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City Assurance sets up white-label wrap deal

City Assurance is offeringa white-label wrap service through Seven Investment Management’s Tethys platform.

The Surrey-based adviser says the launch comes after two years of research and due diligence.

It says it is now concen-trating on offering finan-cial advice to clients on a transparent fee basis.

City Assurance private clients director Philip Warren says the firm was “fed up with the current inertia and complacency” of the financial services industry.

He says that the company has weaned itself off the insurance company comm-ission practices of the past.

Warren says: “Such practices have led in the past to much of the misselling scandals that have landedthe financial services sector in such hot water.”

City Assurance says it has redesigned its business by moving away from sales commission, aligning its investment business income to that of the client. The company was established in 1960 and has attracted nearly £100m of funds under management.

The company says it intends to move funds under management to the new City Wrap and wants to target other firms’ funds with aview to moving them intothe wrap as well.

Tethys is an internet-based service from 7IM which provides data downloads, account opening, an online dealing facility and model portfolios.

7IM director Justin Urquhart Stewart says the agreement is the first of its kind with a firm with a major background in insurance.

He says: ” I believe their disciplined approach to their business development and structure will be a modelfor others to follow.”

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