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Intelligent Finance is set to hit break-even

Intelligent Finance says it is close to reaching its target of break-even after three years in business with net lending hitting £2bn in the first half of this year.

Launched in November 2000, the tele-net bank saw losses of £38m in the first half of this year but this was an improvement on the £147m loss for the whole of 2002.

Chief executive Grenville Turner says: “No other business has managed to achieve such scale so quickly. Bradford & Bingley&#39s net lending for 2002 was £1.8bn versus £2bn for Intelligent Finance in the first six months of this year alone. Gross lending at Alliance & Leicester between January and May of this year was £2.5bn, against £3.7bn in gross lending at Intelligent Finance. If all goes to plan, we should reach break-even by the end of 2003.”

Chadney Bulgin partner Tom Chadney says: “I am not surprised that Intelligent Finance is approaching break even. It is an excellent lender and has shown great determination in increasing market share. And its telephone service is unique – it is there when advisers need it.”


Five million pensioners cut spending

Half of the UK&#39s 10 million pensioners have been forced to cut back on their spending in the last three months, according to research from Prudential. More than two million have gone back to work although the Pru concedes that in some cases this could be just to combat boredom while others could need the […]

Norwich Union – Monthly Fixed Income Plan

Type: Guaranteed equity bond Aim: Income linked to the FTSE 100 index Minimum-maximum investment: £3,000-no maximum, Isa £3,000-£7,000 Term: Five years Guarantee: Original capital returned in full provided the FTSE 100 does not fall by more than 30% and returns to at least its starting level Return: 0.47% income a month, Isa 5.75% income a […]

Third-party boom sees US giant end Isa sales

US giant Franklin Templeton is to stop offering Isas and Peps due to rocketing third-party business in a move it believes will spark a host of further withdrawals. Franklin says its decision has been prompted by the burgeoning amount of business from life companies, fund supermarkets and wrappers. It is negotiating with Fidelity&#39s supermarket FundsNetwork […]

Two appointed to National Savings board

Chancellor Gordon Brown has appointed two non-executive directors to the National Savings & Investments board. Paul Spencer joins the board after spending six years on Royal & Sun Alliance&#39s board as well as three years on the ABI&#39s board. Also joining on September 1 is Michael Medicott, recently retired from Nomura International.

Mark Page: “A good time to be a European fund manager”

With European markets picking up in early 2015, Mark Page, Artemis European Opportunities Fund manager, discusses the ‘macro’ drivers and whether the improvements are sustainable. Largely driven by economic stimulus by the European Central Bank, European stockmarkets have performed strongly so far in 2015. Mark discusses the relative merits and sustainability of ECB policy with […]


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