Money Marketing
8 December 2004

  • 77% of investors say restore Isa tax concession

    9 Dec 2004

    HSBC is revamping its asset management business, with plans to close poorly performing funds and expand better-performing investments.

  • A class act

    9 Dec 2004

    I have heard talk of modern portfolio theory and asset class investment funds. Can you explain how these funds work?The foundation of modern portfolio theory was a 1952 paper, Portfolio Selection, in which Dr Harry Markowitz established a theory explaining the best way for an investor to choose a portfolio. His basic theory was that investors should choose a portfolio that offers the best return for a given level of risk - the efficient portfolio.Later ...

  • Abbey and Standard clash on A-Day plans

    9 Dec 2004

    Prestbury Financial is launching a whole-of-market IFA business in January, which aims to double its number of RIs from 200 within a year.

  • Adviser is jailed for 1.8m theft

    9 Dec 2004

    A senior financial adviser with a leading East Anglia firm has been jailed for six years for stealing 1.8m from clients over a 12-year period.

  • Another turn of the screw

    9 Dec 2004

    The past 15 years have seen a succession of Government or Government-sponsored measures which have resulted in pensions being steadily kicked to death. The public do not like them due to the annuity trap and lack of inheritability of unspent funds, an increasing proportion of the financial services industry dislike them as more trouble and risk than they are ever worth and employers no longer like them and are closing final-salary schemes left, right and ...

  • Artemis get an early Christmas present

    10 Dec 2004

  • Bank of Ireland keeps loan in the family

    9 Dec 2004

    Bank of Ireland Mortgages' first start loan will be sold through sister company Bristol & West by the end of the first quarter of 2005.

  • Berkeley Morgan Group sold to Personal Group in 12.3m cash deal

    10 Dec 2004

    Berkeley Morgan Group has been acquired by its competitor, AIM listed Personal Group in a 12.3 million cash deal.

  • BoE chief King backs longevity-linked bonds for annuities

    9 Dec 2004

    The Government could provide a more buoyant annuity market through the launch of bonds linked to mortality indices, according to Bank of England governor Mervyn King.

  • Britannia reduces its ten-year fix rate mortgage

    10 Dec 2004

    Britannia Building Society reduces again its ten-year fix to 5.29 per cent - 5.9 per cent AER.

  • Can Severn bridge the divide?

    9 Dec 2004

    Aifa has made the hugely controversial decision to select the architect of depolarisation as its new director general.

  • Cancer charity in attack on ABI

    9 Dec 2004

    The ABI is failing to force private medical insurance providers to be transparent over cancer treatment, says charity CancerBacup.

  • Capital crunch for mortgage brokers

    9 Dec 2004

    Are mortgage intermediaries under-capitalised? The FSA is pondering this question and if it decides to take action, a rise in professional indemnity cover or changes in capital adequacy requirements could have a big impact on mortgage firms and networks.

  • Carr in call to axe TPD from CI lists

    9 Dec 2004

    Total permanent disability should be scrapped from critical-illness insurance policies as it is a flawed concept, says Lifesearch senior technical adviser Kevin Carr.

  • Cathedral widens property horizons

    9 Dec 2004

    Cathedral Independent Financial Planning has joined with overseas property network Blue Horizons to offer advice on buying property abroad.

  • Catherine McGrath

    9 Dec 2004

    PruHealth's chief executive is determined to change the private medical insurance market with innovative products such as offering lower premiums for healthy lifestyles

  • Cavanagh Group issues profit warning

    8 Dec 2004

    Cavanagh Group has issued a profit warning, blaming the integration of Ernst & Young Financial Management and higher than expected trading costs. The IFA which specialises in advising the legal and accountancy professions says it expects to go into profit in the first half of 2005 rather than December 2004 as previously predicted. Shares fell 12 per cent to 88p on the announcement and are now almost half their value of 170p three months ago.

  • Charcol draws up a new cast for the passion play

    9 Dec 2004

    The return of John Garfield and Charles Wishart to Charcol 30 years after they helped to set up the firm will bring back the passion that made the company renowned, says the new board.

  • Chelsea Building Society - Five Year Fixed Rate

    14 Dec 2004

    Type: Fixed-rate mortgage

  • Chelsea Building Society - Two Year Fixed Rate

    10 Dec 2004

    Chelsea Building SocietyTwo Year Fixed Rate

  • Clerical criticised for enhanced commission offer on WP bond

    9 Dec 2004

    Clerical Medical has been criticised for offering enhanced commission and allocation rates on its with-profits bond at a time when its bonus rates have been largely falling.

