I have sent the following email to Angela Eagle MP, who is on the Treasury Select Committee; they have lambasted the insurance industry this week, as it is estimated that there will be a £100M shortfall on endowment policies.
"..Dear Ms Eagle,
I read with interest your views on endowment policies, expressed in the Treasury Select Committee.
I agree; to my view there are two issues that the FSA, and the insurance industry, seem to be neglecting wrt compensation claims:
1 The policies were sold like TV's and cars; ie as products with a defined purpose, to pay off the mortgage debt, not as investments.
When a car or TV breaks down, and is shown not to be "fit for purpose", the consumer is entitled to a replacemnt or money back.
The endowment policies, whose sole purpose was to pay off a mortgage debt, have been shown to be "not fit for purpose".
2 Why would any rational individual buy an endowment if it were not going to pay off the mortgage?
Taking the above into account, I believe that the industry should compensate the 5 million of us who face a shortfall.
You may be interested to know that I have been keeping a web diary for the last year charting my progress, or lack of it, in claiming redress.
This can be viewed by going to my website http://www.kenfrost.com and going to the "Endowment Diary" section.
Additionally, you may be interested to know that I have registered with the BBC iCan site to express an interest in starting a campaign to claim compensation; it will be interesting to see if others join in.
Please feel free to contact me if you have any queries..."