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(May 16, 2006) Standard Life is holding a special general meeting on May 31 in Edinburgh, Scotland to approve a plan to demutualize Europe’s biggest insurance company and list on the London Stock Exchange.

Voting packages have been sent to Standard Life’s 2.4 million eligible members and 2.1 million policyholders around the world. This includes about 61,000 Canadian members.

“Many people assume that demutualization and flotation will definitely go ahead,” says Standard Life Canada president Joseph Iannicelli. “This is not the case. I encourage voting members, if they have not already voted, to vote now and have their say in Standard Life’s future.”

The proposal needs the support of at least 75% of voting members.

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IDA expels Resolution Capital

(May 16, 2006) Resolution Capital has been expelled from the Investment Dealers Association of Canada.

The Quebec-branch of the IDA tossed the firm after its registration as a securities dealer was revoked by the Autorité des marchés financiers, the Quebec securities regulator. The ruling against Resolution Capital, which has not functioned as a dealer for some time, follows the firm’s failure to pay fines and costs related to two other disciplinary proceedings.

In 2005, Resolution was suspended by the IDA and hit with a $51,729 fine earlier this year.

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Carmichael joins C.D. Howe council

(May 16, 2006) Ted Carmichael, vice president and chief Canadian economist at JP Morgan Chase Canada, has been added to the C.D. Howe Institute’s Monetary Policy Council, which makes recommendations on interest rate movements.

The MPC includes 12 Canadian economists and academics, who meet regularly to discuss and recommend a target for the Bank of Canada’s overnight rate.

Carmichael replaces TD Bank chief economist Don Drummond, who is leaving the council after three years of service.

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Rogers Associates opens Winnipeg office

(May 16, 2006) Rogers Associate Financial Partners is opening a new debt counselling office in Winnipeg on June 1. The office will operate under the company’s wholly-owned subsidiary, Canada Assistance. The firm says its bilingual debt counselling service offering is part of its expansion plans to meet the growing demand for services in the Winnipeg area.

“As total household debt in Canada continues to climb toward the $1 trillion mark, the need for our services becomes much greater,” says president and CEO John Rogers. “Canadians as a whole are spending more than they make. That’s where we come in.”

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HSBC introduces high rate savings account

(May 16, 2006) HSBC Bank Canada is the last financial institution to add a High Rate Savings Account to its lineup, offering an interest rate of 3.1% for balances up to $1 million.

In an effort to compete with large domestic banks and online bank ING Canada, the company is allowing individuals to open a high rate account online, by telephone, or through the company’s branch network.

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National Bank launches six monthly income portfolios

(May 16, 2006) National Bank Securities recently launched six monthly income portfolios, aimed at investors seeking a regular monthly income stream.

The mutual fund portfolios derive their income largely from dividends and capital gains. Investors can choose from a fixed monthly distribution or a variable distribution that fluctuates with changing market conditions.

The six portfolio styles — secure, conservative, moderate, balanced, growth and equity — are each designed to meet the needs a different investor profiles. The portfolios invest, depending on their strategy, in National Bank bond and mortgage funds, Fidelity mutual funds, bonds, equities and income trusts.

“As an increasing number of investors retire or near retirement they need income from their investments,” says senior vice president of sales and products Martin Lavigne. “They constitute the paycheck of a person who has just retired.”

The portfolios are available at the bank’s branches, direct brokerage and securities advisory services. Minimum investment is $500.

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