TER blunder to cost NU £6m

In a statement issued this morning by the life assurer, NU says although investors were correctly informed about the annual management charges, other charges incorporated into the TER were not correctly disclosed and are now being refunded at a cost of approximately £6m. As a result of the error, around 70,000 policyholders will see their policy values boosted by an average £90 and undisclosed charges will then be absorbed by Norwich Union on the affected funds. This will continue until new funds are launched to carry additional new investments, says NU, which begins first with launch...