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FSA warning on endowments

The Association of British Insurers is creating guidelines on endowment mortgages to help confused consumers.

The initiative follows the Financial Services Authority&#39s rejection of consumer campaigner calls for a full-blown enquiry into alleged endowment mortgage misselling.

The ABI has devised a ten point action plan designed to reassure and educate new and existing policyholders.

The FSA is working with the ABI to standardise the wording and information used when mailing customers re-projections of the expected performance of their policies next Spring.

ABI spokesperson Malcolm Tarling says: “The aim of the guidelines is to reassure existing policy holders and clear up all the recent confusion on endowments. They are also designed to make prospective policyholders aware of the risks against repayment policies.”


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