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Personal Touch gets network go-ahead

Non-regulated network Personal Touch Insurance has been granted IFA network status by the FSA and is now looking to become the “Tesco of the financial services industry”.

It describes the move as the “final piece in the jigsaw” of its plans to offer intermediaries access to a financial supermarket with a wide range of regulated products, including pensions and investments, as well as mortgages and general insurance products.

The set-up includes sales and marketing support, compliance, training and competence infrastructure.

Personal Touch head of sales Martin Wilson says it has around 36 RIs in its IFA arm, with a turnover of £20m a year and is aiming to raise turnover to £50m next year.

Wilson says around 1,500 IFAs already use Personal Touch for mortgage and protection and it will be broadening its offerings to provide a business-style partnership rather than a parental one.

He says: “We intend to attract the members of other networks who are unhappy with poor product choice, mediocre service standards and, quite probably, with the way they are required to do business.

“Personal Touch Insurance offers a genuinely comprehensive product range on highly competitive terms backed by state-of-the-art service and technology.”

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