Thousands of endowment mortgage holders may eventually have to fall under the Financial Services Compensation Scheme, as the Scotsman reports a mortgage brokering firm has gone into liquidation which may have mis-sold these products.
Mortgage adviser firms who have agreed compensation for endowment mis-selling are not required to re-open the case even if the client returns after accepting that sum, the Financial Ombudsman Service has confirmed.
Norwich Union says it intends to introduce "time barring" on mortgage endowment complaints by the end of 2005 and warn its customers of any approaching bar.
Exposure of Endowment Justice's tactics to encourage consumer complaints has, unsurprisingly, raised IFA comments about their methods of approach and further questions about the use of reprojection letters.
Endowment policyholders are still being "misled" by insurance firms, alleges a service targeted at policyholders seeking compensation payments.
Around 700,000 endowment mortgage policyholders have been ‘time-barred' from making a mis-selling complaint to the Financial Ombudsman Service, alleges a Treasury report.
Investment and endowment product remuneration should in the future only be paid if products deliver "a satifactory return", Treasury Select Committee officials have argued.