View more on these topics

Halifax puts IFAs at the centre of telenet bank

Halifax claims IFAs will be central to the future plans of its new telenet

bank Intell-igent Finance.

Unveiling its product range and rates this week, the bank says it is

providing intermediaries with a dedicated call centre and website in its

bid to attract more than 500,000 customers before the end of the year.

IF chief executive Jim Spowart described the launch as the single biggest

banking development in Europe and poss-ibly the world.

The bank says its offering, which goes live on July 14, could make more

than 94 per cent of the UK banking population of 18 million households a

total of £5.6bn better off, the equivalent of cutting 2p off thebasic

rate of income tax.

IF says these savings are possible because it combines competitive rates

with accounts where customers only pay interest on the difference between

their savings and borrowings.

The product range includes a flexible mortgage rate of 6.8 per cent.

It also features a current account at 5 per cent, savings accounts at up

to 6.25 per cent, a personal loan at 10.5 per cent and a credit card rate

of 10.8 per cent. IFAs will be ableto earn commission on allthese products.

IF says it has already signed up 18,000 advisers and expects 50 per cent

of its business to be introduced by IFAs.

At the press launch. Spowart highlighted comments made by ABN-Amro last

month which said IF had significant advantages compared with Virgin&#39s One

Account and the Woolwich Open Plan.

Spowart says: “Consumers have had to shop around across a number of

providers for individual products. This will become a thing of the past.

We are already seeing the market aping our products and rates.”


Tennis champ Cash serves up Misys deal

Misys has set up its new m-link e-commerce service for IFAs with formerWimbledon champion Pat Cash completing the first transaction with aninvestment bond presented to a charity.The service provides IFAs with quotes and company-specific quotations andallows business to be conducted electronically across a range of life andpension products.The launch was marked with the first electronic […]

Is stakeholder a new breakthrough?

Anyone who has sat through Steve Bee&#39s marvellously witty but eruditeconversations about pensions cannot fail to have spotted that this is anarea where no idea quite works out as originally intended.They may start with every intention of opening up the market in a new andexciting way to reach the unpensioned and offer new opportunities foreasier […]

Life offices back move to protect low earners on pensions

The Financial Services Consumer Panel has won the support of life officesin its bid to urge the FSA to protect low-income consumers from misbuyingstakeholder pensions.The panel, which represents consumer interests in the development ofregulation for the financial services industry, says stakeholder threatensto leave the low-paid worse off.Chairman Barbara Saun-ders says the issue of affordability has […]

Michael Folger

More than a passing resemblance to Paul Newman, don&#39t you think?” asks FSApress officer Jackie Blyth as she hands me a photo of director ofinvestment business Michael Folger, a piece of information which is dulyfiled in case he needs to be charmed.But it turns out that such journalistic tricks are not needed. He is theone […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm