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IFonline hands Abbey stake to ensure loyalty

Abbey National is believed to have been handed a free 10 per cent stake in IFonline in a deal which commits the lender to an exclusive contract with the mortgage platform.

Industry sources say that Abbey – which had vowed to concentrate its efforts on developing its own broker website – has been given the stake in a bid by IFonline to ensure the lender pledges sole allegiance to its trading system.

As the last remaining major lender not committed to a platform, Abbey had been the number one target of both IFonline and main rival Mortgage Brain, which recently secured its fifth and sixth equity partners.

But the sources claim Abbey could not reject an offer which gave it control of a sizeable chunk of one of the leading platforms free.

Its agreement with IFonline is thought to ban it from signing deals with other platforms and could pave the way for the lender to take a majority stake in the company.

IFonline marketing manager Richard Hurst says: “We would be delighted for Abbey to join the platform and add to our list of lenders. We are in talks with everyone and we look forward to welcoming additional big players to the platform.”

Abbey media relations executive Sharon Makin says: “We are in discussions with a small number of key platform prov-iders in the marketplace and as soon as these are finalised, an announcement will be made.”

Pretty Technical Partnership partner Kim North says: “This will probably ensure that IFonline survives but it is not so good for IFAs and mortgage brokers as they would prefer to see all the lenders on one platform.”


ICMG – Sub Prime Exclusive

Thursday, 25 October 2001.Fixed term: Until November 1, 2002.Fixed rate: 7.25 per cent.Minimum loan: £25,001.Maximum loan: Up to 90 per cent of valuation subject to a maximum of £300,000.Income multiples: 3.5 times principal income plus second or three times joint.Arrangement fee: £395.Redemption fee: 6 per cent of amount repaid in the first three years, 1 […]

SLI lauches revamped website

Scottish Life International is launching its revamped website, with more interactive features than its three-year old predecessor.The new site maintains the dedicated extranet service, with improved accessibility, and adds a trusts and offshore investments information facility.SLI e-commerce analyst Kelly Paterson says: “The desire to improve the design and the amount and quality of the […]

JPMorgan Fleming – JPMF Capital Protection – Global Growth

Thursday, 25 October 2001.Type: Guaranteed growth bond.Aim: Growth linked to the JPMF premier equity growth, JPM globalfixed income, JPMF European growth, JPMF US growth and JPMFSouth East Asia funds.Minimum-maximum investment: £3,000-no maximum.Term: Five years.Guarantee: Capital returned in full at end of term.Return: 75 per cent of total return.Closing date: December 5, 2001.Commission: 3 per cent.Tel: […]

&#39Clairvoyant&#39 can&#39t see whole picture on with-profits

With reference to Roger Harris and his reply (seemingly on behalf of Skandia) with regard to with-profits funds, not only did Mr Harris miss Brian of Skandia&#39s letter but he also missed my own article on why with-profits funds can and do outperform other funds.Like many readers and correspondents together with market analysts and the […]

Japan Economic Insight

James Dowey, Chief Economist, and Paul Caruana-Galizia, Economist

The conventional wisdom is that following a roughly 50 per cent rise in the stock market in 2013 in Yen terms, the Japan trade is over and done*. So the story goes, those big gains were due to a one-off boost from quantitative easing (QE) and a depreciation of the Yen — policies that one should think of as a palliative to Japan’s economic weakness, but not a cure. Rather the cure, and by implication the necessary condition for a longer-term investment case, is deep structural reforms — a painstaking re-weaving of Japan’s economic and social fabric, no less. The story continues: this is a much tougher test than launching a blast of QE, and one that prime minister Shinzo Abe, although well intentioned and well supported by the public thus far, is likely to fail. Stick a fork in Japan, it’s done…continue reading


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