View more on these topics

Ombudsman clarifying approach on endowment complaints

The Financial Ombudsman Service is aiming to streamline the way mortgage endowment disputes are resolved.

It is publishing a briefing note for IFAs and product providers clarifying the approach it will take in dealing with endowment-related complaints.

Circumstances where the ombudsman will consider a complaint will be explained. It is hoped the move will allow many claims to be resolved before the ombudsman has to get involved.

Chief ombudsman Walter Merricks says the fact that a consumer is disappointed by a projected shortfall does not mean they have been missold a product.

Merricks says: “We have seen a substantial increase in complaints about mortgage endowments over the past year and we are taking a number of steps to help all those involved.

“We are ready to play our part in assessing unresolved disputes independently and impartially and, where complaints are justified, in ordering compensation for those who were wrongly advised.”

Recommended

IFAs see sharp rise in loans for self-employed

IFAs are seeing a surge in the number of self-employed clients wanting mortgages, according to spec- ialist lender The Mortgage Business.The company&#39s research found 69 per cent of advi-sers had seen a marked rise in demand for mortgages which allow customers to prove or self-cer- tify their income.TMB says the rise in demand is being […]

Credit Suisse targets post venture capital

Credit Suisse Asset Management is introducing the global post-venture capital fund.The fund is aimed at UK investors who are looking for growth in global funds and who are prepared to put up with medium to high risk. Global post-venture capital will invest in a wide portfolio of up to 130 global post-venture capital stocks. These […]

IFA support services firm offers chance to become partner

A new support services company providing the full range of assistance to IFA firms launched this week. IN Partnership is different from traditional networks in that it offers IFAs the opportunity to invest in the company who then stand to gain if the venture succeeds. Through subsidiary companies it will provide compliance and training services, […]

Halifax worries IFA with string of minor errors

Halifax has been reported to Bungle Busters after it tried to sell a personal loan to the child of a Conwy-based IFA.Halifax wrote to the 11-year-old daughter of Brian Roberts Financial Services principal Brian Roberts last week enclosing an application for a personal loan.Roberts claims it is not the first time the high-street lender has […]

Europe outlook: Greek gridlock and Italian banks

By Rob Burnett, Investment Director, Head of European Equities As investors await a resolution of Greece’s repayment difficulties, we anticipate a period of consolidation in the European market over the next few weeks. Our base case is that the Greek government and the European Central Bank (ECB) will come to a solution, particularly given the […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment