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Lifetime shuns sales to improve service

The Norwich Union-owned platform has also increased the minimum single contributions to its Sipp from £100,000 to £250,000 to deter inflows from current adviser users and enable it to work through an existing backlog.

NU says this will enable it to upgrade its business processing systems in June, which it says should cut error rates by reducing the amount of data input manually. The success of this will be tracked before a decision is taken on when new advisers will be accepted. Further major upgrades are also due in August and September.

It has also lined up intensive training for the 200 staff supporting the wrap.

NU moved Lifetime admin from Cambridge to its York base this year in an effort to improve service levels but admits they have worsened.

NU distribution director David Barral says: “It is very frustrating we cannot deliver the level of service we want to and it is a tough decision but we recognised a dose of medicine is required if we are to be able to ramp up business volumes later in the year.”

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