Money Marketing
21 November 2001

  • 'Banks' funds perform poorly'

    22 Nov 2001

    IFA BestInvest claims the performance of investment funds offered over the counter at high-street banks is well below average. It looked at the record of 39 high-street banks' funds in the UK all companies sector over the past five years and found they suffered poor performance. It found investors had only a one in 10 chance of choosing a top-quartile fund and a 40 per cent chance of languishing in the third quartile. Over 60 per cent of banks' funds underperformed ...

  • 'Management services snubbing affluent women'

    22 Nov 2001

    Mass affluent women are being shortchanged by some wealth management services, according to Close Wealth Management. It says mass affluent women collectively have £102bn in liquid assets but are not getting an adequate level of service from product providers. Close wants more financial services dedicated to this market, which will grow as women become more financially independent. The company says 12.5 million women are now working and taking more ...

  • 'N2 will make it easier to switch networks'

    22 Nov 2001

    Networks claim it will be easier for members to move bet-ween rival firms after N2 under the FSA's new training and competence regime. IFA networks such as DBS and Whitechurch say they welcome the change after November 30 because it means that a registered individual validated with one network will not have to go through retraining when he joins a new network. This is a departure from the current training and competence rules forcing networks to test new joiners for ...

  • 'Stakeholder straitjacket promoting move to fees'

    22 Nov 2001

    Ron Sandler has described stakeholder as a straitjacket but suggested that it is encouraging a move to fees and trail-based commission among IFAs. He conceded that the industry was suffering from review fatigue and accepted that there were obvious dangers of duplication with the other reviews into the industry being conducted by the FSA, Penrose and Pickering. His review was the overarching review which would draw upon the work done by the others in an act of "joined-up thinking". Defend

  • £100 a year increase in state pension

    27 Nov 2001

    The basic state pension will rise by £100 a year at least according to Chancellor Gordon Brown in his pre-Budget report.

  • 96% of N&P clients say public must take responsibility for environment

    22 Nov 2001

    More than 90 per cent of Norwich & Peterborough Building Society customers believe that people should take immediate responsibility for the future state of the environment. Results from N&P's latest environment survey - commissioned to celebrate Nat-ional Tree Week - show that 96 per cent of its customers want action to be taken now to stop further damage to the environment. But although 80 per cent of N&P customers worry about the effects of global warming, only 32 per cent ...

  • A consumer's view

    22 Nov 2001

    The vexed question of who should provide advice to stakeholder pension investors will not go away. And it is not just stakeholder. Who will provide advice on the whole area of financial planning, savings, insurance and the like if the 1 per cent maximum charge becomes more or less universal for all products? The FSA has enraged the IFA industry by admitting that it would, in an ideal world, like to extend its existing educational role and offer online financial advice ...

  • A new chemistry for pension funds?

    22 Nov 2001

    Every now and then, a decision is taken that well and truly sets the cat among the pigeons. The move by Boots - taken last year although only disclosed in recent weeks - to shift its entire pension fund into AAA-rated bonds is one such decision. The trustees of the £2.3bn scheme did not decide merely to reduce their exposure to equities but to abandon them altogether. The audacity of the move has left the industry wondering if it heralds a sea-change. The timing ...

  • Aberdeen looks to growth

    26 Nov 2001

    Looking at the disadvantages of the trust Keen says: "Investment is restricted to Aberdeen fund range and are reliant on selling holdings at potentially the wrong time to fund purchase of unquoted portfolio. High-risk investment, heavily focussed on management skill of Bill Nixon - good record but question mark if he leaves." He also feels that the three year minimum term that is necessary to take advantage of tax relief is a disadvantage, as it locks the ...

  • Aberdeen looks to growth

    26 Nov 2001

    Aberdeen Asset Managers

  • Abroad outline of taxation

    22 Nov 2001

    I am a woman rapidly approaching my 60th birthday. I have taken early retirement from the Civil Service and I live most of the year in Turkey on my partner's boat but do travel back home to Liverpool for long visits to see my family. I have a portfolio of over £100,000 and already receive a widow's pension and a Civil Service early retirement pension. I am due to start receiving a regular income from an Equitable Life AVC on my 60th birthday. How does the Inland Revenue ...

  • AMP to drop iii name as Ample online expands

    22 Nov 2001

    AMP is to ditch the Interactive Investor International name to integrate it with its own fund supermarket Ample. AMP bought iii in August and will integrate the personal finance website into its own online investment service Ample by the first quarter of 2002. The integrated Ample site will combine the best elements from both services, offering a comprehensive fund supermarket, equity and fund information and editorial content. The new site, using just the Ample ...

  • Annuity friendly raises £16m to back expansion

    22 Nov 2001

    Retirement specialist the Pension Annuity Friendly Society has raised £16m of new capital, which will help its expansion into new markets and broaden its retirement planning product range. Pafs hopes to increase its presence in the long-term care market as well as enter the inheritance tax planning arena in addition to making forays into overseas markets. The capital has been raised through the issue of a debt loan facility underwritten by Bank of Scotland Corporate ...

  • Artemis - Aim VCT

    22 Nov 2001

    Thursday, November 22, 2001. Aim: Growth and income by investing in companies quoted on Aim, OFEX and unquoted companies. Minimum investment: £3,000. Opening-closing date: November 8, 2001-April 3, 2002. Charges: Initial 5 per cent, annual 2 per cent. Commission: Initial 3 per cent. Tel: 020 7367 5600.

  • Assuresoft set to sign net deal with Cofunds

    22 Nov 2001

    Assuresoft is close to signing a deal with Cofunds that will see its fund supermarket on the Assureweb portal. The deal will see Cofunds' trading platform go head to head with Skandia's My MultiFundshop, which is already available on the platform alth-ough Assuresoft says the move is designed to give IFAs more choice and wants to keep both fund supermarkets on board. The move follows a long courtship between the two organisations. Assuresoft parent Misys had considered ...

  • A-Z for Zifa as it maps out new path

    22 Nov 2001

    Having revamped the old Allied Dunbar tied network, Zurich's IFA arm under new boss Jim Reeve will be drawing on the tied side to boost its IFA offering. Reeve took over as managing director at Zifa in August following the retirement of Jerry Grayburn. Reeve was marketing director at Zifa and has been with the Zurich group for 22 years. Now the range of services within the whole Zurich group will be opened out to the Zifa businesses. Reeve says franchised tied advisers ...

  • B&W merges two firms to set up new national IFA

    22 Nov 2001

    Bristol & West is creating a new national IFA, MX Financial Solutions, through the merger of subsidiaries Moneyextra and Willis National. The Willis brand goes following its acquisition from Abbey National and Willis Group for £40m in July as it is merged with consumer finance website Moneyextra which Bristol & West bought from the Exchange in November 2000. The firm of 120 registered individuals, mainly ex-Willis, will offer face-to-face and telephone advice from ...

  • Biotech brew

    22 Nov 2001

    Brewin Dolphin Securities has linked up with Octopus Asset Management for the introduction of the bioscience VCT. The VCT invests in 25 to 30 companies in the biotechnology sector. The portfolio will be made up of quoted companies in the UK and overseas, companies listed on Aim and Ofex, unquoted companies that are in the early stages of development and also those at the later stages. Growth in the biotechnology sector is driven by demand for medicines and new treatments ...

  • Booming Midshires axes 150 mortgage packagers

    22 Nov 2001

    Halifax specialist lender Birmingham Midshires is axing 150 packagers from its distribution network this week following a formal review of its third-party relationships. Midshires head of corporate accounts Alan Lawson says letters have been sent out serving 30 days' notice on the companies in a move which leaves the lender with only a handful of major packagers on its panel. Lawson says the decision is a natural progression following Midshires' shift away from ...

  • Boutiques are in fashion with IFAs

    22 Nov 2001

    ABN Amro is the new champion of the IFA sector, having unexpectedly trounced fund giant Fidelity in a survey conducted by Keydata. The survey, carried out among more than 500 IFAs in August, asked them to list the top five Isa funds they are currently recommending. Keydata then took the top recommendation from each IFA to compile its Isa provider rankings. While Fidelity, which topped the previous survey in February, had slightly increased its share of the vote, ABN Amro ...

  • Brain claims to be Betamax-beater

    22 Nov 2001

    Mortgage Brain has compared rival platforms to Betamax video recorders and predicts that its system will corner the intermediary market. In a document seen by Money Marketing, Mortgage Brain says: "Any introducer going with any other solution will undoubtedly end up as the one owning a Betamax video." It claims Mortgage Brain will become the single industry platform and intermediaries not using it "will be at a considerable competitive disadvantage". Mortgage ...

  • Britannic extends extra allocation on with-profits

    22 Nov 2001

    Britannic Assurance is offering IFAs an extra 2 per cent allocation on new investments into its with-profits bonds before December 31. The extra allocation scheme, which applies to investments of more than £5,000, was originally launched in June and ran until mid-August. However, Britannic has now decided to reopen the offer until the end of the year. Britannic says that the scheme has been constructed to give IFAs the flexibility to spread investments across a ...

  • Brown rejects insurance model for NHS

    27 Nov 2001

  • Building society lending up in September

    21 Nov 2001

    Gross advances made by building societies in the month amounted to £2.3bn, increasing from £1.9bn in September, according to the latest Building Societies Association figures. Net advances also grew, up 55 per cent in October to £487m from £315m the previous month. Building societies attracted £425m more in new savings last month, up to just over £1bn from £656m in September.  

  • Bupa appoints doctor to business relationship post

    26 Nov 2001

    Bupa has announced it is appointing Dr Natalie-Jane Macdonald to its newly created post of medical and heath care purchasing director responsible for clinical leadership in the PMI provider's insurance business.Macdonald was previously head of health care policy and development and will now work on developing business relationships with hospitals and medical consultants. 

  • Bupa provides flexible protection

    23 Nov 2001

    Bupa has jumped on the cafeteria-style bandwagon with the introduction of flexible financial protection.

  • CABs say UK consumers ill-informed about personal finances

    21 Nov 2001

    British consumers are paying a high price for being ill-informed and unconfident when it comes to making crucial decisions about their personal finances, according to a new report from the National Association of Citizens Advice Bureaux.

  • CGT cuts 'make UK regime more favourable to enterprise than US' - Brown

    27 Nov 2001

    Chancellor Gordon Brown has announced a cut in capital gains tax in his Pre-Budget speech in the Commons. The new rate of CGT will be 20 per cent for business assets held for 1 year and 10 per cent for those held for 2 years or more. The Chancellor said three quarters of CGT payers will pay less and this will make the UK CGT regime more favourable than that of the US.

  • Chancellor to simplify VAT with flat rate

    27 Nov 2001

    Chancellor of the Exchequer Gordon Brown has announced a new flat rate and simplified scheme for payment of VAT. Brown says the changes, which will come in from April, will cut form filling. Brown says: "There is a strong case for cash help for small firms to bring their payroll and tax systems online."

  • CIS pension plea to MPs

    22 Nov 2001

    CIS is writing to MPs in a bid to assure them that product providers are selling stakeholder to its target audience and that compulsion is not the answer to increasing pension provision. General manager (marketing) Martin Clarke has asked to meet with the speakers at last week's House of Commons debate on stakeholder pensions. The letter aims to address criticisms from MPs that pension provision in middleto lower-income families is not increasing and that employers ...

  • City law firm launches N2 guide for firms

    23 Nov 2001

    CMS Cameron McKenna specialist financial services lawyer Simon Morris has produced a guide to help firms make last minute preparations for N2.

  • Close Fund Management - Close UK Index Growth Fund 2006

    27 Nov 2001

    Tuesday, November 27, 2001. Type: Investment trust. Aim: Growth linked to the FTSE 100 index. Minimum investment: £1,000. Place of registration: Guernsey. Investment split: 100 per cent linked to FTSE 100 index. Isa link: Yes. Charges: Implicit. Commission: None. Tel: 0800 269824.

  • Close to zero

    21 Nov 2001

    Close Fund Management has designed an index-tracking investment trust that is made up of zero-dividend shares.The Close UK index growth fund has a five-year term, during which it will track the performance of the FTSE 100 index. Its objective is to produce growth of around 41 per cent over five years by reflecting the composition of the FTSE 100 through zero dividend shares.Investors will get the maximum final return even if the FTSE falls by 20 per cent by the end of the ...

  • Compulsion on the agenda

    22 Nov 2001

    Peter Jordan's suggestion that the removal of compulsory annuities would solve the problem of poor stakeholder take-up (Money Marketing, November 8) was made redundant by pension minister Ian McCartney's claim that moderate to high earners were always stakeholder's target market (same MM issue). Indeed, Mr Jordan's article appears to confirm what many IFAs already knew - that many companies showed a remarkable lack of courage in opposing or, at the very least, publicly ...

  • Consumers unaware of financial redress

    22 Nov 2001

    Consumers rate security of their money as the most important factor when making investment decisions, according to research by the Financial Services Compensation Scheme. A Mori poll in October asked almost 2,000 people around the UK what they consider when taking out investments, insurance or placing deposits. It found that past performance is the second most important factor, which seems to contradict the FSA's decision not to include this on its comparative tables. Over ...

  • Dampier number one in pundit chart

    22 Nov 2001

    Hargreaves Lansdown's Mark Dampier takes the title of most quoted pundit for the first time since January in PressWatch Financial Products' analysis of national media coverage for October. Dampier knocks Torquil Clark's Tom McPhail off the top spot into second place, with Chartwell Investment Management's Patrick Connolly in third. The IFA firms getting most mentions during October were Chartwell, followed by Hargreaves Lansdown and then Torquil Clark. Dampier's ...

  • DBS issues N2 factsheet

    26 Nov 2001

    DBS network has issued its sixth and final factsheet to members explaining the implications of N2 from November 30.

  • DBS makes Assureweb compulsory

    22 Nov 2001

    All DBS members will have to sign up to Assureweb from April as part of the network's minimum technology requirements, plans first revealed by Money Marketing in August 2000. DBS will also risk-rate firms from N2 for training and competence. All communication between members and the network will be by email. The 3,000 DBS members will have to become registered users of the portal and the Assureweb extra-net. Registration is free. DBS says this will bring financial ...

