Challenger is to enter into the £6bn UK compulsory purchase annuity market and is looking at launchi...
Challenger is to enter into the £6bn UK compulsory purchase annuity market and is looking at launching impaired life products later in the year.
It is hoping to get its license through this week and should be selling products by the end of June, according to Alan Fletcher, sales and marketing director at Challenger.
The company, a leading player in the Australian market, has a 10 strong intermediary sales team in place and the company is in the process of developing a website, which should be up and running in time for the launch, Fletcher, said.
He added: 'With the Department of Work and Pensions consultation paper strongly hinting that temporary annuities will be introduced, we should be in a strong position going forward. We have a lot of experience of this type of product in Australia.'
The group believes it will be able to launch impaired life products by year end with the possibility of entering the with-profits and unit-linked markets in 2003.
Challenger will use Malborough Sterling as its administrator for the business.
The company is marketing the Open annuity, a flexible offshore product developed by London & Colonial.
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