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Towry is signing up with Cofunds

Towry Law has thrown its weight behind IFA-only fund supermarkets, saying it is to sign up to Cofunds next week.

The company said it would not join other nationals in signing up to Fidelity&#39s Funds-Network as it felt its direct platform undermined the IFA proposition.

Towry&#39s deal with Cofunds is expected to be completed next week and Towry says it will then offer Cofunds&#39 Isa.

Applications will be dual-branded under the Towry and Cofunds logos, with similar dual-branding expected to be extended to the Towry website later in the year.

Cofunds says it has not been able to offer a comprehensive white-labelling package as initially intended due to regulations which say the name of the Isa provider must appear prominently on all literature.

Cofunds says it is in talks with a number of other major IFAs and it hopes to finalise deals in the next few weeks.

IFA portal Assureweb said last week it was to link to the supermarket.

HSBC subsidiary First Direct, which launched its IFA arm last month, is expected to be one of the next IFAs to sign up to the platform.

Towry product director Charles Levett-Scrivener says: “We have a belief in the value of advice. Therefore, we wanted an offering where the advice proposition did not get undercut by a direct route. We also think the funding support of a number of different fund management groups means that other fund managers will not feel threatened.”

Cofunds head of sales Rodney Aldridge says: “Our brand will only be there to the extent it needs to be from a regulatory perspective. In time, we hope the Cofunds logo will be seen as an endorsement of quality.”

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