No need for endowment review, repeats FSA

The Financial Services Authority has told the Consumers' Association there will not be a widespread endowment mis-selling review, however, 20 firms have already paid compensation of at least £315m. In an official letter to the CA, Howard Davies, chairman of the FSA, says three out of ten endowment policyholders have some sort of shortfall to their fund, but reiterated it may not be the fault of the company selling products for that shortfall. This comes on the back of comments from the Consumers' Association who suggest a wide-scale review is needed because endowment mis-selling is ...