Safe Home Income Plans has revealed a small drop in the total value of new equity-release business written in the second quarter of 2006.Total business stood at 262.8m, a drop of 5.8 per cent on Q1 but 0.75 per cent higher than Q2 2005. Many commentators believe the industry has not grown as quickly as hoped because of a shortage of advisers. However, Ship says the number of new cases has risen by 12 per cent year on year to 6,417 from 5,745 in Q2 2005. It says this is due to the growing popularity of drawdown mortgages. Home reversions accounted for 13.6m of new business, up by 28.3 per cent on Q2 2005. Chief executive Jon King says: “Overall business value figures are flat but the number of cases is still climbing as more and more people consider using equity in their homes to fund retirement lifestyles. Drawdown mortgages are proving particularly popular and are a welcome development.”
Pensions tax “simplification” has swamped the industry, with a 400 per cent increase in technical guidance and nearly double the number of pages of legislation that existed before A-Day. Standard Life says Revenue & Customs has broken promises to sweep away hundreds of pages of pension legislation and almost 1,000 pages of guidance. It has […]
Select committee chairman says Government is being ‘at best naive and at worst misleading’
Jupiter is offering brokers enhanced commission of 4.25 per cent on 12 of its most popular funds until October 31.
The Department of Trade and Industry is set to abolish audit requirements for regulated small firms and appointed representatives. The FSA says the move will save 3,200 small firms and 1,490 ARs £12.9m a year. The DTI will introduce regulations under the Companies Act 1985 to implement the FSA’s proposal as soon as possible. The […]
Those with decent-length memories will recall that in the 2014 Budget statement George Osborne announced the new (and entirely unexpected) pension freedoms. The new rules come fully into force in less than two weeks.
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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 […]