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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.”

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