Article date: 21 June 2007
Norwich Union, a market leading provider of equity release, expresses its support for SHIP's (Safe Home Income Plan) expansion plans announced this week. As outlined in its recent press statement, the industry body intends to significantly expand resources and activity, developing a strategy for future direction, action and guidance in the equity release market.
Elizabeth Boardall, head of marketing, Norwich Union Post-Retirement Products, commented: "As a key provider of post-retirement options, Norwich Union keenly supports this logical step towards maintaining a fair equity release market. This move will serve to encourage robust product development and the use of adequate appropriate advice from fully qualified advisers in the sales process. Treating customers fairly by listening and responding to their needs is key to maintaining their trust, and therefore central to SHIP's plans as well as integral to our own business philosophy.
"In addition, SHIP's move to facilitate greater communication amongst stakeholders in the equity release industry - particularly IFAs, product providers, consumers, regulators and government - will increase public understanding and confidence. We would hope that alongside appropriate advice for consumers and technical and practical support for advisers, SHIP's plans will work towards evidencing how equity release can be a viable and flexible post-retirement option."
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.