Mis-sold endowments still flood in - 19.09.05

UK Mortgage News

With the saga of the mis selling of endowment policies still continuing, it is now apparant that the main policy providers have still to cope with the after math. The top endowment policies issued by such companies as Friends Provident and Standard life, are paying out more than 5 million compensation to customers who were mis sold.

Some companies have decided to divert staff or have taken to employing outsourcing companies at great cost, in order to keep the claims arriving under administrative control. Claims have been arriving at a rate of 1000 a week for some companies and the top ten companies have been receiving more than 25,000 claims a month. The number is set to rise as more homeowners are reminded that their maturing endowments will have a significant short fall. Many companies are stating that they are confident that more than 90% of all complaints are routinely processed within the FSA guideline eight week period.

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