IFA Direct Life & Pensions has ditched The Exchange because it claims its services do not meet the needs of IFAs.
It has now built its own system and has signed up with individual life offices direct for its online comparative service Lifequote which does not offer an advice service.
It says The Exchange has lost direction since its management buy out and flotation and does not listen to what the IFA wants. It also says it needed to develop a faster more flexible system.
The Exchange clients services director Nick Prestwich says: "It has come as a complete surprise."