Chesnara reports fall in endowment complaints
Chesnara, the holding company for Countrywide Assured plc and the City of Westminster Assurance Company Limited, has announced that the number of mortgage endowment misselling complaints have fallen significantly.
Due to the fall in mortgage endowment complaints the company has reduced its provision for future claims by £2.8 million. Christopher Sporborg, Chairman of Chesnara, said the number of mortgage endowment misselling complaints “has reduced significantly and an increasing proportion of those received are time-barred in line with FSA rules, while uphold rates on those complaints which are not time-barred have increased“. While he did not feel the issue had “run its course” he was confident in reducing redress provision “based on our revised expectation of future complaint activity“.
