Allied Dunbar Fined Over Endowment Complaints Handling
Endowment complaint handling showed 'serious flaws' according to Financial Services Authority
19th March 2004
Insurance company Allied Dunbar has been fined £725,000 by the Financial Services Authority (FSA) after it uncovered 'serious flaws' in the way it handled complaints over mis-selling of endowment policies.
The FSA found that the company's staff had been poorly trained, and were not adequately investigating complaints. There were also failings in the company's systems for considering cases.
As a result of the FSA's findings, around 1,100 cases from between January 2000 and April 2003 have been reopened.
Read More: Financial Services Authority
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