View more on these topics

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.”


Man bond unites hedge fund strategies

Man Investments has introduced Man AP unison series 1, a capital guaranteed bond that invests in multi-manager hedge fund strategies. The Man AP product range was established more than three years ago with the introduction of Man-AP stratum. As many of the products in the range carry a capital guarantee, they tend to have a […]

North beats South for real wealth

The North beats the South as the region with the most real wealth in England and Wales, according to latest research by Barclays.Researchers from Barclays&#39 wealth management arm Barclays Private Clients combined details of their eight million customers&#39 average salary with the National Office of Statistics&#39 cost of living figures.It found that people living in […]

Marketplace aims two-year tracker at remortgages

The MarketPlace at Bradford & Bingley is offering the remortgage market an exclusive flexible two-year tracker loan.The open plan loan, funded by Woolwich, has a current rate of 3.74 per cent and is guaranteed to be 0.01 per cent below the Bank of England base rate until July 2005.The rate then reverts to 1.5 per […]

MFM Slater looks for hidden value

MARLBOROUGH FUND MANAGERS MFM SLATER RECOVERY FUND Type: Unit trust Aim: Growth by investing in UK companies Minimum investment: Lump sum £3,000 Investment split: 100% in UK companies Isa link: Yes Pep transfers: Yes Charges: Initial 5.25%, annual 1.5% Commission: Initial 3%, renewal 0.25% Tel: 0845 6023095 The panel: Stuart Smith, Deputy managing director, R […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm