Cheltenham & Gloucester has ditched its dual variable rate policy after the Financial Ombudsman Service's ruling against Halifax. It says it may reverse its decision if other cases do not follow the same pattern.
My Money Adviser is launching a website that allows IFAs to expand their internet presence through sites that share branding with professional partners such as lawyers and accountants. The MultiSite enables IFAs to co-brand ecommerce sites with third parties, allowing the IFAs partners to refer their clients to the adviser's site, giving access to My […]
Foreign & Colonial is introducing a new breed of with-profits fund promising no cross-subsidy and a clear and transparent charging structure. The F&C with-prospects fund, which is set for launch next month subject to FSA approval, will be contained within an Oeic structure and will invest 60 per cent in global equities and 40 per […]
As the problems of guaranteed annuities mount, the disaster threatens to demolish the Government's entire strategy on pensions and long-term savings. Royal & Sun Alliance is the latest life company to admit that its guaranteed annuity liabilities are threatening to make the company insolvent. If another life company effectively goes to the wall, what will […]
Northern Rock has introduced a new range ofbuy-to-let mortgages. It offers a choice of fixed-rate products and a variable-rate mortgage offering cashback of 2 or 3 per cent, which is unique to the market. Landlords who choose to borrow on Northern Rock's standard variable rate, currently 6.75 per cent, get 3 per cent cashback on […]
By Paul Caruana-Galizia, Neptune Economist
Sub-Saharan Africa’s economic renaissance continues. After growing at an average rate of five per cent over the past decade, the IMF projects an acceleration to 5.5 per cent growth among Sub-Saharan economies in the next two years, as developed economies emerge from the crisis. We expect this growth to be sustainable for three broad reasons.
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It is encouraging to see the FCA close in on lazy fund management, but more needs to be done Without fanfare, the FCA has confirmed its intention to punish lazy fund management. Several groups have been persuaded into voluntarily compensating investors who bought their beta-posing-as-alpha products, otherwise known as closet trackers. The regulator suggests that […]
Ex-GBST man and FinoComp chief executive Ray Tubman on the need for a brave new world of interoperability Platforms running on proprietary technology often see this as a competitive advantage, even if it is expensive to run. But ex-GBST man and now FinoComp chief executive Ray Tubman does not believe outsourcing is the poor relation. […]
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