FSA Looks at Endowment Compensation

The Financial Services Authority wants more flexibility in endowment compensation claims

2nd June 2004

The Financial Services Authority (FSA) is looking for greater flexibility in the endowment industry over endowment compensation claims.

Currently, around 700,000 endowment policy holders have missed the deadline for making a complaint about possible mis-selling, and so are unable to make a compensation claim.

The FSA wants the industry to be more forthcoming with warnings to it's customers, and is also asking endowment providers to consider waiving the current time limit for compensation claims.

While the FSA would like a voluntary agreement to be made, it says it reserves the right to use its statutory powers if the industry doesn't come to a satisfactory arrangement.

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