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Age Concern Partnerships could lose NU backing

Age Concern Financial Partnerships could be forced to look elsewhere to fund its new equity-release product if it fails to secure financial backing from Norwich Union.

In the past, Age Concern has relied upon NU&#39s par-ent CGNU for funding and marketing. But because NU already has an equity-release plan, Age Concern believes it may find it difficult to sec-ure funding and marketing.

The new product will be targeted at those on low to middle incomes needing access to small sums of money.

A move towards another provider would mark a sig-nificant change in strategy.

An ACFP spokesman would not rule out NU as a provider but said, once a decision was made about the product, it would probably approach a number of providers.

ACFP sources have expressed frustration in the past at not being able to design new products because of the delay caused by the merger between CGU and NU.

An NU source confirms there are plans to design a long-term care product.

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