Money Marketing
9 August 2006
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Land Registry shows prices rising faster
10 Aug 2006
The Land Registry says the average house price in England and Wales is 199,184 - an annualised increase of 7.71 per cent between April and June compared with a rise of 5.43 per cent for the same period last year.
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Mackay leaving Allfunds Bank
10 Aug 2006
Holly Mackay is leaving Allfunds Bank to pursue other opportunities in the industry after a 12-month tenure as UK director at the firm. Allfunds is undergoing a wider management restructure and a replacement is expected to be appointed shortly.
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20/20 Vision
10 Aug 2006
The Finance Act 2006 is now with us. The 34 paragraphs in Schedule 20 are organised in six parts dealing with: Trusts for bereaved minors, age 18-25 trusts and accumulation & maintenance trusts.Interests in possession.Related amendments in IHTA 1984.Related amendments in TCGA 1992.Property subject to a reservation.Conditional exemption - relief from charges.As well as being armed with knowledge about Schedule 20, advisers need to be aware of how the discretionary ...
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A third of Britons have no savings for unemployment back up
9 Aug 2006
Over a third of the UK population say they have no savings or protection to back them up if they lose their jobs, despite 2.9m Britons fearing that they are in danger of becoming unemployed.Research from Prudential found that 18 per cent of UK workers were off work last year due to long-term illness. Despite this, 36 per cent have no savings or protection in place and Prudential is warning that these people are 30 days away from financial crisis.Only 10 per cent of Britons say ...
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ABI raises prices for GP reports
10 Aug 2006
The ABI has agreed to increase the price paid for GP reports in return for a more professional approach from doctors.The British Medical Association has agreed to provide a clause for GPs asking them to recognise that life insurance is a "social good" which benefits patients and it should be carried out to appropriate professional standards.A five-year deal has been agreed between the ABI and the BMA. For the first year, which starts from September 1, a GP report will cost £74.70 ...
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ABN Amro lifecycle funds for UK
10 Aug 2006
ABN Amro Asset Management is offering a range of its capital-protected lifecycle funds into the UK.The six funds, which have been available in Canada and Europe since 2000, each have a predetermined lifespan and look to help investors save for a particular life event.The Luxemburg-domiciled funds will invest predominantly in equities in the early years of the product before gradually migrating into bonds and cash to reduce risk as the product approaches maturity.The funds ...
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Ahipp reveals Hips pilot plans
11 Aug 2006
The Association of Home Information Pack Providers has today announced the first stage of its roll out of Hips and the Home Condition Reports.
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Aifa wants small firm focus for ombudsman
10 Aug 2006
Aifa has called on the Financial Ombudsman Service to set up a separate small firms division to focus on the particular needs of IFAs.In its submission to the FOS funding consultation paper, Aifa says the FOS should mirror the FSA in setting up a small firms division to provide greater flexibility and a better service to firms not accustomed to dealing with the ombudsman.Aifa says the current model penalises smaller firms which get few complaints while being supportive of bigger, ...
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AITC to represent VCT industry
14 Aug 2006
The Association of Investment Trust Companies (AITC) has become the representative trade body for the venture capital trust (VCT) industry from today (August 14th).
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AMI wants option F for FOS funding
10 Aug 2006
The Association of Mortgage Intermediaries has confirmed it is against the current funding model for the Financial Ombudsman Service and is calling for option F in the review of the funding for FOS. Aifa is calling for option H.
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Aussie rules
10 Aug 2006
Financial advisers are faced with the constant challenge of looking after their clients' needs today while thinking about what is just around the corner and how emerging trends will affect their businesses.
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Axa set for onshore talents
10 Aug 2006
Axa Investment Managers is to offer an onshore version of its Luxemburg-domiciled Axa talents fund managed by Charles Firmin-Didot.Axa has gained FSA approval to launch a UK-based version of the fund and intends to launch it in either October or November.The talents fund has an actively managed global mandate and invests in firms run by entrepreneurs who Firmin-Didot believes will add significant long-term value. The fund currently holds around 90 stocks and aims for a near-even ...
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Barking up the wrong tree
10 Aug 2006
Although not involved in mortgage advice, I did read with interest the recent Money Marketing profile of Simon Conn and was most interested in his "alternative career". Alongside being an IFA for 43 years, I have also been a partner in a boarding kennels for the past nine years. If Simon would like to get his dream out of his system, he is welcome to come to Follybridge and try running the place 24/7/365 for a couple of weeks so that we can have a holiday. I am sure it will ...
