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Standard Life joins Thinc panel in first signing

Standard Life has signed its first multi-tie deal, grabbing the final berth on Thinc Destini’s panel of five product providers.

The life office is expected to announce details of further multi-tie arrangements over the next few weeks, including a distribution arrangement with a high-street bank.

Prudential earlier concluded a tie-up with the IFA and a deal to provide annuities for the merged network on a single-tie basis. The multi-tie arrangement is the Pru’s third tie contract.

The arrangement ensures that both Standard Life and Pru’s life, pension and protection products will be available to Thinc Destini’s targeted total of 500 RIs when its regulated multi-tie panel starts on January 15. Pru is already signed up with Millfield and Sesame.

The single-tie deal will see all of the network’s annuity business going through the Pru.

Thinc Destini has already signed up Friends Provident, Clerical Medical and Scottish Equitable through Aegon to its panel.

Thinc chief executive officer Simon Chamberlain says advisers choosing the multi-tie route will get commission rates that are consistently higher than they would get as independents. He says there will be no commission bias between product providers as rates will be the same across each product type.

Standard Life managing director of sales Nathan Parnaby says: “The arrangement is a plus for both parties.”

Pru UK distribution director Andy Briggs says: “As part of this double-tie arrangement with Thinc Destini, we are pleased to have secured its annuity single tie.”

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