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Net firm and Exchange in stakeholder deal

Stakeholder designation website has signed a deal with The Exchange for an undisclosed sum to provide users with sales, marketing and distribution rights for its service.

The service enables IFAs to provide online group stakeholder transaction services via pensionsbusiness&#39s online channel which effectively administers schemes from designation through to population.

The launch will be supported by joint marketing and promotions to ensure the 16,000 registered users of The Exchange are aware they have free access to the new service. IFAs can take a half share of the commission on schemes set up using

Stakeholder providers currently signed up to the site are Legal & General, Norwich Union, Scottish Amicable, Scottish Mutual and Clerical Medical. The company says it is in talks with further providers to join the site.

Chief executive Michael Lockyer says: “It seems that around two-thirds of companies affected by stakeholder legislation have not met their legal obligations. There is an excellent opportunity for IFAs to help them out and earn some commission. The service is designed for minimum hassle for the IFA, the employer and their employees.”

The Exchange director of product marketing Chris Baker says: “The SME sector is rapidly becoming an important sales channel for IFAs. The addition of pensionsbusiness to our portal provides our intermediary customers with a streamlined service to support their stakeholder needs.”


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