Money Marketing
9 November 2005

  • Drawdown disaster for 100,000 pensioners

    9 Nov 2005

    Drawdown has been a disaster for more than 100,000 pensioners who will be significantly worse off than those who chose to annuities back in 1995, according to a report by Annuity Direct. The annuity specialist IFA says investors have lost out because annuity rates falling more sharply than drawdown funds have risen over the past 10 years.

  • Former Abbey chief executive moves to Corsair Capital

    9 Nov 2005

    Former Abbey chief executive Luqman Arnold is moving to Corsair Capital as a partner. The private equity firm invests in financial institutions such as banks, insurers, and speciality lenders. He will be joining senior executives Nicholas Paumgarten, Ignacio Jayanti and Kimball Booker. Arnold left Abbey following its takeover last year by Santander.

  • Insurers to move to front end fees

    9 Nov 2005

    Insurers will increasingly move to front end fees on income drawdown products after A-day according to Defaqto. Currently only a quarter of income drawdown plans levy installation fees, but Defaqto expects this number to surge as providers look to cover A-day development costs.

  • '100,000 Face drawdown disaster'

    10 Nov 2005

    Income drawdown has been a disaster for over 100,000 pensioners who will be significantly worse off than those who chose to buy annuities in 1995, says a report by Annuity Direct.

  • A halloween treat after tricky October

    10 Nov 2005

    A wave of M&A activity brought the market back from the dead on October 31, says Matt Davis

  • A lumpy ride for sales at Friends

    10 Nov 2005

    Friends Provident's UK new life and pension sales in the first three quarters of this year have risen by 11 per cent compared with the same period in 2004 but life and pension sales have fallen sharply compared with the second quarter.Domestic life and pension sales fell by 20 per cent in the third quarter compared with the second quarter, broadly matching Prudential's per- formance.Norwich Union's decision in June to raise commission across its individual pension range accounted ...

  • A rare talent

    10 Nov 2005

    Slick PR manoeuvres this week from Frank- lin Templeton commun- ications manager Dorine Johnson, who managed to fork into a fillet steak while con- juring up a pristine chart of investors' attitudes from beneath the table somewhere with her other hand.She passed it effort- lessly to our transfixed journalist without break- ing off for a second from recounting a recent trip to San Francisco, before bringing the conversa- tion to an amusing conclusion and popping the beef into her ...

  • AA rating for Jupiter Merlin fund

    10 Nov 2005

    Jupiter Merlin absolute-return portfolio, run by John Chatfeild-Roberts and his team, has been given an AA rating by Standard & Poor's.

  • Aberdeen takes on life firm in Deutsche deal

    10 Nov 2005

    Aberdeen Asset Management is looking to make an impact in the defined-contribution pension market after acquiring a life company as part of its Deutsche deal.The firm is rebranding Deutsche Asset Management Life and Pensions Company into Aberdeen Life.Aberdeen head of sales and marketing Gary Marshall will become chief executive of the life company.Marshall says Aberdeen is speaking to all the life comp-any's existing pension fund and institutional clients to assure them ...

  • ABI accuses FSA of dodging risk issue

    10 Nov 2005

    Life insurers are accusing the FSA of washing its hands of the Treasury select committee's recommendation for an industrywide rating system for investment funds.In its latest meeting with the Financial Services Forum, the FSA said the dangers of implementing such a system were too high but it gave invited the industry to come up with its own initiative.The Association of British Insurers, which is piloting an industrywide risk-rating system, says the FSA is failing to take the ...

  • ABI publishes resource guide

    9 Nov 2005

    The Association of British Insurers has published a resource guide to help insurers with marketing and publicity material for life and pensions. It covers considerations for financial promotions and guides for with-profits and structured products. This forms part of the ABIs five-point programme to restore confidence in long-term savings.

  • ABN Amro makes logical extension with India Fund

    11 Nov 2005

    ABN Amro Asset ManagementIndia Equity Fund

  • Absolute direction for Threadneedle

    11 Nov 2005

    Threadneedle InvestmentsAbsolute Return Bond Fund

  • Actuaries warn over putting retirement cash in BTL

    10 Nov 2005

    People should think very carefully before using retirement income to invest in the residential property buy-to-let market after A-Day, according to the Actuarial Profession.It says that although it may appear an attractive option, there are a number of reasons why this route would be unsuitable for many investments.The AP says the initial outlay is likely to be substantial as existing property cannot be injected directly into a pension fund. It says that because you are permitted ...

  • Advisers share booty from New Star float

    10 Nov 2005

    Two of the industry's highest profile advisers who backed New Star Asset Management from launch are playing down their holdings as it floats on the Aim this week.Hargreaves Lansdown director Peter Hargreaves has seen his 50,000 investment more than double to 120,000 in five years while Chelsea Financial Services managing director Darius McDermott has enjoyed a healthy, albeit lesser, return after buying in slightly later.Both will be able to cash in immediately on Friday when ...

  • Aegon CIO takes over as managing director

    9 Nov 2005

    Aegon Asset Management chief investment officer Andrew Fleming is taking over as managing director of the firm following the departure of Colin McLatchie. Fleming will remain CIO having experience of carrying out this dual previously at ABN Amro Asset Management and Gartmores Japanese operation.

  • Age-old story

    10 Nov 2005

    I thought financial advice was coming of age. No lon- ger were advisers making recommendations on the basis of commission payments. Ah well, not a lot has changed, it seems. The only way NU can get advisers to use its products is to pay more commission and some advisers lap it up - and this after the menu came into force. Never mind that a pension is a long-term investment, the returns of which will determine the ultimate annuity. Never mind that NU's administration leaves ...

  • Aifa stakeholder advice call

    10 Nov 2005

    Aifa says the FSA should inc- lude availability of advice as part of the suitability criteria when advising on personal pensions to take into account the lack of IFAs selling stakeholder products.Responding to the FSA's consultation paper on Suitability Standards for Advice on Pers-onal Pensions, Aifa says IFAs and whole of market advisers are rightly expected to recommend the most suitable products.But the majority of IFAs cannot afford to sell stakeholder products, arguing ...

