Money Management articles from November 2004

Money Management archives from November 2004

Mutual plays favourites.
November 1, 2004... Wesleyan Assurance has stepped on some toes by launching its first intermediary-only bond through just a few, large advisers. The Birmingham-based mutual says that the decision was based on a comprehensive strategic review of its business and...

Depols apart.
November 1, 2004... Depolarisation will do little to change distribution channels, a new report from Datamonitor claims. The report, based on a survey of IFAs, providers and bancassurers, concluded that depolarisation would fail to encourage long term savings when...

Turner paints bleak landscape.
November 1, 2004... The first Pensions Commission report into the state of UK retirement provision received a positive welcome from IFAs and providers. But some expressed concerns that the stark message it conveyed could jeopardise processes already in place. ...

Unlock Sesame.
November 1, 2004... IFA network Sesame has been fined AGBP290,000 by the FSA for pensions unlocking. Sesame was fined for serious failings in the supervision of one of its network's member firms, Regal Partners Financial Planning, which was advising people on...

Fantasy portfolio challenge.
November 1, 2004... Volatility does pay. That's the point that Fantasy Portfolio Challenge drove home at the end of the contest's first quarter. The top 10 Aggressive category participants in the competition surged ahead of the Balanced, Cautious and Ethical...

Blast from the past.
November 1, 2004... In November 1979 Money Management published its self-employed pensions survey. At this time, with profits policies dominated the market, while unit-linked policies were new kids on the block, meaning it was difficult to compare like for...

progressively better.
November 1, 2004... Royal Liver has unveiled details of its new online protection company, which will be available only to IFAs. Progress features a comprehensive mortgage protection offering and all business is conducted online. Through the site, advisers can...

wesleyan on new bond street.
November 1, 2004... Wesleyan Assurance is entering the IFA market with a new open ended bond that differs from the usual capital protected package. The unit linked lump sum bond aims to provide capital growth over the medium to long term with a return based on the...

unlock the holiday home.
November 1, 2004... PropertyFinance4Less has launched an equity release plan for overseas holiday homes in France, Spain and Portugal. The scheme is open to owners who are non-resident in the country where the property is located, except in France where it is only...

Ohdair.
November 1, 2004... Here's a really scary thought. The minimum wage today for a 17 year old is AGBP3 per hour. A standard 35 hour week produces an income of AGBP105 pw. At the opposite end of the age scale, a man retiring today at 65, having saved nothing for...

cashing in on property boom.
November 1, 2004... A new property investment company aims to take advantage of the boom in residential property prices both in the UK and western Europe, as well as the potential for growth from new European Union members. 4:you Property Partners has a portfolio...

more dynamics from jpmf duo.
November 1, 2004... The new JPMF Europe Dynamic (ex-UK) fund is an onshore fund building on the offshore version launched four years ago. The fund is not constrained by any benchmark but takes a 'best ideas', bottom-up stock picking approach focusing on...

India calling.
November 1, 2004... Offshore facilities in India may not be new, but debate is growing over their use, with companies taking up positions on either side of the argument. Outsourcing and offshoring are often talked about in the same breath, but the two can be very...

Mortgages: The end is nigh.
November 1, 2004... In September, The Mortgage Works, a subsidiary of Portman Building Society, revealed that it has changed the affordability declaration on its self-certification mortgages. Borrowers are now required to calculate how much they can afford to pay...

FS - who?
November 1, 2004... With the FSA's ever widening remit, you would think that more and more people would be aware of its work. But a recent survey found that half the population had not heard of the FSA and that, of the half that had, 39% were unsure what it...

premier plan.
November 1, 2004... The latest growth options plan from Premier offers the potential of a fixed 7% annual growth rate for six years. The minimum investment is AGBP5,000 and the maximum is AGBP1m. Offer closes on 12 November 2004 and the start date is 22 November...

