Norwich Union has launched an online share dealing service and a fund supermarket ISA.
Norwich Union has launched an online share dealing service and a fund supermarket ISA.
These two new products are designed for people who want to take a more active role in managing their finances.
Norwich Union's online share dealing service is keenly priced - charging from Ł12 a trade - and enables customers to buy and sell online. There is a competitive quarterly fee of just Ł9.95.
The fund supermarket ISA offers investors a "pick 'n' mix" approach to funds. There are around 70 funds all of which have a Standard & Poor's A, AA or AAA rating and over the last five years 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 funds that are S&P rated, and remain subject to its ongoing monitoring process, have gone on to achieve above average performance over a two-year period.***
Inexperienced investors can 'try before they buy' using 'virtual' portfolios of shares or funds, without having to commit any of their own money. This allows them to monitor performance and get to grips with investing online before actively making any monetary commitments.
Despite been driven by the latest technology Norwich Union is keen to retain the personal touch with customers able to talk to a contact centre manned by qualified consultants if they need help or guidance.
Commenting on the launch, Rob Davies, brand manager, Norwich Union, said: "Research shows that whilst 8 million people have researched financial products online, less than 4% have actually bought an investment product online.**** Most will undoubtedly be put off by the complexity and almost elitist qualifying criteria of some share dealing services. However we aim to appeal to everyone - from novice investors to experienced day traders - and are confident that the high performance, competitive pricing and ease of use will prove popular.
"The service also provides customers with a wealth of impartial information and performance tools, designed to be jargon free and make their decision-making easier and more personal."
Norwich Union's online share dealing service and fund supermarket 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 Fund Supermarket ISA against the weighted average of the AUTIF sectors in which they are invested. Figures quoted on an offer to bid, net income reinvested basis. The Fund Supermarket became available December 2001. Therefore the performance illustrated is not the actual performance of our Fund Supermarket, but shows the performance of the funds now available.
** Source: Norwich Union: Modal average initial charge of funds in the Norwich Union Fund Supermarket ISA is 1.25%. Modal average quoted by the fund managers for these funds is 5.25%.
*** Source: Standard & Poors
**** Source: Forrester (published January 2001) 3% share dealing and 1% investment funds
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Press contact:
David Ross at Norwich Union on 08703 66 68 68
Notes to editors:
- Norwich Union's online personal finance service was launched in 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 making complex money matters simple.
- A fund supermarket ISA and share dealing service are the first in a range of products that will subsequently include a number of banking products.
- Norwich Union is the UK’s largest insurer offering a comprehensive range of long-term savings and general insurance products.
- Norwich Union’s news releases are available on the internet at www.cgnu-group.com
- A selection of images are available from the Norwich Union Newscast site at www.Newscast.co.uk
- An ISDN facility is available. Call the press office on 08703 66 68 68
For life and pension media enquiries 08703 66 68 73 For all other media enquiries 08703 66 68 68
Please remember that past performance is no guide to future performance. These are risk investments and their value, and any income from them can go down as well as up.
The Norwich Union online share dealing service is provided by Pershing Securities Limited (Pershing) who are regulated by the Financial Services Authority. By using the service, customers will form a contract with Pershing and all share trades effected by you will be with Pershing. To market the service, Norwich Union Wealth Management Limited is regulated by the Financial Services Authority for investment business.