Endowment rules to alter

fsa intends to relax complaints regulation and is to consult with the industry for one month

The time-limits on endowment mis-selling complaints are to be relaxed in a move that follows the FSA's record £1m fine for mis-selling mortgage endowments handed to Abbey Life last week. The FSA intends to alter the current rule which gives mortgage endowment policyholders six years from the sale of the contract to complain, or three years from the point at which they should have reasonably been aware they had cause to complain. Instead, the FSA proposes to give policyholders six months from the receipt of a 'red letter' warning, a communication sent out by life offices by order of the ...