Money Marketing
8 September 2004

  • 'Nationwide calls halt on new direct broker deals'

    9 Sep 2004

    Purely Mortgages chief executive Mark Chilton says Nationwide has told him it will not be taking on any more new direct intermediaries as it prepares for M-Day despite being in talks with them since June. The move would effectively stop smaller brokers from being able to pass any business with Nationwide and cuts out intermediaries who want to take the whole-of-market route. But Nationwide says it has no such policy, conflicting with the advice that Chilton says he was ...

  • 'With-profits providers may have overlooked liabilities'

    9 Sep 2004

    The FSA is warning life insurers that they may not be recognising all potential with-profits liabilities, particularly for older products. The regulator has written to the chief executives of all life insurers and friendly societies about its review of processes, systems and controls for with-profits insurance contracts. The letter highlights two main concerns - that some firms have no legal procedures in place for the development of product or marketing literature and ...

  • A Consumer's View

    9 Sep 2004

    The banning of David Aaron by the FSA must send a shiver down the spines of many in the financial services industry. Nobody would try to defend deliberate misselling but a lifetime ban is a pretty drastic punishment. The FSA clearly concluded that the offences were very serious and the lifetime ban fires a warning shot across the bows of any IFA who is careless about what is said in promotional material. As the FSA has stated, the ban relates to the widespread misselling ...

  • Aaron is first IFA firm to be banned for misselling

    9 Sep 2004

    David M Aaron (Personal Fin-ancial Planners) has become the first IFA firm to be banned for misselling. It has been struck off by the FSA for widespread misselling of precipice bonds between January 1998 and June 2003. An FSA probe revealed that the company issued misleading ads and financial promotions which downplayed the risk of bonds and contained unsuitable recommendations for products. The regulator found that the firm's records were inadequate, particularly ...

  • Abbey grows again

    8 Sep 2004

    Abbey for Intermediaries is offering IFAs and their clients a second issue of the Abbey growth options plan. This is a guaranteed equity bond linked to the performance of the FTSE 100 index for a six-year term. It has two options that investors can choose. Under option one, investors get all the average growth in the index up to a maximum of 56 per cent. This is calculated by comparing the closing value of the index on November 12, 2004 with an average produced over the final 12 ...

  • Abbey takes trust into multi arena

    9 Sep 2004

    Abbey has moved its underperforming Scottish Mutual opportunity unit trust to a multi-manager approach because it believes this offers a "framework for three-dimensional investment choice". IFAs say it makes sense for providers which are looking to form multi-tied relationships to bring their weaker funds under a multi-manager style rather than wind up or merge them with other funds. Berns Brett director of fin-ancial planning Peter French says: "When you are an IFA, ...

  • ABI seeks firm to monitor funds

    9 Sep 2004

    The ABI is putting out tenders for impartial information for the monitoring of investment classifications for life and pensions funds. It has been using Lipper fund information but the contract is due to come to an end and a new three-year deal has been put out to tender. Hundreds of IFA firms use the ABI statistics on fund data to compare performance of fund types, styles, sectors and countries. The ABI has developed classifications for life and pension funds. The ...

  • ABI warns life cover gap is widening on mortgages

    9 Sep 2004

    The ABI is concerned over the growing gap between the number of mortgages and mortgage extensions and the number of term life insurance policies that are taken out to cover homeloans. Its report, The Mortgage Market - A Growing Life Insurance Gap?, says one in four mortgage holders has insufficient life insurance to cover their mortgage debt. The average life insurance gap for mortgage borrowers without sufficient cover is nearly £40,000, suggesting that the gap between total ...

  • Ambassador Finance acquires AMF London

    14 Sep 2004

    The sub-prime packager Ambassador Finance has aquired AMF london to form AMF One Stop Mortgages.AMF One Stop Mortgages will be able to poffer whole of market packaging in both conforming and non-conforming sectors to directly authorised intermediaries from November 1.Ambassador Finance managing director Andy Soteriou will head up the new company with Helen Hymos as director.Hymos says: "FSA regulation is about best advice which means beast service and products. ...

  • Antic A-Day

    9 Sep 2004

    Having dealt with the position of unapproved schemes under the current pension tax regime, I would like to move on to consider how they will look under the new simplified regime. Schemes will be treated as non-registered employer-financed retirement benefit schemes unless they choose to register and meet the required conditions. Under the proposed regime (Chapter 6 Part 4 and Schedule 36 Finance Act 2004): •Employer payments to non-registered schemes will not be ...

  • August brings an early fall for property prices

    9 Sep 2004

    House prices fell in August for the first time this year, according to Halifax's monthly house price index. The index shows a 0.6 per cent drop in prices, with the average house price dropping to £160,565 from £161,466 in July. In July, prices rose by 1.1 per cent, in June they were up 1.2 per cent and in August 2003 they rose by 1.7 per cent. Halifax says the 1.8 per cent rise in prices over the last three months is significantly lower than the 6.5 per cent ...

  • B&W joins Arab Banking Corp for Sharia mortgage

    9 Sep 2004

    The Arab Banking Corporation and Bristol & West are to offer a home finance product for the UK's Muslim community. Introduced under the brand name alburaq, the product will operate in accordance with the Islamic financing principles of diminishing Musharaka, which means co-ownership or partnership and avoids paying interest. The product is devised, guided and marketed by ABC, one of the biggest Islamic banks which is owned by the governments of Kuwait, Abu Dhabi ...

  • Bank keeps rates on hold

    9 Sep 2004

    The Bank of England decided to keep interest rates on hold at 4.75 per cent. The decision to not raise the rate by another quarter per cent was widely expected. Nationwide Building Society said house prices moved by just 0.1 per cent in July, the smallest monthly increase since October.

  • Barclays Financial Planning appoints new sales director

    14 Sep 2004

    Barclays has appointed Vincent O'Shea as the sales director of Barclays Financial Planning reporting directly to managing director, Jim Reeve.Barclas says this appointment completes the formation of the Barclays Financial Planning executive team.Reeve says: "I am delighted to welcome Vincent to Barclays. Regulatory change creates some fantastic opportunities for Barclays Financial Planning and with Vincent's experience in both in the financial services and FMCG sales ...

  • BBN one of 16 firms declared in default

    8 Sep 2004

    Berry Birch & Noble Financial Services which is in liquidation is one of 16 firms the Financial Services Compensation Scheme has declared in default.

  • Bolt from the blue

    9 Sep 2004

    As you know, Money Marketing was robbed in the Skandia Cowes Week boating race, coming in last out of all the media teams. However, we have since learned from skipper and Skandia actuary Russell Farr-ington that he won the five following races in the same MM boat. Unfortunately for Russell, he was struck by lightning while standing underneath the boat's sail and was miraculously saved by his rubber boating boots. Does the MM editor have the power to send bolts of lightning ...

