Mis-selling victims urged to claim now

Endowment mortgage mis-selling victims could lose rights to compensation unless they move rapidly.

They could be time-barred from complaining under obscure small print rules in the Financial Services Authority handbook, the Consumers Association warns.

The formula has a six-year ceiling from the date of the event complained about or - as with endowment loans - three years after the consumer became aware, or ought reasonably to become aware, of a problem.

The clock is now ticking loudly as the first re-projection letters setting out potential shortfalls and hence causes for complaint went out in early 2003. Endowment buyers must first go to the company concerned. It has eight weeks in which to reply before the affair can go to the Financial Ombudsman Service.

"The FSA has failed to publicise adequate information on mis-selling," says CA chief Sheila McKechnie, who is lobbying for an extension. "Now it has also kept this deadline hidden from consumers."

The CA website on www.endowmentaction.co.uk has hints and a complaint letter generator.