Moneyfacts Group

Last updated
Moneyfacts
Company typeFinancial services
Founded1988
Headquarters
Norwich, Norfolk
,
UK
Key people
John Woods (Founder & Executive Chairman), Vicki Poole (Finance Director)
Number of employees
over 80
Website www.moneyfactsgroup.co.uk
www.moneyfactscompare.co.uk

Moneyfacts Group Plc is a financial information company founded in 1988 [1] based in Norwich in the United Kingdom, employing over 80 people.

Contents

History

Moneyfacts was founded in 1988 by John Woods, who led the financial industry group which was established in Norwich. The first school of financial services outside London. He received an honorary doctor of civil law from the UEA. [2] Moneyfacts was first launched as a six-page monthly fact sheet that brought personal finance products together to allow for comparison. This has since expanded to a range of magazines: Moneyfacts (personal finance products); Business Moneyfacts (business finance products); and Investment Life & Pensions Moneyfacts (pension and investment products). Moneyfacts now provides a range of financial product information services, including a price comparison website (Moneyfactscompare.co.uk), product analyzer systems, treasury reports, executive reports, industry awards, and product star ratings. The brand has grown rapidly and is known throughout the UK as the independent and unbiased source of financial information. [3] Moneyfacts Data is used throughout the UK financial industry.[ citation needed ] It is used by the Bank of England, [4] Financial Conduct Authority, Financial Ombudsman Service, HM Treasury, Prudential Regulatory Authority, UK Finance and The Building Societies Association and, by virtually every bank and building society in the UK, it also powers other UK financial comparison websites.[ citation needed ]

Product chronology

Activities

Moneyfacts' main activities are: [5]

Additional activities

Controversies

In 2004, its rival Moneysupermarket.com paid Moneyfacts £3.9 million in an out of court settlement to settle a dispute of alleged intellectual property theft. At the time, Moneysupermarket was going public at a price between £864 million and £1.05 billion, and it was thought best to resolve the issue beforehand. [20]

In 2007, the “best buy” tables used in the UK press were criticized by Mike Lazenby, the then 'maverick' [21] CEO of the Kent Reliance Building Society, for not reflecting the products which offered the best long-term value, with Moneyfacts bearing the brunt of the criticism. The main objections were: [22]

The historic issue was that some non-subscribers tended not to volunteer their data within the time required. With the benefit of more widely available digital data, this is no longer an issue. To resolve the issue of product providers manipulating submissions by introductory bonuses, Moneyfacts now produces its tables in versions with and without these bonuses.

Subsequently, in 2013, Moneyfacts were praised in the Sunday Times, [23] which highlighted that Moneyfacts.co.uk always lists the genuine best buy products for its customers regardless of any financial arrangements with product providers, whilst other comparison websites were found to purely recommend financial products on a commercial basis.

References

  1. ↑ Moneyfacts: About us Archived 2016-10-11 at the Wayback Machine
  2. ↑ "News - UEA". Archived from the original on 2019-10-11. Retrieved 2019-10-11.
  3. ↑ The West Morland Gazette: Second award for Cumbrian building society Archived 2016-08-19 at the Wayback Machine
  4. ↑ Bank of England: Bank of England Statement of Administrative Data Sources Archived 2016-08-16 at the Wayback Machine
  5. ↑ Moneyfacts Group: Products and Services Archived 2016-08-04 at the Wayback Machine
  6. ↑ Moneyfacts: Magazine Subscriptions Archived 2008-07-05 at the Wayback Machine
  7. ↑ Moneyfacts Group: Awards Archived 2016-07-19 at the Wayback Machine
  8. ↑ The Telegraph: Regular winners in surveys and banking beauty contests Archived 2018-10-05 at the Wayback Machine
  9. ↑ Alexa: moneyfacts Archived 2008-05-24 at the Wayback Machine
  10. ↑ The Observer: Cashpoints Archived 2017-02-02 at the Wayback Machine
  11. ↑ "Banks being slow to pass on savings rates - Hunt". BBC News. 2023-06-26. Retrieved 2023-07-19.
  12. ↑ "Fixed mortgage rates largely unchanged despite shock interest rise". Sky News. Retrieved 2023-07-19.
  13. ↑ "Bank of England hikes interest rate to 5% in highest figure in almost 15 years" . Retrieved 2023-07-19.
  14. ↑ Evans, Tara (2016-08-04). "What the Bank Rate cut means for your savings". The Telegraph. ISSN   0307-1235 . Retrieved 2023-07-19.
  15. ↑ Wright, Melanie; Collinson, Patrick (2016-03-12). "Personal savings allowance changes: should I still get a cash Isa?". The Guardian. ISSN   0261-3077 . Retrieved 2023-07-19.
  16. ↑ FCA: Cash Savings Market Study Archived 2015-04-13 at the Wayback Machine
  17. ↑ Bank of England: Financial Stability Report Archived 2016-08-13 at the Wayback Machine
  18. ↑ Read, Simon. "Moneyfacts rebrands as Moneyfactscompare". www.financialplanningtoday.co.uk. Retrieved 2023-07-19.
  19. ↑ https://www.mortgagesolutions.co.uk/news/2024/04/24/moneyfacts-brings-out-market-information-tool-for-banks-and-building-societies/ [ bare URL ]
  20. ↑ The Telegraph Moneysupermarket paid rival £3.9m Archived 2016-09-17 at the Wayback Machine
  21. ↑ Mortgage Strategy: Twist at the end of society soap Archived 2013-02-02 at the Wayback Machine
  22. ↑ BBC: Attack on money 'best buy' tables Archived 2008-09-21 at the Wayback Machine
  23. ↑ Sunday Times: Best deal is one zat pays us. Simples!
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