  • Defining moments

    22 Nov 2001

    This week we bring to an end our look at the main subjective and objective factors which should govern an adviser's assessment as to whether an individual with a preserved pension in a defined-benefit pension scheme should transfer the value of those benefits to a private pension alternative - primarily, of course,a personal pension or a pension buyout bond. To recap, I have been looking over these last few weeks at the four main stages in the calculation of a transfer value, ...

  • Direct Life & Pensions Services appoints operations director

    27 Nov 2001

    Protection intermediary Direct Life & Pension Services has appointed Rob Quayle as operations director to oversee its growth following its purchase by Skipton Building Society. Quayle will direct the day to day running of the life and protection insurance intermediary business, including its Lifequote broker agency.Quayle has over 10 years experience in operational management, including Interactive Investor and the Computer Sciences Corporation.

  • Dresdner RCM Global Investors - British Portfolio Trust

    23 Nov 2001

    Friday, November 23, 2001. Type: Investment trust. Aim: Income and growth by investing in UK equities. Minimum investment: £1,500. Maximum investment: No maximum. Investment split: 100 per cent in UK equities. Types of share: Ordinary. Isa link: Yes. Pep transfers: Yes. Redemption date: None. Charges: Annual 1 per cent. Commission: Initial up to 2 per cent. Tel: 08457 127128.

  • Dresdner says investors will win in the long term

    22 Nov 2001

    Stockmarkets will recover from the current falls following the World Trade Centre attacks and investing for the long term will pay off, says Dresdner RCM Global Investors. Seth Reicher, manager of Dresdner's AAA-rated North American trust, says markets have always recovered from past crises. He says markets will recover and continue to grow over the long term. Reicher says from Pearl Harbour in 1941 to the Ken-nedy assassination in 1963 to Iraq's invasion of Kuwait ...

  • Edinburgh Portfolio appoints investment head

    23 Nov 2001

    Edinburgh Fund Managers has appointed Mark Harris as the new head of investment management for its multi-manager business, Edinburgh Portfolio.

  • End the loose talk on 1% world, says Hunt

    22 Nov 2001

    Aifa chairman Lord Hunt of the Wirral has demanded the industry stop its loose talk of the 1 per cent world, saying it is little more than a slogan. He also warned that changes to polarisation could see the industry revert to sales-based and not advice-based behaviour and provoke a scramble for distribution. Introducing Ron Sandler, he described him as "a man who listens" and said fears that he would be a hanging judge were unfounded. Hunt also praised IFAs for starting ...

  • Enhanced terms to entice stakeholder business

    22 Nov 2001

    Hargreaves Lansdown has put together a stakeholder plan from Clerical Medical with enhanced terms, exploiting a price war among stakeholder providers. It says major stakeholder providers are currently offering very good deals to entice business. It has now been able to negotiate an exclusive deal on Clerical's Futureproof plan to pass on the benefits of this price war to clients. The plan includes an enhancement of up to 3 per cent on the customer's premium and ...

  • Exeter research defends zeros' cross-holdings

    22 Nov 2001

    Exeter Fund Managers has come to the defence of zero-dividend preference shares, with new research showing that split-cap trusts with big cross-holdings are not necessarily the highest risk. The research separates the zeros into three categories - vulnerable, currently uncovered and relatively secure - in terms of how much asset cover they have in relation to their final repayment value. Of the 109 zeros, just 10 were classified in the vulnerable category with asset cover ...

  • F&C Management - With-Prospects Fund

    22 Nov 2001

    Thursday, November 22, 2001. Type: Oeic. Aim: Growth and income by investing in UK and overseas equities and fixed interest investments. Minimum investment: Lump sum £2,500. Investment split: International equities 60 per cent, investment grade bonds 40 per cent. Isa link: Yes. Pep transfers: Yes. Charges: Initial 5 per cent, annual 1 per cent. Commission: Initial 4 per cent, renewal 0.25 per cent. Tel: ...

  • First State launches UK midcap product

    26 Nov 2001

    First State Investments is launching a 'British Midcap' product early in 2002, to be run by its head of UK equities Derek Lygo.

  • Focus funds performing well

    23 Nov 2001

    Royal & Sun Alliance claims focus funds of concentrated portfolios are meeting investor expectations unlike technology, split capital and zero funds.

  • Food for thought as Ron Sandler reveals his menu

    22 Nov 2001

    Any IFAs hungry for an idea of what Ron Sandler is thinking got a belly full last week. The head of the Treasury review of retail savings came to the Aifa dinner to talk to the great, the good and the not so good among IFAs. He gave value for money - the topic he chose to address in detail was commission - and helped reinforce the image that his review will be open. Among significant pieces of information was that a maximum commission agreement is not on the cards. He ...

  • FSA guide aids IFAs on FSAVC review

    22 Nov 2001

    The FSA is issuing a fifth bulletin giving IFA firms guidance on the requirements of the FSAVC review. The latest guidance follows the publication of procedures and standards to be used by firms when conducting the review in May. The review is a focused exercise similar to that used for phase two of the pension review and covers about 10 per cent of FSAVC sales. The latest bulletin provides IFAs with guidance on N2 and the review, the British Airways' pension ...

  • FSA looking into Equitable reinsurance deal

    26 Nov 2001

    The FSA is investigating new evidence from Equitable Life that former management did not inform the regulator of the true value of its reinsurance deal.

  • FSA underlines importance of financial literacy

    26 Nov 2001

    The FSA says tackling low financial literacy needs to be a long-term aim which demands a concerted effort from financial advisers, government and other parties.

  • GAM flies east

    26 Nov 2001

    Global Asset Management (GAM) is heading east with the introduction of the GAM Asian hedge fund.

  • GAM Stars in American Focus

    23 Nov 2001

    GLOBAL ASSET MANAGEMENTGAM STAR AMERICAN FOCUSType: Ucits.Aim: Growth by investing in large and mid-cap US equities.Minimum investment: US$5,000, Euro 5,500, £3,500.Place of registration: Dublin.Investment split: 100 per cent large and mid-cap US equities.Isa link: No.Charges: Initial 5 per cent, annual 1.5 per cent.Commission: None.Tel: 0800 919927.The panel: Luke Gibbon, Proprietor, Independent ...

  • Gateway to an ISA

    22 Nov 2001

    As the pre-Budget statement looms, the focus will turn to child trust funds. When the Government published its proposals for the funds and the savings gateway before the general election, media interest did not focus on the details but rather on the fears that 18-year-olds would blow the money on having a good time. If some commentators are to be believed, child trust funds would help the profits of Ibiza nightclub owners more than the prosperity of UK families. This ...

  • Give to take on stakeholder

    22 Nov 2001

    The October 8 designation deadline was preceded by a lot of noise but not, apparently, by as much action as the Government or pension providers would have liked. It appears that many stakeholder schemes have been designated but, according to figures from IFA Promotion, around 60 per cent of small to medium-sized enterprises still had no pension scheme in place when the deadline arrived. Additionally, the limited amount of evidence available indicates that, of the employers ...

