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&#39FSA created a smokescreen over endowments&#39

The Government has been accused of washing its hands of the endowment crisis, aided by an FSA smokescreen over the cost of an investigation.

LibDem MPs called for the FSA to investigate endowment misselling to find out the extent of the problem.

Former economist and DTI spokesman Vincent Cable and Treasury select committee member Edward Davey have been monitoring the endowment issue and believe a review must be conducted.

Davey says the Treasury select committee will hold its own inquiry into endowments if evidence emerges of significant misselling.

Cable says he has become increasingly frustrated with the Government&#39s timetable for mortgage regulation. He wants full regulation implemented immediately, including mortgage advice.

Cable said: “I think the sad truth of the matter is the Government has washed its hands of the problem. The FSA has created a bit of a smokescreen, saying it will take millions to investigate it. I find it difficult to believe it would not be possible to have a relatively brief look to expose the extent of the problem. Certainly, it is the FSA&#39s responsibility.”

Davey says: “The Treasury needs to be on top of this issue to see whether there is something that needs to be done.”

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