From 15 November 2005 Friends Provident protection products will be sold through the building society's financial planning business.
Portman is the UK's third largest building society with 146 branches, based predominantly in the midlands and south of England. Under the agreement, Friends Provident will be the only provider to offer its range of protection products, including life cover, critical illness and income protection.
Friends Provident was chosen after a rigorous selection process, using selection criteria such as product quality, customer service, ecommerce capabilities and value for money.
Depolarisation has allowed distributors such as Portman to move to a multi-tie status, to promote the products of a number of providers. Portman is extending its range of product providers to include Friends Provident for the provision of protection products to complement the product ranges offered by its existing providers.
Simon Clamp, managing director UK sales and marketing at Friends Provident, said: "We are delighted to be selected by Portman to be the provider of their protection business. This is another opportunity for Friends Provident to increase its distribution capability and demonstrate our 5 star award-winning service, quality products backed by market leading technology
to an ever increasing audience."
Matthew Wyles, group development director at Portman, said:
"In Friends Provident and Norwich Union we have two partners of formidable quality whose propositions are highly complementary. Our financial planning business is delivering a strong performance and the introduction of Friends Provident's excellent products and outstanding service will make us even
more successful during 2006."