  • Global Asset Management - GAM Asian Hedge Fund

    27 Nov 2001

    Tuesday, November 27, 2001. Type: Offshore hedge fund. Aim: Growth by investing in companies in Asia excluding Japan with strong domestic brands. Minimum investment: $15,000. Place of registration: British Virgin Islands. Investment split: 100 per cent in companies in Asia excluding Japan with strong domestic brands. Isa link: No Charges: Initial 5 per cent, annual 1.5 per cent. Commission: Subject to negotiation. Tel: ...

  • Hanging on the phone with no help from NU

    22 Nov 2001

    How right of Beatrice Dixon to refer to the level of service now provided by Norwich Union. A recent investment bond application submitted on August 30 was finally received this week after two previous schedules had been sent with the wrongly spelt surname. A further bond application sent to NU September 3 resulted in the policy document received here on November 7. Yesterday, a client req-uested a valuation on another bond arranged five years ago, having spent ...

  • Hedge fund of funds is absolutely AFM

    27 Nov 2001

    Absolute Fund Management has designed the absolute fund, a fund of hedge funds that aims to produce growth while trying to preserve the original capital.

  • High Court approves Equitable compromise proposal

    27 Nov 2001

    Equitable Life has won the first round of its battle to achieve the compromise deal which will rescue the ailing life insurer.

  • IF services aimed at Hearts FC supporters

    22 Nov 2001

    Telenet bank Intelligent Fin-ance is teaming up with Heart of Midlothian Football Club to offer a range of financial services to the team's 30,000 supporters. The three-year deal will see IF provide current accounts, savings, mortgages and personal loans to Hearts fans through a joint marketing initiative aimed at generating income to help build a youth academy at the club. As part of the deal, IF will advertise its range of products in Hearts' match-day programme, ...

  • IFA internet access soaring

    27 Nov 2001

    Rocketing numbers of IFAs and mortgage brokers have access to the internet through PC’s on their desks, according to research by sub-prime lender Future Mortgages. In a survey of around 400 intermediaries, Future found that 89 per cent had internet access close to hand, up from just 28 per cent in January. The lender says it now conducts 25 per cent of its business through online mortgage applications, up from around 10 per cent in September.  

  • IFAs slam mixed messages on Pru contract charges

    22 Nov 2001

    IFAs are criticising Prudential for giving out mixed messages about repricing its pensions book after UK chief executive Mark Wood said contract char-ges would come down. Pru told IFAs resolutely in October that it would not be repricing its contracts. But only days later, Wood announced it would reprice pensions within 1 per cent as part of Pru's future plans. He said 1 per cent charges were expected across the board of products and repricing of group pensions ...

  • IFAs want quick resolution of Artemis-New Star deal

    22 Nov 2001

    IFAs are urging New Star to uncover the details of its deal with Artemis after it was announced this week that the two groups are set to merge. With significant overlap between the two group's fund ranges, advisers are concer-ned that a merger may prove counter-productive. On Monday, New Star confirmed that it is in talks over a potential merger with Artemis but added that the discussions are likely to take several weeks to complete. Although the statement ...

  • IHI sees surge in demand for healthcare products post Sept 11

    26 Nov 2001

    International Health Insurance has seen a 50 per cent rise in demand for its products following September 11.IHI provides global health insurance to individual and corporate clients in 180 countries, with a focus on the expatriate market. It says those posted or living abroad are feeling nervous and concerned, and looking for the security offered by health insurance.

  • Imla still in deadlock on platform

    22 Nov 2001

    The Intermediary Mortgage Lenders' Association has failed to break its deadlock over which mortgage trading platform it should join despite two rounds of negotiations. Imla chairman John Heron admitted this week that the association will not be joining either Mortgage Brain or IFonline in the near future after its members again failed to agree on which platform represents its best option. He says the lenders were even unable to decide whether they should acquire an ...

  • Improved transparency for sub-prime tracker loan

    22 Nov 2001

    Mortgage packager Pink Home Loans is rolling out a range of exclusive tracker loans funded by sub-prime lender Mortgages plc. The loans, which Pink claims offer more transparency than most adversecredit products, start at 2.25 per cent over the Bank of England base rate for those borrowing 50 per cent loan-to-value. For every 10 per cent increase in LTV from 50 per cent onwards, the interest rate payable goes up by 0.5 per cent. For example, borrowers taking out a loan ...

  • Independent view

    22 Nov 2001

    The industry has been asking itself a lot of questions recently. As the Sandler consultation period closes, the ever-topical issues surrounding IFA remuneration have been given a good airing. But have we come up with any answers? My opinion (and one which is widely reflected in Charcol's business strategy) is that there is, and should be, more than one answer to the remuneration issue. It should be for our clients to decide. At Charcol we see our role as providing the platform ...

  • Inside edge

    22 Nov 2001

    The LIA was impressed by the proposal from the FSA in CP 34 and subsequent releases on training and competence that the industry should take greater responsibility for training and competence of financial advisers. Instead of 50 hours of CPD, the FSA is saying that individual firms will be required to put in place arrangements to suit their circumstances. The LIA is also impressed by the need for the public to have "a badge they can trust". What we need for public consumption ...

  • Investment analysis

    22 Nov 2001

    The rapid success by anti-Taliban forces in Afghanistan and the confirmation that it was likely that mechanical failure and not terrorist activity caused the plane crash over New York last Monday boosted global equity markets last week. The FTSE World index gained 1.5 per cent over the five days, finishing higher for the second consecutive week. US markets were boosted by better than expected retail sales figures which showed a month on month rise and by the news that ...

  • Investment view

    22 Nov 2001

    It is a little while since I cast a glance outside the UK and the US. There are plenty of other places to invest, though. Some of them have taken a fair old pasting as the autumn unfolded. In part, this has been a consequence of the "flight to quality" - a natural reaction when the world seems uncertain. Emerging markets fall neatly into the category rather overlooked under present circumstances. Let us be fair, emerging markets, even if you broaden the term to include those countries ...

  • John Gully

    22 Nov 2001

    Lives: Wimborne, near Bournemouth Born: 1946, Swansea Age: 55 Education: Bournemouth School, Foyle College, Londonderry Career: 1965 Pontin's accounts clerk, 1965-1969 Wessex Building Society various positions, 1969-2001 Portman Building Society, mortgage administrator, branch manager, branch awareness campaign manager, mortgage controller, assistant general manager (financial services), group communications manager. Career ambition: "To be healthy, successful ...

  • Julian Gibbs

    22 Nov 2001

    It is extraordinary how most investors behave. They buy at the top of the stockmarket and often sell at the bottom. They buy a suit in the sales at 40 per cent off and it wears out after a year or two but 75 per cent of investors will not buy at bargain prices and see their investments rise considerably after a few years. They are, of course, wrong. The other 25 per cent, advised by intelligent IFAs, do buy. It has always proved sensible in the past to buy stocks after a major ...

  • Jupiter acquires Lazard portfolio service

    23 Nov 2001

    Jupiter is to acquire the independent managed funds business from Lazard Asset Management for an undisclosed sum.

