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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.”


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