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Bankhall looks to providers&#39 cash backing for web portal

Bankhall has been asking product providers to help fund the development of its dotcom portal which it aims to set up later this year.

One provider was originally asked for £250,000 a year but after negotiations this figure came down to £50,000 a year. Others have been approached for sums ranging from £50,000 to £100,000 a year and are in discussions with Bankhall.

Providers which sign up are being offered waived subscription fees.

Legal & General, Scottish Amicable, Scottish Equitable, Scottish Widows and Skan-dia Life are considering the venture.

Scottish Mutual is widely thought to have signed up to the proposal. It says it is supporting Bankhall in its development but refuses to confirm if this includes financial backing.

Bankhall is keeping its commercial relations confidential and will not disclose any information on the subject.

Scottish Equitable spokesman Scott White says: “All the usual suspects have been approached. With the buyout by Lynx, which is a quoted vehicle, Bankhall can offer providers improved security.”

Skandia Life marketing manager Andre Oszmann says: “Our overall strategy with portals is something we are discussing as a group.”

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