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Treasury should recognise industry&#39s progress

The Association of British Insurers is disappointed the Treasury select committee&#39s report into endowment misselling does not recognise extensive changes in the industry and regulation, and does not focus on how to boost savings in the future.

ABI&#39s director general Mary Francis says the industry has made clear its regret that customer communications and sales practices in the past were not better and has confirmed member companies will be improving their communications with the 5.5 million endowment mortgage policyholders.

As the Treasury select committee publishes it report into the mortgage endowments crisis the ABI says it is revising its industry code of practice on endowments and is looking to provide more and better information for customers to help them take action if they face potential shortfalls.

Francis: “The FSA has recently re-confirmed that the existence of a potential shortfall is not itself grounds for a complaint. Millions of letters from companies, backed up by widespread and repeated publicity, have ensured that customers are aware of their rights and how to complain if they wish to do so. If customers feel they were given misleading advice about their policy, and have lost out as a result, they can and should complain. Independent research for the FSA shows that customers understand and appreciate this point.

“Today&#39s report is the precursor to a broader inquiry into boosting confidence in the long-term savings industry. The industry is looking forward to working with the Committee on this more forward-looking inquiry.”


NU caps lifetime penalty

Norwich Union is capping the early redemption charges on its lifetime mortgage, bowing to pressure from IFAs and mortgage brokers. The product was criticised last year by IFAs who said the uncapped mark-to-market ERCs were unacceptable because they are linked to long-term gilt yields so if interest rates go down, the ERC could exceed the […]

Independent view

I sometimes think the world has gone mad but then I realise that it still goes round in the same old way and it is me who is fast becoming an old stuff. Or has it gone mad? Am I an old stuff? Answers on a postcard with a £5 note and an original driving […]

Brown must back down on ISA limits

The Chancellor of the Exchequer is being urged to do more to encourage personal savings With the 2004 Budget just a week away. ISIS Asset Management is calling on Gordon Brown to back down on his plans to reduce the annual Individual Savings Account allowance from £7,000 to £5,000 in the 2005/6 tax year. ISIS […]

Close call for property investors

Close Property Investment is giving experienced investors a chance to invest in UK commercial properties which will have rental increases of at least 2.5 per cent at the next rent review. Fixed uplift properties is an offshore closed-ended fund which is also available as an exempt unit trust for self-invested personal pensions and small self-administered […]

Tapering of annual allowance – adjusted and threshold income

The definitions of adjusted income and threshold income used to determine whether, and to what extent, someone’s annual allowance will be reduced can be confusing.  Here we try to make sense of it all. The annual allowance will be reduced for high income individuals from 6 April 2016.  Our previous article Tapering of annual allowance […]


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