Aviva - Endowment Delay Excuses

pomeleuc

You would have thought that having diligently forwarded all the correct forms, proof of identity, original documentation that Aviva could not find any further excuse to delay payment.

They have now decided that the wife's signature has changed and they now want certified proof of her signature, by a narrow selection of approved certifiers.

Whilst completing the paperwork we both actually commented on how my wife's signature had not change at all in the intervening years and how remarkable that it was the same at 47 as it was at 22.

Cynically wondering if this is the usual route of dear old NU (sorry Aviva) to delay payment and earn a few extra pounds

Glad to be free from my 25 year association with this company

vax2002

Such things are completely unacceptable, identity documents are sufficient, what if one of you had had a stroke and could not sign the same ?
Signature verification, I have never heard a bunch of codswallop like it.
They have had enough chances
Inform them the matter will now be forwarded to the Financial Ombudsman service and they will be reported for non service and delaying due payment..
http://www.financial-ombudsman.org.uk/

[Deleted User]

pomeleuc wrote: »

You would have thought that having diligently forwarded all the correct forms, proof of identity, original documentation that Aviva could not find any further excuse to delay payment.

They have now decided that the wife's signature has changed and they now want certified proof of her signature, by a narrow selection of approved certifiers.

Whilst completing the paperwork we both actually commented on how my wife's signature had not change at all in the intervening years and how remarkable that it was the same at 47 as it was at 22.

Cynically wondering if this is the usual route of dear old NU (sorry Aviva) to delay payment and earn a few extra pounds

Glad to be free from my 25 year association with this company

Hi pomeleuc,

Sorry for any inconvenience caused with the delays in paying out your Endowment.

I'm happy to have this looked into.

Feel free to email the details to us at [EMAIL="social@aviva.co.uk"]social@aviva.co.uk[/EMAIL]. We'd need the following information:

• Your full name
• Date of birth
• Address including postcode
• Your Endowment reference number

When I receive your email I'll get hold of our Endowment team and chase this for you.

Kind regards,

Martin Banwell

star4876

My colleague went through exactly the same with Aviva
They made excuse after excuse and eventually landed on her signature, then once she'd proven the signature they tried to argue about a name change following her marriage

Funny how they were happy to accept the money going in all these years without any identity queries... She got it sorted in the end, but I know it took about 4 months!!

vax2002

Disgusting behaviour from this company, as they have a representative on here they should offer the OP a public apology.

A10764547J

My 25 year Aviva endowment policy matured in September 2012 and I have been told that my funds will be deposited into my Barclays Bank Account within in the next 5 days (in December 2012)...

Aviva (was Norwich Union) have been taking policy premium payments from the same bank account every month for the last 25 years without an issue. However, when the time came for Aviva to pay the maturity amount back to their customer there was suddenly a need to complete a series of Medieval and Arbitrary "Security" steps.

All communication with Aviva has to be in writing (incoming emails and faxed documents are not processed). All documents including bank statements have to be "originals". However my bank lives in the paper saving 21st Century and I have not received a paper bank statement in 5 years and recall that this is the same bank account that they have been taking the premiums from for the last 25 years!.

Aviva say that all incoming correspondence takes two days to be "scanned into their system" but in practice I found that even when letters and forms are returned to Aviva by registered post it still took four days and two long phone calls to get confirmation that any correspondence had been received.

I would advise any existing Aviva customers with a policy that matures in 6 months or less to contact the company now to get the ball rolling and the paperwork started.

I would advise any prospective Aviva customer to select a more customer focused competitor.

Please pass on this advise.

kingstreet

Are they paying interest on the maturity proceeds if the discharge payment isn't released on time?

A10764547J

I understand that I can expect an additional payment of 38 pounds. This would not be enough to properly compensate me for even one of the phone calls I had to make to chase up payment.

I estimate (conservatively) that the real cost of the delay to me is north of 4 thousand pounds.

dunstonh

Aviva are thorough on their payment process but it is pretty well documented what they need.

All documents including bank statements have to be "originals". However my bank lives in the paper saving 21st Century and I have not received a paper bank statement in 5 years and recall that this is the same bank account that they have been taking the premiums from for the last 25 years!.

Most banks will allow you to download a statement that prints as an obvious statement (as if you got one in the post). They are fine. It is the screen print outs or mini style printout statements that they will not accept (as will other providers). Aviva will also accept a voided cheque.

The fact the money was paid from a bank account does not verify that the person paying the premiums is the legal beneficiary.

I would advise any existing Aviva customers with a policy that matures in 6 months or less to contact the company now to get the ball rolling and the paperwork started.

Which is always good advice but applies equally to any company.

I would state though that aviva are doing nothing wrong here. They are correctly making sure the money goes to the right place. If they do not hold a known bank account on file they need to get it checked first. They are following FSA requirements to the letter.

A10764547J

Thank you for your comments. It is nice that people that sell Aviva products still have confidence in the company.

re: Most banks will allow you to download a statement that prints as an obvious statement (as if you got one in the post). They are fine.

This was not my experience. Only an "original" paper document sent physically to their offices would do.

re: The fact the money was paid from a bank account does not verify that the person paying the premiums is the legal beneficiary.

You may be stretching this point to far. When Mr Smith (say) opens a bank account and then takes out an Endowment policy with Aviva (via finanical advisor at the same bank, Barclays Bank in this case) and then pays monthly premiums for 25 years from the same bank account then... I would argue that Aviva can have some confidence that the right place to transfer funds to on maturity is that same bank account. If Aviva receive a request in writing from this same person (with a copy of current passport, driving license and bank account card) a reasonable person would consider this sufficient.

A reasonable person would expect Aviva to review their records and proceed with the payment.

In terms of ensuring that a customer really is the "legal beneficiary" of the policy... I am confused by your use of jargon. I am a customer who has signed up for an Endowment Policy. I have payed the premiums each month using the same bank account and now expect the company to provide me with a maturity payment.

I assume that the company have kept records and know who I am. I have kept proper records and can provide my policy number (a number generated by them). I do not expect to be sent a meaningless "form" and then to have months of my time wasted completing a series of pointless "security" hurdles via physical mail.

I have a background in auditing and providing IT security consultancy and my professional opinion is that none of the additional steps I was asked to complete provided Aviva with any additional assurance that I was truly the "legal beneficiary" of the policy.

There was just delay...

kingstreet

When I started working for a life office, way back when, it was usual to "admit age" at the outset of the policy by sending in original birth and marriage certificates.

In the years since, this practice has largely died out, but the need for such documentation still exists. Regardless of the source of premiums, which could have been changed at any time in the policy life, even to the account of a third party (not forgetting some policies were sold to a new assured in the second-hand policy market) the need to obtain evidence of age and prove title to the policy proceeds remains.

Any insurer should be setting out its requirements, requesting them in time for a prompt settlement of a maturity claim. If it needs original birth and marriage certificates, on top of identification requirements to prove title and satisfy money laundering requirements, it should have an efficient system to accept, copy and return them (special delivery) then settle the claim, on the maturity date, without delay.

They've been doing this for hundreds of years, why has it become more difficult after all this time? I can only suspect it's because the maturities and claims departments are run-down and de-staffed in preference for the new business areas, the "introductory shag-pile" effect in the Nationwide adverts.