Introduction from Clare Spottiswoode, Policyholder Advocate
Norwich Union has announced that it is considering planning a reattribution of some of its with-profits funds and I have been appointed to act as your representative. My appointment has been approved by the Financial Services Authority.
Before going on to explain my work for Norwich Union policyholders in this process, I should point out straightaway that these plans do not involve any changes to the premiums you pay.
My job as your representative
My job is to negotiate with Norwich Union the terms of the 'reattribution' on behalf of 'eligible' with-profits policyholders
In particular I will negotiate the size of the payment (or in some cases, additional bonus) offered to you. My aim is to get the best possible deal for policyholders.
Why do policyholders need a representative?
As you may know, the Financial Services Authority (FSA), as the regulator of the UK insurance industry, will consider the interests of policyholders in this proposed reorganisation. However, in dealing with the issues raised by reattributions the FSA decided that in addition to them it would be helpful to have an independent person who has the interests of policyholders as their first and foremost concern. This is why they recently introduced new rules requiring someone to be appointed as "policyholder advocate" to represent your interests.
My qualifications for the job.
I am dedicated to making sure that policyholders are treated fairly and am completely independent - my only interests in the financial services industry are as a customer. I think it is very important to have someone in this role - policyholders themselves simply do not have the time to investigate all the issues this reorganisation raises. My record shows that I can get to grips with complex issues and find answers that support consumers.
Am I independent of Norwich Union?
Yes, completely. This has been achieved through the selection process and my terms of appointment. I was identified as a candidate for the job by an executive search agency. Some Norwich Union policyholders also met me to see if they thought I was suitable. In addition, the FSA has approved my appointment.
Just to be completely clear, I am paid a monthly salary by Norwich Union with no bonus or success fee. I should add that my contract, which has been approved by the FSA, makes it clear that I must act in the best interests of policyholders. I shall work very hard to make sure that you are made a fair offer.
As you might imagine, there are a lot of technical terms involved in this project. We have tried to keep them to a minimum but we cannot avoid them entirely. Elsewhere on the site you will find a section that tries to explain a lot of the jargon.