This is policyholder advocate's original website which was launched on 21 November 2006.

This site has been regularly update during the reattribution negotiations but was closed to new information on 31 May 2009. We have kept it open as reference site.

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May 2009 update

On 6 May 2009 Aviva announced that it is to go ahead with the plan to make an offer in respect of the reattribution of the inherited estates of the CGNU and CULAC with-profits funds. Please follow this link to see its statement http://www.aviva.com/index.asp?PageID=44&category=corporate&year=Latest&newsid=4926

The release we have issued this morning (see below) sets out, among other things, some details of the roadshows we intend to run to answer policyholder questions.
http://www.policyholderadvocate.org/update-090506

Next steps

In June full information packs will be sent to policyholders containing individual offers and voting forms. Policyholders will have several weeks to come to their decision. Aside from the information packs, we will have a report for those who are interested in the highly detailed background to the reattribution, which will be ready around the time that the information packs are sent out. The appendices which form the basis of the report will be available a little later. We are currently working through them to make sure that they fully reflect the changes in the way the offer has been structured.

From the time that the information packs go out our call centre staff will be ready to try to help with detailed questions. We are also working to update our website to make sure that it has the latest information available. The changes will go live in June.

Jonathan Haslam

director of communications

 

Introduction from Clare Spottiswoode, Policyholder Advocate

Norwich Union has announced that it is considering planning a reattribution of some of its with-profits funds and I have been appointed to act as your representative. My appointment has been approved by the Financial Services Authority.

Before going on to explain my work for Norwich Union policyholders in this process, I should point out straightaway that these plans do not involve any changes to the premiums you pay.

My job as your representative

My job is to negotiate with Norwich Union the terms of the 'reattribution' on behalf of 'eligible' with-profits policyholders

In particular I will negotiate the size of the payment (or in some cases, additional bonus) offered to you. My aim is to get the best possible deal for policyholders.

Why do policyholders need a representative?

As you may know, the Financial Services Authority (FSA), as the regulator of the UK insurance industry, will consider the interests of policyholders in this proposed reorganisation. However, in dealing with the issues raised by reattributions the FSA decided that in addition to them it would be helpful to have an independent person who has the interests of policyholders as their first and foremost concern. This is why they recently introduced new rules requiring someone to be appointed as "policyholder advocate" to represent your interests.

My qualifications for the job.

I am dedicated to making sure that policyholders are treated fairly and am completely independent - my only interests in the financial services industry are as a customer. I think it is very important to have someone in this role - policyholders themselves simply do not have the time to investigate all the issues this reorganisation raises. My record shows that I can get to grips with complex issues and find answers that support consumers.

Am I independent of Norwich Union?

Yes, completely. This has been achieved through the selection process and my terms of appointment. I was identified as a candidate for the job by an executive search agency. Some Norwich Union policyholders also met me to see if they thought I was suitable. In addition, the FSA has approved my appointment.

Just to be completely clear, I am paid a monthly salary by Norwich Union with no bonus or success fee. I should add that my contract, which has been approved by the FSA, makes it clear that I must act in the best interests of policyholders. I shall work very hard to make sure that you are made a fair offer.

Clares Signature

As you might imagine, there are a lot of technical terms involved in this project. We have tried to keep them to a minimum but we cannot avoid them entirely. Elsewhere on the site you will find a section that tries to explain a lot of the jargon.