Nationwide extends L&G investment advice deal

Nationwide has extended a deal with Legal and General (L&G) to offer investment advice in the building society's branches until at least 2016.

The tie-up continues a current arrangement which was due to end in February 2013, just after the final deadline for implementation of the RDR on 31 December 2012.

L&G has been Nationwide's distribution partner since 2008.

Chris Last, managing director of L&G's bank and building society division, says: "It's a testament to the strength of our relationship that we have signed a new agreement with NBS to provide them with RDR compliant investment products and services until 2016."

Nationwide's decision to stick with L&G comes in the same week as insurer Aviva has extended its presence in the building society advice space through a deal with Norwich & Peterborough (N&P).

N&P's 21 in-branch advisers will only be able to recommend Aviva products to customers from 16 March.