Norwich Union launches online share dealing and fund supermarket

Norwich Union launches online share dealing and fund supermarket

Norwich Union has launched an online share dealing service and a fund supermarket ISA.

The online share dealing service is provided by Pershing Securities and charges subscribers from £12 a trade plus a quarterly fee of £9.95. The fund supermarket ISA offers investors a "pick 'n' mix" approach to funds. There are around 70 funds all of which have a Standard & Poor's A, AA or AAA rating and over the last 5 years have out performed the average in their sectors by 89%, says Norwich Union.

The UK insurer says these two new products are designed for people who want to take a more active role in managing their finances.

Inexperienced investors can 'try before they buy' using 'virtual' portfolios of shares or funds, without having to commit any of their own money. Customers are also able to talk to a contact centre manned by qualified consultants if they need help or guidance.

Commenting on the launch, Rob Davies, brand manager, Norwich Union, says: "Research shows that whilst 8 million people have researched financial products online, less than 4% have actually bought an investment product online. Most will undoubtedly be put off by the complexity and almost elitist qualifying criteria of some share dealing services. However we aim to appeal to everyone - from novice investors to experienced day traders - and are confident that the high performance, competitive pricing and ease of use will prove popular."

Norwich Union's online personal finance service was launched in May 2001 and provides a range of interactive financial planning tools. A fund supermarket ISA and share dealing service are the first in a range of products that will subsequently include a number of banking products, says Davies.

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