Stephen Cranston Associate editor

The long-term (life) insurance ombudsman is no stranger to controversy. In the past decade the office was involved in a bitter turf war with pension funds adjudicator Vuyani Ngalwana. The public mostly took the side of the pension funds adjudicator as Ngalwana ordered life companies to pay back high charges on retirement annuities.

Since then the high upfront payments to brokers and agents for retirement annuities have been reduced and the clawback periods in which life offices can claim back commission from life salesmen have been extended.

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, ProfileData financial data, and digital access to the Sunday Times and Times Select.

Already subscribed? Simply sign in below.

Questions or problems? Email or call 0860 52 52 00.