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CIS signs single-tie deal

Norwich Union has signed a single-tie deal with Co-operative Insurance Society, whose 2,200 advisers will sell NU products exclusively.

In a phased roll-out from the first quarter of 2006, NU will provide a personal pension, unit-linked bond, guaranteed acceptance plan and suite of inheritance tax-planning products for CIS.

The products will be CIS-branded and further lines are likely to be added. CIS will continue to offer its own stakeholder pension and platinum with-profits bond.

The firms are also in discussion over CIS advisers using NU’s wrap platform Lifetime.

NU distribution director David Barral says the deal could boost NU’s UK sales by up to 1 per cent in the first few years. He says: “The rollout will be phased and we are fine-tuning that now. Their objective is that the products are seen as CIS products by their customers but it is very much a partnership.”

CIS advisers have previ- ously sold few pension and IHT-planning products, so productivity levels are antici- pated to rise strongly.

CIS chief executive David Anderson says: “NU, combined with the strength of our existing product range, will help deliver a compelling proposition for our customers.”

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