  • CML says HIPs need more work before implementation

    8 Dec 2004

    The Council of Mortgage Lenders says home information packs are nowhere near ready for implementation. The CML is calling on the Government to undertake a realistic assessment of the cost of HIPs and to ensure costs do not rise beyond that. It also wants the Government to approve spending for development work as a matter of urgency. The Government expects HIPs to be available from January 2007.

  • Commentary: The realities of regulation

    9 Dec 2004

    Recent estimates by the Building Societies' Association suggest that the cost of mortgage regulation for lenders may reach 500m. However, little work seems yet to have been done on the similar likely costs for those parts of the industry that will have to comply with Icob from January next year.

  • Correspondent's week

    9 Dec 2004

    With just two weeks of being a consumer journalist under my belt, I realise there is life beyond regulation.

  • CTFs get top-up

    9 Dec 2004

    The Chancellor's pre-Budget report introduced measures to end abuse of tax relief for UK film production. The Treasury says the move, which takes immediate effect, is designed to ensure that the reliefs operate as intended.

  • Cummings in pledge that his Aifa role will not affect AMI

    9 Dec 2004

    Association of Mortgage Intermediaries director Chris Cummings has assured mortgage intermediaries that the AMI will keep its independence despite his appointment as deputy director general of Aifa.

  • Dance of the Severn veils

    9 Dec 2004

    I have just heard, although not from Aifa, that David Severn, former head of retail investment policy at the FSA, is to replace Paul Smee as Aifa director general.This is either an aston-ishing and very intelligent move or Aifa as an organisation will be hamstrung as it will be led by someone who may not be prepared to fight our corner vigorously and with partiality so that IFAs' interests are inhis mind and he does not mind upsetting the FSA.I ...

  • David Severn - from the regulator to the relegated REGULATED

    9 Dec 2004

    David Severn was head of the policy division at the PIA and has been at the FSA since its inception, occupying the same role although his title has changed during that period. He is currently head of retail investments policyJanuary 2001FSA proposes widening customer product choice. A review of polarisation headed by Severn is launched considering lifting restrictions for the sale of stakeholder pensions, Cat-standard Isas and direct-offer financial ...

  • Defaqto report says wrap propositions do not offer fully integrated pension facilities

    8 Dec 2004

    Wrap propositions will be limited in their ability to take advantage of the restructuring of pensions investment ahead of A-day because they do not offer fully integrated pension facilities says financial research company Defaqto. A Defaqto report entitled IFA Platforms in the UK says the lack of integration, together with doubts about the scope of the investments that will be permitted, means take-up of wraps by Sipp investors will be held back.

  • Depolar bears

    9 Dec 2004

    It has been two years since the FSA doomed polarisation and now the industry finally knows just what what the future holds.

  • Depolarisation edge: Gareth Marr

    9 Dec 2004

    Independent advice is a product in itself that ought to be viewed as a stand-alone commodity. It is not a means to sell products to customers, it is advising them on everything that they need to organise their finances.

  • Depolarisation edge: Stephen Ingledew

    9 Dec 2004

    The term multi-tie has no real meaning in the current world of financial advice - it is like referring to a sixpence in a post-decimalisation world - so can we stop using the term as it certainly does not help consumers.

  • Deutsche Asset Management European head sacked following HQ transfer

    8 Dec 2004

    Deutsche Asset Management European head Paul Manduca has been sacked following the group's decision to transfer its European HQ from London to Frankfurt. Kevin Parker takes the role of chief executive and a shift in focus from geographical to product lines also results in the axing of head of Asia James Goulding. Manduca had been at Deutsche for two years.

  • Digest

    9 Dec 2004

    FSA handbook to be rewrittenThe Treasury review of the Financial Services and Markets Act 2000 will lead to a rewriting of the FSA handbook. The FSA will reduce the size of the handbook while retaining consumer safeguards. It will also issue around 10 guides in the next year. The FSA handbook website is also being updated.

  • Digest

    9 Dec 2004

    Wrap warning over pensionsWrap propositions will be limited in their ability to take advantage of the restructuring of pension investment ahead of A-Day because they do not offer fully integrated pension facilities, says financial research company Defaqto. Its report says the lack of integration and doubts about the scope of investments permitted means take-up of wraps by Sipp investors will be held back.

