expert Adam Samuel assesses the findings of the FSA's mystery shopping which revealed deep problems

  • Skandia appoints four to its open architecture business

    8 Nov 2006

    Skandia's newly created asset management division has made four new appointments to form the senior team for its open architecture business.

  • Smith & Williamson pub EIS offers food for thought

    10 Nov 2006

    Smith & Williamson Investment ManagementBritish Country Inns 2

  • Something special from Fidelity

    10 Nov 2006

    Fidelity InternationalGlobal Special Situations Fund

  • Sporting chance

    9 Nov 2006

    The Champions Dinner in support of the Austin Healey testimonial gave the Skandia/Selestia and Old Mutual teams plenty to talk about.With the cheeky chappy that is Phil Tufnell joining them on the table, Suzi Perry hosting and several financial services hacks as their guests, it was certainly a night to remember.Marketing manager Ian Thomas tried his best to explain the ins and outs of cricket and rugby so the ladies among them had at least a faint idea of what it was all about.But ...

  • Standard takes 10% stake in SimplyBiz

    9 Nov 2006

    Standard Life has become the first product provider investor in SimplyBiz after buying a 10 per cent stake.SimplyBiz says it rebuffed an offer for the whole business from a different com- pany before deciding to sell a small portion to Standard on a single-investor, silent-partner basis.Standard will not take a seat on SimplyBiz's board.This is Standard Life's second foray into the dist- ribution market after buy- ing a 20 per cent stake in Tenet last July.SimplyBiz, ...

  • Stirring the VAT

    9 Nov 2006

    Guy Anker looks at the confusion over VAT on retention proc fees

  • Stonehaven joins Ship

    13 Nov 2006

    Stonehaven Equity Release has become the latest member of Safe Home Income Plans bringing membership to 21.Stonehaven Equity Release launched in August 2006 offering a number of lifetime mortgage products.Ship chief executive Jon King says: “We are delighted to welcome Stonehaven Equity Release to SHIP. As the third equity release provider to gain admittance to Ship this year we have already surpassed the total number of new entrants in 2005.”Stonehaven Equity Release chief ...

  • Suisse rocks and rolls

    9 Nov 2006

    Credit Suisse was once the glam star but now it looks like a one-hit wonder

  • Sweet and low

    9 Nov 2006

    O&M Systems director Jason Wykes asks just who is the customer that needs to be treated fairly - the employer who pays a benefit consultancy to encourage members to leave a DB scheme or the member who is about to give up valuable retirement benefits for a flat-screen TV and an unexpected tax bill?

  • Swip caters for Islamic principles

    10 Nov 2006

    Scottish Widows Investment PartnershipSwip Islamic Global Equity Fund

  • Systems for success

    9 Nov 2006

    Advisers need to turn to technology to build a sustainable way of business

  • T Bailey raises annual charge and boosts trail commission

    9 Nov 2006

    Multi-manager T Bailey is increasing the annual charges across its fund range in a move that will see it raise the trail commission it pays to advisers.The annual charge will rise from 1.25 per cent to 1.5 per cent, with trail commission on its three multi-manager funds set to rise from 50 to 75 basis points from January 1, 2007.The new structure will apply to all new and existing business on the group's cautious managed, equity income and growth funds.Industry reaction ...

  • Take steps to sales

    9 Nov 2006

    A simple plan can raise public confidence in protection insurance

  • Taking the bite out of Asps

    9 Nov 2006

    Winterthur Life pensions strategy manager Mike Morrison says with compulsory annuitisation largely discredited, the Government should look to revise rather than abolish Asps and investors should be prepared to accept reasonable extra taxes on the new vehicles

  • Tenants' extra

    9 Nov 2006

    Commercial property has had a very good run over the past five years, with unit trusts which invest directly in property rather than property shares showing returns of around 12 per cent a year to October 1, 2006. I do not expect this rate of return to continue because quite a lot of the performance was due to falling yields but I do expect returns to be in high single figures.

  • The bear essentials

    9 Nov 2006

    Ihave focused on one of the Miton Optimal funds - the strategic fund - already. It has had a hard time this year due to a big cash bias and its limited ability to buy into alternative asset classes.Miton therefore proposes to launch the Arcturus fund, which will be a non-Ucits retail scheme taking advantage of the 2007 Coll directive. What this means is it can invest in equities, bonds, cash, gold, property, hedge funds and more, targeting investment instruments that the strategic ...

  • The blame game

    9 Nov 2006

    Every week, I try to write about an issue that strikes a chord with at least some readers of Money Marketing. One way to judge whether I have succeeded is to read the emails you send me in response to my comments.

  • The brain drain

    9 Nov 2006

    Behavioural finance explains why investors feel pessimistic about equity market performance

  • The Mortgage Business carves BTL niche

    10 Nov 2006

    The Mortgage BusinessHouse 2 House Two Year Tracker

  • The Way to bypass IHT

    10 Nov 2006

    The Way GroupWay Gifts From Income Inheritor Plan

  • Thinc launches recruitment drive

    9 Nov 2006

    The newly rebranded Thinc Group is having a recruitment drive to attract new members. It is aiming at women looking for a career change through its Professional Women campaign and experienced advisers through a campaign called It Makes You Thinc.

