Windfall blow for long-termers - Published:15/01/07
Long-standing Norwich Union policyholders may take delivery of smaller windfalls than those who bought tactics more recently, if the proposed distribution of the insurer's £4bn of inherited estate - the extra in its with-profits finance - goes aheadWINDFALLS: Norwich Union wants to redistribute surplus with-profits funds but long-term policyholders may miss outDon't fail to spot your chance to tell us what you think of This is Money and help us form its futureSorting your finances is simple, so simple you can do it in eight ladder Forget the rest and read thisClare Spottiswoode, who as Policyholder Advocate is acting for Norwich Union customers in the proposed diagram to redistribute the money, has said that those whose policies have been in force longest may get smaller windfalls than newer savers because they have less to misplace in the dealHowever, she confirmed that all 12m eligible policyholders could expect a smallest amount payment of £100Nothing concrete has yet been decided about how - or indeed if - the vast pool of inherited estate will be alienated among policyholders and shareholdersNorwich Union's close relative company Aviva has indicated it favours a distribution if an accord can be reached between policyholders and shareholdersBut Spottiswoode voiced the argument in good turn of newer savers collecting better windfalls at the first public meeting with policyholders in Edinburgh last weekShe said: 'It might be that big policies about to mature get less cash, as these policyholders are giving up fewer future benefitsThis would overturn the usual system applying to windfalls, where bigger policies and long-standing customers scoop better sumsBut when the 120 policyholders attending the Edinburgh meeting were asked to take part in an election on the proposal, only 10% thought such a distribution would be fairchoose a loan term 12 months (1 year) 24 months (2 natural life 36 months (3 natural life 48 months (4 natural life 60 months (5 years) 72 months (6 years) 84 months (7 years) 96 months (8 years) 108 months (9 years) 120 months (10 years)Please select a type of cover Life cover Home and contents Car stop working services Health - medical Health -.
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Time to take a stand - Published:30/11/06
Thousands of endowment policyholders may have now weeks to register mis-selling complaints - or lose the chance of getting recompense for everMajor insurers including Prudential, Standard existence, Norwich Union and Friends Provident have imposed occasion bars on policyholders - and some of these are about to take effectUnder the Financial Services power (FSA) rules, policyholders have three years from when they became aware of the problems with their policy to complainUsually, it is supposed that this awareness stems from when the policyholder first received a correspondence warning that their policy may not disburse off their mortgageTime-barring started after companies complained that they could not reasonably expect to have to contract with endowment mis-selling complaints for years to comeBut the system now say the insurer must write to policyholders caution them when there's six months to go until the time saloon approachs inThe letter will approach from the insurer who provides the policy, but the complaint must be made to whoever sold the policy, be it an cover salesman, a bank or building society or an consultant As a huge number of deficit warning letters were sent out in 2003-04, the drawbridge is now being raised for many policyholdersPrudential wrote to 110,000 policyholders - roughly not whole of whom were Scottish Amicable clientele - this summer warning they had six months left in which to complain The first of these time bars will come into effect at the finish of February Norwich amalgamation will by the end of this year have time-barred 150,000 of its 11m policyholders Its actuary David Riddington says that about 50 policyholders a week are being barred from complainingHe adds: 'We're allowing our clientele a year's grace before time-barring them We write and tell them when they have a year to go and we also write to them once more to remind them'We want everyone to have every opportunity if they feel they have a mis-selling subject to pursue it - but we university teacher't want this to go on for ever and ever'Standard existence, which has 11m mortgage endowments, mainly sold by self-governing financial advisers, says that by March next year, 420,000 of these will have been time-barredAnother 190,000 start to be timebarred from May next year However, even when the barrier has come down, there could still be comebackThe Financial Ombudsman Service is receiving an rising number of complaints from policyholders disputing when the clock underway tickingA spokesman says: 'Just because you've had a letter proverb you've been time-barred does not stop you from disputing it'We're considering complex influence on how the time-barring decision was made - such as whether the correspondence detailing a potential shortfall was sufficient caution of a problem and thus should it mark the begin of a complaint'To gain compensation you must prove that you should never have been sold the endowment in the first place Someone with a suitable mis-selling complaint should be able to answer yes to at least one of these questions• I was not told the policy was invested in the stock market and as such, there were risks concerned that weren't made clear to me• I was single and/or was an employee in a corporation pension scheme at the time of the sale and therefore did not require the life cover afforded by an donation• The policy matures after I retire and no check was made on how I'd afford the premiums after I give up work You won't succeed if you middle your complaint on the projected shortfall Always protest first to the company which sold you the endowment This won't necessarily be the insurer: it could be a have an account, building society or adviserThe company has up to eight weeks to deal with your grievance If it's not resolved to your satisfaction, you can then go to the OmbudsmanSelect a loan term 12 months (1 day 24 months (2 natural life 36 months (3 natural life 48 months (4 natural life 60 months (5 natural life 72 months (6 natural life 84 months (7 years) 96 months (8 years) 108 months (9 years) 120 months (10 years)Please select a type of cover Life cover Home and inside Car Breakdown services Health - medical Health.
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britons failing to get to know neighbours - Published:03/11/06
Brits are risking their home security by deteriorating to know their neighbours, with more than half (55 per cent) not capable to name the persons who live next door, a new poll showsA survey by Norwich Union Insurance found that almost two out of three people (64 per cent) believe that Britons are becoming less neighbourly astonishingly, Londoners were found to be the most neighbourly people in the UK, while those in Wales were the leastWith millions of homeowners not even conscious of their neighbours' names and 12 per cent admitting to going for a month without speaking to them, the insurer warns that many are increasing their danger of being burgledThe poll reveals that 88 per cent of respondents believe that neighbours keeping an look at on homes while people are away reduces the risk of theft and home insurance claims Home observation can cost more than £2,500 a week, but many neighbours are prepared to keep an look at on house whilst occupants are on holiday for freeFurthermore, many people consider that sharing get in touch with details of reputable tradesmen can reduce stress when trouble occur in the homeNorwich Union claims manager, Paul Redington, commented: "A good neighbour can provide precious advice about the neighbourhood you live in, a watchful eye to help prevent the risk of offence and together you can make your surroundings a more peaceful and friendly place to live"Psychologist Dr Aric Sigman recommends that Brits welcome novel neighbours by dropping a card in their letter box attractive them for a cup of tea or glass of mauve, present them with a small home warming gift, and try to appear obliging but not overbearing is keyTerms of use Advertising Resources Product guides Press releases About.
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