The Endowment Diary

The Endowment Diary

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

Friday, December 02, 2005

Scots May Get Compensation

Scots May Get Compensation

Scots who claim they have been mis-sold endowment mortgages, may finally be compensated.

They have taken their dispute to Westminster, where MPs have signed a Commons motion demanding an end to a loophole which currently means that Scots who bought policies through lawyers are not due any settlements.

The House of Commons Treasury Select Committee is also calling for urgent action.

Scots who bought endowment policies through solicitors before December 1 2001, do not qualify for compensation from the Financial Ombudsman Service.

This was the date when the Financial Services and Markets Act came into effect.

This also means Scots who were mis-sold endowment policies by lawyers before the 2001 deadline, can only receive £1K maximum payout set by the Law Society.

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