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NU and L&G incentives to draw IFAs to net

Life offices are competing for IFAs&#39 online business as Norwich Union and

Legal & General offer incentives to encourage IFAs to use the internet.

IFAs must now transact all NU term insurance business online as the

company no longer offers quotes in branches or by phone.

NU is offering increased allocation rates of 0.25 per cent on bond

products when IFAs submit the business online.

It is also bolstering its extranet capabilities and says advisers can do

more business faster by using the net as they can get immediate decisions

for clients.

L&G is offering enhanced commission for web transactions to encourage

advisers to go online. IFAs who execute term insurance business over the

net get 10 per cent more commission than the standard rate.

It also plans to adopt the same approach to mortgage term insurance in the

next three months.

IFA Acorn Independent Insurance Consulting managing director Mark Piper

says: “The internet has to be the way ahead because of reduced commission

across the board. The only problem will be for IFAs not comfortable with

the technology.”

NU head of eIFA development Nigel Howard says: “The basic problem is lack

of IFA confidence in using the internet.”


Misys ends UK buys and turns to Germany

Misys chairman Kevin Lomax has called an end to UK acquisitions, havingreached market saturation with the takeover of DBS and the Assureweb portalin June. The company now plans to redirect its purchasing power at the Germanfinancial services market. It says it could be up to £1m out of pocket because of the collapseof Independent Insurance, […]

IFA updates Equitable Life guide

IFA Dennehy Weller & Co has updated its free guide for policyholders ofbeleaguered pension provider Equitable Life. The guide, last revised inJanuary, highlights the main options that policyholders have followingEquitable&#39s recent decision to slash the value of its pension plans by 16per cent across the board. The IFA suggests alternative pension providersin the guide after […]

Clerical joins the race to buy IFAs

Clerical Medical has become the latest life office to join the scramble tosnap up IFA distribution. The life office, which has been one of the staunchest defenders ofpolarisation, is believed to have approached at least one national IFA andother smaller IFAs with a multi-tie proposition, with Clericalrepresentatives telling them that multi-ties are an inevitability. Devon-based […]

Compliance classes

The Government-backed Julius report into banking codes has recommendedthat mortgage firms should be given compliance ratings of good, average orbad by the MCCB. Is this either a good or practical idea? Cherry: Enforcing transparency about the compliance record both ofmortgage lenders and intermediaries has got to be a laudable objective, asit gives borrowers more information […]

Nobody expects the Spanish Inquisition

Paul Fidell, Head of Business Development (Investments), writes about one of the primary challenges for those involved in estate planning. He looks at dealing with investment uncertainty in these low growth, low inflation but still volatile investment conditions. Protection of capital, to leave something for beneficiaries, is a fundamental objective of many people’s plans for […]


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