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Out of context

•”I feel like I am walking into the lion&#39s den wearing a meat suit.” – Portfolio Insurance Consultancy principal Brian Lentz before an appointment with the FSA.

•”The point of D-Day was nobody was meant to know about it because it was meant to be a surprise. With A-Day, everyone should know about it but they won&#39t until it is too late.” – Scottish Life pension guru Steve Bee on the blind march to pension simplification.

•”If you put a frog in a pan of cold water and boil it up, it just sits there. If you drop it into boiling water, it goes: &#39Wow.&#39″ – Invesco Perpetual&#39s Robert Stephens on why small rate rises will not stop consumer spending.

Any Out of Contexts or Diary stories? Send them to Diary editor Alison Bone, email: or tel: 0207 943 8037 •The Diary would like readers to know it isn&#39t all work, work, work on board PIMS. Some lucky delegates who chose to go along to a seminar about public speaking by Glacierpoint&#39s Piers Gibbon were invited to play the Peruvian nose flute.

Gibbon (in the middle) revealed to the Diary how difficult it can be to get IFAs to come out of their shells. Looks like he didn&#39t have much trouble with these two…or maybe it was just the joyful atmosphere of PIMS getting them in the mood.


New angles on pension tax

There are so many advice angles to the new pensions tax regime that it is difficult to pin them all down. You could construct lists under headings for preand post-April 2006, employer, employees, self-employed, investment, retirement opt-ions, funding, life cover, high earner, protected rights, taxfree cash and many permutations of such headings. For example, there […]

B&B axes 600 jobs to slash costs by £40m

Bradford & Bingley is cutting 600 jobs. It has already removed 150 roles from its core of 3,950 and expects to axe a further 450 posts by the end of 2005. The job losses are part of a programme to cut costs and save the company £40m by the end of 2006. Other savings will […]

Investec recruits M&G chief to head bond funds

Former senior M&G fund manager Anna Lees-Jones is to head Investec Asset Management&#39s flagship sterling bond fund and its offshore equivalent from this week. Lees-Jones, who ran M&G&#39s £1.3bn corporate bond fund until earlier this year, takes over from Mich-ael Markham, who becomes the alternative manager on both the £140m sterling bond fund and the […]

A consumer&#39s view

The proposals for Sandler stakeholder products – that providers should be able to charge 1.5 per cent management fee for the first 10 years, 1 per cent thereafter – are a typical Government compromise which will solve nothing. Part of the problem is that there is a fundamental conflict in what the Government is trying […]

Show me the money – earnings are central to performance in Europe

Equity markets globally currently remain vulnerable to sharp shifts in sentiment caused by either unexpected or unwelcome outcomes in key upcoming political events (the US and German elections, Brexit and the Italian referendum). These top-down influences, combined with the current low global growth environment, will likely lead to broadly directionless markets, and prolong the current low beta return environment. We do, though, […]


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