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L&G eyes expansion of D2C platform

Legal and General has held talks with Cofunds to explore expanding its D2C platform offering.

L&G is keen to expand its existing D2C bancassurance platform, Investor Portfolio Services. 

Cofunds was acquired by L&G last year. The insurer previously held a 25 per cent stake in the platform.

The platform provider’s technology is already white-labelled by a number of D2C platforms. 

A spokesman for L&G says: “There may be other future benefits from the Cofunds acquisition that allow us to further develop our own platform service. We already have a D2C called IPS and we are looking at how we can develop further.”

Analysts also commented last week that L&G was seeking to improve Cofunds’ ‘scalability’.

Cofunds head of marketing Stephen Wynne-Jones says: “Cofunds is an important digital capability within Legal & General so it should be no surprise that the senior team want to see it grow, do more for our clients and become even more profitable.  On the scalability point, Mark Gregory (L&G CFO) was referring to financial scalability and the need to invest for efficiency and future growth, something that already features in our plans.

“We remain focused on intermediaries and there are no plans to launch a direct proposition under the Cofunds brand”

Stiddard director Jason Levett says: “Hargreaves Lansdown have a large range of investments. If L&G and Cofunds want to compete they need to offer that kind of unlimited nominee service at 25-30bps.” 

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