This week I joined Vince Cable and other MPs at a briefing held by Which? in Westminster. I heard from customers of Norwich Union and Prudential who hold ‘With Profits’ policies like endowment mortgages, savings plans and pensions – there are 6 million of them altogether – are you one of them? Local resident Andrew Edgington has been taking a leading role in the campaign on this issue, and he writes:
"The big insurers hold billions of pounds in ‘inherited estates’ within their With Profits funds. They want to transfer these funds away from ordinary policyholders and pass them to shareholders, under something called ‘reattribution’. It’s a complicated process and the Financial Services Authority has the job of regulating it to protect customers. But last week the FSA came under some very heavy criticism from the Treasury Select Committee who have said they have been seriously deficient and that their arrangements are ‘barmy’. In particular they have failed to stop the companies using policyholders’ money for unacceptable things like meeting the costs of their own mis-selling.
All Northavon residents who hold with-profits policies with Norwich Union or the Pru should find out more about this. I believe their plans are unfair and people could lose out badly if they are allowed to get away with it"
Policyholders should go to the following link; or contact Which? to find out more. I have been watching developments and will continue to take a keen interest in what happens, so please write to me about it if I can help.
http://groups.google.co.uk/group/norwich-union-policyholder-reattribution?hl=en
http://www.which.co.uk/reports_and_campaigns/money/campaigns/pensions/With-profits/Orphan_assets_camp_559_105940.jsp
5 comments:
I found a very good free web site!
http://hav.uni.cc
Thank God for oversight committees and offices or many of these corporations would get away with too much instead of being loyal to customers who've paid the money along the way.
We can't deny the tons of troubled and scams on life insurance companies. That is why I always suggesting people to do some company check first and choose only the established life insurance company.
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Good post.
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