Money Marketing
23 November 2005

  • 1.6Bn down the IHT drain

    24 Nov 2005

    Tax net widening to cover 3.6 million people by 2009

  • A star is Osbourne

    24 Nov 2005

    In keeping with the hilarity that is Children In Need, Clerical Medical staff decided a celebrity couple lookalike competition was in order, with Sharon and Ozzy Osbourne coming out top of what must have been a very impressive bunch also, including Charles and Camilla and Jordon and Peter Andre.CM says it is confident of beating last year's total of over 8,000 for the charity.

  • ABI and EEF issue joint pension reform statement

    29 Nov 2005

    The directors of the ABI and manufacturers' organisation EEF have issued a joint statement on pension reform calling for 'soft compulsion' on pension contributions by employers.

  • ABI backs FSA's capital adequacy framework

    24 Nov 2005

    The Association of British Insurers has thrown its weight behind the FSA's new capital-adequacy regime but has warned that the regulator must not overburden the industry.The FSA has just published a review of its individual capital-adequacy standards reg-ime for insurance companies one year after its launch.Under Icas, a firm is req-uired to undertake regular assessments of the amount and quality of capital which in its view is adequate for the size and nature of its business ...

  • About face

    24 Nov 2005

    Scoop from ber-PR Mark Llewellyn Slade - IFAs are getting oh, so vain.Financial services professionals are increasingly obsessed with their appearance, according to a Harley Street cosmetic surgeon, seeing Botox and other "lunch-hour" treatments as a route to more sales. Seriously.It seems if only George Clooney and Kylie Minogue-alikes were giving us financial advice, we'd all be seeing a lot more of them.

  • Actuaries warned on sponsor covenant assessment

    24 Nov 2005

    Actuaries must make formal checks of sponsoring emp- loyers when advising on pension scheme funding, warns The Actuarial Profession.In a report commissioned by the Profession's Pensions Board and published by its sponsor covenant working party, TAP says the first step in giving actuarial advice should be to determine whether or not the sponsoring company is a viable ongo- ing entity once full account is taken of any pension scheme deficit.Models for actuarial funding advice ...

  • A-Day is boosting Skandia transfer business

    24 Nov 2005

    Support services company three-sixty says as many as 275,000 gay and lesbian couples will form legal partnerships from next month and warns IFAs of far-reaching advice implications.The first same-sex legal partnerships will take place on December 21, the first date that couples can get married bec-ause of the 15 days' notice required for a ceremony.Three-sixty says the first adv-ice issue will be the need to re-examine life cover that many couples have taken out to meet the ...

  • Adviser demanding redress from CII for lost exam papers

    24 Nov 2005

    An adviser whose exam papers were lost by the Chartered Insurance Institute's courier company is demanding compensation and threatening to resign his membership.Senior consultant of an unnamed IFA and Fellow of the Personal Finance Society John Dunckley has slammed the CII's refusal to compensate advisers for lost hours spent revising despite pursuing compensation of its own from the courier that lost the papers.Dunckley sat two exams on October 17 and the papers were lost by ...

  • Affordability calculations could avert self-cert crisis

    25 Nov 2005

    Affordability calculations are key to solving the self-cert crisis identified by the recent FSA mystery shopping exercises according to residential lender Mortgages plc.

  • Alexander Hall in single-tie GI deal with Halifax

    24 Nov 2005

    Alexander Hall is cutting its link with independent insurance broker Heath Lambert and moving to a single-tie general insurance arrangement with Halifax.The mortgage broker says Heath Lambert has been unable to match the GI rates offered by Halifax, particularly for clients in the South-east and London.Alexander Hall says Heath Lambert's panel struggled to compete on terms offered on leaseholds, flats and for first-time buyers. Halifax has also been the biggest provider of mortgages ...

  • Alison Hutchinson

    24 Nov 2005

    The managing director of Kensington Mortgages believes the lender has the X factor - a combination of expertise and pace-setting innovation that will enable it to shine in a competitive market, says Philip Scott.

  • Altmann attacks Abraham as pension probe is delayed

    24 Nov 2005

    'How can we restore confidence if people are left begging and fighting for the pensions they were told were safe?'

  • Assetz to launch new funds ahead of A-Day

    29 Nov 2005

    Assetz are launching a series of new property investment funds for people looking to invest into their Sipps after A-Day, only available through advised sales.

  • Autumn leaves mortgage lending looking robust

    24 Nov 2005

    October figures show resilience with three months of business running at very high levels

  • Axa launches A-Day web calculator

    29 Nov 2005

    Axa is launching an A-Day web based calculator for financial advisers to see how clients tax-free cash is affected by pension simplification.

  • Basic instinct

    24 Nov 2005

    Lender profile Andrea Tryphonides talks to The Mortgage Business MD Nigel Payne about getting back to basics.

  • Batchelor takes chair at Imla

    24 Nov 2005

    The Intermediary Mortgage Lenders' Association has appointed Platform sales and marketing director Guy Batchelor as chairman. He takes over from Mortgage Express managing director Tim Dawson who will remain a director of Imla. Paragon Mortgages managing director John Heron becomes deputy chairman.