  • Ami urges mortgage intermediaries to plan for Hips

    11 Nov 2005

    The Association of Mortgage Intermediaries has created a factsheet to help mortgage intermediaries to plan for the introduction of home information packs. Ami is concerned too few intermediaries are considering the impact Hips could have on their business, and hopes the factsheet will encourage firms to plan ahead. Hip implementation could present estate agents, surveyors and HIP providers with a major competitive advantage in the house purchase process. Ami is ...

  • Assetz For Investors - Assetz Property Sipp

    10 Nov 2005

    Assetz For InvestorsAssetz Property Sipp

  • Axa Protection Account now available through Thinc Destini

    14 Nov 2005

    The Axa Protection Account will now be available through distribution partner Thinc Destini as part of a multi-tie deal.

  • Axa taking families down advice avenue

    10 Nov 2005

    Aim of the year-long experiment is to show effect of financial education

  • Barclays' exit is a high tied mark for aifa

    10 Nov 2005

    James Salmon considers the fallout as Barclays quit Aifa

  • Blunkett bows out with bid to boost women's pensions

    10 Nov 2005

    The historical pension divide based on gender must be brought to an end through the forthcoming pension reforms, says a Department for Work and Pensions report.The Women and Pensions report was the brainchild of former Work and Pensions Secretary David Blunkett and was published on Wednesday last week - the day he resigned from the Cabinet.It found that only 30 per cent of women at state pension age are entitled to a full basic state pension, with women accounting for 1.3 million ...

  • Bond and go says Liv Vic

    10 Nov 2005

    Liverpool Victoria has brought out a unit-linked bond which provides access to three unitised with-profit fund links.

  • Cazenove comeback with 1% annual fee

    10 Nov 2005

    Cazenove Capital Management is aiming for a comeback in the retail fund of funds market with a 1 per cent annual management charge on its multi-manager fund range.

  • Changes to senior management team at Bank of Ireland

    9 Nov 2005

    Bank of Ireland today announced changes to its senior management team.

  • Christows transforms three Oeics into Ucits 3 Fofs for retail market

    10 Nov 2005

    ...

  • Claim jumpers

    10 Nov 2005

    Nicola York finds that IFAs believe the endowment compensation saga still has a long way to go as the ambulance-chasers sound the alarm bells

  • Clerical Medical publishes A-day guidance

    11 Nov 2005

    Clerical Medical has published further advice to help IFAs prepare for A-day and the anticipated rush towards contract based group personal pension and stakeholder schemes.Ninety five per cent of intermediaries highlighted new trustee responsibilities as the main driver for change amongst smaller occupational trust based schemes, according to new research from Clerical Medical. Clerical Medical has developed support material designed to help employers and trustees identify the ...

  • Clerical Medical publishes new A-day advice

    11 Nov 2005

    Clerical Medical has published new advice to help IFAs prepare for A-day and the anticipated rush towards contract based group personal pension and stakeholder schemes.

  • Clerical Medical to fund Bristol CAB debt management service

    14 Nov 2005

    Clerical Medical is offering new funding to the Bristol branch of the Citizens Advice Bureau to improve its debt management service offering.

  • Collins Stewart Fund Management - Continental Europe Focus Fund

    9 Nov 2005

    Collins Stewart Fund ManagementContinental Europe Focus Fund

  • Collins Stewart Fund Management - UK Growth Fund

    11 Nov 2005

    Collins Stewart Fund ManagementUK Growth Fund

  • Confusion on Select Choice

    10 Nov 2005

    Last week's issue of Money Marketing wrongly suggests that I was disparaging about the Select Choice proposition from Barclays. I think the confusion arises from questions at a conference held in May. As I recall, I made the point that a risk of some multi-tie propositions was that the intermediary would not keep under review the performance of its multi-tie partners and might stick with those partners even when they were performing poorly. I was careful to add that where the ...

  • Constant companion

    10 Nov 2005

    Constant proportion portfolio insurance has become a popular mech-anism for providing capital-protected products over recent years. Prior to that, the retail market tended to rely on the cash and call option model which has been used extensively in both fixed-term and open-ended products. Perhaps the most recognised prov-ider of cash and call funds is Close Fund Management.Its UK escalator 100 fund was launched nearly 10 years ago. Over this time, it has delivered a total return ...

  • Constant craving

    10 Nov 2005

    Headline Money's new Who's Who in Personal Finance Journalism gives a good insight into the corporate cravings of various reporters.Questioned about their favourite forms of corporate entertainment, the hacks provide answers from fly fishing, interesting conversation and space flight to the memorable "trip out of the office".It is also full of desperate pleas for freelance work, much self-aggrandising over earth-shattering exclusives and the usual whines about PR calls.

  • Correspondent's week

    10 Nov 2005

    This week by Daily Mail personal finance journalist Justin Harper

  • Cost crunch

    10 Nov 2005

    Andrea Tryphonides on why many believe the FSA has got its sums wrong on the cost of mortgage regulation

  • Cost of servicing mortgages stabilises says Woolwich

    9 Nov 2005

    The monthly cosst of servicing mortgages has begun to stabilise in the run up to Christmas according to the Woolwich.

  • Crisis points

    10 Nov 2005

    Scottish Life group head of communications Alasdair Buchanan says snapshot surveys of the pension crisis may give a widely varying picture but short-term solutions such as selling the family silver must not obscure the fact that fundamental changes are needed

  • Dalby moves to Norwich Union

    10 Nov 2005

    Bates Investment Services head of investment research James Dalby is believed to be moving to Norwich Unions investment products team. Dalby, one of the UKs foremost investment commentators, will work with NUs fund managers and liase with fund managers externally to design and build investment products for the provider. An announcement is expected shortly.

  • Derbyshire shakes Salt on sub-prime

    10 Nov 2005

    Derbyshire Building Society is setting up a new specialist lending brand called Salt.It will focus on sub-prime and sub-prime self-cert and look at developing products in the buy to let and other specialist niche markets.The firm has a controlled entry plan with products initially distributed through a packager panel, including Solent Mortgage Services, Abacus, Beacon and Pink Homeloans. More packagers will be invited on to the panel in 2006 and Salt is also developing a direct-to-broker ...

