moneynet in the press

Daily Mirror - 28th August 2005

UNCOVERED: THE COST OF FINANCIAL FREEBIES

Many credit cards offer an introductory period when no interest is charged. But recently card providers have imposed a fee for transferring your balance, usually a minimum of two per cent of the debt. And there is another problem for canny consumers who card-hop. “the so-called ‘rate-tarts’ can damage their credit history,” warned Richard Brown of moneynet.co.uk. “Card firms will look at credit trails and may turn down serial swappers. It can leave black marks on otherwise good records.”

Belfast Telegraph - 27th August 2005

ARE YOU GETTING THE PROPER HOME TRUTHS?

Richard Brown, the CEO of the financial website Moneynet, believes that regardless of whether a broker charges a fee, it is hard to see them as truly independent unless they source their loans from the whole market. “The FSA allows advisers to offer loans from a panel, as long as it is ‘representative’ of the whole of the market”, he says. “But in the regulations, there is no set proportion of lenders you need in order to be representative."

The Times (Money) - 27th August 2005

BIG BANKS SET TO SLASH SAVINGS RATES

Richard Brown of Moneynet, another price comparison service, says: “If the base rate drops, consumers expect the inevitable drop in interest on savings. However, they should also enjoy the appropriate cut in mortgage rates.”

The Independent - 24th August 2005

ARE YOU GETTING THE RIGHT ADVICE?

Richard Brown, the CEO of the financial website Moneynet, believes that regardless of whether a broker charges a fee it is hard to see them as truly independent unless the source their loans from the whole market. "The FSA allows advisers to offer loans from a panel, as long as it is representative of the whole market," he says. "But in the regulations, there is no set proportion of lenders you need in order to be representative."

Irish News - 23rd August 2005

CHILD VOUCHERS UP FOR GRABS

At personal finance website Moneynet.co.uk, chief executive Richard Brown claims: “At age 18 – when these schemes are due to mature – the value of the fund in real terms will, at best, be a measly £500. With student debt averaging £13,000 in today’s terms, there is more hype than substance to this scheme. It is hardly surprising it hasn’t captured the imagination of the general public.”

Sunday Mirror - 21st August 2005

DON’T BE AN IDiot. HOW TO STOP IDENTITY FRAUD

Richard Brown of financial website warns that the cost of protection can vary considerably. He said: “The Royal Bank of Scotland’s service is very comprehensive but costs more than £80 a year. Barclaycard charge less than half for a similar level of cover”.

The Independent - 17th August 2005

REMORTGAGING? LOOK BEFORE YOU LEAP

“With last week’s reduction in base rates, now could be a good time to consider remortgaging, particularly for those who are stuck on their lenders standard variable rate," says Richard Brown, Moneynet’s chief executive. “There are a number of good fixed-rate deals around, and quite a few lenders who will pay the associated costs such as valuations and legal fees.” Brown says that for borrowers with a mortgage of £50,000 or less, it usually makes sense to take a fee-free deal. For larger loans, of £100,000 or more, it is the headline interest rate that is most critical. “In between, it is really a question of doing the sums,” he says.

Cambridge Evening News - 9th August 2005

ARE CHILD TRUST FUNDS REALLY GOOD VALUE FOR YOUR MONEY?

Richard Brown, chief executive of Moneynet, said: “It is hardly surprising that there has been limited interest in CTFs. Our research shows that the best of the non-stakeholder accounts pay 6 per cent. With inflation currently running at around 2 per cent, this means that the true return on the best of these accounts for standard taxpayers is only 4 per cent per annum. So at age 18 – when the schemes are due to mature – the value of the fund in real terms will, at best, be a measly £500. And with student debt averaging £13,000 in today’s terms it really appears that there is more hype than substance to this scheme and it’s hardly surprising that it hasn’t captured the imagination of the general public”.
“The Government should be putting its money where its mouth is – there should have been an ideal opportunity here for National Savings to really get behind the scheme and offer a market leading account to encourage further savings from parents and grandparents. Instead it has been left to the open market with the result that the accounts are little better than those in the wider savings arena”.

Manchester Evening News - 1st August 2005

CHANGE ON THE CARDS FOR 'STEALTH CHARGES'

Richard Brown of Moneynet.co.uk says customers should consider their options before taking out a card - and take into account all charges as well as the headline interest rate. If you feel you're being hard done by, the answer's in your own hands. Switch to a better deal - but make sure you've read the small print before you sign up."