Life insurance company responds to fine

Tue, 08 Jan 2008

The chief executive of Norwich Union Life has responded to the recent fine imposed on the company by the Financial Services Association. The FSA fined NU Life following the discovery that the life insurance company had exposed their customers to fraud .

NU customers were impersonated and had their policies fraudulently surrendered. Norwich Union have worked closely with both the police and the FSA to make sure that the suspects are apprehended.

Mark Hodges, chief exec of NU Life, reportedly commented: "We are sorry that this situation arose and apologised to the affected customers when this happened. We have extensive procedures in place to protect our customers but in this instance weaknesses were exploited and we were the target of organised fraud. While the number of customers affected is very small compared to the number of policies we manage overall, any breach in customer confidentiality is clearly unacceptable. Our customers can, however, be assured that we have taken this matter extremely seriously and have thoroughly reviewed our systems and controls as a result. All of our 7 million customers are protected by our promise that they will be fully reimbursed and will get help and support if they are the innocent victims of fraud ."
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