Fos calculates pension mortgage mis-selling redress

Pension mortgages enable people to take advantage of the tax concessions associated with pensions by building up a lump sum which can be used to pay off an interest-only property loan. But the policies carry risks, as the amount of money available at the end of the policy depends on stock market performance and it reduces the amount of the fund available to rely on in retirement. When deciding whether a pension mortgage was mis-sold, the Fos will look at whether the advice was suitable in view of the consumer’s specific circumstances and needs at the time of sale. The aim in calculati...