Money Marketing back issues from June 2002:
Sipp audit as Revenue gets tough on rules.(Brief Article)
Jun 06, 2002; ... The Inland Revenue is planning to audit self-invested personal pensions as part of a crackdown on investments that may breach its strict rules on pension funding. The Revenue has had the power to audit Sipps for the past three years but has so far not taken any action. It is now ...
Investment IFA takes aim with expansion bid.(Bates Investment Services)(Brief Article)(Statistical Data Included)
Jun 06, 2002; ... Major Leeds investment IFA Bates Investment Services is aiming to float on the Alternative Investment Market when it completes a planned expansion. Chairman Graham Bates says he will move towards a listing for the firm he founded in 1993 as soon as his ambitious plans, which ...
Analyst finds UK IFAs in 'enviously' healthy financial position.(report on independent financial analyst firms)(Brief Article)(Statistical Data Included)
Jun 06, 2002 ... More than half of UK IFA firms are in a strong financial position with healthy balance sheets and low debt levels, according to research by analyst Plimsoll. The new study examining the finances of the 1,000 biggest IFAs, covering areas such as profit, debt, turnover and ...
'Darling has left the DWP with job only half done'. (News).(Alistair Darling, Department of Work and Pensions)(Brief Article)
Jun 06, 2002; ... Alistair Darling has departed as Work and Pensions Secretary leaving the job half-done, say product providers. Life offices say Darling has put the infrastructure in place but has failed to motivate more people to start saving through pensions. Others are more ...
Kelly keeps control of financial services. (News).(Ruth Kelly promoted to Treasury financial secretary)(Brief Article)
Jun 06, 2002; ... Ruth Kelly was promoted to Treasury financial secretary in last week's cabinet reshuffle but has retained responsibility for retail financial services. The decision to keep Kelly in charge of the industry is a first in recent memory as normally a minister's responsibilities ...
New chief Smith takes over at critical time for pensions. (News).(Andrew Smith named new Work and Pensions Secretary)(Brief Article)
Jun 06, 2002; ... Pension experts are hoping the appointment of a new Work and Pensions Secretary will not derail the process to simplify pensions. The Pickering and Inland Revenue reviews are both due to report in the next month along with the Sandler review so former chief secretary to the ...
'Rising nursing fees will cancel out free Govt aid'. (News).(warns Residential Nursing Homes Association)(Brief Article)(Statistical Data Included)
Jun 06, 2002; ... Rising nursing home fees will offset free nursing care paid by the Government, leaving pensioners no better off in terms of long-term care costs, claim providers. Following a warning from the Residential Nursing Homes Association last week that fees may rise by at least [pounds ...
Zurich bids to topple NU from mutual slot. (News).(Zurich Financial Services, Norwich Union)(Brief Article)
Jun 06, 2002 ... Zurich Financial Services is on a drive to tie with building societies and knock Norwich Union from its position as the most popular life office partner for mutuals. Last month, Zurich formed a tied relationship with Market Harborough, its first agreement in the sector, which ...
Legal threat to FSA over cash-laundering claims. (News).(Northern Ireland Insurance Brokers threaten to sue Financial Services Authority over allegations)(Brief Article)
Jun 06, 2002; ... A Belfast IFA is threatening to sue the FSA after it announced it was preventing the firm from conducting any business over money-laundering concerns. The firm, Northern Ireland Insurance Brokers, of 147 Stranmillis Road, Belfast, has been banned from carrying out any form of ...
Abbey bids to boost unit trust presence. (Newswatch).(Abbey National Asset Managers hires Simon Gordon)(Brief Article)
Jun 06, 2002 ... Abbey National Asset Managers has appointed Simon Gordon as head of retail sales in a bid to boost its unit trust presence in the UK ...
Kingsbridge makes board changes. (Newswatch).(IFA Kingsbridge Holdings)(Brief Article)
Jun 06, 2002 ... IFA Kingsbridge Holdings, which focuses on sports clients, is making changes to its board. Kevin McMenamin and John Murray are stepping down as directors of the holding company and will go back to running their subsidiary ...
Swip set to move trusts into Oeics. (Newswatch).(Scottish Widows Investment Partnership)(Brief Article)
Jun 06, 2002 ... Scottish Widows Investment Partnership is asking investors to approve proposals to convert its range of 74 unit trusts into 40 Oeics. The firm says it would create a more focused fund range. Swip will convert ...
Solus chiefs to set up boutique. (Newswatch).(John Eckersley, David Soutar leave Solus Investment Funds to establish Castlefield Investments)(Brief Article)
Jun 06, 2002 ... Solus Investment Funds managing director John Eckersley and investment director David Soutar are leaving the company to set up an investment boutique. Eckersley ...
