Financial Advisor articles from July 2005

Financial Advisor archives from July 2005

Wow! is shut to new business.(WOW! Mortgages)(Brief Article)
July 7, 2005... WOW! Mortgages has closed its doors to new business with immediate effect. The company, owned by Mortgages Plc and Mortgage Force, has fallen victim to both companies wishing to concentrate on their own core business. Rob Clifford,...

Commission "lost to Sesame".(Harry Moore commission)(Independent Financial Adviser claiming commission)
July 7, 2005... A FORMER IFA with Sesame has claimed the network took commission from his business that had been placed prior to him becoming an appointed representative. Harry Moore, principal for Harry Moore Independent Financial Advisers in Bedford,...

Helm swoops for Sanders in sixth purchase.(Helm Godfrey Partners)(Roger Sanders Associates)(Brief Article)
July 7, 2005... HELM Godfrey Partners has bought Roger Sanders Associates and created a new employee benefits and corporate business division. The purchase of Roger Sanders Associates, the West End firm of employee benefits IFAs founded in 1983 by Roger...

The true cost of following fashions.(parents spending on kids clothing)(Brief Article)
July 7, 2005... PARENTS' savings are being spent on dressing their kids in the latest fashions, according to research from Prudential. It reveals British parents spend an estimated AGBP446m on baby clothes and accessories in the first year of their child's...

Ex-ISL advisers may face bankruptcy.(professional indemnity insurance)(FORMER Investment Strategies Limited advisers)(Brief Article)
July 7, 2005... FORMER Investment Strategies Limited advisers could be risking bankruptcy by taking on business rejected by the now defunct nursery network, an ex-ISL member has warned. The former member, who wished to remain anonymous, said that, when...

Taskforce to tackle access to credit and advice styles.(Financial Services Research Forum meeting)(Brief Article)
July 7, 2005... IMPROVING access to affordable credit and face-to-face financial advice have been listed as main priorities for a Treasury-appointed task force. At a Financial Services Re- search Forum meeting last week, Brian Pomeroy, chairman of the...

IFAs are cool over Abbey's service push.(independent financial advisers)(contact centres)(Brief Article)
July 7, 2005... ABBEY'S aggressive offensive to improve intermediary service has been given a luke-warm response. Its project was developed to gain market share from competitors and become the provider of choice by the majority of intermediaries. The...

New Product - Moved-on.com.(Moved-On.com website for investment advisers)(Michelle Sartain)(Brief Article)
July 7, 2005... CLIENTS looking to find an IFA that has moved on can now trace their intermediary through a new website. The site, Moved-On.com, has been launched for advisers to keep in touch with clients who may have no idea where their adviser has gone....

IFAs' merger set for FSA approval.(Institute Of Financial Accountants)
July 7, 2005... THE MERGER of Thinc and Destini looks set to get the go-ahead from the FSA seven months after the deal was first announced, according to the two companies. Back in November the multi-distribution platform and national IFA brand Destini...

New Product - Yorkshire.(Yorkshire Building Society)(Brief Article)(Product/Service Evaluation)
July 7, 2005... Following extensive research into separating couples, Yorkshire Building Society is lending a helping hand to divorcees looking to buy a home. With 10 per cent of couples splitting up before their first wedding anniversary and more than...

Realistic working drive aids with profits position.
July 7, 2005... INSURERS are better capitalised to meet their with profits liabilities following the introduction of the FSA's realistic reporting regime. On Monday, the regulator reported its end of 2004 data for the largest with profits insurers. The...

Tailored IHT products are worth a look, claims Close.
July 7, 2005... IFAS could save clients thousands by investing inherited funds into tailored schemes, according to Close Fund Management. The company spoke out on the 10th anniversary of the launch of the Alternative Investment Market. Andrew...

Abcul's clients get access to Scot CTF.(child trust fund)(Brief Article)
July 7, 2005... THE UK's 400 plus credit unions will be able to sell Scottish Friendly Assurance's child trust. The agreement means that Scottish Friendly's CTF stakeholder account will be accessible to 365,000 members of the Association of British Credit...

