The annuity specialist currently offers payment protection insurance through Citigroup branches in the UK and some areas of Europe but it wants to bulk up its protection range through a number of direct distribution deals.
Managing director Colin Moody says: “Our plan is to build up our presence in the protection markets in the UK as well as in Europe. We want to offer a full range of protection products and we plan to do this by building up our client base and investing in these relationships. We are in decent talks with half a dozen firms, all of which have significant distribution.”
CBK Colchester principal Peter Chadborn says: “Any new entrant has got to be welcomed because it shakes up the market but it will be interesting to see whether this is the beginning of a trend where providers go the direct route. As an IFA, I believe this is inferior.”