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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.

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