Millions of people with endowment mortgages may have been mis-sold, and could be missing out on financial compensation, according to the Consumers’ Association (CA) and Which?.
They have launched a joint campaign to help those who think they may have been mis-sold to obtain financial compensation.
A CA survey interviewed 690 adults who hold an endowment mortgage, or have had one within the last three years. It found 61% were told their endowment ‘would definitely’ or ‘was guaranteed’ to pay off their mortgage. According to the CA, this is a strong indicator of bad advice and possible mis-selling. This could mean over five million of the 8.26 million endowment policyholders are due compensation. However, only 4% with endowments have made a formal complaint.
Sheila McKechnie, director of the CA, said: ‘Our ‘Endowment-action’ campaign is designed to help the five million people we believe may have been mis-sold get financial compensation.’