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Endowment complaints set to continue says FOS

Numbers of mortgage endowment complaints will likely continue to increase for the next two years according to the Financial Ombudsman Service.

Speaking at the Building Societies Association&#39s annual conference in Manchester yeasterday, principle Ombudsman (banking and loans) David Thomas told delegates he believed the number of mortgage endowment complaints was likely to continue to increase for the next two years, and then to remain at a steady level or diminish.

Thomas said: “We have doubled our staff numbers over the last four years and currently have around 750 staff. We expect to have 850 by this time next year but will not be looking to increase our numbers significantly after this point, as we expect endowment complaints to start to tail off.”


Scot Eq pension has it all

Scottish Equitable is targeting high-net-worth clients with the flexible pension plan. This is an individual personal pension with a difference as it has insured and self-invested options supported by a menu-based charging and commission structure. The pension is part of Scottish Equitable&#39s wealth management business proposition, which caters for the needs of professionals, the wealthier […]

Chelsea introduces new rates

Chelsea Building Society has announced new two, three and five year and buy to let mortgage products. New rates of 4.84 per cent for two years, 4.99 per cent for three years, 5.29 per cent for five years and 5.89 per cent for five years buy to let, came into effect on May 1. Existing […]

Abbey considers Spanish bank – reports

The board of Abbey National is reconsidering an offer from a Spanish bank according to reports in the Sunday Times.The board is debating whether to reopen talks with Spain&#39s Banco Santander Central Hispano.Analysts believe the BSCH bid could start an auction for the UK&#39&#39s sixth biggest bank.

Independent view

I recently completed the London Marathon, which was quite a painful experience. As I was trotting around, trying desperately to think of anything other than the ruptured hamstring I acquired at 19 miles, it occurred to me that setting up and maintaining an IFA practice in today&#39s financial services industry is not too dissimilar to […]


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