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FSA fines Winterthur Life over endowment failings

The FSA has slapped a £500,000 fine plus £57,000 costs on Wintherthur Life over endowment failings.

The life office has set aside £10m for possible redress to as many as 10,000 customers sold endowment policies between March 1998 and December 1999.

The failings centre on a computerised point of sale system called Winteract used by its direct advisers to generate recommendations for customers based on their attitude to risk.

The system allowed customers who listed the certainty of the loan being repaid at the end of the term as a very important consideration to be sold an endowment.

Reasons why letters did not focus on the product recommended but on products not recommended.

The life office withdrew from the endowment market last year.


Teather & Greenwood cherrypicks from the all-share index

Teather & Greenwood Investment Management has unveiled the second in its new range of retail funds.The UK equity income fund is an open-ended investment company and complements the UK equity growth fund, which was introduced at the same time. The fund is aimed at the medium-risk investor who is looking for a fund that offers […]

IFAs attack Halifax over insurance cross-sellingleap

Mortgage brokers and IFAs have slammed Halifaxfor persistently attemp-ting to cross-sell general insurance products to their clients before and after their mortgage has been completed. Brokers found Halifax had made repeated attempts to cross-sell products behind their backs des- pite issuing numerouswarnings to the lender that such behaviour will result in them placing clients with […]

PIA expels Nottingham adviser

The PIA has expelled IFA Bowbanks & Field of 7 High Street, Hucknall, Nottingham for failing to be fit and proper to conduct investment business. The move comes after its sole director and registered principal Graham Field pleaded guilty to Nottingham Crown Court of perverting the course of justice and obtaining money by deception. Following […]

&#39NHS should take on insurer role&#39

The NHS should become an insurer competing with private providers to offer an improved service to patients, says Norwich Union Healthcare. The PMI provider has rel-eased a paper, prepared by economic consultants Nat-ional Economic Research Associates and supported by left-wing thinktank, the Social Market Foundation, calling for a new public/private partnership model in funding healthcare […]


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