  • Killik claims fund supermarts are pricier than private client brokers

    22 Nov 2001

    Private client stockbroker Killik & Co claims fund supermarkets are poor value for investors. In a comparison of charging structures, Killik says buying funds through either Fidel-ity's FundsNetwork or Cofunds is more expensive than using a private client stockbroker. Killik collectives analyst Mick Gilligan cites the ABN Amro UK select opportunities fund as an example. He says the fund has a 5 per cent initial charge if the investor uses an IFA or 2 per cent if they ...

  • L&G offers decreasing term fully transactional online

    26 Nov 2001

    Legal & General is extending its online service to allow IFAs to arrange decreasing term assurance fully online. Mortgage brokers can also use the service to arrange decreasing term online without the need for a signature. L&G says new underwriting procedures allow 50 per cent of people to obtain cover immediately without needing further medical evidence.

  • Legg Mason and Keydata interactive CD aimed at advisers

    22 Nov 2001

    Legg Mason Investors is teaming up with fund analysts Keydata to launch an interactive CD-Rom providing investment information to IFAs. The CD-Rom will feature video interviews with Legg Mason fund managers and will provide an overview of the company's investment philosophy. The first edition includes an interview with head of investment Andrew Whalley in which he exp-lains Legg Mason's investment process developed with US fund manager Bill Miller from the firm's ...

  • Lincoln pension is an alternative to stakeholder

    22 Nov 2001

    Lincoln Financial Group is offering a low-cost personal pension designed as an alternative to stakeholder. Personal pension direct has an annual fund management charge of 0.9 per cent. It has no bid/offer spread and a 100 per cent allocation rate fixed throughout the contract. The plan is available over the internet and phone or through the post. All Lincoln's funds are available on the contract and it also has a range of external fund links from managers ...

  • Lombard goes through investment phase

    21 Nov 2001

    Lombard International Assurance has introduced the phased investment programme, an offshore bond that is designed to reassure investors who are concerned about stockmarket volatility.

  • M&G to delay Isa ads

    22 Nov 2001

    M&G is holding back on its winter advertising drive, predicting that the Isa season may not start until as late as March. Managing director of UK retail Phil Wagstaff says its major ad campaign will not start until the end of January. M&G believes the Isa season will not begin until March rather than the New Year. Wagstaff says: "I think the Isa season will start late for two reasons. The longer we go into Q1, the greater the opportunity there is for markets to recover. ...

  • Money Management Council elects Davy as chairman

    26 Nov 2001

    IFA network DBS chairman Ken Davy has been elected chairman of money education charity, the Money Management Council.

  • Money Marketing this week relaunches...

    22 Nov 2001

    Money Marketing this week relaunches the Money Marketing Focus surveys to concentrate on comment and analysis on product issues. Money Marketing Focus lists new pension, protection, investment and mortgage products launched each month with a comprehensive overview of each market sector. The Focus will look in depth at a major product issue. This month we highlight the pitfalls on advising on pension fund investment in uncertain stockmarkets. For Focus subscription queries ...

  • Mortgage site to go live after IFAs' response

    22 Nov 2001

    Alliance & Leicester is rolling out a mortgage application website after a trial period found 15 per cent of the bank's intermediaries submitted cases through the new system. The system, which can give a credit scored decision in 60 seconds and a one-hour response for referrals, was tested in June and proved successful enough for the bank to launch the website on a full-time basis. A&L says intermediaries are using the website in bigger than expected numbers because ...

  • Multi-tie challenge

    22 Nov 2001

    In a multi-tied environment, IFAs would need to decide what their core business really is. Do they offer ongoing advice using financial plans which are reviewed and updated on a regular basis or do they offer one-off advice paid for by commission or fees linked to the transaction? Or do they act as an independent distributor of financial products, for example, a discount broker? Historically, too many IFAs have relied on the commission generated from the charges within the products ...

  • Myners quits after taking Gartmore into top league

    22 Nov 2001

    The man who paved the way for the Sandler review, Paul Myners, has stepped down from his role as Gartmore chairman after 16 years at the company. During an illustrious career at Gartmore, Myners saw the firm rise to become one of the UK's top fund management businesses, with assets growing from £1.8bn in 1985 to £44bn today. The pinnacle of his Gartmore career came last year when he oversaw the £1bn sale of the firm by parent NatWest to US life insurer ...

  • N&P offers penalty-free withdrawal to regular savers

    21 Nov 2001

    Norwich & Peterborough Building Society is offering its regular savers the facility to make a withdrawal without effecting their bonus with effect from November 30. SuperSaver account holders receive an annual bonus if 12 consecutive monthly payments of at least £20 are made and up to now withdrawals have only been allowed from the second year without penalty.

  • National Mutual votes for demutualisation

    21 Nov 2001

    National Mutual members have voted in favour of demutualisation and the sale of the business to GE Pensions. Around 38 per cent of members voted, with around 98 per cent of those voting for the demutualisation proposals. Qualifying members will receive £500 compensation. Qualifying with-profits policyholders will receive enhanced bonuses over time from a pot of around £280m.

  • Nationwide says buy fixed loans before rates rise

    22 Nov 2001

    Nationwide Building Soc-iety is urging borrowers to snap up fixed-rate mortgages as it believes rising money markets could shorten the shelf life of the cheapest deals. It says borrowers should look at locking themselves into a fixed-rate mortgage before the current upward trend in the long-term cost of money forces lenders to withdraw their best deals. The recommendation comes as the society predicts that the popularity of remortgaging will rocket over the coming months. It ...

  • Network set up to promote SRI across Europe

    27 Nov 2001

    Jupiter head of environmental research unit Emma Howard Boyd will become the founding chair of the European Sustainable and Responsible Investment Forum.

  • New faces join Hazell Carr to prepare for pensions consultancy market

    22 Nov 2001

    Actuarial services company Hazell Carr has made three new appointments as part of its preparation to enter the pensions consultancy market. Robin von Holdt is to become pensions consulting business manager, Michael Rudge joins the firm as head of branch development and Roger Hunt is taking over as head of IT. Von Holdt is moving from William M Mercer, where he was a consultant and member of the board. His experience includes setting up and running pension consultancies ...

  • New L&G unit aims for investment link-ups

    22 Nov 2001

    Legal & General is issuing a £500m convertible bond to separate its investment management arm from its life fund, creating a new unit which will aim to forge investment links with smaller life offices. The investment management business will be taken out of L&G's long-term fund and become a separate business within the group. The bond will allow £400m to be put into the life fund to support new business from its Barclays, Alliance & Leicester and IFA channels. L&G

  • New retail share class on Threadneedle bond

    22 Nov 2001

    Threadneedle Investments is to launch a new retail share class on its UK corporate bond fund which will pay trail commission to IFAs. Currently, the fund has just one share class - with a front-end charge of 2 per cent and an annual charge of 0.5 per cent - which does not pay any commission. The new share class, which opens on December 3, will have an initial charge of 3.75 per cent, of which up to 3 per cent will be payable in commission to IFAs. The annual charge will ...

  • New Star merger with Artemis off

    27 Nov 2001

    New Star and Artemis are expected to announce that their proposed merger deal is now off.The possibility of the two fund managers merging had caused concern to IFAs who felt there was a heavy overlap of funds that could see star fund managers being dropped as funds were merged.