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Boot polish
10 Aug 2006
Youngsters could learn all they need to know at a financial boot camp
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Broker in Lutine link to switch policies to PTA
10 Aug 2006
Hargreaves Lansdown has brokered a deal with specialist life office Lutine to offer HL clients with life-only policies the option to switch into Lutine's pension term assurance with no further underwriting.Lutine, which is a syndicate of Lloyd's of London, says it plans to enter the mainstream market and is developing a suite of term insurance products to be positioned alongside its PTA.It is extending the offer to all Hargreaves Lansdown clients aged under 50 to enable them ...
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Broker Talkback
10 Aug 2006
Do you believe, like Sesame, that the Government is trying to take control of advice from the private sector and effectively nationalise advice?
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Brokers don't fear interest-only probe
10 Aug 2006
Most brokers do not believe the advice process surrounding interest-only mortgages will lead to a future misselling scandal despite the forthcoming investigation by the FSA.Research commissioned by Alliance & Leicester shows that only 31 per cent of intermediaries are concerned about complaints.Forty-five per cent do not believe the advice process on interest-only is a genuine concern and 24 per cent think it could be a concern but not a misselling issue.The FSA will be ...
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Cable slams banks on debt
10 Aug 2006
LibDem Shadow Chancellor Vince Cable has accused Lloyds TSB and other high-street lenders of behaving irresponsibly by encouraging rising debt levels.The MP for Twickenham was responding to an announcement from Lloyds TSB that it had increased provisions to cover bad debt in line with other banks.He says the irresponsible behaviour of lenders and consumers is starting to be seen through the bad debts that banks have to write off.Cable says banks must share some of the responsibility ...
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Campaign group launches to educate on Reits
14 Aug 2006
A new publicity campaign branded as Reita has launched in a bid to raise awareness of the impact of Reits to the UK market when they come in on January 1, 2007.
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Change of role for Aviva's Philip Scott
11 Aug 2006
Aviva International executive director Philip Scott will be changing his role to focus more on the group’s businesses in North America and Asia Pacific.
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Chasing the chaser to no avail
10 Aug 2006
I dislike the parasitic nature of the ambulance-chasers who purport to handle more effectively the complaints and claims of clients against financial organisations such as ours but I also respect their right to exist and operate in a free-market economy. What I do resent, however, is the appalling inefficiency of the ones I have so far come across. Talk about them treating their customers fairly. As an example, I wrote to one of these firms some five months ago asking for the written ...
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'Chink of light' in pension fight
10 Aug 2006
Altmann calls Hutton move on state second pension a dawn of realisation
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Commission can pay the customer
10 Aug 2006
I get a little exasperated with all the evangelism concerning commission. If those who seek to change things thought about it a little more, they might realise that: If insurance companies are daft enough to pay these huge sums, why not take them? In the case of life cover, no one says you have to keep it all. You can (and I do) return a significant lump to the client (with the usual caveats on lapses). If you do the figures, it would generally take over 15 years for the client to ...
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Confidence booster
10 Aug 2006
Last month saw two impressive sets of figures from the fund management industry. The first highlights the growth and importance of this industry globally and domestically while the second perhaps indicates a rise in confidence among retail investors as they return to the market following a steady decline in retail sales since 2000, with 2005 starting to see signs of a recovery.
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Correspondent's week
10 Aug 2006
This week by Compliance Online editor (retail markets) Annie Shaw
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Credit-check reference firms
10 Aug 2006
Last weekend's excellent Radio 4 programme Inside Money highlighted the inadequate level of help and protection given to people suffering from identity theft.
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DB schemes on the decline in smaller firms
10 Aug 2006
Defined benefit schemes in smaller firms are on the decline with an increasing number of firms levelling down to lower cost schemes, according to a new survey by the Association of Consulting Actuaries.
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Debt charges
10 Aug 2006
The Council of Mortgage Lenders believes repossessions will soar this year because of the boom in specialist lending.
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Debt data rethink after industry split
10 Aug 2006
Plans for a data-sharing service to help lenders with the consumer debt crisis have been scaled back after failing to achieve industrywide support.The Personal Credit Dashboard initiative was devised by Apacs, a trade body for payment services. It was initially designed to enable the Council of Mortgage Lenders, the British Bankers' Association and the Finance and Leasing Association to share data on debt trends and pass this on to their members.Plans are being finalised in ...
