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Virgin One tests out sales through IFAs

The former bete-noire of IFAs Virgin is continuing to woo the intermediary market, testing out sales of the Virgin One account through fee-based advisers.

Virgin Money has been conducting trials of its Virgin One account with IFA Maddison Monetary Management over the last six to eight weeks.

The findings will be used by Virgin One managing director Jayne-Ann Gadhia who will be taking a proposal to the board on how the company&#39s relationship with IFAs will be taken forward.

The move follows sister operation Virgin Direct&#39s decision to talk to selected fee-based advisers about sellingthe Virgin GPP.

Virgin says it is still convinced that commission payments to IFAs are not the way forward but it is increasingly looking to fee-based advisers.

The company has had a fraught relationship with IFAs. Most recently, Virgin Direct suggested intermediaries had traditionally neglected employees.

Maddison Monetary Management managing director Mark Howard says: “We are pleased to be associated with the trial but we have no plansat the moment to hook up permanently.”

Virgin One communications manager Andrew Smith says: “We always planned to makethe Virgin One account avail-able through other channels. Five per cent of our business is already introduced by IFAs.”

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