Endowment compensation firm Brunel Franklin is backing Mortgage Strategy’s Stop the Rot campaign to rid the industry of rogue complaint management firms.Brunel Franklin is working with the Claims Standards Council to ensure the Compensation Bill is passed and the sector is regulated this year. Ian Allison, claims director for Brunel Franklin, says his company – along with over 100 members of the CSC – is pro-regulation, but there are still firms that are taking advantage of vulnerable customers. Allison says: “Some firms are encouraging a ‘have a go’ culture. It is these companies that have caused the problems for which the Compensation Bill offers a solution. If it is passed it will hopefully put an end to rogue firms and individuals taking advantage of vulnerable people.” The CSC knows of 54 firms operating in the endowment complaint market but the real figure is likely to be much higher. Which? magazine carried out research among endowment firms and found that some of their websites contained statements about how complex the complaints system was and that most complaints handled by consumers themselves fail. Which? says these statements are designed to put people off making complaints themselves and are often not true. It also found there was little difference in the service being offered by expensive firms. Brunel Franklin charges 25% of the settlement plus VAT from the policy seller if it is successful.
- Top trends
Good news last week for the industry with Norwich Union saying that it hopes to have a drawdown lifetime mortgage available in the next month. This is an indication that NU is still committed to this market. We wait to see where the pricing of the product will sit alongside competitors.
By Nicolette Botbol Brokers say an increasing number of high street bank branches will not affect them and that consumers will stick with intermediaries if they want best advice. The Forum of Private Business has welcomed moves to bring banks back to high streets. Major banks including Halifax, HSBC and Abbey say they will spend […]
Skipton has launched a three-year base rate tracker capped at 4.75% which is equivalent to initial monthly payment of 569 for a 100,000 repayment deal.
Webline, part of the Capita Group, has introduced an online analysis engine for advisers. The Multi-Policy Analysis Tool is designed to help advisers get the best deal for their clients across the full range of protection-related policies on the market, while being able to capitalise fully on remuneration opportunities.Developed by Webline in response to user […]
Portfolio Manager David Herro of Harris Associates discusses how macro economic instability can be exploited; how volatility can create opportunities to buy into businesses at low prices.
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