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NU equity director Carter is replaced

Norwich Union equity release chief Daren Carter is to be replaced next month as part of the firm’s internal restructuring.

Carter’s role as NU personal finance director of sales and marketing, which encompassed equity release, will disappear as part of a programme of changes that will see 4,000 jobs lost and the combining of the firm’s life and general insurance businesses.

He will be replaced by Willie Mowatt, who last week switched from director of portfolio management to director of marketing for past retirement and protection.

NU is still consulting with unions on any more job losses within equity-release although no further decisions have been made.

The bulk of NU’s equity-release business will rem- ain in York but it will form part of the life business rather than personal finance.

Carter’s departure marks the second recent high-profile equity-release senior management change after Scottish Widows lost head of product development Murdo McHardy, as revealed by Money Marketing last week.

He will take on the newly-created role of head of mortgages at HBOS-owned Intelli-gent Finance from next week.

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