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Misys shelves Pru tie until it wins back IFAs

Misys is ruling out Prudential from its multi-tie plans, saying unless the provider has the support of IFAs it will not do business with it.

The mega-network admits it has had talks with nine strategic partners about plans to create a multi-tie for aspects of its business and asked Norwich Union and the Prudential to take the design forward.

But it now says that unless Pru can regain its credibility with IFAs by the end of the year after the critical-illness cover debacle, it will not be included in the plans.

Pru lost IFAs&#39 confidence when it raised CI premiums and scrapped guarantees both for new and pipeline business.

Misys asked Axa, Clerical Medical, Friends Provident, NU, Prudential, Scottish Equitable, Scottish Life, Scottish Mutual and Scottish Widows to make bids for a place in any multi-tie and decided to go ahead with NU and the Pru.

The multi-tie is expected to cover protection, individual pensions and investment products and exclude corporate pensions and fund supermarkets.

Misys has said it will multi-tie some parts of its group and leave others as IFAs but had not revealed any further details.

Misys head of communications Paul Charles says: “If a provider does not have the support of the IFA community, they will not end up in our multi-tie panel. IFAs are pretty upset over the way Pru has been handling business.If there is a strong feeling that the Pru does not have IFAs support then we will not be doing business with it.”

Norwich Union head of media relations James Evans says: “We are currently talking with a lot of partners about how we can develop the market and that includes Misys.”

Prudential director of distribution Nick Smith says:”We are delighted that we are working with Misys on the range of options available to them in a depolarised market.”

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