The Endowment Diary

The Endowment Diary

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

Monday, October 02, 2006

Financial Ombudsman Service Under Pressure

Financial Ombudsman Service Under Pressure

The Financial Ombudsman Service (FOS) is under sever pressure, as it struggles to cope with the 250 endowment complaints that it receives every day.

In theory, according to the FOS, it will deliver a decision on an endowment case within a mind numbingly slow nine months, though complex cases and appealed decisions take longer.

The FOS also claims that an appeal on an FOS decision, should be reviewed in between six to 12 months.

The FOS have recruited 120 more adjudicators and support staff, they now employ 400 people to work on endowment complaints.

As I keep repeating, this whole situation is ridiculous; it could be solved at the stroke of a pen, if the life assurance companies agreed to underwrite these useless underperforming endowment policies.

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