  • Doing the rounds

    10 Nov 2005

    With few fund managers staying in the saddle for more than four years, our panel consider whether the merry-go-round will ever stop

  • Door closing on double-digit property returns, says M&G

    10 Nov 2005

    M&G is introducing its first retail property fund although it warns that returns from the asset class are likely to drop back below double digits in the next few years.The M&G property portfolio is already close to being fully invested, with 400m of existing properties moving across from parent group Prudential. It will be managed by John Cartwright, who runs M&G's offshore property fund.Cartwright says returns are likely to dip back to the longer-term trend of around 8 per ...

  • Dublin up with Collins Stewart

    10 Nov 2005

    Collins Stewart has teamed up with Walker Crips Weddle Beck to bring out the Collins Stewart UK growth fund.

  • Dunedin buys Sand Aire Private Equity

    15 Nov 2005

    Private equity house Dunedin Capital Partners has bought Sand Aire Private Equity from its owners Sand Aire Investment Management.

  • DWP to consult industry on PPF

    10 Nov 2005

    The Department for Work & Pensions is to consult on technical aspects of the Pension Protection Fund, including levies, how schemes are transferred into the PPF and compensation levels.

  • DWP to consult on PPF levies

    9 Nov 2005

    The DWP is set to consult on technical aspects of the PPF levies, valuation of the PPF and how schemes are transferred into the PPF. Minister for pension reform Stephen Timms says industry will also be invited to have input on compensation levels and the PPFs administrative functions.

  • DWP turns to the universal pension

    10 Nov 2005

    Axa believes the universal state pension is back on the agenda after the Department for Work and Pensions asked for industry feedback on whether a residency-based scheme would be cheaper than contribution- based benefits.The question is in the DWP's consultation, Women and Pensions: The Evidence, issued last week. The DWP says: "Given the improvements in basic state pension accruals, which are providing pension coverage for more and more people, would the gains from a residence ...

  • Education vital to pensions future, says Timms

    9 Nov 2005

    Europe must ensure people have access to financial education and information to allow them to make confident choices in retirement, said Stephen Timms.The Pensions Minister told a meeting in Brussels that with over 3m people in the UK not saving enough it is crucial this access is made available to help them plan for their future.He said Europe was facing a huge challenge over the next 25 years, with the working age population falling by 7 per cent while the population aged 65 ...

  • Elderstreet tops up

    10 Nov 2005

    Venture capital manager Elderstreet is raising up to 1.41m for the Elderstreet venture capital trust through a 10 per cent top-up issue.

  • Ethical funds set to rethink nuclear power

    10 Nov 2005

    Nuclear power could be inc- luded in ethical funds as the debate on energy is reopened, says Aberdeen head of soc-ially responsible investment Andrew Preston. Preston's ethical world fund screens stocks against 15 criteria, including inv- olvement in animal test- ing, gambling, pornography, tobacco and negative lab- our issues. Preston says that there have been objections to nuclear power production in the past on the grounds of health and safety management, ...

  • Exchange is not for sale, says Vertex

    10 Nov 2005

    Vertex has reaffirmed its commitment to The Exchange, promising continued investment and revealing that it has turned down bids for the portal since it bought Marlborough Stirling in May.The news comes as Marlborough Stirling is rebranded Vertex Financial Services - a move widely predicted since the takeover - although The Exchange brand will remain.Vertex Financial Services managing director Andy Hunt says he has received a number of bids and expressions of interest for The ...

  • F&C rethinks buyback policy

    10 Nov 2005

    The F&C investment trust has announced a new buyback policy to keep its discount at 10 per cent or lower.The board has been concer-ned about the size and volatility of the trust's discount to NAV. The aim is to reduce discount volatility, making shares more attractive to potential shareholders and giving reassurance to current shareholders.Such policies are becoming increasingly common among investment trusts to protect them from arbitrageurs.F&C's move follows similar actions ...

  • Fear of the unknown

    10 Nov 2005

    In the three weeks since Leigh Harrison quit as manager of Credit Suisse Asset Management's UK equity income funds to join Threadneedle, CSAM sales director Mark Thomas and newly appointed manager of the three portfolios, Errol Francis, have been busy taking their new message to investors.

  • Fighting for a common cause

    10 Nov 2005

    The view that industry bodies are ineffective in "fighting" the regulator is sometimes expressed in the industry.

  • Financial adviser who stole 10m jailed for 12 years

    9 Nov 2005

    The financial adviser who stole 10m from Halifax over four years to finance his gambling habit has been jailed for 12 years at Swansea crown court. Graham Price left three empty boxes in a safe with a signed IOU saying borrowed 7m from the Halifax. Price held stakes in 11 horses and also used the money to buy advice from racing tipsters. 84 investors who lost money to Price are now planning to mount a legal challenge to the Halifax which froze their accounts.

  • For the record

    10 Nov 2005

    Under normal circumstances, it is only a very plucky journalist - or a completely mad one - who takes public issue with something his editor has written about only a week earlier. Happily, Money Marketing is, as we all know, a bastion of tolerance and freedom of expression.

  • Former AIT directors ordered to compensate investors

    14 Nov 2005

    The former chairman and chief executive, and former financial director of software firm AIT were ordered to pay compensation to investors at Southwark Crown Court on Friday.

  • Framlington aims to do it again

    10 Nov 2005

    Framlington has estbalished the Framlington Aim VCT 2, a venture capital trust aiming for growth by investing mainly in the Aim market.

  • France and Germany are ignoring the IMD

    10 Nov 2005

    EU in ultimatum to 10 countries snubbing the directive which has cost British IFAs millions

  • Friends Provident - Friends Provident Isa

    10 Nov 2005

    Friends ProvidentFriends Provident Isa

  • Friends Provident International - Premier Ultra

    10 Nov 2005

    Friends Provident InternationalPremier Ultra

  • FSA fines Kings IFA for misleading financial promotions

    10 Nov 2005

    The FSA has fined a Maidstone-based IFA 60,000 for approving misleading financial promotions and related control breaches.

