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The increased workload from the mis-selling of Payment Protection Insurance (PPI) has left the Financial Ombudsman Service (FOS) with “a significant challenge”, the body has admitted.
The Ministry of Justice (MoJ) is meeting an IFA to hear his concerns over claims management companies (CMC) after he said they were unfairly targeting adviser firms.
Advisers have criticised the Ministry of Justice (MoJ) for failing to protect firms from invalid mis-selling cases levelled by claims management companies (CMCs).
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The Financial Ombudsman Service (FOS) said the number of complaints it receives about high risk investments being sold inappropriately remains “significant”.
John Spence, the newly-appointed non-executive director of the Money Advice Service (MAS), was in charge of managing risk at Lloyds TSB during the height of its endowment mis-selling scandal.
Sesame failed to get back into profit again in its last financial year and was forced to spend almost £16m on endowment mis-selling complaints.
UK MORTGAGE BANK Bradford & Bingley may have to set aside more money to cover liabilities related to the past mis-selling of endowment policies, the firm admitted to the City yesterday.
IFAs have raised concerns a new bonds mis-selling claims service will further damage the industry’s reputation and exacerbate the so-called “compensation culture”.
LLOYDS TSB said it would set aside an additional £300m provision this year to partially cover the cost of paying compensation for endowment mis-selling, reports the Times .
Yesterday’s conclusion of the landmark Financial Services and Markets Tribunal between the Financial Services Authority and Legal & General has generated an industry feeling of victory over the great tyrant, the FSA.
The Financial Services and Markets Tribunal has just released its judgement on the case involving a mis-selling charge levied against insurer Legal & General.
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