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&#39Name and shame&#39 on endowments

The Consumers&#39 Association is calling on the FSA to create league tables to name and shame companies whose endowment policies are likely to suffer shortfalls.

It also wants reform of the financial advice sector to be put on hold until the FSA has addressed the issue of commission-driven sales.

The consumer pressure group has written to FSA chairman Howard Davies asking the regulator to highlight the industry&#39s worst performers on endowment performance by publishing a table showing individual company figures relating to endowment shortfalls.

It wants publication of the number of red, amber and green letters each company issued in the last round of projection letters and the numbers now.

It wants the FSA to conduct an analysis of the performance of all individual company endowment policies using real charges to help consumers identify whether they are at risk and is calling for the publication of the number of complaints lodged against each company.

The CA is also calling for the FSA to publish an estimate of how many consumers may be entitled to redress per company and overall.

To ensure that consumers who were sold endowment mortgages before the compulsory compensation scheme began in April 1988 are protected, the CA also wants the FSA to name all those companies which have not signed up for voluntary regulation for those sales.

Director Sheila McKechnie says: “As an immediate course of action the FSA must publish the data it holds on companies and publish a list of worst performers.

“In the light of this data the FSA must re-evaluate its decision not to undertake a wider review.”


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