View more on these topics

Government publishes CAT standard at last

The Government has published its long-awaited Cat standard regulations extending the Cat equity Individual Savings Account to cover managed funds.


But in practice the charging regime may prove too restrictive for active managers and even some tracker funds.


The equity Cat standard has a maximum charge of one per cent of net asset value of the fund with a saving of no more than £500 in a lump sum a year or £50 a month.


The fund must be an authorised unit trust, open ended investment company or investment trust and must be 50 per cent invested in European Union stock exchanges.


Units and shares are to be single priced at mid market price.


The insurance ISA sets down an annual charge of no more than 3 per cent a year of the value of the fund with no other charges for things such as guarantees or surrender values.


The minimum premium must be no greater than £250 lump sum a year or £25 a month. Surrender values should reflect the underlying value of the asset.


The deposit ISA outlawswithdrawal charges and only allows charges for duplicate statements and lost cards. The interest rate must be no lower than two per cent of the standard variable rate.

Recommended

Northern Rock fixes for Three and Five years

Northern RockFIXED RATE MORTGAGESFixed terms: Until January 1, 2001 or 2003.Fixed rates: Two year – option one 4.69 per cent, option two 6.69 per cent. Four year – option one 5.99 per cent, option two 6.49 per cent.Minimum loan: Negotiable.Maximum loan: Up to 95 per cent of valuation subject to a maximum of £250,000.Income multiples: […]

Gartmore SNT launches with £122m

Gartmore&#39s third Scottish National Trust, a split capital fund, will have initial capital of £122m as a result of a rollover from its predecessor.The fund manager says it has attracted the largest investment in a split capital investment trust in 1998 to date.Gartmore SNT fund manager Diane Wilde says: &#34We are delighted at the support […]

Life cover for life

Jennifer Gilchrist Proposition Lead – Design, Royal London When someone mentions whole of life plans, most people will think of a niche product that serves as an inheritance tax planning tool for high-net-worth clients. And it’s really not surprising they’ve been pigeonholed in that way because before the arrival of RDR in 2013, that’s more […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment