Norwich Union to use policyholders windfall cash for endowment mis-selling claims
A report in the Mail on Sunday reveals that the with profits policyholders with the Norwich Union could lose windfalls worth £150 million as the insurer will use these funds to pay endowment mis-selling claims.
It’s reported that Norwich Union has £5bn of assets in with profits funds and is negotiating to free this up. The FSA currently allows cash in with-profits funds to be used to pay for endowment mis-selling.
The information was first unearthed by Which? who are running a campaign on endowment mis-selling
