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 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.
City-based stockbroker Wills & Co is promoting the advance funds, a fund of enterprise investment schemes.
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 […]
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 […]
The chart below demonstrates the change in US 10-year Treasury yields in the run-up to a Federal Reserve (Fed) hike, and what then happens in the weeks afterwards. This covers the 70 Fed hikes over the past 37 years. In the run-up to a Fed hike, US yields tended to rise. This is no surprise, […]
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The Pensions Ombudsman and The Pensions Regulator have agreed to share information to increase their understanding of issues in the sector. The agreement follows the FCA and TPR announcing in February they will work together on a strategy to tackle risks in the pensions sector over the next five to 10 years. The agreement announced […]
Platform Alliance Trust Savings continues to be affected by staff departures as three senior executives are understood to have left the business. Money Marketing understands commercial director Ed Carey and customer services director Gordon Murray have recently resigned from their posts. According to LinkedIn, Carey joined ATS in 2016 as sales director before taking on the commercial […]