Avalon looks at offering two plans using Mip structure
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Avalon is considering launching an offshore bond and insurance policy on its platform similar to a maximum investment plan.
Director Harry Kerr says the firm has been considering the two products for six months although it is yet to confirm a launch date.
He says the insurance policy will resemble a Mip and its underwriting will be outsourced to an insurance company. Avalon will control the administration and access to funds.
Kerr says: “We hope to launch something after the Budget if the market is right but we want to see what comes out first.”
Avalon currently offers an Isa, general investment account, Sipp, unit trusts and Oeics. It also offers structured products and exchange traded funds.
Last September, Transact introduced a qualifying savings plan similar to a Mip.
Threesixty partner Phil Young says: “As far as insurance is concerned, the only real benefit to an on-platform pure insurance policy is if it were to able to adjust the cover required based on the client’s changing new assets. The rules relating to a qualifying insurance policy require a precise and fixed amount of cover to be known.”
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