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Intelligent Finance goes on the offset offensive

Intelligent Finance has sparked a mortgage row by claiming that rival

offset mortgage products are “poor imitations” of its own.

IF&#39s new chief executive Grenville Turner, who replaced founder Jim

Spowart in January, claims the company&#39s product is superior to other

offsets because it is the only one which lets borrowers combine their

mortgage, personal loan, credit card, current account and savings.

He says other lenders offer watered-down versions with limited

options, such as including mortgage and savings, but not all five


But rivals have hit back with The One Account saying its product is

different but not inferior. The Woolwich says its Open Plan product

offers a better deal as it tracks the Bank of England rate for the

life of the mortgage.

Market analyst John Wriglesworth says there are offsets with better

rates, such as products from Newcastle Building Society, and,

although IF offers all the “bells and whistles”, it can be too


The One Account head of marketing Scott Mowbray says: “It may be

somewhat arrogant to say its product is better than all the others,

it is just different.”

Turner says: “Ours is the full offset product and is unique. A lot of

people are trying to do dumbed-down versions but no one else offers

all five options. Others do not have the courage to do the same and

are bringing in poor imitations.”



You might imagine that as the Perfect Storm of Q1 2003 continues to rip through the investment industry with devastating force, few players would put on their waterproofs and go out into the sodden landscape with Isa consumer campaigns.You would be right up to a point. Quite a few players are conspicuous by their absence. […]

Fund firms bear brunt of criticism over splits

IFAs escape with little criticism from the Treasury selectcommittee&#39s report into the split-cap investment crisis, publishedlast week, which reserved its harshest comments for fund managersresponsible for the products.The FSA has also been largely let off by the committee, which onlystates that the regulator had not been proactive enough introubleshooting and that responsibility for split caps […]

Britannic targets PLS market

BRITANNIC RETIREMENT SOLUTIONS PURCHASED LIFE ANNUITY Type: Purchased life annuity Minimum investment: Lump sum £10,000 Minimum age: 50 Income frequency: Monthly, quarterly, half-yearly, annually Charges: Implicit Commission: Initial 2% Tel: 0845 3003321 The panel: John Blunt, Senior manager, Advisory & Brokerage Services, Alex Benson, Associate, JM Taylor & Associates, Brian Pack, Principal, Brian Pack Financial […]

Resistance growing to extending the Sandler model to with-profits

Financial services group Cater Barnard is teaming up withentertainment financier Comerica Entertainment Group to launch theMonument Film Fund, a new vehicle to fund UK films.The fund hopes to raise £50m, with minimum initial investmentsof £50,000 and increments of £10,000. Investors can get 100per cent tax relief on their investment.The fund will only invest in films […]

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Guide: Johnson Fleming’s managed auto-enrolment service for SMEs

Johnson Fleming has launched its new managed auto-enrolment service, designed to support SME businesses of up to 250 employees. The managed auto-enrolment service is not just about providing businesses with a software system for them to manage themselves, but more about outsourcing the administration of the project and scheme to Johnson Fleming’s auto-enrolment staff.


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