The life and pension provider, Royal London, has announced it will be branching out into the direct product market with effect from next year.
Currently under development, a new range of basic savings and investment products will be directly available to consumers who do not wish to conduct their business via a financial adviser. It is hoped the company's expansion into the direct channel will result in the creation of around 70 new jobs.
Whilst the new direct products will aim to complement Royal London's current intermediary range, the provider stated that it will remain focused on the advice sector and would be investing in "a high standard" of tools and resources to support advisers going forward.
Commenting on the announcement, Phil Loney, group chief executive of Royal London, said: "The launch of our direct to consumer offering is another important step in driving our company forward and realising our ambitious business strategy.
"Our acquisition strategy brings our customer base to over 6 million, many of whom would have previously been served by a direct sales-force, and we believe there is a gap in the market where these consumers' financial needs are not being met," he added.
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