MIS-SELLING OF ENDOWMENT MORTGAGES

Motion Text

That this House is alarmed at the evidence published in Financial Adviser and The Sunday Times that reveals that more than two million people may have been mis-sold endowment mortgages; notes that leading independent financial advisers stress that endowment mortgages have been unsuitable for virtually everyone for the past 10 years; regrets that the Personal Investment Authority/Financial Services Authority have not already acted despite evidence of widespread mis-selling revealed by the recent mystery shopper exercises by the Consumers' Association and Suffolk Trading Standards; and calls on the Treasury and FSA to launch an immediate investigation into mis-selling and urges them to consider outlawing endowment mortgages, as the United States has done, and to further consider whether compensation should be paid to those who have suffered financial losses.