  • Britannic profits edge up to £41m

    8 Sep 2004

    Britannic Group has recorded profits of £41m before tax for the first half of 2004, up by 6 per cent from £38m in the same period in 2003. Continued focus on capital management has resulted in £374m in capital resources, an increase from £331m in 2003. In excess of £170bn of assets already reside in closed funds. Britannic group CEO Paul Thompson says the management team has been actively pursuing a number of closed life fund acquisition opportunities in ...

  • BUPA appoints long-term protection specialist

    13 Sep 2004

    BUPA appoints a new long term care specialist to head the long term individual protection business.Steve Payne has joined as director from life and health reassurer Revios where he was deputy chief executive.A fellow of the Institute of Actuaries, Steve is also former chairman of the Institute and Faculty of Actuaries Healthcare Conference and a member of the Investment Life Assurance Group's critical illness working party.BUPA commercial director, UK membership ...

  • Canada Life launches Poat road-shows

    14 Sep 2004

    Canada Life is running a series of roadshows across the country looking at the issue of pre-owned asset tax.The roadshows, starting on October 12 will provide a full backgrond on the current situation regarding how the legislation will affect existing arrangements and how to find solutions to mitigate against Poat and IHT.Canada Life has set up these roadshows to help IFAs understand the issues and to provide an opportunity to discuss Poat estate planning solutions.Canada ...

  • Cazalet conference on closed funds

    8 Sep 2004

    Cazalet Consulting will be holding a conference on September 28 on closed life funds and life company restructuring. The conference's panel will be discussing its impact on organisations including life companies, reinsurers, asset managers and investment bankers and the increases of disaggregation and reaggregation within the UK life industry. The panel of speakers will include FSA director of retail firms David Strachan, Royal & Sun Alliance CEO Clive Cowdery and Liberata Life & ...

  • Chilton on Mortgages

    9 Sep 2004

    We are in the closed-period run-up to M-Day, the cracks are really beginning to show in certain of the market's participants' systems. We have seen at least two lenders effectively withdraw from new lending to enable them to focus on getting their systems and particularly KFIs ready for M-Day. Nationwide is not taking on any more new direct intermediaries at present as it battles its own demons on the way to M-Day. Further groups of lenders say their next product launches, ...

  • Commanding lead for HBOS in loan league

    9 Sep 2004

    HBOS continues to dominate the mortgage lending league with takeover target Abbey still in second place, according to the CML's annual list of the biggest mortgage lenders. The CML estimates that HBOS's market share of lending is 26 per cent while Abbey is second with 10.7 per cent. An Abbey takeover by HBOS would result in HBOS boosting its market share to over 36 per cent. HBOS had £171.1bn total mortgage balances outstanding at the end of 2003, 22.5 per ...

  • Commentary: Profitable debate

    9 Sep 2004

    The FSA has published its long-awaited feedback statement to the consultation paper, Treating With-Profits Customers Fairly, which was issued in December 2003. In general terms, the wait has been worthwhile as the FSA has signalled a further period of consultation on the detail of its proposals. From a product provider's perspective, a further period of consultation must be welcome. The original proposals had considerable scope for unintended consequences, to use the FSA's own phrase ...

  • Community steels itself for Europe

    8 Sep 2004

    Community, the union representing the vast majority of ex-employees of the former ASW steel company, has announced it will continue with its legal action against the UK government. Community is campaigning on behalf of its members who have lost a large percentage of their expected pension which they were told was guaranteed. The union will ask the for the case to be referred to the European Court of Justice. If successful the case could cost the Government between £1.5 and £2.5m.

  • Correspondent's View

    9 Sep 2004

    Monday kicks off promisingly with a full page in The Guardian's Office Hours section devoted to my advice on how to negotiate a pay rise. I do not know how I think I am qualified to dish out advice to others when I consider the poor state of my own finances but it is a gem all the same. Being a new convert to a life of freelancing, I spend most of the day pitching ideas to editors before deciding that I need to get some quotes for my car insurance. Several ...

  • CSAM's constellation fund is the star of the multi-manager show

    9 Sep 2004

    Assets in Credit Suisse Asset Management's multi-manager offering have grown over 12 times faster than assets in other funds in the sector. According to statistics from the Investment Management Association, the £415m growth of the CSAM constellation port-folio over three years is 12 times faster than the average asset growth of other funds in the sector. The fund, which Standard & Poor's ranks fourth out of 349 funds in the global growth sector, has been ...

  • Data to shine light on mortgage sales

    9 Sep 2004

    A low-profile financial services organisation is to launch a database that will give product providers intelligence on who is transacting mortgage business. Life and pension data provider Workload Financial Business Consultants offers three Touchstone databases which allow providers to share information on sales and transactions. Money Marketing understands the company is about to launch a fourth that will help lenders and brokers analyse who is doing how much mortgage ...

  • David Aaron

    9 Sep 2004

    I t is a long way from the heady days of the mid to late 1990s when David Aaron was one of the most sought after, successful financial advisers in the country. Last week, the FSA handed David M Aaron (Personal Financial Planners) Ltd a life ban for the widespread misselling of structured products - the first time that the FSA has banned a firm for misselling and it is possible that the action could end Aaron's career in financial services. Over the years between January ...

  • Death of Dennis Gamester 'the original pension guru'

    9 Sep 2004

    The original pension guru Dennis Gamester has died at the age of 57. Gamester worked for Hambro Life and Schroder Life before joining Skandia in May 1989 as pensions director. He later joined Scottish Mutual as technical development director, leaving the firm to work as an independent pension consultant. Gamester was probably best known by IFAs for his work at pension roadshows working as a double act with John Carr and later Ron Spill. Syndaxi Financial ...

  • Debts are surging past £6m

    9 Sep 2004

    Debts at David M Aaron (Personal Financial Planners) had risen above £6m by March this year and look set to rise further, says the firm's administrator. In March, administrator KPMG accounted for £5m in debt and a further £1.8m for alleged precipice mis-selling claims but with new claims and new debts rev-ealed, this figure is expected to rise substantially by the next creditors meeting in five months. In March, the list of creditors showed 190 potential ...

  • Democrat bulls outrun the Republicans

    9 Sep 2004

    Top earners, the oil industry and pharmaceutical firms look set to be the winners or losers as the US presidential battle picks up pace. The close contest has left fund managers pitching scenarios and weighing up equities . Some managers have been prepared to back one side but, with much of the focus so far on Iraq, many are still unclear over the economic policies of Republican George Bush and Democrat John Kerry. History has shown that the Dow Jones rises on average ...

