Money Management articles from July 2008

Money Management archives from July 2008

End of a trend?
July 1, 2008... Byline: Joe McGrath Last month's vote of confidence for the with-profits market by the chief executives of Norwich Union and Prudential at the Treasury Select Committee was in stark contrast with the current reality, finds Joe McGrath. ...

Putting property in a pension.
July 1, 2008... Byline: John Chapman The nation's love affair with property has led to a general assumption that property investing is simply a good thing. Does it work for pensions, asks John Chapman? Everyone got very excited when it was announced...

Polarisation mark II.
July 1, 2008... Letters Further to your comment in the June issue, the term financial adviser was hijacked by salesmen a long time ago. This has resulted in financial advisers who are little more than glorified personal shoppers flitting in and out of...

Debt demographic shifts.
July 1, 2008... Byline: William Grave Elderly hit by debt burden Year on year Britain has witnessed a 20% increase in the average secured debt for those in, or nearing retirement, according to the latest figures from Key Retirement Solutions. ...

Raising the game.
July 1, 2008... Byline: Gareth Shaw The publication of the RDR Interim Report has suggested a new minimum level of qualification for advisers. Gareth Shaw looks at what has been proposed Back in June 2007, the financial advice community was up in arms...

Introducers enlisted for distribution deal.
July 1, 2008... Byline: Joe McGrath Bank of Ireland steps up recruitment on joint venture EXCLUSIVE Post Office Financial Services is to hire 640 introducers by the end of this year to offer a new range of Bank of Ireland products, in branch, through...

Mortgage mutual moves online.
July 1, 2008... Byline: Joe McGrath Welsh lender moves to reduce administration Principality Building Society will no longer accept paper-based mortgage applications from 30 June 2008. The Welsh mutual has confirmed that it now requires all...

Size matters in uncertain times.
July 1, 2008... Byline: Jamie Hooper The UK equity market at the moment is unpredictable at best, and downright dire at worst. Jamie Hooper, manager of the Axa Framlington UK Growth fund, comments on the current market There is an ancient Chinese...

Statistics - July 2008.
July 1, 2008... Byline: Gareth Shaw Click on any of the links below to view this month's statistics in a PDF file UK Registered Investment FundsUK Registered Investment Funds Investment TrustsInvestment Trusts Insurance FundsInsurance Funds...

Multi-manager spotlight - Launches under NURS regime set to continue.
July 1, 2008... Byline: Stephen Ellis With increasing numbers of investment companies changing regulatory strategy to allow more non-conventional asset classes in their multi-manager offerings, Stephen Ellis asks whether this new asset allocation will...

Taking stock - investing after the credit crunch.
July 1, 2008... Byline: Russell Taylor Investing has changed following the onset of the credit crunch, says former investment banker Russell Taylor As the months go by, both politicians and bankers are becoming attuned to the fact that the credit...

Pensions spotlight - Pension buyouts under attack.
July 1, 2008... Byline: John Chapman Ministerial criticism of buyout practices and a report suggesting prices in current deals are unsustainable, casts a cloud over the buyout boom, reports John Chapman Given the complexities of running final salary...

Protection spotlight - If at first you don't succeed...
July 1, 2008... Byline: Helen Pridham The Government recently launched a consultation on the funding of long term care. Everyone agrees change is overdue. Helen Pridham looks at what the insurance industry is proposing Gordon Brown's announcement of...

Tax spotlight - Trust planning and IHT.
July 1, 2008... Byline: Nick Williams How can IHT be planned for by those who cannot afford to give their money away? Nick Williams of Clerical Medical suggests a couple of planning options and discusses a recent trust case that has hit the headlines ...

Mortgage spotlight - Dual to the death.
July 1, 2008... Byline: Laverne Hadaway Mortgage advisers have been up in arms about lenders undercutting them through direct sales, but lenders insist that they remain strong supporters of intermediaries. Where does the truth lie, asks Laverne Hadaway?...

New business trends survey.
July 1, 2008... Byline: Geordie Clarke In spite of a difficult life assurance market and the onset of economic turmoil, some companies managed to increase their life and pensions sales. Geordie Clarke surveys the new business results for 2007 Last...

Fund freeze fuels frustration.
July 1, 2008... Byline: Jo Dymock Assurer dismisses complaint over property fund moratorium EXCLUSIVE Scottish Widows sees no reason to defend a decision to lock an investor into a pension fund and preventing partial disinvestment because the money...

Provider considers bonus shake up.
July 1, 2008... Byline: Joe McGrath NFU Mutual overhauls customer statements EXCLUSIVE NFU Mutual is debating whether to change the frequency of its bonus statements to with profits customers in the latest in a series of enhancements resulting from...

Intermediary trade body to restructure.
July 1, 2008... Byline: Joe McGrath The Association of Mortgage Intermediaries (AMI) will shortly announce a restructure resulting in the departure or redeployment of some staff members, Money Management has learnt. Speaking exclusively to Money...

Regulator calls for code revisions.
July 1, 2008... Byline: Joe McGrath OFT meets FISA about specialist lending code Policymakers at the Finance Industry Standards Association (FISA) have been told to by the Office of Fair Trading that it needs to make revisions to its code if the...

Division over third way costs.
July 1, 2008... Byline: Gareth Shaw Lincoln first to respond to calls from intermediaries EXCLUSIVE Third way annuity providers have defended their charging structure after Lincoln Financial responded to IFA concerns, halving administration fees. ...

Brisk risk for protection provider.
July 1, 2008... Byline: Gareth Shaw Legal & General launches new underwriting services EXCLUSIVE Legal & General is bolstering its underwriting service for high net worth protection business by adopting new online tools to speed up risk analysis of...

