Newcastle Building Society has launched a deposit-based savings range designed specifically for intermediaries.
The launch is part of Newcastle Intermediary Services (NIS), a new savings and lending brand focused on intermediary networks and IFAs.
The range will initially offer a range of savings products, including capital guaranteed structured accounts, instant access savings accounts and fixed rate bonds. Intermediaries will receive commission for distributing the products.
Advisers will have full access to the NIS website, with full information on all products, online application submission, commission tracking and other features.
The NIS service can also provide bespoke products on request to assist with portfolio planning.
Advisers working on a fee basis can also use a fee rebate feature, which will allow them to forgo their commission and make an additional allocation to their client’s deposit.
Steve Urwin, senior marketing executive at Newcastle Building Society, comments: “Having offered these types of products via intermediaries for some time, Newcastle IS is a natural progression from this, providing a dedicated hub of support and advice for both our current and future intermediary partners.”
Openwork and Personal Touch have already expressed an interest in the proposition, with Personal Touch advisers to be registered in the near future.
The NIS lending proposition is expected to be launched in 2009, with details to be revealed at a later date.
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