Norwich Union has shut the doors of its online fund supermarket after attracting just 250 customers ...
Norwich Union has shut the doors of its online fund supermarket after attracting just 250 customers since it launched 12 months ago.
Investors have until 6 May to transfer their existing holdings to another Isa manager and any failing to do so will have their Isas closed and the cash returned to them.
Norwich Union will continue selling its own funds through its website and those holding Norwich Union Isas will be transferred into the Norwich Union online Isa service. The fund supermarket, which offered 70 best of breed funds from a range of fund managers, was part of a £230m dash into the online financial services market by the group.
The closure also marks the death knell of Norwich Union's online wealth management service launched in May 2001.
James Evans, spokesman for Norwich Union, said the group scaled back its online offerings last year in a bid to cut costs until markets recovered.
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