FOS to process endowment complaints into 2007

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Poor handling of endowment mis-selling complaints by financial services firms will increase the number of such cases passing through the Financial Ombudsman Service to around 70,000 cases a year until 2007, alleges the service.

Details of the FOS’ plan and budget 2005/06 goes so far as to suggest endowments will make up around 60% of all cases, 115,000, handled this year – particularly with the introduction of the FSA’s time-bar – and some providers are see it as preferable to pay the £360 complaints handling fee set by the FOS to handle any complaint as they unwilling or unable “to devote sufficient resources to complaints handling”. “The regulator has recently emphasised the importance of fair complaints-handling by some firms. The apparent unwillingness or inability of some firms to devote sufficient resourc...

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