Clerical Medical reveals life policy overcharging error

Discrepancies in the annual management charge (AMC) saw some of the unit-linked policies overcharged by hundreds of pounds. Clerical Medical says the error is in the process of being corrected and promises no customer will be "out of pocket". The 64,000 cases affected represents 6% of its 1.1 million policies, Clerical Medical says, with an average of about £2 per month, per policy, and an average across all affected policies of £94. The firm says a periodic review identified the discrepancies and pledges improved controls and monitoring are now in place. It says the FSA has been kept f...