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.
Independent Partners; request a free guide on NISAs from Hargreaves Lansdown
Newcastle manager taunted again as his side loses to Stoke
- 1 Five-year-old Iris Grace is raising awareness of autism through her extraordinary paintings
- 2 Car tax disc changes: Two days to go - and they affect you much more than just not displaying a piece of paper
- 3 The Simpsons death: Creator Al Jean would 'kill himself' before a character like Homer or Lisa
- 4 British man raped while urinating in bushes at Oktoberfest beer festival in Germany
- 5 Pope Francis assures atheists: You don’t have to believe in God to go to heaven
Isis, we are told, is a 'clear and dangerous threat to our way of life'. I’m sorry, but I just don’t buy it
Exclusive: 'Putin's Russia has been my biggest regret,' says Nato's outgoing Secretary General
'Women, walk wherever you want' posters taken down in Stamford Hill following 'unacceptable' signs separating men and women
There’s no excuse for Dave Lee Travis’s behaviour, but we need to keep a sense of proportion
Mark Reckless becomes second Tory MP to defect to Ukip in a month
Should gay sex be illegal? 16% of Britons think so
- < Previous
- Next >
iJobs Money & Business
NEGOTIABLE: Austen Lloyd: TRUST ACCOUNTANT - KENTIf you are a Chartered Accou...
£18000 - £20000 per annum + OTE £30000: SThree: SThree are a global FTSE 250 b...
Highly Competitive Salary: Austen Lloyd: CITY - Law Costs Draftsperson - NICHE...
£300 - £330 per day: Ashdown Group: SQL Developer (Stored Procedures) Watford...
Day In a Page
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
A one-bedroom, luxury apartment with private gym and concierge service in Moorgate
A four-bedroom house in Hermitage Gardens with three reception rooms and landscaped gardens
A seven-bedroom Grade II-listed property with a separate self-contained apartment
A five-bedroom Victorian house with three reception rooms and galleried landing, £695,000
A six-bedroom farmhouse with five acres of land in a former cloth-making village
A secluded seven-bedroom detached house with large private garden, £490,000
A three-bedroom cottage overlooking Sarratt village green with open fires and solid oak floors
A three-bedroom maisonette flat in a Grade I-listed, Georgian townhouse in a sought-after location