Skipton Building Society has hit the acquisition trail again, buying a £4.1m majority shareholding in protection IFA Direct Life & Pensions Services.
In its first foray into the specialist IFA sector, Skipton says it has acquired DLPS with a eye to entering the stakeholder market and using its advanced internet technology across its 12 other subsidiary companies. Before the deal, the society's only distribution channel was IFA arm Skipton Financial Services, established in 1989.
DLPS, which this year won Money Marketing's best protection IFA award, currently focuses on the critical-illness and non-regulated term insurance markets.
Skipton says a major factor the deal was the rocketing growth of the term insurance sector, which it forecasts to grow by at least 14 per cent annually in the next five years.
Chief executive John Goodfellow says: “DLPS brings a complementary range of skills to Skipton.”