Money Management articles from May 2004

Money Management archives from May 2004

The other 'F' word.
May 1, 2004... When I read recently that the Home Office was sending bills to victims of miscarriages of justice for board and lodging whilst wrongly held in prison, my first reaction was total disbelief. How could the Government be so stupid? The...

n fixed income fund it's all in the blend.
May 1, 2004... Credit Suisse Asset Management (CSAM) has launched an onshore version of its 'balanced' fixed income fund, targeting returns of 2.5% above six month sterling LIBOR rates. The CS Target Return Fund will invest in global convertible,...

it pays to stay the course.
May 1, 2004... Scottish Equitable's new Flexible Pension plan gives IFAs more commission and offers a choice of internal or external fund managers, the latter at an extra cost. Policyholders making regular contributions pay an average of 0.3% of the fund...

saving grace First investment since becoming an IFA office.
May 1, 2004... Lincoln's first new investment since transforming itself into an IFA office is managed by a fund group with a proven history of outperformance in specialist equity sectors. The Lincoln Delaware Emerging Markets fund, which is being launched...

the missing link.
May 1, 2004... Newcastle Building Society has relaunched its offset mortgage to offer a drawdown facility. The variable rate offset mortgage offers a drawdown facility of up to 75% LTV. After the initial drawdown, further advances incur a cost starting...

HIgh octane corporate bonds.
May 1, 2004... Past performance is not a guide to the future. Or so investment providers are forced to proclaim at every possible juncture. With regards to an investment in corporate bonds today, however, truer words were never spoken. The investment...

going into native territory.
May 1, 2004... Old Mutual Asset Management (OMAM) is launching a US fund as part of its expansion plans. The US Select Equity Fund, managed by Terry Ewing and Ann Hall, will invest in 40-70 stocks in the S&P 500 universe. Asset allocation will be across...

The budget 2004.
May 1, 2004... At the time of writing, the Finance Bill 2004 had just been published. And it is massive, with over 300 clauses and 40 schedules spread over nearly 600 pages. Not surprisingly, many of the Budget changes that will have significant impact upon...

double agents?
May 1, 2004... When polarisation was introduced back in 1988, financial advisers had to choose whether to be independent or tied to a single product provider. If they chose the tied route, the law of agency was clear -- the agent acted for the product...

profit through thick and thin.
May 1, 2004... Keydata has followed Premier in launching a structured product that will make money whether markets rise or fall. The five year Innovative Growth Plan is linked to the FTSE 100. It will pay 80% of the rise in the index over the duration of...

Windfall brings foul wind Standard Life vulnerable to profiteering.
May 1, 2004... Canny policyholders could hold Standard Life to ransom -- and further undermine its solvency -- by collecting compensation for a 'missold' endowment policy now and a full demutualisation windfall as a result of that same policy later. ...

Bigger basic state pension and compulsion.
May 1, 2004... Despite the serenity implied by the DWP paper 'Simplicity, security and choice', the Government has made no real progress in tackling the UK's pension crisis. Any real debate has been put off until after the next election, with Adair Turner's...

Mortgage regulation - trick or treat?
May 1, 2004... Mortgages represent a cornerstone of the personal finance industry. Although not carrying the same weight of business as more glamorous, headline grabbing products, mortgages impact on the lives of millions of individuals. The market within the...

the truth about ters.
May 1, 2004... Although no one would begrudge paying top-performing asset managers higher annual management fees in recognition of the outperformance, it is not a given that high fees are the preserve of top performers alone. Further, looking solely at...

Fraud fiesta Fake documents for sale.
May 1, 2004... Internet companies are facilitating money laundering and fraudulent loan applications -- and the practice appears to be completely legal. Firms like Confidential Access use their websites to trade in fake documents, including P60 forms,...

truth or dare.
May 1, 2004... The BBC's programme ON fraud in the self-certification mortgage market filmed mortgage brokers, with the aid of undercover researchers and hidden cameras, encouraging would be borrowers to lie about their income in order to raise larger loans....