  • Destini off to an early start with property Sipp

    9 Sep 2004

    Destini Financial Services is introducing a scheme offering investors the opportunity to hold residential property in a Sipp almost two years ahead of theTreasury's schedule. Trading New Homes, which trades in off-plan and new-build residential property in the UK, will provide investors with an Aim-quoted trading vehicle. The scheme offers the same tax incentives as the Treasury plan. Investors will be able to use the trading vehicle to invest in residential ...

  • Destini to stagger pipeline pay to keep Lifeboat members

    9 Sep 2004

    Destini will not pay all outstanding pipeline commission to Lifeboat members until the end of November. The IFA consolidator, which bought IFA and non-regulated network Lifeboat last week, is asking Lifeboat's registered individuals to sign a six-month contract with a three-month notice period, which effectively amounts to a nine-month contract. RIs will receive half of the pipeline commission owed immediately, with the remaining half to be paid by November 30. Destini ...

  • Ellis plea for providers to aid IFAs on FSCS levy

    9 Sep 2004

    The LIA is calling on all pro-viders which have used IFAs to distribute products which have then been subject to compensation payments to contribute to the subsidy of the Financial Services Comp-ensation Scheme. Head of public affairs John Ellis believes providers which have been involved with the sale of products currently adding to the costs of the compensation scheme, for example, precipice bonds, should contribute to the subsidy and help IFAs meet their obligations. FSA ...

  • Exam could cut PI costs

    9 Sep 2004

    The Financial Services Skills Council is piloting a new exam testing the application of technical skills in the workplace which could reduce PI insurance premiums for advisers. The qualification being tested covers the practical requirements of giving advice, for example, building rapport, fact-finding, analysing information and prioritising the customer's needs. The pilot has £600,000 of funding from the Learning and Skills Council and is running with Zurich, ...

  • Ex-board members say merger failure would be a disaster

    9 Sep 2004

    If the merger between Sofa and the LIA fails to go ahead it will be disastrous for the industry, according to former board members of both organisations. Ex-Sofa director Jo Smith says the merger is for the good of the industry, and if it is rejected by the membership it will be humiliating. She says: "The merger has to be for the good of the industry. If it does not go ahead now it would be disastrous and very humiliating for the industry. The regulator will look at ...

  • Ex-Chase chief Bogard joins IFG

    9 Sep 2004

    Former Chase de Vere Financial Solutions managing director Mark Bogard has joined Irish-owned IFG Group as UK chief executive head of IFA and actuarial operations. Bogard will be responsible for IFG life, pensions and actuarial operations and will sit on the board as an executive director. He masterminded the building of financial website Moneyextra, which was sold to the Bank of Ireland in 2000. The site was merged with IFAs Willis National and then Chase de Vere Investments ...

  • Ex-director joins new company

    9 Sep 2004

    An ex-director of David M Aaron (Personal Financial Planners) who was deauthorised when the firm closed has applied to be regulated and is working again. Andrew Jones was director of compliance oversight and money-laundering reporting and was an investment adviser. He is working in a supervised role for IFA Advison, working with Kevin Minter, another former Aaaron adviser. The other three directors of the banned firm, David Aaron, Michael Aaron and Stephen Aaron, ...

  • Fof sales hit £6.7bn

    9 Sep 2004

    The UK's multi-manager and fund of funds market grew by £6.7bn last year, bringing the total funds invested in the product to £20bn, according to Cer-ulli Associates. At the end of 2001, total funds in multi-manager and fund of funds stood at £14.5bn, falling to £13.3bn in 2002 before last year's dramatic increase. The compound annual growth rate in the UK across the sector was 18 per cent over the three years to 2003 and 53 per cent in 2003 ...

  • Friends extends net service to include protection

    9 Sep 2004

    Friends Provident has exten-ded its online portal access to include eSelect Protection. IFAs writing protection bus-iness can access eSelect Protection via the Webline portal. The service was previously only available through The Exch-ange and Assureweb. Immediate online underwriting decisions will be given for term insurance and critical illness cases where no further medical evidence is required. Friends says this makes up 60 per cent of applications. The system ...

  • FSA aiming for further cut in enforcement case times

    9 Sep 2004

    FSA chief executive John Tiner is warning that IFAs could be hit by enforcement proceedings faster if the regulator succeeds in its plans to reduce case times. The FSA is aiming for a further 30 per cent reduction in the average case time over the next 12 months. In the last two years, the regulator has cut the average time from 16 months to 11 months. Speaking at the FSA enf-orcement conference in London this week, Tiner said he was looking to make investigations more ...

  • FSA warns of more precipice penalties

    9 Sep 2004

    Regulators have warned IFAs and company directors to brace themselves for further punishment over precipice bonds. The FSA says firms should watch for more penalties for firms which missold precipice bonds such as David M Aaron (Personal Financial Planners) which was banned this week. The FSA says it has not closed the file on the firm or its directors. FSA chief executive John Tiner reiterated at an enforcement conference in London this week that senior management had ...

  • Futurity starts out on the Scottish acquisition trail

    9 Sep 2004

    IFA Futurity is on the acquisition trail and has completed a deal for the first of five planned IFA purchases. Scottish 13-RI firm Futurity has bought Lanarkshire-based one-RI operation JR Russell and Co for £250,000 and is on the verge of completing a second cash deal for a similar Edinburgh firm. Futurity director Chris Donald says the firm's strategy is to complete five deals within the next six months. The directors plan to expand the firm by targeting small ...

  • Gartmore - Gartmore Portfolio UK High Alpha Strategy Fund

    14 Sep 2004

    Type: Oeic multi-manager fund of fundsAim: Growth by investing in UK equity fundsMinimum investment: Lump sum £1,000, monthly £50Investment split: 100% in UK equity fundsIsa link: YesPep transfers: YesCharges: Initial 5%, annual 1.5% for first 12 months, thereafter annual 1-1.75% performance feeSpecial offer: Initial charge reduced to 3%Offer period: Until December 31, ...

  • Gartmore - Gartmore Portfolio: Active Strategy Fund

    14 Sep 2004

    Type: Oeic multi-manager fund of fundsAim: Growth by investing in UK and global equity fundsMinimum investment: Lump sum £1,000, monthly £50Investmnet split: 100% in UK and global equity fundsIsa link: YesPep transfers: YesCharges: Initial 5%, annual 1.5%Special offer: Initial charge reduced to 3%Offer period: Until December 31, 2004Commission: Initial 3%, ...

  • Gartmore - Gartmore Portfolio: Cautious Strategy Fund

    13 Sep 2004

    Type: Oeic multi-manager fund of fundsAim: Income and growth by investing in UK bond funds, UK equity income funds, property funds and cashMinimum investment: Lump sum £1,000, monthly £50Investment split: 100% in UK bond funds, UK equity income funds, property funds and cashIsa link: YesPep transfers: Yes:Charges:Initial 5%, annual 1.25%Special offer: Initial charge reduced to 3%Offer ...

