View more on these topics

Aviva row over orphan packs

Around 250,000 Aviva policyholders may not get their information packs before roadshows the firm is running on the reattribution of its inherited estate.

The Norwich Union Policyholder Action Group has slammed Aviva for not sending out the packs in time.

Aviva began sending out packs last week to one million policyholders to vote on the proposed reattribution of the estate. Voting needs to be completed by August 21.

The packs give details on the minimum payment each policyholder could get and information booklets from Aviva and policyholder advocate Clare Spottiswoode.

Aviva confirms that 50,000 packs are being sent out each day and the process will take about a month to complete.

The roadshows start on June 23 so the London, Exeter, Cardiff, Birmingham, Manchester and Jersey roadshows will have taken place before all policyholders have had a chance to consider the offers.

Joint founder of the action group Philip Meadowcroft says: “It is incredibly arrogant of Aviva and the policyholder advocate to hold these roadshows knowing full well that the packs would not be out in time. It is dishonourable conduct but it is conduct we have come to expect. This is a form of financial fascism to say, we know what is best for you and you will take it.”

Aviva reattribution director Gary Price says: “I do not acc- ept that in any way customers are disadvantaged if they do not receive their pack before their roadshow.

“The pack itself, we believe, provides all the information a customer needs to make an informed choice. If they have any questions, they can ring the policyholder advocate or us or log on to our website. The roadshows are just one of the ways that people can get questions answered.

“We wanted to make sure customers have adequate time to consider the offer and we did not want to run road- shows during the main summer holiday period.”

Recommended

IFAs fear allocation backlash

Almost 60 per cent of IFAs fear regulatory backlash over their asset allocation decisions in the wake of recent stockmarket volatility, new research from MetLife Europe shows.

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com