Money Marketing
28 November 2001

'Baby bonds' for all but single firm for gateway

28 Nov 2001

Providers from across the market would be encouraged to offer child trust funds while the savings gateway would be limited to one provider under Treasury proposals released in its Pre-Budget Report.

'Half of all income funds fail on yields'

29 Nov 2001

Almost half of equity income funds are falling foul of Autif sector definitions by stating no intention to increase their funds' yields. The findings, revealed by investment selection service Shouts, show that 34 of the 70 equity income funds which have a five-year track record do not aim to grow their yield while only 20 per cent of income funds link their yield objectives to the FTSE All-share index. This is despite Autif equity income sector definitions, which specify that ...

'Raising awareness will be an all-round task'

29 Nov 2001

Tackling low financial awareness is a long-term task which demands a concerted effort from financial advisers, the Government and other parties, says the FSA. Its warning follows last week's publication of a report by the National Association of Citizens' Advice Bureaux which highlights the impact of financial literacy on individuals' financial security. In the wake of the report, the regulator is drawing attention to a number of initiatives which it says address the problem ...

40% tax still flaws pension credits

28 Nov 2001

The Government has confirmed that it will effectively levy a 40 per cent tax on pensioners' modest savings in its pre-Budget statement on pension credits. The move comes despite fierce criticism by the pension industry of the top-up payments which will be introduced in 2003, costing the Government £2bn in the first year. The Treasury gives an example of a pensioner under the current regime, with a basic state pension of £77 a week and an occupational pension of £14 ...

Aberdeen appoints two from Cazenove to head private client office

3 Dec 2001

Aberdeen Asset Management is appointing Simon Akroyd and James Thompson to establish a London private client office.

Aberforth split-cap seizes small caps

4 Dec 2001

Smaller company investment specialists Aberforth Partners has unveiled a split-capital investment trust that will invest in between 60 and 100 UK smaller companies.

Artemis breaks off New Star talks at last minute

29 Nov 2001

Artemis broke off its acquisition talks with New Star this week over fears a merger would undermine its boutique culture. It pulled out of the reputed £42m deal on Sunday night after concerns grew that the two firms had too great an overlap in their fund ranges and that Artemis' brand and strong reputation would be compromised by the deal. Artemis chief executive Mark Tyndall said his firm had built its reputation as an owner-managed business with a strong commitment to ...

Baillie Gifford raises bond platform

4 Dec 2001

Baillie Gifford is adding to its range of fixed-interest funds with the introduction of its high yield bond fund.

Bankhall owner Lynx in talks on takeover

29 Nov 2001

Lynx, owner of the UK's second-biggest IFA grouping, Bankhall, has confirmed that it is in talks with a possible buyer. The company, which is valued at £178m, confirmed last week that it had entered into exclusive discussions which may lead to its sale at 120p per share. Speculation is now rife about possible suitors for the company, with many IFAs believing that mega-network Misys could be a leading contender, but no company will confirm any involvement. However, ...

Before the flood

29 Nov 2001

Most people like a small flutter such as backing a horse in the Grand National. If they win, great. If not, it does not really matter, the stakes involved are not high and it is unlikely to make a big difference to their lives. Each year, however, millions of households take a much bigger gamble and if they are unlucky the consequences are far more serious. Research indicates that 40 per cent of homeowners have no contents cover and those that do have little idea of the true value ...

Brown heralds annuity shake-up

28 Nov 2001

The Government is to publish a consultation on annuity reform early next year with the aim of increasing competition in the market place.

Bull Brown casts aside the caution

28 Nov 2001

Keith Wade Despite the usual scares about higher taxes, the Chancellor has used the pre-Budget report to give the economy a further boost and to take some of the pressure off the Bank of England's monetary policy committee. His earlier caution on growth means that the Government finances are still pretty much on track and he has been able to announce spending increases for the NHS and pensioners. The Chancellor also recognised the need to help the corporate sector with tax ...

Chelsea's bond is back

30 Nov 2001

Chelsea Building Society has introduced the fourth edition of the Chelsea portfolio extra fixed rate bond, which combines a fixed-rate high interest account from Chelsea and a unit-linked bond from Norwich Union.

