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Endowment complaints rocket 300 per cent

Complaints over mortgage endowments rocketed 300 per cent in the year to this March, according to the Financial Ombudsman Service.

The ombudsman has revealed it handled over 9,000 complaints last year, up from 3,000 in the year to March 2000. It expects to deal with around 13,000 disgruntled endowment policyholders this year.

It blames exaggerated sales talk, limited contractual commitments and staff incentivised with generous bonuses as the main reasons behind the complaints.


Norwich Union extends SRI fund choice

Norwich Union is extending the range of socially responsible investment funds available on its Portfolio Bond, Bond 2000 and FlexiBond with six new funds.Three of the funds have been awarded A or AA ratings from Standard & Poor&#39s.Norwich Union head of investment propositions Julie Chong says: “Commitment to sustainable development is increasingly being recognised as […]

&#39Poor marketing is hitting stakeholder sales&#39

Lack of investment in marketing is causing disappointing sales ofstakeholder pensions, according to research by the Financial Services Forum. In April, the FS Forum contacted 70 of its members, who are seniormarketers in the financial sector, to gauge their attitude to marketingstakeholder. The initiative brought a 33 per cent response. The survey found that of […]

Collaborate or consolidate

The mortgage market is on the road to e-commerce but if collaboration islacking then it may lead to further consolidation. The life and pension industry was the first to recognise the value ofagreeing and working to electronic data standards for moving informationsmoothly and quickly between customers, advisers and product providers viathe internet. Customers can expect […]

Merricks admits IFAs may not value scheme benefits

The chief financial ombudsman has conceded that it may be difficult forsmall IFAs to see the benefit of belonging to the Financial OmbudsmanScheme because of the limited number of cases they are involved in. Writing in the scheme&#39s annual report, chief ombudsman Walter Merrickssays the service will rarely seem good value for money to small […]

‘How to…audit your auto-enrolment scheme compliance’

Avoid pension penalties with our auto-enrolment checklist

According to the Pensions Regulator’s annual commentary and analysis report released this month, 785 potential non-compliance cases were referred for investigation, with 23 auto-enrolment compliance notices issued. And they predict that the use of their statutory powers is only going to increase.


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