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Scottish Life has to ditch IFA-only tag after panel shock

Scottish Life can no longer say that it deals only with IFAs after finding out that it has unknowingly been on an adviser’s multi-tie panel for over a year.

It has been forced to change its marketing strategy and will now say it actively seeks business through IFAs.

The unnamed adviser firm had previously written individual pension business with Scot Life and put the comp- any on its multi-tie panel as a personal pension provider without its knowledge.

ScotLife says there was no tender process or comm- ission uplift agreement but has confirmed it will not cancel the agencies of the multi-tie advisers.

Head of corporate business Mark Polson says: “The IFA was writing business with us and chose us when they set up their multi-tie. We did not go through any selec- tion process. We have never sought to be put on any multi-tie panels. This means we are no longer able to say we only work with IFAs because it is no longer true.”

FSA spokeswoman Sam Bennett says: “Multi-ties have to explain why they have chosen the firms. From a business relationship point of view, they should make it clear to the provider but they do not have to as far as we are concerned.”

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