Sweat surrenderMM endowment survey provokes change.
May 1, 2004... Scottish Life has revised the way that it approaches smoothing of with profit returns as a result of Money Management's endowment survey. The survey, which was published in last month's issue, found that Scottish Life and three other...

Wicked Which?More CA u-turns revealed.
May 1, 2004... Further examples have come to light of the Consumers' Association (CA) approving products that it has since denounced. Last month's Money Management revealed that CA publications from the 1980s had given endowment mortgages a "best buy"...

Taking STOCK.
May 1, 2004... Investors may feel unhappy that last year's strong gains in stock market prices did not continue into the first quarter of this year. They should console themselves with the thought that markets have been resilient in the face of some...

The FSA has lost it Lawyer alleges regulatory oversight.
May 1, 2004... An appeal brought by Legal & General against an FSA misselling fine has been thrown into turmoil amid claims that the regulator 'lost' key documents relating to the case. The allegations came from Charles Flint, the firm's lawyer, during a...

IMA-gination Consultation on new CIS rules.
May 1, 2004... The IMA is calling for a unified model for performance fees on retail funds. Since April 2004, retail funds have been able to levy such charges, as part of changes to the CIS sourcebook. In a bid to promote maximum transparency, the...

BBNFS first of many More will liquidate.
May 1, 2004... Many more IFAs will liquidate parts of their businesses to remove the risk of future liabilities bringing down their companies. Increasing consolidation in the IFA market will be the catalyst for more companies going into liquidation,...

More 'misselling' misery Life office pays out on 'unfounded' claim.
May 1, 2004... Allied Dunbar has upheld a misselling complaint against an IFA despite overwhelming evidence that the risks inherent in the policy were made clear at the time of sale. The client alleges that he understood his Maximum Investment Plan (MIP)...

Splitting the difference Split cap compensation deal draws closer.
May 1, 2004... Fund managers at the centre of the split capital investment trust inquiries are close to reaching an agreement with the FSA on a compensation deal for wronged investors. After weeks of on-off negotiations with the 21 firms involved, which...

Dye is cast 'Doctor Doom' predicts disaster.
May 1, 2004... The fund manager who was famously the first to predict the end of the bull market in equities has just called time on rising house prices. Tony Dye -- former chief investment officer of big four City fund group Phillips & Drew -- forecasts a...

Buy-to-let advice Author suggests unusual initiatives.
May 1, 2004... The buy-to-let Bible is a book recommending inventive schemes to raise capital to purchase a buy-to-let property. Author Ajay Ahuja, chartered accountant and buy-to-let property millionaire, offers financial tips that have helped him turn...

Finance Fives 5-a-side championships.
May 1, 2004... The third annual Money Management Fives are fast approaching and offer an exciting opportunity for fun networking and a few games of football. Over 20 teams took part in last year's event, which saw the first women's cup. The Children's...

Pension swings and roundabouts Finance Bill introduces penalties and rewards.
May 1, 2004... Publication of the Finance Bill has confirmed the need for financial advice both before and after pension reform is implemented. Liz Fleming, pensions strategy manager at Scottish Life, says, "Although the system will be simpler, there are...

Tangible assets UK REITs proposals acclaimed.
May 1, 2004... The Treasury's proposal to introduce property investment funds (PIFs) has been warmly welcomed by the industry. It is likely that PIFs will be modelled along US real estate investment trusts (REITs) lines, although the extent to which this...

A blast from the pastNews from 25 years ago.
May 1, 2004... In May 1979 Money Management published the very first decade of with profits results. 71 offices had policies open to new business, double the number today. The top payout over 10 years was from Equitable Life where AGBP10 pm over 10 years...

Financial Planner of the Year awards More than AGBP18,000 up for grabs.
May 1, 2004... Look out for the supplement with this issue of Money Management, which contains the case studies for the 2004 Financial Planner of the Year awards. Now in its ninth year, this year we have 11 different categories, with new additions...