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AITC may drop supermart for portfolio alliance

The AITC is considering replacing plans to launch its own supermarket and may instead endorse an existing online portfolio management service.

The association began drafting plans earlier this year as part of the “its” campaign to develop a system which would provide IFAs with standard commission on investment trusts. Over the past few months it has been consulting with the industry.

But as it nears the end of its consultation period, the AITC has moved into talks with an integrated portfolio service called Transact-online.

If the deal goes ahead, the AITC would try to persuade IFAs to use Transact as a distribution channel rather than the proposed AITC platform. The move could save the “its” campaign millions of pounds but may be seen as a cop-out by IFAs and fund providers.

The AITC is to announce its decision in the next couple of weeks, with the plans expected to be up and running during the first quarter of next year.

AITC director general Daniel Godfrey says: “We are coming towards the end of the consultation period and we are considering a number of options. It is possible that we could form an alliance.”

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