Provider portal aims for communication
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A new portal backed by nine providers has been set up to enable small, directly regulated advisers to communicate with product providers.
The free internet community portal, called Panacea (www. panaceaifa.com) is designed to allow IFAs that are not part of networks or nationals to express their views.
It was launched after research indicating that providers still focus on networks and bigger national adviser firms in search of high business volumes at a low distribution cost.
Chief executive of the portal Derek Bradley says this means directly regulated smaller firms are often marginalised.
The portal has nine partners - Norwich Union, Axa, Aegon, Bright Grey, Liverpool Victoria, Seven IM, Alliance & Leicester, Abbey and Scottish Life.
Bradley says: "Pressure on margins meant providers were no longer able to afford servicing IFAs. Providers began focusing their efforts upon networks and bigger national IFA firms and since then, the small to medium-sized IFA felt unsupported and received little, if any, meaningful communication."
Bright Grey distribution director Andy Peters says: "Having another online means of reaching a targeted group of advisers seems like a good initiative."
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