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IF hits break even

Intelligent Finance says it has achieved its target of breaking even by the end of last year and had assets of £15.5bn at December 31, 2003.

The bank says it would be the UK&#39s 12th largest lender if viewed as a standalone business and now has 820,000 customers.

IF chief executive Grenville Turner says: “IF set out to break the mould using new technology to help deliver innovative products at highly competitive prices. We have led the way in transforming the mortgage market with offset banking and have met out promise to break even at the end of 2003.”


Standard slides from the top to bottom of tables

Standard Life&#39s with-profits pension products have plunged from the top to the bottom of pension analyst O&M Solutions&#39 comparative tables following changes to projection assumptions. O&M has told its 2,000 IFA users to expect a downward move in the position of Standard in with-profits projection comparisons because of the cost of guarantees and loss of […]

NU&#39s guarantee is not unfair

Regarding the letter headlined, Norwich Union&#39s with-profits guarantee is unfair to other investors (Money Marketing, February 19), it is not true to say that “any guarantee taken by an investor would be to the detriment of those investors remaining in the with-profits fund”. The cost of the guarantee will be met out of the free […]

Shape of things to come

Do you support the FSA&#39s decision to abolish the least-worst rule for mortgage regulation, meaning that lenders and intermediaries will no longer be able to recommend a product that does not exactly match a customer&#39s needs? Mountney: Yes, because this works in conjunction with the mortgage code on responsible lending. This applies just as much […]

Standard calls for drawdown deal

Standard Life is calling for an amendment to the Pensions Bill to allow pension companies which do not offer income drawdown to pay tax-free cash and then hand the balance over to drawdown providers. The call reflects concern over the thousands of executive pension planholders with tax-free cash over 25 per cent whose contracts do […]


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