9 February 2005
The recent rise in short-term mortgage arrears could be the precursor to a much more serious situation.
AbbeyFive Year Fied Rate Mortgage
Abbey is launching a new structured product series with a plan offering two investment options for private investors and trustees.
Pension consultancy Hunts-wood claims the cost to the industry of preparing for A-Day will be around 1bn, at least double the amount anticipated.
A group of the Personal Finance Society's best-qualified advisers has attended pilot training schemes on the Universities Superannuation Scheme in advance of a national advisory programme being rolled out this year.
The decision of the four Murray VCT boards to sack Murray Johnstone as manager and move the contracts over to Close Venture Management has split adviser opinion.
Allchurches Investment Management, the fund management arm of Ecclesiastical Insurance, is making a push into the IFA market with the recruitment of its first dedicated sales team.
Anglo Irish Bank Isle of ManPrivilege Multi-Asset Bond
Barclays is introducing a range of multi-manager portfolios for retail customers investing between £25 and £1m.
Bates Investment Services founder Graham Bates has won the fight for his reputation and an estimated 700,000 after being sacked for gross misconduct.
Concern were voiced at a Money Marketing round table that the FSA logo on key fact documentation is overpowering product providers' branding and could mislead consumers.
Should IFAs do more pro bono work for organisations such as the Citizens' Advice Bureau?
Fidelity says investor confidence has been boosted by the Government's decision to consult on Isa contributions.
I write on behalf of the more than 1.4 million accountholders of Interactive Investor and, I am sure, many millions more existing and would-be savers and investors in this country.
The CBI has joined the ABI in its criticism of the NAPF's plan for a citizen's pension and an end to contracting out.
Talking to lenders over the past few days, they all assert that applications in January were between 40 and 60 per cent below target. This is clear evidence that the market slowdown indicated by data from the Council of Mortgage Lenders and the Bank of England at the end of last year has continued well into this year.
I am writing in response to the call by John Ellis of the Personal Finance Society (Money Marketing, February 3,) for positive statements on how advisers help the community and clients of the Citizens' Advice Bureau.
A top City barrister will advise the FSA on its investigation into the regulatory decisions committee and enforcement processes.
Chase de Vere Mortgage Management has set up a ground-breaking scheme to pay advisers commission for life for introducing clients and any referrals they then give.
Dawnay Day QuantumProtected Commodities Accelerator II
Development Capital ManagementBlack Sea Property Fund
Former Institute of Financial Planning chairman and president David Norton has died, aged 54.
Business leaders want compulsory retirement ages to be abolished, according to research from the Institute of Directors.
Divorcees who share their pensions will be able to rebuild their retirement saving when the simplified pension regime comes into operation next year.
There are widespread false perceptions about non-conforming borrowers.
Department of Trade and Industry director general,fair markets group Stephen Haddrill is taking over from Mary Francis as director general of the Association of British Insurers.
People who defer their state pension for five years will get a lump sum of over 32,000 under Department for Work and Pensions proposals in its five-year strategy on flexible retirement.
Eurolife secured bond inv-estors are still waiting on details of a potential settlement package.
The number of endowment policies in force has fallen by nearly three million in the last three years, according to a report by the ABI.
First State InvestmentsFirst State Aim VCT
First State Investments is raising up to 20m for its Aim VCT, a venture capital trust which invests in the alternative investment market.
Lenders are braced for the FSA to impose rules proposed in the Miles review that could stop different rates being offered to new and existing customers.
The FSA is visiting mortgage lenders to discuss the role of packagers in a regulated environment.
GMAC RFCSelf-Certification Rate Control
GMAC RFCBuy-to-Let 3 Year Fixed
GMAC-RFC is offering a range of self-certification mortgages with rates starting at 5.2 per cent.
There's a buzz going round the life business as US giant Hartford Life International gets set to move into the UK, and its bee-keeping chairman aims to make it the land of milk and honey with the focus on service
Skandia Investment Management has recruited Raj Hallen to its multi-manager team.
The Bournemouth Philharmonic will play Prokofiev's Peter and The Wolf in May to support the Money Marketing/Financial Services Charitable Foundation tsunami appeal.
