View more on these topics

Principality unveils its multi-tie panel

Principality Building Society has secured a multi-tie panel of eight product providers for its retail customers effective from August 1.

The deal sees the Welsh building society linking with Norwich Union, Axa, Friends Provident, Zurich, Standard Life, Scottish Provident International, Scottish Equitable and Skandia, after a tender involving 12 providers.

Principality’s pure protection multi-tie panel will consist of Norwich Union, Axa, Friends Provident, Zurich and Standard Life.

Its protection multi-tie for the mortgage broking arm, also offered through estate agent subsidiary Peter Alan, will use these five plus Scottish Provident.

Both these panels will go live on November 1.

Products include lump-sum investments, whole-of-life cover, income protection, critical-illness cover, level and decreasing term insurance.

Principality says the deal makes it the first society of its size to unleash a multi-tie operation.

Head of financial services Neal Pritchard says: “We decided very early on to harness the potential that depolarisation gives us.

“A competing multi-tie has enabled us to take full control of our investment business and these providers will work with us to add value and share best practice to help us develop our distribution footprint in our core territory.”


New Star appoints Wagstaff as retail md

New Star has confirmed Phil Wagstaffs appointment as managing director of its UK retail sales and marketing operation.Wagstaff will start in September and was most recently managing director of M&Gs UK retail business with 15bn under management. He will report to Mark Skinner, New Stars managing director of sales and marketing.

Sellers focus on deal rather than prices

House vendors will sell for a quicker, lower price rather than risk holding out for a better price, according to research by Yorkshire Bank. Findings from a survey by Yorkshire reveals that 20 per cent of sellers would favour lower offers from buyers in shorter chains rather than try to hold out for a higher […]

70 per cent opt for cash CTFs

When offered the choice between cash and stakeholder Child Trust Fund accounts 70 per cent choose cash, according to the Building Societies Association.It says in June over 50,000 CTF accounts were opened by the eight providers of both options with 31,000 being cash CTFs.The BSA also says net receipts into cash CTF accounts were over […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment