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Endowments valued at market for complaints

The FSA says endowments can be valued according to their market value rather than surrender value in its final guidance on mortgage endowment complaints.

The regulator has also confirmed that IFAs can take into account the issue of lower outgoings on an endowment mortgage but must be calculated on an individual basis.

Despite issuing this final guidance, the FSA accepts it will have to issue supplementary guidance on the thorny issue of how to take windfall payments into account when calculating redress as it is awaiting the outcome of a High Court test case due to take place in July.

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