Nationwide Building Society and Legal & General have entered a joint distribution agreement for the supply of life insurance, investment and pension products.
Nationwide will sell Legal & General products via its team of 2,000 advisers and consultants and the sales force will remain fully responsible for all financial planning advice offered to customers. Legal & General is purchasing Nationwide’s wholly-owned subsidiaries – Nationwide Life and Nationwide Unit Trust Managers – which have a current value of £285m, based on the March 2006 valuation, after the extraction of £70m of capital by Nationwide in December. Customers with existing life insurance, investment or pension policies will see no change in the short-term, but over time some of...
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