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Third-party deals for HSBC protection push

HSBC is planning to expand its distribution of protection products aggressively and says it is making deals with third-party distributors.

As exclusively revealed in Money Marketing last week, HSBC is expected to enter the intermediary protection market in the second half of next year by making its life, critical-illness and income protection products avail-able to IFAs.

The bank is also planning to expand its online application process, which it offers through Marks & Spencer Money, and has other developments in the pipeline with third-party distributors.

In May, M&S Money set up a life insurance policy with premiums from £5 a month, with cover provided by HSBC Life through a phone and online application process.

HSBC would not go into any detail or timescales at this stage.

One IFA who did not want to be named believes that the bank will be offering products which are tailored to suit different distribution channels and targeted at particular sectors of the consumer market.

HSBC Life head of corporate development Craig Colton says: “HSBC Life is looking to expand its distribution beyond HSBC Bank. We have this year provided online term insurance products for M&S Money and, among other things for next year, the intermediary market is high on our list of potential developments. It should be an interesting year.”

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