Winterthur fined £500k for endowment mis-selling

Winterthur Life has been found guilty of endowment mortgage mis-selling and fined £500,000, after an investigation by the Financial Services Authority discovered a computerised questionnaire system recommended products which were unsuitable for consumers. Around £10,000 customers are now expected to get a cut of the £10m being set aside for redress payments, and policyholders are now being contacted by Winterthur to inform them of the mis-selling errors. The FSA has also warned more firms found to have mis-sold endowment mortgages will be exposed soon. Winterthur says it pulled out ...