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Domestic blips
10 Aug 2006
Persistent volatility is a feature of UK equity performance in 2006, particularly since the mid-May share price correction. Investors in domestic equities have seen big share price fluctuations during a period of market uncertainty.The interest rate rise last week was yet another catalyst fuelling market instability. The FTSE 100 index dropped by 1.6 per cent during trading on August 3, the day of the rate rise announcement.The FTSE All-Share has seen significant price swings ...
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Edeus continues packager link-ups
9 Aug 2006
Mortgage distributor KGB has added new lender Edeus to its lender panel.
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Edeus picks 50 packagers for panel
10 Aug 2006
HBOS will make its push into the equity-release market through either its Halifax or Bank of Scotland brands, says intermediaries managing director Nigel Stockton.The giant lender had been widely expected to offer products through its specialist brands of BM Solutions or The Mortgage Business.But the bank has delivered a blow to the equity-release market by insisting that it is in no hurry to launch into the market.The UK's biggest mortgage lender revealed earlier this year ...
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Exchange runs new roadshows
9 Aug 2006
The Exchange is running a series of new business roadshows across the UK open to all Exweb portal users and potential users.Events will take place in August and September in Harrogate, Exeter, Manchester, Cambridge, Birmingham, Gatwick, Edinburgh, and Glasgow.The events aim to present the business case for using technology to help advisers improve their business and provide an insight into how successful adviser firms get value from their IT.The Exchange managing director David ...
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Exit probe is delaying watchdog's decisions
10 Aug 2006
The FSA's investigations into mortgage lenders' exit fees is forcing the Financial Ombudsman Service to delay its adjudication decisions on complaints.
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Expats could lose out on tax free cash due to A-day, says Clerical Medical
11 Aug 2006
Britons working abroad may lose out on tax relief on their savings because of A-day changes, says Clerical Medical says.
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F&C losses hit 29m
10 Aug 2006
F&C Asset Management made a loss of 29.2m in the first half of this year after seeing significant institutional outflows.The firm lost 2.83m in the same period last year.Funds under management at June 30 were 107bn compared with 131bn at the start of the year despite strong retail market inflows which increased by 158 per cent. The majority of the outflows were down to Resolution Life taking back 20.1bn of funds to run them in house.F&C also lost the management contracts ...
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Fidelity to pay renewal commission on Sicavs
10 Aug 2006
Fidelity is to start paying renewal commission both on lump-sum investments and regular savings business into its Luxemburg-domiciled funds for the first time from this week.From August 7, Fidelity will pay advisers 0.5 per cent trail commission on 27 of its Sicav funds, including its China focus and India focus funds, as well 16 of its other offshore funds which were recently given sterling share classes.Fidelity head of IFA channel Peter Hicks says: "At Funds Network, we saw ...
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Final countdown
10 Aug 2006
Firms will use funding statements to close final-salary schemes to new members
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Firm aims to put Spring in step of loan applications
10 Aug 2006
New firm Spring Technologies says its online suite of products for mortgage brokers will speed up the loan application process by at least two hours.Spring is to roll out a range of online products in November designed to reduce the admin burden at the start of the buying process. These will include money laundering and credit checks, valuations and Land Registry checking tools.Executive director Nick Berry says providing brokers with all the necessary information at the start ...
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FSA delays discussion on provider police role
10 Aug 2006
The FSA has postponed its discussion paper into the relationship between product providers and advisers amid continuing concerns that the regulator is trying to force providers to police intermediaries.The threat of extra responsibilities has forced non-mortgage trade bodies to start thinking about the potential impact of any FSA action.The ABI and Aifa will release a joint paper in September to coincide with the FSA's belated announcement that month on the provider/broker relationship, ...
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FTSE hit by latest terror threat
11 Aug 2006
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GE Life bucks rising trend by reducing lifetime loan rate
10 Aug 2006
GE Life has slashed its lifetime mortgage rate and has become the cheapest on the market.The company is bucking the trend in the market that has seen other providers raise their rates over recent months.Many experts had expected last week's Bank of England base rate increase to put further pressure on insurers and lenders to increase the cost of taking out equity-release products.GE's rate, compounded annually, has come down from 6.09 per cent to 5.95 per cent. The next ...
