IHC labeling notwithstanding, I agree, that is a Model Power 2-8-2, and not the first run, because it has the bronze wires on the tender axles, directly feeding up inside the tender for pickup, instead of the wiper that conducted through the head of the truck screw. So it's slightly less awful, but it's still wipers and it still picks up only from half the wheels. Poking around, I found more than one of these in IHC labeled boxes.
Did IHC rebrand and sell Model Power N Scale, maybe just in the UK?