Following the adoption of the Insurance Mediation Directive by the European Parliament, Financial Secretary to the Treasury Ruth Kelly today confirmed that the regulation of mortgages and general insurance will come into force from October 2004. Kelly says: “I am happy to confirm that both mortgages and general insurance regulation will come into force simultaneously. Following consultation and publication of the final Orders on mortgages, and the adoption by the European Parliament of the IMD, the date by which this will be achieved can be confirmed as October 2004.”
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Survey finds fund past performance is a key indicator
Past performance is a key indicator when choosing which funds are more likely to enjoy top-quartile performance in the future, according to a report commissioned by the Investment Management Association.Ima claims the study by consultant Charles River Associates is the most comprehensive ever undertaken. It monitored 940 funds from four UK equity sectors – all […]
Lender aiming to improve IFA servicing
Lender GMAC-RFC chief executive Stephen Knight has admitted that the firm's service for intermediaries could be better and says initiatives are being developed to rectify this. Speaking at a dinner for intermediaries and partners last week Knight said it is increasingly replacing centralised credit checking with remote GMAC processors and underwriters based with packagers and […]
ScotLife puts pension tools online for IFAs
Scottish Life is launching a revamped version of its BeeHive website within a newly-created online service for IFAs.The BeeHive site offers head of pension strategy Steve Bee's views on the world of pensions, along with his political papers, press articles and a collection of his cartoons.The new IFA service, Technical Central, delivers financial statistics, analysis […]
A thrilling deal for film backers
Film partnerships company Movision Management is seeking high-net-worth individuals to invest in several projects, including A Different Loyalty, a thriller starring Sharon Stone and Rupert Everett.Movision, which is co-producing the film in a tripartite agreement with Spice Factory and Montreal-based Transfilm, is looking to attract financing from people earning at least £250,000 a year to […]
Absence management systems gone AWOL from UK’s SMEs, reports Jelf
A quarter (23 per cent)* of the UK’s small to medium-sized enterprises (SMEs) do not have an absence management system in place, according to new research from Jelf Employee Benefits. Despite 69 per cent* of organisations having a system in place, three-quarters (75 per cent) report that it is not providing them with sufficiently empowering absence or health data to inform an effective wellbeing programme.
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Savers rush to top-up pensions amid Budget tinkering fears
Savers are rushing to top-up their pensions amid fears chancellor Philip Hammond will deliver a further cut to the annual allowance in this month’s Budget, Zurich says. Cash flowing into pensions on Zurich’s investment platform soared 98 per cent in September compared to the annual average, the firm has found. The value of one-off pension […]
Financial education creates five-fold return on investment, study finds
Every pound spent on financial education initiates can create more than £5 in social value, a new study finds. Research firm ERS examined the impact of “survival” money management workshops delivered to more than a thousand 16-25-year olds who were either not in work, full-time education or training, or had care responsibilities. They found that […]
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Tom Selby: New DB transfer rules under the microscope
Despite pressure to come down on the market like a ton of bricks, the FCA has taken a measured approach to improving standards Another week, another barrage of headlines about an FCA intervention on defined benefit pension transfers. The regulator’s latest missive focuses squarely on the standards and processes advisers employ when carrying out pension […]