TBO Corporate Benefits Consultants is setting up an online multi-tie distributor for term insurance and mortgage protection as a prototype for a full multitied adviser post-polarisation.
Monevate will offer comparative quotes and straight-through processing for term and mortgage protection by June.
Stakeholder and Isas will follow. Full online multi-tied advice will be offered if polarisation is scrapped.
Consumers will be able to compare prices from six pro-viders selected on the basis of brand strength and competitiveness, set up direct debits online and get risk confirmation in 15 minutes. Monevate is in talks with a number of providers, including Legal & General and Norwich Union.
The platform will be offered to consumers through workplace websites and search engines as well as through IFAs. TBO Corporate Benefits Consultants' site will be demerged from TBO and integrated into Monevate.
Sales director Scott Robinson says: “We had the foresight 18 months ago to pioneer what the UK public wanted. The rule changes proposed by CP121 make our job a lot easier.”
Falcon Group development director Jeff Williams says: “The market for buying online is still in its early stages but the general insurance side has shown there is an appetite for it, particularly in a price-sensitive environment.”
Financial advisory services' provider Cater Barnard is setting up a network and looking to buy small to medium-sized IFAs. It wants to raise £7.5m through a share issue and will start making acquisitions in the second quarter of the year.