Two firms have been fined for a number of failures connected to sales of geared traded endowment policies (geared TEP’s). These are the first acts of enforcement since the FSA began a targeted programme examining advice and sales processes of firms recommending geared traded endowment policies. (more…)
In twist on the usual mis-selling claims, a financial adviser is asserting that a change in Norwich Union’s calculation of estimated maturity values has led the IFA to become subject to an endowment mis-selling claim. (more…)
A recent ruling by the FSA found failings in mortgage endowment complaints handling by Mandrake Associates Limited increased the risk that endowment mis-selling complaints were either wrongly rejected or delayed. Due to his mishandling of endowment mortgage complaints the Firms sole director is also prohibited from engaging in any customer functions in regulated financial services received by Mandrake. (more…)
A decision by the Information Commissioners Office (ICO) forcing the FSA to name 12 companies accused of misleading customers over charges on policies, will be appealed by the Authority. (more…)
A couple had to take Lloyds TSB to court when it refused to pay compensation, despite accepting that it had mis-sold an endowment mortgage to them in 1988. (more…)
Claims management companies face regulation by a new system administered by the Claims Management Regulation Monitoring and Compliance Unit (CMRMCU). (more…)
The FSA has fined Guardian Assurance plc and Guardian Linked Life Assurance Limited (Guardian) £750,000 over the way it mishandled mortgage endowment complaints and for failing to notify the regulator of concerns. (more…)