Dennehy Weller managing director Brian Dennehy is calling for IFAs to share their investment research to create a debate on the quality of fund managers.
Staffordshire IFA Richard Jacobs Pension & Trustee Services is having to screen clients to cut down on the number of pro bono cases it deals with each week.
iimiaiimia ACD Services Income Fund
Fund manager iimia has introduced three funds of funds which it says are the first FSA-authorised funds to base performance fees on a cash benchmark.
iimiaiimia ACD Services Growth and Income Fund
Fund manager iimia has introduced three funds of funds which it believes are the first FSA-authorised funds to base performance fees on a cash benchmark
The Investment Management Association is asking Chancellor Gordon Brown to consult with the industry over tax on authorised investment funds.
The IMA says the FSA's proposals on the EU simplified prospectus requirements are a missed opportunity to enh-ance consumer understanding of investment funds.
When the Boxing Day tsunami shook Asia, I was on holiday in Bangkok, two days away from going to Phuket.
Intelligent Finance is to investigate after a mortgage broker claims incentives were being offered which could fall foul of disclosure regulations.
There are only a few firms offering annuities which means there is not strong competition. The annuity market resembles the supermarket industry - a small number of competitive firms all looking to increase market share.
Private clients generally shun ultra long-dated gilts as they just do not get enough bang for their bucks and there is too much inherent risk. But we see potential for holding the new 50-year gilts in some bespoke portfolios.
Amid all the contradictory indications at present, the watchword for investors is diversification.
We need an organisation that is going to be forceful. It has to be led by someone who is finally going to stop the IFA being bullied and stomped on by the rest of the industry.
Interactive Investor is accusing Chancellor Gordon Brown of making Isas worthwhile only for the wealthy.
Just Retirement is entering the equity-release market as it looks to broaden its product offering.
In my past couple of articles, I have started to discuss the state of play in a number of important areas of pensions in which very recent or imminent developments are destined to have a significant effect on a large number of people.
Keydata is to offer an income VCT looking to profit from the Government's commitment to subsidising renewable energy.
The Lacomp British enterprise Fund 4 is an enterprise investment scheme fund that will invest in unquoted companies at an early stage of their development.
BM Solutions is embarking on a campaign to name and shame lenders which it feels are not giving a fair deal to consumers.
Protection rates will rise, resulting in a potential loss of business for IFAs, according to the latest quarterly report by Lifesearch.
Martin Currie is boosting its team with a new managing director from Investec and a fund manager from Aberdeen.
The mortgage exam paper proved the most popular choice of the six subjects available in the Chartered Insurance Inst-itute's new certificate in financial planning.
MTM Capital PartnersMTM China VCT
I was once quoted as saying that multi-manager was a solution for lazy IFAs. Multi-manager propositions start with the premise that IFAs cannot select decent funds for themselves or cannot be bothered.
Support service provider Threesixty Services says multi-ties have slipped down its agenda as it is optimistic over prospects for growth in the independent channel.It says it will focus its efforts on the independent sector rather than multi-ties.
Ex-Charcol managing director Ricky Okey has joined Abbey for Intermediaries as director, mortgages and protection.
Hugh Osmond's Life Comp-any Investor Group has admitted that the value of the cash offer it made for HHG's closed life businesses is lower than stated if viewed on a realistic reporting basis.
What happens to existing policies with providers which are outside a panel as some IFA firms choose to tie or multi-tie to a restricted number of providers? It is a big issue and there are several possible outcomes.
Eavesdrop on a conver-sation in early February and there is a fair chance you may hear some people casually talking about their disappointment at once again failing to keep to their resolutions.
Raising investor awareness of branding is clearly an uphill climb so is it any surprise that Invesco Perpetual has brought back its mountain logo? The image is famous for being the visual identity of Perpetual until its takeover by Invesco at the end of 2000.
Allenbridge Group began 20 years ago as an investment performance analyst for high-net-worth clients and now teaches the nouveau riche to handle their wealth, as well as providing Isa and Fof advice for the less affluent.
