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Court passes Aviva’s orphan cash deal

Aviva’s reattribution deal has been approved in a High Court ruling despite strong objections from the Norwich Union Policyholders’ Action Group.

The decision paves the way for the deal to be concluded on October 1 and for the vast majority of customers to receive payments before the end of the year.

Norwich Union Policyholders’ Action Group co-founder Philip Meadowcroft says: “The court permitted Nupag to present its case against approval of the reattribution scheme, in particular, our concerns that it ran roughshod over the obligations of Aviva’s with-profits policy contracts with its policyholders, the questionable independence of the policyholder advocate and the independent expert and the moving deadlines of the voting procedure.”

Policyholder advocate Clare Spottiswoode says: “The reattribution has been conducted under current FSA rules, which I sought to have changed. I do not believe those rules properly protect the interests of policyholders and I intend to make the deficiencies and their remedies known to the FSA with-profits review that is to take place.”


The high street of shame

This week, I had intended to pen a quick review of Peter Hargreaves’ new book, In for a Penny.


The next level

A couple of weeks ago, Chris Cummings’ column covered his recent experience in Brussels and the EU proposals for a new regime for packaged retail investment products. While the thrust of his article was about well-meaning but amateur lobbying, I would also like to draw your attention to work going on in Europe on professional standards and qualifications.

Multiple choice

Twelve months after the collapse of Lehman Brothers, market volatility is now back to pre-crisis levels, meaning investors can sensibly deploy risk capital. This has driven significant inflows to risk assets, with equities and corporate bonds the notable beneficiaries.


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