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‘Wooden spoon’ for worst firms

The Hunt review calls on the FOS to award a “wooden spoon” for the worst-performing firms in terms of uphold rates.

The report says the worst-performing firms in the retail banking, investment, general insurance and intermediary sectors should be named and shamed.

But Hunt says the FOS should not publicise poorly performing firms in special circumstances such as where a firm’s performance is improving rapidly.

The review also recommends setting up an award scheme to acknowledge firms that have achieved exceptional improvements in complaint handling.

Hunt also calls on the FOS to develop a public interactive system, Fosbook, so that consumers and the industry can get a better idea of how it reaches its decisions.

It says Fosbook should include anonymous details of certain cases to ensure there is a common understanding of how the FOS will weigh up different factors in specific cases and to communicate significant case decisions.


NU seeks protection marketer

Norwich Union is looking for a director of marketing for its protection business, indicating a renewed focus on the sector.

Share the load

There are positive steps that each of the key parties can take to help struggling borrowers. Where clients cannot remortgage their way out of trouble, brokers may be faced with two options: Sympathise but explain that you cannot help because of the credit crunch. Advise them to discuss payment difficulties with their lender and suggest […]

Inheritance Tax, a tax on the wealthy? Urban myth or fact?

By Kim Jarvis, Technical Manager with Canada Life’s ican Technical Services Team. Inheritance tax has been around in some form since 1796. Estate duty dates back to 1894 and over the years this tax has evolved into the inheritance tax (IHT) we know and love today, which was introduced in 1986 as a replacement for […]


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