Which? is encouraging people to complain about endowment policies, following new research that has unveiled cause for concern.
A report published by the Financial Services Authority (FSA) has indicated that 2.2 million households are set to suffer shortfalls of around £7,200 over the next twenty years as a result of an endowment
Although the FCA are focussing now on complaint policies of firms, Which? is worried that if customers do not act quickly they will lose their right to compensation.
They could also fall into bad credit as it becomes harder to manage their finances.
The advice must be sinking in, since research has shown that the majority of households in line for these shortfalls have taken action to deal with the problem.
Speaking on behalf of the FSA, however, Anna Bradley has stressed the need to pursue these measures and make sure every firm involved maintains an acceptable standard of complaint handling:
"There has been a sustained effort by the industry to improve complaints handling; we will now be focusing our efforts on those few firms that have not yet established appropriate standards," she said.To read more about mortgages, click here.
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