  • Gartmore multi-manager charges into action

    14 Sep 2004

    Gartmore has introduced four multi-manager funds to complement the existing Gartmore Portfolio: balanced strategy fund.One of the new funds, the Gartmore Portfolio: UK high alpha fund aims for growth by investing in funds that invest mainly in UK equities. It will be managed by Gartmore head of multi-manager Bambos Hambi and fund manager Marcus Brookes, with asset allocation provided by Gartmore Portfolio's head of asset allocation, Peter Gale, who also heads the private equity ...

  • Gartmore multi-manager strives for independence

    13 Sep 2004

    The new Gartmore Portfolio: cautious strategy fund will take advantage of the mixed asset class rules under the European Ucits III legislation.The fund will invest in a range of UK equity income, UK bond and property funds as well as cash. It will be managed according to specific parameters set for each asset class. These bands enable the management team to shift the fund weightings to suit all market conditions, while still having some ground rules.Like all the other funds ...

  • Genesis adds affiliate status

    8 Sep 2004

    Genesis has extended its franchise and license proposition to include affiliate status for smaller networks. As an affiliate, a smaller network can continue to manage a network of brokers, whilst receiving regulatory support from Genesis. The scheme is designed to appeal to small networks who do not have the financial resources or compliance to support ARs after M-Day or for networks yet to receive their MTA letters.

  • Genesis adds affiliate status

    8 Sep 2004

    Genesis has extended its franchise and license proposition to include affiliate status for smaller networks. As an affiliate, a smaller network can continue to manage a network of brokers, whilst receiving regulatory support from Genesis. The scheme is designed to appeal to small networks who do not have the financial resources or compliance to support ARs after M-Day or for networks yet to receive their MTA letters.

  • Get in the builders

    9 Sep 2004

    I have asked dozens of financial planners where they add value to their clients. Their usual response is, through advice and strategy. Ask these same financial planners what they cover in their review processes, and most continue to focus on the investments, including fund manager monitoring, selection and recommended changes, blending, economic updates and so forth, clearly focusing on where the added value is not. Why do so many financial planners continue down this ...

  • Global economy slowdown beckons, says ABN AMRO

    14 Sep 2004

    The world economy is set to slowdown in the wake of future US rate rises, predicts ABN AMRO.Analysts at the international bank say that bond yields have peaked and that there would be a further tightening of US monetary policy.The report, called Bond Yields Have Peaked, predicts that a gloabl economic slowdown would not be enough to stop pressures at the US Federal Reserve.

  • If insurers will not stand up for IFAs, IFAs must stand up for themselves

    9 Sep 2004

    When I became an IFA around 14 years ago, I started under the naive impression that IFAs and insurers worked together for the benefit of clients. Any illusions I still had were shattered when this Government came into power, immediately removing Alistair Darling to be replaced by Helen Liddell. She used her diplomatic skills to encourage insurers to cave in and pay compensation to almost everyone who claimed they had been missold pensions. Mick Newmarch of Prudential ...

  • IFA takes case to Europe over FSA memos

    9 Sep 2004

    An IFA has accused regulators and the ombudsman of leaking secret internal documents in a conspiracy to have him struck off. David Williams has lodged a petition to the European Parliament claiming that the FSA and FOS swapped memos about the status of his business Tudor House Financial Services. Williams, who was the principal of the firm, claims that Tudor House has lost £250,000. It was established in June 1983, In 1998, a monitoring visit found several compliance ...

  • In Partnership sets target of 1,000 advisers

    9 Sep 2004

    IFA In Partnership is looking to raise cash to help it double adviser numbers to 1,000 by the end of next year. The network has 500 advisers but wants to have 750 by the middle of next year and 1,000 by the end of next year, In Partnership plans to float the company in the next three years. It says it needs to recapitalise to get its numbers up to 1,000 and is looking at whether this can be achieved through providers taking equity stakes in the business, through merger ...

  • Independent view

    9 Sep 2004

    The Treasury select committee's long-awaited publication, which concluded that there should be an end to trail commission, is another clear indication that our law makers do not understand what they are talking about. It seems to me that their task should have been to encourage greater savings in the UK marketplace, not deliver another headline and dent public confidence in the savings market even further. The Consumers' Association wants to get clarity of charges from providers. ...

  • Insurers may get FSA leeway on using non-IMD Euro advisers

    9 Sep 2004

    UK insurers could be allowed to deal with intermediaries in countries which do not implement the insurance mediation directive on schedule. The FSA is to consult in October on a transitional rule that would allow a provider to use an intermediary in a state that has not implemented the IMD on time, providing the insurer has no reason to doubt the good repute, competence and financial standing of the intermediary. The FSA says the reason for the proposed rule is that, ...

  • Investment view

    9 Sep 2004

    Last week saw the Republican Party hold its pre-election convention in New York. The way the Americans conduct these events makes our own political conferences appear like children's tea parties. The occasion allowed the party faithful to reaffirm their support for President George Bush in the race for the White House, not that there were any rival candidates. Still, the signs are that the incumbent of the Oval Office could have a tough time of it once the new term starts in 2005. President

  • Is Kenmir hero or villain?

    9 Sep 2004

    So, the acceptable face of the FSA, David Kenmir, has become the unacceptable face in record time - at least among advisers. The managing director was highly rated by the industry for his relatively smooth handling of the PI nightmare which probably stopped some firms going to the wall and allowed others to manage a transition to a network or support services company, where PI could be maintained more easily. But Kenmir has fallen dramatically in the popularity stakes ...

  • Isis Asset Management - Baronsmead VCT2 C Shares

    10 Sep 2004

    Type: Venture capital trustAim: Growth by investing in established unquoted UK companiesMinimum investment: Lump sum £3,000Closing date: January 28, 2005Special offer: Extra 1% allocation of sharesOffer period: Until October 15, 2004Charges: Initial 5%, annual 2%Commission: Initial 3%Tel: 0845 799 2299

  • Julian Gibbs

    9 Sep 2004

    Stuart Sharp of Rensburg runs two smaller companies funds. He has been managing the UK smaller companies fund for nearly 10 years while his other fund, the UK microcap growth trust, was launched around 18 months ago. Both are top performers and should continue to be UK equity funds that every IFA should consider. Sharp is one of the most dedicated fund managers in the industry and his long-term performance is in the top 10 of all the 200 or so UK equity funds with a 10-year ...

