Readying itself for the launch of its own IFA service later this month the Woolwich has announced an...
Readying itself for the launch of its own IFA service later this month the Woolwich has announced an alliance to offer Legal & General assurance products through its intermediary service.
The partnership means consumers will be able to take advantage of Woolwich's open plan mortgage product as well as L&G's protection products. The Woolwich Independent Financial Advisory Service will take on board the work previously done by the bank's sales force namely long terms savings, investments and pensions.
Woolwich chief executive Lynne Peacock said: "Legal & General's products will sit alongside the Woolwich's market leading open plan mortgages."
Robin Phipps, the group director of Legal & General in the UK said: "The concept of bancassurance is undergoing significant change as strong retailing brands such as Woolwich seek to exploit their distribution strength. By concentrating on their core mortgage lending business and offering Legal & General branded protection products Woolwich customers are getting the best of both worlds."
Woolwich branches will continue to offer existing life products until the new arrangements come into effect in October.
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