Network diversifies overseas.
July 1, 2008... Byline: Joe McGrath IFA group considers broader service offering EXCLUSIVE GHL Group will shortly join the growing number of networks offering intermediaries the facility to transact mortgages in foreign currencies for the purchase of...

Cash conquers capital protection.
July 1, 2008... Byline: Geordie Clarke 10 year returns on protected unit trusts disappoint EXCLUSIVE Capital protected investment funds are struggling to perform better than cash deposits despite structures that allow them to take advantage of equity...

NURS launch imminent.
July 1, 2008... Byline: Joe McGrath LV= Asset Management is launching a new series of funds under non UCITS retail scheme (NURS) rules. LV= Asset Management is launching a new series of funds under non UCITS retail scheme (NURS) rules. The...

GBP25k fee to hit advisers.
July 1, 2008... Byline: Joe McGrath GE Money Home Lending has confirmed that it is to cease allowing intermediaries direct access to its Equifax Explorer service, meaning some will be left with no way to credit score their clients. The move will hit...

COBblers.
July 1, 2008... Byline: Janet Walford Is it right that a with profits fund should bear the costs of misselling? Yes, say the life companies citing a statement made in 1998 by Patricia Hewitt, the then Economic Secretary to the Treasury. She made clear...

Back office systems survey.
July 1, 2008... Byline: Geordie Clarke Correction - In the May issue, Durell Software was listed as charging GBP250 pm for additional user licences for its CRM software. In fact, this is a one time, upfront fee. Durell's only monthly charge is...

Growth in numbers.
July 1, 2008... Byline: Gareth Shaw Multi-manager fund In a follow up to its Multi Asset Distribution fund, Credit Suisse is diversifying its product range to launch a multi-manager Multi Asset Growth fund. Managed by Graham Duce and Aidan...

FPoY 2008.
July 1, 2008... Byline: Gareth Shaw Awards site live, enter now to win GBP5,000 Don't miss the deadline for entry of the 2008 Financial Planner of the Year Awards. The closing date for entries is Wednesday 9 July 2008. The overall winner, chosen...

Hunch on the crunch.
July 1, 2008... Byline: Joe McGrath Capital protected plan James Hay, the subsidiary of Banco Santander, has launched a Selected UK Banking plan. The capital protected plan is the latest in a series of new launches looking to capitalise on the...

Cover price.
July 1, 2008... Byline: Jo Dymock Axa has revised rates on a range of life protection products. It estimates that the result of the change will be a fall in premiums for around 37% of policies, with an average fall of 6% for these policies. Axa...

Star of India.
July 1, 2008... Byline: Jo Dymock Indian equity fund New Star has added to its range of emerging market funds with the launch of its New Star Indian Equity fund. The fund will be launched in partnership with Tata Asset Management, part of the...

Class mate.
July 1, 2008... Byline: Gareth Shaw Friends Provident has launched a series of online 'webinars', available to be viewed either at home or in the office, advising IFAs how to maximise their income and tips on generating new business. Friends...

A new home.
July 1, 2008... Byline: Gareth Shaw An increase in the number of property funds has led the Investment Management Association (IMA) to consider the creation of a new property sector. An increase in the number of property funds has led the Investment...

Out of Africa.
July 1, 2008... Byline: Gareth Shaw Emerging markets fund Investec is combining two of its most profitable sectors to launch the first UK domiciled Africa and Middle East fund. The UCITS III OEIC will invest 100% in equities, aiming for long term...

Without profits.
July 1, 2008... Byline: Jo Dymock Nearly two thirds of investors are unhappy with their with profits investment performance and a quarter intend to abandon their investment, according to research from investment management company Managing Partners...

Top of the crops.
July 1, 2008... Byline: Geordie Clarke Agriculture fund Baring Asset Management is to take advantage of rising food prices with its forthcoming agriculture fund. Due to be launched in the Autumn as a UK domiciled ICVC, the Global Agriculture fund...

Equity UK funds wide of the mark.
July 1, 2008... Byline: Jo Dymock Underwhelming performance of FTSE All Share and FTSE 100 benchmarked funds EXCLUSIVE Less than 25% of Equity UK funds benchmarked to the FTSE All Share index actually beat their benchmark over 10 years, Money...

Delay in getting annuity rates.
July 1, 2008... Byline: BGW Jamieson, Jamieson Financial Management, West Sussex, via email Letter I absolutely concur with Owen Wintersgill's letter about the delay in procuring open market annuity rates (May 2008). I had high hopes that the...

TCF - is the FSA committed?
July 1, 2008... Byline: David P Barnett MIFP, Principal, DBP IFAs, Edgware Letter TCF has started to make me wonder about whether the FSA is truly committed to TCF. As an example, if a client requires some life assurance and the premiums are say...

Hunting for meaning.
July 1, 2008... Letter I agree with most of what you have said (Comment, May issue). The one thing I am writing to correct is that the FOS is not supposed to be "unbiased and independent adjudicator", it is supposed to be an alternative dispute resolution...

Legacy of the liar loans.
July 1, 2008... Byline: Ken Brown, via email Letter When I applied for my first mortgage in the early 1960s I was required to jump through hoops to get it approved. The Abbey National B/S, as it was then, was restricted by the Bank of England because...

Missing the mark.
July 1, 2008... Byline: Jo Dymock Do active fund managers provide value? Jo Dymock looks at the Equity UK sector to see which funds have consistently outperformed their benchmark indices The Morningstar Equity UK sector (equivalent to the IMA All...