10 November 2008
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."
