LSL, which includes TMA mortgage club and Primis network, did not release the value of its investment, but confirmed it would be taking seats on the DLP board.
“LSL will be represented on the board going forward, as is usual with any such investment. There is no change to the day-to-day management of the business though,” a spokeswoman said.
And the firm pledged that the move would not mean it would begin restricting distribution to other networks or clubs.
“Absolutely not, business at Direct Life will continue as normal following the investment,” the spokeswoman continued.
“Over the coming years, Direct Life will continue to focus on increasing the number of partners it works with to provide more opportunities for brokers to grow their protection business and drive further innovation in this market.”
Speed-up development
Announcing the investment, the firms said it cash would enable Direct Life to improve its technology and operational capabilities and provide further growth opportunities for its intermediary partners.
LSL group financial services director Jon Round (pictured) said the announcement “allows us to enhance our digital services in the protection arena and bring a market-leading specialist on board to further support our adviser partners in this area.
“We look forward to leveraging our combined strengths and building a partnership with Direct Life over the coming years that will allow us to drive further innovation across the protection market for the benefit of both brokers and end-customers.”
Direct Life chief executive Rob Quayle added: “Partnering with LSL is an exciting step for us as we look to strengthen our proposition and capitalise on wider market opportunities.
“The collaboration will quicken the development of our range of services, drive efficiency across our operational processes, and expand our distribution channels.
“As we embark on the next chapter of growth for the business with the support of LSL, we are confident that this will allow us to further enhance our relationships with our partners, both now and in the future, and deliver protection solutions for more consumers.”
