Zurich to challenge major platforms with Q4 launch

Zurich set out its ambition to challenge the UK's major retail platforms after revealing its long-awaited proposition will come to market in Q4 this year.

The platform will be a central plank of the insurer's restructure ahead of the retail distribution review (RDR).

It will follow the roll-out of Zurich's corporate platform, which the insurer said will launch in Q3.

Adrian Nash, the ex-Macquarie man heading up the project, said the FNZ-powered retail proposition will offer a range of funds and tax wrappers plus ETFs and other investments via an external stockbroker.

Longer term, the product range will broaden to include protection plans.

Model portfolios will also be available on the platform, with advisers able to construct their own portfolios or use discretionary fund managers.

Nash said Zurich was eager to dismantle the dominance of the top players in the retail platform space.

"We have no intention of bringing out an OK proposition," said Nash, head of wealth proposition at Zurich Financial Services.

"We have a road map and are looking to dislodge players from their current position and be a main player."

Nash said the platform's ability to integrate with its back office through a two-way integration feature sets it apart from rival players.

"Advisers get far better efficiencies - the panacea for IFAs - if the back office is tied up with the platform," he said.

"Two-way integration removes duplication and double-keying and will free up advisers' time."

Zurich has agreed a distribution partnership with IFA network Openwork and Nash said the company is holding discussions with other networks and smaller IFA firms.

The restructure of Zurich ahead of RDR resulted in Zurich UK Life announcing the loss of 120 jobs in January.