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Swiss Life signs up to protection website

Swiss Life is the first brand to enlist on Monevate&#39s IFA and consumer protection website.

The site will be up and running at the end of March and will enable transactions to be completed in just 15 minutes.

Standard Life and Scottish Provident are also set to join, along with Bright Grey when it launches its first products. The site will eventually operate with six providers, with the final two likely to come from Scottish Widows, Legal & General and Skandia.

Once the protection site is completed, the second phase of the launch will be the introduction of wrapper-style products, including savings and investments.

IFAs using the site will be charged between 5 and 25 per cent of the commission generated, depending on the volume of business.

There will be an up-front fee for providers wanting to white-label products as their own.

Monevate is aiming to distribute through IFAs, banks, building societies and high-street retailers but the site will also be directly accessible to the public.

Spokesman Les Cantlay says: “Swiss Life is an important brand for us because of its recognised excellence in the protection field. It was quick to recognise the potential of our proposition.”

Swiss Life spokesman Terry Cordner says: “We are delighted to be the first on the site and have worked very closely with Monevate to agree a common application process and to test our products on the Monevate technology.”

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