View more on these topics

Actuaries offer free endowment redress calculator to small IFAs

Actuarial consultant OAC is offering free software for small and regional IFAs needing to work out redress for mortgage endowment complaints.

OAC says the independent calculator, which is verified by actuaries, is Windows-based and in use by some high-street banks and life insurance companies. It says the Financial Ombudsman Service is happy to check calculations made with this software when complaints are referred to it. Help with any problems operating the software is provided free.

Business development manager Mark Secker says the product retails for £330 a month but it is making it available free of charge for small and regional IFAs. However, there is a £200 registration fee per computer and an £85 Lotus Notes licence is needed.

A suitable version of Windows is needed to operate the software and lenders&#39 interest rates must be updated daily using an internet connection.

Secker says: “Many IFAs are only just now beginning to receive complaints because investors will have complained to product providers and by the time the complaint has been investigated and the original seller of the policy found, as some may well have changed two or three times over the years, it would take until now for the complaint to drop on to the IFA&#39s desk.”

Recommended

A consumer&#39s view

A remark by outgoing FSA chairman Sir Howard Davies will resonate with all those who have to deal with consumer complaints.Referring to the increasing number of complaints about missold endowments, he warned that the endowment review is overwhelmed by spurious claims due to the UK&#39s growing compensation culture. Complaints have been made by consumers even […]

Get on the right track

I have considerable exposure to the FTSE 100 index through structured investments and tracker funds. I have more capital to invest and would like to retain a UK focus. I have been considering an Oeic tracking the UK All Companies index or one that concentrates on the FTSE 350 rather than just the FTSE 100. […]

Trigger-happy CETV

The use of pension sharing on divorce, introduced by the Welfare Reform and Pensions Act 1999 as a further method of assisting to reach a matrimonial financial settlement, appears to have taken off with more of a squeak than a bang. This is despite the Government estimating that there would be 50,000 such settlements a […]

Correspondent&#39s week

Monday morning, 6am, and I struggle out of bed. On the way downstairs, I look in on my baby twins, peacefully asleep in the next room and completely unaware of the effect their nocturnal activity has had on their father&#39s ability to face the new week.After a huge mug of coffee, I feel marginally better […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com