Endowment victims owed more money
The Mail on Sunday, commenting on a report in Money Management Magazine, say that more than 200,000 endowment mortgage holders are owed compensation totaling £200m.
It seems the situation arose because the actual charges applied by some companies were much higher than the standard charges used as illustrations of possible maturity values for the endowment policies. This resulted in a shortfall being part of the policy from the outset.
The report found that while HBOS has set aside £20m to meet claims against Clerical Medical policies, Standard Life will not pay compensation , claiming it was following the regulators requirements.