  • FSA gives us Jumping Jack Flash ... and satisfaction

    10 Nov 2005

    The FSA's Ashley Kovas strutted his stuff at the Compliance Register Awards in aid of charity last week. Dressed in leather trousers, with spiked hair and make-up, he rattled through classics such as Alice Cooper's Poison and the Rolling Stones' Jumping Jack Flash, backed by two screeching female colleagues.The high point had to be when one of the backing singers proclaimed: "It's the FSA, man," at the crescendo of one of their numbers.All this on the same night that David Strachan ...

  • FSA is making IFAs scapegoats, says MP

    10 Nov 2005

    'We are concerned about the fragmentation of advice. There is a whole series of questions'

  • FSA under pressure to review restrictions on Nurs funds

    10 Nov 2005

    The FSA's approval process discriminates against the inclusion of non-Ucits retail schemes in life and pension wrappers, says fund manager Insight.Unlike Ucits funds, there is no automatic approval for Nurs funds as permissible properties for linked life contracts. Providers must apply to the FSA for a waiver to include the funds.Nurs funds are automatically eligible for inclusion in Isas, Peps and child trust funds. Insight says the approval process could create a distortion ...

  • FSA will plug the gap until Sipp regulation

    10 Nov 2005

    Regulator says it wants to rule over the Sipp structure but not the range of products within

  • FSSC launches consultation on improving standards of generic advice

    14 Nov 2005

    The Financial Services Skills Council is launching a consultation process seeking industry views on standards of people giving generic financial advice.

  • Fund firms' ad attack to pick up Fidelity fallout

    10 Nov 2005

    Fidelity's competitors are launching a multi-million- pound marketing onslaught to go after redemptions from Anthony Bolton's 5.5bn UK special situations fund.Merrill Lynch is running a 3m ad campaign with its latest poster featuring an envelope with the words, Special Delivery and the postmark "Delivered better results than 99 per cent of the sector".Richard Plackett's 177m special situations fund is understood to be taking 3m to 5m a week in inflows.Artemis communications ...

  • FundsNetwork is offering funds from 30 providers

    10 Nov 2005

    FundsNetwork is to offer funds from 30 providers in its investment bond provided by Standard Life which will be ready to take money on December 12.Over 100 funds will be available, with advisers entitled to up to 20 free switches, with that number to increase next year.After Fidelity, providers with the most funds available thr-ough the bond are Standard Life with 14 funds, Invesco Perpetual with 10 funds, New Star with nine and Jupiter with seven. Artemis is to offer five funds, ...

  • FundsNetwork Launches its Sipp with 350 discount offer

    14 Nov 2005

    FundsNetwork is offering set-up and the first years administration for free in its new Sipp which is available for client quotes today.

  • Get active

    10 Nov 2005

    Passive and index-tracking funds can pose major problems for investors

  • Ghiloni makes return in broker sales at the Pru

    10 Nov 2005

    Former Britannic Asset Management chief Francis Ghiloni is returning to the industry as Prudential intermediary sales director.Ghiloni, who left Brit- annic AM last year after 22 years with the group, replaces Chris Traynor who has moved to Payment Shield.He will head a team of 165 sales advisers backed by a support team of 230 and will report to Pru distribution director Andy Briggs.Since leaving Britannic AM, Ghiloni took three months off travelling before returning to ...

  • 'Gold has mettle as indicator of inflation'

    10 Nov 2005

    Gold is a better indicator of the direction of inflation than the oil price or consumer price index, says the World Gold Council.The body also claims that gold is a better hedge against inflation than inflation-linked bonds and is an effective hedge against economic shocks, given that it has a finite supply.Research commissioned by the World Gold Council and carried out by HC Wainwright & Co Economics says the CPI is too reactive and backward-looking to monitor inflation while ...

  • Good effort from A&L

    11 Nov 2005

    Alliance & LeicesterTwo Year Fixed Rate Feesaver

  • Govt bill aiming to rein in cowboy claim firms

    10 Nov 2005

    The Government's Compen-sation Bill has set out its plans to regulate claim manage- ment companies, with a maximum of two years' imprisonment for those working out- side regulation.Constitutional affairs secretary Lord Falconer says the bill will stop unscrupulous companies exploiting the public, making it an offence for firms to provide claim serv- ices if they are not author- ised under the new regime, whether that is through a new body or through the FSA or the Law Society.Under ...

  • Halifax adviser jailed for 10m theft

    10 Nov 2005

    A financial adviser who stole 10m from Halifax over four years to finance his gambling habit has been jailed for 12 years at Swansea crown court. Graham Price left three empty boxes in a safe with a signed IOU saying "Borrowed 7m from the Halifax". He held stakes in 11 racehorses and bought advice from tipsters. Eighty-four investors who lost money are planning a legal challenge to Halifax, which froze their accounts.

  • Hips could take spring out of the market

    10 Nov 2005

    The Council of Mortgage Lenders is calling for the Government to rule out a spring 2007 launch for home information packs or risk creating a pre-Hip rush that will blight the traditional boom season.CML deputy director gen- eral Peter Williams told a conference in London this week that bringing in the packs in early to mid 2007 could see sellers trying to avoid the new requirements, creating a summer lull that could damage property prices.Williams said consumers will try to ...

  • Hutton facing tough task keeping reform on track

    10 Nov 2005

    Welfare reform remains firmly on the agenda with the arrival of John Hutton as Work and Pensions Secretary but we all now have to be prepared for the current timetable to slip.The big question is just how that agenda will be achieved.The departure of David Blunkett comes at a very awkward moment in terms of contin-uing to deliver pension and benefit reforms.Reform was due to reach a crescendo with the publication of the DWP's Green Paper on incapacity benefit reform later ...

  • 'IFA involvement is critical in ABI review'

    10 Nov 2005

    The Association of British Ins- urers must involve more IFAs and medical professionals if its critical-illness consultation is to save the product, warns Standard Life protection marketing manager Mick James.More effort at explaining the product to consumers through intermediaries and less attempts at tampering with tiered payments and cancer definitions are needed if the consultation, which closes in two weeks, is to have any success. The consultation has canvassed the views of ...

