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.”