Our view

Jun 04 - Norwich Union's response to price cap announcement

In a statement on the 17 June 2004 price cap announcement from the Treasury, Gary Withers, chief executive, Norwich Union Life, said: "The increase in the cap in the first ten years is an important step in the right direction.

"This is good news for the consumer as there will be more products, choice and competition in the market, good for the industry as we now have clarity and a more economic price cap, and good for the Government as this should help to get the savings and pensions issue back on people's agenda. This outcome reflects a constructive period of consultation on a complex issue."