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Trade bodies hit out at Panorama

Panorama&#39s Mortgage Timebomb programme on endowments has been branded misleading and confusing by IFA trade bodies.

Aifa director general Paul Smee says viewers will be more confused after watching the BBC programme this week.

Smee says: “The program was boring and confused and the viewer would have been the same way by the end of it.”

LIA chief executive Jeff Travers says the programme gave the impression of a major misselling scandal.

He says: “It relied only on soundbites. They would talk in fair terms because that would produce a balanced argument.

“They used scaremongering tactics to convey the impression of a misselling scandal that never occurred.”

However, Sofa spokesman Robert Reid says the program was reasonably fair.

While admitting it was not as balanced as it could have been, Reid says producers were not helped by the unwillingness of other lenders to make comments on camera.

Legal & General was the only product provider to appear on Panorama&#39s programme.

The company says it is disappointed that the makers did not feature the positive side of endowments.

Retail marketing director Gareth Hoskin was interviewed but his comments on how many borrowers can be better off with endowments rather than with repayment mortgages were not included.

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