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FSA warns endowment holders to take action

The FSA is urging people with endowment mortgages to act now following 10.5m warning letters being sent to UK households.

A survey by the FSA shows 70 per cent of people receiving warning letters have not yet taken any action as a result. It found people are generally optimistic about their own position – 29 per cent expecting their policy to do better than the letter suggested, while only 16 per cent thought it would be worse and 47 per cent unsure.

FSA director of consumer relations Christine Farnish says: “If there&#39s a risk that you won&#39t be able to repay your mortgage, and you are not comfortable with that, then now is the time to decide on what to do.”

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