Norwich Union’s Flexible Cash Release Plan, which gives people aged 60 and over access to some of the cash tied up in their home, is to be made available through Leeds & Holbeck Building Society.
Discussing the move, Louise Goffee, spokeswoman for Norwich Union, said it did not represent a move away from independent advisers.
She said: ‘This is the continuation of a long-standing partnership with Leeds & Holbeck. Equity release is targeted at older customers and they have an affinity to local branches. So it makes sense to team up and use the skills of the two organisations, as Leeds & Holbeck has long-standing relationships with this age group.’
Norwich Union is a member of Safe Home Income Plan (SHIP), which represents the major equity release providers, and offers the SHIP guarantee.
John King, chairman of SHIP, denied Leeds & Holbeck’s lack of advisory experience in this area was a worry. ‘The SHIP guarantee is to do with the quality of the product not the individual advice given, which is why people should look for the SHIP logo. Any distribution that is taking the product, and guarantee, forward is welcome,’ he said