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NU rejects wrap claims and slams supermarkets

Norwich Union director of business development Simon Massey has rubbished rumours that its Lifetime wrap has stopped accepting new business and has hit out at fund supermarket platforms, saying they lack transparency.

NU has brought its wrap business in-house, closing its Cambridge office with 200 staff and moving to York.

Massey says the restructure has had no impact on service. He refuses to reveal how much assets Lifetime has under management but says volumes have been increasing steadily.

Massey also criticises fund supermarkets. He says: “They are using wrap language but they are completely different to wraps. Wrap offers a very transparent proposition but fund supermarkets are not delivering that.”

Cofunds spokesman Rich-ard Eats says: “What we attempt to do is replicate as far as possible the charges if you bought the funds direct from the fund manager. It is about as simple and transparent as you can get.”

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