BUPA is in the process of setting up a network of IFAs to boost sales of its long term care insurance.
The move will see the company go head to head with PPP Lifetime Care, whose direct sales force will cease to exist in February when the company begins focusing entirely on the broker channel.
Richard Garland, intermediary service adviser at BUPA, said the network will be officially launched as soon as it has received approval from the Inland Revenue.
Garland said: “We are retaining a handful of specialists who will continue to sell long term care direct. We may eventually go down the same route as PPP, though this has yet to be confirmed.”
Long term care specialist IFAs Philip Spiers of the Nursing Home Fees Agency and Graham Fidoe of Morton Wilson are said to be among those BUPA is consulting.
Fidoe is chairman of IFACare, the voluntary group of 130 financial advisory firms lobbying for regulation and the raising of educational standards within the industry. He denied any detailed talks had taken place between IFACare and BUPA.
BUPA owns 235 nursing homes around the country, and receives 1,000 enquiries about long term care packages every week Garlands said: “We need an IFA network to satisfy demand.”