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Leitch teams up with Zurich allies

Ex-Zurich chief executive Sandy Leitch has teamed up with his former Zurich allies to launch a new 30m multi-tie proposition in the new year.

Lord Leitch’s comeback venture, revealed in Money Marketing two weeks ago, aims to capture 1,000 advisers in the next four to five years and has secured 30m funding from backers, including Bank of Scotland, Friends Provident and South African group, Sanlam.

The operation, currently dubbed Intrinsic, will be hea-ded by Leitch’s old Zurich colleagues, including former marketing chiefs Kevin Donaldson and Wallace Dobbin as CEO and corporate director respectively. Leitch will play a “hands on” role as non executive chairman.

Intrinsic is in negotiations with providers to establish its panel. The company’s headquarters will be based in Swindon with a team of 35 staff.

Donaldson says: “We are taking a lead in the new world. Whole of market advice does not give the level of service and ongoing professional advice that people want. Do people want 500-600 fund choices or do they want 15-20?”

Informed Choice managing director Nick Bamford says: “He would say this, wouldn’t he? People who work for multi-ties are salesmen, not advisers.”

Thinc Destini chief executive Simon Chamberlain says: “This launch confirms that there is a lot of investment in multi-ties and not much going into the IFA market.”


Rifkind calls for new savings account

Tory work and pensions shadow Sir Malcolm Rifkind has tabled a Private Members Bill calling for the introduction of a savings and retirement account, SaRa, as an alternative to stakeholder pensions. The product would allow cap-ital withdrawals but would be designed to encourage longer-term saving.

NU reviews term assurance rates

Norwich Union is reviewing premium rates on term assurance products.Term assurance without guaranteed critical illness premiums have been increased by an average of 0.4 per cent – 24 per cent of premium rates have been reduced, 18 per cent remain unchanged and 58 per cent have been increased.Term assurance with guaranteed critical illness premiums have […]

Customer value is key

David Robinson – Cheif Executive, Bright GreyI am delighted to see the launch of MM’s campaign, highlighting many of the issues that have been concerning the protection industry for some time. Bright Grey has always argued that a decision to buy protection products should never be based on price alone as, overall, customer value is […]


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