Staffordshire to shut nine branches. (Newswatch).(Staffordshire Building Society)(Brief Article)
Jun 06, 2002 ... Staffordshire Building Society is closing nine of its 48 branches which it says are no longer ...
R&SA expecting fine over misselling. (Newswatch).(Royal and Sun Alliance Insurance Group PLC)(Brief Article)
Jun 06, 2002 ... Royal & Sun Alliance is facing a line from the FSA for pension misselling as part of the pension review. The group admits in its ...
PMI policies hit all-time high. (Newswatch).(private medical insurance )(Brief Article)(Statistical Data Included)
Jun 06, 2002 ... The number of people covered by private medical insurance policies reached an all-time high last year, with 6.53 million lives insured, up ...
Lenders deny boom is over for BTL. (News).(buy-to-let properties)(Brief Article)(Statistical Data Included)
Jun 06, 2002; ... Lenders are hitting back at warnings from analysts and estate agents that the buy-to-let boom will soon be over. Specialist lenders The Mortgage Business and Future Mortgages dispute claims that buy-to-let is set to decline because of slowing rental demand, a possible increase ...
Kempster leaving in major Pru reshuffle. (News).(Prudential Corporation PLC)(Brief Article)
Jun 06, 2002; ... Prudential director of intermediaries Tony Kempster and European managing director Chris Evans have been replaced in a major reshuffle at board level. Kempster, the former DBS chief executive who had been with the Pru for less than a year, and Evans, who had served for 19 years, ...
Aifa wants more time for IFAs to recalculate redress. (News).(The Treatment of Windfall Benefits for the Personal Pensions Review)(Brief Article)
Jun 06, 2002; ... Aifa is urging the FSA to push back the final deadline for pension review cases involving windfall benefits, arguing that IFAs need more time to recalculate redress in these cases. In the trade body's response to CP126 -- The Treatment of Windfall Benefits for the Personal ...
BSA defends record on commercial lending. (News).(Building Societies' Association )(Brief Article)
Jun 06, 2002 ... The Building Societies' Association is criticising FSA chairman Howard Davies for singling out the sector's approach to commercial lending. Speaking at the launch of at the De Montfort Study of the UK commercial property market last week, Davies said the FSA would be monitoring ...
Call for FSA and Govt ads to boost savings. (News).(Financial Services Authority)(Brief Article)
Jun 06, 2002; ... The Government and the FSA should spend money on promoting a savings culture through advertising, says the trade body representing British advertisers. Isba, which counts several of the big financial services companies among its membership of 300, issued the call after a recent ...
BoI brings UK lending arms under one roof. (News).(Bank of Ireland )(Brief Article)
Jun 06, 2002; ... Bank of Ireland is shaking up its operations in the UK to create a new umbrella operation, Bank of Ireland UK Financial. Services, to oversee Bristol & West and its IFA brands. The new operation will be headed by B&W Group chief executive Jeff Warren. Bank of Ireland ...
US aggregation firm alerts IFAs as it closes in on UK. (News).(Yodlee Inc.)(Brief Article)
Jun 06, 2002; ... Aggregation specialist Yodlee says it is close to breaking through in the UK and soon hopes to offer clients the ability to see all their financial data through one portal. The US firm warns IFAs that failure to come to terms with the technology could mean them losing selling ...
'Woolwich going back on Open Plan vow'. (News).(Brief Article)
Jun 06, 2002 ... IFAs are accusing the Woolwich of breaking its promise not to try to poach Open Plan mortgage clients for its own IFA arm if they stipulated not to be targeted. Last week, Money Marketing revealed how Woolwich was targeting IFA clients with Open Plan mortgages through mailshots ...
Abbey strengthens bond team. (Newswatch).(Abbey National Asset Management hires Sinead Cusack, Alison Murdoch)(Brief Article)
Jun 06, 2002 ... Abbey National Asset Management is expanding its bond desk following the integration of assets from Scottish Provident. Sinead ...
Forums focus on depolarisation. (Newswatch).
Jun 06, 2002 ... Fund supermarket FundsNetwork's annual series of E-volution adviser forums will take place this year at seven venues around the country throughout June. They will focus on the implications and opportunities of depolarisation for IFAs ...
IFAs offered aid for investment CPD. (Newswatch).(career development for independent financial advisers)(Brief Article)
Jun 06, 2002 ... The CII and the IMA have teamed up to publish a continuing professional development workbook on investment products for IFAs following concerns raised by Ron Sandler ...
Monro-Davies joins Axa as non-exec. (Newswatch).(Robin Monro-Davis appointed nonexecutive director, Axa UK)(Brief Article)
Jun 06, 2002 ... Axa UK has appointed Robin Monro-Davies (pictured right) as a nonexecutive director. He is a non-executive director of Fitch, a ratings agency, where he was formerly chief executive officer. He is ...
Buckingham backing Brentford. (Newswatch).
Jun 06, 2002 ... West London-based IFA G Buckingham & Company has renewed its sponsorship agreement with Brentford Football Club. For the 16th consecutive year, ...
Skandia business targets global funds. (Newswatch).(Skandia Global Funds)(Brief Article)
Jun 06, 2002 ... Skandia is setting up a global asset management business offering outsourced offshore mutual funds across different asset classes, industries, countries, company sizes and investment types. Skandia Global Funds will determine the ...
CA calling for lower-tier advice network. (News).(Consumers' Association)(Brief Article)
Jun 06, 2002; ... The Consumers' Association has this week issued details of its campaign to extend the availability of financial advice to consumers, which would see those with complex needs being referred to an IFA. As reported in last week's Money Marketing, the consumer champion is calling ...
Bristol & West offers guaranteed bond range on IFA website. (News).(Brief Article)
Jun 06, 2002 ... Bristol & West is introducing a business-to-business website through which IFAs can access its range of guaranteed equity bonds and corporate accounts. B&W says the website, www.bristol-west.co.uk/b2b, will provide IFAs with a one-stop shop for guaranteed investments with the ...
Bupa on starting line for 2002 games. (News).(provides free health insurance for athletes at Commonwealth Games in Manchester)(Brief Article)
Jun 06, 2002; ... Bupa is offering free private medical insurance to athletes and support teams for the duration of this summer's Commonwealth Games in Manchester. As part of its role as official health partner for the games, Bupa will be making medical advice available in more than 100 languages ...
BFS in bid to attract Invesco Peps. (News).(BFS Investments lures investors from Invesco Perpetual)(Brief Article)
Jun 06, 2002 ... BFS Investments is reducing its minimum Pep transfer value to [pounds sterling]3,000 from [pounds sterling]5,000 until the end of August to attract Invesco Perpetual investors wishing to retain their Pep status. The move follows Invesco's decision to stop managing Pep accounts ...
The full Monte Carlo: the big problem with pension compulsion is not forcing people to contribute, it is setting the levels at which they will contribute. (Viewpoint).(Brief Article)
Jun 06, 2002; ... As DB goes to DC it reminds me of that line from Joni Mitchell's Big Yellow Taxi "You don't know what you've got till it's gone." I can remember many instances of talking to groups of workers about changes to their pension schemes. I have been doing this since 1978 or the best ...
FSA 'safe harbour' on promotions. (News).(regulation on financial promotion)(Brief Article)
Jun 06, 2002; ... The FSA has provided what it calls a "safe harbour" to authorised firms in spelling out how they are allowed to word financial promotions. The move will affect IFAs who conduct direct-offer business on the internet and those who send out Isa guides or similar promotions. It ...
Small firms are shutting down DB schemes. (News).(Brief Article)
Jun 06, 2002 ... Small businesses are following the pension lead set by bigger companies with a quarter of those with a final-salary scheme intending to close or wind up their plans in the next year, according to research from consulting actuary Hazell Carr. The firm is concerned that only 31 ...
GE Life axes DSF in IFA-only move. (News).(GE LIfe shuts down direct sales force)(Brief Article)
Jun 06, 2002 ... GE Life is closing down its direct salesforce, which sells equity-release income plans, to distribute solely through IFAs. It says it has made this move as planning for income retirement is a complex area where people need advice to get the best from their assets and its ...
Homeowners strike gold in Jubilee year. (News).(real estate values surge in UK)(Brief Article)(Statistical Data Included)
Jun 06, 2002; ... House prices in the UK are 54 times higher than when the Queen came to the throne in 1952, according to Nationwide Building Society. Its analysis of the housing market reveals that the average property price rose by 2.1 per cent to [pounds sterling]102,086 in May from [pounds ...
One-quarter of borrowers fear mortgage debt. (News).(uk)(Brief Article)
Jun 06, 2002 ... One in four people aged between 25 and 44 fear they will not be able to meet their mortgage repayments in the next four months, according to Debt Management Associates. The company says the findings show that borrowers are taking on more than they can afford. It says ...
SLI boosts sales by 42%. (News).(Standard Life Investments)(Brief Article)(Statistical Data Included)
Jun 06, 2002 ... Standard Life Investments saw sales rocket by more than 40 per cent in the six months to May after it won several new mandates. Total sales rose by 42 per cent to [pound sterling]1.7bn from [pounds sterling]1.2bn in the same period last year as funds benefited from the addition ...
Admin crisis on pension sharing. (Analysis).(splitting pensions after divorce)(Brief Article)
Jun 06, 2002; ... IFAs are struggling to find product providers which offer a complete service for taking on pension funds split by a divorce 18 months after pension-sharing legislation was introduced. Pension sharing allows a pension fund to be split in the event of divorce. The divorced spouse ...
IFAP highlights [pounds sterling]4bn tax waste. (News).(Independent Financial Adviser Promotion)(Brief Article)(Statistical Data Included)
Jun 06, 2002; ... IFA Promotion is urging taxpayers to stop handing over [pounds sterling]4bn a year to the Government through financial inertia and lack of awareness. It has issued the warning to mark June 5, the theoretical date after which annual earnings go into our own pockets instead of to ...
Friendlies angry over Govt barring gateway. (News).(Association of Friendly Societies)(Brief Article)
Jun 06, 2002; ... The Association of Friendly Societies has attacked the Government for using HBOS "fat cats" to pilot the savings gateway scheme. AFS president Colin Paskell is disappointed that the Government has failed to involve friendly societies in the project He says the Treasury ignored ...
FSA logo to be 'badge of legitimacy'. (News).(Financial Services Authority)(Brief Article)
Jun 06, 2002 ... IFAs will be able to use the FSA's insignia in their marketing literature as a way of demonstrating their authorised status if proposals in its latest consultation paper are implemented. Consultation paper 138, Disclosure of Status under the Financial Services and Markets Act ...
Polly puts the mettle on for Tilney. (News).(Tilney Investment Management to sponsor Polly Stockton in World Equestrian Games)(Brief Article)
Jun 06, 2002 ... Tilney Investment Management's sponsorship of UK three-day eventers has paid off, with one of its competitors being selected for the British team. Polly Stockton, 28, has been chosen to represent the UK in the World Equestrain Games, taking place this September in Jerez, Spain ....
102% tracker mortgage for new graduates from Widows Bank. (News).(Scottish Widows Bank)(Brief Article)
Jun 06, 2002 ... Scottish Widows Bank is introducing a graduate mortgage which should help IFAs develop a new client base. The loan offers up to 100 per cent of property value plus a further 2 per cent to cover buying costs, including stamp duty and legal fees. Parents can guarantee ...
Actuaries in plea for final-salary pensions. (News).(Association of Consulting Actuaries tries to save occupational pensions)(Brief Article)
Jun 06, 2002; ... The Association of Consulting Actuaries is calling on the Government, the pension industry and employers to save occupational pensions. Speaking at the ACA's dinner in London last week, outgoing chairman Mike Arnold said more imaginative solutions are needed to promote ...
Royal & Sun Alliance sets out guide to S2P. (News).(Brief Article)
Jun 06, 2002 ... Royal & Sun Alliance has produced a support pack for IFAs to tackle consumer apathy and confusion surrounding the new state second pension. The main aim of the pack is to help IFAs and their clients make informed decisions about whether or not to contract out of S2P. ...
Cash benefits for sports injury treatment. (News).(Pinnacle Insurance products)(Brief Article)
Jun 06, 2002 ... Pinnacle Insurance is offering four protection products to protect against sports injuries with premiums starting as low as [pounds sterling]4.95 a month. There are four types of cover -- junior, standard, plus and extra -- all offering financial support to amateur athletes ....
Peace and quiet tops the list for househunters. (News).(Brief Article)(Statistical Data Included)
Jun 06, 2002; ... Peace and quiet is the most important consideration for one in five prospective homebuyers, according to research for Alliance & Leicester's quarterly moving improving index. A&L says its latest findings shatter the assumption that homebuying habits are normally driven by house ...
Axa IoM's offshore bond offering hedge Fof for cautious investors. (News).(Axa Isle of Man, fund of hedge funds from Liberty Ermitage Group)(Brief Article)
Jun 06, 2002 ... Axa Isle of Man is launching a new offshore bond designed for cautious investors which invests in- a fund of hedge funds. The defensive bond is an offshore unit-linked single premium bond investing in a low-risk fund of hedge funds. It aims to provide a return two to three times ...
