View more on these topics

Royal London to launch D2C proposition

Loney-Phil-RLAM-2012-500x320.jpg
Royal London chief executive Phil Loney

Royal London is launching a non-advised direct-to-consumer proposition that will offer simple savings and protection products. 

The proposition will launch in the second half of 2014 under the Royal London brand. The firm says the move will create 70 new jobs.

It will be delivered through telephone and online services. All products at launch will be manufactured by Royal London.

The provider says the offering will be focused on the four million customers it has taken on through acquisitions. 

These include two million clients brought in through the acquisition of Co-operative Banking Group’s life insurance and asset management businesses and one million from its 2011 takeover of Royal Liver.

The protection offering will include Royal London’s ties with Co-Operative for legal services if clients require further expertise.

In the event that clients require face-to-face financial advice they will be told to contact an independent financial adviser.

Royal London chief executive Phil Loney says: “The launch of our direct to consumer offering is another important step in driving our company forward and realising our ambitious business strategy. 

“These products mark a logical extension to the group’s overall offering and will help to diversify our customer base.”

Last week, Standard Life announced plans to develop a non-advised direct-to-consumer offering to capitalise on increasing customer numbers due to auto-enrolment.

Yellowtail Financial Planning managing director Dennis Hall says: “As expected there are many providers looking at a direct proposition. If you look at the kind of clients Royal London is targeting here I do not think advisers should feel threatened.”

compete

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com