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
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.
'″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.”