  • Blunder by FSA costs Sesame IFAs 12 a week

    24 Nov 2005

    Sesame advisers face a 2.5m bill from the FSA after the regulator refused to take responsibility for undercharging the network earlier this year.The company was undercharged on its 2004/05 fees in August and has now admitted defeat in its battle to get the FSA to write off the 2.5m by persuading it to take liability for its error.The network says it has no option but to pass on this cost to its 3,782 members and is offering a weekly repayment scheme, which will cost advisers ...

  • Britannic AM to rebrand as Resolution

    25 Nov 2005

    Britannic Asset Management is changing its name to Resolution Asset Management next year, marking what it says it a transformation of the firm over the last two years.

  • Britannic Asset Management to change its name

    28 Nov 2005

    Britannic Asset Management is to change its name to Resolution Asset Management in 2006.

  • Brokers need huge admin improvement

    24 Nov 2005

    Mortgage brokers need to improve their admin drastic- ally if they want to cut costs and avoid incurring the wrath of the FSA.That was the message from industry experts such as Association of Mortgage Intermediaries director general Chris Cummings at the Mortgage Business Expo.He said there had been fewer than 350 complaints on mortgages to the Financial; Ombudsman Service since the regulatory regime came into effect last year. Cummings said keeping adequate records was the ...

  • Brokers stick with the old school of lenders

    24 Nov 2005

    Long-established lenders chosen despite newcomers providing more product satisfaction

  • Brown letter undermines Turner proposals

    24 Nov 2005

    Chancellor Gordon Brown has written to the Pensions Commission suggesting the current linking of pension credit to earnings may end in 2008, according to newspaper reports.The move implies the Government policy aimed at helping the poorest pensioners may then be linked to prices, devaluing it in real terms.It is thought the letter, sent last Thursday, was timed to undermine Lord Turner's leaked proposals to bring in a more generous basic state pension- making it look more costly ...

  • Brown outlines cuts in FSA red tape

    29 Nov 2005

    The Treasury is to demand the FSA cuts information requirements on firms and up to 20 consultations a year as part of cost saving measures to be announced in the Pre Budget Report.Chancellor Gordon Brown told the CBI conference he wanted to increase the risk based approach in financial services and will announce 10 new simplification and deregulatory measures to cut the burden of information, forms and reporting requirements.In a speech seen as conciliatory to the business world ...

  • Calling time on binge drinkers

    24 Nov 2005

    Unum Provident chief medical officer Professor Michael O'Donnell says that with binge drinking on the rise and the looming festive season leading to high alcohol consumption, firms should have a written policy which sends a clear message to their staff. He adds that with employers bearing the cost of absenteeism through alcohol abuse, early detection of the problem and treatment could mean gains in productivity.

  • Capita plans package deal

    24 Nov 2005

    Capita will use its acquisi- tion of Quay software to offer a combined administration outsourcing and back-office package to big IFAs and other distributors.Money Marketing revealed in September that Capita was set to buy Quay as a way of inc-reasing its presence in the financial services market.Capita managing director Steve Parkinson says the firm has already had interest from distributors and hopes to be able to sell the new service from the start of next year.Parkinson ...

  • Chancellor's fears could delay Reits

    24 Nov 2005

    The Conservatives have warned the Government a commitment to introduce Reits is needed in the pre-Budget report to ensure that the UK is not left behind other countries.Shadow Paymaster General Richard Spring says the Government appears to have a "mental block" on real estate investment trusts and there is no reason for a delay, especially when the Treasury is implementing radical new Sipp rules.Industry speculation suggests Reit proposals may be left out of the pre-Budget report ...

  • CII chief castigates the claim chasers

    24 Nov 2005

    Ombudsman believes some life offices do not treat complaints correctly

  • CII re-launches enhanced learning package for CII

    28 Nov 2005

    The Chartered Insurance Institute is re-launching an enhanced learning package on payment protection insurance in light of recent investigations from the FSA.

  • Clerical Medical extends fund selection

    24 Nov 2005

    Clerical Medical is extending its fund links for individual pension customers to 69 funds from 20.

  • Clerical teleconferences help advisers with A-Day preparations

    24 Nov 2005

    Clerical Medical is holding teleconferences with IFAs to help them to prepare for A-Day without leaving their offices.Advisers can dial in to conference calls or have one-to-one conferences.The firm says feedback from the sessions has been positive and advisers have been able to use the sessions to take relevant tests, giving them compliance clearance to advise on higher-level pension arrangements. The sessions have regular times and feature downloadable PowerPoint presentations, ...

  • Clients need to see true value

    24 Nov 2005

    IFAs have traditionally earned their income from commission from the products they sell. This has left some people with the perception that IFA services are free of charge. But with many IFAs now moving towards a fee-based system, this begs the question - will some savers sacrifice good advice to avoid paying up front? High earners and individuals with significant liquid assets are already comfortable with paying up-front fees but what about servicing the needs of lower-income earners ...

  • Close launches Milestones plan for children

    28 Nov 2005

    Close Finsbury Asset Management has launched its Milestones children's savings plan.

  • Commercial First and TBMC enter strategic relationship

    28 Nov 2005

    Commercial First enters a formal strategic relationship with The Business Mortgage Company for product development and marketing strategies.

