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.. »
As the effects of the credit crunch widen there are heightened concerns about the safety of insurance and investments. While there is plenty of discussion about bank deposits and savings, there has been little media coverage about the safety of endowments and protection for policyholders. more.. »
The Financial Services Compensation Scheme (FSCS) is reminding consumers they can claim up to £48,000 if they have lost money from any of 27 investment firms recently declared in default. The scheme offers a free service to customers of authorised financial services firms. more.. »
Norwich Union has cut bonus payouts for with profits policy holders. The cuts of up to 10 percent in final bonus rates will affect a total of two million policies and are effective as of September 1. Norwich Union said that regular bonus rates would be unchanged and Market Value Reductions (MVRs) are not being introduced. more.. »
An Open Ended Investment Company specializing in TEP based funds is urging investors to consider these instruments as a low volatility asset class positioned to benefit from windfalls due to recent reallocation of orphan assets. more.. »
Standard Life with profits policyholders took a hit when it was revealed that there will be cuts of up to 8 percent on payouts due to challenging conditions created by the credit crunch. 35,000 mortgage endowment customers with policies maturing this year will experience a shortfall as payouts will not be enough to repay their mortgage. more.. »
A new survey has revealed that most people with a mortgage endowment policy believe it was mis-sold. While 87 percent of the respondents felt they were duped when they originally took out the policy, only 10 percent felt that they were made aware of the risks. more.. »
Mortgage endowment claims are still the biggest source of new claims for Financial Services Compensation Scheme (FSCS). According to it’s latest report there were 7,410 new claims during the financial year. 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 survey of 195 endowment mortgage holders found that 86 percent of them had received warnings that their endowment policies will not yield enough to pay off their mortgage. more.. »