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Age Concern could set up a national IFA network

Age Concern is considering a plan to launch a national network of IFAs to service the retirement market for financial services.

The charity is believed to be preparing a business plan that will be considered at its June board meeting, where a decision will be made whether to go ahead with a national advisory presence.

Age Concern Financial Partnership already distributes Norwich Union long-term care and equity-release products on an appointed-representative basis. The new project is understood to put forward a full advice proposition that would cover the full range of regulated financial services products.

The proposal would fit with Age Concern&#39s broader plan to become a comprehensive organisation across all issues facing older people.

Spokeswoman Michele Mitchell says: “We do not currently have any fixed plans to set up an IFA. However, we do recognise that there is a serious market failure in the post-retirement sector.”

Morgan James & Co director Marlene Shalton says: “If they are aiming to give advice to people on low incomes, then their staff will need a totally different skill set to regular IFAs. If they are targeting the typical IFA market, then they are simply leveraging their brand in the existing market which is currently served by regular IFAs.”

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