The Financial Services Authority (FSA) has found no evidence small IFA firms are "fobbing off" mortgage endowment complaints, but has discovered some issues with complaints handling practices that firms must address.
The FSA looked at 412 complaint files in 51 firms and, with one exception, found no incidences of firms “fobbing off” mortgage endowment complaints or firms failing to investigate complaints received from clients, although rule breaches were identified in 39 firms. One firm has been referred to the FSA’s enforcement division after the FSA found the firm was failing to investigate complaints received from its clients. A total of 2,417 mortgage endowment complaints have been received by the sample population of firms since December 2001: 2,355 complaints have been rejected by firms; ...
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