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Countrywide stops selling endowments

Countrywide Assured is stopping selling endowments through its branches because media coverage had made them unsellable.

Countrywide will not be making any redundancies, but its 500-strong regulated salesforce will now sell only non-regulated protection products.

Two years ago 65 per cent of mortgages sold by Countryside were supported by endowments, dropping to 5 per cent this February. Countrywide said the compliance costs for such a small portion of business were prohibitive.

Countrywide managing director Harry hill says: “For whatever reason, rightly or wrongly, the hysterical media attention has severely affected consumers enthusiasm to buy endowment mortgages.”

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