View more on these topics

Skandia to pay clients after error

Skandia is working with the FSA to credit 10,000 policyholders who have been overcharged because of a system error.

The overcharging mainly effected personal pension plans between 1991 and 2001. Incorrect deductions were made to certain policies where holders had reduced their original premium commitment.

The error was identified by the firm last March when systems were checked after a customer complaint.

Skandia says it aims to repay all policyholders by the end of the first quarter of 2005.

The firm believes the error has affected around 10,000 plans. Although it cannot confirm the extent of individual losses, a sample of 10 per cent of errors showed that no policies were overcharged more than 70.

Skandia says it will not have to pay back more than 100,000.

The FSA is not talking about a financial penalty at this stage.

Skandia press officer Jo Gilbey says: “There was a system error which we found ourselves. We owned up to it and informed the regulator in March.”


Parents split over child fund future

Parents are split over the introduction of child trust funds, with 44 per cent saying they are encouraged to save more while half say it will make no difference to them.

Farrow’s view

It was of little surprise that the split-capital investment trust settlement was finally agreed on Christmas Eve – it seemed destined to be that way.

A scrum of two halves

Lawrence of Arabia star Peter O’Toole wowed starstruck onlookers at the Scottish Life-sponsored Rugby Union Writers Club annual dinner last week, not least due to his ongoing ability to pull nubile 20-something beauties. The sprightly 72-year-old mixed with the great and the good of the rugby and journalism worlds and Diary salutes a true screen […]

Testing the Foundation

The global economy isn’t headed into recession, at least not yet. This month, David Lafferty, Chief Market Strategist at Natixis Global Asset Management, examines current capital market and portfolio risks for signs of recession. Click Here for Capital Market Notes


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    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