  • Digest

    9 Dec 2004

    CML says Hips are nowhere near readyThe CML says home information packs are nowhere near ready for implementation and is calling on the Government to undertake a realistic assessment of the cost of Hips. The Government expects Hips to be available from January 2007.

  • Digest

    9 Dec 2004

    LifeSearch sets up counselling serviceProtection intermediary LifeSearch is offering free counselling and support services to life, critical-illness and income protection policyholders.

  • Digest

    9 Dec 2004

    Profit warning from CavanaghCavanagh Group has issued a profit warning, blaming the integration of Ernst & Young Financial Management and higher than expected trading costs. It says it expects to go into profit in the first half of 2005 rather than its previous forecast of December 2004.

  • Digest

    9 Dec 2004

    Manduca leaves Deutsche Deutsche Asset Management European head Paul Manduca is leaving the company after the group's decision to transfer its European HQ from London to Frankfurt. Kevin Parker takes the role of chief executive.

  • Digest

    9 Dec 2004

    DWS to offer China trustDWS Investment Trust Managers is offering a China investment trust in the new year to be managed by Lilian Pang. The trust, which DWS hopes will raise £50m, will invest in both Hong Kong-listed shares and direct in shares listed on the mainland.

  • Digest

    9 Dec 2004

    Buyout deal at Berkeley JacobsThe management of Berkeley Jacobs Financial Services has reached an outline agreement for a buyout. BJFS, which was fined £175,000 by the FSA for pension unlocking, plans to carry on writing pension unlocking business.

  • Digest

    9 Dec 2004

    Those crazy guys at mortgage packager Bananas are living up to their name bathing in baked beans to raise money for charity. Compliance manager Eddie Parsons had 50 industrial-size cans of beans tipped over his head, raising £250 for Children in Need. The Diary is convinced that compliance has an inherent predilection for torture.

  • Double tax shock for with-profits

    9 Dec 2004

    With-profits policyholders face a double tax whammy on their savings with Chancellor Gordon Brown planning changes to how life funds are taxed.

  • DWS Investment Trust Managers launching China investment trust

    8 Dec 2004

    DWS Investment Trust Managers is launching a China investment trust in the New Year to be managed by Lillian Peng. The trust, which DWS hopes will raise 50m, will invest in both Hong Kong-listed shares and direct in shares listed on the mainland. Timing of the launch depends on the short-term outlook but the group is convinced the long-term picture is sound. Peng runs a Greater China institutional fund for the group.

  • Dynamic entrance

    9 Dec 2004

    JP MORGAN FLEMINGJPMF Europe Dynamic (Ex UK) FundType: OeicAim: Growth by investing in growth and value stocks in Europe excluding the UKMinimum investment: Lump sum £3,000, monthly £100Investment split: 100% in growth and value stocks in Europe excluding the UKIsa link: YesPep transfers: YesCharges: Initial 5.5%, annual 1.5%Commission: Initial 3%, Isa renewal 0.5%Tel: 0800 727770JP Morgan Fleming's European dynamic ex UK fund is an Oeic that ...

  • Example of initial disclosure document

    9 Dec 2004

    Below and on the right we publish the FSA's example of a menu given in an annex to the regulator's rules published last week for depolarisationFirms will have until June 1, 2005 to provide consumers with a copy of the menu and initial disclosure document which are published on these pages. Companies which choose to depolarise before June 2005 must comply from the date they depolarise with the new disclosure regime, which allows customers to compare ...

  • F&C's VCT team to set up small companies boutique

    9 Dec 2004

    F&C's venture capital trust team are leaving to start their own investment boutique but will continue to run F&C trusts on an outsourced basis.Bill Brown, Robert Mitchell and Stuart Rollason will set up a boutique in the new year specialising in smaller and fledgling companies.The team have approval from each of the boards of the active capital trust, Aim VCT and Aim VCT2 to continue running the mandates.F&C will remain manager of the ...

  • Fantasy league

    9 Dec 2004

    The only really relevant comment on your Superleague supplement is: "Turnover is vanity - profit is sanity."How many of these "super" IFAs actually make a profit? For heaven's sake, one of them listed is even in administration.Even if they manage to show a meagre return, what is this as a percentage of turnover? What are the tangible assets? Do not include goodwill, that is just hype.Which sane investor would put money in these organisations? Look at ...