New Product - A&L.(Alliance & Leicester Building Society re-prices fixed rate mortgages.)(Brief Article)
July 7, 2005... ALLIANCE & Leicester has re-priced its fixed rate mortgage deals and launched a new two-year fee-saver product. The two-year fixed rate is 4.44 per cent, which is fixed until 31 August 2007, and then Bank of England base rate plus 0.75 of a...

Exchange and Trigold in further integration.(Brief Article)
July 7, 2005... THE Exchange and Trigold have extended the level of integration between their two platforms. It is expected to enable users of Trigold's prospector AAA mortgage sourcing software to link to the Exchange's quotation and transaction services...

Demand for new mortgage exam.(tests, problems and exercises of mortgage brokers)(Brief Article)
July 7, 2005... MORE than 750 advisers have signed up for the new specialist mortgage equity release exam, according to the Chartered Insurance Institute. At the first sitting of the Chartered Insurance Institute's Lifetime mortgage activities paper in...

New Product - Nottingham.(Nottingham Friendly Society new bond offferings.)(Brief Article)
July 7, 2005... NOTTINGHAM Friendly Society has launched an enhanced five-year bond offering savers a 5 per cent bonus on day one. Investors with a minimum of AGBP5000 can invest in the single premium with profits policy. They will receive a 5 per cent...

The difference a day makes.(Standard Life)(Brief Article)
July 7, 2005... MICK James, protection marketing manager for Standard Life, has climbed 24 of Scotland's mountains on a 24-hour run for charity. The race, which started at 10am at the bottom of Ben Nevis on 25 June, saw Mr James cover 60 miles of the...

Abbey is accused of profiteering on wrap.
July 7, 2005... ABBEY has been accused of luring new investors into its wrap accounts with seductively high interest rates which were later cut. Mark Ring, director of Norwich-based Knowlden Titlow Financial Services, said his advisers had not been clearly...

Millfield and Davis settle claims.(Millfield Group)(Brief Article)
July 7, 2005... MILLFIELD has reached a settlement with a former practice director of Inter-Alliance, who was accused of failing to repay his company's debts. On Tuesday, Paul Tebbutt, chief executive of Millfield, said Inter-Alliance Group, which merged...

New Product - BMC.(Business Mortgage Company new mortgages.)(Brief Article)
July 7, 2005... BUY-to-let specialist the Business Mortgage Company has announced new rates for its Mortgage Trust Select fixed-rate loan range. The Cardiff-based commercial packager has introduced a two-year fixed rate of 4.65 per cent and a one year rate of...

Annuity rates to drop says Bureau.(Brief Article)
July 7, 2005... AN expert has warned that annuity rates will drop further, even after reaching a two-year low last month. Peter Quinton, spokesperson of the Annuity Bureau issued the warning following a drop in the 15-year gilt yield to 4.19 per cent on 8...

FSA to boost know-how.(Financial Services Authority)(Brief Article)
July 7, 2005... THE FSA has launched the Financial Capability Innovation Fund to encourage the voluntary sector to help people improve their financial know-how. The fund has been launched as part of the National Strategy for Financial Capability -- a...

New Product - HSBC.(HSBC Holdings PLC reduces home finance rates.)(Brief Article)
July 7, 2005... HSBC has reduced its Amanah Home finance rate by 0.25 of a percentage point to 5.74 per cent. The change in rate is effective for new and existing borrowers. The new rate will be reflected in borrowers' next payment on 25 July. With...

Bell speaks out over property preparation.
July 7, 2005... THE GOVERNMENT has failed to put in any protection arrangements for Sipp property borrowing in the run-up to pensions simplification. Her Majesty's Revenue & Customs confirmed last Thursday that there will be no relaxation or transitional...

New Product - GMAC.(GMAC Residential Funding Corp new mortgages.)(Brief Article)
July 7, 2005... GMAC-RFC has launched a non-conforming mortgage range. Rates on the mortgages start at just 5.95 per cent for status and 6.15 per cent for self-certification, offering a choice between two-year fixed and two- and three-year trackers. ...

