Nine in ten Britons with an endowment policy believe they were victims of mis-selling, according to research by Fairinvestment.co.uk.
A similar number of policyholders believe they will suffer a shortfall, and need to come up with extra cash to cover their mortgages when they mature. Endowment policies were popular during the 1980s and 90s as a way to repay interest-only mortgages, and many consumers believed they would also receive a cash lump sum when the policy matured. However, a Fairinvestment.co.uk poll found 86% of endowment policyholders were expecting their policy to suffer a shortfall, meaning it would not repay their mortgage in full. Policyholders can make a complaint to the ombudsman service, but only if t...
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