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DBS axes fees campaigner who planned to set up rival network

Mellon Global Investors is offering a European ethical tracker fund

targeted at the Catholic community.

The fund tracks the ECapital European ethical index, which excludes a

range of industries selected by the Vatican University such as

contraceptives, nuclear power and pornography.

IFA Evan Owen has been kicked out of DBS for considering starting a rival.

Wales-based sole trader Owen, who has been running a campaign against

the network&#39s fee increases, says DBS terminated his contract even

though his embryonic Utopia network had not got off the ground.

DBS says it had no option but to take the action as Owen was setting

up a rival agency. His agency expires on March 1.

Owen says he could take court action but is considering his options,

which includes tying Utopia to a rival network.

DBS said it knew the identity of most of the IFAs responsible for

anti-network activism but added that any disgruntled members who

engaged in dialogue with DBS would not face expulsion.

Owen says: “Last month I received £10,500. This month I will

receive nothing.”


NU takes 20% stakeholder share

Norwich Union claims it is now the leading provider of stakeholderpensions after taking a 20 per cent market share and sales of£119.1m in the eight months since the launch of the product.The company, which saw its new life and pension business shoot up by30 per cent last year to £1.3bn in equivalent premium incomefrom £976m, […]

AITC says the Chinese horse is worth backing

The AITC is urging investors to take a look at the Chinesestockmarket as an alternative growth investment for 2002.With China having finally gained entry into the World TradeOrganisation last year, as well as having won the bid to host theOlympics in 2008, the economy is in a positive state.As a result, several of the industry&#39s […]

Lofthouse new chief at Brain

Trading platform Mortgage Brain has named former managing director ofthe Assuresoft portal Mark Lofthouse as its chief executive.Lofthouse, 41, one of five directors to leave DBS&#39s portal followingits acquisition by Misys last July, says the equ-ity backing given toMortgage Brain by six major lenders makes it an attractiveproposition for intermediaries.He says he plans to ann-ounce […]

Myners heading for the Big Apple

Former Gartmore chairman Paul Myners has been elected to the boardsof the Bank of New York Company and its subsidiary the Bank of NewYork with effect from March.Myners left Gartmore in November after 16 years with the firm, inwhich time he oversaw the firm&#39s sale by parent NatWest to US lifeinsurer Nationwide.However, Myners is probably […]


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