IFAs stay offline due to integration issues.(Institute Of Financial Accountants)
July 7, 2005... THE lack of integration between portals and providers' extranet sites prevents advisers from doing more business online, according to Assureweb. The portal claimed research it conducted among IFAs revealed advisers were willing to conduct...

New Product - UCB.(UCB Home Loans Corporation Ltd revises lending limits.)(Brief Article)
July 7, 2005... UCB Home Loans has changed its mortgage range by revising loan-to-value and lending limits. For its buy-to-let mortgage, the maximum loan-to-value has now been raised to 85 per cent. The self-cert lending limit has also been raised to...

Watchdog set to tackle fairness.
July 7, 2005... THE FSA end-of-term report has revealed how it is looking at reducing the cost and increasing the fairness of regulation. The admission, made in its report for 2004-05, follows a year when its enforcement role was called into question...

Savings gap crisis -- Blunkett.
July 7, 2005... THE ever-growing UK savings gap needs to be addressed to stop many people sinking into permanent poverty, warned David Blunkett. The secretary of state for work and pensions told the Institute of Public Policy Research that there was...

Eps signs online will deal with Lighthouse.(EPS Inc contract with Lighthouse Group)(Brief Article)
July 7, 2005... LIGHTHOUSE and Eps have put together an online will writing service for the group's 550 advisers. Intermediaries can access Lighthouse Wills through the group's online facility, called Lighthouse Express. Lighthouse Wills then puts the...

War on crime is far from finished.(Brief Article)
July 7, 2005... THE war against financial crime is far from over, according to the FSA's fraud prevention expert. Edna Young, manager of the FSA's financial crime sector, told delegates at the British Bankers Association fourth annual fraud conference...

Fraudulent claims are now commonplace, says survey.
July 7, 2005... EXAGGERATED insurance claims are becoming too common, according to Accenture, a leading consultancy company. It surveyed just under 1000 people to chart the frequency of insurance fraud being committed. Steve Lantrope, partner of the...

New Product - Abbey.(new mortgages.)(Brief Article)
July 7, 2005... ABBEY has overhauled its entire mortgage range with improvements to its rates and terms. Its five-year capped-rate mortgage offers a rate of 4.99 per cent with a maximum loan to value of 95 per cent and the fees total AGBP399. Gary...

Adviser alleges Scottish Mutual acted 'deceitfully'.
July 7, 2005... AN adviser has accused Scottish Mutual of deceiving customers with claims it had improved market value reductions on its with profits bond. In March this year, Abbey, Scottish Mutual's owner, said it would not be declaring an annual bonus...

Childcare voucher move may hit lower paid, warns Baker.(Brief Article)
July 7, 2005... Lower earning parents could lose out under the renewed childcare voucher scheme, according to Baker Tilly. From 6 April this year, the vouchers which are exempt from National Insurance contributions were also made tax-free. According...

Pay life fees annually, claims Standard.(Standard Life)(Brief Article)
July 7, 2005... CUSTOMERS are being urged by Standard Life to cut their life cover costs by paying their premiums annually instead of monthly. The Edinburgh life office calculated that over a typical 25-year term, customers could save at least 18 months'...

SL gets world in motion.(STANDARD LIFE)(Brief Article)
July 7, 2005... STANDARD Life has thrown its support and money behind this month's Homeless World Cup. The provider has teamed up with Nike, Boots, Manchester United and Celtic football clubs to pay the airfares of the participants. The provider...

Treasury plans Sharia shake-up.(Shariah Funds Inc)
July 7, 2005... THE GOVERNMENT is looking at reforming the taxation system to encourage providers to develop further Sharia-compliant products. Ivan Lewis, economic secretary to the Treasury, said the government was consulting with providers about areas of...

IFAs prepare for online spurt.(Institute Of Financial Accountants)
July 7, 2005... MORE intermediaries are expecting to do business online over the next year, according to the latest CBI financial services survey. The latest quarterly survey, published by the CBI and PricewaterhouseCoopers, reported more firms are...

Income cover loses out to pet insurance.(Brief Article)
July 7, 2005... TODAY'S consumers do not consider income protection essential, according to research by Axa. The provider found that Britons believe buying extended parts and service warranties on cars and household appliances more important than insuring...

