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HSBC planning protection push through intermediary market

HSBC is expected to enter the intermediary protection market in the second half of next year by making its life, critical-illness and income protection products available to IFAs.

Money Marketing understands the provider has been looking at broadening the distribution of its protection products, particularly through the intermediary channel, for some time.

It has not decided whether to just launch its existing range to intermediaries or to design and roll out new offerings.

Sesame product manager Phil Hull says: “I would have thought it would approach the big networks to roll this out. It has got to bring something different to the marketplace because it is very well established.

“As long as HSBC has a good service proposition and is competitively priced and offers something different, then I would welcome it.”

Bright Grey products director Roger Edwards says: “Bancassurers generally are not price-driven and do charge more for products because they have a captive audience. There has to be a carrot there to get advisers to use it so perhaps it will look at launching a simplified version of the products.”

An HSBC spokeswoman says: “We are looking at different ways of expanding our distribution. We do not have any definite plans as yet.”

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