View more on these topics

Zurich sells out of Openwork network

Zurich has sold off its 25 per cent stake in Openwork, effectively turning over control of the network to its advisers.

The provider first set up the network in 2005.

Mortgage Strategy’s sister title Money Marketing first reported that plans were afoot to divest its stake in 2015 as part of a long term transition plan. Zurich confirmed this morning that it has now completed the deal.

Openwork, now the largest independently-run network in the country and third largest in adviser numbers only to St James’s Place and Intrinsic, will be majority owned by the Openwork Partnership LLP, a body that represents member adviser firms.

However, Openwork’s own employees will also hold onto a minority stake through an employee benefit trust.

Openwork chief executive officer Mark Duckworth says: “We have a secure, stable, proftable business that delivers a hugely important service to hundreds of thousands of people across the UK. To be doing this independently; to have our destiny in our own hands, is exciting.”

Zurich will remain on Openwork’s panels, with advisers at the network continuing to distribute its products.

Zurich head of UK retail David White says: “Whilst Zurich will no longer be a shareholder, our relationship will remain strong and we look forward to continuing to provide our market-leading products and services to Openwork advisers and their clients.”



Openwork left ‘vulnerable’ as Zurich plots stake sale

Advice network Openwork has been left “vulnerable” after Zurich confirmed plans to sell-off its remaining 25 per cent stake in the business, experts say. Openwork is 67.5 per cent owned by member firms and 7.5 per cent by an Openwork employees trust, with the remainder held by Zurich, and now set to be divested to […]


Zurich to sell 25% Openwork stake

Zurich will sell its 25 per cent stake in advice network Openwork in the next four years. In July last year, Mortgage Strategy’s sister title, Money Marketing, revealed Zurich had appointed investment banking advisory firm Evercore to explore exit opportunities as senior management look to rid the company of any liability risk associated with the […]

piggy, money, cash

Openwork aims to convert more mortgage advisers to wealth

Openwork aims to convert more mortgage advisers to wider wealth advisers with a new study programme. The programme, Route to Wealth, is designed to encourage more mortgage advisers to move into pensions and investments. Route to Wealth will be a two-year structured training programme, with all costs paid back by Openwork. Openwork mortgage director John […]


FCA to absorb Brexit costs ‘where possible’

The FCA plans to absorb Brexit-related costs “where possible”, according to its latest board minutes. Minutes from the regulator’s 21 and 22 February board meetings say the impact of Brexit will be included in its forthcoming business plan for the year ahead, due to be released soon. The minutes say: “It was noted that as further clarity […]


Trust me, I’m a provider

By Craig Paterson, Underwriting and Claims Philosophy Manager, Royal London Hard-hitting headlines “Dying mother of two is refused life insurance payout.”1 “What a way to treat a dying man: Grandfather refused life insurance claim.”2 “A widow betrayed by a life insurance company.”3 With headlines like these, it’s no wonder some consumers don’t trust providers. Trust […]


News and expert analysis straight to your inbox

Sign up