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Winterthur moves to calm IFA fears over Pan

IFAs are being told they have nothing to fear following the receivership of Winterthur Life tied agent Premier Agency Network.

The life office says it will continue with its commitment to the IFA market and is developing new products.

Fears over Winterthur&#39s commitment to the UK advice market first came to a head when Pan went into receivership at the end of September.

Speculation is also rife that Winterthur&#39s estate agency operation is in trouble following the withdrawal of its endowment mortgage three months ago, which had been the key source of income.

It is understood that, without the endowment product, the estate agents have had no way of repaying millions owed to Winterthur.

Winterthur says it is discussing a future strategy with its 1,100 estate agents and is keen to calm any IFA fears of knock-on effects on its life and pension business. One source told Money Marketing: “The lack of clear strategy has left the estate agents high and dry and will have Winterthur employees and IFAs wondering if the end of Pan is the thin end of the wedge for Winterthur in the UK.”

But Winterthur head of corporate communications Ginny Broad says: “It is not the case that the estate agents have been left with nothing to sell since the withdrawal as we cut rates on our mortgage protection range as well as offering training.

“IFAs need have no concern whatsoever. We are keen to develop the IFA side of the market and are working on product ideas.”

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