Money News: L&G customers to be set time limit for mis-selling claims
Sunday 26 March 2006
Legal & General is to enforce time limits on customers who want to make complaints about endowment mis-selling.
Until last week, it had been one of the few insurers, including Prudential and Nationwide building society, not to impose "time bars". But now the company wants to "draw a line under mis-selling claims".
Over the next 12 months, L&G will write to all its 630,000 endowment customers to inform them of the change.
Under time-barring rules, any endowment holder has three years from receipt of their first "red" warning letter - that a policy runs a high risk of not paying out the target sum at the end of the term - to lodge a complaint with the provider.
So any L&G endowment customers sent a first red letter within the past two years or so - and who feel there's a case of mis-selling - will still have the remainder of their three years in which to make a complaint.
But those who received their first red letter over three years ago, and are yet to complain, will have only another six months.
"This latest decision will leave thousands of policyholders unable to pay off their mortgage fully when their policy matures," says Tim Moore from EndowmentClaims.com, a claims-handling company. "They should act immediately."
Faulty goods: Credit card protection extended outside UK
Shoppers who buy faulty goods overseas with their credit cards will now be given the same protection they receive in the UK.
At the moment, under section 75 of the Consumer Credit Act, card firms must pick up the bill for unsatisfactory goods bought here (if they are faulty, say, and the money can't be refunded) costing between £100 and £30,000.
However, most lenders have argued that the guarantee doesn't extend outside the UK, and only a few have considered claims as a gesture of goodwill.
But last Wednesday, the Court of Appeal backed the stance taken by the Office of Fair Trading, which had challenged an earlier verdict in favour of the banks, and ruled that foreign credit card transactions are also covered by the Consumer Credit Act.
The move was welcomed by Which?. The consumer body called it a "landmark decision" that gave consumers much fuller protection.
Some lenders now fear that they will, in effect, become "insurers" to faulty goods, and exposed to expensive claims without being able to assess the full facts. An appeal against the ruling is being considered.
Home phones: BT unchained but call costs to keep falling
Consumers look set to benefit from a home-phone landline price war if new plans to allow BT to set its own charges get the go-ahead.
Subject to a consultation, watchdog Ofcom will stop regulating BT's domestic prices from 1 August this year.
The decision to remove the price controls - 22 years after they were first imposed - has been sparked by a 50 per cent drop in landline prices since 1996. It is also a response to the new technology and intensifying competition that have helped slash prices at rival services.
"It is now appropriate to consider allowing existing retail price controls to lapse, as increasingly effective competition between providers continues to drive down costs," said an Ofcom spokesman.
While BT is free to put prices up for consumers, the competitive market is expected to maintain downward pressure on its call and line-rental prices.
But vulnerable groups, including the elderly and those in remote areas without rival services to choose from, would continue to be protected for another year, the OFT spokesman added.
Over 10 million households now use providers other than BT for their phone calls, including more than four million using cable networks or new technology such as internet phone calls.
- 1 The BBC has just done more to eradicate ‘terrorism’ than all our wars since 9/11
- 2 Does the path to true love really lie in these 36 questions?
- 3 Saudi preacher who 'raped and tortured' his five -year-old daughter to death is released after paying 'blood money'
- 4 Presidential optical illusion offers clues to how brain processes faces
- 5 Roald Dahl letter warning student to 'eschew beastly adjectives' rediscovered after 35 years
'We would evict Queen from Buckingham Palace and allocate her council house,' say Greens
French court convicts three over homophobic tweets, in case hailed as a 'significant victory' by LGBT rights campaigners
Greece elections: Syriza and EU on collision course after election win for left-wing party
British Muslim school children suffering a backlash of abuse following Paris attacks
British grandmother Lindsay Sandiford faces execution by firing squad in Indonesia
Louise Mensch says 'F**K YOU' in explosive tweets about David Cameron, Saudi Embassy and the Queen over King Abdullah tributes
iJobs Money & Business
£16500 - £16640 per annum: Recruitment Genius: This fast growing Finance compa...
£30000 - £32000 per annum + benefits : Ashdown Group: A highly successful, int...
£18000 - £20000 per annum: Recruitment Genius: This rapidly expanding business...
£25 - 28k + Bonus: Guru Careers: An In-house / Internal Recruiter is needed to...
Day In a Page
Hibernate during winter and make your living during the summer at this busy guesthouse with panoramic sea views, in the village of Lynton
A four-bedroom penthouse next to the Tate with direct views of St Paul's from two floors of luxurious living space
A four-bedroom detached home surrounded by spacious gardens and woodland, close to New Pudsey
An 18th-century, three-bedroom home near Langstone Harbour built from ships beams with vaulted ceilings and wood burning stoves
A five-bedroom semi-detached home with a mix of period and modern features in a popular and convenient location
This five-bedroom red-brick beauty overlooks the village green and sits in just under two acres of land
A three-bedroom villa with self-contained flat, minutes from Lake Windermere
A deceptively spacious, beautifully presented Georgian home with 3000sq ft of living space and five reception rooms
A five-bedroom Victorian home with four receptions, superb gardens and paddock in Pembury
An eight-bedroom house on the south side of the The Green with cinema, wine cellars and summer house
This 17th century beauty is full of rustic cosiness, while the detached home office means you can also run a business
Four exclusive apartments in a Grade II-listed former medical school with 2,275 sq ft of living space and 18ft ceilings
A five-bedroom terraced house on the popular Peterborough Estate, ideally located for both Eel Brook Common and South Park
A state-of-the-art farm-building conversion on the former Cliveden Estate, with 11,420sq ft of internal space, cinema and wine cellar
A three-bedroom, 15th-century cottage with original features in the picturesque village of Sissinghurst
A six-bedroom terraced house with large south-facing roof terrace, cinema room and wine cellar
A new seven-bedroom home built in Queen Anne-style with swimming pool and parkland views in Mortimer
A listed, four-bedroom farmhouse in the rural hamlet of Rushall with detached barn, four acres of gardens and paddocks
A first-floor flat with two bedrooms, a spacious reception room and communal grounds in a leafy part of London
A three-bedroom flat with a spacious rootop terrace and balcony, accessed from a private gated courtyard
A Grade II-listed pile with six bedrooms, stables and 39 acres of grounds in Standlake
A two-bedroom flat with boutique hotel-style interiors, close to the foodie haunt of West End Lane
A two-bedroom flat in a beautiful old vicarage, with many original features, close to the city centre
A three-bedroom 16th-century home with an aga kitchen, private gardens and heated outdoor pool, in Hadleigh
A three-bedrom home in sought-after Queen's Gate Mews, with Italian marble-finished bathrooms
Surrounded by glorious countryside in the village of Udimore, sits this impressive four-kiln oast and barn conversion
A five-bedroom house in the picturesque village of Kettlewell, north Yorkshire
An 18th-century former coaching inn with original staircase, open fireplaces and beams throughout
A Grade II-listed Georgian town house with three bedrooms and a south-facing courtyard, near Arundel Castle
Feel on top of the world at this über chic penthouse on the 37th floor of one of Europe’s tallest blocks.
A Grade II-listed Victorian villa with six bedrooms and two further cottages, all with spectacular sea views
A grade II-listed, Georgian cottage with mature 50ft garden, perfect for summer entertaining
A magnificent Georgian pile with turrets, seven bedrooms, a heated pool and four acres of gardens
Fairoak Farm has five bedroom suites, gym, outdoor swimming pool and golf course
Chic two-bedroom river-fronted flat with a private lift that delivers you directly to your home
A spectacular seven-bedroom Tudor pile, once owned by Henry VIII, with 18 acres of land
A seven-bedroom Georgian property previously used as a picturesque wedding venue
A split-level flat in a church conversion with two en suite bedrooms and 1,200sq ft of living space
A three-bedroom bungalow situated behind an impressive stone wall, £645,000
Windsor Castle overlooks this three-bedroom Victorian cottage located on one of Windsor's smartest roads
Chapel House is a former vicarage with nine bedrooms in the beautiful Upper Wye Valley
A five-bedroom B&B and separate owner's accomodation with potential for conversion
Enjoy summer by the Thames in this two double-bedroom converted warehouse in Rotherhithe village