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Action on loan shortfalls

The ABI has had a busy 2000 with its involvement in the Raising Standards project and endowment mortgage letters.

The launch of the Raising Standards kitemark has been broadly welcomed by the ind ustry, with 78 per cent of the life and pension market clai ming to be willing to seek accreditation under the new voluntary regime.

A further major project for the ABI this year was to work with the FSA on letters alerting endowment mortgage borrowers to potential shortfalls.

ABI spokesman Vic Rance says: “Recent FSA research suggests a large proportion of people receiving the letters know what they mean and are taking appropriate action on the back of them. We were also very plea sed the Gov ernment accepted our case for tax changes in the budget.”

Scottish Widows chief exe cutive Mike Ross says: “The most significant single event for the industry in 2000 was the launch of the ABI&#39s quality mark scheme in October.

“We should be able to increase consumer confid ence in the industry and create an environment which enc ourages consumers to provide for their own future.”

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