Not content with using all the excuses under the sun to avoid paying compensation, to those of us lumbered with an underperforming endowment policy, it seems that one major life assurer also delays paying compensation; even when it has agreed to pay the compensation.
The life assurer promises to pay within 28 days of compensation being agreed. Yet it appears that it breaches its own promises on a regular basis; keeping people waiting for over 10 weeks.
I understand that the FSA has put a warning shot across their bows, telling them to speed up; or face another fine.
The company claims that the delays are due to the sheer number of complaints.
Well, if it is bad now, wait and see how bad it will get over the coming year; as the penny finally drops that around 6 million people will face a shortfall and the claims flood in.