London Life won't pay out

cril

Ok a little dramatic on the title but factually correct.

My last policy with London Life matured yesterday 6th February 2009.

At the beginning of January we received a letter from them asking us to confirm my wife's address! A bit odd and when we phoned in a couple of weeks later (my wife is on chemotherapy at the moment and couldn't handle it any earlier) the guy at the other end of the phone really didn't seem to know anything about it but went through the normal security blurb and said that would be fine. I did ask at the time why it was my wife and not both of us but he just didn't seem to know what it was all about. I should say that we've had 3 previous policies pay out without a hitch since 2000.

Yesterday I (or at least my wife) received a letter from them dated 4th February 2009 saying they couldn't payout until they received a certified copy of a valid passport and an original bank statement (presumably including their monthly payment!). When I called they also say my bank has not written to release the endowment from a mortgage we no longer have (I'll be in touch with them on Monday!).

Assuming that this is a delaying tactic has anybody got any suggestions on how to proceed and penalise them for not meeting their contractual obligations as I see it - they could have asked for this information months or years ago and it would not have got in the way of payment.

Iain

Robert_Sterling_3

They sent you a letter in January. You did not reply promptly.

dunstonh

Assuming that this is a delaying tactic

You assume wrong. Its compliance with the money laundering verification requirements. Maturities were sucked in the to checking process not too long ago where evidence didnt exist at point of sale or where there is doubt that the information is sufficient. The fact they asked for your wife's details suggest they wre trying to do an electronic verification and you failed it. Now they need the old fashioned way.

has anybody got any suggestions on how to proceed and penalise them for not meeting their contractual obligations as I see it

How about doing as they ask?

they could have asked for this information months or years ago and it would not have got in the way of payment.

Looks like they started the process early enough but a combination of failing the electronic check and you need responding within a timely matter but didnt has led to the delay.

cril

dunstonh wrote: »

You assume wrong. Its compliance with the money laundering verification requirements. Maturities were sucked in the to checking process not too long ago where evidence didnt exist at point of sale or where there is doubt that the information is sufficient. The fact they asked for your wife's details suggest they wre trying to do an electronic verification and you failed it. Now they need the old fashioned way.

Ok perhaps I'm being a bit reactionary but I assume that they had some warning that it was going to take place and they certainly knew when my policy should be paid out. They sent a letter dated 6th January 2009, to both me and my wife, telling us that they were writing to our bank because the policy had been used as a security for a mortgage and that we did not need to do anything - what they had sent was purely for our records.

They also requested that my wife "contact our Customer Contact Centre to verify her current address"

There was no mention of verification or suggestion that this was an urgent requirement. In fact when we did so we asked if there was anything else they needed (to which they said no) and why they'd asked us (which they couldn't answer).

dunstonh wrote: »

How about doing as they ask?

Of course I have - it was sent by special next day delivery - unfortunately they have told me that it may still take 2 or 3 days to get to the right person through their internal post!

dunstonh wrote: »

Looks like they started the process early enough but a combination of failing the electronic check and you need responding within a timely matter but didnt has led to the delay.

Interesting use of the word timely - none of this was by recorded delivery or suggesting any problems in paying out until the second letter which arrived when my money should have! Surely they have a contractual responsibility but who enforces it?:mad: