Norwich Union to enter drawdown market

Norwich Union has revealed that it is planning to launch a drawdown product within the next month.

Brendan Kearns, propositional development manager at NU, says this is an area the group is looking into and hopes to enter in the near future.

He adds: “We see a lot of value in drawdown products and would like to offer this to our customers.”

Although Kearns says a launch date has not yet been decided, it is unlikely to be longer than a month away.

He says: “Drawdown fund facilities is a key growth area and one we want to be in.”

Feedback to intermediaries from the Financial Services Authority, following its mystery shop into equity release, suggests that the regulator would like to see advisers recommend drawdown products over simple lump sum products.