  • Farrow's view

    9 Dec 2004

    New products are coming that claim to beat deposit rates but they also have a high bafflement factor.

  • Feed the mortgage brokers

    9 Dec 2004

    It's Christmas time, there's no need to be afraid. It's Christmas time, the FSA and most of the lenders have no idea what is going on.Oh, sorry, I thought it was Band Aid or perhaps Broker Aid.Seriously, I have been in the industry for 16 long years - making a total of 24 years in sales and marketing - and it is hard to believe that any lenders want to do business at the moment, apart from First Active.As you may realise, I am proud of being independent ...

  • Fidelity in white-label talks with banks

    9 Dec 2004

    Fidelity is in talks with high-street banks about white-labelling funds as it looks to take advantage of depolarisation distribution opportunities.

  • FOS wants endowment chasers to be regulated

    9 Dec 2004

    The Financial Ombudsman Service is calling for the regulation of mortgage endowment claims management firms.

  • Freedom Finance appoints operations director

    13 Dec 2004

    FREEDOM FINANCE EXPANDS MANAGEMENT TEAMFreedom Finance has appointed Steve Kember as its operations director.

  • Friends Provident International peaks with bond

    9 Dec 2004

    Friends Provident International has created an Isle of Man domiciled unit-linked bond which provides free switching between 95 funds from 31 fund management groups. The bond is available in sterling, euros, US dollars and Hong Kong dollars. Investors can choose up to 10 fund links at any one time from fund management groups including Fidelity and Gartmore.

  • Friends reach the Zenith point

    9 Dec 2004

    Friends Provident InternationalZenith

  • FSA gets ready to scrap RU64

    9 Dec 2004

    RU64 could be set to be scrapped, with the FSA to consult on its abolition in the New Year.

  • FSA to look at cross-subsidies and KFIs

    9 Dec 2004

    The FSA will review crosssubsidies of customers on mortgage provider books and look at shortening KFIs.

  • FSA warns 4,500 firms have not applied for general insurance regulation

    10 Dec 2004

    FSA today named the 'hotspot' sectors of firms selling insurance who have yet to apply for authorisation and warned them to do it now or risk losing business before regulation comes into force on January 14.

  • Fund for thought

    9 Dec 2004

    IFAs are concerned about being blocked out in the distribution chain but some fund firms are determined to keep independent advisers in the forefront of their business.

  • Growing pains

    9 Dec 2004

    WESLEYAN ASSURANCEWesleyan Growth BondType: Capital-protected bondAim: Growth linked to the performance of the Wesleyan Life managed fundMinimum-maximum investment: £10,000-£500,000Term: Six yearsReturn: 100% of the growth in the Wesleyan Life managed fundGuarantee: Original capital returned in full regardless of performance of the underlying fundClosing date: December 31, 2004Charges: Investments under £25,000 - initial 10%, £25,000-£50,000 ...

  • Halifax house index shows 0.4% fall in prices in November

    9 Dec 2004

    The CII has revealed its new exam structure which introduces a module on investment and risk.

  • Hanging on the telephone

    9 Dec 2004

    Think about this one. How many times do you phone a lender and it takes five minutes to get through?How many times do you phone a lender and you are given about five options to get through to the right department?I have now worked out that for placing new business, you have to call on average three times to chase up a case. That means if you do 20 cases a month, an average five minutes a call and the three times to chase up the case equates to 300 ...

  • Harris on mortgages

    9 Dec 2004

    Competition is definitely a good thing - and nowhere is this more true than when it comes to mortgages but herein lies the problem - HBOS. Don't get me wrong, this is not have-a-go-at-HBOS time.

  • High point

    9 Dec 2004

    FRIENDS PROVIDENT INTERNATIONALZenithType: Unit-linked offshore bondAim: Growth and income by investing in a maximum of 10 funds from 31 fund management groupsMinimum investment: £10,000, $15,000, e15,000Fund links: Choice of 95 funds from Aberdeen, AHL, Barclays, Baring Asset Management, Brandeaux, Ciptadana, Circus Capital, Collins Stewart, Dresdner, Fidelity, Friends Provident International, Franklin Templeton, Gartmore, GAM, Glanmore, HSBC, ...

  • IFA brands brought under Origen name

    9 Dec 2004

    Well-known IFA brands Advisory & Brokerage Services, Wentworth Rose, Aurora Financial Group, Momentum Financial Services and Elliott Bayley will disappear early next year.

