The General Insurance Standards Council is appealing against last week's decision by the Competition Commission that its proposed rule forcing intermediaries to join up breaches the Competition Act. The GISC board is asking the Director General of Fair Trading to exempt it from the Act. It will seek the support of the Government and consumer bodies and consult with the industry. GISC will continue as a voluntary regulatory body and its members are free to deal with non-GISC intermediaries for now.
Global Asset Management is launching its Star American Focus fund today, with a 2 per cent discount on applications received by October 5.GAM put back the launch by a week after the US attacks, and says its decision to launch so soon after the disaster is designed to give investors the opportunity to benefit from […]
Mercantile Building Society is launching a mortgage with a discount for the life of the mortgage of 1.1 per cent off its base mortgage rate, currently 6.64 per cent.The Mercantile Lifetime mortgage also pays a contribution towards valuation costs up to £200, it has no early repayment penalties and free unemployment insurance for the first […]
Old Mutual Asset Managers has app-ointed Richard Moore as head of UK growth funds. He joins from Singer & Friedlander, where he was a UK equity fund manager. Moore will report to head of UK equities Ashton Bradbury and will assume management for the Old Mutual UK Growth fund. Norwich Union has recruited Gerardine Davies […]
Financial services recruitment consultant 20-20 Search and Selection is opening a new office near Norwich. Nigel Borrett, formerly of Seekers Recruitment, will head up the office.Borrett says: “We are capitalising on the buoyancy and changes in the market. It is imperative for both clients and candidates for a national operation to have representation in East […]
The Department for Work and Pensions (DWP) has recently published new research, which once again demonstrates how the prospect of retirement is changing for older workers.
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Royal Bank of Scotland has joined rivals like HSBC in launching an automated investment advice service for more than five million customers. The bank claims to be the first bank in the UK to launch a “fully regulated” robo-advice service, which will be under its NatWest brand. The service, live from Monday, is targeted at […]
There is nearly £8.5bn in “drifted” legacy UK equity income funds that have underperformed against the sector over the past decade, research has found. As the fund management industry awaits Mifid II next year, Morningstar has analysed the competitive UK Equity Income sector on behalf of Money Marketing and found about 10 per cent of the sector’s […]
Old Mutual Global Investors has appointed Freddie Woolfe head of responsible investment and stewardship, reporting into chief executive Richard Buxton. Woolfe joins from Newton Investment Management, where he was a responsible investment analyst primarily covering the healthcare and technology, media and telecommunications sectors. Previously he held roles at Hermes Equity Ownership Services and HSBC. Woolfe will […]