Fidelity FundsNetwork and Standard Life have joined forces to develop a range of long-term savings products.
The two financial services providers hope to launch a self-invested personal pension by the end of the year.
This self-invested personal pension would give those saving money the option to choose from a broad range of mutual funds from various providers.
Fundsnetwork, the UK's leading fund supermarket currently offers over 900 funds from 54 providers. Standard Life, a big name in the life insurance field, will be the provider, trustee and administrator of the self-invested personal pension.
Another agreement between the financial services providers would see a jointly developed insurance investment bond come to life.
This insurance investment bond would enable people to be saving money by investing contributions in a range of mutual funds.
According to Fidelity International's UK managing director Richard Wastcoat, the addition of a self-invested personal pension and an investment bond is an essential component in the creation of the UK’s leading service for the long-term savings market.
Nathan Parnaby, Standar Life's managing director of sales agreed that the cooperation between his company and Fidelity would have "tremendous benefits for advisers and their clients".
New savings options through joint financial services venture
New savings options through joint financial services venture
Mon, 18 Jul 2005
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