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Pru takes a lead role in Sesame multi-tie plans

Prudential has been called in from the cold by mega-network Sesame which has abandoned threats made last year to drop the firm from its multi-tie plans and instead says it is the first player to have a place on its panel.

Pru has also been appointed to work on the design and delivery of Sesame&#39s non-independent proposition. The other providers on the panel will be announced towards the end of this year although no decision has yet been made on the number of firms on the panel.

After Pru&#39s critical-illness cover debacle last April, Sesame said unless the company&#39s performance improved, it would not feature in its post-depolarisation plans.

FSA implementation of the new framework is pencilled in for October, with a six-month run-in period. Sesame plans to have its multi-tie operation running by the start of 2005.

Sesame has been working with Norwich Union and Pru on developing its multi-tie proposition but says the level of detail it is working at means that only one provider can be involved for work to proceed effectively.

Pru distribution director Chris Trainer says: “Sesame is responsible for a very large proportion of business. We assume that a large proportion of members will write premium business through its multi-tie arm.”

Sesame commercial director Martin Davis says: “To get Prudential to commit the amount of work and resources required for this project, we agreed to guarantee them a place on the panel. The last thing we will do will be name the rest of the panel.”


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Chirrey joins BAM fixed-interest team

Britannic Asset Management has appointed Jennifer Chirrey as an investment manager within its fixed interest team. Chirrey will join the six-strong credit team which manages Britannic&#39s £6.7bn retail and institutional fixed interest portfolio. Chirrey joins them from Abbey National Asset Managers.

Isa sales March at the double

Net Isa sales in March were more than double February&#39s level at £496m and 21 per cent higher than March 2003, according to IMA figures. Net retail sales through tied agents accounted for 46 per cent compared with 36 per cent from intermediaries. The balance was made up of direct-offer sales at 12 per cent […]

Churchill Investments announces senior appointment

IFA Churchill Investments has announced the appointment of Warren Perry as head of research replacing investment director Malcolm Weightman who is retiring after 30 years in the industry. Perry was previously senior investment director from 1994 to 2002 at Whitechurch Securities and then managing director at Lindsay Welbeck. Churchill Investments managing director, Jamie Ware, has […]

When is £1m not £1m?

Neil Jones is technical support manager with Canada Life’s ican Technical Services Team. Canada Life offers a range of wealth management solutions, including retirement income planning, estate planning and investment solutions from a choice of jurisdictions, including the UK, Isle of Man and Republic of Ireland. The residential nil-rate band (RNRB) was first announced in […]


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