Complaints about the sale of personal pensions and mortgage endowments have grown massively during t...
Complaints about the sale of personal pensions and mortgage endowments have grown massively during the past financial year, according to the Financial Services Ombudsman (FSO).
Mortgage endowment complaints increased 60% in the year to 31 March 2002, according to the FSO's annual report, with 40% of complaints concerning inappropriate action by companies.
Personal pensions was the next largest area of complaint, with some 5,881 lodged, an increase of 75% on the previous year.
Complaints concerning policies taken out with Equitable Life accounted for 1,400 of the total. The FSO is collating details from policyholders and Equitable Life itself to establish lead cases on which to base judgements on common instances of complaint.
The ombudsman predicts a further rise in complaints about personal pensions in the current financial year once the Financial Services Authority's pensions review has been completed.
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