The closer I look at those moneysupermarket links on the telegraph, the more they look to me like suspect (and possibly black hat).
For instance, the credit cards link, does not redirect to the page MSM is targeting for credit cards ( /credit-cards ) but to a different page (/cardsp/default.asp) which Google isn't indexing. The page is more of a landing page with little SEO value, and most of its links go back to the telegraph.
But, here's the crux, if you request that page (/cardsp/default.asp) without a http-referer (or with a googlebot referer as googlebot does), MSM serves up another 301 redirect to /cards, then another 301 redirect to /credit-cards - the page it is targeting for that term (and currently doing rather well with).
So MSM might be serving up different pages to users and different pages to google for SEO benefit, which could be classed as either deceptive redirects, cloaked pages, or doorway pages in Google's spam report.
MS have a diversified link strategy anyway, and a very strong marketing ethic. And they get the internet. No wonder they're strong in SERPs.
Perhaps in this particular case they are veering a little too close, or crossing over the grey hat SEO line.
They might get internet marketing (possibly in a risky way), but I also think they get marketing in general and that for their market it's not all about the internet (e.g. TV ads).