  • IMA calling for fund harmony across Europe

    9 Dec 2004

    The Personal Finance Society is planning to run specialist programmes for personal and corporate financial advisers.

  • Independent view

    9 Dec 2004

    Young people are leaving the industry, disillusioned by the constant barrage from the media and the FSA.

  • Inherit careful approach

    9 Dec 2004

    It is well known that a married couple can save up to 105,200 of inheritance tax by leaving assets to persons other than the surviving spouse on the first death and a typical IHT planning strategy for married couples is for each will to include a clause stating that an amount up to the nil rate band at the date of death will be left subject to a discretionary trust.

  • Investment view

    9 Dec 2004

    The is a dangerous degree of consensus among investment houses over expectations for 2005.

  • Julian Gibbs

    9 Dec 2004

    Close Finsbury has come up with an innovative new fund called the Multi Asset Portfolio.

  • Keep the watchdog at bay

    9 Dec 2004

    We all have to be responsible for our actions in life. Well almost all, two related groups appear to have the ability to make irresponsible decisions without fear of being called to account. I refer, of course, to the FSA and the Financial Ombudsman Service.

  • LIA's view

    9 Dec 2004

    This is the last article I shall write for Money Marketing before the Personal Finance Society comes into being on January 1. It is an interesting time of transition for both the LIA (32 years old) and Sofa (12 years old).

  • LifeSearch to offer Red Arc services to all protection policy holders

    8 Dec 2004

    Protection intermediary LifeSearch is offering free counselling and support services to all life, critical illness and income protection policy holders. The service is offered by claimant support provider Red Arc. It can give customers access to a personal nurse adviser, entitlement to home visits by a health professional and contact information on self-help groups and charities. Currently Red Arc says 70 per cent of cases referred to it follow a cancer claim.

  • Liontrust - Liontrust Distribution Fund

    9 Dec 2004

    LiontrustLiontrust Distribution Fund

  • Manor Park - Guaranteed Global Growth - January 2005 Series

    13 Dec 2004

    Manor ParkGuaranteed Global Growth - January 2005

  • Millfield boosts business and slashes branch offices

    9 Dec 2004

    Berry Birch & Noble Financial Planning is setting up a financial advisory service aimed at UK medical professionals.

  • Millfield expects significant proportion to multi-tie

    14 Dec 2004

    Millfield says it expects a significant proportion of its 1800 advisers to opt for multi-tie.

  • Millfield reveals multi-tie structure

    14 Dec 2004

    Millfield has announced the appointment of six strategic partners for its multi-tie proposition.

  • MLC repricing Mom in bid to gain Sipp sales

    9 Dec 2004

    The world's third-biggest manager of manager provider MLC has revealed a new pricing structure which is aimed to tap into a growing self-invested personal pension market.

  • MLP is aiming to double IFAs to 100

    9 Dec 2004

    Bestinvest has acquired pension specialist SMA Group in a move that almost doubles its staff.

  • Mortgage Express - Three Year Discount Buy To Let

    9 Dec 2004

    Mortgage ExpressThree Year Discount Buy To Let

  • Mortgage Express - Three Year Discount Buy-To-Let

    8 Dec 2004

    Mortgage ExpressThree Year Discount Buy-To-Let

  • Munich Re Life appoints head of life development team

    10 Dec 2004

    Munich Re UK Life branch is appointing Andrew Howe to head up its life development team.

  • Mystery shoppers will be used in crackdown

    9 Dec 2004

    The FSA will mystery-shop mortgage firms and lenders following regulation of the sector.

  • NAPF wants citizen's pension and an end to means testing

    9 Dec 2004

    The Treasury has refused IFAs the right to appeal against Financial Ombudsman Service decisions but test cases may be allowed to go to court.

  • Neptune teams up with Calculus for VCT debut

    10 Dec 2004

    Neptune Investment Management has teamed up with private equity manager Calculus to offer the Neptune-Calculus income and growth venture capital trust.

  • Noble shows spirit of adventure

    13 Dec 2004

    Noble & Company UniVen VCT

  • North Atlantic Value - Leisure & Media VCT C Shares

    8 Dec 2004

    North Atlantic ValueLeisure & Media VCT C Shares

  • Out of context

    9 Dec 2004

    "He may have hair like Leo Sayer but you can tell there is a tape recorder whirring in that head. Do you think if you press the sideburns, they are the rewind and erase buttons." - IMA director of regulation, investment and taxation Julie Patterson muses on the Money Marketing editor's hairstyle and journalistic abilities at Paul Smee's leaving drinks."Great bone structure." - Patterson again on rival trade body AITC head honcho Daniel Godfrey."It ...