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Getting personal
10 Aug 2006
Providers which are contemplating the implications of the Pensions Commission report would do well to study two pieces of recently published research.
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Good first half for Burns-Anderson
10 Aug 2006
Burns-Anderson made a profit of 330,000 for the first six months of this year, beating the company's annual profits for 2005. The firm says it has increased its capital adequacy by 75 per cent and claims to have almost paid off the 500,000 loan it received from Norwich Union.
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Hamptons wants APRs scrapped
14 Aug 2006
Hamptons International Mortgages has called for APRs on mortgage products to be scrapped.
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HBOS release deal to be on mainstream brand
10 Aug 2006
Halifax or Bank of Scotland lined up but there will be no launch this year as research continues
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Helm Godfrey takes over Massow's Fresh Finance
10 Aug 2006
Helm Godfrey has taken over Fresh Finance, the specialist IFA firm which was originally set up for the gay community by Ivan Massow.The deal, which comprises the business and assets of Fresh, will see Helm Godfrey take on Fresh's four advisers and assimilate its Tamworth office into its branch network.The acquisition takes Helm Godfrey's number of advisers to 37. The firm says it is still on the acquisition trail and is targeting smaller IFA businesses with around six advisers ...
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Hiking season
10 Aug 2006
With inflation, interest rates, economic growth and corporate activity all attracting attention - not to mention geopolitical concerns and rising commodity prices - you cannot help but wonder whether it is safe to leave the City and take that holiday with the family. Judging how markets will behave going forward has seldom been trickier.
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Hip U-turn could double cover costs for inspectors
10 Aug 2006
The Government's decision to axe home condition reports could double the cost of PI cover for home inspectors, according to PYV.Chief executive Neil Pointon says the Government's U-turn could have an added effect of raising PI costs for home inspectors as fewer insurers are likely to enter the market, making cover harder to come by and more expensive.Pointon says this lack of competition in the market, exacerbated by the fact that many bigger players will not offer home inspector ...
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Hot property is cooling
10 Aug 2006
Property as has had many attractions as an asset class - low volatility, a lack of correlation to equity markets and the ability to provide a solid, reliable stream of income.The past three years have seen another reason to invest in property - capital growth.
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Hybrid protection comes in for criticism
10 Aug 2006
British Insurance's newly launched income protection and payment protection insurance hybrid product has been criticised for not offering guaranteed premiums or cover terms.Lifesearch head of protection strategy Kevin Carr says he is unlikely to recommend the product because the premiums and what the policy covers can be changed at any time by British Insurance.Managing director Simon Burgess says the firm has not changed any premiums or terms and conditions on its reviewable ...
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Ice work if you can get it...
10 Aug 2006
More paddling pool shenanigans last week as Torquil Clark went to great lengths to keep staff cool in its converted church during the heatwave - remember the heatwave? A paddling pool was installed complete with ice cream, ice cubes and cooler packs to help beat the heatwave.Pensions consultant Rachel Jefferson (pictured below) and marketing communications manager Sue Collins (right) test out the pool.
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ICSA joins debate over Big Four dominance of audit market
10 Aug 2006
The Institute of Chartered Secretaries and Administrators has entered the debate regarding the dominance of the Big Four accounting firms in the UK audit market as it voices support for a wider availability of choice.
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IFA in legal battle over renewal cash
10 Aug 2006
An IFA firm says it is taking court proceedings against network Kilminster Financial Management, claiming it is owed over 10,000 in renewal commission.AM&A Investment & Pension Planning managing director David Marks says he left KFM in February to become directly regulated and claims that despite repeated requests, KFM has failed to supply novation agreements to transfer agencies.Marks says KFM continues to get renewal commission for a period well in excess of what could be ...
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Japan fund blossoms
10 Aug 2006
I think I owe an apology to Anja Balfour of Framlington Japan, whose performance since she took over the fund from David Mitchinson in late September 2004 has been extremely good. I have to admit that I did not feel Framlington really had the resources needed to run a Japanese fund. However, all that has changed since the takeover of Framlington by Axa.Mind you, even that could have been a mixed blessing if Axa were to interfere too much with the processes and team at Framlington. ...
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July record for non-conform business
10 Aug 2006
GMAC-RFC has reported a record month for non-conforming business in July, with completions up by 79 per cent on the same month last year. The firm attributes the growth to its online systems and support.
