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Nationwide snubs multi-ties to stick with its own plans

Nationwide chief executive Brian Davis says the building society will never go multi-tied and sell other company&#39s pro-ducts through its branch network because there is no need to do so.

In a clear snub to rival providers, Davis says that as Nationwide&#39s products are “trusted and up to standard”, there is no point having multi-ties with other providers.

His comments come at a time when many high-street banks are looking to secure multi-tie arrangements, with deals already in the bag between Barclays and Legal & General and Axa and Bank of Scotland.

Nationwide is unconcerned about being left behind by multi-tied firms in terms of products on offer, saying it may seek to manufacture new products in house or create a strategic alliance with another provider rather than sell rival products.

The society believes its existing products meet the needs of most of its members and Davis says multi-ties would lead it down the path of becoming an intermediary.

Davis has also been the main protagonist in the mortgage rate row, lambasting Halifax for making what he says are misleading claims and slating lenders for allegedly ripping off their existing customers.

He says: “We have taken the view that the Nationwide-branded products are trusted and are up to standard, so why should we go multi-tied?

The danger is that you become another intermediary.”

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