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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.”

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