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Standard says it will not compete with IFAs

Standard Life says it will not compete with IFAs despite promoting its wrap direct to clients.

The company has written to members of its private-client database, promoting its wrap’s benefits, but says consumers will only be contacted if they do not have an IFA.

Marketing director John Taylor says: “We will never get in a situation where we are competing with IFAs. If we are introduced by or if we know a client has an IFA, we will not contact them. Our wrap was developed for IFAs but the direct salesforce can use the same technology.”

Family Office IFA Sebastian Lyle says: “I have always feared providers would use their right to contact clients directly.”

Argyle Financial Management director Phil Melville says: “Providers should not go direct but regrettably it seems to be happening.”

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