Normal when endowment matures?

exprog

I have an endowment policy that will shortly mature. (It's with the incompetents at Scottish Provident.)

Before releasing payment they are demanding that I send them various documents i.e. (i) the original Policy Document; (ii) copies of 2 utility bills; (iii) certified copy of an unexpired passport or driving licence.

Are these demands normal? Do I have any choice but to comply?

As far as I can see the policy document is mine to keep, not theirs to 'lose'; my utility bills are none of their business; and certified copies will, I suppose, cost me money. :mad:

grogdog

dont send them if you wish, but you wont get your money. it is all to do with money laundering and client identification.

hedgehunter_2

They are trying to verify your identity. I am afraid the world is a much more complex and less private place for honest people because of those dishonest people whose living is made by fraud.

The policy document is only evidence that your contract exists. Returning it just tidys up the maturity claim, in the days of computers they will be able to tell many years in advance when the maturity was paid to which account and when the payment cleared so the policy documents importance has deminished.

I am sure they will return it to you if you request it. Why you would want to keep it after receiving the maturity payment is another matter!

dunstonh

The above posts are correct.

As far as I can see the policy document is mine to keep, not theirs to 'lose'

The policy document belongs to the insurer. They give it to but you need to return it to get the money. Many insurers have downgraded the requirements for policy doucments over the years but some still ask for them back or require a declaration of lost policy document. It is not yours.

my utility bills are none of their business; and certified copies will, I suppose, cost me money.

Your financial adviser will sign these at no cost. After all, this is what Scot Prov are paying them for each month.

exprog

Thank you for the quick replies.

grogdog wrote: »

it is all to do with money laundering and client identification.

I'm sure it is but I didn't have to do anything like that last time a policy matured.

hedgehunter wrote: »

I am sure they will return it to you if you request it. Why you would want to keep it after receiving the maturity payment is another matter!

Because I take it for granted that financial institutions are filled with crooks and incompetents, some more than others. They're very like the civil service in that respect. I generally retain documents for at least six years in case any of these people seek to retrospectively 'amend' anything.

dunstonh wrote: »

Many insurers have downgraded the requirements for policy doucments over the years but some still ask for them back or require a declaration of lost policy document. It is not yours.

Let me guess, the less able the company the more demands they make.

dunstonh wrote: »

Your financial adviser will sign these at no cost. After all, this is what Scot Prov are paying them for each month.

My 'financial advisor' sold me policies with 'Provincial Life Assurance'. (It was only later they became these Scottish Provident clowns.) That was 25 years ago. I no longer live anywhere near that advisor. I will have to use a lawyer or a bank manager. I bet I will have to pay thereby reducing the already meagre return.

grogdog

think you are getting wound up over nothing, this is standard nowadays across the market and not lender or provider specific.

swanny65

Send original documents by special delivery and enclose a special delivery reply envelope.

It is normal procedure where I work that the receipt of a passport would need be recorded as a "valuable" item and logged in a register.

It is cheaper than paying to have copies authenticated.........

exprog

grogdog wrote: »

think you are getting wound up over nothing

Always great to have positive input. Thanks for sharing.

grogdog wrote: »

this is standard nowadays across the market

and finance types always know best - just ask Lehman Brothers

grogdog wrote: »

not lender or provider specific.

so that's alright then

dunstonh

and finance types always know best - just ask Lehman Brothers

Lehman Brothers were known as higher risk takers. However, thats a world away from retail legacy insurance.

The insurance company in this case is following the law and the requirements that were in place when you took out the policy. I hate having to return policy documents as its larger envelopes and more expensive post and completely pointless nowadays. However, just because most have seen the light and dont bother, doesn't make the insurance company wrong.

The policy document was never yours to own. It belongs to the insurance company. However, the sentiment is correct, you are making a bit of a deal out of nothing. It really is a non-issue.

grogdog

it was positive input, just trying to look after your blood pressure as if you are getting wound up over this i wouldnt like to see your posts on something that is an issue.

morrow56

As I have said before I have 2 Prudential/Scottish Amicable policies

Do you know what documentation I will need to send to Prudential when they mature early in 2010