IIPM Knowledge Centre >Information Technology > Beware of Financial Watchdog

The Financial Services Authority (FSA) has fined Abbey National 800,000 pounds for mishandling mortgage complaints and giving the regulator, inaccurate and potentially misleading information.

The financial watchdog said on Wednesday that Britain's second-largest mortgage lender had mishandled around 5,000 complaints between October 2001 and September 2003. Abbey has admitted that a similar level of failure was likely to have occurred between January 2001 and December 2004.

FSA became responsible for regulating mortgage lending on a statutory (legal) basis from 31 October 2004 . Complaints about breaches of the code relating to events before 31 October may nevertheless be eligible for consideration by the Financial Ombudsman Service.

FSA rules require firms to send a written acknowledgement of clients’ complaint within five business days (FSA rules on complaints handling can be viewed on the FSA's website).

In the same incidents earlier FSA fined Friends Provident Life and Pensions Limited £675,000 in December 2003 for failures in its procedures which led to the mis-handling of mortgage endowment complaints, and in March 2004, the FSA fined Allied Dunbar Assurance plc £725,000 for serious flaws contained in its procedures for handling mortgage endowment complaints.

The FSA regulates the financial services industry and has four objectives under the Financial Services and Markets Act 2000: maintaining market confidence; promoting public understanding of the financial system; securing the appropriate degree of protection for consumers; and fighting financial crime.

Endowment mortgages were the cause of the most complaints, attracting more dissatisfaction than any other financial product.

Many mortgage complaints arose when lenders cut their standard variable mortgage rate, but failed to feed the benefits through to existing borrowers, the ombudsman said.

Complaints procedures mean that policyholders have to first complain to the company who sold them their endowment product and receive its decision on the validity of that claim - as well as possibly compensation - before they can complain to the Financial Service Ombudsman.

Financial institutions are today being driven by an increasing number of regulations that require a formalized process for managing content or information that is core to their business operations. The compliance regulations have created unique situations within organizations that require them to implement new business practices and technologies that they may not have previously budgeted or planned.
Outsourcing service providers like Planman I:TeS ( http://www.planmanites.com/) provide range of efficient services that can be tailored to meet client specific requirements and fully incorporate all FSA and FOS guidance. The complaint management model guarantee to deliver complaint investigation and redress to the best customer service and quality standard.

Organizations should view this not as a requirement, but as an opportunity to improve their business processes. By implementing core content management capabilities, institutions will see the benefits of efficiencies in the business processes while enabling their organization to meet the new regulations.

Today offshore outsourcing centers in low cost & high skilled destinations like India have developed expertise in in-house operations. The delivery models are built on six sigma principle and have highly focused operations. The model thus delivers highest quality, efficiency and customer satisfaction. More and more industry leaders in UK and USA are tapping this advantage to concentrate on their core activities and gain competitive advantage.

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14.6.06 13:00, comment

About IIPM > Mission

The Indian Institute of Planning and Management has set before it the twin tasks: (1) to reorient education and research towards the needs of both the private and public (government) sectors and (2) to establish the link between the national economic planning and the development of private enterprises in our country. The Indian Institute of Planning and Management aims at initiating training and research on problems of development that must be solved for realizing planned national objectives. Unfortunately education in India has still remained primarily oriented towards the needs of the private sector and has overlooked the specific requirements of the public sector. India has even failed to do justice to the private sector by not properly formulating the basic framework within which they should operate. The scope and role of the Indian private sector, in the context of national economic planning, is quite distinct from that of the foreign private sector firms operating in free market economies originally developed through colonial exploitation.

Problems of development of the private and the public sectors are, therefore, to be studied and analyzed carefully in the background of national economic planning. Otherwise, India would not be able to translate the laudable goals of plans into physical realities, however sophisticated the planning models may be. Despite the basic differences that exist between the private and the public sector, once the strategy for planned development has been formulated, both the sectors must draw up their operational plans in a complementary way to realize the planned objectives. Otherwise, India may find the public and the private sectors working at cross-purposes. Undertaking objective commitments towards these goals, IIPM has set up various Centers to objectively support these goal oriented commitments. Foundations like the Great Indian Dream Foundation also are examples of the effectiveness that such movements can bring about.

As an educational institute, IIPM aims at developing a three dimensional personality in our students. (1) Pursuit of knowledge, (2) commitment to economic, social and cultural uplifting of masses and (3) cultivation of taste for literature, fine arts etc. IIPM's success is seconded by our turning out leaders and entrepreneurs year after year who are committed to the Indian masses and are so urgently needed by the country.

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2 Comments 9.6.06 11:52, comment

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In terms of infrastructure, campus and technology support, IIPM is rated amongst the top institutes of the country. IIPM's academic campuses in Asia are based in New Delhi, the capital of India, Mumbai (the financial capital of India and one of the main industrial hubs of Asia), Chennai (the industrial capital of India), Bangalore (IT capital of India), Pune (academic capital of India), Hyderabad (technology city) and Ahmedabad. IIPM's Asian consulting and research centers, under IIPM's Consulting Cell (Planman Consulting) are based in New Delhi, Mumbai, Bangalore, Kolkata, Chennai (India), and the North American consulting and research center is based in Toronto (Canada). Chicago (USA) is the headquarters for the most resent research and consulting center that IIPM is setting up in North America. In the European continent, along with strategic partners International Management Institute (IMI) Belgium, IIPM is in the middle of the industrial capitals of Europe, namely Antwerp & Brussels. Further, the Global Opportunities & Threats Analysis (GOTA) programs of IIPM shift traditional campus learning to the live corporate arena where students visit organizations like Nestle S.A (Vevey, Switzerland), United Nations (Geneva), World Bank, ILO, Credit Suisse Europe, IMD Lausanne, etc.

IIPM's Asian campuses focus on various academic programs, namely, Full time and Integrated Programme in National Economic Planning and Entrepreneurship, Fellowship programs and on specific management training programs. In New Delhi, IIPM has the largest campus of all business schools. The IIPM Tower in Qutab Institutional Area is situated in one of the most prestigious institutional areas in South Asia. The area also has campuses of various international organizations like USAID, DFID (U.K), UN, ABB, and Ernst & Young. In Mumbai, the IIPM Tower in Bandra (West) has received many rave reviews in business magazines and news reports as being a designer's marvel and an architectural delight. As consistent with all of IIPM's international locations, the Mumbai campus is situated in one of the most highly valued locations in Asia. IIPM additionally also has another pristine campus spread across various acres of lush green landscape in South Delhi. This campus is exceptional because of the Scottish flavor of the ambience. The castle type buildings, mysteriously located between lush green landscapes and thick woods, provide the ideal setting for academic pursuits. A similarly huge and lush campus, focused now completely on rural development programs, is based in Gurgaon, adjacent to New Delhi. Interestingly, it was the Gurgaon campus where IIPM started its management programs in 1973.

All IIPM campuses have created standards in infrastructure, co-curricular, and extra curricular support. For example, students and participants, for their various projects and extra curricular activities, would regularly utilize services of air-conditioned auditoriums with seating capacities of over 1000, conference rooms with availability round the clock, computer laboratories with 24 hours online support, libraries extending across complete floors with some of the world's leading titles, classroom teaching infrastructure comparable to the most advanced in the world, sports facilities (Billiards, Swimming, Golf, Lawn Tennis, Table Tennis, Badminton, Cricket), and yes, the inimitable Canteen. World's leading organizations have provided, or currently support & maintain these high levels of infrastructure. Some of them are Microsoft, LG, Nestle, Hewlett Packard, Canon etc.

Whether for academic programs or for management training sessions across all its campuses, IIPM provides hostel accommodation for students and participants from various parts of the world. This adds phenomenally to group learning experiences, sustained by round the clock faculty interaction.


Source:- IIPM-Editorial-2006

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3 Comments 6.6.06 07:49, comment

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