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L&G looks to develop fund range
10 Aug 2006
Legal & General Investment Management is looking at expanding its range of actively managed funds with the launch of strategic bond, high-alpha and hedge fund products.The news comes in the same week that L&G IM ditched its European equities team of four, headed by Alia Baig, and moved its underperforming 156m European fund to its passive management team while it seeks replacements.New global head of fixed income Roger Bartley, who started this week, is looking to develop the ...
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L&G offers extra support for advisers
10 Aug 2006
Legal & General is extending its support offering to intermediaries who advise on healthcare and private medical insurance.
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Lifetime appoints new MD as CEO prepares to leave
10 Aug 2006
Clive Witter has been appointed the new managing director of Norwich Union's wrap operation, Lifetime.
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Making plans for Nigel
10 Aug 2006
Nigel Thomas, who has been managing the Axa Framlington UK select opportunities fund since it was set up over three years ago, has one of the best long-term records of any UK fund manager, first at Carrington Pembroke, which was taken over by ABN Amro, and now with Axa Framlington.
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Merchant Investors offers new DGT
10 Aug 2006
Merchant Investors has launched a new discounted gift trust arrangement, after IHT changes confirmed in the Finance Act.
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Nationwide 20m deal to sponsor England
10 Aug 2006
Positive Solutions is looking to set up a fund platform by the end of March 2007.Positive Solutions advisers use all the major platforms but the firm says it aims to create its own proposition.Executive chairman David Harrison says a truly independent adviser cannot favour a single provider-owned proposition but does need access to an open architecture platform.Harrison says: "There are technical and political challenges to face. We would struggle to best meet the needs ...
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Not bowled over by bubbly
10 Aug 2006
The Diary is pleased to report another success for Money Marketing. No, not another ground-breaking scoop or industry award but this time victory against its arch rivals in the mortgage market at Home of Choice's tenpin bowling competition.Following hot on the heels of MM's success in winning the financial trade press race at Cowes last week, the victorious team would have drunk their celebratory bubbly with glee. The trouble was that before the Champagne was due to be sent to MM's ...
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NPSS will cause levelling down in existing schemes, say advisers
14 Aug 2006
Eighty six per cent of advisers think the National Pensions Savings Scheme will lead to a reduction in contributions for existing schemes, according to a Scottish Life BeeHive Poll.
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Nucleus looks to sign up 50 IFAs
10 Aug 2006
Fledgling wrap provider Nucleus is in late-stage discussions with a number of IFA firms and expects to have signed up a total of around 50 by the end of the year.Chief executive David Ferguson says Nucleus is in talks with 60 adviser firms but only around 75 per cent meet its criteria of being top-end and mainly fee-based.Nucleus has seven adviser firms signed up and Ferguson says the next tranche of IFAs will become shareholders in the firm at around the time of the wrap launch ...
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Objects of desire
10 Aug 2006
In the quieter month of August when little happens in the industry and those who can head down to Cowes, it is always good news when a story appears that has people talking as they go about their daily financial services lives. Such a story relates to new mortgage lender Edeus, led by the iconic Michael Bolton, which has developed with its advertising agency a range of adverts to raise brand awareness to assist with the launch.
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OFT finds low claims fuel huge PPI profits
10 Aug 2006
The Office of Fair Trading has slammed the payment protection insurance market after finding providers are making massive profits on the back of low claim ratios.It has led to calls for the FSA to delink loans and PPI so stand-alone providers of PPI can compete, driving down prices and giving brokers a foothold. The OFT says PPI has one of the lowest claim ratios of any insurance at just 17 per cent.British Insurance managing director Simon Burgess says the report is likely ...
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OFT tells regulator to get menu sums right
10 Aug 2006
The FSA has been forced to change the way it calculates the payment menu average commission rates after the Office of Fair Trading found that they are skewed against advisers.The move comes a year and a half after Aifa first dem- anded action over calculation discrepancies and was forced to report the FSA to the OFT after the regulator ignored its concerns.An FSA report, triggered by the OFT, found evidence that product providers included non-advised sales in their information ...
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Online education for GI compliance staff
10 Aug 2006
FSA Solutions has set up an e-learning compliance programme for regulated firms and employees in the GI sector. The system is accredited by the Chartered Insurance Institute and available through the firm's website or through the Acturis Broker Platform.
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Our survey says...