CML warns FSA rules pose threat to competition

29 Nov 2001

The Council of Mortgage Len-ders has attacked the FSA, claiming it does not understand the mortgage market and warning that its proposals for regulation risk breaching competition rules. CML senior policy adviser Kate Main says the FSA's plans for the new mortgage regime are confused and ill-defined and she renewed her call for N3 to be put back from August 2002 to March 2003. She said the industry was still waiting for clarification of the definition of the "reasonable steps" ...

Confusion over future of polarisation

30 Nov 2001

Confusion reigns over the future of polarisation following a speech from FSA chairman Howard Davies in which he appears to hint its days are numbered.

Davies hints at KFD redesign

30 Nov 2001

FSA chairman Howard Davies has hinted that Key Features Documents could be subject to a complete redesign.

Decisive action will bring back growth

28 Nov 2001

As expected, the terrorist attacks of September 11 continue to dominate the agenda and Chancellor Gordon Brown's pre-Budget report speech in Parliament on Tuesday was no exception. A great deal of emphasis was placed on economic growth in the speech and, despite lowering forecasts for 2002, the figures still look encouraging, with UK growth set to be the highest in Europe. As with so many pre-Budget and Budget speeches, the good news is predominantly in the headlines but as ...

Employee share incentives

28 Nov 2001

Further tax boosts for employee share ownership were introduced in Finance Act 2001. Particularly for advisers involved in the business market and especially where "employee benefit planning" is part of the advertised "service set" it is important to ensure that there is a good working knowledge of the employee benefits available outside of the scope of occupational and personal pensions. The Chancellor announced that the Enterprise Management ...

Equitable policyholders warned not to reject compromise

29 Nov 2001

Equitable Life chairman Vanni Treves has warned policyholders they face a bleak future if they reject the compromise deal when they receive their voting packs in December. Speaking at the National Association of Pension Funds' autumn conference in London last week, Treves said the only way to get the troubled life office back on a firm financial footing is for policyholders to approve the terms of the compromise. He said: "If the compromise is defeated, it will be a very bleak prospect." Also

F&C predicting US-led surge in equities next year

3 Dec 2001

The USA will drive global economic recovery in equity markets with a rebound in 2002, according to Foreign & Colonial's chief investment officer.

Fifth bond from Chelsea

3 Dec 2001

Chelsea Building Society has unveiled the fifth issue of the Chelsea portfolio extra fixed rate bond at the same time as its fourth issue.

Firm targets IFAs with self-build mortgage deal

29 Nov 2001

Self-build specialist BuildStore is offering an intermediary mortgage product in a bid to help IFAs with clients looking to build their own home. BuildLoan allows up to 95 per cent of the land purchase price and costs of construction to be borrowed in advance to enable customers to build a new house without having to release equity from their existing home. Most self-build loans rel-ease funds in arrears, forcing borrowers to sell their existing property first or enter credit agreements ...

Fixed rate buy to let products launched by Paragon

3 Dec 2001

Paragon Mortgages is launching three fixed rate buy to let mortgages for periods from one to five years.

Flight warns the FSA over the perils of offering 'advice'

29 Nov 2001

The FSA is coming close to offering advice and could be guilty of misleading consumers if it continues on its present path, warns Conservative Shadow paymaster general Howard Flight. Flight's warning comes as the FSA finally receives its full statutory authority at N2 on Friday at midnight. When taken together, decision trees, comparative information tables, fact-finds and its new financial planning CD-Rom, Flight says the regulator is on the verge of offering advice to consumers. ...

FSA considering derivatives for retail market

28 Nov 2001

The FSA is proposing to allow retail investors to invest directly in securitised derivatives for the first time. IFAs selling the products would have to be authorised to advise on derivatives and any provider that wants to issue them will similarly have to be regulated.

FSA probing 'secret' deal on Equitable reinsurance

29 Nov 2001

Former Equitable chief exec-utive Chris Headdon is under investigation by the FSA over a secret deal struck with Equ-itable's reinsurers that compromised the £700m contract used to help meet its solvency requirements in 1999. The investigation could be passed to the Serious Fraud Office but it is not involved at present. The FSA this week rev-ealed the existence of a letter from Headdon to Irish Euro-pean Reinsurance Company which meant the amount of cover arranged in ...

