View more on these topics

Polar fears over HSBC Isa

Rival fund managers have raised concerns that HSBC&#39s triple Isa product, which combines the funds of three different providers, may breach polarisation regulations.

The Isa, launched in May, combines HSBC, Merrill Lynch and Framlington funds and was created in response to recent changes in the polarisation regime.

The new rules state that a provider can “issue or approve a direct-offer advertisement which advertises a packaged product of a product company which is not within the firm&#39s marketing group”.

However, a subsequent paragraph stipulates that the ad must not contain advice – a rule which some managers say is implicitly broken in the context of a product-specific ad.

So far, HSBC has been the only product provider to launch such a product.

Fidelity says it had originally hoped to run direct-offer mailshots on a selection of funds from its FundsNetwork platform but is now uncertain of the regulatory implications of such a move.

HSBC media relations manager Rob Skinner says: “This is very much an experiment. We have had discussions with the regulator and we are confident it abides by all the regulations.”

The FSA says it will not comment on an individual case.


EFM acquires Portfolio

Edinburgh Fund Managers is to buy Portfolio Fund Management for £12m, plus up to a further £8m calculated in reference to Portfolio’s future net sales.Portfolio’s £430m of assets take EFM’s funds under management to £8.3bn.

Sub-prime loans round off Midshires&#39 range

Halifax subsidiary Birming-ham Midshires is launching into the sub-prime market next week in a move it claims completes its goal to offer IFAs the total mortgage range.Head of lending Michael Bolton says Midshires will initially be offering adverse-credit tracker mortgages thr- ough a panel of five packagers from July 9 in advance of a major […]

HSBC Bank International – Nasdaq Plus Growth Fund

Thursday, 4 July 2001.Type: Ucits.Aim: Growth linked to the Nasdaq 100.Minimum investment: £5,000 or $5,000.Place of registration: Dublin.Investment split: 100 per cent linked to the Nasdaq 100.Isa link: No.Charges: None.Commission: Initial 2.5-4.5 per cent.Tel: 01534 606348.

DTI to review fees for rejected loans

The DTI has pledged to review the Consumer Credit Act following industry complaints over the maximum fee brokers can charge for giving advice on rejected mortgage applications.DTI director of consumer affairs Fiona Price has agreed to review the maximum£5 fee that brokers are permitted to charge clients under the 1974 Act after coming under pressure […]

A tough start for 2017 consensus trades

By Kacper Brzezniak Every year, starting around November, investment banks (and fund managers) begin to drip out their outlooks for currencies, rates, economies, you name it, for the following year. The consensus has been largely wrong for the past four or five years; those multiple rate hikes never came, the bond market is still alive […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm