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No let-up in endowment complaints

Mortgage endowment complaints are coming to the Fin-ancial Ombudsman Service at a rate of 1,300 a week, says chief ombudsman Walter Merricks.

Merricks said endowment complaints are showing no sign of abating and that the biggest challenge is recruiting people fast enough to deal with the volumes of complaints.

He said the FOS had to build up experience on split-capital products as few people knew anything about them before the problems arose but added that most people covering investments have the appropriate financial services qualifications.

Merricks said banking qualifications are thinner on the ground as the FOS relies on people who have managed a bank branch.

He said: “Because of the range of financial services, there is no single qualification that can be held but those advising in particular areas may well have taken appropriate exams or be asked to do so.”

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