Deadline nears for FA awards.(Financial adviser awards)(Brief Article)
July 7, 2005... TIME is running out for readers of Financial Adviser to cast their votes in this year's Financial Adviser Sales and Service Awards. The Financial Adviser Sales Awards 2005 will take place at The Brewery in the heart of the City of London on...

New Producr - Catholic.(Catholic Building Society.)(Brief Article)
July 7, 2005... CATHOLIC Building Society has announced a new tier to its mini-cash Isa. The Westminster-based building society, which principally operates throughout the UK on a postal basis, has increased the interest rate on balances of more than...

BGI slams ratings.(Barclays Global Investors)(Brief Article)
July 7, 2005... Traditional ratings agencies are an inaccurate measure of how well companies are performing, say Barclays Global Investors. Tim Webb, head of fixed income advanced active strategies for Barclays Global Investors, said agencies such as...

Banks are failing to offer multi-tie life cover -- Chase.(insurance industry)
July 7, 2005... BANKS cannot compete with financial advisers when it comes to life cover, according to Chase de Vere. The Bath-based IFA conducted research into the level of advice offered and found that high street banks do not appear to offer multi-ties...

House price growth hits nine-year low.
July 7, 2005... HOUSE prices are continuing to fall, according to the latest data from Nationwide. The mutual said the annual rate of house price growth in the UK was at its lowest rate since 1996, and the fastest growth had shifted to Scotland and...

New Product - Paragon.(Paragon Mortgages new mortgages.)(Brief Article)
July 7, 2005... BUY-TO-LET investors fearful of a fluctuation in the Bank of England base rate can fix for five years with Paragon Mortgages. The specialist buy-to-let lender is offering homebuyers the chance to fix their rate at 5.25 per cent until 31...

ASB demands global with profits solution.(International Accounting Standards Board)
July 7, 2005... REPORTING requirements for with profits funds should be developed internationally, according to a report by the Accounting Standards Board (ASB). In a 42-page report, requested by the Treasury following the near collapse of Equitable Life,...

Fleming's retirement sees new head of small companies at F&C.(Sandy Fleming, F and C Investment Management Ltd.)(Millenium Associates appoints Leslie McIntosh)(BDS Mortgage Group appoints Mike Davies)
July 7, 2005... Investment F&C has announced the appointment of a new head of UK small companies to replace Sandy Fleming on his retirement. Catherine Stanley succeeds Mr Fleming, who leaves at the end of July after 12 years with F&C. The F&C UK...

L&H appoints head of lending.(Leeds & Holbeck Building Society.)(Brief Article)
July 7, 2005... LEEDS & Holbeck Building Society will have a new head of lending, Yvonne Langley-Brook. Ms Langley-Brook will be responsible for maintaining and improving customer service standards as well as for the effective and efficient processing of...

Zurich in mis-selling bias claim.(Brief Article)
July 7, 2005... A FORMER Allied Dunbar IFA has claimed that Zurich is favouring staff members over those who have left when reviewing cases of alleged mis-selling. Brian Gibbens, who now works as an IFA consultant, claimed Allied Dunbar, which became part...

Aifa's new boss plans accountability drive.
July 7, 2005... THE ASSOCIATION of IFAs plans to grow in size by allowing advisers to hold it to account for its actions, according to its new director general. Chris Cummings said the only way the association could grow its membership and staff numbers...

No reason given for BBB probe delay.(Berkeley Berry Birch)(Brief Article)
July 7, 2005... The City regulator last night remained tight-lipped over its prolonged inquiry into the affairs of Berkeley Berry Birch. Two weeks ago, Cliff Lockyer, chairman and chief executive of BBB, expected to learn "within days" the results of...

Industry welcomes RU64 move.(RU64 rule)
July 7, 2005... IFAs have applauded FSA plans to drop a time-consuming reporting rule relating to advice on personal pensions. The regulator has proposed a change to the infamous RU64 rule where IFAs must confirm a product chosen will be at least as...

Expo 05 dates are revealed.(Financial Adviser's Expo 2005)(Brief Article)
July 7, 2005... A LIST of impressive speakers are lined up for Financial Adviser's Expo 2005. The event, at the Royal Horticultural Hall, London on 22 September and Harrogate International Centre on 4 October, invites advisers to meet providers from the...

