News - Warning over endowment complaints
The Financial Services Authority has warned insurers that they will face millions of pounds in fines - unless they start handling complaints about endowments properly.
In a letter sent to the chief executives of larger mortgage endowment firms and financial advisers, the regulator told mortgage endowment providers not to use the Financial Ombudsman Service as an alternative to handling complaints themselves.
Watch Virginia’s report and industry reaction
Other stories in today’s programme
The history of banking in this country goes back to King Charles I who took the private gold deposited in the Tower of London. Since he walked off with everyone’s gold - people got nervous. They started giving it to goldsmiths to look after. Adam took a look at the evolution of the banking system.
Shoppers chose to stay away, or spend less, in the run up to Christmas than they did last year. But we hit the sales like there was no tomorrow. So what effect did this have on retail figures and why does it matter? Gillian, who has recently been released from Newsnight for good behaviour, gave us the answers.
The British fundraising effort for the Asian Tsunami is being co-ordinated by the Disasters Emergency Committee (DEC). So far, more than 76m has been pledged. But what exactly happens to this money and how can we be sure it will actually reach those who need it most? We talked to Pat Wilson of the DEC.
Millions have vanished from Turkish bank accounts. But it’s all above board as the government there has knocked six zeros off the Turkish Lira.
The life insurance company, Axa Sun Life, has lowered annual bonus payouts for up to 50,000 with-profits investors.
A petrol price war could break out in the UK after two leading supermarkets cut the price of fuel. Asda announced it is shaving 3p off the cost of a litre of unleaded petrol - cutting the price to 76.9p.
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