View more on these topics

Over 550,000 people visit CA website

The Consumers&#39 Association has had more then 550,000 visits to the endowment section of its website since it started running its high-profile campaign last September.

The campaign, aimed at helping mortgage endowment policyholders complain to insurers, has seen more than 45,000 people download draft complaint letters to send to insurance companies.

CA senior policy adviser Mick McAteer estimates that there are still one million complaints waiting to surface.

McAteer says he is pleased that the CA has been able to help so many people but would preferred it if the FSA had been more proactive in helping the public to come to terms with endowment misselling.

The CA has renewed calls for a stratified review of mortgage endowments by the FSA, saying it should publish performance of policies and target the worst-performing policies.

McAteer says: “More cases would come to light and the public would find it easier to lodge complaints if the FSA was more aggressive in its efforts to protect the consumer.

“We have never called for a full-scale review such as the pension review. However, we believe a stratified review would be more cost-effective for the industry and more effective for the consumer.”

FSA spokeswoman Jackie Blyth says: “Misselling is not about performance of a product. It is about whether or not the product itself has been missold. This is why the FSA review is a targeted one.”

Recommended

Credit Suisse waives initial charge on FOF range

Credit Suisse Asset Management is temporarily waiving the initial charge into its funds of funds to mark the two-year anniversary of the multi-manager range. CSAM&#39s standard 4 per cent initial charge is falling to 0 per cent until November 28 or until the 11 funds hit £100m. IFA commission will fall to 1 per cent […]

Franklin Templeton sets sights on UK market

Franklin Templeton Investments has unveiled four Oeic funds as part of its plans to attract more business from UK investors. Until recently, the main focus of the company&#39s fund range was Luxemburg but it acquired a Dublin base in 2000 when it acquired Fiduciary. However, the company decided the best way to attract UK business […]

Outside edge

It was not so long ago that fund supermarkets, being the big thing in America, would be the next big thing in the UK and, although there are detractors, they have had considerable success already in the UK marketplace. Wrap accounts are now the subject of first-mover advantage as companies rush to develop distribution channels. […]

Hitting the bottle

The Diary hears that gentlemen prefer being blond. Certainly, some of the old hands in the PR world seem to be backing this up. Latest up for the bottle-blond look is L&G&#39s raven-haired Peter Timberlake, who has recently made the momentous decision to lighten his tone. Has he been listening to too much Eminem? The […]

Japan Economic Insight

James Dowey, Chief Economist, and Paul Caruana-Galizia, Economist

The conventional wisdom is that following a roughly 50 per cent rise in the stock market in 2013 in Yen terms, the Japan trade is over and done*. So the story goes, those big gains were due to a one-off boost from quantitative easing (QE) and a depreciation of the Yen — policies that one should think of as a palliative to Japan’s economic weakness, but not a cure. Rather the cure, and by implication the necessary condition for a longer-term investment case, is deep structural reforms — a painstaking re-weaving of Japan’s economic and social fabric, no less. The story continues: this is a much tougher test than launching a blast of QE, and one that prime minister Shinzo Abe, although well intentioned and well supported by the public thus far, is likely to fail. Stick a fork in Japan, it’s done…continue reading

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment