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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.”


Fees and fireworks

For more years than I care to remember, I have been selling glow sticks at a local fireworks display in aid of my Round Table’s current charity.

Field slams HBOS on Farepak collapse

Labour MP Frank Field has laid down an early-day motion attacking HBOS for its “pivotal” role in the collapse of Christmas savings firm Farepak. He says HBOS allowed Farepak to continue trading while it clawed back around £1m a week of people’s savings to offset the company’s overdraft with the bank.

Correspondent’s Week

This week by freelance personal finance journalist Kirstie RedfordWhen someone asks what you do for a living and you reply freelance journalist, the pitch of the person asking you nearly always takes an excited turn as they gush: “Ooh, who do you write for, anyone interesting?” It is at this point that I almost always […]

Co-op joins EMX message system

Co-operative Insurance Society has signed up to the EMX Message System.The system now has 204 distributors and 61 fund managers trading through the EMX message system, which claims to be the standard for straight through processing in the funds industry.Last month it routed over 1.3m messages.EMXCo head of sales and marketing Tony Wood says: “We […]


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