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System problem means NU misses FSA data deadline

Norwich Union is understood to be the only major insurance company which has failed to meet the FSA’s new product sales data requirements.

From July 28, providers are required to provide information on whether products were sold on an advised or non-advised basis but NU will miss this deadline as its systems are unable to strip out this data. The firm has told the FSA about its systems problems and will not be penalised.

The data will be used for the FSA quarterly product sales data report to help the regulator monitor market trends.

NU head of compliance oper- ations Iain Glen says: “We had hoped the FSA would allow us to use assumptions. The FSA and IFAs are aware of the issues we have had with this.”

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