Article date: 21 December 2001
Norwich Union has launched an online share dealing service and afund supermarket ISA.
These two new products are designed for people who want to takea more active role in managing their finances.
Norwich Union's online share dealing service is keenly priced -charging from £12 a trade - and enables customers to buy and sellonline. There is a competitive quarterly fee of just £9.95.
The fund supermarket ISA offers investors a "pick 'n' mix"approach to funds. There are around 70 funds all of which have aStandard & Poor's A, AA or AAA rating and over the last fiveyears have out performed the average in their sectors by 89%*.Charges are 75% less than some more conventional channels.**
Standard & Poors has proven that on average 72% of fundsthat are S&P rated, and remain subject to its ongoingmonitoring process, have gone on to achieve above averageperformance over a two-year period.***
Inexperienced investors can 'try before they buy' using'virtual' portfolios of shares or funds, without having to commitany of their own money. This allows them to monitor performance andget to grips with investing online before actively making anymonetary commitments.
Despite been driven by the latest technology Norwich Union iskeen to retain the personal touch with customers able to talk to acontact centre manned by qualified consultants if they need help orguidance.
Commenting on the launch, Rob Davies, brand manager, NorwichUnion, said: "Research shows that whilst 8 million people haveresearched financial products online, less than 4% have actuallybought an investment product online.**** Most will undoubtedly beput off by the complexity and almost elitist qualifying criteria ofsome share dealing services. However we aim to appeal to everyone -from novice investors to experienced day traders - and areconfident that the high performance, competitive pricing and easeof use will prove popular.
"The service also provides customers with a wealth of impartialinformation and performance tools, designed to be jargon free andmake their decision-making easier and more personal."
Norwich Union's online share dealing service and fundsupermarket ISA can only be found at www.norwichunion.com.
The fund supermarket is operated by NUSOF.com limited.
* Source: Norwich Union: Five year performance to 28/09/01.Average performance of the funds in the Norwich Union FundSupermarket ISA against the weighted average of the AUTIF sectorsin which they are invested. Figures quoted on an offer to bid, netincome reinvested basis. The Fund Supermarket became availableDecember 2001. Therefore the performance illustrated is not theactual performance of our Fund Supermarket, but shows theperformance of the funds now available.
** Source: Norwich Union: Modal average initial charge of fundsin the Norwich Union Fund Supermarket ISA is 1.25%. Modal averagequoted by the fund managers for these funds is 5.25%.
*** Source: Standard & Poors
**** Source: Forrester (published January 2001) 3% share dealingand 1% investment funds
David Ross at Norwich Union on 08703 66 68 68
Notes to editors:
- Norwich Union's online personal finance service was launchedin May 2001 and provides a comprehensive range of free,interactive financial planning tools and impartial money guides,designed to help people make better financial decisions by makingcomplex money matters simple.
- A fund supermarket ISA and share dealing service are the firstin a range of products that will subsequently include a number ofbanking products.
- Norwich Union is the UK’s largest insurer offering acomprehensive range of long-term savings and general insuranceproducts.
- Norwich Union’s news releases are available on theinternet at www.cgnu-group.com
- A selection of images are available from the Norwich UnionNewscast site at www.Newscast.co.uk
- An ISDN facility is available. Call the press office on 0870366 68 68
For life and pension media enquiries 08703 66 68 73 For allother media enquiries 08703 66 68 68
Please remember that past performance is no guide tofuture performance. These are risk investments and their value, andany income from them can go down as well as up.
The Norwich Union online share dealing service isprovided by Pershing Securities Limited (Pershing) who areregulated by the Financial Services Authority. By using theservice, customers will form a contract with Pershing and all sharetrades effected by you will be with Pershing. To market theservice, Norwich Union Wealth Management Limited is regulated bythe Financial Services Authority for investmentbusiness.