Norwich Union says it intends to introduce "time barring" on mortgage endowment complaints by the end of 2005 and warn its customers of any approaching bar.
A statement issued by NU on Friday reveals the life insurer has already started writing to its 1.1m endowment policyholders explaining it will introduce the time bar on mortgage endowment complaints in the future but give policyholders at least 12 months notice of the deadline. This warning is twice the FSA requirement to warn policyholders of the time bar six months ahead of expiration, but is designed to the open-ended complaints system and stop policyholders from complaining 25 years after taking out the policy because markets have had an adverse effect on the investment. “We belie...
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