Pru stops endowment compensation going to 3rd parties

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Prudential has announced it will stop paying customer compensation claims directly to third-party firms.

The provider says this will include mortgage endowment compensation claims which it will instead now pay direct to endowment policyholders. Prudential says in the last twelve months it has paid out £1.7m in compensation to customers using third-party complaint firms for mortgage endowment mis-selling but that at least 25% (amounting to £438,000) of this has gone to the third-party firm in commission. Mark Wood, chief executive of Prudential UK and Europe, says while the provider has no specific issue with third-party complaint firms, he is concerned many endowment policy holders will ...

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