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Big rise in endowment complaints to watchdog

Complaints on endowments rose by more than 60 per cent last year, with 40 per cent being upheld, says the Financial Ombudsman Service.

Its annual report shows it received 15,000 endowment complaints in the last financial year, up from 9,000 in 2000, accounting for nearly half its caseload. IFAs were the subject of only 10 per cent or 1,500 of the complaints and had only 600 upheld against them.

Pension complaints rose by 75 per cent to 5,881 from 3,363 the previous year. The third biggest area of complaints involved mortgages, up to 3,647 from 2,545 in 2000, which the ombudsman says was due to concern over dual variable rates.

FOS consumer and parliamentary liaison officer Alison Hoyland says: “In many cases, we can predict when the peaks and troughs of complaints will occur and, as the second round of reprojection letters go out, we expect there to be a further increase in terms of complaints.”

Syndaxi Financial Planning principal Robert Reid says: “As far as pension complaints are concerned, a lot of people are using the ombudsman to check up on the amount of compensation they received through the misselling review.”


Equitable deals a new blow to policyholders with harsher penalties

Equitable Life has slashed its maturity and surrender values further in a bid to maintain solvency, blaming recent stockmarket falls.In a move described by Equitable as “most regrettable”, it will now reduce maturity values by 10 per cent, rather than 4 per cent, unless this brings the value to below the guarantee, which it will […]

Lord Hunt

Lord David Hunt of the Wirral may be stepping down as Aifa chairman but one can be sure that he will have plenty on his plate to keep him busy. Besides being a senior partner with City law firm Beachcroft Wansbroughs and starting a financial services consultancy, he also has his duties in the House […]


“Yes. For what he has not done for the industry, it is too much.”Leslie Shields, Shields Investment and Financial Consultants“No. To get any kind of decent chairman, there needs to be a reasonable remuneration package. In today&#39s market, paying peanuts might get us an even bigger monkey.”Andrew Swallow, Swallow Financial Planning“Yes. Nobody is worth that […]

Does Smith have mettle to forge a new system?

As I write this, publication of Alan Pickering&#39s pension simplification review is expected “some time in July”. At the risk of having already been proved wrong, there follow a few thoughts about this process.It is now widely anticipated that Pickering will recognise the need for a significant simplification of the UK pension system. It is […]

Graphic content – December; the countries most exposed to a rise in protectionism

President-elect Trump has suggested withdrawing from the North American Free Trade Agreement (NAFTA) and ending negotiations over the Trans-Pacific Partnership (TPP), albeit there is considerable uncertainty over what he will, or even can, do. If one of the main consequences of the election of Donald Trump is US protectionism, it’s worth considering who stands to […]


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