Ombudsman consults industry on endownment mortgages redress

The Financial Ombudsman Service is industry and industry and consumer bodies to comment on proposals for the handling of complaints and redress concerning endowment mortgages. April's Ombudsman newsletter - which this month focuses on banking and mortgages - explains that the Ombudsman's primary duty is calculating whether each complaint involves a loss for which it can award compensation. Public criticism of the mortgage sector - particularly in relation to endownment mortgages - has led to calls for compensation where homeowners may have been misled about endownment payments. A...