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First Global launches virtual on-line IFA

New IFA First Global has linked up with The Exchange and pseudo network Anglo-Caledonian in a bid to become an online virtual IFA.

First Global is harnessing The Exchange&#39s technology to deliver the online service to consumers which initially will allow them to buy term assurance via the internet.

The operation is set to be launched in the next few weeks with further products expected to be introduced over the coming months.

The company has also linked up with Edinburgh-based pseudo network Anglo-Caledonian which recently bought by Bankhall in a £250,000 deal.

The 25 member network, the members of which are directly authorised, will provide a processing and an administration service. It will also be able to direct consumers who use the site to its member firms if they want more help.

Life companies understood to have signed up to the initiative include Zurich and CGU.

Anglo-Caledonian chief executive Iain MacKinnon says: &#34We will provide the back office and processing services. Consumers who want further independent advice will be directed to one of our member firms for advice.&#34

The Exchange head of consumer services Tony Macklin says: &#34We are working with First Global which will be an online IFA. It will sell term assurance at first, but there are a number of other products to look at.&#34

First Global chairman Howard Goldring says: &#34We will be launching very soon. It will be a very different way to buy term assurance on the internet.&#34


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