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3Xd sets up multi-option loan cover

3xd, the firm launched by former Paymentshield directors David Fulluck and Mike Riding, has launched a multi-option mortgage payment protection insurance policy underwritten by British Insurance.

The firm is also extending its general insurance range for intermediaries to include buildings and contents insurance and legal expenses/ identity fraud cover.

3xd was set up to rival Paymentshield, a firm which angered many advisers in October last year with its decision to stop paying trail commission to brokers no longer regulated by the FSA. Paymentshield was bought by GI giant Towergate in the same month.

In November 2006, disgruntled Paymentshield brokers, led by Riding’s brother Gareth, ex-marketing director at Paymentshield and current 3xd employee, formed an action group to recover thousands of pounds of lost commission.

3xd managing director Fulluck has reassured intermediaries that 3xd will pay advisers commission for the life of the policy even if they decide to leave the industry.

He says: “We want our intermediaries to be well rewarded for supporting our business and our major focus will be on providing long-term commission security.”

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