Insurance is still very much the Wild West.
July 7, 2005... THE FSA's annual report offers a decisive poke in the eye to those who may have believed mortgage and general insurance regulation was unnecessary. Self-regulation was working and involving the FSA would simply add to the costs for the...

A case of niche work for Scottish Widows Bank if it can get it.(Interview)
July 7, 2005... FINANCIAL ADVISER: Scottish Widows Bank is celebrating its 10th anniversary this year. What are the major changes that have occurred in that decade? GRAEME HARTOP: When we started 10 years ago we were the first of the new life company type...

Give relevant advice, not sales patter.(Brief Article)
July 7, 2005... PLEASE forgive my ignorance, but I am having a little trouble on the subject of advice. My trusty Collins English Dictionary says it means: "recommendation as to appropriate choice of action" or "formal notification of facts". Now I...

I am a PR, let me out.(Paul Riddell)(Brief Article)
July 7, 2005... NINE times out of 10, press officers and PRs are chuffed to be around reporters. It is the perfect time for them to push their agenda and do what they do best: schmooze. But, it was all too much for Paul Riddell from Winterthur Life...

How to deal with the walking dead.(Brief Article)
July 7, 2005... AMONG the brighter spots this year has been seeing a handful of with profits funds taken off life support. Norwich Union has both increased bonus rates to some savers this year and market value reductions are on the way and, in some cases,...

Never rains but it pours.(Brief Article)
July 7, 2005... SOME people just get too used to the luxuries in this business. Last week, a Standard Life team took an FA journalist to the Coldplay concert in London, only to be struck down by, what seemed like, the heaviest downpour since Noah's Ark....

On the edge of our seats.(Brief Article)
July 7, 2005... IT is a saga worthy of any blockbuster film and probably just as, if not more, gripping. Our protagonist in this case is the Bank of England's monetary policy committee and the plot line is a simple "will they, won't they". Today is...

Shabby Abbey.(Abbey National PLC)(Brief Article)
July 7, 2005... YOU have to pity Abbey. It is coping with the fall-out from its takeover and having to contend with the moniker Shabby. It has the hardest work to do among advisers. It has been accused of failing to warn them the rate on its wrap deposits...

The rules of the game.(Brief Article)
July 7, 2005... A NUMBER of the industry's major mortgage distributors gathered recently at London's oldest restaurant, Rules. The annual event, designed to debate topical market issues with the industry's gurus, was hosted by Leeds & Holbeck. Jeff...

An eye for a professional.
July 7, 2005... LITTLE Britain's Daffyd, the "only gay in the village", made a star guest appearance at the recent GMAC-RFC summer party. Mingling among the crowd and dressed in his usual attire -- hotpants, midriff top and chunky jewellery -- he caused...

IFA claims property first.(Independent Financial Adviser)(Brief Article)
July 7, 2005... AN IFA claims to have completed the UK's first commonhold mortgage application. Bill Perkins, an adviser with Dorset- based Alexander Price, said he was surprised at the lack of providers willing to offer a loan to those wanting to buy a...

Advice essential for Sipp investors.(self-invested pensions)
July 7, 2005... I am fortunate to receive updates from the SippCentre regarding the changing landscape of post-A-Day pension regulation. However, in some ways, the most enlightening document has been the results of a survey of clients regarding the question of...

It is time to take on the world.
July 7, 2005... With every advertisement nowadays containing the hallowed phrase "past performance is no guarantee for future performance" figures are rife. But to get some value from performance numbers, it is essential to understand how performance is...

Hoping for a quiet, cost-effective future.
July 7, 2005... TIMES may be getting tougher for some, particularly mortgage lenders, but business is booming at the downturn-defying FSA, according to its 156-page annual report. More than 14,000 new firms have been authorised in the past year and 4500...

A man's home is his portfolio.
July 7, 2005... FEW investment sectors have been more in vogue over the past two years than commercial property. Falling and then depressed equity markets have forced clients and their advisers to seek alternative investment opportunities and the...

