The Financial Services Authority is set to abandon rules which require financial companies to respond to customer complaints and disputes within a fixed period, says the Independent .
In particular, firms would no longer have to acknowledge receipt of a complaint within five working days, reports the paper.
Instead, they would simply be asked to respond "promptly" and the requirement to send a letter after four weeks to tell the customer how the complaint is progressing – along with another alert after eight weeks saying the Financial Ombudsman Service (FOS) can be contacted to seek a resolution in case of being dissatisfied – could also be scrapped.
A spokesman for Which? stated: “Respond promptly could mean anything. When we have been investigating endowment mis-selling complaints, the one thing that consumers were pleased about was that there were precise time constraints on each step of the process."
LLOYD’S OF London insurer Catlin has agreed to take over rival Wellington in a £591m deal, creating the largest syndicate in the Lloyd’s market, says the Daily Telegraph.
Catlin said the recommended offer values each Wellington share at 121p and represents a premium of around 25% to Wellington’s share price before the company said it was in takeover talks.
Stephen Catlin, chief executive of Catlin, said: “In London, the enlarged syndicate will be the largest at Lloyd’s in terms of stamp capacity with substantial strength across key sectors of the market.”
Catlin, which is based in Bermuda where regulation is lighter and taxes are lower than in the UK, will become the largest underwriting operation at Lloyd’s but by market value it is still smaller than Amlin.
STANDARD LIFE is expected early this week to reveal its progress in finding a replacement for finance director Alison Reed, who leaves the Edinburgh firm tomorrow, reports the Scotsman.
According to sources at the company yesterday, David Nish, the former finance director of ScottishPower, remains the strong front-runner to fill the role.
But other names being floated as possibles now include Fred Watt, the former finance chief of RBS who sensationally quit his £1.3m a year post last year to spend time with his young children, and Nish's former boss at ScottishPower, Ian Russell, who had been finance director there before landing the top job.
If you have any comments you would like to add to this story or would like to speak to its author about a similar subject, telephone Emily Perryman on 020 7968 4554 or email [email protected].IFAonline
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