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NU blunders with fund comparison literature

Norwich Union has been accused of supplying IFAs with false information

about charges on competitors&#39 products.

In literature advertising NU&#39s high-yield bond Isa, the life office

compared interest rates and charges with rivals.

It claims Scottish Widows high-income bond is offering a 9.22 per cent

return with a 5 per cent initial charge and annual charge of 1.5 per cent.

The literature appears to be advertising Isa products but the details are

for Widows&#39 unit trust. Widows&#39 Isa has no initial charge and reducing exit

charges for the first five years.

Widows says even if NU was quoting the correct product the figures would

be skewed as charges are taken into account on the unit trust rate.

Widows approached NU two months ago and asked it to change the

information. It was assured it would be resolved.

A Widows spokesman says: “Norwich Union have been deliberately selective

in the way they are using the market material or they are simply wrong.

This is not an accurate representation of our product.”

NU spokeswoman Liz Nicholson says: “There has been a miscommunication on

our part. We accept the material should not have gone out. We will make

every effort to correct the situation.”


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