Norwich Union to Refund Undisclosed Charges
Thousands of investors in Norwich Union funds will get undisclosed charges refunded
4th May 2005
Around 70,000 investors in funds are to have refunds worth up to £90 each, after Norwich Union admitted to not having disclosed all the charges applicable to some of its policies. The compaby said it spotted the error following a review in October.
Affected policyholders will see their fund values increased in recompense, while those who have since left Norwich Union will receive a cheque.
The company stresses that there was no overcharging - all charges made were correct, but had not been made properly clear. Norwich Union have informed the FSA, the financial regulator, of their error, and said they were making the refunds as a gesture of goodwill.
Read More: BBC Report
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