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.. »
Following the news that Kaupthing and Landsbanki Heritable had gone into default, the FSCS has provided details of a compensation scheme for Kaupthing Edge and Heritable Bank UK savers. more.. »
Northern Rock has withdrawn a number of savings products since the huge increase in demand risked it exceeding 1.5 percent of UK retail deposit balances. 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.. »
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.. »