  • NPI set off on income drawdown roadshow

    27 Nov 2001

    NPI is hosting a series of income drawdown seminars for IFAs throughout December to help them keep abreast of what it sees as a growing market.The seminars are designed to explain the product to IFAs who are new to the market and give technical details to those already familiar with drawdown. 

  • Only 3% of funds in top quartile for three years

    22 Nov 2001

    Less than 3 per cent of mainstream funds have achieved top-quartile performance over each of the past three years, according to research by Credit Suisse Asset Management. In an analysis of the 10 most popular unit trust and Oeic sectors, CSAM identified just 22 funds from a universe of 853 which had been top quartile over the three years to the end of October. Only 95, or 11 per cent, had maintained even above average performance for the period. CSAM says the ...

  • Outside edge

    22 Nov 2001

    Reviews seem to be proliferating and although we should always try to take part, the sheer number means that to respond to all you would need to have nothing else to do. Although I am bound to confidentiality concerning the discussions I and others had with Ron Sandler this week, I can report that I was both impressed by his attitude and left the meeting lifted by his approach. Perhaps the biggest challenge for the professionallyminded IFA is not external but internal, ...

  • Pass continues Review services for IFAs

    23 Nov 2001

    IFA services firm Pension Advisers Support System has announced it will continue to offer its range of services to IFAs for the Pensions and FSAVC reviews through 2002.

  • Pauline Stoffberg

    22 Nov 2001

    "In the event of complete depolarisation, we would like you to know that we have the market-leading multi-tie proposition. Talk to us first." If you have not heard these words, or similar, you are probably not an active IFA and the wisdom or, indeed, sustainability of independence has not been taxing you since the issue of CP80. The pendulum has swung back and forth in the last 10 months but now it seems to be settling. The FSA seems intent on creating the best possible ...

  • Personal Finance Education Group launches pupil project

    26 Nov 2001

    The Personal Finance Education Group is today launching its Excellence and Access project, aimed at raising the level of understanding of financial products among schoolchildren.

  • PIA expels default IFA firm

    23 Nov 2001

    The PIA has expelled the IFA R.A. Austin Life and Pensions formerly located at Portland House, 11-13 Station Road, Kettering, Northants because it no longer meets the regulator's financial resources requirements.

  • Pink Home Loans - Exclusive Buy To Let 3 Year Discount 80 Per Cent

    26 Nov 2001

    Monday, November 26, 2001. Type: Discounted rate buy to let mortgage Discounted term: Three years. Discount: 0.76 per cent. Payable rate: 4.99 per cent. Minimum loan: £40,000. Maximum loan: Loans of up to 60 per cent of valuation subject to a maximum of £1m, 61-70 per cent subject to a maximum of £400,000, 71-80 per cent subject to a maximum of £300,000. Income multiples: Rental income must be at ...

  • Pink Home Loans - Exclusive Buy To Let 3 Year Discount 75 Per Cent

    27 Nov 2001

    Tuesday, November 27, 2001. Type: Discounted rate buy to let mortgage. Discounted term: Three years. Discount: 0.76 per cent. Payable rate: 4.74 per cent. Minimum loan: £40,000. Maximum loan: Loans of up to 60 per cent of valuation subject to a maximum of £1m, 61-70 per cent subject to a maximum of £400,000, 71-75 per cent subject to a maximum of £300,000. Income multiples: Rental income must be at ...

  • Platform brings in light adverse credit mortgage

    23 Nov 2001

    Platform Home Loans has introduced the one-year fixed-rate light adverse credit mortgage.

  • Platform Home Loans - 1.5 Per Cent Discount For Remortgages

    26 Nov 2001

    Monday, November 26, 2001. Type: Discounted rate mortgage for remortgages. Discounted term: Until January 1, 2003. Discount: 1.5 per cent. Payable rate: Depends on scheme. Minimum loan: £25,001. Maximum loan: Loans of up to 70 per cent of valuation subject to a maximum of £1m, 71-80 per cent subject to a maximum of £750,000, 81-85 per cent subject to a maximum of £200,000. Income multiples: 3.5 times ...

  • Product matters

    22 Nov 2001

    Religion and capitalism make uneasy bedfellows and by and large the two would much rather have nothing to do with each other. However, deities are nothing if not unpredictable and even the most devout of followers may want to make provision against an inconveniently prolonged sojourn in this temporal realm. There are around two million Muslims in Britain and under Islamic law they are prohibited from interest-paying investments, as this is regarded as usury. Investments in pornography, ...

  • Property prices stable despite September 11

    21 Nov 2001

    The September 11 attacks have not yet impacted on the value of buy to let property, according to the latest figures from the Association of Residential Letting Agents. The national average value of properties fell only slightly to £143,000 in November from £143,400 in June. Gross rental yields fell to 7.3 per cent from 7.2 per cent in June.

  • Providers backing webcast for IFAs

    22 Nov 2001

    Aifa director general Paul Smee is to chair a live webcast covering polarisation, stakeholder and the law of liability, to be broadcast on Global Business Television between 12.30pm and 2pm on Thursday, November 22. The panel will include Sofa chairman John Porteous, LIA public affairs director John Ellis, Institute of Financial Planning chief executive Nick Cann, Baronworth Investments IFA Colin Jackson, ProAct Legal director Gareth Fatchett, Consumer Association senior policy ...

  • RBS fuses income with growth

    23 Nov 2001

    Royal Bank of Scotland has introduced the guaranteed income and growth account, which is a combination of a high interest account and a guaranteed equity bond.

  • Rebranding for remarkable success

    22 Nov 2001

    Financial services direct marketing agency ReMark Financial is to rebrand itself in a bid to raise it profile in the 24 countries in which it currently operates. The brand name remains but the new look is designed to highlight what the Netherlands-based company says are its major strengths of building relationships with clients, well-resourced campaigns and achieving results. Clients include insurance companies, banks, and building societies, featuring names such as Alliance ...

  • Recession fears affect investor product choice

    23 Nov 2001

    Fears of global recession and the threat of international terrorism are changing the profile of clients' product purchases, according to network IN-Partnership.

  • Sandler reveals review moves to push savings

    22 Nov 2001

    Ron Sandler has signalled that increasing savings will become a major goal of his review. Speaking at Aifa's annual dinner in London last week, Sandler said this was in line with Treasury thinking. The review's initial consultation focused on market efficiency and commission. Sandler said he accepted that there could be a conflict between the needs of consumers at the different ends of the spectrum. For the mass market, he said it is more important ...

  • Sandler sets out his menu

    22 Nov 2001

    Guess who came to dinner? Ron Sandler, head of the Treasury commission review of the retail savings industry, had agreed to be guest speaker at Aifa's annual dinner at the Old Brewery in the City of London. And as the last few industry dinners had all featured Rory Bremner delivering the same set, diners were grateful that they were not going to be subject to a repeat performance. Cutting a distinctive figure with his jet black trim-med beard, Ron Sandler's approach ...