10 Aug 2006
I have always wondered what it must be like to work in PR. A few years ago, when I first struck out in the freelance world, I was contacted by two or three lovely people who asked whether I might like to come in for a chat with them.
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Personal effects
10 Aug 2006
During the early part of this important year for pensions, much was made by the Government of the New Zealand Kiwi-Saver initiative.
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Pitt and Aitken join Kensington
10 Aug 2006
Former Beacon Homeloans director Brian Pitt has joined Kensington along with former SPML director of credit Stuart Aitken. The pair will look at strategic opportunities in the specialist lending sector.
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Portman offers reduced rates on two year fixed mortgages
11 Aug 2006
Portman Building Society has re-priced its two-year fixed rate mortgages with new products available from today.
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Pos Sol forum takes place in September
14 Aug 2006
Positive Solutions National Partner Forum is to take place on 28 September at the Birmingham International Convention Centre.As well as inviting its 1200 adviser partners Pos Sol is offering places to 200 advisers from outside the firm so they can learn more about the company.Pos Sol chief executive Neil Johnson says: This is a strong business looking forward to future growth and success and the forum is the ideal opportunity for anyone interested in joining us to find out how ...
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Positive Solutions plans own platform
10 Aug 2006
Positive Solutions is looking to set up a fund platform by the end of March 2007.
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Positive Solutions plans own platform
9 Aug 2006
Positive Solutions is looking to set up a fund platform by the end of March 2007.
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Pridham Report shows UK retail funds beating rest of Europe
15 Aug 2006
UK investors remain positive despite retail sales volumes for the latest quarter falling by 17 per cent, according to Feri Fund Market Information.
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Product matters
10 Aug 2006
One of the most successful fund-raisers of venture capital trusts over the last two years has been Octopus Asset Management, raising more than 100m for its Eclipse VCTs. However, being successful at fundraising does not necessarily equate to success at investment - just look at the Murray VCTs of the late 1990's for example.Rather than raising further funds, I think Octopus should be concentrating on profitably investing the money raised so far.They have been fantastic at raising ...
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Promotions still failing
10 Aug 2006
Promotions in the general insurance and sub-prime mortgage sectors are still not up to standard, says the FSA.A report evaluated nearly 1,000 financial promotions to gauge progress over the past two years. Investment promotions which fell below standard dropped to 32 per cent from 52 per cent in 2004. Equity-release and lifetime mortgage promotions also improved.But the FSA says it has seen only limited improvement in promotions in the sub-prime mortgage and general insurance ...
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Pru sold off equities before the markets took a tumble
10 Aug 2006
Prudential pulled 3bn of with-profits money out of equities in the first half of this year to reduce the 69bn fund's risk profile.The company decided in March to cut 2bn from its holdings in UK equities and trim back its Asian equities' exposure from its with-profits life fund and has recycled the bulk of this cash into fixed interest.This helped the Pru fund escape the worst ravages of the May correction and over the six months to the end of June, the fund returned 4.2 per ...
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Purely Mortgages restructure leads to job losses
10 Aug 2006
Purely Mortgages has cut 19 of its 45 sales staff in a restructure at the broker.
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Rate rise surprises market
10 Aug 2006
The Bank of England's decision to raise interest rates by a quarter of a point to 4.75 per cent caught the markets by surprise.The monetary policy committee says last week's move is in response to its expectation that inflation will remain above the 2 per cent target for at least the short term.This was the first rate change since August 2005 and the first rise in two years.Hamptons International technical director Jonathan Cornell says mortgage clients on tracker or discounted ...
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RBS says intermediaries second to direct channel
10 Aug 2006
Royal Bank of Scotland says it is committed to its intermediary channel after admitting it comes second on its priority list to branch-based business.After making the revelation in its interim results, RBS insists that revamped broker channel RBS Intermediary Partners, which launched in February, is in good health and remains a core part of its business.RBS argues that the reason its direct channel has taken priority is that some lenders have been pricing at a loss in 2006 and ...
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Release service sets up training centre
10 Aug 2006
The Equity Release Advisory Service franchise is to be rebranded Equity Advice and is launching a training centre for brokers looking to enter the market.The "centre of excellence", to open in September, aims to provide brokers with education on the market and allow them to sit an exam.The launch comes in the same week as Key Retirement Solutions set up Lifetime Advisory Services to encourage more brokers into the market.EA head Stuart Wilson claims the two services are ...
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Sales or trails?
