The team that put Britannic Retirement Solutions on the map is set to re-enter the market with an annuity, equity release and long-term care proposition, Money Marketing has learned.
The new company is understood to have significant corporate backing to target the at-retirement market and is believed to be on track for FSA approval in June or July, with a launch date yet to be fixed.
Many IFAs were disappointed to see Britannic Group close BRS to new business last November, feeling the market had lost a genuine innovator and a tireless lobbyist.
The new provider is understood to be the brainchild of former BRS chief executive Mike Fuller, who is generally credited with inventing the smoker's annuity for Stalwart in 1995, later sold to GE Life. BRS managed to more than double its turnover to £362m in 2002 from £166m in 2001 by competitive pricing in the enhanced annuity market.
Sofa managing director and former BRS corporate development director Bob Bullivant is understood to have no role in the fledgling company.
GE Life head of marketing David Lowe says: “The enhanced annuity market currently represents 10 per cent of the market when it should be nearer 40 per cent. Growing markets need competition and so more players will drive that competition.”
Chartwell Investment Management pensions adviser Gemma Bryer says: “When BRS left we saw the market for enhanced rates narrowing significantly. We welcome a new player in the market and believe the market will grow as people become more switched on to their options.”
Thinc chief operating officer Simon Chamberlain says the success of the new network will depend on acquiring the right firms and utilising their skills and client bases