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ombudsman news

issue 5

May 2001

This second investment edition of ombudsman news again reflects a very busy period. Mortgage endowment complaints continue to dominate our caseload and we summarise the mortgage endowment complaints assessment guide we published recently. We hope firms will choose to adopt the procedures in this guide, which are designed to provide a fair basis for resolving these complaints within a reasonable time.

In this edition we also:

  • take a look at some pension review issues, including ‘no-loss' pension review cases;
  • outline our treatment of cases involving windfall payments, pending the result of the ruling in the High Court;
  • examine some matters arising from the court ruling in the Equitable Life case;
  • report on the establishment of the Investment Liaison Forum; and
  • bring you up to date on some of our preparations for when the Financial Services and Markets Act comes into force later this year.

Complaints about spread betting and investment performance feature in our case studies, as well as a selection of recently-concluded investigations which illustrate the range of other complaints we receive.

We were pleased to receive so much positive feedback about our first edition and hope you will continue to find ombudsman news a useful source of information about our activities.

Walter Merricks, chief ombudsman

ombudsman news gives general information on the position at the date of publication. It is not a definitive statement of the law, our approach or our procedure.

The illustrative case studies are based broadly on real-life cases, but are not precedents. Individual cases are decided on their own facts.