10 Aug 2006
Norwich Union has set off a fierce industry debate by offering 20 per cent up-front commission on regular-contribution business into its invest- ment funds.
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Schroders boosts underlying group profits
11 Aug 2006
Schroders reported group profits before tax of 132.3m for the six months to June 30, up from 123.5m last time.
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Scottish Life rejects price fight
10 Aug 2006
Scottish Life has become the latest life company to rule out a price war and has taken a swipe at rivals writing unprofitable business for market share.The firm's life and pension business rose by 8 per cent for the half-year to June to 695m from 645m in the same period last year.Group finance director at parent group Royal London Stephen Shone says: "In the pension market, Scottish Life has continued to very deliberately target profitable new business. We have taken a firm ...
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Self catering
10 Aug 2006
Flexibility in the self-cert mortgage market means different things to different lenders and how much flexibility a client needs is an important point for IFAs.
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Sipp and SSAS firms sailed through A-Day
10 Aug 2006
I read with great interest the article, Providers are in A-Day meltdown (Money Marketing, August 3). I have great sympathy for the likes of Mr. Jacob and his clients but the news comes as no surprise to many of us in the pension industry. This is yet another instance of poor standards of administration meted out by the product providers. This time, they have come up with A-Day as an excuse and, boy, is this lame. It seems that every week we hear tales of awful admin and ...
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Specialist mortgages can improve credit ratings, reveals A&L
9 Aug 2006
Brokers say that specialist mortgages can improve impaired credit profiles, according to Alliance & Leicester Mortgages.
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Spring Move to offer no sale no fee Hip
10 Aug 2006
Spring Move is to offer a no sale no fee Hip and is challenging the rest of the industry to match its move.The Hip provider says it will only charge for its specialist Hip if a sale is agreed to counter criticism of the fact homeowners may have to pay twice for a Hip if their house fails to sell before the pack needs to be updated.The offer will be open to homeowners buying Hips through estate agents as well as directly through Spring Move.Spring Move chief executive Stephen ...
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Square up to lending problems
10 Aug 2006
If the Council of Mortgage Lenders does not think it has sufficient data for the sub-prime market, then it had better get a handle on it soon.
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Stormy weather
10 Aug 2006
Scottish Life head of pensions strategy Steve Bee's warning that we are entering into a "perfect pension storm" should not be taken lightly. He believes that A-Day only accounts for a small part of the upheaval that is yet to be felt by the pension industry, with future changes set to have a much bigger impact which pose a thread and an opportunity to IFAs.
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Tech takes a turn
10 Aug 2006
Technology funds have been something of a backwater for retail investors since the TMT crash that lost investors so much money.
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Tenet wants FSA credentials for its support services firms
10 Aug 2006
The Tenet Group is submitting its protection arm Premier and compliance support subsidiary Tenet Support Services for FSA regulation.The company says that although this is not a requirement for these parts of its business, it wants the additional stamp of credibility and authority that it believes regulation will bring.Tenet Group chief executive Simon Hudson says he considers there is a big difference in quality between the various support service providers in the market and ...
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The bond plays on
10 Aug 2006
Many investors are questioning whether corporate bonds are still an attractive investment, with global interest rates rising and credit spreads close to historical lows. Significant changes in the market over the last 10 to 15 years mean the answer is not as black and white as it may have been a decade ago.
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The final frontier
10 Aug 2006
I will conclude my series of articles on topical issues in pension planning by providing a summary and overview relating to the transfer of pension rights from final-salary occupational schemes.
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The MM Profile: Kevin Carr
10 Aug 2006
Lifesearch head of protection strategy Kevin Carr fills a variety of roles for the company. He is the PR division, the company spokesman and he manages the media as well as sales relationships with product providers. He is also, according to some, "a rent a quote" and "overexposed".
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Thinc Destini sets up BTL seminars
10 Aug 2006
Thinc Destini has set up six buy-to-let seminars as it anticipates continuing growth of the market. The firm is encouraging advisers to bring their clients to the two-hour free seminars. Topics covered include Why Invest in BTL? and The Role Of The Landlord.
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This week in Pensions
9 Aug 2006
After more than a year immersed in the glamorous world of regulation I find myself lured towards pensions, like the proverbial moth to a flame. But blinded by the light on my second day as pensions reporter, I also find myself flapping around without any juicy stories to speak of. So bear with me just this once and please pretend that painful analogy didn't happen.
