tag:blogger.com,1999:blog-1242074187303396630.post-21529111631253313182008-06-26T11:35:00.002+01:002008-06-26T11:38:58.933+01:00<span style="font-family: Arial;"><o:p></o:p></span><span style="font-family: Arial;">This week I joined Vince Cable and other MPs at a briefing held by Which? in <st1:city st="on"><st1:place st="on">Westminster</st1:place></st1:City>. I heard from customers of Norwich Union and Prudential who hold ‘With Profits’ policies like endowment mortgages, savings plans and pensions – there are 6 million of them altogether – are you one of them?<span style=""> Local resident Andrew Edgington has been taking a leading role in the campaign on this issue, and he writes:<br /><br />"</span></span><span style="font-family: Arial;"><o:p></o:p></span><span style="font-family: Arial;">The big insurers hold billions of pounds in ‘inherited estates’ within their With Profits funds. They want to transfer these funds away from ordinary policyholders and pass them to shareholders, under something called ‘reattribution’.<span style=""> </span>It’s a complicated process and the Financial Services Authority has the job of regulating it to protect customers.<span style=""> </span>But last week the FSA came under some very heavy criticism from the Treasury Select Committee who have said they have been seriously deficient and that their arrangements are ‘barmy’. <span style=""> </span>In particular they have failed to stop the companies using policyholders’ money for unacceptable things like meeting the costs of their own mis-selling.<o:p></o:p></span><span style="font-family:Arial;"> <p class="MsoNormal" style="margin: 0cm 0cm 0pt;"><span style="font-family: Arial;"><o:p> </o:p></span></p> <p class="MsoNormal" style="margin: 0cm 0cm 0pt;"><span style="font-family: Arial;">All Northavon residents who hold with-profits policies with Norwich Union or the Pru should find out more about this. I believe their plans are unfair and people could lose out badly if they are allowed to get away with it"<o:p></o:p></span></p> <p class="MsoNormal" style="margin: 0cm 0cm 0pt;"><span style="font-family: Arial;"><o:p> </o:p></span></p> <p class="MsoNormal" style="margin: 0cm 0cm 0pt;"><span style="font-family: Arial;">Policyholders should go to the following link; or contact Which? to find out more.<span style=""> </span>I have been watching developments and will continue to take a keen interest in what happens, so please write to me about it if I can help.<o:p></o:p></span></p> <p class="MsoNormal" style="margin: 0cm 0cm 0pt;"><span style="font-family: Arial;"><o:p> </o:p></span></p> <p class="MsoNormal" style="margin: 0cm 0cm 0pt;"><span style="font-family: Arial;"><a href="http://groups.google.co.uk/group/norwich-union-policyholder-reattribution?hl=en"><span style="color:#ff8040;">http://groups.google.co.uk/group/norwich-union-policyholder-reattribution?hl=en</span></a><o:p></o:p></span></p> <p class="MsoNormal" style="margin: 0cm 0cm 0pt;"><span style="font-family: Arial;"><o:p> </o:p></span></p> <p class="MsoNormal" style="margin: 0cm 0cm 0pt;"><span style="font-family: Arial;"><a href="http://www.which.co.uk/reports_and_campaigns/money/campaigns/pensions/With-profits/Orphan_assets_camp_559_105940.jsp"><span style="color:#ff8040;">http://www.which.co.uk/reports_and_campaigns/money/campaigns/pensions/With-profits/Orphan_assets_camp_559_105940.jsp</span></a><o:p></o:p></span></p> <p class="MsoNormal" style="margin: 0cm 0cm 0pt;"><span style="font-family: Arial;"><o:p> </o:p></span></p></span><div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/1242074187303396630-2152911163125331318?l=webbsteve.blogspot.com'/></div>Steve Webb MPhttp://www.blogger.com/profile/16328759671686905717noreply@blogger.com5