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N&P ends NU deal and brings in IFAs

Norwich and Peterborough Building Society has stopped dealing exclusively with Norwich Union for regulated products and now has IFAs in its branches.

Each of the society&#39s 58 branches now has a financial planner to advise on all regulated products from the whole of the market.

N&P was tied to NU for investments, including bonds and Peps, Isas, unit trusts and Oeics from Morley Fund Managers and protection.

N&P has also cut its ties with NU on equity release. Charcol senior technical manager Ray Boulger applauds this move, having warned on recommending a single provider for equity release.

N&P says feedback rev-ealed that although customers liked Norwich Union&#39s products, they were also keen to have more choice. It says depolarisation meant it was able to have IFAs in its branches and so it took the decision to do this.

Head of communications Alison Rolls says: “We were happy with our relationship with Norwich Union but our customers liked the idea of more choice.”

NU spokesman James Evans says: “We are still working closely with N&P and helping it to develop the IFA market.”

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