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Consumer information on mortgage endowments

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Firms Contact Centre

0845 606 9966
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Consumer helpline

0845 606 1234
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Mortgage endowments complaints handling has been a priority for the FSA – and indeed the Financial Ombudsman Service (FOS), as well as trade associations, firms, claims management companies and consumer groups – for some time, and a great deal of progress has been made over the last few years.

We have carried out extensive supervisory work – ranging from data collection and visits to monitor firms’ performance, to requiring some firms to review past files, and in some cases taking enforcement action. Since 2000 we have taken enforcement action against ten firms on this. Our firm-facing work has focused on ensuring that complaints are handled fairly, effectively and promptly, and that firms can handle any increases in complaints which might arise because of time barring. In fact, our records show that in total more than 1.8 million endowment complaints have been handled and over £2.7 billion has been paid in redress.

Furthermore, as set out in our latest progress report, 'Mortgage endowments: Delivering higher standards', we have made continued and determined efforts to encourage consumers to think seriously about whether they are on target to pay off their mortgages, and, if not, to take action. Since 1999, we have distributed more than 40 million FSA factsheets to consumers either directly or via firms (alongside reprojection letters). We have improved our consumer information on shortfalls to ensure that consumers who think they cannot afford to act have access to information that meets their needs, and that this information reaches them through the right channels.