Sesame will offer higher commission to intermediaries who sign up to its new four-member protection multi-tie panel to be unveiled next week.
The company says the Protection Select Plus panel will offer the highest commission rates available in the market through providers Friends Provident, Norwich Union, Legal & General and Abbey.
The new panel is available to Sesame members at no extra cost although intermediaries will have to decide whether to sign up to Protection Select Plus or the wider Protection Select range.
Sesame says the offering is open to all members but particularly complements its drive into the mortgage market and may be attractive to mortgage-only advisers who want to join the network.
It has been increasingly targeting the mortgage market in the run-up to full regulation of the sector in October 2004 and is understood to have its regulated operation ready to run.
Commercial director Martin Davis says: “Protection Select Plus will offer higher commission rates – we think the highest available on the market. This offering will be attractive to those intermediaries who are writing a lot of business and that is likely to include a lot of mortgage advisers.”
Friends Provident director of IFA operations Simon Clamp says: “Competition in the market will still exist between those major providers on the panel. Sesame wanted panel members with good products and service offering and the ability to deliver efficiencies through electronic trading.”
Master Adviser managing director Doug Brodie says: “This demonstrates one of the key benefits of working with Sesame, which is the strength of their bargaining power. The providers they choose will still strive to be the cheapest.”