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This week in Regulation
9 Aug 2006
With the Compensation Bill finally receiving royal assent claims chasers will have to make the most of their last few months of comparative freedom.
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Too good to be true
10 Aug 2006
The English language is full of wonderful sayings such as never look a gift horse in the mouth. A free gift from the Revenue that we should quietly accept was exactly what the pension industry appeared to get in the shape of scheme pensions.
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Towry's Farrant joins tech firm
10 Aug 2006
Towry Law head of pensions Simon Farrant has joined Distribution Technology Limited as head of financial planning. Media commentator Farrant will work on the development of a range of retirement planning services for DTL's clients.
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Trust lore
10 Aug 2006
I have heard a lot about the recent changes to the rules covering placing assets under trust. I have inherited a lump sum and want to know if it makes sense to use trusts to mitigate inheritance tax.
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UCB ups rates following base rate decision
14 Aug 2006
UCB Home Loans has become the latest lender to up it rates following the base rate rise two weeks ago.
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Waldron joins Winterthur
15 Aug 2006
Winterthur Life has appointed Ashley Waldron as a new sales consultant to build its adviser support services.Waldron has over 15 years experience in the industry and joins from Perredon Financial Solutions where he was a financial planner.He will be responsible for supporting a panel advisers in Nottinghamshire and Lincolnshire.Winterthur Life director of distribution David Thompson says: Ashleys experience in adviser-based roles will help ensure Winterthur maintains its quality ...
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Way looks to balance existing Fof offerings
10 Aug 2006
Way Fund Managers is introducing a fund of funds to fill the gap between its existing portfolios in the Investment Management Assoc- iation's cautious and active managed sectors.The global total return portfolio will be managed by IMS fund manager Paul Kim and invest in a mixture of high-yielding equity funds, bond funds and cash.The minimum investment will be 5,000. It will have an initial charge of 5 per cent, of which 3 per cent is available as initial commission. The annual ...
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Way plan shields against IHT
10 Aug 2006
Way Group has set up an estate planning vehicle that it claims will allow policyholders to safeguard unlim ited funds from inheritance tax.The Way estate transfer plan uses an absolute trust to hold funds for future beneficiaries so a gift qualifies as a potentially exempt transfer. The investor decides how much of the assets should be placed within the Pet and buys endow- ment policies offered by Isle of Man Assurance linked to one or more of Way's portfolio funds.The investor ...
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Webline data systems to integrate with Bluecoat
15 Aug 2006
Webline has announced the extension of its data integration capability with Bluecoat Software.
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Weight of evidence
10 Aug 2006
Despite the decline in equity markets over the second quarter, we believe economic fundamentals and valuations within global markets remain very reasonable.
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Widows won't wage a pension price war
10 Aug 2006
Scottish Widows chief executive Archie Kane says the firm will not get dragged into a "destructive" price war to protect its market share.Widows' individual pension sales in the first half of this year were slightly down on last year and Kane blames the fall on rivals increasing their commission rates to unsustainable levels purely to increase their market share.Overall, Widows had strong results across the board. Although individual pension sales slipped by 1 per cent from ...
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Woolwich fixes for 10 years at 4.98%
10 Aug 2006
The Woolwich is offering a 10-year fixed-rate mortgage at 4.98 per cent.
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Working to be heard above booming Big Brothers
10 Aug 2006
AIMS is the biggest independent association of qualified accountants in the UK specialising in the SME market - the smaller and medium-sized enterprises which are at the heart of the country's economy. With over 242 professionally qualified accountants throughout the country, AIMS is dedicated to ensuring that the voice of the smaller businessperson is heard. However, we are struggling to hear these voices over the loud and booming voices belonging to the Big Brothers of regulation ...
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Worldwide and Simply Biz join wrap
10 Aug 2006
SimplyBiz and Worldwide Financial Planning have signed up to the Standard Life wrap and the service is being rolled out to advisers.
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Zurich PTA plan is Tala-made for advisers
10 Aug 2006
Zurich Financial Services is to extend its pension term assurance product to the IFA market in the fourth quarter.The product, called tax advantaged life assurance or Tala, is currently only distributed through the Openwork network but Zurich says it is tweaking the product to ensure it is suitable for the whole of the IFA market.Openwork says it has seen a 30 per cent increase in sales of protection products since A-Day when PTA was introduced to the market.The product ...
