Norwich Union and the multi-tie network Openwork are to set up an equity release lead referral scheme starting in October.
Norwich Union and the multi-tie network Openwork are to set up an equity release lead referral scheme starting in October. As equity release market leader, Norwich Union is well placed to become Openwork’s referral partner.
Philip Willcock, director of business development, said: “We are delighted to be working with Openwork and provide their clients with access to expert equity release advice. Openwork advisers will receive support from Norwich Union on identifying clients for whom equity release could be a viable option. We look forward to a long and productive relationship with them.”
This announcement follows the FSA’s call for intermediaries to either improve the level of equity release business they write or refer leads to specialist providers. Large providers were highlighted in the FSA report as providing an acceptable level of advice for customers who approached them directly.
Graham Angell, Openwork product proposition director, said: “With increasing numbers of clients considering equity release there is little doubt that the market is set to grow. It is, however, a complex area and should be considered with care. We are delighted to be working with Norwich Union. Given the complexity and sensitivity of the equity release market, we feel that face-to-face advice is important for the majority of clients. We are delighted to be working with Norwich Union, which is the market leader in this area.
“The Norwich Union deal comes as part of a complete overhaul of our equity release proposition, which also sees Openwork Market Solutions offer whole of market access for those customers that want greater choice.”
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Press office contacts:
Norwich Union
David Gwyer 01904 452828 Out of hours 07800 699508
Cheryl Cox 01904 452791 Out of hours 07800 695275
Louise Soulsby 01904 452617
Openwork PR Manager
Ellie Waters 01793 503129
Notes to editors:
About Norwich Union
Minimum property values apply. Norwich Union is the market leading lifetime mortgage provider with a market share of 30% (Source Safe Home Income Plans Q2 2006).
Norwich Union gives advice only on its own equity release products. Full written terms and conditions are available on request.
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
Openwork
Openwork is the UK’s largest stand-alone, exclusive multi-tied, directly authorised distribution network. The concept was conceived in response to the changes to the regulatory shape of the UK life industry. Openwork has over 2,370 financial advisers spread throughout the UK offering face to face advice to consumers. It offers the products of over 40 product providers and mortgage lenders.