  • Sandler stuns IFAs with client commission claim

    22 Nov 2001

    Ron Sandler has stunned IFAs and providers by suggesting that IFA clients are only satisfied because they think advice is free when it is really an opaque loan paid for through commission. Speaking at last week's annual Aifa dinner in London, Sandler, head of the Treasury-commissioned review into the long-term savings industry, said: "If it is made to appear that a service is being offered for free, then a high level of satisfaction is almost inevitable." Demonstrating ...

  • Schroders - Schroder Split Investment Fund

    23 Nov 2001

    Friday, November 23, 2001. Type: Split-capital investment trust. Aim: Growth and income by investing in FTSE 350 companies and fixed-interest securities. Minimum investment: £1,000. Maximum investment: No maximum. Investment split: FTSE 350 companies 75 per cent, fixed-interest securities 25 per cent. Types of share: Zero-dividend preference, ordinary. Isa link: Yes. Pep transfers: Yes. Redemption date: ...

  • Schroders splits it out

    23 Nov 2001

    Schroders has unveiled a split-capital investment trust that will be offered as a rollover trust to shareholders of the Schroder split fund when it winds up in January. Ian McVeigh, who is currently responsible for the Schroder split fund, Schroder income growth fund and Schroder income, will manage the new trust on similar lines to the existing trust. The objective of the new trust is to deliver income and capital growth by investing 75 per cent in a portfolio of stocks ...

  • Scottish Equitable looks to protect

    23 Nov 2001

    Scottish Equitable Protect Individual personal protectionType: Cafeteria-style protection plan covering critical illness cover, income protection, life cover and permanent total disability cover.Minimum premium: £10 a month, £120 a year. Life cover - £5 a month, £60 a year.Maximum cover: None.Illnesses covered: Alzheimer's disease, angioplasty, aorta graft surgery, benign brain tumour, blindness, cancer, ...

  • Sector must improve its 'bland' marketing

    22 Nov 2001

    The financial sector is living in the "land of the bland" and lacking brand awareness, claims the Fin-ancial Services Forum. The forum, which represents senior marketing people in the industry, aired this view at its recent conference in London on how financial services companies can better promote their companies and products in the future. The aim of conference is to improve the quality of marketing in the industry. The forum found that the industry spends ...

  • Skandia supermart links with Synaptic

    22 Nov 2001

    Skandia is linking up with Synaptic Systems to incorporate its fund supermarket in Synaptic's IFA website-building service. Synaptic's service lets IFAs set up their business on the web with transactional capabilities. IFAs can integrate Skandia's My Multifundshop into their existing sites free of charge. Using the supermarket, IFAs can choose between MultIsa, MultiPep, Multi-Fund or a combination of all three contracts as well as decide on recommended portfolios and ...

  • Stamp duty abolished up to £150,000 in deprived areas

    27 Nov 2001

    The Chancellor of the Exchequer Gordon Brown has announced the abolition of stamp duty on houses worth less than £150,000 in deprived areas in his pre Budget report. Prior t the announcement stamp duty was payable on sales of all houses over £60,000. The move, seen as a bid to shore up the housing market, will take effect from Friday this week.

  • Standard & Poors Micropal Top 10s

    22 Nov 2001

    The top 10 unit trust table saw no new entrants this week, continuing to comprise of eight bond funds, one gold fund and the unique Govett US bear trust. Average returns have slightly improved since the start of the month but both unit and investment trusts are still below -20 per cent for the past year. Best returns over the past year still come from the Merrill Lynch Gold & General fund. A £1,000 invested a year ago would now be worth £1,311.

  • Standard Life challenging rivals with offset mortgage

    22 Nov 2001

    Standard Life Bank is planning an offset mortgage in a bid to challenge market leaders Intelligent Finance, Woolwich and Britannic Money. The bank plans to offer the product - where borrowers offset savings against their loan to reduce interest payments - over the next few months to reverse its decline in new business. Both IF and Woolwich laun-ched offset products 18 months ago and brokers credit their success with stifling Standard Life's growth in the market. Standard ...

  • Sunny outlook

    22 Nov 2001

    Royal & Sun Alliance Investment's European prime fund is an Oeic that aims for growth by investing in 30 pan-European stocks. Looking at how well the fund fits into the market, Mil- ton says: "It fits in fine. It is one of a renewed theme to try to counter quasi-tracking and benchmarking, although these are decisions most investors would think were being pursued for them anyway." Wright says: "It may not be a good time to launch an aggressive fund but this will attract ...

  • Swiss Life appoints new risk head

    27 Nov 2001

    Swiss Life has appointed Chris McFarlane as its new head of risk and product management.

  • Synaptic appoints former Misys portal head

    26 Nov 2001

    Software provider Synaptic Systems is appointing Neil Andrews as head of product development.

  • Taking advantage

    22 Nov 2001

    21st Century Health Plans has introduced the hospital advantage plan, an individual PMI plan that aims to provide affordable cover for hospital treatment. It operates through a public-private partnership between 21st Century Health Plans and selected NHS hospitals. Policyholders are given access to private NHS facilities at a negotiated rate. Premiums range from £176.27 a year for children under 18 to £692.87 a year for adults aged 60 to 64. Benefits are divided into ...

  • The case of the Bristol & West loan nightmare

    22 Nov 2001

    It is with regret and incon-venience that I am writing to advise you of the appalling customer service we have received from Bristol & West. From our initial mortgage application to date, we have constantly been faced with communication barriers, conflicting information, errors, unreasonable delays and under-trained staff. The majority of telephone contact has been with staff who would benefit from an intensive customer relations training course. Both Mr Farrell and myself ...

  • The Daley Update

    22 Nov 2001

    Singer & Friedlander Investment Manage-ment has appointed Dominic Fisher as head of UK equities. Fisher joins from Merrill Lynch Investment Managers, where he was head of charities. He replaces Richard Moore, who left for Old Mutual Asset Managers last month. Gartmore has app-ointed Edwin Doeg as head of UK retail sales. Doeg has been at Gart-more since 1987 and has been promoted from sales director. Reporting to Graham Kane, he replaces Simon Goodge, who has left to head the ...

  • The key points of Sandler's speech

    22 Nov 2001

    Commission is an opaque loan to the consumer Savings ratio is a new priority of the review Accepts the review process can paralyse the industry Need for market simplification and standardisation to limit need for advice Consumers happy with IFAs because they think advice is free Industry uses term "advice" much too loosely

  • The pension puzzle

    22 Nov 2001

    In the summer of 2001 the IPPR published its interim report on pensions and long-term care policy. The report suggested that a wide range of people - in the pension industry, the academic world and among other stakeholders - had begun to fear that the Government's pension policy was unravelling. In autumn 2001, the pensions reform group chaired by Frank Field and including the Liberal Democrats' social security spokesman Steve Webb brought out a report that also argued that ...

  • The pensions message

    22 Nov 2001

    When this Labour Government was first elected in 1997, it quickly became clear that pension reform was high on its agenda. Jeff Rooker was pensions minister just prior to the 2001 election. While he held that office, he was reported as saying that combined benefit statements would eventually be seen to be the most important of all these pension reforms - more important than stakeholder, state second pension or pension credit, for example. I understand that Tony Blair's ...

