Coles may join the Financial Services Council, as it continues to expand the range of financial products sold through its supermarkets.

A spokesman for the retailer told insuranceNEWS.com.au it has spoken with the council but has not decided if it will apply for membership.

In June Coles’ parent Wesfarmers appointed Rob Scott – the immediate past president of the Insurance Council of Australia – to the new role of MD Financial Services, to lead expansion of the group’s consumer financial services business.

Coles launched a life insurance product in May and is understood to be considering how low-cost banking-style products can be offered through its supermarkets.

The retailer continues to distribute general insurance products after Wesfarmers sold its underwriting division to IAG.