View more on these topics

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.”


Woolwich Plan Managers – G+ Account – Issue 2

Type: Guaranteed equity bond Aim: Growth linked to the performance of the FTSE 100 index Minimum-maximum investment: £5,000-no maximum Term: Six years Return: The greater of 26% of original investment or 55% growth in the index at end of term Guarantee: Original capital returned in full along with 26% growth regardless of performance of index […]

Waiting for a rating

Investment trusts are calling for a rating system so advisers can easily pick out good and bad funds. They believe an S&P or Forsyth-style rating system would give IFAs a guide as to which trusts perform well. The ratings would examine the performance, management and trustees of each product and could be used to back […]

Product pioneer Allison to retire at ScotLife Intl

Scottish Life International marketing director John Allison is to retire next year after 32 years in the industry. Allison, 55, is looking at a number of non-executive directorships. He joined Scottish Life in 1972 and has held a variety of marketing roles. He became marketing manager of Nat-ional Mutual Life, where he launched a self-administered […]

Merricks rules out naming and shaming firms

Chief ombudsman Walter Merricks says the FOS considered publishing data about the number of complaints received about IFAs and the number upheld but thinks it would harm the sector. Merricks was asked by Hamptons International Mortgages managing director Kevin Duffy if the FOS has considered publishing statistics about cases where the IFA wins. Duffy wants […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment