Redress for mortgage endowment mis-selling must be calculated to value the policy up to the present day, says guidance from the Financial Ombudsman Service.
Latest edition of The Financial Ombudsman Service newsletter suggests some financial intermediaries are failing to correctly calculate compensation which may be owed to clients because they wrongly believe compensation is only payable up to the period consumers were informed of a problem. Under the section entitled calculating compensation payments in complex mortgage endowment mis-selling cases the FOS says in cases where the client is found to have been mis-sold the remuneration payable must cover any financial loss up to the present date. Guidance presented by the FOS suggests some...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
