ENDOWMENTS

Summary

That this House notes that much distress has been caused by the past mis-selling of endowment policies linked to mortgages culminating in demands from insurance companies that many endowment holders must now increase their contributions in order to cover the investment shortfall of their endowment mortgages; notes that the Financial Services Authority is currently reviewing how to seek higher standards in future endowment selling; believes that past endowment mis-selling by the insurance industry raises many of the same issues as the mis-selling of private pensions over which the Government has already acted; and calls on the Government to take the lead working with the Financial Services Authority to establish the scale of past mis-selling, to name and shame the worst perpetrators of mis-selling and to establish arrangements by which the industry can compensate the victims.

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Timeline

1. 18 January 2000

   Early Day Motion

   That this House notes that much distress has been caused by the past mis-selling of endowment policies linked to mortgages culminating in demands from insurance companies that many endowment holders must now increase their contributions in order to cover the investment shortfall of their endowment mortgages; notes that the Financial Services Authority is currently reviewing how to seek higher standards in future endowment selling; believes that past endowment mis-selling by the insurance industry raises many of the same issues as the mis-selling of private pensions over which the Government has already acted; and calls on the Government to take the lead working with the Financial Services Authority to establish the scale of past mis-selling, to name and shame the worst perpetrators of mis-selling and to establish arrangements by which the industry can compensate the victims.

   Source: Early Day Motion

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Sponsors

• Sir Vince Cable · Liberal Democrat · Primary sponsor

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