Friends Provident has warned policyholders they might not automatically be entitled to windfalls when the life office floats on the stockmarket.
Unless policyholders can prove that they qualify, they will not stand to collect any money.
The life office says that a customer had to have requested an application form by May 3 to qualify, the day the intention to convert was announced. Now it is saying that it will try to weed out the genuine customers from the carpetbaggers.
Friends Provident company secretary Brian Sweetland says: “It is not easy, we have got to do our best. I am sure at the end of the day we will have accepted people who should not have got through the hoop and refused people who should have.”