Norwich Union, part of Aviva, fully supports the FSA's proposals on the Retail Distribution Review (RDR).
Norwich Union, part of Aviva, fully supports the FSA's proposals on the Retail Distribution Review (RDR). The proposals reflect the strong consensus for change that has been developed across the industry and Norwich Union has played a leading role in achieving this.
Mark Hodges, chief executive, Norwich Union said: "Norwich Union has been at the forefront in driving the debate on the need for more professional advice which is necessary to build customer trust and confidence in the sector. We are delighted to see that the cornerstones of our proposals have been endorsed in this paper; that customers should receive unbiased advice where the potential conflict of commission is removed, and higher qualifications for advisers."
Norwich Union recognises that it will be a real challenge for advisory businesses to transform their business models away from front-end remuneration towards repeating revenue over a four year period. Norwich Union is fully committed to the advisory market and will continue to support advisers through these changes, building upon the success of the Norwich Union Financial Adviser Academy, which is currently supporting over 2,000 advisers in achieving their CII Diploma in Financial Planning.
Norwich Union will continue to shape the debate and support advisers through the transition period.
-ends-
Press office contacts:
Louise Soulsby
Telephone: 01904 452617
Notes to editors:
Norwich Union is one of the UK's biggest life insurers. 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 has strategic alliances with building societies and other leading UK brand names including CIS and The Royal Bank of Scotland Group. Norwich Union's news releases and a selection of images are available from Aviva's internet press centre at www.aviva.com/media.
In the summer of 2009 Norwich Union will change its name to Aviva. Aviva is the world's fifth largest insurance group and operates in 27 countries. Aviva is to become the customer brand worldwide, thus enabling the company to compete even more effectively on a global scale for the benefit of customers, staff, business partners and shareholders.