Chief executive expects positive response to distributor concept
A business that trades derivatives-style products is targeting insurance brokers to act as distributors.
Marketguard chief executive Chris Taylor said the firm’s products were already handled by thousands of staff in mortgage broking and financial advisory firms.
He said that he expected a “positive response” when he started talking to broker bosses in the coming months.
Their clients could then protect their risk against negative movements in shares, annuities and currencies.
The Gibraltan-based firm had received FSA approval and been given the green light to trade by all the relevant authorities. “A lot of groundwork has been done. We are not the next PPI,” Taylor said.
Brokers will take a commission for selling the products, but the claims process could be handled directly by the customer, he said. All products would go through the London Clearing House.
Marketguard offsets its risk using wholesale money markets.