FSA threatens clampdown on 'misleading' IFA Isa guides

29 Nov 2001

The FSA is threatening to crack down on IFAs and discount brokers who produce Isa guides, saying it has serious concerns about the fund selection and the commission paid by fund managers whose products appear in them. Speaking at the Pep & Isa Managers' Association Annual Conference last week, FSA managing director consumers, investments and insurance directorate John Tiner said the regulator received a large number of complaints from consumers who felt they had been misled by some ...

Fund managers ethical concerns over Burmese investments

4 Dec 2001

A group of Europe's largest financial institutions is calling on companies operating in Burma to make sure their businesses do not perpetuate human rights abuses.The group, which has assets under management totalling £400 billion and which includes Jupiter, Morley Henderson, CIS and Friends Ivory & Sime is warning that companies should be aware of the risks of operating in unstable political climates.

Gerrard backing pointto-point for fifth season

29 Nov 2001

Private-client investment manager Gerrard is sponsoring the Ladies Open Point-to-Point Championship for its fifth season, starting in January 2002. The first of 24 qualifiers in the season takes place at the Cambridge Harriers Hunt Club in Cottenham on January 6. The final will be held at Exeter Racecourse on May 15, with the winner getting prize money of £5,000. Gerrard says sponsorship of the open championship is an important part of its marketing activity across its ...

Habib Akudi

29 Nov 2001

Lives: Dewsbury, West Yorkshire. Born: 1972, Dewsbury. Education: Degree in economics, University of Greenwich. Career: 1994 - clinical auditor, Leeds NHS, 1995 - telesales, 1997- travelled extensively before joining Parsoli. Career ambition: To become the leading provider of Islamic financial services. Personal ambition: To take the company to being fully international. Likes: Playing football, Manchester United. Dislikes: Bad manners. Peers say: "Keeps ...

In denial

29 Nov 2001

Last week, I started my review of the difficult but important issue of the potential denial of business assets taper relief on a private company share sale by virtue of corporate investment. The value of the relief, potentially reducing tax on capital gains made on such share disposals to an effective rate of 10 per cent, makes its potential denial something to be concerned about. The two main reasons for denial are that the company whose shares are being disposed of is not a trading ...

Income tax

28 Nov 2001

The Chancellor gave details of the main personal allowances applicable for tax year 2002/2003.

Industry gets a clearer picture of Sandler's vision for the future

29 Nov 2001

The path of Ron Sandler's review is becoming clearer in the aftermath of his recent speech to the Aifa annual dinner in which he claimed commission was just an opaque loan to the consumer and he emphasised the need to close the savings gap. Sandler chose the dinner as the first public airing of the progress of his review of medium and long-term savings. This could be seen as walking into the lion's den, considering the reaction provoked among IFAs with the publication of his ...

Intelligent Finance grabs 9 per cent of mortgage market

29 Nov 2001

Halifax’s telenet bank Intelligent Finance has secured 9 per cent of the UK net mortgage market in its first full year of business. IF’s market share has risen from 7 per cent in June and its new business growth is currently more than £750m per month but the bank says it does not expect to hit its break-even point until 2003.

Investment analysis

29 Nov 2001

The last week was somewhat quieter for most of the world's stockmarkets, with trading volumes significantly lower due to holidays in both the US and Japan. However, most indices ended the week in positive territory, consolidating on the strong gains achieved over the last two months. In the UK, both the FTSE 100 and 250 indices ended the week flat while the small cap index, which was particularly hard hit after September 11, continued its recovery. On the economic front, ...

IO Investors to target UK IFAs with fund duo

29 Nov 2001

Manager-of-manager provider IO Investors is set to introduce two new unit trusts in April in to the UK IFA market. The South African firm launched in the UK this month under the new brand of IO Investors. Until now, it has run under the Gensec International Asset Management brand. The two new funds - the global balanced and global equity funds - will invest in a combination of IO's 16 manager-of-manager funds, which are part of a Dublin-based umbrella fund. Fund managers ...

Join the jet set

29 Nov 2001

As far as IFAs are concerned, the international dimension has traditionally had two aspects. First, foreign jurisdictions have allowed advisers to write offshore business for tax purposes. Second, offshore markets have presented IFAs with potential new business targets, primarily expatriats. Klonowski & Co principal Francis Klonowski says the basic financial planning criteria apply. "It is easy to get swamped by the issue of being abroad and the products that are available. You have ...