  • kEEP UP WITH PENSIONS AND PROTECTION

    9 Sep 2004

    This year's Money Marketing Live in Manchester will once again feature two arenas dedicated to pension and protection products. Taking place at the G-Mex on September 28, the arenas will offer specific product focus through presentations, case studies and panel debates. Pension advisers will have the opportunity to hear a debate discussing pension simplification. Gearing Up For A-Day will feature some of the industry's leading experts, including Scottish Life head ...

  • Lenders rethink BTL criteria

    9 Sep 2004

    Rising interest rates are putting pressure on buy-to-let lenders to revise their lending criteria, says Moneyfacts. The Mortgage Works has cut its maximum rental income ratio for BTL mortgages from 130 per cent to 125 per cent. Earlier this year, the firm reduced its nominal rate for calculating income ratios from bank base rate plus 1.95 per cent to bank base rate plus 1.45 per cent. Other lenders, including Scarborough Building Society, Bristol & West, ...

  • LIA-Sofa merger name is revealed

    9 Sep 2004

    The closely guarded name for the planned merger between the LIA and Sofa is believed to be the Personal Finance Society. The name was due to be revealed to a small number of LIA members at a roadshow in Limavady in County Londonderry, Northern Ireland on Tuesday. Further roadshows will give LIA and Sofa members the opportunity to discuss the proposed merger in detail. The meeting in Northern Ireland was due to have been attended by a panel including LIA director ...

  • LibDems in pledge to axe compulsory annuities

    9 Sep 2004

    The Liberal Democrats have unveiled plans to raise the state pension by 30 per cent from £79.60 to £105 a week. The party's new pension policy would also see the end of compulsory annuities for people over 75. Work and pension spokesman Steve Webb says this move would remove a disincentive to save. The party is pledging to take one million pensioners out of poverty overnight by getting rid of means-tested benefit systems. Its new policy would be rolled out ...

  • Lifetime is still firmly on track

    9 Sep 2004

    I write to correct a number of errors in the article on Lifetime (Money Marketing, September 2). First, it is important to underline that Lifetime's technology partner has always been and remains DST International. Indeed, it is the strength of this underlying technology solution that creates Lifetime's unique positioning in the emerging UK wrap market. JP Morgan's FundsHub was never intended to provide an IT solution to Lifetime and its failure at no time endangered ...

  • Liverpool Vic maintains bonus rates

    9 Sep 2004

    Liverpool Victoria has bucked the industry trend by keeping its regular and annual with-profits bonus rates unchanged. Regular bonuses on the mutual's with-profits income bonds stays at 4.25 per cent, and the rate on the with profits growth bond remains at 2.25 per cent. The terminal bonus rate for a 10-year policy is 5.7 per cent, and for a 25-year policy it is 130.7 per cent. This means that a £50 a month, 25-year policy maturing in September would ...

  • Lotta bottle

    9 Sep 2004

    We all know journalism is a grubby business but never has this been so brilliantly illustrated as by Baillie Gifford's press office. Nobody really wants to "celebrate the launch of a Sipp" but sending journalists an empty single malt whisky carton containing a note saying "the missing bottle is waiting for you, bring the empty box" is laying the relationship rather too bare. The Diary is sure of a hefty turnout.

  • Marlboro' focuses on outsourcing

    9 Sep 2004

    Turnover dropped to £49.8m from £56m in the same period in 2003. Profits were down to £1.7m from £2.6m. The company says its main area of focus will be the huge market potential for life and pension outsourcing. It will also continue to develop functionality and business connections for The Exchange. Marketing director Steve Butcher says the company has identified a market trend within life insurance companies to outsource open and closed books. But ...

  • MCCB probe finds that lenders do not try to sway borrowers

    9 Sep 2004

    The Mortgage Code Com-pliance Board has found that consumers are gen-erally satisfied with the level and type of advice they are getting from mortgage firms. The MCCB's research among 200 new mortgage borrowers found no evidence of lenders influencing customers to increase their borrowing. Only 13 per cent borrowed more than they had intended, 61 per cent borrowed the amount they intended and 11 per cent borrowed less. Overall, 93 per cent were satisfied with ...

  • Menu master Smee quits Aifa

    9 Sep 2004

    Aifa's first director general Paul Smee has resigned from his position after five years in the job. Smee will stay with Aifa until December when he is joining the Association for Payment Clearing Services as its chief executive. Aifa will be advertising for a new director general immediately. The formation of Aifa came after a huge row between the Labour Government and the IFA Asso- ciation, led by Garry Heath, over the pension review. During his time at Aifa, ...

  • MERGER EDGE: Phil Billingham

    9 Sep 2004

    I have been disappointed, but not surprised, by some of the comments made in response to the proposed merger of the LIA and Sofa. I will not attempt to comment on individual views as I have no wish to make this personal. We are all entitled to our views and here is mine. Many of the comments seem based on the stereotypical view that the LIA is a direct-sales body and that Sofa is full of anoraks that pass exams for the sake of it. Oh yes, and the CII is trying to take over the ...

  • Move to the land of the fee

    9 Sep 2004

    The FSA recently attacked an IFA for charging his services at £150 an hour, which appeared at first sight to be a bridge too far in the world of financial services regulation. I do not believe the FSA will be telling us how to charge our clients in a fee-based environment as this is a matter of discussion between the adviser and the client and I cannot believe the FSA would want to involve itself in what is a commercial negotiation. The real issue is to ensure that ...

  • Multi-manager view

    9 Sep 2004

    It is a cracking idea really - why play hopscotch on one fund when you can be automatically diversified into a whole range of funds and managers? The sudden growth in the multi-manager structures over the past few years has been remarkable, with new offerings springing up like desert flowers after a rainstorm and it will be interesting to see just how many survive the first flush of enthusiasm. The logic of the multi-manager (MM) structure is undeniable but a level of caution, ...

  • National roadshows from Woolwich Plan Managers

    13 Sep 2004

    Woolwich Plan Managers are on the road from September 27th to introduce their new products, the global distribution bond and accelerated growth plan.Events will be held in twelve cities across the UK and attendees will have the chance to win a bottle of champagne as well as qualifying for one hour's CPD points.

  • National Savings want IFAs to advise £1m Ernie winners

    9 Sep 2004

    National Savings and Investments is looking for IFAs to provide financial advice to the monthly £1m winner of its premium bond prize draw. Its current contract with a provider with an independent advice arm is coming to an end and it is looking for a firm to provide advice to its monthly £1m winners for the next two to five years. Each winner is given the option of taking financial advice and the £1m is placed into a high-interest account in the meantime. Winners ...

  • New retail sales director at The Derbyshire

    10 Sep 2004

    Derbyshire Building Society has appointed Andy Thorpe as its new retail sales director.Thorpe says: "I am delighted to be joining The Derbyshire, a progressive society that is committed to customer fairness. Part of my brief is to bring a strong customer focus to the Society following the recent launch of our How Fair Is That ? brand proposition. "This is an exciting phase in The Derbyshire's history and I am looking forward to working with my new colleagues to establish ...

