NU and Axa deny sipp closure rumours

Industry sources had suggested both Norwich Union and Axa had stopped taking new business on their Sipp products, with some sources suggesting overloaded infrastructure systems could be to blame. However, both insurers have denied the rumours, with Norwich Union instead stating its new business volumes for sipps have “actually increased, and continue to increase”, which Simon Massey, director of business development at Norwich Union, says “makes it so very odd these rumours have started”. Although a spokesperson for the insurer admitted they had received some queries from advisers on th...