  • IFA praises Axa after CI payout

    10 Nov 2005

    An Essex-based IFA whose client suffered a heart attack two days after being put on risk has praised Axa Sun Life for paying out on his critical-illness claim.The client and his wife, who previously only had life cover, came to Chadborn Baker & Kearle mortgage adviser Peter Wright for remortgage advice. He recommended a decreasing term insurance policy with life and critical illness with waiver.The case was not straightforward as further underwriting was necessary after the ...

  • IFP looks at tactics against the CII's charter

    10 Nov 2005

    The Institute of Financial Planning will hold a board meeting next week to decide its plan of action against the Chartered Insurance Institute's launch of chartered status.The IFP is threatening legal action over the CII's recent launch of a chartered financial planner qualification. Although the CII has been forbidden by the Privy Council to use the abbreviation CFP, the IFP says the CII is trying to undermine its own CFP accreditation for certified financial planners as users ...

  • IFP wants global standards for certified planners

    10 Nov 2005

    The Institute of Financial Planning is working to achieve global recognition for certified status by compiling a definitive list of standards required from financial planners.The IFP is consulting with 18 countries which have the certified financial planner status to specify what should be expected of planners beyond the different tax laws and regulations they have to deal with.The initiative aims to create a unified certified status, specifying core competencies and minimum ...

  • IFS developing qualification in commercial mortgages

    15 Nov 2005

    The Institute of Financial Services is developing a new stand-alone qualification in commercial mortgages.

  • Industry fears delay to pension reforms as Blunkett resigns

    10 Nov 2005

    Appointment of Blairite Hutton 'could open the way for citizen's pension'

  • Investment at what cost?

    10 Nov 2005

    Disclosure could over time force more fund firms to review their charges

  • Investment trust discounts fall

    9 Nov 2005

    The average investment trust discount has fallen to 7.4 per cent, its lowest level in more than a decade following two years of strong market growth. The AITC says greater focus on good governance and the increased use of discount control mechanisms, such as share buybacks also helped.

  • Investment View: Buying power

    10 Nov 2005

    While not wishing to gain a reputation as a killjoy, it strikes me as dangerous that the stockmarket greets every new takeover bid with euphoria. I admit last week was somewhat exceptional.

  • Investors face uncertainty over pension provision

    15 Nov 2005

    Only one in five UK working active investors is at least very confident their pension provision will deliver an acceptable return.

  • Ivan Lewis to top the bill at Pima conference

    15 Nov 2005

    Economic secretary to the Treasury Ivan Lewis will be the keynote speaker at this years Pima conference.The MP will be followed by The Times business and city editor Patience Wheatcroft and FSA director of wholesale firms division Thomas Huertas. Further representation from the City will be provided by Invesco Perpetual chief executive and chief investment officer Bob Yerbury, Investec joint chairman Howard Flight and Seven Investment Management chief executive Justin Urquhart Stewart.The ...

  • JOHCM sets sail on US vessel

    11 Nov 2005

    JO Hambro Capital ManagementJOHCM American Growth Fund

  • Join the gurus for our A-Day summit

    10 Nov 2005

    The industry is gearing up for the Money Marketing pensions summit next February to be held in the luxurious Celtic Manor complex in Wales.Top pension gurus will be discussing the eminent pen-sion issues in the final days before A-Day.The keynote debate will focus on the changing pension market and the role of advice in the new regime. Debating the issue will be a panel inc- luding ABI head of pensions and saving development Helen McCarthy, Standard Life head of pensions policy ...

  • Joined-up thinking, not point-scoring

    10 Nov 2005

    If politicians cannot find a consensus on pensions, then the industry must show the way

  • Judge rejects BB&NFP case against ex-IFAs

    10 Nov 2005

    Restrictive covenants in Berry Birch & Noble Financial Planning's contracts with its IFAs have been deemed unenforceable by a High Court judge.BB&NFP failed in its case against five former advisers who it claimed broke confid-entiality covenants and termination restrictions when they left the network to set up on their own.BB&NFP brought the application for an injunction requiring the five to stop trading, alleging breaches of covenants in agency agreements and implied duties ...

  • Judgement day

    10 Nov 2005

    How has the recent Judge case impacted on IHT planning using the private residence?

  • Juggling the crystal balls

    10 Nov 2005

    Only clairvoyants can predict the housing market and the stockmarket

  • Jupiter rises in Japan

    10 Nov 2005

    One of the fund management groups I really admire is Jupiter. It has been successful in nearly every area, except Japan.

  • Kensington targets self-employed with new mortgage range

    15 Nov 2005

    Kensington Mortgages has launched a Flexible Mortgage with the option of subscribing to a new insurance product that is specifically tailored to meet the needs of the self-employed.

  • Leeds Building Society - Lifetime Tracker Euro Mortgage

    10 Nov 2005

    Leeds Building SocietyLifetime Tracker Euro Mortgage

  • Letting the stats out of the bag

    10 Nov 2005

    Critical-illness insurance providers are coming under increasing pressure to release claim data, says Nicola York

  • Lifetime limit would be injustice to judges

    10 Nov 2005

    Stewart Ritchie's commen- tary in the October 27 edition was interesting, educational and erudite, as always. However, at this stage, it seems that the exemption for judges' pensions from the lifetime limit is far from a done deal. As amazing as it may seem to those who know me well, I believe that, of all public sector employees, judges are a unique and special case. I am sure the majority of people will dismiss my view, as most people look on judges as a very small group who ...

  • Lighthouse buys Sipp Administrator

    9 Nov 2005

    Lighthouse Group has bought IFA and Sipp administrator Carrwood Barker Holdings in a deal worth up to 4.5m. Lighthouse is funding the acquisition of the Manchester firm, which has introducer agreements with 100 firms of chartered accountants and solicitors, with the issue of 3m worth of new shares.

  • London hosts first summit of EU's consumer groups

    10 Nov 2005

    The Financial Services Consumer Panel is hosting the first EU-wide summit of consumer groups to discuss changes in financial services regulation.Representatives from countries including Austria, Belgium, Estonia, Portugal, Slovenia and the Netherlands are convening in London.The panels will discuss differences in how they operate and how they can come together more frequently to provide a more powerful unified voice for consumers.The European Commission complained to the ...

