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Supermarts pose bigger threat than the banks

Supermarkets could be more of a threat to IFAs than banks after depolarisation, warn marketing experts.

Although high-street banks such as Barclays are already gearing themselves up to operate in a multi-tie environment, Sesame marketing director Stewart Gitsham said: “I think we should feel more threatened by brands like Tesco rather than the banks.”

Gitsham believes if supermarkets decide to set up multi-tied salesforces they will win consumers over more quickly than banks because people trust their brands.

But Technology and Technical Financial Consultancy founder Kim North disagreed, saying the industry had expected Marks & Spencer financial services to fill this niche but this had not happened.

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