  • Common law

    24 Nov 2005

    Technology Mortgage Trading Exchange CEO Mark Lofthouse says the pace of electronic trading is picking up all the time to the benefit of everybody in mortgages and he sets out his vision of a common trading platform to integrate online business.

  • Compensation challenge

    24 Nov 2005

    After much lobbying, the FSA has finally agreed to look at the Financial Services Compensation Scheme afresh.

  • Correspondent's week

    24 Nov 2005

    This week by freelance personal finance journalist and author Sam Downes

  • Coulson case is settled out of court

    24 Nov 2005

    The bitter six-month legal dispute between Openwork and Zurich against Home of Choice and its director Richard Coulson has been settled out of court.The terms of the settlement have not been revealed but both Home of Choice directors Richard Coulson and Gerry O'Brien and rivals Zurich/Openwork stress it is now business as usual.Coulson and O'Brien had faced a number of allega- tions against them, including acting in breach of res- trictive covenants.The two companies now ...

  • Credit Suisse set to raise commission to 4 per cent

    24 Nov 2005

    Credit Suisse Asset Management is raising the commission on its multi-manager range from 3 per cent to 4 per cent until the end of January 2006.

  • Critical rethink for Swiss Re

    24 Nov 2005

    Culture clash concern as takeover of GE Insurance Solutions pitches leading reinsurer back into the CI market

  • Deadlock on council pensions

    24 Nov 2005

    Talks have stalled between Deputy Prime Minister John Prescott and council workers over future pension rights. These workers fall outside the deal brokered between public sector unions and Trade and Industry Secretary Alan Johnson last month and council workers want a similar deal.

  • Denne sets the first stage for wrap process

    24 Nov 2005

    Falcon Group has put in place the first steps of what will lead to a full wrap proposition as it bids to increase its wealth management capabilities and attract new advisers.Business development manager Piers Denne, who joined the firm last month, was brought in to introduce and develop the project which he says will take place in a series of stages rather than "rushing the job".Denne says he is in talks with providers to collect as much data as possible on the funds of Falcon ...

  • Elephant Aim flotation to take place today

    23 Nov 2005

    Elephant, the mortgage and loans packager will float on Aim today.The firm says it will continue to exceed budget with October being a record month for turnover and profits.Elephant says its shares have been oversubscribed, with as many as 21,666,6666 shares being issued at 3 pence a share, and a market capitalisation value at 6.3m.

  • Empty promise

    24 Nov 2005

    Standard Life corporate affairs team - shame on you. The MM news team recently received some very useful information from Standard, allegedly.Accompanying the covering letter from Standard, advising the hacks that they had received their card of press contacts, was in fact, an empty envelope. What a waste of postage. We could do with another list sending over. Cheers."Computer says 'Noooooo'."Hamptons International Mortgages' Jonathan Cornell frustrated by some lenders' ...

  • Epoq sets up online will deal for brokers

    24 Nov 2005

    Law firm Epoq is offering an internet-based will-writing service for brokers and fin- ancial advisers.The firm claims that the service will enable advisers to purchase an outsourced will service at wholesale rates, which can then be marked up to clients to maximise profits.Broker Wills will also provide various tools online, such as marketing materials, free will planners for clients and a lead-generating facility.Epoq says the firm has inv- ested 10m in its technology and ...

  • Exweb's mortgage sourcing service will close

    24 Nov 2005

    The Exchange's Exweb mort- gage sourcing service is to close after the group admitted that it does not have enough users to meet its costs.Despite confirmation from parent group Vertex Financial Services that it will be invest- ing heavily in The Exchange, the Exweb mortgage sourcing service is not seen as a viable proposition as its development costs are not being balanced by its limited user base.The sourcing service has only a few hundred subscribers while rival Trigold can ...

  • F&C manager rejects commodity concerns

    24 Nov 2005

    F&C growth and income fund manager Ted Scott is dismissing fears that the commodities market is a bubble set to burst.He says high demand has been driven principally by China and commentators arguing that the commodities market has peaked have overlooked the increase in China's population and focused too closely on the country's economic slowdown.He says commodity prices in June were even lower than they are now and a positive set of interim results from mining companies in ...

  • Fidelity takes stock of the business shifts in Europe

    24 Nov 2005

    The radical differences bet- ween the top 10 stocks in Europe today and those of 20 years ago highlights the dangers of passive investing, warns Fidelity.The five biggest stocks in the MSCI Europe excluding UK index 20 years ago no longer feature in the top 10. Only Swiss banking giant UBS appears in both top 10s, although Royal Dutch Shell, formerly the biggest stock in Europe would have kept that position if it had not consolidated its dual Amsterdam/London listing in London.The ...

  • Fletcher in switch from NU to Lifetime

    24 Nov 2005

    Norwich Union marketing director Rob Fletcher has joined subsidiary Lifetime to head the wrap provider's commercial operations.He will be joined by former Bankhall director Jackie Ison who has been recruited as head of distribution development.In a management reshuffle, Lifetime sales and market- ing director Will Kinsman is leaving the firm, which is in the process of hiring a replacement.The wrap platform says the changes in personnel reflect the transition of the business ...

