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L&G seeks simpler solution to wraps

Legal & General managing director of platform and distribution Geoff Towers says the provider is not ruling out any options as it looks to develop its wrap strategy.

Speaking to Money Marketing last week, Towers would not rule out the possibility of L&G launching an IFA platform. The provider operates a platform for its bank and building society partners and holds a 25 per cent stake in Cofunds.

Towers says: “It would be difficult to see L&G competing with Cofunds. It is not inconceivable and I would not rule it out. But when you have already got close partnerships with existing technology and existing knowledge you would be nuts not to access that and we do access it.”

He feels simple platform services may be more suitable for the mass market than a full wrap.

Towers says: “I am not sure a full service wrap is suitable for a large part of the UK population.

“We would be wrong to offer something that contains the cost of a full service wrap if there is a big customer demand for a simpler solution.”

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