Pensions: Shifting the balance from voluntary to compulsion.
November 1, 2004... The fundamental reason for the UK pensions crisis is that we place far too much reliance on voluntary saving. The bulk of the low/middle income groups are reluctant to save voluntarily for their pensions. Consequently, as the US and Canadian...

underwriting in practice.
November 1, 2004... Contemporary underwriting practices differ significantly from those of five or 10 years ago. Today the key to successful underwriting is the quality and accuracy of information that underwriters receive about applicants, and advisers have a key...

Taking Stock.
November 1, 2004... This reader asks an important question, for there are hundreds of millions of pounds invested in unit trusts that are going nowhere. It may well be, as both statisticians and the FSA declare, that it is impossible to tell in advance which unit...

Mixed messages.
November 1, 2004... Reviewing the with profits market has become akin to sifting through the debris of a prolonged storm. Those products that have survived intact with the ability to perform effectively are a reminder of what once was and represent the source of...

MisconSIPPtions.
November 1, 2004... Pensions simplification will herald a new era of investment flexibility within pensions. For very good reason many have recognised SIPPs as being the model for the future. But equally there are many misconceptions about SIPPs that should...

Simplification to boost SIPP market.
November 1, 2004... When the Inland Revenue announced its revised plans to simplify pensions last December, no one could quite believe their ears. A complete lifting of investment restrictions? The ability to continue in drawdown after age 75? The opportunity to...

A-day in the life office.
November 1, 2004... As is now becoming clear, the truly simplified pension remains elusive. This article will focus on some of the implications of simplification on the rapidly growing SIPP market. To do so we need to go back to 1989 when SIPPs were...

Tax efficient income drawdown.
November 1, 2004... Income drawdown has built a significant share of the market for 'at retirement' funds. According to ABI figures, from a standing start in the mid-1990s, drawdown currently accounts for over 17% of new funds earmarked to provide retirement...

Not a pretty sight.
November 1, 2004... The legal battle between the FSA and Legal & General has progressed amid a series of allegations, not all of which were made in the courtroom. The case continued as Money Management went to press, but it became evident that the FSA had...

Brussels sprouts.
November 1, 2004... The Treasury Select Committee has begun its latest enquiry, into financial services across the European Union, and Mick McAteer is already using his appearances to question the integrity of the IFA community. The principal policy adviser at...

Mortgage adviser disregard M-Day.
November 1, 2004... As October draws to a close, many mortgage advisers will be scrambling to file applications with their new taskmaster, the FSA. From M-Day -- 31 October, when the FSA takes charge of mortgage advice regulation -- all advisers must be registered...

Appeals hold no appeal for NCC.
November 1, 2004... Proposals for the Financial Ombudsman Service to adopt an appeals process have come under fire from the National Consumer Council. The ombudsman is under pressure from companies to introduce a system allowing them to appeal against FOS...

IFA demotion.
November 1, 2004... IFA Promotion (IFAP) has changed its website listing service, leaving many IFAs to pay for a service that they previously received for free. Until now visitors to the site have had access to full content details of all listed IFAs,...

Queer eye for the ABI.
November 1, 2004... The Association of British Insurers has published new guidelines on HIV and insurance bringing an end to gay questions on life assurance application forms. The new statement of best practice has been designed to ensure that insurers assess...

More endowment madness.
November 1, 2004... A 'no win, no fee' law firm that specialises in endowment claims has recommended that a financial adviser makes a mis-selling claim on his endowment, even though he arranged the policy for his own home purchase. Having completed a 60-...

Design your own pension.
November 1, 2004... The impending arrival of A-day and the raft of revised legislation that it will bring has brought much optimism to the SIPPs market. The potential for growth has been well documented as the greater freedom that pensions investments will be...

TLC needed for LTC market.
November 1, 2004... The cost of long term care for older people is set to soar by 315% over the next 47 years, according to new demographic estimates. The projections are based on the latest official population projections but also assume that dependency rates,...