Calculating redress for missold endowment mortgages should no longer be a problem with the launch of...
Calculating redress for missold endowment mortgages should no longer be a problem with the launch of a new system from Oxford Actuaries and Consultants.
OAC says the system allows users to build up the data needed for each calculation depending on individual circumstances and carries out all calculations in accordance with regulatory requirements.
OAC principal Roger Grenville-Jones says the company has a "team of qualified actuaries and expert APMI, SOFA and FCA professionals to support, maintain and develop the system which is tailored to clients needs with no more than a straightforward dial-up connection to OAC's international data network".
The system leads the operator through an input procedure, storing data and results for each calculation, and providing a full audit trail.
A spreadsheet is generated and the systems reporting facilities prepare summaries that combine the inputs and results for any number of calculations stored.
The system is built on proven software and contains a library of mortgage interest rate history and changes for all major providers, and a library of term assurance rates.
It can be run on either office-based network machines or stand- alone machines and is supported by OAC technical staff. There is also provision for the system to be used on an outsourcing basis with OAC staff carrying out redress calculations on the clients behalf.
A licence for one user has an initial payment of £2,100 and a monthly fee of £356.25.
'Failure to pay attention can result in enforcement'
200,000 LISAs opened so far
From June 2019
11 years since launch of three Chartered titles
Hired 200 extra operational staff