  • Packager slams claims that the sector is dying

    9 Dec 2004

    A Professional Mortgage Packagers' Association board member has hit out at claims that depolarisation will mean the death of the packaging industry.

  • Pension Scrooges

    9 Dec 2004

    Bah humbug! Britain's pension managers are a miserable bunch denouncing Christmas parties as too boring, too forced and too lengthy.According to the Chartered Manage-ment Institute, only 21 per cent of pension managers think they are a good thing, with 45 per cent saying they go on too long and 37 per cent claiming that they are disruptive.The Diary thought pension managers might need a little Christmas cheer to distract them from the woes of the current ...

  • PFS looks at dropping fee-based advice term

    9 Dec 2004

    The Personal Finance Society is considering dropping the term fee-based advice, saying it is misleading.

  • PFS wins deal for university pensions

    9 Dec 2004

    The Personal Finance Society has signed an exclusive agreement to offer advice to members of the biggest pension scheme in the country.

  • Pressure grows to boost Isa allowance extension

    9 Dec 2004

    Advisers have welcomed Chancellor Gordon Brown's U-turn to extend Isa allowances but say he should keep the allowance indefinitely.

  • Product matters

    9 Dec 2004

    While sifting through the vast number of new issues of structured products that appeared on my desk the other day, I was staggered by the number that were virtually identical.Not surprisingly, when I came across something that was a little bit different, I sat up and took notice.The bull & bear tracker plan from structured product specialists Nvesta is well worth a closer look.The plan aims to provide investors with a return equal to any growth in ...

  • PruHealth

    9 Dec 2004

    New Zealand-born PruHealth chief executive Catherine McGrath says Antipodeans can often get away with being more direct in business than British people and that can be useful.Since moving to the UK eight years ago, McGrath has used this directness and her business acumen to make her way up the ranks of financial services to the point where now, as head of the newest private medical insurance provider, she says she can do something truly innovative ...

  • Raising state pension is only way to solve crisis -Lib Dems

    13 Dec 2004

    The solution to the pensions crisis must start with a decent basic state pension say the Liberal Democrats in response to leaked reports on the Employer Task Force on Pensions.Reports indicate the Government-commissioned task force will conclude that forcing employers to contribute to their workers' pensions may be the only solution to Britain's pensions crisis.Liberal Democrat Work and Pensions spokesman Steve Webb says: "The solution to the pensions crisis must start with a ...

  • Reasons to be cheerful

    9 Dec 2004

    Although the merger with Isis has seen several staff leave, there is one F&C emp-loyee who is clearly delighted with this job.In a surefire bid at making it into F&C Santa's good books, head of European small caps Crispin Longden ends his normal answerphone message with a jolly little song to the tune of 12 Days Of Christmas."On the first day of Christmas my new boss gave to me a part in the new F&C," sings Crispin.It is disappointing that he only ...

  • Resolution Life buys Swiss Life closed book

    9 Dec 2004

    Closed fund administrator Resolution Life has bought the closed book of Swiss Life Groups UK business for 205m.Resolution Life says the 750,000 in-force policies, which are mainly non-profit protection contracts such as term, life and disability assurance, have an imbedded value of 271m.In September the company bought the closed book of Royal & SunAlliance for 850m and now owns closed funds with an embedded value of 1.6bn across 2.25m policyholders.It also announces the appointment ...

  • Richard Verdin on Protection

    9 Dec 2004

    With the benefit of hindsight, I guess most mortgage advisers wish they had taken a month's holiday starting on November 1. If they had, they might well have avoided the business issues caused by a number of lenders in dealing with key facts illustrations and adviser registrations, which together with the slowdown in housing transactions combined to make November the worst month on record for many small mortgage and insurance businesses.

  • Risk runners

    9 Dec 2004

    IFAs are calling on fund companies to be clear about what risks managers are taking to achieve returns.

  • Road to recovery

    9 Dec 2004

    Schroders has made its institutional recovery fund available to retail investors in the UK. The Schroder recovery fund, formerly the Schroder institutional recovery fund, invests in companies which have suffered a setback and their valuations will reflect this. A setback could mean they are out of fashion with the market or profitability has fallen.However, they will only be selected where they still have good market positions, strong balance sheets ...