Only 21% of companies have keyperson cover. (News).(keyperson insurance )(Brief Article)(Statistical Data Included)
Jun 06, 2002 ... A staggering 79 per cent of UK businesses risk financial ruin because of lack of insurance, according to research by Legal & General. Its business intentions research into levels of awareness and take-up of business protection among decision-makers, such as owners, managers and ...
Nightmare is a dream come true. (Competition).
Jun 06, 2002 ... * Scottish Life Fantasy League Since January, IFAs have been battling it out in the Scottish Life Fantasy Football League. Featuring all the Premiership matches, this fantasy league has been fought just as fiercely as the Premiership and we can now announce the top team. ...
TMB offers self-cert self-build loan. (News).(The Mortgage Business)(Brief Article)
Jun 06, 2002; ... The Mortgage Business is offering a self-build mortgage through industry specialist BuildStore. The loan, which will be marketed by BuildStore under its BuildLoan banner, will be available exclusively through intermediaries. The mortgage is available up to 95 per cent ...
Mortgage Placement Co in own-brand link-up with non-conforming lender. (News).(Mortgages PLC)(Brief Article)
Jun 06, 2002 ... Non-conforming lender Mortgages plc is teaming up with The Mortgage Placement Company to offer its products to its 8,000 members. Mortgages plc hopes the deal, which will allow TMPC to brand the lender's product range as its own, will lead to the introduction of more than ...
Clerical Medical boosts allocation for bond. (News).(Brief Article)(Statistical Data Included)
Jun 06, 2002 ... Clerical Medical is offering increased allocations on its investment bond and "bond fee" version of its distribution bond. The offer will apply to all new investments and top-ups to existing bonds until further notice. The move increases the allocation on the ...
Financial needs of 'jigsaw families'. (Marketing).(Virgin One report "New British Families")(Brief Article)
Jun 06, 2002; ... The idea of the traditional average married couple with 2.4 children is being replaced by men and women remarrying to bring "jigsaw families" together, according to Virgin One research. The lender says Britain's new breed of "step-families" are unlikely to turn to each other to ...
[pounds sterling]10,000 prize from MI. (Marketing).(Mortgage Intelligence: World Cup soccer marketing campaign)(Brief Article)
Jun 06, 2002 ... Broker club Mortgage Intelligence is giving intermediaries the chance to win [pounds sterling]10,000 if England beat the odds and triumph in the World Cup. Following England's opening match with Sweden, the broker who places the most business through MI will win the money - if ...
Develop business by building client trust. (Marketing).(Taff Associates' "Educating Clients" service)(Brief Article)
Jun 06, 2002 ... Management consultancy Taff Associates has set up a new business development service designed to help IFAs build trust with clients and cope in a fee-based environment. Taff is adding its Educating Clients service to its business development portfolio programme to assist ...
Has FSA done enough to shake up with-profits? (Perspective).
Jun 06, 2002; ... The FSA was once again at the heart of controversy last week with the publication of its much awaited plans for cleaning up the with-profits industry. Not surprisingly, the feedback paper evoked nearly as much criticism as it did applause. Some have attacked the report for not ...
Standard & Poor's Top 10s. (Perspective).(listing of unit trusts, investment trusts, insurance funds, individual pension funds, as of May 13, 2002)(Statistical Data Included)
Jun 06, 2002 ... <Pre> Standard & Poor's Top 10s TOP 10 UNIT TRUSTS S&P Fund1 yr3 yr Fund NameStars % % Mernil Lynch Gold & General 82.81 109.50 JPMF Korea 75.05 40.68 Schroder ...
A new dimension to UK fund management. (Investment).(Dimensional Asset Management launches into UK)(Brief Article)
Jun 06, 2002; ... US fund management group Dimensional is launching into the UK this year, determined to make an impact on a retail market nearing the point of saturation. With almost $40bn in assets under management and a track record going back more than 20 years, Dimensional seems confident of ...
Investment view: the Golden Jubilee celebrations should be making us feel good but our Motherland is not looking in too good a shape.(Brief Article)
Jun 06, 2002; ... Why does it always rain when I visit Birmingham? Is it because. I once worked in that fair city and married a Bruinmie girl, now part of that affluent group known as the ex-wives of Brian Torn? Is it just a reflection that April appears to have arrived late this year? Or could it be that ...
Broker 'talkback'. (Comment).(retail fund management market)(Brief Article)(Industry Overview)(Panel Discussion)
Jun 06, 2002 ... Is there room for new entrant into the retail fund management market? "No, I think it is very crowded. In the UK, we have so much choice in terms of fund managers and types of funds already." Ian Shipway, Lauren Charles Financial Management "Yes. There is ...