Britannia Building Society is transferring its sales team to Axa Sun Life and signing a deal to distribute Axa's life, pension, protection and investment products.
The partnership, which will run from January 2005, coincides with the new FSA rules on the sale of regulated products. Britannia members will be able to buy Axa mortgages and life protection, investments, pensions, annuities, unit trusts and ISAs through Britannia branches and a dedicated telesales team.
The 110-strong Britannia sales team will transfer to Axa which will also bring in additional salespeople to be based in Britannia's branch network. The Axa Britannia sales team will offer Britannic Asset Management investment products alongside the Axa range, as well as access to a wide range of funds from other providers.
Britannic currently sells investment products from Britannic Asset Management and personal life and health insurance from Liverpool Victoria. The relationship with Liverpool Vic will cease in January.
Britannia membership bus-iness managing director Tim Franklin says: “The society looked for a fit with its own values, including pricing and performance, product range and customer service. Axa provided top-quartile performance and pricing in its key funds, has great experience of face to face and phone sales and has an excellent back-office system.”
Axa chief executive Paul Evans says: “This is an extremely important partnership for Axa with the second largest building society in the UK. Depolarisation has opened up new opportunities and business models. We are looking to pursue additional bank assurance partnerships in the UK.”