Jupiter boosts multi-manager credentials

29 Nov 2001

Jupiter propelled itself into the top flight of multi-manager providers last week as it acquired the independent managed funds business of Lazard Asset Management. The deal, for an undisclosed sum, will bring an extra £250m of assets to the group and will reunite Jupiter's funds of funds team, led by John Chatfeild-Roberts, with the funds they managed at Lazard. Chatfeild-Roberts and his team joined Jupiter from Lazard in February to set up the Jupiter's multi-manager ...

Legal & General - Self-Certification Tracker Mortgage

29 Nov 2001

Thursday, November 29, 2001. Type: Self-certification tracker mortgage. Tracker term: Three years. Tracker rate: Bank of England base rate plus 0.5 per cent. Minimum loan: £25,001. Maximum loan: Up to 75 per cent of valuation subject to a maximum of £500,000. Income multiples: 3.5 times principal income plus second or 2.75 times joint. Arrangement fee: None. Redemption fee: 5 per cent of amount repaid ...

Lord Hunt calls on FSA to relax regulatory burden

29 Nov 2001

IFAs are forced to spend too much time dealing with regulatory requirements and the multitude of industry reviews is threatening to drive them out of existence, said Lord Hunt of Wirral last week. In a speech to the House of Lords, Aifa chairman Hunt told peers that independent advice is crucial to convincing people to save more. But he warned that IFAs are forced to spend too much time dealing with paperwork and bureaucracy instead of providing advice. He called on the FSA to ...

Lygo to run mid-cap fund for First State

29 Nov 2001

First State Investments is set to offer a new UK mid-cap fund in early 2002 run by head of UK equities Derek Lygo. The British mid-cap fund will invest 90 per cent in medium-sized companies, with holdings in between 60 and 80 stocks. Its benchmark will be the FTSE mid-250 index excluding investment trusts. Lygo will manage the fund with a bias towards earnings per share growth and will have complete autonomy over stock selection. He has been running First State's equity team ...

Making advice available to all

29 Nov 2001

Recent comment from the FSA raises some interesting points with regard to what the client is actually paying for. There is little doubt that commission can and does influence advice and, ideally, financial services should be advice-led rather than product-driven. But the FSA has a problem in that it apparently seeks the elusive Grail of paying a little and getting a lot. There is strong evidence, especially from the US and Australia, that the remuneration of advisers in those countries ...

Millfield posts £2.2m loss

3 Dec 2001

National IFA Millfield made a loss of £2.2 million between March and September because of a 217 per cent increase in administration expenses from the same period in 2000.

Moore's code

29 Nov 2001

If you have a problem, if no one else can help - and if you can find it - maybe you can show a quality mark. First, there were Government Catmarks, then the ABI popped up with Raising Standards quality mark thingies, now the LIA wants to join the party with a quality mark for financial advisers. If I were an IFA, I would be breaking out the bubbly. In addition to the plethora of letters they can have after their names, for the appropriate fees, they now can be an accredited something ...

National insurance

28 Nov 2001

The rate of employer's National Insurance contributions reduces from 11.9% to 11.8%. The rate for employees is unchanged.Levels of National Insurance contributions for tax year 2002/2003 were set as follows:-(a)EmployeesThe Primary Threshold (ie. the threshold above which employee's NI contributions are payable) ...

Newcastle capital safe bond closes on Friday

28 Nov 2001

Investors have just three more days to invest in Newcastle Building Society’s Capital Safe Bond.The Bond, which closes on Friday, offers a 100 per cent capital guarantee over the three year life of the investment. Returns are linked to the FTSE 100, Eurostoxx 50 and Nikkei 225 indices, with investors receiving 85 per cent of average growth of the three markets.

Not when But IF

29 Nov 2001

After several attempts and many promises of "we will call you back", I recently placed a client's mortgage and savings plan with Intelligent Finance. IF received the signed, approved in-principle application from my client on October 29. The client's entry date to his new home on November 16 grew ever closer. With four working days to go, the lack of a mortgage offer of advance was causing consternation. It transpired that IF needed extra documentation from the client. ...

Old pension tax rules still apply says accountant

4 Dec 2001

There remains one major planning opportunity which enables individuals to make use of the old tax rules despite April 2001 bringing the abolition of the ability to carry forward unused personal pension relief, according to chartered accountants Smith & Williamson. It says individuals who have built up unused relief prior to April 5 2001 can still use it by carrying back pension contributions paid into personal and stakeholder pension schemes in the current tax year, provided the ...

