ENDOWMENTS MORTGAGES MIS-SELLING

Motion Text

That this House is concerned that Financial Services Authority research proves that nearly five million endowment policies may not grow sufficiently to repay their mortgages; regrets that only 10,500 people have been compensated out of at least three million who were mis-sold endowments 'guaranteed' by salespeople to pay off mortgages fully; and calls on the Government to instruct the FSA to launch a mis-selling inquiry funded by companies' shareholders and to write to those facing possible shortfalls with details of how to claim compensation.