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Actuaries&#39 service offers to take over policy complaints

Actuarial consultancy firm Hazell Carr is launching a complaint management service to help IFAs and insurance providers resolve allegations of endowment policy misselling.

The service is being offered in response to the Financial Services Ombudsman and FSA&#39s decision in June to tighten compliance rules, making assessments more complicated for firms. Failure to comply can result in heavy fines.

Hazell&#39s service aims to reduce the demands on IFAs and insurers by taking over the handling of each case from the initial complaint. It will provide firms with an independent assessment of their business to reduce the risk of further complaints within procedures outlined by the supervisory authorities.

Data collector manager Colin Redman says: “We have the capacity to deal with the problems faced by endowment providers straight away, helping them avoid a backlog of cases. From the initial letter of complaint, we aim to take away the pressure for IFAs and insurers by dealing with the whole process stage by stage until a satisfactory conclusion can be achieved.”

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