Policyholders set to receive a payout from Norwich Union's £5bn inherited (orphan) estates will have to wait until the middle of 2008 for their money.
Independent Policyholder Advocate Claire Spottiswoode, who represents policyholders, says she had hoped payments could be made from early next year but this is not possible as “the scale of the work necessary to properly represent your (policyholders) interests means that we cannot meet the timetable”. In a letter to policyholders, she says: “I understand this (the delay) will be disappointing to policyholders and am keenly aware that some policyholders are waiting for the results of the negotiations before making final decisions.The plain fact is that this is the first time that a compan...
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