Norwich Union has signed a deal with Openwork that will see the network refer equity release business to the insurer.
The 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.
NU director of business development Philip Willcock says: “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 NU on identifying clients for whom equity release could be a viable option. We look forward to a long and productive relationship with them.”
Openwork product proposition director Graham Angell says: “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. Given the complexity and sensitivity of the equity release market, we feel that face-to-face advice is important for the majority of clients.”