Article date: 18 May 2007
Norwich Union, one of the market leading providers in the equity release sector, reacts to the FSA's warning to advisers at his week's Mortgage Business Expo in Manchester regarding equity release.
Elizabeth Boardall, head of marketing, Norwich Union Post Retirement Products, commented: "The FSA has warned advisers looking to enter the equity release market to either do it right or to 'stay out' and that they should be committed to delivering quality advice.
"We wholeheartedly agree that advisers must be committed to delivering sound advice, and we do not believe this means that only large firms with considerable resources are able to enter this market. At Norwich Union we work with IFA firms of all sizes, including the very smallest who may only do a few equity release cases per year.
"We provide technical and practical support to IFAs where it is needed, with a new dedicated team - advisers connect - which is available by phone and in the field. This means that whether equity release is a key focus for an IFA firm, or very much a minor activity, we can help them to advise in this area. We believe that this support to IFAs is vital to help grow this market, and provide advice to the many potential customers for these products.
To find out more about the Norwich Union equity release support line, IFAs should call 0845 300 2837.
Press office contacts:
Sarah Horner 01904 452828 Out of hours 07800 691569
Louise Soulsby 01904 452617 Out of hours 07800 699526
The Wriglesworth Consultancy
Laura O'Connell / Lee Blackwell
Telephone: 0207 845 7900
Notes to editors:
About Norwich Union
Norwich Union is the UK's largest insurer. It is a leading provider of life, pensions and investment products and one of the largest financial adviser (FA) providers. FAs provide over 70% of the company's long-term savings business in the UK.
Norwich Union's news releases and a selection of images are available from Aviva's internet press centre at www.aviva.com/media.