Premier Fund Managers has established a capital-protected fund which divides the amount invested into six segments and allows for one segment to mature in year one, two segments to mature in year three and so on, with the remaining segments remaining inv...
For a number of reasons, we were surprised to read the article on advisers snubbing pro bono advice (Money Marketing, January 27).
Profits at national franchise Positive Solutions rose by a record 113 per cent from 1.1 in 2003 to 2.4m last year.
Nearly half of brokers have seen profits fall since M-Day, says Alliance & Leicester in a survey which also finds that many appointed reps are considering switching to direct regulation.
The 27m increase in the Financial Services Compensation Scheme levy on fund companies has provoked confusion and outrage throughout the industry.
Lifesearch has challenged product providers to raise the profile of family income benefit easier which it sees as a neglected product.
The Chinese new year of the rooster has got off to a flying start with Gartmore crowing over long-term prospects for China and Far East emerging markets.
Russia has been upgraded by three major rating agencies to investment-grade status just six years after defaulting on its debt.
Investec Private Bank has devised a savings index to give a picture of the deposit rates available on savings accounts with balances over 25,000.
Scottish Equitable International has been given clearance by the Inland Revenue for its reserved interest trust, approving it as exempt from pre-owned asset tax.
Many years ago,I contracted out of the state earnings-related pension scheme and since then I have received annual statements which serve to do nothing more than remind me of the suggestion that at some point it will be prudent to contract back into Serps. Can you advise me of when this should be done?
Shore CapitalPuma VCT I and II
Early feedback to the Pensions Commission report on improving provision in the UK suggests the industry staunchly opposes compulsion but want to see the state pension system reformed, says Philip Scott
Three months after M-Day, how successful have mortgage sourcing systems been in dealing with key fact illustrations from over 100 UK lenders?
St James's Place is expanding its range of products and services from May by gap-filling.
How Standard Life is making its move on the protection market with its online offering.
It is often said that the new pensions tax regime is not the simplification it is claimed to be but, in my view, most of the complexity is voluntary. People who embrace the complexity do so because it is in their interests. A prime example of this is enhanced protection for defined benefits (EP for DB).
Sesame chief executive Patrick Gale says scaremongers are trying to influence advisers over the opportunities presented by depolarisation.
Technology firm IFA Data is offering advisers who want to leave the industry a way to make old client banks marketable.
Having read about the key risks identified by the FSA as now facing the financial services sector, most life companies and practitioners might reasonably place at the top of the list the FSA itself.
The next general election is likely to feature more about pensions, savings and mortgages than almost any before it.
A couple of things have happened over the last couple of weeks that have both interested and frustrated me at the same time.
The Mortgage BusinessHouse 2 House Buy-to-Let
The Mortgage Business has come back to the market with a full range after being forced to close to new business last year.
I read this week that it is a Government objective to raise the level of homeownership in the UK to 80 per cent of people from 71 per cent. Hardly surprising, then, that property represents such an important aspect of the financial lives of UK residents. For most, it represents the greater part of their estate.
The Treasury will consult on plans to allow IFAs to become exempt from a new European law that could push up PI bills by thousands.
Falling annuity rates mean deferring annuity purchases can cost pensioners hundreds of pounds a year, GE Life is warning.
A Newport IFA has hit out at the Financial Ombudsman Service after being told to make a 5,000 compensation payment into a pension scheme that only accepted company contributions.
One day quite recently, I found myself daydreaming and reminiscing about how we played tops in our school playground. We would draw a ring in the dirt, place a stick in the middle, wrap a cord around our spinning tops,take aim and let fly.
Wesleyan Assurance says it did not intend to mislead British Medical Association members following IFA criticism of the way it describes the status of its multi-tie intermediary arm.
M&G has appointed former MFS UK sales director Jonathan Willcocks as head of discretionary sales.
The Woolwich is piloting a scheme allowing mortgage brokers to introduce their clients to a high-street range and still get a form of procuration fee.
Zurich has established a unit-linked multi-manager fund which uses constant proportion portfolio insurance (CPPI) to protect 80 per cent of the funds highest value.
Zurich is introducing a fund of funds portfolio with a guarantee that the unit price will never fall below 80 per cent of its peak value.