Aviva Compensation

Zannie73

Just wondering if anyone has applied for compensation against Aviva against Endownment policies due to issues when they took over from Norwich Union.
Our return (10 years ago) was a lot less than expected and was put down to the financial market, however, we weren't informed our policy payout had droppped considerable apart from getting standard generic letters. My husband did check around a year before our policy matured and were told we were over the amount to clear the balance on our mortgage. However, when we got the final figure on maturity, it was £4000 under.
I've read on this site about potential compensation claim due to 'historical errors' made during the take over.
Just wondered if anyone on here has claimed and how you went about it. TIA

dunstonh

Just wondering if anyone has applied for compensation against Aviva against Endownment policies due to issues when they took over from Norwich Union.

Some people would have done in the past when Aviva was the agent. It doesnt apply if they were not the agent though.

I've read on this site about potential compensation claim due to 'historical errors' made during the take over.

Most Aviva endomwents are timebarred from complaint. You had 3 years from first being notified of a high risk of a shortfall (i.e. the statement middle projection showing it was on track to be short). Most of these went out in the early 2000s and were timebarred by 2007-9.

The issue you are referring to is not linked to endowments specifically and they are automatically working through those that are affected and you do not need to contact them. If you are one of the affected, they will contact you.

Zannie73

Thanks for this. The article on this website about this does particularly mention endowments, so was just wondering.

dunstonh

Zannie73 wrote: »

Thanks for this. The article on this website about this does particularly mention endowments, so was just wondering.

The errors happened after 2000 and affected life and pension funds. Endowments would fall under that but would only be a small amount in comparison to the other product types.

Aviva is following an FCA mandated review and has to report to the FCA on its progress. Those affected will be contacted automatically. I have several clients on my books who have been contacted and corrected.

The issue is not related to the old endowment complaints from the early 2000s.