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Endowment complaints up 300%

Complaints over mortgage endowments rocketed by 300 per cent in the year

to March, according to the Financial Ombudsman Service. The ombuds-man says

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 comm-itments and staff incentivised with generous bon-uses as

the main reasons behind the complaints.

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