Outside edge

29 Nov 2001

With stakeholder pensions apparently faltering, there is talk of possible compulsion or changes to the price cap. A number of providers have recently called for the price cap to move to a 1.5 per cent annual management charge, closer, it is claimed, to the level of charges in other countries. Recent comments suggest the Government is monitoring the price cap but under what conditions would they consider such a change and, crucially, where is the evidence to help them decide? Outside ...

Pensions

28 Nov 2001

The Government have made the point that over the past 20 years, the gap between the incomes of rich and poor pensioners has grown dramatically. The Government is committed to developing sustainable policies which tackle pensioner poverty and which enable pensioners to share in the country's rising prosperity.

PIA expels IFAs

30 Nov 2001

The PIA has expelled IFAs Allied Anglo Financial Services of The Old House, White Heath, Ashford Road, Hollingbourne, Maidstone, Kent and Weybourne Financial Services of Weybourne House, 15 Aylesbury Road, Wendover, Buckinghamshire.

PIA fines IFA Eurosure Investment Services for compliance and pension review failings

28 Nov 2001

The PIA has hit IFA Eurosure Investment Services of 35 Market Place, Boston, Lincolnshire with a £10,000 fine for compliance and pensions review failings.

Pink brings out one-property buy-to-let

30 Nov 2001

Pink Home Loans’ two-year fixed rate buy-to-let mortgage is aimed at more modest buy-to-let investors.

Pink Home Loans - Exclusive Buy To Let 5 Year Discount 80 Per Cent

29 Nov 2001

Thursday, November 29, 2001. Type: Buy to let discounted rate mortgage. Discounted term: Five 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 ...

Polarisation change is on its way says Aifa

30 Nov 2001

Aifa says there will definitely be some change to polarisation included in the FSA's consultation document due to be issued in January.

Prepared for the take-off?

29 Nov 2001

The DeAnne Julius report into banking recommended that mortgage brokers claim co-ownership of the mortgage code through the creation of a trade association. With two prospective trade bodies struggling to get off the ground, do you think brokers feel there is a need for one? Anthony Richardson: I think most mortgage brokers would like to see co-ownership of the code through a trade body. It would be particularly advantageous for smaller firms which do not usually have dedicated compliance ...

Pru aids IFAs with revamped website

29 Nov 2001

Prudential has revamped its IFA website to include its annuities and allow Prudence bond business to be transacted online. The IFA site, www.pru ifa.co.uk, has been fully upgra-ded and redesigned to help registered IFAs write business electronically faster and easier. Before the revamp, the website had more than 10,000 registered IFA users and generated £100m of online transactions since its launch 16 months ago. The new web services inc-lude valuations, illustrations, ...

R&SAI brings in Mainstay $

30 Nov 2001

Royal & SunAlliance International and Thames River Capital have joined forces again for the introduction of the Mainstay $ fund.

Sales still poor

29 Nov 2001

Net sales of unit trusts and Isas remained in the doldrums last month, falling 82 per cent on the same period last year according to figures from Autif. Despite net retail sales increasing fivefold to £247m in October from £47m in September - the lowest on record, in the wake of the US terror attacks - sales were still down by 82 per cent from £1.5bn in October 2000. Gross retail sales fell less sharply, down by 34 per cent to £1.9bn in October 2001 from ...

Savings and investment

28 Nov 2001

School of thought on personal finance

29 Nov 2001

Personal finance is set to be taught to secondary school pupils under a new programme set up this week by the Personal Finance Edu-cation Group with the endorsement of FSA chairman Howard Davies. The Excellence and Access campaign will see 128,000 children in 400 secondary schools get personal finance education over the next four years. It will be aimed at pupils aged between 11 and 16, starting with basic ideas such as repaying credit cards and mortgages. As they get older they will ...

ScotEq's Craig to join DWP review

29 Nov 2001

Scottish Equitable pensions development manager Margaret Craig is being seconded to the Department for Work and Pensions to work with the Pickering review team. Craig will work for three days a week as part of the review, which aims to simplify pension legislation. It is being led by former National Association of Pension Funds chairman Alan Pickering. Craig will maintain her duties at ScotEq but has been replaced on the remaining pension roadshows by IFA training manager Peter ...

