Nationwide has launched its delayed general panel review, which was originally expected to take place in early 2013.
The company sent tender invitations to firms two weeks ago to fill the coveted spots on its panel following the decision to delay the process back in March (4 March 2013).
This is the company’s first general panel review since its inaugural panel launch in 2009, when Allen & Overy, Burges Salmon, Eversheds, Nabarro and Olswang all obtained places (14 July 2009).
The new line up is expected to be announced at the beginning of 2014.
There were five spots up for grabs when Nationwide announced the review in October 2012 (22 October 2012) but the company is remaining flexible on the size of the final panel, depending on the results of the tender.
Deputy group generalcounsel Claire Morris said: “We’ve had our existing panel in place for three years and the review will ensure we have got the right mix of firms working with us, taking into consideration the work we have coming up in the future.
“Clearly, for Nationwide as a leading financial services provider, we’re very interested in firms that are able to demonstrate an ability to deal with a range of areas, and have a good understanding of the work we do and the environment in which we operate.”
The financial services market has changed significantly since the last panel review in 2009, with the Financial Services Authority giving way to the Prudential Regulation Authority and the Financial Conduct Authority – putting more pressure on the company in regulatory and compliance terms.
In October general counsel Liz Kelly said the panel could include new specialist areas including compliance.
For more on Nationwide, see our 2011 interview with Kelly, Savings grace.