  • Malcolm in the muddle

    10 Nov 2005

    It seems that Malcolm Rifkind has invented another financial product called a Sara, which he reckons is a lot simpler and more sensible than the existing plethora of savings and pension plans. That may be so, Malcolm, but if we add your Sara to this range of products we already have, then the market will be more complex, won't it? So how does that help? Phil Gammond Aqua IFA, Cheadle, Cheshire

  • Matrix goes after MBOs

    11 Nov 2005

    Matrix Money ManagementIncome & Growth VCT

  • Microsoft attacks new Origo system

    10 Nov 2005

    Global software giant Micro-soft has attacked Origo's new technology standards plans, branding them bizarre because they do not support its new systems.Microsoft Office 12 manager Darren Strange says Origo's new systems will not interface with its new Office or Internet Explorer products.Strange says advisers wanting to use both Microsoft and Origo in the future - when the new technology is widely used among providers - will have to use a plug-in to bridge the gap, complicating ...

  • Moneyquest appoints first chairman

    9 Nov 2005

    Moneyquest, the telephone and online mortgage, insurance and loan brokers, has unveiled the appointment of Scots businessman Angus McSween as its first chairman.

  • Morgan Stanley - FTSE Simple Growth Plan

    10 Nov 2005

    Morgan Stanley FTSE Simple Growth Plan

  • Mortgage 2000 - Norwich & Peterborough Five Year Fixed 4.79%

    10 Nov 2005

    Mortgage 2000Norwich & Peterborough Five Year Fixed 4.79%

  • Mortgage 2000 links up with MortgageStream

    9 Nov 2005

    Mortgage 2000s sourcing system Encore has announced that they are to extend their offering of connectivity to back office systems by launching a two way link with MortgageStream.

  • Mortgage View: Don't miss the swap boat

    10 Nov 2005

    When the base rate and swap rates are not moving, life can get pretty dull for your average broker. Lack of movement in rates usually results in a lack of movement among clients. They sit tight as there is nothing to focus them on remortgaging or buying their first home if they have not yet stepped on the housing ladder.

  • Mutuals' market share will sink as Standard Life floats

    10 Nov 2005

    20 years ago, mutual offices took over half of new business but this is set to plummet to just 4.5% by next summer

  • New GAD tables cut maximum income for older pensioners

    10 Nov 2005

    Pensioners moving from unsecured pensions into alternatively secured pensions will see their maxi- mum income fall dramatically under the proposed new tables from the Government Actuary's Department.Standard Life head of pensions policy John Lawson says the near 40 per cent drop in maximum income for males moving from unsecured pensions - or pre-75 drawdown - into alternatively secured pensions - or post-75 drawdown - is the most noticeable feature of the changes.He says this ...

  • Newton offers income with spice

    11 Nov 2005

    Newton has brought out the Newton Asian income fund, an Oeic which has an initial target income yield of 4-4.3 per cent and also offers the potential for capital growth.

  • Nick Hancock

    10 Nov 2005

    Planning for his retirement brought the host of television's They Think It's All Over down to Earth, when he was so impressed by the mortgage advisory firm that he joined it as sales and marketing director, says Andrea Tryphonides.

  • Northern Rock - Buy-To-Let Flexi Tracker For Life

    10 Nov 2005

    Northern RockBuy-To-Let Flexi Tracker For Life

  • Novel combination from Nvesta

    11 Nov 2005

    NvestaMomentum Tracker Plan 2

  • NS&I tracing service recovers 25m

    14 Nov 2005

    National Savings & Investments has traced 25m of lost savings since launching four years ago through its free tracing service.

  • NU chief's apology to IFAs over service

    10 Nov 2005

    Norwich Union chief executive Gary Withers has issued a personal apology to advisers for the company's significant slip in service standards this year.Letters are being sent out to 35,000 advisers around the UK to apologise for and explain why service levels in protection and investment bond application procedures started to slide significantly, particularly this summer.Withers promises to cut backlogs in NU's underwriting operations and cut the time taken to underwrite cases ...

  • NU turns over a new leaf

    10 Nov 2005

    Sorry is often the hardest word to say but that is what Norwich Union chief executive Gary Withers has done.It is a brave provider that acknowledges its mistakes and apologises to IFAs on service.But how on earth did a company of such size and importance come to this sorry pass?For far too long, service problems have been the blot on Norwich Union's copybook.Most IFAs will say that they know that Norwich Union is an amalgamation of several companies.At its heart ...

  • Old Mutual extends Skandia bid deadline

    14 Nov 2005

    Old Mutual has extended the final closing date for its 3.3bn hostile takeover bid for Skandia from 21 November 2005 to 16 December 2005.The insurer says it has received strong support among its shareholders for the offer, with 90 per cent of the proxy votes received prior to todays extraordinary general meeting in favour of the plan. The company requires just a 50 per cent yes vote to go ahead with the plan. The results of the meeting will be announced later today.All the terms ...

  • Old Mutual extends Skandia bid deadline

    14 Nov 2005

    Old Mutual has extended the final closing date for its 3.3bn hostile takeover bid for Skandia from 21 November 2005 to 16 December 2005.

  • Opening up the home reversion market

    10 Nov 2005

    Key Retirement Solutions business development director Dean Mirfin says advisers have a duty to consider home reversions as well as lifetime mortgages for equity-release clients

  • Pension trustees under pressure on fund choice

    10 Nov 2005

    Trustees could face problems if they do not make members aware of the investment cho- ices open to them within their pension scheme.Up to 90 per cent of pension scheme members fail to select their own investment strategy and just opt for the default fund, according to research by Aon Consulting.Much of this is believed to be down to a lack of understanding on behalf of pension scheme members but Aon head of defined contribution Paul Macro says trustees are likely to face increased ...

