The Endowment Diary

The Endowment Diary


The Endowment Mis-selling Debacle - one of the UK's worst financial scandals

Wednesday, March 10, 2004

Some rather depressing statistics from the FSA concerning the endowment mortgage mis-selling scandal.

  • Over the last three years around 11 million letters have been sent out by endowment providers to an estimated six million households. The third mailing from the product providers updating people on whether their endowment is on track to repay their mortgage is now underway

  • More than £690m in compensation has been paid/set aside by 24 firms for approximately 434,000 consumers

  • By the end of June 2003, product providers had received nearly 295,000 complaints

  • 60% of complaints have been upheld

  • Compensation of £307.5m has been paid

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