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.”