  • New Star's global fund eyes China and Russia

    9 Sep 2004

    New Star manager Paul Craig says its global portfolio fund will target econ-omic progress in China, India and Russia in the next 12 months. Craig took over management of the fund one year ago and it has since risen by 13.92 per cent compared with an average rise of 4.79 per cent in the IMA active managed sector. He says a key driver in the fund's performance in the past year is its themed approach of identifying the best opportunities from the closed-end fund sector ...

  • Nvesta offers multi security

    13 Sep 2004

    NVESTASecure Multi-Tracker PlanType: Guaranteed equity bond Aim: Growth linked to the performance of the FTSE 100, S&P 500 and Nikkei 225 indices Minimum-maximum investment: £3,000-£2m, Isa £7,000 Term: Six years Return: 110% growth in the indices Guarantee: Original capital returned in full regardless of performance of indices Closing date: October 22, 2004, October 15, ...

  • Out of context

    9 Sep 2004

    •"Surely you've been to Borneo - you love headhunting." - Colleague of Hamptons International Mortgages' Kevin Duffy remarks on his recruitment techniques. •"I'm an Indian virgin." - Marketing support staff member at Bankhall's conference reveals her food preferences. •"No, seriously, we've got three nominations for Bankhall personality of the year." - Bankhall chief executive Paul Hogarth. •"Here we have, growing very rapidly, ...

  • Penrose boxing

    9 Sep 2004

    For those looking for a PR agency with a bit of a kick that pulls no punches, the Diary can only recommend Penrose Financial. Louise Hatch and three of her staff are learning to kickbox. As if she wasn't intimidating enough. So if the powers of persuasion fail to elicit the correct response from various financial hacks, there is always the threat of physical violence to get those press releases written. We also hear that another Penrose boss, Claire Burston, ...

  • Performing deal

    9 Sep 2004

    Good performance should be rewarded and poor performance punished. It seems simple enough. But where to set the limits is another matter and how to judge what is good performance is also a debate that investment IFAs are keen to have. A base for starting the measurement is the current annual management charge of 1.5 per cent. Much of the fund industry would probably like the AMC to rise above 1.5 per cent but most investment IFAs, such as Chelsea Financial Services managing director ...

  • Pink Home Loans - BM Solutions Flexible Self-cert Tracker

    13 Sep 2004

    Type: Flexible self-cert trackerTracker rate: 1.5% above Bank of England base rateTracker term;Life of loanMinimum loan: £25,001Payable rate: 6.25%Maximum loan: Up to 85% of valuation subject to a maximum of £350,000, up to 80% of loan subject to maximum of £500,000, up to 75% of valuation subject to a maximum of £1mIncome multiples: Up to 3.25 times principal income plus second or 2.75 times ...

  • Pink Home Loans - Mortgage Express Self Cert 1.16% Discount for Three Years

    8 Sep 2004

    Type: Self cert discounted rate mortgageDiscounted term:Three yearsDiscount: 1.16%Payable rate: 5.59%Minimum loan: £60,000Maximum loan: Up to 90% of valuation subject to a maximum of £250,000, up to 80% of valuation subject to a maximum of £300,000, up to 70% of valuation subject to a maximum of £500,000, up to 60% of valuation subject to a maximum of £1mArrangement fee: £375

  • Pink swims in lifetime channel

    10 Sep 2004

    PINK HOME LOANSBM Solutions Flexible Self-cert TrackerType: Flexible self-cert trackerTracker rate: 1.5% above Bank of England base rateTracker term; Life of loanMinimum loan: £25,001Payable rate: 6.25%Maximum loan: Up to 85% of valuation subject to a maximum of £350,000, up to 80% of loan subject to maximum of £500,000, up to 75% of valuation subject to a maximum of £1mIncome ...

  • Pinnacle peaks with monthly option

    14 Sep 2004

    PINNACLE INVESTMENTSPinnacle Guaranteed Monthly Income BondType: Guaranteed income bondMinimum-maximum investment: £25,000-£250,000Term: Choice of one, two, three, four and five yearsInterest rates: One year term - 3.92%-4.21%, two-year term - 4.2%-4.3%, three and four year terms - 4.3%-4.35%, five-year term - 4.5%-4.64%Guarantee: Capital returned in full regardless of performance of underlying ...

  • Pinnacle pledges 6.24% income for three years with guaranteed bond

    9 Sep 2004

    Pinnacle Insurance is offering a monthly income guaranteed bond that will give a return equivalent to 6.24 per cent gross for higher-rate taxpayers over three years. The firm, a subsidiary of French banking giant BNP Paribas, is launching a monthly bond paying 4.61 per cent net monthly income over a three-year term. Minimum investment is £25,000 and there is no maximum. Clients who make an investment of £25,000 in the bond will get income of £60.42 a month ...

  • Point of sale wealth management software launch

    13 Sep 2004

    Technology provider 1st Software is launching poitn of sale wealth management software iTrak for intermediaries.

  • Polling stations

    9 Sep 2004

    What issues do you see arising out of the US presidential election? Adam: I think certainly in the financial institutions in Wall Street and in London we would prefer to see a Republican victory in the November election, if nothing else, for the tax cuts and government spending spree that the current US government has been doing to continue to boost the economy and keep employment levels high. Although it could be argued whether Bush genuinely won the last time round, ...

  • Property seen as better prospect than equities

    9 Sep 2004

    Property is still considered to be the best investment over the short and long term, despite fears of a collapse in the housing market, according to GMAC-RFC. Its research shows that 68 per cent of people think that property will yield the best return over 25 years compared with only 13 per cent who favour stocks and shares. GMAC-RFC found that 77 per cent of the 800 adults questioned has not remortgaged in the last five years. Of those who have taken out a remortgage, ...

  • Prudential - PruFund Investment Plan

    8 Sep 2004

    Type: Smoothed unitised investment bondAim: Growth and income by investing in a choice of two smoothed managed fundsMinimum investment: Lump sum £5,000Fund links: PruFund growth fund, PruFund growth and income fundCharges: Regular income option - establishment charge 0.45% a year for first five years, annual 1.5% until year 10, thereafter 1%, no income option - establishment charge 0.25% a year in first five years, annual ...

  • Reid all about it

    9 Sep 2004

    I am sure that what we all dread on returning from holiday these days is not the pile of mail on the doormat but the deluge of emails including enough spam to have solved the rationing issues of World War Two. Before I proceed, can I suggest that all those CC or, worse, BCC fans are only allowed to use these twice a day or an electric shock will come through the keyboard. These irrelevant copy lists will be the end of many of us. Having attended a series of events where the hot ...

