The FSA has publicly censured Mandrake Associates Limited (MAL) and prohibited its director from customer functions in financial services for poor handling of mortgage endowment complaints.
The firm failed to operate effective complaints procedures for mortgage endowments, did not provide adequate resources to deal with complaints and did not train its personnel to carry out fair investigations. The firm also failed to finalise complaints within a reasonable time and did not provide complainants with updates on the progress of their case, as well as failing to co-operate with the Financial Ombudsman Service. Margaret Cole, director of enforcement at the FSA, comments: “Firms must have in place and operate an effective complaints handling system as a key part of treating cust...
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