  • The prudent approach

    22 Nov 2001

    While the industrywide electronic new business initiative struggles to reach anything like acceptable levels of usage, there are a small but significant number of life offices which are attracting electronic new business over their websites. Prudential is an excellent case in point, having recently announced that it has now received over £100m in investment into with-profits bonds over the internet via IFAs since the www.pruifa.co.uk service was launched in July 2000. The ...

  • Threadneedle tempts IFA market

    26 Nov 2001

    Threadneedle Investments is making its UK corporate bond fund available to the IFA market by adding a retail share class to the existing institutional share class.

  • Tiner says life offices have overpaid bonuses

    22 Nov 2001

    FSA director John Tiner has criticised life insurance companies for overpaying bonuses on with-profits policies, claiming this raises consumer expectations and could be unsustainable. Speaking at a CII Breakthrough lecture last week, Tiner said he is "worried about the expectations of policyholders". Tiner has been given the job of implementing the recommendations of the Baird report into the FSA's handling of Equitable Life. He has dubbed this the Tiner Project. He ...

  • Tiner warning to small IFAs on pensions review

    21 Nov 2001

    FSA director John Tiner has accused small IFA firms of dragging their heels over the pension review. Tiner said 215,000 cases had not yet had offers of compensation and the deadline of June 30, 2001 is approaching.

  • Trade marks

    22 Nov 2001

    This week, I would like to focus on the relatively complex taper relief trap for company owners who make investments through their company. In considering the relative merits of investment bonds and collectives as corporate investments, I have referred to the negative impact on business assets taper relief that such investments can have. It is time to look at how the rules can operate. Where a company has cash which will not be needed in the short to medium term, there may be ...

  • Treasury launches consultation on baby bonds

    27 Nov 2001

    The Treasury is launching a further consultation on baby bonds following favourable response to its initial proposals.

  • Treasury to consult on annuities

    27 Nov 2001

    The Treasury will unveil a consultation on annuity reform in 2003 with the aim of increasing competition although it says competition has already been promoted by the open market option.

  • UCB Home Loans - 2 Year Discount

    22 Nov 2001

    Thursday, November 22, 2001. Type: Discounted rate self-certification mortgage. Discounted term: Two years. Discount: 1.65 per cent. Payable rate: 5.44 per cent. Minimum loan: £25,000. Maximum loan: Loans of up to 50 per cent of valuation subject to a maximum of £750,000, 51-70 per cent subject to a maximum of £500,000, 71-80 per cent subject to a maximum of £300,000, 81-85 per cent subject to a maximum ...

  • UCB Home Loans - Buy2Let 5 Year Fixed

    21 Nov 2001

    Wednesday, November 21, 2001. Fixed term: Five years. Fixed rate: 6.35 per cent. Minimum loan: £25,000. Maximum loan: Loans of up to 75 per cent of valuation subject to a maximum of £400,000, 76-80 per cent subject to a maximum of £300,000. Income multiples: 3.25 times principal income plus second or 2.75 times joint. Arrangement fee: £495. Redemption fee: Six months' interest on amount repaid ...

  • UCB Home Loans - Buy2Let Tracker

    23 Nov 2001

    Friday, November 23, 2001. Type: Discounted tracker rate buy to let self-certification mortgage. Discounted term: Three years. Discount: 1 per cent from Bank of England base rate plus 1.99 per cent. Payable rate: 5.49 per cent. Minimum loan: £25,000. Maximum loan: Loans of up to 50 per cent of valuation subject to a maximum of £750,000, 51-70 per cent subject to a maximum of £500,000, 71-80 per cent subject ...

  • UK growth on target at 2.25 per cent, says Brown

    27 Nov 2001

    The Chancellor of the Exchequer Gordon Brown, speaking in the pre-budget report, says UK growth will remain at 2.25 per cent this year, at the lower end of the forecast for 2001 made in this year's budget.Brown admitted that a prolonged downturn in the US was a downside risk but still predicted growth of 2 to 2.5 per cent for next year and 2.75 to 3.25 per cent growth for 2003.

  • Unicorn's falcon swoops on small caps

    26 Nov 2001

    Unicorn Asset Management has established an investment trust that is modelled on its existing eaglet trust.

  • Unsteady hands at the helm

    22 Nov 2001

    The recent article, What advisers think of Sandler, gave us comments from the usual people who see themselves steadying the ship while at the same time creating all the turm-oil that makes for bigger waves. Advice is already separated from the product purchase, otherwise IFAs would be paid commission whether they sold a product or not. We do not need to convince the public of anything. We are still selling plans by the bucketload despite this alleged concern regarding ...

  • Virgin Money shutting doors to new business

    22 Nov 2001

    IFA supermarkets are predicting more consolidation among their direct rivals after Virgin Money announced it plans to close to new business in the new year. Virgin said the decision came as the result of a strategic review of the company, which concluded that the group would focus on its own Isas going forward rather than the products of other providers. The supermarket, which was started in June last year, offered direct investors the chance to invest in unit trust and ...

  • Warning that FSA does not back any platform

    22 Nov 2001

    The Council of Mortgage Lenders is warning members to beware of being hoodwinked by electronic platform providers claiming their technology is endorsed by the FSA and compliant with statutory regulation. In a circular sent out last week, the CML urges lenders to disregard any impression they may have given that the FSA favours one system over another. The circular says lenders should be aware that it rem-ains the case that they will be responsible for ensuring information ...

  • Weighty matters ahead

    22 Nov 2001

    Over the past seven weeks, this series of articles has detailed the various aspects that will constitute the single regulatory regime following N2. We have looked at the statutory responsibilities of the FSA, what it has accomplished to date and what is on the agenda in the months following December 1. We have also examined how it will interact with Government departments and trade bodies and the role played by other regulatory bodies.And we have provided profiles of senior and ...

  • Will equities get the boot?

    22 Nov 2001

    Should more pension funds switch out of equities as Boots has? Steve Folkard: Risk management is a fundamental issue for companies and pension fund trustees alike. The decision taken by Boots would be specific to the liabilities of the scheme and the attitude of its trustees and their professional advisers to the relationship between that risk and the potential for future returns from equities or other classes of assets. The issue as it relates to stakeholder or personal ...

  • Will FSA's look at GPPs spark full-scale review?

    22 Nov 2001

    The FSA is understood to be giving GPP sales post-stakeholder a marked degree of scrutiny, which will come as no surprise to those who have watched the development of stakeholder. The FSA is apparently concerned that even after the highly desirable, price-capped, flexible and transparent stakeholder pensions have been available for seven months, IFAs are continuing to sell group personal pensions. It is understood that there are particular concerns surrounding GPPs which ...

  • Zurich chief warns against providers investing in IFAs

    22 Nov 2001

    Zurich IFA is warning rival providers against investing directly into IFA businesses, saying that giving IFAs more support services will be more productive. The company wants to see more gap-filling opportunities arise from the polarisation review. It says allowing a pro-vider to white-label gap-filled products under its own-name products would solve customer confusion. Zifa, which is now under the leadership of new managing director Jim Reeve following the retirement of Jerry ...

  • Zurich rolls out latest MPPI package

    23 Nov 2001

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