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Pru fails to get place on panel it helped build

Prudential has failed to win a place on Burns-Anderson’s multi-tie panel despite working on its initial development and announcing in January that it had already signed up.

The five successful providers for the panel are Axa, Friends Provident, Legal & General, Scottish Equitable and Standard Life.

Prudential was a strategic partner in designing B-A’s multi-tie proposition and is a notable absentee from the selection which has yet to gain FSA approval.

Pru issued a press statement in January that said: “Prudential has secured a place on Burns-Anderson’s multi-tie panel, the first such appointment by Burns-Anderson.”

B-A chief executive Mike Hughes says it was assumed earlier that Prudential would be on the panel but no agreement was ever signed.

The multi-tie will be available to B-A appointed representatives and directly regulated IFAs using Burns-And- erson Direct support services.

Hughes says a firm can split its practice into advisers giving whole of market advice while others can use the multi-tie route although he is not expecting many existing members to take up the offering, preferring to retain independent status.

He says this will provide a new option for IFAs which are not currently using Burns-Anderson services.

Each member of the Burns-Anderson multi-tie panel, which was picked following a tender of 12 companies, will offer products across all sectors.

Hughes says: “We put a tender out to 12 providers and measured them all against a list of criteria, deciding these five as the strongest candidates all round. There are some notable exclusions that did not perform as well as those we have chosen.”

Prudential media relations manager Darragh Leeson says: “We did some initial work with them in the beginning and proposed our model for a multi-tie panel proposal.”

Scottish Equitable managing director Graham Dumble says: “Burns Anderson is one of the most respected and leading distributors in the UK financial services market and it is a real compliment that they have chosen Scottish Equitable to work with them in developing their multi- tie strategy.”


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