Over 50,000 customers of Aviva UK are due to receive payments of up to £100 each as it has been discovered that Aviva have been overcharging their customers on their life insurance premiums.
The policies affected are life insurance, critical illness and income protection policies. Aviva are yet to identify at which stage they calculated customers premiums incorrectly, which has caused a scramble for claims management companies who are looking for a piece of the action to reclaim customers money.
The main issue for the public is the tens of thousands of customers who have cancelled their policies, as they are unsure whether they are entitled to make a claim or not. Customers who are also concerned are customers who changed their phone numbers or moved address who may not be able to be contacted by Aviva, if they decided to take a pro-active approach.
Aviva have advised that they have fixed the issue in the future, but have not yet commented on the population of the customers who may have been affected.
Financial Services expert Jay Mychalkiw commented “If we have learned anything from the past (such as the PPI scandal), then it would not make sense for customers to sit back and wait for Aviva to actively issue refunds for their overcharging. It also begs the question, if this hadn’t been flagged up externally; what other pricing issues may there be with Aviva products?”.
The message is clear for all customers of Aviva past and present, it would make sense to seek professional independent advice on how to check if you have been overcharged.