  • Follow the fireworks code

    24 Nov 2005

    The quality of protection advice is at risk from he 'cheap giants'.

  • FSA needs time to reflect

    24 Nov 2005

    As my FSA fees soar by 20%, just what the regulator done for IFAs?

  • Fund firms on the road for IFAs

    24 Nov 2005

    Four of the UK's leading fund houses have joined forces for a nationwide series of IFA roadshows to be held across the country in January.The shows will feature managers from Gartmore, M&G, Newton and Schroders.Gartmore head of UK equ-ity income Chris Burvill will explain why he believes a different approach is required for the equity income sector because of today's economic environment.M&G head of equity investment David Jane and head of UK retail equities and man-ager ...

  • Get in Shape

    24 Nov 2005

    Scottish Equitable Protect head of marketing Rod McKie, rather than tinkering round the edges, critical-illness products need top-to-toe toning to ensure they are fit to survive.

  • Get ready for Gazprom

    24 Nov 2005

    Miton Optimal is increasing its exposure to Russia in anticipation of the removal of restrictions blocking foreign investors holding shares in oil and gas stock Gazprom.

  • Got your number

    24 Nov 2005

    Are we seeing a change of pace for the ever-hedonistic prince of protection Kevin Carr? Is he forsaking his twin loves of gin and Pete Doherty?As half the hack/PR world was toasting the departure of MM deputy editor John Greenwood as he leaves for a weekend national, loyal son Carr was celebrating his mum's birthday. He is now a fully fledged Bingo aficionado, spending the evening at Gala Bingo Barkingside and not suffering with a hangover the next day. Still, as every sensible ...

  • Guidelines bring accolade for Walsh

    24 Nov 2005

    ABI head of health policy Richard Walsh has received an award from Pinkfinance.com recognising the "respect and integrity" that he has shown to the gay community.The website for gay IFAs says Walsh's role was instrumental during negotiations to create new HIV and insurance guidelines .The award was presented by human rights campaigner Peter Tatchell at the first meeting of the ABI expert working group on HIV and insurance.Pinkfinance.com editor Chris Morgan says: "Richard Walsh ...

  • Have TCF patience

    24 Nov 2005

    I fully endorse the need for FSA regulation in the PPI field and regard the treating customers fairly initiative as conceptually brilliant but there is still a long way to go before the regulator can claim that its regime is working in practice. I recently commissioned an independent mystery shopping exercise into loan protection sold by high-street and other lenders and the results, all 11 volumes of which will shortly be considered by the OFT, are alarming. The pricing differentials ...

  • Here come Serps' chasers

    24 Nov 2005

    A case where Pru paid on contracting out may be the start of a complaint wave.

  • Hopes fading for levy leap being shared out

    24 Nov 2005

    FSA managing director of regulatory services David Kenmir has indicated it is unlikely to spread the escalating Financial Services Compensation Scheme levy across the industry. Rickman Tooze IFA Dylan Jenkins says: "I would expect further bad news for the IFA sector. Providers who pushed these products in the first place should pay."

  • Hot property

    24 Nov 2005

    Global property is a topical subject at the moment. There have been a spate of property-oriented funds launched recently so why have we picked the Skandia global property fund to talk about?

  • Housing market stability restored, says Nationwide

    29 Nov 2005

    Stability in the housing market has been restored, according to the latest report from Nationwide.

  • Hutton emphasises important role of advisers

    24 Nov 2005

    John Hutton has called for IFAs to contribute to the consultation and discussion on pension reform post-Turner, emphasising the important role played by advisers.Speaking at an Institute for Public Policy Research and Scottish Widows event at University College London the Work and Pensions Secretary said the Government is seeking the opinions of all stakeholders in the pensions debate and would welcome feedback from the adviser community on the potential affect of Lord Turner's proposals.He ...

  • 'IFA qualifications should mirror the education ladder'

    24 Nov 2005

    'Something has to be done to make adviser qualifications understood by public'

  • IFAP urges advisers to look to net

    24 Nov 2005

    Advisers must concentrate their marketing efforts online, warns IFA Promotion after ending its ad deals with Yellow Pages and Thomson Local.IFAP says its online requests for IFA details have increased fourfold in the last year and chief executive David Elms says although IFAs can still adver- tise in the print directories in their own right, online should be their priority.IFAP's online marketing pack- age offers members a tool to enhance their search entry.Elms says: "Of ...

  • IMA welcomes principal-based approach to Ucits

    23 Nov 2005

    The IMA has welcomed the adoption of a principal based approach over the eligibility of Ucits assets in its response to the second consultation from the Committee of European Securities Regulators.It says the CESR has listened to concerns expressed in the first consultation, particularly the move away from overly detailed and prescriptive advice.It also welcomes the CESR's attempts to resolve a number of differences in the implementation of the Ucits directive across the individual ...

  • Investment View: Hype hopes

    24 Nov 2005

    Last week was eventful, as far as I was concerned. Monday saw me speaking to the Financial Marketing Group at their regular quarterly meeting at Simpson's in the Strand.

  • Investors get the jitters

    24 Nov 2005

    Only 44% plan to increase their stockmarket exposure

  • Isle of Man Finance to open City office

    29 Nov 2005

    Isle of Man Treasury, in collaboration with Isle of Man Finance is opening its first-ever off-island office space in the City.

