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Keith Street, head of Kensington, told Mortgage Adviser in April the lender was looking at ultilising its distribution capability to market some alternative products from Investec.

The products were launched on 19 May and will be distributed through retail intermediaries using Kensington's established sales force.

Advisers who are regulated to sell investments will have access to all of the products, which include structured funds, accumulation plans, investment plans and income plans.

Advisers who are only authorised to sell mortgages will have access to the accumulation products only.

Mr Street said: "We are using this to widen the reach of a suite of structured retail products that have recently been launched by our parent, Investec.

"Distribution of these products is part of Kensington's ongoing diversification into areas where we are using our unique attributes to add value to new markets."

Phil Perry, director of Cheshire-based IFA Ark Financial Planning Limited, said: "Lenders are not making the same money as they did off mortgages so it is natural that Kensington would look at diversification and what better than to utilise what is on offer from their parent company Investec."