Action soon over endowments
13 April 2012
THE Financial Services Authority is close to launching action against financial services firms that have failed to deal effectively with endowment mortgage mis-selling cases.
FSA chief executive John Tiner told the Treasury Select Committee of MPs today that details of sanctions against errant firms would emerge early in 2004.
Tiner, who denied charges of complacency, said he wanted the industry to take concrete measures to end a 'cycle of mis-selling' and urged firms not to play 'Russian Roulette' with their reputations.
Consumer bodies had earlier said that nearly 4.5m people face shortfalls on policies designed to repay their home loans.
