View more on these topics

IF delays launch as it fears coping with the demand

Intelligent Finance has postponed its launch by a month because it fears

its systems would not be able to cope with the expected demand for the


Despite the delay, IF has given IFAs personal assur-ances that they will

not be exposed to the risk of the system failing.

Halifax&#39s telenet bank was due to go live this month but was forced to

postpone amid fears that demand would exceed the capacity of its systems.

It is now due to start in August.

The delay is a serious embarrassment to IF as, in the run-up to its

launch, chief executive Jim Spowart repeatedly referred to glitches at

rivals Cahoot and Egg which marred their launches.

IF has already signed up 16,000 independent advisers and has had 15,000

online registrations from individuals.

The problems have cost IF £2m in national press ads explaining the

delay and apologising for it.

The bank is drafting in experts from the US and Germany to ensure the

system is failsafe.

Head of sales Ian Jeffery says: “We could have launched but this would

have compromised our service levels to IFAs. Advisers have my personal

assurance that we will not launch unless the system can run at well over


“I have insisted I will look at the system to check IFAs are not exposed

to the danger of the system failing.”

IF has also hit back at national press criticism which called into

question IFA commission on credit card and personal loan business.

The bank got a media bashing for the planned payments. One newspaper

advised readers: “If your IFA suggests you move your current account to IF

and you take his advice, he will be paid £25 by IF and all you&#39ll get

is a tenner.”

Jeffery says: “We were disgusted. For those needing advice, we think it is

right for professional advisers to receive commission.”


Canada Life International has introduced the Platinum Income Bond

Canada Life International has introduced the Platinum Income bond which aims to cash in on the volatile Nasdaq 100 index over a three-year period.It is likely to appeal to investors with a wide portfolio who are prepared to risk a bumpy ride chasing high income. But the Nasdaq&#39s recent performance has been poor, which suggests […]

Thames River Capital has introduced a High Income Fund

Thames River Capital has introduced a High Income Fund which aims to provide a greater level of income than European government bonds, by investing in the sovereign and corporate debt of emerging markets.The fund distinguishes itself from similar funds by providing returns in Euros and hedging back into Euros where the assets are dollar-denominated bonds. […]

Death of Peter Hall

Financial marketing consultant Peter Hall has died of a heart attack at 49.Hall was an established City figure, having been instrumental inintroducing Baring Asset Management to the IFA market in 1984. He alsoworked for Save & Prosper. He most recently worked for Portfin, an onlinefacilities provider for financial institutions.For five years in the mid-1990s, Hall […]

The Govett European technology fund from AIB Govett

The Govett European technology fund from AIB Govett is an open ended investment company (Oeic) intended for experienced investors, who want to get some exposure to the technology market.The fund aims to provide growth by investing in European companies that use or develop computer software and hardware, information technology or telecommunications.Govett believes that, despite the […]

Time for a new approach to asset allocation

Trevor Greetham, RLAM’s head of multi asset, introduces the recentlylaunched RL GMAPs. Asset allocation has become an increasingly difficult challenge for investors and advisers in the years since the financial crisis. Sometimes violent price swings in stock and commodity markets coupled with the collapse in the rate of interest on bonds have made it harder […]


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