The Consumers' Association says the Treasury figure of 700,000 endowment policyholders who are now time-barred from making complaints is more than reason enough to demand an inquiry into when the FSA and Treasury knew so many people would be denied redress.
"The public needs to know when the Treasury and FSA knew about the sheer number of consumers who might be denied redress,” the CA says.
The CA adds it does not yet know how the Treasury calculated the number of time-barred policyholders.
As a second step the association says it will urge insurers to follow the lead of Legal & General in waiving time-bars on policies it may have sold.
And the FSA will be urged to force the Association of British Insurers to guarantee consumers will have a right to redress where entitled to compensation.IFAonline
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