The Endowment Diary

The Endowment Diary

Text

The Endowment Mis-selling Debacle - one of the UK's worst financial scandals

Wednesday, January 12, 2005

Halifax Tardy

Halifax Tardy

It is reported that Halifax is being somewhat tardy with paying compensation to its endowment policy holders.

Complaints handler, Brunel Franklin, accused Halifax of delaying payments up to 6 months.

Claims director for Brunel Franklin, Ian Allison, is reported to have said:

"We have supplied Halifax with all the information they need to settle these claims quickly, yet they are still refusing to pay out monies that they have admitted is due to clients....This is an outrageous state of affairs and one that people need to know about..."

Halifax say that all cases were handled within the guidelines laid down by the Financial Services Authority.

Halifax spokesman Mark Hemingway is reported to have said:

"We aim to clear compensation cases as quickly as possible, but often we are reliant on calculations coming back from third parties, such as life companies, so this can take time...Among banks and insurers, we are not unusual in the time we take over payment of claims..".

In other words, whoever you are claiming against, you are going to have to wait a long time.

No comments:

Post a Comment