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CA claims five million have been missold endowments

The Consumers&#39 Association has started its endowment-action campaign to help the five million people it claims have been missold endowment policies.

The survey also shows that only 4 per cent or 330,560 endowment policyholders have made a formal complaint over misselling.

A website has been created at www.endowmentaction.co.uk to help people determine whether they have been missold a policy and to guide them through the complaints process.

CA director Sheila McKechnie says: “Endowment misselling is nothing short of a national scandal that has shaken the lives of millions of people. Our campaign is designed to help the five million people that we believe could have been missold get financial compensation.”

Norwich Union spokes-man Ian Beggs says: “There has not actually been a misselling &#39scandal&#39. We fundamentally disagree with the CA on this. Just because consumers now face a potential shortfall does not mean they were missold a policy at the outset. That is the conclusion the FSA has come to and we fully endorse the approach that the regulator is taking.”

The campaign was laun-ched with the help of actor John Challis (pictured above), who played Boysie in Only Fools And Horses, dressed as what the CA says is a dodgy 1980s endowment adviser.

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