Misys is launching a personal finance website for consumers offering a range of investment and insurance products.
The move comes as rival IFA portal Moneyextra, owner of The Exchange, sells its ailing consumer site to concentrate on business to business.
Consumers will be able to buy online at theformula site which will initially offer general insurance. More products, such as investments and life insurance, will be added. Misys aims for one million sales in its first three years and reckons on providing two million individual quotes a month.
It says it is investing £30m in 2000/01 to expand its e-commerce trading activities.
Paul Finch, of PG Finch & Co, says: “I am not too worried about these types of developments. They will only get execution-only business. This will only affect advisers not changing with the times and adding value to their business. Good IFAs will retain their business.”
Misys Interactive Trading managing director Jasper McMahon says: “We aim to provide a service that recognises the importance of giving consumers information as well as choice.”