Forum Brief: Endowment mortgages

The Consumers' Association has claimed that up to five million homeowners with endowment mortgages could be entitled to compensation for mis-selling.

Forum Brief: The Consumers' Association

Sheila McKechnie, director for the Consumers' Association, told ePolitix.com: "Endowment mis-selling is nothing short of a national scandal that has shaken the lives of millions of people.

"Our 'endowmentaction' campaign is designed to help the five million people that we believe could have been mis-sold get financial compensation. We are urging consumers to get even.

"If you think you've been mis-sold, our new campaign website, www.endowmentaction.co.uk, will show you how to complain and get compensation. You have nothing to lose, complaining is free and easier than people think."

Forum Response: The Council of Mortgage lenders

A spokeswoman for the Council of Mortgage Lenders told ePolitix.com: "If borrowers feel that their endowment policy has been mis-sold they are fully within their rights to make a complaint to the policy provider, and to refer their complaint to the Financial Ombudsman Service if necessary.

"The Financial Service Authority has produced information for consumers if they are thinking of making a complaint, and also for those who are worried that their endowment will not perform well enough to repay their mortgage."