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Labour MP calls for Scottish solicitors to face endowment claims

Labour MP Sandra Osborne has tabled an Early Day Motion backing those who may have been missold endowment mortgages from solicitors in Scotland and do not qualify for compensation.
The MP for Ayr, Carrick and Cumnock has called on the Government to investigate the ‘anomaly’ whereby prior to December 2001 solicitors in Scotland selling endowment mortgages were not regulated by the FSA, meaning clients have no redress through the FOS.
Osborne has gained the support of Treasury Select Committee chairman John McFall who is writing to the FSA on the issue.
The maximum payout for these clients before the introduction of the Financial Services and Markets Act is 1,000 from the Law Society.

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