  • Revenue paves way to merger of small VCTs

    9 Sep 2004

    New Inland Revenue legislation could open the door to the merger of venture capital trusts. VCT experts are predicting that smaller trusts held in boutiques could be merged as firms look to cut the cost of running small trusts. It is the latest development in the VCT market following Chancellor Gordon Brown's changes to the taxation of the schemes in March. Under the old rules, inv-estors in VCTs got 20 per cent income tax relief and capital gains reinvestment ...

  • Revert to Russian roulette?

    9 Sep 2004

    The announcement in the pre-Budget report last December of the Government's plans to introduce the so-called "pre-owned assets tax" has now borne fruit in the form of Schedule 15 Finance Act 2004. Having led the industry representations on this subject, it gives me great satisfaction that the Revenue has confirmed that the discounted gift schemes currently available are not affected by this generally inequitable and retrospective tax. In spite of this, it is very important ...

  • Schroders charges in to multi-manager crowd

    10 Sep 2004

    The Schroder S&P strategic balanced fund is the more conservative of the two new unit trust multi-manager fund of funds created by Schroders in conjunction with Standard & Poor's.The fund aims to outperform the Lipper Balanced Managed sector average by 2 per cent a year after charges by investing in a portfolio of between 12 and 15 funds.The multi-manager team, headed by Andrew Yeadon, will draw on exclusive research provided by S&P when selecting funds for the portfolio. ...

  • Schroders multi mix

    9 Sep 2004

    Schroders has teamed up with fund research and ratings agency Standard & Poor's to offer two Ucits III compliant multi-manager funds.The Schroder S&P high alpha fund is an aggressively managed fund which can invest up to 10 per cent in alternative investments such as hedge funds, private equity and property. It aims to outperform the Lipper Active Managed sector by 3 per cent a year after charges.The fund will invest in between 12 and 15 funds. These funds will be identified ...

  • Scottish Life International relaunches product offering

    14 Sep 2004

    Following a major strategic review, Scottish Life International (SLI) is relaunching its product offering and restructuring its business operations. The review was led by David Kneeshaw, who was appointed Chief Executive of SLI in December 2003. The company is developing its service to the high net worth and offshore market by offering a revised version of its Personal Investment Management service with links to almost any collective investment scheme and a range of more than 700 funds, ...

  • Select & Protect receives its MTA letter

    8 Sep 2004

    Select & Protect receives its MTA letter from the FSA. Select chief executive Simon Hood says: "We will shortly be announcing details of our regulated offering for brokers and advisers who are to be directly authorised by the FSA. This will include enhanced commissions, full compliance support, competitively rated range of products and a comprehensive training programme."

  • Sesame urges early move on GI

    8 Sep 2004

    Sesame is encouraging advisers to sign up to general insurance compliance systems at the same time as mortgage compliance. Mortgage regulation begins on October 31 this year and general insurance regulation starts on January 14, 2005

  • Skandia - Protected Portfolio Investment

    9 Sep 2004

    Type: Capital-protected bondAim: Growth linked to the performance of a basket of five actively managed fundsMinimum-maximum investment: £3,000-no maximum, Isa £7,000Term:Five yearsReturn: Assured return - the greater of 16 per cent of original investment or 50% growth in underlying portfolio, absolute return - 70% growth in underlying portfolio, averaged return maximum protection - 100% growth in underlying portfolio, ...

  • Slump in demand for new mortgages

    9 Sep 2004

    There has been a sharp fall in enquiries for new mortgages in the last four months, pointing to a slowdown in the UK property market, according to data from personal finance portal Moneynet. The company blames the rise in the base rate for the number for buyers looking to take out new mortgages falling by 33 per cent from 30,000 in May to 20,000 in August. It says the average price of properties has fallen from £207,000 in May to £196,000 in August. The ...

  • Smith resignation forces Blair to push ahead with reshuffle

    9 Sep 2004

    The surprise resignation of Work and Pensions Secretary Andrew Smith will force Prime Minister Tony Blair to plough ahead with a Cabinet reshuffle. Smith, who is seen as a close ally of Chancellor Gordon Brown, was app-ointed two years ago. The vacancy could be filled by any number of willing candidates. Trade Secretary Patricia Hewitt and Defence Secretary Geoff Hoon are tipped for the position but a reshuffle could see a more junior minister such as Treasury Financial ...

  • Standard Life - Secured Capital Plan

    9 Sep 2004

    Type: Capital-protected OeicAim: Growth linked to the performance of the FTSE 100 indexMinimum investment: Lump sum £5,000Isa link: YesPep transfers: YesTerm: Five years and 48 daysReturn: 82.4% growth in the indexGuarantee: Original capital returned in full at end of term regardless of the performance of the indexClosing date: October 25, 2004Charges: Initial 7.5%Commission: ...

  • Steve Bee on Pensions

    9 Sep 2004

    On April 6, 2006 - the day dramatically referred to by the Government as A-Day - a new and supposedly simplified pension tax regime will be introduced. From that date, all existing pension tax regimes will be replaced with one unified tax regime applying to all types of pension saving. This is heralded by the Government as being some kind of radical reform to our highly complex pension system in the UK but I do not think that anyone who has seen the detail will seriously think ...

  • Talkback

    9 Sep 2004

    "Yes, it certainly would be missed. Because of the amalgamation of all the other names into Abbey, it would be the end of an era." Peter Wray, Polygon Financial "Yes. Some groups are getting far too big and are therefore taking away the diversity of the industry." Bill Muncie, Acorn Financial Services (Central) "Yes. It has been around for a long time and it is easy for clients to identify with." Allan Coll, Coll Independent Advisers "Yes. The brand ...

  • The lessons of the Aaron case

    9 Sep 2004

    David M Aaron (Personal Financial Planners) has been banned for life in what the FSA calls one of the most serious cases of misselling it has investigated. At the root of the problem were sales of precipice bonds or what are now officially called structured capital at risk products, although they were called neither when the bulk of them were sold. The FSA has pulled no punches but it has curiously issued a lifetime ban against the firm itself. Most directors remain deauthorised ...

  • The Mortgage Business is back in the market with tracker and BTL offers

    9 Sep 2004

    The Mortgage Business has relaunched in the market after closing to new business for two months to deal with a service backlog and to retrain staff. TMB has come back to the mortgage market with a range of three core products. It will offer its full range of products on Nov-ember 1. The prestige mortgage is for loans of more than £500,000, with a tracker rate of 0.99 per cent for the life of the loan. The second product is a buy-to-let loan called house ...

