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NU to repay 11m after error

An administrative error has been uncovered at Norwich Union, prompting them to repay £300 each to around 34,000 affected customers. During a recent compliance review, Norwich Union discovered that it had been charging customers more than the then Government cap of 1% per year on stakeholder pensions.

Commenting on the error, a Norwich Union spokesman said: "We identified the problem ourselves and acted as soon as possible to refund customers. We have kept the Financial Services Authority fully informed."