UK: ROYAL SCOTTISH ASSURANCE FINED
Article Abstract:
Royal Scottish Assurance (RSA), a subsidiary of the Royal Bank of Scotland (RBS), has been fined GB[pound] 2mn for mistakes in calculating premiums for Flexible Mortgage Plan endowment policies, and the RBS will make payments of GB[pound]50mn in compensation to policyholders. According to the Financial Services Authority (FSA), 30,000 customers bought the plans from 1991-1994
Publication Name: Financial Adviser
Subject: Business, international
ISSN: 0953-5276
Year: 2000
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UK: ABI CALLS FOR REGULAR REVIEW OF ENDOWMENTS
Article Abstract:
The Association of British Insurers' (ABI) mortgage endowment code requires a 2-yearly review of endowment policies, so that policyholders can be aware in good time of possible shortfalls in the sum needed to settle the mortgage at maturity. This replaces the previous requirement for either a 10-yearly review, a mid-term review or a review ten years prior to maturity. The new code results from the ABI forecast that millions of policyholders might experience a shortfall in the sum repayable and might not realise this early enough under the current system.
Publication Name: Financial Adviser
Subject: Business, international
ISSN: 0953-5276
Year: 2000
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UK: Financial Ombudsman reports more calls
Article Abstract:
The UK's Financial Ombudsman has reported a 150% increase in calls received to 1000 per day. Some 12,000 complaints have been upheld during 2001. Endowment mortgages represent 55% of complaints, with downgraded savings, windfalls, dual mortgage rates, and Equitable Life also featuring among the list of complaints. Some 85% of complaints were directed at providers, with 15% at IFAs.
Publication Name: Financial Adviser
Subject: Business, international
ISSN: 0953-5276
Year: 2001
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