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AMP UK Financial Services issues mortgage promise

AMP UK Financial Services is issuing an endowment promise to around 80,000 mortgage endowment customers of London Life, NPI and Pearl who could be affected by shortfalls.

The AMP UK mortgage promise says a mortgage endowment will meet its target value provided the customer pays the premiums and AMP earns an average of 6 per cent a year on the funds.

AMP UK managing director Tom Fraser says: “We believe it is reasonable to expect annual average growth of 6 per cent after tax in the future. Therefore we recommend our customers should take no immediate action as a result of the current endowment review.”

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