Consumer group respond to Financial Service Authorities contact with providers of endowments
In response to the Financial Services Authority’s (FSA) letter to CEO's of endowment providers, Louise Hanson, head of campaigns, Which?, said: “The number of companies the FSA has identified who are 'failing to meet the required standards' in dealing with complaints is depressing, especially considering it’s nearly three years since John Tiner wrote a similar letter to companies outlining the FSA’s concerns about the ways in which complaints are being handled and asking for a review of procedures. “We are astounded at the bad faith shown by companies who make millions of pounds worth of profit from consumers but are trying to wheedle their way out of paying compensation when it’s due - sometimes waiting right up to the point of court action. It can’t be a surprise to anyone that consumers have lost faith in the financial services industry. “John Tiner’s letters are clearly not having the desired effect. The FSA should order these companies, under FSA supervision, to re-investigate all rejected complaints to determine whether they have acted reasonably. The FSA must continue to take these bad apples to task by immediately naming and shaming them, and then implementing significant fines where rules have been broken.” Financial News Feeds provided by OneCompare.com
Date published: 1/6/2005 9:25:15 AM
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