  • Performance goes straight to the core

    10 Nov 2005

    Core Growth Capital is aiming to raise up to 15m each for its Core VCT II and Core VCT III

  • Pink Home Loans - GMAC RFC Three Year Fixed Rate Buy-To-Let

    10 Nov 2005

    Pink Home LoansGMAC RFC Three Year Fixed Rate Buy-To-Let

  • Portman Building Society - Five Year Fixed Rate

    10 Nov 2005

    Portman Building SocietyFive Year Fixed Rate

  • Positive and Friends are first to set up pipeline

    10 Nov 2005

    Friends Provident and Positive Solutions have become the first provider and adviser firms to launch a pipeline-tracking service using Origo's new standards.The automated service aims to streamline business processes and cut costs by allowing Positive Solutions' advisers to track pipeline business through Friends electronically rather than verbally or on paperThe new business tracking standard consists of four components - identification, application status, commission and new business ...

  • PPI says union deal will not mean higher taxes

    10 Nov 2005

    The Pensions Policy Institute says business leaders are wrong to suggest that the Government's agreement with unions over public sector pay will have to be funded by higher taxes.The body, which is an independent charitable think-tank which gives non-party pol- itical comment in the field of pensions, has issued a briefing note contradicting the views of many, including CBI director general Digby Jones, suggesting that the taxpayer will lose out because of the agreement.It says ...

  • Principality launches new fixed rate bond

    15 Nov 2005

    Principality is launching a new fixed rate bond for loyal members with its annual interest rate of 5.10 per cent gross.

  • Probe into cost of demutualisation

    10 Nov 2005

    The Parliamentary all-party group for building societies and financial mutuals is to conduct an inquiry into the true cost of demutualisation.The group will carry out three hearings this month, taking evidence from people inside and outside the mut- ual sector to decide if customers of demutualised companies are now paying back windfalls through higher costs and charges.The inquiry will look at questions such as whether former mutuals are better than mutuals at providing financial ...

  • Purely Mortgages plans expansion as Tchenguiz family trust takes 50% stake

    10 Nov 2005

    Multi-billion-pound property investment company Triandra has taken a 50 per cent stake in broker Purely Mortgages.Triandra, an investment vehicle owned by a trust of the powerful Tchenguiz family, has taken the stake in the enlarged share capital of the company for an undisclosed sum.Purely chief executive Mark Chilton says the new funds will be used to double the size of its business and he will now be looking at new distribution opportunities and the scope for parallel lending. ...

  • Rates stay put

    10 Nov 2005

    The Bank of England Monetary Policy Committee has decided to leave the base rate unchanged.

  • Reap the wild wind

    10 Nov 2005

    How can investors harness the winds that have been blowing savagely across the US markets this year?

  • Record sales for Standard Investments

    10 Nov 2005

    Standard Life Investments has recorded its strongest-ever three-month sales period for its mutual fund range, more than double its third-quarter figures for last year.The firm says inflows for the third quarter this year leapt by 118 per cent to 143.2m, from 65.6m for the period in 2004.SLI says September's sales of 63.7m represent the best-ever month's trading for the company, almost matching the entire sales figures for the third quarter of 2004.It says its top-selling ...

  • Revenue drops controversial proposal for one-off levy on non-profit funds

    10 Nov 2005

    HM Revenue & Customs has dropped plans to tax investment reserves on insurers' non-profit funds following intensive lobbying by the ABI.Legal & General says the removal of the charge, which would have been a one-off levy on non-profit funds that do not pay out income and gains, will save it up to 500m.The Revenue was criticised by the ABI, along with several providers, for not consulting the industry on its proposals, which were widely labelled a "smash and grab" raid that flew ...

  • Rics reports largest increase in new buyer enquiries for two years

    15 Nov 2005

    Royal Institute of Chartered Surveyors reports the largest increase in new buyer enquiries in two years.

  • Rooftop Mortgages enhances its product offering

    14 Nov 2005

    Rooftop Mortgages is enhancing its product offering by increasing the maximum loan size on a range of its products.

  • S&W widens Nucleus fund reach

    10 Nov 2005

    Smith & Williamson will be marketing its Nucleus American trust, Nucleus global investment fund and Nucleus fixed-interest trust to a wider investment base, including fund of fund managers, from the new year

  • Safety net to pay just 21%

    10 Nov 2005

    Transfer analysis shows that investors face massive losses in calls on Pension Protection Fund

  • Sargisson chosen to head UK operations for IFG Group

    10 Nov 2005

    IFG Group, the Dublin-based financial services company, has appointed a new managing director for its UK division.Tim Sargisson takes over the role with immediate effect. He joined IFG Group in 2002 as managing director of London firm Pensions Associates Limited and recently oversaw its merger with Manchester-based Santhouse Whittingdon Actuarial Services to form PAL Partnership.Sargisson was previously a director of several London-based IFA businesses. He has worked in financial ...

  • Scot Wids appointed to Thinc Destini multi-tie panel

    11 Nov 2005

    Sottish Widows has been appointed by Thinc Destini to its multi-tie panel. This deal will enable Scottish Widows to offer Thincs multi-tied advisers a range of individual pensions, corporate pensions and protection products.

  • Scottish Widows poaches Alix Stewart from Gartmore

    9 Nov 2005

    Scottish Widows Investment Partnership has poached fund manager Alix Stewart from Gartmore to run its corporate bond plus portfolio. Stewart ran Gartmores corporate bond fund in which time it delivered top quartile returns and was A-rated by Standard & Poors.

  • SG Asset management opens its fund of hedge funds to UK investors

    11 Nov 2005

    SG Asset Management has opened its US-run fund of hedge funds range to UK investors for the first time.

  • Simple arithmetic

    10 Nov 2005

    Is there a conspiracy going on here? Could the real reason for David Blunkett's resignation be that he just couldn't get his head around pension simplification? If so, I suspect he is in good company. Four different Work and Pension Secretaries in just one year must prove something. I hope John Hutton knows what he is letting himself in for. Michael Lindsey Leighton Buzzard, Bedfordshire

  • Simply super

    10 Nov 2005

    Sonia Speedy starts off a series on pensions around the world with a look at her native New Zealand

  • Skandia Investment Management - Protected Portfolio Investment

    10 Nov 2005

    Skandia Investment ManagementProtected Portfolio Investment

  • Skandia Investment Management - Skandia Global Property Securities (La Salle) Fund

    10 Nov 2005

    Skandia Investment ManagementSkandia Global Property Securities (La Salle) Fund

  • Spelling out rights on d-i-v-o-r-c-e

    10 Nov 2005

    Pension sharing is intended to help divorcing partners make a clean break but may not be the right option in all cases

  • Standard Life Investments - Select Property Fund

    11 Nov 2005

    Standard Life InvestmentsSelect Property Fund

  • Standards fireworks

    10 Nov 2005

    Recent statements that Origo has decided not to enter the mortgage standards market sound to me like a victory for common sense over ambition. It has already been identified by several mortgage players that significant volumes of new applications are already submitted electronically.

