What action is the FSA taking to ensure that only those policyholders with genuine complaints about the level of advice initially given are encouraged to pursue matters accordingly?
We have always been careful to maintain a distinction between mis-selling issues and an investment simply producing lower returns than expected. We have made it clear in our consumer publications that having a shortfall does not in itself mean the firm mis-sold the investment. Indeed, the series of consumer factsheets we have issued since 1999 have not focused solely on making a complaint. In our consumer communications, such as the ‘Act Now’ campaign (2003), we emphasised that consumers should address the issue, equip themselves with the facts, and seek appropriate advice if necessary. The ‘Act Now’ campaign encouraged investors to take pro-active steps to review a potential shortfall. Over 1 million of the 2.2 million households with an endowment-linked mortgage and a potential shortfall have now taken action to deal with the shortfall, such as restructuring their mortgage, endowment policy or savings. We do not presume that all the consumers who complain have grounds to prove they h
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