Stakeholder just the beginning

29 Nov 2001

I was interested to read Douglas Jones' stakeholder article (Money Marketing November 8) which highlights the new opportunities for IFAs to write stakeholder business with non-earners. But I think it misses the point. The problem is that there is very little money in stakeholder for IFAs, so why would anyone want to chase up non-earning partners of clients in the existing client bank - or, bizarrely, "establishing links with some carers' help network" (that one must have looked ...

Stocking up

29 Nov 2001

Smith & Williamson Investment Management has introduced an offshore Oeic that invests in stocks and shares in the UK and overseas, with a smaller proportion going into corporate bonds. The balanced portfolio fund is designed to complement Smith & Williamson's existing Oeic, the growth portfolio fund. The new fund differs in that it aims to produce a small level of income and capital growth. It also invests in cash and bonds, whereas the growth fund offers 100 per cent exposure to ...

Take a closer look

29 Nov 2001

Television tells us many things that the printed page can't. Seeing your fund manager in the flesh explaining his bottomquartile performance gives another window into whether you have confidence in his ability to turn things round over the next year. A number of online operations are targeting IFAs with a new information service offering just this service. Aware that some of us would rather sit in front of a screen being told what is happening rather than read a page ourselves, ...

Term laundering regulations just won't wash

29 Nov 2001

Open letter to Skandia Life marketing manager Lynda Cox I write with regard to your statements (Money Marketing November 8) in connection with the money laundering regulations for term insurance. I put it to you that money laundering for term insurance is nothing short of ridiculous. Occasionally, term insurance is used in connection with a large property purchase but if a loan is being made, then the lender will have taken up references and proof of identity will have ...

The FSA comes into its own

29 Nov 2001

In just a matter of days, the moment the industry has been anticipating for over four-and-a-half years will finally arrive. Bar some unforeseen occurrence between now and midnight on Friday, November 30, the financial services industry will finally have a single regulator replacing the hotchpotch of bodies overseeing its activities. While images of the UK dramatically sailing out of Hong Kong harbour on the eve of handing it over to China come to mind, the reality of the birth of the ...

The rules of the race

29 Nov 2001

The FSA's new mortgage rules should be underpinned by the principle that regulation is appropriate only if it provides benefits to the consumer and does not place an unacceptable burden on the industry. It should seek to provide "baseline" protection for consumers while still allowing providers and brokers the freedom to compete in the services and products they offer. The FSA must not forget that continuing competition will be crucial in delivering ongoing improvements for ...

Threadneedle Investments - UK Corporate Bond Fund

3 Dec 2001

Monday, December 3, 2001. Type: Oeic. Aim: Growth and income by investing in UK corporate bonds. Minimum investment: Lump sum £2,000. Investment split: 100 per cent in UK corporate bonds. Isa link: Yes. Pep transfers: Yes. Charges: Initial 3.75 per cent, annual 0.75 per cent. Commission: Initial 3 per cent, renewal 0.25 per cent. Tel: 0800 0684000.

Tony Wright-Jones

29 Nov 2001

Putting the right money in the right hands at the right time for clients should be the maxim of any financial adviser. It is even more important for those IFAs that have begun to expand into the global market. As an established IFA company of 25 years, our decision to expand on a UK and worldwide basis was easy to make. Indeed, it was a natural progression, forming part of our plans to become a recognised worldwide wealth management company. Although this sounds an onerous task, much ...

Triple index approach for Skipton Guernsey

28 Nov 2001

Skipton Guernsey is taking the three-index approach with its five-year guaranteed growth bond.

With-profits transparency for whole Britannia range

29 Nov 2001

Britannic Group will extend its model for transparent with-profits across its entire product range from the new-year. Following the system set by Britannic Retirement Solutions' with-profits annuity in January, the group says it will remove the lack of transparency of conventional with-profits products by giving all policyholders annual statements outlining performance and disclosing the amount reserved for smoothing and charges. The change will affect all Britannic Group's ...

Yet another review

29 Nov 2001

News of another Government review of financial services should come as no surprise. In fact, with reviews of disclosure, polarisation, competition, investment, endowments, advertising, prudential regulation, product regulation, with-profits and the Inland Revenue review on the tax treatment of occupational pensions all under way, it is getting hard to think what it could review next. However, the latest review of private pension legislation could be the start of something more ...