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Standard set for New Year with bank link and IFA deals

Standard Life is set for a tie-up with a bank in the New Year along with a number of IFA multi-tie deals.

Speaking exclusively to Money Marketing in his first interview in his new role, Standard Life UK life and pensions chief executive Trevor Matthews says the group will unveil its distribution plans in the New Year.

Standard has shunned bank tie-ups in recent years but is keen to widen and diversify its distribution.

Matthews has shrugged off accusations that Standard is late in the marketplace, with Prudential, Norwich Union, Scottish Equitable and Legal & General all having announced multi-tie arrangements, believing the strength of Standard Life’s brand will ensure it attracts strong partners.

Revealing the group’s plans for the coming year, Matthews says Standard Life will launch a wrap product in 2005, re-enter the protection market and is looking at non-stakeholder personal pension launches. He says: “We have traditionally focused on IFAS and they will be our main distribution channel for years to come but we do have a lot to offer other distribution channels and I would be amazed if we do not have a bank tie-up by the New Year.”Crombie admits failure, p3, Matthews’ interview, p4The introduction of the child trust fund has come at an opportune time for the family of one woodworker who is looking to invest with three star fund managers

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