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I have a classic example of the garbage being distributed by life offices, working on the instructions of the FSA.

My client has received a letter from his flexible mortgage plan provider carrying an “amber alert”.

The target amount is £56,000 in 2026.

My client’s attention was drawn by the red box emblazoned across the front page of the letter which set alarm bells ringing for him to phone me in something of a panic.

The letter tells him that in the year 2026, and using the 7 per cent growth rate (middle of the road), he should expect a shortfall of just £13.

I ask you?I have carefully explained to my client that world markets can move up as well as down, and that the fund in which his contributions are being invested put on 21 per cent in value in the past year to date. My client’s mortgage plan was set up four years ago and has weathered a bear market in the interim period.

It is small wonder that thousands upon thousands of endowment policy and mortgage plan holders are panicking and making wrong decisions.

Mr Tiner – I seriously hope that when the chickens come home to roost and you are accused of misadvising that the money you use to pay your fine will not be garnered from the IFA community.

Laurence NormanPartner,The Mortgage Managers


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