  • JO Hambro Capital - JOHCM UK Opportunities Fund

    24 Nov 2005

    JO Hambro CapitalJOHCM UK Opportunities Fund

  • Journey to the core

    24 Nov 2005

    Demand is growing fast for services to directly related advisers.

  • Jupiter hires Mumby as new assistant fund manager

    25 Nov 2005

    Jupiter Asset Management has appointed Robert Mumby as assistant fund manager, effective from January.

  • Keep it on the record

    24 Nov 2005

    Equity release Ed Murray warns that advisers should keep thorough documentation to avoid landing in hot water at a later date.

  • Krona jewels

    24 Nov 2005

    Swedish independent consultant and former director of fund analysis for Morningstar Europe, Niklas Tell on how Sweden's reformed pension system is keeping costs down.

  • Labour MP calls for Scottish solicitors to face endowment claims

    29 Nov 2005

    Labour MP Sandra Osborne has tabled an Early Day Motion backing those who may have been missold endowment mortgages from solicitors in Scotland and do not qualify for compensation.The MP for Ayr, Carrick and Cumnock has called on the Government to investigate the 'anomaly' whereby prior to December 2001 solicitors in Scotland selling endowment mortgages were not regulated by the FSA, meaning clients have no redress through the FOS.Osborne has gained the support of Treasury Select ...

  • Leeds Building Society launches 1 year fixed rate bond

    28 Nov 2005

    Leeds Building Society has launched a one year fixed rate bond paying 4.8 per cent until 1 February 2007.

  • Letter of the law

    24 Nov 2005

    What inferences can be made from a letter sent by trustees in a disputed case concerning an alleged interest in possession.

  • Levy is at breaking point for ifas

    24 Nov 2005

    James Sakmon looks at the impact of a big rise in FSCS fees.

  • Lewis faces quiz on CTF

    24 Nov 2005

    The slow take-up of child trust funds is being investigated by the Treasury select committee.With nearly one million vouchers out of the two million issued still uninvested, the select committee is set to grill Treasury Economic Sec- retary Ivan Lewis on the issue this week.The poor statistics have brought renewed calls on the Government to do more to encourage parents to use their CTF vouchers.Nationwide says the Gov- ernment urgently needs to demonstrate to parents the ...

  • Liberty Ermitage in fund name change

    24 Nov 2005

    Liberty Ermitage has changed the name of its alternative investment fund of hedge funds to reflect its focus on event-driven strategies.

  • Lighthouse to push into niche areas

    24 Nov 2005

    Lighthouse has unveiled its mortgage and protection pro-position, offering members a panel of 16 lenders, including Abbey, Halifax and Nationwide.It will also push into niche areas such as equity release and commercial mortgages, with a personal loan service to be launched next year following a series of roadshows.The equity-release panel includes specialists Mortgage Express and Northern Rock as well as Prudential and Just Ret-irement. Lighthouse has a strong relationship with ...

  • Marlborough gets ethical inspiration from Rowntree trust

    29 Nov 2005

    Marlborough Fund Managers has established the Marlborough ethical fund, an Oeic that aims for growth by investing in a global portfolio of ethically screened companies.

  • Marlborough gets ethical inspiration from Rowntree trust

    29 Nov 2005

    Marlborough Fund Managers has established the Marlborough ethical fund, an Oeic that aims for growth by investing in a global portfolio of ethically screened companies.

  • Massow urges IFAs to join in Sesame action

    24 Nov 2005

    Ivan Massow is issuing a call to arms for advisers aggrieved with Sesame's treatment of misselling complaints against them and wants to start a class action against the network.The former IFA says the project will run separately from his own legal battle with the network, due to start in February, and says he is willing to pump in significant sums of money to help build a fighting fund to bring about a group action.Massow says since getting exposure about his case in Money Marketing, ...

  • Matrix aims for 48m in Foresight

    24 Nov 2005

    Matrix is looking to raise 48m for the Foresight 3 and 4 VCTs in a share offering that will enable investors to gain exposure to a portfolio of mature investments.The O-share offering will see new investments placed in the existing portfolio rather than into ringfenced funds targeting new investments, as is normally the case with fundraisings, so investors will start getting dividends by the end of the year.Foresight 4 says it will pay a dividend of 5p per share during December. ...

  • Mission impossible on forecasts

    24 Nov 2005

    Like most IFAs, I read with weariness and despair of the next huge increase to our Financial Services Compensation Scheme levies expected next year, not least because we all know exactly why this is going to happen and who is responsible for it. It is, of course, the FSA that has forced life companies to produce fresh forecasts based on the impossible combination of mid-term surrender, with premiums continuing thereafter to maturity. Added to this is the FSA's specific directive ...

  • Mortgage View: The light touch is over

    24 Nov 2005

    An important announcement slipped out into the public domain last week which will have a significant impact on our market.

  • MPs to probe financial inclusion

    24 Nov 2005

    The Treasury select committee is to investigate how financial inclusion is promoted by the Government, the FSA and other organisations.The inquiry will take place in the first half of nest year and will consider access to banking services and affordable credit, financial education along with access to financial advice and barriers to saving for people on below-average incomes.It will also assess the benefits of financial inclusion and the extent to which measures can contribute ...

