ABI response to endowment latest: avoid CMCs

The argument has come after the FSA published its latest report into the sector, suggesting nearly half the 52 companies representing 90% of such endowment business were still not dealing with complaints in an appropriate manner. However, the ABI claims policyholders can “save thousands by ignoring CMCs and complaining direct.” Chris Kenny, director of life and pensions says: “Our data shows that individuals who have complained through a CMC typically receive around £1,400 once CMCs have received their share.” “This compares to an average of £3,200 received when individuals who compla...