The Association of Unit Trusts and Investment Funds is resisting European Union attempts to increase the amount tracker funds can invest in a single company. The move to increase the limit to 35 per cent from the current 10 per cent is being led by EU countries which have a domestic stock market index dominated by a single company. Autif says there may be merit in some increase not beyond 15 per cent but insists there cannot be two sets of rules for passive and active funds.
West Bromwich Building Society is launching a three-year fixed rate bond which pays up to 6.8 per cent gross.The Guaranteed Monthly Income Account is fixed until 30 November 2002 with monthly and annual interest options paying 6.6 per cent and 6.8 per cent respectively.The minimum balance is £10,000 but existing “Privileged Members” can open an […]
The Inland Revenue is cracking down on loanbacks by bringing in tough new guidelines which must be met before life offices can lend to firms.Loanbacks allow clients to take out loans using their pension policy as security.The Revenue says it will start policing loanbacks by forcing life offices to prove a loan is judicious from […]
Fund manager Capel Cure Sharp is warning investors that the current economic cycle is likely follow the same pattern as past ones.In its latest portfolio strategy it says: “Economies expand, they reach the point eventually where inflation accelerates and the monetary authorities expand by raising interest rates.”It says the US bond market is having second […]
Norwich Union is to launch a new “red braces” advertisement this time featuring children.Norwich Union chief executive for long term savings Philip Scott says: “By using children to represent the future the ad helps ram home the message that Norwich Union is a serious player in the investment world.“A lot of people used to think […]
Jelf Employee Benefits looks at the issue of paying anaesthetist fees when the patient had no chance to discuss or agree to them prior to care; and provides recommendations for avoiding this scenario.
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The level of outstanding debt owed by over-65s who are still paying back a mortgage reached an average of £86,000 this year, an increase of 13 per cent over the past three years, according to a new report. The study by the Centre for Economics and Business Research (CEBR), commissioned by equity release lender More […]
Pensions minister Guy Opperman has said auto-enrolment and the increased state pension could help minimise the future costs of workplace pension schemes. In a House of Commons debate yesterday, Opperman was faced with several questions about pension schemes’ fees and charges from Labour MP Kelvin Hopkins. Hopkins put to Opperman that all private pension schemes – […]
Last week’s Finovate Spring conference shone a light on the new ways of working required to reach the mass market