  • Multi-manager View: Don't miss the BRIC boat

    24 Nov 2005

    By 2015, there will be more than a billion new members of the middle class in Brazil, Russia, India and China, according to the World Bank, yet most investors with any kind of global equity exposure are missing the boat when it comes to capturing any of that growth.

  • My ears deceive me

    24 Nov 2005

    It has just dawned on me. Blair did not say: "Education, education, education." What he actually said was: "Regulation, regulation, regulation." It now all makes sense. I must get my ears seen to. Nicholas Cane Cane Cohen, Whitstable, Kent

  • New Star fund buys into Schroder trust

    24 Nov 2005

    Schroder sets initial target yield of around 7%, with 3.5% from dividends

  • NU and Standard clash over s32 closure

    24 Nov 2005

    Norwich Union is closing its section 32 pension contract, saying the product is redundant, despite Standard Life revealing it has doubled its s32 market share.NU says the Revenue's announcement that pension scheme members will not lose any tax-free cash entitlements over 25 per cent if the trustees close their scheme after A-Day has killed the need for s32s.NU is also closing its free-standing AVC, executive pension plan and Ssas offerings. This follows a similar move by Legal ...

  • NU valuation sparks equity-release row

    24 Nov 2005

    Broker bitter as IHT plans are scuppered after home value set much lower than previous estimates

  • Old Mutual's Snowden hits back at the bond bashers

    24 Nov 2005

    Old Mutual corporate bond fund manager Stephen Snowden has hit back at equity fund managers who have been claiming that fixed interest is overvalued and set to underperform.At a recent FundsNetwork conference, Schroder UK mid- 250 manager Andy Brough and Jupiter income manager Tony Nutt both said bonds are likely to deliver negative or minuscule returns for the foreseeable future.Snowden, the top-performing corporate bond fund manager over the past year, insists that the asset ...

  • One-third of release plans are sold direct

    24 Nov 2005

    A third of equity-release plans are taken out direct with product providers, according to Key Retirement Solutions.Speaking at the Mortgage Business Expo, KRS development director Dean Mirfin said there was a shortage of IFAs active in this sector.He said customers were drawn to providers through brand awareness and the perceived reliability associated with their brands. There was also a misconception among consumers that going direct would provide a better rate.He did not ...

  • Orr staying at Skandia

    24 Nov 2005

    Skandia Investment Management head of marketing David Orr has had pulled out of a move to Gartmore at the last minute.Orr announced his intention to leave SIML in August but is understood to have decided to stay less than a week before he was due to start at Gartmore after getting a counter-offer.He is involved in planning an unhedged dollar-denomin- ated version of the firm's glo-bal real estate fund aimed at British investors abroad.SIML takes 25 per cent of its business ...

  • Our survey says...

    24 Nov 2005

    Whenever I read a story in a newspaper's personal finance section, I tend to grade its importance on the basis of its origins.

  • Pack to the future

    24 Nov 2005

    Our panel assess the likely impact of home information packs on distribution and discuss whether a study to find one-off cost of regulation would be helpful to the industry.

  • Park Row sets site on recruitment

    24 Nov 2005

    Park Row has set up a recruit- ment website for advisers.The site is aimed at advisers, managers and support staff. Park Row says it was inspired by the success of its recruitment micro-site which was launched earlier this year.It will provide information to anyone interested in joining the firm, detailing opportunities and details. Visitors can register for access to Park Row's extranet, normally reserved for advisers and staff which contains information about training and ...

  • Park Row to launch pre-retirement programme

    29 Nov 2005

    Park Row is partnering with international business school Ashridge to develop a pre-retirement programme for senior business executives.

  • Pension reform a continuing process, says Brown

    25 Nov 2005

    Future pension policy is not a question of reform versus status quo but rather a case of continuing progression, Gordon Brown told the Institute of Directors.He said the Turner Commission will usher in an important debate about the future of pensions and reforms can only be implemented on the basis of a commitment to long-term stability.He also told the IoD the forthcoming pre-budget report will show how the Government's new model of regulation can apply to processes and procedures ...

  • PFS sets up faculty of retirement care

    24 Nov 2005

    The PFS is launching a faculty of retirement care with IFACare to encourage the highest standards of members working in the retirement care sector.

  • Playing for keeps

    24 Nov 2005

    Matt Davis on whether profit-share really helps fund firms retain talent

  • Plum adds new links

    28 Nov 2005

    Plum Software has added new links to Legal & General and Transact, with a further six provider links expected to go live in the coming months.Plum managing director Ann Dempster says: We are continually developing our service and providing more links to extranets and portals has been a key goal of ours.Castle Court Consulting adviser Richard Gough says: Being able to link directly to providers is a major benefit as it means I no longer spend hours in phone queues obtaining the ...

  • Portman closes four branches

    29 Nov 2005

    Portman is closing four branches as part of its annual review of the branch network due to a decline in usage and failure to improve sales performance over the last year.

