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Clerical joins the race to buy IFAs

Clerical Medical has become the latest life office to join the scramble to

snap up IFA distribution.

The life office, which has been one of the staunchest defenders of

polarisation, is believed to have approached at least one national IFA and

other smaller IFAs with a multi-tie proposition, with Clerical

representatives telling them that multi-ties are an inevitability.

Devon-based IFA Langtons managing director Colin Langton says he has been

approached by his local Cler-ical Medical broker a number of times over the

last few months with a six-figure offer for his firm to tie if multi-ties

become a reality.

National IFA RJ Temple says it has also been approached by representatives

of the life office.

Clerical Medical maintains that it still believes firmly in polarisation

and does not think that many IFAs will go multi-tied even if they are

introduced.

Spokesman Tony Muir says: “We have always supported polarisation because

we believe that it represents the clearest choice for consumers but we have

to be prepared for whatever way the market dictates.

&#39″If it is being dictated to us by market forces that polarisation is

done, then we have to be prepared for it.”

Langton says: “The message that Clerical has repeatedly given me over the

last year is that 90 per cent of all IFAs will become multi-tied and that

only the strongest will survive.”

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