Zurich UK Life has secured a 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.
This comes as Zurich UK Life prepares to launch its retail platform this year.
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 will aim to help advisers to address RDR requirements as they transition to new business models.
Zurich will also retain its exclusive single tie protection arrangement with Openwork and its place on the Openwork panel serving multi-tie and whole of market (IFA) advisers. 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.
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