  • 'Product providers propping up unprofitable networks'

    24 Nov 2005

    Paul McMillan finds Falcon taking flight with wraps but warning of some major IFAs falling from grace

  • ProVen Growth and Income VCT launches "C" share offer

    29 Nov 2005

    ProVen growth and income VCT manager Beringea is aiming to raise 25m through a "C" share offer.

  • Pru extends annuity guarantee period

    24 Nov 2005

    Prudential is increasing the guarantee period on its with-profits annuity from 14 days to six weeks. the company believes this move will help advisers to sort out clients' retirement needs without having to worry about quotes.

  • PSigma makes two new appointments to investment team

    29 Nov 2005

    PSigma Investment Management has appointed Seton Craven as investment director and Lisa Davies from investment manager.

  • Rates of change

    24 Nov 2005

    Interest rates Hamptons International Mortgages technical director Jonathan Cornell explains why advisers are often against the clock when it comes to securing interest rates for their mortgage clients.

  • Regulator admits APRs are confusing

    24 Nov 2005

    'APR is not perfect but it does give the customer a fighting chance'

  • Rise and shine

    24 Nov 2005

    Commercial lending The success of the National Association of Commercial Finance Brokers' awards reveals a sector that is rapidly evolving and growing in innovation, says Mortgages for Business managing director David Whittaker.

  • Ritchie warns of pitfalls in Turner plans

    24 Nov 2005

    Pension guru Stewart Ritchie is outlining his plan for UK pension reform and warning IFAs of potential pitfalls in the Turner report.In his Ritchie Report, the Scottish Equitable pensions development director sets out his six-point plan for reform. He warns that the consequences of possible Turner proposals could include UK plc becoming less competitive globally if compulsion is recommended. He also suggests that employer contributions channelled through a state-operated clearing ...

  • Schroders launches global property securities fund

    29 Nov 2005

    Schroders has launched its Schroder global property securities fund which opens to investors on December 9 2005.

  • ScotProv offer guides to claims

    24 Nov 2005

    Scottish Provident has produced a series of guides and checklists for policyholders and IFAs, explaining each stage of the insurance claim process.The guides will be issued to policyholders when they make a claim. Subjects covered inc-lude circumstances in which claims require additional or special consideration, important numbers and other contact details for queries and information about lifeline - the free independent service offering expert advice to advisers and policyholders.There ...

  • Second among equals

    24 Nov 2005

    The industry must focus on what women need from pensions if the earnings' gap is to be closed.

  • Self cert consumers who inflate income face criminal record, says FSA

    29 Nov 2005

    The FSA has warned consumers not to inflate their income to get a self-certification mortgage as they risk getting a criminal record.

  • 'Sellers set to swamp market ahead of Hips'

    24 Nov 2005

    Property sellers eager to avoid the cost of home information packs will swamp the market in the run-up to their introduction in June 2007, warns the Council of Mortgage LendersIt says that over the next 18 months, homeowners will sell earlier to avoid having to produce Hips - expected to cost around 600 plus VAT for the average home - prompting a glut of properties hitting the market and potentially depressing it at one of its busiest times.The CML says it is in favour of compulsory ...

  • Shooting from the Hip

    24 Nov 2005

    Housing information packs Consumers need clarity on Hips, says London & Country head of communications David Hollingworth.

  • Skandia multi-funds become part of Bigger Picture

    24 Nov 2005

    Lifetime is adding Skandia Investment Management's range of multi-manager funds to its wrap platform The Bigger Picture.The Bigger Picture now features funds from 60 houses. Skandia IM's asset alloca- tor range has sold 300m since April and comprises five equity and two fixed-interest funds covering all major markets.Lifetime director Michael Short says that while the inclusion of the range may cannibalise sales from platform owner Norwich Union's fund of funds and multi-manager ...

  • Small can still be beautiful

    24 Nov 2005

    There are still some excellent opportunities in the smaller company sector if a fund manager with excellent stockpicking expertise is chosen.

  • Standard in wrap deal with First NZ Capital

    25 Nov 2005

    Standard Life is to launch its wrap offering in the early part of 2006 after signing a joint deal with First NZ Capital.The provider says it is in the final stages of development with full details to be unveiled as the company rolls out the proposition to advisers from next year.Standard Life UK & Europe chief executive Trevor Matthews says: Standard Life will bring to the market a flexible and highly functional wrap developed hand in hand with FNZ who will bring a wealth of unique ...

  • Standard Life launches flexible group Sipp

    28 Nov 2005

    Standard Life has launched a group Sipp designed to allow employees greater investment choice and control over their pension assets.

  • Standard Life launches Group Sipp

    28 Nov 2005

    Standard Life launches its group self-invested personal pension to employers looking to review their scheme arrangements in advance of A-Day next year.

  • Standard sends out form reminders

    24 Nov 2005

    Standard Life is sending out letters to 19,000 advisers updating them on its proposed demutualisation and urging them to remind their eligible clients to return the validation form. Forty per cent of members have not returned their forms yet.

  • State's share of retirement income falling below 50%

    24 Nov 2005

    From next year, the state will no longer provide the majority of retirement income in the UK, according to research by Datamonitor and Prudential.The report shows that in 2006 state benefits will account for less than half of the average pensioner's income. The figure is currently 51 per cent but is forecast to drop to 44 per cent by 2014.Pru says that as state ben- efits make up a smaller proportion of the average pension, other sources of retirement income will grow.As ...

