As Zurich UK Life prepares to launch its retail platform this year, the insurer has secured a landmark platform agreement with advice network Openwork.
The new agreement sees Openwork confirmed as the first distribution partner for Zurich UK Life's retail savings platform.
Under the terms of the enhanced distribution agreement, the Zurich UK Life platform will be available through Openwork's single-tie, multi-tie and whole of market (IFA) businesses towards the end of the year. The agreement also sees Zurich UK Life confirmed as the exclusive platform provider for Openwork's single-tie offering and preferred platform supplier for its multi-tie and whole of market businesses.
Following the new arrangement, Openwork advisers will be able to access Zurich pension and investments wrappers through the Zurich UK Life platform. The platform is set to launch with market leading functionality which will help advisers to address RDR requirements as they transition to new business models. Further details about the functionality of the new retail platform will be announced later in the year.
In addition, Zurich retains its exclusive single tie protection arrangement with Openwork and its place on the Openwork panel serving multi-tie and whole of market (IFA) advisers. Furthermore, Zurich has also secured a place on Openwork's pension panel, providing advisers with access to Zurich's pensions for the first time.
Under the terms of the new agreement, Openwork will continue to distribute Zurich investments, pensions and protection products until March 2016.
Commenting on the announcement, David Etherington, Chief Growth Officer, Zurich UK Life said, "This landmark agreement recognises the importance of Zurich UK Life as an emerging player in the platform market and our importance as a strategic business partner. It also reflects Zurich's differentiation in the market through a combination of factors - our financial strength, ability to deliver outstanding service and our strong track record of proposition innovation and development."
"We look forward to building on our strong relationship with Openwork over the coming months as we move closer to the launch of our retail platform".
Martin Davis, Chief Executive, Openwork commented, "We are really pleased to have been able to secure an early position on Zurich's platform. Our advisers and clients have benefited from Zurich's proposition for some years and we are very pleased that we can continue this relationship up to and beyond the introduction of RDR. It is not clear which platforms will be around in the future and the introduction of one that is backed by the financial strength of Zurich is a welcome addition to the market".
This latest development builds on Zurich's growing reputation to deliver platform solutions for the retail and corporate market, following the recent announcement that Zurich is partnering with employee benefit consultancy Mercer through its corporate platform, set to launch this summer.
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