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Here I present a public record of my progress (or lack of it) in claiming financial redress for the mis-selling of two endowment policies.
I will also keep you up to date with the latest developments in the endowment mortgage mis-selling scandal.
During the eighties, endowment mortgages were the popular method of financing a mortgage. Some 8 million people in the
UK now own an endowment policy. It is expected that the majority of these policies will fail to pay off the mortgage debt.
The latest estimate is that there will be a £40BN shortfall. However, I suspect that this will top £100BN.
The endowment policy mis-selling scandal is one of the worst
financial scandals to hit the UK.
Endowment policy holders, and home owners, are going to end up paying the price for the mis-selling of these products by the "professionals".
Please feel free to share your worries, and experiences of trying to claim compensation, on The Forum
Petition Launched
I have launched a petition asking for the issues in respect of the mis-selling of endowment policies to be treated under the remit of consumer
legislation, rather than under the remit of the FSA.
About Me Name:Ken Frost MA FCA FIPFM Location:UK Positions Held:Company Directorships Phoenix Commercial Ventures Ltd
Hana Electronics JVC
To see my resume visit Resume
This Is Money reports that a staggering 99% of endowment policies will fail to pay off the mortgages which they were designed to cover.
With over 4.3M policies still in force this means that millions of people will be affected by the failure of these useless products.
The FSA and the life assurance companies that "manage" these failed products continue to hide behind the excuse that, as they are investments, the consumer knowingly accepted the risk that they might not cover the mortgage.
This excuse is not valid, as the life assurance companies told the hapless consumer that they were designed to pay off their mortgages. Why else would anyone have bought these products if they were not going to fulfil their primary function of paying off a mortgage?
The fact 99% of them will fail to do this is proof that the product was poorly designed, and continues to be atrociously "managed" (eg why do life assurance companies continue to milk the policies of commissions, when they have demonstrably failed?).
The consumer has been ripped off by the life assurance industry, and left to rot by the FSA.
