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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.”


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