Almost £1bn was paid out by financial services providers as compensation for mis-sold endowment policies last year, the Financial Services Authority (FSA) has revealed.
The figure was revealed by Vernon Everitt, director within the retail themes division at the Financial Services Authority (FSA), during a speech to the British Banker’s Association’s complaints oversight seminar last week. Everitt stated providers dealt with record numbers of endowment complaints with the 52 largest firms in the UK accounting for 90% of all policies sold resolving 767,000 complaints at a cost of over £945m last year. This represented a 130% increase in the number of complaints handled the previous year and takes the total number of complaints resolved to 1.5m. He also s...
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