The Independent Expert also has an important part to play.
He is Nick Dumbreck and he is independent of both Norwich Union and The Policyholder Advocate. His job is to make an objective assessment of the firm’s proposals and he will prepare a report outlining his opinions. A summary of his report will also go to policyholders.
Nick Dumbreck
Nick Dumbreck is a consulting actuary at Watson Wyatt, where he advises mainly life assurance clients. He is also the President of the Institute of Actuaries. Aged 50, he was involved in the demutualisation of Clerical Medical, Norwich Union, NPI, Scottish Widows and Scottish Life, and the acquisition of United Assurance by Royal London. He has been appointed actuary to several UK life companies, notably HSBC Life UK and Halifax Life, and is currently actuarial function holder for one UK life company and with profits actuary for another. He also advises the Board of Standard Life on actuarial matters.
Mr Dumbreck qualified as a Fellow of the Institute of Actuaries in 1982 and was a member of the Council 1993-98 & 1999-2005. He was Vice-President of the Institute from 2003-05. He was Chairman of the Profession's Education and Continuing Professional Development (CPD) Board from 2002-04 and served as Honorary Secretary of the Institute from 1996-98.