  • Start your service engines

    10 Nov 2005

    Hargreaves Lansdown managing director Peter Hargreaves on why we must learn a lesson from the motor industry

  • Sunny with scattered showers

    10 Nov 2005

    Some ominous clouds are gathering over foreign property holdings in Sipps

  • SVM makes three hires

    10 Nov 2005

    Investment boutique Scottish Value Managers has hired three managers to rebuild its investment team after a series of defections.

  • Swip swipes Gartmore's Stewart

    10 Nov 2005

    Scottish Widows Investment Partnership has recruited Gartmore's Alix Stewart to run its corporate bond plus portfolio. Stewart ran Gartmore's corporate bond fund.

  • Syndicate buys Chartwell Group

    10 Nov 2005

    Syndicate Asset Management is to buy IFA and fund manager Chartwell House Group.

  • test run test run test run

    15 Nov 2005

    still testingstill testingstill testingstill testing

  • The art of pension investment

    10 Nov 2005

    Specialist pension adviser Richard Jacobs believes he is the first person to have lined up an original artwork for his Sipp on A-Day.Jacobs, who is managing director of Richard Jacobs Pensions & Trustee Services, has bought an original pencil sketch by famous wildlife artist David Shepherd at a charity auction and intends to invest it in his Sipp.He is now stopping his regular pension contributions and will make an in specie contribution of the 2,800 artwork into his Sipp next ...

  • The bond plays on

    10 Nov 2005

    Demand for corporate bonds is so strong that companies are able to favour the stock holders over bond holders at present, says DWS UK corporate bond fund and corporate bond plus fund manager Anthony Fletcher.

  • The price of advice

    10 Nov 2005

    In his second article on depolarisation, The Strategy Works managing director Michael Herson considers why it costs too much to give advice and the ticking timebomb that is the aging adviser population

  • The retiring type

    10 Nov 2005

    The revolving door at the Department of Work and Pensions is still in working order. We have had the following at the DWP since Labour came to power - Harriet Harman, Jeff Rooker, Alasdair Darling, Alan Johnson, David Blunkett and now John Hutton.

  • Threadneedle produces guide to absolute return bond funds

    15 Nov 2005

    Threadneedle has produced a consumer guide to absolute return bond funds as part of its series of introductory guides designed to help consumers understand investing.

  • Top managers in bond clash

    10 Nov 2005

    Schroders and Jupiter fund managers in Fidelity row on 'overvalued' asset class

  • Trust discounts narrow to 7.4%

    10 Nov 2005

    The average investment trust discount has narrowed to 7.4 per cent - the lowest level in more than a decade - after two years of strong market growth, says the AITC.

  • UK banks unlikely to pose threat on commission

    10 Nov 2005

    While the news story headlined, Scandinavian shock as banks drive out IFAs, may ring a few alarm bells among a proportion of your readership, I think we need to consider the fact that the financial services arms of banks in this country are, by the sound of things, very different operations from their Scandinavian counterparts. Most of what we know and read about the selling practices of the UK's bancassurers and their IFA arms suggests that they are very much more orientated towards ...

  • 'UK investors missing global opportunities'

    10 Nov 2005

    Newton says UK income inv-estors are missing out on international opportunities as it launches its global and Asian income funds run by James Harries and Jason Pidcock.Aberdeen says it is also considering setting up an Asian income fund, aiming at 4.5 per cent annual income, to be run by Hugh Young.Newton says 90 per cent of companies with dividend yields greater than 3 per cent are outside the UK and inv-estors are missing out because the UK is no longer the centre of the income ...

  • United Group reassures mortgage brokers Hips will not threaten business

    9 Nov 2005

    The United Group is encouraging mortgage brokers to start making plans for the launch of home information packs and not feel threatened by them.

  • Wesleyan warns doctors over Sipp symptoms

    10 Nov 2005

    Wesleyan is warning that wide interest in putting property in Sipps could cause problems for high-earning groups and it singles out doctors.The alert is particularly rel- evant, says Wesleyan director of marketing Callum Girvan, for younger GPs, say in their 30s, perhaps earning considerably less than the 100,000 peak salary of a GP.Girvan warns that many GPs' earnings will rise significantly over time, increasing to a level above the lifetime allowance on their NHS pension ...

  • Winterthur offers online fund service for advisers

    10 Nov 2005

    Winterthur life is setting up an online valuation fund-switching and admin service for advisers.Advisers can now get up- to- the-minute policy and portfolio information for clients with Winterthur personal pension, Sipp trustee investment plan, SEction 32 and EPP contracts.The site offers online fund switching and premium redirection, client summary reports downloadable as PDFs and bulk data downloads to help IFAs produce their own management information reports using spreadsheet ...

  • Winterthur revamps S32

    11 Nov 2005

    Winterthur LifeSection 32 Plan

  • Woodford celebrates 15 years at the helm

    11 Nov 2005

    Invesco Perpetual fund manager Neil Woodford is celebrating 15 years at the helm of the firm's flagship income fund.Woodford, who is one of only 30 managers in the UK with a 10 year track record, has delivered 775.5 per cent growth for his investors over that period. He warns that the UK economy is slowing, however, with consumer indebtedness and a slowing house market clear signals of deterioration of economic performance.

  • Young takes over Sesame role as Bryant quits

    10 Nov 2005

    Sesame commercial director Charles Bryant is to join Deutsche Bank as a director within its European Technology Group.Sales director Steve Young becomes the network's new sales and marketing director and takes responsibility for the commercial function, including provider relations.Young joined Sesame in 2002 after 14 years at Halifax, latt- erly as head of communications.Bryant joined Sesame in 1999, becoming chief executive of Sesame Technology in 2003. He became Sesame ...

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