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Fund managers cause e-commerce gap

The fund management industry is dragging down the financial services sector when it comes to e-commerce, according to two financial consultancy reports.

Financial and IT consultancy CWB interviewed 103 fund managers in the UK, Europe and the US and found nearly half of financial houses do not operate e-commerce.

And a PricewaterhouseCoopers report revealed although fund managers viewed e-commerce as an “important strategic initiative” they rarely defined clear online business aims.

CWB managing consultant Alan Knights says: “Many fund managers have not worked out how e-commerce is going to affect them, while most investment banks are moving ahead with their strategies. Investment bankers are risk-takers who know they have to keep re-inventing their business.”


Britannic staff face cuts after Cornhill deal

Britannic Assurance is cutting up to 350 jobs after striking a deal with Cornhill Direct to outsource its home insurance businessand centralising its admin.According to the insurer, general insurance products were not a core part of its product range and the partnership with Cornhill will allow concentration on its life and pensions business.Britannic also says […]

Aifa wins £500 fee refund deal for frivolous claims

Aifa has agreed a system to allow IFAs to be refunded the £500 case fee for “frivilous cases” brought by their clients to the Financial Services Ombudsman.The news comes as the FSA, under pressure from Conservative shadow economic secretary Howard Flight and IFA representatives, has conceded changes to the pensions review guidance making it clear […]

Pru axes endowments

Prudential is joining the ranks of life offices withdrawing endowment mortgages.The provider has around 300,000 endowment policyholders, but a recent drop in demand has forced it to join Nationwide, Halifax and Barclays and others in deserting the market.But Pru-owned Scottish Amicable will continue to sell endowments despite widespread reporting of potential return shortfalls.

Skipton Building Society – Two Year Step Up Bond (inserted 7/2/2000)

Type: Stepped rate savings account.Minimum-maximum investment: £5,000-£1,000,000.Interest rates: 6.5% until September 15, 2000, 6.75% until March 15 2001, 7% until Septermber 15, 2001, 7.5% until March 15, 2002.Term: Until March 15, 2002.Offer period: Until further notice.Withdrawal penalties: Minimum withdrawal £500. Penalty free access up to 20% of investment, after this no further withdrawals allowed.Tel: 0800 […]

Nobody expects the Spanish Inquisition

Paul Fidell, Head of Business Development (Investments), writes about one of the primary challenges for those involved in estate planning. He looks at dealing with investment uncertainty in these low growth, low inflation but still volatile investment conditions. Protection of capital, to leave something for beneficiaries, is a fundamental objective of many people’s plans for […]


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