UK: Norwich Union response to FSA announcement on depolarisation

Responding to today’s publication of Consultation Paper CP166 by the FSA entitled ‘Reforming Polarisation – Removing The Barriers To Choice’, Peter Hales, sales & marketing director at Norwich Union said:

“This Consultation Paper is an important step forward and should lead to improved consumer choice.

“It also opens up opportunities for IFAs to be better capitalised, with appropriate disclosure. The Paper seeks to enable providers, particularly in the area of technology, to work more closely with advisers. We firmly believe that technology is the key to driving through business efficiency.

“It is encouraging to see the FSA supporting IFAs through its decision to opt for the ‘menu’ approach. This should enable IFAs to choose an operating model that suits their clients, and their own firm’s business circumstances.

“We look forward to working with the Government to help ensure the proposals are taken forward in tandem with other regulatory change.”

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Notes for editors

• Norwich Union is the UK’s largest insurer. It is the UK’s largest provider of life, pensions and investment products and one of the leading IFA providers. IFAs provide around 75% of the company’s long-term savings business.
• Norwich Union has strategic alliances with building societies and other leading UK brand names including Tesco Personal Finance and The Royal Bank of Scotland Group.
• Norwich Union’s news releases are available on the Aviva plc website at www.aviva.com
• A selection of images is available from the Norwich Union Newscast site at www.newscast.co.uk

Press office contacts:

James Evans, Norwich Union Life 08703 66 68 78
Out of hours 07790 487105
Ian Beggs, Norwich Union Life 08703 66 68 71
Out of hours 07790 487533
Louise Goffee, Norwich Union Life 08703 66 68 70
Out of hours 07810 057362