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57% increase in complaints received by FOS

The FOS annual review shows that 97,901 new cases were dealt with during the year to March 31, 76,704 of which were resolved. Of the cases received, 51,917 related to endowment policies linked to mortgages – a staggering increase from 13,570 the previous year.

Complaints specifically concerned with mortgage loans fell from 9,438 in 2003 to 3,320 in the year to March 2004.

Chief ombudsman for the FOS Walter Merricks says the organisation expects further increases next year and has recruited and trained 200 new staff to help cope with the demand.

FOS chairman Sue Slipman says the coming year would present fresh challenges as the mortgage and insurance industry come into the FSA&#39s regulatory remit.


CG Private Clients offers mobile mortgage quotes

Homebuyers scanning property advertisements can now receive instant sample mortgage quotes on their mobiles, dispensing with the need to wait until offices reopen or they can locate a mortgage calculator. Developed by CG Private Clients, users text 60060 and key in the full amount they need to borrow (eg MTG 150000). Seconds later, a text […]

Savills Private Finance launches tracker

Savills Private Finance yesterday launched an exclusive tracker product. The mortgage offer is 0.51% under Bank of England base rate for two years at a current rate of 3.99% and is available for purchase or remortgage. The product is available for loans up to 90% of property value up to £2m. There is a £699 […]

Newcastle offers mix and match mortgage

Newcastle has announced a mix and match mortgage offering borrowers the security of a fixed rate and the flexibility of a variable offset combined. Borrowers can have part of their mortgage as a variable offset mortgage, which means they can use any savings to reduce, or offset, the interest paid on it. As this portion […]

GMAC-RFC completes its largest securitisation at £1.5bn

GMAC-RFC yesterday closed its latest and largest securitisation valued at £1.5bn through its RMAC programme. This is GMAC-RFC&#39s 15th transaction in the UK RMBS market, and total issuance since 1998 now exceeds £7.8bn. This is the second mixed collateral deal to involve prime, near-prime and non-conforming collateral and the first to involve a tranche intended […]

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Case study – employee engagement platform centralises benefits for higher uptake

Learn how Hastings Academies Trust adopted an employee engagement platform to reinforce unity among new and veteran employees with bespoke branding and segmentation technology. Download the free case study to learn how you too can: Strategically use branding to unite a spread out workforce and reinforce key values among staff Target your message to the […]


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