UK finance houses to set up online supermarkets

Top UK personal finance companies are vying to be first in the race to launch an online supermarket, selling a range of financial products.

Goldfish, Egg, Fidelity Investment services and US Internet broker Charles Schwab are planning to launch their own supermarkets, which will offer competitors’ products alongside their own through a branded distribution operation.

They will initially be Web-based and confined to investment products such as shares, unit trusts, Individual Savings Accounts (ISAs), pensions and life insurance.

But in the longer term product ranges could be extended to include loans, mortgages, savings accounts and credit cards and could be rolled out to branch networks.

Charles Schwab, the US execution-only Internet stockbroker which came to the UK last year and has plans to roll out 50 branches in the UK and Europe, confirms it is looking to set up a supermarket.

It already offers a financial supermarket in the US through its 300 branches and Website.

Direct bank Egg is also expected to launch a supermarket selling investment products later this year. Goldfish is considering a similar move. Both see supermarkets as an opportunity to promote their consumer-oriented brands.

Fidelity confirms it is working to create an investment supermarket, initially confined to independent financial advisers (IFAs).

Latest from Marketing Week

PLEASE SIGN IN OR REGISTER. IT'S FREE, QUICK AND EASY!

Access Marketing Week’s wealth of insight, analysis and inspiration that will help you develop as a marketer and leader.

Register and receive the best content from the only title 100% dedicated to serving marketers' needs.

We’ll ask you just a few questions about what you do and where you work, so we can make Marketing Week more relevant to you.

Register now

THE BEST CONTENT

Our award winning editorial team and columnists will ask the biggest questions about the biggest issues on everything from strategy through to execution to help you navigate the fast moving modern marketing landscape.

THE BIGGEST ISSUES

From the opportunities and challenges of emerging technology to the need for greater effectiveness, from the challenge of measurement to building a marketing team fit for the future, we will be your guide.

PERSONAL AND PROFESSIONAL DEVELOPMENT

Information, inspiration and advice from the marketing world and beyond that will help you develop as a marketer and as a leader.

Dedicated to developing your skills and helping you achieve marketing excellence. Find guidance on leadership, professional development and the latest industry jobs.

Having problems?

Contact us on +44 (0)20 7292 3711 or email subscriptions@marketingweek.com

If you are looking for our Jobs site, please click here