  • Suffolk Life refuses "exotica" investment into Sipps

    28 Nov 2005

    Suffolk Life one of the UKs leading providers and administrators of specialist pension products, particularly SIPPs, has confirmed that it will refuse all exotica investments within its SIPP until there is a suitable regulatory framework in place.

  • Swede dreams

    24 Nov 2005

    Adair Turner's Pensions Commission appears to have found the Swedish state-run pension scheme to be a smorgasbord of delights but Standard Life head of pensions policy John Lawson warns that the menu does not include advice.

  • SWIP Property Trust celebrates first year with 17 per cent returns

    23 Nov 2005

    Scottish Widows Investment Partnership's Property Trust has achieved returns of 17.02 per cent over the past 12 months.

  • Take directive action

    24 Nov 2005

    Cardiff Pinnacle's Keith Martin urges IFAs to start lobbying Brussels instead of complaining about the FSA

  • Take the plunge

    24 Nov 2005

    The market for adviser client management systems has seen some interesting changes during the past year and there can be little doubt that in the next 12 months, there will be even more. This is particularly the case as far as systems to meet the needs of small to medium-sized adviser firms.

  • Tales of the river bank

    24 Nov 2005

    Philip Scott joins the fund managers of Invesco Perpetual at their tranquil Henley-on-Thames headquarters to find a culture very much based on the maxim: 'If it ain't broke, don't fix it'.

  • The cost of leaving IFAs in the cold

    24 Nov 2005

    Could Adair Turner's Pensions Commission see yet another attempt by a Government reviewer to cut IFAs out of the pension and savings equation?

  • The facts on contracting out

    24 Nov 2005

    The ABI and Aifa have published a revised version of their contracting-out factsheet, designed to help consumers decide whether to remain contracted-out of the state second pension.

  • Theme perks

    24 Nov 2005

    Moderate growth in the UK market has been driven mainly be takeover activity and speculation.

  • Thinc Destini links up in Egypt deal

    24 Nov 2005

    Thinc Destini has formed a partnership with overseas property and tourism expert Think Egypt to provide fin- ance and advice for UK buyers moving into the Egyptian property market.Think Egypt chairman Ian Marsh says he is working with the Egyptian government on the project that uses Thinc Destini as the exclusive supplier of finance.Marsh says the idea came about when he bought a second home in Egypt and found difficulties with the process. He wrote to the Egyptian government ...

  • Time to take the emergency exit?

    24 Nov 2005

    An investor is concerned that equity markets might be heading for a correction.

  • Tories call a truce with the regulator after talks

    24 Nov 2005

    The Tories will hold fire on the FSA over the next few months and await the outcome of its latest strategies after a recent meeting with FSA chairman Callum McCarthy.Shadow Treasury Financial Secretary Mark Field says his meeting with the regulator was very useful and helped allay some fears over excess bureaucracy.At the meeting, Field put to the FSA the growing number of complaints that he has been receiving about its effectiveness and the regulatory burden placed on small ...

  • 'Turner cost-cutting will push out IFAs'

    24 Nov 2005

    Standard chief Lawson calls for open debate on advice and how it is funded.

  • UCB Home Loans launches flexible rental calculation options

    23 Nov 2005

    UCB Home Loans is launching two different buy-to-let borrowing calculations across its entire range of btl products.

  • Under pressure

    24 Nov 2005

    Andrea Tryphonides looks at a union survey which says many mortgage advisers at the Lloyds TSB group are feeling the pressure of sales targets

  • Webline to power new Hogarth and Taylor proposition

    23 Nov 2005

    Webline is to power the new GI and mortgage proposition being set up by Bankhall founders Paul Hogarth and Simon Taylor.

  • Welsh Assembly in bid to ban property Sipps

    24 Nov 2005

    The Welsh Assembly has voted in favour of lobbying the Treasury to exclude Wales from plans to allow residential property to be held in Sipps from A-Day.The resounding no vote was spurred by fears that local people will be priced out of homes in their communities.Welsh assembly members have called the Sipp policy "irresponsible" and believe that unless Wales is made exempt, the flood of investors buying holiday homes will inflate housing prices and erode local culture.Hywel ...

  • Which? claims end of RU64 will see life offices derail Turner

    24 Nov 2005

    The abolition of RU64 will derail a centrally administered state pension system which may be proposed by the Turner report, warns consumer watchdog Which?Principal policy adviser Mick McAteer says FSA proposals to scrap RU64 will allow life offices to charge higher commission on personal pensions, bringing a boom in profits.He says insurers will use this to generate a war chest in advance of the implementation of Turner's plans to tempt people on low incomes to opt out of the ...

  • Winterthur to split management structure in new year

    25 Nov 2005

    Winterthur Life is planning to bisect its management structure from January 1 to help growth in its new IFA-focused insured pensions business.

  • YBS targets Huddersfield Town fans with new deal

    25 Nov 2005

    Yorkshire Building Society is offering Huddersfield Town fans a free season ticket and a signed shirt with their mortgage.

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