  • This week in Investment

    9 Nov 2006

    David Kiddie's departure from Barings last Friday was a surprise to some in the investment community.

  • This week in Investment

    13 Nov 2006

    David Kiddie's departure from Barings last Friday was a surprise to some in the investment community.

  • This week in Mortgages

    10 Nov 2006

    All eyes and ears this week should have been on the Bank of England and its unsurprising decision to raise interest rates to five per cent, but events at Celtic Manor in Wales for Mortgage Intelligence’s 10th year anniversary celebrations took centre stage after an extraordinary row.

  • This week in Pensions

    9 Nov 2006

    Providers are being encouraged to whistleblow on IFAs with severe commission clawback debts by the FSA.

  • This week in Pensions

    8 Nov 2006

    Lots of people moan, and often justifiably so, that journalists are only interested in bad news. It was the late great trailblazer of tabloid journalism William Randolph Hearst who once said news is something somebody doesn't want printed, all else is advertising.

  • This week in Regulation

    14 Nov 2006

    The FSA has been machine-gunning out speeches aimed at the adviser market with at least six in the last two weeks laying out the regulator's latest musings on wrap, TCF and the distribution review.

  • Threesixty sponsors IFP

    10 Nov 2006

    threesixty has become a sponsor of the Institute of Financial Planning.

  • TMP buy sees Craven and Bates reunited

    9 Nov 2006

    The Money Portal is buying financial services consultancy Clearwell in a deal that will see Richard Craven reunited with Graham Bates.Clearwell, set up 18 months ago by Bates and former Egg Invest managing director Andrew Firth, provides online consumer-facing technology that will be used to bolster TMP subsidiaries Sage and Millfield's web propositions.TMP managing director Craven says Clearwell should cut advisers' costs by delivering more efficient compliance.Firth joins ...

  • Tories' fury as Purnell refuses to help victims

    9 Nov 2006

    Minister attacked over letter to absent committee members

  • Treasury says active advice will avoid VAT on proc fees

    9 Nov 2006

    The Treasury says brokers may be liable for VAT on retention proc fees if they fail to help their client through the entire sales process.It says if a broker recommends that a client remains with their lender but does not have some involvement in the deal, such as helping arrange and assist with the application, then it would be classed as a professional service and the proc fee would incur VAT.But if the intermediary helping the customer, the proc fee would be exempt from VAT.Association ...

  • UCB offers good product at reasonable price

    10 Nov 2006

    UCB Home LoansSelf-Cert Standard 3-Year Tracker

  • Vertex creates new subsidiary for Gartmore admin

    10 Nov 2006

    Vertex Financial Services has extended its outsourcing contract with Gartmore creating a new subsidiary Jessop Fund Managers.

  • Visa debit clients can get full refund

    9 Nov 2006

    Farepak customers who paid the firm using a Visa debit card can get a full refund of lost savings by asking their bank to start a Visa chargeback against Farepak's bank as a refund for services not received, thanks to a loophole exposed by Money-SavingExpert.com.

  • Wary Aifa doesn't want it to end in tiers

    9 Nov 2006

    The Newcob consultation has met with a mixed response, with Aifa cautious about its implications and Which? calling for a cost-benefit analysis.Aifa deputy director general Fay Goddard supports the concept of a principle-based regime which will provide advisers with greater flexibility.But she says Aifa is concerned about the vacuum created by the move to principles and says the body does not want to become a second-tier regulator.She says there is also the worry there could ...

  • Watchdog says a nod is giving advice

    9 Nov 2006

    The Financial Ombudsman Service has warned that something as simple as a nod could be construed as advice during the non-advised sale of a protection product.Lead ombudsman for insurance Peter Hinchliffe says customers often ask questions which relate to the suitability of a policy when buying through a direct sales channel and a nod or a "yes" answer from the seller could constitute advice.He says there is a lot of confusion over what does and does not constitute advice in ...

  • What's it all about, alpha??

    9 Nov 2006

    Demystifying some of the commonly used measures of investment risk

  • Which? cautions consumers on supermarket life cover

    9 Nov 2006

    Which? has branded life insurance products from Tesco and Virgin Money "at best average and at worst dist- inctly bad value".The consumer lobbyist warns that supermarkets and other non-traditional insurance providers are not necessarily offering a good deal on personal finance products.Which? examined life insurance products from Sainsbury, Asda, Marks and Spencer, Tesco and Virgin Money based on the cost of premiums and found that Sainsbury was the cheapest of all the companies.But ...

  • Will wise men follow the stars?

    9 Nov 2006

    Are fund firms expecting their star managers to shine too brightly and are they in danger of burning out? Our panel gaze through their telescopes towards some of the individuals at the zenith of fund performance as they debate whether Bill Mott can revive fortunes at Credit Suisse and if Anthony Nutt can make a success of Jupiter's planned global income fund. Also

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