Norwich Union Endowment

tony4147

Six years ago I had 5 Norwich Union 25 year endowments mature. I have recently read in the daily mail that Aviva have made a number of mistakes in payouts.
Has anyone any more information on this? And do I have a claim? And how do I find out? As there is very little information apart from the Daily Mail article.

Imma_Number

This article?

http://www.thisismoney.co.uk/money/news/article-2554472/Four-million-savers-short-changed-Aviva-compensation-Insurers-323million-bill-merger-blunder.html

I await developments with interest.

dunstonh

The Daily Mail article is old news. Aviva have been working on fixes to the issues and you will be contacted if there is anything relating to yours.

tony4147

dunstonh wrote: »

The Daily Mail article is old news. Aviva have been working on fixes issues and you will be contacted if there is anything relating to yours.

So Aviva are checking through old Endowment policies that have been paid out?

missingtowindward

More importantly, it would be nice to know the exact nature of the mismanagement exposed. Given the way that Aviva treat their customers and the complete lack of transparity when it comes to the management of the with profits funds I don't imagine that they are imminently about to come clean with a detailed explanation!

dunstonh

tony4147 wrote: »

So Aviva are checking through old Endowment policies that have been paid out?

It will cover historic cases where applicable and not just current.

hugo15

Does this just apply to polices that have paid out or live policies too. I have an endowment with them (was Commercial Union).

dunstonh

Aviva has written to around 4 million policyholders affected. So, as long as they have your current address, you will hear. They have set aside £323 million for the errors but have already paid out £163 million to policyholders. This has been going on for a while and is a work in progress. They started the first payments to policyholders in 2009. It has just been going on quietly and rather slowly.

Colthinks

dunstonh seems not only very relaxed about the Aviva situation but almost acting as an apologist. Surely Aviva's paternalistic approach to this, the lack of transparency and the FCA's acquiescence in the public silence of Aviva should be a cause for an outcry; a demand for customers (past and present) to be contacted en-mass and not the drip feed to individuals.
Why is it that if 390,000 customers have been contacted and paid out we have not heard from a single one? Have they been sworn to silence?

dunstonh

dunstonh seems not only very relaxed about the Aviva situation but almost acting as an apologist.

I am relaxed about it as they know who is affected. They have been dealing with this for a number of years and are half way through and the regulator is involved in the process.

That does not make me an apologist for them . Goodness knows where you got that from.

Surely Aviva's paternalistic approach to this, the lack of transparency and the FCA's acquiescence in the public silence of Aviva should be a cause for an outcry;

Insurance company makes a mistake. Informs regulator and agrees to make sure no-one is worse off. Regulator is monitoring the situation. How is that an outcry?

Why is it that if 390,000 customers have been contacted and paid out we have not heard from a single one? Have they been sworn to silence?

It is just 390,000 people. That is under 1% of the population. I dont know what you talk about when you speak to friends but i guess Aviva is not something that comes up often.

PeacefulWaters

Colthinks wrote: »

dunstonh seems not only very relaxed about the Aviva situation but almost acting as an apologist.

It looks to me like he's just stated facts as he sees them. Nothing wrong with that.

Surely Aviva's paternalistic approach to this, the lack of transparency and the FCA's acquiescence in the public silence of Aviva should be a cause for an outcry; a demand for customers (past and present) to be contacted en-mass and not the drip feed to individuals.

They've contacted millions of customers.

Why is it that if 390,000 customers have been contacted and paid out we have not heard from a single one? Have they been sworn to silence?

I wouldn't have thought so. Perhaps they have accepted a mistake was made and has been put right. As such they're happy, but distinctly unexcited.