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TBO prototype multi-tie protection deals on net

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&#39 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&#39 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.

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