  • Sarasin eyes up global properties

    14 Dec 2004

    Sarasin Chiswell, formerly Sarasin Investment Management, has established a fund which provides indirect exposure to global property.

  • Scottish Provident CII cover rates are reviewed

    14 Dec 2004

    Scottish Provident has adjusted its premium rates on death or earlier critical illness and standalone critical illness self assurance plans.

  • Severn bridges gap to take Aifa top job

    9 Dec 2004

    Aifa has picked the architect of depolarisation, FSA head of retail investment policy David Severn, as its new director general.

  • Standard simplifies IHT plan structure

    9 Dec 2004

    The Investment Management Association has called for an urgent summit meeting with the Treasury in a bid to save tax breaks for hundreds of funds.

  • Take your revenge

    9 Dec 2004

    Sick of being quoted in Out of Context every time you make an honest attempt to liven up a briefing on limited price indexation?Well, every year, as part of the seasonal festivities, Money Marketing allows the industry to have its collective revenge and for one week only, we will put MM journalists (including those who have left in the past year) into the column. Email your suggestions to Diary editor james.phillipps@centaur.co.uk.

  • Talkback

    9 Dec 2004

    Will you change your commission rates as a result of the publication of a market-average rate?"No. To a large extent, my commission is set by my network. I do not think I will have to make many changes."Brian Kilburn, Brian Kilburn Financial Management"No. When being an IFA is a very small part of your business, like me, you just tend to go with the comm-ission rates that are offered to you. I do not think I will make any changes."David Taylor, ...

  • The real thing

    9 Dec 2004

    The Diary has been alerted to the fact that ebay may be a better source of galacticos-signed Real Madrid shirts than charadee auctions.Following last week's revelation that Selestia marketing director Bill Vasilieff ended up in a bidding war for a shirt with his wife, Bank of Ireland Mortgages national account manager Ian Bates has been in touch to say you can pick one up on ebay for 72.Perhaps Bill has the current winning bid and is trying to recoup ...

  • Tilney wins AA rating for hedge

    9 Dec 2004

    Sarasin Chiswell, formerly Sarasin Investment Management, will include the property investment funds - the proposed UK version of real estate investment trusts - in its new multi-manager global property fund.

  • Treasury review will see FSA handbook re-written

    8 Dec 2004

    The Treasury review of the Financial Services and Markets Act 2000 will see a rewriting of the FSA handbook. The FSA will reduce the size of the handbook whilst retaining consumer safeguards. The regulator will also issue around ten tailored guides to the handbook in the next 12 months similar to the short guides already issued to mortgage and general insurance advisers earlier this year. The FSA handbook website is also being improved and updated to make it easier to use.

  • UK interest rate is held at 4.75 per cent

    9 Dec 2004

    The Bank of England has today frozen the UK interest rate at 4.75 per cent.

  • URL never work alone

    9 Dec 2004

    There are good reasons why online mortgage delivery has failed to take off in the UK.

  • West LB plays weighting game

    14 Dec 2004

    West LBPerformance Seeker

  • When the Poat comes in

    9 Dec 2004

    As house prices have risen, there is evidence that inheritance tax will affect more people.

  • Winds of change

    9 Dec 2004

    Brewin Dolphin Securities is sponsoring the Ventus VCT, a specialist venture capital trust that invests in companies developing, constructing and operating small UK wind energy projects.The directors point out that the UK has made a strong commitment to the development of renewable energy. The main aspect of this is the Renewables Obligation introduced in 2002 which provides financial incentives for electricity suppliers to obtain a portion of their ...

  • Woolwich does the splits

    13 Dec 2004

    Woolwich Plan Managers has established the guaranteed 50:50 deposit account. This combines a five-year FTSE 100-linked guaranteed equity bond with a one-year fixed rate high interest account.

  • Woolwich Plan Managers - Guaranteed 50:50 Deposit Account

    10 Dec 2004

    Type: Guaranteed equity bond and high interest account

  • YFM VCT easy as ABC

    8 Dec 2004

    YFM Private Equity intends to raise up to 15m in C shares for its British smaller companies venture capital trust.

  • Zurich multi-tie picks ScotEq as its sole pension provider

    9 Dec 2004

    Zurich Financial Services' multi-tie distribution business launches next year and will be branded Openwork, with Scottish Equitable as sole pension provider.

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