  • The yield shield

    9 Sep 2004

    Many investors are bored stiff with high-yield bonds. With returns from bonds flattened from years of falling interest rates, it is an investment option that does not have the appeal that it once had. But there is an argument that says now is the time to look at high-yield bonds as a way to diversify an equity-heavy portfolio. Origen investment director Tony Lanning says investors need to consider high-yield bonds to broaden their portfolios but they need to be very stock-specific ...

  • Thomson's aims at medic market

    9 Sep 2004

    Thomson's, the UK arm of European IFA AWD is signing a deal with MIA General Insurance to target medical and dental professionals for financial planning advice. The deal will allow MIA and Thomson's IFA offer each other's products to their medical professional customers. Thomson's will provide specialist advice and products such as investment strategies, portfolio management, tax, trust and estate planning, retirement planning, savings, protection, long-term care and ...

  • Thoresen to take over at Aegon as Henderson steps down

    9 Sep 2004

    Aegon UK chief executive David Henderson is retiring after six years in the role. Henderson, who is the long-est-serving CEO of a Scottish life office, will retire in March 2005 and will be replaced by finance director Otto Thoresen. Mark Laidlaw, who joined Aegon UK in 1988, has been appointed chief financial off-icer, replacing Thoresen from April 2005. Henderson, who will be 60 at the end of the month, joined Scottish Equitable in 1971. He masterminded the ...

  • Tiner hits out over legal challenge

    8 Sep 2004

    FSA chief executive John Tiner has expressed frustration over a misselling legal wrangle, saying legal challenges against the power of the regulators should not be used as an example for the rest of the industry. Next week the FSA will begin a Financial Services and Markets Tribunal at which Legal & General will appeal against a fine for misselling. Speaking at an enforcement conference Tiner said: "I think it will be a mistake to give that particular case a symbolic importance that ...

  • UK market remains directionless - ISIS

    10 Sep 2004

    The UK market remains directionless according to ISIS UK prime and ISIS UK equity fund manager Mike Felton.Felton says the market can be characterised as being of two halves during August. He says the month started poorly, falling during the first couple of weeks largely on the back of weak US earnings numbers and the surging oil price.He says more recently the market has rallied as the oil price has softened. He believes in addition, investors have been tempted back as overselling ...

  • When the levy breaks

    9 Sep 2004

    IFAs struggling with big rises in their Financial Services Compensation Scheme levy this year should be aware that they are not a one-off and all expectations point towards further rises in 2005. This year's increases - of up to 1,000 per cent for some IFAs - are the result of a bigger than anticipated flood of endowment complaints. The FSCS's original estimate of 2,400 claims during 2004/05 was recently revised to 7,000. But despite some high-profile collapses ...

  • White moves to become media head at Standard Life

    9 Sep 2004

    Aegon group public affairs manager Scott White is leaving to join Standard Life as head of group media. White joins Standard in October as the firm continues its move to demutualise. Standard has also recruited Peter Timberlake as London PR manager from Legal & General, where he was PR manager for housing and protection. White joined Scottish Equitable from Guardian Royal Exchange in 1991 and, following the company's demutualisation in 1994, he took over as head ...

  • Who will go to the Abbey ball?

    9 Sep 2004

    When Banco Santander Central Hispano's takeover bid for Abbey was interrupted by a surprise show of interest from HBOS, it raised questions over how the UK's fourth-biggest bank would be able to sidestep the Competition Commission. HBOS's lawyers are looking at whether a bid is feasible after Abbey accepted Santander's £8bn offer. A Deutsche Bank report entitled, HBOS, Best Dressed for the Abbey Ball, says HBOS can expect to emerge as the ultimate victor from ...

  • Whole-of-life shock for watchdog

    9 Sep 2004

    The Financial Ombudsman has seen a sudden rise in complaints where whole-of-life insurance products were sold without clients being told that policies would be reviewed. The ombudsman claims that trends of complaints by consumers about whole of life policies have changed. The FOS was previously getting complaints about policies that were sold without regard for customers' individual circumstances. But FOS officials now say there has been a sudden rise in ...

  • Why women can't get in step with pensions

    9 Sep 2004

    Up to 4.5 million working women do not save enough for retirement and another 4.5 million women are not saving at all. The facts about women and retirement are brought together for the first time in an ABI report, The Gender Pensions Gap - Encouraging Women to Save for Retirement. It is rare these days to see a good news story about pensions but there have been any number of bad stories - occupational pension schemes going bust, people simply not saving in pensions and ...

  • Widows reshuffle recognises role of corporate pensions

    9 Sep 2004

    Scottish Widows has made two key changes to its sales division with the appointment of a market director for corporate pensions and the expansion of the role of sales director. Sales director Peter Hendry will take over IFA strategy development, IFA major account management and partnership development. These roles were previously held by Robert Wyllie, who has now been appointed to the role of market director, corporate pensions. Wyllie will be responsible for the development, ...

  • Wig offers business invitation

    8 Sep 2004

    The Women's IFA Group is inviting IFA business owners to attend a forum with members of the Government's Small Business Council on September 29th. WIG's chairwoman Fiona Price has been appointed to the non-departmental body which is made up of business people. The forum is an opportunity for IFA business men and women to question SBC head William Sargent and other members on what the Government does to hinder business development and what it can do to help.

  • Woolwich aiming to put small investors on the cutting hedge

    9 Sep 2004

    Woolwich is looking to open up the hedge fund market to a wider range of retail investors with a plan offering a minimum investment of £3,000. The protected FTSE hedge plan from Barclays group subsidiary Woolwich Plan Managers claims to be the first retail product to be linked to the FTSE hedge index. The index was founded in July and tracks the performance of a select group of hedge funds. Performance is accessed using a mixture of qualitative and quantitative analysis. Th

  • Woolwich and Morley link to offer global bond

    9 Sep 2004

    Woolwich Plan Managers has teamed up with Mor-ley Fund Management to launch a global distrib-ution bond. The companies have designed the fund to deliver a stable and high level of income. The fund aims to offer a gross income of 7 per cent a year or 2.5 per cent above the Bank of Eng-land base rate. It will be tied to a new fund managed by Morley which will actively handle a balanced portfolio, with a mix of 60 per cent equ-ities and 40 per cent bonds. Equities ...

  • Zurich Assurance - Select Guaranteed Account Issue 2

    10 Sep 2004

    Type: Capital-protected bondAim: Growth linked to the performance of the FTSE 100 and Halifax House Price indicesMinimum-maximum investment: £2,500-£250,000Term: Five years and six monthsReturn: 100% growth in each indexGuarantee: Original capital returned in full at end of term regardless of performance of indicesClosing date: October 25, 2004Commission: Initial 3%-4%Tel: 01793 ...

Poll

Will Greece leave the euro?

Current Issue

Advanced search