Getting a helping hand for when you are riding the tiger.
July 7, 2005... THE good news is that you have never had so much choice. The bad news is that you have never had so much choice. The growth in demand for multi-manager investment portfolios has been remarkable. Many people have come to the conclusion...

Leaving the straight and narrow.
July 7, 2005... IN a recent speech, Mervyn King, the governor of the Bank of England, recalled Maradona's remarkable goal against England in the 1986 World Cup finals -- the one that was not scored by the hand of God. Mr King drew an analogy between this...

Calls for vigilance on PIC sector.(Property Investment Clubs)
July 7, 2005... PROPERTY Investment Clubs have been the centre of attention after the department of trade and industry took action and petitioned the high court for six companies to be wound up. But, what are PICs? And how do they differ from the...

Leeds & Holbeck bolsters its Isa range.(Leeds & Holbeck Building Society)(Brief Article)
July 7, 2005... LEEDS & Holbeck Building Society has launched a three-year tracker Isa and Tessa-only Isa to its existing one and two-year tax-free range. The three-year product, which includes a one-year fixed rate and a two-year base rate tracker,...

M&G US offering gets Whitechurch backing.(M and G Investments )
July 7, 2005... A NEW M&G North American Value fund would form an essential part of any well-diversified portfolio, according to an IFA. Gavin Haynes, senior investment director of Bristol-based Whitechurch, said a product such as this would be viewed as a...

Yorkshire reduces its five-year fixed rate.(Yorkshire Building Society)(Brief Article)
July 7, 2005... YORKSHIRE Building Society has cut its five-year fixed rate mortgage from 4.69 per cent to 4.54 per cent. The rate will be fixed until the end of September 2010 and is available to homebuyers, re-mortgagers, those seeking additional loans...

Time to employ a new scheme.
July 7, 2005... EMPLOYERS have always been considered a vital part of UK pension provision. However, companies are rapidly pulling out of their traditional final salary pensions role. Workplace pensions are likely to be defined as contribution in future....

Woolwich launch to meet transfer demand.(Brief Article)
July 7, 2005... Woolwich Plan Managers has launched the latest issue of its Capital Growth Plan to meet demand for mini Isa and Tessa-only Isa transfers. The investment focuses on delivering high participation in any FTSE 100 growth with full capital...

Nationwide replaces its fixed rate and e-Bond offerings.(Nationwide Building Society)(Brief Article)
July 7, 2005... NATIONWIDE Building Society has launched four new fixed rate bonds, which will replace the previous fixed rate bonds and the e-Bond. The rate for the one, two and three year bonds is 4 per cent gross a year. For those customers who...

N&P joins the move into credit impaired market.(Norwich and Peterborough)
July 7, 2005... THE credit impaired market is becomingly increasingly flooded with players to meet customer needs, according to an adviser. Rob Clifford, chief executive of Mortgageforce, said lenders have realised the margins that can be made through...

GE Life "too expensive" despite reduction.(GE Life and Annuity Assurance Co.)(Brief Article)
July 7, 2005... GE LIFE has reduced its lifetime mortgage rate but it has still been branded too expensive by an IFA. The reduction in its lifetime mortgage rate, from 6.69 per cent to 6.25 per cent is the second time GE Life, has cut the rate on its...

IFAs should curb their Sipp enthusiasm.(Independent Financial Advisers)
July 7, 2005... IFAS should be careful in pushing their clients towards the Sipp structure, despite the fact it is the best option, an expert has warned. John Moret, director of sales and marketing for Suffolk Life, said that aside from inclusion in an...

Norwich cuts premium rates across its ranges.(Norwich Union PLC)(Brief Article)
July 7, 2005... NORWICH Union has reduced the majority of premium rates across its mortgage and term assurance product ranges. Coming into effect on 4 July, the provider's term assurance without guaranteed critical illness premiums have been reduced by 3.2...

Liverpool wants long-term vision.(Brief Article)
July 7, 2005... THE latest child trust fund marketing campaigns must engender a culture of long-term investment, according to Liverpool Victoria. Commenting on the launch of the latest wave of government advertising for the child trust fund scheme, Ian...